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.