Slides
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Earnings Results 3Q25 November 17, 2025
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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 business and results of operations. Although we believe that these estimates and statements about future operations are based on reasonable assumptions, they are subject to a number of risks and uncertainties and are made in light of information currently available to us. Our estimates and statements about future operations may be influenced by, among others: (1) general economic, political, demographic and business conditions in Brazil and specifically in the geographic markets we serve; (2) inflation, depreciation and devaluation of the real; (3) our ability to implement our capital investment plan, including our ability to obtain financing when necessary and on reasonable terms; (4) our ability to compete and conduct our business in the future; (5) changes in consumer demand; (6) changes to our business; (7) government interventions resulting in changes in the economy, taxes, fees, or regulatory environment; and (8) other factors that may affect our financial condition, liquidity and results of operations. The words "believe," "may," "should," "estimate," "continue," "predict," "intend," "expect" and similar words are intended to identify estimates and statements of future operations. Estimates and forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any estimate and/or forward- looking statements as a result of new information, future events or other factors. Estimates and statements about future operations involve risks and uncertainties and are not guarantees of future performance. Our future results may differ materially from those expressed in these estimates and statements about future operations. Given the risks and uncertainties described above, the estimates and forward-looking statements discussed in this presentation may not occur and our future results and performance may differ materially from those expressed in these forward-looking statements as a result of, including, but not limited to, the factors mentioned above. Because of these uncertainties, an investor should not make any investment decisions based on these estimates and statements about future operations. Disclaimer
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3Q25 Highlights Under Management¹ Cosan Corporate² Cosan4 Portfolio EBITDA1 R$ 7.4 bn (R$ 8.4 bn at 3Q24) Dividends and IoC Received R$ 48 mn (R$ 343 mn at 3Q24) Net Debt R$ 18.2 bn (R$17.5 bn at 2Q25) Net Income R$ (1.2) bn (R$ 0.3 bn at 3Q24) Under Management² Cosan Corporate3 Cosan Corporate3 Cosan Corporate3 DSCR4 1.0x LTM (1.2x at 2Q25) Cosan Corporate3 LTIF5 0.34 (0.27 at 2Q25) Cosan6 Portfolio (1) Includes one-off effects as detailed in Cosan's 3Q25 earnings release; (2) EBITDA under management: 100% of the adjusted EBITDA of Cosan S.A.'s business; (3) Composition of Cosan Corporativo as detailed in Cosan's 3Q25 earnings release; (4) Debt Service Coverage Ratio = Net Dividends and Interest on Equity Received LTM/ Interest Paid LTM (liquid) ; (5) Lost time injury frequency = Number of accidents/million hours worked; (6) Considers information from Rumo, Compass, Moove, Radar, Parent Company Cosan and Raízen.
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4 • Sugarcane crushing3 (35 MM ton; +7%), recovery of pace and accelerated harvesting favored by weather conditions • Reduction in EBITDA (-14%), lower result in ESB offset by better performance of Fuels Brazil • Largest volume transported (23.4 bn TKU; +8%) • Reduction of the average fare (-6%) • Increased EBITDA (+4%) • Growth in distributed volume (+3%) • Increase in the volume traded by EDGE directed to the free market • EBITDA growth (+6%) • Volumes of lubricants sold were stable (-1%) • Reduction of EBITDA (-7%), reestablishment of the volumetric size of the business. • EBITDA decreased by 26%, primarily due to the impact of leasing agricultural properties within the portfolio. • Value of land in portfolio2 R$ 16.8 bn, of which R$ 5.2 bn refers to Cosan's stake Notes: (1) The comparisons made take into account 3Q25x3Q24 unless otherwise indicated; (2) Value of the portfolio's land in 4Q24, reassessed at the end of 2024 according to the analysis of reports, market data and sales quotations for potential transactions; (3) Considers the second half of the 2025'26 crop year. Operational Performance 3Q251
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5 (R$ Mn) (R$ bn) (R$ bn) Net Debt¹ and DSCR2Gross Debt Amortization schedule3 Notes: (1) Net debt corporate view, includes parent company and subsidiaries; (2) Debt Service Coverage Ratio = Net Dividends and Interest on Equity Received LTM/ Interest Paid LTM (liquid); (3) It only contemplates the principal amount of the debts without considering interest and MTM. Considers the Perpetual Notes in the 2035+ tower, in the amount of R$ 2,693 million; (4) Includes all debts detailed in Cosan's 3Q25 Earnings Release. 21.7 3Q24 23.5 4Q24 17.5 1Q25 17.5 2Q25 18.2 3Q25 Net Debt 1.2x 1.1x 1.2x 1.2x 1.0x Medium term 5.9 years Average cost 0.89%4 24.2 3Q24 21.5 2Q25 21.6 3Q25 DSCR Liability Management | Cosan Corporate 3,453 3,660 4,996 4,124 3,289 1,108 242 242 3,193 Cash 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+
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Notes: (1)Includes TVM; (2) includes capital reduction effects; (3) includes operating cash flow and capex; (4) composed mainly of the exchange rate variation. 6 (R$ Mn) Sources Uses 3,975 Cash and cash equivalents, initial¹ 48 Dividends and interest on capital received² (563) Interest and other financial expenses (6) Other 3,453 Cash and cash equivalents , ending¹ Managerial Cash Handling | Cosan Corporate 3 4
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Q&A Please answer the following questions to help improve our future results presentations. Perception Call – 3Q25
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Perception Call – 3Q25 Please answer the following questions to help improve our future results presentations. www.cosan.com.br ri@cosan.com