an S.A.(US:CSAN)2025-08-15 14:00Financial Data and Key Metrics Changes - The company's EBITDA under management for Q2 2025 was approximately BRL 6 billion, slightly below the previous year [4] - A negative net income of about BRL 1 billion was reported for the quarter [5] - Net debt remained stable compared to 2025, with a stable debt service coverage ratio [5][10] - The average cost of debt decreased slightly from CDI plus 90 basis points to CDI plus 88 basis points, with an average duration of 6.2 years [10] Business Line Data and Key Metrics Changes - In Humu, higher transported volumes led to increased EBITDA, along with a rise in market share at the Port of Santos due to lower tariffs [6] - Compass experienced growth in its portfolio, with higher sales in the residential segment contributing to better margins and increased volume traded by Edge [7] - Move saw a reduction in volumes sold due to a fire incident in February, but recovery efforts are ongoing [8] - Hadar maintained stable EBITDA compared to 2024, despite divesting from its lending portfolio [9] - Raising reported positive results in fuel distribution with improved margins, although faced delays in sugarcane crushing due to adverse weather conditions [9] Market Data and Key Metrics Changes - The company noted an increase in market share for Move, recovering significantly after the fire incident [25] - Compass is expected to continue generating cash and potentially pay good dividends in the future [48] Company Strategy and Development Direction - The company is focused on recovery and ensuring regulatory processes are followed, particularly for Move [17] - There is an emphasis on maintaining a high-quality portfolio while managing debt levels [26][28] - The company is exploring options for divestitures and reducing debt, with ongoing discussions about monetizing certain assets [28][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of customer base preservation for future competitiveness [25] - The company is optimistic about the recovery trajectory and is working on operational efficiencies [19] - There is a sense of urgency to find strategic partners and address capital structure issues, particularly for Raizen [36][37] Other Important Information - The company is not disclosing specific guidance on dividends but acknowledges Compass's strong cash generation potential [48] - The insurance claims process is ongoing, and the company is optimistic about future monetization [54] Q&A Session Summary Question: Impact of insurance on Move's results - Management confirmed that over BRL 400 million was accounted for in the regulation process, with ongoing recovery efforts [17][18] Question: Debt service coverage ratio dynamics - Management acknowledged that some debt has a bullet structure, affecting cash payments in the quarter, and indicated a potential reduction in the debt service coverage ratio moving forward [20][21] Question: Volume dynamics post-fire at Move - Management emphasized the focus on preserving the distributor network and noted a considerable recovery in market share [25] Question: Priorities for divestitures and debt reduction - Management reiterated that priorities have not changed, and they are focused on maintaining a balanced portfolio while addressing debt levels [26][28] Question: Strategic partner for Raizen - Management expressed interest in bringing in a strategic partner aligned with their and Shell's strategy, emphasizing the need for capital [36][37] Question: Future dividend expectations for Compass and Move - Management stated that while Compass is expected to generate good dividends, it is too early to discuss Move's dividend potential [48]