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Cosan (CSAN3) investor relations material
Cosan Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
EBITDA under management reached R$7.4 billion, down from R$8.4 billion in 3Q24, mainly due to MOVE, Haddad, and Raizen performance and one-off effects.
Net income was negative R$1.2 billion, compared to a profit of R$293 million in 3Q24, impacted by lower EBITDA and higher financial expenses.
Net debt increased to R$18.2 billion from R$17.5 billion in 2Q25, with DSCR at 1.0x, down from 1.2x.
Major public equity offerings raised R$10.5 billion, significantly improving the capital structure and reducing holding company indebtedness.
Management and board changes align with new shareholder agreements and future strategy.
Financial highlights
Adjusted EBITDA under management was R$7.4 billion, down 11% year-over-year.
Net income was negative R$1.2 billion for the quarter.
Dividends and interest on capital received dropped to R$48 million from R$343 million in 3Q24.
Cash and cash equivalents ended at R$3.5 billion, down from R$3.98 billion at the start of the period.
Debt service coverage ratio at 1.0x; gross debt stable at R$21.6 billion, net debt slightly higher.
Outlook and guidance
Focus on integrating new shareholders, further deleveraging, and cost discipline to bring debt close to zero.
No immediate pressure for asset sales; divestments will be paced to maximize value.
Ongoing discussions with Shell to resolve Raizen's capital structure within six months.
Forward-looking statements are subject to market, economic, and operational risks, including currency and demand fluctuations.
DSCR fell to 1.0x. How will recent equity offerings impact future DSCR
Address Raízen's ESB and Argentina segment challenges
What is the long-term impact of recent impairments
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Frequently asked questions
Cosan SA, through its subsidiaries, is engaged in the production and sale of fuel products. It operates in four segments: Fuel Distribution, Logistics, Power Generation, and Oil & Gas. The Fuel Distribution segment distributes alcohol and gasoline under the Shell brand. The Logistics segment provides long-haul cargo transportation services; coal logistics services; and port operations in Brazil. This segment also operates a railway line stretching 2,000 kilometers
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