Sabesp is Brazil's largest water and sewage utility, serving approximately 29.9 million people with water and 27.0 million with sewage services across 375 municipalities in São Paulo state, including the city of São Paulo. Sabesp extracts, treats, and distributes water through 214 treatment facilities, and collects and treats wastewater through 641 sewage treatment facilities. Sabesp operates as a regulated monopoly under long-term concession agreements — the dominant contract, URAE-1, covers 371 municipalities through 2060 and accounts for nearly all sanitation revenues. Sabesp bills customers monthly based on metered water consumption, with sewage charges tied to the same reading. Revenue is driven by volume across roughly 10.6 million water connections and regulated tariffs set by São Paulo's regulator, ARSESP, which adjusts prices annually for inflation and conducts full tariff reviews every five years. Sabesp was state-owned from its founding in 1973 until July 2024, when the State of São Paulo completed a privatization; Equatorial now holds 15% of voting capital, and no single shareholder controls the company. Post-privatization, Sabesp has accelerated collections enforcement, cost efficiency, and digital initiatives. Sabesp's primary growth mandate is universalization — expanding full water and sewage coverage across its concession territory by 2029 — driving a roughly R$70B investment program from 2024 to 2029. Sabesp is also pursuing tuck-in concessions and geographic expansion across Brazil, enabled by a 2020 federal law requiring municipalities to award sanitation services through competitive tenders.