Water Company of the Year
Acciona
What is it?
A €1.4 billion-a-year Spanish project developer and water infrastructure operator.
What has it done?
In 2025, Acciona deepened its reach in Latin America by securing greenfield concessions in Brazil, while completing Argentina’s biggest water project in 70 years. It simultaneously addressed water shortages in Sicily, commissioned a drinking water plant in the Philippines serving two million people, and secured vital research funding to support the digitalisation of water infrastructure.
What makes it special?
- By extending its lead as the most successful desalination plant supplier of the last decade, Acciona showed in 2025 that it is unequalled as a pioneer in drought-proofing the world.
- Hitherto, foreign contractors have been largely sidelined from one of the largest water infrastructure build-outs on the planet. It makes Acciona’s double victory in the concessions market in Brazil last year look all the more impressive.
- Extending asset life helps cement long-term client relationships. The refurbishment of the Tampa desalination plant in Florida prolonged its lifespan by 25 years, while a £400 million revamp of the Coppermills drinking water treatment plant will ensure safe water for one third of London’s population for years to come. This is the mindset of a master at the top of its game.
Aqualia
What is it?
A €1.8 billion-a-year Spanish project developer and water infrastructure operator serving 45 million people worldwide.
What has it done?
Aqualia reaped rich rewards from its bold expansionist strategy in 2025. Its entry into the Japanese water market was complemented by the conversion of a decade-old proposal in Peru into a firm contract – all accompanied by a major breakthrough in the US.
What makes it special?
- Ten years ago, Aqualia submitted proposals for a cluster of water projects in Peru. Last year, its patience paid off when it secured a $250 million contract to deliver a brace of wastewater treatment plants which will improve the quality of life for 345,000 people in Chincha. It is the start of something big.
- Breaking into mature markets with high barriers to entry is part of Aqualia’s DNA. 2025 saw it sign the first ever water contract in Japan to combine a build-transfer delivery model with a concession, while its dedicated business development staff laid the groundwork for an audacious desalination breakthrough in Texas.
- Aqualia’s dedication to improving the future of the global water industry runs deep. The new WAVE Innovation Centre will support research into the extraction of raw materials from desalination brine, marking an unequalled commitment to circularity from a global player proactively defining new horizons for an entire industry.
Aquatech
What is it?
A privately owned process technology specialist and project developer active in the municipal and industrial water markets.
What has it done?
In 2025, Aquatech proved beyond all doubt that it can take on the most complex roles as a long-term partner to industrial and municipal water clients. Shrewd acquisitions, cutting-edge R&D, and innovative delivery models make it one of the most exciting players active in the industry today.
What makes it special?
- Aquatech’s skill at optimising growth saw it leverage a capital injection from Cerberus to seal the acquisitions of Century Water (bringing global ultrapure water capabilities) and Koch Li-Pro – completing a full flowsheet of technologies for lithium extraction, refining, and purification.
- Never satisfied with the status quo, Aquatech’s willingness to tackle the sector’s thorniest problems saw it initiate brine mining pilots in India, Saudi Arabia and the US, and take on a developer role to turn the dream of generating lithium from industrial brine into a reality.
- To underestimate Aquatech’s evolution into an indispensible partner across the full infrastructure lifecycle is tantamount to heresy. Whether it is building a desalination plant for a copper mine in Latin America, generating ultra-high purity water for a semiconductor fab, or supplying an MBR system for water reuse in Mexico, 2025 was the year Aquatech truly came of age.
Miahona
What is it?
A Saudi project developer and operator treating 841,500m³/d of wastewater, supplying 107,000m³/d of fresh water, and serving over eight million people through management contracts. Under Awaadh Al Otaibi, it has stepped out of Acwa’s shadow, floating on the Riyadh stock exchange in 2024, and going international in 2025.
What has it done?
2025 was a stellar year for Miahona. Revenues grew 82% to $187 million, while the biggest breakthrough came in September when the company signed two development agreements in Uzbekistan. Miahona also undertook a strategic rebrand, clarifying its commitment to long-term shared value creation.
What makes it special?
- The Saudi wastewater sector is a furnace of competition that has incinerated the ambitions of less able developers. Miahona’s extraordinary success in 2025 is a tribute to its unique culture of excellence and entrepreneurialism.
- The Saudi Vision 2030 is almost insanely demanding in what it expects from the Kingdom’s water sector. In 2025 Miahona showed that it has what it takes to deliver under that kind of pressure.
- Is there another company in the global water market today that can match Miahona’s access to capital and its ability to deploy it efficiently to create value for customers and shareholders alike?
Xylem
What is it?
23,000 people driven by an infectious excitement about building a secure world. Active across water management where innovation matters most: treatment and transport, analytics and metrics, municipal solutions, and industrial systems.
What has it done?
The company has consistently outperformed expectations since its $7.5 billion acquisition of Evoqua in 2023, with 2025 delivering the first full year of synergies. The group has evolved from a technology company into an innovation ecosystem: Xylem Innovation Labs supports 60 start-ups and works with 40 partners, backed by a $50 million commitment. At the same time, its long-term investment in digital paid off in 2025 with the vendor-agnostic Xylem Vue platform, which doubled its revenue during the year.
What makes it special?
- The world needs a water platform like Xylem: global in reach and an aficionado of customer needs. It sends a message to entrepreneurs everywhere: “if you have something great, it will do ten times better if you plug it into Xylem.”
- Xylem doesn’t just sell intelligent solutions; it shapes the future of water through thought leadership that influences cities and industry.
- While many corporates stepped back from their sustainability commitments in 2025, Xylem doubled down, offering a rare sign of integrity and deeply embedded values.