Core Points - Ambipar Emergency Response's shares fell by 31% to 77 cents after trading resumed following a two-day halt due to the company's bankruptcy filing [1] Company Summary - The company's stock experienced a significant decline after the announcement of its bankruptcy, indicating a loss of investor confidence [1]

Core Points - NYSE American has initiated delisting proceedings for Ambipar Emergency Response due to the company's recent Chapter 11 bankruptcy filing [1][2] - The company has the right to appeal the delisting decision to the Listings Qualifications Panel, which will determine whether to proceed with suspension and delisting or allow continued trading [2] Company Summary - Ambipar Emergency Response's ordinary shares and warrants are subject to delisting from NYSE American [1] - The delisting is based on the company's disclosure of filing for Chapter 11 bankruptcy on October 21, 2025 [1] Industry Summary - NYSE Regulation is actively monitoring and enforcing listing standards, as evidenced by the initiation of delisting proceedings against multiple companies, including Ambipar Emergency Response [1][5][6]

Core Insights - The industrials sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1][2] Company Summaries - **Hertz Global Holdings Inc (NASDAQ:HTZ)**: - Recently appointed Mike Moore as Chief Operating Officer to enhance operational excellence [7] - Stock price decreased by approximately 19% over the past five days, with a 52-week low of $2.77 [7] - Current RSI value is 28.7, indicating it is oversold [7] - Shares closed at $5.60, down 10.3% on Monday [7] - Momentum score is 82.78 [7] - **Alaska Air Group Inc (NYSE:ALK)**: - Analyst Christopher Stathoulopoulos maintained a Positive rating but lowered the price target from $60 to $58 [7] - Stock fell around 24% over the past month, with a 52-week low of $39.79 [7] - Current RSI value is 24.7, indicating it is oversold [7] - Shares closed at $48.46, down 1.5% on Monday [7] - **Ambipar Emergency Response (NYSE:AMBI)**: - Reported FY24 net revenue of R$3.25 billion, reflecting a year-over-year increase of 25.4% [7] - Stock price decreased by approximately 76% over the past month, with a 52-week low of $0.72 [7] - Current RSI value is 20.9, indicating it is oversold [7] - Shares closed at $1.08, down 4.4% on Monday [7]

Core Insights - The industrials sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1] - The Relative Strength Index (RSI) is a key indicator for identifying oversold conditions, typically below 30 [1] Company Summaries - **Hertz Global Holdings Inc (NASDAQ:HTZ)**: - Recently appointed Mike Moore as Chief Operating Officer to enhance operational excellence [7] - Stock has decreased approximately 19% in the last five days, with a 52-week low of $2.77 [7] - Current RSI value is 28.7, with shares closing at $5.60, down 10.3% [7] - **Alaska Air Group Inc (NYSE:ALK)**: - Analyst Christopher Stathoulopoulos maintained a Positive rating but lowered the price target from $60 to $58 [7] - Stock has fallen around 24% over the past month, with a 52-week low of $39.79 [7] - Current RSI value is 24.7, with shares closing at $48.46, down 1.5% [7] - **Ambipar Emergency Response (NYSE:AMBI)**: - Reported FY24 net revenue of R$3.25 billion, reflecting a year-over-year increase of 25.4% [7] - Stock has plummeted approximately 76% over the past month, with a 52-week low of $0.72 [7] - Current RSI value is 20.9, with shares closing at $1.08, down 4.4% [7]

Core Insights - Ambipar Emergency Response filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on June 23, 2025 [1] - The 2024 Annual Report and audited financial statements are accessible on the SEC's website and the Company's website [1] - Hard copies of the audited financial statements are available to shareholders and warrant-holders upon request [2] Company Overview - Ambipar Emergency Response is a leading environmental, emergency response, and industrial field service provider in Brazil, with a global presence in 41 countries across various continents [3] - The company offers a comprehensive suite of environmental services to over 11,000 customers worldwide, focusing on accident prevention, compliance, industrial field services, training, and emergency response across all transportation modes [3]

Acquisitions and Integration - The company has made several acquisitions in recent years, including Girassol Apoio Marítmo Ltda and Ekman – Serviços Ambientais e Oceanográficos Ltda in 2023, as part of its strategy to expand operations in Brazil and North America[116]. - The successful integration of acquired companies is critical for the company, which may incur significant transaction costs and face challenges in realizing expected benefits from these acquisitions[117]. - Recent acquisitions were financed through cash and cash equivalents, as well as indebtedness, which may reduce the company's liquidity and affect its ability to pursue other strategic plans[129]. - The company may face risks related to successor liability for contingencies and damages arising from acquisitions that were not identified prior to the acquisition[121]. - Integration challenges may include difficulties in coordinating research and development teams and consolidating financial and administrative infrastructures, which could hinder expected synergies[127]. - The company may not be able to achieve anticipated cost savings and growth prospects from combining newly acquired businesses with its existing operations[132]. - The company’s growth strategy heavily relies on the successful integration of acquired companies, which may not yield the expected results[126]. Financial Risks and Liquidity - The company’s ability to meet financial ratios and tests required by debt instruments can be affected by events beyond its control, potentially leading to defaults[134]. - Liquidity risk may adversely affect the company's financial and operating performance, limiting growth potential[136]. - The company may face challenges in accessing adequate funding sources due to market downturns or operational issues, impacting liquidity[137]. - A significant change in liquidity levels or costs could materially affect the company's financial condition and operational results[139]. - The company intends to make investments for growth and may require additional funds for new products, technology enhancements, and acquisitions[140]. Market and Economic Conditions - The company operates in a highly competitive market, facing pressure from both large multinational and regional companies[148]. - Revenue primarily derives from contract renewals and new signings, with potential challenges in maintaining historical price levels due to competition[149]. - Economic uncertainty and geopolitical tensions, including the conflict in Ukraine, may adversely impact the company's financial condition and results[157]. - The company has not experienced material impacts from inflationary pressures, although inflation rates reached approximately 9.1% in June 2022, slowing to 2.9% in 2024[153]. - The ongoing sanctions against Russia, particularly in the energy sector, have led to fluctuations in fuel prices and changes in global supply chains, impacting production costs and operational expenses[160]. - The conflict between Israel and Hamas has resulted in significant geopolitical instability, with potential adverse effects on business operations and financial conditions due to disruptions in global supply chains[163]. - The company has no direct operations in conflict-affected regions, but clients and suppliers may be impacted, which could adversely affect business services[164]. Cybersecurity and Operational Risks - Increased cybersecurity threats have been reported, with external events potentially heightening the risk of attacks, which could lead to significant legal and financial exposure[165]. - The company relies on various information technology systems for operations, and any breaches or interruptions could adversely affect business and financial conditions[175]. - The company does not maintain separate cyber liability insurance, which may expose it to potential losses from security breaches[181]. - Cyberattacks have not yet resulted in material impacts on operations, but the potential for future incidents remains a concern[180]. - The company’s reliance on third-party service providers increases vulnerability to operational disruptions, which could materially affect business operations[178]. Compliance and Legal Risks - The company is subject to various Anti-Corruption Laws, which prohibit improper payments to government officials, and it may be held liable for violations committed by third parties acting on its behalf[224]. - The company is actively enhancing its anti-money laundering and anti-bribery compliance programs in collaboration with Ambipar ESG[228]. - The company faces reputational risks due to potential lawsuits, investigations, and negative media coverage, which could adversely affect its financial condition and market price of securities[229][230]. - The company is subject to extensive legal and regulatory requirements, particularly in Brazil, which may impose unforeseen regulatory expenses and affect operational costs[251][252]. - The company may incur losses if its internal controls do not adequately protect against exposure, which could negatively impact its financial results[215]. Operational Performance and Costs - Operational costs have fluctuated significantly, with substantial increases in fuel and utility costs potentially impacting profitability[234][235]. - The company may face challenges in passing increased operational costs onto customers due to competitive market conditions, which could adversely affect financial performance[236]. - Long-term business relationships with customers are crucial, as unilateral contract terminations could materially reduce revenue and impact financial stability[248][249]. - The company is dependent on the operational results of its subsidiaries, and any adverse changes in their performance could materially affect the overall business[239][241]. - Compliance with socio-environmental laws is critical, as violations could lead to administrative and criminal penalties, impacting the company's reputation and financial condition[255][256]. Economic and Political Environment - The Brazilian economy contracted by 4.1% in 2020 due to the COVID-19 pandemic, followed by growth rates of 2.9% in both 2022 and 2023, and 3.4% in 2024[274]. - Economic and political instability in Latin America, particularly in Brazil and Chile, may adversely affect the company's operations and financial condition[273]. - The company is subject to risks from foreign exchange fluctuations and changes in trade policy, which could impact its ability to source inputs and execute growth strategies[271]. - The political environment in Brazil has been affected by investigations into corruption, which may continue to impact the company's reputation and market perception[275]. - The company cannot predict future government policies in Brazil, which may lead to economic instability and affect its business operations[278]. Regulatory Changes and Compliance - The European Union AI Act, effective August 1, 2024, imposes strict limitations on AI systems, creating potential compliance costs for the company[182]. - Brazil's proposed AI legislation could introduce significant compliance obligations, including adherence to the Brazilian General Data Protection Law (LGPD)[183]. - The company faces risks related to non-compliance with evolving privacy and data protection laws, which could be costly and time-consuming[184]. - Unauthorized disclosure of personal data could harm the company's reputation and lead to litigation[185]. - The company may encounter complex compliance issues due to varying data protection laws across jurisdictions[186]. Management and Internal Controls - The loss of senior management could adversely affect the company's strategic plans and operational effectiveness[189]. - Material weaknesses in internal control over financial reporting were identified, particularly related to the consolidation process of recent acquisitions and the design of accounting functions[217]. - The effectiveness of the company's internal controls over financial reporting may be impacted by ongoing changes in business conditions and the adequacy of resources[210]. - The company has identified the need for ongoing resource allocation to maintain and improve the effectiveness of its internal controls and disclosure procedures[213]. - In November 2023, the company initiated a comprehensive evaluation of its risk management frameworks and internal control mechanisms, with a consultancy firm completing the assessment by January 2024[209].

Exhibit 99.2 AMBIPAR EMERGENCY RESPONSE Unaudited Interim Condensed Consolidated Financial Statements of Ambipar Emergency Response for the Nine-Month Period Ended September 30, 2024, and December 31, 2023. AMBIPAR EMERGENCY RESPONSE Condensed Consolidated Interim Statements of Financial Position (Unaudited) As of September 30, 2024 and December 31, 2023 (Values expressed in thousands of Brazilian Reais) | Assets | | | | | --- | --- | --- | --- | | | | September 30, 2024 | | | | Note | (unaudited) | Decembe ...

Financial Performance - Net revenue for the six months ended June 30, 2024, was R$1,419,574 thousand, a 17.5% increase compared to R$1,208,342 thousand for the same period in 2023[4] - Gross profit rose to R$249,707 thousand, reflecting an increase of 12.8% from R$221,288 thousand year-over-year[4] - Operating profit significantly improved to R$240,324 thousand, compared to R$95,344 thousand in the prior year, marking a growth of 152.5%[4] - Profit for the period was R$122,393 thousand, a turnaround from a loss of R$20,522 thousand in the same period last year[6] - Earnings per share (basic) increased to R$2.21, compared to a loss of R$0.17 per share in the previous year[4] - The company reported a total comprehensive income of R$312,894 thousand for the period, compared to a loss of R$145,197 thousand in the previous year[6] Asset and Liability Management - Total assets increased to R$4,967,482 thousand as of June 30, 2024, up from R$4,309,172 thousand at December 31, 2023, representing a growth of 15.3%[2] - Total current assets rose to R$1,658,706 thousand, up from R$1,440,224 thousand, indicating a growth of 15.2%[2] - Total liabilities increased to R$3,292,842 thousand as of June 30, 2024, compared to R$2,952,375 thousand at the end of 2023, reflecting a rise of 11.5%[3] - The company’s total equity as of June 30, 2024, was R$1,674,640 thousand, an increase from R$1,179,722 thousand as of June 30, 2023[7] Cash Flow and Operational Performance - Cash generated from operating activities for the first half of 2024 was R$291,815 thousand, compared to R$79,460 thousand in the prior year, indicating a strong operational performance[8] - The company reported a cash flow from financing activities of R$99,178 thousand in the first half of 2024, a decrease from R$702,562 thousand in the same period of 2023[8] - Ambipar Emergency Response's cash and cash equivalents at the end of the period were R$549,513 thousand, down from R$699,747 thousand at the end of June 2023[8] Business Operations and Market Presence - The company operates in 16 countries across multiple continents, enhancing its global presence in emergency response services[13] - Ambipar Emergency Response completed a business combination with HPX Corp. on March 3, 2023, which facilitated its listing on the NYSE American[12] - The company has over 400 bases worldwide and employs more than 7,500 people, with over 150,000 trained personnel available for emergency response[11] Corporate Governance and Structure - As of June 30, 2024, Ambipar Emergency Response maintains 100% ownership across all its subsidiaries, indicating strong control and integration within its operations[15] - The company became the holding company of the Group Response in June 2023 through a business combination, with Emergência Participações S.A. becoming a wholly owned subsidiary[18] - The consolidation method for all subsidiaries is full, ensuring comprehensive financial reporting and accountability[15] Financial Reporting and Compliance - The Unaudited Condensed Consolidated Interim Financial Statements have been prepared on a going concern basis, indicating the company can discharge its liabilities[24] - Management confirms that all relevant information for the financial statements corresponds to what is used in administration[22] - The company has not applied new IFRS standards in Brazil until they are issued in Portuguese and approved by the Federal Accounting Council[26] Risk Management - The company has established conservative financial risk management strategies to optimize liquidity, profitability, and safety[170] - Credit risk is managed through regular evaluations of client creditworthiness, with no credit limits exceeded during the period[184] - The Company’s liquidity risk management includes continuous monitoring of cash flow forecasts to ensure sufficient liquidity for operational needs[186] Accounting Policies - The company recognizes identifiable assets and liabilities at fair value during business combinations, measuring goodwill as the excess of consideration transferred over net assets acquired[54] - The expected loss on doubtful accounts is established based on an analysis of each client's default risk, considering various factors such as financial situation and payment history[56] - The company applies judgment in revenue recognition, assessing contract terms to determine if revenue should be recognized over time[50]

Financial Performance - Net revenue for the first quarter of 2024 was R$679,067, representing a 13.9% increase from R$596,255 in the same period of 2023[4]. - Gross profit for Q1 2024 was R$129,352, compared to R$111,143 in Q1 2023, indicating a growth of 16.4%[4]. - The company reported a net income of R$33,201 for Q1 2024, a significant recovery from a net loss of R$67,601 in Q1 2023[4][6]. - Earnings per share (basic) improved to R$0.60 in Q1 2024, compared to a loss of R$0.35 in Q1 2023[4]. - Total comprehensive income for Q1 2024 was a loss of R$91,474, an improvement from a loss of R$168,406 in Q1 2023[6]. - For the three months ended March 31, 2024, Ambipar Emergency Response reported a profit of R$33,201 thousand, a significant improvement from a loss of R$67,601 thousand in the same period of 2023[9]. - Cash generated from operating activities was R$235,544 thousand, compared to a cash used of R$31,539 thousand in the prior year, indicating a turnaround in operational efficiency[9]. - Net cash from operations reached R$126,279 thousand, a recovery from a negative cash flow of R$105,531 thousand in the same quarter of 2023[9]. - Total revenue for the company reached $303.484 million, with a gross profit of $84.297 million, indicating a gross margin of approximately 27.8%[180]. - The company reported a profit for the year of $61.648 million, with a profit attributable to controlling shareholders of $35.299 million[180]. Assets and Liabilities - As of March 31, 2024, total assets increased to R$4,453,778, up from R$4,309,172 as of December 31, 2023, reflecting a growth of approximately 3.35%[2][3]. - Total current liabilities decreased to R$710,157 as of March 31, 2024, down from R$803,022 at the end of 2023, a reduction of approximately 11.5%[3]. - Total non-current liabilities rose to R$2,340,134 as of March 31, 2024, compared to R$2,149,353 at the end of 2023, an increase of approximately 8.9%[3]. - The company’s cash and cash equivalents increased to R$532,929 as of March 31, 2024, up from R$423,266 at the end of 2023, marking a growth of 25.9%[2]. - Current net assets amounted to $156.062 million, reflecting a strong liquidity position[180]. - Non-current net assets totaled $665.598 million, contributing to a total net asset value of $821.660 million[180]. Investments and Acquisitions - The company completed a business combination with HPX Corp, resulting in a 70.8% ownership interest held by Ambipar Group post-transaction[13]. - The company announced the acquisition of 51% of Ambipar Response Tank Cleaning S.A. in July 2023, which has a 100% stake in Ambipar C-Safety Comércio, Indústria e Serviços Ltda, consolidating its market position[28]. - Ambipar Response Marine S.A. acquired 60% of the share capital of Zenith Marítima Eireli in September 2023, expanding its service offerings in maritime emergency response[29]. - The group has a 70% interest in Ambipar Response ES, which controls several subsidiaries, including Ambipar Response Remediation S.A. with a 51% stake, indicating a strong foothold in environmental services[30]. - In September 2023, the company announced the acquisition of 70% of the share capital of SMR Socorro Médico e Resgate Ltda, enhancing its emergency medical services capabilities[33]. - The acquisition of 70% of the share capital of SSMR Saúde Ocupacional Ltda. Epp in September 2023 further diversifies the company's service portfolio in occupational health and safety[33]. - Ambipar Response Dracares Apoio Marítimo e Portuário Ltda announced the acquisition of 80% of Girassol Apoio Marítimo Ltda in February 2023, strengthening its maritime support services[23]. - Ambipar Holding Canada Inc. established a new holding company, Ambipar Response Industrial Services Canada, transferring all operating companies of "Industrial Services" and acquiring 100% of 1653395 Alberta Ltda, resulting in a 70% control of the new entity[34]. - Ambipar Tank Cleaning S/A announced the acquisition of 51% of Unidroid, giving the Group a 26.01% control over the subsidiary[35]. Operational Efficiency and Cost Management - The company maintains a strong focus on operational efficiency and cost control to enhance profitability[180]. - Operating profit was reported at $97.910 million, showcasing effective cost management strategies[180]. - The company has established a financial risk management program focusing on market risks, including interest rate and foreign currency risks, to minimize adverse effects on financial performance[195]. - The management believes that the risk of significant changes in income and cash flows due to interest rate fluctuations is low, given the structure of its debt[199]. Financial Reporting and Compliance - The Unaudited Condensed Consolidated Interim Financial Statements are expressed in thousands of Brazilian Reais (R$) for the three months ended March 31, 2024 and 2023[37]. - The financial statements reflect a reorganization where Emergência Participações S.A. became a wholly owned subsidiary of Ambipar Emergency Response in March 2023[38]. - Management confirmed that all relevant information for the financial statements corresponds to that used in administration, prepared on a historical cost basis[42]. - The Company is evaluating the impact of new IFRS standards, including IFRS 17 and amendments to IAS 1, which may affect future financial statements[46][49]. - The Company has determined that the adoption of IFRS 17 had no effect on its consolidated annual financial statements[48]. - The financial statements include results from all subsidiaries, with intra-Group balances and transactions eliminated in full[45]. - Management's estimates and assumptions in preparing the financial statements may lead to significant adjustments in future years[41]. Revenue Recognition - Revenue is recognized when control of services is transferred to customers, with specific criteria for each activity[157]. - The company generates revenue from emergency services, including environmental response to disasters, with pricing based on daily, hourly, or job rates[159]. - The company recognizes revenue over time as services are performed, using the input method based on time and materials incurred[160]. Risk Management - Interest rate risk is associated with loans pegged to long-term interest rates, with a significant portion of loans linked to fixed rates, minimizing the risk of significant changes in income and cash flows[199]. - The company does not have operations quoted at commodity prices, thus it has no exposure to commodity price risks[195]. - Financial instruments are recognized at fair value plus any transaction costs directly attributed to their acquisition or issue[192]. - The management of financial risks is conducted through conservative strategies aimed at liquidity, profitability, and safety[190].

Commission File Number: 001-41638 AMBIPAR EMERGENCY RESPONSE (Exact name of registrant as specified in its charter) Avenida Angélica, nº 2346, 5th Floor São Paulo, São Paulo, Brazil, 01228-200 Tel: +55 (11) 3526-3526 (Address of principal executive office) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May, 2024 The 2023 Annual Report and audited fin ...