Cosan (CSAN3) Q2 2026 earnings summary

Executive summary

• Net loss of R$320 million in 2Q26, a 66% improvement year-over-year, mainly due to lower tax expenses, improved financial results, and reduced G&A costs, despite a one-off impairment of R$233 million for Port São Luís.

• Expanded net debt decreased 47% year-over-year to R$9.2 billion, reflecting liability management and proceeds from divestments and the Compass IPO.

• Major capital structure simplification included Compass's secondary IPO (R$2.3 billion net proceeds), partial sale of Radar's portfolio (R$586 million attributable), and a letter of intent for the sale of Port São Luís.

• Court approval of Raízen's restructuring plan and ongoing organizational restructuring, including the delisting process from NYSE.

Financial highlights

• Net operating revenue grew 3% year-over-year to R$10.8 billion in 2Q26.

• Gross profit increased 12% to R$4.0 billion, with a 31% sequential rise.

• Adjusted EBITDA for the portfolio: Rumo R$2.3 billion (-1% YoY), Compass R$1.3 billion (+5%), Moove R$475 million (-6%), Radar -R$29 million.

• Net loss improved to R$320 million from R$946 million in 2Q25; excluding one-off effects, recurring net loss would be R$167 million.

• Effective income tax and social contribution expense decreased by R$228 million year-over-year.

Outlook and guidance

• DSCR guidance introduced: expected to reach 0.8x–1.2x by year-end 2026, supported by ordinary dividends and reduced financial expenses.

• Improvement in DSCR anticipated as benefits from debt prepayments and portfolio dividends materialize.