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Sabesp treats and distributes water and collects, treats and disposes of sewage for households, businesses and government customers in São Paulo State. Customers pay water bills based largely on consumption, with sewage charges generally tied to the same metered water volume. These services provide most of its revenue, and São Paulo city contributes a large share of its sanitation-service revenue.
Almost all of this business operates under the URAE-1 regional concession. The regulator ARSESP sets and reviews tariffs rather than leaving Sabesp free to set prices. The FAUSP mechanism settles differences between customer charges and the tariff owed to Sabesp: it pays Sabesp when customer charges are lower and receives transfers from Sabesp when they are higher.
The business depends on water from rivers and reservoirs and on maintaining and expanding its treatment plants and pipe networks. Sabesp uses operating cash and long-term financing for that investment. Its concession requires broader service coverage and service-quality standards; missed targets can reduce tariff adjustments, and repeated failures can lead to loss of the concession.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
American Water and SABESP both depend on infrastructure investment and regulated payments from households, businesses and public customers for water and wastewater services. American Water’s residential water revenue is the clearest comparison: it accounted for 54% of regulated revenue in 2025.
Essential Utilities’ Aqua businesses offer a comparison for SABESP’s water and wastewater services: both collect payments from customers in service territories with limited day-to-day competition. Watch Aqua’s water-utility acquisitions rather than Essential’s overall results, which also include substantial natural-gas operations.
California Water Service and SABESP share exposure to regulated charges and investment in networks that deliver treated water to paying customers, but their tariffs and water conditions are governed in different countries. California Water Service’s customer connections are concentrated in California, so its water-service results are a comparison, not a direct read-through to São Paulo.
H2O America offers a comparison for SABESP’s franchise- and concession-based water networks: both sell water to residential and other customers and also provide some wastewater and wholesale services. H2O America’s Water Utility Services results are the relevant line to watch, rather than its property and other service activities.
American States Water and SABESP both depend on regulated customer charges to earn from supplying water and maintaining their networks. American States Water’s Golden State Water business is the relevant comparison for SABESP, rather than its electricity or contracted-services businesses.
H2O America earningsHTO
H2O America’s Water Utility Services results show whether water and wastewater services across a comparable concession-based network are holding up, offering a comparison but not a direct read-through to São Paulo.
Focus on H2O America’s Water Utility Services, not its property and other activities. Resilient water and wastewater results would suggest recurring service revenue can hold up at a comparable concession-based network, a useful reference for Sabesp; weaker results would signal pressure in that business model, but different regulation, tariffs and water conditions mean they do not prove Sabesp is weakening.
American Water Works Company, Inc earningsAWK
American Water’s residential water results show whether household revenue is holding up at a regulated utility, a comparison for Sabesp but not a direct signal from São Paulo.
Watch whether American Water’s residential water revenue holds up or weakens; it represented 54% of regulated revenue in 2025. Resilience would show its household water business is holding up, a reference for Sabesp’s own customer-based service revenue; weakness would flag possible pressure on household utility revenue, but different tariffs and water conditions mean it does not establish a change at Sabesp.
COMPANHIA DE SANEAMENTO B SICO DO ESTADO DE SAO PAULO-SABESP earningsThis company
Sabesp’s report will show whether customer water use and bill collection support recurring service revenue and the cash needed for its large network investment program.
Read invoiced water volume and collections alongside service revenue excluding construction revenue and concession financial-asset adjustments. Rising volume and collections would show that everyday service is driving revenue and cash generation; if reported growth relies more on construction revenue or financial-asset adjustments while volume or collections weaken, the underlying service business is contributing less and investment funding is less firmly supported by operations.
