Financial Highlights - Managed EBITDA totaled BRL 7.8 billion in Q4 2025, broadly in line with Q4 2024, while full-year managed EBITDA reached BRL 26.5 billion, representing a decline compared to 2024, primarily driven by Raízen and Radar [4][5] - The company reported an adjusted net loss of BRL 0.7 billion in Q4 2025 and an adjusted net loss of BRL 4 billion for the full year, mainly due to lower equity income from businesses, particularly Raízen's ESB, sugar, ethanol, and bioenergy segment [5][6] - Total cash received from dividends and interest on equity was BRL 479 million in Q4 2025, with a full-year total of BRL 2.6 billion, down from BRL 4.3 billion in 2024, reflecting the absence of dividends from Moove and lower contributions from Compass [5][6] Business Line Performance - Rumo reported higher transported volumes and a 4% increase in EBITDA compared to 2024, supported by strong commercial efforts and disciplined cost management [8] - Compass achieved an 11% EBITDA growth on a recurring basis, driven by increased gas distribution volumes, particularly in the residential segment [8][9] - Moove's market share in Brazil reached 14.5% for the year, despite a decrease in total global volume sold, with financial performance slightly above 2024 levels [9] - Raízen's EBITDA was 6% lower than the prior period, impacted by lower property sales volume and a slower crushing pace, although fuel distribution saw volume and margin expansion [10] Market Data and Key Indicators - The company’s expanded net debt decreased to BRL 9.8 billion, a reduction of nearly BRL 14 billion, reflecting liability management initiatives and capitalization processes [11][12] - The Debt Service Coverage Ratio (DSCR) closed at 0.9 times, indicating elevated financial expenses and a decline due to lower dividend levels received [7][12] Company Strategy and Industry Competition - The company is focused on deleveraging and improving its capital structure, with a goal to bring the holding company's debt to zero, emphasizing efficiency and strategic divestments [40][41] - Ongoing discussions regarding Raízen's capital structure are critical, with a focus on finding a sustainable solution that does not compromise Cosan's overall capital structure [20][24] - The company is not currently prioritizing any specific asset for sale but remains open to divesting stakes in a timely manner based on market conditions [52][64] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but expressed confidence in the company's resilience and adaptability, particularly in Moove's recovery strategy [31][32] - The management team is actively engaged in discussions with creditors regarding Raízen, aiming for a definitive solution to its capital structure issues [24][63] Other Important Information - The company completed significant transactions in 2025, including the sale of its stake in Vale for BRL 9 billion and public equity offerings that injected BRL 10.5 billion into Cosan's cash position [11] - The average cost of debt stood at CDI + 0.97%, representing a 43 basis point reduction compared to Q4 2024, with an average maturity remaining stable at 5.8 years [12] Q&A Session Summary Question: Future of Raízen's Capital Structure - Management discussed ongoing conversations regarding Raízen's capital structure and emphasized the importance of addressing it without impacting Cosan's leverage [18][20] Question: Efficiency Gains and Expense Reductions - Management confirmed that Moove has fully recovered its production capacity and is focusing on efficiency improvements, although significant gains have yet to be realized [31][32] Question: Deleveraging Goals - The goal is to bring the holding company's debt to zero, with no specific timeline but a commitment to create efficiency and optimize asset sales when conditions are favorable [40][41] Question: Rumo's Potential Sale - Management clarified that there are no current plans to sell Rumo, despite market speculation, and emphasized that any divestment would be considered carefully [52] Question: Radar's Divestment Progress - Management indicated that portfolio recycling is ongoing, but no concrete updates on divestments were available at this time [68]

Core Insights - TruAlt Bioenergy Ltd reported an 8% decline in profit after tax (PAT) for the quarter ended December 2025, amounting to ₹69.19 crore compared to ₹75.19 crore in the same period last year [1] - The company's income for the quarter increased by 70% to ₹730.86 crore from ₹430.54 crore year-on-year [1] - For the nine months ended December 2025, net profit decreased by 9% to ₹3.03 crore from ₹3.33 crore in the corresponding period last year, while income rose by 13% to ₹1,189 crore from ₹1,047 crore [2] Financial Performance - Profit before tax for the quarter was up 3.8% at ₹89.68 crore compared to ₹86.39 crore in the same period last year [1] - The overall utilization of ethanol plants stood at approximately 60% on a gross-quarter basis, with utilization on operating days exceeding 95% [5] Operational Developments - The company completed a key phase of operating consolidation in the ethanol segment, with full commissioning of planned capital expenditure for grain-based integration [5] - Unit 5 received its Consent to Operate on December 17, 2025, allowing all ethanol plants to become fully operational [5] - The company is now positioned for near year-round operations, enhancing operational predictability and earnings visibility [4][3] Strategic Initiatives - The CBG segment showed strong performance, with plans for disciplined expansion including 24 greenfield CBG units over the next two to three years through joint ventures with Sumitomo Corporation and GAIL [6] - TruAlt is advancing a technology licensing agreement with Honeywell UOP for a 100 million litres per annum Sustainable Aviation Fuel plant in Andhra Pradesh [6] - The company is also nearing approvals for ₹150 crore viability gap funding under the PM JI-VAN scheme [6]

Core Points - The Evry Commercial Court rejected both final takeover bids for Global Bioenergies due to insufficient employee retention in the first bid and failure to meet satisfactory takeover conditions in the second bid [1] - Following the court's decision, the receivership procedure was converted into judicial liquidation, and a liquidator was appointed to sell the company's assets, particularly its patent portfolio [2] - Global Bioenergies has requested to delist its shares from Euronext Growth, which will render them worthless for shareholders [2]

Investment Rating - The report indicates a strong investment opportunity in Brazil's environmental sectors, particularly in climate and biodiversity solutions, positioning Brazil as a leader in these areas [4][15][64]. Core Insights - Brazil is seen as a decisive vector for climate solutions, with significant potential for catalytic investments to bridge the climate finance gap in Latin America [27][30]. - The Brazilian Amazon rainforest is critical for climate stability, providing essential ecosystem services and opportunities for innovative financial conservation strategies [17][69]. - The integration of climate, communities, and biodiversity is essential for strengthening the resilience of the Amazon rainforest, with investments in nature viewed as a long-term strategic asset [64][66]. Summary by Sections Introduction - Citi Research hosted an event in São Paulo to discuss challenges and opportunities related to climate and biodiversity with various stakeholders [13][14]. What Really Reduces Deforestation? - Effective deforestation control requires a market-based approach, emphasizing the need for well-defined property rights in the Amazon region [21][23]. - A carbon price of US$25 per ton could incentivize communities to preserve forests and regenerate degraded lands [25]. LatAm: A Decisive Vector for Climate Solutions - The report highlights the investment opportunities in Latin America to mobilize capital at scale for climate solutions [27][28]. - Domestic investors in Brazil are focused on creating innovative products that yield positive socio-environmental outcomes while achieving financial returns [29]. Biogas, Biomethane and Organo-mineral Fertilizer - Tupy's bio plant project exemplifies a successful partnership in renewable fuel production, transforming pig waste into biogas and organo-mineral fertilizer [33][36]. Tackling Beef Traceability - Minerva Foods has achieved 100% geospatial monitoring of direct-supplier farms in Brazil, addressing traceability challenges in the beef supply chain [39][40]. Agriculture 3.0 and BE8 Energy Panels - Brazil's agricultural sector has evolved significantly, with a focus on sustainability and efficiency, conserving approximately 324 million hectares from agricultural conversion [44][46]. Investing in Nature: Climate Impact through Carbon Ratings - The Brazilian Greenhouse Gas Emissions Trading System (SBCE) presents a major opportunity for Brazil to enhance its climate targets and stimulate domestic demand for carbon credits [60][62]. Beyond Carbon with High Integrity Forest Conservation - High integrity forest conservation initiatives can deliver benefits beyond carbon offsetting, integrating climate, communities, and biodiversity [64][66]. Looking to COP30 Belém - The upcoming COP30 in Belém is anticipated to focus on the Amazon rainforest's role in climate stability and the need for market instruments to achieve environmental and economic outcomes [69][71].

Core Insights - ADM has launched a new carbon capture and storage project at its Columbus, Nebraska Corn Processing Complex, making it the largest bioethanol carbon capture facility globally [1] - The project utilizes Tallgrass's Trailblazer pipeline to transport captured carbon dioxide (CO2) from ADM's ethanol plant to Tallgrass' Eastern Wyoming Sequestration Hub [1] Company Overview - ADM is recognized as a global leader in providing innovative solutions derived from nature [1] - The Columbus facility is a significant step in ADM's commitment to sustainability and reducing carbon emissions in the bioethanol production process [1] Industry Impact - The establishment of the largest bioethanol carbon capture facility is expected to set a benchmark in the industry for carbon management practices [1] - The collaboration with Tallgrass for CO2 transportation highlights the growing importance of infrastructure in supporting carbon capture initiatives [1]

Core Points - The review hearing for the takeover offers of Global Bioenergies has been postponed to 24 November 2025, with a new deadline for submitting offers set for 12 November 2025 [2] - The company initiated a pre-pack sale process on 3 June 2025, and a receivership procedure was opened by the Evry Commercial Court on 29 September 2025 to implement a sale plan [2] - If no final offer is made, judicial liquidation proceedings will commence simultaneously with the court's judgment, likely resulting in the delisting of Global Bioenergies' shares, with residual value expected to be zero due to liabilities exceeding asset sale proceeds [3] - The company is currently unable to finalize its half-year financial statements due to uncertainties surrounding the ongoing process [4]

Summary of Key Takeaways from Brazilian Corporates Conference Call Industry Overview - **Investor Trip**: BofA's 12th Brazil investor trip highlighted a stark sectoral divide and a defensive corporate posture among Brazilian corporates, with a focus on deleveraging and liquidity preservation in a challenging environment [1][2][3] - **Corporate Bond Performance**: Brazilian corporate bonds (EBRZ index) have underperformed with a total return of +3.5% YTD compared to LatAm (+8.9%) and EM (+7.5%) [1] Core Themes - **Deleveraging Strategy**: Companies are prioritizing deleveraging due to increased leverage and high local interest rates (15%), leading to postponed investments and accelerated asset sales [3][4] - **Sectoral Divide**: Sectors like Oil & Gas services, protein, and logistics are performing well, while industrial sectors such as steel and petrochemicals face margin compression due to low-cost imports, particularly from China [4][11] Credit Events and Market Sentiment - **Contagion Fears**: Recent credit events at Ambipar and Braskem have heightened investor scrutiny on balance sheets, potentially leading to a broader repricing of risk [2][4] - **Investor Preferences**: There is a growing emphasis on transparent governance and conservative financial policies among investors [2] Sector-Specific Insights - **Pulp & Paper**: The sector is navigating a downturn in pulp prices, with Suzano taking a leadership role through capacity cuts and diversification into consumer tissue [10] - **Metals & Mining**: The steel market is under pressure from Chinese oversupply, impacting CSN and Gerdau, while Vale remains focused on shareholder returns [11] - **Banking**: A bifurcation in credit quality is evident, with Itaú managing risks effectively while Banco do Brasil faces challenges in its agribusiness portfolio [12][51] - **Oil & Gas**: Petrobras is balancing investments with shareholder returns amid volatile Brent prices, while companies like Acelen are experiencing operational momentum [13][26] - **Agribusiness**: Adecoagro is facing significant margin squeezes despite high production volumes, with a focus on strategic acquisitions [19][37] Financial Health and Projections - **Banco do Brasil**: NPLs in agribusiness have reached 3.5%, prompting increased provisions to R$56 billion, with government intervention expected to stabilize the situation [51][52] - **Braskem**: The company is in crisis management mode, facing a prolonged downturn and cash burn estimated at $1 billion for 2025 [55][57] - **Acelen**: The refinery reported a significant reduction in operating costs from over $12/bbl in 2022 to $7.8/bbl in 1H25, with a positive outlook for diesel prices [26][27][33] Strategic Initiatives - **Acelen Renewables**: Plans for a $3 billion refinery project to produce sustainable aviation fuel and hydrotreated vegetable oil are underway [36] - **Adecoagro's Acquisition**: The acquisition of a stake in Profertil is seen as strategically beneficial despite potential near-term credit pressures [39][40] Conclusion - The Brazilian corporate landscape is characterized by a defensive posture, aggressive deleveraging strategies, and a clear sectoral divide influenced by both domestic and global economic factors. Investors are increasingly cautious, focusing on governance and financial health as key determinants for future investments.

Core Viewpoint - Global Bioenergies has entered a receivership procedure aimed at evaluating and implementing solutions to continue operations and maintain jobs, primarily through a sale plan [2][4]. Group 1: Receivership Procedure - The Evry Commercial Court has appointed SCP Abitbol & Rousselet as the administrator for Global Bioenergies [2]. - This procedure follows a pre-pack sale process initiated on June 3, 2025 [2]. - Four offers to take over part of the assets have been submitted to the court, with the possibility of changes and conditions that need to be met before the review hearing [3]. Group 2: Potential Outcomes - If certain assets or activities are taken over, or if no final offer is made, judicial liquidation proceedings will commence [4]. - The judicial liquidation is expected to lead to the delisting of Global Bioenergies' shares, with a likely residual value of zero due to anticipated asset sale proceeds being lower than liabilities [5]. - A hearing to review the takeover offers is scheduled for November 3, 2025 [5]. Group 3: Company Background - Global Bioenergies focuses on producing sustainable aviation fuel (SAF) and e-SAF from renewable resources, contributing to the decarbonization of air transport [6]. - The company's technology is certified by ASTM and meets high standards in the cosmetics industry, with L'Oréal being the largest shareholder at 13.5% [6]. - Global Bioenergies is listed on Euronext Growth in Paris under the code FR0011052257 - ALGBE [6].

Core Viewpoint - TruAlt Bio Energy is raising ₹750 crore through its IPO, with significant allocations for working capital, plant conversion, and corporate purposes, while promoters will reduce their stake to 70.6% post-IPO [1] Financial Overview - The IPO is priced at ₹496, representing 24 times FY25 earnings on a pre-dilution basis, which is a 20% discount compared to peers like Triveni Engineering and Praj Industries [2] - TruAlt has experienced a 56% growth in revenue and a 64% increase in EBITDA for FY25, leading to an EBITDA margin improvement of 0.84 percentage points to 16.2% [5] Operational Capacity - TruAlt has the largest ethanol capacity in India at 2,000 KLPD across five manufacturing units in Karnataka [4] - The company is converting its Ethanol Unit-4 into a dual feed plant, increasing its total dual feed capacity to 1,300 KLPD, which is 65% of its total capacity [6] Strategic Initiatives - The company is expanding its compressed biogas (CBG) business, which has grown to ₹23 crore in FY25, and is collaborating with GAIL to set up multiple CBG units [8] - TruAlt is also exploring partnerships for second-generation ethanol and sustainable aviation fuel, as well as green hydrogen projects [9] Revenue Diversification - Revenue from Extra-Neutral Alcohol has increased from 7% in FY23 to 16% in FY25, helping to mitigate risks associated with government control in the ethanol sector [11] Related Party Transactions - The company sources 100% of its sugar juice from promoter-owned entities, while the sourcing of molasses from these entities has decreased from 98% in FY23 to 79% [13]

Group 1 - The company Global Bioenergies has received four preliminary offers for the takeover of some activities and assets as part of a pre-pack sale process initiated on June 3, 2025 [3][4]. - No proposals have been submitted for the takeover of shares, which will become worthless upon the company's liquidation following the potential asset sale [4][5]. - The offers are still in a preliminary stage and may change, with conditions that must be met before the review hearing, which is expected to occur in September or October 2025 [5]. Group 2 - Global Bioenergies is focused on combating global warming by developing a unique process to produce sustainable aviation fuel (SAF) and e-SAF from renewable resources, addressing the decarbonization of air transport [6]. - The company's technology is one of the few certified by ASTM, and its products also meet high standards in the cosmetics industry, with L'Oréal being the largest shareholder, holding a 13.5% stake [6].