Raízen (RAIZ4) investor relations material

Executive summary

• Delivered improved results in fuel distribution for the third consecutive quarter in Brazil and best performance of the year in Argentina, despite adverse macro conditions and declining sugar and ethanol prices.

• Net revenue reached R$60.4 billion, a 10% decrease year-over-year, with strong Brazil Fuels performance offset by ESB and Argentina headwinds.

• Net loss of R$15.6 billion, significantly impacted by a non-cash impairment charge of R$11.1 billion due to updated accounting assumptions and asset recoverability revisions.

• Transformation Plan and operational simplification led to efficiency gains, R$600 million in cost reductions, and divestments expected to generate R$5 billion in cash.

• Financial and legal advisors engaged to evaluate capital structure alternatives, with controlling shareholders committed to capital contributions.

Financial highlights

• Adjusted EBITDA for Q3 25'26 was R$3.15 billion, down 3.3% year-over-year; YTD adjusted EBITDA was R$8.4 billion, down 12.3%.

• Adjusted EBITDA in fuel distribution up 50% year-on-year in Brazil, driven by volume growth and margin expansion.

• Net debt increased to R$55.3 billion, with leverage at 5.3x LTM Adjusted EBITDA.

• Cash and cash equivalents at quarter-end: R$17.3 billion, with over 90% in immediate liquidity.

• Investments YTD: R$5.74 billion, down 22.4% year-over-year.

Outlook and guidance

• Ongoing Transformation Plan to drive further efficiency, capital structure optimization, and portfolio simplification.

• Sugar sales down 5% year-to-date due to lower yields, but 60% of next crop's sugar volumes hedged above market prices.

• CapEx expected between R$9 and R$9.8 billion, trending toward the lower end of guidance.

• Additional R$1.5 billion in cash expected from pending divestments.

• Targeting leverage reduction to 2–2.5x over time through operational improvements and capital structure solutions.