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Adjusted EBITDA totaled R$ 11,339 million in 2024 (+19% vs. R$ 9,541 million in 2023) with an adjusted EBITDA margin of 52% (vs. 48% in 2023). The main pillars for its growth were i) higher revenue from the tariff increase and growth in the number of new connections; ii) personnel, from the 2023 Voluntary Termination Plan (“VTP”); iii) fixed costs dilution from volume growth.

Reported EBITDA totaled R$ 18,187 million (+99% vs. R$ 9,137 million in 2023) driven by the aforementioned drivers plus the financial asset bifurcation recorded in 3Q24.

Reported Net Income reached R$ 9,580 million in 2024 (+172% vs. R$ 3,524 million in 2023). Excluding non-recurring effects, construction margin and the financial asset bifurcation, Adjusted Net Income was R$ 5,174 million in 2024 (+37% vs. R$ 3,790 million in 2023).

In 4Q24, Adjusted EBITDA was R$ 2,999 million (+4.1% vs. 4Q23), reaching an adjusted margin of 54% (vs. 53% in 4Q23). The Reported EBITDA for the same period totaled R$ 2,294 million (-22% vs. 4Q23), mainly due to the severance accrual for the 2024 Voluntary Termination Plan carried out in the quarter.

Reported Net Income was R$ 1,435 million in 4Q24 (+21.0% vs. 4Q23). Excluding non-recurring effects, Adjusted Net Income totaled R$ 1,900 million (+64% vs. 4Q23).

Financial Asset Bifurcation

In July 2024, the Company signed a new concession agreement with URAE-1 resulting in a single concession covering 371 cities and that expires in 2060. This contract provides greater legal assurances and grants an unconditional right to receive a cash indemnity at the end of the concession period. Given that, the Company went on to recognize a concession asset bifurcation accounting for the contractual right that assets which will not be fully amortized during the concession period will be indemnified. For further information, please refer to Note 16 of the 2024 Audited Financial Statements.

Transition

In 4Q24, the new management started a review of processes that resulted in impacts on the results reported in 2024, among which (i) reassessment of legal claims; (ii) roll-out of the Sabesp Gente program to attract new professionals, retain internal talents, and manage career transitions through a Voluntary Termination Plan; (iii) review of its IT infrastructure and processes; (iv) PMI consulting to deploy strategic actions for 2025 and 2026; (v) overhaul CAPEX contracts and definition of the CAPEX pipeline for the upcoming years, accelerating the hiring of suppliers for essential works to meet the contractual universalization targets.

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* Number of shares = 683,509,869

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* Balance adjusted for construction revenue and costs

Main non-recurring effects in 2024 were (i) Sabesp Gente VTP accrual for R$ 630 million; (ii) reassessment of legal claims of R$ 471 million; (iii) Write-off of work in progress fixed assets of R$ 164 million; (iv) R$ 111 million of accrual for taxes on unbilled revenue; (v) privatization expenses of R$ 100 million; (vi) slow move and inventory difference accrual of R$ 95 million; and (vii) post-privatization PMI consulting of R$ 40 million.

Net revenue from sanitation services considering FAUSP¹ reached R$ 21,726 million (+9% vs. R$ 19,972 million in 2023).

The main factors in the year were:

The R$ 124 million increase (+2.3%) recorded in 4Q24 was mainly due to:

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(1) FAUSP (Support Fund for the Universalization of Sanitation in the São Paulo State) – Amount referring to the difference between the invoice rate vs Sabesp rate.

(1) Active and registered units, average by end of period

Unaudited by external auditors

An update to the Cadastro Único database in 2H24 led to an increase in the number of residential consumers qualified for the social and vulnerable tariffs. Additionally, the growth in new units in vulnerable regions increases the representation of a lower tariff: An impact of R$ 209 million related to the tariff mix on net sanitation revenue in 2024 vs. 2023.

OPEX decreased by R$ 205 million in 2024 (2)%. In 4Q24, the decrease was R$ 221 million (7)%. The main driver for the reduction was the personnel expense line.

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There was a decrease of R$ 439 million (14)% in 2024, mainly due to the 11% reduction in the number of employees. The reduction reported in 4Q24 was R$ 266 million (35)%, with staff decreasing by 6% versus the same period in 2023.

Increase of R$ 302 million (+19%), totaling R$ 1,896 million in 2024 vs. R$ 1,594 million in 2023, mainly due to higher transfers to Sanitation Municipal Funds for a total of R$ 253 million (pass-through), consistent with the new URAE-1 concession agreement.

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Decrease of R$ 164 million (5.9)% in 2024, due to the signing of the new concession agreement with URAE-1, valid thru October 19, 2060, resulting in the reduction of the average amortization rate. In 4Q24, D&A totaled R$ 521 million, down R$ 229 million versus the same period in 2023.

Investments totaled R$ 6,912 million in 2024, up by R$ 628 million or +10% versus 2023. In 4Q24, investments totaled R$ 2,750 million, up 17.1% versus the same period in the previous year.

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CONSOLIDATED INCOME STATEMENT

Consolidated Balance Sheet

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Consolidated Cash Flow Statement