Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp Q4 Earnings Call Highlights

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Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp (NYSE:SBS) reported fourth-quarter and full-year 2025 results that absorption said reflected ongoing operational improvements, an accelerated concern program, and advancement toward universalization targets nether its concession agreement.

Sabesp said operational cardinal show indicators “remain solid” arsenic it expands work coverage. Water accumulation totaled 789 cardinal cubic meters successful the 4th quarter, which absorption described arsenic broadly unchangeable owed to disciplined strategy absorption aimed astatine h2o safety.

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The lawsuit basal continued to grow. Water connections reached astir 9.5 million, up 0.4% year-over-year, portion sewage connections accrued 0.8% to 8.3 million. Management linked the maturation to ongoing investments and the enlargement of sewage infrastructure crossed its concession area.

For the 4th quarter, Sabesp reported adjusted nett gross of BRL 5.7 billion, an summation of 2.1% year-over-year. Adjusted EBITDA totaled BRL 3.4 billion, up 13%, with the adjusted EBITDA borderline expanding to 60%. Adjusted nett income was “stable astatine astir BRL 1.9 billion,” according to the CFO.

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Cash procreation was highlighted arsenic a cardinal theme. Cash travel from operations reached BRL 3.0 cardinal successful the quarter, representing 24% growth, and currency conversion accrued to 83%.

Management besides provided a span betwixt reported and adjusted figures. The institution excluded operation and fiscal plus bifurcation impacts tied to accounting norms, and pointed to respective non-recurring items successful the quarter, including:

• BRL 60 cardinal tied to the continuation of a logistics web restructuring

• A BRL 28 cardinal simplification of ineligible accruals, “mostly from settlements”

• BRL 370 cardinal successful one-off taxation gains recognized during the quarter

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Reported nett income successful the 4th fourth was BRL 2.7 billion, up 87% year-over-year, which absorption attributed chiefly to stronger EBITDA.

For full-year 2025, adjusted nett gross was BRL 22.2 billion, up 2.2% versus 2024. The institution emphasized profitability improvements, with adjusted EBITDA reaching BRL 13.2 billion, a 17% year-over-year increase, and the adjusted EBITDA borderline besides astatine 60%.