Companhia De Saneamento Basico Do Estado De Sao Paulo Sabesp · BMFBOVESPA:SBSP3
Companhia De Saneamento Basico Do Estado De Sao Paulo Sabesp — Companhia de Saneamento Básico do Estado de São Paulo - SABESP — Q4 2025 Earnings Presentation
33 slides from Companhia De Saneamento Basico Do Estado De Sao Paulo Sabesp's earnings presentation, Mar 17, 2026
Slide 1: Results 4Q25 and 2025
MO AUN j \e I CO RESULTS “ta 4Q25 AND 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation does not contain projections or estimates of future events. However, it may include forward-looking statements that indicate potential trends related to Sabesp, based on the reasonable expectations, beliefs, and assumptions of the Company’s management. The use
Slide 3: Agenda
AGENDA 1 Financial & Ops Highlights 2 Focus Areas 3 Q&A
Slide 4: Ops Highlights
OPS HIGHLIGHTS Volumes (in million m³) Water Production -0.4% 815,373 813,751 808,878 785,013 777,204 792,223 789,300 775,101 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Connections¹ (# in thousand) Water Sewage +0.4% +0.8% 9,506 9,509 9,517 9,492 8,239 8,245 8,257 9,483 8,219 9,446 9,450 8,194 9,442 8,
Slide 5: Financial Highlights – 4Q
FINANCIAL HIGHLIGHTS – 4Q Adjusted Net Revenue¹ Adjusted EBITDA¹ Adjusted Net Income¹ Cash Flow from Operations² +2.1% +13.0% +23.5% 0.0% 5,565 5,682 3,389 1,901 1,902 2,995 2,999 2,426 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 53.9% 59.6% 74.9% 82.8% EBITDA Margin Cash Conversion³ (1) Excluding non-r
Slide 6: Highlights 2025
FINANCIAL HIGHLIGHTS 2025 Adjusted Net Revenue¹ Adjusted EBITDA¹ Adjusted Net Income¹ Cash Flow from Operations² +2.2% +16.6% +22.1% +15.6% 21,726 22,213 13,221 6,318 8,080 11,338 6,989 5,174 2024 2025 2024 2025 2024 2025 2024 2025 52.2% 59.5% 59.6% 57.4% EBITDA Margin Cash Conversion³ (1) Excluding
Slide 7: Reported x Adjusted Net Revenue and EBITDA – 4Q
FINANCIAL HIGHLIGHTS – 4Q Reported x Adjusted Net Revenue 11,276 (4,841) (753) 5,682 4Q25 Construction Bifurcation 4Q25 Reported Adj. vs 4T24 +43.9% +2.1% Reported x Adjusted EBITDA 4,423 (753) 60 28 (369) 3,389 4Q25 Bifurcation Logistics Reduction of legal Tax credits 4Q25 Reported Restructuring co
Slide 8: Reported x Adjusted Net Revenue and EBITDA – 2025
FINANCIAL HIGHLIGHTS - 2025 Reported x Adjusted Net Revenue 38,092 (14,437) (1,521) 80 22,213 2025 Construction Bifurcation Non-recurring 2025 Reported Adj. vs 2024 +5.4% +2.2% Reported x Adjusted EBITDA 14,808 (1,521) 478 135 108 (465) (369) 47 13,221 2025 Bifurcation Sabesp Gente Logistics FAUSP¹
Slide 9: 4Q25 Net Revenue YoY
FINANCIAL HIGHLIGHTS – 4Q 4Q25 Net Revenue¹ YoY +2.1% 167 (144) 86 5,682 5,565 8 1 1.5%: large clients’ discount removal 2 +3.0%: New units (+2.4%) and higher consumption (+0.6%) 3 (2.6)%: Growth in units with access to subsidized rates³ 4Q24 FAUSP Price Volume Mix² 4Q25 1 2 3 (1) Excluding non-recu
Slide 10: 2025 Net Revenue YoY
FINANCIAL HIGHLIGHTS – 2025 2025 Net Revenue¹ YoY +2.2% 21,726 (463) 722 402 (174) 22,213 1 +3.3%: 2.3% carry over and 1.0% due to removal of discounts for large clients 2 +1.9%: New units (+1.6%) and increased consumption (+0.3%) 3 (0.8)%: Growth in units with access to subsidized rates³ 2024 FAUSP
Slide 11: Highlights: Revenue Deep Dive
FINANCIAL HIGHLIGHTS: REVENUE DEEP DIVE Total Price effect excl. category mix¹ (100 indexed) 1 Large Clients Price: Demanda Firme² (100 indexed) 3 110 107 180 164 106 107 107 163 105 106 160 147 103 138 105 140 120 100 100 95 80 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Units
Slide 12: Highlights: EBITDA YoY
FINANCIAL HIGHLIGHTS 4Q25 EBITDA¹ YoY +13.0% 1• YoY gain mainly behind FMSAI 152M and 86 (108) 66 3,389 Allowances for doubtful accounts 63M, driven by 228 1 collection initiatives 117 2• (15)% headcount reduction 2,999 3• (i) 33M warehouse and sludge disposal; (ii) 29M environmental settlements (Co
Slide 13: Highlights: Personnel Deep Dive
FINANCIAL HIGHLIGHTS: PERSONNEL DEEP DIVE 4Q25 Personnel YoY (17.5)% 27 (57) 492 (56) 406 1▪ +5.5% 2025 collective bargain (dissídio) 2▪ (15)% headcount reduction 4Q24 Inflation HC Qty Others 4Q25 # of employees 10,565¹ 1 2 8,981¹ 2025 Personnel YoY (9.9)% 2,682 148 (309) (104) 2,417 1▪ +5.5%: 2025
Slide 14: Highlights: Net Income
FINANCIAL HIGHLIGHTS: NET INCOME 4Q25 Reported Net Income YoY 87.1% 1,861 (26) (351) 1 Gross-up of the 2025 financial asset, net of income (501) tax 2,685 2 Impact of higher benchmark (Selic) rates (210)M 1,435 (31) 298 4Q24 Construction¹ Bifurcation EBITDA D&A Net Financial Income Tax 4Q25 Reported
Slide 15: Highlights: Capex Deep Dive
FINANCIAL HIGHLIGHTS: CAPEX DEEP DIVE Capex (R$ million) U-Factor¹ Attainment 2024 and 2025 (in thousand) R$ 15.2 billion in investments in 2025: +2.2x y/y “ICA” – New Water Units 861 138 59 +73.5% +120.0% 84% 436 228 4,771 15,202 of FY24-26 target 436 achieved 4,923 2024-25 Overachievement Jan/Feb
Slide 16: Highlights: Capex Deep Dive
FINANCIAL HIGHLIGHTS: CAPEX DEEP DIVE Main works delivered in 2025 Update to the 2024–29 Capex Plan • 32 projects delivered in 2025 + 827 km of linear infrastructure works Under • +3.8 million people with access to sewage treatment discussion with the regulator • Projects Highlights: • Itapanhaú Tra
Slide 17: Highlights: Debt Deep Dive
FINANCIAL HIGHLIGHTS: DEBT DEEP DIVE Total Debt Breakdown1 Debt Amortization (R$ billion) and Annual Breakdown (%) 7.6% 0.7% Local Bonds • R$ 40.1 billion in gross debt (R$ 27.8 billion in net debt) DFIs 12.0% Others(1) • Average cost at CDI –0.2%, with a 5.6-year weighted average maturity Bonds USD
Slide 18: Highlights: Key Ratios
FINANCIAL HIGHLIGHTS: KEY RATIOS Net Debt5/Adj. EBITDA4 - LTM Adj. EBITDA/Financial Expense1 - LTM 2.2 4.2 4.3 4.1 1.9 1.9 3.9 1.8 1.7 3.1 4Q24 1Q25 2Q25 3Q25 4Q25 2Q24 1Q25 2Q25 3Q25 4Q25 Return on Invested Capital (ROIC2,4,5) – LTM Return on Equity (ROE3,4,6) – LTM 17% 13% 14% 14% 11% 12% 9% 10% 1
Slide 19: Agenda
AGENDA 1 Financial & Ops Highlights 2 Focus Areas 3 Q&A
Slide 20: Our Focus
OUR FOCUS Investment Program New Concession Agreement New Challenge • Early universalization • Regulatory "GAPs" • New obligations (rural, informal) • Compliance with new obligations Operational Efficiency Commercial Efficiency Financial Efficiency New Standard • Quality/standardization • "Revenue a
Slide 21: Sabesp Update
SABESP UPDATE Operational Efficiency New Investment Program Operational Efficiency Financial Efficiency New Challenge Standard New Concession Agreement Commercial Efficiency Capex execution: R$ 4.8B in 4Q25 (R$ 15.2B FY25) Collection rate(1): 100% in Q4, maintaining the strong pace of 3Q Capex backl
Slide 22: Sabesp Update: Water Resilience
SABESP UPDATE Operational Efficiency: Water Resilience Continue to invest in water resilience • Reservoirs recovering month-over-month and closing the gap vs. 2024-25 level • +14.2 m³/s of additional flow capacity between 2015–25 • Night pressure management is an important tool to recover • +5.8 m³/
Slide 23: Turning Profit into Benefits for Our Society
TURNING PROFIT INTO BENEFITS FOR OUR SOCIETY 25% ~R$ 1.3 billion (1) to FAUSP to smoothen distributed with rates for the population shareholders, including 18% of R$ 8.5B 75% R$ 15.2 billion = 40,000 São Paulo state in net income in reinvested in the in construction, goods and direct and indirect jo
Slide 24: Update on the Acquisition of EMAE
UPDATE ON THE ACQUISITION OF EMAE COMPLETED STEPS NEXT STEPS ✓ Approval of the transaction by SABESP’s Board of Directors • Launch and completion of the tender offer (OPA) for the common ✓ Signing of the transaction documents shares (ON) – Expected for 04/2026 ✓ Disclosure of the transaction to the
Slide 25: Agenda
AGENDA 1 Financial & Ops Highlights 2 Focus Areas 3 Q&A
Slide 26: Q&A
Q&A
Slide 27: Appendix
APPENDIX
Slide 28: Q4 Reported x Adjusted
Q4 REPORTED X ADJUSTED R$ Million 28
Slide 29: 2025 Reported x Adjusted
2025 REPORTED X ADJUSTED R$ Million 29
Slide 30: Operational Data
OPERATIONAL DATA KPI² Measure¹ 2022 2023 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Active connections [Qty] 9,230 9,316 9,446 9,442 9,450 9,483 9,492 9,506 9,509 9,517 Active units (economies) [Qty] 12,751 12,928 13,120 13,142 13,181 13,233 13,273 13,008 13,370 13,411 Production Total Volume [m³] 2,84
Slide 31: Consumption by Category (1/2)
CONSUMPTION BY CATEGORY (1/2) Billed Volume (millions of m³) Average Rate (R$/m³) Category 4Q25 4Q24 % 4Q25 4Q24 % Residential 961 924 4.0 4.03 4.21 (4.1) Commercial 100 98 1.8 15.00 14.57 2.9 Histogram Industrial 19 18 1.1 20.08 17.38 15.5 Total Retail 1,080 1,041 3.8 5.33 5.42 (1.7) Wholesale 14 1
Slide 32: Consumption by Category (2/2)
CONSUMPTION BY CATEGORY (2/2) Consumo Average médio¹ consumption per month¹ Volume [m³] / Unit [Qty] Measure 4Q 22 4Q 23 4Q 24 4Q 25 Total² [m³ / Qty] 14.38 14.50 14.64 14.87 Evolution Residential [m³ / Qty] 13.26 13.36 13.49 13.69 Consumption [m³/qty] Commercial [m³ / Qty] 20.21 20.35 20.90 21.38 I
Slide 33: Reconciliation of Capex and Commitments
RECONCILIATION OF CAPEX AND COMMITMENTS CAPEX FY25 (in R$ million) 1Q25 2Q25 3Q25 4Q25 FY25 Source: Contract asset additions (1) 2,789 3,574 3,949 6,373 16,685 Note 13 (Additions) Supplier advance payment and others(1) 0 0 0 -1,778 -1,778 Note 13 (i) Intangible additions (2) 1 1 1 0 3 Note 14 b (Add