COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) Company Report

Analyst Coverage

Research analysts who have asked questions during COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP earnings calls.

Bruno Amorim

The Goldman Sachs Group, Inc.

2 questions for SBS

Also covers: CSAN, EBR, ELP +3 more

Guilherme Lima

Santander

2 questions for SBS

Also covers: CIG, ELP

Luiza Candiota

Itau

2 questions for SBS

Also covers: CIG

Andre Sampaio

Banco Santander S.A.

1 question for SBS

Also covers: CIG, EBR, ELP

Antonio Junqueira

BTG Pactual

1 question for SBS

Also covers: EBR

Arthur Pereira

J.P. Morgan

1 question for SBS

Also covers: EBR

Bruno Montanari & Carolina Carneiro

Morgan Stanley

1 question for SBS

Daniel Carabolante Travitzky

Safra

1 question for SBS

Daniel Travitzky

Banco Safra S.A.

1 question for SBS

Also covers: CIG, EBR, ELP

Francisco Navarrete

Bradesco BBI

1 question for SBS

Also covers: ELP

Fraser Jamieson

HSBC

1 question for SBS

Giuliano Ajeje

UBS Group AG

1 question for SBS

Also covers: CIG, ELP

Gustavo Fadiga

Bradesco BBI

1 question for SBS

Ilan Arbetman

Ativa Investimentos

1 question for SBS

João Pimentel

Citigroup

1 question for SBS

Also covers: ELP

Marcelo Schwarz

BTG Pactual

1 question for SBS

Maria Carolina Carneiro

Banco Safra S.A.

1 question for SBS

Also covers: EBR, ELP

Latest news

Recent press releases and 8-K filings for SBS.

Sabesp Board Approves Interest on Equity Payment and Capital Increase

SBS

Dividends

New Projects/Investments

Sabesp's Board of Directors approved the payment of interest on equity totaling R$ 1,798,000,000.00.
The company will increase its capital stock by R$ 2,810,000,000.00 through the capitalization of profit reserves.
This capital increase involves the issuance of 20,264,000 new common shares, distributed to shareholders at a ratio of 0.029646975 new common shares for each common share held on December 23, 2025.

Dec 19, 2025, 1:11 PM

6-K

SABESP Authorized to Implement Rate Adjustment

SBS

Revenue Acceleration/Inflection

Companhia de Saneamento Básico do Estado de São Paulo - SABESP has been authorized to apply an average adjustment of 6.5% to the current rates charged to users.
This rate adjustment will be effective as of January 1, 2026.
Based on the company's preliminary review, this adjustment represents an increase of 10.6% in the equilibrium rate.

Dec 2, 2025, 4:54 PM

6-K

Sabesp Reports Q3 2025 Adjusted Earnings Growth and Strategic Investments

SBS

Earnings

New Projects/Investments

M&A

Adjusted Earnings Per Share (EPS) for Q3 2025 increased to R$1.88 from R$1.72 in Q3 2024, with adjusted EBITDA rising 14.7% year-over-year to R$3,206 million.
The company reported R$2,159 million in net income for Q3 2025, a decrease from R$6,111 million in Q3 2024, primarily due to the non-recurring financial asset bifurcation which contributed R$5,283 million to net income in 3Q24 and R$92 million in 3Q25.
Sabesp invested R$3,978 million in Q3 2025, a 175% increase from Q3 2024, and R$10,430 million year-to-date, demonstrating a strong focus on universalization targets.
Post-period, the company approved a R$5,000,000 thousand 37th debenture issue and secured Yen 30 billion (approximately R$1.05 billion) in JICA financing, alongside the strategic acquisition of EMAE for R$1,131,460 thousand to enhance water security and electrical assets.

Nov 12, 2025, 11:14 AM

6-K

Sabesp Announces Strong Q3 2025 Adjusted Earnings and Record Investments

SBS

Earnings

New Projects/Investments

Layoffs

Sabesp reported adjusted earnings per share of R$1.88 for Q3 2025, an increase from R$1.72 in the same period last year, with adjusted EBITDA growing by 15% year-over-year.
The company made record investments of R$4.0 billion in Q3 2025, contributing to a total of R$10.4 billion in the first nine months of 2025, primarily focused on universalization targets.
Operational expenses (OPEX) decreased by 15% year-over-year to R$2,270 million in Q3 2025, partly due to a 12% reduction in employees compared to the previous year.
Adjusted net sanitation revenue reached R$5,468 million in Q3 2025, representing a 0.1% increase compared to Q3 2024.

Nov 12, 2025, 11:04 AM

6-K

SABESP Reports Strong Q3 2025 Financial Results and Accelerated Investments

SBS

Earnings

New Projects/Investments

M&A

SABESP reported strong financial results for Q3 2025, with adjusted EBITDA growing 15% year-over-year to BRL 3.2 billion and adjusted net income increasing 9.5% to BRL 1.2 billion.
Operational highlights include a 4.4% year-over-year increase in water production and a 101% collection rate. CapEx accelerated to BRL 4 billion in the quarter, a 175% increase year-over-year, driven by investments in sewage infrastructure and the installation of 500,000 smart meters.
The company recorded a one-time gain of BRL 1.9 billion from court order payments and accrued BRL 478 million for voluntary dismissal plans, leading to a 6.6% year-over-year decrease in personnel expenses due to a 13% headcount reduction.
SABESP issued BRL 4.9 billion in new debt, improving its long-term maturity profile, and is actively evaluating M&A opportunities such as the Copasa privatization and blocks within São Paulo.

Nov 11, 2025, 1:00 PM

Transcript

SABESP Reports Strong Q3 2025 Financial Results and Accelerated CAPEX

SBS

Earnings

New Projects/Investments

M&A

SABESP reported strong financial results for Q3 2025, with adjusted EBITDA growing 15% year over year to 3.2 billion BRL and adjusted net income increasing 9.5% to 1.2 billion BRL. Adjusted net revenue remained stable at 5.5 billion BRL.
Operational highlights include a 4.4% year-over-year increase in water production to 809 million cubic meters, and growth in active and sewage connections. The company also achieved a 101% collection rate.
CAPEX accelerated significantly to 4 billion BRL in Q3 2025, a 175% increase year over year, contributing to infrastructure scaling and universal access goals. This includes a major smart metering program with 500,000 meters installed in the quarter.
SABESP issued 4.9 billion BRL in new debt during Q3 2025, extending its debt maturity profile, and holds 11.6 billion BRL in cash. The acquisition of EMAE is progressing, with closing expected between late Q4 2025 and early Q1 2026.

Nov 11, 2025, 1:00 PM

Transcript

Sabesp Reports Strong Q3 2025 Financial Results Amidst Accelerated Investment and Efficiency Gains

SBS

Earnings

New Projects/Investments

Debt Issuance

Sabesp reported strong financial results for Q3 2025, with adjusted EBITDA growing 15% to R$3.2 billion and adjusted net income increasing 9.5% to R$1.2 billion. Cash flow from operations also rose 22% to R$1.7 billion.
The company is accelerating its investment pace, with CapEx reaching R$4 billion in Q3 2025, contributing to a total of R$13.2 billion over the last twelve months. Key initiatives include the installation of 500,000 meters in Q3 and a planned R$6 billion smart metering program through 2029.
Sabesp strengthened its capital structure by issuing R$4.9 billion in new debt in Q3 2025, extending maturities, and holds R$11.6 billion in cash. The company also formalized a 2035 decarbonization roadmap with targets to reduce total combined emissions by 15%.
Operational efficiency improved, with collection efficiency reaching 101%. The company also executed voluntary dismissal plans, accruing R$478 million for severance for approximately 1,800 employees.

Nov 11, 2025, 1:00 PM

Transcript

SABESP announces acquisition of majority stake in EMAE

SBS

M&A

New Projects/Investments

Companhia de Saneamento Básico do Estado de São Paulo – SABESP has entered into agreements to acquire a 70.1% majority stake in EMAE – Empresa Metropolitana de Águas e Energia S.A..
The aggregate acquisition cost for EMAE is R$1,131,460,783.00.
This strategic acquisition is expected to enhance water security through integrated water resource management and provide power assets with solid cash flow from long-term, inflation-indexed revenue contracts.
The completion of these transactions is contingent on approval from competent regulatory and antitrust authorities.