Cosan S.a. · BMFBOVESPA:CSAN3
Cosan — Q4 2025 Earnings Presentation
9 slides from Cosan's earnings presentation, Mar 10, 2026
Slide 1: Results Q4 2025 & Full year
Results Q4 2025 & Full year March 10, 2026
Slide 2: Disclaimer
Disclaimer Any estimates and statements that may be made during this presentation about future operations regarding our strategy and future growth opportunities are based primarily on our current expectations and estimates or projections of future events and trends that affect or may affect our busi
Slide 3: Q4 2025 and 2025 Highlights
Q4 2025 and 2025 Highlights EBITDA1 Net Income Dividends and IoC Received Under Management² Cosan Adjusted | Cosan Cosan 3 Under R$ 7.8 bn Management¹ R$ (5.8) bn R$ (0.7) bn R$ 479 mn (R$ (9.3) bn in 4Q24) (R$ (1.6) bn in 4Q24) (R$ 8.0 bn in 4Q24) (R$ 1.0 bn in 4Q24) 2025 2025 2025 2025 R$ 26.5 bn
Slide 4: Operating Performance 4Q25 and 2025
Operating Performance 4Q25 and 20251 • Highest volume transported: 22.9 bn RTK in • Reduction of -2% in distributed volume in the • Brazil market share at 14.5%⁴ (Dec/25) the quarter (+15%) and 84.2 bn RTK in the period and annual growth of +3% year (+5%) • Decrease in volume of lubricants sold: -6%
Slide 5: Relevant Transactions 2025 | Cosan
Relevant Transactions 2025 | Cosan 1st semester September-November December December Vale stake sale & Liability Public offering Sale of RAIL3 and TRS Renegotiation of Cosan Management operations shares Dez preferred shares Objective: Deleveraging and Objective: Strengthening the Objective: Liabilit
Slide 6: Liability Management | Cosan
Liability Management | Cosan DSCR Gross Debt Gross Debt Expanded Debt Expanded Net Debt¹ and DSCR2 Net Debt (R$ bn) (R$ bn) Expanded Debt 1.1x 1.2x 1.2x 25.7 1.0x 0.9x 3.9 9.8 3.8 21.5 21.6 21.8 23.5 17.5 17.5 18.1 6.0 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Debts Amortization schedule3 Cosan Dez (p
Slide 7: Managerial Cash Flow | Cosan
Managerial Cash Flow | Cosan (R$ Mn) (550) (3,867) 10,280 (624) 15,964 6,793 479 3,453 Cash and cash Dividends / Interest on Portfolio management: Portfolio management: Interest and other Portfolio management: Preferred shareholders Cash and cash equivalents, opening¹ Equity (JCP) received² divestme
Slide 8: Q&A
Q&A Marcelo Martins Rafael Bergman Fernando Tinel CEO CFO and IRO IR & ESG Head Perception Call – 4Q25 Please answer the following questions to help improve our future results presentations.
Slide 9: Perception Call – 4Q25
Perception Call – 4Q25 Please answer the following questions to help improve our future results presentations. https://www.cosan.com.br/en/ ri@cosan.com