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SABESP (SBSP3) investor relations material
SABESP Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Water production increased 4.4% year-over-year to 809 million m³, with active connections up 0.6% and sewage connections up 1.1%, reflecting ongoing investment and post-privatization momentum.
Strategic transformation and operational efficiency gains, including cost optimization, workforce reduction, and accelerated CapEx, supported universalization and service quality.
Major projects include upgrades to sewage treatment plants and the rollout of the world's largest smart metering program, targeting 4.4 million IoT meters by 2029.
Social tariff beneficiaries rose to 1.8 million, a 40% increase year-over-year, with regulatory mechanisms in place to recover related revenue impacts.
The company formalized a 2035 decarbonization roadmap, targeting a 15% reduction in total emissions and a 41% cut in emission intensity while expanding service coverage.
Financial highlights
Adjusted net revenue was R$5,468 million, up 0.1% year-over-year; adjusted EBITDA grew 15% to R$3,206 million, with a 59% margin.
Adjusted net income reached R$1,284 million, up 9.5% year-over-year; cash flow from operations increased 22% to R$1,700 million, with 54% EBITDA-to-cash conversion.
One-time items included a R$1.95 billion court-ordered payment gain, R$478 million in severance costs, and R$74 million in logistics restructuring.
CapEx accelerated to R$4.0 billion in the quarter, up 175% year-over-year, with R$10.4 billion YTD (+151% YoY), supporting compliance with new factor targets.
Reported net income declined 64.7% year-over-year due to non-recurring items and asset bifurcation.
Outlook and guidance
Universalization targets are expected to be met ahead of schedule, with only 3% remaining to reach the 95% sewage treatment threshold.
CapEx backlog of R$39 billion through 2029, with continued focus on universalization and efficiency.
Annual tariff review is in final regulatory steps, with updates expected in the coming weeks.
Ambitious CO₂ reduction targets for 2035: 41% reduction in GHG intensity, 15% reduction in total emissions.
Future EPS comparability post-financial asset bifurcation?
Expected financial returns from universalization CAPEX?
Mitigating revenue impact from subsidized customer mix?
Smart metering: expected benefits and timeline
Social tariff revenue recovery mechanism
M&A focus: balancing universalization and new deals
Sustained OpEx impact from VDP and power strategy
What is the expected revenue uplift from smart metering?
How will M&A affect universalization CapEx plans?
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Frequently asked questions
SABESP provides water supply and sewage services to residential, commercial, and industrial customers in the State of São Paulo. Its operations include water treatment, distribution, sewage collection, and wastewater treatment. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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