Ambipar Participacoes e Empreendimentos (AMBP3) investor relations material

Executive summary

• Net revenue reached R$1,770.7 million in 2Q25, up 25.2% year-over-year and 1.8% sequentially, with strong growth in the Environment segment and stable performance in Response.

• EBITDA rose 34.2% year-over-year to R$585.7 million, with margin expanding to 33.1%, driven by operational efficiencies and integration of acquisitions.

• Operating ROIC improved to 28.8% in 2Q25, up 0.6 p.p. year-over-year.

• Operating cash flow was R$431.9 million in 2Q25, down 1.6% year-over-year but up 26.4% from 1Q25, reflecting ongoing integration and cost optimization.

• The company advanced international expansion, notably in water solutions and solid waste, and strengthened governance and shareholder structure.

Financial highlights

• Net revenue for H1 2025 totaled R$3,510.5 million, up 30.9% year-over-year.

• EBITDA for H1 2025 was R$1,137.7 million, up 40.3% from H1 2024.

• Net loss for 2Q25 was R$134.1 million, and for H1 2025 was R$299.9 million, mainly due to higher financial expenses.

• Net debt increased to R$5,999.1 million in 2Q25, with leverage at 2.56x annualized EBITDA.

• CAPEX for 2Q25 was R$271.9 million (15.4% of net revenue), and for H1 2025 was R$467.3 million (13.3% of net revenue).

Outlook and guidance

• Leverage and margin targets set at Ambipar Day 2024 are virtually achieved, with guidance of 2.5x leverage and a 3 p.p. EBITDA margin increase by end-2025 versus 1Q24.

• Management expects continued growth in cash generation, with short-term fluctuations as integration and cost initiatives progress.

• Efficiency projects and potential interest rate reductions expected to support stronger cash flow in 2025.

• No formal CapEx guidance provided, but intent is to maintain historical investment levels barring one-off centralizations.

• Continued focus on cash generation, debt profile extension, and reduced M&A activity.