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Sabesp reported strong 4Q25 and 2025 operating results alongside a major investment ramp-up. Adjusted earnings per share in 4Q25 rose to R$3.93 from R$2.10 a year earlier, supported by 3.0% volume growth, tariff gains and better collection.
Full-year 2025 Adj EBITDA reached R$13.2 bn, up 17% year over year, while adjusted net income was R$6.3 bn, a 22% increase. The company invested R$15.2 bn in 2025, more than double 2024, focused on expanding water and sewage services and meeting universalization targets.
In 4Q25, adjusted EBITDA was R$3.4 bn, 13% above 4Q24, with operating costs down 10% versus the prior year and headcount reduced 17%. Sabesp reports having brought water to 1.8 million people and sewage to 3.8 million people in 2024–25, while creating around 40,000 direct and indirect jobs.
Sabesp reported its first full year after privatization with modest revenue growth, solid profitability and a sharp ramp-up in investment. Net revenue reached R$ 37.6 billion in 2025, up 4% versus 2024. Reported net income was R$ 8.5 billion, 12% lower mainly because 2024 included a one-off gain from financial asset bifurcation; excluding this effect, adjusted net income was about R$ 6.3 billion, a 22% year-on-year increase.
The company invested R$ 15.2 billion in water and sewage infrastructure, 120% more than in 2024, supporting universalization targets and serving roughly 30 million water customers. Net debt rose to R$ 27.8 billion, but the net debt/adjusted EBITDA ratio ended at 2.2x and the leverage ratio at 40%, reflecting strong cash generation alongside R$ 18.7 billion in new debt issues.
Sabesp approved R$ 1.8 billion in Interest on Equity to shareholders, launched a share repurchase program of up to 6.9 million shares and ended 2025 with 3.6 million treasury shares. A R$ 2.81 billion capital increase via bonus shares lifted equity to R$ 42.4 billion, up 15% from 2024, while the workforce was reduced by 13% as part of efficiency initiatives.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp announced an agreement to acquire 100% of the quotas of Oceania Fundo de Investimento em Ações for R$ 171,637,858.05 in cash, payable on March 13, 2026, with no subsequent price adjustments.
Oceania’s only asset is 3,407,000 common shares of EMAE – Empresa Metropolitana de Águas e Energia S.A., representing 23.17% of EMAE’s common shares and 9.22% of its total share capital. The price is based on the public tender offer price of R$49.47 per EMAE share, adjusted by the SELIC rate to March 11, 2026, resulting in R$50.38 per share.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp approved its 38th issuance of simple, non-convertible, unsecured debentures, in up to five series, for public distribution to professional investors, totaling R$ 6,292,086,000.00 on the issue date. The debentures will be offered under Brazil’s automatic registration procedure, pursuant to CVM Resolution No. 160, and are restricted to professional investors under Resolution No. 30. The distribution will be conducted by financial institutions in the securities distribution system under a firm-commitment underwriting regime, meaning underwriters commit to place the full offering.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp reports that in 2025 it invested a preliminary, unaudited total of R$ 15.2 billion in water supply and sewage infrastructure. This amount is 2.2 times higher than the R$ 6,9 billion invested in 2024, with spending accelerating in the second half of 2025 and rising 36% compared to the first half of 2025.
The company states that these higher investments support its goal of achieving universal access to basic sanitation by 2029 for the population in the URAE-1 contract concession area.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp has filed for registration of a public tender offer to buy up to 3,695,800 common shares of EMAE – Empresa Metropolitana de Águas e Energia S.A.. These shares represent 10.0% of EMAE’s total capital and 25.13% of its voting capital, excluding shares already held by Sabesp or in treasury.
The tender offer price is R$49.46 per share, equal to 80% of the R$61.83 per-share amount Sabesp paid in the direct sale of EMAE’s control, in which it acquired 11,009,550 common shares and 29,950 preferred shares for a total of R$682,643,113.65. The tender price will be updated by the SELIC rate from January 21, 2026 until settlement. Sabesp states it will keep shareholders informed about relevant developments.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp announced it has signed a Share Purchase Agreement with Iguá Saneamento S.A. to acquire common shares representing 90% of Saneamento de Mirassol – Sanessol S.A.
Sanessol holds the concession to operate public water supply and sewage services in the city of Mirassol, São Paulo, serving approximately 65,000 people. Completion of the transaction is subject to customary conditions, including approval by Brazil’s antitrust authority CADE. Sabesp describes this step as advancing its strategic plan and strengthening its presence in Brazil’s water and sanitation sector.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp agreed a long-term loan of US$1,500,000,000.00 with the Inter-American Investment Corporation. The financing is split into an A Loan of US$150,000,000.00 and a larger B Loan of US$1,350,000,000.00, with disbursements made over time.
The B Loan will back the issuance of blue senior secured notes in two tranches: US$850,000,000.00 due 2031 priced at 5.750% and US$500,000,000.00 due 2036 priced at 6.500%, both to be listed on the Euro MTF market of the Luxembourg Stock Exchange. Closing of the loan and blue bond issuance is expected on February 3, 2026, subject to customary conditions precedent.
Sabesp plans to use the proceeds to support projects aimed at universalizing basic sanitation services in the State of São Paulo, including building and upgrading sewage treatment facilities and expanding collection systems, aligning the financing with environmental and infrastructure goals.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp completed the acquisition of 11,009,550 common shares of EMAE, representing approximately 74.9% of EMAE’s voting capital and about 29.79% of its total capital. The shares were acquired from Vórtx, acting as trustee for debentureholders of Phoenix Água e Energia S.A., at a price of R$62.00 per share, for a total cash payment of R$682,643,113.65, with no post-closing price adjustment.
Following this change of control, Sabesp will, within 30 days, apply for registration of a mandatory public tender offer to acquire EMAE’s remaining common shares, as required by Brazilian corporate law. Sabesp also states that it does not intend to cancel EMAE’s publicly-held company registration within one year and has made no decision on any potential corporate reorganization involving the two companies.
Companhia de Saneamento Básico do Estado de São Paulo – SABESP filed an update about its previously announced transaction involving Empresa Metropolitana de Águas e Energia S.A. (EMAE). The company explains that the effective completion of the transfer of corporate control of EMAE to SABESP still depends on additional formalities under the purchase and sale agreements signed with Vórtx Distribuidora de Títulos e Valores Mobiliários Ltda. and Axia Energia.
These contractual steps are described as being in the implementation phase, meaning the transaction has not yet been fully closed. SABESP states that it will keep shareholders and the market informed of any relevant developments related to this transaction.