Cosan SA (NYSE:CSAN) Q3 2021 Earnings Conference Call November 16, 2021 9:00 AM ET Company Participants Ana Perina - IR Manager Luis Henrique Guimaraes - CEO & Director Marcelo Martins - Vice Chairman, CFO & IR Officer Conference Call Participants Thiago Duarte - BTG Pactual Luiz Carvalho - UBS Regis Cardoso - Crédit Suisse Bruno Montanari - Morgan Stanley Gabriel Francisco - XP Investimentos Christian Audi - Santander Investment Securities Isabella Simonato - Bank of America Merrill Lynch Operator Good mor ...

Financial Data and Key Metrics Changes - Cosan reported a significant increase in adjusted EBITDA, with pro forma EBITDA and net income showing strong growth compared to the second quarter of 2020 [25][26]. - The company's leverage reduced to 2.8 times net debt-to-EBITDA, approaching the ideal range of 2 to 2.5 times for the group [26][28]. - Free cash flow to equity reached almost R$800 million, supported by improved operating cash flow despite seasonal working capital impacts [28]. Business Line Data and Key Metrics Changes - Raízen's adjusted EBITDA more than doubled year-on-year, driven by higher biofuel prices and increased sales volume despite lower production due to adverse weather [10][11]. - The sugar segment also saw adjusted EBITDA more than double, supported by a favorable commodity cycle and effective pricing strategies [11]. - Compass experienced robust growth in adjusted EBITDA, although there was a quarter-over-quarter reduction due to lower gains from supply and commercialization strategies [15][18]. - Moove's lubricants business reported significant EBITDA expansion, benefiting from increased sales volumes across all geographies [21]. Market Data and Key Metrics Changes - The demand for fuel in Brazil and Argentina increased due to the resumption of economic activity and vaccination progress, leading to market share growth for Cosan [14][15]. - Comgás reported growth in distributed volumes across all segments, particularly in industrial consumption, due to higher demand from various sectors [17]. Company Strategy and Development Direction - Cosan aims to enhance its capital structure by listing subsidiaries at the right moment, with Raízen's IPO being a significant step [8]. - The company is focused on expanding its renewable energy offerings and has made strategic acquisitions, such as Biosev and a leading fuels network in Paraguay [13][16]. - Cosan is committed to sustainability and has made significant progress in its EESG agenda, including the development of second-generation ethanol and biomethane [30][32]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the vaccination process in Brazil and its positive impact on business volumes, despite concerns regarding the Delta variant [39]. - The company is focused on building strong foundations for future growth, emphasizing the importance of regulatory certainty and infrastructure investment [56][62]. Other Important Information - Cosan's corporate structure has been simplified, and the company is actively managing its liabilities, including a recent issuance of R$2 billion in long-term debentures [26][28]. - The company has made strides in diversity and governance, receiving recognition for its ESG practices [30][32]. Q&A Session Summary Question: Future growth and capital allocation for the group - Management highlighted solid growth plans across all business lines, with a focus on synergies and decarbonization efforts [41][43][48]. Question: Acquisition of Gaspetro and regulatory concerns - Management acknowledged the complexities surrounding the acquisition and expressed optimism about regulatory developments favoring privatization [42][49][50]. Question: Regulatory discussions and competitive landscape - Management emphasized the need for regulatory certainty to encourage infrastructure investment and maintain competitive markets [55][62]. Question: Compass's significant loss and future business plan - Management clarified that the loss was due to market volatility, and the focus will shift to balanced trading strategies moving forward [69][76]. Question: Cosan's role and capital allocation strategy - Management indicated that Cosan will continue to support its subsidiaries while exploring buybacks and liability management as part of its capital allocation strategy [75][82].

Cosan S.A. (NYSE:CSAN) Q1 2021 Results Conference Call May 17, 2021 9:00 AM ET Company Participants Luis Henrique de Beauclair Guimaraes - CEO Paula Kovarsky - Head, IR and EESG João Arthur Souza - Head, Finance Phillipe Casale - IR Executive Manager Conference Call Participants Lucas Ferreira - JP Morgan Thiago Duarte - BTG Pascual Operator Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to CosanÂ's First Quarter of 2021 Results Conference Call. Today with us, we have Mr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commissi ...

Financial Data and Key Metrics Changes - The company reported a solid net income for the period, with accumulated EBITDA growth year-over-year and quarterly, despite negative variations in businesses affected by the crisis in Q2 2020 [8][6] - Pro forma gross debt reduced by 2% in the quarter, while pro forma leverage increased to 2.7 times net debt-to-EBITDA, with expectations to return to historical levels of 2 to 2.5 times [31][32] Business Line Data and Key Metrics Changes - In the fuels distribution segment, demand for diesel grew both sequentially and year-over-year, driven by agribusiness and the return of industrial activities [10][9] - Adjusted EBITDA for the aviation sector was R$611 million, reversing the downward trend from the previous quarter, supported by improved sales volumes and operational efficiency [11] - Raízen Energia saw a 15% growth in adjusted EBITDA, driven by increased sugar sales and improved prices for all products [24] - Moove, the lubricants business, posted a record EBITDA of R$177 million, reflecting strong demand recovery and operational efficiency [29] Market Data and Key Metrics Changes - The Brazilian macroeconomic figures in Q3 2020 showed an upward trend in economic recovery, with increasing demand for fuels, lubricants, and natural gas as social isolation measures were relaxed [5][6] - In Argentina, adjusted EBITDA was $56 million, indicating a recovery in fuel demand despite extended lockdowns [17] Company Strategy and Development Direction - The company is focused on execution and value generation, preparing for economic recovery to capture market opportunities [6] - The company announced plans to open new convenience stores and a distribution center in São Paulo, aiming for a 10% growth in total stores [15] - The company is pursuing the acquisition of Gaspetro and has submitted a proposal for 51% of its equity, indicating a strategic focus on expanding its natural gas segment [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing uncertainty due to the pandemic but emphasized the importance of prioritizing team health and operational efficiency [7] - The company expects to see a return to normalized levels of results, with a focus on maintaining profitability and volume growth in the fuels segment [76] Other Important Information - The company signed the United Nations Global Compact, reinforcing its commitment to sustainable development and ESG initiatives [33] - The integration of Raízen's first biogas plant was highlighted as a significant step in the company's renewable energy agenda [34] Q&A Session Summary Question: Impact of Mitsui's potential sale of its stake in Compass - Management confirmed focus on the Petrobras stake and no intention to change strategy regarding Mitsui's stake [38] Question: Strategy for gas station growth and medium-term investments - Management emphasized focusing on volume growth and quality of assets, aiming for around 1 billion liters of fuel demand [39] Question: Update on hedging positions for sugar crops - Management confirmed full hedging for the current crop and around 70% for the next crop at favorable prices [40] Question: RenovaBio program and fuel price pass-through - Management celebrated the program's implementation and noted it should lead to cost depreciation for fuels [43][44] Question: Update on Compass regas terminal and commercialization business - Management confirmed installation license obtained and ongoing work on contractual arrangements for the terminal [46] Question: Corporate restructuring timeline and next steps - Management indicated the process is ongoing, with independent committees assessing the exchange ratio [51] Question: Cane availability and impact of drought - Management noted it is too early to assess the impact on next year's crop, with crucial weather conditions expected from December to March [52] Question: Update on Raízen Energia's potential acquisition - Management confirmed discussions are ongoing, with a focus on capital discipline in any potential deal [58] Question: Inventory gains and margins in Raízen Combustíveis - Management noted inventory gains were in line with historical levels, with a focus on adjusting margins based on supply and commercialization strategies [63] Question: Future projects and initiatives in Compass and Raízen - Management highlighted ongoing initiatives in renewable energy, including second-generation ethanol and biogas projects [69]

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]