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Aegea’s Dollar Bonds Drop on Friday; Reports 21% Revenue Jump over the Weekend
April 13, 2026
Aegea Saneamento e Participacoes SA’s dollar bonds dropped sharply on Friday after it had delayed its results and gotten downgraded by rating agencies. Over the weekend, Aegea released its 2025 financial statements posting strong operational growth, with net revenue rising 21% and EBITDA increasing 24% YoY, driven by investments in infrastructure. The utility company, backed by GIC and Itaúsa, utilized 2025 capital market raises of BRL 22.3bn ($4.5bn) to extend its average debt maturity to 7.6 years and lower borrowing costs. While its financial statements included accounting adjustments and a restatement of 2024 figures, primarily regarding revenue recognition, Aegea said that these changes have no impact on its cash flow or debt covenants. The company recently received a BRL 1.2bn ($240mn) capital injection in March 2026, with its regulatory status upgraded to “Category A” to increase financing flexibility. This is considered to be a critical step as Aegea continues to evaluate a potential IPO later this year.
Aegea’s 7.625% 2036s fell by 5.3 points to trade at 74.6, yielding 12.1%.
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