Cosan (CSAN3) Investor presentation summary

Portfolio strategy and governance

• 2025 follow-on raised R$10.5bn, including R$7.25bn from Aguassanta, BTG Pactual and Perfin Infra; proceeds primarily amortized holding debt.

• A new shareholders’ agreement aligned Aguassanta, BTG Pactual and Perfin Infra; strategic priorities include governance succession, structural simplification, subsidiary organic growth and portfolio optimization.

• Portfolio management targets optimization, returns and capital structure; 2025 actions included Vale stake sale, debt reduction and organizational simplification.

Capital allocation and divestments

• Vale stake sales: 4.05% in Jan 2025 for R$9.05bn and 0.10% in Jan 2026 for R$320mn; Radar sold Mato Grosso land for R$5,864mn.

• Compass completed a R$3.2bn public offering in Apr 2026, with up to R$2.5bn directed to cash and divestment of up to 12.6% of the stake.

• Letter of intent signed for sale of TUP Port São Luís for R$300mn; closing remained subject to completion. Rumo evaluated alternatives to dispose of part of its stake.

• 2026 priorities included expenses rationalization, sale of part of Radar’s portfolio and pursuit of Compass IPO; Raízen’s out-of-court reorganization plan received court approval.

Holding company performance

• 2Q26 net loss was R$320mn versus R$0.9bn loss in 2Q25; dividends and interest received by Corporate were R$399mn versus R$579mn.

• Expanded net debt was R$9.2bn in 2Q26, down from R$11.5bn in 1Q26; DSCR was 0.2x LTM versus 0.4x LTM in 1Q26.

• G&A declined 22%, from R$371mn in 2024 to R$290mn in 2025; 6M26 G&A was R$88mn.

• NYSE ADS trading ended Sep. 18, 2026; estimated savings from 2027 are ~R$1mn in listing obligations and ~R$10mn after SEC deregistration, expected by FY2027-end.