Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS): Business Model Canvas [Jan-2025 Mis à jour]

Au cœur de l'état le plus dynamique du Brésil, Sabesp apparaît comme une puissance d'infrastructure pivot, transformant la gestion de l'eau en un écosystème sophistiqué de l'innovation technologique et de la fonction publique. Avec un modèle commercial complexe qui entrewine la durabilité environnementale, les prouesses technologiques et les solutions d'infrastructure urbaine critiques, cette entreprise publique offre des services essentiels d'eau et d'assainissement à des millions à travers São Paulo, représentant un plan remarquable de la façon dont les entreprises de services publics peuvent conduire simultanément à l'alliances publiques et à la protection publique et à la protection publique et à l'alliance et à la répartition publique et à la protection publique et à l'alliance et à l'alliance et à la protection publique et à l'alliance et à la protection publique et à l'alliance et à la protection publique et à la protection publique et à la protection publique et à la protection publique et à l'alliances publiques et aux sociétés de services public Excellence opérationnelle.

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle commercial: partenariats clés

Le gouvernement de l'État de São Paulo comme actionnaire principal

Depuis 2024, l'État de São Paulo détient 50,3% des actions de vote de SABESP. Le gouvernement de l'État maintient une participation majoritaire avec un investissement total d'environ 7,8 milliards de R $ dans l'entreprise.

Catégorie des actionnaires	Pourcentage de propriété	Valeur d'investissement (R $)
État de São Paulo	50.3%	7,800,000,000
Flotteur gratuit	49.7%	7,700,000,000

Contrats de service des gouvernements municipaux

Sabesp exploite des services d'eau et d'assainissement dans 375 municipalités de l'État de São Paulo, avec 344 municipalités ayant des contrats de service complet.

• Les municipalités totales servies: 375
• Contrats de service complet: 344
• Contrats de service partiel: 31

Fournisseurs de technologies

SABESP collabore avec plusieurs fournisseurs de technologies pour les solutions d'infrastructure et de traitement de l'eau.

Fournisseur de technologie	Valeur du contrat (R $)	Focus du projet
Grundfos	42,500,000	Systèmes de pompage
Siemens	65,000,000	Automatisation du traitement de l'eau

Partenariats de conseil en environnement

SABESP investit 95 millions de rands par an dans les projets de développement durable et de conseil environnemental.

• Investissement total de conseil en environnement: 95 000 000 $ R
• Nombre de partenariats environnementaux actifs: 12

Partenariats de construction et d'ingénierie

Partenariats de développement des infrastructures totaux 520 millions de R $ en 2024.

Entreprise d'ingénierie	Valeur du contrat (R $)	Type de projet
Odebrecht Entenharia	185,000,000	Infrastructure d'eau
Camargo Corrêa	135,000,000	Extension du réseau d'assainissement

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle d'entreprise: Activités clés

Traitement et distribution de l'eau

Sabesp exploite 6 usines de traitement de l'eau dans la région métropolitaine de São Paulo. La capacité annuelle de production d'eau atteint 67,1 millions de m³ / jour. La société dessert 375 municipalités, fournissant de l'eau à environ 28,5 millions de personnes.

Métrique de traitement de l'eau	Quantité
Plantes totales de traitement de l'eau	6
Capacité quotidienne de production d'eau	67,1 millions de m³
Les municipalités servies	375
Population a servi	28,5 millions

Collecte et traitement des eaux usées

SABESP gère 523 stations de traitement des eaux usées. L'entreprise collecte et traite les eaux usées pour 344 municipalités, avec un taux de couverture de traitement des eaux usées de 87,4%.

Métrique de gestion des eaux usées	Quantité
Stations de traitement des eaux usées	523
Municipalités avec traitement des eaux usées	344
Taux de couverture des eaux usées	87.4%

Maintenance et expansion des infrastructures

SABESP a investi 2,8 milliards de rands de rands dans l'expansion et la maintenance des infrastructures en 2023. Les mesures clés de l'infrastructure comprennent:

• Longueur du réseau d'eau: 79 200 kilomètres
• Longueur du réseau d'égouts: 54 600 kilomètres
• Investissement annuel sur les infrastructures: 2,8 milliards de R

Conformité et surveillance environnementales

Sabesp effectue 250 000 tests de qualité de l'eau par an. La société maintient la certification ISO 14001 pour la gestion de l'environnement dans 100% de ses principales installations de traitement.

Métrique de surveillance environnementale	Quantité
Tests annuels de qualité de l'eau	250,000
Installations certifiées ISO 14001	100%

Service client et gestion de facturation

SABESP gère 15,3 millions de connexions clients avec une plate-forme de service numérique. La société traite environ 4,2 millions de transactions de facturation mensuelles.

Métrique du service client	Quantité
Connexions du client total	15,3 millions
Transactions de facturation mensuelles	4,2 millions

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle commercial: Ressources clés

Vaste réseau d'infrastructures d'eau et d'égouts

SABESP exploite un réseau d'infrastructure complet dans l'État de São Paulo:

Composant d'infrastructure	Quantité
Plantes de traitement de l'eau	135 unités
Plantes de traitement des eaux usées	242 unités
Longueur du réseau de distribution d'eau	79 406 kilomètres
Longueur du réseau de collecte des eaux usées	56 269 kilomètres

Installations avancées de traitement de l'eau

Les capacités de traitement de l'eau de Sabesp comprennent:

• Capacité quotidienne de production d'eau de 67,5 millions de mètres cubes
• Technologie de traitement de l'eau répondant aux normes de qualité internationales
• Systèmes de filtration et de purification avancés

Main-d'œuvre technique et opérationnelle qualifiée

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Nombre d'employés
Total des employés	14,856
Spécialistes techniques	6,342
Personnel opérationnel	5,214

Connaissance géographique de l'État de São Paulo

Couverture et portée opérationnelle:

• Dessert 375 municipalités de l'État de São Paulo
• Couvre 99% de l'approvisionnement en eau urbaine
• Couvre 96% de la collection d'eaux usées urbaines

Plateformes numériques pour l'engagement des clients

Détails de l'infrastructure numérique:

Plate-forme numérique	Métriques des utilisateurs
Utilisateurs d'applications mobiles	2,3 millions
Plateformes de service en ligne	5 canaux numériques intégrés
Transactions de services numériques annuels	12,6 millions

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle d'entreprise: Propositions de valeur

Services à l'eau et à l'assainissement fiables

Sabesp dessert 375 municipalités de l'État de São Paulo, fournissant des services d'eau et d'assainissement à environ 28,5 millions de personnes. La société maintient un réseau d'approvisionnement en eau de 71 950 kilomètres et un réseau d'égouts de 59 350 kilomètres.

Métrique de service	Pourcentage de couverture
Couverture de l'approvisionnement en eau	99.1%
Couverture de collecte des eaux usées	90.4%

Durabilité et conservation de l'environnement

SABESP investit dans les stratégies de conservation de l'eau et de protection de l'environnement.

• Taux de réduction de la perte d'eau: 14,5% en 2022
• Efficacité du traitement des eaux usées: 86,2%
• Investissement annuel dans les projets environnementaux: 1,2 milliard de dollars

Protection de la santé publique à travers l'eau propre

L'entreprise assure la qualité de l'eau grâce à des processus de test et de traitement rigoureux.

Paramètre de qualité de l'eau	Taux de conformité
Normes de potabilité	99.6%
Qualité bactériologique	99.8%

Innovation technologique dans la gestion de l'eau

SABESP met en œuvre des solutions technologiques avancées pour la gestion de l'eau.

• Compteurs d'eau intelligents déployés: 250 000 unités
• Investissement de transformation numérique: 350 millions de R $ par an
• Couverture de la technologie de détection des fuites: 45% du réseau

Solutions complètes d'infrastructure urbaine

L'entreprise propose des solutions intégrées d'infrastructures urbaines en eau et en assainissement.

Investissement en infrastructure	Montant (R $)
Investissement annuel sur les infrastructures	2,8 milliards de R
Mises à niveau des usines de traitement des eaux usées	650 millions de R

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle d'entreprise: Relations clients

Plates-formes de support client numérique

SABESP exploite un système complet de support client numérique avec les mesures suivantes:

Canal numérique	Utilisation annuelle	Taux de satisfaction client
Téléchargements d'applications mobiles	1,2 million	87.5%
Portail de service en ligne	3,4 millions d'utilisateurs uniques	82.3%
Service client WhatsApp	2,1 millions d'interactions	89.6%

Centres de service locaux

SABESP maintient un vaste réseau d'emplacements de services physiques:

• Centres de services totaux: 238 dans l'État de São Paulo
• Temps d'attente moyen du client: 17 minutes
• Interactions annuelles de service en personne: 1,6 million

Facturation et communication transparentes

Les mesures de transparence de facturation comprennent:

Métrique de facturation	Valeur
Taux de livraison de factures numériques	62.4%
Facture d'eau mensuelle moyenne	R 89,50 $
Taux de paiement en ligne	73.2%

Programmes d'engagement communautaire

Initiatives d'engagement communautaire de Sabesp::

• Programmes d'éducation environnementale: 425 écoles impliquées
• Ateliers de conservation de l'eau: 78 000 participants chaque année
• Budget de sensibilisation communautaire: 12,3 millions de dollars

Maintenance de l'infrastructure proactive

Statistiques de maintenance et d'infrastructure:

Métrique de maintenance	Valeur annuelle
Inspections du réseau de tuyaux	6 782 kilomètres
Temps de réponse de la réparation des fuites	4,2 heures en moyenne
Investissement en infrastructure	1,6 milliard de R

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle commercial: Channeaux

Portail de service client en ligne

Le portail de service client en ligne de SABESP fournit un accès numérique 24/7 avec les mesures clés suivantes:

Métrique du portail	Statistique
Utilisateurs actifs mensuels	1,2 million
Transactions de service numérique	3,8 millions par an
Disponibilité du service	99.7%

Application mobile

Les fonctionnalités de l'application mobile de SABESP comprennent:

• Paiement de facture du deuxième compte
• Suivi de la consommation d'eau
• Soumissions de demande de service

Métrique de l'application mobile	Statistique
Téléchargements d'applications	685,000
Utilisateurs actifs mensuels	420,000

Centres de service physique

Métrique du centre de service	Statistique
Emplacements physiques totaux	172 centres de service
Interactions quotidiennes du client	8 500 clients
Temps d'attente moyen	22 minutes

Centres d'appel

Métrique du centre d'appel	Statistique
Volume d'appel quotidien	15 300 appels
Temps de réponse moyen	3,2 minutes
Taux de satisfaction client	87.5%

Plateformes de communication des médias sociaux

Plateforme de médias sociaux	Nombre de suiveurs	Temps de réponse moyen
Gazouillement	210 000 abonnés	45 minutes
Facebook	350 000 abonnés	2 heures
Instagram	180 000 abonnés	1 heure

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle d'entreprise: segments de clientèle

Clients résidentiels

Sabesp dessert environ 28,5 millions de résidents dans l'État de São Paulo.

Catégorie client	Nombre de connexions	Couverture de l'eau	Couverture des eaux usées
Clients résidentiels	8,9 millions	99.1%	92.4%

Entreprises commerciales

SABESP fournit des services d'eau et d'égouts à divers secteurs commerciaux.

Segment commercial	Nombre de connexions
Établissements de vente au détail	375,000
Secteur des services	285,000

Clients industriels

SABESP soutient les infrastructures industrielles de l'eau et des eaux usées à travers São Paulo.

• Connexions totales de l'eau industrielle: 42 500
• Consommation de l'eau industrielle: 3,2 millions de m³ par mois
• Industries clés servies: fabrication, transformation des aliments, produits chimiques

Gouvernements municipaux

Sabesp opère dans 375 municipalités de l'État de São Paulo.

Couverture municipale	Nombre de municipalités	Pourcentage de la couverture de l'État
Services de l'eau	375	93.7%
Services d'égout	362	90.5%

Organisations du secteur public

SABESP fournit des services essentiels de l'eau et des eaux usées aux institutions publiques.

• Connexions de construction publique: 15 000
• Installations gouvernementales servies: écoles, hôpitaux, bâtiments administratifs
• Revenus annuels du secteur public: 680 millions de rands

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle d'entreprise: Structure des coûts

Maintenance et expansion des infrastructures

En 2022, SABESP a investi 1,8 milliard de RS dans des projets de maintenance et d'expansion des infrastructures. La ventilation des dépenses en capital de la société (CAPEX) comprend:

Catégorie d'infrastructure	Montant d'investissement (R $)
Extension du réseau d'approvisionnement en eau	652 millions
Infrastructure du réseau d'égouts	589 millions
Mises à niveau de l'usine de traitement	413 millions
Remplacement de l'équipement opérationnel	145 millions

Coûts opérationnels du traitement de l'eau

Les dépenses opérationnelles annuelles sur le traitement de l'eau pour SABESP en 2022 ont totalisé 1,2 milliard de R $, avec la ventilation des coûts suivants:

• Réactifs chimiques: 215 millions de dollars
• Consommation d'énergie pour les installations de traitement: 380 millions de rands
• Test et surveillance de la qualité de l'eau: 95 millions de dollars
• Entretien de l'équipement de traitement: 210 millions de dollars

Salaires et avantages sociaux des employés

Le total des dépenses de personnel de SABESP en 2022 a atteint 1,5 milliard de R, structuré comme suit:

Catégorie de dépenses	Montant (R $)
Salaires de base	980 millions
Avantages sociaux	290 millions
Assurance maladie	125 millions
Contributions à la retraite	105 millions

Investissements technologiques et plate-forme numérique

SABESP a alloué 142 millions de R $ à la technologie et à la transformation numérique en 2022, avec des investissements spécifiques, notamment:

• Plateformes de service à la clientèle numérique: 38 millions de dollars
• Logiciel de gestion opérationnelle: 45 millions de R $
• Infrastructure de cybersécurité: 29 millions de R $
• Systèmes d'analyse de données: 30 millions de dollars

Dépenses de conformité environnementale

Les coûts de conformité environnementale pour SABESP en 2022 s'élevaient à 225 millions de rands, distribués à travers:

Zone de conformité	Dépenses (R $)
Améliorations du traitement des eaux usées	95 millions
Surveillance environnementale	62 millions
Programmes de conformité réglementaire	48 millions
Initiatives de durabilité	20 millions

Companhia de Saneamento Básico do Estado de São Paulo - Sabesp (SBS) - Modèle commercial: Strots de revenus

Frais de service d'approvisionnement en eau

SABESP a généré des revenus d'exploitation nets de 15,2 milliards de rands en 2022, les services d'approvisionnement en eau représentant une partie importante de ce revenu.

Catégorie client	Tarif mensuel moyen (R $)	Pourcentage du total des revenus
Résidentiel	78.50	45%
Commercial	156.75	25%
Industriel	245.30	15%
Entités publiques	95.60	15%

Frais de traitement des eaux usées

Les services de traitement des eaux usées ont contribué à environ 4,8 milliards de rands de rands aux revenus de SABESP en 2022.

• Couverture de collecte des eaux usées: 89% dans les zones urbaines
• Taux de traitement des eaux usées: 71% des eaux usées collectées
• Frais de traitement des eaux usées moyens: 65,20 R $ par connexion

Contrats de services municipaux

SABESP opère dans 375 municipalités, avec des valeurs contractuelles totalisant 2,3 milliards de rands en 2022.

Type de contrat	Nombre de municipalités	Valeur totale du contrat (R $)
Concession à long terme	344	1,850,000,000
Accord à court terme	31	450,000,000

Projets de développement des infrastructures

Les investissements à l'infrastructure en 2022 ont atteint 1,7 milliard de RS, générant des sources de revenus supplémentaires.

• Projets d'expansion du réseau d'eau: 890 millions de dollars
• Mises à niveau des infrastructures des eaux usées: 650 millions de R $
• Améliorations de la technologie et de l'efficacité: 160 millions de rands

Subventions et investissements du gouvernement

Le soutien du gouvernement s'élevait à 350 millions de rands en 2022, complétant les sources de revenus de SABESP.

Type de subvention	Montant (R $)	But
Financement fédéral	200,000,000	Développement des infrastructures
Subventions d'État	100,000,000	Expansion des services
Programme de tarif social	50,000,000	Support client à faible revenu

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.