Earnings release
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Confidencial 2Q26 Results
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Results | 2Q26 Confidencial São Paulo, August 14, 2026 - COSAN S.A. (B3: CSAN3; NYSE: CSAN) (“Cosan” or “Company”) today announces its results for the second quarter of 2026 (2Q26), in accordance with accounting practices adopted in Brazil and International Financial Reporting Standards (IFRS). Comparisons made in this report consider the comparison between 2Q26 and 2Q25, except where otherwise indicated. Key Highlights We present below the main advances in the simplification and optimization of Cosan’s capital structure since the beginning of the fiscal year: • Secondary initial public offering (IPO) of Compass shares on B3, totaling R$ 3.0 billion and resulting in net proceeds of approximately R$2.3 billion for Cosan. • Sale of part of Radar’s portfolio, in a transaction involving R$1.85 billion, of which approximately R$ 586 million corresponds to Cosan’s stake. Closing of the transaction is expected in October 2026, subject to customary conditions precedent. • Letter of intent with exclusivity for the sale of the Terminal de Uso Privado Porto São Luís S.A. (the “Port São Luís”) for a total indicative price of R$300 million, corresponding to 100% of Cosan’s stake, in addition to an earn -out of R$50 million per berth for potential new berths implemented by 2035. Acceptance of the proposal, as well as completion of the transaction and the final price, remain subject to the execution of definitive documents and customary conditions precedent. • Reduction in expanded net debt, down 20% vs. 1Q26. In 6M26, prepayments already total R$8.8 billion. • Rationalization of the holding expenses, with the Company's G&A declining by R$49 million in the 6M26 vs. 6M25, reflecting the ongoing organizational restructuring and the decrease in holding company expenses, most notably, as recently announced, the beginning of the delisting process of Cosan's American Depositary Shares ("ADSs") from the NYSE. • Court Approval of Raízen’s Out-of-Court Restructuring Plan, which was approved by 81.6% of Raízen’s unsecured financial creditors.
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Results | 2Q26 Confidencial Key Indicators Notes: (1) Composition of the Cosan Corporate segment as detailed on page 19; (2) Net result attributable to controlling shareholders and considers Raízen’s results in the comparative periods; (3) Considers the preferred share structure of Cosan Dez, for further information, see item B.1 - Debt; (4) Considers the amount before transfer to preferr ed shareholders, net of taxes and amounts received from other shareholders in the Cosan Corporate segment; (5) Considers 100% of the individual results of the businesses; (6) Adjusted EBITDA excludes one-off effects, as detailed on page 21 of this report. Cosan ended the 2Q26 with a net loss of R$320 million, a 66% improvement compared to 2Q25. This result reflects the one-off negative impact of R$233 million related to the impairment of the asset held for sale (Port São Luís), offset by the non -recognition of Raízen's results for accounting purposes. Excluding the one -off effect of this fair value adjustment, the loss would have narrowed to R$167 million. In addition, the 2Q26 result benefited from a favorable financial result, driven by lower interest on net debt, and from the optimization of general and administrative expenses, with a reduction of R$36 million versus 2Q25, as detailed in item A.2. G&A and Other. The expanded net debt totaled R$9.2 billion in 2Q26, 20% lower compared to 1Q26. This decrease stems from the inflow of proceeds from Compass's IPO, completed during the quarter, which enabled the early settlement of debentures and commercial notes, as detailed in item B.1. Debt. Compared to 2Q25, expanded net debt declined by 47%, driven by liability management initiatives and by the proceeds from the capitalization and divestments completed over the last twelve months. The Debt Service Coverage Ratio ("DSCR") ended the quarter at 0.2x, a decrease of 0.2x compared to 1Q26. This variation results from the lower contribution of dividends and interest on capital ("IoC") received on a last -twelve-months basis, reflecting the earnings distribution dynamics of the investees and the concentration of receipts at specific times of the year. Starting this quarter, we are providing guidance for this metric in the range of 0.8x to 1.2x, to enhance transparency and provide greater visibility into the evolution of the DSCR. Further details are provided in item B.2 Debt Service Coverage Ratio (DSCR) , as well as in item B.2.1 DSCR Guidance. BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Cosan Corporate¹ Net result2 (320) (946) -66% (1,583) -80 % (1,904) (2,734) -30 % Expanded Net debt3 9,217 17,538 -47 % 11,471 -20 % 9,217 17,538 -47 % Dividends and IoC received4 399 579 -31 % 36 n/a 434 2,046 -79 % LTM debt service coverage ratio net 0.2x 1.2x -1.0x 0.4x -0.2x 0.2x 1.2x -1.0x Cosan Portfolio Adjusted EBITDA5 and 6 Rumo 2,267 2,279 -1 % 1,745 30 % 4,012 3,915 2 % Compass 1,275 1,216 5 % 1,329 -4 % 2,604 2,513 4 % Moove 475 505 -6 % 236 n/a 710 737 -4 % Radar (29) 134 n/a 103 n/a 74 275 -73 %
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Results | 2Q26 Confidencial Index A. Cosan Corporate Results ........................................................................................................................ 5 A.1 Equity Pickup (MEP) ................................................................................................................................. 5 A.2 G&A and Other .......................................................................................................................................... 5 A.3 Financial Result ......................................................................................................................................... 6 A.4 Income Tax and Social Contribution....................................................................................................... 6 A.5 Net Income ................................................................................................................................................. 7 B. Capital Structure and Cash Flow - Cosan Corporate .......................................................................... 8 B.1 Debt ............................................................................................................................................................. 8 B.2 Debt Service Coverage Ratio (DSCR) .................................................................................................. 9 B.2.1 Debt Service Coverage Ratio (DSCR) Guidance.......................................................... 9 B.3 Redemption value of preferred shares .................................................................................................. 11 B.4 Dividends .................................................................................................................................................... 11 B.5 Statement of Cash Flow ........................................................................................................................... 11 C. Portfolio Performance ............................................................................................................................... 13 C.1 Rumo .......................................................................................................................................................... 13 C.2 Compass .................................................................................................................................................... 14 C.3 Moove ......................................................................................................................................................... 14 C.4 Radar .......................................................................................................................................................... 15 D. Attachments ............................................................................................................................................... 16 Annex I - Relevant Topics ................................................................................................................................. 16 Annex II - Financial Statements ...................................................................................................................... 17 Cosan Consolidated SA ........................................................................................................................... 17 Annex III - Reported Segments ........................................................................................................................... 19 Results by segment: Cosan Consolidated ..................................................................................................... 20 Annex IV – Reconciliation of EBITDA Adjustments ............................................................................. 21 EBITDA | 2Q26 ................................................................................................................................................... 21 EBITDA | 6M26 ..................................................................................................................................................
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Results | 2Q26 A. Cosan Corporate Results The results of Cosan Corporate, presented under an accounting basis, unless otherwise indicated, comprise: (i) equity pickup from direct and indirect ownership interests in subsidiaries and joint ventures – see the chart on page 19; (ii) general and administrative expenses of Cosan’s corporate structure and other operating income and expenses, mainly related to contingencies; (iii) financial results, which reflect the net cost of the Company’s capital structure; and (iv) taxes applicable to these transactions. A.1 Equity Pickup (MEP) BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Rumo 156 100 56 28 128 185 70 115 Compass (Cosan Dez)¹ 165 276 (111) 304 (139) 470 623 (153) Moove 138 241 (103) 59 79 198 262 (65) Radar² (12) 38 (50) 28 (40) 16 72 (56) Raízen³ — (829) 829 — — — (1,966) 1,966 Equity pickup Cosan Corporate 447 (173) 621 420 27 867 (939) 1,807 Notes: (1) Following the IPO, the Company retained control of Compass and now holds, directly and indirectly, a 76.18% ownership interest in its common shares. The subsidiary remains consolidated within the Cosan Corporate segment, with third-party interests reflected in the results attributable to non-controlling interests; (2) Results comprise the Company’s interests in Radar, Tellus and Janus, of 50%, 20% and 20%, respectively; (3) The investment in Raízen S.A. was reduced to zero as of December 31, 2025 and, as a re sult, will no longer be reflected in Cosan through the equity pickup method (MEP) until its shareholders’ equity becomes positive again. For this reason, no value has been attributed to it in the table above. Cosan Corporate's equity pickup totaled R$447 million in 2Q26, representing a positive variation of R$621 million compared to 2Q25. Performance was driven by Rumo’s solid results and Moove’s strong operational recovery, both of which delivered a very positive quarter despite a comparison base impacted by non - recurring events recorded in 2Q25 that had positively affected results in that period. Additionally, equity pickup reflected the absence of any contribution from Raízen, as the carrying value of the investment has already been reduced to zero. These effects were partially offset by lower contributions from Compass and Radar. At Compass, results were impacted by higher expenses related to strategic projects and increased financial expenses. At Radar, performance reflected the combined effects of the land revaluation associated with the sale of part of its portfolio and lower lease revenues resulting from the decline in TRS (Total Recoverable Sugar) prices. A.2 G&A and Other BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Selling, general and administrative expenses¹ (42) (78) 36 (46) 4 (88) (137) 49 Other net operating income (expenses)¹ (247) (8) (239) (35) (212) (282) 166 (448) Depreciation and amortization 5 5 — 5 — 11 10 1 Notes: (1) Starting in 4Q23, it began to include the results of pre -operational business and projects from other investments by Cosan, and the intermediate holding companies: Cosan Nove and Cosan Dez. In 2Q26, Cosan made significant progress in optimizing its cost structure: selling, general and administrative expenses totaled R$42 million, representing a reduction of R$36 million compared to R$78 million in 2Q25. This result was mainly driven by personnel restructuring initiatives and the optimization of other expenses at the holding company level. Under other operating income (expenses), the Company recorded an expense of R$247 million in 2Q26. The increase compared to 2Q25 was due to the impairment recognized on assets and liabilities held for sale related to the Port São Luís. Its fair value was updated based on the letter of intent of R$300 million, as the Material Fact disclosed to the market on August 13, 2026.
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Results | 2Q26 A.3 Financial Result BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Gross debt cost (683) (580) (102) (1,151) 468 (1,833) (1,373) (460) Perpetual notes (60) 68 (128) (143) 83 (203) 79 (282) Other debts (Cosan S.A. and Offshores) (471) (649) 178 (865) 394 (1,336) (1,453) 117 Prefs. Cosan Dez (151) — (151) (143) (8) (295) — (295) Income from financial investments 277 113 164 321 (44) 598 333 264 (=) Interest in net debt (406) (467) 61 (830) 424 (1,235) (1,040) (196) TRS RAIL3 (105) — (105) (104) (1) (209) — (209) TRS CSAN3 — (125) 125 (14) 14 (14) (167) 153 Other charges, monetary variation, fees and others¹ (41) (65) 24 (140) 99 (181) (171) (10) (=) Other effects (146) (190) 44 (259) 113 (404) (338) (66) Financial results (552) (657) 106 (1,088) 537 (1,640) (1,378) (262) Notes: (1) Includes MtM effects relating to investment in equity stake in Vale in 2Q25. In 2Q26, the gross debt cost totaled R$683 million, a decrease of R$468 million compared to 1Q26, mainly due to the impact of the full early settlements of the bonds and partial early settlements of the debentures and commercial notes, which contributed to the reduction in the holding company's financial expenses. As a result, the 2Q26 financial result improved by R$537 million versus 1Q26. This variation is largely explained by the absence of the non-recurring effects concentrated in the previous quarter, most notably: (i) R$304 million related to the costs associated with the prepayments of bonds and debentures carried out in 1Q26, in addition to R$96 million of foreign exchange and derivative effects related to the bonds; and (ii) impacts arising from the unwinding of the TRS structure backed by the Company's shar es and of the Call Spread structure on Vale shares, which together totaled R$41 million. Due to the concentration of the early settlements , mainly of the bonds , in 1Q26, the non -recurring effects associated with these transactions had a lower impact in 2Q26, totaling R$12 million related to the prepayment premiums on local debt, which contributed to the normalization of the financial result. Compared to 2Q25, the financial result declined by R$106 million, substantially driven by the higher yield on financial investments. This performance reflects: (i) the increase in the average cash balance over the period, boosted by the capitalization event carried out in 2025; (ii) the divestment and TRS structure on Rumo shares; and (iii) the receipt of proceeds from Compass's secondary public share offering, completed during the quarter. A.4 Income Tax and Social Contribution BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Operating profit (loss) before taxes (388) (915) 527 (750) 361 (1,138) (2,287) 1,149 Income and social contribution taxes - nominal rate (%) 34.0 % 34.0 % 34.0 % 34.0 % 34.0 % Theoretical expense with income and social contribution taxes 132 311 (179) 255 (123) 387 778 (391) Interest in earnings 152 (59) 211 143 9 295 (319) 614 Other (216) (412) 196 (1,231) 1,015 (1,448) (1,278) (170) Effective expense with income and social contribution taxes 68 (160) 228 (834) 902 (766) (820) 54 Income and social contribution taxes - effective rate (%) 17.5 % -17.5 % -111.2 % -67.3 % -35.8 % Expenses with income and social contribution taxes Current (2) — (2) (2) — (4) (1) (3) Deferred 70 (160) 230 (832) 902 (762) (819) 57 Effective income tax and social contribution expense decreased by R$228 million in 2Q26 compared to 2Q25, due to non -cash effects associated with deferred taxes on the fair value adjustment of the Port São Luís, which represented a credit of approximately R$79 million in deferred taxes.
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Results | 2Q26 A.5 Net Income R$ MM 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Equity Pickup¹ 447 (173) 621 420 27 867 (939) 1,807 General and administrative expenses (42) (78) 36 (46) 4 (88) (137) 49 Other operation income (expenses) (247) (8) (239) (35) (212) (282) 166 (448) Financial results (552) (657) 106 (1,088) 537 (1,640) (1,378) (262) Income tax 68 (160) 228 (834) 902 (766) (820) 54 Net income (loss) (320) (1,075) 755 (1,583) 1,263 (1,904) (3,107) 1,203 Result attributable to non-controlling shareholders — (129) 129 — — — (373) 373 Result attributable to controlling shareholders (320) (946) 625 (1,583) 1,263 (1,904) (2,734) 830 Notes: (1) Considers Raízen's results in the comparative periods. Cosan reported a loss of R$320 million in 2Q26, representing an improvement of R$625 million versus 2Q25. The performance in the period was fundamentally driven by the lower effective income tax and social contribution expense, the better financial result, and the reduction in general and administrative expenses, in addition to the effects of the non-recognition of Raízen's results, which offset the one-off negative impact of R$233 million related to the impairment of the Port São Luís. The main variations in each line of the income statement are detailed in their respective items of this earnings release. Compared to 1Q26, Cosan's net result improved by R$1.3 billion, mainly reflecting the lower concentration of effects associated with the early debt settlements in the period. While the prepayments carried out at the beginning of the year significantly impacted the financial result and the income tax and social contribution expense in 1Q26, in 2Q26 these effects were less relevant. The positive variation was partially impacted by the recognition of the impairment, recorded because of the acceptance of the letter of intent for the Port São Luís. Year-to-date, net loss totaled R$1.9 billion. Excluding the non -recurring effects related to the debt prepayments carried out during the period, together with their associated tax impacts, as well as the impairment of the Port São Luís, recurring net loss would have amounted to R$631 million.
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Results | 2Q26 B. Capital Structure and Cash Flow - Cosan Corporate B.1 Debt BRL mn Enterprise 2Q26 2Q25 Change 1Q26 Change Cosan Corporate Debentures and Commercial Notes¹ Cosan S.A. 9,919 12,810 (2,891) 12,490 (2,570) Bonds (Senior Notes 2029, 2030 and 2031) Offshore — 5,873 (5,873) — — Perpetual bonds Offshore 2,621 2,763 (142) 2,643 (22) Preferred shares. Cosan Dez Cosan S.A. 3,871 — 3,871 3,995 (124) (-) MTM Cosan S.A. 74 66 8 58 16 Expanded gross debt (ex-IFRS 16) 16,485 21,512 (5,027) 19,185 (2,701) (-) Cash, cash equivalents and Marketable securities (7,268) (3,975) (3,293) (7,714) 446 Expanded Net debt² 9,217 17,538 (8,321) 11,471 (2,254) TRS Rumo³ 3,014 — 3,014 2,909 105 Expanded Net debt + TRS Rumo 12,231 17,538 (5,307) 14,380 (2,149) Notes: (1) Net amount of international capital markets debt structures; (2) Considers the preferred share structure of Cosan Dez; (3) As of 2Q26, the sale and derivative structure involving Rumo shares (TRS) began to be presented in the table, in line with the treatment of its effects in the holding company’s financial results. The Company has no obligation to repurchase the shares. Cosan's expanded gross debt ended 2Q26 at R$16.5 billion, a decrease of R$5.0 billion compared to 2Q25 and of R$2.7 billion compared to 1Q26. Considering Cosan Dez's preferred shares in 2Q25 for comparability purposes, the reduction would reach R$9.0 billion. This movement reflects the liability management initiatives carried out by the Company, as illustrated in the diagram below. In the first six months of 2026, early settlements totaled R$8.8 billion in gross debt principal, comprising the 2029s, 2030s, and 2031s Senior Notes, the 1 st series of the 4 th debenture issuance, the 6th debenture issuance, the 5th issuance and the 1st series of the 11th debenture issuance, in addition to the 1st series of the 4th Commercial Notes issuance. Additionally, Cosan ended the quarter with cash and cash equivalents of R$7.3 billion, a reduction of R$446 million compared to 1Q26. This variation does not fully reflect the prepayments carried out in the period, as part of this effect was offset by the inflow of pr oceeds from Compass's secondary IPO, as detailed in item A.3 Financial Result. As a result, expanded net debt totaled R$9.2 billion in the second quarter of 2026, 47% lower in relation to 2Q25, driven mainly by the Company's higher cash level, resulting from the proceeds from the capitalization and divestments carried out over the last twelve months. Compared to 1Q26, expanded net debt declined by 20%, reflecting the continuity of the c apital structure optimization initiatives. In the diagram below, we present the elements that make up the movement in the holding's expanded net debt:
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Results | 2Q26 To close the Debt section, we present Cosan's principal amortization schedule as of June 30, 2026. As a result of the liability management actions, the concentration of maturities in 2028 declined by 85% compared to 1Q26 (from R$3,094 million to R$474 million), with the av erage cost and average term of the debt remaining in line with 1Q26, at CDI + 1.15% p.a. and 6.2 years, respectively. Notes: (1) Includes only the principal amount of debt, excluding interest and mark -to-market (MTM) effects. Perpetual Notes are included in the 2036+ bucket, totaling R$2,588 million; (2) Includes all debt detailed in Cosan’s 2Q26 Earnings Release, including Cosan Dez; (3) The average cost of debt presented from 4Q25 onwards includes the implied cost of Cosan Dez and excludes the cost of the perpetual bond interest rate swap.
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Results | 2Q26 B.2 Debt Service Coverage Ratio (DSCR) Cosan Corporate - BRL mn 2Q26 2Q25 Change 1Q26 Change Dividends and interest on capital (IoC) received LTM¹ 961 3,405 (2,445) 1,141 (180) Cosan Nove and Dez PNs (440) (793) 353 (440) — Net Dividends and Interest on Capital received LTM (a)4 521 2,612 (2,091) 701 (180) Net Interest paid LTM2,3 and 4 (b) 2,186 2,258 (72) 1,835 351 Debt Service Coverage Ratio (c = a / b) 0.2x 1.2x -1.0x 0.4x -0.2x Notes: (1) Reconciliation in the dividends table in item B. 4 Dividends; (2) Includes interest payments, debt-linked derivatives, and bank derivative expenses; (3) Net of cash yield as of 1Q25; (4) As of 2Q26, the DSCR began to fully consider the dividends received from Compass in the numerator, while the payments t o Cosan Dez's preferred shareholders are recognized in the denominator of the indicator. Previously, dividends were considered net of these payments. Since 4Q23, we have disclosed the last-twelve-months debt service coverage ratio for the Cosan Corporate segment, which is calculated as the ratio between: • Net dividends/IoC received LTM (cash effect): dividends, IoC and capital reductions received, net of dividends paid to preferred shareholders (Cosan Nove) over the last twelve months; • Net interest paid LTM (cash effect): considers cash yield, interest paid, financial expenses related to preferred shareholders holding securities with a put option clause (Cosan Dez), and interest -rate derivative payments made over the last twelve months. In 2Q26, the DSCR reached 0.2x, down 0.2x compared to 1Q26. The decline was primarily driven by the lower contribution of dividends and IoC received over the last twelve months, reflecting the rollover of significant events recorded in 2025, as well as still -elevated LTM financial expenses. The comparison was also impacted by the absence of significant events recognized in 2025, including the capital reduction carried out by Compass and dividends distributed by Rumo. On the other hand, net interest paid already reflects part of the benefits from the debt prepayments executed in 2026, although such benef its are not yet fully captured by the metric on an LTM basis. B.2.1 DSCR Guidance As part of its commitment to enhancing transparency regarding its capital structure and facilitating the monitoring of the holding's financial evolution, the Company is introducing DSCR guidance. Based on the assumptions currently considered by the Company, the DSCR is expected to converge to a range between 0.8x and 1.2x by year -end 2026. This improvement is primarily supported by the timing of ordinary dividend receipts from portfolio companies and by the reduction in financial expenses resulting from the liability management initiatives implemented over recent quarters. Reported 2Q26 Guidance December/2026 Range DSCR LTM 0.2x 0.8x ≤ Δ ≤ 1.2x Main Assumptions • The range above assumes: (i) ordinary dividends and equivalent distributions received and expected to be received in 2026, ranging from R$1.3 billion to R$1.8 billion, including dividends related to the sale of the R$1.85 billion portion of Radar's portfolio, of which up to R$586 million is attributable to Cosan; (ii) cash yields on financial investments slightly above 100% of CDI; (iii) interest and financial expenses paid on the average gross debt balance during the period, in line with Cosan's average cost of debt, currently at CDI + 1.15% p.a., as previously disclosed, also taking into account the cash impact of interest-rate derivatives linked to the Company's debt obligations; and (iv) base interest rate
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Results | 2Q26 (CDI) assumptions derived from data provided by recognized third -party consultants and/or market curves disclosed by B3. • The metric does not include divestments for which a closing date has not yet been announced, nor potential future divestments that remain under evaluation and are not supported by any binding agreements. B.3 Redemption value of preferred shares Aiming to facilitate understanding and enhance transparency , we present in the table below the updated redemption values of Cosan Nove’s and Cosan Dez’s preferred shares as of the end of 2Q26. The calculation is based on the initial investment amount, adjusted by a CDI + spread rate, net of dividends paid and any early redemptions to non-controlling preferred shareholders (for further details, see Note 5.7 – Financial Risk Management and Note 5.8 – Repurchase Obligation of Subsidiary Shares in the Company’s Interim Financial Statements as of June 30, 2026). BRL mn Initial redemption value Update Value redeemed¹ Dividends paid Updated redemption value³ Cosan Nove 4,115 1,559 (2,169) (845) 2,660 Cosan Dez² 4,000 295 — (276) 4,019 Notes: (1) On March 31, 2025, we carried out the redemption of a portion of the preferred shares issued by Cosan Nove S.A., then subscribed by Itaú in December 2022, in the total amount of R$ 2.2 billion. Cosan's equity interest in Cosan Nove increased to 87.27%; (2) As of 4Q25, Cosan Dez began to impact the Debt and Financial Result tables, due to the put option clause set forth in the contract; (3) As of June 30, 2026. B.4 Dividends The table below presents the reconciliation of dividends and interest on capital on a cash basis received by Cosan Corporate, detailed by investee, as well as the dividends paid by Cosan to its shareholders. BRL mn 2Q26 2Q25 Change 2Q26 LTM 2Q25 LTM¹ Change Dividends and interest on capital received (a) 399 579 -31 % 961 3,405 -72 % Raízen — — n/a — 46 n/a Compass (Cosan Dez) 357 — n/a 797 2,200 -64 % Rumo — 456 n/a — 456 n/a Radar 42 123 -66 % 116 300 -62 % Other — — n/a 48 403 -88 % Dividends and interest on capital paid (296) — n/a (919) (850) 8 % For shareholders of Cosan S.A. — — n/a — (57) n/a For Preferential shareholders (b) (296) — n/a (919) (371) n/a Cosan Nove — — n/a — (371) n/a Cosan Dez (296) — n/a (919) — n/a Preferred shareholders Capital reduction (c) — — n/a — (422) n/a Net dividends received (d) = (a) - (b) - (c) 103 579 -82 % 41 2,612 -98 % Note: (1) Includes effects of Compass's capital reduction.
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Results | 2Q26 B.5 Statement of Cash Flow BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Sources 3,083 677 2,407 343 2,741 3,426 11,311 (7,885) Dividends/IoC received¹ 399 579 (180) 36 363 434 2,046 (1,612) Cash flow, net 255 79 176 275 (20) 530 353 Portfolio management: divestments 2,430 19 2,411 32 2,398 2,462 8,912 (6,450) Uses (945) (690) (255) (1,966) 1,021 (2,910) (4,218) 1,307 Interest and other financial expenses (481) (583) 102 (1,384) 903 (1,866) (1,016) (850) General expenses and working capital (166) (103) (63) (306) 140 (472) (314) (159) Portfolio management: acquisitions, investments & buybacks — — — (272) 272 (272) (2,203) 1,931 Portfolio management: capex (2) (4) 2 (3) 2 (5) (8) 3 Preferential distribution (296) — (296) — (296) (296) (677) 381 Managerial Cash generation (consumption) 2,138 (14) 2,152 (1,623) 3,762 515 7,093 (6,578) Liability management (2,619) (172) (2,447) (6,149) 3,530 (8,769) (6,525) (2,244) Collections — — — — — — 2,443 (2,443) Principal amortization (2,619) (172) (2,447) (6,149) 3,530 (8,769) (8,968) 199 Foreign exchange variation and other cash effects 34 (26) 60 (194) 229 (160) 84 (244) Non-debt derivatives — (24) 24 (283) 283 (283) (1,006) Excess/Cash (consumption) (446) (237) (210) (8,250) 7,803 (8,696) (354) (8,342) Cash, cash equivalents and Marketable securities, initial 7,714 4,211 3,503 15,964 (8,250) 15,964 4,328 11,636 Cash, cash equivalents and Marketable securities, final 7,268 3,975 3,293 7,714 (446) 7,268 3,975 3,293 Notes: (1) Includes effects of capital reduction in 6M25. In the second quarter of 2026, the main cash movements were: Sources: the "portfolio management divestments" line, reflecting the receipt of proceeds from the divestment of the equity interest in Compass (IPO). Uses: the "principal amortization" line, due to the prepayments of debentures and commercial notes, as explained in item B.1 Debt. After these movements, Cosan ended the quarter with a cash position of R$7.3 billion.
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Results | 2Q26 C. Portfolio Performance We present the results of controlled investees — Rumo, Compass, Moove and Radar , adjusted for non - recurring effects, when applicable. Rumo Compass Moove Radar BRL mn 2Q26 2Q25 Δ 2Q26 2Q25 Δ 2Q26 2Q25 Δ 2Q26 2Q25 Δ Adjusted EBITDA¹ 2,267 2,279 -1 % 1,275 1,216 5 % 475 505 -6 % (29) 134 n/a Net income (loss) 520 333 56 % 287 353 -19 % 197 344 -43 % (30) 131 n/a BRL mn 6M26 6M25 Δ 6M26 6M25 Δ 6M26 6M25 Δ 6M26 6M25 Δ Adjusted EBITDA¹ 4,012 3,915 2 % 2,604 2,513 4 % 710 737 -4 % 74 275 -73 % Net income (loss) 617 236 n/a 669 773 -13 % 282 374 -25 % 65 265 -76 % Notes: (1) EBITDA adjusted for non-recurring effects detailed on page 21 of this report, when applicable. C.1 Rumo Indicators 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Volume transported (mn RTK) 23,811 21,827 9 % 20,188 18 % 44,000 37,917 16 % North Operation 19,393 17,954 8 % 16,586 17 % 35,979 30,987 16 % South Operation 3,264 2,861 14 % 2,529 29 % 5,793 4,942 17 % Container 1,154 1,012 14 % 1,074 7 % 2,228 1,989 12 % Contribution margin (R$/'000 RTK) 122 126 -3 % 118 3 % 120 129 -7 % Adjusted EBITDA¹ (BRL mn) 2,267 2,279 -1 % 1,745 30 % 4,012 3,915 2 % Net income (BRL mn) 520 333 56 % 98 n/a 617 236 n/a Investments² (BRL mn) 1,597 1,395 15 % 1,774 -10 % 3,371 3,175 6 % Leverage 2.1x 1.8x 0.3x 2.1x 0x 2.1x 1.8x 0.3x Notes: (1) EBITDA adjusted for one -off effects detailed on page 21 of this report, where applicable; (2) Investments reported on a cash basis; includes contracts with customers (IFRS 15) and excludes M&A. Rumo transported 23.8 billion RTK in the quarter, up 9% year -over-year, mainly driven by the expansion of the grains’ portfolio across the Northern and Southern Operations. Adjusted EBITDA reached R$2.3 billion in 2Q26, remaining broadly in line with 2Q25. Excluding insurance claims and the reclassification of equity pickup recognized in 2Q25, adjusted EBITDA would have grown 4% year-over-year. Investments totaled R$1.6 billion in the quarter, focused on maintaining existing operations and advancing the expansion of the Northern Operation. Rumo’s Financial Statements and Earnings Release are available at: ri.rumolog.com.
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Results | 2Q26 C.2 Compass Indicators 2Q26 2Q25 Change 1T26 Change 6M26 6M25 Change Volume of natural gas distributed (000' cbm) 1,341 1,352 -1 % 1,247 8 % 2,587 2,591 - % Marketing & Services 461 364 27 % 416 11 % 876 691 27 % EBITDA (BRL mln) 1,275 1,216 5 % 1,329 -4 % 2,604 2,513 4 % Gas distribution 1,242 1,174 6 % 1,057 18 % 2,299 2,138 8 % Marketing & Services 140 93 50 % 312 -55 % 452 457 -1 % Corporate + eliminations (108) (52) n/a (40) n/a (148) (82) 80 % Net income (loss) 287 353 -19 % 382 -25 % 669 773 -13 % Investments¹ (BRL mln) 532 538 -1 % 400 33 % 932 904 3 % Leverage 2.3x 1.9x 0.4x 2.2x 0.1x 2.3x 1.9x 0.4x Notes: (1) Investments reported on a cash basis; includes contracts with customers (IFRS 15) and excludes M&A. The guidance disclosed by Compass is based on accrual accounting. In 2Q26, n atural gas distribution volume remained broadly stable compared to 2Q25. Lower industrial consumption, particularly in the chemical, steel and ceramics sectors, was offset by a more favorable volume mix in the residential and commercial segments, supported by customer base expansion and higher demand from service-related activities, including restaurants and hospitality. EBITDA reached R$1.3 billion in the quarter, increasing 5% year -over-year, driven by the stronger contribution from the residential and commercial segments and the optimization of new loads within the Marketing & Services business, which compensated for the reduction in distribution volume. Investments totaled R$532 million in 2Q26, in line with 2Q25, and were mainly directed toward the expansion of distribution operations under the applicable regulatory investment plans. Compass Financial Statements and Earnings Release are available at: compassbr.com. C.3 Moove Indicators 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Volume - lubricant sales¹ (000 m³) 153 144 6 % 157 -2 % 310 287 8 % Net sales revenue (BRL mn) 2,784 2,246 24 % 2,457 13 % 5,241 4,588 14 % EBITDA² (BRL mn) 475 505 -6 % 236 n/a 710 737 -4 % EBITDA Margin (%) 17.0% 22.5% -5,4 p.p. 9.6% 7,5 p.p. 13.6% 16.1% -2,5 p.p. Net income (BRL mn) 197 344 -43 % 85 n/a 282 374 -25 % Investments (BRL mn) 34 29 17 % 27 25 % 61 74 -19 % Leverage 1.4x 1.9x -0.4x 1.3x 0.2x 1.4x 1.9x -0.4x Notes: (1) Considers volumes of lubricants and base oils sold; (2) Excludes non-recurring effects detailed on page 21 of this report, when applicable. Moove reported EBITDA of R$475 million in 2Q26, more than doubling the result recorded in 1Q26. The performance reflects the successful execution of its revenue and inventory management strategy, focused on profitability and product availability across all regions, amid the lubricant industry supply disruption triggered by the conflict and the closure of the Strait of Hormuz. Compared to 2Q25, sales volumes and net revenue increased by 6% and 24%, respectively, while EBITDA decreased by 6%, reflecting a stronger comparison base that included the recognition of losses and insurance indemnities related to the fire at the Rio de Janeiro plant.
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Results | 2Q26 C.4 Radar Statement of income for the fiscal year - BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Net Operating Revenue 112 184 -39 % 128 -12 % 240 336 -29 % Other Operating Income (Expenses), Net (116) (4) n/a (2) n/a (118) (5) n/a Income Tax and Social Contribution (15) (22) -31 % (18) -14 % (33) (43) -23 % Net Income (Loss) (30) 131 n/a 94 n/a 65 265 -76 % Financial Results (14) (19) -26 % (9) 55 % (24) (33) -29 % Income Tax and Social Contribution 15 22 -31 % 18 -14 % 33 43 -23 % EBITDA (29) 134 n/a 103 n/a 74 275 -73 % Investments 1 1 -36 % 1 -2 % 1 6 -78 % Radar’s EBITDA in the quarter was impacted by the revaluation of land associated with the announced properties sale, as well as by lower net operating revenue resulting from reduced lease income following the decline in TRS (Total Recoverable Sugar) prices during the period. At the end of 2Q26, the value of the land portfolio was estimated at approximately R$18.1 billion based on the latest appraisal, of which approximately R$5.6 billion is attributable to Cosan’s consolidated stake.
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Results | 2Q26 D. Attachments Annex I - Relevant Topics Below are the main topics disclosed up to the date of publication of this report. Compass IPO In May 2026, Compass completed its secondary public offering of shares (Initial Public Offering, or “IPO”) on B3. Including the base offering and the additional and supplemental allotments, a total of 108,548,614 common shares held by the selling shareholders were sold, of which 84,441,472 shares were sold by Cosan. The Company received net proceeds of approximately R$2.3 billion. Further information is available in the material facts disclosed by Cosan and Compass. Sale of Radar Portfolio Properties In June, the Radar Group, through certain of its subsidiaries (“Radar”) which hold agricultural properties with investments by Cosan, advanced the sale of a portion of its agricultural land portfolio located in the state of Mato Grosso. Following the exercise of preemptive rights by lessees, an agreement for the consensual segregation of the properties, as well as new purchase and sale agreements with the buyers, were executed in July, under the same commercial terms of the transaction. Closing remains subject to customary conditions precedent for transactions of this nature and is expected by October 30, 2026. The properties represent ~12% of Radar’s total portfolio, totaling 41,214 hectares, with a transaction value of R$1.85 billion, of which approximately R$586 million is attributable to Cosan’s indirect stake. Court Approval of Raízen’s Extrajudicial Restructuring Plan In July, Raízen announced the Court approval of its Extrajudicial Restructuring Plan (the “Plan”), initially submitted on June 5, 2026, which obtained the support of 81.6% of the Company’s unsecured financial creditors. Raízen continues to advance the preparatory actions and measures required for the effective implementation of the Plan. Additional details are available in the documents disclosed by the company. Sale of the Port São Luís In August, Cosan formalized a letter of intent submitted by a third-party acquirer for the sale of its entire stake in Terminal de Uso Privado Porto São Luís S.A. ( the “Port São Luís ”, and “Proposal”, respectively). The Proposal, which provides for an exclusivity period for the negotiation and execution of the definitive agreements, contemplates an offered price of R$300 million (the “Indicative Purchase Price”). In addition to the Indicative Purchase Price, payable upon closing of the transaction, the Company may be entitled to an earn-out related to potential new berths implemented or to be implemented at the Port São Luís through 2035, in addition to the main berth, in the indicative amount of R$50 million per berth. Such amounts will be adjusted by the accumulated variation of the IPCA inflation index from the date of acceptance of the Proposal until the respective payment dates. Acceptance of the Proposal, as well as the implementation and completion of the transaction, remains subject to the execution of definitive agreements and customary closing conditions. Further details are available in the material fact disclosed by the Company.
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Results | 2Q26 Annex II - Financial Statements Cosan Consolidated SA Statement of income for the fiscal year - BRL mn 2Q26 2Q25 Change 1Q26 Change 6M26 6M25 Change Net Operating Revenue 10,776 10,478 3 % 9,029 19 % 19,805 20,140 -2 % Cost of Goods Sold and Services Rendered (6,747) (6,882) -2 % (5,953) 13 % (12,700) (13,673) -7 % Gross profit 4,029 3,596 12 % 3,076 31 % 7,105 6,467 10 % Selling, General and Administrative Expenses (1,139) (1,101) 3 % (991) 15 % (2,130) (2,076) 3 % Other operating income (expenses), net (394) 91 n/a 67 n/a (327) 330 n/a Financial results (1,852) (1,803) 3 % (2,363) -22 % (4,215) (3,706) 14 % Equity Pickup 29 (749) n/a 44 -35 % 73 (1,869) n/a Income Tax and Social Contribution (486) (603) -19 % (1,178) -59 % (1,664) (1,649) 1 % Net income (loss) 187 (568) n/a (1,345) n/a (1,158) (2,503) -54 % Results attributed to non-controlling shareholders 507 378 34 % 238 n/a 746 230 n/a Results attributed to controlling shareholders (320) (946) -66 % (1,583) -80 % (1,904) (2,734) -30 % Balance sheet - BRL mn 2Q26 1Q26 Cash and cash equivalents 13,358 17,464 Marketable securities 5,491 3,861 Other current assets 12,698 10,580 Current assets 31,546 31,905 Marketable securities 64 77 Financial instruments and derivatives - Asset 1,852 2,003 Investments 1,802 1,768 Investment property 16,260 18,222 Property plant and equipment 29,130 27,950 Intangible assets 26,618 26,595 Other non-current assets 19,422 18,467 Non-current assets 95,148 95,084 Total assets 126,694 126,989 Loans and financing 4,943 3,705 Financial instruments and derivatives - Liabilities 1,570 1,695 Trade payable 4,101 3,812 Wages and salaries payable 623 517 Other current liabilities 7,669 7,339 Current liabilities 18,905 17,068 Loans and financing 49,316 54,796 Financial instruments and derivatives 992 650 Other non-current liabilities 25,571 25,085 Non-current liabilities 75,879 80,531 Total liabilities 94,784 97,599 Shareholders’ equity 31,910 29,390 Total liabilities and shareholders' equity 126,694 126,989
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Results | 2Q26 Cash flow statement - BRL mn 2Q26 2Q25 Change 1Q26 Change EBITDA 3,521 2,830 24 % 3,167 11 % Non-cash effects / adjustment in the result 517 1,045 -51 % 211 n/a Change in assets and liabilities (1,042) (376) n/a (1,353) -23 % Operating financial result 622 577 8 % 582 7 % Operating cash flow (a) 3,618 4,075 -11 % 2,607 39 % CAPEX (2,104) (1,925) 9 % (2,298) -8 % Dividends received 45 45 - % 17 n/a Other investments (40) 70 n/a (429) -91 % Cash flow from investing (b) (2,099) (1,810) 16 % (2,710) -23 % Funding 249 1,428 -83 % 2,687 -91 % Principal amortization (4,232) (1,914) n/a (7,760) -45 % Dividends paid (d) (435) (1,288) -66 % — n/a Interest payment (1,284) (1,089) 18 % (1,628) -21 % Lease payments under IFRS 16 (240) (231) 4 % (252) -5 % Derivatives (480) (442) 9 % (1,288) -63 % Other borrowings 2,430 — n/a (237) n/a Cash flow from financing (c) (3,992) (3,535) 13 % (8,478) -53 % Impact of foreign exchange variation and MtM of shares on cash and cash equivalents balances. (17) (143) -88 % (253) -93 % Net cash generated during the period (2,490) (1,413) 76 % (8,833) -72 % Free cash flow to equity (FCFE) (a+b+c+d) (2,037) 18 n/a (8,580) -76 %
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Results | 2Q26 Annex III - Reported Segments Cosan Corporate: reconciliation of the corporate structure, which comprises: (i) senior management and corporate teams, which incur G&A and other operating expenses ( income), including pre -operating investments; (ii) equity income from underlying assets; and (iii) financial results attributable to cash and debt at the parent company, intermediate holding companies (Cosan Nove and Cosan Dez ), and offshore financing entities, among other expenses. As of June 30, 2026, the Cosan Corporate segment comprised the following entities and their main characteristics: Rumo: Brazil’s largest independent railway logistics operator, providing freight transportation solutions that connect the country from North to South. Rumo (“RAIL3”) has been listed on the Novo Mercado segment of B3 since 2015. Compass: A gas platform focused on driving the transformation of the Brazilian natural gas market. It operates in the Distribution segment through stakes in natural gas distribution companies, and in Marketing & Services, offering supply solutions to both grid -connected and off-grid customers. Compass (“PASS3”) was listed on the Novo Mercado segment of B3 in 2026. Moove: Operates in the production, blending and distribution of lubricants, base oils and specialty products, headquartered in Brazil with operations in more than 10 countries across South America, North America and Europe. The company distributes and sells prod ucts under the Mobil brand, as well as several proprietary brands, serving industrial, commercial and automotive segments. Radar: Includes investments in agricultural properties held by Radar, Tellus and Janus, as well as the portfolio management company represented by the joint venture with Nuveen, established in March 2024. Radar is a reference in agricultural land management and invests in a diversified portfolio with high appreciation potential, encompassing approximately 300 thousand hectares. 1 Corporate structure
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Results | 2Q26 Results by segment Cosan Consolidated The following section presents 2Q26 results by business unit, as previously discussed, and on a consolidated basis. All information reflects the consolidation of 100% of the results of Cosan's subsidiaries, irrespective of the Company's ownership interest, since Cosan exercises control over these entities, except for Raízen (IFRS 10 – see Note 4.1 to the Interim Financial Statements as of June 30, 2026, for further details). Cosan Corporate represents a reconciliation composed of the Parent Company (Cosan S.A.) and other subsidiaries, as detailed on page 19. The tables below present the information disclosed in the Company's interim financial statements as of June 30, 2026. For EBITDA reconciliation and consolidation purposes, “Adjustments and Eliminations” correspond to the elimination of intercompany transactions among all businesses controlled by Cosan. Results by business unit Cosan Corporate Rumo Compass Moove Radar Eliminations Cosan S.A. 2Q26 Net sales revenue 4 3,940 3,935 2,784 112 (1) 10,776 Cost of sales — (1,973) (2,914) (1,861) — 1 (6,747) Gross profit 4 1,968 1,021 923 112 — 4,029 Selling expenses — (15) (53) (421) — — (489) General and administrative expenses (42) (177) (280) (126) (25) — (650) Other operating income (expenses), net (247) (225) 194 1 (116) — (394) Interest in earnings of investees 447 16 32 — — (467) 29 Depreciation and amortization 5 532 361 98 — — 996 EBITDA 169 2,099 1,275 475 (29) (467) 3,521 Depreciation and amortization (5) (532) (361) (98) — — (996) Financial results (552) (765) (473) (76) 14 — (1,852) Income Tax and Social Contribution 68 (282) (153) (104) (15) — (486) Results attributed to non-controlling shareholders — (363) (102) (59) 17 — (507) Net income (loss) (320) 156 185 138 (13) (467) (320) Results by business unit Cosan Corporate Rumo Compass Moove Radar Eliminations Cosan S.A. 6M26 Net sales revenue 5 7,223 7,099 5,241 240 (2) 19,805 Cost of sales — (3,805) (5,220) (3,677) — 2 (12,700) Gross profit 5 3,418 1,879 1,564 240 — 7,105 Selling expenses — (26) (95) (811) — — (933) General and administrative expenses (88) (343) (473) (246) (47) — (1,198) Other operating income (expenses), net (282) (451) 517 7 (118) — (327) Interest in earnings of investees 867 30 64 — — (888) 73 Depreciation and amortization 11 1,048 712 197 — — 1,968 EBITDA 512 3,675 2,604 710 74 (888) 6,688 Depreciation and amortization (11) (1,048) (712) (197) — — (1,968) Financial results (1,640) (1,611) (898) (90) 24 — (4,215) Income Tax and Social Contribution (766) (399) (325) (142) (33) — (1,664) Results attributed to non-controlling shareholders — (433) (180) (84) (48) — (746) Net income (loss) (1,904) 185 489 198 16 (888) (1,904)
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Results | 2Q26 Annex IV – Reconciliation of EBITDA Adjustments To ensure a normalized basis for comparison, we present below a description of non -recurring effects by business line, in addition to the adjustments already highlighted in the table, based on the following criteria: EBITDA | 2Q26 2Q26 Cosan Corporate Rumo Compass Moove Radar Eliminations Cosan S.A. BRL mn Net income (loss) (320) 156 185 138 (13) (467) (320) Results attributed to non-controlling shareholders — 363 102 59 (17) — 507 Income Tax and Social Contribution (68) 282 153 104 15 — 486 Financial results 552 765 473 76 (14) — 1,852 Depreciation and amortization 5 532 361 98 — — 996 EBITDA 169 2,099 1,275 475 (29) (467) 3,521 Specific effects 233 168 — — — — 401 Adjusted EBITDA 402 2,267 1,275 475 (29) (467) 3,922 • Cosan: One-off effects: recognition of impairment, recorded as a result of the acceptance of the letter of intent from the Port São Luis. • Rumo: One-off effects: provision for impairment in the amount of R$168 million in the Southern Network, with no cash effect. EBITDA | 6M26 6M26 Cosan Corporate Rumo Compass Moove Radar Eliminations Cosan S.A. BRL mn Net income (loss) (1,904) 185 489 198 16 (888) (1,904) Results attributed to non-controlling shareholders — 433 180 84 48 — 746 Income Tax and Social Contribution 766 399 325 142 33 — 1,664 Financial results 1,640 1,611 898 90 (24) — 4,215 Depreciation and amortization 11 1,048 712 197 — — 1,968 EBITDA 512 3,675 2,604 710 74 (888) 6,688 Specific effects 233 336 — — — — 569 Adjusted EBITDA 745 4,012 2,604 710 74 (888) 7,257