Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS): Modelo de Negócios Canvas [Actualizado en Ene-2025]

En el corazón del estado económicamente más vibrante de Brasil, Sabesp surge como una potencia de infraestructura fundamental, transformando la gestión del agua en un sofisticado ecosistema de innovación tecnológica y servicio público. Con un modelo de negocio complejo que entrelazan la sostenibilidad ambiental, la destreza tecnológica y las soluciones críticas de infraestructura urbana, esta empresa estatal ofrece servicios esenciales de agua y saneamiento a millones de personas en todo São Paulo, que representa un plan notable de cómo las empresas de servicios públicos pueden impulsar simultáneamente el bienestar público y el bienestar público y Excelencia operativa.

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: Asociaciones clave

Gobierno del Estado de São Paulo como accionista principal

A partir de 2024, el estado de São Paulo posee el 50.3% de las acciones con votación de Sabesp. El gobierno estatal mantiene una participación de control con una inversión total de aproximadamente R $ 7.8 mil millones en la compañía.

Categoría de accionistas	Porcentaje de propiedad	Valor de inversión (R $)
Estado de São Paulo	50.3%	7,800,000,000
Flotador libre	49.7%	7,700,000,000

Contratos de servicio de gobiernos municipales

Sabesp opera servicios de agua y saneamiento en 375 municipios en todo el estado de São Paulo, con 344 municipios que tienen contratos de servicio completo.

• Total de municipios atendidos: 375
• Contratos de servicio completo: 344
• Contratos de servicio parcial: 31

Proveedores de tecnología

SABESP colabora con múltiples proveedores de tecnología para soluciones de infraestructura y tratamiento de agua.

Proveedor de tecnología	Valor del contrato (R $)	Enfoque del proyecto
Grundfos	42,500,000	Sistemas de bombas
Siemens	65,000,000	Automatización del tratamiento del agua

Asociaciones de consultoría ambiental

Sabesp invierte R $ 95 millones anuales en proyectos de sostenibilidad y consultoría ambiental.

• Inversión total de consultoría ambiental: R $ 95,000,000
• Número de asociaciones ambientales activas: 12

Asociaciones de construcción e ingeniería

Las asociaciones de desarrollo de infraestructura totalizan R $ 520 millones en 2024.

Empresa de ingeniería	Valor del contrato (R $)	Tipo de proyecto
Odebrecht Engenharia	185,000,000	Infraestructura de agua
Camargo Corrêa	135,000,000	Expansión de la red de saneamiento

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: actividades clave

Tratamiento y distribución de agua

SABESP opera 6 plantas de tratamiento de agua en el área metropolitana de São Paulo. La capacidad anual de producción de agua alcanza 67.1 millones de m³/día. La compañía atiende a 375 municipios, proporcionando agua a aproximadamente 28.5 millones de personas.

Métrica de tratamiento de agua	Cantidad
Plantas totales de tratamiento de agua	6
Capacidad de producción diaria de agua	67.1 millones de m³
Municipios atendidos	375
Población atendida	28.5 millones

Recolección y tratamiento de aguas residuales

Sabesp administra 523 estaciones de tratamiento de aguas residuales. La compañía recolecta y trata las aguas residuales para 344 municipios, con una tasa de cobertura de tratamiento de aguas residuales del 87.4%.

Métrica de gestión de aguas residuales	Cantidad
Estaciones de tratamiento de aguas residuales	523
Municipios con tratamiento de aguas residuales	344
Tasa de cobertura de tratamiento de aguas residuales	87.4%

Mantenimiento y expansión de la infraestructura

Sabesp invirtió R $ 2.8 mil millones en expansión y mantenimiento de infraestructura en 2023. Las métricas clave de infraestructura incluyen:

• Longitud de la red de agua: 79,200 kilómetros
• Longitud de la red de aguas residuales: 54,600 kilómetros
• Inversión anual de infraestructura: R $ 2.8 mil millones

Cumplimiento y monitoreo ambiental

SABESP realiza 250,000 pruebas de calidad del agua anualmente. La compañía mantiene la certificación ISO 14001 para la gestión ambiental en el 100% de sus principales instalaciones de tratamiento.

Métrica de monitoreo ambiental	Cantidad
Pruebas anuales de calidad del agua	250,000
ISO 14001 Instalaciones certificadas	100%

Servicio al cliente y gestión de facturación

Sabesp administra 15.3 millones de conexiones de clientes con una plataforma de servicio digital. La Compañía procesa aproximadamente 4,2 millones de transacciones de facturación mensuales.

Métrica de servicio al cliente	Cantidad
Conexiones totales del cliente	15.3 millones
Transacciones de facturación mensuales	4.2 millones

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: Recursos clave

Extensa red de infraestructura de agua y aguas residuales

Sabesp opera una red integral de infraestructura en todo el estado de São Paulo:

Componente de infraestructura	Cantidad
Plantas de tratamiento de agua	135 unidades
Plantas de tratamiento de aguas residuales	242 unidades
Longitud de la red de distribución de agua	79,406 kilómetros
Longitud de la red de recolección de aguas residuales	56,269 kilómetros

Instalaciones avanzadas de tratamiento de agua

Las capacidades de tratamiento de agua de Sabesp incluyen:

• Capacidad de producción diaria de agua de 67.5 millones de metros cúbicos
• Tecnología de tratamiento de agua que cumple con los estándares de calidad internacional
• Sistemas avanzados de filtración y purificación

Fuerza laboral técnica y operativa calificada

Composición de la fuerza laboral a partir de 2023:

Categoría de empleado	Número de empleados
Total de empleados	14,856
Especialistas técnicos	6,342
Personal operativo	5,214

Conocimiento geográfico del estado de São Paulo

Cobertura y alcance operativo:

• Atiende a 375 municipios en el estado de São Paulo
• Cubre el 99% del suministro de agua urbana
• Cubre el 96% de la colección de aguas residuales urbanas

Plataformas digitales para la participación del cliente

Detalles de la infraestructura digital:

Plataforma digital	Métricas de usuario
Usuarios de aplicaciones móviles	2.3 millones
Plataformas de servicio en línea	5 canales digitales integrados
Transacciones anuales de servicio digital	12.6 millones

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: Propuestas de valor

Servicios confiables de agua y saneamiento

Sabesp atiende a 375 municipios en el estado de São Paulo, que brinda servicios de agua y saneamiento a aproximadamente 28.5 millones de personas. La compañía mantiene una red de suministros de agua de 71,950 kilómetros y una red de alcantarillado de 59,350 kilómetros.

Métrico de servicio	Porcentaje de cobertura
Cobertura de suministro de agua	99.1%
Cobertura de recolección de aguas residuales	90.4%

Sostenibilidad y conservación ambiental

Sabesp invierte en estrategias de conservación del agua y protección del medio ambiente.

• Tasa de reducción de pérdidas de agua: 14.5% en 2022
• Eficiencia del tratamiento de aguas residuales: 86.2%
• Inversión anual en proyectos ambientales: R $ 1.2 mil millones

Protección de la salud pública a través del agua limpia

La compañía garantiza la calidad del agua a través de rigurosos procesos de pruebas y tratamiento.

Parámetro de calidad del agua	Tasa de cumplimiento
Normas de potabilidad	99.6%
Calidad bacteriológica	99.8%

Innovación tecnológica en la gestión del agua

SABESP implementa soluciones tecnológicas avanzadas para la gestión del agua.

• Medidores de agua inteligentes desplegados: 250,000 unidades
• Inversión de transformación digital: R $ 350 millones anualmente
• Cobertura de la tecnología de detección de fugas: 45% de la red

Soluciones integrales de infraestructura urbana

La compañía ofrece soluciones integradas de infraestructura de agua urbana y saneamiento.

Inversión en infraestructura	Cantidad (R $)
Inversión anual de infraestructura	R $ 2.8 mil millones
Actualizaciones de la planta de tratamiento de aguas residuales	R $ 650 millones

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: Relaciones con los clientes

Plataformas de atención al cliente digital

SABESP opera un sistema integral de atención al cliente digital con las siguientes métricas:

Canal digital	Uso anual	Tasa de satisfacción del cliente
Descargas de aplicaciones móviles	1.2 millones	87.5%
Portal de servicio en línea	3.4 millones de usuarios únicos	82.3%
Servicio al cliente de WhatsApp	2.1 millones de interacciones	89.6%

Centros de servicio locales

SABESP mantiene una extensa red de ubicaciones de servicios físicos:

• Centros de servicio totales: 238 en todo el estado de São Paulo
• Tiempo de espera promedio del cliente: 17 minutos
• Interacciones de servicio anuales en persona: 1.6 millones

Facturación y comunicación transparentes

Las métricas de transparencia de facturación incluyen:

Métrico de facturación	Valor
Tasa de entrega de facturas digitales	62.4%
Factura de agua mensual promedio	R $ 89.50
Tasa de pago en línea	73.2%

Programas de participación comunitaria

Iniciativas de participación comunitaria de Sabesp:

• Programas de educación ambiental: 425 escuelas involucradas
• Talleres de conservación del agua: 78,000 participantes anualmente
• Presupuesto de divulgación comunitaria: R $ 12.3 millones

Mantenimiento de infraestructura proactiva

Estadísticas de mantenimiento e infraestructura:

Métrico de mantenimiento	Valor anual
Inspecciones de red de tuberías	6.782 kilómetros
Tiempo de respuesta de reparación de fugas	4.2 horas promedio
Inversión en infraestructura	R $ 1.6 mil millones

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: canales

Portal de servicio al cliente en línea

El portal de servicio al cliente en línea de SABESP proporciona acceso digital las 24 horas, los 7 días de la semana con las siguientes métricas clave:

Métrico de portal	Estadística
Usuarios activos mensuales	1.2 millones
Transacciones de servicio digital	3.8 millones por año
Disponibilidad de servicio	99.7%

Aplicación móvil

Las características de la aplicación móvil de Sabesp incluyen:

• Segunda cuenta de pago de facturas
• Seguimiento de consumo de agua
• Envíos de solicitudes de servicio

Módulo de aplicación móvil	Estadística
Descargas de aplicaciones	685,000
Usuarios activos mensuales	420,000

Centros de servicio físico

Métrico de centro de servicio	Estadística
Ubicaciones físicas totales	172 centros de servicio
Interacciones diarias del cliente	8.500 clientes
Tiempo de espera promedio	22 minutos

Centros de llamadas

Métrico del centro de llamadas	Estadística
Volumen de llamadas diarias	15,300 llamadas
Tiempo de respuesta promedio	3.2 minutos
Tasa de satisfacción del cliente	87.5%

Plataformas de comunicación de redes sociales

Plataforma de redes sociales	Recuento de seguidores	Tiempo de respuesta promedio
Gorjeo	210,000 seguidores	45 minutos
Facebook	350,000 seguidores	2 horas
Instagram	180,000 seguidores	1 hora

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: Segmentos de clientes

Clientes residenciales

Sabesp atiende a aproximadamente 28.5 millones de residentes en el estado de São Paulo.

Categoría de clientes	Número de conexiones	Cobertura de agua	Cobertura de alcantarillado
Clientes residenciales	8.9 millones	99.1%	92.4%

Empresas comerciales

Sabesp ofrece servicios de agua y aguas residuales a varios sectores comerciales.

Segmento comercial	Número de conexiones
Establecimientos minoristas	375,000
Sector de servicios	285,000

Clientes industriales

Sabesp apoya la infraestructura industrial de agua y aguas residuales en todo São Paulo.

• Conexiones totales de agua industrial: 42,500
• Consumo de agua industrial: 3.2 millones de m³ por mes
• Industrias clave servidas: fabricación, procesamiento de alimentos, productos químicos

Gobiernos municipales

Sabesp opera en 375 municipios dentro del estado de São Paulo.

Cobertura municipal	Número de municipios	Porcentaje de cobertura estatal
Servicios de agua	375	93.7%
Servicios de alcantarillado	362	90.5%

Organizaciones del sector público

SABESP ofrece servicios esenciales de agua y aguas residuales a las instituciones públicas.

• Conexiones de construcción pública: 15,000
• Instalaciones gubernamentales atendidas: escuelas, hospitales, edificios administrativos
• Ingresos anuales del sector público: R $ 680 millones

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: Estructura de costos

Mantenimiento y expansión de la infraestructura

En 2022, Sabesp invirtió R $ 1.8 mil millones en proyectos de mantenimiento y expansión de infraestructura. El desglose de gastos de capital de la compañía (CAPEX) incluye:

Categoría de infraestructura	Monto de inversión (R $)
Expansión de la red de suministro de agua	652 millones
Infraestructura de red de aguas residuales	589 millones
Actualizaciones de la planta de tratamiento	413 millones
Reemplazo de equipos operativos	145 millones

Costos operativos del tratamiento de agua

Los gastos operativos anuales de tratamiento de agua para SABESP en 2022 totalizaron R $ 1.2 mil millones, con el siguiente desglose de costos:

• Reactivos químicos: R $ 215 millones
• Consumo de energía para instalaciones de tratamiento: R $ 380 millones
• Pruebas y monitoreo de calidad del agua: R $ 95 millones
• Mantenimiento del equipo de tratamiento: R $ 210 millones

Salarios y beneficios de los empleados

Los gastos totales de personal para SABESP en 2022 alcanzaron R $ 1.5 mil millones, estructurados de la siguiente manera:

Categoría de gastos	Cantidad (R $)
Salarios base	980 millones
Beneficios sociales	290 millones
Seguro médico	125 millones
Contribuciones de jubilación	105 millones

Inversiones en tecnología e plataforma digital

Sabesp asignó R $ 142 millones a la tecnología y la transformación digital en 2022, con inversiones específicas que incluyen:

• Plataformas de servicio al cliente digital: R $ 38 millones
• Software de gestión operativa: R $ 45 millones
• Infraestructura de ciberseguridad: R $ 29 millones
• Sistemas de análisis de datos: R $ 30 millones

Gastos de cumplimiento ambiental

Los costos de cumplimiento ambiental para SABESP en 2022 ascendieron a R $ 225 millones, distribuidos en todo:

Área de cumplimiento	Gasto (R $)
Mejoras de tratamiento de aguas residuales	95 millones
Monitoreo ambiental	62 millones
Programas de cumplimiento regulatorio	48 millones
Iniciativas de sostenibilidad	20 millones

Companhia de SaneAmento Básico do Estado de São Paulo - Sabesp (SBS) - Modelo de negocios: Freeds de ingresos

Cargos de servicio de suministro de agua

SABESP generó ingresos operativos netos de R $ 15.2 mil millones en 2022, con servicios de suministro de agua que representan una parte significativa de este ingreso.

Categoría de clientes	Tarifa mensual promedio (R $)	Porcentaje de ingresos totales
Residencial	78.50	45%
Comercial	156.75	25%
Industrial	245.30	15%
Entidades públicas	95.60	15%

Tarifas de tratamiento de aguas residuales

Los servicios de tratamiento de aguas residuales contribuyeron con aproximadamente R $ 4.8 mil millones a los ingresos de Sabesp en 2022.

• Cobertura de recolección de aguas residuales: 89% en áreas urbanas
• Tasa de tratamiento de aguas residuales: 71% de las aguas residuales recolectadas
• Tarifa promedio de tratamiento de aguas residuales: R $ 65.20 por conexión

Contratos de servicio municipal

SABESP opera en 375 municipios, con valores de contrato por un total de R $ 2.3 mil millones en 2022.

Tipo de contrato	Número de municipios	Valor total del contrato (R $)
Concesión a largo plazo	344	1,850,000,000
Acuerdo a corto plazo	31	450,000,000

Proyectos de desarrollo de infraestructura

Las inversiones en infraestructura en 2022 alcanzaron R $ 1.7 mil millones, generando flujos de ingresos adicionales.

• Proyectos de expansión de la red de agua: R $ 890 millones
• Actualizaciones de infraestructura de aguas residuales: R $ 650 millones
• Mejoras de tecnología y eficiencia: R $ 160 millones

Subsidios e inversiones gubernamentales

El apoyo del gobierno ascendió a R $ 350 millones en 2022, complementando las fuentes de ingresos de Sabesp.

Tipo de subsidio	Cantidad (R $)	Objetivo
Financiación federal	200,000,000	Desarrollo de infraestructura
Subvenciones estatales	100,000,000	Expansión de servicios
Programa de tarifas sociales	50,000,000	Atención al cliente de bajos ingresos

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.