Aegea Reports 2025 Profit Drop After Delays, With Higher Leverage in Pro Forma Results

Overview

• Aegea, which disclosed pro forma 2025 results Saturday, reported net income of R$856 million, down 31% from 2024, and a net debt-to-EBITDA ratio of 4.51 times.
• Revenue rose 20.6% to R$18.29 billion and EBITDA grew 25.2% to R$10.44 billion, while net debt increased 36.7% to R$47.04 billion with portfolio growth that included the Regenera Rio acquisition.
• The company restated 2024 results to change how it recognizes revenue and provisions and said the review is accounting-only with no impact on cash generation or debt covenant compliance.
• Successive postponements of the results in late March and early April led Fitch and S&P to cut ratings, citing weak internal controls and a complex corporate structure that limits visibility into credit metrics.
• Aegea said it invested R$8.6 billion in 2025 to expand water and sewer service, adding 722,000 new connections that reached about 2 million people.