Companhia de Saneamento do Paraná - SANEPAR (SAPR4) Q4 2025 earnings summary

Executive summary

• Achieved 82.4% universalization, progressing toward 100% by 2029, with robust investment in water and sewage infrastructure.

• Net revenue for 2025 reached BRL 7.206 billion, up 5.2% year-over-year, with net profit increasing 34.6% to BRL 2.08 billion.

• CAPEX for 2025 totaled BRL 2.653 billion, a 38.8% increase over 2024, reflecting significant investment in water and sewage infrastructure.

• Operational efficiency improved, with default rates at 0.6% and invoiced water and sewage volumes up 1.0% and 2.6% year-over-year, respectively.

• Recognized for transparency and ESG impact, receiving the 2025 Transparency Award and state honors.

Financial highlights

• Net revenue rose 6.5% in Q4 2025 year-over-year and 5.2% for the full year, reaching BRL 7.206 billion.

• Net profit increased 34.6% to BRL 2.08 billion in 2025.

• EBITDA margin was 41.1% in 2025, with a slight decrease from 2024.

• Net margin improved to 28.9% in 2025.

• Financial expenses decreased by 35.2% in 4Q25 compared to 4Q24.

Outlook and guidance

• Projecting BRL 3.1 billion in investments over the next five years, focusing on sewage and water systems.

• New tariff structure implemented in December 2025, including a Social Tariff with a 50% discount for eligible customers.

• Universalization of sewage targeted before 2033, with strong planning and ongoing major projects.

• Expecting stabilization of electricity costs and benefits from PDV (voluntary redundancy program) to reflect in 2026 and beyond.

• Emphasis on maintaining high service indexes and compliance with regulatory requirements.