EX-99.1 2 exhibit_991.htm EX-99.1 Document
Exhibit 99.1
AMBIPAR PARTICIPAÇÕES E EMPREENDIMENTOS S.A. - EARNINGS RELEASE 1Q24
RESPONSE SEGMENT
HIGHLIGHTS
R$million
1Q24
1Q23
Chg.
4Q23
Chg.
GROSS REVENUE
737.1
627.1
17.5%
791.7
-6.9%
DEDUCTIONS
(58.1)
(30.9)
88.0%
(51.2)
13.5%
NET REVENUE
679.1
596.3
13.9%
740.5
-8.3%
GROSS PROFIT
184.0
145.2
26.7%
197.1
-6.6%
GROSS MARGIN
27.1%
24.4%
2.7pp
26.6%
0.5 pp
GROSS REVENUE
RESPONSE
Composition of Gross Revenue
R$million
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
GROSS REVENUE
350.4
363.3
431.8
667.8
627.1
660.4
702.6
791.7
737.1
Brazil
112.5
122.8
159.4
202.5
208.7
244.5
270.9
317.6
333.8
International
237.9
240.6
272.4
465.3
418.4
415.9
431.8
474.1
403.4
Latam (ex-Brazil)
57.9
58.7
44.1
50.3
55.8
54.3
61.7
51.7
48.5
Europe
47.8
50.5
51.8
64.7
56.1
46.0
42.8
42.6
50.2
North America
132.2
131.3
176.5
350.3
306.5
315.5
327.3
379.8
304.7
Gross revenue reached R$737.1 million in 1Q24, 17.5% higher than 1Q23, due to the 59.9% growth in revenue from Brazil, offset by the 3.6% reduction in international revenue. The 6.9% reduction versus 4Q23 comes from the 14.9% drop in international revenue, mainly in North America (19.8% reduction), which was partially offset by the 5.1% increase in Brazil.
BRAZIL
COMPOSITION OF GROSS REVENUE
R$million
1Q24
1Q23
Chg.
1Q24 x1Q23
4Q23
Chg.
1Q24 x4Q23
RESPONSE
 
 
 
 
 
TOTAL GROSS REVENUE
737.1
627.1
17.5%
791.7
-6.9%
Brazil
333.8
208.7
59.9%
317.6
5.1%
Subscriptions Brazil
74.8
38.2
95.9%
70.3
6.4%
Services Brazil
258.9
170.5
51.8%
247.3
4.7%
Services Provided
1Q23
2Q23
3Q23
4Q23
1Q24
Chg. 1Q24 vs 1Q23
Brazil
Gross Revenue (R$Million)
170.5
204.9
230.5
247.3
258.9
51.8%
Number of Services Provided
2,727
3,075
3,237
3,644
3,697
35.6%
Average Ticket (R$ Thousand)
62.5
66.6
71.2
67.9
70.0
12.0%
•Gross Revenue Brazil grew in all comparisons, driven by the provision of emergency services, especially rail and air, and by growth in environmental response.
•The growth in subscription revenue is mainly due to medical services.
•Within the quarter, the Company was called to deal with a road emergency, caused by a truck overturning in Joinville/SC which spilled a chemical product (sulfonic acid) into a spring and interrupted the city's water supply.
1

LATAM
COMPOSITION OF GROSS REVENUE
R$million
1Q24
1Q23
Chg.
1Q24 x1Q23
4Q23
Chg.
1Q24 x4Q23
RESPONSE
 
 
 
 
 
TOTAL GROSS REVENUE
737.1
627.1
17.5%
791.7
-6.9%
International
403.4
418.4
-3.6%
474.1
-14.9%
Latam (ex-Brazil)
48.5
55.8
-13.2%
51.7
-6.3%
Latam Subscriptions
35.3
36.1
-2.1%
36.3
-2.5%
Latam Services
13.1
19.7
-33.4%
15.5
-15.1%
Services Provided 
1Q23
2Q23
3Q23
4Q23
1Q24
Chg.
1Q24 vs 1Q23
Latam (Ex-Brazil)
Gross Revenue (R$Million)
19.7
19.7
25.8
15.5
13.1
-33.4%
Number of Services Provided
95
90
102
89
87
-8.4%
Average Ticket (R$ Thousand)
207.6
219.4
253.4
173.8
151.0
-27.3%
•The 13.2% drop in revenue in 1Q24 vs 1Q23 is due to the devaluation of the Chilean peso, as in local currency revenue showed mid-single digit growth. When comparing 1Q24 with 4Q23 in local currency, the reduction was low single digit.
•We opened a new base in Mexico, at the request of a client in the chemical sector, to support their operations, and we began prospecting for new clients to leverage organic growth in this region.
EUROPE
COMPOSITION OF GROSS REVENUE
R$million
1Q24
1Q23
Chg.
1Q24 x1Q23
4Q23
Chg.
1Q24 x4Q23
RESPONSE
 
 
 
 
 
TOTAL GROSS REVENUE
737.1
627.1
17.5%
791.7
-6.9%
International
403.4
418.4
-3.6%
474.1
-14.9%
Europe
50.2
56.1
-10.5%
42.6
17.8%
Subscriptions Europe
4.7
4.8
-2.3%
4.3
8.4%
Services Europe
45.5
51.3
-11.3%
38.3
18.8%
Services Provided 
1Q23
2Q23
3Q23
4Q23
1Q24
Chg.
1Q24 vs 1Q23
Europe
Gross Revenue (R$Million)
51.3
41.5
38.5
38.3
45.5
-11.3%
Number of Services Provided
5,947
5,798
5,854
5,998
5,953
0.1%
Average Ticket (R$ Thousand)
8.6
7.2
6.6
6.4
7.6
-11.4%
•The 10.5% drop in revenue in 1Q24 vs 1Q23 was mainly due to the major maritime oil spill emergency in the Strait of Gibraltar in 1Q23, which was partially offset by the response to oil spills in Tobago and at a refinery in Ireland throughout 1Q24.
NORTH AMERICA
COMPOSITION OF GROSS REVENUE
R$million
1Q24
1Q23
Chg.
1Q24 x1Q23
4Q23
Chg.
1Q24 x4Q23
RESPONSE
 
 
 
 
TOTAL GROSS REVENUE
737.1
627.1
17.5%
791.7
-6.9%
International
403.4
418.4
-3.6%
474.1
-14.9%
North America
304.7
306.5
-0.6%
379.8
-19.8%
2

Services Provided 
1Q23
2Q23
3Q23
4Q23
1Q24
Var.
1Q24 vs 1Q23
North America
Gross Revenue (R$Million)
306.5
315.5
327.3
379.8
304.7
-0.6%
Number of Services Provided
3,228
3,660
3,751
4,754
4,525
40.2%
Average Ticket (R$ Thousand)
95.0
86.2
87.2
79.9
67.3
-29.1%
•The drop in revenue in North America in the quarterly and annual comparison comes from (i) the drop in revenue in Canada, mainly due to the end of services linked to the Trans Mountain Pipeline project and (ii) fewer emergency services due to pipeline leaks, silos and asbestos decontamination in the USA.
•The drop in organic revenue in the annual comparison was partially offset by the entry of revenue from Bulldog (Alberta), now Ambipar Response.
•We have been providing services on the ship accident on the Baltimore bridge since the day of the accident. Today we have around 30 people allocated to this emergency, being the only private company to deal with the incident, in addition to 5 American government entities, demonstrating our capacity and quality in executing/conducting services.
NET REVENUE
R$millions
1Q24
1Q23
Var.
4Q23
Var.
GROSS REVENUE
737.1
627.1
17.5%
791.7
-6.9%
DEDUCTIONS
(58.1)
(30.9)
88.0%
(51.2)
13.5%
NET REVENUE
679.1
596.3
13.9%
740.5
-8.3%
% Deductions / Gross Revenue
(7.9%)
(4.9%)
-3.0 pp
(6.5%)
-1.4pp
•The variation in net revenue followed the evolution of gross revenue by geography, and the revenue deductions for each region. There was no significant change in the tax structure of each market, with deductions in the Brazilian market being greater than in the international market.
COST OF PRODUCTS/SERVICES (CASH)
RESPONSE
Composition of the Costs of Services Provided
R$million
1Q24
1Q23
Chg.
4Q23
Chg.
Personnel
292.7
237.6
23.2%
300.0
-2.5%
Third parties
79.2
88.8
-10.9%
123.4
-35.8%
Maintenance
26.2
19.8
32.2%
27.3
-4.0%
Travel13.0
17.2
-24.2%
12.2
6.7%
Freight1.0
1.5
-30.8%
0.4
149.0%
Rentals
0.2
10.7
-98.5%
0.2
-25.1%
Fuel
18.3
12.6
45.6%
18.0
1.9%
Materials
10.7
7.9
35.3%
11.5
-6.3%
Telecommunications
3.3
3.7
-10.3%
4.1
-19.4%
Marketing
2.9
3.1
-6.4%
4.6
-37.7%
Taxes
3.1
10.8
-71.2%
6.1
-48.8%
Others
44.4
37.3
19.1%
35.6
24.7%
TOTAL495
451.0
9.8%
543.4
-8.9%
3

RESPONSE
Composition of the Costs of Services Provided
R$million
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
Net Revenue
321.9
332.6
398.1
632.3
596.3
612.1
641.1
740.5
679.1
Personnel
118.0
120.2
137.7
271.5
237.6
253.4
260.0
300.0
292.7
Third parties
46.8
49.5
45.1
69.0
88.8
92.2
102.7
123.4
79.2
Maintenance
6.6
8.1
15.5
27.8
19.8
24.7
22.7
27.3
26.2
Travel
4.6
4.6
6.7
17.2
17.2
19.2
19.7
12.2
13.0
Freight
1.1
1.2
1.3
13.4
1.5
0.8
1.2
0.4
1.0
Rentals
9.6
9.5
3.3
8.6
10.7
11.7
(21.2)
0.2
0.2
Fuel
12.2
18.7
19.8
7.5
12.6
12.8
16.1
18.0
18.3
Materials
3.3
3.5
10.4
5.2
7.9
5.2
4.6
11.5
10.7
Telecommunications
0.7
0.6
1.0
4.2
3.7
2.9
3.7
4.1
3.3
Marketing
0.5
0.7
5.5
4.1
3.1
5.3
4.6
4.6
2.9
Taxes
9.3
6.2
5.9
(1.3)
10.8
4.2
1.1
6.1
3.1
Others
16.3
20.8
30.5
27.0
37.3
21.9
33.6
35.6
44.4
TOTAL
229.0
243.6
282.8
454.2
451.0
454.1
448.8
543.4
495.0
Percentage of Net Revenue
RESPONSE
Composition of the Costs of Services Provided
R$million
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
Net Revenue
321.9
332.6
398.1
632.3
596.3
612.1
641.1
740.5
679.1
Personnel
36.7%
36.1%
34.6%
42.9%
39.9%
41.4%
40.6%
40.5%
43.1%
Third parties
14.5%
14.9%
11.3%
10.9%
14.9%
15.1%
16.0%
16.7%
11.7%
Maintenance
2.1%
2.4%
3.9%
4.4%
3.3%
4.0%
3.5%
3.7%
3.9%
Travel
1.4%
1.4%
1.7%
2.7%
2.9%
3.1%
3.1%
1.6%
1.9%
Freight
0.4%
0.3%
0.3%
2.1%
0.2%
0.1%
0.2%
0.1%
0.1%
Rentals
3.0%
2.9%
0.8%
1.4%
1.8%
1.9%
(3.3%)
0.0%
0.0%
Fuel
3.8%
5.6%
5.0%
1.2%
2.1%
2.1%
2.5%
2.4%
2.7%
Materials
1.0%
1.1%
2.6%
0.8%
1.3%
0.8%
0.7%
1.5%
1.6%
Telecommunications
0.2%
0.2%
0.3%
0.7%
0.6%
0.5%
0.6%
0.6%
0.5%
Marketing
0.2%
0.2%
1.4%
0.6%
0.5%
0.9%
0.7%
0.6%
0.4%
Taxes
2.9%
1.9%
1.5%
(0.2%)
1.8%
0.7%
0.2%
0.8%
0.5%
Others
5.1%
6.2%
7.7%
4.3%
6.3%
3.6%
5.2%
4.8%
6.5%
Total
71.1%
73.2%
71.0%
71.8%
75.6%
74.2%
70.0%
73.4%
72.9%
Gross Margin
28.9%
26.8%
29.0%
28.2%
24.4%
25.8%
30.0%
26.6%
27.1%
The drop in the representation of third-party costs is due to the lower volume of use of these providers in emergencies. The largest cost components – Personnel, Third Parties, Maintenance, Fuel and Travel – represented more than 85% of total costs.
4

CAPEX RESPONSE
In 1Q24, the addition of fixed assets in Response was R$61.9 million. We invest in North America mainly in operational assets to support the growth of the operation.
CAPEX R$ MM
1Q23
2Q23
3Q23
4Q23
1Q24
Chg.
1Q24 vs. 1Q23
Total Capex Response
69.0
41.9
75.6
78.9
61.9
-10.3%
% Net Revenue Response
11.6%
6.9%
11.8%
10.6%
9.1%
-2.5pp


  
Expansion
38.0
24.3
39.6
23.2
14.7
-61.2%
% Net Revenue Response
6.4%
4.0%
6.2%
3.1%
2.2%
-4.2 pp


  
Brazil
25.6
6.3
23.9
3.7
0.0
-100.0%
% Gross Revenue Brazil
12.3%
2.6%
8.8%
1.2%
0.0%
-12.3pp
Latam (ex Brazil)
0.6
18.0
15.7
0.0
0.0
-100.0%
% Gross Revenue Latam (ex Brazil)
0.1%
4.3%
3.6%
0.0%
0.0%
-0.1 pp
Europe
0.3
0.0
0.0
0.0
0.2
-45.2%
% Gross Revenue Europe
0.5%
0.0%
0.0%
0.0%
0.3%
-0.2 pp
North America
11.5
0.0
0.0
19.5
14.6
26.8%
% Gross Revenue North America
3.8%
0.0%
0.0%
5.1%
4.8%
1.0 pp


  
Maintenance
31.1
17.7
36.0
55.7
47.1
51.5%
% Net Revenue Response
5.2%
2.9%
5.6%
7.5%
6.9%
1.7pp


  
Brazil
18.3
5.3
21.5
34.1
33.3
82.0%
% Gross Revenue Brazil
8.8%
2.2%
7.9%
10.7%
10.0%
1.2pp
Latam (ex Brazil)
0.5
1.8
0.0
0.4
3.2
538.8%
% Gross Revenue Latam (ex Brazil)
0.1%
0.4%
0.0%
0.1%
0.8%
0.7pp
Europe
1.6
1.8
1.4
0.2
3.8
136.3%
% Gross Revenue Europe
2.9%
4.0%
3.2%
0.5%
7.5%
4.7pp
North America
10.7
8.7
13.1
21.0
6.8
-36.1%
% Gross Revenue North America
3.5%
2.8%
4.0%
5.5%
2.2%
-1.2 pp
5