# EDGAR Filing Document

**Accession Number:** 0001170858
**File Stem:** 0001292814-26-000921
**Filing Date:** 2026-3
**Character Count:** 43211
**Document Hash:** d3a65a7a09b7a5669607f9428c79c0b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-26-000921.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001292814-26-000921

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
- **CENTRAL INDEX KEY:** 0001170858
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER SUPPLY [4941]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31317
- **FILM NUMBER:** 26760298

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** RUA COSTA CARVALHO, 300
- **STREET 2:** SAO PAULO
- **CITY:** SP
- **PROVINCE COUNTRY:** D5
- **BUSINESS PHONE:** 55-11-3388-8110

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** RUA COSTA CARVALHO, 300
- **STREET 2:** SAO PAULO
- **CITY:** SP
- **PROVINCE COUNTRY:** D5

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**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549** 

------

**FORM 6-K**

**REPORT OF FOREIGN ISSUER**<br>**PURSUANT TO RULE 13a-16 OR 15d-16 OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For March, 2026** **(Commission File No. 1-31317)** 

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**Companhia de Saneamento Básico do Estado de São Paulo - SABESP** 

*(Exact name of registrant as specified in its charter)* 

**Basic Sanitation Company of the State of Sao Paulo - SABESP** 

*(Translation of Registrant's name into English)* 

------

**Rua Costa Carvalho, 300 <br>São Paulo, S.P., 05429-900 <br>Federative Republic of Brazil** 

*(Address of Registrant's principal executive offices)* <br>

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Indicate by check mark whether the registrant files or will file <br>annual reports under cover Form 20-F or Form 40-F. <br>Form 20-F ___X___ Form 40-F ______

Indicate by check mark if the registrant is submitting the Form 6-K <br>in paper as permitted by Regulation S-T Rule 101(b)(1)__.

Indicate by check mark if the registrant is submitting the Form 6-K <br>in paper as permitted by Regulation S-T Rule 101(b)(7)__.

Indicate by check mark whether the registrant by furnishing the <br>information contained in this Form is also thereby furnishing the <br>information to the Commission pursuant to Rule 12g3-2(b) under <br>the Securities Exchange Act of 1934. <br>Yes ______ No ___X___

If "Yes" is marked, indicated below the file number assigned to the<br>registrant in connection with Rule 12g3-2(b):

**March 16, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;· FY25
EPS of R$12.37 versus R$14,02 in FY24. Excluding the effect of the financial asset FY25 EPS was R$10.90 vs R$6.00 in FY24;

&nbsp;&nbsp;&nbsp;&nbsp;· R$4.8
bn Capex in 4Q25 aimed at universal access and R$15.2 bn in FY25;

&nbsp;&nbsp;&nbsp;&nbsp;· 97,000
net incremental connections versus FY24.

SÃO PAULO, SP – Sabesp (SBSP3) reported adjusted earnings of R$3.93 per share in the 4Q25, compared to R$2.10 per share in the same period of the previous year.

"2025 was a year marked by ramp-up in capex deployment, capital structure and allocation discipline, and continued progress towards best-in-class operational efficiency. We invested R$15.2 bn, more than double the amount invested in 2024, and closed the year with Adj EBITDA of R$13.2 bn (+17% y/y) and Net Income¹ of R$6.3 bn (+22% y/y), results that reflect the aggregate effect of our efficiency plan.

In 4Q25, we kept pace and achieved important milestones where (i) collection rate reached 100.2%, (ii) costs declined by (11%) y/y, and (iii) volume grew by 3.0%, resulting in an Adj EBITDA of R$3.4 bn (+13% versus 4Q24) and Net Income¹ of R$1.9 bn," said Daniel Szlak, CFO of Sabesp.

"More importantly, we´ve expanded the access to sanitation, meeting all U-Factor units incremental targets for 2024-25 one month ahead of schedule and brought water to 1,8 mn people and sewage to 3,8 mn people in that period. The magnitude of our investments also boosted the economy in the communities in which we operate, creating around 40,000 direct and indirect jobs.

As the largest sanitation company in the Southern Hemisphere, we remain committed to an agenda that combines top-notch infrastructure investment, operational excellence and sustainability in our communities. We enter 2026 with even stronger foundations to accelerate this movement," said Carlos Piani, CEO of Sabesp.

**Consolidated Results**

For the quarter-ended December 31, 2025, Sabesp reported adjusted earnings per share of R$3.93 compared to R$2.10 recorded in the same period of the previous year. Performance was driven by volume growth resulting from new connections (U-Factor targets fully attained), tariff gains and better collection, partially offset by the change in customer mix, with the expansion of connections with access to subsidized rates².

The quarter maintained the momentum of efficiency gains, with reductions in general and administrative expenses, headcount reduction, power optimization with shifts to the free market, and a lower allowance for doubtful accounts. These factors contributed to a 13% gain in Adj EBITDA, totaling R$3.4 bn in 4Q25, and offset the effect of higher benchmark rates (Selic) in financial expenses to maintain Net Income stable at R$1.9 bn y/y.

Sabesp invested R$4.8 bn in 4Q25, a 73% increase over the same period of the previous year, focusing on expansion projects directly aimed at meeting universalization targets.

**Earnings Conference Call**

Will be held on March 17, 2026, at 10:00 AM (Brasília time). Access link is available at the Company's Investor Relations website. The presentation has been made available at the same website. An audio recording of the call will be posted at the same website.

1. Excluding the update of the financial asset (indemnification)

2. Covered from July/25 onward by the amendment signed between
Sabesp and URAE - 1
(https://semil.sp.gov.br/urae1/wp content/uploads/sites/26/2025/08/2-Termo_Aditivo_Assinado_URAE1_ARSESP_SABESP.pdf)

![](sbspr4q256k_002.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REPORTED INCOME STATEMENT (CONSOLIDATED)** | **REPORTED INCOME STATEMENT (CONSOLIDATED)** | **REPORTED INCOME STATEMENT (CONSOLIDATED)** | **REPORTED INCOME STATEMENT (CONSOLIDATED)** | **REPORTED INCOME STATEMENT (CONSOLIDATED)** | **REPORTED INCOME STATEMENT (CONSOLIDATED)** | **REPORTED INCOME STATEMENT (CONSOLIDATED)** | | | **R$** **mn** |
|  | | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** |
|  | &nbsp;&nbsp;Revenue from Operations | &nbsp;&nbsp;6346 | &nbsp;&nbsp;6229 | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;24761 | &nbsp;&nbsp;23895 | &nbsp;&nbsp;866 | &nbsp;&nbsp;3.6 |
|  | &nbsp;&nbsp;FAUSP | &nbsp;&nbsp;(230) | &nbsp;&nbsp;(238) | &nbsp;&nbsp;8 | &nbsp;&nbsp;(3.5) | &nbsp;&nbsp;(966) | &nbsp;&nbsp;(395) | &nbsp;&nbsp;(571) | &nbsp;&nbsp;144.5 |
|  | &nbsp;&nbsp;Financial Asset | &nbsp;&nbsp;830 | &nbsp;&nbsp;331 | &nbsp;&nbsp;498 | &nbsp;&nbsp;150.4 | &nbsp;&nbsp;1676 | &nbsp;&nbsp;9151 | &nbsp;&nbsp;(7475) | &nbsp;&nbsp;(81.7) |
|  | &nbsp;&nbsp;Sales Tax | &nbsp;&nbsp;(511) | &nbsp;&nbsp;(567) | &nbsp;&nbsp;56 | &nbsp;&nbsp;(9.9) | &nbsp;&nbsp;(1817) | &nbsp;&nbsp;(2731) | &nbsp;&nbsp;915 | &nbsp;&nbsp;(33.5) |
| **(=)** | &nbsp;&nbsp;**Net Sanitation Revenue** | &nbsp;&nbsp;**6435** | &nbsp;&nbsp;**5755** | &nbsp;&nbsp;**680** | &nbsp;&nbsp;**11.8** | &nbsp;&nbsp;**23655** | &nbsp;&nbsp;**29920** | &nbsp;&nbsp;**(6265)** | &nbsp;&nbsp;**(20.9)** |
|  | &nbsp;&nbsp;Construction revenues | &nbsp;&nbsp;4841 | &nbsp;&nbsp;2084 | &nbsp;&nbsp;2757 | &nbsp;&nbsp;132.3 | &nbsp;&nbsp;14437 | &nbsp;&nbsp;6226 | &nbsp;&nbsp;8211 | &nbsp;&nbsp;131.9 |
| **(=)** | &nbsp;&nbsp;**Net Revenue** | &nbsp;&nbsp;**11276** | &nbsp;&nbsp;**7839** | &nbsp;&nbsp;**3438** | &nbsp;&nbsp;**43.9** | &nbsp;&nbsp;**38092** | &nbsp;&nbsp;**36145** | &nbsp;&nbsp;**1947** | &nbsp;&nbsp;**5.4** |
|  | &nbsp;&nbsp;Construction costs | &nbsp;&nbsp;(4841) | &nbsp;&nbsp;(2037) | &nbsp;&nbsp;(2804) | &nbsp;&nbsp;137.7 | &nbsp;&nbsp;(14437) | &nbsp;&nbsp;(6086) | &nbsp;&nbsp;(8351) | &nbsp;&nbsp;137.2 |
|  | &nbsp;&nbsp;Operating Costs and expenses | &nbsp;&nbsp;(2310) | &nbsp;&nbsp;(3393) | &nbsp;&nbsp;1082 | &nbsp;&nbsp;(31.9) | &nbsp;&nbsp;(9169) | &nbsp;&nbsp;(11627) | &nbsp;&nbsp;2458 | &nbsp;&nbsp;(21.1) |
|  | &nbsp;&nbsp;Other operating income/(expense), net | &nbsp;&nbsp;282 | &nbsp;&nbsp;(125) | &nbsp;&nbsp;406 | &nbsp;&nbsp;(325.9) | &nbsp;&nbsp;275 | &nbsp;&nbsp;(280) | &nbsp;&nbsp;555 | &nbsp;&nbsp;(198.0) |
|  | &nbsp;&nbsp;Minority Interest | &nbsp;&nbsp;16 | &nbsp;&nbsp;10 | &nbsp;&nbsp;6 | &nbsp;&nbsp;66.4 | &nbsp;&nbsp;48 | &nbsp;&nbsp;35 | &nbsp;&nbsp;13 | &nbsp;&nbsp;36.3 |
| **(=)** | &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**4423** | &nbsp;&nbsp;**2294** | &nbsp;&nbsp;**2128** | &nbsp;&nbsp;**92.8** | &nbsp;&nbsp;**14808** | &nbsp;&nbsp;**18187** | &nbsp;&nbsp;**(3379)** | &nbsp;&nbsp;**(18.6)** |
| *(%)* | &nbsp;&nbsp;*Margin* | &nbsp;&nbsp;*39%* | &nbsp;&nbsp;*29%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*10.0* | &nbsp;&nbsp;*39%* | &nbsp;&nbsp;*50%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*(11.4)* |
|  | &nbsp;&nbsp;Depreciation and Amortization | &nbsp;&nbsp;(547) | &nbsp;&nbsp;(521) | &nbsp;&nbsp;(26) | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;(2209) | &nbsp;&nbsp;(2677) | &nbsp;&nbsp;468 | &nbsp;&nbsp;(17.5) |
| **(=)** | &nbsp;&nbsp;**EBIT** | &nbsp;&nbsp;**3876** | &nbsp;&nbsp;**1774** | &nbsp;&nbsp;**2102** | &nbsp;&nbsp;**118.5** | &nbsp;&nbsp;**12600** | &nbsp;&nbsp;**15510** | &nbsp;&nbsp;**(2911)** | &nbsp;&nbsp;**(18.8)** |
|  | &nbsp;&nbsp;Net Financial result | &nbsp;&nbsp;(894) | &nbsp;&nbsp;(543) | &nbsp;&nbsp;(351) | &nbsp;&nbsp;64.6 | &nbsp;&nbsp;(898) | &nbsp;&nbsp;(1868) | &nbsp;&nbsp;970 | &nbsp;&nbsp;(51.9) |
| **(=)** | &nbsp;&nbsp;**EBT** | &nbsp;&nbsp;**2982** | &nbsp;&nbsp;**1231** | &nbsp;&nbsp;**1752** | &nbsp;&nbsp;**142.3** | &nbsp;&nbsp;**11702** | &nbsp;&nbsp;**13643** | &nbsp;&nbsp;**(1941)** | &nbsp;&nbsp;**(14.2)** |
|  | &nbsp;&nbsp;Income tax | &nbsp;&nbsp;(297) | &nbsp;&nbsp;204 | &nbsp;&nbsp;(501) | &nbsp;&nbsp;(245.3) | &nbsp;&nbsp;(3240) | &nbsp;&nbsp;(4063) | &nbsp;&nbsp;823 | &nbsp;&nbsp;(20.3) |
| **(=)** | &nbsp;&nbsp;**Net income** | &nbsp;&nbsp;**2685** | &nbsp;&nbsp;**1435** | &nbsp;&nbsp;**1251** | &nbsp;&nbsp;**87.1** | &nbsp;&nbsp;**8462** | &nbsp;&nbsp;**9580** | &nbsp;&nbsp;**(1118)** | &nbsp;&nbsp;**(11.7)** |
| *(%)* | &nbsp;&nbsp;*Margin* | &nbsp;&nbsp;*24%* | &nbsp;&nbsp;*18%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*5.5* | &nbsp;&nbsp;*22%* | &nbsp;&nbsp;*27%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*(4.3)* |
|  | &nbsp;&nbsp;EPS (R$)\* | &nbsp;&nbsp;3.93 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;12.37 | &nbsp;&nbsp;14.02 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

![](sbspr4q256k_003.jpg)

**ADJUSTED INCOME STATEMENT (CONSOLIDATED)**

**4Q25**

**R$** **mn**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**4Q25<br> Adjusted** | &nbsp;&nbsp;**4Q24<br> Adjusted** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** |
|  | | &nbsp;&nbsp;**4Q25** | | | | &nbsp;&nbsp;**4Q25<br> Adjusted** | &nbsp;&nbsp;**4Q24<br> Adjusted** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** |
|  | <br>&nbsp;&nbsp;Revenue from Operations | &nbsp;&nbsp;6346 | &nbsp;&nbsp;**Financial Asset**<br>&nbsp;&nbsp;- | &nbsp;&nbsp;**Construction**<br>&nbsp;&nbsp;- | &nbsp;&nbsp;**Non-Recurring**<br>&nbsp;&nbsp;- | &nbsp;&nbsp;6346 | &nbsp;&nbsp;6229 | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.9 |
|  | &nbsp;&nbsp;FAUSP | &nbsp;&nbsp;(230) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(230) | &nbsp;&nbsp;(238) | &nbsp;&nbsp;8 | &nbsp;&nbsp;(3.5) |
|  | &nbsp;&nbsp;Financial Asset | &nbsp;&nbsp;830 | &nbsp;&nbsp;(830) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;Sales Tax | &nbsp;&nbsp;(511) | &nbsp;&nbsp;77 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(434) | &nbsp;&nbsp;(425) | &nbsp;&nbsp;(9) | &nbsp;&nbsp;2.2 |
| **(=)** | &nbsp;&nbsp;**Net Sanitation Revenue** | &nbsp;&nbsp;**6435** | &nbsp;&nbsp;**(753)** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**5682** | &nbsp;&nbsp;**5565** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.1** |
|  | &nbsp;&nbsp;Construction revenues | &nbsp;&nbsp;4841 | &nbsp;&nbsp;- | &nbsp;&nbsp;(4841) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| **(=)** | &nbsp;&nbsp;**Net Revenue** | &nbsp;&nbsp;**11276** | &nbsp;&nbsp;**(753)** | &nbsp;&nbsp;**(4841)** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**5682** | &nbsp;&nbsp;**5565** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.1** |
|  | &nbsp;&nbsp;Construction costs | &nbsp;&nbsp;(4841) | &nbsp;&nbsp;- | &nbsp;&nbsp;4841 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;Operating Costs and expenses | &nbsp;&nbsp;(2310) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;50 | &nbsp;&nbsp;(2260) | &nbsp;&nbsp;(2519) | &nbsp;&nbsp;259 | &nbsp;&nbsp;(10.3) |
|  | &nbsp;&nbsp;Other operating income/(expense), net | &nbsp;&nbsp;282 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(330) | &nbsp;&nbsp;(49) | &nbsp;&nbsp;10 | &nbsp;&nbsp;(58) | &nbsp;&nbsp;(600.8) |
|  | &nbsp;&nbsp;Minority Interest | &nbsp;&nbsp;16 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;16 | &nbsp;&nbsp;(57) | &nbsp;&nbsp;73 | &nbsp;&nbsp;(128.3) |
| **(=)** | &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**4423** | &nbsp;&nbsp;**(753)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(280)** | &nbsp;&nbsp;**3389** | &nbsp;&nbsp;**2999** | &nbsp;&nbsp;**390** | &nbsp;&nbsp;**13.0** |
| *(%)* | &nbsp;&nbsp;*Margin* | &nbsp;&nbsp;*39%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*60%* | &nbsp;&nbsp;*54%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*5.8* |
|  | &nbsp;&nbsp;Depreciation and Amortization | &nbsp;&nbsp;(547) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(547) | &nbsp;&nbsp;(521) | &nbsp;&nbsp;(26) | &nbsp;&nbsp;5.0 |
| **(=)** | &nbsp;&nbsp;**EBIT** | &nbsp;&nbsp;**3876** | &nbsp;&nbsp;**(753)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(280)** | &nbsp;&nbsp;**2843** | &nbsp;&nbsp;**2478** | &nbsp;&nbsp;**364** | &nbsp;&nbsp;**14.7** |
|  | &nbsp;&nbsp;Net Financial result | &nbsp;&nbsp;(894) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(154) | &nbsp;&nbsp;(1048) | &nbsp;&nbsp;(543) | &nbsp;&nbsp;(505) | &nbsp;&nbsp;93.0 |
| **(=)** | &nbsp;&nbsp;**EBT** | &nbsp;&nbsp;**2982** | &nbsp;&nbsp;**(753)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(434)** | &nbsp;&nbsp;**1795** | &nbsp;&nbsp;**1935** | &nbsp;&nbsp;**(141)** | &nbsp;&nbsp;**(7.3)** |
|  | &nbsp;&nbsp;Income tax | &nbsp;&nbsp;(297) | &nbsp;&nbsp;256 | &nbsp;&nbsp;0 | &nbsp;&nbsp;148 | &nbsp;&nbsp;107 | &nbsp;&nbsp;(35) | &nbsp;&nbsp;142 | &nbsp;&nbsp;(402.5) |
| **(=)** | &nbsp;&nbsp;**Net income** | &nbsp;&nbsp;**2685** | &nbsp;&nbsp;**(497)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(287)** | &nbsp;&nbsp;**1902** | &nbsp;&nbsp;**1901** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**0.0** |
| *(%)* | &nbsp;&nbsp;*Margin* | &nbsp;&nbsp;*24%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*33%* | &nbsp;&nbsp;*34%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*(0.7)* |
|  | &nbsp;&nbsp;EPS (R$)\* | &nbsp;&nbsp;3.93 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2.78 | &nbsp;&nbsp;2.78 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

Balance adjusted by construction revenue/cost

The non-recurring effects on 4Q25 EBITDA were: (i) R$369 mn related to tax credits; (ii) R$(60) mn in accruals for logistics restructuring and (iii) R$(28) mn reduction in legal contingencies.

For comparison purposes, the non-recurring impacts reported in 4Q24 EBITDA were: (i) Sabesp Gente VTP accrual for R$630 mn; (ii) reassessment of legal claims R$471 mn; (iii) Write-off of work in progress fixed assets of R$164 mn; (iv) R$111 mn of accrual for taxes on unbilled revenue; (v) R$100 mn of Privatization expenses; (vi) Slow move and inventory difference accrual of R$95 mn; and (vii) Post-privatization PMI consulting of R$40 mn.

In addition to the impact of non-recurring items on 4Q25 EBITDA, there was a non-recurring effect of R$154 mn in financial results, related to the monetary update of tax recoveries.

**2025**

**R$** **mn**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**2025<br> Adjusted** | &nbsp;&nbsp;**2024<br> Adjusted** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** |
|  | | &nbsp;&nbsp;**2025** | | | | &nbsp;&nbsp;**2025<br> Adjusted** | &nbsp;&nbsp;**2024<br> Adjusted** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** |
|  | <br>&nbsp;&nbsp;Revenue from Operations | &nbsp;&nbsp;24761 | &nbsp;&nbsp;**Financial Asset**<br>&nbsp;&nbsp;- | &nbsp;&nbsp;**Construction**<br>&nbsp;&nbsp;- | &nbsp;&nbsp;**Non-Recurring**<br>&nbsp;&nbsp;- | &nbsp;&nbsp;24761 | &nbsp;&nbsp;23895 | &nbsp;&nbsp;866 | &nbsp;&nbsp;3.6 |
|  | &nbsp;&nbsp;FAUSP | &nbsp;&nbsp;(966) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;108 | &nbsp;&nbsp;(858) | &nbsp;&nbsp;(395) | &nbsp;&nbsp;(463) | &nbsp;&nbsp;117.2 |
|  | &nbsp;&nbsp;Financial Asset | &nbsp;&nbsp;1676 | &nbsp;&nbsp;(1676) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;Sales Tax | &nbsp;&nbsp;(1817) | &nbsp;&nbsp;155 | &nbsp;&nbsp;- | &nbsp;&nbsp;(28) | &nbsp;&nbsp;(1690) | &nbsp;&nbsp;(1774) | &nbsp;&nbsp;84 | &nbsp;&nbsp;(4.8) |
| **(=)** | &nbsp;&nbsp;**Net Sanitation Revenue** | &nbsp;&nbsp;**23655** | &nbsp;&nbsp;**(1521)** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**22213** | &nbsp;&nbsp;**21726** | &nbsp;&nbsp;**487** | &nbsp;&nbsp;**2.2** |
|  | &nbsp;&nbsp;Construction revenues | &nbsp;&nbsp;14437 | &nbsp;&nbsp;- | &nbsp;&nbsp;(14437) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| **(=)** | &nbsp;&nbsp;**Net Revenue** | &nbsp;&nbsp;**38092** | &nbsp;&nbsp;**(1521)** | &nbsp;&nbsp;**(14437)** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**22213** | &nbsp;&nbsp;**21726** | &nbsp;&nbsp;**487** | &nbsp;&nbsp;**2.2** |
|  | &nbsp;&nbsp;Construction costs | &nbsp;&nbsp;(14437) | &nbsp;&nbsp;- | &nbsp;&nbsp;14437 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;Operating Costs and expenses | &nbsp;&nbsp;(9169) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;155 | &nbsp;&nbsp;(9014) | &nbsp;&nbsp;(10388) | &nbsp;&nbsp;1374 | &nbsp;&nbsp;(13.2) |
|  | &nbsp;&nbsp;Other operating income/(expense), net | &nbsp;&nbsp;275 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(301) | &nbsp;&nbsp;(26) | &nbsp;&nbsp;(34) | &nbsp;&nbsp;8 | &nbsp;&nbsp;(23.1) |
|  | &nbsp;&nbsp;Minority Interest | &nbsp;&nbsp;48 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;48 | &nbsp;&nbsp;35 | &nbsp;&nbsp;13 | &nbsp;&nbsp;36.3 |
| **(=)** | &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**14808** | &nbsp;&nbsp;**(1521)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(66)** | &nbsp;&nbsp;**13221** | &nbsp;&nbsp;**11339** | &nbsp;&nbsp;**1882** | &nbsp;&nbsp;**16.6** |
| *(%)* | &nbsp;&nbsp;*Margin* | &nbsp;&nbsp;*39%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*60%* | &nbsp;&nbsp;*52%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*7.3* |
|  | &nbsp;&nbsp;Depreciation and Amortization | &nbsp;&nbsp;(2209) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(2209) | &nbsp;&nbsp;(2627) | &nbsp;&nbsp;418 | &nbsp;&nbsp;(15.9) |
| **(=)** | &nbsp;&nbsp;**EBIT** | &nbsp;&nbsp;**12600** | &nbsp;&nbsp;**(1521)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(66)** | &nbsp;&nbsp;**11012** | &nbsp;&nbsp;**8712** | &nbsp;&nbsp;**2300** | &nbsp;&nbsp;**26.4** |
|  | &nbsp;&nbsp;Net Financial result | &nbsp;&nbsp;(898) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(1660) | &nbsp;&nbsp;(2558) | &nbsp;&nbsp;(1744) | &nbsp;&nbsp;(814) | &nbsp;&nbsp;46.7 |
| **(=)** | &nbsp;&nbsp;**EBT** | &nbsp;&nbsp;**11702** | &nbsp;&nbsp;**(1521)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(1727)** | &nbsp;&nbsp;**8454** | &nbsp;&nbsp;**6968** | &nbsp;&nbsp;**1485** | &nbsp;&nbsp;**21.3** |
|  | &nbsp;&nbsp;Income tax | &nbsp;&nbsp;(3240) | &nbsp;&nbsp;517 | &nbsp;&nbsp;0 | &nbsp;&nbsp;587 | &nbsp;&nbsp;(2135) | &nbsp;&nbsp;(1794) | &nbsp;&nbsp;(341) | &nbsp;&nbsp;19.0 |
| **(=)** | &nbsp;&nbsp;**Net income** | &nbsp;&nbsp;**8462** | &nbsp;&nbsp;**(1004)** | &nbsp;&nbsp;**(0)** | &nbsp;&nbsp;**(1140)** | &nbsp;&nbsp;**6318** | &nbsp;&nbsp;**5174** | &nbsp;&nbsp;**1144** | &nbsp;&nbsp;**22.1** |
| *(%)* | &nbsp;&nbsp;*Margin* | &nbsp;&nbsp;*22%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*28%* | &nbsp;&nbsp;*24%* | &nbsp;&nbsp;*-* | &nbsp;&nbsp;*4.6* |
|  | &nbsp;&nbsp;EPS (R$)\* | &nbsp;&nbsp;12.37 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;7.57 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

**ADJUSTED NET REVENUE**

Adjusted net revenue from sanitation services, considering FAUSP and taxes, totaled R$5,682 mn in 4Q25, an increase of +2.1% vs 4Q24. The main factors that impacted revenue in the period were:

&nbsp;&nbsp;&nbsp;&nbsp;· 1.5% in net price: large
clients' discount removal;

&nbsp;&nbsp;&nbsp;&nbsp;· 3.0% in billed volume: New
units (+2.4%) and higher consumption (+0.6%);

&nbsp;&nbsp;&nbsp;&nbsp;· (2.6)% in mix: Growth in
units with access to subsidized rates;

&nbsp;&nbsp;&nbsp;&nbsp;· 0.2% FAUSP;

For the year, revenue growth was 2.2%, R$487 mn higher vs 2024, with the main factors being:

&nbsp;&nbsp;&nbsp;&nbsp;· 3.3% in net price: 2.3%
carry over and 1.0% due to removal of discounts for large clients;

&nbsp;&nbsp;&nbsp;&nbsp;· 1.9% in billed volume: New
units (+1.6%) and increased consumption (+0.3%);

&nbsp;&nbsp;&nbsp;&nbsp;· (0.8)% in mix: growth in
units with access to subsidized rates;

&nbsp;&nbsp;&nbsp;&nbsp;· (2.1)% FAUSP: in 2024 FAUSP
began only in the 2nd half and the rate review occurred in Aug/2025;

**CONSUMPTION BY CATEGORY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Billed Volume (mns of m³)** | &nbsp;&nbsp;**Billed Volume (mns of m³)** | &nbsp;&nbsp;**Billed Volume (mns of m³)** | &nbsp;&nbsp;**Average Rate (R$/m³)** | &nbsp;&nbsp;**Average Rate (R$/m³)** | &nbsp;&nbsp;**Average Rate (R$/m³)** |
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Residential | &nbsp;&nbsp;961 | &nbsp;&nbsp;924 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;4.03 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;(4.1) |
| &nbsp;&nbsp;Commercial | &nbsp;&nbsp;100 | &nbsp;&nbsp;98 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;14.57 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Industrial | &nbsp;&nbsp;19 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;20.08 | &nbsp;&nbsp;17.38 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;**1080** | &nbsp;&nbsp;**1041** | &nbsp;&nbsp;**3.8** | &nbsp;&nbsp;**5.33** | &nbsp;&nbsp;**5.42** | &nbsp;&nbsp;**(1.7)** |
| &nbsp;&nbsp;Wholesale | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;(2.5) | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;(4.6) |
| &nbsp;&nbsp;Others¹ | &nbsp;&nbsp;28 | &nbsp;&nbsp;23 | &nbsp;&nbsp;25.3 | &nbsp;&nbsp;21.67 | &nbsp;&nbsp;23.82 | &nbsp;&nbsp;(9.0) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1123** | &nbsp;&nbsp;**1078** | &nbsp;&nbsp;**4.1** | &nbsp;&nbsp;**5.71** | &nbsp;&nbsp;**5.77** | &nbsp;&nbsp;**(1.1)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Billed Volume (mns of m³)** | &nbsp;&nbsp;**Billed Volume (mns of m³)** | &nbsp;&nbsp;**Billed Volume (mns of m³)** | &nbsp;&nbsp;**Average Rate (R$/m³)** | &nbsp;&nbsp;**Average Rate (R$/m³)** | &nbsp;&nbsp;**Average Rate (R$/m³)** |
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Residential | &nbsp;&nbsp;3764 | &nbsp;&nbsp;3683 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;4.07 | &nbsp;&nbsp;4.22 | &nbsp;&nbsp;(3.4) |
| &nbsp;&nbsp;Commercial | &nbsp;&nbsp;396 | &nbsp;&nbsp;386 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;14.78 | &nbsp;&nbsp;14.28 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Industrial | &nbsp;&nbsp;74 | &nbsp;&nbsp;74 | &nbsp;&nbsp;(0.2) | &nbsp;&nbsp;19.23 | &nbsp;&nbsp;16.94 | &nbsp;&nbsp;13.5 |
| &nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;**4233** | &nbsp;&nbsp;**4143** | &nbsp;&nbsp;**2.2** | &nbsp;&nbsp;**5.34** | &nbsp;&nbsp;**5.38** | &nbsp;&nbsp;**(0.8)** |
| &nbsp;&nbsp;Wholesale | &nbsp;&nbsp;54 | &nbsp;&nbsp;60 | &nbsp;&nbsp;(10.1) | &nbsp;&nbsp;2.78 | &nbsp;&nbsp;2.56 | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;Others¹ | &nbsp;&nbsp;120 | &nbsp;&nbsp;113 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;18.15 | &nbsp;&nbsp;18.87 | &nbsp;&nbsp;(3.8) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4407** | &nbsp;&nbsp;**4316** | &nbsp;&nbsp;**2.1** | &nbsp;&nbsp;**5.66** | &nbsp;&nbsp;**5.70** | &nbsp;&nbsp;**(0.7)** |

---

(1) Others are composed of Public, Own Building, and Mauá (BRK).

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number of connections in thousands¹** | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** | &nbsp;&nbsp;**Var,** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Water¹ | &nbsp;&nbsp;9517 | &nbsp;&nbsp;9483 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Sewage¹ | &nbsp;&nbsp;8257 | &nbsp;&nbsp;8194 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.8 |

---

(1) Active and registered connections, average at the end of the period

Not audited by external auditors

![](sbspr4q256k_006.jpg)

**COST AND EXPENSE**

In 4Q25, OPEX showed a 10% reduction vs 4Q24, a decrease of R$267 mn. The main factors for this result were: (i) R$172 mn in general and administrative expenses, composed mainly R$152 mn of municipal funds (FMSAI) anticipation; and (ii) R$86 mn in personnel reduction in headcount, partially offset by services logistics investments, environmental compensation and IT. For the full year, the reduction was 13% vs 2024, with costs and expenses totaling R$9,041 mn.

**R$** **mn**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**4Q25 adjusted** | &nbsp;&nbsp;**4Q24 adjusted** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**2025 adjusted** | &nbsp;&nbsp;**2024 adjusted** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Personnel | &nbsp;&nbsp;(406) | &nbsp;&nbsp;(492) | &nbsp;&nbsp;86 | &nbsp;&nbsp;(17.6) | &nbsp;&nbsp;(2417) | &nbsp;&nbsp;(2682) | &nbsp;&nbsp;265 | &nbsp;&nbsp;(9.9) |
| &nbsp;&nbsp;General supplies | &nbsp;&nbsp;(97) | &nbsp;&nbsp;(143) | &nbsp;&nbsp;47 | &nbsp;&nbsp;(32.6) | &nbsp;&nbsp;(291) | &nbsp;&nbsp;(412) | &nbsp;&nbsp;121 | &nbsp;&nbsp;(29.3) |
| &nbsp;&nbsp;Treatment supplies | &nbsp;&nbsp;(140) | &nbsp;&nbsp;(144) | &nbsp;&nbsp;4 | &nbsp;&nbsp;(2.9) | &nbsp;&nbsp;(504) | &nbsp;&nbsp;(530) | &nbsp;&nbsp;26 | &nbsp;&nbsp;(5.0) |
| &nbsp;&nbsp;Services | &nbsp;&nbsp;(787) | &nbsp;&nbsp;(678) | &nbsp;&nbsp;(108) | &nbsp;&nbsp;15.9 | &nbsp;&nbsp;(2804) | &nbsp;&nbsp;(2654) | &nbsp;&nbsp;(150) | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Power | &nbsp;&nbsp;(390) | &nbsp;&nbsp;(391) | &nbsp;&nbsp;1 | &nbsp;&nbsp;(0.4) | &nbsp;&nbsp;(1534) | &nbsp;&nbsp;(1575) | &nbsp;&nbsp;41 | &nbsp;&nbsp;(2.6) |
| &nbsp;&nbsp;General expenses | &nbsp;&nbsp;(322) | &nbsp;&nbsp;(494) | &nbsp;&nbsp;172 | &nbsp;&nbsp;(34.9) | &nbsp;&nbsp;(862) | &nbsp;&nbsp;(1896) | &nbsp;&nbsp;1034 | &nbsp;&nbsp;(54.5) |
| &nbsp;&nbsp;Tax expenses | &nbsp;&nbsp;(29) | &nbsp;&nbsp;(20) | &nbsp;&nbsp;(9) | &nbsp;&nbsp;47.4 | &nbsp;&nbsp;(92) | &nbsp;&nbsp;(81) | &nbsp;&nbsp;(11) | &nbsp;&nbsp;13.9 |
| &nbsp;&nbsp;Allowance for doubtful accounts | &nbsp;&nbsp;(90) | &nbsp;&nbsp;(155) | &nbsp;&nbsp;65 | &nbsp;&nbsp;(41.8) | &nbsp;&nbsp;(510) | &nbsp;&nbsp;(558) | &nbsp;&nbsp;48 | &nbsp;&nbsp;(8.6) |
| &nbsp;&nbsp;Other revenues and expenses | &nbsp;&nbsp;(49) | &nbsp;&nbsp;(57) | &nbsp;&nbsp;8 | &nbsp;&nbsp;(14.8) | &nbsp;&nbsp;(26) | &nbsp;&nbsp;(34) | &nbsp;&nbsp;8 | &nbsp;&nbsp;(23.1) |
| &nbsp;&nbsp;**Costs and Expenses** | &nbsp;&nbsp;**(2309)** | &nbsp;&nbsp;**(2576)** | &nbsp;&nbsp;**267** | &nbsp;&nbsp;**(10.4)** | &nbsp;&nbsp;**(9041)** | &nbsp;&nbsp;**(10422)** | &nbsp;&nbsp;**1382** | &nbsp;&nbsp;**(13.3)** |
| &nbsp;&nbsp;Depreciation and Amortization | &nbsp;&nbsp;(547) | &nbsp;&nbsp;(521) | &nbsp;&nbsp;(26) | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;(2209) | &nbsp;&nbsp;(2627) | &nbsp;&nbsp;418 | &nbsp;&nbsp;(15.9) |
| &nbsp;&nbsp;**Costs, Expenses, Depreciation and Amortization** | &nbsp;&nbsp;**(2856)** | &nbsp;&nbsp;**(3097)** | &nbsp;&nbsp;**241** | &nbsp;&nbsp;**(7.8)** | &nbsp;&nbsp;**(11249)** | &nbsp;&nbsp;**(13049)** | &nbsp;&nbsp;**1800** | &nbsp;&nbsp;**(13.8)** |

---

**PERSONNEL**

Sabesp ended 4Q25 with 8,717 employees, a 17% reduction vs the same period of the previous year,

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number of employees** | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** | &nbsp;&nbsp;**Var. (Qty.)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Employees at the end of each period | &nbsp;&nbsp;8717 | &nbsp;&nbsp;10552 | &nbsp;&nbsp;(1835) | &nbsp;&nbsp;(17.4) |
| &nbsp;&nbsp;Employees - simple average | &nbsp;&nbsp;8981 | &nbsp;&nbsp;10565 | &nbsp;&nbsp;(1584) | &nbsp;&nbsp;(15.0) |

---

**capital expenditures**

In 4Q25, CapEx totaled R$4,771 mn, an increase of 73% compared to 4Q24 and 20% compared to 3Q25, in 2025, CapEx totaled R$15,202 mn, an increase of 120% compared to the same period of the previous year,

**R$ mn**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**Var. (R$)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Water | &nbsp;&nbsp;2107 | &nbsp;&nbsp;966 | &nbsp;&nbsp;1141 | &nbsp;&nbsp;118.2 | &nbsp;&nbsp;4921 | &nbsp;&nbsp;2891 | &nbsp;&nbsp;2030 | &nbsp;&nbsp;70.2 |
| &nbsp;&nbsp;Sewage | &nbsp;&nbsp;2665 | &nbsp;&nbsp;1785 | &nbsp;&nbsp;880 | &nbsp;&nbsp;49.3 | &nbsp;&nbsp;10280 | &nbsp;&nbsp;4020 | &nbsp;&nbsp;6260 | &nbsp;&nbsp;155.7 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4771** | &nbsp;&nbsp;**2750** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**73.5** | &nbsp;&nbsp;**15202** | &nbsp;&nbsp;**6911** | &nbsp;&nbsp;**8290** | &nbsp;&nbsp;**120.0** |

---

![](sbspr4q256k_007.jpg)

**BALANCE SHEET (CONSOLIDATED)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ASSETS** | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** |
| &nbsp;&nbsp;**Current assets** | | |
| &nbsp;&nbsp;Cash and Equivalents | &nbsp;&nbsp; 4663226 | &nbsp;&nbsp; 1682606 |
| &nbsp;&nbsp;ST investments | &nbsp;&nbsp; 7707745 | &nbsp;&nbsp; 3699694 |
| &nbsp;&nbsp;Trade receivables | &nbsp;&nbsp; 4413449 | &nbsp;&nbsp; 3894557 |
| &nbsp;&nbsp;Related parties | &nbsp;&nbsp; 276388 | &nbsp;&nbsp; 319546 |
| &nbsp;&nbsp;Inventories | &nbsp;&nbsp; 22061 | &nbsp;&nbsp; 10818 |
| &nbsp;&nbsp;Restricted cash | &nbsp;&nbsp; 9575 | &nbsp;&nbsp; 37715 |
| &nbsp;&nbsp;Taxes | &nbsp;&nbsp; 1295310 | &nbsp;&nbsp; 800811 |
| &nbsp;&nbsp;Derivatives | &nbsp;&nbsp; - | &nbsp;&nbsp; 67440 |
| &nbsp;&nbsp;Held for sale | &nbsp;&nbsp; 26864 | &nbsp;&nbsp; - |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp; 141892 | &nbsp;&nbsp; 95673 |
| &nbsp;&nbsp;**Total Current assets** | &nbsp;&nbsp; **18556510** | &nbsp;&nbsp; **10608860** |
| &nbsp;&nbsp;**Fixed and LT assets** |  |  |
| &nbsp;&nbsp;LT investments | &nbsp;&nbsp; - | &nbsp;&nbsp; 769057 |
| &nbsp;&nbsp;Trade receivables | &nbsp;&nbsp; 258544 | &nbsp;&nbsp; 327798 |
| &nbsp;&nbsp;Related parties | &nbsp;&nbsp; 862782 | &nbsp;&nbsp; 908875 |
| &nbsp;&nbsp;Legal deposits | &nbsp;&nbsp; 120021 | &nbsp;&nbsp; 139222 |
| &nbsp;&nbsp;ANA *(Agência Nacional de Águas)* | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 1993 |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp; 254358 | &nbsp;&nbsp; 215803 |
| &nbsp;&nbsp;Non-operating Property | &nbsp;&nbsp; 49933 | &nbsp;&nbsp; 46630 |
| &nbsp;&nbsp;Contract asset (Construction in progress) | &nbsp;&nbsp; 11018516 | &nbsp;&nbsp; 4877667 |
| &nbsp;&nbsp;Financial asset (Indemnity) | &nbsp;&nbsp; 21665330 | &nbsp;&nbsp; 17601626 |
| &nbsp;&nbsp;Intangibles | &nbsp;&nbsp; 50492473 | &nbsp;&nbsp; 44771124 |
| &nbsp;&nbsp;PP&E | &nbsp;&nbsp; 890791 | &nbsp;&nbsp; 561548 |
| &nbsp;&nbsp;Others assets | &nbsp;&nbsp; 31259 | &nbsp;&nbsp; 135227 |
| &nbsp;&nbsp;**Total noncurrent assets** | &nbsp;&nbsp; **85646257** | &nbsp;&nbsp; **70356570** |
| &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp; **104202767** | &nbsp;&nbsp; **80965430** |
| &nbsp;&nbsp;**LIABILITIES AND EQUITY** | &nbsp;&nbsp; **4Q25** | &nbsp;&nbsp;**4Q24** |
| &nbsp;&nbsp;**Current liabilities** |  |  |
| &nbsp;&nbsp;Trade payables | &nbsp;&nbsp;2400046 | &nbsp;&nbsp;766609 |
| &nbsp;&nbsp;Services payables | &nbsp;&nbsp;2772416 | &nbsp;&nbsp;1438507 |
| &nbsp;&nbsp;ST Debt | &nbsp;&nbsp;5092816 | &nbsp;&nbsp;3133850 |
| &nbsp;&nbsp;Labor | &nbsp;&nbsp;699629 | &nbsp;&nbsp;1286193 |
| &nbsp;&nbsp;Tax | &nbsp;&nbsp;615592 | &nbsp;&nbsp;591271 |
| &nbsp;&nbsp;Sales Tax | &nbsp;&nbsp;89049 | &nbsp;&nbsp;- |

---

![](sbspr4q256k_008.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Dividends and IoC | &nbsp;&nbsp;2059850 | &nbsp;&nbsp;2275890 |
| &nbsp;&nbsp;Legal Accruals | &nbsp;&nbsp;1370013 | &nbsp;&nbsp;1546185 |
| &nbsp;&nbsp;Public-Private Partnership | &nbsp;&nbsp;469687 | &nbsp;&nbsp;452323 |
| &nbsp;&nbsp;Derivatives | &nbsp;&nbsp;661421 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Performance Contracts | &nbsp;&nbsp;120776 | &nbsp;&nbsp;287109 |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;201619 | &nbsp;&nbsp;194308 |
| &nbsp;&nbsp;**Total Current liabilities** | &nbsp;&nbsp; **16552914** | &nbsp;&nbsp; **11972245** |
| &nbsp;&nbsp;**Noncurrent Liabilities** |  |  |
| &nbsp;&nbsp;LT Debt | &nbsp;&nbsp;35049531 | &nbsp;&nbsp;22124447 |
| &nbsp;&nbsp;Tax | &nbsp;&nbsp;3129908 | &nbsp;&nbsp;2661891 |
| &nbsp;&nbsp;Sales Tax | &nbsp;&nbsp;1191916 | &nbsp;&nbsp;1117804 |
| &nbsp;&nbsp;Legal Accruals | &nbsp;&nbsp;533399 | &nbsp;&nbsp;895495 |
| &nbsp;&nbsp;Pension | &nbsp;&nbsp;2140161 | &nbsp;&nbsp;1931145 |
| &nbsp;&nbsp;Public-Private Partnership | &nbsp;&nbsp;2856008 | &nbsp;&nbsp;2853896 |
| &nbsp;&nbsp;Performance Contracts | &nbsp;&nbsp;6151 | &nbsp;&nbsp;137441 |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;341655 | &nbsp;&nbsp;343012 |
| &nbsp;&nbsp;**Total Noncurrent Liabilities** | &nbsp;&nbsp; **45248729** | &nbsp;&nbsp; **32065131** |
| &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp; **61801643** | &nbsp;&nbsp; **44037376** |
| &nbsp;&nbsp;**Equity** |  |  |
| &nbsp;&nbsp;Capital stock | &nbsp;&nbsp;21210000 | &nbsp;&nbsp;15000000 |
| &nbsp;&nbsp;Capital reserve | &nbsp;&nbsp;30219 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Profit reserve | &nbsp;&nbsp;21518212 | &nbsp;&nbsp;21647715 |
| &nbsp;&nbsp;Treasury Shares | &nbsp;&nbsp;(475385) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Other Comprehensive Income | &nbsp;&nbsp;118078 | &nbsp;&nbsp;280339 |
| &nbsp;&nbsp;**Total Equity** | &nbsp;&nbsp; **42401124** | &nbsp;&nbsp; **36928054** |
| &nbsp;&nbsp;**Total Equity and Liabilities** | &nbsp;&nbsp; **104202767** | &nbsp;&nbsp; **80965430** |

---

**STATEMENT OF CASH FLOWS (CONSOLIDATED)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**R$ '000** | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** |
| &nbsp;&nbsp;**Cash flows from operations** | &nbsp;&nbsp;**3234041** | &nbsp;&nbsp;**4103290** |
| &nbsp;&nbsp;Earnings before Tax | &nbsp;&nbsp;2982224 | &nbsp;&nbsp;1230616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Adjustments on net income:** |  |  |
| &nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;546755 | &nbsp;&nbsp;520529 |
| &nbsp;&nbsp;Fixed Assets write-off | &nbsp;&nbsp;96286 | &nbsp;&nbsp;165423 |

---

![](sbspr4q256k_009.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Allowance for doubtful accounts | &nbsp;&nbsp;90425 | &nbsp;&nbsp;959945 |
| &nbsp;&nbsp;Accruals and inflation over accruals | &nbsp;&nbsp;109644 | &nbsp;&nbsp;149263 |
| &nbsp;&nbsp;Interest owed | &nbsp;&nbsp;1827125 | &nbsp;&nbsp;630906 |
| &nbsp;&nbsp;Inflation and FX on Debt | &nbsp;&nbsp;357034 | &nbsp;&nbsp;128661 |
| &nbsp;&nbsp;Interest and inflation adjustments, net | &nbsp;&nbsp;(366633) | &nbsp;&nbsp;(103772) |
| &nbsp;&nbsp;Derivatives | &nbsp;&nbsp;(952122) | &nbsp;&nbsp;(167001) |
| &nbsp;&nbsp;Financial Charges from Customers | &nbsp;&nbsp;(67793) | &nbsp;&nbsp;(74291) |
| &nbsp;&nbsp;Construction Margin | &nbsp;&nbsp;- | &nbsp;&nbsp;(46851) |
| &nbsp;&nbsp;Voluntary dismissal plans | &nbsp;&nbsp;(356943) | &nbsp;&nbsp;615440 |
| &nbsp;&nbsp;Equity pick-up | &nbsp;&nbsp;(16173) | &nbsp;&nbsp;(9721) |
| &nbsp;&nbsp;PPP Interest and inflation | &nbsp;&nbsp;124124 | &nbsp;&nbsp;197079 |
| &nbsp;&nbsp;SP City Transfers | &nbsp;&nbsp;156031 | &nbsp;&nbsp;122652 |
| &nbsp;&nbsp;Pension | &nbsp;&nbsp;(28781) | &nbsp;&nbsp;14888 |
| &nbsp;&nbsp;Deferred Sales Tax on financial assets (indemnity) | &nbsp;&nbsp;76759 | &nbsp;&nbsp;6646 |
| &nbsp;&nbsp;Update of financial asset (indemnity) | &nbsp;&nbsp;(829834) | &nbsp;&nbsp;(331463) |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;(514087) | &nbsp;&nbsp;94341 |
| &nbsp;&nbsp;**Changes in assets** |  |  |
| &nbsp;&nbsp;Trade receivables | &nbsp;&nbsp;108408 | &nbsp;&nbsp;(1099017) |
| &nbsp;&nbsp;Related parties | &nbsp;&nbsp;128864 | &nbsp;&nbsp;(57234) |
| &nbsp;&nbsp;Inventory | &nbsp;&nbsp;9188 | &nbsp;&nbsp;(1673) |
| &nbsp;&nbsp;Tax | &nbsp;&nbsp;(311335) | &nbsp;&nbsp;(617048) |
| &nbsp;&nbsp;Escrow | &nbsp;&nbsp;10760 | &nbsp;&nbsp;598 |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;38246 | &nbsp;&nbsp;23658 |
| &nbsp;&nbsp;**Changes in liabilities** |  |  |
| &nbsp;&nbsp;Trade payables | &nbsp;&nbsp;(1842188) | &nbsp;&nbsp;231 |
| &nbsp;&nbsp;Services payables | &nbsp;&nbsp;361654 | &nbsp;&nbsp;502865 |
| &nbsp;&nbsp;Labor | &nbsp;&nbsp;(73277) | &nbsp;&nbsp;19357 |
| &nbsp;&nbsp;Income Tax | &nbsp;&nbsp;449787 | &nbsp;&nbsp;666642 |
| &nbsp;&nbsp;Sales Tax | &nbsp;&nbsp;12943 | &nbsp;&nbsp;112722 |
| &nbsp;&nbsp;Accruals | &nbsp;&nbsp;(17269) | &nbsp;&nbsp;(48707) |
| &nbsp;&nbsp;Pension | &nbsp;&nbsp;(80696) | &nbsp;&nbsp;(44039) |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;179244 | &nbsp;&nbsp;(61713) |
| &nbsp;&nbsp;**Cash from operations** | &nbsp;&nbsp;**(1025671)** | &nbsp;&nbsp;**(603358)** |
| &nbsp;&nbsp;Interest paid | &nbsp;&nbsp;(533817) | &nbsp;&nbsp;(425144) |
| &nbsp;&nbsp;Income tax | &nbsp;&nbsp;(767803) | &nbsp;&nbsp;(410375) |
| &nbsp;&nbsp;**Free cashflow from operations** | &nbsp;&nbsp;**906750** | &nbsp;&nbsp;**2664413** |
|  | &nbsp;&nbsp;**4Q25** | &nbsp;&nbsp;**4Q24** |
| &nbsp;&nbsp;**Cash-flow from investments** |  |  |
| &nbsp;&nbsp;Contract, intangible assets and PP&E | &nbsp;&nbsp;(4078384) | &nbsp;&nbsp;(2081197) |
| &nbsp;&nbsp;Restricted Cash | &nbsp;&nbsp;(2963) | &nbsp;&nbsp;(8119) |
| &nbsp;&nbsp;Financial investments – Investment | &nbsp;&nbsp;(11378711) | &nbsp;&nbsp;(1237617) |

---

![](sbspr4q256k_010.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Financial Investments – Withdrawal | &nbsp;&nbsp;11525330 | &nbsp;&nbsp;(1119285) |
| &nbsp;&nbsp;Financial Investments – Noncurrent | &nbsp;&nbsp;(776497) | &nbsp;&nbsp;(15920) |
| &nbsp;&nbsp;Investment | &nbsp;&nbsp;3156 | &nbsp;&nbsp;40234 |
| &nbsp;&nbsp;Equity redemption/(injection) in subsidiaries | &nbsp;&nbsp;(16393) | &nbsp;&nbsp;(40234) |
| &nbsp;&nbsp;**Free cashflow from investments** | &nbsp;&nbsp;**(4724462)** | &nbsp;&nbsp;**(4462138)** |
| &nbsp;&nbsp;**Cash flow from financing activity** |  |  |
| &nbsp;&nbsp;Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance | &nbsp;&nbsp;6436589 | &nbsp;&nbsp;1240303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | &nbsp;&nbsp;(2128504) | &nbsp;&nbsp;(383574) |
| &nbsp;&nbsp;Dividends and IoC | &nbsp;&nbsp;1 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;PPP | &nbsp;&nbsp;(120527) | &nbsp;&nbsp;(132541) |
| &nbsp;&nbsp;Program Contract Commitments | &nbsp;&nbsp;- | &nbsp;&nbsp;(35) |
| &nbsp;&nbsp;Derivatives | &nbsp;&nbsp;(200256) | &nbsp;&nbsp;362874 |
| &nbsp;&nbsp;Treasury shares | &nbsp;&nbsp;(475385) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Free cashflow from financing activities** | &nbsp;&nbsp;**3511918** | &nbsp;&nbsp;**1087027** |
| &nbsp;&nbsp;**Increase / (decrease) in cash and cash equivalents in the period** | &nbsp;&nbsp;**(305794)** | &nbsp;&nbsp;**(710698)** |
| &nbsp;&nbsp;**Represented by:** |  |  |
| &nbsp;&nbsp;Cash and equivalents BoP | &nbsp;&nbsp;4969019 | &nbsp;&nbsp;2393304 |
| &nbsp;&nbsp;Cash and equivalents EoP | &nbsp;&nbsp;4663226 | &nbsp;&nbsp;1682606 |
| &nbsp;&nbsp;**Increase / (decrease) in cash and cash equivalents in the period** | &nbsp;&nbsp;**(305794)** | &nbsp;&nbsp;**(710698)** |

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**<u>SIGNATURE</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city São Paulo, Brazil. <br>

Date: March 17, 2026

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| | |
|:---|:---|
| **Companhia de Saneamento Básico do Estado de São Paulo - SABESP**  | **Companhia de Saneamento Básico do Estado de São Paulo - SABESP**  |
| By: | /s/ Daniel Szlak  |
|  | Name: Daniel Szlak <br> Title: Chief Financial Officer and Investor Relations Officer  |

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**FORWARD-LOOKING STATEMENTS** 

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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