Business Context and Reporting Period
Company: Companhia de Saneamento Básico do Estado de São Paulo - SABESP (Basic Sanitation Company of the State of Sao Paulo).
Filing Type: Form 6-K (Report of Foreign Issuer).
Date of Filing: November 25, 2025.
Reporting Period: The filing discloses the validation of the Regulatory Asset Base (RAB) for the fiscal years 2023 and 2024, with values calculated as of December 31, 2024.
Key Financial Metrics
The filing focuses exclusively on regulatory asset base calculations rather than standard financial statement metrics (revenue, profit, cash flow). No data on revenue, margins, debt, or liquidity is provided in this specific document.
| Regulatory Asset Base (RAB) Component | Value (R$ Billion) |
|---|---|
| Validated 2023 RAB (as of June 2024) | 78.5 |
| Gross Additions to RAB | 9.2 |
| Inflation Adjustment (Jun 2024 to Dec 2024) | 2.0 |
| FY24 Depreciation (2.35% per year) | (3.3) |
| FMSAI Prepayment | 2.7 |
| Validated 2024 RAB (as of Dec 2024) | 88.0 |
Material Changes
The primary material change is the increase in the validated Regulatory Asset Base from R$ 78.5 billion (2023) to R$ 88.0 billion (2024), representing a net increase of R$ 9.5 billion.
- Drivers of Increase: Gross additions (R$ 9.2B), inflation adjustments (R$ 2.0B), and FMSAI prepayment (R$ 2.7B).
- Drivers of Decrease: Depreciation (R$ 3.3B), reclassifications to passthrough (R$ 0.5B total), unqualified amounts (R$ 1.0B total), construction margin adjustments (R$ 0.7B total), interest adjustments (R$ 1.3B total), and write-offs (R$ 0.2B).
- Regulatory Action: The São Paulo State Public Services Regulatory Agency (ARSESP) validated these figures in compliance with CVM Resolution No. 44.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms the validation of the RAB, which serves as the basis for future tariff calculations and revenue recovery. No specific revenue or earnings guidance is provided in this text.
Risks and Contingencies: The document includes a standard forward-looking statements disclaimer. It notes that future results depend on assumptions regarding economic conditions, industry trends, and operating factors. There is no guarantee that expected events will occur.
Investor Verification Checklist
- Verify the impact of the R$ 88.0 billion validated RAB on future tariff adjustments and revenue recognition.
- Confirm the specific composition of the R$ 9.2 billion in gross additions to ensure capital expenditure alignment.
- Review the "Passthrough 2026" reclassifications (R$ 0.5 billion total) to understand deferred revenue implications.
- Assess the sensitivity of the RAB to the 2.35% annual depreciation rate and future inflation assumptions.