Cosan (CSAN3) Q4 2025 earnings summary

Executive summary

• Managed/adjusted EBITDA for Q4 2025 was R$7.8 billion, with full-year managed EBITDA at R$26.5 billion, both declining year-over-year due to weaker Raízen and Radar performance.

• Adjusted net loss for Q4 2025 was R$713 million, with a full-year adjusted net loss of R$4.0 billion, mainly from lower equity income and non-recurring impairments at Raízen.

• Dividends and interest on equity received totaled R$479 million in Q4 and R$2.6 billion for the year, both down from 2024 due to absence of Moove dividends and lower Compass contribution.

• Strengthened capital structure through a R$10.5 billion equity raise, new strategic shareholders, and debt prepayments of R$6.2 billion in early 2026.

• Ended 2025 amid a challenging macroeconomic environment, focusing on deleveraging and operational resilience.

Financial highlights

• Expanded net debt decreased to R$9.8 billion at year-end, a reduction of nearly R$14 billion year-over-year, driven by asset sales and capital injection.

• Debt Service Coverage Ratio (DSCR) closed the year at 0.9x, reflecting high financial expenses and lower dividends.

• Average cost of debt at quarter end was CDI + 0.97%, with average maturity stable at 5.8 years.

• Year-end cash position was R$16.0 billion.

• Consolidated net revenue was R$40.4 billion in 2025, down 8% year-over-year.

Outlook and guidance

• Focus remains on further deleveraging, capital structure optimization, and advancing strategic projects, including a planned secondary public equity offering at Compass.

• Ongoing commitment to efficiency gains, capital discipline, and sustainability initiatives.

• Forward-looking statements are subject to risks, including economic, political, and regulatory uncertainties in Brazil.