CSAN 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant To Rule 13a-16 Or 15d-16 of the

Securities Exchange Act of 1934

For the month of August 2026

Commission File Number: 333-251238

COSAN S.A.

(Exact name of registrant as specified in its charter)

N/A

(Translation of registrant’s name into English)

Av. Brigadeiro Faria Lima, 4100, – 16th floor São Paulo, SP 04538-132 Brazil (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40‑F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

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Table of Contents

​

CONTENT
Report on review of parent company and consolidated condensed interim financial statements	3
Interim statement of financial position	5
Interim statement of profit or loss	7
Interim statements of comprehensive income	8
Interim statements of changes in equity	9
Interim statement of cash flows	11
Interim value added statements	14
1 Operational context	15
2 Relevant events of the period	16
2.1 Investments	16
2.2 New debts	19
3 Statement of compliance and material accounting policies	19
3.1 Restatement of the Value Added Statement	20
4  Information by segment	22
4.1 Net sales to external customers broken down by product/customer type	29
4.2 Information on geographical area	30
5 Financial assets and liabilities	31
5.1 Cash and cash equivalents	32
5.2 Loans, borrowings and debentures	32
5.3 Derivative financial instruments	35
5.4 Related parties	41
5.5 Trade payable	45
5.6 Recognized fair value measurement	45
5.7 Financial risk management	46
5.8 Obligation to repurchase shares of a subsidiary	49
6 Investment in subsidiaries	50
6.1 Investments in subsidiaries	50
6.2 Non-controlling interest in subsidiaries	51
7 Property, plant and equipment, intangible assets and goodwill	52
7.1 Property, plant and equipment	52
7.2 Intangible assets and goodwill	53
8 Income taxes	54
9 Provision for legal claims and deposits	57
10 Shareholder's equity	60
11 Earnings per share	60
12 Net sales	61
13 Costs and expenses by nature	61
14  Other operating income (expenses), net	62
15 Financial result	63
16 Share-based payment	64
17 Subsequent events	64

​​​

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Table of Contents

Report on review of parent company and consolidated condensed interim financial statements

To the Board of Directors and Stockholders

Cosan S.A.

Introduction

We have reviewed the accompanying interim statement of financial position of Cosan S.A. ("Company") as at June 30, 2026 and the related statements of profit or loss and comprehensive income for the quarter and six-month periods then ended, and the statements of changes in equity and cash flows for the six-month period then ended, as well as the accompanying consolidated interim statement of financial position of the Company and its subsidiaries ("Consolidated") as at June 30, 2026 and the related consolidated statements of profit or loss and comprehensive income for the quarter and six-month periods then ended, and the consolidated statements of changes in equity and cash flows for the six-month period then ended, and explanatory notes.

The executive board is responsible for the preparation and presentation of these parent company and consolidated condensed interim financial statements in accordance with accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above are not prepared, in all material respects, in accordance with CPC 21 and IAS 34.

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Table of Contents

Other matters - Condensed statements of value added

The condensed interim financial statements referred to above include the parent company and consolidated statements of value added for the six-month period ended June 30, 2026. These statements are the responsibility of the Company's executive board and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the condensed interim financial statements for the purpose of concluding whether they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these condensed statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated condensed interim financial statements taken as a whole.

São Paulo, August 14, 2026

PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/O-5

Alessandro Marchesino de Oliveira

Contador CRC 1SP265450/O-8

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Table of Contents

Interim statement of financial position (In thousands of Brazilian reais - R$)

			Parent Company				Consolidated
	Note		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	5.1		4,349,130		15,383,305		13,357,975		27,243,683
Restricted cash			—		—		37,362		45,781
Marketable securities			2,679,895		23,211		5,490,667		2,588,411
Trade receivables			—		—		4,424,619		3,520,278
Derivative financial instruments	5.3		—		72,145		90,485		310,981
Inventories			—		—		2,330,138		1,969,258
Receivables from related parties	5.4		138,560		117,836		228,890		199,549
Income tax receivable			778,336		709,042		1,326,479		1,166,622
Other current tax receivable			5,279		5,278		890,302		1,022,881
Dividend receivable			264,428		87,224		51,664		35,410
Sectorial financial assets			—		—		534,362		338,332
Other financial assets			—		—		—		612
Other current assets	2.1.1		85,259		74,506		514,299		993,667
			8,300,887		16,472,547		29,277,242		39,435,465
Non-current assets held for sale	2.1.7		299,105		531,734		2,269,168		652,168
Current assets			8,599,992		17,004,281		31,546,410		40,087,633
Trade receivables			—		—		151,056		148,885
Marketable securities			—		307,177		64,394		404,182
Restricted cash			33		186		193,707		182,987
Deferred tax assets	8		616,539		1,378,628		2,956,136		3,703,864
Receivables from related parties	5.4		110,343		102,476		2,710		20,348
Income tax receivable			—		—		264,368		195,821
Other non-current tax receivable			36,279		35,278		2,218,150		1,815,830
Judicial deposits	9		348,705		351,904		1,108,470		1,072,982
Derivative financial instruments	5.3		13,782		134,239		1,852,137		1,956,127
Sectorial financial assets			—		—		400,427		390,622
Other non-current assets			124,314		128,894		1,196,568		919,706
Other financial assets			—		—		339		5,193
Investment in associates	6.1		16,356,004		16,573,858		1,744,577		1,721,308
Investment in joint ventures			11,727		11,509		57,527		60,356
Property, plant and equipment	7.1		29,525		30,303		29,129,800		26,795,725
Intangible assets and goodwill	7.2		10,345		11,715		26,618,053		26,706,626
Contract assets			—		—		1,094,715		1,044,613
Right-of-use assets			9,228		12,649		9,835,027		9,662,929
Investment property			—		—		16,259,761		18,221,781
Non-current assets			17,666,824		19,078,816		95,147,922		95,029,885
Total assets			26,266,816		36,083,097		126,694,332		135,117,518

The accompanying notes are an integral part of the condensed interim individual and consolidated financial statements.

Interim statement of financial position

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Table of Contents

Interim statement of financial position (In thousands of Brazilian reais - R$)

			Parent Company				Consolidated
	Note		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Liabilities
Loans, borrowings and debentures	5.2		454,977		481,367		4,942,779		3,918,720
Leases			8,746		9,935		1,002,337		982,991
Derivative financial instruments	5.3		—		369,813		1,569,511		1,909,404
Trade payables	5.5		1,877		870		4,100,978		4,078,511
Employee benefits payables			29,051		43,695		623,429		771,618
Income tax payables			5,403		15,369		187,963		153,310
Other taxes payable			21,476		34,951		554,940		525,208
Dividends payable			—		—		324,698		226,484
Concessions payable			—		—		197,128		189,076
Related party payables	5.4		210,562		233,562		324,515		320,916
Sectorial financial liabilities			—		—		87,702		96,719
Other financial liabilities	5		3,014,058		—		3,849,543		1,096,884
Other current liabilities			351,382		514,651		1,053,551		1,192,397
			4,097,532		1,704,213		18,819,074		15,462,238
Liabilities related to non-current assets held for sale			—		—		86,138		86,138
Current liabilities			4,097,532		1,704,213		18,905,212		15,548,376
Loans, borrowings and debentures	5.2		9,464,464		15,907,024		49,316,024		60,308,411
Leases			5,011		8,210		5,629,000		5,429,809
Put option liability on subsidiary shares	5.8		3,870,524		3,844,648		3,870,524		3,844,648
Derivative financial instruments	5.3		87,616		215,820		992,169		771,265
Trade payables	5.5		—		—		19,502		18,991
Employee benefits payables			—		—		21,734		23,406
Other taxes payable			155,521		149,367		211,013		176,702
Income tax payables			529		5,919		94,559		78,872
Provision for legal proceedings	9		257,243		295,175		2,098,444		2,058,122
Concessions payable			—		—		4,070,484		3,799,169
Investments with unsecured liabilities	6.1		318		371,318		—		—
Related party payables	5.4		3,307,029		5,397,919		31,927		1,166
Post-employment benefits			337		386		549,097		536,426
Deferred tax liabilities	8		—		—		6,355,846		6,125,221
Sectorial financial liabilities			—		—		2,240,573		2,168,542
Other financial liabilities	5		—		2,804,606		—		2,804,606
Other non-current liabilities			52,226		74,264		378,204		414,154
Non-current liabilities			17,200,818		29,074,656		75,879,100		88,559,510
Total liabilities			21,298,350		30,778,869		94,784,312		104,107,886
Shareholders’ equity	10
Share capital			10,282,739		10,282,739		10,282,739		10,282,739
Treasury shares			(128,825)		(76,150)		(128,825)		(76,150)
Additional paid-in capital			5,797,446		4,194,210		5,797,446		4,194,210
Accumulated other comprehensive income			643,082		625,554		643,082		625,554
Retained losses			(11,625,976)		(9,722,125)		(11,625,976)		(9,722,125)
Equity attributable to owners of the Company			4,968,466		5,304,228		4,968,466		5,304,228
Non-controlling interests	6.2		—		—		26,941,554		25,705,404
Total shareholders' equity			4,968,466		5,304,228		31,910,020		31,009,632
Total liabilities and shareholders' equity			26,266,816		36,083,097		126,694,332		135,117,518

The accompanying notes are an integral part of the condensed interim individual and consolidated financial statements.

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Interim statement of profit or loss

(In thousands of Brazilian reais- R$, excluding earnings per share)

			Parent Company								Consolidated
			Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	Note		2026		2025		2026		2025		2026		2025		2026		2025
Net sales	12		—		—		—		—		10,775,931		10,477,652		19,804,731		20,140,253
Costof sales	13		—		—		—		—		(6,747,101)		(6,881,505)		(12,700,120)		(13,673,411)
Gross profit			—		—		—		—		4,028,830		3,596,147		7,104,611		6,466,842
Selling expenses	13		—		—		—		—		(488,712)		(457,529)		(932,526)		(897,585)
General and administrative expenses	13		(40,718)		(77,614)		(86,657)		(135,551)		(650,265)		(643,624)		(1,197,676)		(1,178,656)
Other operating income (expenses), net	14		(13,937)		(7,925)		(47,336)		166,001		7,510		488,794		242,459		1,012,924
Impairment	14		(233,000)		—		(233,000)		—		(401,383)		(397,531)		(569,487)		(683,139)
Operating expenses			(287,655)		(85,539)		(366,993)		30,450		(1,532,850)		(1,009,890)		(2,457,230)		(1,746,456)
(Loss) profit before equity in earnings of investees, finance results and income taxes			(287,655)		(85,539)		(366,993)		30,450		2,495,980		2,586,257		4,647,381		4,720,386
Share of profit (loss) of subsidiaries and associates	6.1		432,288		46,008		550,132		(447,229)		27,957		79,604		76,632		98,652
Share of profit (loss) of joint ventures			346		(92,880)		(687)		(221,073)		630		(828,449)		(3,732)		(1,967,495)
Equity in (losses) earnings of investees			432,634		(46,872)		549,445		(668,302)		28,587		(748,845)		72,900		(1,868,843)
Finance expense			(824,441)		(623,490)		(1,715,447)		(1,387,451)		(2,751,969)		(2,060,943)		(5,600,142)		(4,774,585)
Finance income			299,739		111,488		645,201		336,030		1,068,527		716,707		2,085,203		1,754,607
Foreign exchange, net			22,267		421,118		304,159		1,500,402		81,393		794,492		783,911		2,588,455
Net effect of derivatives			(31,681)		(562,976)		(555,394)		(1,726,075)		(249,601)		(1,253,143)		(1,483,529)		(3,274,360)
Finance results, net	15		(534,116)		(653,860)		(1,321,481)		(1,277,094)		(1,851,650)		(1,802,887)		(4,214,557)		(3,705,883)
Loss before income taxes			(389,137)		(786,271)		(1,139,029)		(1,914,946)		672,917		34,525		505,724		(854,340)
Income taxes	8
Current			(282)		—		(2,733)		—		(392,301)		(371,559)		(628,686)		(674,721)
Deferred			68,921		(159,771)		(762,089)		(818,990)		(93,866)		(231,063)		(1,035,265)		(974,436)
			68,639		(159,771)		(764,822)		(818,990)		(486,167)		(602,622)		(1,663,951)		(1,649,157)
Loss for the period net			(320,498)		(946,042)		(1,903,851)		(2,733,936)		186,750		(568,097)		(1,158,227)		(2,503,497)
Loss attributable to:
Owners of the Company			(320,498)		(946,042)		(1,903,851)		(2,733,936)		(320,498)		(946,042)		(1,903,851)		(2,733,936)
Non-controlling interests			—		—		—		—		507,248		377,945		745,624		230,439
			(320,498)		(946,042)		(1,903,851)		(2,733,936)		186,750		(568,097)		(1,158,227)		(2,503,497)
Loss per share	11
Basic											R$(0.08)		R$(0.51)		R$(0.48)		R$(1.47)
Diluted											R$(0.08)		R$(0.51)		R$(0.48)		R$(1.47)

The accompanying notes are an integral part of the condensed interim individual and consolidated financial statements.

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Interim statements of comprehensive income

(In thousands of Brazilian reais - R$)

	Parent Company								Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
(Loss) profit for the period	(320,498)		(946,042)		(1,903,851)		(2,733,936)		186,750		(568,097)		(1,158,227)		(2,503,497)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss ^(i)^:
Foreign currency translation differences	(6,889)		221,491		(71,426)		(69,205)		24,052		244,609		(97,507)		(45,589)
Gain (loss) on cash flows hedge	16,011		9,810		57,726		172,697		10,765		25,815		30,623		219,360
Income tax impact	—		—		—		—		(2,512)		(19,548)		(3,765)		(47,573)
	9,122		231,301		(13,700)		103,492		32,305		250,876		(70,649)		126,198
Items that will not be reclassified to profit<br><br><br>or loss:
Remeasurement gain (loss) on defined benefit plans	20		13		35		(22,484)		356		(7,230)		389		(37,619)
Loss in fair value of financial liabilities designated at fair value through profit or loss attributable to changes in credit risk ^(i)^	31,215		—		31,193		—		62,928		—		57,654		—
Income tax impact	—		(1)		—		8,498		(22,153)		7,022		(20,342)		24,024
	31,235		12		31,228		(13,986)		41,131		(208)		37,701		(13,595)
Total comprehensive (loss) profit for the period	(280,141)		(714,729)		(1,886,323)		(2,644,430)		260,186		(317,429)		(1,191,175)		(2,390,894)
Comprehensive (loss) profit attributable to:
Owners of the Company	(280,141)		(714,729)		(1,886,323)		(2,644,430)		(280,141)		(714,729)		(1,886,323)		(2,644,430)
Non-controlling interests	—		—		—		—		540,327		397,300		695,148		253,536
	(280,141)		(714,729)		(1,886,323)		(2,644,430)		260,186		(317,429)		(1,191,175)		(2,390,894)

The accompanying notes are an integral part of the condensed interim individual and consolidated financial statements.Interim statement of comprehensive income

(i)	For the Parent Company, the effects arise from the equity method of accounting for its subsidiaries.
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Interim statements of changes in equity (In thousands of Brazilian reais - R$)

						Capital reserve								Shareholders’ equity attributable to
		Share capital		Treasury shares		Corporate transactions - Law 6.404/76		Additional paid-in capital		Accumulated other comprehensive income		Accumulated losses		Controlling shareholders		Non-controlling shareholders		Total equity
Balance as at January 1, 2025		10,282,739		(76,150)		737		4,193,473		625,554		(9,722,125)		5,304,228		25,705,404		31,009,632
(Loss) profit for the period		—		—		—		—		—		(1,903,851)		(1,903,851)		745,624		(1,158,227)
Other comprehensive income
Gain from cash flow hedge		—		—		—		—		57,726		—		57,726		(30,868)		26,858
Foreign currency translation differences		—		—		—		—		(71,426)		—		(71,426)		(26,081)		(97,507)
Remeasurement gain on defined benefit plans, net of tax		—		—		—		—		35		—		35		354		389
Loss in fair value of financial liabilities designated at fair value through profit or loss attributable to changes in credit risk		—		—		—		—		31,193		—		31,193		6,119		37,312
Total comprehensive income (loss) for the period		—		—		—		—		17,528		(1,903,851)		(1,886,323)		695,148		(1,191,175)
Transactions with owners of the Company contributions and distributions:
Effect arising from capital increase in subsidiary		—		—		—		—		—		—		—		1,038		1,038
Own shares acquired (note 10 (a))		—		(84,272)		—		(13,755)		—		—		(98,027)		—		(98,027)
Share-based payments		—		31,597				(31,409)		—		—		188		—		188
Dividends		—		—		—		—		—		—		—		(231,514)		(231,514)
Employee share schemes - value of employee services		—		—		—		36,718		—		—		36,718		16,417		53,135
Total contributions and distributions		—		(52,675)		—		(8,446)		—		—		(61,121)		(214,059)		(275,180)
Transactions with owners of the Company:
Dividends distributed to non-controlling shareholders of subsidiaries (Note 6.1)		—		—		—		(1,365)		—		—		(1,365)		—		(1,365)
Effect recognized on reverse merger involving a subsidiary (Notes 6.1 and 8(b))		—		—		—		18,991		—		—		18,991		62,029		81,020
Sale of interest held in Compass to non-controlling shareholders (Note 6.1)		—		—		—		1,594,056		—		—		1,594,056		693,032		2,287,088
Total transactions with owners of the Company		—		—		—		1,611,682		—		—		1,611,682		755,061		2,366,743
Total transactions with owners of the Company contributions and distributions		—		(52,675)		—		1,603,236		—		—		1,550,561		541,002		2,091,563
Balance as at June 30, 2026		10,282,739		(128,825)		737		5,796,709		643,082		(11,625,976)		4,968,466		26,941,554		31,910,020

The explanatory notes are an integral part of the condensed, individual and consolidated interim financial statements.

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Interim statements of changes in equity

(In thousands of Brazilian reais - R$)

						Capital reserve						Profit reserve						Shareholders’ equity attributable to
		Share capital		Treasury shares		Corporate transactions - Law 6.404/76		Additional paid-in capital		Accumulated other comprehensive income		Legal		Statutory reserve		Accumulated losses		Controlling shareholders		Non-controlling shareholders		Total equity
Balance as at January 1, 2024		8,832,544		(50,708)		737		2,205,141		565,855		58,802		8,715,188		(9,423,795)		10,903,764		28,494,598		39,398,362
Loss (profit) for the period		—		—		—		—		—		—		—		(2,733,936)		(2,733,936)		230,439		(2,503,497)
Other comprehensive income
Loss from cash flow hedge		—		—		—		—		172,697		—		—		—		172,697		(910)		171,787
Foreign currency translation differences		—		—		—		—		(69,205)		—		—		—		(69,205)		23,616		(45,589)
Remeasurement loss on defined benefit plans, net of tax		—		—		—		—		(13,986)		—		—		—		(13,986)		391		(13,595)
Total comprehensive income (loss) for the period		—		—		—		—		89,506		—		—		(2,733,936)		(2,644,430)		253,536		(2,390,894)
Transactions with owners of the Company:
Share-based payment		—		568		—		538		—		—		—		—		1,106		11,955		13,061
Dividends		—		—		—		—		—		—		—		—		—		(1,745,209)		(1,745,209)
Own shares acquired		—		(34,022)		—		—		—		—		—		—		(34,022)		—		(34,022)
Disposals of assets held for sale		(649,806)		—		—		—		—		(58,802)		(8,715,188)		9,423,796		—		—		—
Employee share schemes - value of employee services		—		—		—		29,289		—		—		—		—		29,289		3,133		32,422
Total contributions and distributions		(649,806)		(33,454)		—		29,827		—		(58,802)		(8,715,188)		9,423,796		(3,627)		(1,730,121)		(1,733,748)
Transactions with owners of the Company:
Change of shareholding interest in subsidiary		—		—		—		(975,563)		—		—		—		—		(975,563)		(1,193,741)		(2,169,304)
Capital reduction in subsidiary		—		—		—		(89,084)		—		—		—		—		(89,084)		89,084		—
Total transactions with owners of the Company		—		—		—		(1,064,647)		—		—		—		—		(1,064,647)		(1,104,657)		(2,169,304)
Total transactions with owners of the Company contributions and distributions		(649,806)		(33,454)		—		(1,034,820)		—		(58,802)		(8,715,188)		9,423,796		(1,068,274)		(2,834,778)		(3,903,052)
Balance as at June 30, 2025		8,182,738		(84,162)		737		1,170,321		655,361		—		—		(2,733,935)		7,191,060		25,913,356		33,104,416

The explanatory notes are an integral part of the condensed, individual, and consolidated interim financial statements.

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Interim statement of cash flows

(In thousands of Brazilian reais - R$)

			Parent Company				Consolidated
			Period of six months ended June 30,
	Note		2026		2025		2026		2025
Cash flows from operating activities
Profit (loss) before income taxes			(1,139,029)		(1,914,946)		505,724		(854,340)
Adjustments for:
Depreciation and amortization	13		10,823		9,792		1,967,528		1,960,208
Impairment	14		233,000		—		569,487		683,139
Interest in earnings (losses) of subsidiaries and associates	6.1		(550,132)		447,229		(76,632)		(98,652)
Interest in earnings (losses) of joint ventures			687		221,073		3,732		1,967,495
Loss (gain) on disposed assets	14		—		—		(27,612)		35,612
Share-based payment	16		14,425		12,440		41,188		44,618
Fair value changes in investment properties			—		—		113,173		—
Provision for legal proceedings	14		11,478		53,921		89,297		143,507
Interest, derivatives, monetary and foreign exchange, net			1,676,886		1,506,757		5,119,676		4,629,865
Sectorial financial assets and liabilities, net			—		—		(173,212)		(1,418)
Provisions for employee benefits			20,180		24,674		235,681		212,337
Allowance for expected credit losses			—		—		13,333		31,220
Insurance claims			—		—		(3,574)		(491,427)
Income from finance investments			—		(9,143)		—		(9,143)
Previously recognized gain in other comprehensive income reclassified to profit			—		(206,388)		—		(206,388)
Other			238		110		(56,751)		52,672
			278,556		145,519		8,321,038		8,099,305
Variation in:
Trade receivable			—		—		(960,687)		(8,966)
Inventories			—		—		(419,918)		(261,788)
Other taxes, net			(98,898)		(21,451)		(575,176)		(450,651)
Income taxes paid			—		—		(441,506)		(594,738)
Related parties, net			(111,825)		(16,373)		(13,250)		(41,568)
Trade payables			1,013		(1,396)		161,311		(18,112)
Employee benefits			(34,824)		(46,255)		(359,764)		(417,779)
Provision for legal proceedings			(7,853)		2,124		(161,830)		(108,443)
Derivative financial instruments			—		—		(21,125)		(31,761)
Other financial liabilities			—		—		(5,830)		(243,766)
Judicial deposits			(87)		(7,576)		(30,131)		(22,392)
Post-employment benefit obligation			—		—		(22,260)		(20,193)
Other assets and liabilities, net			(61,121)		(34,980)		455,402		(220,565)
			(313,595)		(125,907)		(2,394,764)		(2,440,722)
Net cash generated from (used in) operating activities			(35,039)		19,612		5,926,274		5,658,583
Cash flows from investing activities
Capital contribution to associates	6.1		(815,498)		(333,892)		—		—
Capital reduction in subsidiaries			—		1,013,760		—		11,000
Cost of acquiring new business, net of cash acquired			—		—		(175,032)		—
Sale (purchase) of marketable securities, net			(2,271,614)		349,576		(2,312,548)		665,309
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Interim statement of cash flows

(In thousands of Brazilian reais - R$)

			Parent Company				Consolidated
			Period of six months ended June 30,
	Note		2026		2025		2026		2025
Cash flows from operating activities
Profit (loss) before income taxes			(1,139,029)		(1,914,946)		505,724		(854,340)
Adjustments for:
Restricted cash			153		(188)		(3,928)		(50,078)
Dividends received from subsidiaries and associates			123,029		592,906		53,289		49,544
Dividends received from joint venture			—		5,184		—		45,640
Dividends received from finance investment			8,974		87,608		8,974		87,608
Other financial assets			—		(148)		(742)		45
Cash in the incorporation operation			—		10,089		140		—
Acquisition of property, plant and equipment, intangible and contract assets			(5,285)		(8,035)		(4,402,276)		(4,210,158)
Proceeds from the sale of investments			—		8,911,587		—		8,911,587
Related parties			—		25,592		—		25,592
Operation discontinued			—		—		—		7,425
Acquisition of subsidiary			—		—		(42,754)		(213,086)
Receipt of derivative financial instruments, except debt			—		1,021		—		1,021
Payment of derivative financial instruments, except debt			(282,637)		(1,006,973)		(282,637)		(1,006,973)
Cash received on the sale of fixed assets and intangible assets			—		—		36,672		4,250
Net cash generated from (used in) investing activities			(3,242,878)		9,648,087		(7,120,842)		4,328,726
Cash flows from financing activities
Proceeds from loans, borrowings and debentures	5.2		—		2,427,312		2,935,764		7,914,651
Principal repayment of loans, borrowings and debentures	5.2		(6,377,012)		(7,148,782)		(11,977,560)		(13,410,998)
Payment of interest on loans, borrowings and debentures	5.2		(967,206)		(765,076)		(2,911,654)		(2,360,197)
Payment of derivatives financial instruments			(581,487)		(317,314)		(1,797,726)		(1,397,516)
Proceeds from derivative financial instruments			3,315		351,562		30,380		996,647
Principal repayment of leases			(4,440)		(3,832)		(314,555)		(297,476)
Payment of interest on leases			(879)		(1,335)		(190,949)		(183,557)
Capital reduction			—		—		1,038		—
Capital reduction			—		—		—		(486,240)
Related parties			(2,017,479)		(1,293,363)		—		—
Payments to redeem entity’s shares and acquisition of treasury shares	10 and 2.1.3		(270,533)		(34,022)		(270,533)		(34,022)
Proceeds from sale of treasury shares	10		172,506		—		172,506		—
Acquisition of non-controlling shareholders’ shares			—		(2,169,000)		—		(2,169,000)
Dividends paid			—		—		(159,710)		(1,331,630)
Dividends paid for preferred shares			—		—		(275,769)		(371,000)
Dividends paid for preferred shares			—		—		(428)		—
Gain on banking operations with derivatives			—		22,100		—		22,100
Proceeds from sale of ownership interests in subsidiaries	6.1 and 2.1.6		2,289,128		—		2,289,128		—
Net cash (used in) generated from financing activities			(7,754,087)		(8,931,750)		(12,470,068)		(13,108,238)
Increase (decrease) in cash and cash equivalents			(11,032,004)		735,949		(13,664,636)		(3,120,929)
Cash and cash equivalents at the beginning of the period			15,383,305		2,201,267		27,243,683		16,903,542
Effect of the foreign exchange rate changes			(2,171)		(5,902)		(221,072)		(254,724)
Cash and cash equivalents at the end of the period			4,349,130		2,931,314		13,357,975		13,527,889
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Interim statement of cash flows

(In thousands of Brazilian reais - R$)

The explanatory notes are an integral part of the condensed, individual, and consolidated interim financial statements.

Non-cash transactions:

The Company presents its individual and consolidated Cash flows statements using the indirect method. During the six-month period ended June 30, 2026, the following transactions did not involve cash or cash equivalents and are therefore not reflected in the parent company's and consolidated Cash flows statements:

(i) Recognition of right-of-use assets as a counterpart to the lease liability, in the amount of R$ 495,127 (R$ 348,662 as of June 30, 2025), resulting from monetary adjustment based on contractual indices and the execution of new lease agreements.

(ii) Acquisition of tangible and intangible assets on a deferred payment basis, in the amount of R$ 550,938 (R$ 610,127 as of June 30, 2025).

Presentation of interest and dividends:

The Company classifies dividends and interest on equity received as Cash flows from investing activities. Dividends and interest on equity paid are classified as Cash flows from financing activities.

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Interim value added statements

(In thousands of Brazilian reais - R$)

	Parent Company				Consolidated
	Period of six months ended June 30,
	2026		2025		2026		2025 Restated note 3.1)
Revenue
Net sales	—		—		22,123,501		22,419,784
Capitalization of assets constructed for own use	—		—		4,224,334		2,583,452
Other income, net	322		225,787		508,548		776,109
Impairment loss on trade receivables	—		—		(13,333)		(31,220)
	322		225,787		26,843,050		25,748,125
Inputs purchased from third parties
Cost of goods sold and services rendered	—		—		14,663,600		12,921,949
Materials, energy, third-party services and other	47,856		62,311		1,538,174		1,204,011
Impairment	233,000		—		569,487		683,139
	280,856		62,311		16,771,261		14,809,099
Gross value added	(280,534)		163,476		10,071,789		10,939,026
Retention
Depreciation and amortization	10,823		9,792		1,967,528		1,960,208
Net value added	(291,357)		153,684		8,104,261		8,978,818
Value added transferred in
Share of profit (loss) of subsidiaries and associates	550,132		(447,229)		76,632		98,652
Share of profit (loss) of joint ventures	(687)		(221,073)		(3,732)		(1,967,495)
Finance income	949,360		1,836,432		2,554,256		4,343,062
	1,498,805		1,168,130		2,627,156		2,474,219
Value added to be distributed	1,207,448		1,321,814		10,731,417		11,453,037
Distribution of value added
Personnel and payroll charges	53,235		99,625		1,815,767		1,735,686
Direct remuneration	46,978		86,863		1,585,360		1,485,112
Benefits	5,767		8,642		168,187		195,284
FGTS and other	490		4,120		62,220		55,290
Taxes, fees and contributions	787,222		842,601		2,751,104		4,005,304
Federal	784,347		835,340		1,607,750		2,444,576
State	—		1		1,049,616		1,447,482
Municipal	2,875		7,260		93,738		113,246
Financial expenses and rents	2,270,842		3,113,524		7,322,773		8,215,544
Interest and foreign exchange variation	2,145,907		2,995,987		6,806,142		7,742,172
Rents	9		—		102,983		63,823
Other	124,926		117,537		413,648		409,549
Equity remuneration	(1,903,851)		(2,733,936)		(1,158,227)		(2,503,497)
Proposed dividends	—		—		231,514		—
Non-controlling interests	—		—		745,624		230,439
Loss for the year	(1,903,851)		(2,733,936)		(2,135,365)		(2,733,936)

The explanatory notes are an integral part of the condensed, individual and consolidated interim financial statements.  Interim value added statement

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

1 Operational context

Cosan S.A. ("Cosan" or "the Company") is a publicly held Brazilian corporation listed on the Novo Mercado, the highest corporate governance tier of B3 S.A. — Brasil Bolsa Balcão ("B3"), under the trading symbol "CSAN3." The Company's American Depositary Shares (ADSs) are listed on the New York Stock Exchange (NYSE) under the ticker symbol "CSAN." Cosan is a joint-stock corporation (sociedade anônima) incorporated under the laws of Brazil with no fixed term and is headquartered in São Paulo, State of São Paulo. The Company's controlling shareholder is Mr. Rubens Ometto Silveira Mello.

As of June 30, 2026, the Company's structure comprised the following entities:

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

2 Relevant events of the period

2.1 Investments

2.1.1 - Fire at the Moove lubricant factory - Compensation received

As disclosed in the financial statements for the fiscal year ended December 31, 2025, the indirectly held subsidiary Cosan Lubrificantes e Especialidades S.A. ("CLE" – Moove segment) signed, on December 19, 2025, the final settlement agreement with the insurance companies, regarding the fire that occurred on February 8, 2025 at the Ilha do Governador Complex ("CIG"), ensuring the receipt of compensation for material damages and lost profits resulting from the incident, of which R$ 500,000 had been received in 2025.

In January 2026, the insurance companies fully settled the remaining balance of the insurance indemnity, amounting to R$ 433,683, already recognized as a receivable in current assets as of December 31, 2025. The settlement did not affect the period's results, corresponding exclusively to the financial realization of the previously recognized asset.

2.1.2 - Sale of equity stake in Vale S.A. ("Vale")

On January 12, 2026, the Company sold its remaining stake in Vale for R$ 319,723. Additionally, on January 9 and 12, 2026, the Company prepaid its call spread derivatives structure relating to 4,268,720 shares. This transaction resulted in a cash inflow of R$ 91,853.

2.1.3 - Settlement of the total return swap ("TRS") contract backed by treasury shares

On January 15, 2026, the Company settled the TRS contract entered into with Banco Santander Brasil S.A. ("Santander"), secured by treasury shares of its own issuance. As a result of the settlement, the Company acquired 52,611,312 treasury common shares of its own issuance (ticker: CSAN3), for a total amount of R$ 270,533.

At the date of authorization for the issuance of these condensed, individual and consolidated interim financial statements, the Company did not hold any other derivatives contracts linked to shares of its own issuance.

2.1.4 - Uncertainty regarding the operational continuity and out-of-court recovery of the Raízen S.A. joint venture.

The Company holds a significant interest in Raízen S.A. ("Raízen"), which is classified as a jointly controlled entity (joint venture) and accounted for using the equity method. In its annual financial statements released on June 29, 2026, Raízen disclosed a material uncertainty regarding its ability to continue as a going concern, arising from its high level of indebtedness, significant free cash flow consumption, the downgrade of its credit ratings, and breaches of certain covenant provisions.

In light of this situation, and based on the accounting information available, the Company's investment in Raízen remains reduced to zero in the statement of financial position, with no additional liability recognized. This is because the Company's Management, together with its legal advisors and based on an analysis of agreements, corporate documents, and other documents related to Raízen, concluded that it has no legal obligation to provide financial support to the investee. As of June 30, 2026, the accumulated share of losses not recognized by the Company amounted to R$ 9,538,983 (R$ 849,347 during the period). The Company will resume recognizing its share of Raízen's results only when subsequent profits attributable to it offset the previously unrecognized losses and Raízen's shareholders' equity becomes positive.

On March 11, 2026, Raízen filed for an Extrajudicial Restructuring proceeding (Recuperação Extrajudicial), of a strictly financial nature. On March 12, 2026, the 3rd Bankruptcy and Judicial Reorganization Court of the Judicial District of São Paulo granted the processing of the proceeding, including the suspension of payments and enforcement actions for a period of 180 days. On June 5, 2026, Raízen submitted its Extrajudicial Restructuring Plan, and on July 30, 2026, the Plan was court-approved pursuant to Law No. 11,101/05.

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

As disclosed by Raízen, the Plan obtained the support of 81.6% of the financial creditors subject to the extrajudicial restructuring, thereby making effective and binding the reprofiling of approximately R$ 61.4 billion of unsecured financial debt. The Plan includes, among other measures, the conversion of a portion of the affected claims into equity interests in Raízen and a capital increase ranging from R$ 3.5 billion to R$ 4.0 billion, to be subscribed by Shell Brasil Petróleo Ltda. ("Shell") and, if it decides to participate, Aguassanta Participações S.A. ("Aguassanta").

The implementation of the Plan may result in significant dilution of the interest currently held by the Company. Depending on the extent of such dilution and on the effects of the restructuring measures on the investee's governance structure, the Company may cease to exercise joint control over the investee and, consequently, discontinue accounting for the investment using the equity method. In such circumstances, any retained interest would be recognized either as an investment in an associate, if significant influence exists, or as a financial asset measured at fair value, if significant influence no longer exists. The fair value measurement of the retained investment may result in the recognition of a gain or loss in profit or loss. The Company will assess and recognize the accounting effects of any such change in classification in the period in which joint control is effectively lost.

The Company's Management will continue to monitor the progress of Raízen's Extrajudicial Restructuring Plan, and any related impacts will be recognized in the periods in which they occur, in accordance with the applicable laws and regulations.

2.1.5 - Transactions with preferred shareholders of Cosan Dez

On February 19, 2026, Bradesco BBI S.A. ("Bradesco") exercised its right to convert its Class B preferred shares, representing 4.99% of the share capital of Cosan Dez Participações S.A. ("Cosan Dez"), into Class D preferred shares, totaling 14.88% of the share capital of Cosan Dez

On March 31, 2026, BTG Pactual Holding Participações S.A. (“BTG”) exercised its right to convert its Class A preferred shares, representing 4.99% of the share capital of Cosan Dez, into Class C preferred shares, totaling 14.88% of the share capital of Cosan Dez

Both transactions were completed in accordance with the existing shareholders' agreement.

2.1.6 - Compass's initial public offering of shares

On April 27, 2026, the Company's Board of Directors approved the initial public offering (IPO) of shares of its indirectly controlled subsidiary Compass Gás e Energia S.A ("Compass"), conducted exclusively through a secondary offering of common, registered, book-entry shares with no nominal value. The transaction was structured in conjunction with Compass's migration to B3's Novo Mercado special listing segment, under the trading code "PASS3".

Considering the basis offering and the additional and supplementary lots, 108,548,614 common shares held by the selling shareholders were sold, of which the Company sold 84,441,472. Pricing occurred on May 7, 2026, at a price of R$ 28.00 per share.

The Company received a net amount of R$ 2,289,128, after deducting R$ 75,233 related to transaction costs.

Since this was exclusively a secondary distribution, Compass did not receive any new funds and its share capital remained unchanged. After the completion of the transaction, the Company maintained control of Compass, holding, directly and indirectly, 76.18% of the common shares. Consequently, the effects of the sale were recognized as a capital transaction between controlling and non-controlling shareholders, with the difference between the net consideration received and the proportional share of shareholders’ equity corresponding to the sold stake recorded directly in shareholders’ equity in the amount of R$ 1,594,056, without impacting the period's result.

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

2.1.7 - Sale of Radar's properties

On June 16, 2026, the Radar Group, through some of its subsidiaries holding agricultural land in which Cosan maintains investments, entered into a purchase and sale agreement ("CCV") for the sale of part of the portfolio of agricultural properties held by Radar, reclassified as an asset held for sale, as demonstrated below.

Subsidiary holding the investment		Reclassified amount
Terra do Sol Propriedades Agrícolas S.A.		637,782
Tapia Propriedades Agrícolas Ltda.		411,952
Castanheira Propriedades Agrícolas S.A.		719,956
Gamiovapar Empreendimentos e Participações S.A.		80,310
		1,850,000

2.1.8 - Termination of the Rumo Malha Oeste SA concession contract

On June 30, 2026, following the termination of the concession contract, Rumo Malha Oeste SA (“Malha Oeste”) entered into a 5th Amendment to the Concession Contract with the Brazilian Federal Government and the National Land Transport Agency (“ANTT”), establishing a transitional regime of up to 180 days for the preservation and administration of railway assets until a definitive solution for the concession is defined. During this period, the subsidiary ceased providing rail freight transport services, maintaining only activities related to the preservation of railway infrastructure.

During the transitional period, there are no payments for concession fees, leases, or other financial obligations. The costs necessary for the preservation and minimum maintenance of the assets will be recognized as credits of Malha Oeste with the Federal Government.

The amendment also provides for a settlement of accounts between the Federal Government and Malha Oeste, including credits for economic and financial rebalancing, unamortized investments, any regulatory liabilities and costs of the transition period, the conclusion of which depends on the analysis of the competent bodies.

Management understands that the termination of the concession and the transitional operation of the Malha Oeste railway should not generate significant impacts on the Company's consolidated results, with the final economic effects remaining contingent upon the completion of the accounting reconciliation.

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

2.2 New debts

2.2.1 - Early repayments

Reinforcing its commitment to reducing debt, financing costs, and improving its capital structure, the Company carried out, in the period ended June 30, 2026, early redemptions and optional acquisition offers to its creditors, as described below:

Debt		Settlement date		Principal amount redeemed early		Type of settlement
Debenture - 4th issue - series 1 (CSAN14)		02/02/2026		400,000		Early redemption
Debenture - 6th issuance (CSAN16)		02/02/2026		166,178		Early redemption
Senior Notes 2029		02/17/2026		2,622,288		Early redemption
Senior Notes 2030		02/09/2026		1,400,698		Early redemption
Senior Notes 2031		02/09/2026		1,560,180		Early redemption
Debenture - 11th issue - series 1 (CSANA1)		06/16/2026		1,500,000		Early redemption
Commercial Note - 4th issue - series 1		06/19/2026		550,000		Optional acquisition offer (full participation)
Debenture - 5th issuance (CSAN15)		06/19/2026		569,428		Optional acquisition offer (full participation)

2.2.2 - Debts incurred during the period

Segment/Type		Date		Interest payment frequency		Index		Purpose		Funding cost		Amount		Maturity
Compass
Debentures		03/25/2026		Semiannual		CDI + 0.75%		General corporate purposes		(9,036)		1,500,000		03/15/2029
Debentures		03/18/2026		Semiannual		CDI + 0.85%		Investments		(3,526)		600,000		03/16/2029
Debentures		03/05/2026		Semiannual		IPCA + 6.89%		Investments		(27,954)		506,000		08/01/2041
BNDES		03/27/2026		Monthly		Fixed rate (7.89%)		Investments		—		107,690		09/16/2041
BNDES		03/27/2026		Monthly		Fixed rate (9.00%)		Investments		(449)		13,310		09/16/2041
Rumo
Debentures		06/11/2026		Semiannual		IPCA + 8.24%		Investments		—		250,000		12/15/2040

3 Statement of compliance and material accounting policies

The condensed interim individual and consolidated financial statements contained in the Interim Financial Reporting have been prepared and are being presented in accordance with Technical Pronouncement CPC 21 - Interim Financial Statements, International Accounting Standard (IAS 34) - Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"), the Brazilian Corporation Law and the rules of the Brazilian Securities Commission (“CVM”) applicable to the preparation of Interim Financial Reporting.

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

These condensed individual and consolidated interim financial statements should be read in conjunction with the Company's individual and consolidated financial statements for the year ended December 31, 2025 (“annual financial statements”). They do not include all the information required for a complete set of financial statements prepared in accordance with accounting practices adopted in Brazil and International Financial Reporting Standards (“IFRS”). However, selected explanatory notes have been included to clarify events and transactions relevant to understanding the changes in the Company's financial position and performance since the last annual financial statements.

The presentation of the Interim Value-Added Statement (“VAS”), both individual and consolidated, is required by Brazilian corporate law and by the accounting practices adopted in Brazil applicable to publicly traded companies. The VAS was prepared in accordance with the criteria established in Technical Pronouncement CPC 09 - Value Added Statement. The IFRS (International Financial Reporting Standards) do not require the presentation of this statement; therefore, it is presented as supplementary information to the individual and consolidated interim financial statements.

These condensed individual and consolidated interim financial statements have been prepared using the same basis of preparation and accounting policies as those adopted in the preparation of the financial statements for the year ended December 31, 2025. All balances have been rounded to the nearest thousand, except where otherwise indicated.

The relevant information specific to the condensed, individual, and consolidated interim financial statements, and only that information, is disclosed and corresponds to the information used by Management in managing the Company.

These condensed, individual and consolidated interim financial statements were authorized for issuance by the Board of Directors on August 14, 2026.

3.1 Restatement of the Value Added Statement

The Company restated certain items in the Value Added Statement (VAS) for the period ended June 30, 2025, in compliance with CVM Resolution 199/2024, to ensure comparability with the 2025 fiscal year. The adjustments resulted in the following reclassifications:

(i) Correction of amounts previously presented in “Inputs purchased from third parties”  and in “Net sales” to the line items “Capitalization of assets constructed for own use,” "Other income, net," “Personnel and payroll charges,” “Taxes, fees and contributions,” and “Financial expenses and rent.”

(ii) Change in the accounting policy for assets constructed for own use to recognize in the VAS, as revenue, the construction of new assets and the structural expansion of existing assets that result in capacity expansion.

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

These adjustments did not have a material impact on the ratios in the separate and consolidated financial statements.

		Consolidated
		Period of six months ended June 30,
		2025 (Reported)		Restatement		2025 (Restated)
Revenue
Net sales of products and services.		22,723,913		(304,129)		22,419,784
Revenue from construction of assets for own use		—		2,583,452		2,583,452
Other operating income, net		776,109		—		776,109
Impairment loss on accounts receivable		(31,220)		—		(31,220)
		23,468,802		2,279,323		25,748,125
Inputs purchased from third parties
Cost of goods sold and services provided		11,867,355		1,054,594		12,921,949
Materials, energy, third-party services and other		565,292		638,719		1,204,011
Impairment		683,139		—		683,139
		13,115,786		1,693,313		14,809,099
Gross value added		10,353,016		586,010		10,939,026
Retention
Depreciation and amortization		1,960,208		—		1,960,208
Net value added produced		8,392,808		586,010		8,978,818
Value added received by transfer
Share of profit of subsidiaries and associates		98,652		—		98,652
Share of loss of joint ventures		(1,967,495)		—		(1,967,495)
Result of discontinued operations, net of taxes		—		—		—
Finance income		4,343,062		—		4,343,062
		2,474,219		—		2,474,219
Value added to be distributed		10,867,027		586,010		11,453,037
Distribution of value added		10,867,027		586,010		11,453,037
Personnel and payroll charges		1,371,093		364,593		1,735,686
Direct remuneration		1,131,805		353,307		1,485,112
Benefits		183,998		11,286		195,284
Government severance indemnity fund for employees and other		55,290		—		55,290
Taxes, fees and contributions		3,992,894		12,410		4,005,304
Federal		2,444,576		—		2,444,576
State		1,447,482		—		1,447,482
Municipal		100,836		12,410		113,246
Financial expenses and rents		8,006,537		209,007		8,215,544
Interest and foreign exchange variation		7,545,982		196,190		7,742,172
Rents		51,006		12,817		63,823
Other		409,549		—		409,549
Remuneration of own capital		(2,503,497)		—		(2,503,497)
Non-controlling interests		230,439		—		230,439
Loss for the period		(2,733,936)		—		(2,733,936)
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

4  Information by segment

The Company's senior management (the Chief Operating Decision Maker) uses segment information to evaluate the performance of operating segments and make resource allocation decisions. This information is prepared on a basis consistent with the accounting policies used in the preparation of the financial statements. Earnings before interest, taxes, depreciation, and amortization ("EBITDA") are used by the Company to evaluate the performance of its operating segments.

Reported segments:

• Compass: operates in the distribution of piped natural gas in Brazil, serving customers in the industrial, residential, commercial, automotive, thermal power generation and cogeneration sectors, natural gas trading, infrastructure project development, production, handling and trading of biomethane, and construction, operation and maintenance of regasification and liquefied natural gas (LNG) transfer facilities.
• Moove: operates in the production, formulation, and distribution of high-performance lubricants, base oils, and specialty oils, headquartered in Brazil and operating in 10 countries across South America, North America, and Europe. It distributes and sells products under the Mobil brand and various private label brands to different end markets, including the industrial, commercial, and passenger and cargo vehicle segments.
• Rumo: provides logistics services for rail transport, storage and port loading of goods, mainly grains and sugar, rental of locomotives, wagons and other railway equipment, as well as container handling.
• Radar: a leader in agricultural property management, Radar invests in a diversified portfolio with high appreciation potential through its holdings in the companies Radar, Tellus, and Janus.
• Cosan Corporate: represents the corporate structure of Cosan, which is composed of the parent company Cosan SA that exercises control – through direct or indirect equity participation – over its subsidiaries and participates in joint ventures, centralizing senior management and corporate teams, general, administrative and other operating expenses and (income), including pre-operational investments, the equity in the earnings of investees; and the financial result attributed to cash and debt of the parent company, intermediate holding companies (Cosan Nove and Cosan Dez), offshore financial companies and investment in the Climate Tech Fund, a fund managed by Fifth Wall, specializing in technological innovation.

As of March 31, 2026, the Company ceased to present Raízen in its segment information because: (i) the book value of the investment was reduced to zero; (ii) the interest in earnings of investees ceased to be recognized; and (iii) Raízen ceased to prospectively affect the Company's shareholders’ equity . In this circumstance, Management considered that the disclosure of a specific explanatory note ceased to be material to the financial statements as a whole, in line with CPC 26 (R1) and CPC 21 (R1), which require the assessment of materiality based on the relevance of the information to users. For this reason, the Company changed the presentation of the segments for the six-month period ended June 30, 2026, and retrospectively restated the comparative information for the same period in 2025. This change did not affect the total amounts presented, as Raízen was already fully eliminated from the consolidated financial statements as it is a joint venture.

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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

	Period of six months ended June 30, 2026
	Reported segments											Reconciliation
		Compass		Moove		Rumo		Radar		Cosan Corporate		Eliminations between segments		Consolidated
Statement of profit or loss
Net sales		7,098,967		5,240,806		7,222,578		239,985		4,501		(2,106)		19,804,731
Cost of sales		(5,220,152)		(3,677,074)		(3,805,000)		—		—		2,106		(12,700,120)
Gross profit		1,878,815		1,563,732		3,417,578		239,985		4,501		—		7,104,611
Selling expenses		(95,004)		(811,117)		(26,405)		—		—		—		(932,526)
General and administrative expenses		(473,231)		(246,408)		(342,687)		(47,355)		(87,995)		—		(1,197,676)
Other operation income (expenses), net		517,373		7,280		(114,487)		(118,371)		(49,336)		—		242,459
Impairment		—		—		(336,487)		—		(233,000)		—		(569,487)
Interest in earnings (losses) of subsidiaries and associates		64,073		—		32,581		—		868,160		(888,182)		76,632
Interest in earnings (losses) of joint ventures		—		—		(3,045)		—		(687)		—		(3,732)
Finance results, net		(898,019)		(89,615)		(1,610,632)		23,536		(1,639,827)		—		(4,214,557)
Finance expense		(1,365,145)		(124,809)		(2,095,469)		(8,382)		(2,006,337)		—		(5,600,142)
Finance income		492,884		76,850		858,298		31,918		625,253		—		2,085,203
Foreign exchange variation, net		70,447		83,846		332,967		—		296,651		—		783,911
Net effect of derivatives		(96,205)		(125,502)		(706,428)		—		(555,394)		—		(1,483,529)
Income tax		(324,584)		(141,645)		(398,932)		(33,160)		(765,630)		—		(1,663,951)
Net profit (loss) for the period		669,423		282,227		617,484		64,635		(1,903,814)		(888,182)		(1,158,227)
Profit (loss) attributable to:
Owners of the Company		489,355		197,767		184,601		16,459		(1,903,851)		(888,182)		(1,903,851)
Non-controlling interests		180,068		84,460		432,883		48,176		37		—		745,624
		669,423		282,227		617,484		64,635		(1,903,814)		(888,182)		(1,158,227)
Other selected data
Depreciation and amortization		711,710		196,692		1,048,203		69		10,854		—		1,967,528
EBITDA		2,603,736		710,179		3,675,251		74,328		512,497		(888,182)		6,687,809
Additions to fixed assets, intangible assets and contract assets		964,211		60,603		3,370,831		1,346		5,285		—		4,402,276
Reconciliation of EBITDA
Profit (loss) for the period net		669,423		282,227		617,484		64,635		(1,903,814)		(888,182)		(1,158,227)
Income taxes		324,584		141,645		398,932		33,160		765,630		—		1,663,951
Finance results, net		898,019		89,615		1,610,632		(23,536)		1,639,827		—		4,214,557
Depreciation and amortization		711,710		196,692		1,048,203		69		10,854		—		1,967,528
EBITDA		2,603,736		710,179		3,675,251		74,328		512,497		(888,182)		6,687,809
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

		Period of six months ended June 30, 2025 (Restated)
		Reported segments										Reconciliation
		Compass		Moove		Rumo		Radar		Cosan Corporate		Eliminations between segments		Consolidated
Statement of profit or loss
Net sales		8,544,938		4,587,853		6,678,143		336,414		1,455		(8,550)		20,140,253
Cost of sales		(6,675,630)		(3,405,069)		(3,569,422)		(31,840)		—		8,550		(13,673,411)
Gross profit		1,869,308		1,182,784		3,108,721		304,574		1,455		—		6,466,842
Selling expenses		(109,603)		(758,036)		(29,946)		—		—		—		(897,585)
General and administrative expenses		(392,108)		(287,545)		(315,859)		(45,803)		(137,341)		—		(1,178,656)
Other operation income (expenses), net		467,500		402,261		(17,451)		(5,377)		165,991		—		1,012,924
Impairment		—		—		(683,139)		—		—		—		(683,139)
Interest in earnings (losses) of subsidiaries and associates		52,408		—		46,277		21,329		1,024,198		(1,045,560)		98,652
Interest in earnings (losses) of joint ventures		—		—		(3,965)		—		(1,963,530)		—		(1,967,495)
Finance results, net		(762,453)		(132,673)		(1,466,076)		33,360		(1,378,041)		—		(3,705,883)
Finance expense		(1,093,305)		(161,942)		(1,789,877)		(1,011)		(1,728,450)		—		(4,774,585)
Finance income		387,440		59,820		693,609		34,371		579,367		—		1,754,607
Foreign exchange, net		202,077		108,831		743,044		—		1,534,503		—		2,588,455
Net effect of derivatives		(258,665)		(139,382)		(1,112,852)		—		(1,763,461)		—		(3,274,360)
Income tax		(352,016)		(31,991)		(402,482)		(42,985)		(819,683)		—		(1,649,157)
Profit (loss) for the period of continued operation		773,036		374,800		236,080		265,098		(3,106,951)		(1,045,560)		(2,503,497)
Profit from discontinued operations		—		—		—		—		—		—		—
Net (loss) profit for the period		773,036		374,800		236,080		265,098		(3,106,951)		(1,045,560)		(2,503,497)
(Loss) profit attributable to:
Owners of the Company		622,990		262,366		69,585		90,619		(2,733,936)		(1,045,560)		(2,733,936)
Non-controlling interests		150,046		112,434		166,495		174,479		(373,015)		—		230,439
		773,036		374,800		236,080		265,098		(3,106,951)		(1,045,560)		(2,503,497)
Other selected data
Depreciation and amortization		625,459		197,937		1,126,851		136		9,825		—		1,960,208
EBITDA		2,512,964		737,401		3,231,489		274,859		(899,402)		(1,045,560)		4,811,751
Additions to fixed assets, intangible assets and contract assets		962,311		74,418		3,159,198		6,196		8,035		—		4,210,158
Reconciliation of EBITDA
Profit (loss) for the period net		773,036		374,800		236,080		265,098		(3,106,951)		(1,045,560)		(2,503,497)
Income tax		352,016		31,991		402,482		42,985		819,683		—		1,649,157
Finance results net		762,453		132,673		1,466,076		(33,360)		1,378,041		—		3,705,883
Depreciation and amortization		625,459		197,937		1,126,851		136		9,825		—		1,960,208
EBITDA		2,512,964		737,401		3,231,489		274,859		(899,402)		(1,045,560)		4,811,751
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

		Period of three months ended June 30, 2026
		Reported segments										Reconciliation
		Compass		Moove		Rumo		Radar		Cosan Corporate		Eliminations between segments		Consolidated
Statement of profit or loss
Net sales		3,935,326		2,784,281		3,940,275		112,363		4,472		(786)		10,775,931
Cost of sales		(2,914,243)		(1,861,108)		(1,972,536)		—		—		786		(6,747,101)
Gross profit		1,021,083		923,173		1,967,739		112,363		4,472		—		4,028,830
Selling expenses		(52,895)		(420,859)		(14,958)		—		—		—		(488,712)
General and administrative expenses		(280,334)		(125,931)		(177,384)		(24,822)		(41,794)		—		(650,265)
Other operation income (expenses), net		193,841		651		(56,681)		(116,347)		(13,954)		—		7,510
Impairment		—		—		(168,383)		—		(233,000)		—		(401,383)
Interest in earnings (losses) of subsidiaries and associates		32,073		—		15,894		—		447,103		(467,113)		27,957
Interest in earnings (losses) of joint ventures		—		—		296		—		334		—		630
Finance results net		(473,393)		(76,189)		(764,792)		14,314		(551,590)		—		(1,851,650)
Finance expense		(753,680)		(68,359)		(1,097,856)		(4,920)		(827,154)		—		(2,751,969)
Finance income		258,128		33,350		470,633		19,234		287,182		—		1,068,527
Foreign exchange, net		24,061		(4,073)		41,342		—		20,063		—		81,393
Net effect of derivatives		(1,902)		(37,107)		(178,911)		—		(31,681)		—		(249,601)
Income tax		(153,205)		(103,573)		(281,971)		(15,359)		67,941		—		(486,167)
Net profit (loss) for the period		287,170		197,272		519,760		(29,851)		(320,488)		(467,113)		186,750
Profit (loss) attributable to:
Owners of the Company		185,070		138,291		156,334		(12,582)		(320,498)		(467,113)		(320,498)
Non-controlling interests		102,100		58,981		363,426		(17,269)		10		—		507,248
		287,170		197,272		519,760		(29,851)		(320,488)		(467,113)		186,750
Other selected data
Depreciation and amortization		361,042		97,538		532,110		1		5,441		—		996,132
EBITDA		1,274,810		474,572		2,098,633		(28,805)		168,602		(467,113)		3,520,699
Additions to fixed assets, intangible assets and contract assets		471,146		33,680		1,597,108		665		1,832		—		2,104,431
Reconciliation of EBITDA
Profit (loss) for the period net		287,170		197,272		519,760		(29,851)		(320,488)		(467,113)		186,750
Income tax		153,205		103,573		281,971		15,359		(67,941)		—		486,167
Finance results net		473,393		76,189		764,792		(14,314)		551,590		—		1,851,650
Depreciation and amortization		361,042		97,538		532,110		1		5,441		—		996,132
EBITDA		1,274,810		474,572		2,098,633		(28,805)		168,602		(467,113)		3,520,699
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

		Period of three months ended June 30, 2025 (Restated)
		Reported segments										Reconciliation
		Compass		Moove		Rumo		Radar		Cosan Corporate		Eliminations between segments		Consolidated
Statement of profit or loss
Net sales		4,335,338		2,246,270		3,711,393		184,336		1,407		(1,092)		10,477,652
Cost of sales		(3,279,933)		(1,694,128)		(1,885,859)		(22,677)		—		1,092		(6,881,505)
Gross profit		1,055,405		552,142		1,825,534		161,659		1,407		—		3,596,147
Selling expenses		(55,647)		(386,195)		(15,687)		—		—		—		(457,529)
General and administrative expenses		(210,643)		(164,303)		(166,618)		(23,928)		(78,132)		—		(643,624)
Other operation income (expenses), net		83,456		402,329		14,384		(3,510)		(7,865)		—		488,794
Impairment		—		—		(397,531)		—		—		—		(397,531)
Interest in earnings (losses) of subsidiaries and associates		27,205		—		51,753		(289)		(173,238)		(654,276)		(748,845)
Finance results net		(391,971)		(74,522)		(698,417)		19,339		(657,316)		—		(1,802,887)
Finance expense		(530,262)		(68,011)		(861,817)		(340)		(600,513)		—		(2,060,943)
Finance income		182,766		23,204		380,046		19,679		111,012		—		716,707
Foreign exchange, net		40,701		38,918		282,326		—		432,547		—		794,492
Net effect of derivatives		(85,176)		(68,633)		(498,972)		—		(600,362)		—		(1,253,143)
Income tax		(155,219)		15,312		(280,160)		(22,359)		(160,196)		—		(602,622)
Net profit (loss) for the period		352,586		344,763		333,258		130,912		(1,075,340)		(654,276)		(568,097)
Profit (loss) attributable to:
Owners of the Company		276,502		241,339		99,948		36,487		(946,042)		(654,276)		(946,042)
Non-controlling interests		76,084		103,424		233,310		94,425		(129,298)		—		377,945
		352,586		344,763		333,258		130,912		(1,075,340)		(654,276)		(568,097)
Other selected data
Depreciation and amortization		316,146		100,930		570,075		68		5,095		—		992,314
EBITDA		1,215,922		504,903		1,881,910		134,000		(252,733)		(654,276)		2,829,726
Additions to fixed assets, intangible assets and contract assets		496,610		28,737		1,394,629		1,036		4,237		—		1,925,249
Reconciliation of EBITDA
Profit (loss) for the period net		352,586		344,763		333,258		130,912		(1,075,340)		(654,276)		(568,097)
Income tax		155,219		(15,312)		280,160		22,359		160,196		—		602,622
Finance results net		391,971		74,522		698,417		(19,339)		657,316		—		1,802,887
Depreciation and amortization		316,146		100,930		570,075		68		5,095		—		992,314
EBITDA		1,215,922		504,903		1,881,910		134,000		(252,733)		(654,276)		2,829,726
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

		June 30, 2026
		Reported segments										Reconciliation
		Compass		Moove		Rumo		Radar		Cosan Corporate		Eliminations between segments		Consolidated
Statement of financial position:
Cash and cash equivalents		2,785,113		580,686		5,455,578		20,929		4,515,669		—		13,357,975
Marketable securities		1,815,873		300,946		289,290		396,692		2,752,260		—		5,555,061
Trade receivables		2,139,214		1,431,261		792,057		211,173		1,970		—		4,575,675
Derivative financial instruments		184,792		—		1,744,048		—		13,782		—		1,942,622
Inventories		262,217		1,791,099		276,822		—		—		—		2,330,138
Sectorial financial assets		934,789		—		—		—		—		—		934,789
Other financial assets		—		339		—		—		—		—		339
Other current assets		629,192		394,064		1,124,653		1,873,504		1,470,037		(173,286)		5,318,164
Other non-current assets		2,169,074		291,898		4,302,804		61,571		1,224,002		(109,240)		7,940,109
Investment in subsidiaries and associates		1,349,259		—		386,574		—		16,289,690		(16,280,946)		1,744,577
Investment in joint ventures		—		—		45,801		—		11,726		—		57,527
Investment property		—		—		—		16,259,761		—		—		16,259,761
Contract assets		1,088,100		6,615		—		—		—		—		1,094,715
Right-of-use assets		1,568,020		271,580		7,986,199		—		9,228		—		9,835,027
Property, plant and equipment		1,913,286		822,907		26,351,456		9		42,142		—		29,129,800
Intangible assets		17,436,889		2,790,237		6,380,582		—		10,345		—		26,618,053
Loans, borrowings and debentures		(16,028,130)		(2,780,461)		(22,909,847)		—		(12,540,365)		—		(54,258,803)
Derivatives financial instruments - Liabilities		(256,349)		(60,858)		(2,156,857)		—		(87,616)		—		(2,561,680)
Trade payables		(1,348,589)		(1,794,045)		(955,292)		(20,656)		(1,898)		—		(4,120,480)
Employee benefits payables		(189,308)		(111,626)		(315,209)		—		(29,020)		—		(645,163)
Sectorial financial liabilities		(2,328,275)		—		—		—		—		—		(2,328,275)
Other current liabilities		(911,372)		(452,016)		(1,578,780)		(147,845)		(647,683)		173,278		(3,564,418)
Leases		(1,860,927)		(287,861)		(4,468,792)		—		(13,757)		—		(6,631,337)
Put option liability on subsidiary shares		—		—		—		—		(3,870,524)		—		(3,870,524)
Liability from financing secured by shares		—		—		—		—		(3,014,058)		—		(3,014,058)
Other non-current liabilities		(3,253,862)		(584,329)		(8,064,396)		(829,754)		(1,166,479)		109,246		(13,789,574)
Total assets (net of liabilities) allocated by segment		8,099,006		2,610,436		14,686,691		17,825,384		4,969,451		(16,280,948)		31,910,020
Total Asset		34,275,818		8,681,632		55,135,864		18,823,639		26,340,851		(16,563,472)		126,694,332
Equity attributable to:
Controlling shareholders		4,596,259		1,829,962		4,385,806		5,468,921		4,968,466		(16,280,948)		4,968,466
Non-controlling shareholders		3,502,747		780,474		10,300,885		12,356,463		985		—		26,941,554
Total shareholders' equity		8,099,006		2,610,436		14,686,691		17,825,384		4,969,451		(16,280,948)		31,910,020
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

		December 31, 2025 (Restated)
		Reported segments										Reconciliation
		Compass		Moove		Rumo		Radar		Cosan Corporate		Eliminations between segments		Consolidated
Statement of financial position:
Cash and cash equivalents		3,430,108		1,246,014		7,018,132		19,614		15,529,815		—		27,243,683
Marketable securities		1,471,735		526,815		416,287		143,605		434,151		—		2,992,593
Trade receivables		1,541,952		1,071,055		667,292		388,864		—		—		3,669,163
Derivative financial instruments		218,195		37,689		1,804,841		—		206,383		—		2,267,108
Inventories		209,199		1,496,570		263,489		—		—		—		1,969,258
Sectorial financial assets		728,954		—		—		—		—		—		728,954
Other financial assets		4,823		980		—		2		—		—		5,805
Other current assets		703,324		715,511		1,204,266		33,085		1,956,812		(496,920)		4,116,078
Other non-current assets		1,896,910		262,010		3,800,660		53,257		1,943,783		(45,082)		7,911,538
Investment in subsidiaries and associates		1,315,190		—		396,810		—		16,077,939		(16,068,631)		1,721,308
Investment in joint ventures		—		—		48,847		—		11,509		—		60,356
Investment property		—		—		—		18,221,781		—		—		18,221,781
Contract assets		1,041,771		2,842		—		—		—		—		1,044,613
Right-of-use assets		1,555,212		300,064		7,792,217		2,787		12,649		—		9,662,929
Property, plant and equipment		1,942,618		861,572		23,948,573		11		42,951		—		26,795,725
Intangible assets		17,287,600		2,985,630		6,421,681		—		11,715		—		26,706,626
Loans, borrowings and debentures		(15,320,793)		(4,041,589)		(23,123,837)		—		(21,740,912)		—		(64,227,131)
Derivatives financial instruments - Liabilities		(266,293)		(39,034)		(1,789,709)		—		(585,633)		—		(2,680,669)
Trade payables		(1,326,372)		(1,611,538)		(1,138,378)		(20,259)		(955)		—		(4,097,502)
Employee benefits payables		(254,954)		(134,823)		(361,583)		—		(43,664)		—		(795,024)
Sectorial financial liabilities		(2,265,261)		—		—		—		—		—		(2,265,261)
Other current liabilities		(1,323,621)		(368,683)		(1,691,879)		(125,930)		(775,130)		494,830		(3,790,413)
Leases		(1,930,232)		(316,221)		(4,145,148)		(3,054)		(18,145)		—		(6,412,800)
Put option liability on subsidiary shares		—		—		—		—		(3,844,648)		—		(3,844,648)
Liability from financing secured by shares		—		—		—		—		(2,804,606)		—		(2,804,606)
Other non-current liabilities		(3,223,563)		(581,184)		(7,484,119)		(839,318)		(1,108,835)		47,187		(13,189,832)
Total asset (net of liabilities) allocated by segment		7,436,502		2,413,680		14,048,442		17,874,445		5,305,179		(16,068,616)		31,009,632
Total Asset		33,347,591		9,506,752		53,783,095		18,863,006		36,227,707		(16,610,633)		135,117,518
Equity attributable to:
Owners of the Company		4,687,098		1,692,100		4,196,013		5,493,405		5,304,228		(16,068,616)		5,304,228
Non-controlling interests		2,749,404		721,580		9,852,429		12,381,040		951		—		25,705,404
Total shareholders' equity		7,436,502		2,413,680		14,048,442		17,874,445		5,305,179		(16,068,616)		31,009,632
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

4.1 Net sales to external customers broken down by product/customer type

	Period of three months ended June, 30				Period of six months ended June, 30
	2026		2025 (Restated)		2026		2025 (Restated)
Reported segments
Compass
Natural gas distribution
Industrial (i)	1,488,782		2,371,534		2,798,231		4,840,976
Residential	746,934		677,891		1,303,113		1,202,235
Cogeneration	33,601		97,343		95,457		208,689
Automotive	107,877		111,086		207,992		222,322
Commercial	265,296		228,445		478,264		439,204
Construction revenue	483,917		364,325		843,116		668,454
Other	76,039		62,086		147,070		153,465
	3,202,446		3,912,710		5,873,243		7,735,345
Marketing & services
Gas commercialization	732,880		422,628		1,225,724		809,593
	3,935,326		4,335,338		7,098,967		8,544,938
Moove
Finished product	2,316,398		1,812,134		4,464,361		3,857,263
Base oil	286,221		309,093		449,429		450,836
Services	181,662		125,043		327,016		279,754
	2,784,281		2,246,270		5,240,806		4,587,853
Rumo
North operations	3,161,243		3,037,996		5,832,895		5,425,681
South operations	555,535		484,355		966,969		890,765
Container operations	223,497		189,042		422,714		361,697
	3,940,275		3,711,393		7,222,578		6,678,143
Radar
Lease and sale of lands	112,363		184,336		239,985		336,414
Cosan Corporate
Services	4,472		1,407		4,501		1,455
	10,776,717		10,478,744		19,806,837		20,148,803
Reconciliation
Adjustments and eliminations	(786)		(1,092)		(2,106)		(8,550)
Total	10,775,931		10,477,652		19,804,731		20,140,253
(i)	The variation is attributable to customers that migrated to the free market contracting environment during 2025 and 2026.
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

4.2 Information on geographical area

	Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025
	Net revenue
Brazil	9,163,051		9,018,182		16,723,608		17,184,859
Europe^(i)^	934,704		780,649		1,795,593		1,599,316
Latin America ^(ii)^	97,274		112,397		194,767		208,808
United States of America	568,568		556,542		1,072,880		1,124,030
Asia and other ^(iii)^	12,334		9,882		17,883		23,240
Total	10,775,931		10,477,652		19,804,731		20,140,253

Main countries:

(i)	England, France, Spain and Portugal;
(ii)	Argentina, Bolivia, Uruguay and Paraguay; and
(iii)	Singapore, United Arab Emirates and Oceania.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

5 Financial assets and liabilities

Financial assets and liabilities are presented as classified below:

			Parent Company				Consolidated
	Note		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Assets
Fair value through profit or loss
Cash and cash equivalents	5.1		1,702,266		22,047		3,930,761		2,525,668
Marketable securities			2,679,895		330,388		5,555,061		2,992,593
Derivative financial instruments	5.3		13,782		206,384		1,942,622		2,267,108
Other financial assets			—		—		339		5,805
			4,395,943		558,819		11,428,783		7,791,174
Amortized cost
Cash and cash equivalents	5.1		2,646,864		15,361,258		9,427,214		24,718,015
Trade receivables			—		—		4,575,675		3,669,163
Restricted cash			33		186		231,069		228,768
Receivables from related parties	5.4		248,903		220,312		231,600		219,897
Sectorial financial assets			—		—		934,789		728,954
Judicial deposits	9		348,705		351,904		1,108,470		1,072,982
Dividends and interest on equity receivable			264,428		87,224		51,664		35,410
Indemnifiable financial asset			—		—		823,403		557,475
			3,508,933		16,020,884		17,383,884		31,230,664
Total			7,904,876		16,579,703		28,812,667		39,021,838
Liabilities
Amortized cost
Loans, borrowings and debentures	5.2		(9,919,441)		(16,388,391)		(24,435,191)		(32,945,289)
Trade payables	5.5		(1,877)		(870)		(4,120,480)		(4,097,502)
Consideration payable			—		—		(161,831)		(195,057)
Other financial liabilities			—		—		(835,485)		(1,096,884)
Leases			(13,757)		(18,145)		(6,631,337)		(6,412,800)
Railroad concession payable			—		—		(4,267,612)		(3,988,245)
Related parties payables	5.4		(3,517,591)		(5,631,481)		(356,442)		(322,082)
Obligation to repurchase shares in subsidiaries	5.8		(3,870,524)		(3,844,648)		(3,870,524)		(3,844,648)
Liabilities arising from financing secured by shares			(3,014,058)		(2,804,606)		(3,014,058)		(2,804,606)
Dividends payable			—		—		(324,698)		(226,484)
Sector financial liabilities			—		—		(2,328,275)		(2,265,261)
Installment of tax debts			(151,327)		(145,173)		(167,642)		(161,182)
			(20,488,575)		(28,833,314)		(50,513,575)		(58,360,040)
Fair value through profit or loss
Loans, borrowings and debentures	5.2		—		—		(29,823,612)		(31,281,841)
Derivative financial instruments	5.3		(87,616)		(585,633)		(2,561,680)		(2,680,669)
Other accounts payable			—		—		(11,854)		(11,854)
			(87,616)		(585,633)		(32,397,146)		(33,974,364)
Total			(20,576,191)		(29,418,947)		(82,910,721)		(92,334,404)
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

5.1 Cash and cash equivalents

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Cash and bank accounts	8,315		269,333		296,616		412,340
Savings account	23,437		36,083		454,486		986,011
Financial investments	4,317,378		15,077,889		12,606,873		25,845,332
Total	4,349,130		15,383,305		13,357,975		27,243,683

Financial investments are structured as follows:

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Applications in investment funds
Repurchase agreements	1,511,435		7,687		1,837,436		410,172
Certificate of bank deposits – CDB	190,831		14,360		581,389		964,949
Other investments	—		—		1,511,936		1,150,547
	1,702,266		22,047		3,930,761		2,525,668
Applications in banks
Repurchase agreements	—		—		24,124		127,577
Certificate of bank deposits – CDB	2,615,112		15,055,842		8,651,988		23,192,087
	2,615,112		15,055,842		8,676,112		23,319,664
Total	4,317,378		15,077,889		12,606,873		25,845,332

5.2 Loans, borrowings and debentures

a) Composition

		Financial charges				Parent Company
Description		Average debt Index		Average annual interest rate		June 30, 2026		December 31, 2025
Debentures		CDI + 1.52%		15.63%		8,973,879		11,548,920
Debentures		IPCA + 5.75%		10.85%		468,361		452,845
Debentures		Fixed rate		7.52%		—		3,358,005
Commercial bank notes		CDI + 1.80%		16.20%		477,201		1,028,621
Total						9,919,441		16,388,391
Current						454,977		481,367
Non-current						9,464,464		15,907,024
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

		Financial charges				Consolidated
Description		Average debt Index		Average annual interest rate		June 30, 2026		December 31, 2025
Cosan Corporate
Debentures		CDI + 1.52%		15.63%		8,973,879		11,548,920
Debentures		IPCA + 5.75%		10.85%		468,361		452,845
Commercial bank notes		CDI + 1.80%		16.20%		477,202		1,028,621
Perpetual Notes		Fixed rate		8.25%		2,620,923		2,785,877
Senior Notes		Fixed rate		6.48%		—		5,924,649
						12,540,365		21,740,912
Compass
BNDES		IPCA + 4.72%		9.76%		2,646,994		2,794,449
BNDES		Fixed rate		7.93%		347,964		216,351
Loan 4.131		VC + 4.04%		4.04%		—		828,619
Loan 4.131		CDI + 0.78%		15.80%		—		392,139
Commercial bank notes		CDI + 1.20%		16.28%		—		54,680
Debentures		CDI + 0.70%		14.95%		7,256,564		5,551,081
Debentures (Law 12.431)		IPCA + 6.45%		11.57%		5,513,733		5,102,678
Debentures		IGPM + 6.10%		9.47%		262,874		380,797
						16,028,129		15,320,794
Moove
Loan 4.131		CDI + 0.50%		14.89%		—		571,160
Acquisition Finance		SOFR + 1.50%		5.66%		1,989,711		2,104,141
Working capital		SONIA + 1.30%		5.40%		—		259,908
Export Credit Note		SOFR + 1.30%		4.90%		262,063		282,516
Export Credit Note		Fixed rate		4.52%		266,035		274,252
Export Prepayment		SOFR + 1.40%		5.15%		262,654		549,611
						2,780,463		4,041,588
Rumo
ACF		IPCA + 6.48%		11.61%		514,204		494,225
BNDES (Finem)		URTJLP + 2.07%		11.29%		1,263,485		1,428,087
BNDES (Finem)		IPCA		4.12%		26,973		27,050
BNDES (Finem)		TR		1.21%		25,883		27,005
CCB (Bank Credit Certificate)		IPCA + 0.94%		5.80%		779,733		814,423
Debentures		CDI + 0.70%		15.70%		260,587		261,172
Debentures (Law 12.431)		IPCA + 5.75%		10.85%		15,250,096		14,906,454
Export Credit Agency ("ECA")		Euribor + 0,58%		2.69%		8,866		19,543
Senior Notes		Fixed rate		4.73%		4,780,019		5,145,878
						22,909,846		23,123,837
Total						54,258,803		64,227,131
Current						4,942,779		3,918,720
Non-current						49,316,024		60,308,411
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

b) Movement

		Parent Company		Consolidated
Balance as at January 1, 2025		16,388,391		64,227,131
Proceeds		—		2,935,764
Payment of principal		(6,377,012)		(11,977,560)
Payment of interest		(967,206)		(2,911,654)
Interest on work in progress		—		(36,376)
Interest, exchange rate and fair value		875,268		2,021,498
Balance as at June 30, 2026		9,919,441		54,258,803

c) Offset of assets and liabilities

	Segment		June 30, 2026		December 31, 2025
Assets
Credit Linked Notes	Rumo		5,292,707		5,627,660
TRS	Cosan Corporate		—		3,359,856
Total			5,292,707		8,987,516
Liabilities
NCEs	Rumo		(5,292,707)		(5,627,660)
Debentures ^(i)^	Cosan Corporate		—		(3,359,856)
Total			(5,292,707)		(8,987,516)
Net Balance			—		—
(i)	The debenture balance was settled in January 2026 (Note 2.2.1).
---	---

d) Covenants

The Company and its subsidiaries are subject to compliance with various restrictive clauses, both financial and non-financial, established in loan and financing agreements.

As of June 30, 2026, the Company and its subsidiaries were in compliance with all restrictive clauses, both financial and non-financial, stipulated in the aforementioned contracts. Furthermore, some of these debt instruments include cross-default clauses.

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Table of Contents

Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

5.3 Derivative financial instruments

The Company utilizes derivative instruments, notably swaps, whose fair value is determined based on discounted Cash flows using observable market curves, to manage exposures to foreign exchange, interest rate, and inflation risks. Derivatives are classified according to their economic purpose and hedge accounting qualification.

	Parent Company								Consolidated
	Notional				Fair value				Notional				Fair value
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Exchange rate derivatives
Forward agreements	—		—		—		—		(30,346)		(3,082)		(1,886)		(3,498)
FX option agreements	—		—		—		—		246,000		328,500		9,280		4,739
	—		—		—		—		215,654		325,418		7,394		1,241
Commodity derivatives
Forward contract	—		—		—		—		(2,466)		8,610		(416)		(5,808)
	—		—		—		—		(2,466)		8,610		(416)		(5,808)
Foreing exchange and interest rate risk
Swap agreements (interest rate)	200,000		350,000		13,782		14,965		200,000		350,000		13,782		14,965
Swap agreements (interest and FX)	2,839,750		8,554,135		(87,616)		(152,998)		11,311,785		18,507,533		(1,155,784)		(560,354)
Swap agreements (interest and inflation)	—		—		—		—		23,431,093		23,329,194		515,966		377,611
	3,039,750		8,904,135		(73,834)		(138,033)		34,942,878		42,186,727		(626,036)		(167,778)
Share price risk
Swap agreements (TRS)	—		709,561		—		(360,530)		—		709,561		—		(360,530)
Call Spread	—		5,594,212		—		119,314		—		5,594,212		—		119,314
	—		6,303,773		—		(241,216)		—		6,303,773		—		(241,216)
Total of financial instruments					(73,834)		(379,249)						(619,058)		(413,561)
Current assets					—		72,145						90,485		310,981
Non-current assets					13,782		134,239						1,852,137		1,956,127
Current liabilities					—		(369,813)						(1,569,511)		(1,909,404)
Non-current liabilities					(87,616)		(215,820)						(992,169)		(771,265)
Total					(73,834)		(379,249)						(619,058)		(413,561)

The breakout for debt-related and non-debt derivative financial instruments is presented below:

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Debt Financial Instruments	(73,834)		(138,034)		(483,845)		(135,554)
Non-debt financial instruments	—		(241,215)		(135,213)		(278,007)
	(73,834)		(379,249)		(619,058)		(413,561)

Derivative financial instruments related to borrowing transactions are used exclusively for economic hedging purposes and do not constitute speculative transactions.

35

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Table of Contents

Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

a) Fair value hedge

Through its subsidiaries, the Company adopts fair value hedge accounting for certain debt transactions. There is a direct economic relationship between the hedged item (fixed-rate loan) and the hedging instrument (interest rate/exchange rate swap), with correspondence in the following aspects:

• Equivalent notional amount;

• Coinciding deadline; and

• Aligned payment period.

The Company establishes a hedging ratio close to 1:1, considering the identity of the underlying risk between the derivative and the hedged risk component of the hedged item. The effectiveness of the hedge is evaluated using the fair value variation comparison method, comparing changes in the fair value of the hedging instrument with changes in the fair value of the hedged item attributable to the hedged risk.

The main potential sources of ineffectiveness identified are:

(i) Reduction or modification of the amount or term of the item covered; and

(ii) Changes in the credit risk of the Company or the counterparties of the swaps.

Carrying amounts for items designated as hedging instruments were as follows:

							Book value				Accumulated fair value from hedge adjustments
	Subsidiary		Index		Notional		June 30. 2026		December 31, 2025		June 30. 2026		December 31, 2025
FX rate risk hedge
Loans, borrowings and debentures
Designated items
Senior Notes 2028	Rumo		US$ + 5,30%		(2,791,600)		(2,433,787)		(2,575,368)		(208,768)		(230,520)
Senior Notes 2032	Rumo		US$ + 4,20%		(2,824,075)		(2,346,232)		(2,570,510)		(255,648)		(193,000)
Total							(4,780,019)		(5,145,878)		(464,416)		(423,520)
Interest rate risk hedge
Loans, borrowings and debentures
Designated items
BNDES Project VIII	Compass		IPCA + 3,25%		(666,664)		(561,015)		(600,312)		90,363		89,242
Debenture 14th issue - 1st Series	Compass		IPCA + 6,80%		(300,000)		(299,469)		(280,866)		7,474		6,401
Debenture 14th issue - 2nd Series	Compass		IPCA + 6,58%		(700,000)		(692,523)		(717,294)		18,853		15,042
Debentures	Rumo		IPCA + 5,62%		(13,630,776)		(14,666,637)		(14,220,199)		(1,975,918)		(1,544,982)
ACF	Rumo		IPCA + 6,48%		(467,321)		(469,586)		(494,225)		(24,787)		(11,288)
Finem	Rumo		TLP + 2,06%		(17,386)		(18,795)		(21,469)		(1,797)		(1,810)
CCB	Rumo		IPCA + 0,94%		(876,320)		(779,733)		(814,423)		(93,063)		(78,121)
Total							(17,487,758)		(17,148,788)		(1,978,875)		(1,525,516)
36
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Table of Contents

Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

							June 30, 2026				December 31, 2025
	Subsidiary		Index		Notional		Assets		Liabilities		Assets		Liabilities
FX rate risk hedge
Derivative financial instruments
Currency and interest rate swap
Swap Senior Notes 2028	Rumo		115% CDI		2,791,600		2,445,210		2,875,840		2,591,695		2,852,107
Swap Senior Notes 2032	Rumo		106% CDI		2,824,075		2,383,080		2,806,271		2,612,445		2,801,555
Total							4,828,290		5,682,111		5,204,140		5,653,662
Interest rate risk hedge
Derivative financial instruments
BNDES Project VIII	Compass		99,80% CDI		666,664		579,944		670,536		621,400		712,630
Debenture 14th issue - 1st Series	Compass		90,30% CDI		300,000		310,695		310,659		312,530		308,633
Debenture 14th issue - 2nd Series	Compass		88,27% CDI		700,000		723,113		724,304		729,019		719,685
Swap Debenture	Rumo		104% CDI		13,630,776		14,527,958		14,038,843		14,412,764		14,027,253
ACF	Rumo		96% CDI		467,321		519,456		553,010		499,641		519,387
Finem	Rumo		96% CDI		17,386		19,703		17,483		21,044		19,207
CCB	Rumo		64% CDI		876,320		787,466		880,410		822,384		903,152
Total							17,468,335		17,195,245		17,418,782		17,209,947

b) Fair value option

Certain financial instruments were not designated in formally documented hedge accounting relationships. To eliminate accounting mismatch, the Company elected to irrevocably designate, at initial recognition, certain financial liabilities for measurement at fair value through profit or loss.

This designation applies to the financial liability itself (the hedging instrument), not to the hedged item. Fair value changes attributable to market factors (interest rates, foreign exchange) are recognized in profit or loss for the period. The portion of the change attributable to the Company's own credit risk is recognized directly in shareholders' equity as part of other comprehensive income.

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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

								Carrying amount				Accumulated fair value
		Subsidiary		Index		Notional		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
FX rate risk
Items
PPE - BofA ^(i)^		Moove		SOFR + 1,40%		(50,000)		(262,654)		(549,611)		(360)		1,862
NCE - CTI ^(i)^		Moove		SOFR + 1,30%		(50,000)		(262,063)		(282,516)		252		976
NCE - HSBC ^(i)^		Moove		4.52%		(50,000)		(266,035)		(274,252)		816		1,283
Export Credit Agreement		Rumo		EUR + 0,58%		(6,342)		(8,866)		(4,526)		2		(8)
Scotiabank 2023		Compass		USD + 4,04%		—		—		(828,619)		—		(625)
Total								(799,618)		(1,939,524)		710		3,488
Interest rate risk and inflation
Items
BNDES Projects VI e VII		Compass		IPCA + 4,10%		(66,394)		(57,891)		(67,724)		2,251		2,844
BNDES Project VIII		Compass		IPCA + 3,25%		(580,112)		(537,982)		(575,321)		43,412		41,068
BNDES Project IX		Compass		IPCA + 5,74%		(516,401)		(545,006)		(564,266)		57,550		46,209
BNDES Project IX - Sub A		Compass		IPCA + 5,74%		(279,580)		(281,588)		(291,576)		25,111		19,222
BNDES Project IX - Sub A		Compass		IPCA + 5,74%		(179,502)		(180,181)		(186,576)		13,393		9,574
BNDES Project IX - Sub B		Compass		IPCA + 6,01%		(287,779)		(289,570)		(299,933)		26,466		20,339
Debenture 9th issue - 1st Series		Compass		IPCA + 5,12%		(500,000)		(582,781)		(575,279)		86,181		75,823
Debenture 9th issue - 2nd Series		Compass		IPCA + 5,22%		(500,000)		(518,916)		(530,740)		144,811		120,271
Debenture 11th issue - 1st Series		Compass		IPCA + 6,38%		(750,000)		(746,385)		(757,552)		87,380		58,101
Debenture 11th issue - 2nd Series		Compass		IPCA + 6,45%		(750,000)		(715,648)		(739,987)		105,660		68,957
Debenture 12th issue – Single series		Compass		IPCA + 7,17%		(600,000)		(603,450)		(619,902)		9,764		(18,877)
Debenture 2nd issue – Single series		Compass		IPCA + 7,44%		(800,000)		(851,444)		(881,057)		16,311		3,057
Debentures		Rumo		IPCA + 4,68%		—		—		(169,600)		—		(473)
Debentures		Rumo		IPCA + 4,50%		(600,000)		(845,375)		(788,138)		(60,078)		(63,542)
Total								(6,756,217)		(7,047,651)		558,212		382,573
38
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Table of Contents

Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

								Book value
		Subsidiary		Index		Notional		June 30, 2026		December 31, 2025
FX rate risk
Derivatives instruments<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br><br><br><br>
PPE - BofA ^(i)^		Moove		CDI + 0.79%		50,000		(12,660)		10,069
NCE - CITI ^(i)^		Moove		CDI + 0.60%		50,000		(13,517)		(9,119)
NCE - HSBC ^(i)^		Moove		CDI + 0.50%		50,000		(34,681)		(2,295)
FX and interest rate swap		Rumo		BRL + 108% CDI		6,342		2,189		6,000
Scotiabank 2023		Compass		CDI + 1.30%		—		—		69,736
Total								(58,669)		74,391
Interest rate risk and inflation
Derivatives instruments
BNDES Projects VI and VII		Compass		87,50% CDI		66,394		(2,280)		(3,048)
BNDES Project VIII		Compass		82,94% CDI		580,112		(43,731)		(42,744)
BNDES Project IX		Compass		98,90% CDI		516,401		38,501		33,502
BNDES Project IX - Sub A		Compass		95,55% CDI		279,580		5,001		1,745
BNDES Project IX - Sub A		Compass		92,35% CDI		179,502		2,876		783
BNDES Project IX - Sub B		Compass		98,49% CDI		287,779		4,440		1,149
Debenture 9th issue - 1st Series		Compass		109,20% CDI		500,000		51,120		37,108
Debenture 9th issue - 2nd Series		Compass		110,60% CDI		500,000		(7,654)		(7,512)
Debenture 11th issue - 1st Series		Compass		100,45% CDI		750,000		(35,526)		(37,594)
Debenture 11th issue - 2nd Series		Compass		99,70% CDI		750,000		(53,979)		(48,653)
Debenture 12th issue – Single series		Compass		95,66% CDI		600,000		38,049		44,360
Debenture 2nd issue – Single series		Compass		97,40% CDI		800,000		16,398		(14,363)
Debentures		Rumo		107% CDI		—		—		24,126
Debentures		Rumo		103% CDI		600,000		216,174		179,919
Total								229,389		168,778
(i)	Notional presented in thousands of U.S. dollars.
---	---

c) Cash flow hedge

Compass

Indirect subsidiary Edge Comercialização S.A. ("Edge") executed natural gas sales transactions with prices indexed to Brent. To mitigate exposure to volatility in this index, Edge formally designated such contracts as Cash flows hedge relationships.

Indirect subsidiary Terminal de Regaseificação de GNL de São Paulo ("TRSP") adopted hedge accounting to protect against Cash flows variability arising from foreign exchange risk. The strategy consists of using a U.S. dollar-denominated lease liability, already contracted, as a hedge for highly probable future revenues also denominated in U.S. dollars, projected over a 20-year horizon, due 2043.

Effective hedge gains and losses are initially recognized in other comprehensive income and reclassified to profit or loss when the hedged Cash flows actually occur.

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Table of Contents

Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

Rumo

To mitigate the effects of foreign exchange volatility on highly probable future Cash flows, subsidiary Rumo contracted derivative financial instruments in the form of currency swaps and designated them as Cash flows hedges. The hedging relationship was documented at inception, with prospective effectiveness testing and subsequent retrospective assessment. Hedge effects are recognized in equity within "Other Comprehensive Income" and reclassified to profit or loss when the hedged Cash flows actually occur.

The impact of items protected by hedge accounting on the statement of financial position is presented below:

The impact of hedged items on the balance sheet is presented below:

								Carrying amount
		Subsidiary		Risk		Nocional		June 30, 2026		December 31, 2025
Financial instrument
Future		Edge		Price		(7,223)		3,124		(4,654)
Leasing		TRSP		Exchange		3,317,752		(97,416)		(208,509)
Swap exchange rate and interest		Rumo		Exchange		1,037,179		(187,705)		(109,510)
Total								(281,997)		(322,673)
(-) Deferred tax								95,879		109,709

The effect of Cash flows hedging on the income statement and other comprehensive income is shown below:

						Write-offs				Ineffectiveness
		Balance as of January 1, 2026		Designations		Net sales		Cost of sales		Financial results		Balance as of June 30, 2026
Financial instrument
Future		(4,654)		(9,087)		52,475		(30,270)		(5,340)		3,124
Leasing		(208,509)		108,206		2,638		—		249		(97,416)
Swap exchange rate and interest		(109,510)		(126,860)		—		48,665		—		(187,705)
Total		(322,673)		(27,741)		55,113		18,395		(5,091)		(281,997)

Sources of hedge accounting ineffectiveness, although historically immaterial, may arise from the following factors:

(i) Timing mismatches between Cash flows of hedged items and hedging instruments;

(ii) Use of distinct reference indices, resulting in divergent risk curves between hedged items and hedging instruments;

(iii) Differing effects of counterparty credit risk and the entity’s own credit risk on fair value changes of hedging instruments and hedged items;

(iv) Changes in projections of expected Cash flows for hedged items and hedging instruments.

The Company continuously monitors sources of ineffectiveness, employing quantitative and qualitative analyses to assess impacts on fair value and hedge effectiveness. These practices align with accounting and treasury policies.

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Table of Contents

Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

5.4 Related parties

a) Trade receivable and payable with related parties:

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Current assets
Commercial operations
Raízen S.A. and its subsidiaries	6,762		3,278		37,200		70,001
Rumo S.A. and its subsidiaries	35,177		21,324		—		—
CLI Sul S.A.	10		10		25,873		14,431
Cosan Lubrificantes e Especialidades S.A.	4,750		4,309		—		—
Compass Gás e Energia S.A. and its subsidiaries	20,223		15,207		—		—
Termag - Terminal Marítimo de Guarujá S.A.	—		—		14,286		14,286
Associação Gestora da Ferrovia Internado Porto de Santos (AG-FIPS)	—		—		70,102		49,397
Radar Gestão de Investimentos S.A.	—		1,299		—		1,299
Radar Group	1,859		1,017		—		—
BTG Pactual and its subsidiaries	—		—		26,967		—
Other	808		325		3,210		501
	69,589		46,769		177,638		149,915
Financial operations
Raízen S.A. and its subsidiaries	51,252		49,634		51,252		49,634
Cosan Lubrificantes e Especialidades S.A.	17,719		21,433		—		—
	68,971		71,067		51,252		49,634
Total current assets	138,560		117,836		228,890		199,549
Non-current assets
Commercial operations
Termag - Terminal Marítimo de Guarujá S.A.	—		—		—		8,333
	—		—		—		8,333
Financial operations
Cosan Lubrificantes e Especialidades S.A.	107,647		102,476		—		—
CLI Sul S.A.	—		—		—		12,000
Other	—		—		14		15
Aguassanta Negócios S.A.	2,696		—		2,696		—
	110,343		102,476		2,710		12,015
Total non-current assets	110,343		102,476		2,710		20,348
Related parties receivables<br><br><br><br><br><br><br><br>	248,903<br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br>	220,312<br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br>	231,600<br><br><br><br><br><br><br><br>	<br><br><br><br><br><br><br><br>	219,897<br><br><br><br><br><br><br><br>
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Current liabilities
Commercial operations
Raízen S.A. and its subsidiaries	9,678		5,585		142,400		164,788
Termag - Terminal Marítimo de Guarujá S.A.	—		—		515		95
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS)	—		—		29,241		43,607
Compass Gás e Energia S.A. and its subsidiaries	6		518		—		—
Cosan Lubrificantes e Especialidades S.A.	5,765		53		—		—
BTG Pactual and subsidiaries	—		—		2,448		—
Other	108		328		2,688		315
	15,557		6,484		177,292		208,805
Financial and corporate operations
Raízen S.A. and its subsidiaries	144,380		110,186		146,659		111,548
Cosan Lubrificantes e Especialidades S.A.	17,176		13,914		—		—
Cosan Overseas Limited	33,449		35,554		—		—
Cosan Luxembourg S.A.	—		67,424		—		—
Other	—		—		564		563
	195,005		227,078		147,223		112,111
Total current liabilities	210,562		233,562		324,515		320,916
Non-current liabilities
Commercial operations
Other	68		87		69		88
	68		87		69		88
Financial operations
Cosan Lubrificantes e Especialidades S.A.	668,685		617,920		—		—
Cosan Luxembourg S.A. ^(i)^	—		2,008,376		—		—
Aguassanta Negócios S.A. ^(ii)^	30,780		—		30,780		—
Cosan Overseas Limited	2,606,418		2,770,458		—		—
Raízen S.A. and its subsidiaries	1,078		1,078		1,078		1,078
	3,306,961		5,397,832		31,858		1,078
Total non-current liabilities	3,307,029		5,397,919		31,927		1,166
Payables to related party	3,517,591		5,631,481		356,442		322,082
(i)	On January 23, 2026, Cosan S.A., together with its subsidiary Cosan Lux, settled the loans contracted under the export prepayment (PPE) and Floating Rate Notes (FRN) modalities.
---	---
(ii)	The balance relates to provisions for legal proceedings arising from a corporate reorganization whereby the entities succeeded by Aguassanta contributed capital, together with the assets and liabilities of their sugar and ethanol operations, to Irmãos Franceschi Agrícola Industrial e Comercial Ltda. (currently the Company). Following this transaction, the Company succeeded to the industrial and agricultural operations and became responsible for the related liabilities, including the management of legal proceedings, litigation costs and any resulting settlements or judgments, notwithstanding that such obligations remain formally registered under Aguassanta's CNPJ. The Company recognizes these obligations as it has assumed control over, and the risks and rewards associated with, the succeeded operations.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

b) Transactions with related parties:

	Parent Company								Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
Operating income
Raízen S.A. and its subsidiaries	—		—		—		—		288,280		218,966		386,733		352,035
CLI Sul S.A.	—		—		—		—		735		—		1,011		—
BTG Pactual and subsidiaries	—		—		—		—		284,025		—		458,242		—
Other	—		—		—		—		—		(1,021)		—		2,642
	—		—		—		—		573,040		217,945		845,986		354,677
Purchase of products / inputs / services
Raízen S.A. and its subsidiaries	(341)		(528)		(504)		(558)		(656,548)		(642,638)		(1,219,699)		(1,150,265)
Radar Gestão de Investimentos S.A.	—		—		—		—		(10,824)		(15,100)		(21,649)		(30,329)
Termag - Terminal Marítimo de Guarujá S.A.	—		—		—		—		(10,820)		—		(34,470)		—
BTG Pactual and subsidiaries	—		—		—		—		(4,849)		—		(11,134)		—
Other	—		—		—		—		—		(2,625)		—		(3,875)
	(341)		(528)		(504)		(558)		(683,041)		(660,363)		(1,286,952)		(1,184,469)
Shared income (expenses)
Compass Gás e Energia S.A. and its subsidiaries	8,472		13,582		16,319		31,945		—		—		—		—
Cosan Lubrificantes e Especialidades S.A.	1,822		2,334		3,540		5,426		—		—		—		—
Raízen S.A. and its subsidiaries	(935)		(960)		(2,424)		(479)		(21,655)		(26,050)		(49,243)		(50,152)
Rumo S.A. and its subsidiaries	13,017		16,967		25,293		33,899		—		—		—		—
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS)	—		—		—		—		(32,299)		(34,587)		(68,140)		(59,711)
BTG Pactual and subsidiaries	—		—		—		—		28,738		—		28,935		—
Other	1,162		1,301		1,661		2,083		(167)		44		(680)		46
	23,538		33,224		44,389		72,874		(25,383)		(60,593)		(89,128)		(109,817)
Financial result
Cosan Luxembourg S.A.	—		77,185		35,469		241,001		—		—		—		—
Cosan Overseas Limited	(30,082)		86,751		59,467		255,741		—		—		—		—
Raízen S.A. and its subsidiaries	—		—		—		(10,507)		—		—		—		(10,507)
Moove Lubricants Limited	—		1		—		(4)		—		—		—		—
BTG Pactual and subsidiaries ^(i)^	(49,203)		—		(50,342)		—		6,416		—		29,578		—
Ligga S.A.	—		5,240		—		10,410		—		5,240		—		10,410
Other	(5)		—		(9)		—		(5)		—		(9)		—
	(79,290)		169,177		44,585		496,641		6,411		5,240		29,569		(97)
Total	(56,093)		201,873		88,470		568,957		(128,973)		(497,771)		(500,525)		(939,706)
(i)	As disclosed in Explanatory Note 5.8, of the total interest accrued and principal repayments made during the period, R$ 145,191 and R$ 137,885, respectively, relate to transactions with BTG Pactual, a related party of the Company. As of June 30, 2026, the outstanding balance payable to this related party totaled R$ 2,008,473. Additionally, the financial result balance with BTG Pactual Holding Participações SA and its subsidiaries includes income from financial investments held with that institution, in the amount of R$ 174,769, the balance of which was R$ 3,237,670 at the end of the period. These transactions were carried out under market conditions (arm's length).
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

c) Other transactions:

As mentioned in Explanatory Note 2.1.6, among the transaction costs recorded in shareholders’ equity, R$ 11,345 were paid to BTG in its capacity as lead coordinator of Compass's initial public offering of shares.

As disclosed in Explanatory Note 2.2.2, of the total transaction costs paid during the period and recognized as transaction costs, R$ 27,424 were paid to BTG.

d) Managers’ and directors’ compensation:

	Parent Company								Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
Short-term employee and key management benefits	11,929		34,301		23,097		43,747		43,873		67,156		85,897		107,148
Share based compensation	4,399		4,239		17,159		7,590		21,544		8,208		38,095		15,840
Post-employment benefits	77		53		154		107		757		671		1,421		1,273
Other long-term benefits	—		—		—		—		2,244		486		2,244		971
Total	16,405		38,593		40,410		51,444		68,418		76,521		127,657		125,232
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

5.5 Trade payable

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Material and services suppliers	1,877		870		3,168,578		3,284,618
Natural gas / transport and logistics suppliers	—		—		951,902		812,884
	1,877		870		4,120,480		4,097,502
Current	1,877		870		4,100,978		4,078,511
Non-current	—		—		19,502		18,991
Total	1,877		870		4,120,480		4,097,502

5.6 Recognized fair value measurement

The carrying amounts of short-term financial assets and liabilities do not differ significantly from their fair value. The carrying amounts and fair value of consolidated assets and liabilities are as follows:

			Accounting Balance				Assets and liabilities measured at fair value
			June 30, 2026		December 31, 2025		June 30, 2026						December 31, 2025
	Note						Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investments funds	5.1		3,930,761		2,525,668		—		3,930,761		—		—		2,525,668		—
Marketable securities			5,555,061		2,992,593		—		5,555,061		—		307,177		2,685,416		—
Other financial assets			339		5,805		339		—		—		5,805		—		—
Investment properties ^(i)^			16,259,761		18,221,781		—		—		16,259,761		—		—		18,221,781
Derivative financial instruments	5.3		1,942,622		2,267,108		—		1,942,622		—		—		2,267,108		—
Total			27,688,544		26,012,955		339		11,428,444		16,259,761		312,982		7,478,192		18,221,781
Liabilities
Loans, borrowings and debentures	5.2		(54,258,803)		(64,227,131)		—		(55,830,313)		—		—		(64,136,362)		—
Derivative financial instruments	5.3		(2,561,680)		(2,680,669)		—		(2,561,680)		—		—		(2,680,669)		—
Other accounts payable ^(ii)^			(11,854)		(11,854)		—		—		(11,854)		—		—		(11,854)
Total			(56,832,337)		(66,919,654)		—		(58,391,993)		(11,854)		—		(66,817,031)		(11,854)
(i)	The fair value of investment properties was determined based on the direct comparative method of market data applied to transactions with similar properties (type, location, and quality of property) and, to some extent, based on sales quotations for potential transactions with comparable assets (level 3). The methodology used in determination the fair value takes into account direct comparisons of market information, such as market research, homogenization of values, spot market prices, sales, distances, facilities, land access, topography and soil, land use (type of crop), and rainfall level , among other data, in accordance with the standards issued by the Brazilian Association of Technical Standards (“ABNT”). For the period ending June 30, 2026, the discount rate used was 9.24% per annum (9.25% per annum on December 31, 2025).
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(ii)	This refers to the contingent consideration (earn-out) negotiated in the acquisition process of the indirect subsidiary Biometano Verde Paulínia, measured at fair value using a assessment technique based on the present value of expected cash flows. The measurement considers the monetary restatement stipulated in the contract.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

For debts whose market value is quoted on the Luxembourg Stock Exchange (or “LuxSE”), the fair value measurement is based on the quoted market price as follows:

Debts		Company		June 30, 2026		December 31, 2025
Senior Notes due 2028		Rumo Luxembourg S.à r.l.		98.51 %		97.32 %
Senior Notes due 2032		Rumo Luxembourg S.à r.l.		89.54 %		84.30 %

5.7 Financial risk management

a) Market Risk

Foreign exchange risk

The Company presents the following net exposure to foreign exchange variation of assets and liabilities denominated in US dollars, euros and British pounds, for companies whose functional currency is the Brazilian real.

	June 30, 2026		December 31, 2025
Cash and cash equivalents	425,978		649,107
Marketable securities	64,394		97,005
Trade receivable	379,656		71,555
Trade payables	(560,705)		(417,312)
Loans, borrowings and debentures	(8,273,085)		(15,949,122)
Lease	(1,879,662)		(2,043,650)
Consideration payable	(161,831)		(195,057)
Derivative financial instruments (notional)	7,152,764		14,851,873
Foreign exchange exposure, net	(2,852,491)		(2,935,601)

The likely scenario considers the estimated exchange rates at the maturity of the transactions, as presented below:

						Scenarios
Instrument		Risk factor		Probable		25%		50%		(25%)		(50%)
Cash and cash equivalents		Low FX rate		4,425		110,374		216,322		(101,523)		(207,471)
Marketable securities		Low FX rate		415		16,618		32,820		(15,787)		(31,989)
Trade receivable		Low FX rate		2,707		98,044		193,381		(92,630)		(187,967)
Trade payables		High FX rate		(5,643)		(145,233)		(284,823)		133,946		273,537
Loans, borrowings and debentures		High FX rate		(53,855)		(2,116,784)		(4,202,293)		2,054,231		4,139,739
Lease		High FX rate		(12,131)		(485,079)		(958,027)		460,818		933,766
Consideration payable		High FX rate		(1,042)		(41,681)		(82,319)		39,597		80,235
Derivative financial instruments (notional)		Low FX rate		(99,463)		1,546,817		3,163,350		(1,662,700)		(3,242,124)
Impacts on profit or loss before taxes				(160,242)		(843,188)		(1,578,462)		650,905		1,423,288
Impacts on other comprehensive income				(4,345)		(173,736)		(343,127)		165,047		334,438
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

		Exchange rate sensitivity analysis
		June 30, 2026		Scenarios
				Probable		25%		50%		(25%)		(50%)
U.S.$		5.1766		5.2100		6.5125		7.8150		3.9075		2.6050
Euro		5.9106		6.1999		7.7499		9.2999		4.6499		3.1000
GBP		6.8637		7.1377		8.9221		10.7066		5.3533		3.5689

Interest rate risk

The following is a sensitivity analysis of interest rates on loans and borrowings, leasing, and other liabilities, with a counterpart to investments in CDI, with increases and reductions of 25% and 50%, before taxes:

				Scenarios
Interest rate exposure		Probable		25%		50%		(25%)		(50%)
Cash and cash equivalents		1,838,243		2,297,800		2,757,373		1,378,685		919,129
Marketable securities		731,499		914,350		1,097,249		548,601		365,750
Restricted cash		32,080		40,100		48,120		24,060		16,040
Lease and concession in installments		(121,241)		(151,507)		(181,861)		(90,887)		(60,620)
Leases liabilities		(490,416)		(504,320)		(518,307)		(476,483)		(462,579)
Derivative financial instruments		(2,987,855)		(3,815,892)		(4,591,646)		(2,266,268)		(1,487,291)
Loans, borrowings and debentures		(3,972,730)		(4,762,650)		(5,703,851)		(2,970,386)		(2,023,770)
Other financial liabilities		(105,744)		(132,180)		(158,617)		(79,308)		(52,873)
Put option liability on subsidiary shares		(578,777)		(745,334)		(888,001)		(460,001)		(317,334)
Liability from financing secured by shares		(462,061)		(546,335)		(649,762)		(339,483)		(236,056)
Impacts on profit or loss before taxes		(6,117,002)		(7,405,968)		(8,789,303)		(4,731,470)		(3,339,604)

The likely scenario considers the estimated interest rate, calculated by a specialized third party and the Central Bank of Brazil ("BACEN"), as presented below:

				Scenarios
		Probable		25%		50%		(25%)		(50%)
SELIC		13.98%		17.47%		20.97%		10.48%		6.99%
CDI		13.88%		17.35%		20.82%		10.41%		6.94%
TJLP462 (TJLP + 1% p.a.)		9.90%		12.13%		14.35%		7.68%		5.45%
TJLP		8.90%		11.13%		13.35%		6.68%		4.45%
IPCA		4.33%		5.41%		6.50%		3.25%		2.17%
IGPM		3.85%		4.81%		5.77%		2.88%		1.92%
Fed Funds		3.25%		4.06%		4.88%		2.44%		1.63%
SOFR		3.16%		3.95%		4.74%		2.37%		1.58%
CPI		2.08%		2.60%		3.13%		1.56%		1.04%
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

Price risk

• Natural Gas

				Scenarios
Instrument		Risk factor		Exposure		Provável		25%		50%		(25%)		(50%)
Commodities derivatives		Price Change in US$ / bbl		(2,242)		(416)		23,836		48,088		(24,668)		(48,920)

Call Option (“Call”)

The Company holds a purchase option that grants it the right to repurchase all of Cosan Nove 's preferred shares, which may be exercised starting in the third year after the signing of the respective agreements, in December 2022.

On June 30, 2026, the purchase option was underpriced.

Contingent put option

In the shareholders' agreement signed in December 2022 between the Company and Itaú, regarding the issuance of Cosan Nove preferred shares, it was defined that the financial institution holds a contingent put option, exercisable only when specific material adverse effects, as stipulated in the contract, occur. These effects are under the Company's control and, therefore, do not constitute a financial obligation.

The option's exercise price is calculated based on the initial investment value, adjusted by a CDI rate + spread, less dividends received by the non-controlling shareholder during that period. As of June 30, 2026, the exercise price of this option is R$ 2,660,300.

b) Credit risk

The Company's regular operations expose it to potential defaults when customers, suppliers, and counterparties fail to meet their financial or other obligations. The credit risk exposure was as follows:

	June 30, 2026		December 31, 2025
Cash and cash equivalents	13,357,975		27,243,683
Trade receivables	4,575,675		3,669,163
Marketable securities	5,555,061		2,685,417
Restricted cash	231,069		228,768
Financial guarantees	5,267,757		2,620,840
Derivative financial instruments	1,942,622		2,267,108
Receivables from related parties	231,600		219,897
Receivable dividends and interest on equity	51,664		35,410
Other financial assets	339		5,805
Total	31,213,762		38,976,091
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

The Company is exposed to risks related to its cash management activities and temporary investments.

The credit risk of cash and cash equivalents, marketable securities, restricted cash, and derivatives financial instruments is determined by widely accepted market rating agencies, as presented below:

	June 30, 2026		December 31, 2025
AAA	20,403,093		23,289,686
AA	618,933		9,037,928
Not rated	64,701		97,362
Total	21,086,727		32,424,976

c) Liquidity risk

The Company's financial liabilities, classified by maturity dates (based on contracted undiscounted cash flows), are as follows:

	June 30, 2026										December 31, 2025
	Up to 1 year		From 1 to 2 years		From 2 to 5 years		Over 5 years		Total		Total
Loans, borrowings and debentures	(8,567,554)		(14,514,049)		(30,695,030)		(47,565,622)		(101,342,255)		(118,589,890)
Trade payables	(4,100,978)		(19,502)		—		—		(4,120,480)		(4,097,502)
Other financial liabilities	(602,387)		—		—		—		(602,387)		(1,096,884)
Installment of tax debts	(14,012)		(18,429)		(9,996)		(234,405)		(276,842)		(255,718)
Leases	(978,408)		(965,782)		(1,087,033)		(20,812,074)		(23,843,297)		(24,000,264)
Lease and concession in installments	(250,502)		(246,160)		(488,744)		(225,301)		(1,210,707)		(1,106,126)
Related party payables	(324,515)		(31,927)		—		—		(356,442)		(322,082)
Dividends payable	(324,698)		—		—		—		(324,698)		(226,484)
Consideration payable	(9,059)		(9,059)		(31,318)		(87,619)		(137,055)		(155,311)
Derivative financial instruments	(2,197,528)		(1,755,360)		(646,112)		12,184,735		7,585,735		7,800,848
Sectoral financial liabilities^(i)^	(87,702)		—		—		—		(87,702)		(96,719)
Put option liability on subsidiary shares	—		—		(1,333,333)		(2,666,667)		(4,000,000)		(4,000,000)
Liability from financing secured by shares	(3,247,156)		—		—		—		(3,247,156)		(3,225,338)
	(20,704,499)		(17,560,268)		(34,291,566)		(59,406,953)		(131,963,286)		(149,371,470)
(i)	The Company, through its subsidiary Compass, maintains a sector-specific liability classified as a non-current liability. This liability arises from regulatory obligations specific to the natural gas distribution sector.
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Due to uncertainty regarding the exact payment date of these obligations, the liability was not included in the maturity schedule. The Company recognizes this liability in accordance with applicable accounting standards, pending regulatory definition to determine the settlement schedule.

5.8 Obligation to repurchase shares of a subsidiary

		June 30, 2026
Balance as of January 1, 2026		3,844,648
Amortization of funding costs		11,108
Interest rate update		290,537
Amortization		(275,769)
Balance as of June 30, 2026		3,870,524
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

6 Investment in subsidiaries

6.1 Investments in subsidiaries

a) Parent Company

	Balance as of January 1, 2026		Interest in earnings of investors		Capital increase		Transactions with<br><br><br>shareholders		Other comprehensive<br><br><br>income		Declared dividends		Purchase of<br><br><br>shareholding (2.1.6)		Incorporation of a subsidiary (i)		Other		Balance as of June 30, 2026		Dividends<br><br><br>receivable
Corporate
Cosan Corretora de Seguros Ltda.	6,792		4,286		—		—		—		—		—		—		—		11,078		—
Cosan Nove Participações S.A.	6,491		248		—		—		—		—		—		—		—		6,739		—
Cosan Dez Participações S.A.	5,041,185		457,839		14,000				94,405		(453,877)				(1,252,773)		15,569		3,916,348		189,825
Cosan Oito S.A.	—		—		—		—		—		—		—		—		—		—		—
Cosan Global	103,057		(37,332)		—		—		—		—		—		—		—		65,725		—
Fundo Celeste de Investimento	490,295		38,672		—		—		—		—		—		—		—		528,967		—
Cosan Luxembourg S.A.	—		(284,953)		429,489		—		—		—		—		—		—		144,536		—
Other	24,796		(193)		(60)		—		(603)		—		—		—		(57)		23,883		—
Radar
Radar II Propriedades Agrícolas S.A.	1,291,759		12,539		—		—		62		(5,162)		—		—		—		1,299,198		—
Radar Propriedades Agrícolas S.A.	246,182		12,084		—		—		—		(20,541)		—		—		—		237,725		—
Nova Agrícola Ponte Alta S.A.	515,506		5,424		—		—		—		—		—		—		—		520,930		10,085
Nova Santa Bárbara Agrícola S.A.	13,119		252		—		—		—		—		—		—		—		13,371		—
Nova Amaralina S.A. Propriedades Agrícolas	262,881		4,045		—		—		—		—		—		—		—		266,926		3,494
Terras da Ponte Alta S.A.	99,498		(2,158)		—		—		—		—		—		—		—		97,340		—
Paineira Propriedades Agrícolas S.A.	243,684		6,041		—		—		—		—		—		—		—		249,725		—
Manacá Propriedades Agrícolas S.A.	239,235		5,353		—		—		—		—		—		—		—		244,588		—
Castanheira Propriedades Agrícolas S.A.	334,509		(37,491)		1,038		—		—		(5,803)		—		—		—		292,253		—
Tellus Brasil Participações S.A.	812,875		(3,950)		—		—		—		(5,473)		—		—		—		803,452		—
Janus Brasil Participações S.A.	1,286,450		10,533		—		—		—		(3,083)		—		—		—		1,293,900		—
Duguetiapar Empreendimentos e Participações S.A.	197		1		—		—		—		—		—		—		—		198		43
Gamiovapar Empreendimentos e Participações S.A.	147,453		3,725		—		—		—		(1,859)		—		—		—		149,319		—
Moove
Moove Lubricants Holdings	1,211,742		158,400		—		—		(59,838)		—		—		—		—		1,310,304		—
Cosan Paraguay S.A.	142		15		—		—		—		—		—		—		—		157		—
Rumo
Rumo S.A.	4,196,010		184,523		—		18,991		(17,409)		—		—		—		3,693		4,385,808		60,981
Compass
Compass Gás e Energia S.A.	—		12,245		—		1,592,691		911		—		(2,289,128)		1,171,665		5,150		493,534		—
Total investment in subsidiaries	16,573,858		550,148		444,467		1,611,682		17,528		(495,798)		(2,289,128)		(81,108)		24,355		16,356,004		264,428
Corporate
Pasadena Empreendimentos e Participações S.A.	(287)		(16)		—		—		—		—		—		—		(15)		(318)		—
Cosan Luxembourg S.A.	(371,031)		—		371,031		—		—		—		—		—		—		—		—
Total provision for uncovered liability of subsidiary	(371,318)		(16)		371,031		—		—		—		—		—		(15)		(318)		—
Total	16,202,540		550,132		815,498		1,611,682		17,528		(495,798)		(2,289,128)		(81,108)		24,340		16,355,686		264,428
(i)	On April 27, 2026, the partial and disproportionate spin-off of Cosan Dez Participações S.A. (“Cosan Dez”) was approved, with the transfer to the Company of the stake previously held indirectly in Compass Gás e Energia S.A. (“Compass”), without impacting the Company's shareholders’ equity or share capital.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

6.2 Non-controlling interest in subsidiaries

	Balance as of January 1, 2026		Interested in<br><br><br>earnings of<br><br><br>investees		Capital increase		Other<br><br><br>comprehensive<br><br><br>income		Dividends		Transaction with shareholders		Other		Balance as of June 30, 2026
Compass
Companhia de Gás de São Paulo - COMGÁS	28,586		5,688		—		315		(4,933)		—		1,793		31,449
Commit Gás S.A.	1,400,005		87,640		—		10		(127,428)		—		—		1,360,227
Companhia Paranaense de Gás - COMPAGAS	448,228		11,938		—		21		(9,699)		—		—		450,488
Biometano Verde Paulínia S.A.	233,436		(10,014)		—		—		—		—		—		223,422
Compass Gás e Energia	639,149		84,816		—		14,786		—		693,032		5,378		1,437,161
Rumo
Rumo S.A.	9,852,429		432,883		—		(40,025)		(15,601)		62,029		9,170		10,300,885
Moove
Moove Lubricants Holdings	721,580		84,460		—		(25,645)		—		—		79		780,474
Corporativo
Cosan Limited Partners Brasil Consultoria Ltda	5		—		—		—		—		—		—		5
Cosan Nove Participações S.A.	946		37		—		—		—		—		(3)		980
Radar
Janus Brasil Participações S.A.	5,229,793		42,997		—		—		(12,535)		—		—		5,260,255
Tellus Brasil Participações S.A.	3,304,581		(16,060)		—		—		(22,253)		—		—		3,266,268
Gamiovapar Empreendimentos e Participações S.A.	599,441		15,146		—		—		(7,559)		—		—		607,028
Duguetiapar Empreendimentos e Participações S.A.	801		4		—		—		—		—		—		805
Radar II Propriedades Agrícolas S.A.	1,291,759		12,539		—		62		(5,162)		—		—		1,299,198
Radar Propriedades Agrícolas S.A.	246,182		12,084		—		—		(20,541)		—		—		237,725
Nova Agrícola Ponte Alta S.A.	515,506		5,424		—		—		—		—		—		520,930
Nova Santa Bárbara Agrícola S.A.	13,119		252		—		—		—		—		—		13,371
Nova Amaralina S.A. Propriedades Agrícolas	262,881		4,045		—		—		—		—		—		266,926
Terras da Ponte Alta S.A.	99,498		(2,158)		—		—		—		—		—		97,340
Paineira Propriedades Agrícolas S.A.	243,684		6,041		—		—		—		—		—		249,725
Manacá Propriedades Agrícolas S.A.	239,235		5,353		—		—		—		—		—		244,588
Castanheira Propriedades Agrícolas S.A.	334,560		(37,491)		1,038		—		(5,803)		—		—		292,304
Total	25,705,404		745,624		1,038		(50,476)		(231,514)		755,061		16,417		26,941,554
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

7 Property, plant and equipment, intangible assets and goodwill

7.1 Property, plant and equipment

	Consolidated														Parent Company
	Land, buildings and improvements		Machines, equipment and installations		Wagons and locomotives		Permanent<br><br><br>railways		Construction in progress		Other assets		Total		Total
Cost
Balance as of January 1, 2026	2,578,507		4,323,347		10,773,276		15,580,338		10,410,737		480,985		44,147,190		96,530
Additions	—		1,557		—		—		3,643,061		780		3,645,398		5,185
Write-offs	(76)		(1,322)		(41,284)		(3,983)		(6,083)		(32,521)		(85,269)		—
Transfers ^(i)^	77,083		643,491		976,620		1,771,001		(3,617,393)		95,743		(53,455)		(70)
Exchange differences	(15,621)		(28,048)		—		—		(193)		(17,992)		(61,854)		—
Balance as of June 30, 2026	2,639,893		4,939,025		11,708,612		17,347,356		10,430,129		526,995		47,592,010		101,645
Depreciation
Balance as of January 1, 2026	(782,031)		(1,576,832)		(6,039,684)		(7,972,529)		(702,495)		(277,894)		(17,351,465)		(66,227)
Additions	(38,302)		(144,359)		(328,277)		(350,328)		—		(25,407)		(886,673)		(5,893)
Write-offs	76		1,110		40,666		219		—		20,701		62,772		—
Transfers^(i)^	(197)		3,298		(1,960)		—		—		(3,101)		(1,960)		—
Exchange differences	5,543		13,528		—		—		—		10,296		29,367		—
Impairment	—		(87,807)		(169,191)		(333,536)		276,283		—		(314,251)		—
Balance as of June 30, 2026	(814,911)		(1,791,062)		(6,498,446)		(8,656,174)		(426,212)		(275,405)		(18,462,210)		(72,120)
Balance as of January 1, 2026	1,796,476		2,746,515		4,733,592		7,607,809		9,708,242		203,091		26,795,725		30,303
Balance as of June 30, 2026	1,824,982		3,147,963		5,210,166		8,691,182		10,003,917		251,590		29,129,800		29,525
(i)	The remaining balance in the transfer line includes the amount of R$ 40,737 for intangible assets and R$ 14,677 for recoverable taxes.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

7.2 Intangible assets and goodwill

	Consolidated																Parent Company
	Goodwill		Concession right		Licenses		Trademarks and patents		Customer relationships		Supply Agreement		Other		Total		Total
Cost
Balance as of January 1, 2026	1,763,889		30,268,295		247,422		193,451		3,111,404		574,363		931,540		37,090,364		31,117
Additions	—		906		—		—		42,440		—		32,837		76,183		102
Write-offs	—		(30,586)		—		—		—		—		(2,154)		(32,740)		—
Transfers ^(i)^	—		698,435		—		—		163		—		43,520		742,118		69
Exchange differences	(40,638)		(2,773)		4,192		(10,328)		(70,537)		—		(10,033)		(130,117)		—
Balance as of June 30, 2026	1,723,251		30,934,277		251,614		183,123		3,083,470		574,363		995,710		37,745,808		31,288
Amortization
Balance as of January 1, 2026	—		(7,740,953)		(88,060)		(9,884)		(1,973,136)		—		(571,705)		(10,383,738)		(19,402)
Additions	—		(580,528)		(3,476)		(2,794)		(129,163)		(14,362)		(44,636)		(774,959)		(1,541)
Write-offs	—		23,748		—		—		—		—		1,978		25,726		—
Transfers^(i)^	—		—		—		—		(163)		—		—		(163)		—
Exchange differences	—		2,773		(3,153)		—		8,804		—		5,567		13,991		—
Impairment	—		—		—		—		—		—		(8,612)		(8,612)		—
Balance as of June 30, 2026	—		(8,294,960)		(94,689)		(12,678)		(2,093,658)		(14,362)		(617,408)		(11,127,755)		(20,943)
Balance as of January 1, 2026	1,763,889		22,527,342		159,362		183,567		1,138,268		574,363		359,835		26,706,626		11,715
Balance as of June 30, 2026	1,723,251		22,639,317		156,925		170,445		989,812		560,001		378,302		26,618,053		10,345
(i)	The amount indicated in the transfer line includes R$ 796,627 transferred from contract assets, R$ 92,418 transferred to financial assets, R$ 2,865 for recoverable taxes, R$ 127 for other financial assets , and R$ 40,737 reclassified from fixed assets.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

8 Income taxes

a) Reconciliation of income tax and social contribution expenses:

	Parent Company								Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
(Loss) profit before taxes	(389,137)		(786,271)		(1,139,029)		(1,914,946)		672,917		34,525		505,724		(854,340)
Income tax and social contribution at nominal  rate (34%)	132,307		267,332		387,270		651,082		(228,792)		(11,739)		(171,946)		290,476
Adjustments for calculating the effective rate
Interest in earnings of investees (non-taxable income)	147,096		(15,937)		186,811		(227,223)		9,720		(254,608)		24,786		(635,407)
Differences in tax rates on earnings from operating profit	—		(10,903)		—		(10,903)		(7,636)		(11,946)		(111,903)		(50,693)
Granted income tax incentive	—		—		—		—		101,827		108,778		181,443		185,486
Interest on shareholders’ equity	—		—		—		—		(9,394)		(325)		(12,603)		(2,579)
Non-deductible expenses (donations, gifts, etc.)	—		—		—		—		(2,785)		301		(5,369)		(6,088)
Tax losses not recorded	(128,390)		(413,940)		(1,249,973)		(1,291,185)		(252,168)		(651,579)		(1,503,136)		(1,710,492)
Derivative	—		—		—		—		(3,017)		—		(4,820)		—
Selic on indebtedness	5,129		7,441		10,925		12,428		11,043		14,355		22,907		25,521
Rate differential ^(i)^	—		—		—		—		(38,551)		29,641		(19,436)		54,146
Other	(87,503)		6,236		(99,855)		46,811		(66,414)		174,500		(63,874)		200,473
Income tax and social contribution (current and deferred)	68,639		(159,771)		(764,822)		(818,990)		(486,167)		(602,622)		(1,663,951)		(1,649,157)
Effective rate - %	(17.64)%		20.32%		67.15%		42.77%		(72.25)%		(1745.47)%		(329.02)%		193.03%
(i)	Difference in tax rate between the nominal rate of 34% and the effective rate applicable to entities that calculate the tax under the presumed profit regime.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

b) Deferred income tax assets and liabilities:

The tax effects of the temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities are presented below:

	Parent Company
	December 31, 2025		Impact on the profit or loss		June 30, 2026
Deferred tax assets from:
Temporary differences
Foreign exchange variation - Loans and borrowings	1,180,030		(560,211)		619,819
Provision for lawsuits	61,215		(3,748)		57,467
Provision for non- recoverability of taxes	2,580		—		2,580
Share-based payment transactions	25,933		(16,701)		9,232
Lease	1,916		(335)		1,581
Unrealized loss with derivatives	271,198		(246,094)		25,104
Provisions for profit sharing	15,638		(9,657)		5,981
Selic on undue payments	48,160		—		48,160
Other provisions	263,165		97,785		360,950
Other	23,156		(4,323)		18,833
Total	1,892,991		(743,284)		1,149,707
Deferred tax liabilities from:
Temporary differences
Securities and bonds	(31,434)		31,434		—
Effects on the formation of joint ventures	(33,776)		—		(33,776)
Provisions	(449,153)		—		(449,153)
Other	—		(50,239)		(50,239)
Total	(514,363)		(18,805)		(533,168)
Total deferred taxes recorded	1,378,628		(762,089)		616,539
Deferred tax assets	1,378,628		—		616,539
Total deferred, net	1,378,628		(762,089)		616,539
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

		Consolidated
		December 31, 2025		Impact on the profit or loss		Other comprehensive income		Transactions with owners of the company		June 30, 2026
Deferred tax assets from:
Income taxes losses		1,777,782		192,260		—		—		1,970,042
Negative base of social contribution		590,380		80,341		—		—		670,721
Temporary differences
Foreign exchange variation - Loans and borrowings		1,366,606		(625,769)		—		—		740,837
Provision for lawsuits		257,691		(23,265)		—		—		234,426
Impairment		30,547		(4,853)		—		—		25,694
Post-employment benefit obligation		129,938		1,457		—		—		131,395
Provisions for uncertain tax credits and tax losses		53,662		325		—		—		53,987
Provision for non- recoverability of taxes		68,210		(6,469)		—		—		61,741
Share-based payment transactions		90,861		13,657		—		—		104,518
Lease		236,278		(29,128)		—		—		207,150
Unrealized loss with derivatives		696,110		(71,034)		—		—		625,076
Fair value adjustment on debts		32,268		(23,678)		—		—		8,590
Provisions for profit sharing		118,658		(45,448)		—		—		73,210
Business combination - Intangible assets		106,524		3,948		—		—		110,472
Business combination – Property, plant and equipment		1,854		—		—		—		1,854
Selic on undue payments		73,113		(3,176)		—		—		69,937
Other provisions		812,648		13,029		—		—		825,677
Deferred tax on pre-operating income		69,314		(8,823)		—		—		60,491
Useful life review		—		9,373		—		—		9,373
Other		170,404		40,138		—		81,020		291,562
Total		6,682,848		(487,115)		—		81,020		6,276,753
Deferred tax liabilities from:
Temporary differences
Exchange rate variation - Loans and borrowings		(24,778)		(85,567)		—		—		(110,345)
Useful life review		(839,880)		(117,593)		—		—		(957,473)
Business combination – fixed assets		(174,359)		7,127		—		—		(167,232)
Tax goodwill		(609,096)		35,022		—		—		(574,074)
Unrealized income with derivatives		(400,672)		(91,053)		—		—		(491,725)
Fair value adjustment on debt		(559,450)		(162,319)		—		—		(721,769)
Securities and bonds		(31,437)		31,437		—		—		—
Investment properties		(567,263)		35,955		—		—		(531,308)
Goods intended for sale		(11,906)		(48,395)		—		—		(60,301)
Capitalized interest		(272,598)		28,212		—		—		(244,386)
Effects on the formation of joint ventures		(33,776)		—		—		—		(33,776)
Business Combination – Intangible assets		(4,902,079)		144,410		—		—		(4,757,669)
Post-employment obligations		(4,815)		—		—		—		(4,815)
Lease		(11,101)		(3,845)		—		—		(14,946)
Provisions		(449,153)		—		—		—		(449,153)
Other		(211,842)		(321,541)		(24,107)		—		(557,491)
Total		(9,104,205)		(548,150)		(24,107)		—		(9,676,463)
Total deferred taxes recorded		(2,421,357)		(1,035,265)		(24,107)		81,020		(3,399,710)
Deferred tax assets		3,703,864		—		—		—		2,956,136
Deferred tax liabilities		(6,125,221)		—		—		—		(6,355,846)
Total deferred, net		(2,421,357)		—		—		—		(3,399,710)
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

c) Uncertainties regarding the treatment of income tax

The Company is engaged in administrative and judicial discussions with the tax authorities in Brazil regarding certain interpretations and positions adopted in the calculation of Corporate Income Tax (“IRPJ”) and Social Contribution on Net Income (“CSLL”). The final determination of these issues is uncertain and may be influenced by factors beyond the Company's control, such as changes in case law and modifications to tax legislation.

In accordance with ICPC 22 (IFRIC 23) - Uncertainty Regarding the Treatment of Income Taxes, the Company assesses, for each uncertain tax position, whether it is probable that the tax authority will accept the treatment adopted or planned in the calculation of taxes.

Only in cases where the Company concludes that acceptance of the tax treatment by the competent authority is unlikely are the effects of uncertainty recognized, based on the best method for predicting the resolution of the issue — either the most probable value or the expected value.

The tax positions adopted by the Company are supported by opinions from specialized legal advisors. The Company is subject to review by the tax authorities regarding income tax for a period of up to ten years, depending on the jurisdiction in which it operates.

As of June 30, 2026, the total amount of assessed values ​​under discussion with the tax authorities regarding these matters, where the tax authority is likely to accept the uncertain tax treatment, was R$ 1,556,375 at the Parent Company (R$ 1,509,117 as of December 31, 2025) and R$  6,130,754 at the Consolidated (R$ 6,859,878 as of December 31, 2025).

Regarding probable tax contingencies, the Company has tax assessments issued by the Brazilian Federal Revenue Service and judicial proceedings related to: (a) disallowance of amortization of goodwill expenses based on expected future profitability arising from corporate transactions; (b) capital gain on the sale of an equity interest; (c) labor provisions; and (d) rectification of offsetting declarations due to partial restitution of credits subject to the offset request.

9 Provision for legal claims and deposits

a) Judicial deposits and probable losses:

	Judicial deposits
	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Tax	320,648		324,792		792,154		769,351
Civil, environmental and regulatory	17,306		15,707		198,571		182,809
Labor	10,751		11,405		117,745		120,822
Total	348,705		351,904		1,108,470		1,072,982
	Probable losses (Parent Company)
---	---	---	---	---	---	---	---
	Tax		Civil, environmental and regulatory		Labor		Total
Balance as of December 31, 2025	204,827		55,721		34,627		295,175
Provisioned in the year	538		2,872		201		3,611
Write-offs by reversal / payment	(22,619)		(3,619)		(2,315)		(28,553)
Interest^(i)^	(15,730)		3,028		(288)		(12,990)
Balance as of June 30, 2026	167,016		58,002		32,225		257,243
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

	Probable losses (Consolidated)
	Tax		Civil, environmental and regulatory		Labor		Total
Balance as of December 31, 2025	694,524		907,205		456,393		2,058,122
Provisioned in the year	41,553		66,965		71,017		179,535
Write-offs by reversal / payment	(71,517)		(166,361)		(58,769)		(296,647)
Transfer	—		10,444		—		10,444
Interest ^(i)^	1,737		91,655		53,598		146,990
Balance as of March 31, 2026	666,297		909,908		522,239		2,098,444
(i)	Includes interest rate reduction due to reversal.
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The Company has debts secured by assets or through cash deposits, bank guarantees, or surety bonds.

The Company holds additional indemnification claims beyond those mentioned, which, being considered probable, were not recorded as they represent contingent assets.

Tax

The main tax litigation cases for which the risk of loss is considered likely are described below:

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Compensation with FINSOCIAL	—		—		358,805		351,539
INSS	87,955		85,630		121,337		117,264
ICMS credit	27,386		55,432		78,237		104,889
PIS and COFINS	1,520		5,253		2,843		6,081
IPI	14,694		23,449		14,694		23,449
Other	35,461		35,063		90,381		91,302
Total	167,016		204,827		666,297		694,524
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

Labor

The Company and its subsidiaries are named as defendants in several labor lawsuits filed by former employees and outsourced service providers. The claims include demands for additional compensation and various types of damages.

Additionally, the Company is a party to public civil actions filed by the Labor Prosecutor's Office, related to alleged violations of labor standards, working conditions, and the work environment. Regarding the allegations found to be valid, the Company has entered into Settlement Agreements (“TACs”) with the competent authorities.

Civil, Environmental and Regulatory

The Company and its subsidiaries are parties to several indemnification lawsuits, public civil actions, and administrative proceedings. Individually, these proceedings are not considered significant, and, based on the assessment of its legal advisors, the risk of loss is classified as probable.

b) Possible losses

The following describes the main legal claims for which the risk of loss is considered possible:

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Tax	3,348,504		3,365,322		9,039,117		8,392,969
Civil	761,205		708,679		3,242,409		3,227,973
Environmental	62,660		61,183		1,684,564		1,618,201
Regulatory	782		744		2,114,461		2,018,722
Labor	31,696		15,513		810,770		814,364
Total	4,204,847		4,151,441		16,891,321		16,072,229

Tax

	Parent Company				Consolidated
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Isolated fine - Federal tax	—		—		877,561		856,908
ICMS -Tax on circulation of goods	1,310,028		1,278,584		3,274,284		3,021,717
IRRF	—		—		950,954		925,890
PIS and COFINS	1,188,704		1,164,986		2,360,037		1,888,292
MP 470 installment of debts	287,745		281,285		287,745		281,285
Stock Grant Plan	—		—		34,247		33,387
IOF on loans	—		—		55,068		68,168
Reward credit compensation	164,962		162,357		164,962		162,357
IPI - Tax on industrialized products	91,250		179,205		229,206		381,282
INSS	126,929		124,993		214,965		209,118
IPTU - Urban Property Tax	—		—		152,589		143,077
Other	178,886		173,912		437,499		421,488
Total	3,348,504		3,365,322		9,039,117		8,392,969
(i)	The main activity that occurred in the 2026 fiscal year is related tax litigation involving the disallowance by the tax authorities of PIS and COFINS tax credits recognized by subsidiaries as a result of the exclusion of ICMS from their respective calculation bases. The risk of loss associated with these proceedings is assessed as possible.
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

10 Shareholder's equity

As of June 30, 2026, treasury shares moved as follows:

		Parent Company
Quantity as of January 1, 2025		7,142,335
Action program exercise (Note 16)		(5,472,680)
Repurchase ^(i)^		52,611,312
Sale ^(ii)^		(32,076,500)
Quantity as of June 30, 2026		22,204,467
(i)	In January 2026, the Company repurchased shares of its own issuance for a total amount of R$ 270,533, at an average cost of R$ 5.14 per share.
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(ii)	In March 2026, the Company sold shares of its own issuance for a total value of R$ 54,026, at an average cost of R$ 5.32 per share. Additionally, in April 2026, the Company sold shares of its own issuance for a total value of R$ 118,480, at an average cost of R$ 5.41 per share.

11 Earnings per share

The following table shows the calculation of the result per share (in thousands of reais, except for the values ​​per share).

Basic and diluted – Continuous operation	Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025
Loss attributable to holders of common share of the Company used in the calculation of basic earnings per share	(320,498)		(946,042)		(1,903,851)		(2,733,936)
Diluting effect of the share-based plan of subsidiaries	(177)		(59)		(199)		(59)
Profit or loss attributable to holders of common share of the Company used in the calculation of diluted earnings per share	(320,675)		(946,101)		(1,904,050)		(2,733,995)
Weighted average of the number of common shares in circulation – basic (in thousands of shares)
Basic	3,936,473		1,858,658		3,926,115		1,858,651
Share repurchases	—		(410)		—		(410)
Diluted	3,936,473		1,858,248		3,926,115		1,858,241
Loss per share
Basic	R$(0.08)		R$(0.51)		R$(0.48)		R$(1.47)
Diluted	R$(0.08)		R$(0.51)		R$(0.48)		R$(1.47)

Anti-dilution instruments: assets share-based payment plans were analyzed for the calculation of diluted earnings per share. However, these actions did not impact the calculation of diluted earnings per share for the six-month period ended June 30, 2026, as their potential effect would be to increase earnings per share (or reduce loss per share), thus characterizing them as anti-dilution instruments.

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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

12 Net sales

The following table demonstrates the breakdown of gross revenue from the sale of products and services by the Company:

	Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025
Gross revenue from the sale of products and services	12,785,352		11,957,826		23,057,912		23,083,341
Construction revenue	483,917		364,324		843,116		668,454
Indirect taxes and other deductions	(2,493,338)		(1,844,498)		(4,096,297)		(3,611,542)
Net sales	10,775,931		10,477,652		19,804,731		20,140,253

13 Costs and expenses by nature

Expenses are presented in the income statement by function. The reconciliation of revenues, costs, and expenses by nature/purpose is as follows:

	Parent Company								Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
Raw materials	—		—		—		—		(1,787,356)		(1,624,440)		(3,558,106)		(3,350,139)
Commodity cost (natural gas)	—		—		—		—		(2,003,519)		(2,608,667)		(3,534,106)		(5,399,586)
Railroad transport and port elevation expenses	—		—		—		—		(881,291)		(808,728)		(1,673,740)		(1,436,481)
Other transport	—		—		—		—		(140,018)		(174,132)		(253,548)		(252,187)
Depreciation and amortization	(5,427)		(5,079)		(10,823)		(9,792)		(996,132)		(994,855)		(1,967,528)		(1,960,208)
Personnel expenses	(9,652)		(61,989)		(25,839)		(116,086)		(874,428)		(815,054)		(1,693,155)		(1,594,180)
Construction cost	—		—		—		—		(483,917)		(364,325)		(843,116)		(668,454)
Third-party services expenses	(10,541)		(15,416)		(29,113)		(28,576)		(244,519)		(221,171)		(468,621)		(396,724)
Business expenses	(7)		(5)		(18)		(18)		(8,614)		(128,509)		(10,203)		(231,192)
Cost of properties sold	—		—		—		—		—		(22,677)		—		(31,840)
Other	(15,091)		4,875		(20,864)		18,921		(466,284)		(220,100)		(828,199)		(428,661)
	(40,718)		(77,614)		(86,657)		(135,551)		(7,886,078)		(7,982,658)		(14,830,322)		(15,749,652)
Cost of sales	—		—		—		—		(6,747,101)		(6,881,505)		(12,700,120)		(13,673,411)
Selling expenses	—		—		—		—		(488,712)		(457,529)		(932,526)		(897,585)
General and administrative expenses	(40,718)		(77,614)		(86,657)		(135,551)		(650,265)		(643,624)		(1,197,676)		(1,178,656)
Total	(40,718)		(77,614)		(86,657)		(135,551)		(7,886,078)		(7,982,658)		(14,830,322)		(15,749,652)
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Notes to the condensed interim financial statement (In thousands of Brazilian reais - R$, unless otherwise indicated)

14  Other operating income (expenses), net

	Parent Company								Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
Tax credits	—		113		—		113		10,171		(491)		10,171		2,489
Change in fair value of investment properties (Note 11.5)	—		—		—		—		(113,173)		—		(113,173)		—
Result on disposals and write-offs of fixed and intangible assets	—		—		—		—		7,258		(647)		27,612		(35,612)
Gain previously recognized in other comprehensive  comprehensive income reclassified to profit or loss upon disposal of investment	—		—		—		206,388		—		—		—		206,388
Net effect of provisions for legal proceedings , legal  claims, recoverables and tax installments	(6,341)		(18,333)		(11,478)		(53,921)		(7,096)		(58,515)		(89,297)		(143,507)
Agreement on the assumption of rights and obligations	3,501		3,137		(31,581)		(4,022)		(15,954)		—		(15,954)		—
Result of commercial operations	—		—		—		—		143,666		100,747		468,021		494,895
Net impairment loss	(233,000)		—		(233,000)		—		(401,383)		(397,531)		(569,487)		(683,139)
Loss of profits and material damages of fixed assets	—		—		—		—		89		514,372		167		514,372
Other	(11,097)		7,158		(4,277)		17,443		(17,451)		(66,672)		(45,088)		(26,101)
	(246,937)		(7,925)		(280,336)		166,001		(393,873)		91,263		(327,028)		329,785
(i)	This refers to the contractual agreement with the supplier due to the use of the minimum required quantity stipulated in the contract, for which the Company was compensated, as well as the result of financial settlement arising from a load optimization transaction of certain commercial contracts, within the scope of executing the commercial strategy in the ordinary course of its business.
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(ii)	Extreme climate events that occurred during the second quarter of 2024 caused significant damage to the railway infrastructure of Rumo Malha Sul S.A. In 2026, the persistence of impairment indicators was identified, leading to the full recognition of the investments made during the period as an impairment loss related to the railway concession asset, amounting to R$336,487. Additionally, at the parent company level, the impairment assessment of the assets and liabilities held for sale of TUP Porto São Luís S.A. was updated. Fair value was revised by R$233,000 based on the binding offer received.
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

15 Financial result

The breakdown of finance income and finance costs is as follows:

	Parent Company								Consolidated
Period of three months ended June 30,				Period of six months ended June 30,				Period of three months ended June 30,				Period of six months ended June 30,
	2026		2025		2026		2025		2026		2025		2026		2025
Cost of gross debt
Interest on debt	(447,230)		(520,472)		(922,620)		(1,025,453)		(1,831,587)		(1,577,833)		(3,505,540)		(3,310,838)
Interest on the obligation to repurchase shares of subsidiaries	(145,829)		—		(290,537)		—		(145,829)		—		(290,383)		—
Monetary and exchange rate variation	—		172,588		101,049		824,777		94,495		797,799		766,330		2,600,536
Derivatives and fair value measurement	(31,681)		(384,881)		(513,973)		(1,490,851)		(237,549)		(1,088,047)		(1,394,825)		(3,112,427)
Amortization of borrowing costs	(20,876)		(6,255)		(57,425)		(77,266)		(51,342)		(37,183)		(377,354)		(382,026)
Discounts obtained from financial operations	—		—		—		—		—		(8,541)		—		186,681
Guarantees and warranties	—		—		—		—		(4,388)		(4,142)		(8,435)		(8,656)
	(645,616)		(739,020)		(1,683,506)		(1,768,793)		(2,176,200)		(1,917,947)		(4,810,207)		(4,026,730)
Income from financial investments and exchange rate in cash and cash equivalents	274,739		108,448		588,517		273,776		677,444		562,509		1,407,892		1,188,563
Changes in fair value of investments in listed entities	—		(17,288)		12,546		5,415		—		(17,288)		12,546		5,415
	274,739		91,160		601,063		279,191		677,444		545,221		1,420,438		1,193,978
Cost of debt, net	(370,877)		(647,860)		(1,082,443)		(1,489,602)		(1,498,756)		(1,372,726)		(3,389,769)		(2,832,752)
Other charges and monetary variations
Interest on other receivables	11,315		13,162		14,802		39,733		328,603		164,067		545,661		330,760
Update of other financial assets	(104,922)		—		(208,583)		—		(104,922)		—		(208,737)		—
Leases and concessions agreements	—		—		—		—		(144,624)		(131,108)		(279,216)		(245,312)
Interest on leases	(440)		(628)		(912)		(1,290)		(168,492)		(158,692)		(328,283)		(317,646)
Interest on shareholder's equity	—		—		—		—		(21,996)		(8,806)		(22,189)		(9,420)
Interest on contingencies and contracts	(11,766)		2,268		(16,696)		(39,149)		(126,365)		(104,014)		(307,401)		(292,417)
Interest on sectorial assets and liabilities	—		—		—		—		(7,209)		(29,678)		(30,391)		(51,336)
Bank charges and other	(5,441)		(7,724)		(17,790)		(23,045)		(42,315)		(37,436)		(78,142)		(76,778)
Foreign exchange, net	(51,985)		(13,078)		(9,859)		236,259		(65,574)		(124,494)		(116,090)		(210,982)
	(163,239)		(6,000)		(239,038)		212,508		(352,894)		(430,161)		(824,788)		(873,131)
Financial result, net	(534,116)		(653,860)		(1,321,481)		(1,277,094)		(1,851,650)		(1,802,887)		(4,214,557)		(3,705,883)
Reconciliation
Finance expense	(824,441)		(623,490)		(1,715,447)		(1,387,451)		(2,751,969)		(2,060,943)		(5,600,142)		(4,774,585)
Finance income	299,739		111,488		645,201		336,030		1,068,527		716,707		2,085,203		1,754,607
Exchange variation, net	22,267		421,118		304,159		1,500,402		81,393		794,492		783,911		2,588,455
Derivatives	(31,681)		(562,976)		(555,394)		(1,726,075)		(249,601)		(1,253,143)		(1,483,529)		(3,274,360)
Financial result, net	(534,116)		(653,860)		(1,321,481)		(1,277,094)		(1,851,650)		(1,802,887)		(4,214,557)		(3,705,883)
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Notes to the condensed interim financial statement

(In thousands of Brazilian reais - R$, unless otherwise indicated)

16 Share-based payment

a) Movement during the period

The movement in the number of outstanding awards is as follows:

	Parent Company		Consolidated
Balance as of December 31, 2025	12,301,070		19,624,296
Granted	—		2,196,870
Canceled	(2,071,681)		(2,275,826)
Exercised	(5,472,680)		(5,579,130)
Balance as of June 30, 2026	4,756,709		13,966,210

b) Expense recognized in the result

Share-based compensation expenses included in the income statement for the period ended June 30, 2026, were R$ 41,188 (R$ 44,618 as of June 30, 2025).

17 Subsequent events

Rumo - Debenture Issuance

On July 27, 2026, the subsidiary Rumo S.A. issued the third series of its 18th debenture issuance with BNDES, in the amount of R$ 500,000. The debt bears interest at IPCA plus 8.34% per annum and has a 15-year maturity.

Total Spin-off of Radar II Propriedades Agrícolas S.A.

On August 14, 2026, Cosan's Board of Directors approved the proposed total spin-off of Radar II Propriedades Agrícolas S.A. ("Radar II"), resulting in the dissolution of Radar II and the merger of the portions of Radar II's shareholders' equity, comprising all of its assets, liabilities, rights, obligations, and equity interests in the special purpose entities (the "Spun-Off Net Equity"), into Cosan and into Mansilla Participações Ltda. ("Mansilla"), at book value and in proportion to their respective equity interests held in Radar II (50% each). The effectiveness of the transaction is conditioned upon approval by the Extraordinary General Meeting of Radar II, the Extraordinary General Meeting of Cosan, and the quotaholders' meeting of Mansilla, and the transaction is expected to take effect on October 1, 2026. Cosan's merger of the portion of Radar II's shareholders' equity will not result in an increase in capital stock, an issuance of new shares, or a change in the Company's shareholders' equity. The transaction is being structured at book value and on a tax-neutral basis.

Disposal of the TUP Porto São Luís

On August 13, 2026, the Company formalized a letter of intent to sell its equity interest in Terminal de Uso Privado Porto São Luís S.A. The proposal provides for a period of negotiation and execution of the definitive agreement and contemplates a purchase price of R$300,000, to be paid on the transaction closing date. Accordingly, the Company recognized, in the period ended June 30, 2026, an adjustment to the impairment of assets and liabilities held for sale in the amount of R$233,000 (Note 14).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 14, 2026

	COSAN S.A.
	By:	/s/ Rafael Bergman
		Name:            Rafael Bergman
		Title:              Chief Financial Officer