Indaqua - Industria E Gestao De Aguas, S.a.

What Indaqua - Industria E Gestao De Aguas, S.a. does

INDAQUA - Indústria e Gestão de Águas, S.A. is a Portuguese privately-held water utility group founded in 1994 and headquartered in Matosinhos. The group manages municipal water supply and wastewater (wastewater) treatment systems under long-term concession contracts (25–50 years) with municipal governments in Portugal and Spain, while operating technical consultancy and infrastructure projects internationally, primarily in Angola. Across its portfolio of regional subsidiaries (INDAQUA Santo Tirso/Trofa, Feira, Matosinhos, Vila do Conde, Oliveira de Azeméis, Águas de Barcelos, Águas de Paços de Ferreira, Companhia da Água Marco), Spanish operations (Hidrogestión, FUSOSA), and Angola-focused Vista Water, the group serves more than 1.5 million people, operates 4,000 km of water supply networks and 2,000 km of wastewater drainage networks, and treats approximately 17.4 million m³ of wastewater per year across 10 treatment plants.

The group's technology backbone is the proprietary i2Water Solutions platform, comprising five modules — i2W Board (performance management), i2W Flow (advanced network management), i2W Meter (water meter optimisation), i2W Illicit Acts (illicit consumption management), and i2W Works (operational team management) — supported by an Integrated Management System (IMS) certified to ISO 9001, ISO 14001, and ISO 45001. Average non-revenue water across INDAQUA's concessions is approximately 14%, materially better than the ~30% Portuguese national average and below the 20% ERSAR-recommended maximum. The company is majority-owned by Miya, an international water efficiency specialist, with CEO Pedro Perdigão leading the group since 2020.

INDAQUA generates revenue through three primary streams: (1) long-term municipal concession fees for designing, financing, building, operating, and maintaining water and wastewater infrastructure (recurring, contractually tariff-defined revenue); (2) performance-based efficiency contracts where payment is linked to verified water savings and non-revenue water reduction (outcome-based); and (3) technical consultancy services, training, and know-how transfer delivered internationally (professional services). New business is won exclusively through public tenders and direct engagement with municipal governments and water utilities — there are no consumer-facing distribution channels. In September 2025, INDAQUA closed a €358 million supplementary financing with Schroders Capital and Santander to support continued growth in Portugal and expansion in Spain.

Name

Indaqua - Industria E Gestao De Aguas, S.a.

Legal name

INDAQUA Indústria e Gestão de Águas, S.A.

Website

https://indaqua.pt

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

INDAQUA is a Portuguese privately-held water utility group that manages municipal water supply and wastewater concessions in Portugal and Spain, and provides water efficiency and technical consultancy internationally, serving over 1.5 million people across a 25–50 year concession portfolio.

Ownership category

akta.pro rank

Product category

Water Utility Management Services

NAICS

Water, Sewage and Other Systems (2213), Water Supply and Irrigation Systems (221310), Sewage Treatment Facilities (22132)

SIC

Water Supply (4941), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Construction Management & Delivery (EPCM/CMAR/Design-Build Oversight) (EUANALAE)

akta.pro secondary industry

Water & Wastewater Utility IoT (SCADA, Leak/Quality Monitoring) (EUADAPAK)

Keywords

• Municipal water management
• Wastewater treatment services
• Water utility concessions
• Non-revenue water reduction
• Water efficiency consulting

Headquarters

HQ city

Matosinhos

HQ country

Portugal

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Revenue model

1. Municipal Concession Fees: Revenue generated from long-term municipal concession contracts (25–50 years) for the operation of water supply and wastewater treatment infrastructure. The company designs, finances, builds, manages, operates and maintains these systems on behalf of municipalities.
2. Performance-Based Efficiency Contracts: Contracts where a substantial portion of payment is tied to achieved water savings and efficiency outcomes. Revenue is linked to measurable results such as reduction of non-revenue water and inflows.
3. Technical Consultancy Services: Technical consulting, operational support, training, and know-how transfer services provided to water supply and sanitation companies nationally and internationally, particularly in Angola.
4. Supplementary Financing: Capital raised from Schroders Capital and Santander totalling €358 million to strengthen the capital structure and fund further growth in Portugal and Spain.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

INDAQUA manages municipal water supply and wastewater systems under long-term concession contracts (25–50 years) with municipalities, handling financing, construction, operation, and maintenance of infrastructure. It also delivers performance-indexed water efficiency projects focused on reducing non-revenue water and provides technical consultancy to water utilities internationally, supported by its proprietary i2Water Solutions digital platform.

Product overview

INDAQUA is a water and wastewater management group providing integrated solutions across the entire water cycle. The portfolio consists of five core service areas: Concessions Management (long-term municipal water and sanitation contracts), Water Efficiency Projects (performance-indexed solutions with guaranteed savings), i2Water Solutions (proprietary technology platform with five modules: i2W Board, i2W Flow, i2W Meter, i2W Illicit Acts, and i2W Works), Operations & Maintenance (infrastructure management), and Technical Consultancy. The company operates through regional subsidiaries in Portugal (INDAQUA Santo Tirso/Trofa, Matosinhos, Vila do Conde, Oliveira de Azeméis, plus Águas de Barcelos, Paços de Ferreira, and others), Spain (HIDROGESTIÓN with 12 concessions), and Angola (VISTA WATER), supported by technology subsidiaries AQUALEVEL and VISTA WATER. The group serves over 1.5 million people across Portugal and Angola, with approximately 900 employees managing 4,000km of water supply networks and 2,000km of wastewater networks.

Differentiator

Problem solved

Functional benefit

Brands

• i2Water Solutions: Innovative technological solutions to enhance economic, financial, and environmental performance of water supply and wastewater management companies, including i2W Board (performance management), i2W Flow (advanced network management), i2W Meter (meter optimization), i2W Illicit Acts (illicit consumption management), and i2W Works (operational team management support)

Products and services

• Gestão de Concessões (Concessions Management) Long-term management (25–50 years) of municipal water supply and wastewater concessions, including financing, construction, operation and maintenance of infrastructure. Designed for municipal governments in Portugal, Spain, and Angola.
• Projetos de Eficiência Hídrica (Water Efficiency Projects) Performance-indexed water efficiency projects with guaranteed savings, focused on reducing non-revenue water, illicit inflows, and managing water meter portfolios for water utilities and municipalities.
• i2Water Solutions Proprietary digital platform with five modules — i2W Board (performance management), i2W Flow (network management), i2W Meter (meter optimization), i2W Illicit Acts (fraud detection), and i2W Works (team management) — used to manage and optimize water and wastewater operations.
• Operação & Manutenção (Operations & Maintenance) Operation and maintenance of water treatment stations (ETA), pumping stations (EEAA), wastewater treatment plants (ETAR), leak detection, network cleaning, and reservoir services for water utilities and municipalities.
• Consultoria Técnica (Technical Consultancy) Technical and operational consulting covering energy efficiency, commercial effectiveness, non-revenue water reduction plans, infiltration and inflow plans, and customer management for water supply and sanitation companies internationally.

Quantifiable outcome

• Non-revenue water reduced to ~14% on average, well below the ERSAR maximum of 20% and the national average of ~30%.
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Águas de Portugal (AdP): State-owned Portuguese water holding group that is the dominant national incumbent in municipal water and wastewater concessions. Direct head-to-head competitor in Portuguese concession tenders; mentioned in INDAQUA's CEO's prior executive role.
• SUEZ: Major global water and wastewater services operator with municipal concession experience across Europe, Latin America, and emerging markets. Direct competitor for international efficiency and concession tenders where INDAQUA is active.
• Veolia: Global leader in water and wastewater services with extensive municipal concession operations in Iberia and Latin America. Competes with INDAQUA for large-scale municipal contracts and brings deeper capital and global references to concession bids.

Direct peers

• SAUR: French water and wastewater services operator with municipal concession experience across Europe and emerging markets. Comparable B2G concession business model and adjacent to the international efficiency-project space where INDAQUA operates.
• Aquapor: Portuguese private water utility group operating municipal concessions across Portugal and internationally. Closely comparable to INDAQUA in business model (B2G long-term concessions), geography, and customer base; mentioned in INDAQUA's chairman's prior board experience.
• Cadagua: Spanish water treatment and concessions specialist operating seawater desalination, wastewater treatment, and municipal concession projects across Iberia and Latin America. Comparable in offering (design-build-operate concessions) and Iberian focus.
• Aqualia (FCC): Spanish water services company, part of FCC Group, operating municipal water and wastewater concessions across Spain and internationally. Direct competitor in Spanish concession tenders where INDAQUA's Hidrogestión and FUSOSA subsidiaries operate.
• Águas de Cascais: Portuguese municipal water concession company serving Cascais municipality. Referenced in INDAQUA's chairman's and CEO's prior leadership roles; comparable Portuguese municipal concession peer with similar regulatory exposure.
• ACCIONA Agua: Spanish-headquartered water infrastructure and services business operating municipal concessions, desalination, and treatment plants in Iberia, Latin America, and the Middle East. Direct competitor for Spanish municipal concessions held by INDAQUA subsidiaries.

Regional players

• Prolagos / Águas do Brasil: Brazilian municipal water and wastewater concession operator. Referenced in INDAQUA's chairman's prior chairmanship; comparable concession-based water utility model in Latin America, relevant to INDAQUA's stated Brazil market presence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/indaqua-ind-stria-e-gest-o-de-gua-s.a

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indaqua - Industria E Gestao De Aguas, S.a.