an S.A.(US:CSAN)2026-03-10 14:02Financial Data and Key Metrics Changes - 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 [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, primarily due to lower equity income from businesses [5][6] - Total cash received from dividends and interest on equity was BRL 2.6 billion for the full year, down from BRL 4.3 billion in 2024, reflecting the absence of dividends from Moove and lower contributions from Compass [5][6] Business Line Data and Key Metrics Changes - 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] - At Moove, 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 Metrics Changes - The company recognized BRL 934 million in insurance indemnity related to Moove, contributing to its financial performance [9] - The average cost of debt stood at CDI + 0.97%, a reduction of 43 basis points compared to Q4 2024, with an average maturity remaining stable at 5.8 years [12] Company Strategy and Development Direction - The company is focused on deleveraging and improving its capital structure, with a goal to bring the holding company's debt to zero [40][41] - Ongoing discussions regarding Raízen's capital structure are aimed at finding a sustainable solution that does not impact Cosan's capital structure [20][24] - The company is adapting its holding structure to ensure new partners' contributions can happen directly at the operating company level [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced by Moove in 2026 due to inefficiencies created by a new logistics strategy but expressed confidence in recovering historical profit levels [31] - The management emphasized that the ongoing discussions with creditors and partners are crucial for resolving Raízen's capital structure issues [24][62] Other Important Information - The company completed significant transactions in 2025, raising over BRL 22 billion from capital markets to strengthen its capital structure [11] - The company reported a significant reduction in expanded net debt to BRL 9.8 billion, reflecting liability management initiatives [12] Q&A Session Summary Question: Future and Raízen's Capital Structure - Management discussed ongoing conversations regarding Raízen's capital structure and emphasized the importance of addressing these issues without impacting Cosan's overall capital structure [18][20] Question: Efficiency Gains and Expense Reductions - Management confirmed that efficiency gains at the holding company level have just begun, with a focus on reducing team size and adapting the holding company's role [32][35] Question: Deleveraging Goals - Management stated the objective is to bring the holding company's debt to zero, with no specific timeline but a commitment to create efficiency and reduce leverage [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 when the time is right [52] Question: Radar Divestments - Management indicated that portfolio recycling is ongoing, but there are no concrete updates on divestments at this time [68]