Companhia de Saneamento do Paraná - SANEPAR (SAPR4) Q4 2025 earnings summary

Executive summary

• Net operating revenue reached BRL 7.206 billion in 2025, up 5.2% year-over-year, driven by tariff adjustments and increased customer base.

• Net profit rose 34.6% to BRL 2.08 billion, with net margin at 28.9%, supported by a favorable IRPJ tax lawsuit.

• EBITDA margin was 41.1%, with EBITDA at BRL 3.0 billion, despite higher operating costs from a voluntary redundancy plan and expanded PPP operations.

• Cash generation soared to BRL 7.1 billion, enabling significant shareholder remuneration and investment capacity.

• Recognized for ESG initiatives and transparency, receiving the 2025 Transparency Award and state honors.

Financial highlights

• Net operating revenue: BRL 7.206 billion (+5.2% YoY); net profit: BRL 2.08 billion (+34.6% YoY).

• EBITDA: BRL 3.0 billion (41.1% margin, -1.8 p.p. YoY).

• Operating cash flow: BRL 7.1 billion (+154.4% YoY).

• Investments: BRL 2.653 billion (+38.8% YoY), focused on water and sewage infrastructure.

• Net debt: BRL 1.8 billion (-63.1% YoY); Net Debt/EBITDA: 0.6x.

Outlook and guidance

• Multi-year investment plan of BRL 13.1 billion through 2030, prioritizing universal wastewater coverage and water security.

• Targeting 90% wastewater treatment coverage by 2029, ahead of regulatory deadlines.

• Continued focus on operational efficiency, sustainability, and social inclusion.

• New tariff structure implemented in December 2025, including a Social Tariff with a 50% discount for eligible customers.

• Universalization of sewage targeted before 2033, with strong planning and ongoing major projects.