Aug 13, 2026 earnings call — Record cash flow and shareholder return
Recorded operating cash flow generation of BRL 4.8 billion and approved BRL 1.85 billion in dividends.
Revenue $8.1B (est $8.2B) · EPS $0.28 (est $0.27)
Key quotes
"Ipiranga doubled its diesel imports during the first half of the year, increasing its share of total imports in Brazil despite lower overall imports compared with the same period last year."
"We achieved a record operating cash flow generation of BRL 4.8 billion, driven by solid operational performance and working capital release at Ipiranga."
"As a result, we expect margins to be below the level reported in the second quarter of 2026 and closer to those observed in the first quarter of this year."
Analyst Q&A 4
capital allocation and Rio opportunity
Q (Leonardo Linden · Bradesco BBI): The analyst asked about shareholder compensation and capital allocation options: speeding up dividends, buybacks, M&A, or reinvesting. He also asked how prepared the company is to capture opportunities from changes in Rio de Janeiro.
A: Leonardo said the state of Rio is improving and the company is monitoring the situation closely. He said they are active in the market: branding more stations, supplying on the spot when needed, and closing stations operating illegally.
Ipiranga margins, subsidies, midterm outlook
Q (Milene Carvalho · JPMorgan): The analyst asked how Q3 subsidies will affect Ipiranga's margins, working capital and competition. She also asked whether midterm (2027) margins will be closer to Q1'26 levels or to 2025 levels (BRL 200 per cubic meter).
A: Rodrigo said there are two opposing effects: a positive one from fighting illegal practices and a negative one from the Middle East conflict affecting international supply. He said they cannot pinpoint a turning point, but volumes and margins are improving and should be healthier going forward because illegal practices are being addressed.
"On the other hand, we have been impacted negatively by middle -- the Middle East conflict, which impacts the international supply." — Rodrigo de Almeida Pizzinatto (CEO)
optimal leverage and Q3 working capital
Q (Monique Greco · Itau BBA): The analyst asked what leverage level the company considers optimal for capital allocation. She also asked what to expect for working capital in Q3 after the swings in the first half.
A: Rodrigo said their comfort range for leverage is 1 to 1.5x EBITDA and if leverage moves outside that range they may buy back shares or change dividend distribution. He explained working capital depends on import mix and price volatility, and noted every 10% price variation means BRL 300 million in working capital.
"What we've been observing is leverage of 1 to 1.5x EBITDA." — Rodrigo de Almeida Pizzinatto (CEO)
branded stations and Ultragaz competition
Q (Leonardo Marcondes · BofA): The analyst asked about opportunities for branded stations and whether more branding operations are likely given capital allocation discussions. He also asked about Ultragaz's year-over-year volume and market share decline and the competitive landscape.
A: Rodrigo said Ipiranga has seen more requests to brand new stations and white-flag conversions, while keeping investment discipline and expecting no major capital changes. Tabajara said Ultragaz lost bottled market share because they operated outside their target reseller segment and they are focused on expanding and improving the quality of resellers to regain position.
"So yes, we have had more requests of branding new stations are having white flag conversion, but always maintaining our investment discipline in terms of capital and quality." — Rodrigo de Almeida Pizzinatto (CEO)