Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) 2026 Q2 法說會逐字稿

Good morning and welcome to SABESP's second quarter of 2026 earnings presentation. With us here today are Carlos Piani, CEO; Daniel Szlak, CFO; and Thiago Levy, Investor Relations.

早安，歡迎參加 SABESP 2026 年第二季財報簡報會。今天與會者包括執行長 Carlos Piani、財務長 Daniel Szlak，以及投資人關係 Thiago Levy。

Before we begin, we clarify that the statements made during this presentation will not include projections or estimates of future events. However, they may contain forward-looking statements indicating potential trends -- and related to SABESP -- based on the reasonable expectations, beliefs, and assumptions of SABESP's management, as of today.

在開始之前，我們說明本次簡報中的陳述不包含對未來事件的預測或估計。然而，其中可能包含前瞻性陳述，指出潛在趨勢——並與 SABESP 相關——係基於截至今日 SABESP 管理層合理的預期、信念與假設。

These statements involve risks and uncertainties; and are based on assumptions and factors such as market, regulatory, and economic conditions, which may not materialize, in addition to the risk factors disclosed in SABESP's filings with the Brazilian Securities and Exchange Commission, CVM, B3, and on its Investor Relations website.

這些陳述涉及風險與不確定性；並基於市場、監管與經濟狀況等假設與因素，這些情況可能不會發生，此外亦包括 SABESP 向巴西證券交易委員會（CVM）、B3 申報文件及其投資人關係網站所揭露的風險因素。

Investors should understand that change in such factors may lead to outcomes that differ from current trends and that undue reliance should be placed on these statements.

投資人應理解，這些因素的變動可能導致結果與目前趨勢不同，且不應過度依賴這些陳述。

The full disclaimer will be presented next and must be read carefully by all participants. (Operator Instructions)

完整免責聲明將於下一頁呈現，所有與會者務必仔細閱讀。（接線員指示）

I will now turn the floor over to Daniel Szlak, who will discuss the results. Daniel, you may proceed.

接下來我將把時間交給 Daniel Szlak，由他說明本季業績。Daniel，請開始。

Thanks, operator. Good morning, everyone. And thank you for joining SABESP's second-quarter 2026 earnings call.

謝謝，接線員。各位早安。感謝各位參加 SABESP 2026 年第二季財報電話會議。

I'm Daniel Szlak, CFO. And I'll present our operational financial highlights for the quarter. After which, I'll hand the call over to our CEO, Carlos Piani, to update you on our priorities. We'll then open the floor for the Q&A.

我是財務長 Daniel Szlak。我將介紹本季營運與財務重點。之後我會把電話交給我們的執行長 Carlos Piani，向各位更新我們的優先事項。接著我們將開放問答。

In Q2 2026, total Water production reached 779 million cubic meters, 4.3% lower year over year. As mentioned last quarter, consumption continued to be affected by milder weather conditions compared to the prior year, as well as the application of SP Águas' operational rule of the night-pressure management, implemented for approximately 10 hours per day to enhance the system resilience during Q2.

2026 年第二季，總供水產量達 7.79 億立方公尺，年減 4.3%。如上季所提，與前一年相比較為溫和的天候持續影響用水量；此外，SP Águas 的夜間壓力管理作業規則亦在第二季實施，每日約 10 小時，以提升系統韌性。

Our active customer base remains stable, with 9.5 million Water and 8.2 million Sewage connections. The slight year on year reduction is primarily driven by increased revenue-assurance actions and the verticalization of the cities in which we operate.

我們的有效客戶基礎維持穩定，供水接管數 950 萬、污水接管數 820 萬。年對年小幅下降主要由於加強營收保障行動，以及我們營運城市的垂直化（高密度開發）。

Quarter over quarter, we see a 0.2% increase in both Water and Sewage connections as a result of the universal-access program.

季對季而言，受普及接取計畫推動，供水與污水接管數皆增加 0.2%。

Turning to slide 5, before I begin, I would like to clarify that this quarter, we started to consolidate EMAE's results into our operating figures. Therefore, the figures presented in this slide include EMAE's contribution.

翻到第 5 頁，在開始之前我想先說明：本季我們開始將 EMAE 的業績併入我們的營運數據。因此，本頁所呈現的數字包含 EMAE 的貢獻。

Adjusted net revenue grew by 9.4% year on year, mainly reflecting the tariff and the expansion of customers.

調整後淨營收年增 9.4%，主要反映費率調整以及客戶擴張。

Adjusted EBITDA was BRL3.5 billion, down 2.3% compared to the same period of last year, with an EBITDA margin of 58.3%. This performance reflects investments associated with our customer-service initiatives, as well as inflationary pressures, which I'll explore more in the next slides.

調整後 EBITDA 為 35 億巴西雷亞爾，較去年同期下降 2.3%，EBITDA 利潤率為 58.3%。此表現反映與客戶服務計畫相關的投資，以及通膨壓力；我將在接下來的投影片進一步說明。

Adjusted net income totaled BRL1.2 billion. The decrease versus the prior year reflects the higher net debt to fund our universal-access program.

調整後淨利合計 12 億巴西雷亞爾。相較前一年下降，反映為支應普及接取計畫而提高的淨負債。

Cash conversion and generation remained solid, with operating cash flow reaching nearly BRL3 billion in the quarter and a solid conversion above 75%.

現金轉換與現金創造能力維持穩健，本季營運現金流接近 30 億巴西雷亞爾，且轉換率穩健高於 75%。

Moving to slide 6 and before diving deeper into the quarter, I will briefly go through the reconciliation between reported and adjusted figures.

翻到第 6 頁，在更深入討論本季之前，我將簡要說明申報數與調整後數字之間的調節。

From this point onwards, I will focus on the adjusted figures, excluding the effects that do not reflect SABESP's operating performance. As in previous quarters, we exclude construction revenue and financial-asset bifurcation effects, which are merely accounting in nature.

從這裡開始，我將聚焦於調整後數字，排除不反映 SABESP 營運表現的影響。如同前幾季，我們排除工程建造收入與金融資產拆分（bifurcation）影響，因其僅屬會計性質。

Keep in mind that while SABESP does not record a margin for construction, EMAE still does. We also exclude BRL68 million, mainly related to the Jaguari incident and EMAE's figures.

請注意，雖然 SABESP 不對工程建造認列利潤率，但 EMAE 仍會。我們也排除 6,800 萬巴西雷亞爾，主要與 Jaguari 事件及 EMAE 的數字相關。

Given EMAE is much smaller than SABESP, we will exclude its figures from the next pages so that we can properly discuss the core business performance. However, investors can find more information on EMAE's performance in the appendix, in our filings at CVM, and on EMAE's own filings, given it is also a publicly traded company.

鑑於 EMAE 規模遠小於 SABESP，接下來幾頁我們將排除其數字，以便妥善討論核心業務表現。不過，投資人可在附錄、我們向 CVM 的申報文件，以及 EMAE 自身的申報文件中找到更多 EMAE 表現資訊，因其亦為上市公司。

Turning to slide 7 and exploring our revenue drivers, adjusted figures increased 6.7% year on year. The quarter was also affected by two additional factors: milder weather conditions, with average temperatures about 1.1% lower year on year, and our ERP implementation. Excluding these effects, underlying revenue would have grown by about 10%.

翻到第 7 頁並檢視營收驅動因素，調整後數字年增 6.7%。本季亦受到兩項額外因素影響：較溫和的天候（平均氣溫年對年約低 1.1%）以及我們的 ERP 導入。若排除這些影響，基礎營收約可成長 10%。

Price contributed 8.7%, driven by January 2026 tariff cycle, partially offset by reforms, which will be subsequently adjusted in 2027's tariff review.

價格貢獻 8.7%，主要由 2026 年 1 月費率週期帶動，部分被改革措施所抵銷，該影響將在 2027 年的費率審查中再行調整。

Second, volume contributed 1.1%, explained by a 1.0% contribution from new units and 0.6% from metering upgrades. These were partially offset by the negative weather impact on consumption.

第二，銷量貢獻 1.1%，其中新用戶單位貢獻 1.0%，抄表/計量升級貢獻 0.6%。上述部分被天候對用量的負面影響所抵銷。

Finally, mix was a negative 3.1% effect, which is split into 2.3% from category mix, mainly reflecting the expansion of low-income tariffs versus the year ago, and a 0.6% impact from band mix driven by weather.

最後，組合（mix）帶來 -3.1% 的負面影響，其中 2.3% 來自類別組合，主要反映相較去年低收入費率的擴張；另有 0.6% 來自級距組合，受天候驅動。

On slide 8, we provide additional color on revenue performance. Roughly 2 million units now have access to discounted rates, representing an increase of about 15% year on year, and almost doubling what we had before the privatization. This reflects our commitment to expanding access to sanitation services, while supporting vulnerable populations.

在第 8 頁，我們提供更多關於營收表現的補充說明。目前約有 200 萬個用戶單位可享折扣費率，年增約 15%，且幾乎是私有化前的兩倍。這反映我們致力於擴大衛生（供排水）服務可及性，同時支持弱勢族群。

An interesting fact is that the new social-tariff program has driven average price-to-consumer to be flat versus where it was before the privatization. For SABESP shareholders, these discounts are contemplated within the regulatory framework and are expected to be addressed in future tariff reviews.

一個有趣的事實是，新的社會費率計畫使得對消費者的平均價格與私有化前相比持平。對 SABESP 股東而言，這些折扣已納入監管架構中，預期將在未來的費率審查中處理。

We also experienced a temporary slowdown in meter-replacement activity due to import constraints, which affected the pace of upgrades in the quarter.

由於進口限制，我們的水表更換活動也出現短暫放緩，影響了本季升級進度。

Moving to EBITDA on slide 9, adjusted EBITDA declined 3.2% year on year to BRL3.5 billion. Starting from the top, the positive contribution from net revenue was more than offset by a strong lap in cost versus a year ago.

接著看第 9 頁的 EBITDA，調整後 EBITDA 年減 3.2% 至 35 億巴西雷亞爾。從上方開始，淨營收的正向貢獻被相較去年同期成本的強勁基期效應所抵銷。

G&A saw an impact, as Q2 '25 benefited from BRL230 million in reversals of legal accruals.

G&A 受到影響，因為 2025 年第二季受惠於 2.30 億巴西雷亞爾的法律準備金回轉。

Service costs were driven by investments in customer-experience initiatives, including the expansion of service channels with agencies and Poupatempo's, reinforcement of field operations, and strengthening of customer -service capabilities, expanding the call center and changing its provider.

服務成本主要由客戶體驗相關投資所帶動，包括透過代理機構與 Poupatempo 擴展服務通路、強化外勤作業，以及提升客戶服務能力（擴充客服中心並更換服務供應商）。

It also includes higher customer communication and marketing-outreach efforts as part of our commercial plan.

其中也包含作為我們商業計畫一部分、較高的客戶溝通與行銷推廣投入。

We also saw inflationary pressures associated with the geopolitical environment for about BRL28 million in the quarter, affecting mainly chemicals.

本季我們也看到與地緣政治環境相關的通膨壓力，約 2,800 萬巴西雷亞爾，主要影響化學品。

We also wanted to share with investors a perspective of where we see the underlying EBITDA for the quarter. Excluding the gain from 2025 legal victories, ERP timing effects, customer experience, and extraordinary inflation, underlying EBITDA would have grown close to 20% year over year in the quarter.

我們也想與投資人分享我們對本季基礎 EBITDA 的看法。若排除 2025 年法律勝訴帶來的收益、ERP 時點效應、客戶體驗投入以及非經常性通膨因素，本季基礎 EBITDA 年增幅將接近 20%。

Deep-diving into costs on slide 10, personnel expenses remain controlled, increasing 1% year on year, despite a 4.4% wage adjustment behind inflation. This was largely offset by the workforce-optimization initiatives implemented over the last quarters with the voluntary dismissal plans.

在第 10 張投影片深入檢視成本，人事費用仍受控，年增 1%，儘管薪資調整 4.4% 且高於通膨。這主要被過去幾季透過自願離職方案所推動的人力優化措施所抵銷。

Power costs increased 2.2%, mainly due to transmission and sector charges, including the new one from UNGA. However, migration to the free market helped mitigate part of these pressures, with 88% of total consumption now sourced through the free market.

電力成本增加 2.2%，主要由輸電費與產業附加費所致，其中包含 UNGA 新增的費用。不過，轉向自由市場有助於緩解部分壓力，目前 88% 的總用電量已透過自由市場採購。

Moving to the next slide, reported net income reached BRL1.5 billion in the quarter. The main driver behind the year-on-year decline was the increase in financial expenses, reflecting a higher average net-debt balance for the quarter. The increase in interest expense is consistent with the financing needs of our accelerated investment program.

接著看下一張投影片，本季列報淨利達 15 億巴西雷亞爾。年減的主要原因是財務費用增加，反映本季平均淨負債餘額較高。利息費用上升與我們加速投資計畫的融資需求一致。

Depreciation and amortization expenses also increased, reflecting the expansion of our asset base, which grew from approximately BRL55 billion to BRL70 billion year on year. These effects were partially offset by a lower effective tax rate, which declined from 34% to 29%, driven by interest on capital paid in April.

折舊與攤銷費用亦增加，反映資產基礎擴張，資產規模年增由約 550 億巴西雷亞爾提升至 700 億巴西雷亞爾。上述影響部分被較低的有效稅率所抵銷；有效稅率由 34% 降至 29%，主要受 4 月支付的資本利息（interest on capital）所帶動。

Moving to slides 12 and 13, we will update you on our CapEx, investment execution remains one of the highlights of our transformation and continues to demonstrate our ability to bring definitive solutions to historical issues.

來到第 12 與第 13 張投影片，我們將更新資本支出（CapEx）情況；投資執行仍是我們轉型的一大亮點，並持續展現我們為歷史問題提出決定性解方的能力。

CapEx totaled BRL7.5 billion year to date, an increase of roughly 16% versus a year ago. We also ended the quarter with more than BRL40 billion in contracted backlog through 2029, providing strong momentum for future execution.

年初至今資本支出合計 75 億巴西雷亞爾，較去年同期約增加 16%。我們也在本季末擁有超過 400 億巴西雷亞爾、已簽約且延伸至 2029 年的在手訂單（backlog），為未來執行提供強勁動能。

We would like to remind our investors of the historical seasonality of our CapEx, which is usually higher in the second half of the year.

我們想提醒投資人，資本支出具有歷史季節性，通常在下半年較高。

U-Factor targets continue to evolve at a fast pace. As of July, we virtually met Water targets for the year, and our Sewage collection and treatment targets have reached 90% and 82%, respectively, giving us a good runway for this year and the next one.

U-Factor 目標仍以快速步伐持續推進。截至 7 月，我們幾乎已達成年度供水（Water）目標，而污水（Sewage）收集與處理目標分別達到 90% 與 82%，為今年及明年提供良好進度空間。

Physical evolution remains strong across our key programs. We delivered two new Sewage treatment plants, Caieiras and Água Vermelha, which, together, add 0.4 cubic meters per second of treatment capacity. 127,000 additional people now have access to treated Sewage in their households.

各項核心計畫的實體進度仍然強勁。我們交付兩座新的污水處理廠：Caieiras 與 Água Vermelha，合計新增每秒 0.4 立方公尺的處理能力。另有 127,000 名新增人口如今在家戶中可使用處理後的污水服務。

In the countryside, Phase I continues to advance, with 11 projects in execution, representing BRL5.1 billion in investments. The next phases continue to advance, as expected.

在內陸地區，第一期（Phase I）持續推進，目前有 11 個專案在執行中，投資金額達 51 億巴西雷亞爾。後續階段也如預期持續推進。

Turning to slide 14, our balance sheet remains strong and well-positioned to support the investment cycle.

轉到第 14 張投影片，我們的資產負債表仍然穩健，並已就位以支持投資週期。

Gross debt totals BRL52 billion, while net debt stood at BRL34 billion at the end of the quarter. It is worth highlighting that 54% of our debt is now covenant free, and once we reach our capital target for the year, we will have two-thirds of our debt with no financial covenants.

總負債為 520 億巴西雷亞爾，而本季末淨負債為 340 億巴西雷亞爾。值得強調的是，目前 54% 的債務已無契約條款（covenant free）；一旦我們達成今年的資本目標，將有三分之二的債務不含任何財務契約條款。

Our average cost of debt remains close to CDI, with a 6.1-year weighted average maturity. In addition, 64% of our debt matures from 2031 onwards, reflecting the long-term profile of our financing structure.

我們的平均負債成本仍接近 CDI，加權平均到期年限為 6.1 年。此外，64% 的債務將於 2031 年之後到期，反映我們融資結構的長期特性。

We also ended the quarter with BRL17.4 billion in cash, which covers more than four years of amortization and provides substantial liquidity and flexibility to continue executing our investment plan.

本季末我們亦持有 174 億巴西雷亞爾現金，可覆蓋超過四年的攤還需求，並提供充足的流動性與彈性，以持續執行投資計畫。

Finally, on slide 15, our net debt closed at 2.5 times EBITDA, a level we deem appropriate for a company executing one of the largest infrastructure investment programs in Brazil.

最後，在第 15 張投影片，我們的淨負債為 EBITDA 的 2.5 倍；對於一家正在執行巴西最大規模之一基礎建設投資計畫的公司而言，我們認為此水準是合適的。

Return metrics also showed resilience, even in a higher-for-longer interest-rate scenario. ROIC was 10% and ROE was 17%, reflecting the strength of the business, as we continue investing for future growth.

即使在利率「更高且維持更久」的情境下，報酬指標仍展現韌性。ROIC 為 10%，ROE 為 17%，反映業務的強勁表現，因為我們持續投資以支撐未來成長。

With that, I will now hand over the call to our CEO, Carlos Piani, to discuss our priorities in greater detail.

接下來，我將把電話會議交給我們的執行長 Carlos Piani，請他更詳細地說明我們的優先事項。

Thanks, Daniel. Good morning, everyone.

謝謝你，Daniel。各位早安。

Before going to the operational highlights, I'd like to revisit what we call SABESP's culture on a page. This is the framework that has guided our transformation over the past two years.

在進入營運亮點之前，我想先回顧我們所稱的「SABESP 文化一頁式」。這是過去兩年引導我們轉型的框架。

It brings together our purpose, our long-term dream, the strategic paths we need to execute to get there, and, importantly, our values, which define how we want to get there.

它整合了我們的使命、長期願景、為達成目標所需執行的策略路徑，以及更重要的是我們的價值觀——這些價值觀定義了我們希望如何達成目標。

As we've completed two years since privatization in July, I think it's useful to look at how far we have come, and, equally important, where we still need to improve.

隨著 7 月私有化滿兩年，我認為回顧我們走了多遠很有幫助；同樣重要的是，也要看清我們仍需改善之處。

We have made significant progress across several of our strategic paths. We have accelerated universalization and strengthened Water and Sewage security, resilience, and quality through both organic and inorganic investments.

我們在多項策略路徑上已取得顯著進展。我們加速普及化，並透過有機與無機投資強化供水與污水的安全性、韌性與品質。

We have advanced innovation and digital transformation, made important progress in business efficiency, and continue investing in people development.

我們推進創新與數位轉型，在營運效率方面取得重要進展，並持續投資於人才發展。

But transformation of this scale is a journey, and there are areas where we still have significant work ahead of us, customer satisfaction being one of them.

但如此規模的轉型是一段旅程，我們仍有一些領域需要投入大量工作，其中之一就是客戶滿意度。

So this quarter, I would like to focus on three of our corporate values that are particularly relevant to our equity story today: deliver results with purpose, be guided by ethics and safety, and put customer first.

因此，本季我想聚焦於三項與我們當前股權故事特別相關的企業價值觀：以使命交付成果、以倫理與安全為指引，以及以客戶為先。

Let me start with delivering results with purpose, for us, this means delivering exceptional results, while creating sustainable value for all our stakeholders.

我先從「以使命交付成果」談起；對我們而言，這代表在交出卓越成果的同時，為所有利害關係人創造可持續的價值。

Sustainability is, therefore, not something separate from our strategy. It is embedded in the way we operate and allocate capital.

因此，永續並非與我們策略分離的事。它已內嵌於我們的營運方式與資本配置之中。

This quarter, we received an upgrade in our MSCI ESG rating to BBB, recognizing the progress we're making in integrating sustainability into our strategy and operations.

本季，我們的 MSCI ESG 評級上調至 BBB，肯定我們在將永續性整合進策略與營運方面所取得的進展。

This is particularly relevant for SABESP because many of the most important ESG issues are also fundamental business issues for us: managing water resources, increasing system resilience, adapting to climate change, expanding sanitation coverage, and providing reliable and affordable essential services.

這對 SABESP 尤其重要，因為許多最關鍵的 ESG 議題同時也是我們的核心業務議題：水資源管理、提升系統韌性、因應氣候變遷、擴大衛生覆蓋，以及提供可靠且可負擔的基本必要服務。

We see this upgrade as recognition of the progress already made but, also, as an indication of where we can continue improving.

我們將這次上調視為對既有進展的肯定，同時也指出我們仍可持續精進的方向。

Now, let me move to another value that is fundamental to our transformation: be guided by ethics and safety. The scale of our operations has changed dramatically over the past two years.

現在，讓我談到另一項對我們轉型至關重要的價值：以倫理與安全為指引。過去兩年，我們的營運規模發生了劇烈變化。

Two years ago, SABESP had a workforce of approximately 30,000 people, including our own employees and third-party workers, and around 200 construction sites in execution. Today, our workforce is approximately 55,000 people, an increase of roughly 83%, and we have around 1,500 construction sites underway, 7.5 times the level of two years ago.

兩年前，SABESP 的人力約為 30,000 人，包括自有員工與第三方人員，並且約有 200 個在建工地。如今，我們的人力約為 55,000 人，增加約 83%；在建工地約 1,500 個，為兩年前的 7.5 倍。

This extraordinary increase in activity is what allow us to accelerate universalization. But it also materially increases the complexity of our operations and our exposure to safety risks.

這種非同尋常的活動量提升，使我們得以加速普及化。但同時也實質提高了營運的複雜度，以及我們暴露於安全風險的程度。

Although our lost-time injury frequency rate has declined year over year, recent incidents made it clear to us that we needed to go further. We, therefore, conducted a comprehensive review of our safety procedures and decided to raise our standards beyond Brazilian technical requirements.

儘管我們的失能傷害頻率率逐年下降，但近期事件讓我們清楚意識到必須做得更多。因此，我們對安全程序進行了全面檢視，並決定將標準提升至高於巴西技術要求的水準。

As you can see on the slide, we expanded the attention zone around underground infrastructure from 1 meter to 3 meters, strengthened verification procedures from natural gas and other underground infrastructure, and made ground-penetration radar mandatory throughout the attention zone.

如投影片所示，我們將地下基礎設施周邊的注意區域由 1 公尺擴大至 3 公尺；強化對天然氣及其他地下設施的查核程序；並在整個注意區域內強制使用地質穿透雷達。

We have also tripled the number of field inspectors; reinforced supervision, based on project risk and complexity; and established mandatory training, qualification, and certification requirements for both SABESP and third-party employees.

我們也將現場稽核人員數量增加至三倍；依據專案風險與複雜度加強監督；並對 SABESP 與第三方員工建立強制性的訓練、資格與認證要求。

At the same time, we are increasingly using technology, including cameras and artificial intelligence, to identify underground risks and strengthen field monitoring.

同時，我們也愈來愈多地運用科技，包括攝影機與人工智慧，以辨識地下風險並強化現場監測。

And, finally, we created an operational-safety group reporting directly to me, reinforcing accountability and ensuring that safety has the appropriate visibility throughout the organization.

最後，我們成立了一個直接向我匯報的營運安全小組，以強化問責並確保安全在整個組織中具備適當的能見度。

The message here is straightforward: The acceleration of our investment program cannot come at the expense of safety. As our construction program grows, our safety standards, controls, and capabilities must grow with it.

這裡的訊息很明確：我們投資計畫的加速不能以犧牲安全為代價。隨著我們的建設計畫擴大，我們的安全標準、控制措施與能力也必須同步提升。

Let me now turn to the third value I want to highlight today: put customers first. Over the past two years, the transformation of SABESP has accelerated significantly across virtually every dimension of the company.

接著我想談今天要強調的第三項價值：以客戶為先。過去兩年，SABESP 的轉型幾乎在公司各個面向都顯著加速。

But that transformation has also generated incremental demand across our customer channels. More construction, more connections, changes in our systems and processes, and a much greater pace of activity inevitably create more interactions with our customers.

但這樣的轉型也在我們的客戶通路上帶來了額外需求。更多建設、更多接管、系統與流程的變更，以及更快的活動節奏，無可避免地會增加與客戶的互動。

We recognized that our customer-facing infrastructure needed to evolve at the same speed as the rest of SABESP. So in the second quarter, we decided to accelerate both OpEx and CapEx investments across our entire customer-service platform.

我們意識到，我們面向客戶的基礎設施必須以與 SABESP 其他部分相同的速度演進。因此在第二季，我們決定加速在整體客戶服務平台上的營運費用（OpEx）與資本支出（CapEx）投資。

Our commercial plan is organized around three priorities.

我們的商業計畫圍繞三項優先事項展開。

First, strengthening our customer-service infrastructure and capabilities. We created a dedicated customer-experience executive team; added approximately 200 FTEs, including internal and outsourced personnel; expanded our physical presence with 12 new stores, 34 stores retrofits, and 20 new Poupatempo service centers; and strengthened our call center with a new provider, enhanced capabilities, and 120 additional service positions.

第一，強化我們的客戶服務基礎設施與能力。我們成立專責的客戶體驗高階團隊；新增約 200 名全職人力（FTE），包含內部與外包人員；透過新增 12 家門市、翻新 34 家門市，以及新增 20 個 Poupatempo 服務中心來擴大實體據點；並以新的供應商、強化的能力與新增 120 個服務職缺來強化客服中心。

Second, redesigning the customer journey and improving every point of interaction with SABESP, with particular attention to our low-income customers.

第二，重新設計客戶旅程並改善與 SABESP 的每一個互動接觸點，特別關注低收入客戶。

Since privatization, the number of customers with access to discounted tariffs has nearly doubled from approximately 1 million to almost 2 million households, with an average discount of approximately 66% compared with the standard residential tariff.

自民營化以來，可享折扣費率的客戶數幾乎翻倍，從約 100 萬戶增加到接近 200 萬戶家庭；相較於標準住宅費率，平均折扣約為 66%。

For us, universalization is not only about connecting households to Water and Sewage infrastructure, it is also about making those services accessible, affordable, and easier to navigate.

對我們而言，普及化不僅是讓家庭接入供水與污水基礎設施，也包括讓這些服務更可及、更可負擔，並且更容易使用與理解。

And, third, significantly increasing communication with our customers. We're transforming SABESP at an unprecedented speed, but the benefits of that transformation need to be understood and experienced by our customers.

第三，大幅提升與客戶的溝通。我們正以前所未有的速度改造 SABESP，但這項轉型的效益需要被客戶理解並親身感受到。

That required us to communicate more frequently and more proactively about planned maintenance, construction, Water conservation, service changes, and the improvements we're delivering.

這要求我們更頻繁、也更主動地就計畫性維護、工程施工、節水、服務變更，以及我們正在交付的改善進行溝通。

In the second quarter, our [proactiver] -- customer communications were approximately 2.4 times the level of the second quarter of 2025.

在第二季，我們的[主動式]客戶溝通量約為 2025 年第二季的 2.4 倍。

These initiatives are already producing tangible improvements. Average handling time in June was 87% lower than in December 2025, and complaints across critical channels declined 31% quarter over quarter.

這些措施已經帶來具體改善。6 月的平均處理時間較 2025 年 12 月降低 87%，而關鍵通路的申訴量較前一季下降 31%。

All together, we expect approximately BRL800 million of spending and investment in commercial initiatives in 2026. As the new operating model becomes fully implemented and reaches maturity, we expect part of the remaining cost base to normalize and the overall structure to become increasingly efficient.

整體而言，我們預期 2026 年在商業相關措施上的支出與投資約為 8 億巴西雷亞爾（BRL）。隨著新的營運模式全面落地並趨於成熟，我們預期部分剩餘成本基礎將回歸常態，整體架構也將愈來愈有效率。

Ultimately, our objective is very clear: We want the customer experience to catch up with the transformation already taking place across the rest of SABESP.

最終，我們的目標非常清楚：我們希望客戶體驗能追上 SABESP 其他領域已在進行的轉型。

Before we move to Q&A, let me leave you with one final thought: Two years into this transformation, SABESP is a very different company.

在進入問答之前，我想留給各位最後一個想法：轉型兩年後，SABESP 已是一家截然不同的公司。

We are investing and executing at an unprecedented scale, accelerating universalization, strengthening the resilience of our operations, and building the capabilities required for the next phase of our journey.

我們正以前所未有的規模投資並執行，加速普及化、強化營運韌性，並建立下一階段旅程所需的能力。

But transformation is not only about doing more, it is about doing it better. That means delivering results with purpose, raising the bar on safety, putting our customer first, and continuously improving business efficiency to generate the resources needed to help fund this transformation.

但轉型不僅是做得更多，更是要做得更好。這意味著以使命感交付成果、提高安全標準、以客戶為先，並持續提升營運效率，以創造所需資源來協助資助這項轉型。

We have made significant progress, but we know there is still a lot to do. Our ambition remains unchanged: to build the global leader in Water and sanitation, while creating sustainable long-term value for our shareholders and for society.

我們已取得顯著進展，但也知道仍有許多工作要做。我們的企圖心不變：打造全球水務與衛生領導者，同時為股東與社會創造可持續的長期價值。

With that, we can move to the Q&A.

接下來，我們可以進入問答。

Thank you. We will now begin the Q&A session for investors and analysts.

謝謝。我們現在開始投資人與分析師的問答環節。

(Operator Instructions)

（接線員指示）

Mr. Bruno Amorim, Goldman Sachs.

高盛的 Bruno Amorim 先生。

Hi. Good morning, everybody. And thank you for the opportunity to ask a question.

嗨。各位早安。也謝謝讓我有機會提問。

How much of the higher costs in the second quarter are either transitory or subject to future tariff coverage, in your opinion?

您認為，第二季較高的成本有多少屬於短期性，或未來可透過費率調整予以涵蓋？

And just a follow-up to that, can you also better explain the nature of the components of the bridge in the bottom of slide 9, especially the revenue and timing components, which you exclude from the calculation of the underlying EBITDA?

另外追問一下，您能否更清楚說明第 9 頁投影片底部那張橋接表各項組成的性質，特別是您在計算基礎 EBITDA 時排除的收入與時間點（timing）項目？

Thank you so much.

非常感謝。

Hi, Bruno. Thank you for your question. This is Daniel. Good morning, everyone, once again.

嗨，Bruno。謝謝你的提問。我是 Daniel。各位早安，再次問候。

Maybe I'll start from the back. I think it helps explain the early part of your question, right?

也許我先從後面開始說。我想這有助於解釋你問題的前半段，對吧？

So on page 9, what we tried to bring was: What are the things that we've decided to do? What are things that are new versus what we've been communicating with the market?

所以在第 9 頁，我們想呈現的是：我們決定要做哪些事情？哪些是新的，哪些是我們先前已經對市場溝通過的？

So one of the things that we started to disclose is the effect that weather has in our results. This is a good practice that happens across the globe with our peers.

因此，我們開始揭露天氣對我們業績的影響。這是全球同業普遍採行的良好做法。

We started to disclose that, as this is very material to the business and something that will oscillate positive or negative, depending on the quarter, and to bring that sensitivity to the market.

我們開始揭露這點，因為它對業務非常重大，且會依季度而正負波動，並將這種敏感度帶給市場。

The second part, which is still on net revenue, about BRL60 million of that, and combined with the second item on the bridge of timing, is related to the SAP go-live.

第二部分仍在淨營收上，其中約 6,000 萬巴西雷亞爾，並且與橋接表中第二個「時點」項目合併來看，與 SAP 上線（go-live）有關。

The part that's hitting revenues is mainly due to a higher fiscal fees or higher sales tax rate, based on the go-live of the system, because we had fewer invoices coming in, where we are able to take tax credits from them.

影響營收的部分主要是因為系統上線後，財稅費用較高或銷售稅率較高，因為我們收到的發票較少，導致我們可從中取得的稅額抵扣也較少。

So we had more accruals to reflect the actual cost of the quarter. And, hence, we expect that to transition down in Q3 so we expect to recover that in Q3.

因此我們提列了更多應計費用，以反映該季度的實際成本。所以我們預期這個影響會在第三季下降，並預期在第三季回收。

When we look at the timing part of cost, I would say, half of that is Q1 expenses that moved to Q2, and the other half are Q3 expenses that moved into Q2. So I'll expect half of that will be recovered over Q2.

就成本的時點來看，我會說其中一半是第一季的費用移到第二季，另一半是第三季的費用提前到第二季。所以我預期其中一半會在第二季之後回收。

Thinking about all the other things -- and I'll leave the customer experience to the end because that's the part that we want to dive a little bit more -- but we had this year, for one quarter, oil prices at [$115], [$110].

再看其他所有因素——我會把客戶體驗留到最後，因為那部分我們想再深入一些——但今年有一個季度，油價在[$115]、[$110] 的水準。

That put an additional pressure to our chemical costs. That was about a 20% average increase in cost to our chemicals. There are chemicals that increased more than that, chemicals that didn't increase, that are linked to the supply chain that comes all the way from the Middle East.

這對我們的化學品成本造成額外壓力。化學品成本平均上升約 20%。有些化學品漲幅高於此，有些則沒有上漲；這與供應鏈有關，供應來源一路可追溯到中東。

So in that aspect, we had extraordinary costs. Now, our task and challenge is to negotiate that back down to the current levels, and to try to bring that back for the second half of the year. We're already making progress to that, but we still have some things to be done.

因此在這方面，我們出現了非常態成本。現在，我們的任務與挑戰是把價格再談回到目前水準，並嘗試在下半年把這部分拉回來。我們已經在這方面取得進展，但仍有一些工作要完成。

Thinking about the commercial plan, as Piani highlighted in his speech, we expect to spend about BRL800 million this year in many areas. Some of that, we'll see through cost. Some of that, we'll see through revenue.

談到商業計畫，如 Piani 在發言中強調的，我們預期今年在多個領域支出約 8 億巴西雷亞爾。其中一部分會反映在成本端。另一部分會反映在營收端。

On the revenue front, one thing that we didn't mention here -- but we had BRL50 million increase in reforms in this quarter, just rounding the numbers. We expect to see that continue.

在營收方面，有一點我們這裡沒有提到——但本季度整體來看，翻修（reforms）增加了約 5,000 萬巴西雷亞爾。我們預期這個趨勢會持續。

One of the things that we used to do when we think about reforms, we were more reactive than proactive when we saw that there was an increase in consumption volume towards a given connection.

過去我們在思考翻修時，當看到某個連接點的用量增加，我們的做法比較偏向被動而非主動。

And what we did was we anticipated the resolution time by being proactive in flagging that to the consumer and treating that. It increased a part of the cost, also -- comes from increasing the number of people that actually do that job, and to reduce the friction on the consumer front.

而我們做的是：透過主動向用戶示警並處理，提前縮短解決時間。這也增加了一部分成本——來自於增加實際執行這項工作的員工人數，並降低用戶端的摩擦。

So that is about BRL50 million in the quarter, and we have another BRL150 million on the cost side that we flagged, also, on the bridge. That is mainly related to the communication outreach that Piani mentioned.

所以這部分本季度約 5,000 萬巴西雷亞爾；此外在成本端我們也在橋接表中標示了另外 1.5 億巴西雷亞爾。那主要與 Piani 提到的對外溝通推廣有關。

About half of that is related to that. And the other half is mainly linked to the expansion of customer-service agencies such as Poupatempos, increasing to 100 people on the service agencies that actually provide a service to the population, and another 120 people, call it, on the call center so that we can solve a backlog of tickets that we had that accumulated.

其中約一半與此相關。另一半主要與擴增客戶服務據點有關，例如 Poupatempos；我們在服務據點增加到 100 人，實際為民眾提供服務；另外在客服中心（call center）再增加約 120 人，以便解決我們累積的工單待處理量。

As we grew, what we started noticing that we grew -- and we started, also, being more on point on collection. And as we started doing that, we realized that we had to also expand our service capacity to be able to meet the questions or the concerns that the clients had, and we wanted to improve the service.

隨著我們成長，我們開始注意到我們規模擴大——同時我們在收款（collection）方面也更到位。而當我們開始這麼做時，我們也意識到必須擴充服務量能，才能回應客戶的問題或疑慮，我們也希望提升服務。

So that is a little bit of the general picture. Of that general picture, what we expect, based on the Rules 106 by ARSESP and all the other rules on our contract, we expect that about a little bit more than half of that, to some extent, will either be a pass-through or it will be something that we will recover through the histogram in upcoming tariff cycles.

以上就是整體概況的一部分。就這個整體概況而言，根據 ARSESP 的第 106 號規則以及合約中的其他規定，我們預期其中略多於一半在某種程度上要嘛會是轉嫁（pass-through），要嘛會在未來的費率週期中透過直方圖（histogram）機制回收。

When you think about that, a part of the amount that Piani flagged, is also in anticipation of the public hearing that closed with regards to discounts to large clients. So we have already placed a number inside that BRL800 million, assuming that discounts live very soon, to be conservative.

再進一步看，Piani 提到的金額中，有一部分也是為了提前因應關於大型客戶折扣、且已結束的公聽會。因此我們已在那 8 億巴西雷亞爾中納入一個數字，保守假設折扣將很快生效。

And the rest of that, I would say that half of the half so about 20% to 25% of that, we expect to stick, and the other half, we expect to improve through productivity, as we transition more to digital channels, rather than physical channels.

至於其餘部分，我會說「一半中的一半」，也就是約 20% 到 25% 的金額，我們預期會固化（持續存在）；另外一半，我們預期可透過生產力提升來改善，因為我們會逐步更多轉向數位通路，而非實體通路。

So this is more or less what we expect, going forward, and how we see this transitioning. I do not know if I was able to answer everything, Bruno, but of what I remember that you asked, I think I addressed it.

所以這大致就是我們對未來的預期，以及我們如何看待這些因素的轉變。Bruno，我不確定是否把所有問題都回答到了，但就我記得你問的部分，我想我都有回應。

No. That is helpful. Thank you. I will let others ask. Thank you so much.

沒有。這很有幫助。謝謝。我讓其他人提問。非常感謝。

(Operator Instructions)

(接線員指示)

Mr. Arthur Pereira, JP Morgan.

JP Morgan 的 Arthur Pereira 先生。

Hi, good morning, guys.

嗨，各位早安。

Still on these investments in commercial efforts, you mentioned that out of the BRL800 million, you should consider OpEx and revenues, just to make sure that nothing goes into CapEx.

還是關於這些商業推動相關的投資，你提到在 8 億巴西雷亞爾中，應該把營運費用（OpEx）和營收一起考量，以確認沒有任何部分會進到資本支出（CapEx），對嗎？

And you mentioned the BRL150 million in expenses in the second quarter, BRL50 million in revenues so the reminder BRL600 million, should we consider in the second half of this year or was anything already disbursed in the first quarter?

你也提到第二季有 1.5 億巴西雷亞爾的費用、5,000 萬巴西雷亞爾的營收，所以剩下的 6 億巴西雷亞爾，我們應該視為會在今年下半年發生，還是第一季其實已經支出了一部分？

And on the expenses, was this fully booked as third-party expenses or, also, personnel? Because personnel expenses increased quarter over quarter.

另外在費用方面，這些是否全部都入帳為第三方費用，還是也包含人事？因為人事費用較上一季有所增加。

And maybe just wanted to recap a little bit what you see as underlying. You exclude the BRL150 million in this quarter on the underlying figure that you presented. So how much of this OpEx on the commercial efforts should we consider as recurring in the coming years, thinking about 2027 onwards?

也許只是想稍微回顧一下您所看到的基本面。在您所呈現的基本面數字中，您把本季的1.5億巴西雷亞爾排除在外。那麼，這些用於商業推進的營業費用（OpEx）中，有多少應該被視為未來幾年（從2027年起）會經常性發生的？

Thank you, Arthur. Thank you. Long question. I will try to remember everything. I wrote down most of what you said, but let me know if I missed something.

謝謝你，Arthur。謝謝。問題很長。我會盡量把所有內容都記住。我把你說的大部分都記下來了，但如果我漏了什麼請告訴我。

Look, thinking about 2027 onwards, as I said, I think about 20% to 25% of that is what I expect will stick, given, to some extent, we will recover a part -- sorry, let me put it in a different way.

你看，從2027年之後來思考，如我所說，我認為其中大約20%到25%是我預期會留下來的；在某種程度上，我們會收回其中一部分——抱歉，我換個方式說。

A part of that, which is a majority part of that, will stick. But half, more than half of that, will come back through the tariff cycles, which is the part that is linked to revenues and large clients discounts and mandatory communication, as we go commission-construction work so these are things that are mandatory by the regulation. So anything will get eventually reimbursed.

其中一部分——而且是大部分——會留下來。但其中一半、甚至超過一半，會透過費率（tariff）週期回來，也就是與營收連動的部分、以及大客戶折扣與強制性溝通；當我們進行委託施工（commission-construction）工作時，這些都是法規要求必須做的事情。所以最終都會獲得補償。

Another 20% are things that we are increasing costs, and that will stick. And the remainder of that, we expect we will see in productivity, over the next years, improving. So we do not expect that to stick over '27 and so on and so forth.

另外有20%是我們正在增加的成本，而且會留下來。其餘部分，我們預期未來幾年會在生產力上看到改善。因此我們不預期那部分會在2027年及之後持續存在。

So from an [NPV] perspective, the only lagging part is going to be the 20% that will stick in terms of cost. I know that is where you are going.

所以從[NPV]（淨現值）的角度來看，唯一會滯後的部分，就是那20%會以成本形式留下來的部分。我知道你想問的就是這個。

In terms of personnel, a small portion of that is in personnel. I do not expect to see a big part of that landing in personnel. I would not model that.

就人事而言，其中只有一小部分屬於人事成本。我不預期會有很大一部分落在人事上。我不會把那個納入模型。

My view is that the oscillation that you see in personnel is more linked to timing of benefits and things like that we do not even deemed worth of calling out.

我的看法是，你在人事上看到的波動，更多是與福利入帳時點之類的因素有關，我們甚至不覺得值得特別提出來說明。

And in terms of the timing of conversion, you are right. We have cycled through BRL200 million, give or take, of the BRL800 million that we mentioned. We will see the next BRL600 million over the next quarters, between Q3 and Q4. That is where we expect we will land.

至於轉換（conversion）的時點，你說得對。我們已經完成了我們提到的8億巴西雷亞爾中的約2億（上下浮動）循環。接下來的6億巴西雷亞爾會在未來幾個季度、介於第三季到第四季之間看到。我們預期會落在那個區間。

Did I miss anything?

我有漏掉什麼嗎？

No. I think, Daniel, you got everything, but just let me try to give a 10,000-feet overview. What we are doing, we are taking the customer by the hand.

沒有。我想，Daniel，你都講到了，但讓我試著用一個高層次的角度（10,000英尺視角）來說明。我們正在做的是牽著客戶的手往前走。

Instead of letting him complain, we are pre-empting, just, any big variations on customer bills and bringing those customers to a conversation, see if there is any, according to the regulatory framework, reforms that are available for that increase.

我們不是等他抱怨，而是先行預防，針對客戶帳單可能出現的任何大幅波動，主動把這些客戶拉進來對話，看看依照監管框架，是否有任何可用的改革措施來因應這次上升。

So what happened before was we were reactive, waiting for the client to complain. Now, we proactively -- we are using the rules of the game, the lower arms, and trying to give that benefit to the consumer.

所以以前發生的情況是我們比較被動，等客戶抱怨。現在我們主動出擊——我們運用遊戲規則、運用可用的工具，並試著把這個利益回饋給消費者。

That is the piece of the commercial investment, in broader sense, that goes through revenues because it is a bill reform, okay? So this is basically an anticipation of something that we are going to be compensated through different tariff revisions, moving forward so just to be clear on that front.

這就是商業投資中、以更廣義來說、會透過營收反映的那一塊，因為它是帳單改革（bill reform），好嗎？所以這基本上是把某些事情提前做，而我們未來會透過不同的費率修訂獲得補償；我只是想在這點上說清楚。

The second piece that I think is worthwhile, we invested a lot -- much more than I think -- it is a recurring basis on communications. Besides everything that we are doing that we need to communicate, we are communicating all these changes to the consumer so he can appreciate and know what are his rights.

第二塊我認為值得一提的是，我們在溝通上投入很多——比我認為的經常性水準還要多。除了我們必須溝通的所有事情之外，我們也把這些變更都傳達給消費者，讓他能理解並知道自己的權利是什麼。

Of course, this has a bump at the beginning and then, this has a reduction, and, in general, independent if it has a regulatory recognition or not. And part of these communications are also regulatory compliance that can be compensated through the tariff cycles.

當然，這在一開始會有一個高峰，之後會下降；而且一般而言，不論是否獲得監管認列（regulatory recognition）都是如此。而這些溝通中的一部分也屬於法規遵循，並可透過費率週期獲得補償。

And to be very specific on one of the measures that Daniel made is that we created, as I mentioned on the opening of the call, an additional group that is small. I don't think it is relevant for you guys to model, but we have a dedicated team to improve the experience with the consumers.

另外，針對Daniel提到的一項措施，我想非常具體地說明：正如我在電話會議開場提到的，我們成立了一個額外的小組。我不認為這對你們建模來說很重要，但我們確實有一個專責團隊來改善消費者體驗。

So, yes, there is a pick-up increase on personnel, but we don't believe that this is going to change the trajectory that we had before.

所以，是的，人事上確實有一個上升的增量，但我們不認為這會改變我們之前的趨勢軌跡。

Very clear. Thank you.

非常清楚。謝謝。

Mr. Francisco Navarrete, Bradesco BBI.

Bradesco BBI 的 Francisco Navarrete 先生。

Morning. Can you hear me well?

早安。你們聽得到我嗎？

Yes.

聽得到。

Okay. Thank you, Piani and Daniel, for the call. Just have two questions, if I may.

好的。謝謝 Piani 和 Daniel 的電話會議。如果可以的話，我有兩個問題。

One is, if you could comment about the CapEx level in 2Q '26 -- I think maybe the pace at which the CapEx showed in 2Q was a little bit below expectations; and if you could talk about that and then, tell us what your ambition for the CapEx for the full-year '26. So that is one question.

第一個是，能否請你們評論一下2026年第二季（2Q '26）的資本支出（CapEx）水準——我覺得第二季CapEx呈現的節奏可能略低於預期；請談談這點，並告訴我們你們對2026年全年CapEx的目標。這是第一個問題。

And then, the second: I know you already explained part of it, but if you could provide more detail on the revenue gap that we are seeing. I think we are estimating something that seems to be a little bit higher than in the first quarter. So if you could help us understand that.

第二個：我知道你們已經解釋了一部分，但能否就我們看到的營收缺口（revenue gap）提供更多細節。我想我們估算的數字似乎比第一季還要高一些。所以如果你們能幫助我們理解這點。

I know in the press release you already mentioned BRL177 million of mix, but what else should we consider there to close that gap? Thank you very much.

我知道你們在新聞稿中已經提到有1.77億巴西雷亞爾是組合（mix）因素，但除此之外，還應該考慮哪些項目來補上這個缺口？非常感謝。

Navarrete, thanks for the question. I will make a brief introduction, pass to Daniel, and maybe I will come back.

Navarrete，謝謝你的問題。我先做個簡短的引言，交給Daniel，之後我可能再補充。

But in terms of CapEx, usually, the first quarter is the softest quarter of the year because people are tired of pushing until the end of the fourth quarter, given all the incentives that we have, annual revisions of the regulatory asset base, and so forth.

就CapEx而言，通常第一季是一年中最疲弱的季度，因為大家在第四季末已經用力衝刺到很累了，考量到我們有各種激勵機制、監管資產基礎（regulatory asset base）的年度審查等等。

So there is a seasonality, there is a pacing. And it is back-ended. This is natural, as expected.

所以這裡有季節性，也有節奏安排。而且支出會偏向下半年。這是自然的，也符合預期。

The second comment I think it is worthwhile, the works that we were pursuing at the beginning of this journey -- we are less than two years in -- were the projects that were closest to us, basically here in the north region of the metropolitan area of São Paulo -- they were known and so forth.

第二點我覺得也值得一提：在這段旅程一開始我們追求的工程——我們投入還不到兩年——主要是離我們最近的專案，基本上就在聖保羅（São Paulo）都會區北部這一帶——這些專案我們比較熟悉等等。

The change -- why are we confident that we are going to pick up and we are going to pick up strongly the pace? Because, as I think we highlighted in the presentation -- Daniel can give a little bit more color -- we are concluding the hiring of -- four phases.

變化——為什麼我們有信心進度會回升，而且會強勁回升？因為，正如我想我們在簡報中強調的——Daniel 可以補充更多細節——我們正在完成招聘——四個階段。

So we highlighted two, but there is four phases of the universalization program for the countryside of São Paulo. That is where we are going to be measured next year. So we need to pace that. We need to pick up in 100% of the municipalities of [Dourados].

所以我們強調了其中兩個，但聖保羅州鄉村地區的普及化計畫其實有四個階段。這將是我們明年被衡量的部分。因此我們需要把握節奏。我們需要在[Dourados]的 100% 市鎮加速推進。

So there is a lot of volume of works that are being hired, and this gives us conviction that we are going to aim towards the BRL20 billion at year end.

因此，有大量工程正在簽約中，這讓我們有信心在年底朝著 200 億雷亞爾（BRL20 billion）的目標前進。

Of course, there is a challenge. As always, it is not a piece of cake. But I think what I can tell you guys is that we have an action plan to get there, and we know how to get there, right?

當然，這是一項挑戰。一如既往，並非易事。但我想我能告訴各位的是，我們有一個行動計畫可以達成，而且我們知道如何達成，對吧？

Of course, we need to prove this on a daily basis, but we have the contracts now signed, and we have a plan to get there, back-ended, into the fourth quarter of this year.

當然，我們需要每天都用成果來證明，但我們現在已簽署合約，也有一個計畫在今年第四季（偏後段）把進度推上去、達成目標。

All right. Just to complement here, going to the CapEx, right, we have about BRL40 billion of backlog. Last quarter, we also had BRL40 billion of backlog so we executed almost BRL4 billion and continued with BRL40 billion, which means that we contracted BRL4 billion through the quarter.

好的。補充一下，談到資本支出（CapEx），我們大約有 400 億雷亞爾的在手訂單（backlog）。上一季我們也有 400 億雷亞爾的在手訂單，因此我們執行了將近 40 億雷亞爾，同時仍維持 400 億雷亞爾，這表示我們在該季度又簽約了 40 億雷亞爾。

We are now in the final stages of contract -- final, no, but I will say, over the next nine months or so, we will be contracting another BRL20 billion, give or take. So that will allow us to continue ramping up the CapEx.

我們現在正處於簽約的最後階段——也不算最後，但我會說，在接下來大約九個月左右，我們還會再簽約約 200 億雷亞爾，上下浮動。這將使我們能持續拉升資本支出（CapEx）。

As it stands today, we have about 1,500 different CapEx fronts active. We expect to reach at the end of next year, at some point close to that, which is going to be our peak, about 4,000 simultaneous work sites.

以目前情況來看，我們大約有 1,500 個不同的 CapEx 工程前線正在進行。我們預期在明年年底左右、接近那個時間點（也將是我們的高峰），同時進行的工地將達到約 4,000 個。

So that is definitely a big increase. As Piani alluded to, we have a lot of people working around internally. And on the contractors front, these numbers are going to almost double by the end of next year.

所以這確實是大幅增加。如 Piani 所提到的，我們內部有很多人正在投入。而在承包商端，到明年年底這些數字幾乎會翻倍。

So we are very well advanced into U-Factor targets for this year, right, as you can see from the presentation. And, now, we are turning our attention a lot to the U-Factor targets for next year. That is where we are, more or less, with regards to that matter.

因此，就今年的 U-Factor 目標而言，我們已經推進得很前面了，正如各位從簡報中所見。而現在，我們也把相當多的注意力轉向明年的 U-Factor 目標。大致上，這就是我們在這件事上的進展。

In terms of the revenue gap versus the regulatory fronts, we have, basically, three items that are relevant.

就營收缺口相對於監管面向而言，基本上有三個相關項目。

The first one is, as you mentioned, the mix, about BRL177 million from social tariffs and from consumption-band mix because of the lower temperatures.

第一個是，如你提到的，組合（mix）因素：由於氣溫較低，社會費率與用量級距組合帶來約 1.77 億雷亞爾（BRL177 million）的影響。

The second part of that is the reforms that I mentioned, and as you correctly pointed out, about BRL50 million in the quarter.

第二部分是我提到的改革，而如你正確指出的，本季度約 5,000 萬雷亞爾（BRL50 million）。

And then, when you look at the remaining BRL50 million that, in our view, continues to exist, this is mostly related to large clients. And, basically, it has a BRL50 million impact on the quarter that is mostly linked to very few clients that still have active contracts of discounts in half of that BRL50 million. And the other half is another gap that is driven by the injunctions that are still active.

接著，當你看我們認為仍然存在的剩餘 5,000 萬雷亞爾時，這主要與大型客戶有關。基本上，本季度有 5,000 萬雷亞爾的影響，主要連結到極少數客戶，他們仍有折扣合約在生效，約占這 5,000 萬雷亞爾的一半。另一半則是由仍在生效的禁制令（injunctions）所驅動的另一個缺口。

Every quarter, we have been reducing that number, but we still have some injunctions that are active that prevent us from charging the full price to some clients, okay? So that is, give or take, where we see the regulatory gap today.

每一季我們都在降低這個數字，但仍有一些禁制令在生效，阻止我們向部分客戶收取全額價格，好嗎？所以大致上，這就是我們目前看到的監管缺口。

Thank you very much, Daniel.

非常感謝你，Daniel。

Mrs. Sofía Grand, Moneda.

Sofía Grand 女士，Moneda。

If it's not the case -- that she doesn't have her mic on, I can read her question here.

如果不是那樣——她沒有開麥克風的話——我可以在這裡讀出她的問題。

I think it's directly to Daniel. What percentage of universal coverage have you reached, so far? And how many connections remain to be achieved?

我想這是直接問 Daniel 的。到目前為止，你們已達到多少比例的普及覆蓋？還剩下多少連接需要完成？

There's some other questions. How do you plan to finance the CapEx for universal coverage? And what percentage of the total CapEx is expected to be deployed for Sewage and for Water? How much CapEx is going to be used to improve the network?

還有一些其他問題。你們打算如何為普及覆蓋的資本支出（CapEx）融資？預期總 CapEx 中有多少比例會用於污水（Sewage）與供水（Water）？有多少 CapEx 會用於改善管網？

Thanks. Thank you, Sofía, for your question.

謝謝。謝謝你，Sofía，謝謝你的提問。

So when we think about our percentage coverage, this is something that we don't have. I cannot give you a final number yet because we're still doing the census, right? This is going to be what's going to be used to calculate what is the percentage coverage. And this is going to happen until the end of this year.

所以當我們思考覆蓋率百分比時，這是我們目前還沒有的數字。我還不能給你最終數字，因為我們仍在進行普查（census），對吧？這將用來計算覆蓋率百分比。而這會持續到今年年底。

What I can say today is that from our target that needs to be met by adding a net new number of economies, we've met 105% of the three-year target for Water, 90% of the Sewage collection, and 82% of the Sewage treatment, which means that we're very advanced, as we think that we still have six months to deliver it.

我今天能說的是，從我們需要透過新增淨「戶數／用戶單位」（economies）來達成的目標來看，我們已達成三年期目標的：供水 105%、污水收集 90%、污水處理 82%。這表示我們進度非常超前，因為我們認為距離交付仍有六個月。

Like I said, our attention is focused, right now, in contracting what is '27. As we progress and as we have the result of the census, we'll be able to update everyone as to what's the percent coverage compared to the 99% that we need to reach by 2029, okay?

如我所說，我們目前的重點是簽約「27 年」的部分。隨著我們推進並取得普查結果，我們就能向大家更新：相對於 2029 年需達到的 99% 目標，目前覆蓋率是多少，好嗎？

How are we going to finance the CapEx? We've been funding that mostly through debt, and we'll probably continue to do that over the next year, and expected by 2028 to start generating enough cash flow to be able to continue funding that with less percentage of debt.

我們要如何為 CapEx 融資？我們主要透過舉債來支應，而且未來一年大概也會持續如此；並預期到 2028 年開始產生足夠的現金流，使我們能以較低的負債比例持續支應。

About two-thirds of that CapEx goes into Sewage treatment and one-third goes into Water. That's just how much the split is.

大約三分之二的 CapEx 用於污水處理，三分之一用於供水。大致上就是這樣的分配。

And in terms of improvement of the network, we've been doing about 10% of that total CapEx, which is maintenance, network upgrades, and so on and so forth. The bulk of the CapEx really goes into expansion -- and expanding the network and expanding the Sewage treatment facility capacity so that we can plug more economies into that.

至於管網改善方面，我們約使用總 CapEx 的 10%，用於維護、管網升級等等。CapEx 的大宗其實用於擴張——擴建管網並擴增污水處理設施的處理能力，以便我們能把更多「戶數／用戶單位」（economies）接入系統。

Fillipe Andrade, Itaú BBA.

Fillipe Andrade，Itaú BBA。

Hello. Good morning. Thanks for accepting the questions.

你好。早安。謝謝接受提問。

If you could just please go through the increase on the allowance for doubtful accounts. What explains this increase from 1.4% in the past three quarters to the 2.5% figure on the second quarter of 2026?

請您說明一下呆帳準備金（allowance for doubtful accounts）增加的原因。是什麼因素解釋了過去三個季度的 1.4% 上升到 2026 年第二季的 2.5%？

And, also, if you could just please comment on the unitization phase expected for 2026, if the company sees any changes on what it was expecting before the reduction on CapEx deployment of the second quarter.

另外，也請您評論一下 2026 年預期的資產轉固（unitization）階段；在第二季資本支出（CapEx）投放縮減之後，公司對先前的預期是否有任何變化？

Thank you.

謝謝。

Thanks, Fillipe. I will take the first one.

謝謝，Fillipe。第一個問題我來回答。

So in terms of allowance for doubtful accounts, I think it is worth rewinding a little bit further, the movie. When we came in, the run rate of the allowance for doubtful accounts was about 4% of revenues, which meant that it created a very long backlog of collection that we could act on, and we have acted on that. \

關於呆帳準備金，我認為值得把時間軸再往前拉一點來看整個脈絡。我們剛接手時，呆帳準備金的常態水準大約是營收的 4%，這代表累積了很長的應收款催收積壓（backlog）可供我們處理，而我們也確實已經著手處理。\

And we have been able to achieve the lowest historical number, which was [1.4] at the end of Q1 of this year, and even, I think, at the end of Q4 last year, as well.

我們已經把它降到歷史最低水準，也就是今年第一季末的 [1.4]；我想去年第四季末也是如此。

So we have reached the historical best, but that was also at the expense of collecting some of the backlog, right? And, naturally, as you start working through that, this starts reducing. So that opportunity starts reducing.

所以我們達到了歷史最佳水準，但這同時也是以回收部分積壓款項為代價，對吧？而且很自然地，當你開始把這些積壓逐步消化後，這個效果就會開始減弱。也就是說，這個機會會逐漸縮小。

I think, going forward -- and then, I will talk about Q2 -- but, going forward, what we expect is something that we will eventually land at something that is similar to other utilities from our benchmark -- is close to [2]. A little bit less, a little bit more, but that is what we expect will be eventually the recurring pattern of the company.

我認為往後——接著我也會談第二季——但往後我們預期最終會落在與同業基準（benchmark）中其他公用事業公司相近的水準——大約接近[2]。可能略低或略高，但我們預期這會成為公司最終的經常性型態。

As we upgrade to smart meters, that might present an opportunity for us to continue improving structurally. So as they become a bigger part of our metering fleet, eventually, this is going to be able to improve.

隨著我們升級到智慧電表，這可能會帶來讓我們在結構性上持續改善的機會。因此，當智慧電表在我們的計量設備中占比愈來愈大時，最終這將能夠進一步改善。

That said, for Q2 -- historically, Q2 is one of our highest allowance for doubtful accounts quarters, from a seasonality perspective, okay? So that is in the end, a little bit of that.

話雖如此，就第二季而言——從歷史來看，第二季在季節性因素下通常是我們呆帳準備金較高的季度之一，好嗎？所以這部分最終也反映了一些季節性影響。

I would look at that more as a first half, rather than Q1 and Q2. But that is where we see the numbers.

我會把它更視為上半年整體的表現，而不是單獨比較第一季和第二季。但我們看到的數字就是如此。

In terms of unitization, we do not expect any change to what we have been communicating, where we think that about two-thirds of the CapEx of the year, usually, is able to commission in that year, and one-third goes to the work in progress.

至於資產轉固（unitization），我們預期不會偏離我們一直以來對外溝通的內容：我們認為通常一年資本支出（CapEx）約有三分之二能在當年完成投運/轉固，另三分之一會留在在建工程（work in progress）。

This is, more or less, what we continue to expect. We do not see major changes here.

這大致上仍是我們持續的預期。我們不認為這裡會有重大變化。

Thank you.

謝謝。

André Sampaio, Santander.

André Sampaio，Santander。

(technical difficulty) --

（技術問題）--

Carolina Carneiro, Safra.

Carolina Carneiro，Safra。

Hi, everyone. Good morning. Thank you for the call and the opportunity.

各位好。早安。感謝這通電話會議以及提問的機會。

I wanted to go back to CapEx. If you can now update us a little bit on the overall CapEx plan -- regards, especially, of the potential anticipation of the projects. They are aiming to enhance the Water resilience and the security of supply, here, in São Paulo.

我想回到資本支出（CapEx）的議題。請問您能否更新一下整體 CapEx 計畫——特別是關於可能提前推進的專案？這些專案旨在提升聖保羅（São Paulo）的供水韌性與供應安全。

And, also, how has been conversations -- or conversations going already with the regulatory agency here in order to recognize that, support that, especially noting that we are going to have this year the application of the methodology to recognize the annual CapEx on tariff.

另外，關於與本地監管機構的溝通進展如何——或是否已經在進行中——以便能夠認列並支持這些投資？尤其考量到今年將會採用把年度 CapEx 納入費率（tariff）認列的計算方法。

So if you can give us a hint on these specific points, it would be great. Thank you.

如果您能就這些具體點提供一些線索就太好了。謝謝。

Thank you, Carolina.

謝謝你，Carolina。

Given, I think since August of last year, there is a specific protocol that has been enacted by the state government, which has -- today, biweekly meetings; previously, it was weekly meetings -- where all the strategy regarding Water scarcity, involving all players, was decided in that group.

我想自去年 8 月以來，州政府已啟動一套特定的協調機制（protocol），目前是每兩週開一次會；之前是每週開會——所有涉及水資源短缺的策略、涵蓋所有相關方，都是在該小組中共同決定。

That group decided together to anticipate a couple of investments, as I think we mentioned in the past. I think the major one that we have is a connection between Billings and our Alto Tietê watershed. So we can take water from Billings to the Water treatment plant at Taiaçupeba, which represents roughly 30% of the Water -- potable Water -- of the metropolitan region of São Paulo.

該小組共同決定提前推進幾項投資，我想我們過去也提過。其中最大的一項，是在 Billings 與我們 Alto Tietê 流域之間建立連通工程。如此我們可以把 Billings 的水輸送到 Taiaçupeba 的淨水處理廠，該廠供應約占聖保羅都會區 30% 的用水——可飲用水（potable water）。

This construction is expected to be concluded by the third quarter of next year, and it is around BRL1.4 billion. So this has been aligned. Everybody knows.

這項工程預計在明年第三季完工，投資規模約為 14 億巴西雷亞爾（BRL1.4 billion）。因此這已經完成對齊。大家都知道。

We still don't have clarity about the new methodology, as you mentioned, that had already a public hearing. We expect this to come out to the market probably -- maybe until the end of the third quarter.

至於你提到的新方法論，我們目前仍不夠明朗；它已經舉行過公開聽證會。我們預期可能——也許在第三季末之前——會對市場公布。

But I think what I can tell you is everybody knows that we're doing the best we can to help avoid a tail event, okay? So there are two other smaller investments, but I think the major one is the one I just described.

但我想我能告訴你的是，大家都知道我們正盡最大努力去協助避免尾端風險事件（tail event），好嗎？另外還有兩項較小的投資，但我認為最大的一項就是我剛剛描述的那個。

Our strategy is to pull forward a couple investments, but nothing that we can do is going to solve the next two, three months, right?

我們的策略是把幾項投資提前，但我們能做的任何事情都無法解決接下來兩、三個月的問題，對吧？

I think the knife-pressure management is the lever that, as a community, we can pull together. But everything that we're doing is aligned, and we expect to be recognized in the tariff, in the regulatory-asset base, independent of the methodology that's going to come forward in the next couple of quarters.

我認為「壓力管理」這個槓桿，是我們作為一個社群可以一起拉動的。但我們正在做的所有事情都已對齊，我們也預期無論未來一兩季將推出的方法論為何，這些投資都會在費率（tariff）以及監管資產基礎（regulatory-asset base）中獲得認列。

Thank you.

謝謝。

Mr. André Sampaio, Santander. And I will read it.

André Sampaio，Santander。我將代為朗讀他的問題。

I want to go back to OpEx, but focus more on the structural long-term view. How the company views the efficiency agenda, moving forward?

我想回到營運費用（OpEx），但更聚焦在結構性、長期的觀點。公司如何看待未來的效率提升議程？

Thank you, operator. Thank you, André.

謝謝，接線員。謝謝你，André。

Look, the efficiency agenda continues to be one of the company's main strategic pillars, right? There are three strategic pillars: deliver the universal access; deliver the efficiency to fund the universal access; and then, as we progress, eventually, as we reach good customer satisfaction, good service levels, and so on and so forth, dream a little bit beyond our borders. That's basically our strategy in a nutshell, right?

你看，效率提升議程仍然是公司主要的策略支柱之一，對吧？我們有三大策略支柱：實現普及接入（universal access）；透過效率提升來為普及接入提供資金；然後，隨著我們推進，最終在達到良好的客戶滿意度、良好的服務水準等等之後，把視野稍微放到我們的邊界之外。這基本上就是我們策略的精髓，對吧？

We have already achieved very important milestones. We started with what I'll say maybe the low-hanging fruits and captured a lot of that. There's still some remaining opportunities on that front, but I think we've done a lot in that first wave.

我們已經達成了非常重要的里程碑。我們從我所說的「低垂果實」開始，並且在那方面取得了很多成果。在這條戰線上仍然有一些剩餘機會，但我認為在第一波我們已經做了很多。

What I expect now is that we enter a different phase that comes from the top and from the bottom.

我現在的預期是，我們將進入一個不同的階段，這個階段同時由上而下、也由下而上推動。

On the top, we have important initiatives, strategic initiatives, like the integrated operation center, like the metering upgrade for smart meters, like the biogas projects, all the software upgrades that we're doing that will allow us in the future to start using artificial intelligence even more to gain productivity so all of these things are top-of-the-house initiatives that we push here from the center.

在上層方面，我們有重要的倡議、策略性倡議，例如整合營運中心、智慧電表的計量升級、沼氣專案，以及我們正在進行的所有軟體升級；這些將使我們未來能更進一步運用人工智慧來提升生產力。因此，這些都是由總部層級推動、由中心端推進的上層倡議。

But another thing that's important, as Piani started talking about earlier, is the culture -- the culture of treating the company as your own, right, and making the right decisions on the day to day, and really being frugal on the day to day of the company so that these provide a cumulative effect on savings and a compounding effect.

但另一個同樣重要的事情，正如Piani稍早開始提到的，是文化——把公司當作自己的公司來經營的文化，對吧；在日常工作中做出正確決策，並且在公司的日常運作上真正做到節儉，讓這些在節省成本上產生累積效應與複利效應。

So I think what we'll see is, from the top, very large initiatives with capital deployment and investment that has a J-curve nature; and, from the bottom, the cultural change and how this evolves on the day to day -- and at the edge of the operation and in the day to day. That's, more or less, what I see for the future.

所以我認為我們將看到的是：由上而下，是伴隨資本配置與投資、具有J曲線特性的非常大型倡議；而由下而上，則是文化改變，以及這種改變如何在日常——在營運前線與日常工作中——逐步演進。這大致就是我對未來的看法。

Mr. Henrique Simões, UBS BB.

UBS BB 的 Henrique Simões 先生。

Okay. Hi, everyone. Thanks for taking my questions.

好的。各位好。感謝讓我提問。

I had a follow-up, first, on Bruno's question regarding the timing effect on the revenues. I had in my mind that, in the first quarter, you had two days of revenues that weren't billed due to the migration of the ERP, and I was expecting a reversal of that that you should exclude two days of revenues from this quarter.

我先就Bruno關於營收時間性影響的問題追問一下。我原本的理解是，在第一季，由於ERP遷移，有兩天的營收沒有開立帳單，因此我預期會有一個回轉，也就是本季應該要把兩天的營收排除。

But you had a positive effect, again, on the timing. I am just curious if those are separate effects and it would be fair to still make that adjustment to the revenues.

但你們在時間性上又出現了正面影響。我只是好奇這是否是不同的影響因素，且是否仍可合理地對營收做那樣的調整。

And the second one was on the costs, on the quality of service and communication, if that should be the new recurring level or is that temporary for this year and then, we should go back to normal levels next year?

第二個問題是關於成本，關於服務品質與溝通方面的成本：這是否會成為新的經常性水準，還是今年暫時性的，然後明年我們會回到正常水準？

Thank you.

謝謝。

Thank you. Thank you, Henrique.

謝謝。謝謝你，Henrique。

Thinking about taking your first question first, on SAP, when we went live with SAP, you saw a lower volume, but we also did an accrual for unbilled revenues.

先回答你的第一個問題，關於SAP：當我們SAP上線時，你看到的是較低的量，但我們也針對未開立帳單的營收做了應計。

so from a revenue perspective, you do not see the impact in Q1 from the SAP go-live. On Q2, you see more volume, but the reversal of that accrual for revenue so for unbilled revenue. So net revenue did not change when you think about that by component from the SAP go-live.

因此，從營收角度來看，你在第一季不會看到SAP上線的影響。在第二季，你會看到較多的量，但同時也會看到先前針對未開立帳單營收所做應計的回轉。所以，若按SAP上線的各組成項來看，淨營收並沒有改變。

What we are calling out as a positive carry-over for Q3 from the SAP go-live versus Q2 is linked to the invoice entry that was delayed because of some contracts that we were not able to bind correctly to that phase.

我們所提到的、第三季相較第二季因SAP上線而帶來的正向遞延效應，與發票入帳延遲有關，原因是有些合約在那個階段我們無法正確地完成綁定。

And as invoices come in Q3, we are naturally able to take more tax credits on the sales tax; whereas, when we do the accruals to keep the cost in line with what we know the cost is, we are not able to take sales-tax credits for that. So that is the difference between Q2 and Q3 that we called now in Q2.

當第三季發票入帳後，我們自然就能在銷售稅上取得更多進項稅額抵扣；然而，當我們為了讓成本與我們所知的成本水準一致而做應計時，我們無法就該部分取得銷售稅抵扣。因此，這就是我們現在在第二季所提到的第二季與第三季之間的差異。

Thinking about cost, I think, overall, our efficiency agenda continues, right? We will continue to pursue that. We saw very good results on the migration, for example, of power. We continue to carry over positive effects from the voluntary-dismissal plans in terms of cost. So all of that is still continuing, and we see that momentum.

至於成本方面，我認為整體而言，我們的效率議程仍在持續推進，對吧？我們會繼續追求這一點。例如在電力遷移方面，我們看到了非常好的成果。在成本上，我們也持續享有自願離職方案所帶來的正面效應。所以這些都仍在延續，我們也看到這股動能。

What we did is we selectively decided to invest in the commercial plan so that we want to explore more our value of putting the consumer first.

我們所做的是有選擇性地決定在商業計畫上投資，因為我們希望更深入發掘「以消費者為先」所帶來的價值。

And on the chemical side, we are fighting now to reduce those costs back to where they were before that oil increase. But that's it.

而在化學品方面，我們目前正努力把這些成本降回到油價上漲之前的水準。大概就是這樣。

Suchinta Chakraborty, Goldman Sachs. And I will read it.

高盛的 Suchinta Chakraborty。我將代為宣讀。

Provide an update on the company's founding strategy, including expected annual debt-raising requirements over the next few years.

請更新公司融資策略，包括未來幾年預期每年的舉債（籌資）需求。

Thank you, Suchinta, for your question. Thank you, operator, for reading.

謝謝你，Suchinta，謝謝你的問題。也謝謝主持人代為宣讀。

In terms of funding, right, we've anticipated our funding for the year of 2026. And between January and February, we raised about BRL14 billion -- 1-4. And by the end of Q3, we'll probably have met all our funding targets for the year.

就資金籌措而言，我們已提前完成2026年度的籌資規劃。在1月至2月之間，我們籌得約140億巴西雷亞爾——1-4。到第三季末，我們大概就能達成今年所有的籌資目標。

And that will put us in a position where we'll probably have more than 60% of our debt with no financial covenants, and with a longer maturity and a more structured pace.

這將使我們處於一個狀態：我們可能有超過60%的債務不附帶財務契約條款（financial covenants），同時到期年限更長、節奏也更為結構化。

When we look at the next years, naturally, those funding needs, they will start declining, as the cash flow of the company also starts picking up.

展望未來幾年，隨著公司現金流也開始回升，這些籌資需求自然會開始下降。

But, naturally, the year of '25 and '26 were the largest funding needs in our view. So that's what we can say.

但自然地，在我們看來，2025年與2026年是籌資需求最大的年份。所以我們能說的大致如此。

In terms of actual figures for debt-raising requirements, all the sell-side models, they're fairly, fairly well-designed, and they can provide some good clarity on that, as we don't disclose guidance.

至於舉債需求的實際數字，各家賣方模型都做得相當、相當完善；由於我們不提供財測指引，它們可以就此提供一些不錯的清晰度。

The Q&A session is now over.

問答環節現在結束。

We wish to give the floor to Mr. Carlos Piani for the company's closing remarks.

我們請 Carlos Piani 先生為公司致結語。

I'd like to thank everyone for participating in the call today and for the continued support, and hope to see you all on the next call.

我要感謝各位今天參與本次電話會議並持續支持，也希望在下一次電話會議再與各位相見。

Have you, all, a nice day. Thank you very much. Bye-bye.

祝各位有美好的一天。非常感謝。再見。

SABESP earnings presentation is now closed. Thank you very much for your participation. And we wish you all a very good day.

SABESP 法說會簡報到此結束。非常感謝各位的參與。並祝各位有非常美好的一天。