Acquisitions and Expansion - Ambipar has expanded its operations through multiple acquisitions, including 80% of Girassol Apoio Marítimo Ltda in February 2023 and 51% of Plimsoll Serviços Ltda in April 2023[336]. - The company completed a significant acquisition of 100% of DFA Contracting Ltd in May 2023, enhancing its service capabilities in multi-well facility construction and pipeline maintenance[337]. - In 2023, the company completed 10 acquisitions, including Girassol Apoio Marítimo Ltda and Ekman – Serviços Ambientais e Oceanográficos Ltda, enhancing its service offerings in Brazil and Canada[451]. - The company has made strategic acquisitions to strengthen its market position, including several bolt-on acquisitions in Brazil in 2021[335]. - The company’s international expansion includes significant acquisitions in the United States, Canada, and Europe, enhancing its global presence[345]. - The company completed 36 acquisitions since its founding in 2008, enhancing its service offerings and generating significant profit and cash flow accretion[361]. - The company has completed 36 acquisitions since 2020, focusing on expanding geographic footprint and service quality[457]. - The WOB Acquisition is expected to significantly strengthen the company's position in the U.S. and provide access to Asian and Oceanian markets[368]. Financial Performance - For the year ended December 31, 2023, gross revenue reached R$2,781.8 million, a 53.3% increase from R$1,813.3 million in 2022[392]. - The company reported a net revenue of $518.5 million for 2023, a 53.7% increase from $1,684.9 million in 2022[480]. - EBITDA for 2023 was $109.0 million, with an EBITDA margin of 21.0%, down from 26.6% in 2022[475]. - Free Cash Flow for 2023 was $50.2 million, with a cash conversion rate of 46.0%, compared to 55.8% in 2022[476]. - Operating profit for 2023 was $360.4 million, a slight increase of 7.0% from $336.7 million in 2022[481]. - Net income for the year was $17.1 million, reflecting a 90.8% decrease from $187.9 million in 2022[481]. - The gross profit for 2023 was $499.5 million, up 43.9% from $347.1 million in 2022[481]. - The cost of services rendered increased by 56.3% to $2,090.5 million in 2023, compared to $1,337.8 million in 2022[481]. - The company experienced a change in working capital of $(10.7) million in 2023, compared to a positive change of $102.8 million in 2022[476]. - The North America segment experienced the largest growth, with gross revenue reaching R$1,329.0 million, up from R$790.3 million in 2022, an increase of 68.2%[484]. - Brazil's gross revenue increased to R$1,041.7 million, a rise of 74.4% from R$597.2 million in 2022[484]. Service Delivery and Operations - The company operates 347 service centers across five continents, ensuring efficient service delivery and rapid response capabilities[348]. - In 2023, the company rendered high-quality services over 52,000 times, leveraging its extensive network of service centers[355]. - The company executed more than 37,000 service deliveries in 2022, focusing on emergency response, consulting, and training services[346]. - The company operates four fully automated centralized operations centers in Brazil, the UK, and the U.S. to enhance service efficiency[382]. - The company offers over 40 professional training programs related to emergency response, with thousands of participants including governmental authorities[389]. - The company serves a diversified customer base of over 11,000 clients across various industries, including chemicals, mining, oil and gas, and logistics[447]. Market Strategy and Growth - Ambipar's growth strategy is supported by a series of acquisitions aimed at increasing market share and expanding service offerings across different regions[332]. - The company aims to strengthen its market position through international expansion, particularly in North America, by replicating its successful Latin American business model[367]. - The company focuses on expanding market awareness through targeted marketing efforts, including direct sales and online presence[399]. - Research and development activities are prioritized to anticipate trends and respond to changing consumer preferences[403]. - The company intends to leverage its acquired companies' client portfolios to generate business leads through cross-selling initiatives[372]. Compliance and Sustainability - The company has a strong commitment to sustainability, having joined the United Nations Global Compact to advance sustainable development goals[358]. - The company adheres to various environmental, health, and safety regulations, which have become more stringent over time[422]. - The company has established a comprehensive compliance program to ensure adherence to applicable regulations and maintain high professional standards[438]. - The company is subject to regulatory compliance under various environmental laws, including the Clean Water Act and Clean Air Act in the United States[426]. - The company has implemented changes to comply with the Brazilian General Data Protection Law (LGPD), which came into effect on September 18, 2020[429]. Workforce and Training - The company employs approximately 7,000 trained personnel, ensuring adherence to safety protocols and regulatory guidelines[351]. - The workforce comprised approximately 7,000 full-time employees, with a significant portion represented by labor unions[398]. - The company has a training center in Brazil, the United States, Chile, and Peru to enhance service delivery and compliance[442]. - The company operates a diversified training portfolio across multiple countries, including the largest multimodal training center in Latin America[459]. Challenges and Risks - The company expects the remediation and industrial field services market to grow faster than global GDP, driven by stricter ESG regulations and increased industrial activity[371]. - The company is exposed to potential penalties under the LGPD, including fines of up to 2% of revenue, capped at R$50 million per violation[431]. - The company is adapting to evolving privacy regulations in the United States, including the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA)[433]. - The company plans to mitigate inflationary pressures through centralized negotiations with suppliers and price adjustments to improve gross profit margins[486].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ...