Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS): Business Model Canvas

Im Herzen des wirtschaftlich dynamischsten Bundesstaates Brasiliens entwickelt sich SABESP zu einem zentralen Infrastrukturkraftwerk, das die Wasserwirtschaft in ein hochentwickeltes Ökosystem aus technologischer Innovation und öffentlichem Dienst verwandelt. Mit einem komplexen Geschäftsmodell, das ökologische Nachhaltigkeit, technologische Leistungsfähigkeit und kritische städtische Infrastrukturlösungen miteinander verbindet, liefert dieses staatliche Unternehmen lebenswichtige Wasser- und Sanitärdienstleistungen für Millionen von Menschen in ganz São Paulo und stellt ein bemerkenswertes Beispiel dafür dar, wie Versorgungsunternehmen gleichzeitig das Gemeinwohl und betriebliche Exzellenz fördern können.

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Wichtige Partnerschaften

Landesregierung von São Paulo als Hauptaktionär

Ab 2024 besitzt der Bundesstaat São Paulo 50,3 % der stimmberechtigten Anteile von SABESP. Die Landesregierung hält eine Mehrheitsbeteiligung mit einer Gesamtinvestition von rund 7,8 Milliarden R$ in das Unternehmen.

Aktionärskategorie	Prozentsatz des Eigentums	Investitionswert (R$)
Bundesstaat São Paulo	50.3%	7,800,000,000
Streubesitz	49.7%	7,700,000,000

Dienstleistungsverträge für Kommunalverwaltungen

SABESP betreibt Wasser- und Sanitärdienstleistungen in 375 Gemeinden im gesamten Bundesstaat São Paulo, wobei 344 Gemeinden über Full-Service-Verträge verfügen.

• Insgesamt versorgte Gemeinden: 375
• Full-Service-Verträge: 344
• Teildienstverträge: 31

Technologieanbieter

SABESP arbeitet mit mehreren Technologieanbietern für Infrastruktur- und Wasseraufbereitungslösungen zusammen.

Technologieanbieter	Vertragswert (R$)	Projektfokus
Grundfos	42,500,000	Pumpensysteme
Siemens	65,000,000	Automatisierung der Wasseraufbereitung

Umweltberatungspartnerschaften

SABESP investiert jährlich 95 Millionen R$ in Nachhaltigkeits- und Umweltberatungsprojekte.

• Gesamtinvestition in die Umweltberatung: 95.000.000 R$
• Anzahl aktiver Umweltpartnerschaften: 12

Bau- und Ingenieurpartnerschaften

Die Infrastrukturentwicklungspartnerschaften belaufen sich im Jahr 2024 auf insgesamt 520 Millionen R$.

Ingenieurbüro	Vertragswert (R$)	Projekttyp
Odebrecht Engenharia	185,000,000	Wasserinfrastruktur
Camargo Corrêa	135,000,000	Ausbau des Sanitärnetzes

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Hauptaktivitäten

Wasseraufbereitung und -verteilung

SABESP betreibt 6 Wasseraufbereitungsanlagen im Großraum São Paulo. Die jährliche Wasserproduktionskapazität erreicht 67,1 Millionen m³/Tag. Das Unternehmen beliefert 375 Gemeinden und versorgt etwa 28,5 Millionen Menschen mit Wasser.

Wasseraufbereitungsmetrik	Menge
Gesamtwasseraufbereitungsanlagen	6
Tägliche Wasserproduktionskapazität	67,1 Mio. m³
Betreute Gemeinden	375
Bevölkerung bedient	28,5 Millionen

Abwassersammlung und -behandlung

SABESP verwaltet 523 Kläranlagen. Das Unternehmen sammelt und bereitet Abwasser für 344 Gemeinden auf, mit einer Abwasserbehandlungsrate von 87,4 %.

Abwassermanagement-Metrik	Menge
Abwasserbehandlungsstationen	523
Gemeinden mit Abwasserbehandlung	344
Abdeckungsgrad der Abwasserbehandlung	87.4%

Wartung und Erweiterung der Infrastruktur

SABESP investierte im Jahr 2023 2,8 Milliarden R$ in den Ausbau und die Wartung der Infrastruktur. Zu den wichtigsten Infrastrukturkennzahlen gehören:

• Länge des Wassernetzes: 79.200 Kilometer
• Länge des Abwassernetzes: 54.600 Kilometer
• Jährliche Infrastrukturinvestitionen: 2,8 Milliarden R$

Umweltkonformität und -überwachung

SABESP führt jährlich 250.000 Wasserqualitätstests durch. Das Unternehmen verfügt über die ISO 14001-Zertifizierung für das Umweltmanagement in 100 % seiner großen Aufbereitungsanlagen.

Umweltüberwachungsmetrik	Menge
Jährliche Wasserqualitätstests	250,000
ISO 14001-zertifizierte Einrichtungen	100%

Kundenservice und Abrechnungsmanagement

SABESP verwaltet 15,3 Millionen Kundenverbindungen mit einer digitalen Serviceplattform. Das Unternehmen verarbeitet etwa 4,2 Millionen monatliche Abrechnungstransaktionen.

Kundendienstmetrik	Menge
Gesamtzahl der Kundenverbindungen	15,3 Millionen
Monatliche Abrechnungstransaktionen	4,2 Millionen

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Wasser- und Abwasserinfrastrukturnetz

SABESP betreibt ein umfassendes Infrastrukturnetzwerk im gesamten Bundesstaat São Paulo:

Infrastrukturkomponente	Menge
Wasseraufbereitungsanlagen	135 Einheiten
Kläranlagen	242 Einheiten
Länge des Wasserverteilungsnetzes	79.406 Kilometer
Länge des Abwassersammelnetzes	56.269 Kilometer

Fortschrittliche Wasseraufbereitungsanlagen

Zu den Wasseraufbereitungskapazitäten von SABESP gehören:

• Tägliche Wasserproduktionskapazität von 67,5 Millionen Kubikmetern
• Wasseraufbereitungstechnologie nach internationalen Qualitätsstandards
• Fortschrittliche Filter- und Reinigungssysteme

Qualifizierte technische und operative Arbeitskräfte

Zusammensetzung der Belegschaft ab 2023:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	14,856
Technische Spezialisten	6,342
Operatives Personal	5,214

Geografische Kenntnisse des Bundesstaates São Paulo

Abdeckung und operative Reichweite:

• Betreut 375 Gemeinden im Bundesstaat São Paulo
• Deckt 99 % der städtischen Wasserversorgung ab
• Deckt 96 % der städtischen Abwassersammlung ab

Digitale Plattformen für die Kundenbindung

Details zur digitalen Infrastruktur:

Digitale Plattform	Benutzermetriken
Benutzer mobiler Anwendungen	2,3 Millionen
Online-Serviceplattformen	5 integrierte digitale Kanäle
Jährliche digitale Servicetransaktionen	12,6 Millionen

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Wertversprechen

Zuverlässige Wasser- und Sanitärdienstleistungen

SABESP versorgt 375 Gemeinden im Bundesstaat São Paulo und versorgt rund 28,5 Millionen Menschen mit Wasser- und Sanitärdienstleistungen. Das Unternehmen unterhält ein Wasserversorgungsnetz von 71.950 Kilometern und ein Abwassernetz von 59.350 Kilometern.

Servicemetrik	Abdeckungsprozentsatz
Abdeckung der Wasserversorgung	99.1%
Abdeckung der Abwassersammlung	90.4%

Umweltverträglichkeit und Umweltschutz

SABESP investiert in Wasserschutz- und Umweltschutzstrategien.

• Reduzierungsrate des Wasserverlusts: 14,5 % im Jahr 2022
• Effizienz der Abwasserbehandlung: 86,2 %
• Jährliche Investition in Umweltprojekte: 1,2 Milliarden R$

Schutz der öffentlichen Gesundheit durch sauberes Wasser

Das Unternehmen stellt die Wasserqualität durch strenge Test- und Aufbereitungsprozesse sicher.

Wasserqualitätsparameter	Compliance-Rate
Trinkbarkeitsstandards	99.6%
Bakteriologische Qualität	99.8%

Technologische Innovation im Wassermanagement

SABESP implementiert fortschrittliche technologische Lösungen für das Wassermanagement.

• Intelligente Wasserzähler im Einsatz: 250.000 Einheiten
• Investition in die digitale Transformation: 350 Millionen R$ jährlich
• Abdeckung der Leckerkennungstechnologie: 45 % des Netzwerks

Umfassende städtische Infrastrukturlösungen

Das Unternehmen bietet integrierte Lösungen für die städtische Wasser- und Sanitärinfrastruktur.

Infrastrukturinvestitionen	Betrag (R$)
Jährliche Infrastrukturinvestition	2,8 Milliarden R$
Modernisierung von Kläranlagen	650 Millionen R$

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Kundenbeziehungen

Digitale Kundensupport-Plattformen

SABESP betreibt ein umfassendes digitales Kundensupportsystem mit den folgenden Kennzahlen:

Digitaler Kanal	Jährliche Nutzung	Kundenzufriedenheitsrate
Mobile App-Downloads	1,2 Millionen	87.5%
Online-Serviceportal	3,4 Millionen Unique User	82.3%
WhatsApp-Kundendienst	2,1 Millionen Interaktionen	89.6%

Lokale Servicezentren

SABESP unterhält ein umfangreiches Netzwerk an physischen Servicestandorten:

• Gesamtzahl der Servicezentren: 238 im gesamten Bundesstaat São Paulo
• Durchschnittliche Wartezeit für Kunden: 17 Minuten
• Jährliche persönliche Serviceinteraktionen: 1,6 Millionen

Transparente Abrechnung und Kommunikation

Zu den Kennzahlen zur Abrechnungstransparenz gehören:

Abrechnungsmetrik	Wert
Zustellungsrate digitaler Rechnungen	62.4%
Durchschnittliche monatliche Wasserrechnung	R$ 89,50
Online-Zahlungsrate	73.2%

Community-Engagement-Programme

SABESPs Community-Engagement-Initiativen:

• Umweltbildungsprogramme: 425 Schulen beteiligt
• Wasserschutz-Workshops: 78.000 Teilnehmer jährlich
• Budget für die Öffentlichkeitsarbeit: 12,3 Millionen R$

Proaktive Wartung der Infrastruktur

Wartungs- und Infrastrukturstatistiken:

Wartungsmetrik	Jährlicher Wert
Inspektionen von Rohrnetzen	6.782 Kilometer
Reaktionszeit bei der Leckreparatur	Durchschnittlich 4,2 Stunden
Infrastrukturinvestitionen	1,6 Milliarden R$

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Kanäle

Online-Kundendienstportal

Das Online-Kundendienstportal von SABESP bietet rund um die Uhr digitalen Zugriff mit den folgenden Schlüsselkennzahlen:

Portalmetrik	Statistik
Monatlich aktive Benutzer	1,2 Millionen
Digitale Servicetransaktionen	3,8 Millionen pro Jahr
Serviceverfügbarkeit	99.7%

Mobile Anwendung

Zu den Funktionen der mobilen App von SABESP gehören:

• Zweite Rechnungszahlung
• Verfolgung des Wasserverbrauchs
• Einreichung von Serviceanfragen

Metrik für mobile Apps	Statistik
App-Downloads	685,000
Monatlich aktive Benutzer	420,000

Physische Servicezentren

Service-Center-Metrik	Statistik
Gesamtzahl der physischen Standorte	172 Servicezentren
Tägliche Kundeninteraktionen	8.500 Kunden
Durchschnittliche Wartezeit	22 Minuten

Callcenter

Callcenter-Metrik	Statistik
Tägliches Anrufvolumen	15.300 Anrufe
Durchschnittliche Reaktionszeit	3,2 Minuten
Kundenzufriedenheitsrate	87.5%

Kommunikationsplattformen für soziale Medien

Social-Media-Plattform	Anzahl der Follower	Durchschnittliche Reaktionszeit
Twitter	210.000 Follower	45 Minuten
Facebook	350.000 Follower	2 Stunden
Instagram	180.000 Follower	1 Stunde

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Kundensegmente

Privatkunden

SABESP versorgt rund 28,5 Millionen Einwohner im Bundesstaat São Paulo.

Kundenkategorie	Anzahl der Verbindungen	Wasserabdeckung	Abwasserabdeckung
Privatkunden	8,9 Millionen	99.1%	92.4%

Kommerzielle Unternehmen

SABESP bietet Wasser- und Abwasserdienstleistungen für verschiedene gewerbliche Sektoren an.

Kommerzielles Segment	Anzahl der Verbindungen
Einzelhandelsbetriebe	375,000
Dienstleistungssektor	285,000

Industriekunden

SABESP unterstützt die industrielle Wasser- und Abwasserinfrastruktur in ganz São Paulo.

• Gesamte Brauchwasseranschlüsse: 42.500
• Brauchwasserverbrauch: 3,2 Mio. m³ pro Monat
• Belieferte Schlüsselindustrien: Fertigung, Lebensmittelverarbeitung, Chemie

Kommunalverwaltungen

SABESP ist in 375 Gemeinden im Bundesstaat São Paulo tätig.

Kommunale Abdeckung	Anzahl der Gemeinden	Prozentsatz der staatlichen Abdeckung
Wasserdienstleistungen	375	93.7%
Abwasserdienstleistungen	362	90.5%

Organisationen des öffentlichen Sektors

SABESP bietet grundlegende Wasser- und Abwasserdienstleistungen für öffentliche Einrichtungen.

• Öffentliche Gebäudeanschlüsse: 15.000
• Betreute staatliche Einrichtungen: Schulen, Krankenhäuser, Verwaltungsgebäude
• Jahreseinnahmen aus dem öffentlichen Sektor: 680 Millionen R$

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Kostenstruktur

Wartung und Erweiterung der Infrastruktur

Im Jahr 2022 investierte SABESP 1,8 Milliarden R$ in Projekte zur Wartung und Erweiterung der Infrastruktur. Die Aufschlüsselung der Investitionsausgaben (CAPEX) des Unternehmens umfasst:

Kategorie „Infrastruktur“.	Investitionsbetrag (R$)
Ausbau des Wasserversorgungsnetzes	652 Millionen
Infrastruktur des Abwassernetzes	589 Millionen
Modernisierung der Kläranlage	413 Millionen
Austausch der Betriebsausrüstung	145 Millionen

Betriebskosten der Wasseraufbereitung

Die jährlichen Betriebskosten für die Wasseraufbereitung für SABESP beliefen sich im Jahr 2022 auf insgesamt 1,2 Milliarden R$, mit folgender Kostenaufteilung:

• Chemische Reagenzien: 215 Millionen R$
• Energieverbrauch für Behandlungsanlagen: 380 Millionen R$
• Prüfung und Überwachung der Wasserqualität: 95 Millionen R$
• Wartung der Behandlungsausrüstung: 210 Millionen R$

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalaufwendungen für SABESP beliefen sich im Jahr 2022 auf 1,5 Milliarden R$ und waren wie folgt strukturiert:

Ausgabenkategorie	Betrag (R$)
Grundgehälter	980 Millionen
Sozialleistungen	290 Millionen
Krankenversicherung	125 Millionen
Rentenbeiträge	105 Millionen

Investitionen in Technologie und digitale Plattformen

SABESP hat im Jahr 2022 142 Millionen R$ für Technologie und digitale Transformation bereitgestellt, mit spezifischen Investitionen, darunter:

• Digitale Kundendienstplattformen: 38 Millionen R$
• Betriebsmanagementsoftware: 45 Millionen R$
• Cybersicherheitsinfrastruktur: 29 Millionen R$
• Datenanalysesysteme: 30 Millionen R$

Ausgaben für Umweltkonformität

Die Kosten für die Einhaltung der Umweltvorschriften für SABESP beliefen sich im Jahr 2022 auf 225 Millionen R$, verteilt auf:

Compliance-Bereich	Kosten (R$)
Verbesserungen der Abwasserbehandlung	95 Millionen
Umweltüberwachung	62 Millionen
Programme zur Einhaltung gesetzlicher Vorschriften	48 Millionen
Nachhaltigkeitsinitiativen	20 Millionen

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (SBS) – Geschäftsmodell: Einnahmequellen

Gebühren für die Wasserversorgung

SABESP erwirtschaftete im Jahr 2022 einen Nettobetriebsumsatz von 15,2 Milliarden R$, wobei Wasserversorgungsdienste einen erheblichen Teil dieses Umsatzes ausmachen.

Kundenkategorie	Durchschnittlicher monatlicher Tarif (R$)	Prozentsatz des Gesamtumsatzes
Wohnen	78.50	45%
Kommerziell	156.75	25%
Industriell	245.30	15%
Öffentliche Einrichtungen	95.60	15%

Gebühren für die Abwasserbehandlung

Abwasseraufbereitungsdienste trugen im Jahr 2022 etwa 4,8 Milliarden R$ zum Umsatz von SABESP bei.

• Abdeckung der Abwassersammlung: 89 % in städtischen Gebieten
• Abwasserbehandlungsrate: 71 % des gesammelten Abwassers
• Durchschnittliche Abwasserbehandlungsgebühr: 65,20 R$ pro Anschluss

Kommunale Dienstleistungsverträge

SABESP ist in 375 Gemeinden tätig, mit einem Auftragswert von insgesamt 2,3 Milliarden R$ im Jahr 2022.

Vertragstyp	Anzahl der Gemeinden	Gesamtvertragswert (R$)
Langfristige Konzession	344	1,850,000,000
Kurzfristige Vereinbarung	31	450,000,000

Infrastrukturentwicklungsprojekte

Die Infrastrukturinvestitionen erreichten im Jahr 2022 1,7 Milliarden R$ und generierten zusätzliche Einnahmequellen.

• Projekte zur Erweiterung des Wassernetzes: 890 Millionen R$
• Modernisierung der Abwasserinfrastruktur: 650 Millionen R$
• Technologie- und Effizienzverbesserungen: 160 Millionen R$

Staatliche Subventionen und Investitionen

Die staatliche Unterstützung belief sich im Jahr 2022 auf 350 Millionen R$ und ergänzte die Einnahmequellen von SABESP.

Subventionstyp	Betrag (R$)	Zweck
Bundesfinanzierung	200,000,000	Infrastrukturentwicklung
Staatliche Zuschüsse	100,000,000	Erweiterung der Dienstleistungen
Sozialtarifprogramm	50,000,000	Kundenbetreuung für Geringverdiener

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) - Canvas Business Model: Value Propositions

The core value proposition for Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) centers on delivering essential, regulated services while aggressively pursuing mandated public goals following its privatization in July 2024.

Universal access to water and sanitation by 2029

• The privatization process accelerated the goal of universal sanitation coverage in the service areas to the year 2029, moving up the original target.
• Between 2024 and 2029, Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) plans to invest around R$70 billion.

Reliable, essential public utility service for over 28 million people

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) is Brazil's largest sanitation company, providing services across 375 municipalities in the state of São Paulo.

Service Metric	Customer/Connection Count
People Served with Clean Water	28.1 million
People Served with Sewage Services	24.9 million
Water Connections	9.4 million
Sewage Connections	8.1 million

The company's Q2 2025 net income reached R$2.1 billion, up from R$1.2 billion in Q2 2024.

Improved operational efficiency and cost discipline post-privatization

The shift in ownership structure, with Equatorial Energia becoming the reference investor with a 15% stake, is intended to enforce private-sector discipline. This focus is already showing results in cost control:

• Total operating costs and expenses as a share of total revenue fell from 67.9% in 2019 to 55.94% in 2024.
• The 2024 voluntary termination plan resulted in 2039 enrollments, with the company cutting 11% of its workforce from that plan alone.
• The adjusted EBITDA margin reached 47.1% in the period ending September 2023, up from 46.1% in 2022.

Environmental commitment (e.g., Tietê River cleanup, methane-to-energy)

The investment plan between 2024 and 2029 of approximately R$70 billion is directed toward expanding water availability and security. Specific environmental improvements include:

• Sanitation efforts have resulted in collecting and treating 1.6 million cubic meters per year in the Guarapiranga Basin.
• The Água Legal Program provided water to 605 thousand people and sanitation services to 127 thousand people as of early 2025.

Inflation-protected, stable cash flows for investors via regulated tariffs

The regulated nature of the business provides a defensive characteristic, with an estimated long free cash flow duration of 12 years and a real Internal Rate of Return (IRR) of 11% under the new regulations.

Tariff adjustments are a key mechanism for cash flow stability, though initial post-privatization changes included reductions:

Tariff Category (First Tier)	Post-Privatization Adjustment
Social and Vulnerable Tariffs	10% reduction
Residential Tariffs	1% reduction
All Other Tariffs	0.5% decrease

For the future, the regulator-approved equilibrium rate saw a 10.6% rise under ARSESP Resolution No. 1,748/2025, leading to an estimated average tariff increase for users of 6.5%, which incorporates IPCA inflation from July 2024 to October 2025. Finance: draft 13-week cash view by Friday.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) - Canvas Business Model: Customer Relationships

The relationship Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) maintains with its diverse customer base is fundamentally shaped by its regulated status and the post-privatization strategic shift toward private-sector efficiency.

Regulated, long-term concession contracts with municipal governments

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) operates under long-term contracts that define the service relationship with the granting authorities. Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) currently provides water and sewage services to 375 of the 645 municipalities in São Paulo state.

The core of this relationship for the majority of its operations is governed by the unified Concession Contract No. 01/2024 for the URAE 1 - Southeast unit, which covers 371 municipalities. This contract, effective following the company's privatization in 2024, extends its term until October 19, 2060.

Tariff adjustments are structured within this framework:

• The next Periodic Tariff Reviews are set for November 2029 and November 2034.
• Annual adjustments are applied throughout each cycle, incorporating factors like IPCA (inflation) and updates to the Regulatory Asset Base (RAB).
• The universal service coverage goal, a key obligation, is now targeted for 2029.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) also maintains service in Miguelópolis, Nova Guataporanga, Quintana, and Olímpia under separate program contracts and/or individual concession agreements.

Dedicated customer service centers and optimized call center operations

While specific operational metrics for call centers, such as Average Handling Time or First Contact Resolution rates for 2025, are not explicitly detailed in the latest reports, the strategic focus reflects an emphasis on the customer interface. The company's challenges for the new strategic cycle explicitly list Customer experience as an area requiring attention, alongside Commercial Efficiency. This signals an ongoing effort to optimize the transactional and support channels used by the millions of served units.

Social and vulnerable tariff programs for low-income residential users

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) actively manages a relationship with low-income users through subsidized rates. As of the third quarter of 2025, approximately 1.8 million units benefit from these subsidized rates. The financial impact of this social tariff program on the Q3 2025 results was approximately BRL 117 million.

The tariff structure for these users is kept low, even with recent overall rate adjustments. For instance, in the GT-O directorate, the social-tariff band for residential consumption of 0-10 m³ is set at R$ 11.14. Furthermore, a vulnerable residential bracket for the 11-20 m³ range in special regions is as low as R$ 1.06 (for water service). Qualification for these rates is tied to social registries, as low-income families in CadÚnico qualify.

The financial mechanism for these subsidies involves future adjustments; the mix impact from the second half of 2025 social rates is expected to be factored into the 2027 rate cycle.

Transactional relationship for commercial and industrial clients

The relationship with commercial and industrial clients is characterized by higher consumption tiers and a recent move to remove discounts. An initiative to remove discounts for larger clients, which began in late 2024, is now showing tangible gains in the 2025 results.

Following the ARSESP-approved tariff adjustment effective January 1, 2026, these categories face some of the sharpest increases, absorbing some of the rate rebalancing. The overall average tariff increase for users is 6.5%, though this is based on a 10.6% increase in the equilibrium rate.

Specific tariff points for the GT-O directorate as of January 1, 2026, include:

Customer Class (m³)	Tariff Component (R$)
Commercial/Industrial 21-50	R$ 30.62
Commercial/Industrial Above 50	R$ 31.90

In special regions like Adamantina and Pirapozinho, the commercial special above-50-m³ band is set at R$ 18.41 for water and R$ 14.68 for sewage.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) - Canvas Business Model: Channels

The Channels block for Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) is fundamentally tied to its massive, regulated physical infrastructure and its evolving digital interface with a large customer base across the State of São Paulo.

Physical network of pipes, reservoirs, and treatment plants

The physical delivery channel is the core of Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS)'s operation, representing a natural monopoly established through decades of capital expenditure. This network is responsible for delivering potable water and collecting/treating wastewater across its service territory.

As of late 2025, Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) provides services to 375 municipalities in the State of São Paulo. The company is executing a massive investment plan, planning to spend around R$70 billion between 2024 and 2029 to secure water availability and expand services.

You can see the scale of the physical assets below:

Infrastructure Asset Type	Quantity/Length	Notes
Water Distribution Networks	Over 78,300 km	Part of the physical delivery channel.
Sewage Collection Networks	69,400 km	Infrastructure for wastewater removal.
Water Treatment Stations	626 units	Facilities for potable water production.
Sewage Treatment Stations	525 units	Facilities for wastewater processing.
Smart Meter Replacement Target	4.4 million units	Scheduled for replacement by 2029 with IoT-enabled units.

Furthermore, specific projects are enhancing capacity; for instance, the expansion of the Barueri Wastewater Treatment Plant, Brazil's largest, is set to benefit approximately 10 million people. The company's Água Legal Program has already provided water to 605 thousand people and sanitation services to 127 thousand.

Direct billing and collection system to end-users

The revenue collection channel is managed through a direct relationship with end-users, which is increasingly digitized. Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) serves over 9.5 million active water connection points as of Q3 2025.

The company is pushing digital payment adoption hard. In the 60 days leading up to August 12, 2025, its new WhatsApp channel alone collected R$96 million. This channel has handled over 3 million conversations with an average satisfaction rating of 4.52. Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) is the first utility globally to process payments via WhatsApp using Meta's proprietary technology and the first in Brazil to operate with automatic, recurring PIX transactions.

The financial results reflect the efficiency of these channels; adjusted net revenue reached R$5.6 billion in Q2 2025, and cash flow from operations increased 79% to R$3.2 billion in the same period. Looking ahead, ARSESP authorized an average user tariff increase of 6.5% starting January 1, 2026, which Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) estimates equates to a 10.6% rise in its equilibrium rate.

Customer service centers and digital platforms for service requests

Customer interaction is managed through a mix of traditional and modern touchpoints. While the exact number of physical customer service centers isn't specified, the focus is clearly shifting to digital access for service requests, such as obtaining second copies of invoices and handling authentication.

The digital expansion includes:

• Adding support for facial authentication for service access.
• Integrating PIX and credit card payments directly into service interactions.
• Deploying conversational AI to handle customer requests.

The performance of these digital channels is strong; the WhatsApp channel alone managed 3 million conversations in a recent 60-day window. This digital push helps Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) deliver faster, more personalized interactions, which is crucial given that 88% of customers expect a seamless experience across digital and in-person interactions.

Municipal government liaison offices for contract management

Managing relationships with municipal governments is a key channel for securing and maintaining concession rights, especially following the company's privatization in July 2024. Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) currently operates under agreements with 375 municipalities.

The company is actively engaged in expanding its reach through these governmental channels:

• The privatization process involved securing agreement from the 376 municipalities in its original service area to change contracts.
• The São Paulo state government is studying solutions for municipalities not yet served by Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS), with new concession contracts anticipated throughout 2026.
• The privatization of 133 municipalities was expected as early as the second half of 2025.

These liaisons are critical for realizing the R$70 billion investment plan, as infrastructure projects often require municipal sign-off and coordination for service expansion into new or underserved areas. Finance: draft 13-week cash view by Friday.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) - Canvas Business Model: Customer Segments

You're looking at Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) right after its major privatization, and the customer base is the bedrock of its regulated revenue. Honestly, this segment breakdown shows where the immediate pricing power is being applied, and where the future growth is anchored.

The customer base is massive, serving a significant portion of Brazil's most economically active region. As of late 2025, Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) operates in 375 municipalities in São Paulo, covering an estimated 68% of the urban population. To be fair, the sheer scale means managing diverse needs, from dense urban centers to smaller contract areas.

Here's a quick look at the key segments and the most recent financial/statistical markers you need to track:

Customer Segment	Key Metric/Data Point	Associated Financial/Statistical Number
Residential Consumers	Average Tariff Adjustment (Effective Jan 1, 2026)	6.5%
Commercial Clients	Tariff Jump (Q1 2025)	12.1%
Industrial Clients	Tariff Jump (Q1 2025)	18.7%
Residential Consumers	Units on Subsidized Rates (as of Q3 2025)	1.8 million
Total Served Population (Water)	People Supplied (Estimate Oct 2025)	27.9 million
Total Served Population (Sewage)	People with Collection (Estimate Oct 2025)	21.5 million

Residential Consumers remain the largest segment by volume, but you see the regulatory body, ARSESP, has approved an average tariff adjustment of 6.5% set to take effect on January 1, 2026. This is the next big revenue driver for the regulated base. Also, note the social aspect:

• Units on subsidized rates reached 1.8 million as of Q3 2025.
• Water coverage in São Paulo state is high at 95.2%.
• Wastewater coverage in the state is 90.5%.

Commercial Clients and Industrial Clients felt the immediate pricing pressure earlier in the year. The Q1 2025 results showed sharp tariff increases for these groups, which is a key part of the post-privatization revenue reset. Specifically, commercial tariffs jumped 12.1% and industrial tariffs jumped 18.7% in that quarter. These higher-volume users are critical for immediate cash flow improvement, especially as Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) pushes capital expenditures (CapEx) hard.

Municipal Governments are contractual partners, which defines the long-term stability but also the regulatory risk. These are the entities with whom Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) holds concession contracts for service delivery across the 375 municipalities. The concentration risk is clear when you look at the top contracts:

• São Paulo municipality contract share of revenue: 43.5% (as of 1Q24).
• Guarulhos municipality contract share of revenue: 4.4% (as of 1Q24).

The company is actively working on commercial efficiency, with collection efficiency, excluding court order debt, reaching 101% in Q3 2025. Also, they installed over 1 million meters so far in 2025, which helps with revenue assurance across all segments.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) as of late 2025, and it's clear that capital deployment is the dominant feature, even as operational costs are being aggressively managed.

The commitment to infrastructure expansion means High Capital Expenditures (CapEx) are a major cost driver. For the first half of 2025 (1H 2025), the cumulative CapEx reached R$6.5 billion. This reflects a significant acceleration, as the second quarter (Q2 2025) alone saw CapEx total R$3.6 billion, which was a 26% acceleration versus the first quarter (Q1 2025) figures. This heavy investment is aimed squarely at meeting the universalization targets ahead of schedule.

On the flip side, the company is showing discipline in its day-to-day spending. Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) achieved an Operating expenses (OpEx) reduction of 26.7% in Q1 2025, which helped boost margins. This cost control is a key focus area for financial performance.

A significant portion of the OpEx management comes from workforce optimization following voluntary dismissal programs (VDP). You saw Personnel costs reduction reflected in a 7% reduction in headcount during Q1 2025 due to the VDP initiative. This headcount reduction helped offset other cost pressures.

However, financing the massive investment program comes with a cost. The company reported that net financial losses widened to R$638 million in Q1 2025, directly attributable to higher borrowing costs in the market.

The variable costs tied to service delivery remain a constant concern, especially given operational scale. The major components of variable OpEx include:

• Energy costs for water treatment and pumping.
• Chemical supplies for water and wastewater treatment.

While 2025-specific figures for these are still being finalized, the 2023 breakdown gives you a sense of where the money goes. Back then, expenditures on renewable electricity accounted for 9% of OPEX, while other fossil-fuelled electricity expenses were also present, alongside chemical supplies.

Here's a quick look at the key cost and investment metrics we have for the first half of 2025:

Cost/Investment Metric	Period	Amount (R$)
Capital Expenditures (CapEx)	1H 2025 (Cumulative)	6.5 billion
Capital Expenditures (CapEx)	Q2 2025	3.6 billion
Operating Expenses (OpEx) Reduction	Q1 2025	26.7%
Personnel Headcount Reduction	Q1 2025	7%
Net Financial Losses	Q1 2025	638 million

The focus is definitely on high CapEx for growth, balanced by strong OpEx discipline, but the debt servicing cost is a near-term headwind you need to watch.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) brings in cash as of late 2025. It's a mix of steady utility fees and project-based income, which is typical for a large, recently privatized utility.

The overall picture shows significant top-line growth leading up to the end of the year. The Total Trailing Twelve Months (TTM) Revenue as of Nov 2025 is $7.44 Billion USD. This reflects the impact of operational improvements and tariff adjustments implemented post-privatization.

The primary revenue drivers for the first quarter of 2025 showed strong momentum, especially from infrastructure execution and core service charges:

• Core Sanitation Revenue (up 11.7% in Q1 2025) reached R$5.84 billion.
• Construction Income from CapEx execution surged 93.7% to R$2.59 billion in Q1 2025.
• Revenue recovery from overruling large-client legacy discounts added R$893 million to revenue in Q1 2025.

The regulated revenue stream is the bedrock of Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS)'s financial stability. This revenue is governed by the regulator, ARSESP, and is subject to periodic adjustments.

Regulated Tariff Revenue from residential, commercial, and industrial bills is shaped by the recent regulatory decisions. Specifically, Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) estimates an average tariff adjustment of 6.5% for users, effective January 1, 2026, which corresponds to a 10.6% rise in the equilibrium rate. This adjustment factors in inflation (IPCA from Jul/24 to Oct/25) and tax changes.

Here's a look at the key Q1 2025 revenue components that make up the bulk of the core business:

Revenue Component	Q1 2025 Amount (R$)	Year-over-Year Change Context
Total Reported Revenue	R$8.42 billion	28.4% increase
Core Sanitation Revenue	R$5.84 billion	11.7% increase
Construction Income	R$2.59 billion	93.7% surge

The elimination of legacy discounts is a direct, one-time boost to the regulated revenue base, which is a key part of the new management's strategy to align profitability with service targets. This move freed up significant potential revenue that was previously locked in old contracts.