Itaúsa, the holding company controlling Itaú, faced a R$ 700 million negative impact on net equity from Aegea Saneamento's accounting review. Aegea, Brazil's leading private sanitation firm, revised figures from 2020 to 2024, wiping out R$ 5 billion from its net equity and cutting 2024 profit. The company's IPO was postponed to 2027.
Aegea Saneamento, serving over 39 million people across 893 municipalities in 15 Brazilian states, reviewed its accounting information from 2020 to 2024. The review led to the disappearance of R$ 5 billion from the company's net equity and a drop in 2024 profit from R$ 2.4 billion to R$ 1.8 billion.
The balance sheet delayed results disclosure, prompting S&P and Fitch to downgrade Aegea's credit rating to speculative grade, or junk. The firm submitted data minutes before the deadline, narrowly avoiding a cross-default that would accelerate debt maturities.
Aegea's IPO, anticipated for 2026, was pushed to 2027. Itaúsa, holding 13.2% of Aegea's shares — with the rest split between Equipav and Singapore's GIC sovereign fund —, saw a R$ 700 million drop in its R$ 86 billion net equity.
In a material fact notice signed by Alfredo Setubal, Itaúsa described the impact as “imaterial”.
