$SBS

COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP

CIK:0001170858|SEC Filings

Consolidated Statements of Income - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Operating revenue	R$ 38,092,050	R$ 36,145,477	R$ 25,572,056
Operating costs	(23,991,688)	(16,603,073)	(16,051,866)
Gross profit	14,100,362	19,542,404	9,520,190
Selling expenses	(743,276)	(917,589)	(984,060)
Allowance for doubtful accounts	(62,067)	(557,789)	(652,920)
Administrative expenses	(1,018,282)	(2,311,438)	(1,597,548)
Other operating income (expenses), net	274,731	(280,450)	27,925
Equity accounting	48,153	35,322	32,393
Profit from operations before financial income (expenses)	12,599,621	15,510,460	6,345,980
Financial income/(expenses), net	(897,770)	(1,867,652)	(1,591,996)
Profit before income tax and social contribution	11,701,851	13,642,808	4,753,984
Income and social contribution taxes
Current	(2,742,241)	(1,302,648)	(1,545,671)
Deferred	(497,551)	(2,760,597)	315,218
Total Income tax and social contribution	(3,239,792)	(4,063,245)	(1,230,453)
Profit for the year	R$ 8,462,059	R$ 9,579,563	R$ 3,523,531
Earnings per share - basic (in reais)	R$ 2.48	R$ 2.80	R$ 1.03
Earnings per share - diluted (in reais)	R$ 2.47	R$ 2.80	R$ 1.03

Consolidated Statements of Cash Flows - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Profit before income and social contribution taxes	R$ 11,701,851	R$ 13,642,808	R$ 4,753,984
Adjustments for reconciliation of net income:
Depreciation and amortization	2,208,762	2,676,642	2,790,856
Residual value of property, plant and equipment, intangible assets and investment properties written-off	162,121	171,173	8,354
Allowance for doubtful accounts	62,067	557,789	652,920
Provisions and inflation adjustments on provisions	(241,134)	801,179	458,889
Interest calculated on borrowings and financing payable	3,571,181	1,796,070	1,314,359
Inflation adjustment and exchange gains (losses) on borrowings and financing		528,935	(163,322)
Interest and inflation adjustments, net	(2,816,414)	(237,617)	(79,232)
Derivative Financial Instruments	123,880	(300,155)
Financial Charges from Customers	(420,962)	(437,811)	(374,902)
Construction Margin on Intangible Assets arising from Concession Agreements		(139,976)	(125,603)
Provision for Consent Decree (TAC), Knowledge Retention Program (KRP) and Incentivized Dismissal Program (IDP) and Voluntary Dismissal Program (VDP)	105,187	354,078	356,300
Equity Accounting	(48,153)	(35,322)	(32,393)
Interest and inflation adjustment (PPP)	499,968	589,330	1,001,078
Municipal Transfers	595,045	309,807	195,874
Pension plan obligations	175,778	161,505	238,751
Deferred PIS and Cofins on financial asset of the concession	179,084	822,482
Financial Asset of the concession – inflation adjustment	(1,676,434)	(9,151,310)
Other adjustments	(504,021)	108,901	21,997
Total Adjustments	13,677,806	12,218,508	11,017,640
Changes in assets
Trade receivables	1,503,136	(442,312)	(835,324)
Related-party balances and transactions	221,801	(25,429)	(4,553)
Inventories	24,222	(13,785)	38,239
Taxes Recoverable	153,129	(306,163)	(251,741)
Escrow Deposits	19,201	50,547	72,469
Other assets	122,644	(2,668)	36,091
Changes in liabilities
Trade payables and contractors	(1,082,801)	(437,694)	(394,188)
Services payable	738,864	377,968	(168,384)
Labor and social obligations	(701,066)	77,973	19,377
Taxes and contributions payable	(522,780)	265,189	186,810
Deferred PIS/Cofins	(15,923)	131,225	4,374
Provisions	(297,134)	(185,932)	(243,241)
Pension plan obligations	(267,190)	(227,233)	(249,488)
Other liabilities	1,909	(335,726)	(868,699)
Cash generated from operations	13,575,818	11,144,468	8,359,382
Interest Paid	(2,696,320)	(1,976,694)	(1,936,419)
Income tax and social contribution paid	(2,518,383)	(1,763,206)	(1,568,611)
Net cash generated from operating activities	8,361,115	7,404,568	4,854,352
Cash flows from financing activities
Acquisition of contract assets, intangible assets and property, plant and equipment	(13,740,392)	(8,030,674)	(4,138,574)
Restricted cash	(27,509)	17,229	(17,470)
Financial investments - Investment	(32,763,101)	(6,456,564)	(1,559,808)
Financial investments - Redemption	30,826,828	5,303,658	816,965
Financial investments - Noncurrent		(769,057)
Dividends received	16,945
Capital increase in investees	(16,393)	(40,234)	(6,625)
Net cash used in investment activities	(15,703,622)	(9,975,642)	(4,905,512)
Cash flows from financing activities
Funding	18,336,072	6,870,754	2,371,111
Amortization	(4,295,849)	(2,246,263)	(1,771,090)
Payment of interest on capital	(2,363,776)	(928,851)	(823,671)
Public-Private Partnership - PPP	(480,492)	(569,725)	(673,645)
Program Contract Commitments		(35,497)	(81,357)
Derivative financial instruments - Paid/received	(397,443)	324,778
Treasury shares	(475,385)
Capital increase			811
Net cash generated from (used in) financing activities	10,323,127	3,415,196	(977,841)
Increase / (decrease) in cash and cash equivalents in the year	2,980,620	844,122	(1,029,001)
Represented by:
Cash and cash equivalents at the beginning of the year	1,682,606	838,484	1,867,485
Cash and cash equivalents at the end of the year	R$ 4,663,226	R$ 1,682,606	R$ 838,484

Consolidated Statements of Financial Position - BRL (R$) R$ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	R$ 4,663,226	R$ 1,682,606
Financial investments	7,707,745	3,699,694
Trade receivables	4,413,449	3,894,557
Accounts receivable from related parties	276,388	319,546
Inventories	22,061	10,818
Restricted cash	9,575	37,715
Taxes Recoverable	1,295,310	800,811
Derivative financial instruments		67,440
Assets held for sale	26,864
Other assets	141,892	95,673
Total current assets	18,556,510	10,608,860
Non-Current Assets
Financial investments		769,057
Trade receivables	258,544	327,798
Accounts receivable from related parties	862,782	908,875
Escrow Deposits	120,021	139,222
Water and Basic Sanitation National Agency - ANA	2,250	1,993
Other assets	31,259	135,227
Investments	254,358	215,803
Investment properties	49,933	46,630
Contract assets and other concession assets	11,018,516	4,877,667
Financial asset of the concession	21,665,330	17,601,626
Intangible assets	50,492,473	44,771,124
Property, plant and equipment	890,791	561,548
Total non-current assets	85,646,257	70,356,570
Total Assets	104,202,767	80,965,430
Current Liabilities
Trade payables and contractors	2,400,046	766,609
Services payable	2,772,416	1,438,507
Borrowings and financing	5,092,816	3,133,850
Labor and social obligations	699,629	1,286,193
Taxes and contributions payable	615,592	591,271
Deferred PIS/Cofins taxes	89,049
Dividends and interest on capital payable	2,059,850	2,275,890
Provisions	1,370,013	1,546,185
Public-Private Partnership - PPP	469,687	452,323
Derivative financial instruments	661,421
Performance Agreements	120,776	287,109
Other liabilities	201,619	194,308
Total current liabilities	16,552,914	11,972,245
Non-Current Liabilities
Borrowings and financing	35,049,531	22,124,447
Deferred income and social contribution taxes	3,129,908	2,661,891
Deferred PIS/Cofins	1,191,916	1,117,804
Provisions	533,399	895,495
Pension plan obligations	2,140,161	1,931,145
Public-Private Partnership - PPP	2,856,008	2,853,896
Performance Agreements	6,151	137,441
Other liabilities	341,655	343,012
Total non-current liabilities	45,248,729	32,065,131
Total liabilities	61,801,643	44,037,376
Equity
Capital stock	21,210,000	15,000,000
Capital reserves	30,219
Earnings reserves	21,518,212	21,647,715
Treasury shares	(475,385)
Equity valuation adjustments	118,078	280,339
Total equity	42,401,124	36,928,054
Total Liabilities and Equity	R$ 104,202,767	R$ 80,965,430