Ambipar Participacoes e Empreendimentos (AMBP3) Q3 2024 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$2.1 billion in 3Q24, up 79.5% year-over-year, driven by organic growth and asset sales.

• EBITDA reached R$515.3 million, up 37.0% year-over-year; adjusted EBITDA (excluding asset sales) was R$433.3 million.

• Net income was R$44.5 million, a 27.9% increase versus 3Q23, with recurring net income negative due to financial expenses.

• Strong operational cash flow of R$992.8 million in 9M24, up 72.2% year-over-year.

• Significant deleveraging, with net debt reduced by R$385.1 million and M&A obligations down R$271.2 million.

Financial highlights

• Adjusted net revenue (excluding asset sales) was R$1,482.5 million in 3Q24, up 25.4% year-over-year.

• Adjusted EBITDA margin for 9M24 was 29.9%, up 0.5 p.p. from 9M23.

• CAPEX was R$132.8 million in 3Q24, down 33.2% from 3Q23, representing 6.3% of net revenue and the lowest CAPEX/revenue ratio in company history.

• ROIC improved to 13.9% in 3Q24.

• Operating cash flow in 9M24 was R$992.8 million (+72.2% YoY).

Outlook and guidance

• Focus remains on cash generation, operational efficiency, and disciplined capital allocation, with ongoing integration and efficiency projects expected to yield further cost savings.

• Continued international expansion, especially in North America and Europe, with opportunities to replicate the business model.

• Adjusted net revenue growth in 9M24 was 18.1%, exceeding the 2024 guidance of 10%.