Q1 2026 Companhia de Saneamento de Minas Gerais COPASA MG Earnings Call (English, Portuguese) Transcript
Key Points
- COPASA MG executed a strong investment plan, focusing on expanding and modernizing water and sewage treatment systems.
- Operational efficiency improved with a reduction in distribution losses, enhancing water conservation and productivity.
- The third regulatory review provided predictability, aiding economic and financial sustainability.
- The concession with Belo Horizonte was renewed until 2073, reducing operational risks.
- High level of CapEx was achieved, marking a 30% increase from 2025, setting a new record for the first quarter.
- Water and sewage volumes remained stable, not meeting expectations despite increased connections.
- Net revenue growth was below expectations due to an unfavorable mix and increased social category tariffs.
- Net income decreased by 14% due to higher depreciation and reduced EBITDA.
- Leverage increased to 2.4 times due to higher investments, up from 1.8 times the previous year.
- Delinquency rates increased, impacting revenues, though efforts are underway to address this.
(audio in progress) such statements may involve risks and uncertainties as they refer to future events, and therefore, depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to the macroeconomic environment, the industry and other factors may cause results to differ materially from those expressed in such forward-looking statements.
Now I would like to hand the floor to the CEO, Marilia Carvalho de Melo, who will begin the presentation. Please, Mr. Melo, the floor is yours.
Thank you. Good morning, everyone. I would like to say good morning to our investors, analysts shareholders and everyone attending the conference call for the earnings of COPASA for the first quarter of 2026. In our last conference, I shared the view that COPASA was in a decisive phase of execution. In the first quarter of 2026 confirms this path.
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