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]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 amounted to $249 million, representing a 17% decline year-on-year due to soft gas sales, falling petrochemical prices, and higher operating expenses [6] - CapEx surged 140% year-on-year, reaching $354 million, primarily invested in the development of Rincon de Aranda [6] - Gross debt was nearly $1.6 billion, down 23% since December 2024, reflecting successful liability management efforts [18] Business Line Data and Key Metrics Changes - Oil and gas adjusted EBITDA was $87 million, down 28% year-on-year, largely due to reduced domestic gas sales and higher lifting costs [7] - Power generation posted an adjusted EBITDA of $112 million in Q2, a 5% increase year-on-year, mainly due to BP6 performance and higher spot prices [16] Market Data and Key Metrics Changes - Crude oil prices averaged nearly $62 per barrel in Q2, 14% lower than last year, primarily due to Brent underperformance [10] - Total gas sales fell 11% year-on-year to nearly 13 million cubic meters per day but rose 10% from Q1, attributed to seasonal effects [11] Company Strategy and Development Direction - The company aims to reach a production target of 20,000 barrels per day at Rincon de Aranda by Q4 2025 and 45,000 barrels per day by 2027 [15] - The company is focused on increasing gas exports to Chile and enhancing production capabilities through new infrastructure investments [13][15] Management's Comments on Operating Environment and Future Outlook - Management indicated that 2025 and 2026 will be years of negative free cash flow due to significant investments in Rincon de Aranda, with expectations of cash generation improving thereafter [73] - The company remains optimistic about future production growth and the potential for improved pricing dynamics in the oil market [108] Other Important Information - The company has extended the exploratory license for Paravanera until 2027, indicating ongoing commitment to exploration activities [12] - The central processing facility (CPF) is expected to be operational by 2026, which will significantly enhance production capabilities [24] Q&A Session Summary Question: Can you provide more details on the CPF in Rincon de Aranda? - The CPF will facilitate oil and water separation, disposal of flowback water, and natural gas separation, with an output of 7,000 cubic meters per day expected to be completed by 2026 [24] Question: Have you started self-producing power with your own fuel? - Yes, self-procurement of gas has begun on a marginal basis, with current prices around $8 per million BTU [29][33] Question: What are the expected lifting costs for the second half of the year? - Lifting costs are expected to decrease from around $16 per barrel in 2025 to approximately $7 per barrel by 2026 as production ramps up [38] Question: What is the expected EBITDA contribution from the CESA project? - The EBITDA contribution will depend on LNG prices, which are currently variable and difficult to predict [130] Question: What is the current status of hydroelectric concessions? - The first tenders for hydro concessions are expected to be auctioned soon, but there is no clarity on the timing [100] Question: Are there plans for shareholder distributions in 2027? - It is too early to determine, but the company anticipates significant developments by then [132]

Core Insights - Nexa Resources reported an Adjusted EBITDA of US$161 million in 2Q25, a 29% increase from US$125 million in 1Q25, driven by higher smelting and by-products sales volumes and prices [2][9] - The company experienced a net income of US$13 million in 2Q25, down from US$29 million in 1Q25, primarily due to increased financial expenses related to a liability management initiative [3] - Net revenues for 2Q25 reached US$708 million, a 13% increase from US$627 million in 1Q25, attributed to higher smelting sales volume and by-products contribution [4] Financial Performance - Adjusted net income for the quarter was US$37 million, totaling US$72 million for the first half of 2025 [3] - CAPEX for 2Q25 was US$87 million, primarily for sustaining investments, with a full-year guidance of US$347 million remaining unchanged [5] - The company issued a US$500 million bond to fund early redemption of existing notes, enhancing its financial flexibility [6] Operational Highlights - Treated ore volume in 2Q25 was 3,285kt, remaining flat year-over-year, reflecting recovery from previous challenges [10] - Zinc production reached 74kt, a 9% increase quarter-over-quarter, while copper production was 9kt, up 20% from 1Q25 [11][12] - Zinc metal and oxide production totaled 139kt, a 5% increase quarter-over-quarter, while sales amounted to 145kt, up 12% from 1Q25 [13][14] Growth Strategy - Nexa advanced on Phase I of the Cerro Pasco Integration Project, achieving key milestones such as securing construction permits and initiating site preparation [16] - The company maintains a disciplined capital allocation framework, focusing on sustaining investments and enhancing operational resilience [17] ESG and Corporate Initiatives - Nexa reaffirmed its commitment to sustainability and responsible governance, implementing initiatives focused on decarbonization and stakeholder engagement [18] - The company published its 2024 Annual Sustainability Report and engaged in community initiatives to promote social inclusion and financial autonomy [19][20]

Financial Data and Key Metrics Changes - Evercore reported adjusted net revenues of $839 million for Q2 2025, an increase of nearly 21% year over year, marking record revenues for both the second quarter and the first half of the year [10][11][22] - Adjusted operating income for Q2 2025 was $157 million, up 37% compared to the previous year, with adjusted earnings per share increasing 34% to $2.42 [22][23] - The adjusted operating margin improved to 18.7% from 16.4% in the prior year period [22] Business Line Data and Key Metrics Changes - Adjusted advisory fees reached $698 million in Q2 2025, a 23% increase year over year, also a record for the second quarter [23] - Underwriting revenues were $32 million, up 4% from a year ago, while commissions and related revenue increased 10% to $58 million [24] - Adjusted asset management and administration fees rose 3% year over year to $21 million, driven by market appreciation and net inflows [24] Market Data and Key Metrics Changes - Year-to-date global M&A volumes were 30% higher than the previous year, with steady monthly increases [12] - The European business saw growth with increased activity across most sectors, and financial sponsors' activity levels strengthened [15] Company Strategy and Development Direction - The acquisition of Roby Warshaw is aimed at enhancing Evercore's capabilities and expanding its global presence, particularly in the UK and EMEA regions [6][8][10] - The company continues to focus on recruiting high-quality talent as a primary growth strategy, alongside potential acquisitions [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market conditions and increasing CEO confidence levels, anticipating continued growth in the investment banking environment [11][12] - Despite uncertainties, management believes that the merger business will strengthen, contributing significantly to overall revenues [47] Other Important Information - Evercore's cash and investment securities totaled over $1.7 billion as of June 30, and the company returned $532 million to shareholders through share repurchases and dividends in the first half of the year [29][31] - The company maintains a strong liquidity position and conservative debt levels, with plans to continue investing in strategic initiatives [31] Q&A Session Summary Question: Additional details on the Roby Warshaw transaction - Management highlighted Roby Warshaw's strong client relationships and strategic advisory capabilities, which will complement Evercore's offerings [33][34] Question: Impact of tariffs on M&A activity - Management noted that while full merger activity has not returned, there is growing comfort and certainty among boards, leading to increased backlog and potential future activity [36][37] Question: Future acquisitions for growth - Management emphasized that organic growth through hiring high-quality talent remains the primary strategy, with acquisitions considered on a case-by-case basis [41][42] Question: Diversification of business and revenue mix - Management indicated that while M&A activity is expected to grow, non-M&A businesses will also continue to thrive, aiming for a balanced revenue mix [46][47] Question: Outlook for secondary market volumes - Management expressed confidence in maintaining strong activity levels in the secondary market, despite increased competition [51][55] Question: Cost synergies and margin outlook - Management discussed ongoing efforts to manage compensation and non-compensation expenses, with a focus on achieving a lower compensation ratio over time [58][60] Question: Financing details for the Roby Warshaw deal - Management clarified the structure of the transaction, including the use of stock for the first tranche and potential future performance-based considerations [66][70]

Financial Data and Key Metrics Changes - The company reported record-setting results with second quarter revenues of $407 million, up 13% year over year, and adjusted pre-tax income of $80 million, up 22% [5][8] - For the first half of the year, revenues increased by 6%, adjusted pre-tax income rose by 13%, and adjusted EPS increased by 19% compared to the previous year [6][8] - The adjusted pre-tax margin for the second quarter was 19.7%, compared to 18.2% for the same period last year [11] Business Line Data and Key Metrics Changes - Strategic Advisory revenues increased significantly for both the second quarter and first half, driven by higher transaction closings and fee realizations [9][16] - Restructuring revenues rose modestly in the second quarter and were slightly up for the first half, with expectations to at least match last year's record levels [14][15] - PJT Park Hill revenues decreased year over year for both periods due to timing of closings, but a strong pipeline is expected to improve performance in the second half [15][16] Market Data and Key Metrics Changes - The market backdrop has improved, with equity valuations rising and market volatility decreasing, leading to increased business confidence and capital availability [6][7] - Global M&A activity remains near record lows relative to total equity market capitalization or GDP, despite a 20% increase in annualized global announced M&A volumes [17] Company Strategy and Development Direction - The company remains committed to long-term investments and aims to build the best advisory firm focused on excellence, integrity, and client service [7] - The strategic advisory pipeline is at record levels, indicating a positive outlook for future M&A activity as economic and regulatory uncertainties diminish [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a gradual recovery in M&A activity, with expectations for a prolonged period of improvement as uncertainties lift [54] - The regulatory environment is perceived to be more conducive to M&A consolidation under the current administration, although challenges remain in certain industries [46][49] Other Important Information - The company ended the quarter with $318 million in cash and equivalents, and no funded debt outstanding [13] - A quarterly dividend of $0.25 per share was approved by the Board [13] Q&A Session Summary Question: Update on sponsor M&A activity - Management noted an increase in sponsor activity, with more confidence in the IPO market and evidence of dividend recap transactions, indicating a potential return to more normalized M&A levels [21][22][23] Question: Continuation fund business growth - Management discussed the growing acceptance of continuation funds as a liquidity management tool, suggesting that while growth may slow with the return of regular M&A, there is still significant potential for this asset class [24][25][26] Question: Update on regulatory environment - Management indicated that the current administration's regulatory approach is more favorable for M&A, with a willingness to negotiate remedies, although complexities remain in certain industries [46][49] Question: Trajectory of M&A recovery - Management expects a gradual improvement in M&A activity, driven by lifting uncertainties and competitive responses within industries [54][55] Question: Fundraising environment for Park Hill - Management acknowledged the challenging fundraising backdrop but noted an increase in placement fees and a strong pipeline for both primary and private capital solutions [59][60][61]

Core Points - Warner Bros. Discovery, Inc. has initiated offers to purchase outstanding notes and debentures totaling up to $14.6 billion, along with soliciting consents for proposed amendments to the indentures governing these notes [1][2][3] Group 1: Offer Details - The offers will expire at 5:00 p.m. New York City time on July 9, 2025, unless extended or terminated earlier [2] - To receive the Total Consideration, holders must validly tender their notes by June 23, 2025, to be eligible for the Early Tender Premium [2][3] - Holders who tender notes after the Early Tender Deadline will receive the Tender Offer Consideration, which is the Total Consideration minus the Early Tender Premium [2] Group 2: Consent Solicitation - The company is soliciting consents from holders of certain series of notes to adopt proposed amendments, with a Consent Expiration Time set for June 13, 2025 [2][3] - Holders of specific notes can deliver Consent Only Instructions without tendering their notes [3][4] - The Total Consideration for each series of notes will be determined on June 24, 2025, unless extended [2][3] Group 3: Financial Details - The aggregate purchase price for the offers is capped at $14.6 billion, subject to Pool Tender Caps and SubCaps [1][3] - Specific notes have different acceptance priority levels, with the highest priority being level 1 [3][4] - The Total Consideration includes an Early Tender Premium of $50 per $1,000 principal amount for eligible notes [2][3]

Financial Data and Key Metrics Changes - The company reported first quarter revenues of $325 million, which is 1% below the same period last year, with adjusted pretax income of $56 million and adjusted EPS of $1.05, marking record Q1 adjusted net income and EPS [4][6][10] - Adjusted pretax margin improved to 17.3% from 16.8% year over year [10] - The effective tax rate for the first quarter was 16.5%, with expectations for the full year to remain around the same rate [10][12] Business Line Data and Key Metrics Changes - Revenues in Strategic Advisory increased modestly compared to the previous year, while revenues in Restructuring and PJT Park Hill decreased slightly year over year [6][14] - The company expects full year 2025 Strategic Advisory revenues to be significantly higher than 2024 levels, driven by anticipated closings of previously announced transactions [16][82] Market Data and Key Metrics Changes - The current environment is characterized by volatile capital markets, subdued M&A activity, and fragile business confidence, impacting overall market sentiment [5][19] - The number of announced M&A transactions declined by more than 15% compared to the previous year, despite a modest increase in the dollar value of global announced M&A [15][19] Company Strategy and Development Direction - The company remains committed to investing in its strategic advisory franchise to position itself for future opportunities, despite current market uncertainties [18] - The firm is experiencing elevated activity levels in liability management, with expectations to maintain performance consistent with last year's record results [13][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's outlook for the year, stating it remains substantially unchanged despite current economic uncertainties [19][81] - The company anticipates a potential increase in restructuring and liability management activity if economic pressures persist [13][30] Other Important Information - The company ended the quarter with $227 million in cash and no funded debt outstanding [11] - A dividend of $0.25 per share was approved, to be paid on June 18, 2025 [12] Q&A Session Summary Question: Thoughts on Strategic Advisory and partner productivity in a normalized environment - Management indicated that in a normalized environment, there could be a meaningful increase in partner productivity due to better network effects and franchise value [21][23] Question: Growth algorithm for restructuring business amid economic uncertainty - Management affirmed their commitment to the restructuring business, noting that they do not view themselves as capacity constrained and expect continued elevated activity levels [25][28] Question: Discussions with private equity regarding M&A and IPOs - Management noted a slowing of activity in the private equity space, particularly in capital return and IPOs, but emphasized ongoing interest in high-quality assets [35][37] Question: Impact of high yield market stress on liability management assignments - Management acknowledged that both liability management and bankruptcies are likely to increase in a risk-off environment, with more opportunities for restructuring [49][50] Question: Regulatory posture on M&A deals under the new administration - Management described the regulatory environment as mixed, with some confidence in moving forward with deals, but noted that large transactions are still being scrutinized [65][67] Question: Recruiting environment and potential for increased hiring - Management indicated that while demand for talent remains strong, the ability to attract individuals may improve as market conditions evolve [68][70]

Financial Data and Key Metrics Changes - The company reported first quarter revenues of $325 million, which is 1% below the same period last year, with adjusted pretax income of $56 million and adjusted EPS of $1.05, reflecting record Q1 adjusted net income and EPS [4][7][10] - Adjusted pretax margin improved to 17.3% from 16.8% year over year [10] - The effective tax rate for the first quarter was 16.5%, with expectations for the full year to remain around the same level [10] Business Line Data and Key Metrics Changes - Revenues in Strategic Advisory increased modestly compared to the previous year, while revenues in Restructuring and PJT Park Hill decreased slightly year over year [7][14] - The company expects full year 2025 Strategic Advisory revenues to be significantly higher than 2024 levels, driven by anticipated closings of previously announced transactions [15][16] Market Data and Key Metrics Changes - The current environment is characterized by volatile capital markets, subdued M&A activity, and fragile business confidence, impacting overall market sentiment [5][18] - The number of announced transactions in global M&A declined by more than 15% compared to the previous year, despite a modest increase in dollar value [15] Company Strategy and Development Direction - The company remains committed to investing in its strategic advisory franchise to position itself for future opportunities, despite current market conditions [17] - The firm is experiencing elevated activity levels in liability management, with expectations to maintain performance consistent with last year's record results [13][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's growth prospects, stating that the full year outlook remains unchanged despite current uncertainties [18] - The geopolitical uncertainties and economic pressures are expected to create both challenges and opportunities for the firm moving forward [18][54] Other Important Information - The company ended the quarter with $227 million in cash and short-term investments, with no funded debt outstanding [11] - A dividend of $0.25 per share was approved, to be paid on June 18, 2025 [12] Q&A Session Summary Question: Thoughts on Strategic Advisory and partner productivity in a normalized environment - Management believes that in a normalized environment, there could be a meaningful increase in partner productivity due to better network effects and franchise value [20][22] Question: Growth algorithm for restructuring business amid economic uncertainty - Management indicated a commitment to the restructuring business, expecting continued elevated activity levels and potential increases if economic pressures persist [24][28] Question: Discussions with private equity regarding M&A and IPOs - While there is a slowing of activity, private equity sponsors continue to transact, albeit at a reduced pace, with a significant uptick in interest for continuation vehicles [33][36] Question: Impact of high yield market stress on liability management assignments - Management anticipates an increase in both liability management and bankruptcies as the market moves into a risk-off environment [46][48] Question: Regulatory posture on M&A deals under the new administration - The regulatory environment is mixed, with some confidence in moving forward, but uncertainty remains regarding large transactions [61][63] Question: Recruiting environment and potential for reaccelerating hiring - The company remains open to hiring top talent, with an increase in interest from potential recruits as market conditions evolve [64][66] Question: Growth trajectories across different business lines - Management expects restructuring and liability management to remain consistent with last year's levels, while Strategic Advisory is positioned for strong growth [78][80]