Ambipar (AMBP3) Faces Major Setback: B3 Drops Stock from Key Indices and Revokes Green Certification (2025 Update)

• Why Did B3 Remove Ambipar from Its Indices?
• The Green Certification That Got Away
• How Did Ambipar Get Here?
• What's Next for Ambipar Investors?
• Frequently Asked Questions

In a dramatic turn of events, environmental management company Ambipar (AMBP3) has been removed from all nine B3 stock indices it previously belonged to and lost its "Green Actions" certification. The decision comes amid growing concerns about the company's liquidity and governance issues, which have sent its shares plummeting by 93% in recent weeks. This article dives DEEP into the implications of these developments, the potential $10 billion cross-default risk, and what it means for investors as of October 2025.

Why Did B3 Remove Ambipar from Its Indices?

The São Paulo stock exchange (B3) announced on October 10, 2025 that Ambipar WOULD be excluded from nine major indices including the Brazil Broad Index, Corporate Governance Index, and Sustainability Index. The removal becomes effective at market close on October 15, with the stock's weighting being proportionally redistributed among remaining constituents. According to B3's statement, this decision aligns with their index methodology which allows for removal of assets to "preserve the continuity, replicability, representativeness and integrity of the index."

Market analysts at BTCC note this is particularly damaging as index inclusion often provides stability through passive fund investments. "When a stock gets booted from multiple indices simultaneously, it creates a perfect storm of selling pressure," observed one senior analyst.

The Green Certification That Got Away

In a separate blow, B3 declined to renew Ambipar's "Green Actions" certification. The designation's methodology explicitly states it can be withdrawn when a company's directors become associated with ESG-related incidents that pose reputational risk. This comes after Ambipar sought emergency court protection in late September 2025 against debt acceleration clauses that could have triggered a R$10 billion cross-default scenario.

"The green certification was always questionable given Ambipar's recent troubles," commented a sustainability fund manager who requested anonymity. "But losing it officially puts them in a different category altogether for ESG-focused investors."

How Did Ambipar Get Here?

The company's downward spiral began with a credit operation involving Deutsche Bank that required unexpected additional guarantees, rapidly depleting cash reserves. Court documents reveal Ambipar faced an immediate insolvency risk without judicial protection. Fitch Ratings subsequently characterized the situation as resembling a default event.

Interestingly, despite the turmoil, AMBP3 shares surged 26.47% to R$0.86 on the announcement day. "This looks like dead-cat bounce to me," cautioned a veteran trader at a major São Paulo brokerage. "The underlying issues haven't been resolved, and index funds will be forced sellers next week."

What's Next for Ambipar Investors?

With the stock now trading at penny-stock levels, shareholders face difficult choices. The company's future hinges on successful debt restructuring and regaining market confidence. Historical data from TradingView shows similar cases where companies either recovered dramatically or faded into obscurity.

One potential silver lining: Ambipar's core waste management business could attract acquisition interest if the financial situation stabilizes. However, as of October 2025, no WHITE knights have emerged publicly.

Frequently Asked Questions

Which indices is Ambipar being removed from?

Ambipar will be removed from nine B3 indices: Brazil Broad Index, Diversity Index, Corporate Governance Trade Index, Differentiated Corporate Governance Index, Novo Mercado Corporate Governance Index, Corporate Sustainability Index, Differentiated Tag Along Index, MidLarge Cap Index, and Public Utility Index.

When does the index removal take effect?

The removal becomes effective at market close on October 15, 2025.

Why was the Green Actions certification revoked?

B3 cited methodology provisions allowing withdrawal when company leadership becomes associated with ESG incidents posing reputational risk.

How much has Ambipar's stock fallen recently?

As of October 9, 2025, shares had fallen 93% from pre-crisis levels before rebounding 26.47% on the announcement day.