Raízen (RAIZ4) investor relations material

Executive summary

• Net revenue reached R$60.4 billion, down about 10% year-over-year, with strong fuel distribution performance in Brazil and margin recovery in Argentina, but offset by headwinds in the ESB/EAB segment and adverse macro conditions.

• Significant non-cash impairment charge of R$11.1 billion recognized, reflecting updated accounting assumptions and technical revisions amid credit rating downgrades.

• Net loss of R$15.6 billion, mainly due to the impairment provision, exceeding market expectations.

• Transformation Plan and operational simplification led to efficiency gains, organizational streamlining, and asset sales totaling R$5 billion over the past year.

• 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%.

• Net loss for the quarter was R$15.6 billion, driven by a R$11.1 billion non-cash impairment provision.

• Cash and cash equivalents at quarter-end were R$17.3 billion, with over 90% in highly liquid assets.

• Investments YTD were R$5.74 billion, down 22% year-over-year.

• Operating cash flow was negative, impacted by higher working capital consumption and inventory build-up.

Outlook and guidance

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

• Sugar sales expected to remain pressured due to lower yields, but 60% of next crop's sugar volumes already hedged at favorable prices.

• CapEx for the year expected to be at or below the lower end of the R$9–9.8 billion guidance, with discipline maintained and non-essential projects delayed.

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

• Future results subject to risks including macroeconomic conditions, commodity prices, and capital structure rebalancing.