COMP <GO>

UGP vs EE // EV/EBITDA & P/E VALUATION

Ultrapar Participacoes S.A. (Each representing one Common Share) (NYSE) VS. Excelerate Energy Inc. (Class A) (NYSE) • 15-METRIC TALLY: UGP 1 — EE 2

■ METRIC PARITY

UGP — Ultrapar Participacoes S.A. (Each representing one Common Share) ROARABLE D • RQD 50/100

LAST: $5.97 (-2.45%) • MKT CAP: $6.64B

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

EE — Excelerate Energy Inc. (Class A) ROARABLE B • RQD 74/100

LAST: $35.06 (+3.21%) • MKT CAP: $3.98B

DES <GO> FA <GO> 10-K RED <GO>

valuation

16.3x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (UGP VS. EE) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	UGP	EE	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	8.10%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	16.3x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	11.60%	—	TIE	/fcf-yield <GO>
Operating Margin	—	21.70%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	13.60%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	44.30%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.21%	-0.21	EE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	1.93	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	8/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	21.1	57.6	-36.53	EE	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	20.0x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$6.64B	$3.98B	$2.67B	UGP	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	UGP REV	EE REV	UGP GROSS %	EE GROSS %	UGP FCF	EE FCF
FY 2025	—	$1.23B	—	—	—	$461.2M
FY 2024	—	$851.4M	—	—	—	$244.4M
FY 2023	—	$1.16B	—	—	—	$231.9M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

UGP // BETA —

EE // BETA —