Cosan (CSAN3) investor relations material

Executive summary

• Reported a net loss of R$1.6 billion for Q1 2026, an improvement of R$0.2 billion year-over-year, mainly due to non-cash impacts from early debt prepayments, improved portfolio performance, and related tax effects.

• Dividends and interest on capital received totaled R$36 million, down sharply from R$1.5 billion in 1Q25.

• Ceased recognizing Raízen's results as of March 31, 2026, after the investment's carrying value was reduced to zero following impairments.

Financial highlights

• Net loss of R$1.6 billion in 1Q26, improved by R$0.2 billion year-over-year.

• Expanded net debt at R$11.5 billion, up 18% quarter-over-quarter but down 34% year-over-year after a capital increase in late 2025.

• Gross debt reduced by R$6.2 billion through early redemption of debentures and bonds.

• Ended the quarter with R$7.7 billion in cash and equivalents.

• Consolidated net sales revenue was R$9.0 billion, a 7% decrease year-over-year.

Outlook and guidance

• Focus remains on deleveraging and simplifying the holding company's portfolio, with ongoing initiatives to recycle capital and reduce leverage, including further asset sales.

• Divestment process expected to continue, aiming to distribute shares of subsidiaries directly to shareholders as leverage is reduced.

• Rumo is nearing completion of the first phase of the Mato Grosso rail project, supporting future growth.

• Compass continues to expand distribution operations in line with regulatory plans.

• Forward-looking statements highlight risks from macroeconomic, political, and regulatory factors in Brazil, as well as currency volatility and ability to execute capital plans.