Cosan (CSAN3) investor relations material

Corporate structure and segment definition

• Corporate structure includes senior management, corporate teams, equity results, and financial results from parent and intermediate holdings, including offshores.

• Cosan Dez was incorporated into the Corporate segment from 4Q23, improving result comparability.

• Holdings include Cosan Nove, Cosan Dez, and several offshore entities.

Sources of cash and capital

• Main cash sources are dividends from subsidiaries, divestments, and new funding (debt and equity).

• Consistent dividend inflows from subsidiaries, with R$3.5bn net dividends in 2024.

• Significant divestments include sales of VALE3 shares and Radar's properties, optimizing capital structure.

• Multiple debt issuances and bond offerings have optimized maturity, cost, and liquidity.

• Equity fundraising through preferred shares at intermediate holdings, with flexible structures and renegotiations to reduce funding costs.

Uses of cash and capital allocation

• Uses include debt amortization, interest payments, G&A expenses, acquisitions, buybacks, and dividends.

• Early redemption of several debt issuances and bonds, and share buybacks totaling ~R$1.1bn in 2024.

• G&A and other expenses totaled R$461mn in 2024, with tax impacts mainly from asset sales and financial revenues.

• Dividend policy mandates at least 25% of adjusted net income distributed annually; no dividends in 2025 and 6M26.