The privatization of Argentine Water and Sanitation (AySA) ends a stage of state administration of the company which provides drinking water and sewage services to approximately 14 million people in the City of Buenos Aires and the surrounding area. The operation, for which the consortium made up of Rowing, Arcos, Transclor and PHX presented an offer of US$ 340.2 million, occurs after two years in which the company recorded net profits, although with negative operating results.
According to the 2025 financial statements, AySA obtained service income of $1,526,637 million, compared to $1,246,530 million the previous year. Billing grew by around 22%in a period crossed by rate increases and measures aimed at improving collection.
The net result was positive at $22,088 million, below the $63,522 million in 2024. Both years contrast with 2023, when the company had recorded losses of $503,647 million.
This positive result responds to accounting and financial components. Given that the operating result, linked to the provision of the service, reported losses of $35,129 million in 2025 and $446,757 million in 2024. The company attributes this result to the expenses associated with the Works Transformation Plan, which required $67,668 million in 2025, compared to $241,967 million in 2024.
One of the main changes was the reduction of dependence on Treasury transfers for day-to-day operations. AySA stopped receiving subsidies intended to cover its operation and maintenance expenses, although the State continued to provide resources to finance works and investments.
According to the company’s financial statements, current transfers from the national State went from $416,326 million in 2023 to $232,666 million in 2024, until disappearing in 2025. However, during 2025 it received $36.6 billion from the State for infrastructure works.
During 2025, The company made investments of $291,411 million, according to its annual report. 43% corresponded to sewage works and 38% to drinking water infrastructure. The rest was distributed among systems, buildings and other projects.
The company reported that it financed 86% of these investments through income from its own collection, while state transfers represented approximately 14%.
The reorganization also affected the staff. AySA ended 2025 with a workforce of 6,064 workers. Between December 2023 and December 2025, the workforce was reduced by 645 workers. In its report, the company mentions voluntary retirement programs, job reconversion, training and modifications in its organizational structure.
At the end of 2024, AySA had a net worth of $11.22 billion, while at the end of 2025 that figure had decreased to $264,301 million. This sharp drop responds to the decision reported in an extraordinary meeting on December 29, 2025 in which the shareholders resolved to return to the national State the assets affected by the concession.
The latest official data available show that AySA continued to improve its results during the first three months of 2026. According to a report from the National Budget Office, the company recorded an economic surplus of $98,129 million, 89.6% higher than that obtained in the same period of 2025.
Current income reached $392,452 million, with a year-on-year increase of 23%, while current expenses increased by 10.1%, to $294,323 million.
Capital expenditures, mainly linked to investments, reached $73,041 million, 7.1% more than a year before.