Cosan (CSAN3) investor relations material

Executive summary

• Reported a net loss of R$1.6 billion in Q1 2026, an improvement from R$1.8 billion in Q1 2025, mainly due to improved portfolio performance and non-cash impacts from early debt prepayments and related tax effects.

• Dividends and interest on capital received totaled R$36 million, down sharply from R$1.5 billion in Q1 2025.

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

• 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.

Financial highlights

• Net loss of R$1.6 billion in Q1 2026, improved year-over-year; consolidated net sales revenue was R$9.0 billion, down 6.6% year-over-year.

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

• 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.

Outlook and guidance

• Focus remains on deleveraging and simplifying the holding company portfolio, with ongoing initiatives to sell stakes in portfolio companies.

• No intention to remain a portfolio investment vehicle; plan to distribute shares of subsidiaries to shareholders as leverage is reduced.

• Management emphasized a solid capital structure and liquidity, despite Raízen's restructuring and ongoing negotiations with creditors.

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