Equity Research Analyst at DM Martins Research.The best opportunities often don’t scream for attention. I cover stocks that are often undercovered, focusing primarily on Brazil and Latin America — but I also occasionally write about global large caps. My work can also be found on TipRanks, where I contribute regularly, and on TheStreet, where I was a frequent contributor in the past.- Disclaimer: All views expressed here are my own and do not necessarily reflect the views or official positions of DM Martins ...

Financial Data and Key Metrics Changes - The company's EBITDA under management for Q2 2025 was approximately BRL 6 billion, slightly below the previous year [4] - A negative net income of about BRL 1 billion was reported for the quarter [5] - Net debt remained stable compared to 2025, with a stable debt service coverage ratio [5][10] - The average cost of debt decreased slightly from CDI plus 90 basis points to CDI plus 88 basis points, with an average duration of 6.2 years [10] Business Line Data and Key Metrics Changes - In Humu, higher transported volumes led to increased EBITDA, along with a rise in market share at the Port of Santos due to lower tariffs [6] - Compass experienced growth in its portfolio, with higher sales in the residential segment contributing to better margins and increased volume traded by Edge [7] - Move saw a reduction in volumes sold due to a fire incident in February, but recovery efforts are ongoing [8] - Hadar maintained stable EBITDA compared to 2024, despite divesting from its lending portfolio [9] - Raising reported positive results in fuel distribution with improved margins, although faced delays in sugarcane crushing due to adverse weather conditions [9] Market Data and Key Metrics Changes - The company noted an increase in market share for Move, recovering significantly after the fire incident [25] - Compass is expected to continue generating cash and potentially pay good dividends in the future [48] Company Strategy and Development Direction - The company is focused on recovery and ensuring regulatory processes are followed, particularly for Move [17] - There is an emphasis on maintaining a high-quality portfolio while managing debt levels [26][28] - The company is exploring options for divestitures and reducing debt, with ongoing discussions about monetizing certain assets [28][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of customer base preservation for future competitiveness [25] - The company is optimistic about the recovery trajectory and is working on operational efficiencies [19] - There is a sense of urgency to find strategic partners and address capital structure issues, particularly for Raizen [36][37] Other Important Information - The company is not disclosing specific guidance on dividends but acknowledges Compass's strong cash generation potential [48] - The insurance claims process is ongoing, and the company is optimistic about future monetization [54] Q&A Session Summary Question: Impact of insurance on Move's results - Management confirmed that over BRL 400 million was accounted for in the regulation process, with ongoing recovery efforts [17][18] Question: Debt service coverage ratio dynamics - Management acknowledged that some debt has a bullet structure, affecting cash payments in the quarter, and indicated a potential reduction in the debt service coverage ratio moving forward [20][21] Question: Volume dynamics post-fire at Move - Management emphasized the focus on preserving the distributor network and noted a considerable recovery in market share [25] Question: Priorities for divestitures and debt reduction - Management reiterated that priorities have not changed, and they are focused on maintaining a balanced portfolio while addressing debt levels [26][28] Question: Strategic partner for Raizen - Management expressed interest in bringing in a strategic partner aligned with their and Shell's strategy, emphasizing the need for capital [36][37] Question: Future dividend expectations for Compass and Move - Management stated that while Compass is expected to generate good dividends, it is too early to discuss Move's dividend potential [48]

Financial Performance - Cosan's EBITDA under management reached R$ 60 billion, a decrease from R$ 73 billion in 2Q24[6] - Dividends and Interest on Capital Received amounted to R$ 06 billion, down from R$ 21 billion in 2Q24[6] - Net Debt remained stable at R$ 175 billion, consistent with 1Q25[6] - Net Income was R$ (09) billion, compared to R$ (02) billion in 2Q24[6] Operational Highlights - Rumo experienced higher transported volume, reaching 218 billion RTK, a 4% increase[12] and increased EBITDA (+6%)[12] - Compass saw growth in distributed volume (+9%)[12] - Moove experienced lower EBITDA (-12%) due to a reduction in lubricant volumes sold (-13%)[12] - Raízen experienced a reduction in EBITDA (-23%), lower crushing in ESB offset by better performance of Fuel Distribution Brazil[13] Sugarcane crushing was 25 million tons, a 21% decrease[13] - Radar's portfolio land value is R$ 168 billion, with Cosan's stake at R$ 52 billion[13] Liability Management - Cosan Corporate's Net Debt was R$ 175 billion in 2Q25[15] - The Debt Service Coverage Ratio (DSCR) was 12x LTM[6, 15] - The average cost of debt is 088%[17]

Group 1 - Cosan (CSAN) has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook, while Ormat Technologies (ORA) has a Zacks Rank of 3 (Hold) [3][7] - CSAN has a forward P/E ratio of 4.12, significantly lower than ORA's forward P/E of 42.21, suggesting that CSAN may be undervalued [5] - CSAN's PEG ratio is 0.13, compared to ORA's PEG ratio of 4.22, indicating that CSAN's expected earnings growth is more favorable [5] Group 2 - CSAN has a P/B ratio of 0.34, while ORA has a P/B ratio of 2.07, further supporting the notion that CSAN is undervalued relative to its book value [6] - Based on various valuation metrics, CSAN holds a Value grade of A, whereas ORA has a Value grade of C, highlighting CSAN's superior value proposition [6] - The improving earnings outlook for CSAN makes it a more attractive option for value investors compared to ORA [7]

Investment Ratings - Petrobras: Buy with a 12-month price target of BRL 38.80 [18] - Brava Energia: Sell with a 12-month price target of BRL 15.80 [19] - PetroReconcavo: Neutral with a 12-month price target of BRL 16.50 [20] - Ultrapar: Buy with a 12-month price target of BRL 22.40 [21] - Cosan: Neutral with a 12-month price target of BRL 9.10 [22] - Vibra Energia: Neutral with a 12-month price target of BRL 20.30 [23] Core Insights - The report highlights a cautious outlook for oil prices, with expectations of average Brent oil prices at USD 56/bbl in 2026, influenced by solid supply growth outside the US shale [14] - Companies in the oil and gas sector are adjusting their capital expenditure (CAPEX) plans in response to lower oil prices, with Brava already reducing its investment plan for 2025 [2][12] - The fuel distribution segment is facing challenges from inventory losses due to recent price reductions by Petrobras, which may lead to lower margins in the short term [3][8] Summary by Company Petrobras - CAPEX remains resilient with 98% of upstream investments breakeven at or below USD 45/bbl, indicating no major adjustments in the short term [7] - The company is cautious about shareholder remuneration, recognizing potential increases in indebtedness due to lower oil prices [7] - Petrobras aims to avoid passing global market volatility to domestic fuel prices while aligning with international trends [7] Brava Energia - The company plans to deploy USD 450 million in CAPEX for 2025, a reduction from previous plans, primarily affecting onshore investments [12] - Brava expects stable production in the upcoming years, with potential growth in offshore output by 2026 [12] - The decision to cancel the divestment of onshore assets reflects a strategy to maintain a diversified portfolio [12] Vibra Energia - EBITDA in 2Q will be impacted by inventory losses, with a focus on reducing indebtedness through a 40% dividend payout policy [8] - Recent market share data indicates a slight increase in diesel market share, attributed to sales to TRR and unbranded gas stations [8] - The company does not foresee significant impacts from sanctions on Russian diesel imports [8] Ultrapar - The fuel distribution business is experiencing an oversupply effect, but demand is expected to improve in the second half of the year [9] - Ultrapar is positioning Ultragaz for potential investments in renewables, while managing profitability under competitive pressures [9] - The company anticipates leverage to remain within guidance levels despite recent acquisitions [9] PetroReconcavo - The company is maintaining flexibility in capital allocation, with expectations of double-digit production growth this year [12] - It recognizes the need for caution in the current oil price environment but does not plan significant CAPEX adjustments [12] Cosan - Committed to asset sales to improve its interest coverage ratio, with potential working capital pressures from recent IOF changes [13] - Raizen, one of Cosan's investees, is highlighted as being particularly exposed to these changes [13]

Group 1 - Cosan S.A. (NYSE: CSAN) is a well-diversified holding company with companies that have wide moats, providing exposure to strategic sectors [1] - The company is considered a cautious buy due to high debt and interest rates, but it offers deep value and strong assets, with potential upside if rates fall and subsidiaries improve [3] Group 2 - The analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40‑F: FORM 6-K Report of Foreign Issuer Pursuant To Rule 13a-16 Or 15d-16 of the Securities Exchange Act of 1934 For the month of May 2025 Commission File Number: 333-251238 COSAN S.A. (Exact name of registrant as specified in its charter) N/A (Translation of registrant's name into English) Av. Brigadeiro Faria Lima, 4100, – ...

Financial Performance - Net sales for the fiscal year ended December 31, 2024, increased by R$4,482.2 million, or 11.4%, to R$43,950.7 million compared to R$39,468.5 million in 2023[693] - Gross profit rose by R$2,796.1 million, or 25.6%, to R$13,714.7 million in 2024 from R$10,918.6 million in 2023[693] - Profit for the year from continuing operations decreased by R$13,274.9 million, or 274.3%, resulting in a loss of R$8,435.6 million in 2024 compared to a profit of R$4,839.3 million in 2023[693] - Rumo's net sales increased by R$2,998.7 million, or 27.4%, driven by a 5% increase in volumes transported and higher average transportation tariffs[697] - Compass's net sales grew by R$616.1 million, or 3.5%, primarily due to the acquisition of Compagas and increased volumes of distributed natural gas[698] - Moove's net revenue increased by R$169.7 million, or 1.7%, attributed to the implementation of the Moove Performance System[699] - Radar's leases and sales of land surged by R$698.4 million, or 93.9%, due to the sale of nine properties in 2024[700] Costs and Expenses - Total cost of sales rose by R$1,686.2 million, or 5.9%, to R$30,236.1 million in 2024 from R$28,549.9 million in 2023[702] - Selling expenses increased by R$225.3 million, or 16.7%, to R$1,575.9 million in 2024 compared to R$1,350.6 million in 2023[711] - Selling expenses increased by R$186.4 million, or 16.3%, to R$1,331.4 million for the fiscal year ended December 31, 2024, compared to R$1,145.0 million in 2023[714] - General and administrative expenses rose by 12.6% to R$2,845.3 million in 2024, up from R$2,527.9 million in 2023[716] - Moove's general and administrative expenses increased by 42.7% to R$921.2 million in 2024, primarily due to a R$175.3 million rise in depreciation and amortization expenses[720] Other Income and Financial Results - Other income, net decreased from R$3,924.4 million in 2023 to an expense of R$1,549.8 million in 2024, mainly due to a R$3,155.4 million impairment effect from extreme weather events[723] - Interest in earnings of associates rose significantly by R$1,368.6 million, or 390.6%, to R$1,719.0 million in 2024 from R$350.4 million in 2023[693] - Finance results, net totaled a financial expense of R$8,749.7 million in 2024, an increase of R$852.7 million, or 10.8%, compared to R$7,897.1 million in 2023[726] - Total income tax expenses rose significantly to R$3,190.5 million in 2024 from R$274.4 million in 2023, resulting in an effective tax rate of 60.8%[732] Profitability - Profit attributable to the Company's shareholders decreased from R$1,094.4 million to a loss of R$9,423.8 million for the fiscal year ended December 31, 2024[733] - Profit for the year from continuing operations rose significantly by 174.6% to R$4,839.3 million, compared to R$2,771.0 million in the previous year[735] - Profit attributable to owners of the Company decreased by 6.9% to R$1,094.4 million from R$1,176.0 million in 2022[735] Cash Flow and Capital Expenditures - Cash flows generated from operating activities increased to R$13,081.3 million in 2024, up R$2,755.9 million from R$10,276.4 million in 2023[784] - Net cash flows used in investing activities increased to R$4,488.3 million in 2024, compared to R$4,303.1 million in 2023, primarily due to increased acquisitions[785] - Net cash flows used in financing activities were R$6,605.9 million in 2024, an increase of R$2,089.3 million compared to net cash flows generated in 2023[786] - The company’s capital expenditures for the fiscal year ended December 31, 2024, were R$7,834.5 million, up from R$6,268.0 million in 2023, and R$4,531.4 million in 2022[801] Debt and Financing - Total debt increased by 16.8% to R$66,455.4 million as of December 31, 2024, from R$56,904.7 million in 2023[788] - The company maintained compliance with all financial covenants as of December 31, 2024[790] - Raízen Fuels issued two series of green bonds totaling U.S.$1,500 million (R$7,472.2 million) with maturities in March 2034 and March 2054[793] - The company has a loan of R$2,983 million with a 7.25% annual interest rate, maturing on June 27, 2031[792] - The company’s total current liabilities were R$4,403.1 million as of December 31, 2024, compared to R$4,882.4 million in 2023[796] - The company’s total non-current liabilities increased to R$62,052.3 million in 2024 from R$52,022.3 million in 2023[796] Investments and Acquisitions - Rumo's capital expenditures were R$5,492.7 million in 2024, up from R$3,689.9 million in 2023, focusing on asset renovation and infrastructure improvements[803][807] - Cosan Luxembourg S.A. commenced offers to purchase a total of U.S.$900 million in senior notes, purchasing U.S.$236.5 million of 5.500% notes due 2029, U.S.$273.2 million of 7.500% notes due 2030, and U.S.$268.7 million of 7.250% notes due 2031[802]

4Q24 Unaudited Financial Information February 27, 2025 Confidencial Disclaimer Any estimates and forward-looking statements made during this presentation regarding our strategy and opportunities for future growth are primarily based on our current expectations and estimates or projections of future events and trends that affect or may affect our business and operational results. Although we believe that these estimates and forward-looking statements are based on reasonable assumptions, they are subject to v ...

Cosan S.A. (NYSE:CSAN) Q4 2024 Earnings Conference Call February 27, 2025 11:00 AM ET Company Participants Nelson Gomes - Chief Executive Officer of Raízen Marcelo Martins - Chief Executive Officer Rodrigo Araujo - Chief Financial, Investor Relations Fernando Tinel - Head of IR & ESG Conference Call Participants Isabella Simonato - Bank of America Gabriel Barra - Citi. Thiago Duarte - BTG Pactual Victor Modanese - UBS Regis Cardoso - XP Operator Good afternoon everyone. Thank you for waiting and welcome to ...