Filing Information SEC Filing Details This document is a Form 6-K report filed by COSAN S.A. with the United States Securities and Exchange Commission for the month of August 2025 - COSAN S.A. filed a Form 6-K report for August 20251 - The company files annual reports under Form 20-F2 - The Form 6-K is submitted electronically3 Table of Contents Report Structure The report includes an independent auditor's report, interim financial statements, and detailed notes covering operational context, relevant events, accounting policies, and financial results - The report is structured with an independent auditor's report, interim financial statements, and 18 detailed explanatory notes7 - Financial statements include the interim statement of financial position, profit or loss, other comprehensive income, changes in equity, cash flows, and value added7 - Notes cover operational context, relevant events, accounting policies, segment information, financial assets and liabilities, investments, property, plant and equipment, income taxes, legal provisions, shareholders' equity, earnings per share, net sales, costs, other income/expenses, financial results, share-based payment, and subsequent events7 Independent Auditor's Report Introduction PricewaterhouseCoopers Auditores Independentes Ltda. reviewed Cosan S.A.'s interim financial statements as of June 30, 2025, with management responsible for their preparation in accordance with CPC 21 and IAS 34 - PricewaterhouseCoopers Auditores Independentes Ltda. conducted a review of Cosan S.A.'s interim financial statements for the period ended June 30, 20259 - Management is responsible for preparing the financial statements in accordance with CPC 21 and IAS 3410 Scope of Review The review, conducted under Brazilian and International Standards, involved inquiries and analytical procedures, providing less assurance than an audit - The review followed Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 and ISRE 2410)11 - The scope of a review is substantially less than an audit, and therefore, an audit opinion is not expressed11 Conclusion The auditors found no material issues suggesting non-compliance with CPC 21 and IAS 34 in the interim financial statements, and value added statements were properly prepared - The auditors concluded that the financial statements are prepared, in all material respects, in accordance with CPC 21 and IAS 3412 - The statements of value added were also properly prepared in accordance with CPC 09 and consistent with the condensed interim financial statements13 Audit and Review of Previous Year's Figures Comparative figures for June 30, 2024, and December 31, 2024, were reviewed or audited by other independent auditors who issued unqualified reports - Comparative financial information for June 30, 2024, and December 31, 2024, was included for comparison14 - Previous year's figures were reviewed or audited by other independent auditors, who issued unqualified reports14 Interim Financial Statements Interim Statement of Financial Position As of June 30, 2025, Cosan S.A. reported decreases in total consolidated assets, liabilities, and shareholders' equity compared to December 31, 2024 Consolidated Financial Position (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---| | Total Assets | 126,036,274 | 141,265,902 | (15,229,628) | -10.78% | | Total Liabilities | 92,931,858 | 101,867,540 | (8,935,682) | -8.77% | | Total Shareholders' Equity | 33,104,416 | 39,398,362 | (6,293,946) | -15.97% | Key Consolidated Assets (June 30, 2025 vs. December 31, 2024) | Asset Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Cash and cash equivalents | 13,527,889 | 16,903,542 | (3,375,653) | -19.97% | | Marketable securities | 3,048,586 | 3,386,301 | (337,715) | -9.97% | | Investment in subsidiaries and associates | 1,638,515 | 10,678,566 | (9,040,051) | -84.65% | | Investment in joint ventures | 8,960,090 | 10,545,044 | (1,584,954) | -15.03% | | Property, plant and equipment | 24,367,923 | 23,019,016 | 1,348,907 | 5.86% | | Intangible assets and goodwill | 26,477,844 | 26,330,785 | 147,059 | 0.56% | Key Consolidated Liabilities (June 30, 2025 vs. December 31, 2024) | Liability Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Loans, borrowings and debentures (Current) | 3,873,610 | 4,403,148 | (529,538) | -12.03% | | Loans, borrowings and debentures (Non-current) | 56,526,653 | 62,052,278 | (5,525,625) | -8.91% | | Derivative financial instruments (Current) | 2,027,992 | 2,504,117 | (476,125) | -19.01% | | Trade payables (Current) | 4,059,315 | 5,168,593 | (1,109,278) | -21.46% | | Related party payables (Current) | 377,952 | 416,410 | (38,458) | -9.23% | Interim Statement of Profit or Loss For the six months ended June 30, 2025, Cosan S.A. reported a significantly higher consolidated net loss, primarily due to increased net finance results and decreased net sales Consolidated Profit or Loss (Six Months Ended June 30) | Metric | 2025 (R$ thousands) | 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Net sales | 20,140,253 | 20,536,064 | (395,811) | -1.93% | | Gross profit | 6,466,842 | 6,470,023 | (3,181) | -0.05% | | Operating (expenses) income | (1,746,456) | (4,340,851) | 2,594,395 | 59.77% | | Equity in earnings (losses) of investees | (1,868,843) | 1,341,861 | (3,210,704) | -239.28% | | Finance results, net | (3,705,883) | (4,301,132) | 595,249 | 13.84% | | Loss for the period | (2,503,497) | (705,939) | (1,797,558) | -254.65% | | Basic Earnings (loss) per share | R$ (1.47) | R$ (0.22) | R$ (1.25) | -568.18% | Consolidated Profit or Loss (Three Months Ended June 30) | Metric | 2025 (R$ thousands) | 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Net sales | 10,477,652 | 10,694,008 | (216,356) | -2.02% | | Gross profit | 3,596,147 | 3,556,404 | 39,743 | 1.12% | | Operating (expenses) income | (1,009,890) | (3,396,953) | 2,387,063 | 70.27% | | Equity in earnings (losses) of investees | (748,845) | 1,284,345 | (2,033,190) | -158.31% | | Finance results, net | (1,802,887) | (2,521,803) | 718,916 | 28.51% | | Loss for the period | (568,097) | (969,485) | 401,388 | 41.40% | | Basic Earnings (loss) per share | R$ (0.51) | R$ (0.12) | R$ (0.39) | -325.00% | Interim Statement of Other Comprehensive Income For the six months ended June 30, 2025, consolidated total comprehensive loss increased significantly, driven by the period's loss, partially offset by foreign currency translation and cash flow hedge gains Consolidated Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (R$ thousands) | 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Loss for the period | (2,503,497) | (705,939) | (1,797,558) | -254.65% | | Foreign currency translation differences | (45,589) | 194,502 | (240,091) | -123.44% | | Gain (loss) on cash flow hedge | 219,360 | (291,759) | 511,119 | 175.12% | | Deferred taxes (reclassified to profit or loss) | (47,573) | 82,049 | (129,622) | -157.98% | | Actuarial gains (losses) with defined benefit plan | 10,148 | (37,619) | 47,767 | 127.00% | | Deferred taxes (not reclassified to profit or loss) | 6,724 | 24,024 | (17,300) | -72.01% | | Total comprehensive loss for the period | (2,390,894) | (704,275) | (1,686,619) | -239.47% | Interim Statement of Changes in Equity Consolidated total shareholders' equity decreased from January 1 to June 30, 2025, primarily due to the period's loss, dividends, and changes in subsidiary shareholding Consolidated Statement of Changes in Equity (Six Months Ended June 30, 2025) | Metric | Amount (R$ thousands) | |:---|:---|\ | Balance as at January 1, 2025 | 39,398,362 | | Loss for the period | (2,503,497) | | Total comprehensive income (loss) for the period | (2,390,894) | | Own shares acquired | (34,022) | | Dividends | (1,745,209) | | Change of shareholding interest in subsidiary | (2,169,304) | | Balance as at June 30, 2025 | 33,104,416 | - The Company's share capital was reduced by R$649,806 thousand to absorb accumulated losses, as approved at the Annual General Meeting on April 30, 202526186 Interim Statement of Cash Flows For the six months ended June 30, 2025, operating cash flow decreased, investing activities significantly improved due to asset sales, and financing activities resulted in a larger net outflow Consolidated Cash Flows (Six Months Ended June 30) | Cash Flow Activity | 2025 (R$ thousands) | 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Net cash generated from (used in) operating activities | 5,658,583 | 6,113,859 | (455,276) | -7.45% | | Net cash generated (used in) from investing activities | 4,328,726 | (470,595) | 4,799,321 | 1019.83% | | Net cash (used in) generated from financing activities | (13,108,238) | (3,222,656) | (9,885,582) | -306.74% | | Increase (decrease) in cash and cash equivalents | (3,120,929) | 2,420,608 | (5,541,537) | -228.93% | | Cash and cash equivalents at the end of the period | 13,527,889 | 17,230,061 | (3,702,172) | -21.49% | - Investing activities were significantly boosted by R$8,911,587 thousand in proceeds from the sale of investments in 202534 - Non-cash transactions included the recognition of right-of-use assets of R$348,662 thousand and acquisition of property, plant and equipment and intangible assets with payment in installments of R$610,127 thousand37 Interim Statement of Value Added For the six months ended June 30, 2025, consolidated gross and net value added increased, with significant rises in taxes, financial expenses, and retained losses Consolidated Statement of Value Added (Six Months Ended June 30) | Metric | 2025 (R$ thousands) | 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Revenue | 23,468,802 | 24,372,207 | (903,405) | -3.71% | | Inputs purchased from third parties | 13,115,786 | 16,698,790 | (3,583,004) | -21.46% | | Gross value added | 10,353,016 | 7,673,417 | 2,679,599 | 34.92% | | Depreciation and amortization | 1,960,208 | 1,833,725 | 126,483 | 6.90% | | Net value added | 8,392,808 | 5,839,692 | 2,553,116 | 43.72% | | Value added to be distributed | 10,867,027 | 8,523,039 | 2,343,988 | 27.50% | | Distribution of value added: | | | | | | Personnel and payroll charges | 1,371,093 | 1,289,541 | 81,552 | 6.32% | | Taxes, fees and contributions | 3,992,894 | 2,231,848 | 1,761,046 | 78.82% | | Financial expenses and rents | 8,006,537 | 5,707,589 | 2,298,948 | 40.28% | | Equity remuneration (Retained losses) | (2,733,936) | (419,282) | (2,314,654) | -552.05% | Notes to the Condensed Interim Financial Statements 1 Operational Context Cosan S.A. is a publicly traded Brazilian company controlled by Mr. Rubens Ometto Silveira Mello, with its Corporate segment managing senior management, corporate teams, equity income, and financial results - Cosan S.A. is a publicly traded company on B3 (CSAN3) and NYSE (CSAN), controlled by Mr. Rubens Ometto Silveira Mello40 - Cosan Corporate segment includes senior management, corporate teams, equity income from investments, and financial income from cash and debts of the parent company and intermediate holdings4380 2 Relevant Events of the Period The period included Moove's acquisition of DIPI Holdings, the merger with Cosan Oito, a partial disposal of Vale S.A. investment, operational changes at Raízen and Moove, and significant debt management activities 2.1 Investments Key investment activities included Moove's acquisition of DIPI Holdings, the incorporation of Cosan Oito, and the partial sale of Vale S.A. shares, alongside operational changes at Raízen and a fire incident at Moove - Moove acquired 100% of DIPI Holdings Ltda. for R$329,006 thousand on January 2, 202544 - Cosan S.A. finalized the merger with Cosan Oito S.A. on January 8, 202545 - The Company sold 4.05% of Vale S.A. common shares for R$8,892,802 thousand on January 16, 202546 - A fire at Moove's Ilha do Governador Complex on February 8, 2025, resulted in R$43,793 thousand in asset write-offs and R$55,359 thousand in inventory losses, but R$491,427 thousand in insurance compensation was recognized49545557 - Raízen discontinued its Costa Pinto E2G pilot plant and sold the Leme Plant for R$425,000 thousand4764 - Rumo's corporate reorganization proposal for Rumo Malha Norte was approved by their respective Boards of Directors58 2.2 New Debts Cosan S.A. actively managed its debt portfolio through early redemptions, partial repurchases, and new debenture and loan issuances across various segments - Early redemption of R$750,000 thousand in debentures and U.S.$392,000 thousand (R$2,250,825 thousand) of 2027 Bonds6768 - Partial repurchases of Bonds 2029, 2030, and 2031, and 5th and 6th issue Debentures69 - Early settlement of Loan 4.131 (U.S.$600,000 thousand or R$3,462,660 thousand) and a U.S.$300,000 thousand debenture (R$1,733,640 thousand)70 New Debts Issued (Six Months Ended June 30, 2025) | Segment | Modality | Value (R$ thousands) | Maturity | |:---|:---|:---|:---|\ | Cosan Corporate | Debentures | 1,500,000 | 01/27/2029 | | Cosan Corporate | Debentures | 500,000 | 03/27/2030 | | Cosan Corporate | Debentures | 500,000 | 03/27/2032 | | Compass | Debentures | 410,000 | 01/07/2027 | | Compass | Debentures | 800,000 | 01/15/2033 | | Compass | Loan 4.131 | 350,000 | 03/20/2026 | | Compass | Debentures | 1,500,000 | 05/15/2028 | | Rumo | Debentures | 434,949 | 03/28/2037 | | Rumo | Debentures | 1,365,051 | 03/28/2040 | | Moove | Loan 4.131 | 500,000 | 01/18/2028 | 3 Statement of Compliance and Material Accounting Policies The condensed interim financial statements comply with CPC 21 (R1) and IAS 34, Brazilian Corporation Law, and CVM rules, applying consistent accounting policies from December 31, 2024 - Condensed interim financial statements comply with CPC 21 (R1), IAS 34, Brazilian Corporation Law, and CVM rules73 - The statements should be read in conjunction with the annual consolidated financial statements for December 31, 202474 - The Interim Statement of Value-Added (VAS) is supplementary information, prepared according to CPC 09, and not required by IFRS75 - The same accounting policies as of December 31, 2024, were adopted, and balances are rounded to the nearest thousand76 4 Segment Information Cosan's senior management evaluates performance and allocates resources using segment information, with Raízen, Compass, Moove, Rumo, Radar, and Cosan Corporate as reported segments Reported Segments Cosan's operating segments encompass diverse activities including ethanol, natural gas, lubricants, rail logistics, and agricultural property management, with Cosan Corporate handling central functions - Raízen operates in ethanol, sugar, bioenergy, and fuel trading/distribution81 - Compass focuses on piped natural gas distribution and marketing, and infrastructure projects81 - Moove produces and distributes high-performance lubricants, base oils, and specialties81 - Rumo provides rail transport, port storage, and loading services for goods81 - Radar invests in a diversified portfolio of agricultural properties81 - Cosan Corporate handles senior management, corporate teams, equity income, and financial results80 Consolidated Segment Performance (Six Months Ended June 30, 2025) For the six months ended June 30, 2025, consolidated net sales were R$20,140,253 thousand, with a net loss of R$2,503,497 thousand and consolidated EBITDA of R$4,811,751 thousand Consolidated Segment Performance (Six Months Ended June 30, 2025) | Metric | Raízen (R$ thousands) | Compass (R$ thousands) | Moove (R$ thousands) | Rumo (R$ thousands) | Radar (R$ thousands) | Cosan Corporate (R$ thousands) | Consolidated (R$ thousands) | |:---|:---|:---|:---|:---|:---|:---|:---|\ | Net sales | 111,819,950 | 8,544,938 | 4,587,853 | 6,678,143 | 336,414 | 1,455 | 20,140,253 | | Net profit (loss) for the period | (4,369,756) | 773,036 | 374,800 | 236,080 | 265,098 | (3,106,951) | (2,503,497) | | Depreciation and amortization | 4,269,376 | 625,459 | 197,937 | 1,126,851 | 136 | 9,825 | 1,960,208 | | EBITDA | 4,010,294 | 2,512,964 | 737,401 | 3,231,489 | 274,859 | (899,402) | 4,811,751 | | Additions to fixed assets, intangible assets and contract assets | 6,013,224 | 962,311 | 74,418 | 3,159,198 | 6,196 | 8,035 | 4,210,158 | Consolidated Segment Performance (Six Months Ended June 30, 2024) For the six months ended June 30, 2024, consolidated net sales were R$20,536,064 thousand, with a net loss of R$705,939 thousand and consolidated EBITDA of R$5,304,758 thousand Consolidated Segment Performance (Six Months Ended June 30, 2024) | Metric | Raízen (R$ thousands) | Compass (R$ thousands) | Moove (R$ thousands) | Rumo (R$ thousands) | Radar (R$ thousands) | Cosan Corporate (R$ thousands) | Consolidated (R$ thousands) | |:---|:---|:---|:---|:---|:---|:---|:---|\ | Net sales | 111,416,500 | 8,537,477 | 5,020,553 | 6,720,753 | 289,970 | 13 | 20,536,064 | | Net profit (loss) for the period | 134,604 | 917,407 | 365,304 | (1,374,260) | 203,966 | (161,429) | (705,939) | | Depreciation and amortization | 4,726,588 | 505,251 | 144,648 | 1,175,875 | 137 | 7,814 | 1,833,725 | | EBITDA | 8,590,954 | 2,268,581 | 679,633 | 1,425,314 | 269,494 | 1,318,663 | 5,304,758 | | Additions to fixed assets, intangible assets and contract assets | 7,221,300 | 968,965 | 88,248 | 2,142,876 | 4,795 | 2,489 | 3,207,373 | Consolidated Segment Financial Position (June 30, 2025 vs. December 31, 2024) As of June 30, 2025, consolidated total assets and shareholders' equity decreased, with Raízen and Rumo maintaining the largest asset portions Consolidated Segment Total Assets (June 30, 2025 vs. December 31, 2024) | Segment | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Raízen | 140,111,569 | 148,285,202 | (8,173,633) | -5.51% | | Compass | 32,391,240 | 34,250,119 | (1,858,879) | -5.43% | | Moove | 9,070,400 | 8,687,957 | 382,443 | 4.40% | | Rumo | 50,595,278 | 50,593,023 | 2,255 | 0.00% | | Radar | 17,549,561 | 17,738,562 | (189,001) | -1.07% | | Cosan Corporate | 33,099,980 | 47,477,028 | (14,377,048) | -30.28% | | Consolidated Total Assets | 126,036,274 | 141,265,902 | (15,229,628) | -10.78% | Consolidated Segment Shareholders' Equity (June 30, 2025 vs. December 31, 2024) | Segment | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Owners of the Company | 7,191,060 | 10,903,764 | (3,712,704) | -34.05% | | Non-controlling interests | 25,913,356 | 28,494,598 | (2,581,242) | -9.06% | | Consolidated Total Shareholders' Equity | 33,104,416 | 39,398,362 | (6,293,946) | -15.97% | 4.1 Net Sales to External Customers by Product/Customer Type For the six months ended June 30, 2025, consolidated net sales were R$20,140,253 thousand, with Raízen's Diesel and Gasoline sales, Compass's industrial natural gas, and Rumo's North operations as primary revenue drivers Consolidated Net Sales by Product/Customer Type (Six Months Ended June 30, 2025) | Segment | Product/Customer Type | 2025 (R$ thousands) | |:---|:---|:---|\ | Raízen | Ethanol | 12,113,544 | | Raízen | Sugar | 12,558,124 | | Raízen | Gasoline | 33,159,510 | | Raízen | Diesel | 44,970,902 | | Raízen | Cogeneration | 3,960,716 | | Compass | Natural gas distribution - Industrial | 4,840,976 | | Compass | Natural gas distribution - Residential | 1,202,235 | | Moove | Finished product | 3,857,263 | | Moove | Base oil | 450,836 | | Rumo | North operations | 5,425,681 | | Rumo | South operations | 890,765 | | Radar | Lease and sale of lands | 336,414 | | Total Consolidated Net Sales | | 20,140,253 | 4.2 Information on Geographical Area For the six months ended June 30, 2025, Brazil remained the largest market for consolidated net sales, followed by Europe and the United States of America Consolidated Net Sales by Geographical Area (Six Months Ended June 30) | Geographical Area | 2025 (R$ thousands) | 2024 (R$ thousands) | Change (R$ thousands) | Percentage Change | |:---|:---|:---|:---|:---|\ | Brazil | 17,184,859 | 17,513,444 | (328,585) | -1.88% | | Europe | 1,599,316 | 1,444,184 | 155,132 | 10.74% | | Latin America | 208,808 | 364,598 | (155,790) | -42.73% | | United States of America | 1,124,030 | 1,181,101 | (57,071) | -4.83% | | Asia and other | 23,240 | 32,737 | (9,497) | -29.01% | | Total | 20,140,253 | 20,536,064 | (395,811) | -1.93% | 5 Financial Assets and Liabilities Cosan's consolidated financial assets and liabilities are primarily held at amortized cost, with the company actively managing market and credit risks while complying with financial covenants Financial Assets and Liabilities Classification As of June 30, 2025, consolidated financial assets totaled R$25,166,853 thousand, primarily at amortized cost, while consolidated financial liabilities amounted to R$79,256,877 thousand, with a significant portion at fair value through profit or loss Consolidated Financial Assets (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Fair value through profit or loss | 6,522,447 | 9,312,566 | | Amortized cost | 18,644,406 | 21,292,906 | | Total | 25,166,853 | 30,605,472 | Consolidated Financial Liabilities (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Amortized cost | (49,755,614) | (56,213,794) | | Fair value through profit or loss | (29,501,263) | (31,764,238) | | Total | (79,256,877) | (87,978,032) | 5.1 Cash and Cash Equivalents Consolidated cash and cash equivalents decreased as of June 30, 2025, with financial investments, mainly in CDB and repurchase agreements, forming the largest component Consolidated Cash and Cash Equivalents (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Cash and bank accounts | 752,602 | 958,738 | | Savings account | 724,139 | 485,393 | | Financial investments | 12,051,148 | 15,459,411 | | Total | 13,527,889 | 16,903,542 | Consolidated Financial Investments Breakdown (June 30, 2025 vs. December 31, 2024) | Investment Type | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Applications in investment funds | 1,308,890 | 2,122,442 | | Applications in banks | 10,742,258 | 13,336,969 | | Total Financial Investments | 12,051,148 | 15,459,411 | 5.2 Loans, Borrowings and Debentures Consolidated loans, borrowings, and debentures decreased as of June 30, 2025, driven by principal repayments and interest payments, with the company remaining compliant with all covenants Consolidated Loans, Borrowings and Debentures (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Cosan Corporate | 21,446,203 | 29,324,600 | | Compass | 13,998,588 | 14,449,033 | | Moove | 3,723,413 | 3,558,575 | | Rumo | 21,232,059 | 19,123,218 | | Total | 60,400,263 | 66,455,426 | | Current | 3,873,610 | 4,403,148 | | Non-current | 56,526,653 | 62,052,278 | Changes in Consolidated Loans, Borrowings and Debentures (Six Months Ended June 30, 2025) | Activity | Amount (R$ thousands) | |:---|:---|\ | Balance as at January 1, 2025 | 66,455,426 | | Proceeds | 7,914,651 | | Repayment of principal | (13,410,998) | | Payment of interest | (2,360,197) | | Balance as at June 30, 2025 | 60,400,263 | - The Company and its subsidiaries were in compliance with all financial and non-financial restrictive covenants as of June 30, 2025103 5.3 Derivative Financial Instruments Cosan uses derivatives, primarily swaps, for economic hedging of foreign exchange, interest, and inflation risks, employing fair value and cash flow hedge accounting Consolidated Derivative Financial Instruments (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Exchange rate derivatives (Fair value) | (13,806) | 31,488 | | Commodity derivatives (Fair value) | (11,666) | (7,158) | | Foreign exchange and interest rate risk (Fair value) | (235,215) | 1,301,110 | | Share price risk (Fair value) | (225,588) | (996,316) | | Total financial instruments (Fair value) | (486,275) | 329,124 | | Current assets | 161,993 | 905,341 | | Non-current assets | 1,998,415 | 2,893,987 | | Current liabilities | (2,027,992) | (2,504,117) | | Non-current liabilities | (618,691) | (966,087) | - Derivatives are used only for economic hedging purposes, not for speculative investments106 - The company adopts fair value hedge accounting for some operations, with a hedge ratio of 1:1 for interest and FX rate swaps107108 - Cash flow hedges are used by subsidiaries (TRSP, Rumo) to protect against exchange rate volatility on future cash flows116117 5.4 Related Parties As of June 30, 2025, consolidated receivables and payables from related parties primarily stemmed from commercial operations with Raízen S.A. and other entities, encompassing various transaction types Consolidated Related Party Receivables (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Current assets (Commercial operations) | 121,461 | 150,185 | | Current assets (Financial and corporate operations) | 62,600 | 46,878 | | Non-current assets (Commercial operations) | 14,286 | 21,438 | | Non-current assets (Financial operations) | 12,033 | 181,388 | | Total Related Parties Receivables | 210,380 | 399,889 | Consolidated Related Party Payables (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Current liabilities (Commercial operations) | 374,472 | 358,856 | | Current liabilities (Financial and corporate operations) | 3,480 | 57,554 | | Non-current liabilities (Financial operations) | 1,078 | 1,078 | | Total Related Parties Payables | 379,030 | 417,488 | Consolidated Transactions with Related Parties (Six Months Ended June 30, 2025) | Transaction Type | 2025 (R$ thousands) | |:---|:---|\ | Operating income | 354,677 | | Purchase of products / inputs / services | (1,154,140) | | Shared income (expenses) | (109,817) | | Financial result | (97) | | Total | (909,377) | Consolidated Managers' and Directors' Compensation (Six Months Ended June 30) | Compensation Type | 2025 (R$ thousands) | 2024 (R$ thousands) | |:---|:---|:---|\ | Short-term benefits | 107,148 | 76,461 | | Share-based compensation | 15,840 | 35,502 | | Post-employment benefits | 1,273 | 1,186 | | Others long-term benefits | 971 | 1,800 | | Total | 125,232 | 116,594 | 5.5 Trade Payables Consolidated trade payables decreased as of June 30, 2025, with the majority owed to material and services suppliers, followed by natural gas/transport and logistics suppliers Consolidated Trade Payables (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Material and services suppliers | 3,093,256 | 4,205,516 | | Natural gas / transport and logistics suppliers | 985,822 | 982,333 | | Total | 4,079,078 | 5,187,849 | | Current | 4,059,315 | 5,168,593 | | Non-current | 19,763 | 19,256 | 5.6 Fair Value Measurements As of June 30, 2025, consolidated assets measured at fair value totaled R$23,255,137 thousand, primarily investment properties and marketable securities, while liabilities totaled R$63,046,946 thousand, mainly loans and debentures Consolidated Assets Measured at Fair Value (June 30, 2025 vs. December 31, 2024) | Asset Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Investment funds | 1,308,890 | 2,122,442 | | Marketable securities | 3,048,586 | 3,386,301 | | Investment properties | 16,732,690 | 16,818,919 | | Derivative financial instruments | 2,160,408 | 3,799,328 | | Total | 23,255,137 | 26,131,485 | Consolidated Liabilities Measured at Fair Value (June 30, 2025 vs. December 31, 2024) | Liability Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Loans, borrowings and debentures | (60,400,263) | (66,455,426) | | Derivative financial instruments | (2,646,683) | (3,470,204) | | Total | (63,046,946) | (69,925,630) | - The fair value of investment properties is determined using the direct comparative method of market data126 5.7 Financial Risk Management Cosan manages foreign exchange, interest rate, and price risks, with a net foreign exchange exposure of (R$721,107) thousand and a significant credit risk exposure primarily from AAA-rated instruments Consolidated Net Foreign Exchange Exposure (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Cash and cash equivalents | 988,052 | 1,861,070 | | Loans, borrowings and debentures | (15,235,539) | (24,263,167) | | Derivative financial instruments (notional) | 16,278,639 | 22,576,441 | | Foreign exchange exposure, net | (721,107) | (2,848,721) | Consolidated Interest Rate Exposure (Probable Scenario, June 30, 2025) | Category | Probable (R$ thousands) | |:---|:---|\ | Cash and cash equivalents | 1,804,948 | | Loans, borrowings and debentures | (4,181,127) | | Derivative financial instruments | (2,973,248) | | Impacts on profit or loss before taxes | (5,626,079) | - The Company has a call option to repurchase preferred shares of Cosan Nove and Cosan Dez, which was out of price as of June 30, 2025132 - Total Return Swap (TRS) derivatives were contracted for 106,695,312 shares to mitigate risks linked to Cosan's share price135 Consolidated Credit Risk Exposure (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Cash and cash equivalents | 13,527,889 | 16,903,542 | | Trade receivables | 4,118,390 | 3,995,734 | | Marketable securities | 2,823,837 | 3,386,301 | | Derivative financial instruments | 2,160,408 | 3,799,328 | | Total Credit Risk Exposure | 23,098,829 | 28,817,140 | - Most of the credit risk exposure for cash, marketable securities, restricted cash, and derivatives is from instruments rated AAA138 6 Investment in Subsidiaries and Associates Cosan S.A. holds direct and indirect equity interests in numerous subsidiaries and associates, with significant movements including Moove's acquisition of DIPI Holdings and material non-controlling interests in several entities 6.1 Investments in Subsidiaries Cosan S.A. maintains significant direct and indirect ownership in key subsidiaries, with total parent company investment decreasing primarily due to losses attributable to non-controlling interests and changes in equity Parent Company Ownership Interest in Key Subsidiaries (June 30, 2025) | Subsidiary | Cosan Ownership Interest (%) | |:---|:---|\ | Cosan Nove Participações S.A. | 87.27% | | Cosan Luxembourg S.A. | 100.00% | | Cosan Overseas Limited | 100.00% | | Cosan Dez Participações S.A. | 76.80% | | Moove Lubricants Holdings | 70.00% | | Rumo S.A. | 30.39% | Parent Company Investment in Subsidiaries (January 1, 2025 vs. June 30, 2025) | Metric | January 1, 2025 (R$ thousands) | June 30, 2025 (R$ thousands) | |:---|:---|:---|\ | Total investment in subsidiaries | 31,308,696 | 22,482,118 | - Cosan Luxembourg S.A. had an uncovered liability of R$349,399 thousand as of June 30, 2025, but relies on financial support from the Company140143 6.2 Non-controlling Interest in Subsidiaries Non-controlling interests are significant in several of Cosan's subsidiaries, with total consolidated non-controlling interests decreasing due to losses attributable to NCI and dividends paid Non-controlling Interest in Key Subsidiaries (June 30, 2025) | Subsidiary | Non-controlling Interest (%) | |:---|:---|\ | Rumo S.A. | 69.61% | | Janus Brasil Participações S.A. | 80.00% | | Tellus Brasil Participações S.A. | 80.00% | | Moove Lubricants Holdings | 30.00% | | Cosan Nove Participações S.A. | 12.73% | | Cosan Dez Participações S.A. | 23.20% | Consolidated Non-controlling Interests (January 1, 2025 vs. June 30, 2025) | Metric | January 1, 2025 (R$ thousands) | June 30, 2025 (R$ thousands) | |:---|:---|:---|\ | Total Non-controlling Interests | 28,494,598 | 25,913,356 | 6.3 Acquisition of Subsidiaries Moove acquired 100% of DIPI Holding Ltda. (PAX Group) for R$329,006 thousand, recognizing preliminary goodwill and aiming for supply chain synergies and product portfolio expansion - Moove acquired 100% of DIPI Holding Ltda. (PAX Group) for R$329,006 thousand on January 2, 2025149 - The net cash effect on consolidated financials from the acquisition was R$213,086 thousand149 - Preliminary goodwill of R$236,470 thousand was recognized, representing expected future economic benefits and synergies152 - The acquisition aimed to increase supply chain synergies, expand product portfolio, gain packaging market access, and incorporate grease technologies151154 - PAX Group contributed R$206,535 thousand in revenues and R$25,521 thousand in net income to the consolidated income statement since acquisition152 7 Investment in Joint Ventures Cosan's parent company and consolidated investments in joint ventures, primarily Raízen S.A., decreased due to interest in losses, despite other comprehensive income gains and dividends received Parent Company Investment in Joint Ventures (January 1, 2025 vs. June 30, 2025) | Metric | January 1, 2025 (R$ thousands) | June 30, 2025 (R$ thousands) | |:---|:---|:---|\ | Raízen S.A. | 1,184,466 | 1,002,956 | | Radar Gestão de Invest. S.A. | 8,606 | 10,787 | | Total | 1,193,072 | 1,013,743 | Consolidated Investment in Joint Ventures (January 1, 2025 vs. June 30, 2025) | Metric | January 1, 2025 (R$ thousands) | June 30, 2025 (R$ thousands) | |:---|:---|:---|\ | Raízen S.A. | 10,495,317 | 8,897,147 | | Terminal Alvorada S.A. | 41,121 | 52,156 | | Radar Gestão de Invest. S.A. | 8,606 | 10,787 | | Total | 10,545,044 | 8,960,090 | - Cosan's total interest in Raízen S.A. is 30.87%, comprising a 5.01% direct interest and a 25.86% indirect interest through Cosan Nove157 - The Company was in compliance with the covenants of the joint venture agreement as of June 30, 2025158 8 Property, Plant and Equipment, Intangible Assets and Goodwill, Right-of-Use Assets and Impairment Loss Consolidated property, plant and equipment and intangible assets increased slightly, while right-of-use assets decreased, and a significant impairment loss was recognized at Rumo Malha Sul S.A. due to extreme weather 8.1 Property, Plant and Equipment Consolidated property, plant and equipment increased as of June 30, 2025, driven by additions, with permanent railways and wagons/locomotives being the largest components Consolidated Property, Plant and Equipment (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Land, buildings and improvements | 1,877,107 | 1,877,955 | | Machines, equipment and installations | 2,566,747 | 2,628,344 | | Wagons and locomotives | 4,736,913 | 4,225,509 | | Permanent railways | 7,418,997 | 7,103,036 | | Construction in progress | 7,266,706 | 6,665,904 | | Other assets | 501,453 | 518,268 | | Total | 24,367,923 | 23,019,016 | - Additions to consolidated property, plant and equipment totaled R$2,926,778 thousand for the six months ended June 30, 2025160 8.2 Intangible Assets and Goodwill Consolidated intangible assets and goodwill slightly increased as of June 30, 2025, primarily due to goodwill from business combinations and additions, with concession rights remaining the largest component Consolidated Intangible Assets and Goodwill (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Goodwill | 1,732,913 | 1,585,021 | | Concession right | 22,256,629 | 22,154,805 | | Licenses | 179,898 | 188,344 | | Brands and patents | 182,952 | 186,869 | | Customer relationships | 1,196,936 | 1,342,367 | | Other | 354,153 | 299,016 | | Supply Agreement | 574,363 | 574,363 | | Total | 26,477,844 | 26,330,785 | - Goodwill from business combination of R$236,470 thousand was recognized for the six months ended June 30, 2025161 8.3 Right-of-Use Assets Consolidated right-of-use assets decreased as of June 30, 2025, primarily due to amortization, partially offset by additions, with railway and port infrastructure remaining the largest component Consolidated Right-of-Use Assets (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Land, buildings and improvements | 322,879 | 324,894 | | Machine, equipment, and installations | 365,522 | 379,587 | | Wagons and locomotives | 139,976 | 452,115 | | Railway and port infrastructure | 7,104,159 | 7,144,181 | | Total | 9,583,592 | 9,958,751 | - Additions to consolidated right-of-use assets totaled R$184,081 thousand for the six months ended June 30, 2025163 8.4 Impairment Loss Rumo Malha Sul S.A. recognized a significant impairment loss due to extensive damage to its railway infrastructure caused by extreme weather events in Rio Grande do Sul - Rumo Malha Sul S.A. recognized an impairment loss of R$683,139 thousand for the six months ended June 30, 2025165 - The impairment was due to significant damage to railway infrastructure from extreme weather events in Rio Grande do Sul164165 9 Income Taxes For the six months ended June 30, 2025, consolidated income tax and social contribution expenses resulted in a net charge, influenced by non-taxable income, unrecognized tax losses, and rate differentials, leading to a net deferred tax liability 9.1 Reconciliation of Income Tax and Social Contribution Expenses For the six months ended June 30, 2025, consolidated income tax and social contribution expenses significantly increased, resulting in a 193.03% effective tax rate, primarily due to non-taxable income and unrecognized tax losses Consolidated Income Tax and Social Contribution Expenses (Six Months Ended June 30) | Metric | 2025 (R$ thousands) | 2024 (R$ thousands) | |:---|:---|:---|\ | Profit (loss) before taxes | (854,340) | (830,099) | | Income tax and social contribution at nominal rate (34%) | 290,476 | 282,234 | | Adjustments for calculating the effective rate | | | | Interest in earnings of investees (non-taxable income) | (635,407) | 462,593 | | Tax losses not recognized | (1,710,492) | (934,090) | | Income tax and social contribution (current and deferred) | (1,649,157) | 124,160 | | Effective rate - % | 193.03% | (14.96)% | 9.2 Deferred Income Tax Assets and Liabilities As of June 30, 2025, consolidated deferred tax assets totaled R$3,488,404 thousand, primarily from income tax losses, while liabilities amounted to R$6,003,008 thousand, mainly from business combination intangible assets, resulting in a net deferred tax liability Consolidated Deferred Tax Assets (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Income taxes losses | 1,759,798 | 1,699,262 | | Negative base of social contribution | 591,696 | 560,110 | | Foreign exchange variation - Loans and borrowings | 1,329,599 | 2,669,489 | | Total Deferred Tax Assets | 3,488,404 | 4,495,296 | Consolidated Deferred Tax Liabilities (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Useful life review | (696,949) | (531,081) | | Tax goodwill | (606,935) | (645,297) | | Business Combination – Intangible assets | (4,978,142) | (4,990,657) | | Total Deferred Tax Liabilities | (6,003,008) | (5,973,506) | | Total deferred, net | (2,514,604) | (1,478,210) | 9.3 Changes in Deferred Tax Assets and Liabilities Consolidated deferred tax assets decreased due to foreign exchange differences and business combinations, partially offset by income for the period, while deferred tax liabilities increased from income for the period Changes in Consolidated Deferred Tax Assets (Six Months Ended June 30, 2025) | Metric | Amount (R$ thousands) | |:---|:---|\ | Balance as at January 1, 2025 | 7,624,513 | | Credited / charged from income for the period | 179,796 | | Foreign exchange differences | (1,339,890) | | Business combination | (38,409) | | Balance as at June 30, 2025 | 6,402,461 | Changes in Consolidated Deferred Tax Liabilities (Six Months Ended June 30, 2025) | Metric | Amount (R$ thousands) | |:---|:---|\ | Balance as at January 1, 2025 | (9,102,723) | | Impact on the result for the period | 185,658 | | Balance as at June 30, 2025 | (8,917,065) | 9.4 Uncertainties about the Treatment of Income Tax Cosan is involved in administrative and judicial discussions with Brazilian tax authorities regarding uncertain tax treatments, recognizing effects only when acceptance by the authority is unlikely - The Company is engaged in administrative and judicial discussions with Brazilian tax authorities regarding income tax interpretations171 - Effects of uncertainty are recognized only when it is not likely that the tax authority will accept the uncertain tax treatment172 - As of June 30, 2025, the total amount under discussion where acceptance is likely was R$7,062,328 thousand for the Consolidated entity174 10 Provision for Legal Proceedings and Judicial Deposits Consolidated provisions for legal proceedings remained stable, with significant probable and possible losses from tax, civil, environmental, regulatory, and labor claims, alongside substantial judicial deposits 10.1 Probable Losses and Judicial Deposits Consolidated provisions for legal proceedings were R$2,044,858 thousand, primarily for civil, environmental, and regulatory claims, while judicial deposits totaled R$1,054,531 thousand, mainly for tax matters Consolidated Provision for Legal Proceedings (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Tax | 639,596 | 745,896 | | Civil, environmental and regulatory | 900,221 | 818,422 | | Labor | 505,041 | 480,315 | | Total | 2,044,858 | 2,044,633 | Consolidated Judicial Deposits (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Tax | 792,916 | 801,723 | | Civil, environmental and regulatory | 142,209 | 134,058 | | Labor | 119,406 | 120,909 | | Total | 1,054,531 | 1,056,690 | - The main tax lawsuits with probable loss include compensation with FINSOCIAL, INSS, ICMS credit, PIS and COFINS, and IPI178 10.2 Possible Losses Consolidated possible losses from lawsuits increased to R$16,073,817 thousand, with tax, civil, environmental, and regulatory claims representing the largest portions Consolidated Possible Losses from Lawsuits (June 30, 2025 vs. December 31, 2024) | Category | June 30, 2025 (R$ thousands) | December 31, 2024 (R$ thousands) | |:---|:---|:---|\ | Tax | 8,147,463 | 8,624,545 | | Civil, environmental and regulatory | 7,203,384 | 6,569,528 | | Labor | 722,970 | 690,535 | | Total | 16,073,817 | 15,884,608 | - Main tax lawsuits with possible loss include isolated fines, ICMS, IRRF, PIS and COFINS, and IPI182 - Civil, environmental, and regulatory lawsuits with possible loss include general civil claims, environmental claims, and regulatory matters183 11 Shareholders' Equity As of June 30, 2025, Cosan S.A. repurchased treasury shares, consolidated dividends payable increased, and the Company's share capital was reduced to absorb accumulated losses 11.1 Treasury Shares As of January 14, 2025, Cosan S.A. repurchased 4,200,000 treasury shares for R$34,022 thousand, increasing its total treasury shares by June 30, 2025 - The Company repurchased 4,200,000 treasury shares for R$34,022 thousand at an average cost of R$8.10 per share184 Treasury Shares (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 | December 31, 2024 | |:---|:---|:---|\ | Number of shares in treasury | 7,894,568 | 3,747,965 | | Market price per share | R$6.86 | N/A | 11.2 Payable Dividends Consolidated dividends payable increased as of June 30, 2025, due to declared dividends, partially offset by payments to shareholders Consolidated Dividends Payable (January 1, 2025 vs. June 30, 2025) | Metric | Amount (R$ thousands) | |:---|:---|\ | Balance as at January 1, 2025 | 96,722 | | Declared dividends | 1,745,209 | | Dividends paid to preferred shareholders | (371,000) | | Dividends paid | (1,331,630) | | Balance as at June 30, 2025 | 135,875 | 11.3 Share Capital Shareholders approved a reduction of the Company's share capital by R$649,806 thousand to absorb accumulated losses at the Annual General Meeting on April 30, 2025 - Shareholders approved a reduction of the Company's share capital by R$649,806 thousand to absorb accumulated losses186 12 Earnings Per Share For the six months ended June 30, 2025, basic and diluted loss per share significantly increased, with share repurchases considered diluting and the share-based payment plan anti-dilutive Consolidated Earnings (Loss) Per Share (Six Months Ended June 30) | Metric | 2025 (R$) | 2024 (R$) | |:---|:---|:---|\ | Basic Loss per share | (1.47) | (0.22) | | Diluted Loss per share | (1.47) | (0.22) | Weighted Average Number of Common Shares Outstanding (Six Months Ended June 30) | Metric | 2025 (thousands of shares) | 2024 (thousands of shares) | |:---|:---|:---|\ | Basic | 1,858,651 | 1,863,883 | | Diluted | 1,858,241 | 1,863,883 | - Share repurchases (410,120 shares) were included as diluting instruments189 - The share-based payment plan (4,938,979 shares) was considered anti-dilutive for the period190 13 Net Sales Consolidated net sales for the six months ended June 30, 2025, slightly decreased, with the majority of revenue recognized at a point in time from natural gas distribution and lubricants/base oil sales Consolidated Net Sales (Six Months Ended June 30) | Metric | 2025 (R$ thousands) | 2024 (R$ thousands) | |:---|:---|:---|\ | Gross revenue from the sale of products and services | 23,083,341 | 23,521,298 | | Construction revenue | 668,454 | 701,184 | | Indirect taxes and other deductions | (3,611,542) | (3,686,418) | | Net sales | 20,140,253 | 20,536,064 | Consolidated Revenue by Timing of Recognition (Six Months Ended June 30, 2025) | Timing of Recognition | Amount (R$ thousands) | |:---|:---|\ | At a point in time | 12,522,452 | | Over time | 7,626,351 | | Total Net Sales | 20,140,253 | - Natural gas distribution and lubricants/base oil sales are the largest components of revenue recognized at a point in time193 - Railroad transportation services are the largest component of revenue recognized over time193 14 Costs and Expenses by Nature For the six months ended June 30, 2025, consolidated costs and expenses by nature slightly decreased, with commodity costs (natural gas) and raw materials being the largest components Consolidated Costs and Expenses by Nature (Six Months Ended June 30) | Expense Category | 2025 (R$ thousands) | 2024 (R$ thousands) | |:---|:---|:---|\ | Raw materials | (3,350,139) | (3,544,031) | | Commodity cost (natural gas) | (5,399,586) | (5,571,285) | | Railroad transport and port elevation expenses | (1,436,481) | (1,416,070) | | Depreciation and amortization | (1,960,208) | (1,833,725) | | Personnel expenses | (1,594,180) | (1,475,852) | | Construction cost | (668,454) | (701,184) | | Third-party services expenses | (396,724) | (530,754) | | Total | (15,749,652) | (15,998,610) | 15 Other Operation Income (Expenses), Net For the six months ended June 30, 2025, consolidated other operation income (expenses), net, significantly improved, driven by insurance compensation from the Moove fire, commercial operations, and investment sales, partially offset by impairment loss Consolidated Other Operation Income (Expenses), Net (Six Months Ended June 30) | Category | 2025 (R$ thousands) | 2024 (R$ thousands) | |:---|:---|:---|\ | Tax credits | 2,489 | 22,766 | | Result on sale of investments | 206,388 | (383,205) | | Net effect of provisions for legal proceedings, etc. | (143,507) | (149,301) | | Result of commercial operations | 494,895 | — | | Net impairment loss | (683,139) | (2,574,817) | | Loss of profits and material damages of fixed assets | 514,372 | — | | Other income | 180,720 | 149,979 | | Total | 329,785 | (2,408,282) | - The R$514,372 thousand from loss of profits and material damages of fixed assets includes R$444,372 thousand from Moove related to the fire incident195 - The net impairment loss of R$683,139 thousand refers to the write-off of assets of Rumo Malha Sul SA due to extreme weather events195 16 Financial Results, Net For the six months ended June 30, 2025, consolidated net financial results showed an improved loss, primarily due to positive shifts in monetary and exchange rate variation and reduced negative impact from derivatives Consolidated Financial Results, Net (Six Months Ended June 30) | Category | 2025 (R$ thousands) | 2024 (R$ thousands) | |:---|:---|:---|\ | Interest on debt | (3,310,838) | (2,846,862) | | Monetary and exchange rate variation | 2,600,536 | (3,061,950) | | Derivatives and fair value measurement | (3,112,427) | 2,177,978 | | Income from financial investments and exchange rate in cash and cash equivalents | 1,188,563 | 948,223 | | Other charges and monetary variations | (873,131) | (1,454,063) | | Financial results, net | (3,705,883) | (4,301,132) | 17 Share-Based Payment As of June 30, 2025, the consolidated number of outstanding share grants was 15,544,738, with share-based compensation expense decreasing compared to the prior year Consolidated Outstanding Share Grants (January 1, 2025 vs. June 30, 2025) | Metric | Amount | |:---|:---|\ | Balance as at January 1, 2025 | 16,624,911 | | Exercised/canceled/other | (1,080,173) | | Balance as at June 30, 2025 | 15,544,738 | Consolidated Share-Based Compensation Expense (Six Months Ended June 30) | Metric | 2025 (R$ thousands) | 2024 (R$ thousands) | |:---|:---|:---|\ | Expense recognized in profit or loss | 44,618 | 81,258 | 18 Subsequent Events Subsequent events include Raízen's operational discontinuations and asset sales, regulatory changes affecting Sulgás, an assessed immaterial impact from US tariffs, Rumo's corporate reorganization, Vale's interest on equity distribution, and Raízen's partial spin-off - Raízen S.A. announced the indefinite discontinuation of operations at Usina Santa Elisa and sales contracts for up to 3.6 million tons of sugarcane for R$1.045 billion201 - Raízen S.A. announced the sale of 55 distributed generation plants for approximately R$600 million203 - ARGEGS published Normative Resolution No. 72/2025, which will change Sulgás's accounting policy for gas and transportation price variations prospectively202 - The US Executive Order imposing a 40% tariff on certain Brazilian products was assessed to have no material impact on Cosan's operations204205 - The corporate reorganization of Rumo Malha Norte proceeded, with the base date for share transfer set for August 14, 2025206 - Vale's board of directors approved the distribution of interest on equity (JCP) in the gross amount of R$1.895387417 per share207 - A partial spin-off of Raízen S.A. to Raízen Energia S.A. was approved for group reorganization, effective August 10, 2025208 Signatures Authorized Signature The report was duly signed on behalf of COSAN S.A. by Rodrigo Araujo Alves, Chief Financial Officer, on August 14, 2025, pursuant to the requirements of the Securities Exchange Act of 1934 - The report was signed by Rodrigo Araujo Alves, Chief Financial Officer of COSAN S.A210 - The signing date was August 14, 2025210
an S.A.(CSAN) - 2025 Q2 - Quarterly Report