CPTM reports R$ 588.6 million loss for 2025

The Companhia Paulista de Trens Metropolitanos (CPTM) concluded 2025 with a loss of R$ 588.6 million, bringing its accumulated deficit to R$ 11.8 billion. The financial results, approved by shareholders, highlight the company's heavy reliance on the São Paulo state government. Because its own revenues are insufficient to cover operational costs and expenses, the company requires capital injections from the State Treasury to maintain operations and investments.

During 2025, the State Treasury transferred R$ 699.4 million to CPTM as an advance for future capital increases, raising the company's capital from R$ 23.1 billion to R$ 23.8 billion. Additionally, independent auditor BDO RCS issued reservations regarding the company's accounts. The audit identified issues in asset controls related to equipment operated by the company, including 73 train sets, simulators, and spare parts, noting inconsistencies in measurement and documentation.