On Wednesday, August 12, 2026, Sabesp (SBSP3) reported adjusted net income of R$ 1.150 billion in the second quarter of 2026 (2Q26), compared to R$ 1.956 billion in the same period of 2025. Adjusted net revenue totaled R$ 6.013 billion in 2Q26, up 6.7% year over year, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 3.503 billion, a 3.2% decline from the previous year.
Consolidated gross revenue increased to R$ 10.209 billion in 2Q26, from R$ 9.338 billion in 2Q25, driven by sanitation revenue of R$ 6.536 billion, financial asset revaluation of R$ 471 million and R$ 174 million in energy revenue. Reported net revenue was R$ 10.209 billion, but after excluding construction, asset bifurcation and EMAE effects, the company recorded adjusted net revenue of R$ 6.013 billion, versus adjusted R$ 5.635 billion in 2Q25.
On the operating expenses side, personnel costs totaled R$ 748 million in 2Q26, slightly above the R$ 672 million in 2Q25, with a 3.7% reduction in the average number of employees and the impact of a 4.4% collective bargaining wage adjustment. Service expenses rose from R$ 610 million to R$ 898 million, influenced by R$ 149 million in customer experience investments and time-based expenses related to the ERP system transition of R$ 54 million. There was also an increase in treatment materials, from R$ 86 million to R$ 169 million, associated with inflationary pressure and constraints in global supply chains.
Adjusted net financial result went from an expense of R$ 118 million in 2Q25 to R$ 1.076 billion in 2Q26, due to higher average net debt, an increase in the base interest rate and the absence of the foreign-exchange gain seen in 2Q25. The company’s asset base grew by R$ 15 billion in 12 months, from R$ 55 billion to R$ 70 billion, and the effective income tax and social contribution rate fell from 34% to 29%, influenced by the payment of JCP (interest on equity).
In investments, Capex totaled R$ 3.731 billion in 2Q26, slightly above the R$ 3.728 billion in 2Q25, reaching R$ 7.5 billion in the first half of 2026, an increase of 15.6% versus the same period in 2025. The company also reported a contracted Capex backlog of R$ 40.5 billion between July 2026 and 2029. Gross debt closed the quarter at R$ 51.7 billion, with net debt of R$ 34.2 billion, an average cost equivalent to CDI + 0.05% and an average amortization term of 6.1 years, with R$ 17.4 billion in cash covering more than four years of maturities.
