Cosan (CSAN3) investor relations material

Executive summary

• Reported a net loss of R$1.6 billion in 1Q26, an improvement from R$1.8 billion in 1Q25, mainly due to improved portfolio performance and one-off effects from early debt prepayments and related tax impacts.

• Ceased reporting or recognizing Raízen in financial statements as of March 31, 2026, due to the investment's carrying value being reduced to zero after impairments.

• Early prepayment of 2029, 2030, and 2031 bonds led to R$1.0 billion in non-cash impacts, offset by stronger equity income from investees.

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

Financial highlights

• Expanded net debt increased to R$11.5 billion from R$9.8 billion in 4Q25, up 18% sequentially but down 34% year-over-year.

• Debt Service Coverage Ratio (DSCR) dropped to 0.4x LTM from 0.9x LTM in 4Q25, mainly due to lower dividend inflows.

• Rumo EBITDA rose 7% year-over-year to R$1.8 billion; Compass EBITDA up 2% to R$1.3 billion; Moove EBITDA up 1% to R$236 million; Radar EBITDA down 27% to R$103 million.

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

Outlook and guidance

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

• 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.