Ultrapar

Based in Sao Paulo, Ultrapar is widely regarded as one of Brazil's flagship energy operators. Its scale — about 10k people, around $25B in turnover — translates into genuine strategic weight across Latin America.

Management's emphasis on operational discipline — tight working capital, focused capex, clearer ESG roadmaps — is increasingly visible in margin trajectory.

“Ultrapar is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

The outlook remains constructive: order books, hiring patterns and capex guidance all point to a multi-year expansion phase.