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Companhia de Saneamento de Minas Gerais
Companhia de Saneamento de Minas Gerais (CSMG3) investor relations material
Companhia de Saneamento de Minas Gerais Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Net revenue reached BRL 1.88 billion in 4Q25 (+6.9% YoY) and BRL 7.36 billion in 2025 (+5.6% YoY), driven by tariff adjustments and higher water/sewage volumes.
EBITDA was BRL 731 million in 4Q25 (+14.1% YoY, 38.5% margin) and BRL 2.95 billion in 2025 (+5.7% YoY, 39.8% margin).
Net income rose to BRL 337 million in 4Q25 (+23.9% YoY) and BRL 1.42 billion in 2025 (+7.5% YoY), supported by operational efficiency and cost control.
Record CapEx of BRL 2.9 billion in 2025 (+32% YoY), focused on universalization, modernization, and service improvement.
Strategic focus on privatization execution, regulatory predictability, and ESG, with inclusion in the Ibovespa and Carbon Efficient Index.
Financial highlights
4Q25 net revenue: BRL 1.88 billion (+6.9% YoY); 2025 net revenue: BRL 7.36 billion (+5.6% YoY).
4Q25 EBITDA: BRL 731 million (+14.1% YoY, 38.5% margin); 2025 EBITDA: BRL 2.95 billion (+5.7% YoY, 39.8% margin).
Net income: BRL 337 million in 4Q25 (+23.9% YoY); BRL 1.42 billion in 2025 (+7.5% YoY).
Operating cash generation: BRL 505 million in 4Q25 (+5.2% YoY); BRL 2.3 billion in 2025 (+12.8% YoY).
Leverage at 2.3x Net Debt/EBITDA; net debt at BRL 6.87 billion as of Dec/2025.
Outlook and guidance
CapEx guidance for 2026–2030 is BRL 21 billion, focused on sewage universalization, water security, and loss reduction.
Tariff review effective January 2026, with a 6.56% average tariff increase and pre-tax WACC of 13.7%.
Board set a 50% payout policy for dividends in 2026, maintaining predictability.
Accelerate CapEx monetization and asset base integration
How does new WACC and annual recognition support CapEx?
Expand sewage services in water-only municipalities?
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Latest events from Companhia de Saneamento de Minas Gerais
- Net income up 30.4% and EBITDA margin at 41.4%, with robust investments and higher dividends.CSMG3
Q2 20242 Feb 2026 - Net revenue up 9.6%, EBITDA margin at 40.5%, and net income up 9.3%.CSMG3Q3 202416 Jan 2026
- Record investments, strong EBITDA, and high dividends highlight robust 2024 results.CSMG3Q4 202426 Dec 2025
- Record EBITDA, net income, and lowest delinquency rate, with investments up 45.9%.CSMG3Q1 202526 Nov 2025
- Revenue up, profit down; investments and efficiency gains amid higher leverage.CSMG3Q2 202523 Nov 2025
- Record CapEx and stable EBITDA margin, with improved leverage and privatization progress.CSMG3Q3 202513 Nov 2025
Next Companhia de Saneamento de Minas Gerais earnings date
Q1 202611 May, 2026
Companhia de Saneamento de Minas Gerais
Next Companhia de Saneamento de Minas Gerais earnings date
Q1 202611 May, 2026
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