Cosan (CSAN3) Q3 2025 earnings summary

Executive summary

• EBITDA under management reached R$7.4 billion, down from R$8.4 billion in 3Q24, mainly due to MOVE, Haddad, and Raízen performance and one-off effects.

• Net income was negative R$1.2 billion at the corporate level, compared to a profit of R$293 million in 3Q24, impacted by lower EBITDA and higher financial expenses.

• Net debt at the corporate level reached R$18.2 billion, up from R$17.5 billion in 2Q25, with DSCR at 1.0x LTM.

• Major public equity offerings raised R$10.5 billion, significantly improving the capital structure and reducing holding company indebtedness.

• Management transition and board changes align with new shareholder agreements and future strategy.

Financial highlights

• EBITDA decreased by R$1 billion compared to Q3 2024, with adjusted EBITDA under management at R$7.4 billion, down 11% year-over-year.

• Net income was negative R$1.2 billion for the quarter.

• Dividends and interest on capital received dropped 86% year-over-year to R$48 million.

• Debt service coverage ratio at 1.0x; gross debt stable at R$21.6 billion, net debt slightly higher.

• Cash and cash equivalents ended at R$3.5 billion, down from R$3.98 billion at the start of the period.

Outlook and guidance

• Focus on integrating new shareholders, further deleveraging, and cost discipline to bring debt close to zero.

• No immediate pressure for asset sales; divestments will be paced to maximize value.

• Ongoing discussions with Shell to resolve Raízen's capital structure within six months.

• Forward-looking statements are subject to market, economic, and operational risks, including currency fluctuations and changes in consumer demand.