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 announces significant investment increase and infrastructure expansion in 2025

SBS

New Projects/Investments

Guidance Update

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) made investments totaling R$ 15.2 billion in water supply and sewage system infrastructure works in 2025.
These investments were 2.2x higher than the R$ 6.9 billion invested in 2024, with investments accelerating by 36% in the second half of 2025 compared to the first half.
As a result of these investments, the company surpassed all its U-Factor targets for 2025, including Water Economies (ICA), Sewage Economies (ICE), and Units for Sewage Treatment (IEC).
The company expanded access to water services for 1,819,342 people, sewage collection for 2,138,670 people, and sewage treatment for 3,759,534 people.

3 days ago

6-K

SABESP files public tender offer for EMAE common shares

SBS

M&A

Takeover Bid

Companhia de Saneamento Básico do Estado de São Paulo – SABESP has filed a request for registration of a public tender offer to acquire up to 3,695,800 common shares of Empresa Metropolitana de Águas e Energia S.A. – EMAE.
These shares represent 10.0% of EMAE's total capital stock or 25.13% of its voting capital stock.
This tender offer follows the direct sale of control of EMAE to SABESP.
The price per Tender Offer Share will be R$49.46, which corresponds to 80% of the R$61.83 paid per share in the control acquisition.
The total transaction value for the acquisition of EMAE's common and preferred shares was R$682,643,113.65.

4 days ago

6-K

SABESP to acquire 90% of Sanessol

SBS

M&A

New Projects/Investments

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) signed an agreement on January 27, 2026, to acquire 90% of the capital of Saneamento de Mirassol – Sanessol S.A. from Iguá Saneamento S.A..
Sanessol provides public water and sewage services in Mirassol, State of São Paulo, serving approximately 65,000 people, and this acquisition is expected to strengthen Sabesp's presence in the Brazilian water and sanitation sector.
The completion of the transaction is subject to customary precedent conditions, including approval by the Brazilian Antitrust Authority (CADE).

Jan 28, 2026, 1:52 PM

6-K

SABESP secures $1.5 billion loan and issues Blue Bonds

SBS

Debt Issuance

New Projects/Investments

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) has entered into a loan agreement with the Inter-American Investment Corporation for a total of US$1,500,000,000.00.
This loan is divided into an A Loan of US$150,000,000.00 (maturing in 2038) and a B Loan of US$1,350,000,000.00.
The B Loan will be used as the underlying asset for the issuance of blue senior secured notes ("Blue Bonds"), which were priced today at 5.750% for US$850,000,000.00 due 2031 and 6.500% for US$500,000,000.00 due 2036.
The issuance of the Blue Bonds and the incurrence of the Loans are expected to occur on February 3, 2026.
The proceeds from this transaction will be utilized for projects related to the universalization of basic sanitation services in the State of São Paulo, including the construction and upgrading of sewage treatment facilities and the expansion of collection systems.

Jan 28, 2026, 11:50 AM

6-K

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.