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    Giuliano Ajeje • UBS Group AG

    Giuliano Ajeje's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership

    Giuliano Ajeje's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership • Q2 2025

    Question

    Giuliano Ajeje from UBS Group questioned the feasibility of SABESP's universalization CapEx target, noting that only half of the 1 million new sewage connections for 2024-2025 were delivered by Q2. He asked if the remainder would be delivered in large blocks and which projects were critical for completion in H2 2025. He also requested more detail on the reduction in materials costs.

    Answer

    CEO Carlos Augusto Leone Piani confirmed the sewage connections will be delivered in bulk towards the end of the year, driven by 15 key projects in the northern metropolitan region, and expressed confidence in meeting the target. CFO Daniel Szlak attributed the reduction in materials costs to standardizing operational processes and enhancing procurement capabilities, which are less constrained post-privatization. Piani also suggested the current quarterly CapEx run-rate of approximately BRL 3.6 billion is a reasonable expectation going forward.

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    Giuliano Ajeje's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership

    Giuliano Ajeje's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership • Q1 2024

    Question

    Giuliano Ajeje from UBS inquired about the status of the proposed 'federalization' of the company, the potential for privatization, and what measures are being implemented to preserve the current management's legacy and strategic plan through future political changes.

    Answer

    CFO Leonardo Magalhães clarified that federalization and privatization are agendas of the controlling shareholder (State of Minas Gerais), not the company. He stressed that management remains focused on executing its approved strategic plan regardless of external factors. CEO Reynaldo Filho reinforced this, highlighting that 75% of the BRL 35 billion investment plan is already contracted, creating structural, long-term improvements that are perennial and will endure beyond administrative changes.

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    Giuliano Ajeje's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership • Q1 2024

    Question

    Giuliano Ajeje from UBS inquired about the status of the company's potential 'federalization,' the possibility of privatization, and what actions are being taken to ensure the continuity of the current management's strategy.

    Answer

    CFO Leonardo Magalhães clarified that federalization and privatization are matters for the controlling shareholder, not the company, which remains focused on its strategic plan. CEO Reynaldo Filho reinforced this, stating that 75% of the strategic plan is already contracted, ensuring that structural improvements like new substations and a modern distribution management system are perennial and will proceed regardless of external factors.

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