Ambipar Participacoes e Empreendimentos (AMBP3) Q4 2023 earnings summary

Executive summary

• 2023 gross revenue reached R$5.4bn, up 27.2%; net revenue was R$4.9bn, up 28.6% YoY.

• Record 2023 EBITDA of R$1.4bn rose 37%, with a 29.5% margin; net income was R$179m, up 64% YoY.

• Operational ROIC reached 28%, excluding intangible assets.

Financial highlights

• 4Q23 EBITDA was R$400.4m, up 14.5% YoY and 6.5% QoQ; FY23 EBITDA was R$1,437.8m, up 37.3%.

• FY23 cash generation before expansion capex, acquisitions and interest was R$834.2m, up 36.0% YoY.

• FY23 total cash generation was negative R$933.5m, versus negative R$1,949.9m in 2022, an improvement of 52.1%.

Segment performance

• Response 4Q23 gross revenue was R$792m; quarterly EBITDA was R$83m with a 24.6% margin.

• Environment 4Q23 gross revenue was R$518m; quarterly EBITDA was R$152m with a 26.6% margin.