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Companhia de Saneamento de Minas Gerais (CSMG3) investor relations material
Companhia de Saneamento de Minas Gerais Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record CapEx of BRL 2.0 billion for 9M25, a 26% year-over-year increase, with market recognition of growth potential and strategic transformation underway.
EBITDA for 9M25 reached up to BRL 2.2 billion, with a 40.2% margin, and operating cash flow in 3Q25 was BRL 701 million, 26% higher than 3Q24.
Net income in 3Q25 declined 2.0% versus 3Q24, mainly due to higher depreciation and financing costs, but offset by improved FX results.
Progressed in de-statization, with legislative approval supporting privatization and universalization of sanitation services.
Emphasized sustainable growth, operational efficiency, and value creation for shareholders and the state.
Financial highlights
CapEx investments reached nearly BRL 2 billion, up 26% year-over-year, nearing the 2025 target of BRL 2.5 billion.
Net debt increased to BRL 6.06 billion in Sep 2025; Net Debt/EBITDA ratio at 2.1x.
EBITDA margin for 9M25 at 40.2%; for 3Q25 at 39.3%.
Delinquency rate slightly increased to 3.01% in Sep 2025.
Dividend payout policy maintained at 50%, with BRL 345 million paid in H1 2025 and BRL 170 million planned for November.
Outlook and guidance
Investment guidance of BRL 17 billion through 2029, with annual CapEx expected to average BRL 3.5 billion in the next tariff cycle.
Preliminary result of the 3rd periodic tariff review indicates a 5.5% average tariff effect, effective Jan 2026.
Multi-year investment program (2025–2029) targets BRL 3.2–3.8 billion annually for system expansion and modernization.
Strategic planning review launched for 2026–2030.
Leverage expected to approach 3x in coming years to support investment and maintain competitive dividends.
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Next Companhia de Saneamento de Minas Gerais earnings date
Q4 202527 Mar, 2026
Next Companhia de Saneamento de Minas Gerais earnings date
Q4 202527 Mar, 2026
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