Slides
Page 1
Results 2Q26 August 17, 2026
Page 2
Results | 2Q26 Any estimates and forward-looking statements that may be made during this presentation regarding future operations with respect to our strategy and future growth opportunities are based primarily on our current expectations and estimates or projections of future events and trends, which affect or may affect our business and operating results. Although we believe that these estimates and forward-looking statements are based on reasonable assumptions, they are subject to a number of risks and uncertainties and are made based on the information currently available to us. Our estimates and forward-looking statements may be influenced by the following factors, 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 in our business; (7) government interventions resulting in changes in the economy, taxes, rates or regulatory environment; and (8) other factors that may affect our financial condition, liquidity and operating results. The words “believe”, “may”, “should”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar words are intended to identify estimates and forward-looking statements. Forward-looking estimates and statements relate only to the date on which they were made and we assume no obligation to update or revise any estimate and/or forward-looking statement as a result of new information, future events or other factors. Forward-looking estimates and statements involve risks and uncertainties and are not guarantees of future performance. Our future results may be materially different from those expressed in these forward-looking estimates and statements. Given the risks and uncertainties described above, the forward-looking estimates and 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 due to, among others, the factors mentioned above. Due to these uncertainties, the investor should not make any investment decision based on these forward-looking estimates and statements. Disclaimer
Page 3
Results | 2Q26 Notas: (1) Result attributed to the Controlling Shareholder and considers Raízen's results in the comparative periods; (2) Considers the preferred shares structure of Cosan Dez, more information in the 2Q26 earnings release; (3) Considers the amount before preferred shareholders distributions, net of taxes and other shareholders received at the Cosan Corporate segment; (4) The closing of the transaction has not yet occurred, more information in the 2Q26 earnings release. Key Highlights and Results Net Income1 (320)R$ (R$ (0.9) bn in 2Q25) mn Dividends and IoC Received3 399 R$ (R$ 579 mn in 2Q25) mn DSCR 0.2 (0.4x LTM in 1Q26) X Expanded Net Debt2 9.2 R$ (R$ 11.5 bn in 1Q26) bn LTM ▪ Secondary initial public offering of Compass shares on B3, with BRL 2.3 bn inflow to Cosan ▪ Sale of part of Radar's portfolio, to be received, in the amount of BRL 586 mn — Cosan stake⁴ ▪ Letter of intent for the sale of TUP São Luís for BRL 300 mn⁴ ▪ Reduction in expanded net debt (-20% vs 1Q26) with BRL 8.8 bn in prepayments in 6M26 ▪ Rationalization of the holding's expenses, with G&A down BRL 49 mn in the 6M26 vs. 6M25 comparison ▪ Court Approval of Raízen’s Out-of-Court Reorganization Plan Guidance DSCR Dec/26 0.8x ≤ Δ ≤ 1.2x
Page 4
Results | 2Q26 • Growth in volume transported: 23.8 bn RTK in the quarter (+9%), driven by the growth of the grain portfolio • EBITDA2 stable (-1%). Excluding the impacts of insurance indemnities related to business interruption and the reclassification of equity income, EBITDA would have increased by 4% 2Q26 Investee Companies Performance3 • EBITDA more than doubled vs. 1Q26, driven by profitability-focused inventory management and higher sales volume • In the 2Q25 comparison, EBITDA was lower in 2Q26 due to a stronger prior- year base driven by the recognition of losses and indemnities • EBITDA impacted by the revaluation of land due to the announced disposal and lower revenue driven by lower ATR prices • Portfolio's land value⁴ at BRL 18.1 bn, of which BRL 5.6 bn refers to Cosan's stake EBITDA1,2,3 R$ 2.3 bn | Δ: -1% Net Income3 R$ 520 mn | Δ: 56% Cosan’s stake: 30% MEP R$ 156 mn | Δ: 56% EBITDA1,2,3 R$ 475 mn | Δ: -6% Net Income3 R$ 197 mn | Δ: -43% Cosan’s Stake: 70% MEP R$ 138 mn | Δ: -43% EBITDA1,2,3 R$ -29 mn | Δ: n/a Net Income3 R$ -30 mn | Δ: n/a Cosan’s Stake: ~30% MEP R$ -12 mn | Δ: n/a Notas: (1) Considers 100% of individual business results; (2) EBITDA adjusted for one-off effects detailed in the 2Q26 earnings release, when applicable; and (3) Comparisons are made considering 2Q26 vs. 2Q25, except when otherwise indicated; and (4) Value of the land in portfolio in 2Q26. • Distributed volume stable (-1%), due to lower industrial volume, offset by residential/commercial • EBITDA2 higher, driven by the better mix in the distribution segment and Edge's load optimization EBITDA1,2,3 R$ 1.3 bn | Δ: 5% Net Income3 R$ 287 mn | Δ: -19% Cosan’s Stake: 76.2% MEP R$ 165 mn | Δ: -40%
Page 5
Results | 2Q26Indebtedness 2Q26 Expanded Net Debt movement (R$ mn) (R$ mn) Expanded Gross Debt (R$ mn) Amortization schedule2 474 242 242 500 Cash 2026 2027 2028 2029 1,333 2,670 2030 1,333 1,670 2031 1,333 1,108 2032 2033 2034 2035 2036 7,268 2,316 4,003 3,003 2,441 2,588 Cosan Dez (put) Debt Average term3 6.2 years Average cost3,4 CDI+1.15% p.a. Notas: (1) Considers MTM; (2) Considers only the principal amount of the debts, without considering interest and MTM. Considers the P erpetual Notes in the 2036+ tower, in the amount of BRL 2,588 million; (3) Includes all debts detailed in Cosan's 2Q26 Earnings Release, including Cosan Dez. (4) The average cost of debt presented from 4Q25 onwards considers the implicit cost of Cosan Dez and excludes the interest rate swap cost of the perpetua l bond. (5) Includes sale of treasury shares, fees, contingencies, banking expenses, foreign exchange variations, among others . 36 694 4Q25 1,053 1Q26 Effects 1Q26 Dividends received 2,289 Others 2Q26 31 General expenses 42 Gross debt cost 666 Cash yield 255 Prepayment penalty 12 399 9,760 1,711 11,471 9,217 Compass IPO -20% Recurring effectsNon-recurring effects Recurring Non-recurring Dividends 5 477 8,849 12,002 3,845 1,029 4Q25 2,701 11,460 3,995 1,030 1Q26 2,695 9,442 3,871 2Q26 25,724 19,185 16,485 -25% -14% Bonds¹ Debentures Cosan 10 (Put) Commercial Notes
Page 6
Results | 2Q26 (R$ mn) DSCR Dividends received LTM DSCR Debt Service Coverage Ratio (DSCR) 1.2x 1.2x 1.0x 0.9x 0.4x 0.2x • Dividends received and to be received (cash effect) in the range of BRL 1.3 billion to 1.8 billion • Considers dividends arising from the sale of Radar, with an estimated dividend amount of BRL 586 million • Interest paid net of cash yield • Does not consider potential M&A projects and new divestments LTM interest paid, net¹ Key assumptions 701 521 3,430 2,612 2,316 1,455 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 -2,801 -2,258 -2,298 -1,662 -1,835 -2,186 Notas: (1) Considers LTM interest and derivatives payments, excluding net cash yield. 2026 LTM DCSR Guidance 2Q26 LTM DSCR (Reported) Projected LTM DSCR (December 2026) 0.2x 0.8x ≤ Δ ≤ 1.2x
Page 7
Marcelo Martins CEO Q&A Rafael Bergman CFO e IRO Fernando Tinel IR & Treasury Head Results | 2Q26
Page 8
www.cosan.com.br ri@cosan.com