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.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp filed a Form 6-K reporting a material fact to investors. The company states that its Board of Directors, at a meeting held on December 18, 2025, unanimously approved resolutions without any restrictions or reservations.
Sabesp explains that additional information about these board resolutions is available in the minutes of the December 18, 2025 meeting and in related shareholder and market notices, which can be accessed at its headquarters, on its investor relations website, and on the B3 and Brazilian Securities Commission websites.
Sabesp is detailing a regulator-approved adjustment to its water and sewage tariffs. The company reports a 10.6% increase in the equilibrium rate, which is the technical rate level used in the regulatory framework. This change reflects factors such as recognition of the regulatory asset base, operating expenses, non-manageable costs, compensatory adjustments from the prior regulatory cycle, and other financial items.
After incorporating market effects, inflation measured by IPCA between July 2024 and October 2025, and tax items related to PIS/COFINS, Sabesp calculates that the average tariff applied to users will rise by 6.5%. The company links part of the improvement in operating items to a higher number of connections and volumes, driven by anticipated universalization of services, while also noting the end of rate coverage for the Alto Tietê PPP as a negative factor. These changes define the new price levels customers will pay going forward.
Companhia de Saneamento Básico do Estado de São Paulo – Sabesp reports that regulator ARSESP has approved a tariff adjustment for its water and sewage services. The resolution authorizes an average increase of 6.5% on the current rates charged to users, effective from January 1, 2026. According to Sabesp’s preliminary review, this corresponds to a 10.6% increase in its equilibrium rate, which is a benchmark level designed to balance revenues with operating and investment needs.
The company plans to provide further clarification on the main items behind this adjustment and has noted that ARSESP also published a technical note and an Excel model detailing the calculation. Sabesp states it will keep shareholders and the market informed about any additional developments related to this rate change.
Companhia de Saneamento Básico do Estado de São Paulo – SABESP announced that the São Paulo State Public Services Regulatory Agency (ARSESP) has validated its Regulatory Asset Base (RAB) for 2023 and 2024. The company reports a validated 2023 RAB of R$ 78.5 billion at June 2024 values and a validated 2024 RAB of R$ 88.0 billion at December 2024 values. These figures reflect adjustments such as reclassifications, construction margin, interest differences between IFRS and regulatory criteria, one-off asset revaluations, write-offs, inflation effects and depreciation, as summarized in the table. Management notes that forward-looking statements about future performance and strategies are subject to risks and uncertainties that could cause actual results to differ materially from current expectations.
Sabesp (SBS) furnished 3Q25 results via Form 6‑K, showing steady operating progress alongside heavy investment. Reported net income was R$2,158.6 million with EPS of R$3.16, which reflects prior-year accounting effects from concession asset bifurcation. On a comparable basis, adjusted EPS was R$1.88, up from R$1.72 a year ago, and adjusted EBITDA rose about 15% year over year.
The company invested R$4.0 billion in the quarter and R$10.4 billion year to date, focused on universalization projects; active connections increased, supported by 148,000 new units versus 3Q24. Operating costs fell, with OPEX down 15% year over year to R$2,270 million, aided by lower electricity expenses, leaner headcount, and provision reversals. Net revenue was R$9,425 million, including construction revenue tied to concession works.
Balance sheet liquidity improved with cash and cash equivalents of R$4,969 million as of September 30, 2025. Borrowings and financings totaled R$34,926 million, equity was R$42,710 million, and net debt was R$23,276 million. Results also included effects from court‑ordered debt payments, with approvals totaling R$1,950 million and R$1,118 million received.