Management fundamentals

Management model and strategy

The 78-year trajectory of Ultra is marked by a continuous process of expansion that has been based on unique characteristics of its corporate culture. These characteristics explain its leading positions in the markets in which it operates and the longevity of its businesses, resulting in the company’s current multi-business configuration. Investment decisions and the results achieved by the company are associated with attributes such as the presence in businesses that are resilient and, at the same time, leveraged on the economic growth. Ultra also focuses its operations in segments where it can aspire leadership and that are in process of formalization.

The strategic presence in key sectors, potential for synergy among the businesses, leadership and capillarity in all units ensure resilience and financial soundness to Ultra, even in adverse scenarios.

Despite the fact that Ultra’s businesses operate in different segments of the economy, they all have common features that explain the strength of its expansion and leadership in their respective markets. Our businesses are built on strong brands and a broad operational scale as differentiating factors, associated with innovation and sustainability as management elements. To achieve its goal of being the protagonist and reference in strategic sectors, innovation is a key element of differentiation - whether in product and services development, or even the creation of new market niches.

Strongly present in Ultra’s DNA, financial soundness and health are aspects present in every decision of the company. Proper planning and strict observance of what was planned help to create a robust management structure. The capability execution, made possible through the outstanding participation and training of human capital, is also at the base of the constant growth.

Ultra has a relatively simple management structure, seeking agility in its decisions. Its professionals operate with a high degree of delegation, with an owner’s mindset, encouraging everyone to make the best decisions for the company.


  • Differentiation through diversification and innovation
  • Expansion in the Midwest, North and Northeast of Brazil
  • Expansion of the network through the conversion of unbranded service stations and the opening of new ones
  • Increase convenience through new services at the am/pm stores
Over the past few years, Ipiranga has developed a set of initiatives that have resulted in a higher added value for the business.

Two pillars support Ipiranga’s growth strategy. One is the network expansion, carried out through the conversion of unbranded service stations – resellers that are not linked to distributors’ associated with the Brazilian Fuel Distribution Companies Association (Sindicom) – and the opening of new service stations, with a focus on the Midwest, North and Northeast of Brazil, regions that present greater opportunities for conversion of unbranded service stations and higher growth rates of fuel consumption in the country. This stream is supported by constant investments in the logistics infrastructure that is necessary to supply the growing service stations network. This strategy has been translated into growth in the reseller segment as well as an improved sales mix.

The other pillar involves initiatives that are grounded in innovation, services and convenience that provide differentiation, creating loyalty and increased customer flow at the service stations. Over the past few years, Ipiranga has developed a set of initiatives that have resulted in a higher added value for the business. The main ones are: the am/pm convenience stores network; the lubricant service shop network Jet Oil; the Km de Vantagens loyalty program and ConectCar, a company that operates in the segment of electronic payments for tolls and parking lots, and offers discounts on fuel at Ipiranga’s service stations.


  • Strengthen the internationalization process through the expansion in the U.S.
  • Protect the leadership in Latin America
  • Increase market share in the specialty chemicals, strengthening its position in the Agrochemicals, Cosmetics and Detergents, Oil and Gas and Coatings segments, focusing on co-creation and customized solutions
  • Differentiation through innovation

The constant investments in innovation associated with the development of products and services are at the base of Oxiteno’s differentiation strategy, in its pursue to become a global reference in surfactants, increasing its market share in the specialty chemicals segment and reducing exposure in the commodities market. This evolving transition offers Oxiteno increasingly added value in its production. Another remarkable aspect of the company’s business strategy is the use of renewable raw materials, which allows for differentiation through the development of products that satisfies new environmental requirements. In addition, Oxiteno has increased its international footprint and proximity to customers, including efforts in co-creating products that are progressively more suitable to the specific needs of each client.

The use of renewable raw materials allows for differentiation as well as the development of products that satisfies new environmental requirements.


  • Increase its share in the bulk market focusing on small and medium businesses
  • Expand its presence on the North and Northeast of Brazil
  • Promote new uses for LPG
  • Expand services and convenience together with Ipiranga’s and Extrafarma’s networks

The company operates in two business segments: the bulk segment, consisting of industrial, commercial customers and residential condominiums; and the bottled segment, formed by residential consumers. A large position of the bulk segment is aimed towards small- and medium-sized businesses (SMBs) and agribusiness, thus more directly linked to the performance of the economy. In the bottled segment, the traditional blue bottles are mainly used for cooking, influenced by populational growth and, therefore, resilient to economic fluctuations. Ultragaz uses innovation as a means for diversification of solutions and sales channels, offering convenience to customers and increasingly investing in the cross-generation of value among Ultra’s businesses. For example, Ultragaz sells “Vale Ultragaz” (Ultragaz bottles coupons) at am/pm stores and Extrafarma drugstores and offer its clients the benefit of accumulating points through the Km de Vantagens loyalty program.

The image of its brand as well as the commercial and operational efficiencies of its resellers throughout the country are key differentiating factors of Ultragaz.


  • Leverage opportunities through its presence in the main ports of Brazil
  • Expand scale
  • Expand into new geographies

Ultracargo has, as a competitive advantage, a strategic geographic presence along the Brazilian coast, which allows it to take advantage of opportunities arising from the economic growth, the lack of logistics infrastructure in Brazil and a large operational flexibility. The presence in several major ports is the result of a robust strategy of acquisitions and expansions.

The presence in major ports comes from the acquisitions and expansion strategy.


  • Strategic regional presence
  • Markets leveraged on demographic trends and increased access to personal care, beauty and medical products
  • Enlargement of the consumer experience with improved sales mix, excellence in customer service and cost management
  • Accelerate expansion through Ipiranga service stations and Ultragaz reseller network.

Extrafarma operates in a segment characterized by a high growth potential. Factors such as the aging population, low per capita consumption of medicines and increased access to personal care, beauty and medical products, considering also the positive influence of the growing prominence of generic medicines, provide conditions for a sustained growth trend for the company. The synergy between Extrafarma and the convenience store network in Ipiranga service stations and Ultragaz resellers is an opportunity to accelerate the expansion of stores.

Synergy between Extrafarma and Ipiranga or Ultragaz is an opportunity to accelerate the expansion of drugstores.