(UGP) Ultrapar Participações S.A. Business Model Canvas Research |
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Ultrapar Business Model Canvas: Key Strategy at a Glance
Unlock the full strategic blueprint behind Ultrapar Participações S.A.'s business model. This concise Business Model Canvas reveals how the company creates value, serves key customer segments, and manages its revenue streams in a competitive market. Perfect for investors, analysts, and strategists who want actionable insight—get the full version now.
Partnerships
7,104 Ipiranga service stations
By 2021, Ipiranga’s network reached 7,104 service stations, giving Ultrapar Participações S.A. one of Brazil’s widest fuel-retail footprints. These sites support branded fuel sales and local customer access across the country, keeping the channel close to daily demand at the pump.
1,841 AmPm convenience stores
Ultrapar Participações S.A. operated 1,841 AmPm convenience stores by 2021, and these outlets sit inside its fuel retail network. That setup pulls in more customer traffic and adds non-fuel sales at the station level, making each forecourt visit more valuable.
1,149 Jet Oil franchised locations
Ultrapar Participações S.A. had 1,149 Jet Oil franchised locations by 2021, giving its vehicle-care network broad automotive service reach across Brazil. These franchise sites deepen customer access and support recurring demand in the company’s fuel-and-service ecosystem.
Fuel supply counterparties
Ultrapar Participações S.A.'s fuel arm depends on upstream suppliers and trading counterparties to keep gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants moving through its network. Stable sourcing is the key input for scale, since outages or price gaps can quickly hit volume and margins.
- Supply continuity protects distribution scale.
- Trading links help balance regional demand.
- Broad product mix needs steady sourcing.
Logistics and storage customers
Ultracargo’s terminals and distribution centers tie Ultrapar Participações S.A. to industrial and logistics clients, supporting bulk handling and steady inventory flow. The storage base totaled 983,000 cubic meters in 2021, and that scale helps anchor long-term service contracts and recurring throughput.
- 983,000 cubic meters of storage in 2021
- Connects industrial and logistics clients
- Supports bulk handling and inventory flow
Ultrapar’s Supply Chain Powers a Vast Fuel and Retail Network
Ultrapar Participações S.A. depends on fuel suppliers, traders, and franchise partners to keep Ipiranga’s network stocked and moving. In 2021, that reach included 7,104 service stations, 1,841 AmPm stores, and 1,149 Jet Oil sites, while Ultracargo handled 983,000 m³ of storage, tying the group to steady supply and logistics flow.
| Partner area | 2021 scale | Role |
|---|---|---|
| Fuel suppliers and traders | Network-wide | Supply continuity |
| Franchise partners | 1,841 AmPm; 1,149 Jet Oil | Retail and auto services |
| Logistics clients | 983,000 m³ storage | Bulk handling and flow |
What is included in the product
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Reference Sources
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Activities
LPG distribution in Brazil
Ultrapar Participações S.A.'s Gas Distribution business, via Ultragaz, sells LPG to more than 11 million customers in Brazil, with a network focused on the South, Southeast and Northeast. It serves residential, commercial and industrial users, making LPG a core cash-generating activity in 2025.
Fuel marketing and distribution
Ultrapar Participações S.A.’s Fuel Distribution arm sells gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants through a national network that served more than 6,000 Ipiranga service stations in 2025. This activity is the core of the retail and wholesale fuel business, with volume and margin gains tied to Brazil’s fuel demand and pricing spread.
Terminal and storage operations
Ultracargo’s storage business runs liquid bulk terminals, and it operated 7 terminals in 2021, serving large-volume fuel and chemical flows. These terminal and storage assets are the core link between import, distribution, and industrial demand, with handling built for high-throughput liquid logistics.
Convenience retail and auto services
Ultrapar Participações S.A. uses convenience stores and auto services to lift ticket size and visit frequency. In 2021, AmPm had 1,841 stores and Jet Oil had 1,149 locations, giving the business scale across fuel stations and roadside traffic.
- AmPm adds impulse purchases and higher basket value
- Jet Oil drives repeat visits and service attachment
- Store density supports customer frequency
Digital payments and loyalty management
Ultrapar Participações S.A. uses Abastece Aí and Km de Vantagens to push digital payments and keep drivers tied to its fuel and convenience network. These tools support repeat visits, while Ultrapar’s 2025 filings show the company kept scaling its retail and service base, with 1,700+ Ipiranga service stations in Brazil.
- Abastece Aí drives app-based payments
- Km de Vantagens supports retention
- Digital use deepens customer engagement
Ultrapar’s 2025 Scale: 11M+ LPG Customers, 6,000+ Stations, 7 Terminals
Ultrapar Participações S.A.’s key activities are LPG sales through Ultragaz, fuel distribution through Ipiranga, liquid bulk storage through Ultracargo, and convenience and auto-service sales through AmPm and Jet Oil. In 2025, it served more than 11 million LPG customers, operated 6,000+ Ipiranga stations, and kept 7 Ultracargo terminals active.
| Activity | 2025 scale |
|---|---|
| LPG | 11M+ customers |
| Fuel retail | 6,000+ stations |
| Storage | 7 terminals |
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Resources
7,104 service station network
Ultrapar Participações S.A.’s 7,104-service-station network is its largest retail footprint and gives branded fuel distribution national reach across Brazil. That scale supports recurring customer access and high route density, with Ipiranga and parceiros powering daily fuel sales, convenience traffic, and repeat demand.
983,000 cubic meters storage capacity
Itracargo and its related network gave Ultrapar Participações S.A. 983,000 cubic meters of storage capacity by 2021, spread across terminals and distribution centers. This large footprint supports bulk logistics, smooth inventory buffering, and steadier service for fuel and industrial cargo flows.
7 Ultracargo terminals
Ultracargo’s 7 terminals, already in place by 2021, are the core physical assets behind Ultrapar Participações S.A.’s liquid bulk storage and transfer business. They support industrial and fuel supply chains with high-capacity logistics, helping move large volumes safely and reliably across key regions.
4 distribution centers
By 2021, Ultrapar Participações S.A. had 4 distribution centers in its infrastructure base, giving the Company a wider logistics reach across regions. This network helps move products faster, supports supply reliability, and improves coverage for customers.
- 4 distribution centers
- Regional product flow
- Stronger supply reliability
- Broader market coverage
Digital platforms and brands
bastece Aí and Km de Vantagens are Ultrapar Participações S.A.'s main digital assets, while Ipiranga, AmPm, Jet Oil, and Ultracargo anchor customer trust and daily use. Together, these brands lift recognition, support loyalty, and make cross-selling easier across fuel, convenience, and logistics.
They also deepen data capture from app users and store traffic, which helps target offers and retain clients. In practice, the brand stack turns one-off fuel stops into repeat transactions and broader basket sales.
- Digital apps drive loyalty
- Core brands boost recall
- Cross-sell supports higher ticket
Ultrapar’s Scale Advantage: Stations, Storage, and Supply Control
Ultrapar Participações S.A.’s key resources are its 7,104-service-station network, 983,000 m³ of storage capacity, 7 Ultracargo terminals, and 4 distribution centers. These assets give the Company scale, route density, and supply control across fuel, logistics, and convenience sales.
| Resource | Latest figure |
|---|---|
| Service stations | 7,104 |
| Storage capacity | 983,000 m³ |
| Terminals | 7 |
| Distribution centers | 4 |
Value Propositions
LPG supply to 3 client groups
Ultrapar’s Ultragaz supplies LPG to residential, commercial, and industrial clients, so one fuel covers home cooking, small business use, and industrial heat. Its network spans the South, Southeast, and Northeast of Brazil, reaching the regions that hold most of the country’s LPG demand.
Multi-fuel availability
Ultrapar Participações S.A.’s fuel arm bundles 7 products gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants into one distribution platform. That gives customers one source for multiple fuel needs, cutting procurement steps and helping retailers match demand faster.
Integrated fuel-stop services
Ultrapar Participações S.A.’s integrated fuel-stop model ties fuel stations, convenience stores, and auto services into one stop, so customers can refuel, shop, and get vehicle care without extra trips. With Ipiranga’s nationwide network of 6,000+ stations, it saves time and adds convenience at scale.
Large-scale storage and logistics
Ultracargo’s terminals provide 983,000 cubic meters of storage, giving Ultrapar Participações S.A. scale for bulk handling and steady logistics flow. That capacity helps smooth seasonal swings and keeps industrial customers supplied without frequent stockouts.
- 983,000 m³ of storage capacity
- Supports bulk handling and continuity
- Improves access for industrial clients
Digital payment and loyalty benefits
bastece Aí lets customers pay inside Ultrapar Participações S.A.'s fuel ecosystem, while Km de Vantagens turns each purchase into loyalty points and offers. Together, they cut friction at the pump and push repeat visits; in practice, this supports higher ticket frequency across a network that serves millions of fuel transactions.
- Fast payment at the fuel point
- Loyalty points drive repeat purchases
- Convenience lifts customer retention
Ultrapar’s One-Stop Fuel, Gas, and Logistics Reach
Ultrapar Participações S.A. wins on reach and convenience: Ipiranga’s 6,000+ stations, Ultragaz LPG, and Ultracargo’s 983,000 m³ of storage give customers one platform for fuel, gas, and logistics. Digital tools like abastece Aí and Km de Vantagens add fast payment and repeat-purchase rewards.
| Value proposition | Key data |
|---|---|
| Fuel access | 6,000+ stations |
| Gas supply | 983,000 m³ storage |
| Customer loyalty | Fast pay and rewards |
Customer Relationships
Km de Vantagens loyalty program
Km de Vantagens keeps Ultrapar Participações S.A. customers coming back by rewarding repeat fuel, convenience, and service purchases across the Ipiranga ecosystem. The loyalty engine strengthens recurring visits and supports higher customer retention, while Ultrapar’s 2025 reporting shows loyalty and digital engagement remain central to its retail fuel strategy.
Abastece Aí app users
Abastece Aí turns fuel payments into a digital relationship, tying mobile use at Ipiranga’s 6,000+ fuel points to loyalty actions in one flow. That matters because app-based transactions can lift repeat visits and give Ultrapar a direct touchpoint with millions of customers.
Franchise-based operating model
mPm and Jet Oil run through franchised sites, so Ultrapar Participações S.A. keeps the service promise uniform while local operators run day-to-day sales. In 2025, this model helped the brand reach thousands of points of sale across Brazil, extending coverage without owning every site.
B2B supply contracts
Ultrapar Participações S.A. keeps fuel distribution, LPG, and storage tied to B2B contracts because industrial, commercial, and logistics clients need steady volumes and on-time service. These accounts are built on supply reliability, with pricing and replenishment linked to contract terms and fleet or plant uptime.
- Business accounts drive recurring demand.
- Volume and service uptime matter most.
- Regular supply terms reduce client risk.
Assisted in-person service
Ultrapar Participações S.A. keeps customer ties close to the point of sale through staffed fuel stations, stores, and terminals, where teams help with fuel purchases, convenience retail, and service transactions. This hands-on model supports repeat visits and faster issue resolution across Ipiranga’s broad retail footprint.
- Direct help at stations, stores, terminals
- Supports fuel, retail, and service sales
- Keeps contact close to purchase
Loyalty and digital tools deepen Ultrapar’s customer moat
Ultrapar Participações S.A. builds customer ties on loyalty, digital use, and direct service at the point of sale. Km de Vantagens and Abastece Aí keep repeat fuel and convenience purchases inside Ipiranga’s 6,000+ fuel points, while B2B contracts anchor steady industrial and logistics demand.
| Channel | 2025 signal |
|---|---|
| Ipiranga retail | 6,000+ fuel points |
| Loyalty | Km de Vantagens |
| Digital | Abastece Aí |
Channels
7,104 Ipiranga stations
Ipiranga’s 7,104 stations are Ultrapar Participações S.A.’s core fuel retail channel, giving nationwide reach across Brazil. The network sells directly to drivers and fleet customers, and in 2025 it remained one of the country’s largest branded fuel footprints, supporting high-volume, daily cash flow from both retail and commercial demand.
1,841 AmPm stores
AmPm has 1,841 stores in Ultrapar Participações S.A.'s fuel network, serving as a convenience channel that sells non-fuel items and captures stopover traffic. The format helps lift visit frequency and basket size, strengthening margin mix in 2025/2026 operations.
1,149 Jet Oil service points
Ultrapar Participações S.A. uses 1,149 Jet Oil service points as a vehicle-service channel, turning routine oil changes and related maintenance into steady traffic for its retail network. This setup links repair demand with fuel and convenience sales, helping capture customers at the point of service.
Direct LPG and bulk delivery
Direct LPG and bulk delivery uses delivery logistics to reach homes, businesses, and industrial sites that do not buy at stations, so it is a core channel for non-station customers. In Ultrapar Participações S.A., this last-mile model keeps fuel and gas supply close to demand points and supports recurring volume in B2C and B2B use cases.
- Serves non-station customers
- Reaches homes and industry
- Relies on delivery logistics
Abastece Aí digital channel
Abastece Aí is Ultrapar Participações S.A.’s digital payment channel: it lets customers pay in the app, keep using the brand outside the station, and join loyalty offers tied to Ipiranga’s network of about 6,000 fuel stations in Brazil.
- App-based payment and checkout
- Extends contact beyond the station
- Drives loyalty and repeat use
Ultrapar’s Massive Retail Network Powers Fuel, Convenience, and Loyalty
Ultrapar Participações S.A. reaches customers through 7,104 Ipiranga stations, 1,841 AmPm stores, and 1,149 Jet Oil points, plus direct LPG and bulk delivery for homes and businesses. Abastece Aí adds an app channel that supports payment, loyalty, and repeat visits across Ipiranga’s network of about 6,000 fuel stations in Brazil.
| Channel | 2025/2026 scale |
|---|---|
| Ipiranga stations | 7,104 |
| AmPm stores | 1,841 |
| Jet Oil points | 1,149 |
| Abastece Aí | App + loyalty |
Customer Segments
Residential LPG households
Residential LPG households are a core customer segment for Ultrapar Participações S.A. via Ultragaz, serving millions of Brazilian homes in the South, Southeast, and Northeast, where LPG is the main fuel for daily cooking. Demand is steady and recurring because it tracks basic household energy use, not discretionary spending.
Commercial LPG users
Commercial LPG users, mainly small and medium enterprises, rely on Ultrapar Participações S.A. for steady fuel in kitchens, bakeries, and light industry. Brazil has about 6.4 million SMEs, so dependable LPG delivery is critical when even a short supply gap can stop sales and production.
Industrial and bulk fuel customers
Industrial and bulk fuel customers buy large volumes and need reliable storage, handling, and transport. Ultracargo’s terminal network and distribution centers support this need, helping serve users that depend on steady fuel flows and logistics service.
Drivers and fuel retail buyers
Drivers and fuel retail buyers are the core of Ultrapar Participações S.A.'s retail fuel business, since its station network serves motorists and transport users who buy gasoline, ethanol, diesel, and related products. This segment drives volumes, pricing power, and repeat traffic across the fuel chain.
- Core demand: daily mobility and freight
- Products: gasoline, ethanol, diesel
- Key role: anchor of station sales
Convenience and auto-service customers
In 2025, mPm and Jet Oil target convenience shoppers and vehicle owners who already stop at fuel stations, so the same visit can cover snacks, everyday items, and maintenance. This segment fits Ultrapar Participações S.A. because it links traffic from fuel retail with higher-margin convenience and auto-service demand.
- Convenience goods from fuel-station footfall
- Maintenance services for vehicle owners
- High overlap with fuel customers in 2025
Ultrapar’s Core Customers: Homes, SMEs, Drivers, and More
Ultrapar Participações S.A. serves four core groups: Brazilian households that use LPG every day, SMEs that need steady cooking and process fuel, bulk industrial users that need safe storage and transport, and drivers who buy gasoline, ethanol, and diesel at station networks.
In 2025, convenience and auto-service customers also matter because fuel-station footfall lets Ultrapar Participações S.A. sell snacks and maintenance to the same buyer.
| Segment | 2025 fact |
|---|---|
| Households | Millions of homes |
| SMEs | 6.4 million in Brazil |
| Drivers | Daily mobility demand |
Cost Structure
Fuel and LPG procurement
Ultrapar Participações S.A. must buy fuel and LPG for resale, so procurement is a core input cost and one of the biggest drivers of gross margin. In 2025-2026, those costs stayed tied to crude oil, freight, exchange rates, and local supply, so even small market swings can move distribution margins fast.
Terminal and storage operations
Ultrapar Participações S.A. runs 7 terminals and 4 distribution centers, so this cost line carries steady operating spend. Storage, handling, and transfer costs recur every period, and capacity maintenance adds fixed cost even when volumes soften.
Retail network support
Retail network support is a major cost driver for Ultrapar Participações S.A., because it keeps 7,104 stations, 1,841 stores, and 1,149 Jet Oil locations running. These costs cover branding, franchise support, and site operations, and the scale of the network makes them material in both 2025 and 2026 planning.
Logistics and delivery
Logistics and delivery are a core cost for Ultrapar Participações S.A., because LPG and fuel move mainly by road across Brazil’s 1.7 million km road network, where about 60% of freight is still trucked. Last-mile LPG delivery and bulk hauling drive fleet, diesel, toll, and maintenance costs, so route density and fill rates shape service reliability and margin.
- Road freight dominates Brazil.
- Fleet and diesel costs stay high.
- Last-mile LPG is margin sensitive.
Digital and administrative overhead
Ultrapar Participações S.A. keeps digital and admin overhead tied to Batece Aí and Km de Vantagens, which need ongoing tech spend for app uptime, data, and customer service. Corporate administration is centered in São Paulo, so compliance, payroll, IT systems, and office support add a steady fixed cost base.
- Tech spend supports Batece Aí and Km de Vantagens.
- São Paulo houses corporate administration.
- Compliance, payroll, and systems lift fixed overhead.
Ultrapar’s Vast Network Keeps Costs Elevated
Ultrapar Participações S.A.'s cost structure is driven by fuel and LPG procurement, road logistics, and network upkeep. In 2025-2026, 7 terminals, 4 distribution centers, 7,104 stations, 1,841 stores, and 1,149 Jet Oil sites kept fixed operating, branding, and compliance costs high.
| Cost driver | Latest scale |
|---|---|
| Stations | 7,104 |
| Stores | 1,841 |
| Jet Oil sites | 1,149 |
| Terminals | 7 |
| Distribution centers | 4 |
Revenue Streams
LPG sales
Ultrapar Participações S.A.’s LPG sales come from Ultragaz deliveries to homes, businesses, and industry, mainly in Brazil’s Southeast, South, and Northeast. In 2025, sales stayed volume-led: more cylinders delivered and higher refill frequency lifted revenue, which is why local density and route efficiency matter so much.
Fuel sales
Fuel sales remain Ultrapar Participações S.A.’s core cash engine: through Ipiranga, it sells gasoline, ethanol, diesel, fuel oil, kerosene, and natural gas for vehicles across retail stations and wholesale distribution. In 2025, this platform still supported a network of about 6,000+ service stations in Brazil, keeping fuel volumes and store traffic as the main revenue base.
Lubricants and automotive services
Lubricants sit inside Ultrapar Participações S.A.'s fuel portfolio, and Jet Oil outlets add oil changes and related car care at the pump. These services lift average ticket size and bring higher-margin ancillary revenue than fuel alone, helping deepen customer spend across the network.
Convenience store sales
mPm stores add non-fuel retail revenue for Ultrapar Participações S.A., and the 1,841-store network broadens the income mix beyond fuel. Sales are tied to station foot traffic, so each visit can lift basket size and help convert drivers into convenience buyers.
- 1,841 mPm stores
- Non-fuel retail revenue
- Linked to station foot traffic
Storage and logistics fees
Ultracargo terminals and distribution centers generate service revenue from storage, handling, and transfer capacity. The 983,000 m³ base helps Ultrapar Participações S.A. monetize logistics assets through recurring fees tied to third-party use, not fuel sales.
- Storage fees on tank and yard capacity
- Handling fees for product movement
- Transfer capacity fees at Ultracargo sites
Ultrapar’s 2025 Revenue Engine: Fuel, Stores, and Logistics
Ultrapar Participações S.A. earns 2025 revenue from LPG sales at Ultragaz, fuel sales through Ipiranga, convenience retail at mPm, and logistics fees at Ultracargo. The mix is volume-led and network-led, so more station traffic, cylinder turns, and terminal capacity use directly lift cash flow.
| Stream | 2025 data |
|---|---|
| mPm | 1,841 stores |
| Ipiranga | 6,000+ stations |
| Ultracargo | 983,000 m³ |
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