Cosan (CSAN3) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw EBITDA under management of R$5.0 billion, down 30% year-over-year, and a net loss of R$1.8 billion, mainly due to lower equity pickup and operational challenges.

• Net debt at Cosan Corporate decreased to R$17.5 billion from R$23.5 billion at 4Q24, driven by the Vale stake sale and liability management.

• Major events included the sale of a 4.1% stake in Vale, a fire at Moove's plant, and the acquisition of DIPI Holdings.

• Dividends and interest on capital received increased to R$1.5 billion, supporting cash generation.

• Safety remained a priority, though fatalities and operational incidents occurred in the quarter.

Financial highlights

• Net sales were R$9.66 billion, a 1.8% decrease year-over-year, with a consolidated net loss of R$1.94 billion.

• Gross debt at quarter-end was R$21.7 billion, with net debt at R$17.5 billion.

• EBITDA under management declined 31% year-over-year to R$5.0 billion.

• DSCR improved to 1.2x LTM, and average debt maturity extended to 6.4 years at CDI + 0.91%.

• Cash and cash equivalents stood at R$14.8 billion, down from R$16.9 billion at year-end 2024.

Outlook and guidance

• Rumo is expected to meet annual guidance, with performance weighted toward the second half due to crop delays.

• The company is focused on further deleveraging, capital structure improvement, and operational continuity, especially at Moove and Raízen.

• Forward-looking statements are subject to risks from market, economic, political, and regulatory factors.