Financial Performance - Cosan S.A Pro forma adjusted EBITDA totaled BRL 12 billion, a 14% increase compared to 2Q18[26] - Comgás normalized adjusted EBITDA reached BRL 583 million, up 19% due to higher sales volumes and margin adjustments for inflation[19] - Raízen Energia adjusted EBITDA reached BRL 402 million, an 18% decrease, attributed to lower own sugar and bioenergy sales volume[17] - Moove's EBITDA increased by 18% due to higher sales volume across all geographies[25] Raízen Combustíveis - Raízen Combustíveis adjusted EBITDA expanded 5%, driven by higher sales volumes, partially compensated by lower gain from supply strategy[7] - Raízen Combustíveis sales volume increased by 8%[9] - Raízen Combustíveis Argentina adjusted EBITDA ended the quarter at USD 47 million due to the lower volume sold[13] Debt and Investments - Cosan S.A Pro forma net debt/EBITDA leverage stable at 21x[28] - Investments totaled BRL 659 million, a 37% increase[26] - Gross debt reached BRL 18609 million[29] Comgás Volume Growth - Comgás sales volume ex-thermo increased by 3%[20]

Financial Data and Key Metrics Changes - Cosan reported consolidated EBITDA growth despite economic slowdown, with a focus on portfolio diversification [6] - Adjusted EBITDA totaled R$402 million in the quarter, down 18% from Q2 2018, mainly due to reduced sugar and bioenergy volumes [22] - Pro forma gross debt rose by 7% in the quarter, with a leverage ratio of 2.2 times net debt to EBITDA [33] Business Line Data and Key Metrics Changes - Raízen Combustíveis saw an 8% increase in sales volume and a 5% increase in EBITDA, reflecting solid operations [10] - Raízen Energia's sugar production mix prioritized ethanol, with ethanol sales up 8% and average prices rising by 9% compared to the previous year [18] - Comgás reported a 3% increase in natural gas sales across all segments, with normalized EBITDA up 19% due to increased volume sold [27] Market Data and Key Metrics Changes - In Argentina, diesel and gasoline sales were approximately 5% lower than in Q2 2018, while aviation fuel volume grew nearly 20% year-over-year [15] - The average sugarcane yield was 9.3 kilos of TRS per hectare, with a focus on maximizing higher return products [16] - The price scenario for sugar remains pressured, particularly due to expected strong crop years in India [24] Company Strategy and Development Direction - The company is focusing on expanding its convenience store business through a joint venture with Femsa, aiming to add 500 new stores [8] - Investments in Raízen increased by 30% to R$630 million, aimed at renewing sugarcane fields to enhance agricultural yield [25] - The company is exploring opportunities in the natural gas market, leveraging its existing operations in Comgás [44] Management's Comments on Operating Environment and Future Outlook - Management confirmed guidance for the year despite economic volatility in Argentina, emphasizing stability in EBITDA [40] - The second half of the year is expected to show a rebound in margins for Raízen Combustíveis, although the focus is now on the lower end of guidance [43] - The company reiterated its commitment to optimizing sugarcane fields and maintaining productivity to meet EBITDA guidance [57] Other Important Information - The completion of the fourth tariff review cycle for Comgás has restored regulatory stability and improved the business environment [26] - The company paid R$392 million in dividends to shareholders in May 2019 [33] Q&A Session Summary Question: Impact of currency depreciation in Argentina on fuel pricing and EBITDA guidance - Management stated that the company will adjust prices in peso terms, confirming guidance for the year despite economic volatility [39][40] Question: Distribution margins in Brazil for Raízen Combustíveis - Management noted that the second quarter typically sees margin impacts due to ethanol pricing, with expectations for a rebound in the second half [41][43] Question: Potential investments in new businesses, particularly in natural gas - Management indicated that Cosan is exploring opportunities in the natural gas market, leveraging its existing operations in Comgás [44] Question: Expectations for the JV with FEMSA - Management outlined plans for the JV to develop convenience stores and proximity markets, aiming to add 500 new stores [52] Question: Perspectives for sugar and ethanol business - Management reiterated guidance for the full crop year, focusing on efficient planting and harvesting to achieve productivity [57]

Financial Data and Key Metrics Changes - In 2018, Cosan's pro forma adjusted EBITDA grew by 23% in the fourth quarter but decreased by 2% for the full year, reaching R$5 billion, in line with guidance [30] - Adjusted net income totaled R$730 million in Q4, benefiting from a non-cash effect of tax variation, while for 2018, adjusted net income reached R$1.2 billion, a 35% increase from 2017 [30][31] - Operating cash generation advanced 9% to R$5.3 billion in 2018, with improved working capital dynamics at Raízen Combustíveis Brazil [32] Business Line Data and Key Metrics Changes - Raízen's quarterly EBITDA was $22 million, adversely affected by oil price drops and refinery downtime, with capital expenditures totaling $36 million [12][15] - Raízen Combustíveis in Brazil saw total sales volume grow by 4% in Q4 and 2% for the year, with diesel and jet fuel being the highlights [13] - Raízen Energia's adjusted EBITDA reached R$835 million, 6% lower than Q4 2017, mainly due to lower sugar prices and sales volume [22] Market Data and Key Metrics Changes - In Argentina, Raízen processed 75.5 barrels a day with a refinery utilization factor of 75%, impacted by scheduled maintenance [10] - Diesel and gasoline sales dropped 10% compared to Q4 2017 due to lower economic activity, while aviation fuel sales grew by 22% [11] - Comgás reported a 6% increase in natural gas volume excluding thermal power, with normalized adjusted EBITDA totaling R$546 million in Q4, 12% higher than the previous year [25] Company Strategy and Development Direction - The company is focusing on higher profitability products, with a production mix of 53% for ethanol, up from 45% in the previous crop year [17] - Moove is expanding its lubricant business with a capital contribution of up to R$562 million from CVC Fund, aiming to optimize its capital structure [27] - The company has suspended guidance disclosure due to ongoing capital market operations, indicating a cautious approach to future expectations [5][36] Management's Comments on Operating Environment and Future Outlook - Management noted that 2018 was a challenging year for Argentina due to severe economic distress, but the economic scenario improved in Q4 [9] - The truckers' strike in Brazil had a significant impact on fuel distribution, but demand is gradually recovering [13] - Management highlighted uncertainties in the global sugar market, with potential for better pricing due to expected deficits in sugar balance [24] Other Important Information - Capital expenditures for Raízen totaled R$857 million in 2018, with a net addition of 252 Shell service stations [16] - The company ended 2018 with a leverage ratio of 2.1 times net debt, normalized by the current account effect of Comgás [35] Q&A Session Summary - No questions were raised during the Q&A session, and the conference call concluded without further inquiries [37]