6-K
Ambipar Emergency Response (AMBIQ)
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 November, 2023
Commission File Number: 001-41638
AMBIPAR EMERGENCY RESPONSE
(Exact name of registrant as specified in itscharter)
Avenida Angélica, nº 2346, 5thFloor
São Paulo, São Paulo, Brazil,01228-200
Tel: +55 (11) 3429-5000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ¨ No x
Ambipar Parent released results for the third quarter of 2023.
Ambipar Emergency Response informs the market that on November 14, 2023, its parent company, Ambipar Participações e Empreendimentos S.A. (“Ambipar Parent”), announced its results for the nine months ended September 30, 2023.
Excerpts of this announcement relating to Ambipar Emergency Response (the “Company”) are furnished as Exhibit 99.1 to this Report on Form 6-K. Financial information relating to the Company contained therein has not been audited or reviewed in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) or any other auditing standards. While such financial information has been prepared in good faith and based on information available at the time of preparation, no assurance can be made that actual results will not change as a result of the Company’s management review of results and other factors. The Company’s results for the nine months ended September 30, 2023 are subject to finalization and closing of the Company’s accounting books and records (which have yet to be performed) and should not be viewed as a substitute for financial statements prepared in accordance with IFRS. Accordingly, you should not place undue reliance upon the financial information contained in Exhibit 99.1. While we do not expect that such financial information will differ materially from the Company’s actual results for the nine months ended September 30, 2023, we cannot assure you that such financial information will be indicative of the Company’s actual financial results for the nine months ended September 30, 2023 or for any future periods.
EXHIBIT INDEX
| Exhibit<br> No. | Description of Exhibit |
|---|---|
| 99.1 | Press Release of Ambipar Emergency Response dated November 15, 2023. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 15, 2023
| AMBIPAR EMERGENCY RESPONSE | |
|---|---|
| By: | /s/ Thiago da Costa Silva |
| Name: Thiago da Costa Silva | |
| Title: Director |
Exhibit 99.1
AMBIPAR PARTICIPAÇÕES E EMPREENDIMENTOS S.A. - EARNINGSRELEASE 3Q23
RESPONSE SEGMENT
HIGHLIGHTS
| BRL<br> million | 3Q23 | 3Q22 | Chg. | 2Q23 | Chg. | 9M23* | 9M22 | Chg. |
|---|---|---|---|---|---|---|---|---|
| GROSS<br> REVENUE | 702.6 | 431.8 | 62.7% | 660.4 | 6.4% | 1,990.1 | 1,145.5 | 73.7% |
| DEDUCTIONS | -61.5 | -33.7 | 82.5% | -48.3 | 27.3% | -140.7 | -92.9 | 51.5% |
| NET<br> REVENUE | 641.1 | 398.1 | 61.0% | 612.1 | 4.7% | 1,849.4 | 1,052.6 | 75.7% |
| GROSS<br> PROFIT | 192.2 | 115.3 | 66.7% | 157.9 | 21.7% | 495.4 | 297.3 | 66.6% |
| GROSS<br> MARGIN | 30.0% | 29.0% | 1.0<br> p.p. | 25.8% | 4.2<br> p.p. | 26.8% | 28.2% | -1.5<br> p.p. |
* 9M23 EBITDA and EBITDA margin adjusted to exclude extraordinary expenses and non-cash from NYSE listing.
GROSS REVENUE
| RESPONSE | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| COMPOSITION<br> <br> OF GROSS REVENUE R$ million | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
| GROSS<br> REVENUE | 262.4 | 281.5 | 350.4 | 363.3 | 431.8 | 667.8 | 627.1 | 660.4 | 702.6 |
| Brazil | 82.2 | 77.1 | 112.5 | 122.8 | 159.4 | 202.5 | 208.7 | 244.5 | 270.9 |
| International | 180.2 | 204.4 | 237.9 | 240.6 | 272.4 | 465.3 | 418.4 | 415.9 | 431.8 |
| Latam<br> (ex Brazil) | 47.7 | 50.1 | 57.9 | 58.7 | 44.1 | 50.3 | 55.8 | 54.3 | 61.7 |
| Europe | 50.1 | 48.1 | 47.8 | 50.5 | 51.8 | 64.7 | 56.1 | 46.0 | 42.8 |
| North<br> America | 82.4 | 106.2 | 132.2 | 131.3 | 176.5 | 350.3 | 306.5 | 315.5 | 327.3 |
Our operations had revenue variations as expected. Gross revenue reached R$703 million in 3Q23, 62.7% higher than 3Q22 and up by 6.4% compared to 2Q23.
BRAZIL
| COMPOSITION<br> OF GROSS REVENUE<br> R$ million | 3Q23 | 3Q22 | Chg.<br><br> 3Q23 x3Q22 | 2Q23 | Chg.<br><br> 3Q23 X2Q23 | 9M23 | 9M22 | Chg.<br><br> 9M23 x 9M22 |
|---|---|---|---|---|---|---|---|---|
| RESPONSE | ||||||||
| GROSS<br> REVENUES | 702.6 | 431.8 | 62.7% | 660.4 | 6.4% | 1,990.1 | 1,145.5 | 73.7% |
| Brazil | 270.9 | 159.4 | 70.0% | 244.5 | 10.8% | 724.1 | 394.6 | 83.5% |
| Subscriptions<br> Brazil | 40.3 | 35.9 | 12.4% | 39.6 | 1.9% | 118.1 | 103.3 | 14.3% |
| Services<br> Brazil | 230.5 | 123.5 | 86.7% | 204.9 | 12.5% | 606.0 | 291.3 | 108.0% |
| Attended<br> Services | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | Chg.<br><br> 3Q23<br><br> x3Q22 | ||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Brazil | Gross<br> Revenue (BRL Million) | 123.5 | 165.5 | 170.5 | 204.9 | 230.5 | 86.7% | |
| Number<br> of Services Provided | 2,435 | 2,594 | 2,727 | 3,075 | 3,237 | 32.9% | ||
| Average<br> Ticket (BRL Thousand) | 50.7 | 63.8 | 62.5 | 66.6 | 71.2 | 40.4% | ||
| • | Gross<br> Revenue in Brazil grew in all comparisons, mainly driven by the provision of scheduled industrial<br> services and emergencies in the road and rail sectors. | |||||||
| --- | --- | |||||||
| • | The<br> average ticket rose YoY and QoQ reflecting higher complexity of attended services. | |||||||
| • | This<br> result is related to the integration and cross-selling between the business areas. |
LATAM
| COMPOSITION<br> OF GROSS REVENUE<br> R$ million | 3Q23 | 3Q22 | Chg.<br><br> 3Q23<br><br> x3Q22 | 2Q23 | Chg.<br><br> 3Q23<br><br> X2Q23 | 9M23 | 9M22 | Chg.<br><br> 9M23 x<br><br> 9M22 |
|---|---|---|---|---|---|---|---|---|
| RESPONSE | ||||||||
| GROSS<br> REVENUES | 702.6 | 431.8 | 62.7% | 660.4 | 6.4% | 1,990.1 | 1,145.5 | 73.7% |
| International | 431.8 | 272.4 | 58.5% | 415.9 | 3.8% | 1,266.1 | 750.8 | 68.6% |
| Latam<br> (ex-Brazil) | 61.7 | 44.1 | 39.8% | 54.3 | 13.5% | 171.8 | 160.7 | 6.9% |
| Subscriptions<br> Latam | 35.8 | 34.6 | 3.7% | 34.6 | 3.6% | 106.5 | 100.2 | 6.3% |
| Services<br> Latam | 25.8 | 9.6 | 170.0% | 19.7 | 30.9% | 65.3 | 60.5 | 7.9% |
| Attended<br> Services | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | Chg.<br><br> 3Q23<br><br> x3Q22 | ||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Latam<br> (Ex Brazil) | Gross<br> Revenue (BRL Million) | 9.6 | 14.8 | 19.7 | 19.7 | 25.8 | 170.0% | |
| Number<br> of Services Served | 80 | 104 | 95 | 90 | 102 | 27.5% | ||
| Average<br> Ticket (BRL Thousand) | 119.6 | 142.3 | 207.6 | 219.4 | 253.4 | 111.8% |
Latam gross revenue had a negative exchange rate impact between 2Q23 vs. 3Q23, due to the 7.9% appreciation of the Real against the Chilean Peso. On a Local currency view, Revenues showed slight growth. The good result in profitability of the operation in Chile stands out, which benefited from services for large clients in the mining, engineering and steel industry
EUROPE
| COMPOSITION<br> OF GROSS REVENUE<br> R$ million | 3Q23 | 3Q22 | Chg.<br><br> 3Q23<br><br> x3Q22 | 2Q23 | Chg.<br><br> 3Q23<br><br> X2Q23 | 9M23 | 9M22 | Chg.<br><br> 9M23 x<br><br> 9M22 |
|---|---|---|---|---|---|---|---|---|
| RESPONSE | ||||||||
| GROSS<br> REVENUES | 702.6 | 431.8 | 62.7% | 660.4 | 6.4% | 1,990.1 | 1,145.5 | 73.7% |
| International | 431.8 | 272.4 | 58.5% | 415.9 | 3.8% | 1,266.1 | 750.8 | 68.6% |
| Europe | 42.8 | 51.8 | -17.4% | 46.0 | -7.0% | 145.0 | 150.1 | -3.4% |
| Subscriptions<br> Europe | 4.3 | 3.7 | 16.4% | 4.6 | -5.4% | 13.7 | 11.1 | 23.6% |
| Services<br> Europe | 38.5 | 48.1 | -20.0% | 41.5 | -7.1% | 131.2 | 139.0 | -5.6% |
| Attended<br> Services | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | Chg.<br><br> 3Q23<br><br> x3Q22 | ||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Europe | Gross<br> Revenue (BRL Million) | 48.1 | 60.0 | 51.3 | 41.5 | 38.5 | -20.0% | |
| Number<br> of Services Served | 5,922 | 5,974 | 5,947 | 5,798 | 5,854 | -1.1% | ||
| Average<br> Ticket (BRL Thousand) | 8.1 | 10.0 | 8.6 | 7.2 | 6.6 | -19.0% | ||
| • | In<br> Europe, we saw a quarterly drop in revenue, due to lower industrial demand and fewer railway<br> emergencies and coast guard services. | |||||||
| --- | --- | |||||||
| • | On<br> the positive side, we have become emergency response suppliers for data center companies<br> in Europe. | |||||||
| • | The<br> operation has shown satisfactory profitability, there was an emphasis on winning contracts<br> with better margins in industrial services, compensating for the drop in revenue. | |||||||
| • | The<br> region puts Ambipar in a position to capture contracts across EMEA. |
NORTH AMERICA
| COMPOSITION<br> OF GROSS REVENUE<br> R$ million | 3Q23 | 3Q22 | Chg.<br><br> 3Q23<br><br> x3Q22 | 2Q23 | Chg.<br><br> 3Q23<br><br> X2Q23 | 9M23 | 9M22 | Chg.<br><br> 9M23 x<br><br> 9M22 |
|---|---|---|---|---|---|---|---|---|
| RESPONSE | ||||||||
| GROSS<br> REVENUES | 702.6 | 431.8 | 62.7% | 660.4 | 6.4% | 1,990.1 | 1,145.5 | 73.7% |
| International | 431.8 | 272.4 | 58.5% | 415.9 | 3.8% | 1,266.1 | 750.8 | 68.6% |
| North<br> America | 327.3 | 176.5 | 85.5% | 315.5 | 3.7% | 949.3 | 440.0 | 115.7% |
| Attended<br> Services | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | Chg.<br><br> 3Q23<br><br> x3Q22 | ||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| North<br> America | Gross<br> Revenue (BRL Million) | 176.5 | 350.3 | 306.5 | 315.5 | 327.3 | 85.5% | |
| Number<br> of Services Served | 2,991 | 3,117 | 3,228 | 3,660 | 3,751 | 25.4% | ||
| Average<br> Ticket (BRL Thousand) | 59.0 | 112.4 | 95.0 | 86.2 | 87.2 | 47.9% | ||
| • | North<br> American operations continue its growth trajectory in industrial and emergency services,<br> with emphasis on performance in Texas, which has provided services to the agricultural market. | |||||||
| --- | --- | |||||||
| • | In<br> Canada, services for the oil and gas industry and infrastructure stand out. |
NET REVENUE
| R$<br> million | 3Q23 | 3Q22 | Chg. | 2Q23 | Chg. | 9M23 | 9M22 | Chg. | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross<br> Revenues | 702.6 | 431.8 | 62.7% | 660.4 | 6.4% | 1,990.1 | 1,145.5 | 73.7% | |||||
| Deductions | -61.5 | -33.7 | 82.5% | -48.3 | 27.3% | -140.7 | -92.9 | 51.5% | |||||
| Net<br> Revenues | 641.1 | 398.1 | 61.0% | 612.1 | 4.7% | 1,849.4 | 1,052.6 | 75.7% | |||||
| %<br> Deductions / Gross Revenues | -8.8 | % | -7.8 | % | -1.0 p.p. | -7.3 | % | -1.4 p.p. | -7.1 | % | -8.1 | % | 1.0 p.p. |
| • | The<br> variation in net revenue accompanied the evolution of gross revenue by geography, and the<br> revenue deductions for each region. There was no significant change in the tax structure<br> of each market, with higher deductions in the Brazilian market than in the international<br> market. | ||||||||||||
| --- | --- |
COST OF PRODUCTS/SERVICES (CASH)
| RESPONSE | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| COST<br> OF SERVICES R$ million | 3Q23 | 3Q22 | Chg. | 2Q23 | Chg. | 9M23 | 9M22 | Chg. | |
| Personnel | 260.0 | 137.7 | 88.8% | 253.4 | 2.6% | 751.1 | 375.9 | 99.8% | |
| Third<br> parties | 102.7 | 45.1 | 127.9% | 92.2 | 11.5% | 283.7 | 141.4 | 100.6% | |
| Maintenance | 22.7 | 15.5 | 46.2% | 24.7 | -8.3% | 67.2 | 30.2 | 122.7% | |
| Travel | 19.7 | 6.7 | 192.1% | 19.2 | 2.7% | 56.1 | 16.0 | 250.8% | |
| Freight | 1.2 | 1.3 | -6.9% | 0.8 | 53.3% | 3.5 | 3.6 | -4.2% | |
| Rentals | -21.2 | 3.3 | N.M. | 11.7 | N.M. | 1.3 | 22.4 | -94.4% | |
| Fuel | 16.1 | 19.8 | -18.4% | 12.8 | 26.4% | 41.5 | 50.7 | -18.1% | |
| Materials | 4.6 | 10.4 | -56.0% | 5.2 | -11.5% | 17.7 | 17.1 | 2.9% | |
| Telecommunications | 3.7 | 1.0 | 262.1% | 2.9 | 29.1% | 10.2 | 2.2 | 358.4% | |
| Marketing | 4.6 | 5.5 | -15.5% | 5.3 | -12.6% | 13.0 | 6.7 | 94.0% | |
| Taxes | 1.1 | 5.9 | -82.3% | 4.2 | -75.1% | 16.1 | 21.5 | -25.1% | |
| Others | 33.6 | 30.5 | 10.2% | 21.9 | 53.8% | 92.8 | 67.5 | 37.3% | |
| TOTAL | 448.8 | 282.8 | 58.7% | 454.1 | -1.2% | 1,354.0 | 755.3 | 79.3% | |
| RESPONSE | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| COST<br> OF SERVICES R$ million | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
| Net<br> Revenue | 233.4 | 255.6 | 321.9 | 332.6 | 398.1 | 632.3 | 596.3 | 612.1 | 641.1 |
| Personnel | 91.3 | 96.4 | 118.0 | 120.2 | 137.7 | 271.5 | 237.6 | 253.4 | 260.0 |
| Third<br> parties | 28.8 | 27.7 | 46.8 | 49.5 | 45.1 | 69.0 | 88.8 | 92.2 | 102.7 |
| Maintenance | 4.5 | 6.2 | 6.6 | 8.1 | 15.5 | 27.8 | 19.8 | 24.7 | 22.7 |
| Travel | 3.8 | 4.3 | 4.6 | 4.6 | 6.7 | 17.2 | 17.2 | 19.2 | 19.7 |
| Freight | 0.8 | 0.9 | 1.1 | 1.2 | 1.3 | 13.4 | 1.5 | 0.8 | 1.2 |
| Rentals | 7.2 | 7.1 | 9.6 | 9.5 | 3.3 | 8.6 | 10.7 | 11.7 | -21.2 |
| Fuel | 6.6 | 9.0 | 12.2 | 18.7 | 19.8 | 7.5 | 12.6 | 12.8 | 16.1 |
| Materials | 3.2 | 3.5 | 3.3 | 3.5 | 10.4 | 5.2 | 7.9 | 5.2 | 4.6 |
| Telecommunications | 0.5 | 0.7 | 0.7 | 0.6 | 1.0 | 4.2 | 3.7 | 2.9 | 3.7 |
| Marketing | 0.3 | 1.5 | 0.5 | 0.7 | 5.5 | 4.1 | 3.1 | 5.3 | 4.6 |
| Taxes | 3.6 | 3.7 | 9.3 | 6.2 | 5.9 | -1.3 | 10.8 | 4.2 | 1.1 |
| Others | 9.0 | 14.4 | 16.3 | 20.8 | 30.5 | 27.0 | 37.3 | 21.9 | 33.6 |
| Total | 159.4 | 175.3 | 229.0 | 243.6 | 282.8 | 454.2 | 451.0 | 454.1 | 448.8 |
Percentage of Net Revenue
| RESPONSE | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| COST<br> OF SERVICES R$ million | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
| Net<br> Revenue | 233.4 | 255.6 | 321.9 | 332.6 | 398.1 | 632.3 | 596.3 | 612.1 | 641.1 |
| Personnel | 39.1% | 37.7% | 36.7% | 36.1% | 34.6% | 42.9% | 39.9% | 41.4% | 40.6% |
| Third<br> parties | 12.4% | 10.9% | 14.5% | 14.9% | 11.3% | 10.9% | 14.9% | 15.1% | 16.0% |
| Maintenance | 1.9% | 2.4% | 2.1% | 2.4% | 3.9% | 4.4% | 3.3% | 4.0% | 3.5% |
| Travel | 1.6% | 1.7% | 1.4% | 1.4% | 1.7% | 2.7% | 2.9% | 3.1% | 3.1% |
| Freight | 0.3% | 0.3% | 0.4% | 0.3% | 0.3% | 2.1% | 0.2% | 0.1% | 0.2% |
| Rentals | 3.1% | 2.8% | 3.0% | 2.9% | 0.8% | 1.4% | 1.8% | 1.9% | -3.3% |
| Fuel | 2.8% | 3.5% | 3.8% | 5.6% | 5.0% | 1.2% | 2.1% | 2.1% | 2.5% |
| Materials | 1.3% | 1.4% | 1.0% | 1.1% | 2.6% | 0.8% | 1.3% | 0.8% | 0.7% |
| Telecommunications | 0.2% | 0.3% | 0.2% | 0.2% | 0.3% | 0.7% | 0.6% | 0.5% | 0.6% |
| Marketing | 0.1% | 0.6% | 0.2% | 0.2% | 1.4% | 0.6% | 0.5% | 0.9% | 0.7% |
| Taxes | 1.5% | 1.4% | 2.9% | 1.9% | 1.5% | -0.2% | 1.8% | 0.7% | 0.2% |
| Others | 3.9% | 5.6% | 5.1% | 6.2% | 7.7% | 4.3% | 6.3% | 3.6% | 5.2% |
| Total | 68.3% | 68.6% | 71.1% | 73.2% | 71.0% | 71.8% | 75.6% | 74.2% | 70.0% |
| Gross<br> Margin | 31.7% | 31.4% | 28.9% | 26.8% | 29.0% | 28.2% | 24.4% | 25.8% | 30.0% |
Costs remained stable as a percentage of revenue when comparing 3Q23 vs. 2Q23, reflecting the company's business mix. There were no highlights in the composition of costs in this quarter. The largest cost components – Personnel, Third Parties, Maintenance, Fuel and Travel – represented more than 85% of total costs.
Rental costs were reversed this quarter, due to the reclassification of expenditure relating to 2023 of operations in North America, which did not adopt the IFRS 16 standard.
GROSS PROFIT
Gross profit grew over 3Q22. Gross margin for 3Q23 reached 30.0%, a result of 1.0 pp. higher than 3Q22 and up by 4.2 pp. compared to 2Q23. The improvement in gross margin in relation to 2Q23, is due to better performance in Brazil and Canada.
It is worth noting that part of the margin increase in 3Q23 is due to the accounting adjustment to IFRS 16 carried out in this period and will not be recurring.
CAPEX RESPONSE
In 3Q23, addition of Fixed Assets was R$75.6 million. In Response, we invested in Latin America in the new training camp in Chile and in Brazil, we acquired equipment to support the expansion of the operation, mainly for air services.
| Additions<br> to Fixed Assets <br> R$ million | 3Q23 | 3Q22 | Chg.<br> <br> 3Q23 <br><br> x3Q22 | 2Q23 | Chg.<br> <br> 3Q23 <br><br> x 2Q23 | 9M23 | 9M22 | Chg.<br><br> 9M23 <br><br> x 9M22 | |
|---|---|---|---|---|---|---|---|---|---|
| Response | 75.6 | 69.9 | 8.1% | 41.9 | 80.2% | 186.5 | 160.8 | 16.0% | |
| (+)<br> Brazil | 45.4 | 52.3 | -13.2% | 11.6 | 292.2% | 100.8 | 111.1 | -9.3% | |
| (+)<br> LATAM (ex-Brazil) | 15.8 | 0.7 | 2052.6% | 19.8 | -20.3% | 36.7 | 2.7 | 1262.8% | |
| (+)<br> Europe | 1.4 | 2.4 | -44.2% | 1.8 | -26.4% | 5.0 | 6.1 | -17.3% | |
| (+)<br> North America | 13.1 | 14.4 | -9.4% | 8.7 | 49.4% | 44.0 | 40.9 | 7.6% | |
| Additions<br> to Fixed Assets<br> R$ million | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Response | 46.2 | 12.9 | 64.8 | 26.1 | 69.9 | 72.5 | 69.0 | 41.9 | 75.6 |
| (+)<br> Brazil | 32.5 | 7.1 | 49.9 | 8.9 | 52.3 | 37.9 | 43.8 | 11.6 | 45.4 |
| (+)<br> LATAM (ex-Brazil) | 2.0 | 2.1 | 0.0 | 1.9 | 0.7 | 4.0 | 1.1 | 19.8 | 15.8 |
| (+)<br> Europe | 2.6 | 2.8 | 3.2 | 0.5 | 2.4 | 2.1 | 1.8 | 1.8 | 1.4 |
| (+)<br> North America | 9.2 | 0.9 | 11.8 | 14.7 | 14.4 | 28.5 | 22.2 | 8.7 | 13.1 |
| 3Q23 | 9M23 | ||||||||
| --- | --- | --- | --- | --- | |||||
| Expansion<br> and Maintenance Capex | Capex<br> <br>(R$ Million) | %<br> Group <br><br> Revenue | Capex<br> <br>(R$ Million) | %<br> Group <br><br> Revenue | |||||
| Service<br> Expansion | 85.0 | 7.2% | 227.4 | 6.4% | |||||
| RESPONSE | 39.6 | 3.4% | 101.9 | 2.9% | |||||
| Response<br> Brazil | 23.9 | 2.0% | 55.8 | 1.6% | |||||
| Response<br> Latam (Ex. Brazil) | 15.7 | 1.3% | 34.3 | 1.0% | |||||
| Response<br> Europe | 0.0 | 0.0% | 0.3 | 0.0% | |||||
| Response<br> North America | 0.0 | 0.0% | 11.5 | 0.3% | |||||
| Service<br> Maintenance | 80.3 | 6.8% | 208.3 | 5.9% | |||||
| RESPONSE | 36.0 | 3.0% | 84.8 | 2.4% | |||||
| Response<br> Brazil | 21.5 | 1.8% | 45.1 | 1.3% | |||||
| Response<br> Latam (Ex. Brazil) | 0.0 | 0.0% | 2.3 | 0.1% | |||||
| Response<br> Europe | 1.4 | 0.1% | 4.8 | 0.1% | |||||
| Response<br> North America | 13.1 | 1.1% | 32.5 | 0.9% |