SABESP held its 2Q26 earnings call with CEO Carlos Piani, CFO Daniel Szlak, and IR director Thiago Levy.
Adjusted net revenue rose 9.4%; adjusted EBITDA fell 2.3% to R$ 3.5 billion, with a 58.3% margin; adjusted net income was R$ 1.2 billion.
Water production totaled 779 million cubic meters, down 4.3%, hit by milder weather, nightly pressure management rules, and ERP implementation effects.
Year-to-date capex reached R$ 7.5 billion, up 16%; order backlog exceeded R$ 40 billion through 2029; seasonal capex is skewed to 2H.
Management guided R$ 800 million of 2026 commercial initiatives and expects just over half to be recovered via future tariff cycles; 20%-25% is expected to remain.
Net debt ended at R$ 34 billion; net leverage was 2.5x EBITDA; cash was R$ 17.4 billion; gross debt was R$ 52 billion.
Universalization progress versus three-year targets: 105% for water, 90% for sewage collection, and 82% for sewage treatment; the coverage census is due by year-end.
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