Águas e Energia do Porto executed €13,739,192 of investment in 2025 against a budget of €20,390,953, an execution rate of 67.4%. A year earlier it executed €13,722,383 of a €19,498,247 budget, or 70.4%. In 2022 the rate was 79.7%.
Funding is not the visible constraint
The company ended 2025 with zero bank borrowings, down from €2,200,600 at the end of 2024. EBITDA rose to €20.7 million in 2025, and executed investment equaled 66% of it. In 2019, when investment peaked at €20.03 million, it equaled 148% of EBITDA. General liquidity improved from 1.05 to 1.49 between 2024 and 2025.
Grants are growing faster than receipts
At the end of 2025 the company held 18 approved applications for EU and national co-funding, with approved support of about €12 million, up from about €6.7 million a year earlier. Co-funding received to date stood at about €5.4 million. Operating subsidies rose to 8.4% of income in 2025, from 4.7% in 2024.
Where the money goes
Wastewater drainage and treatment took 37.7% of 2025 investment, water supply 29.2% and stormwater drainage 22.8%. Those are the areas where the company missed contract targets in 2025: flooding reached 0.79 occurrences per 1,000 connections against a target of 0.70, and discharge compliance was 98% against 100%.
What the 2026–2030 plan means for drainage and treatment, how Porto's emissions and reuse compare with its 2030 objective, and how the workforce has changed since 2017 are covered in the full report. The full report, Water Utility of the Future: Águas do Porto, is available for USD 499. For a free overview, read the Águas do Porto Utility Snapshot.