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 2025

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 ☒

---

a

1

---

Table of Contents

CONTENTS

Independent auditor's report on the Condensed interim individual and consolidated financial statements	3
Interim statement of financial position	5
Interim statement of profit or loss	7
Interim statement of other comprehensive income	8
Interim statement of changes in equity	9
Interim statement of cash flows	11
Interim statement of value added	14
1   Operational context	15
2   Relevant events of the period	15
2.1   Investments	16
2.2   New debts	18
3   Statement of compliance and material accounting policies	19
4   Segment information	20
4.1   Net sales to external customers by product/customer type	27
4.2   Information on geographical area	15
5   Financial assets and liabilities	28
5.1    Cash and cash equivalents	29
5.2    Loans, borrowings and debentures	29
5.3    Derivative financial instruments	32
5.4    Related parties	38
5.5    Trade payables	41
5.6    Fair value measurements	42
5.7    Financial risk management	42
6   Investment in subsidiaries and associates	47
6.1    Investments in subsidiaries	47
6.2    Non-controlling interest in subsidiaries	50
6.3    Acquisition of subsidiaries	51
7   Investment in joint ventures	54
8   Property, plant and equipment, intangible assets and goodwill, right-of-use assets and impairment loss	55
8.1    Property, plant and equipment	55
8.2    Intangible assets and goodwill	55
8.3    Right-of-use assets	56
8.4    Impairment loss	57
9   Income taxes	58
10 Provision for legal proceedings and judicial deposits	62
11 Shareholders’ equity	64
12 Earnings per share	65
13 Net sales	66
14 Costs and expenses by nature	67
15 Other operation income (expenses), net	68
16 Financial results, net	69
17 Share-based payment	69
18 Subsequent events	70
2
---

---

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, 2025 and the related statements of profit or loss and other comprehensive income for the quarter and six-month period 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, 2025 and the related consolidated statements of profit or loss and other comprehensive income for the quarter and six-month period then ended, and the consolidated statements of changes in equity and cash flows for the six-month period then ended, and explanatory notes.

Management is responsible for the preparation and presentation of these parent company and consolidated condensed interim financial statements in accordance with the 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 did 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.

	PricewaterhouseCoopers<br>Auditores Independentes Ltda.
	Avenida Brigadeiro Faria Lima,<br>3732, Edifício B32, 16^o^,
	São Paulo, SP, Brasil,<br>04538-132
www.pwc.com.br	T: +55 (11) 4004-8000
3
---

---

Table of Contents

Statements of value added

The interim condensed financial statements referred to above include the parent company and consolidated statements of value added for the six-month period ended June 30, 2025. These statements are the responsibility of the Company's management 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 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.

Audit and review of previous year's figures

The condensed interim financial statements referred to in the first paragraph include accounting information corresponding to the statements of profit or loss and other comprehensive income for the for the quarter and six-month period ended June 30, 2024, and the statements of changes in equity, cash flows and value added for the six-month period ended June 30, 2024, obtained from the condensed interim financial statements for that period, and the statement of financial position as of December 31, 2024, obtained from the financial statements ended December 31, 2024, presented for comparison purposes. The review of the condensed interim financial statements for the period ended June 30, 2024 and the audit of the financial statements for the year ended December 31, 2024 were conducted under the responsibility of other independent auditors, who issued review and audit reports dated August 14, 2024, and March 10, 2025, respectively, without qualifications.

São Paulo, August 14, 2025

PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/O-5

Alessandro Marchesino de Oliveira Contador CRC 1SP265450/O-8

4

---

Table of Contents

Interim statement of financial position

(In thousands of Brazilian reais - R$)

			Parent Company				Consolidated
	Note		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	5.1		2,931,314		2,201,267		13,527,889		16,903,542
Restricted cash			—		—		27,915		28,006
Marketable securities			485,179		805,335		2,723,105		3,272,941
Trade receivables			—		—		3,951,961		3,730,364
Derivative financial instruments	5.3		—		18,402		161,993		905,341
Inventories			—		—		2,104,814		2,072,905
Receivables from related parties	5.4		152,874		114,099		184,061		197,063
Income tax receivable			657,871		453,308		972,638		793,721
Other current tax receivable			5,373		5,364		902,796		886,136
Dividend receivable			11,848		19,377		32,669		153,548
Reduction of capital receivable			—		1,013,714		—		—
Sectorial financial assets			—		—		258,142		221,947
Other financial assets			—		—		91		675
Other current assets			91,740		50,896		1,054,926		629,426
Current assets			4,336,199		4,681,762		25,903,000		29,795,615
Current assets held for sale			795,828		796,211		979,697		978,788
			5,132,027		5,477,973		26,882,697		30,774,403
Trade receivables			—		—		166,429		265,370
Marketable securities			224,748		—		325,481		113,360
Restricted cash			188		—		192,778		146,297
Deferred tax assets	9		1,158,637		1,758,410		3,488,404		4,495,296
Receivables from related parties	5.4		95,250		292,882		26,319		202,826
Income tax receivable			—		—		140,012		264,308
Other non-current tax receivable			36,083		35,177		1,599,348		1,334,553
Judicial deposits	10		390,067		416,969		1,054,531		1,056,690
Derivative financial instruments	5.3		120,468		1,547,093		1,998,415		2,893,987
Sectorial financial assets			—		—		530,602		509,695
Other non-current assets			137,906		140,594		834,681		739,386
Other financial assets			—		—		4,472		3,820
Investment in subsidiaries and associates	6.1		22,482,118		31,308,696		1,638,515		10,678,566
Investment in joint ventures	7		1,013,743		1,193,072		8,960,090		10,545,044
Property, plant and equipment	8.1		39,042		39,038		24,367,923		23,019,016
Intangible assets and goodwill	8.2		11,441		9,873		26,477,844		26,330,785
Contract assets			—		—		1,031,451		1,114,830
Right-of-use assets	8.3		16,102		17,557		9,583,592		9,958,751
Investment property			—		—		16,732,690		16,818,919
Non-current assets			25,725,793		36,759,361		99,153,577		110,491,499
Total assets			30,857,820		42,237,334		126,036,274		141,265,902

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

5

---

Table of Contents

Interim statement of financial position

(In thousands of Brazilian reais - R$)

			Parent Company				Consolidated
	Note		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Liabilities
Loans, borrowings and debentures	5.2		480,944		347,032		3,873,610		4,403,148
Leases			9,987		9,227		1,016,530		1,007,533
Derivative financial instruments	5.3		252,037		1,074,991		2,027,992		2,504,117
Trade payables	5.5		1,366		2,900		4,059,315		5,168,593
Employee benefits payables			26,489		43,356		582,617		794,906
Income tax payables			13,837		18,514		142,713		414,823
Other taxes payable			80,992		78,197		605,900		637,842
Dividends payable	11		39		3,495		135,875		96,722
Reduction of capital payable			—		—		—		486,285
Concessions payable			—		—		178,611		166,273
Related party payables	5.4		146,329		210,620		377,952		416,410
Sectorial financial liabilities			—		—		78,067		64,718
Other financial liabilities	5		—		—		695,027		770,103
Other current liabilities			308,389		298,534		855,658		895,223
Current liabilities			1,320,409		2,086,866		14,629,867		17,826,696
Liabilities related to assets held for sale			—		—		86,145		86,138
			1,320,409		2,086,866		14,716,012		17,912,834
Loans, borrowings and debentures	5.2		15,659,544		21,003,523		56,526,653		62,052,278
Leases			12,482		15,232		5,359,142		5,502,220
Derivative financial instruments	5.3		159,973		29,883		618,691		966,087
Trade payables	5.5		—		—		19,763		19,256
Employee benefits payables			—		—		31,294		19,101
Other taxes payable			135,436		216,203		163,811		255,245
Income tax payables			52,928		—		124,485		—
Provision for legal proceedings	10		266,965		308,607		2,044,858		2,044,633
Concessions payable			—		—		3,793,992		3,554,917
Investments with unsecured liabilities	6.1		349,663		263,722		—		—
Related party payables	5.4		5,359,068		7,052,404		1,078		1,078
Post-employment benefits			389		279		566,971		526,620
Deferred tax liabilities	9		—		—		6,003,008		5,973,506
Sectorial financial liabilities			—		—		2,068,665		1,975,521
Deferred income			—		—		15,336		16,589
Other financial liabilities	5		—		—		158,475		297,736
Other non-current liabilities			349,903		356,851		719,624		749,919
Non-current liabilities			22,346,351		29,246,704		78,215,846		83,954,706
Total liabilities			23,666,760		31,333,570		92,931,858		101,867,540
Shareholders’ equity	11
Share capital			8,182,738		8,832,544		8,182,738		8,832,544
Treasury shares			(84,162)		(50,708)		(84,162)		(50,708)
Additional paid-in capital			1,171,058		2,205,878		1,171,058		2,205,878
Accumulated other comprehensive income			655,361		565,855		655,361		565,855
Profit reserve			—		8,773,990		—		8,773,990
Retained losses			(2,733,935)		(9,423,795)		(2,733,935)		(9,423,795)
Equity attributable to owners of the Company			7,191,060		10,903,764		7,191,060		10,903,764
Non-controlling interests	6.2		—		—		25,913,356		28,494,598
Total shareholders' equity			7,191,060		10,903,764		33,104,416		39,398,362
Total liabilities and shareholders' equity			30,857,820		42,237,334		126,036,274		141,265,902

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

6

---

Table of Contents

Interim statement of profit or loss

(In thousands of Brazilian reais - R$, except earnings (loss) 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		2025		2024		2025		2024		2025		2024		2025		2024
Net sales	13		—		—		—		—		10,477,652		10,694,008		20,140,253		20,536,064
Cost of sales	14		—		—		—		—		(6,881,505)		(7,137,604)		(13,673,411)		(14,066,041)
Gross profit			—		—		—		—		3,596,147		3,556,404		6,466,842		6,470,023
Selling expenses	14		—		—		—		—		(457,529)		(376,497)		(897,585)		(737,901)
General and administrative expenses	14		(77,614)		(111,518)		(135,551)		(215,201)		(643,624)		(611,413)		(1,178,656)		(1,194,668)
Other operating income (expenses), net	15		(7,925)		28,634		166,001		14,395		488,794		165,774		1,012,924		166,535
Impairment	15		—		—		—		—		(397,531)		(2,574,817)		(683,139)		(2,574,817)
Operating (expenses) income			(85,539)		(82,884)		30,450		(200,806)		(1,009,890)		(3,396,953)		(1,746,456)		(4,340,851)
Loss (profit) before equity in earnings of investees, finance results and income taxes			(85,539)		(82,884)		30,450		(200,806)		2,586,257		159,451		4,720,386		2,129,172
Interest in earnings (losses) of subsidiaries and associates	6.1		46,008		753,820		(447,229)		1,577,990		79,604		833,371		98,652		1,294,795
Interest in (losses) earnings of joint ventures	7		(92,880)		50,927		(221,073)		5,052		(828,449)		450,974		(1,967,495)		47,066
Equity in earnings (losses) of investees			(46,872)		804,747		(668,302)		1,583,042		(748,845)		1,284,345		(1,868,843)		1,341,861
Finance expense			(623,490)		(625,774)		(1,387,451)		(1,155,309)		(2,060,943)		(2,130,752)		(4,774,585)		(3,995,308)
Finance income			111,488		42,188		336,030		100,371		716,707		726,385		1,754,607		1,341,486
Foreign exchange, net			421,118		(1,514,581)		1,500,402		(1,852,577)		794,492		(2,442,818)		2,588,455		(2,974,036)
Net effect of derivatives			(562,976)		652,311		(1,726,075)		138,950		(1,253,143)		1,325,382		(3,274,360)		1,326,726
Finance results, net	16		(653,860)		(1,445,856)		(1,277,094)		(2,768,565)		(1,802,887)		(2,521,803)		(3,705,883)		(4,301,132)
Profit (loss) before income taxes			(786,271)		(723,993)		(1,914,946)		(1,386,329)		34,525		(1,078,007)		(854,340)		(830,099)
Income taxes	9
Current			—		—		—		(3,849)		(371,559)		(543,520)		(674,721)		(827,916)
Deferred			(159,771)		496,885		(818,990)		970,896		(231,063)		652,042		(974,436)		952,076
			(159,771)		496,885		(818,990)		967,047		(602,622)		108,522		(1,649,157)		124,160
Loss for the period			(946,042)		(227,108)		(2,733,936)		(419,282)		(568,097)		(969,485)		(2,503,497)		(705,939)
Profit (loss) attributable to:
Owners of the Company			(946,042)		(227,108)		(2,733,936)		(419,282)		(946,042)		(227,108)		(2,733,936)		(419,282)
Non-controlling interests			—		—		—		—		377,945		(742,377)		230,439		(286,657)
			(946,042)		(227,108)		(2,733,936)		(419,282)		(568,097)		(969,485)		(2,503,497)		(705,939)
Earnings (loss) per share	12
Basic											R$ (0.51)		R$ (0.12)		R$ (1.47)		R$ (0.22)
Diluted											R$ (0.51)		R$ (0.12)		R$ (1.47)		R$ (0.22)

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

7

---

Table of Contents

Interim statement of other comprehensive income

(In thousands of Brazilian reais - R$, except earnings (loss) 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,
	2025		2024		2025		2024		2025		2024		2025		2024
Loss for the period	(946,042)		(227,108)		(2,733,936)		(419,282)		(568,097)		(969,485)		(2,503,497)		(705,939)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences	221,491		101,317		(69,205)		164,203		244,609		131,448		(45,589)		194,502
Gain (loss) on cash flow hedge	9,810		(127,372)		172,697		(159,756)		25,815		(229,812)		219,360		(291,759)
Deferred taxes	—		—		—		—		(19,548)		62,666		(47,573)		82,049
	231,301		(26,055)		103,492		4,447		250,876		(35,698)		126,198		(15,208)
Items that will not be reclassified to profit or loss:
Actuarial gains (losses) with defined benefit plan	13		892		(22,484)		16,968		(7,230)		(14,138)		(37,619)		10,148
Deferred taxes	(1)		—		8,498		(1,668)		7,022		14,981		24,024		6,724
	12		892		(13,986)		15,300		(208)		843		(13,595)		16,872
Total comprehensive loss for the period	(714,729)		(252,271)		(2,644,430)		(399,535)		(317,429)		(1,004,340)		(2,390,894)		(704,275)
Comprehensive income (loss) attributable to:
Owners of the Company	(714,729)		(252,271)		(2,644,430)		(399,535)		(714,729)		(252,271)		(2,644,430)		(399,535)
Non-controlling interests	—		—		—		—		397,300		(752,069)		253,536		(304,740)
	(714,729)		(252,271)		(2,644,430)		(399,535)		(317,429)		(1,004,340)		(2,390,894)		(704,275)

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

8

---

Table of Contents

Interim statement 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		Retained losses		Controlling shareholders		Non-controlling shareholders		Total equity
Balance as at January 1, 2025		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
Profit (loss) for the period		—		—		—		—		—		—		—		(2,733,936)		(2,733,936)		230,439		(2,503,497)
Other comprehensive income
Gain (loss) from cash flow hedge		—		—		—		—		172,697		—		—		—		172,697		(910)		171,787
Foreign currency translation differences		—		—		—		—		(69,205)		—		—		—		(69,205)		23,616		(45,589)
Actuarial gains (losses) 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 contributions and distributions:
Effect arising from capital increase in subsidiary		—		—		—		(89,084)		—		—		—		—		(89,084)		89,084		—
Own shares acquired (note 11 (a))		—		(34,022)		—		—		—		—		—		—		(34,022)		—		(34,022)
Share-based payments		—		568				538		—		—		—		—		1,106		11,955		13,061
Absorption of accumulated losses (note 11 (c))		(649,806)		—		—		—		—		(58,802)		(8,715,188)		9,423,796		—		—		—
Dividends		—		—		—		—		—		—		—		—		—		(1,745,209)		(1,745,209)
Employee share schemes - value of employee services		—		—		—		29,289		—		—		—		—		29,289		3,133		32,422
Total contributions and distributions		(649,806)		(33,454)		—		(59,257)		—		(58,802)		(8,715,188)		9,423,796		(92,711)		(1,641,037)		(1,733,748)
Transactions with owners of the Company:
Change of shareholding interest in subsidiary (note 6.1)		—		—		—		(975,563)		—		—		—		—		(975,563)		(1,193,741)		(2,169,304)
Total transactions with owners of the Company		—		—		—		(975,563)		—		—		—		—		(975,563)		(1,193,741)		(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 accompanying notes are an integral part of the condensed interim individual and consolidated financial statements.

Condensed statement of changes in equity

9

---

Table of Contents

Interim statement 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		Profit retention		Retained losses		Controlling shareholders		Non-controlling shareholders		Total equity
Balance as at January 1, 2024		8,682,544		(93,917)		737		2,561,227		314,325		58,802		8,610,796		820,793		—		20,955,307		30,025,873		50,981,180
Loss for the period		—		—		—		—		—		—		—		—		(419,282)		(419,282)		(286,657)		(705,939)
Other comprehensive income
Gain (loss) from cash flow hedge		—		—		—		—		(159,756)		—		—		—		—		(159,756)		(49,954)		(209,710)
Foreign currency translation differences		—		—		—		—		164,203		—		—		—		—		164,203		30,299		194,502
Actuarial gains with defined benefit plan, net of tax		—		—		—		—		15,300		—		—		—		—		15,300		1,572		16,872
Total comprehensive income (loss) for the period		—		—		—		—		19,747		—		—		—		(419,282)		(399,535)		(304,740)		(704,275)
Transactions with owners of the Company contributions and distributions:
Capital increase		150,000		—		—		—		—		—		(150,000)		—		—		—		—		—
Capital reduction in subsidiary		—		—		—		—		—		—		—		—		—		—		(20,629)		(20,629)
Share-based payment		—		43,678		—		(132,064)		—		—		—		—		—		(88,386)		9,700		(78,686)
Loss in dividend distribution to non-controlling shareholders		—		—		—		(420)		—		—		—		—		—		(420)		549		129
Dividends		—		—		—		—		—		—		(566,401)		—		—		(566,401)		(1,249,678)		(1,816,079)
Own shares acquired		—		(162,174)		—		—		—		—		—		—		—		(162,174)		—		(162,174)
Employee share schemes - value of employee services		—		—		—		47,775		—		—		—		—		—		47,775		10,521		58,296
Total contributions and distributions		150,000		(118,496)		—		(84,709)		—		—		(716,401)		—		—		(769,606)		(1,249,537)		(2,019,143)
Transactions with owners of the Company:
Change of shareholding interest in subsidiary		—		—		—		(1,852)		—		—		—		—		—		(1,852)		—		(1,852)
Total transactions with owners of the Company		—		—		—		(1,852)		—		—		—		—		—		(1,852)		—		(1,852)
Total transactions with owners of the Company contributions and distributions		150,000		(118,496)		—		(86,561)		—		—		(716,401)		—		—		(771,458)		(1,249,537)		(2,020,995)
Balance as at June 30, 2024		8,832,544		(212,413)		737		2,474,666		334,072		58,802		7,894,395		820,793		(419,282)		19,784,314		28,471,596		48,255,910

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

10

---

Table of Contents

Interim statement of cash flows

(In thousands of Brazilian reais - R$)

Condensed statement of cash flows

			Parent Company				Consolidated
			Period of six months ended June 30,
	Note		2025		2024		2025		2024
Cash flows from operating activities
Profit (loss) before income taxes			(1,914,946)		(1,386,329)		(854,340)		(830,099)
Adjustments for:
Depreciation and amortization	14		9,792		7,780		1,960,208		1,833,725
Impairment	15		—		—		683,139		2,574,817
Interest in earnings (losses) of subsidiaries and associates	6.1		447,229		(1,577,990)		(98,652)		(1,294,795)
Interest in earnings (losses) of joint ventures	7		221,073		(5,052)		1,967,495		(47,066)
Loss (gain) on disposed assets	15		—		7		35,612		40,261
Share-based payment	17		12,440		32,836		44,618		81,258
Provision for legal proceedings	15		53,921		3,877		143,507		149,301
Interest, derivatives, monetary and foreign exchange, net			1,506,757		2,786,747		4,629,865		4,994,791
Sectorial financial assets and liabilities, net			—		—		(1,418)		28,016
Provisions for employee benefits			24,674		19,459		212,337		190,575
Allowance for expected credit losses			—		—		31,220		23,670
Profit on sale of investment	15		—		—		—		383,205
Insurance claims	2.1		—		—		(491,427)		—
Income from finance investments			(9,143)		—		(9,143)		(63,966)
Previously recognized gain in other comprehensive income reclassified to profit or loss upon disposal of investment	15		(206,388)		—		(206,388)		—
Other			110		611		52,672		(103,303)
			145,519		(118,054)		8,099,305		7,960,390
Variation in:
Trade receivable			—		—		(8,966)		(654,468)
Inventories			—		—		(261,788)		(82,238)
Other taxes, net			(2,950)		(7,974)		(313,916)		33,447
Income tax			(18,501)		69,003		(136,735)		(198,354)
Income taxes paid			—		—		(594,738)		(498,998)
Related parties, net			(16,373)		384		(41,568)		109,994
Trade payables			(1,396)		1,001		(18,112)		122,132
Employee benefits			(46,255)		(58,180)		(417,779)		(347,607)
Provision for legal proceedings			2,124		1,678		(108,443)		(157,302)
Derivative financial instruments			—		—		(31,761)		(18,095)
Other financial liabilities			—		—		(243,766)		(31,671)
Judicial deposits			(7,576)		(3,026)		(22,392)		(127,925)
Post-employment benefit obligation			—		—		(20,193)		(17,659)
Other assets and liabilities, net			(34,980)		(19,255)		(220,565)		22,213
			(125,907)		(16,369)		(2,440,722)		(1,846,531)
Net cash generated from (used in) operating activities			19,612		(134,423)		5,658,583		6,113,859
Cash flows from investing activities
Capital contribution to associates			(333,892)		(4,173,198)		—		—
Capital contribution in joint ventures			—		(8,337)		—		(8,337)
Sale (purchase) of marketable securities, net			349,576		123,223		665,309		(242,724)
Restricted cash			(188)		43,048		(50,078)		40,779
Dividends received from subsidiaries and associates			592,906		1,787,186		49,544		644,631
11
---

---

Table of Contents

Interim statement of cash flows

(In thousands of Brazilian reais - R$)

			Parent Company				Consolidated
			Period of six months ended June 30,
	Note		2025		2024		2025		2024
Dividends received from joint venture			5,184		228,342		45,640		293,912
Dividends received from finance investment			87,608		—		87,608		—
Other financial assets			(148)		—		45		(354)
Cash in the incorporation operation			10,089		—		—		—
Capital reduction in subsidiaries			1,013,760		5,227		11,000		—
Acquisition of property, plant and equipment, intangible and contract assets			(8,035)		(2,489)		(4,210,158)		(3,207,373)
Proceeds from the sale of investments	2.1		8,911,587		16,847		8,911,587		2,096,475
Related parties			25,592		—		25,592		—
Operation discontinued			—		—		7,425		—
Acquisition of subsidiary	6.3		—		—		(213,086)		(17,047)
Receipt of derivative financial instruments, except debt			1,021		—		1,021		132
Payment of derivative financial instruments, except debt			(1,006,973)		(70,503)		(1,006,973)		(70,689)
Cash received on the sale of fixed assets and intangible assets			—		—		4,250		—
Net cash generated (used in) from investing activities			9,648,087		(2,050,654)		4,328,726		(470,595)
Cash flows from financing activities
Proceeds from loans, borrowings and debentures	5.2		2,427,312		4,421,447		7,914,651		10,799,808
Principal repayment of loans, borrowings and debentures	5.2		(7,148,782)		—		(13,410,998)		(7,772,439)
Payment of interest on loans, borrowings and debentures	5.2		(765,076)		(680,726)		(2,360,197)		(2,252,731)
Payment of derivatives financial instruments			(317,314)		(355,848)		(1,397,516)		(2,111,172)
Proceeds from derivative financial instruments			351,562		14,199		996,647		959,656
Costs of banking operations with derivatives			—		—		—		(29,828)
Principal repayment of leases			(3,832)		(3,169)		(297,476)		(248,175)
Payment of interest on leases			(1,335)		(1,604)		(183,557)		(177,171)
Capital reduction			—		—		(486,240)		(20,520)
Related parties			(1,293,363)		(249,499)		—		—
Payments to redeem entity’s shares and acquisition of treasury shares	11		(34,022)		(164,685)		(34,022)		(164,685)
Acquisition of non-controlling shareholders’ shares	2.1		(2,169,000)		—		(2,169,000)		—
Dividends paid	11		—		(782,081)		(1,331,630)		(1,537,377)
Dividends paid for preferred shares	11		—		—		(371,000)		(668,022)
Gain on banking operations with derivatives			22,100		—		22,100		—
Net cash (used in) generated from financing activities			(8,931,750)		2,198,034		(13,108,238)		(3,222,656)
Increase (decrease) in cash and cash equivalents			735,949		12,957		(3,120,929)		2,420,608
Cash and cash equivalents at the beginning of the period			2,201,267		1,769,976		16,903,542		14,658,481
Effect of the foreign exchange rate changes			(5,902)		17,436		(254,724)		150,972
Cash and cash equivalents at the end of the period			2,931,314		1,800,369		13,527,889		17,230,061

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

12

---

Table of Contents

Interim statement of cash flows

(In thousands of Brazilian reais - R$)

Non-cash transactions:

The Company presents its individual and consolidated statements of cash flow using the indirect method. During the period ended June 30, 2025, the Company carried out the following transactions that did not involve cash and, therefore, are not reflected in the parent company and consolidated statement of cash flows:

	(i)	Recognition of right-of-use as a counterpart to the lease liability in the amount of R$348,662 (R$784,084 on June 30, 2024), resulting from the application of inflation indexes and new contracts classified under the leasing rule. (Note 8.3).
	(ii)	Acquisition of property, plant and equipment and intangible assets with payment in installments of R$610,127 (R$759,766 on June 30, 2024).

Disclosure of interest and dividends:

Dividends and interest on equity capital received are classified as cash flow from investing activities by the Company. Dividends and interest received or paid are classified as cash flow from financing activities.

13

---

Table of Contents

Interim statement of value added

(In thousands of Brazilian reais - R$)

	Parent Company				Consolidated
	Period of six months ended June 30,
	2025		2024		2025		2024
Revenue
Net sales	—		—		22,723,913		23,650,222
Other income (expenses), net	225,787		15,758		776,109		721,780
Impairment gain (loss) on trade receivables	—		—		(31,220)		205
	225,787		15,758		23,468,802		24,372,207
Inputs purchased from third parties
Cost of goods sold and services rendered	—		—		11,867,355		13,016,297
Materials, energy, third-party services and other	62,311		66,448		565,292		1,107,676
Impairment	—		—		683,139		2,574,817
	62,311		66,448		13,115,786		16,698,790
Gross value added	163,476		(50,690)		10,353,016		7,673,417
Retention
Depreciation and amortization	9,792		7,780		1,960,208		1,833,725
Net value added	153,684		(58,470)		8,392,808		5,839,692
Value added transferred in
Interest in earnings (losses) of subsidiaries and associates	(447,229)		1,577,990		98,652		1,294,795
Interest in losses of joint ventures	(221,073)		5,052		(1,967,495)		47,066
Finance income	1,836,432		100,371		4,343,062		1,341,486
	1,168,130		1,683,413		2,474,219		2,683,347
Value added to be distributed	1,321,814		1,624,943		10,867,027		8,523,039
Distribution of value added
Personnel and payroll charges	99,625		111,018		1,371,093		1,289,541
Direct remuneration	86,863		90,869		1,131,805		1,019,285
Benefits	8,642		6,207		183,998		204,900
FGTS and other	4,120		13,942		55,290		65,356
Taxes, fees and contributions	842,601		(935,727)		3,992,894		2,231,848
Federal	835,340		(951,722)		2,444,576		696,163
State	1		1		1,447,482		1,438,565
Municipal	7,260		15,994		100,836		97,120
Financial expenses and rents	3,113,524		2,868,934		8,006,537		5,707,589
Interest and foreign exchange variation	2,995,987		2,853,384		7,545,982		5,488,129
Rents	—		—		51,006		72,019
Other	117,537		15,550		409,549		147,441
Equity remuneration	(2,733,936)		(419,282)		(2,503,497)		(705,939)
Non-controlling interests	—		—		230,439		(286,657)
Retained losses	(2,733,936)		(419,282)		(2,733,936)		(419,282)

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

14

---

Table of Contents

Notes to the condensed interim financial statements

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

1             Operational context

Cosan S.A. (“Cosan” or “the Company”) is a publicly traded company at B3 S.A. - Brasil, Bolsa, Balcão (“B3”) in the special New Market (Novo Mercado) segment under the ticker “CSAN3”. The Company's American Depositary Shares (“ADSs”) are listed on the New York Stock Exchange, or “NYSE”, and are traded under the ticker “CSAN”. Cosan is a corporation (sociedade anônima) of indefinite term incorporated under the laws of Brazil, with its registered office in the city of São Paulo, state of São Paulo (SP). Mr. Rubens Ometto Silveira Mello is the ultimate controlling shareholder of Cosan.

As of June 30, 2025, Cosan Corporate (Cosan’s Corporate segment) is formed by the following entities:

(i)	Parent company with direct or indirect equity interest in subsidiaries and joint ventures. The main effects on its profit or loss are general and administrative expenses, contingencies, equity income and financial results attributed to loans.
(ii)	Bradesco BBI S.A. (“Bradesco”) holds preferred shares corresponding to a 23.20% stake in Cosan Dez Participações S.A. (“Cosan Dez”), which has a direct 88% stake in Compass.
(iii)	Itaú Unibanco S.A. (“Itaú”) holds preferred shares corresponding to a 12.73% stake in Cosan Nove Participações S.A. (“Cosan Nove”), which has a direct 39.09% stake in Raízen S.A. (“Raízen”).
15
---

---

Table of Contents

Notes to the condensed interim financial statements

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

2             Relevant events of the period

2.1          Investments

Acquisition of DIPI Holdings Ltda. by Moove

On September 29, 2024, Cosan Lubrificantes e Especialidades S.A. (“CLE”) entered into a purchase and sale agreement to acquire 100% of the shares of DIPI Holdings Ltda, for the price of R$329,006. The transaction was concluded on January 2, 2025, after all the conditions precedent had been met. The Company made the preliminary recognition of the price allocation, as detailed in Note 6.3.

Incorporation of Cosan Oito S.A.

On January 8, 2025, the Company successfully finalized the merger with Cosan Oito S.A. ("Cosan Oito"), after securing the requisite regulatory approvals. Consequently, all assets, liabilities, and shareholders' equity of Cosan Oito were comprehensively transferred to the Company. See Note 6.1.

Partial disposal of investment in Vale S.A.

On January 16, 2025, the Company sold 173,073,795 Vale S.A. (“Vale”) common shares, representing 4.05% of Vale's share capital, for a net commission of R$8,892,802 (see Note 6.1(b)). After this transaction, the Company kept 4,268,720 Vale common shares, corresponding to 0.10% of the share capital, in the amount of R$242,036.

Discontinuation of the operation of the Costa Pinto second-generation ethanol (“E2G”) pilot plant.

On January 17, 2025, Raízen, jointly controlled by the Company, announced the discontinuation of the recurring operation of Costa Pinto's Second-Generation Ethanol (E2G) pilot plant (Plant 1), located in Piracicaba, São Paulo. The plant, inaugurated in 2015, will operate as a unit dedicated to the testing and future development of biofuel from the harvest starting on April 1, 2025.

The commercial commitments previously linked to Plant 1 will be met by the Bonfim Plant (Plant 2), which is already in operation, and by the Univalem (Plant 3) and Barra (Plant 4) plants, which are in the commissioning phase and will begin operations after obtaining the necessary regulatory authorizations.

Fire at Moove lubricants factory

On February 8, 2025, a fire broke out at Moove's Ilha do Governador Complex ("CIG"), located in Rio de Janeiro. The incident primarily affected the manufacturing and bottling areas for finished lubricant products, which were inoperative at the time of the incident, representing 10% of the complex's total area.

Moove promptly activated all emergency and risk management protocols to control the incident. The containment measures, implemented through Moove's contingency plan, were effective in minimizing damage to the structure, the local community, and the environment. There were no casualties or injuries, and no environmental or social impacts were identified.

Moove immediately initiated and is currently operating its continuity plan to restore mixing and filling operations.

16

---

Table of Contents

Notes to the condensed interim financial statements

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

•     Financial assessment of the fire

a) Operational interruption:

The fire was confined to the finished lubricant product manufacturing area. The cleanup and clearance plan for the area is already well underway. The industrial complex's other operations (bulk lubricant and base oil operations, tank terminals, maritime operations, and pier operations) continued uninterrupted. These operations represent between 30% and 35% of total nominal production.

To mitigate the impacts in the affected areas, Moove has implemented the following measures:

(i) Relocation of mixing and filling to other production plants, including approved third-party partners.

(ii) Use of the strategic alliance to ensure product availability and supply chain continuity.

(iii) Use of safety stock distributed in the distribution center network.

b) Write-off of assets:

Moove engaged a specialized third-party company with expertise in its operations to conduct a physical inventory of the damaged and unaffected assets in the CIG (Individual Property and Equipment Inventory). This inventory aimed to more accurately determine the true extent of the loss, identify and catalog the affected assets, and measure impairment losses (cost less accumulated depreciation) in accordance with CPC 01/IAS 36 – Impairment of Assets. In addition to the work performed by the specialized third-party company, Moove conducted internal due diligence and field inspections in the directly impacted area, as well as secondary areas exposed to intense heat or chemicals from firefighting. Following the work, Moove recognized the total amount of damaged fixed assets to be written off as of June 30, 2025, at R$43,793, which was recorded in other income and expenses in the company's income statement.

c) Inventory reduction

After the incident, an inventory loss survey was conducted to identify lost products located directly in the impacted area and also in the vicinity of the fire site (which underwent qualitative changes). As of June 30, 2025, the total inventory loss is R$41,879, and the tax credit reversal related to the loss is R$13,480, totaling R$55,359 in losses, impacting the cost of goods sold item.

d) Compensation receivable

Moove has a current insurance policy that covers material damage to damaged assets and lost profits. Technical analyses and independent reports were conducted by the appropriate agencies, and the Company's insurers issued a confirmation letter confirming the existence and entitlement to insurance coverage. As a result, Moove is now entitled to receive compensation for property damage and lost profits, since Moove has concluded that it is virtually certain that it will receive compensation, and that this is reasonably estimable based on technical reports, internal expertise, and the contractual conditions of the policy.

To measure the recognized compensation, independent companies of technical experts specialized in insurance calculations for large-scale claims were hired.

On June 30, 2025, the amount of insurance compensation receivable recognized in assets for material damages and compensable loss of profits is R$491,427, offset against other revenues and expenses and costs of products sold.

Potential corporate reorganization proposal of Rumo Malha Norte

On February 19, 2025, Rumo S.A. (“Rumo”) and Rumo Malha Norte S.A. (“Rumo Malha Norte”) informed their shareholders and the market in general of the approval, by their respective Boards of Directors, of a potential corporate reorganization proposal. The proposal will be submitted for approval by the shareholders of the companies involved at their respective general meetings.

17

---

Table of Contents

Notes to the condensed interim financial statements

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

To conduct the negotiation of the exchange ratio in the potential corporate reorganization, special independent committees were set up and their members elected.

If approved, the corporate reorganization will optimize the corporate structure by incorporating the shares of the minority shareholders (0.26% of the share capital) of Rumo Malha Norte into Rumo, converting Rumo Malha Norte into a wholly owned subsidiary of Rumo. The minority shareholders of Rumo Malha Norte who retain their shares until the date of approval of the corporate reorganization by the general meetings of the companies involved will receive common shares in Rumo, in proportion to their holdings in the share capital of Rumo Malha Norte.

Cosan Dez capital reduction

On February 27, 2025, the Company received the amount of R$1,013,760 related to the capital reduction of Cosan Dez, approved at the Extraordinary General Meeting on June 26, 2024.

Redemption of Cosan Nove preferred shares

On March 31, 2025, the Company redeemed 1,087,179,567 preferred shares of Cosan Nove, previously held by Banco Itaú, for the amount of R$2,169,000. After the transaction, the preferred shares were converted into common shares. As a result, the Company's stake in Cosan Nove increased to 87.27% (see Note 6.1).

Sale of the Leme Plant

On May 12, 2025, the jointly-owned subsidiary Raízen S.A. announced the sale of the Leme Plant, located in Piracicaba, São Paulo, with an installed capacity of 1.8 million tons per harvest. The sale price is R$425,000, to be received in cash upon closing.

Termination of the Share Purchase Agreement for Terminal XXXIX

On June 5, 2025, Rumo announced the termination of the agreement for the sale of shares in Terminal XXXIX de Santos SA (“Terminal XXXIX”) due to non-compliance with conditions precedent set forth in the agreement. The termination exempts the parties from any liens, fines, or compensation obligations, while maintaining their 50% equity interest in Terminal XXXIX.

As a result of the termination, the asset was reclassified from "asset held for sale" to "investments." The equity method was recognized for the current and retroactive periods during which the asset was classified as held for sale, totaling R$50,877.

2.2          New debts

Early redemptions of debentures

On January 22, 2025, the Company requested the optional early redemption of the 1st Series of the 3rd Issue of Simple Debentures, non-convertible into shares, unsecured, with original maturity in 2028, in the total amount of R$750,000 to be increased by the remuneration calculated pro rata temporis from the date of the last payment until the date of the actual payment and the premium.

Early call (Bond 2027)

On January 29, 2025, the Company informed the market that it had exercised the early redemption clause of the 2027 Bond, maturing in January 2027. The full redemption, in the amount of U.S.$392,000 thousand, equivalent to R$2,250,825, was carried out on March 14, 2025, at the face value of the bonds.

Tender offers - Bonds 2029, 2030 and 2031 and debentures

During the first quarter of 2025, the Company made partial repurchases of the 5th and 6th issue of Debentures and securities issued by Cosan Luxembourg S.A. (“Cosan Lux”), specifically Bonds 2029, 2030 and 2031, as detailed in the table below:

Notes	Added value of the principal	Added value paid on repurchase	Interest paid	Prize	Gain/Loss
5.50% Senior notes – 2029	1,347,741	1,228,072	(30,487)	(67,135)	52,534
7.50% Senior notes – 2030	1,600,016	1,572,518	(17,055)	(80,379)	(52,881)
7.25% Senior notes – 2031	1,637,819	1,588,054	(18,008)	(82,112)	(32,347)
5th and 6th Debentures	1,152,469	1,152,469	(52,384)	(17,714)	(17,714)
18
---

---

Table of Contents

Notes to the condensed interim financial statements

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

Early redemption

On February 12 and 13, 2025, respectively, the Company settled in advance Loan 4.131 in the amount of U.S.$600,000 thousand, equivalent to R$3,462,660, and Debenture in the amount of U.S.$300,000 thousand, equivalent to R$1,733,640, acquired in February 2024 and December 2023, respectively.

With the early settlement of these debts, the Total Return Swap (“TRS”) and Time Deposit operations were also settled, which had been used to internalize debts.

New debts

Segment/Modalities	Date	Incidence of interest	Index	Objective	Funding costs	Value	Maturity
Cosan Corporate
Debentures	03/12/2025	Yearly	CDI + 0.60% p. a.	Ordinary capital management	(46,633)	1,500,000	01/27/2029
Debentures	03/12/2025	Yearly	CDI + 0.70% p. a.	Ordinary capital management	(13,797)	500,000	03/27/2030
Debentures	03/12/2025	Yearly	CDI + 1.00% p. a.	Ordinary capital management	(13,721)	500,000	03/27/2032
Compass
Debentures	01/10/2025	Yearly	DI + spread 0.50% p.a.	Ordinary capital management	—	410,000	01/07/2027
Debentures	02/18/2025	Six-monthly	IPCA + 7.44% p. a.	Ordinary capital management	(18,546)	800,000	01/15/2033
Loan 4.131	03/20/2025	Yearly	CDI + 0.78% p. a.	Investment	(859)	350,000	03/20/2026
Debentures	05/19/2025	Six-monthly	CDI + 0.45% p. a.	Investment	(2,414)	1,500,000	05/15/2028
Rumo
Debentures	03/28/2025	Yearly	IPCA + 7.47% p. a.	Ordinary capital management	(17,020)	434,949	03/28/2037
Debentures	03/28/2025	Yearly	IPCA + 7.53% p. a.	Ordinary capital management	(63,990)	1,365,051	03/28/2040
Moove
Loan 4.131	01/16/2025	Yearly	CDI + 0.45% p. a.	Ordinary capital management	—	500,000	01/18/2028

3             Statement of compliance and material accounting policies

The condensed interim individual and consolidated financial statements, contained in the Quarterly Information Return (ITR), have been prepared and are being presented in accordance with Technical Pronouncement CPC 21 (R1) - 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 Quarterly Information (“ITR”).

These condensed interim financial statements should be read in conjunction with the Company's annual consolidated financial statements for the fiscal year ended December 31, 2024 (“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 the International Financial Reporting Standards (“IFRS”). However, selected explanatory notes have been included to clarify events and transactions relevant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.

19

---

Table of Contents

Notes to the condensed interim financial statements

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

The presentation of the Interim Statement of Value-Added (“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 - Statement of Value Added. The IFRS do not require the presentation of this statement; therefore, it is presented as supplementary information to the individual and consolidated interim financial statements.

These individual and consolidated condensed interim financial statements were prepared using the same basis of preparation and accounting policies adopted in the preparation of the financial statements as of December 31, 2024. All balances have been rounded to the nearest thousand, unless otherwise indicated.

The relevant information specific to the condensed interim financial statements, and only this information, is disclosed and corresponds to the information used by management in the management of the Company.

These condensed interim financial statements were authorized for issue by the Board of Directors on August 14, 2025.

4            Segment information

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:

1)	Raízen: operates in the (i) production, commercialization, origination and trading of ethanol, (ii) production and commercialization of bioenergy, (iii) resale and trading of electricity, (iv) production and commercialization of other renewable products (solar energy and biogas), (v) production, commercialization, origination and trading of sugar and (vi) trading and commercialization of fossil fuels, renewable fuels and lubricants through a franchised network of service stations under the Shell brand throughout the country and in Latin America, operating in Argentina and Paraguay.
2)	Compass: its main activities are: (i) distribution of piped natural gas in the South, Southeast and Central West regions for customers in the industrial, residential, commercial, automotive and cogeneration segments; (ii) marketing of natural gas; and (iii) development of infrastructure projects in a regasification terminal.
3)	Moove: operates in the production, formulation and distribution of high-performance lubricants, base oils and specialties with headquarters in Brazil and operates in 11 countries in South America, North America, and Europe. It blends, distributes, and sells products under Mobil and proprietary brands for different end-markets including industrial, commercial and passenger/cargo vehicles.
4)	Rumo: logistics services for rail transport, port storage and loading of goods, primarily grains and sugar, leasing of locomotives, wagons, and other railroad equipment, as well as operation of containers.
5)	Radar: A reference in agricultural property management, Radar invests in a diversified portfolio with high potential for appreciation, through participation in the companies Radar, Tellus and Janus.

Reconciliation:

1)

Cosan Corporate: represents the reconciliation of Cosan's corporate structure, which is composed of: (i) senior management and corporate teams, which incur general and administrative expenses and other operating expenses (income), including pre-operating investments; (ii) equity income from investments; and (iii) financial income attributable to cash and debts 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.

Although Raízen S.A. is a joint venture registered under the equity method and is not proportionally consolidated, Management continues to review the information by segment. The reconciliation of these segments is presented in the column “Deconsolidation of Joint Ventures”.

20

---

Table of Contents

Notes to the condensed interim financial statements

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

	Period of six months ended June 30, 2025
	Reported segments										Reconciliation
	Raízen		Compass		Moove		Rumo		Radar		Cosan Corporate		Deconsolidation of Joint Ventures		Elimination<br><br><br>between<br><br><br>segments		Consolidated
Statement of profit or loss
Net sales	111,819,950		8,544,938		4,587,853		6,678,143		336,414		1,455		(111,819,950)		(8,550)		20,140,253
Cost of sales	(107,858,882)		(6,675,630)		(3,405,069)		(3,569,422)		(31,840)		—		107,858,882		8,550		(13,673,411)
Gross profit	3,961,068		1,869,308		1,182,784		3,108,721		304,574		1,455		(3,961,068)		—		6,466,842
Selling expenses	(3,183,326)		(109,603)		(758,036)		(29,946)		—		—		3,183,326		—		(897,585)
General and administrative expenses	(1,164,668)		(392,108)		(287,545)		(315,859)		(45,803)		(137,341)		1,164,668		—		(1,178,656)
Other operation income (expenses), net	223,628		467,500		402,261		(17,451)		(5,377)		165,991		(223,628)		—		1,012,924
Impairment	—		—		—		(683,139)		—		—		—		—		(683,139)
Interest in earnings (losses) of subsidiaries and associates	(53,823)		52,408		—		42,312		21,329		(939,332)		53,823		(1,045,560)		(1,868,843)
Interest in earnings (losses) of joint ventures	(41,961)		—		—		—		—		—		41,961		—		—
Finance results, net	(4,085,156)		(762,453)		(132,673)		(1,466,076)		33,360		(1,378,041)		4,085,156		—		(3,705,883)
Finance expense	(4,299,540)		(1,093,305)		(161,942)		(1,789,877)		(1,011)		(1,728,450)		4,299,540		—		(4,774,585)
Finance income	1,385,728		387,440		59,820		693,609		34,371		579,367		(1,385,728)		—		1,754,607
Foreign exchange variation, net	3,324,826		202,077		108,831		743,044		—		1,534,503		(3,324,826)		—		2,588,455
Net effect of derivatives	(4,496,170)		(258,665)		(139,382)		(1,112,852)		—		(1,763,461)		4,496,170		—		(3,274,360)
Income tax	(25,518)		(352,016)		(31,991)		(402,482)		(42,985)		(819,683)		25,518		—		(1,649,157)
Net profit (loss) for the period	(4,369,756)		773,036		374,800		236,080		265,098		(3,106,951)		4,369,756		(1,045,560)		(2,503,497)
Profit (loss) attributable to:
Owners of the Company	(4,393,078)		622,990		262,366		69,585		90,619		(2,733,936)		4,393,078		(1,045,560)		(2,733,936)
Non-controlling interests	23,322		150,046		112,434		166,495		174,479		(373,015)		(23,322)		—		230,439
	(4,369,756)		773,036		374,800		236,080		265,098		(3,106,951)		4,369,756		(1,045,560)		(2,503,497)
Other selected data
Depreciation and amortization	4,269,376		625,459		197,937		1,126,851		136		9,825		(4,269,376)		—		1,960,208
EBITDA	4,010,294		2,512,964		737,401		3,231,489		274,859		(899,402)		(4,010,294)		(1,045,560)		4,811,751
Additions to fixed assets, intangible assets and contract assets	6,013,224		962,311		74,418		3,159,198		6,196		8,035		(6,013,224)		—		4,210,158
Reconciliation of EBITDA
Profit (loss) for the period net	(4,369,756)		773,036		374,800		236,080		265,098		(3,106,951)		4,369,756		(1,045,560)		(2,503,497)
Income taxes	25,518		352,016		31,991		402,482		42,985		819,683		(25,518)		—		1,649,157
Finance results, net	4,085,156		762,453		132,673		1,466,076		(33,360)		1,378,041		(4,085,156)		—		3,705,883
Depreciation and amortization	4,269,376		625,459		197,937		1,126,851		136		9,825		(4,269,376)		—		1,960,208
EBITDA	4,010,294		2,512,964		737,401		3,231,489		274,859		(899,402)		(4,010,294)		(1,045,560)		4,811,751
21
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	Period of six months ended June 30, 2024
	Reported segments										Reconciliation
	Raízen		Compass		Moove		Rumo		Radar		Cosan Corporate		Deconsolidation<br><br><br>of Joint<br><br><br>Ventures		Elimination<br><br><br>between<br><br><br>segments		Consolidated
Statement of profit or loss
Net sales	111,416,500		8,537,477		5,020,553		6,720,753		289,970		13		(111,416,500)		(32,702)		20,536,064
Cost of sales	(105,059,426)		(6,869,447)		(3,595,665)		(3,633,588)		—		(43)		105,059,426		32,702		(14,066,041)
Gross profit	6,357,074		1,668,030		1,424,888		3,087,165		289,970		(30)		(6,357,074)		—		6,470,023
Selling expenses	(3,009,722)		(86,391)		(628,695)		(22,815)		—		—		3,009,722		—		(737,901)
General and administrative expenses	(1,669,152)		(359,255)		(286,979)		(295,170)		(36,335)		(216,929)		1,669,152		—		(1,194,668)
Other operation income (expenses), net	2,291,714		483,472		25,771		(2,544,555)		(4,160)		(368,810)		(2,291,714)		—		(2,408,282)
Interest in earnings (losses) of subsidiaries and associates	(105,548)		57,474		—		27,236		19,882		1,847,130		105,548		(656,927)		1,294,795
Interest in earnings (losses) of joint ventures	—		—		—		(2,422)		—		49,488		—		—		47,066
Finance results net	(3,197,184)		(455,469)		(46,071)		(1,267,671)		(50,578)		(2,481,343)		3,197,184		—		(4,301,132)
Finance expense	(2,340,890)		(889,584)		(31,587)		(1,604,698)		(70,571)		(1,398,868)		2,340,890		—		(3,995,308)
Finance income	498,162		541,697		34,863		535,639		19,993		209,294		(498,162)		—		1,341,486
Foreign exchange, net	(2,385,992)		(301,483)		(68,603)		(802,431)		—		(1,801,519)		2,385,992		—		(2,974,036)
Net effect of derivatives	1,031,536		193,901		19,256		603,819		—		509,750		(1,031,536)		—		1,326,726
Income tax	(532,578)		(390,454)		(123,610)		(356,028)		(14,813)		1,009,065		532,578		—		124,160
Net profit for the period	134,604		917,407		365,304		(1,374,260)		203,966		(161,429)		(134,604)		(656,927)		(705,939)
Profit (loss) attributable to:
Owners of the Company	120,512		740,414		256,250		(418,245)		78,508		(419,282)		(120,512)		(656,927)		(419,282)
Non-controlling interests	14,092		176,993		109,054		(956,015)		125,458		257,853		(14,092)		—		(286,657)
	134,604		917,407		365,304		(1,374,260)		203,966		(161,429)		(134,604)		(656,927)		(705,939)
Other selected data
Depreciation and amortization	4,726,588		505,251		144,648		1,175,875		137		7,814		(4,726,588)		—		1,833,725
EBITDA	8,590,954		2,268,581		679,633		1,425,314		269,494		1,318,663		(8,590,954)		(656,927)		5,304,758
Additions to fixed assets, intangible assets and contract assets	7,221,300		968,965		88,248		2,142,876		4,795		2,489		(7,221,300)		—		3,207,373
Reconciliation of EBITDA
Profit (loss) for the period net	134,604		917,407		365,304		(1,374,260)		203,966		(161,429)		(134,604)		(656,927)		(705,939)
Income tax	532,578		390,454		123,610		356,028		14,813		(1,009,065)		(532,578)		—		(124,160)
Finance results net	3,197,184		455,469		46,071		1,267,671		50,578		2,481,343		(3,197,184)		—		4,301,132
Depreciation and amortization	4,726,588		505,251		144,648		1,175,875		137		7,814		(4,726,588)		—		1,833,725
EBITDA	8,590,954		2,268,581		679,633		1,425,314		269,494		1,318,663		(8,590,954)		(656,927)		5,304,758
22
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	Period of three months ended June 30, 2025
	Reported segments										Reconciliation
	Raízen		Compass		Moove		Rumo		Radar		Cosan Corporate		Deconsolidation<br><br><br>of Joint Ventures		Elimination<br><br><br>between<br><br><br>segments		Consolidated
Statement of profit or loss
Net sales	54,093,228		4,335,338		2,246,270		3,711,393		184,336		1,407		(54,093,228)		(1,092)		10,477,652
Cost of sales	(52,032,056)		(3,279,933)		(1,694,128)		(1,885,859)		(22,677)		—		52,032,056		1,092		(6,881,505)
Gross profit	2,061,172		1,055,405		552,142		1,825,534		161,659		1,407		(2,061,172)		—		3,596,147
Selling expenses	(1,415,850)		(55,647)		(386,195)		(15,687)		—		—		1,415,850		—		(457,529)
General and administrative expenses	(660,052)		(210,643)		(164,303)		(166,618)		(23,928)		(78,132)		660,052		—		(643,624)
Other operation income (expenses), net	252,344		83,456		402,329		14,384		(3,510)		(7,865)		(252,344)		—		488,794
Impairment	—		—		—		(397,531)		—		—		—		—		(397,531)
Interest in earnings (losses) of subsidiaries and associates	(33,956)		27,205		—		51,753		(289)		(173,238)		33,956		(654,276)		(748,845)
Interest in earnings (losses) of joint ventures	(26,280)		—		—		—		—		—		26,280		—		—
Finance results net	(2,138,710)		(391,971)		(74,522)		(698,417)		19,339		(657,316)		2,138,710		—		(1,802,887)
Finance expense	(2,189,976)		(530,262)		(68,011)		(861,817)		(340)		(600,513)		2,189,976		—		(2,060,943)
Finance income	927,080		182,766		23,204		380,046		19,679		111,012		(927,080)		—		716,707
Foreign exchange, net	1,398,944		40,701		38,918		282,326		—		432,547		(1,398,944)		—		794,492
Net effect of derivatives	(2,274,758)		(85,176)		(68,633)		(498,972)		—		(600,362)		2,274,758		—		(1,253,143)
Income tax	147,952		(155,219)		15,312		(280,160)		(22,359)		(160,196)		(147,952)		—		(602,622)
Net profit for the period	(1,813,380)		352,586		344,763		333,258		130,912		(1,075,340)		1,813,380		(654,276)		(568,097)
Profit (loss) attributable to:
Owners of the Company	(1,815,734)		276,502		241,339		99,948		36,487		(946,042)		1,815,734		(654,276)		(946,042)
Non-controlling interests	2,354		76,084		103,424		233,310		94,425		(129,298)		(2,354)		—		377,945
	(1,813,380)		352,586		344,763		333,258		130,912		(1,075,340)		1,813,380		(654,276)		(568,097)
Other selected data
Depreciation and amortization	2,052,848		316,146		100,930		570,075		68		5,095		(2,052,848)		—		992,314
EBITDA	2,230,226		1,215,922		504,903		1,881,910		134,000		(252,733)		(2,230,226)		(654,276)		2,829,726
Additions to fixed assets, intangible assets and contract assets	1,589,778		496,610		28,737		1,394,629		1,036		4,237		(1,589,778)		—		1,925,249
Reconciliation of EBITDA
Profit (loss) for the period net	(1,813,380)		352,586		344,763		333,258		130,912		(1,075,340)		1,813,380		(654,276)		(568,097)
Income tax	(147,952)		155,219		(15,312)		280,160		22,359		160,196		147,952		—		602,622
Finance results net	2,138,710		391,971		74,522		698,417		(19,339)		657,316		(2,138,710)		—		1,802,887
Depreciation and amortization	2,052,848		316,146		100,930		570,075		68		5,095		(2,052,848)		—		992,314
EBITDA	2,230,226		1,215,922		504,903		1,881,910		134,000		(252,733)		(2,230,226)		(654,276)		2,829,726
23
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	Period of three months ended June 30, 2024
	Reported segments										Reconciliation
	Raízen		Compass		Moove		Rumo		Radar		Cosan Corporate		Deconsolidation<br><br><br>of Joint<br><br><br>Ventures		Elimination<br><br><br>between<br><br><br>segments		Consolidated
Statement of profit or loss
Net sales	57,759,456		4,402,310		2,580,960		3,574,737		153,404		4		(57,759,456)		(17,407)		10,694,008
Cost of sales	(55,138,374)		(3,510,681)		(1,836,776)		(1,807,554)		—		—		55,138,374		17,407		(7,137,604)
Gross profit	2,621,082		891,629		744,184		1,767,183		153,404		4		(2,621,082)		—		3,556,404
Selling expenses	(1,429,874)		(43,065)		(322,206)		(11,226)		—		—		1,429,874		—		(376,497)
General and administrative expenses	(738,748)		(185,423)		(152,810)		(143,353)		(17,950)		(111,877)		738,748		—		(611,413)
Other operation income (expenses), net	2,336,914		428,946		6,480		(2,487,904)		(1,994)		(354,571)		(2,336,914)		—		(2,409,043)
Interest in earnings (losses) of subsidiaries and associates	(39,196)		28,391		—		19,186		(67)		906,575		39,196		(120,714)		833,371
Interest in earnings (losses) of joint ventures	—		—		—		—		—		450,974		—		—		450,974
Finance results net	(1,482,052)		(251,450)		(47,295)		(646,594)		(59,138)		(1,517,326)		1,482,052		—		(2,521,803)
Finance expense	(1,095,868)		(486,016)		(33,279)		(813,565)		(69,004)		(728,888)		1,095,868		—		(2,130,752)
Finance income	261,238		294,755		12,169		295,000		9,866		114,595		(261,238)		—		726,385
Foreign exchange, net	(1,848,944)		(241,691)		(45,441)		(629,337)		—		(1,526,349)		1,848,944		—		(2,442,818)
Net effect of derivatives	1,201,522		181,502		19,256		501,308		—		623,316		(1,201,522)		—		1,325,382
Income tax	(226,022)		(269,726)		(43,709)		(239,888)		3,668		658,177		226,022		—		108,522
Profit for the period net	1,042,104		599,302		184,644		(1,742,596)		77,923		31,956		(1,042,104)		(120,714)		(969,485)
Profit (loss) attributable to:
Owners of the Company	1,026,612		492,933		129,797		(530,486)		28,470		(227,108)		(1,026,612)		(120,714)		(227,108)
Non-controlling interests	15,492		106,369		54,847		(1,212,110)		49,453		259,064		(15,492)		—		(742,377)
	1,042,104		599,302		184,644		(1,742,596)		77,923		31,956		(1,042,104)		(120,714)		(969,485)
Other selected data
Depreciation and amortization	1,960,930		254,833		75,042		592,572		68		3,877		(1,960,930)		—		926,392
EBITDA	4,711,108		1,375,311		350,690		(263,542)		133,461		894,982		(4,711,108)		(120,714)		2,370,188
Additions to fixed assets, intangible assets and contract assets	2,204,630		437,611		53,760		1,175,770		3,055		1,329		(2,204,630)		—		1,671,525
Reconciliation of EBITDA
Profit (loss) for the period net	1,042,104		599,302		184,644		(1,742,596)		77,923		31,956		(1,042,104)		(120,714)		(969,485)
Income tax	226,022		269,726		43,709		239,888		(3,668)		(658,177)		(226,022)		—		(108,522)
Finance results net	1,482,052		251,450		47,295		646,594		59,138		1,517,326		(1,482,052)		—		2,521,803
Depreciation and amortization	1,960,930		254,833		75,042		592,572		68		3,877		(1,960,930)		—		926,392
EBITDA	4,711,108		1,375,311		350,690		(263,542)		133,461		894,982		(4,711,108)		(120,714)		2,370,188
24
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	June 30, 2025
	Reported segments										Reconciliation
	Raízen		Compass		Moove		Rumo		Radar		Cosan Corporate		Deconsolidation<br><br><br>of Joint Ventures		Elimination<br><br><br>between<br><br><br>segments		Consolidated
Statement of financial position:
Cash and cash<br> equivalents	14,596,280		3,419,387		825,927		6,091,529		46,288		3,144,758		(14,596,280)		—		13,527,889
Marketable<br> securities	1,141,352		876,212		184,395		930,878		227,275		829,826		(1,141,352)		—		3,048,586
Trade<br> receivables	9,120,179		1,921,013		1,166,314		729,570		301,493		—		(9,120,179)		—		4,118,390
Derivative<br> financial instruments	11,935,740		237,479		46,043		1,756,418		—		120,468		(11,935,740)		—		2,160,408
Inventories	11,638,188		227,716		1,576,523		300,575		—		—		(11,638,188)		—		2,104,814
Sectorial financial assets	—		788,744		—		—		—		—		—		—		788,744
Other financial<br> assets	91,194		4,103		460		—		—		—		(91,194)		—		4,563
Other current<br> assets	10,409,762		723,384		827,191		775,533		121,510		2,557,517		(10,409,762)		(850,433)		4,154,702
Other<br> non-current assets	15,713,313		1,762,746		241,829		3,580,711		25,801		1,864,079		(15,713,313)		(139,093)		7,336,073
Investment in subsidiaries and associates	760,574		1,291,789		—		339,682		91,571		15,596,132		(760,574)		(15,680,659)		1,638,515
Investment in<br> joint ventures	1,241,665		—		—		52,155		—		8,907,935		(1,241,665)		—		8,960,090
Biological assets	2,847,966		—		—		—		—		—		(2,847,966)		—		—
Investment<br> property	—		—		—		—		16,732,690		—		—		—		16,732,690
Contract assets	2,854,658		1,027,978		3,473		—		—		—		(2,854,658)		—		1,031,451
Right-of-use assets	8,725,395		1,530,441		317,739		7,716,390		2,920		16,102		(8,725,395)		—		9,583,592
Property, plant and<br> equipment	39,587,621		1,650,996		838,188		21,827,004		13		51,722		(39,587,621)		—		24,367,923
Intangible<br> assets	9,447,682		16,929,252		3,042,318		6,494,833		—		11,441		(9,447,682)		—		26,477,844
Loans,<br> borrowings and debentures	(63,060,723)		(13,998,588)		(3,723,413)		(21,232,059)		—		(21,446,203)		63,060,723		—		(60,400,263)
Derivatives financial<br> instruments - Liabilities	(12,148,312)		(319,193)		(41,823)		(1,873,657)		—		(412,010)		12,148,312		—		(2,646,683)
Trade payables	(12,030,359)		(1,398,263)		(1,743,521)		(912,981)		(22,905)		(1,408)		12,030,359		—		(4,079,078)
Employee benefits payables	(1,207,777)		(223,937)		(92,346)		(271,170)		—		(26,458)		1,207,777		—		(613,911)
Sectorial financial<br> liabilities	—		(2,146,732)		—		—		—		—		—		—		(2,146,732)
Other current liabilities	(8,392,188)		(1,382,546)		(347,919)		(970,083)		(127,897)		(579,322)		8,392,188		329,886		(3,077,881)
Leases	(9,388,115)		(1,870,627)		(331,521)		(4,147,886)		(3,169)		(22,469)		9,388,115		—		(6,375,672)
Other non-current<br> liabilities	(13,053,678)		(3,530,999)		(564,960)		(7,576,323)		(570,157)		(2,008,850)		13,053,678		659,651		(13,591,638)
Total assets (net of liabilities) allocated by segment	20,830,417		7,520,355		2,224,897		13,611,119		16,825,433		8,603,260		(20,830,417)		(15,680,648)		33,104,416
Total assets	140,111,569		32,391,240		9,070,400		50,595,278		17,549,561		33,099,980		(140,111,569)		(16,670,185)		126,036,274
Equity attributable to:
Owners of the<br> Company	20,240,656		4,800,672		1,557,614		4,074,334		5,248,028		7,191,060		(20,240,656)		(15,680,648)		7,191,060
Non-controlling<br> interests	589,761		2,719,683		667,283		9,536,785		11,577,405		1,412,200		(589,761)		—		25,913,356
Total shareholders' equity	20,830,417		7,520,355		2,224,897		13,611,119		16,825,433		8,603,260		(20,830,417)		(15,680,648)		33,104,416
25
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	December 31, 2024
	Reported segments										Reconciliation
	Raízen		Compass		Moove		Rumo		Radar		Cosan Corporate		Deconsolidation<br><br><br>of Joint Ventures		Elimination<br><br><br>between<br><br><br>segments		Consolidated
Statement of financial position:
Cash and cash equivalents	9,962,864		5,271,256		753,347		7,461,618		33,041		3,384,280		(9,962,864)		—		16,903,542
Marketable securities	1,337,706		1,074,806		303,492		812,795		251,267		943,941		(1,337,706)		—		3,386,301
Trade receivables	11,053,414		1,804,823		1,164,422		583,349		443,140		—		(11,053,414)		—		3,995,734
Derivative financial instruments	17,070,322		356,589		151,926		1,647,977		—		1,642,836		(17,070,322)		—		3,799,328
Inventories	17,435,862		252,220		1,538,105		282,580		—		—		(17,435,862)		—		2,072,905
Sectorial financial assets	—		731,642		—		—		—		—		—		—		731,642
Other financial assets	87,966		3,820		675		—		—		—		(87,966)		—		4,495
Other current assets	10,611,882		592,317		288,376		1,040,439		72,089		3,786,460		(10,611,882)		(2,112,993)		3,666,688
Other non-current assets	15,784,732		1,810,491		241,816		3,421,143		24,870		2,901,292		(15,784,732)		(160,256)		8,239,356
Investment in subsidiaries and associates	—		1,277,955		—		280,865		92,166		24,235,118		—		(15,207,538)		10,678,566
Investment in joint ventures	2,012,536		—		—		41,121		—		10,503,923		(2,012,536)		—		10,545,044
Biological assets	3,596,878		—		—		—		—		—		(3,596,878)		—		—
Investment property	—		—		—		—		16,818,919		—		—		—		16,818,919
Contract assets	2,806,284		1,110,463		4,367		—		—		—		(2,806,284)		—		1,114,830
Right-of-use assets	9,549,136		1,581,601		316,762		8,039,779		3,053		17,556		(9,549,136)		—		9,958,751
Property, plant and equipment	37,503,618		1,620,505		911,277		20,435,467		17		51,750		(37,503,618)		—		23,019,016
Intangible assets	9,472,002		16,761,631		3,013,392		6,545,890		—		9,872		(9,472,002)		—		26,330,785
Loans, borrowings and debentures	(52,781,598)		(14,449,033)		(3,558,575)		(19,123,218)		—		(29,324,600)		52,781,598		—		(66,455,426)
Derivatives financial instruments - Liabilities	(14,464,530)		(389,778)		(57,347)		(1,918,204)		—		(1,104,875)		14,464,530		—		(3,470,204)
Trade payables	(20,042,646)		(1,650,748)		(1,735,704)		(1,777,918)		(20,549)		(2,930)		20,042,646		—		(5,187,849)
Employee benefits payables	(1,096,336)		(253,655)		(140,553)		(376,475)		—		(43,324)		1,096,336		—		(814,007)
Sectorial financial liabilities	—		(2,040,239)		—		—		—		—		—		—		(2,040,239)
Other current liabilities	(9,327,070)		(2,876,023)		(428,437)		(1,252,805)		(135,410)		(905,820)		9,327,070		1,628,676		(3,969,819)
Leases	(11,988,100)		(2,122,306)		(327,517)		(4,032,188)		(3,281)		(24,461)		11,988,100		—		(6,509,753)
Other non-current liabilities	(14,143,270)		(3,735,956)		(548,995)		(7,177,061)		(580,129)		(2,022,675)		14,143,270		644,573		(13,420,243)
Total asset (net of liabilities) allocated by segment	24,441,652		6,732,381		1,890,829		14,935,154		16,999,193		14,048,343		(24,441,652)		(15,207,538)		39,398,362
Total asset	148,285,202		34,250,119		8,687,957		50,593,023		17,738,562		47,477,028		(148,285,202)		(17,480,787)		141,265,902
Equity attributable to:
Owners of the Company	23,864,556		4,091,601		1,326,385		4,477,643		5,311,909		10,903,764		(23,864,556)		(15,207,538)		10,903,764
Non-controlling interests	577,096		2,640,780		564,444		10,457,511		11,687,284		3,144,579		(577,096)		—		28,494,598
Total shareholders' equity	24,441,652		6,732,381		1,890,829		14,935,154		16,999,193		14,048,343		(24,441,652)		(15,207,538)		39,398,362
26
---

---

Table of Contents

Notes to the condensed interim financial statements

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

4.1 Net sales to external customers by product/customer type

	Period of three months ended June 30,				Period of six months ended June 30,
	2025		2024		2025		2024
Reported segments
Raízen
Ethanol	5,305,970		5,645,291		12,113,544		11,254,874
Sugar	5,995,476		6,458,023		12,558,124		14,219,618
Gasoline	16,339,924		15,814,690		33,159,510		31,387,072
Diesel	21,732,220		26,577,829		44,970,902		48,190,169
Cogeneration	2,322,794		812,020		3,960,716		1,672,619
Other	2,396,844		2,451,603		5,057,154		4,692,148
	54,093,228		57,759,456		111,819,950		111,416,500
Compass
Natural gas distribution
Industrial	2,371,534		2,893,420		4,840,976		5,686,944
Residential	677,891		583,327		1,202,235		1,049,511
Cogeneration	97,343		114,588		208,689		252,625
Automotive	111,086		114,910		222,322		235,294
Commercial	228,445		213,737		439,204		407,029
Construction revenue	364,325		381,153		668,454		701,184
Other	62,086		96,025		153,465		199,741
	3,912,710		4,397,160		7,735,345		8,532,328
Marketing & services
Gas commercialization	422,628		5,150		809,593		5,149
	4,335,338		4,402,310		8,544,938		8,537,477
Moove
Finished product	1,812,134		2,210,631		3,857,263		4,274,762
Base oil	309,093		149,682		450,836		318,623
Services	125,043		220,647		279,754		427,168
	2,246,270		2,580,960		4,587,853		5,020,553
Rumo
North operations	3,037,996		2,815,282		5,425,681		5,249,914
South operations	484,355		602,283		890,765		1,165,414
Container operations	189,042		157,172		361,697		305,425
	3,711,393		3,574,737		6,678,143		6,720,753
Radar
Lease and sale of lands	184,336		153,404		336,414		289,970
	184,336		153,404		336,414		289,970
Reconciliation
Cosan Corporate	1,407		4		1,455		13
Deconsolidation of joint venture, adjustments and eliminations	(54,094,320)		(57,776,863)		(111,828,500)		(111,449,202)
Total	10,477,652		10,694,008		20,140,253		20,536,064
27
---

---

Table of Contents

Notes to the condensed interim financial statements

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

4.2          Information on geographical area

	Period of three months ended June 30,				Period of six months ended June 30,
	2025		2024		2025		2024
	Net sales
Brazil	9,018,182		9,111,370		17,184,859		17,513,444
Europe ^(i)^	780,649		753,657		1,599,316		1,444,184
Latin America ^(ii)^	112,397		196,523		208,808		364,598
United States of America	556,542		610,268		1,124,030		1,181,101
Asia and other ^(iii)^	9,882		22,190		23,240		32,737
Total	10,477,652		10,694,008		20,140,253		20,536,064
---	---
(i)	England, France, Spain and Portugal;
(ii)	Argentina, Bolivia, Uruguay and Paraguay;
(iii)	Singapore, United Arab Emirates and Oceania.

5             Financial assets and liabilities

The Company's financial assets and liabilities are stated as classified below:

			Parent Company				Consolidated
	Note		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Assets
Fair value through profit or loss
Cash and cash equivalents	5.1		514,271		986,278		1,308,890		2,122,442
Marketable securities			709,927		805,335		3,048,586		3,386,301
Derivative financial instruments	5.3		120,468		1,565,495		2,160,408		3,799,328
Other financial assets			—		—		4,563		4,495
			1,344,666		3,357,108		6,522,447		9,312,566
Amortized cost
Cash and cash equivalents			2,417,043		1,214,989		12,218,999		14,781,100
Trade receivables			—		—		4,118,390		3,995,734
Restricted cash			188		—		220,693		174,303
Receivables from related parties	5.4		248,124		406,981		210,380		399,889
Sectorial financial assets			—		—		788,744		731,642
Judicial deposits	10		390,067		416,969		1,054,531		1,056,690
Dividends and interest on equity receivable			11,848		19,377		32,669		153,548
Reduction of capital receivable			—		1,013,714		—		—
			3,067,270		3,072,030		18,644,406		21,292,906
Total			4,411,936		6,429,138		25,166,853		30,605,472
Liabilities
Amortized cost
Loans, borrowings and debentures			(16,140,488)		(21,350,555)		(33,545,683)		(38,161,392)
Trade payables	5.5		(1,366)		(2,900)		(4,079,078)		(5,187,849)
Consideration payable			—		—		(174,291)		(246,256)
Other financial liabilities ^(i)^			—		—		(853,502)		(1,067,839)
Leases			(22,469)		(24,459)		(6,375,672)		(6,509,753)
Railroad concession payable			—		—		(3,972,603)		(3,721,190)
Related parties payables	5.4		(5,505,397)		(7,263,024)		(379,030)		(417,488)
Dividends payable	11		(39)		(3,495)		(135,875)		(96,722)
Reduction of share capital payable			—		—		—		(486,285)
Sectorial financial liabilities			—		—		(78,067)		(64,718)
Installment of tax debts			(138,661)		(219,429)		(161,813)		(254,302)
			(21,808,420)		(28,863,862)		(49,755,614)		(56,213,794)
Fair value through profit or loss
Loans, borrowings and debentures			—		—		(26,854,580)		(28,294,034)
Derivative financial instruments	5.3		(412,010)		(1,104,874)		(2,646,683)		(3,470,204)
			(412,010)		(1,104,874)		(29,501,263)		(31,764,238)
Total			(22,220,430)		(29,968,736)		(79,256,877)		(87,978,032)
(i)	The Company's subsidiaries adopt strategies to optimize working capital efficiency, including extending payment terms with their suppliers and entering into structured payment agreements (also known as reverse factoring or drawn risk) with financial institutions.
---	---
28
---

---

Table of Contents

Notes to the condensed interim financial statements

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

5.1          Cash and cash equivalents

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Cash and bank accounts	371		414		752,602		958,738
Savings account	43,065		48,831		724,139		485,393
Financial investments	2,887,878		2,152,022		12,051,148		15,459,411
Total	2,931,314		2,201,267		13,527,889		16,903,542

Financial investments include the following:

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Applications in investment funds
Repurchase agreements	150,854		400,251		791,458		1,493,278
Certificate of bank deposits – CDB	363,417		586,027		516,535		604,398
Other investments	—		—		897		24,766
	514,271		986,278		1,308,890		2,122,442
Applications in banks
Repurchase agreements	—		—		149,274		236,101
Certificate of bank deposits – CDB	2,373,608		1,165,549		10,592,984		12,102,078
Other	—		195		—		998,790
	2,373,608		1,165,744		10,742,258		13,336,969
Total	2,887,879		2,152,022		12,051,148		15,459,411

5.2          Loans, borrowings and debentures

a) Composition

		Interest				Parent Company
Description		Average debt index		Average annual interest rate		June 30, 2025		December 31, 2024
Debentures		CDI + 1.29%		16.38%		11,339,656		10,554,301
Debentures		IPCA + 5.75%		11.35%		446,471		433,499
Debentures		Prefixed		7.52%		3,330,098		5,636,584
Commercial bank Notes		CDI + 1.77%		16.94%		1,024,263		1,020,037
Loan 4.131						—		3,706,134
Total						16,140,488		21,350,555
Current						480,944		347,032
Non-current						15,659,544		21,003,523
29
---

---

Table of Contents

Notes to the condensed interim financial statements

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

		Interest				Consolidated
Description		Average debt index		Average annual interest rate		June 30, 2025		December 31, 2024
Cosan Corporate
Debentures		CDI + 1.29%		16.38%		11,339,656		10,554,301
Debentures		IPCA + 5.75%		11.35%		446,471		433,499
Commercial bank notes		CDI + 1.77%		16.94%		1,024,263		1,020,037
Perpetual Notes		Prefixed		8.25%		2,762,941		3,135,174
Senior Notes		Prefixed		6.48%		5,872,872		14,181,589
						21,446,203		29,324,600
Compass
BNDES		IPCA + 4.53%		10.27%		2,907,532		3,034,743
Debentures		CDI + 0.69%		15.69%		5,525,187		5,378,989
Loan 4.131		VC + 4.04%		4.04%		820,149		2,695,565
Loan 4.131		CDI + 0.78%		15.80%		363,191		—
Debentures (Law 12,431)		IPCA + 6.37%		12.12%		3,997,781		2,956,899
Debentures		IGPM + 6.10%		10.76%		384,748		382,837
						13,998,588		14,449,033
Moove
Offshore loan 4.131		Prefixed		5.50%		—		15,729
Loan 4.131		CDI + 0.45%		15.42%		530,438		—
Acquisition Finance		SOFR + 1.50%		1.50%		2,077,668		2,346,950
Working capital		SONIA + 1.34%		1.34%		300,979		272,318
Export Credit Note		SOFR + 1.30%		5.66%		272,161		316,442
Export Prepayment		SOFR + 1.30%		5.64%		542,167		607,136
						3,723,413		3,558,575
Rumo
ACF		IPCA + 6.48%		12.12%		324,351		299,706
BNDES		URTJLP + 2.06%		10.82%		1,645,813		1,861,658
CCB		IPCA + 0.94%		6.29%		834,576		874,513
Debentures		CDI + 0.70%		15.45%		259,105		—
Debentures (Law 12,431)		IPCA + 5.56%		11.16%		13,124,369		10,722,182
Export Credit Agency ("ECA")		Euribor + 0,58%		2.97%		4,526		38,525
NCE						—		276,661
Senior Notes		Prefixed + 4.73%		4.73%		5,039,319		5,049,973
						21,232,059		19,123,218
Total						60,400,263		66,455,426
Current						3,873,610		4,403,148
Non-current						56,526,653		62,052,278
30
---

---

Table of Contents

Notes to the condensed interim financial statements

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

b) Changes in loans, borrowings and debentures

		Parent Company		Consolidated
Balance as at January 1, 2025		21,350,555		66,455,426
Proceeds		2,427,312		7,914,651
Repayment of principal		(7,148,782)		(13,410,998)
Payment of interest		(765,076)		(2,360,197)
Payment of interest on work in progress		—		(35,707)
Acquisition of subsidiaries (Note 6.3)		—		77,002
Interest, exchange rate and fair value		276,479		1,760,086
Balance as at June 30, 2025		16,140,488		60,400,263

c) Offset of assets and liabilities

	Segment		June 30, 2025		December 31, 2024
Assets
Credit Linked Notes	Rumo		5,579,180		6,334,168
Time deposit	Cosan Corporate		—		3,718,105
TRS	Cosan Corporate		3,332,195		5,640,466
Total			8,911,375		15,692,739
Liabilities
NCEs	Rumo		(5,579,180)		(6,334,168)
Loan 4.131 ^(i)^	Cosan Corporate		—		(3,718,105)
Debentures	Cosan Corporate		(3,332,195)		(5,640,466)
Total			(8,911,375)		(15,692,739)
Net Balance			—		—
(i)	The balance of Loan 4,131 was settled as mentioned in Note 2.2.
---	---

d) Covenants

The Company and its subsidiaries are required to comply with the financial clauses per the terms of the main loan lines both financial and non-financial, as set forth in the loan and financing agreements.

As of June 30, 2025, the Company and its subsidiaries were in compliance with all financial and non-financial restrictive covenants. The terms of the loans include cross-default provisions.

31

---

Table of Contents

Notes to the condensed interim financial statements

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

5.3          Derivative financial instruments

The Company uses swap instruments, whose fair value is determined from discounted cash flows based on market curves, to hedge the exposure to foreign exchange risk and interest, and inflation risk. The consolidated data are presented below:

	Parent Company								Consolidated
	Notional				Fair value				Notional				Fair value
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Exchange rate derivatives
Forward agreements	—		942,987		—		18,402		180,712		1,042,896		(19,311)		28,392
FX option agreements	—		—		—		—		328,500		411,000		5,505		3,096
	—		942,987		—		18,402		509,212		1,453,896		(13,806)		31,488
Commodity derivatives
Forward contract - NDF	—		—		—		—		20,855		21,174		(11,666)		(7,158)
	—		—		—		—		20,855		21,174		(11,666)		(7,158)
Foreign exchange and interest rate risk
Swap agreements (interest rate)	350,000		350,000		12,640		(4,705)		350,000		6,453,930		12,640		(364,783)
Swap agreements(interest and FX)	8,468,760		13,686,022		(78,594)		1,520,581		17,486,554		20,195,459		(573,130)		1,912,553
Swap agreements(interest and inflation)	—		—		—		—		21,051,206		12,247,351		325,275		(246,660)
	8,818,760		14,036,022		(65,954)		1,515,876		38,887,760		38,896,740		(235,215)		1,301,110
Share price risk
Swap agreements - (TRS)	944,593		1,817,821		(243,648)		(1,073,657)		944,593		1,817,821		(243,648)		(1,073,657)
Call Spread	5,678,737		—		18,060		—		5,678,737		4,667,709		18,060		77,341
	6,623,330		1,817,821		(225,588)		(1,073,657)		6,623,330		6,485,530		(225,588)		(996,316)
Total financial instruments					(291,542)		460,621						(486,275)		329,124
Current assets					—		18,402						161,993		905,341
Non-current assets					120,468		1,547,093						1,998,415		2,893,987
Current liabilities					(252,037)		(1,074,991)						(2,027,992)		(2,504,117)
Non-current liabilities					(159,973)		(29,883)						(618,691)		(966,087)
Total					(291,542)		460,621						(486,275)		329,124
32
---

---

Table of Contents

Notes to the condensed interim financial statements

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

Below, we present the breakdown of the registration value of debt and non-debt derivative financial instruments:

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30,2025		December 31, 2024
Derivative financial instruments	(65,954)		1,534,278		(215,370)		1,319,512
Non-derivative financial instruments	(225,588)		(1,073,657)		(270,905)		(990,388)
	(291,542)		460,621		(486,275)		329,124

Derivatives are only used for economic hedging purposes and not as speculative investments.

a) Fair value hedge

The Company, through its subsidiaries, adopts fair value hedge accounting for some of its operations.

There is an economic relationship between the hedged item and the hedging instrument because the terms of the interest and FX rate swap correspond to the terms of the fixed-rate loan, i.e., notional amount, term, and payment. Since the underlying risk of the interest and FX rate swap is identical to the hedged risk component, the Company has established a hedge ratio of 1:1 for its hedging relationships. The Company employs the discounted cash flow method and compares changes in the fair value of the hedging instrument with changes in the fair value of the hedged item attributable to the hedged risk in order to evaluate the effectiveness of the hedge. According to the Company's assessment, the sources of hedge ineffectiveness that are most likely to impact the hedge relationship during its term are: (i) a reduction or change in the hedged item; and (ii) a change in the Company's or the contracted swap counterparty's credit risk. The following amounts were associated with the items designated as hedging instruments:

									Carrying amount				Accumulated fair value of hedge<br><br><br>adjustments
	Subsidiary		Index	Unit	Notional		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
FX rate risk hedge
Loans, borrowings and debentures
Designated items
PPE	Moove		US + 1.40%		(100,000)		(542,167)		(620,690)		353		(13,554)
NCE	Moove		US + 1.30%		(50,000)		(272,161)		(320,606)		1,869		(4,164)
Senior Notes 2028	Rumo		US + 5.30%	BRL	(2,791,600)		(2,491,457)		(2,631,834)		(287,976)		(519,686)
Senior Notes 2032	Rumo		US + 4.20%	BRL	(2,824,075)		(2,547,861)		(2,418,140)		(189,460)		(687,411)
NCE U.S.$	Rumo		SOFR + 1.30%	BRL	—		—		(25,341)		—		(131,663)
Total									(5,853,646)		(6,016,611)		(475,214)		(1,356,478)
Interest rate risk hedge
Loans, borrowings and debentures
Designated items
BNDES Project VIII	Comgás		IPCA + 3.25%	BRL	(749,998)		(655,561)		(678,785)		97,901		100,511
Debenture	Rumo		IPCA + 5.56%	BRL	(11,935,026)		(12,425,737)		(9,719,039)		(1,521,235)		(1,851,762)
ACF	Rumo		IPCA + 6.48%	BRL	(312,528)		(324,351)		(299,706)		(9,454)		(13,635)
Finem	Rumo		TLP + 2.06%	BRL	(20,806)		(21,469)		(25,764)		(2,040)		(2,212)
CCB	Rumo		IPCA + 0.94%	BRL	(920,982)		(834,576)		(874,513)		(80,477)		(63,520)
Total									(14,261,694)		(11,597,807)		(1,515,305)		(1,830,618)

All values are in US Dollars.

33

---

Table of Contents

Notes to the condensed interim financial statements

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

									June 30, 2025				December 31, 2024
	Subsidiary		Index		Unit	Notional		Assets		Liabilities		Assets		Liabilities
FX rate risk hedge
Derivative financial instruments
PPE	Moove		CDI + 0.79%			100,000		3,044		—		66,126		—
NCE	Moove		CDI + 0.60%			50,000		1,177		—		28,452		—
Swap Senior Notes 2028	Rumo		115% CDI		BRL	2,791,600		2,509,811		2,781,855		2,657,287		2,707,334
Swap Senior Notes 2032	Rumo		106% CDI		BRL	2,824,075		2,591,933		2,757,213		4,039,312		3,926,328
Total									5,105,965		5,539,068		6,791,177		6,633,662
Interest rate risk hedge
Derivative financial instruments
BNDES Project VIII	Comgás		99.75% CDI		BRL	749,998		654,419		753,701		693,704		795,268
Swaps Debentures	Rumo		104% CDI		BRL	11,935,026		12,526,507		12,284,412		10,016,793		10,377,790
ACF	Rumo		96% CDI		BRL	312,528		329,930		338,354		304,962		318,827
Finem	Rumo		96% CDI		BRL	20,806		22,556		20,904		23,552		22,614
CCB	Rumo		64% CDI		BRL	920,982		842,765		924,864		882,930		946,589
Total									14,376,177		14,322,235		11,921,941		12,461,088

All values are in US Dollars.

b) Fair value option

Certain derivatives instruments were not designated to documented hedging structures.

34

---

Table of Contents

Notes to the condensed interim financial statements

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

The Company chose to designate the hedged liabilities (hedge objects) to be recorded at fair value through profit or loss as below:

					Carrying amount				Accumulated fair value
	Index	Notional		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
FX rate risk
Items
Senior Notes 2027 (Cosan Luxembourg)	+ 7.00%	—		—		(2,475,674)		—		(1,540,318)
Export Credit Agreement (Rumo)	+ 0.58%	(19,027)		(4,526)		(38,525)		(24,205)		(713)
Scotiabank 2022	+ 2.51%	—		—		(1,245,669)		—		3,580
Scotiabank 2023	+ 4.76%	(749,310)		(820,149)		(926,262)		1,265		5,920
BNP Paribas 2024	+ 5.74%	—		—		(523,634)		—		(19,408)
Total					(824,675)		(5,209,764)		(22,940)		(1,550,939)
FX rate risk
Items
BNDES Projects VI and VII (Compass)	IPCA + 4.10%	(91,779)		(77,338)		(88,477)		3,777		3,288
BNDES Project VIII (Compass)	IPCA + 3.25%	(658,663)		(585,406)		(639,325)		42,704		39,439
BNDES Project IX (Compass)	IPCA + 5.74%	(565,582)		(583,164)		(554,820)		47,024		54,110
BNDES Project IX - Sub A (Compass)	IPCA + 5.74%	(306,207)		(301,499)		(287,962)		19,362		22,242
BNDES Project IX - Sub A (Compass)	IPCA + 5.74%	(196,598)		(193,005)		(184,883)		9,493		10,864
BNDES Project IX - Sub B (Compass)	IPCA + 6.01%	(315,186)		(310,146)		(295,695)		20,495		23,999
Debenture 4th issue - 3rd Series (Compass)	IPCA + 7.36%	(38,273)		(44,279)		(41,436)		842		718
Debenture 9th issue - 1st Series (Compass)	IPCA + 5.12%	(500,000)		(545,358)		(512,946)		75,636		88,728
Debenture 9th issue - 2nd Series (Compass)	IPCA + 5.22%	(500,000)		(504,500)		(466,173)		114,014		133,379
Debenture 11th issue - 1st Series (Compass)	IPCA + 6.38%	(750,000)		(733,205)		(685,420)		51,576		72,780
Debenture 11th issue - 2nd Series (Compass)	IPCA + 6.45%	(750,000)		(714,118)		(662,782)		61,045		85,912
Debenture 12th issue – Single series (Compass)	IPCA + 7.17%	(600,000)		(623,914)		(588,142)		(25,581)		(10,096)
Debenture 2nd issue – Single series (Compass)	IPCA + 7.44%	(800,000)		(850,355)		—		(50,355)		—
Debentures (Rumo)	IPCA + 4.68%	(120,000)		(169,600)		(248,085)		(4,214)		(59,916)
Debentures (Rumo)	IPCA + 4.50%	(600,000)		(788,138)		(755,061)		(77,113)		(96,457)
Total					(7,024,025)		(6,011,207)		288,705		368,990

All values are in US Dollars.

35

---

Table of Contents

Notes to the condensed interim financial statements

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

					Carrying amount
	Index		Notional		June 30, 2025		December 31, 2024
FX rate risk
Derivatives instruments
Swap Senior Notes 2027 (Cosan Luxembourg)	BRL + 114.66% CDI		—		—		217,523
FX and interest rate swaps (Rumo)	BRL + 108% CDI		19,027		(15,360)		12,253
Scotiabank 2022 (Compass)	CDI + 1.20%		—		—		95,971
Scotiabank 2023 (Compass)	CDI + 1.35%		749,310		—		169,185
BNP Paribas 2024 (Compass)	CDI + 1.30%		—		—		55,805
Total					(15,360)		550,737
Interest risk
Derivatives instruments
BNDES Projects VI and VII (Compass)	87.50% CDI		91,779		(3,931)		(3,332)
BNDES Project VIII (Compass)	82.94% CDI		658,663		(43,880)		(39,834)
BNDES Project IX (Compass)	98.90% CDI		565,582		28,910		1,394
BNDES Project IX - Sub A (Compass)	95.55% CDI		306,207		(1,175)		(14,383)
BNDES Project IX - Sub A (Compass)	92.35% CDI		196,598		(1,028)		(8,929)
BNDES Project IX - Sub B (Compass)	98.49% CDI		315,186		(1,868)		(15,994)
Debenture 4th issue - 3rd Series (Compass)	112.49% CDI		38,273		3,133		3,203
Debenture 9th issue - 1st Series (Compass)	109.20% CDI		500,000		32,147		5,192
Debenture 9th issue - 2nd Series (Compass)	110.60% CDI		500,000		(6,373)		(39,535)
Debenture 11th issue - 1st Series (Compass)	100.45% CDI		750,000		(36,168)		(71,755)
Debenture 11th issue - 2nd Series (Compass)	99.70% CDI		750,000		(45,797)		(84,963)
Debenture 12th issue – Single series (Compass)	95.66% CDI		600,000		43,682		10,424
Debenture 2nd issue – Single series (Compass)	97.40% CDI		800,000		13,539		—
Debentures (Rumo)	107% CDI		120,000		43,454		60,419
Debentures (Rumo)	103% CDI		600,000		158,612		130,505
Total					183,257		(67,588)
36
---

---

Table of Contents

Notes to the condensed interim financial statements

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

c) Cash flow hedge

Compass

The indirect subsidiary Edge Comercialização S.A. entered into a natural gas purchase agreement indexed to Brent and US dollar risk. To mitigate fluctuations in the corresponding indexes, this transaction was designated as a cash flow hedge, as provided for in CPC 40. The transaction was settled in May 2025.

The indirect subsidiary Terminal de Regaseificação de São Paulo ("TRSP") adopted a hedge accounting strategy to protect its results from exposure to variability in cash flows arising from the exchange rate effects of highly probable revenues in US dollars projected for a period of 20 years, through non-derivatives hedging instruments – lease liabilities in US dollars already contracted.

Rumo

To mitigate the effects of exchange rate volatility on future cash flows, the subsidiary Rumo entered into derivatives financial instruments in the form of swap transactions and designated a cash flow hedge. The hedging relationship was formally designated and documented at the beginning of the transaction, demonstrating that the hedge is effective in offsetting the variations in cash flows attributable to exchange rate risk. The effects of this hedge are recognized in net under "Other Comprehensive Income."

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

										Carrying amount
		Subsidiary		Risk		Unit		Notional		June 30, 2025		December 31, 2024
Financial instrument
Leasing		TRSP		FX rate		BRL		3,453,427		(198,383)		(446,224)
Swap exchange rate and interest		Rumo		FX rate		BRL		1,107,612		(107,920)		—
Total										(306,303)		(446,224)
(-) Deferred tax										104,143		151,716

The effect of cash flow hedge on the income statement and other comprehensive income is shown below:

								Write-offs				Ineffectiveness
		Subsidiary		Balance as at January 1, 2025		Other comprehensive income		Net sales		Cost of sales		Financial result		Balance as at June 30, 2025
Financial instrument
Derivative futures		Edge		—		(13,089)		—		9,027		4,062		—
Leasing		TRSP		(446,224)		239,331		7,497		—		1,013		(198,383)
Swap exchange rate and interest		Rumo		—		(107,920)		—		—		—		(107,920)
Total				(446,224)		118,322		7,497		9,027		5,075		(306,303)

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

1.	Temporal misalignment between the cash flows of the hedged items and the hedging instruments;
2.	Use of different reference indices, resulting in different risk curves between the protected items and the hedging instruments;
3.	Distinct effects of counterparty credit risk on the change in the fair value of hedging instruments and hedged items;
4.	Changes in projections of expected cash flows from hedged items and hedging instruments.

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

As of June 30, 2025, there was no change in the fair value of the hedging instruments used to recognize ineffectiveness.

37

---

Table of Contents

Notes to the condensed interim financial statements

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

5.4          Related parties

a) Accounts receivable and payable with related parties:

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Current assets
Commercial operations
Raízen S.A.	2,801		5,241		56,680		72,518
Rumo S.A.	39,239		25,706		—		—
CLI Sul S.A.	10		10		14,305		19,458
Cosan Lubrificantes e Especialidades S.A.	6,933		14,164		—		—
Compass Gás e Energia S.A.	25,932		18,561		—		—
Termag - Terminal Marítimo de Guarujá S.A.	—		—		14,286		14,286
Associação Gestora da Ferrovia Interna  do Porto de Santos (AG-FIPS)	—		—		35,100		36,985
Radar Gestão de Investimentos S.A.	232		—		233		—
Radar Propriedades Agrícolas S.A.	1,957		—		—		—
Other	150		2,688		857		6,938
	77,254		66,370		121,461		150,185
Financial and corporate operations
Raízen S.A.	62,600		45,173		62,600		45,173
Cosan Lubrificantes e Especialidades S.A.	10,155		—		—		—
Cosan Luxembourg S.A.	2,865		2,556		—		—
Other	—		—		—		1,705
	75,620		47,729		62,600		46,878
Total current assets	152,874		114,099		184,061		197,063
Non-current assets
Commercial operations
Termag - Terminal Marítimo de Guarujá S.A.	—		—		14,286		21,438
	—		—		14,286		21,438
Financial operations
Raízen S.A.	—		28,864		33		26,920
Cosan Lubrificantes e Especialidades S.A.	95,250		109,550		—		—
Ligga S.A.	—		154,468		—		154,468
CLI Sul S.A.	—		—		12,000		—
	95,250		292,882		12,033		181,388
Total non-current assets	95,250		292,882		26,319		202,826
Related parties receivables	248,124		406,981		210,380		399,889
38
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Current liabilities
Commercial operations
Raízen S.A.	76,989		8,176		350,849		303,656
Termag - Terminal Marítimo de Guarujá S.A.	—		—		—		8,149
Associação Gestora da Ferrovia Interna  do Porto de Santos (AG-FIPS)	—		—		20,688		45,119
Other	191		64		2,935		1,932
	77,180		8,240		374,472		358,856
Financial and corporate operations
Raízen S.A.	—		56,478		3,480		57,554
Cosan Overseas Limited	35,262		40,012		—		—
Cosan Luxembourg S.A	33,887		105,890		—		—
	69,149		202,380		3,480		57,554
Total current liabilities	146,329		210,620		377,952		416,410
Non-current liabilities
Financial operations
Cosan Lubrificantes e Especialidades S.A.	618,498		591,491		—		—
Cosan Luxembourg S.A	1,991,842		3,342,012		—		—
Cosan Overseas Limited	2,747,650		3,117,823		—		—
Raízen S.A.	1,078		1,078		1,078		1,078
Total non-current liabilities	5,359,068		7,052,404		1,078		1,078
Payables to related parties	5,505,397		7,263,024		379,030		417,488
39
---

---

Table of Contents

Notes to the condensed interim financial statements

(In thousands of Brazilian reais - R$, except when 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,
	2025		2024		2025		2024		2025		2024		2025		2024
Operating income
Raízen S.A.	—		—		—		—		218,966		10,493		352,035		265,889
CLI Sul S.A.	—		—		—		—		—		3,303		—		7,649
Other	—		—		—		—		(1,021)		—		2,642		196
	—		—		—		—		217,945		13,796		354,677		273,734
Purchase of products / inputs / services
Raízen S.A.	(528)		(11)		(558)		(15)		(642,638)		(628,399)		(1,150,265)		(1,151,114)
Other	—		—		—		—		(2,625)		(2,276)		(3,875)		(2,169)
	(528)		(11)		(558)		(15)		(645,263)		(630,675)		(1,154,140)		(1,153,283)
Shared income (expenses)
Compass Gás e Energia S.A.	13,643		1,775		22,668		10,469		—		—		—		—
Edge Comercialização S.A.	(61)		—		9,277		—		—		—		—		—
Cosan Lubrificantes e Especialidades S.A.	2,334		1,365		5,426		2,962		—		—		—		—
Raízen S.A.	(960)		(861)		(479)		(1,726)		(26,050)		(40,330)		(50,152)		(60,494)
Rumo S.A.	16,967		1,140		33,899		2,625		—		—		—		—
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS)	—		—		—		—		(34,587)		—		(59,711)		—
Other	1,301		68		2,083		52		44		68		46		52
	33,224		3,487		72,874		14,382		(60,593)		(40,262)		(109,817)		(60,442)
Financial result
Cosan Luxembourg S.A.	77,185		(447,518)		241,001		(603,115)		—		—		—		—
Cosan Overseas Limited	86,751		(340,601)		255,741		(470,849)		—		—		—		—
Raízen S.A.	—		—		(10,507)		—		—		—		(10,507)		—
Moove Lubrificantes Limited	1		—		(4)		—		—		—		—		—
Ligga S.A.	5,240		—		10,410		—		5,240		—		10,410		—
	169,177		(788,119)		496,641		(1,073,964)		5,240		—		(97)		—
Total	201,873		(784,643)		568,957		(1,059,597)		(482,671)		(657,141)		(909,377)		(939,991)
40
---

---

Table of Contents

Notes to the condensed interim financial statements

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

c) 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,
	2025		2024		2025		2024		2025		2024		2025		2024
Short-term benefits to employees and directors	34,301		11,907		43,747		20,632		67,156		45,818		107,148		76,461
Share-based compensation	4,239		13,868		7,590		27,737		8,208		16,586		15,840		35,502
Post-employment benefits	53		158		107		287		671		648		1,273		1,186
Employment termination benefits	—		—		—		1,645		—		—		—		1,645
Others long-term benefits	—		—		—		—		486		910		971		1,800
Total	38,593		25,933		51,444		50,301		76,521		63,962		125,232		116,594

5.5          Trade payables

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Material and services suppliers	1,366		2,744		3,093,256		4,205,516
Natural gas / transport and logistics suppliers	—		156		985,822		982,333
	1,366		2,900		4,079,078		5,187,849
Current	1,366		2,900		4,059,315		5,168,593
Non-current	—		—		19,763		19,256
Total	1,366		2,900		4,079,078		5,187,849
41
---

---

Table of Contents

Notes to the condensed interim financial statements

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

5.6          Fair value measurements

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:

			Carrying amount				Assets and liabilities measured at fair value
			June 30, 2025		December 31, 2024		June 30, 2025						December 31, 2024
	Note						Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investment funds	5.1		1,308,890		2,122,442		—		1,308,890		—		—		2,122,442		—
Marketable securities			3,048,586		3,386,301		224,748		2,823,838		—		—		3,386,301		—
Other financial assets			4,563		4,495		4,563		—		—		4,495		—		—
Investment properties ^(i)^			16,732,690		16,818,919		—		—		16,732,690		—		—		16,818,919
Derivative financial instruments	5.3		2,160,408		3,799,328		—		2,160,408		—		—		3,799,328		—
Total			23,255,137		26,131,485		229,311		6,293,136		16,732,690		4,495		9,308,071		16,818,919
Liabilities
Loans, borrowings and debentures	5.2		(60,400,263)		(66,455,426)		—		(59,526,360)		—		—		(28,294,034)		—
Derivative financial instruments	5.3		(2,646,683)		(3,470,204)		—		(2,646,683)		—		—		(3,470,204)		—
Total			(63,046,946)		(69,925,630)		—		(62,173,043)		—		—		(31,764,238)		—
(i)	The fair value of investment properties was determined using the direct comparative method of market data applied to transactions involving similar properties (type, location, and quality of property) and, to a lesser extent, sales quotes for potential transactions involving comparable assets (level 3). The methodology used to determine fair value incorporates direct comparisons of market information, such as market research, homogenization of values, spot market prices, sales, distances, facilities, access to land, topography and soil, land use (crop type), and rainfall, among other data, in accordance with the standards issued by the Brazilian Association of Technical Standards (Associação Brasileira de Normas Técnicas -"ABNT"). For the period ended June 30, 2025, there was no fair value adjustment.
---	---

For debt having a market value quoted on the Luxembourg Stock Exchange (LuxSE), the fair value measurement is based on the quoted market price as follows:

Debt		Company		June 30, 2025		December 31, 2024
Senior Notes due 2028		Rumo Luxembourg		98.89%		97.32%
Senior Notes due 2032		Rumo Luxembourg		89.61%		84.30%
Senior Notes due 2027 ^(i)^		Cosan Luxembourg S.A.		—		99.63%
(i)	The debt was settled on March 14, 2025, as per Note 2.1.
---	---
42
---

---

Table of Contents

Notes to the condensed interim financial statements

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

5.7          Financial risk management

a) Market Risk

Foreign exchange risk

The Company had the following net exposure to exchange rate fluctuations on assets and liabilities denominated in US dollars, euros, and pounds sterling for companies with the Brazilian real as their functional currency.

	June 30, 2025		December 31, 2024
Cash and cash equivalents	988,052		1,861,070
Trade receivables	17,293		35,807
Trade payables	(737,425)		(691,312)
Loans, borrowings and debentures	(15,235,539)		(24,263,167)
Leases	(1,857,836)		(2,121,304)
Consideration payable	(174,291)		(246,256)
Derivative financial instruments (notional)	16,278,639		22,576,441
Foreign exchange exposure, net	(721,107)		(2,848,721)

The probable 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		61,823		322,701		583,579		(199,055)		(459,933)
Trade payables		High FX rate		(3,502)		(18,311)		(33,120)		11,307		26,116
Loans, borrowings and debentures		High FX rate		(957,305)		(3,024,928)		(7,073,139)		(289,254)		6,439,331
Lease liabilities		High FX rate		(116,738)		(586,030)		(1,079,674)		303,852		846,198
Consideration payable		High FX rate		(11)		(57)		(104)		(206)		(159)
Derivative financial instruments		Low FX rate		395,257		4,271,348		8,193,038		(3,556,105)		(7,435,080)
Impacts on profit or loss before tax				(579,093)		1,181,095		981,942		(3,863,069)		(892,125)
Impacts on other comprehensive income				(41,383)		(216,372)		(391,362)		133,608		308,598
		Exchange rate sensitivity analysis
---	---	---	---	---	---	---	---	---	---	---	---	---
		June 30, 2025		Scenarios
				Probable		25%		50%		(25%)		(50%)
U.S.	5.4571		5.8000		7.2500		8.7000		4.3500		2.9000
Euro	6.4230		6.7860		8.4825		10.1790		5.0895		3.3930
	7.4893		8.0040		10.0050		12.0060		6.0030		4.0020

All values are in US Dollars.

43

---

Table of Contents

Notes to the condensed interim financial statements

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

Interest rate risk

Below is a sensitivity analysis of interest on loans and financing and financial assets linked to the CDI rate with 25% and 50% pre-tax increases and decreases:

				Scenarios
Interest rate exposure		Probable		25%		50%		(25%)		(50%)
Cash and cash equivalents		1,804,948		2,256,197		2,708,652		1,353,722		902,474
Marketable securities		391,326		489,177		587,259		293,514		195,663
Restricted cash		31,740		39,676		47,633		23,806		15,870
Lease and concession in installments		(146,346)		(182,982)		(219,619)		(109,809)		(73,173)
Leases liabilities		(443,412)		(447,946)		(452,447)		(438,911)		(434,358)
Derivative financial instruments		(2,973,248)		(3,898,420)		(4,247,821)		(2,059,701)		(1,046,263)
Loans, borrowings and debentures		(4,181,127)		(5,008,886)		(5,756,448)		(3,153,825)		(2,170,376)
Other financial liabilities		(109,960)		(137,450)		(165,015)		(82,470)		(54,980)
Impacts on profit or loss before taxes		(5,626,079)		(6,890,634)		(7,497,806)		(4,173,674)		(2,665,143)

Part of the amount shown under derivatives financial instruments corresponds to the Total Return Swap (TRS):

				Scenarios
Interest rate exposure		Probable		25%		50%		(25%)		(50%)
Derivative financial instruments		(40,056)		(50,084)		(60,112)		(30,056)		(20,028)

The probable scenario considers the estimated interest rate, made by a specialized third party and the Central Bank of Brazil ("BACEN"), as follows:

				Scenarios
		Probable		25%		50%		(25%)		(50%)
SELIC		14.58%		18.23%		21.88%		10.94%		7.29%
CDI		14.48%		18.10%		21.73%		10.86%		7.24%
TJLP462 (TJLP + 1% p.a.)		9.50%		11.63%		13.75%		7.38%		5.25%
TJLP		8.50%		10.63%		12.75%		6.38%		4.25%
IPCA		4.81%		6.01%		7.21%		3.61%		2.40%
IGPM		5.63%		7.03%		8.44%		4.22%		2.81%
Fed Funds		6.36%		7.95%		9.54%		4.77%		3.18%
SOFR		4.00%		5.00%		6.00%		3.00%		2.00%
44
---

---

Table of Contents

Notes to the condensed interim financial statements

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

Price risk

•        Natural Gas

				Scenarios
Instrument		Risk factor	25%		50%		(25%)		(50%)
Brent Derivatives – options		Price variation U.S./bbl	26,843		53,686		(26,843)		(53,686)

All values are in US Dollars.

•        Options

				Scenarios
Instrument		Interest		Probable		25%		50%		(25%)		(50%)
VALE3 (Call spread)		1.34%		18,060		107,002		217,582		(5,030)		(17,308)

Call Option (“Call”)

The Company has a call option that gives it the right to repurchase all preferred shares of Cosan Nove and Cosan Dez, which may be exercised as of the third year after the execution of the respective agreements in December 2022.

On June 30, 2025, the Company measured the fair value of the call option and concluded that is out of price.

Contingent put option

In the shareholders' agreements entered into between the Company and the banks Itaú and Bradesco regarding the issuance of preferred shares, it was defined that both financial institutions have a contingent put option only when the specific adverse material effects provided for in the contract occur, which are under the Company's control and, therefore, do not constitute a financial obligation.

The prices for the exercise of the options are calculated based on the initial amounts adjusted by a weighted average rate of CDI + 0.60% minus the dividends received by non-controlling shareholders in this period, which, on June 30, 2025, is represented by the amounts of R$2,315,367 and R$3,894,355, respectively.

•        Total Return Swap (TRS)

The Company is exposed to risks linked to the price of Cosan's shares (ticker CSAN3). To mitigate such exposures, total return swap derivatives were contracted for 106,695,312 shares, in which the Company receives the share price variation and the proceeds on the asset side and pays CDI + 0.97% per year on the liability side.

The sensitivity analysis considers the closing price of the shares, as shown below:

				Scenarios
Instrument		Probable		25%		50%		(25%)		(50%)
Net exposure option		(274,735)		182,982		365,965		(182,982)		(365,965)
Value of the share (CSAN3)		6.86		8.58		10.29		5.15		3.43
45
---

---

Table of Contents

Notes to the condensed interim financial statements

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

b) Credit risk

The Company's regular operations expose it to the risk of default when customers, suppliers, and counterparties are unable to fulfill their financial commitments or other obligations. The credit risk exposure was as follows:

	June 30, 2025		December 31, 2024
Cash and cash equivalents	13,527,889		16,903,542
Trade receivables	4,118,390		3,995,734
Marketable securities	2,823,837		3,386,301
Restricted cash	220,693		174,303
Derivative financial instruments	2,160,408		3,799,328
Receivables from related parties	210,380		399,889
Receivable dividends and interest on equity	32,669		153,548
Other financial assets	4,563		4,495
Total	23,098,829		28,817,140

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

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

	June 30, 2025		December 31, 2024
AAA	17,663,733		22,706,407
AA	967,927		803,935
A	—		571,942
Not rated	101,167		181,190
Total	18,732,827		24,263,474

c) Liquidity risk

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

	June 30, 2025										December 31, 2024
	Up to 1 year		From 1 to 2 years		From 3 to 5 years		Over 5 years		Total		Total
Loans, borrowings and debentures	(7,192,922)		(7,923,326)		(38,970,940)		(40,694,061)		(94,781,249)		(64,570,345)
Trade payables	(4,059,315)		(19,763)		—		—		(4,079,078)		(10,670,813)
Other financial liabilities	(695,027)		(158,475)		—		—		(853,502)		(770,103)
Installment of tax debts	(11,917)		(7,211)		(6,693)		(221,770)		(247,591)		(454,885)
Leases	(911,271)		(845,208)		(890,764)		(19,997,826)		(22,645,069)		(20,948,336)
Lease and concession in installments			(285,713)		(564,004)		(190,066)		(1,329,783)		(1,281,108)
Related party payables	(377,952)		(1,078)		—		—		(379,030)		(416,410)
Dividends payable	(135,875)		—		—		—		(135,875)		(96,722)
Consideration payable	(9,550)		(9,550)		(20,191)		(109,966)		(149,257)		(185,622)
Derivative financial instruments	(2,967,990)		(1,195,283)		(44,085)		10,804,069		6,596,711		6,528,439
Sectorial financial liabilities (i)	(78,067)		—		—		—		(78,067)		(64,718)
	(16,729,886)		(10,445,607)		(40,496,677)		(50,409,620)		(118,081,790)		(92,930,623)
(i)	The Company has long-term sector liabilities recorded in the indirect subsidiary Comgás, which are not presented in the schedule due to uncertainties related to the disbursement period.
---	---
46
---

---

Table of Contents

Notes to the condensed interim financial statements

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

6             Investment in subsidiaries and associates

6.1          Investments in subsidiaries

The Company's subsidiaries are listed below:

	June 30, 2025		December 31, 2024
Directly owned subsidiaries excluding treasury shares
Cosan Corporate
Cosan Corretora de Seguros Ltda	100.00%		100.00%
Cosan Nove Participações S.A.	87.27%		73.09%
Cosan Luxembourg S.A. (i)	100.00%		100.00%
Cosan Overseas Limited	100.00%		100.00%
Pasadena Empreendimentos e Participações S.A.	100.00%		100.00%
Cosan Limited Partners Brasil Consultoria Ltda.	98.13%		98.13%
Barrapar Participaçoes Ltda.	100.00%		100.00%
Aldwych Temple	100.00%		100.00%
Cosan Global Limited	100.00%		100.00%
Cosan Dez Participações S.A.	76.80%		76.80%
Radar
Radar Propriedades Agrícolas S.A.	50.00%		50.00%
Radar II Propriedades Agrícolas S.A.	50.00%		50.00%
Nova Agrícola Ponte Alta S.A.	50.00%		50.00%
Nova Amaralina S.A Propriedades Agrícolas	50.00%		50.00%
Nova Santa Bárbara Agrícola S.A.	50.00%		50.00%
Terras da Ponta Alta S.A.	50.00%		50.00%
Castanheira Propriedades Agrícolas S.A.	50.00%		50.00%
Manacá Propriedades Agrícolas S.A.	50.00%		50.00%
Paineira Propriedades Agrícolas S.A.	50.00%		50.00%
Tellus Brasil Participações S.A.	20.00%		20.00%
Janus Brasil Participações S.A.	20.00%		20.00%
Duguetiapar Empreendimentos e Participações S.A.	20.00%		20.00%
Gamiovapar Empreendimentos e Participações S.A.	20.00%		20.00%
Moove
Moove Lubricants Holdings	70.00%		70.00%
Rumo
Rumo S.A.	30.39%		30.40%

Note: Considers direct and indirect participation in subsidiaries excluding treasury shares.

(i)	On June 30, 2025, the subsidiary Cosan Luxembourg S.A. had an uncovered liability in the amount of R$349,399, as shown below. However, no other events or conditions have been identified that, individually or collectively, may raise significant doubts about its ability to continue as a going concern. The subsidiaries rely on the financial support of the Company.
47
---

---

Table of Contents

Notes to the condensed interim financial statements

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

The following are the investments in subsidiaries as of June 30, 2025, considered relevant to the Company:

a) Parent company

	Shares issued by the subsidiary		Shares held by Cosan		Cosan ownership interest		Economic benefit (%)
Cosan Corporate
Cosan Corretora de Seguros Ltda	5,000		4,999		100.00%		100.00%
Cosan Nove Participações S.A.	7,663,761,736		6,688,357,663		87.27%		66.16%
Cosan Luxembourg S.A.	500,010		500,010		100.00%		100.00%
Cosan Overseas Limited	4,850,000		4,850,000		100.00%		100.00%
Pasadena Empreendimentos e Participações S.A.	41,481,296		41,481,046		100.00%		100.00%
Cosan Limited Partners Brasil Consultoria Ltda	160,000		157,000		98.13%		98.13%
Cosan Global Limited	1,300		1,300		100.00%		100.00%
Cosan Dez Participações S.A.	3,473,458,688		2,667,494,859		76.80%		72.00%
Radar
Radar Propriedades Agrícolas S.A.	737,500		305,694		41.45%		41.45%
Radar II Propriedades Agrícolas S.A.	81,440,221		40,720,111		50.00%		50.00%
Nova Agrícola Ponte Alta S.A.	160,693,378		66,607,405		41.45%		41.45%
Nova Amaralina S.A Propriedades Agrícolas	30,603,159		12,685,010		41.45%		41.45%
Nova Santa Bárbara Agrícola S.A.	32,336,994		13,403,684		41.45%		41.45%
Terras da Ponte Alta S.A.	16,066,329		6,659,494		41.45%		41.45%
Castanheira Propriedades Agrícolas S.A.	83,850,938		34,756,214		41.45%		41.45%
Manacá Propriedades Agrícolas S.A.	126,200,853		52,310,254		41.45%		41.45%
Paineira Propriedade Agrícolas S.A.	132,667,061		54,990,497		41.45%		41.45%
Tellus Brasil Participações S.A.	106,907,867		64,243,260		60.09%		19.57%
Janus Brasil Participações S.A.	286,370,051		173,464,883		60.57%		19.57%
Duguetiapar Empreendimentos e Participações S.A.	3,573,842		2,163,979		60.55%		19.57%
Gamiovapar Empreendimentos e Participações S.A.	12,132,621		7,346,670		60.55%		19.57%
Moove
Moove Lubricants Holdings	34,963,764		24,474,635		70.00%		70.00%
Rumo
Rumo S.A.	1,854,868,949		562,529,490		30.39%		30.39%
48
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	Balance as at January 1, 2025		Profit attributable to non-controlling interests		Capital increase		Change of equity interest in subsidiary		Other comprehensive income		Dividends		Purchase of a shareholding		Incorporation of<br><br><br>subsidiary		Others		Balance as at June 30, 2025		Dividend receivable ^(i)^
Cosan Corporate
Cosan Corretora de Seguros Ltda.	3,333		1,474		—		—		—		—		—		—		—		4,807		—
Cosan Nove Participações S.A.	7,153,309		(1,152,631)		331,000		(975,073)		258,134		—		2,169,000		—		(77,981)		7,705,758		—
Cosan Dez Participações S.A.	3,366,248		408,568		—		(34)		66,338		—		—		—		—		3,841,120		11,717
Pasadena Empreendimentos e Participações S.A.	(251)		(13)		—		—		—		—		—		—		264		—		—
Cosan Oito S.A.	9,601,259		—		—		—		18,322		—		—		(9,619,581)		—		—		—
Cosan Global	129,764		(18,708)		2,892		—		—		—		—		—		148		114,096		—
Outros	31,631		(1,503)		—		—		(1,989)		—		—		—		—		28,139		—
Radar
Radar II Propriedades Agrícolas S.A.	1,241,246		14,284		—		—		—		(22,116)		—		—		—		1,233,414		—
Radar Propriedades Agrícolas S.A.	266,250		1,096		—		—		—		(19,357)		—		—		—		247,989		—
Nova Agrícola Ponte Alta S.A.	455,407		5,261		—		—		—		(5,181)		—		—		—		455,487		—
Nova Santa Bárbara Agrícola S.A.	35,942		584		—		—		—		(15,659)		—		—		—		20,867		—
Nova Amaralina S.A. Propriedades Agrícolas	229,289		2,739		—		—		—		(6,208)		—		—		—		225,820		133
Terras da Ponte Alta S.A.	98,121		1,585		—		—		—		(3,715)		—		—		—		95,991		—
Paineira Propriedades Agrícolas S.A.	231,839		3,891		—		—		—		(4,145)		—		—		—		231,585		—
Manacá Propriedades Agrícolas S.A.	226,538		3,442		—		—		—		(3,731)		—		—		—		226,249		—
Castanheira Propriedades Agrícolas S.A.	325,220		2,169		—		—		—		(7,047)		—		—		—		320,342		—
Tellus Brasil Participações S.A.	767,096		11,374		—		—		—		(13,059)		—		—		—		765,411		—
Janus Brasil Participações S.A.	1,198,363		21,417		—		—		—		(32,880)		—		—		—		1,186,900		—
Duguetiapar Empreendimentos e Participações S.A.	735		24		—		—		—		—		—		—		—		759		—
Gamiovapar Empreendimentos e Participações S.A.	143,697		1,469		—		—		—		(1,957)		—		—		—		143,209		—
Moove
Moove Lubricants Holdings	1,325,556		262,343		—		—		(28,191)		—		—		—		—		1,559,708		—
Outros	460		(4)		—		—		(63)		—		—		—		—		393		—
Rumo
Rumo S.A.	4,477,644		69,587		—		(456)		(21,857)		(455,893)		—		—		5,049		4,074,074		—
Total investment in subsidiaries	31,308,696		(361,552)		333,892		(975,563)		290,694		(590,948)		2,169,000		(9,619,581)		(72,520)		22,482,118		11,850
Cosan Corporate
Pasadena Empreendimentos e Participações S.A.	—		—		—		—		—		—		—		—		(264)		(264)		—
Cosan Luxembourg S.A.	(263,722)		(85,677)		—		—		—		—		—		—		—		(349,399)		—
Total provision for uncovered liability of subsidiary	(263,722)		(85,677)		—		—		—		—		—		—		(264)		(349,663)		—
Total	31,044,974		(447,229)		333,892		(975,563)		290,694		(590,948)		2,169,000		(9,619,581)		(72,784)		22,132,455		11,850
(i)	Dividends receivable by Cosan SA from its subsidiaries.
---	---
49
---

---

Table of Contents

Notes to the condensed interim financial statements

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

b) Consolidated

	Number of shares of the investee		Investor's shares		Equity stake
Rumo
Rhall Terminais Ltda	28,580		8,574		30.00%
Termag - Terminal Marítimo de Guarujá S.A.	500,000		100,000		20.00%
TGG - Terminal de Granéis do Guarujá S.A.	500,000		50,000		10.00%
CLI Sul S.A.	543,750,625		108,750,125		20.00%
Terminal Multimodal de Grãos e Fertilizantes S.A.	60,005,000		30,002,500		50.00%
Compass
CEG Rio S.A.	1,995,022,625		746,251,086		37.41%
Companhia de Gás de Mato Grosso do Sul - Msgás	61,610,000		30,188,900		49.00%
Companhia de Gás de Santa Catarina - Scgás	10,749,497		4,407,293		41.00%

The relevant movements that impacted the consolidated balances of the condensed interim individual and consolidated financial statements are detailed in Explanatory Note 2.1.

6.2          Non-controlling interest in subsidiaries

	Shares issued by the subsidiary		Shares held by non-controlling shareholders		Non-controlling interest
Radar
Tellus Brasil Participações S.A.	106,907,867		85,526,294		80.00%
Janus Brasil Participações S.A.	286,370,051		229,096,041		80.00%
Duguetiapar Empreendimentos e Participações S.A.	3,573,842		2,859,074		80.00%
Gamiovapar Empreendimentos e Participações S.A.	12,123,621		9,706,097		80.00%
Radar Propriedades Agrícolas S.A.	737,500		368,750		50.00%
Nova Agrícola Ponte Alta S.A.	160,693,378		80,346,689		50.00%
Terras da Ponte Alta S.A.	16,066,329		8,033,165		50.00%
Nova Santa Bárbara Agrícola S.A.	32,336,994		16,168,497		50.00%
Nova Amaralina S.A.	30,603,159		15,301,580		50.00%
Paineira Propriedades Agrícolas S.A.	132,667,061		66,333,531		50.00%
Manacá Propriedades Agrícolas S.A.	126,200,853		63,100,427		50.00%
Castanheira Propriedades Agrícolas S.A.	83,850,938		41,925,469		50.00%
Radar II Propriedades Agrícolas S.A.	81,440,221		40,720,111		50.00%
Rumo
Rumo S.A.	1,854,868,949		1,287,383,261		69.61%
Moove
Moove Lubricants Holdings	34,963,764		10,489,129		30.00%
Corporativo
Cosan Nove Participações S.A.	7,663,761,736		975,404,073		12.73%
Cosan Limited Partners Brasil Consultoria Ltda.	160,000		3,000		1.88%
Cosan Dez Participações S.A.	3,473,458,688		805,963,829		23.20%
50
---

---

Table of Contents

Notes to the condensed interim financial statements

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

The following table summarizes information relating to each of the Company's subsidiaries that has material non-controlling interests, prior to any intra-group elimination.

	Balance as<br>of January1, 2025		Profit attributable<br><br><br>to non-controlling<br><br><br>interests		Capital increase		Other comprehensive income		Dividends		Change of equity interest in subsidiary		Other		Balance as<br>of June 30, 2025
Compass
Companhia de Gás de São Paulo - COMGÁS	26,637		5,464		—		—		(812)		—		—		31,289
Commit Gás S.A.	1,357,447		61,412		—		—		(68,910)		—		—		1,349,949
Companhia Paranaense de Gás - COMPAGAS	460,508		(984)		—		—		(13,453)		—		—		446,071
Biometano Verde Paulínia S.A.	238,239		(752)		—		—		—		—		—		237,487
Compass Gás e Energia	557,943		84,947		—		11,779		(6)		—		—		654,663
Rumo
Rumo S.A.	10,457,452		166,495		—		(50,160)		(1,049,156)		198		11,956		9,536,785
Moove
Moove Lubricants Holdings	566,991		112,433		—		(12,139)		—		—		—		667,285
Corporativo
Cosan Limited Partners Brasil	5		(9)		—		—		—		—		—		(4)
Cosan Nove Participações S.A.	2,164,445		(589,558)		89,084		53,573		(331,000)		(1,193,928)		3,132		195,748
Cosan Dez Participações S.A.	980,133		216,512		—		20,044		—		(11)		—		1,216,678
Radar
Janus Brasil Participações S.A.	5,051,050		87,119		—		—		(133,668)		—		—		5,004,501
Tellus Brasil Participações S.A.	3,124,858		46,239		—		—		(53,089)		—		—		3,118,008
Gamiovapar Empreendimentos e Participações S.A.	591,606		646		—		—		(7,956)		—		—		584,296
Duguetiapar Empreendimentos e Participações S.A.	(2,338)		5,424		—		—		—		—		—		3,086
Radar II Propriedades Agrícolas S.A.	1,176,870		14,284		—		—		(22,116)		—		—		1,169,038
Radar Propriedades Agrícolas S.A.	255,348		1,096		—		—		(19,357)		—		—		237,087
Nova Agrícola Ponte Alta S.A.	430,599		5,261		—		—		(5,181)		—		—		430,679
Nova Amaralina S.A. Propriedades Agrícolas	38,998		2,739		—		—		(6,208)		—		—		35,529
Nova Santa Bárbara Agrícola S.A.	205,827		584		—		—		(15,659)		—		—		190,752
Terras da Ponte Alta S.A.	90,250		1,585		—		—		(3,715)		—		—		88,120
Paineira Propriedades Agrícolas S.A.	220,407		3,891		—		—		(4,145)		—		—		220,153
Manacá Propriedades Agrícolas S.A.	216,478		3,442		—		—		(3,731)		—		—		216,189
Castanheira Propriedades Agrícolas S.A.	284,845		2,169		—		—		(7,047)		—		—		279,967
Total	28,494,598		230,439		89,084		23,097		(1,745,209)		(1,193,741)		15,088		25,913,356
51
---

---

Table of Contents

Notes to the condensed interim financial statements

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

6.3    Acquisition of subsidiaries

DIPI Holding Ltda.

On January 2, 2025, the subsidiary Cosan Lubrificantes e Especialidades S.A. (“CLE”) acquired 100% of the shares of DIPI Holding Ltda. and its subsidiary (“PAX Group”) for the amount of R$329,006. Of this amount, R$232,886 was paid on the transaction date, and the remaining R$96,120 is to be settled in two installments on the first and second anniversaries of the acquisition date. The net cash effect on the consolidated financials from the acquisition was R$213,086, considering the cash acquired from the PAX Group at the acquisition date and amounts owed by former shareholders to the PAX Group.

The first deferred installment is fixed. The second installment is an earn-out and is subject to adjustments based on the change in consolidated EBITDA between the closing date and the respective measurement periods. If the consolidated EBITDA is lower than the base EBITDA adjusted for inflation (based on Brazil’s IPCA index) during the period, the sellers will receive a proportionally reduced amount. Additionally, the second deferred installment may be increased cumulatively under the following conditions: (i) the first deferred installment is subject to a negative adjustment; (ii) the adjustment to the second installment is positive; and (iii) the EBITDA for the first period is equal to or exceeds 70% of the base EBITDA, adjusted for IPCA inflation between the closing and measurement dates, up to a maximum total deferred payment of R$100,000.

The acquisition was accounted for using the acquisition method, as provided for in IFRS 3 and CPC 15. The significant accounting policies applied include recognizing and measuring the identifiable assets acquired and liabilities assumed at their fair value on the acquisition date.

The PAX Group, based in Brazil, specializes in the production and sale of greases and lubricating oils, as well as the manufacture of plastic packaging for the lubricants market. The aim of the acquisition was:

•	To increase synergies in relation to supply chain planning,
•	Expand the product portfolio by increasing the mix,
•	Gain access to the restricted packaging market and
•	Incorporate knowledge of grease technologies and applications.

As of the acquisition date, the gain on the identifiable assets acquired totaled R$112,966, which was preliminarily allocated as follows:

•	Customer portfolio: R$63,655. The fair value was determined using the Multi-Period Excess Earnings Method (MPEEM), which considered a five-year sales history and the customer churn rate to estimate the retention rate. Based on these assumptions, discounted cash flows were calculated to determine the fair value adjustment.
•	Trade markets and patents: R$13,254. The fair value was determined using the Relief from Royalty Method (RRM), which relied on royalty rates practiced by comparable companies in the market (1.5%) to estimate the avoided royalty payments resulting from the acquired trademark, discounted to present value.
•	Inventories: R$2,794. The fair value was determined based on the market approach.
•	Property, plant and equipment: R$33,263. The fair value was assessed based on replacement cost.

On the acquisition date, preliminary goodwill of R$236,470 was recognized, representing the expected future economic benefits of the synergies arising from the acquisition. The balance of goodwill on June 30, 2025 is R$236,470, and there have been no significant changes since the acquisition date.

The consolidated income statement includes, since the acquisition date, revenues and net income in the amounts of R$206,535 and R$25,521, respectively, generated by the PAX Group.

Both the fair value and the gross contractual value of the receivables acquired total R$18,455. There are no expected losses due to non-realization of these receivables.

52

---

Table of Contents

Notes to the condensed interim financial statements

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

The table below summarizes the values of the assets acquired and liabilities assumed on the acquisition date:

Transferred consideration
Cash transfer - on the closing date		232,886
Remaining installments		96,120
Transferred consideration		329,006
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents		2,503
Trade receivables		18,455
Inventories		36,576
Income tax receivable		9,966
Judicial deposits		79
Other assets		36,570
Property, plant and equipment		70,491
Intangible assets and goodwill		313,378
Loans, borrowings and debentures		(77,002)
Trade payables		(6,810)
Employee benefits payables		(12,338)
Other current liabilities		(24,453)
Deferred tax liabilities		(38,409)
Net assets acquired		329,006
Cash received		(2,503)
Consideration transferred, net of cash		326,503
53
---

---

Table of Contents

Notes to the condensed interim financial statements

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

7             Investment in joint ventures

The movements in the Parent Company investments in its jointly controlled companies were as follows:

	Raízen S.A.		Radar Gestão de Invest. S.A		Total
Shares issued by the joint venture	10,352,509,484		24,800,000
Shares held by Cosan	517,625,474		12,400,000
Cosan ownership interest	5.01%		50.00%
Balance as at January 1, 2025	1,184,466		8,606		1,193,072
Interest in earnings of joint ventures	(223,254)		2,181		(221,073)
Other comprehensive (losses) income	41,744		—		41,744
Balance as at June 30, 2025	1,002,956		10,787		1,013,743

The movements in the investment in subsidiaries together in the consolidated were as follows:

	Raízen S.A. (i)		Terminal Alvorada S.A.		Radar Gestão de Invest. S.A		Total
Shares issued by the joint venture	10,352,509,484		134,936,162		24,800,000
Shares held by Cosan	4,557,597,117		67,468,081		12,400,000
Cosan ownership interest	5.01%		50.00%		50.00%
Percentage of indirect interest(Cosan Nove)	25.86%		—		—
Total	30.87%		50.00%		50.00%
Balance as at January 1, 2025	10,495,317		41,121		8,606		10,545,044
Interest in earnings of joint ventures	(1,965,711)		(3,965)		2,181		(1,967,495)
Other comprehensive (losses) income	367,541		—		—		367,541
Dividends	—		15,000		—		15,000
Balance as at June 30, 2025	8,897,147		52,156		10,787		8,960,090

Raízen S.A.

(i)	The Company's total interest in Raízen S.A. is comprised of a 5.01% direct interest and a 39.09% indirect interest through Cosan Nove. The disclosed percentage of 25.86% refers to the economic benefit, calculated based on the result of Cosan S.A.'s interest in its subsidiary Cosan Nove (66.16%), multiplied by the indirect interest of 39.09%. In the Company's consolidated financial statements, direct and indirect interests are added together, and the impact related to the interest of non-controlling shareholders in Cosan Nove is presented in the income attributable to non-controlling shareholders line.
	The joint venture’s statement of financial position and statement of profit or loss are disclosed in the explanatory note 4 - Information by segment.
	As of June 30, 2025, the Company was in compliance with the covenants of the agreement governing the joint venture.
54
---

---

Table of Contents

Notes to the condensed interim financial statements

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

8             Property, plant and equipment, intangible assets and goodwill, right-of-use assets and impairment loss

8.1          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 at January 1, 2025	2,568,098		3,946,765		9,176,942		13,814,183		7,080,796		812,698		37,399,482		90,929
Additions	9,177		513		1,366		—		2,915,016		706		2,926,778		6,112
Write-offs	(23,649)		(147,470)		(89,806)		(5,725)		(77,409)		(14,551)		(358,610)		—
Transfers	3,274		106,609		1,467,635		1,079,447		(2,230,637)		30,288		456,616		(753)
Exchange differences	(23,610)		(45,290)		—		—		(6,168)		(31,727)		(106,795)		—
Business combination	47,689		26,364		—		—		—		(3,562)		70,491		—
Balance as at June 30, 2025	2,580,979		3,887,491		10,556,137		14,887,905		7,681,598		793,852		40,387,962		96,288
Depreciation
Balance as at January 1, 2025	(690,143)		(1,318,421)		(4,951,433)		(6,711,147)		(414,892)		(294,430)		(14,380,466)		(51,891)
Additions	(33,354)		(148,156)		(319,293)		(433,178)		—		(27,175)		(961,156)		(5,355)
Write-offs	14,073		123,429		82,477		—		—		12,460		232,439		—
Transfers	53		5,095		(372,509)		55,882		—		465		(311,014)		—
Exchange differences	5,499		17,309		—		—		—		16,281		39,089		—
Impairment	—		—		(258,466)		(380,465)		—		—		(638,931)		—
Balance as at June 30, 2025	(703,872)		(1,320,744)		(5,819,224)		(7,468,908)		(414,892)		(292,399)		(16,020,039)		(57,246)
Balance as at December 31, 2024	1,877,955		2,628,344		4,225,509		7,103,036		6,665,904		518,268		23,019,016		39,038
Balance as at June 30, 2025	1,877,107		2,566,747		4,736,913		7,418,997		7,266,706		501,453		24,367,923		39,042
55
---

---

Table of Contents

Notes to the condensed interim financial statements

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

8.2          Intangible assets and goodwill

	Consolidated																Parent Company
	Goodwill		Concession right		Licenses		Brands and patents		Customer relationships		Other		Supply Agreement		Total		Total
Cost
Balance as at January 1, 2025	1,585,021		28,907,633		268,212		196,070		3,078,762		787,743		574,363		35,397,804		26,857
Additions	—		—		—		—		45,260		37,755		—		83,015		1,923
Write-offs	(4,419)		(110,050)		—		—		—		(49)		—		(114,518)		—
Business combination	236,470		—		—		13,255		63,653		—		—		313,378		—
Transfers (i)	—		705,960		—		—		770		63,636		—		770,366		752
Exchange differences	(84,159)		(6,258)		(4,738)		(16,930)		(166,428)		(8,056)		—		(286,569)		—
Balance as at June 30, 2025	1,732,913		29,497,285		263,474		192,395		3,022,017		881,029		574,363		36,163,476		29,532
Amortization
Balance as at January 1, 2025	—		(6,752,828)		(79,868)		(9,201)		(1,736,395)		(488,727)		—		(9,067,019)		(16,984)
Additions	—		(544,056)		(3,485)		(242)		(138,102)		(31,535)		—		(717,420)		(1,107)
Write-offs	—		44,673		—		—		—		—		—		44,673		—
Transfers (i)	—		5,297		—		—		—		3		—		5,300		—
Exchange differences	—		6,258		(223)		—		49,416		1,176		—		56,627		—
Impairment	—		—		—		—		—		(7,793)		—		(7,793)		—
Balance as at June 30, 2025	—		(7,240,656)		(83,576)		(9,443)		(1,825,081)		(526,876)		—		(9,685,632)		(18,091)
Balance as at December 31, 2024	1,585,021		22,154,805		188,344		186,869		1,342,367		299,016		574,363		26,330,785		9,873
Balance as at June 30, 2025	1,732,913		22,256,629		179,898		182,952		1,196,936		354,153		574,363		26,477,844		11,441
(i)	The amount of transfers also includes a portion of R$60,880 of intangible assets, which was reclassified to financial assets (R$50,309, period ended June 30, 2024).
---	---
56
---

---

Table of Contents

Notes to the condensed interim financial statements

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

8.3          Right-of-use assets

	Consolidated																Parent Company
	Land, buildings and improvements		Machine,<br><br><br>equipment, and<br><br><br>installations		Wagons and locomotives		Software		Vehicles		Floating storage and regasification		Railway and port<br><br><br>infrastructure		Total		Total
Cost
Balance as at January 1, 2025	646,024		589,214		957,260		87,720		176,697		1,594,434		8,980,587		13,031,936		44,079
Additions	85,248		15,666		—		—		83,167		—		—		184,081		—
Contractual adjustments	7,708		27,978		11,048		259		(7,031)		—		124,619		164,581		—
Write-offs	(4,439)		(44,627)		—		—		(332)		—		—		(49,398)		—
Transfers	—		—		(686,837)		—		—		—		—		(686,837)		—
Exchange differences	(32,790)		(4,120)		—		—		(15,771)		—		—		(52,681)		—
Fair value adjustment	1,207		—		—		—		—		—		—		1,207		—
Balance as at June 30, 2025	702,958		584,111		281,471		87,979		236,730		1,594,434		9,105,206		12,592,889		44,079
Amortization
Balance as at January 1, 2025	(321,130)		(209,627)		(505,145)		(29,853)		(54,645)		(116,379)		(1,836,406)		(3,073,185)		(26,522)
Additions	(78,035)		(34,829)		(8,813)		(2,380)		(28,004)		(39,947)		(128,226)		(320,234)		(1,742)
Write-offs	2,551		23,373		—		—		1,121		—		—		27,045		35
Transfers	252		—		372,463		—		—		—		—		372,715		252
Exchange differences	16,283		2,494		—		—		2,000		—		—		20,777		—
Impairment	—		—		—		—		—		—		(36,415)		(36,415)		—
Balance as at June 30, 2025	(380,079)		(218,589)		(141,495)		(32,233)		(79,528)		(156,326)		(2,001,047)		(3,009,297)		(27,977)
Balance as at December 31, 2024	324,894		379,587		452,115		57,867		122,052		1,478,055		7,144,181		9,958,751		17,557
Balance as at June 30, 2025	322,879		365,522		139,976		55,746		157,202		1,438,108		7,104,159		9,583,592		16,102
57
---

---

Table of Contents

Notes to the condensed interim financial statements

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

8.4          Impairment loss

Impairment Loss at Rumo Malha Sul S.A.

As a result of the extreme weather events that impacted the state of Rio Grande do Sul in the second quarter of 2024, the railway infrastructure of Rumo Malha Sul SA (“Rumo Malha Sul”) suffered significant damage.

During the semester ended June 30, 2025, considering the persistence of loss indicators and the fact that the assets were destroyed or had their use rendered unfeasible for an indefinite period, Rumo Malha Sul constituted a provision for reduction to recoverable value in the amount of R$683,139.

9             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,
	2025		2024		2025		2024		2025		2024		2025		2024
Profit (loss) before taxes	(786,271)		(723,993)		(1,914,946)		(1,386,329)		34,525		(1,078,007)		(854,340)		(830,099)
Income tax and social contribution at nominal rate (34%)	267,332		246,158		651,082		471,352		(11,739)		366,522		290,476		282,234
Adjustments for calculating the effective rate
Interest in earnings of investees  (non-taxable income)	(15,937)		273,614		(227,223)		538,234		(254,608)		439,857		(635,407)		462,593
Differences in tax rates on earnings from operating profit	(10,903)		(28,470)		(10,903)		(28,470)		(11,946)		(29,157)		(50,693)		(31,001)
Granted income tax incentive	—		—		—		—		108,778		106,270		185,486		197,306
Interest on shareholders’ equity	—		—		—		—		(325)		—		(2,579)		—
Non-deductible expenses (donations, gifts, etc.)	—		—		—		—		301		(6,892)		(6,088)		(8,783)
Tax losses not recognized	(413,940)		—		(1,291,185)		—		(651,579)		(866,940)		(1,710,492)		(934,090)
ICMS benefit - extemporaneous tax credits	—		—		—		—		—		24,635		—		25,645
ICMS benefit - current year	—		—		—		—		—		(5,614)		—		(521)
Provision for non-realization of the benefit of the federative covenant	—		—		—		—		—		885		(145)		885
Provision for non-realization of the benefit of the federative covenant - Interest and fine	—		—		—		—		—		18,205		—		25,851
Selic on indebtedness	7,441		5,913		12,428		9,957		14,355		17,843		25,521		36,984
Rate differential	—		—		—		—		29,641		52,459		54,146		52,459
Other	6,236		(330)		46,811		(24,026)		174,500		(9,551)		200,618		14,598
Income tax and social contribution (current and deferred)	(159,771)		496,885		(818,990)		967,047		(602,622)		108,522		(1,649,157)		124,160
Effective rate - %	20.32%		(68.63)%		42.77%		(69.76)%		(1745.47)%		(10.07)%		193.03%		(14.96)%
58
---

---

Table of Contents

Notes to the condensed interim financial statements

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

b) Deferred income tax assets and liabilities:

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

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Deferred tax assets from:
Income taxes losses	—		—		1,759,798		1,699,262
Negative base of social contribution	—		—		591,696		560,110
Temporary differences:
Foreign exchange variation -Loans and borrowings	1,155,735		2,159,160		1,329,599		2,669,489
Provision for lawsuits	57,505		64,335		271,635		272,886
Impairment provision (Rumo Malha Oeste)	—		—		35,125		23,436
Post-employment benefit obligation	—		—		130,591		128,046
Provisions for uncertain tax credits and tax losses	—		—		48,561		44,202
Provision for non-recoverability of taxes	2,580		2,580		68,411		70,719
Share-based payment transactions	23,565		19,336		120,105		103,454
Leases	2,165		2,347		226,151		312,402
Unrealized loss with derivatives	241,377		—		604,880		390,622
Fair value adjustment on debt	—		—		6,263		—
Provisions for profit sharing	9,679		11,212		66,665		131,254
Business combination - Intangible assets	—		—		102,308		124,628
Business combination - Fixed assets	—		—		1,854		1,854
Other provisions	163,773		140,077		707,220		682,385
Deferred tax on pre-operating income	—		—		72,893		79,402
Regulatory asset (liability)	—		—		9,079		8,396
Other	56,092		48,365		249,627		321,966
Total	1,712,471		2,447,412		6,402,461		7,624,513
Deferred tax liabilities from::
Temporary differences
Foreign exchange variation - Loans and borrowings	—		—		(38,193)		(347)
Provision for lawsuits	—		—		—		(107)
Useful life review	—		—		(696,949)		(531,081)
Business combination - Fixed assets	—		—		(155,711)		(161,784)
Tax goodwill	—		—		(606,935)		(645,297)
Unrealized income with derivatives	—		(156,611)		(362,433)		(369,763)
Fair value adjustment on debt	—		—		(537,181)		(801,022)
Marketable securities	(3,409)		—		(3,409)		—
Investment properties	—		—		(477,090)		(496,395)
Goods intended for sale	—		—		(2,824)		(962)
Effects on the formation of joint ventures	(101,272)		(102,070)		(101,272)		(167,196)
Business Combination – Intangible assets	—		—		(4,978,142)		(4,990,657)
Post-employment obligations	—		—		(4,810)		(4,810)
Share-based payment transactions	—		—		(16,647)		—
Leases	—		—		(9,272)		(11,557)
Provision	(449,153)		(449,153)		(449,153)		(449,153)
Other	—		18,832		(477,044)		(472,592)
Total	(553,834)		(689,002)		(8,917,065)		(9,102,723)
Total deferred taxes recorded	1,158,637		1,758,410		(2,514,604)		(1,478,210)
Deferred tax assets	1,158,637		1,758,410		3,488,404		4,495,296
Deferred tax liabilities	—		—		(6,003,008)		(5,973,506)
Total deferred, net	1,158,637		1,758,410		(2,514,604)		(1,478,210)
59
---

---

Table of Contents

Notes to the condensed interim financial statements

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

c) Changes in deferred tax assets and liabilities:

	Parent Company
Asset	Unrealized loss with derivatives		Provisions		Leases		Employee Benefits		Other		Total
Balance as at January 1, 2025	—		206,992		2,347		30,548		2,207,525		2,447,412
Impact on the result of the period	241,377		16,866		(182)		2,696		7,726		268,483
Foreing exchange differences	—		—		—		—		(1,003,424)		(1,003,424)
Balance as at June 30, 2025	241,377		223,858		2,165		33,244		1,211,827		1,712,471
	Parent Company
---	---	---	---	---	---	---	---	---	---
Liabilities	Effects on the formation of joint ventures		Unrealized loss with  derivatives		Provisions		Others		Total
Balance as at January 1, 2025	(102,070)		(156,611)		(449,153)		18,832		(689,002)
Credited / charged from incomefor the period	798		156,611		—		(241,458)		(84,049)
Recognized in shareholders' equity	—		—		—		8,498		8,498
Cosan Oito incorporation	—		—		—		210,719		210,719
Balance as at June 30, 2025	(101,272)		—		(449,153)		(3,409)		(553,834)
Total deferred taxes recognized									1,158,637
60
---

---

Table of Contents

Notes to the condensed interim financial statements

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

	Consolidated
Asset	Tax loss<br><br><br>and negative basis		Unrealized gains<br><br><br>on derivatives		Provisions		Leases		Employee Benefits		Post-employment obligations		Intangible assets		Others		Total
Balance as at January 1, 2025	2,259,372		390,622		1,093,628		312,402		234,708		128,046		124,628		3,081,107		7,624,513
Credited / charged from income  for the period	92,122		214,258		75,733		(86,251)		(47,938)		2,545		(22,320)		(48,353)		179,796
Recognized in shareholders' equity	—		—		—		—		—		—		—		(23,549)		(23,549)
Foreign exchange differences	—		—		—		—		—		—		—		(1,339,890)		(1,339,890)
Business combination	—		—		(38,409)		—		—		—		—		—		(38,409)
Balance as at June 30, 2025	2,351,494		604,880		1,130,952		226,151		186,770		130,591		102,308		1,669,315		6,402,461
	Consolidated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Liabilities	Effects on the formation of joint ventures		Unrealized gains on derivatives		Provisions		Leases		Post-employment obligations		Intangible assets		Property, plant and equipment		Fair value adjustment		Others		Total
Balance as at January 1, 2025	(167,196)		(369,763)		(449,260)		(11,557)		(4,810)		(4,990,657)		(531,081)		(801,022)		(1,777,377)		(9,102,723)
Impact on the result for the period	65,924		7,330		107		2,285		—		12,515		(165,868)		263,841		(476)		185,658
Balance as at June 30, 2025	(101,272)		(362,433)		(449,153)		(9,272)		(4,810)		(4,978,142)		(696,949)		(537,181)		(1,777,853)		(8,917,065)
Total deferred taxes recorded																			(2,514,604)

d) Uncertainties about the treatment of income tax

The Company is engaged in administrative and judicial discussions with Brazilian tax authorities regarding certain interpretations and tax positions adopted in the calculation of Corporate Income Tax (“IRPJ”) and Social Contribution on Net Income (“CSLL”). The final determination of these matters is uncertain and may be influenced by factors external to the Company, such as changes in case law and modifications to tax laws and regulations. In accordance with IFRIC 23/ICPC 22 - Uncertainty over Treatment of Income Taxes (“IFRIC 23/ICPC 22”), the Company assesses, for each uncertain tax treatment, whether it is probable that the tax authority will accept the treatment used or planned in the calculation of the taxes.

Only in cases where the Company concludes that it is not likely that the tax authority will accept the uncertain tax treatment, the effects of the uncertainty are recognized based on the best method of predicting the resolution of the issue, either at the most probable value or at the expected value.

The tax positions adopted by the Company are based on the opinions of specialized legal advisors. The Company is subject to review by tax authorities regarding income tax for a period of up to 10 years, depending on the jurisdiction in which it operates.

As of June 30, 2025, the total amount of amounts assessed and under discussion with the tax authorities regarding these issues, in which it is likely that the tax authority will accept the uncertain tax treatment, was R$1,155,232 in the Parent Company (R$1,395,568 as of December 31, 2024) and R$7,062,328 in the Consolidated (R$7,052,491 as of December 31, 2024).

61

---

Table of Contents

Notes to the condensed interim financial statements

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

10           Provision for legal proceedings and judicial deposits

a) Probable losses and judicial deposits:

	Provision for legal proceedings
	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Tax	159,804		198,385		639,596		745,896
Civil, environmental and regulatory	63,526		59,989		900,221		818,422
Labor	43,635		50,233		505,041		480,315
Total	266,965		308,607		2,044,858		2,044,633
	Judicial deposits
---	---	---	---	---	---	---	---
	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Tax	363,296		390,148		792,916		801,723
Civil, environmental and regulatory	15,275		14,675		142,209		134,058
Labor	11,496		12,146		119,406		120,909
Total	390,067		416,969		1,054,531		1,056,690

Changes in provisions for lawsuits:

	Parent Company
	Tax		Civil, environmental and regulatory		Labor		Total
Balance as at January 1, 2025	198,385		59,989		50,233		308,607
Provisioned in the period	31,200		6,953		1,328		39,481
Write-offs by reversal / payment	(14,655)		(7,405)		(6,091)		(28,151)
Interest ^(i)^	(2,198)		3,989		(1,835)		(44)
Transfer	(52,928)		—		—		(52,928)
Balance as at June 30, 2025	159,804		63,526		43,635		266,965
	Consolidated
---	---	---	---	---	---	---	---
	Tax		Civil, environmental and regulatory		Labor		Total
Balance as at January 1, 2025	745,896		818,422		480,315		2,044,633
Provisioned in the period	35,263		46,300		74,970		156,533
Write-offs by reversal / payment	(24,164)		(53,307)		(95,977)		(173,448)
Transfer	(124,484)		—		—		(124,484)
Interest ^(i)^	7,085		88,806		45,733		141,624
Balance as at June 30, 2025	639,596		900,221		505,041		2,044,858

(i) Includes interest write-off due to reversal.

The Company has debts secured by assets or by means of a cash deposit, bank guarantee or surety insurance.

62

---

Table of Contents

Notes to the condensed interim financial statements

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

The Company has probable indemnity lawsuits in addition to those mentioned; as they represent contingent assets, they have not been reported.

Tax

The main tax lawsuits for which the risk of loss is considered probable are described below:

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Compensation with FINSOCIAL	—		—		343,906		337,351
INSS	82,912		80,576		112,991		101,399
ICMS credit	14,478		14,217		65,491		64,708
PIS and COFINS	5,020		34,073		5,368		34,412
IPI	22,973		58,002		22,973		64,969
Other	34,421		11,517		88,867		143,057
Total	159,804		198,385		639,596		745,896

Labor claims

The Company and its subsidiaries are parties to labor claims filed by former employees and outsourced service providers claiming among other things, compensation and indemnities.

Additionally, the Company has public civil actions filed by the Labor Prosecutor's Office regarding alleged non-compliance with labor standards, working conditions and working environment. For claims deemed to have merit, the Company has signed Conduct Adjustment Agreements with the Brazilian authorities.

Civil, Environmental and Regulatory

The Company and its subsidiaries are involved in a number of Indemnity Lawsuits, Public Civil Actions, and Administrative Proceedings where, in the opinion of its legal counsel, the risk of loss is probable.

b) Possible losses

The main lawsuits for which the risk of loss is considered possible are described below:

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Tax	3,277,509		3,324,448		8,147,463		8,624,545
Civil, environmental and regulatory	1,161,835		1,111,756		7,203,384		6,569,528
Labor	19,417		10,189		722,970		690,535
Total	4,458,761		4,446,393		16,073,817		15,884,608
63
---

---

Table of Contents

Notes to the condensed interim financial statements

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

Tax

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Isolated fine - Federal tax	—		—		845,618		847,582
ICMS -Tax on circulation of goods	1,168,505		1,151,523		2,939,340		2,996,997
IRRF	—		—		899,563		869,346
PIS and COFINS	1,210,768		1,297,612		1,794,104		2,174,274
MP 470 installment of debts	259,318		253,793		259,318		253,793
Stock Grant Plan	—		—		32,484		32,087
IOF on loans	—		—		50,987		195,098
Reward Credit Compensation	159,622		157,959		159,622		157,959
IPI - Tax on industrialized products	177,590		189,971		384,208		333,185
INSS	138,281		76,763		219,460		159,983
IPTU - Urban Property Tax	—		—		136,786		128,700
Other	163,425		196,827		425,973		475,541
Total	3,277,509		3,324,448		8,147,463		8,624,545

Civil, environmental and regulatory

	Parent Company				Consolidated
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Civil	1,107,150		1,059,547		3,894,987		3,355,370
Environmental	53,981		51,540		1,742,546		1,691,409
Regulatory	704		669		1,565,851		1,522,749
Total	1,161,835		1,111,756		7,203,384		6,569,528

11           Shareholders’ equity

a) Treasury shares

As of January 14, 2025, the Company repurchased 4,200,000 treasury shares for R$34,022 at an average cost of R$8.10 per share.

As of June 30, 2025, the Company had 7,894,568 shares in treasury (compared to 3,747,965 shares as of December 31, 2024), whose market price was R$6.86.

64

---

Table of Contents

Notes to the condensed interim financial statements

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

b) Payable dividends

Change in dividends payable

		Parent Company		Consolidated
Balance as at January 1, 2025		3,495		96,722
Declared dividends		—		1,745,209
Dividends paid to preferred shareholders		—		(371,000)
Dividends paid		—		(1,331,630)
Other movements		(3,456)		(3,426)
Balance as at June 30, 2025		39		135,875

c) Share capital

On April 30, 2025, at the Annual General Meeting (“AGOE”), the Company’s shareholders approved the reduction of the Company’s share capital in the amount of R$649,806, with the objective of absorbing the balance of the Accumulated Losses account.

12           Earnings per share

The following table presents the calculation of earnings per share (in thousands of reais, except for amounts per share).

	Period of three months ended June 30,				Period of six months ended June 30,
	2025		2024		2025		2024
Loss attributable to holders of common shares of Company used in calculating basic earnings per share	(946,042)		(227,108)		(2,733,936)		(419,282)
Dilutive effect of the subsidiaries' share-based plan	(59)		—		(59)		—
Loss attributable to holders of common shares of the Company used in the calculation of diluted earnings per share	(946,101)		(227,108)		(2,733,995)		(419,282)
Weighted average number of common shares outstanding - basic (in thousands of shares)
Basic	1,858,658		1,861,482		1,858,651		1,863,883
Share repurchases	(410)		—		(410)		—
Diluted	1,858,248		1,861,482		1,858,241		1,863,883
Loss per share
Basic	R$ (0.51)		R$ (0.12)		R$ (1.47)		R$ (0.22)
Diluted	R$ (0.51)		R$ (0.12)		R$ (1.47)		R$ (0.22)

Diluting instruments

Share repurchase plan: 410,120 shares related to the Company's share repurchase plan were included in the calculation of diluted earnings (loss) per share, as their potential effect is to reduce earnings per share (or increase losses per share, in the event of a negative result).

65

---

Table of Contents

Notes to the condensed interim financial statements

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

Anti-dilution instruments

Share-based payment plan: 4,938,979 shares (9,143,952 as of June 30, 2024) related to the Company's share-based payment plan were analyzed for the calculation of diluted earnings per share. However, these actions did not have an impact on the calculation of diluted earnings per share for the six-month period ended June 30, 2025, as their potential effect would be to increase earnings per share (or reduce loss per share), characterizing them as anti-dilutive.

On June 27, 2025, Management approved the incorporation of the non-controlling interest of the subsidiary Rumo Malha Norte, through an exchange ratio of 3,959 shares to be issued by the Company. The transaction would also result in an increase of R$730 in profit or loss, due to the equity method. These effects would imply an increase in earnings per share and, therefore, are classified as antidilutive for the period.

13           Net sales

In the following table presents a breakdown of gross revenue from product and services sales:

	Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,
	2025		2024		2025		2024
Gross revenue from the sale of products and services	11,957,826		12,227,580		23,083,341		23,521,298
Construction revenue	364,324		381,153		668,454		701,184
Indirect taxes and other deductions	(1,844,498)		(1,914,725)		(3,611,542)		(3,686,418)
Net sales	10,477,652		10,694,008		20,140,253		20,536,064

In the following table, revenue is disaggregated by products and service lines and timing of revenue recognition:

	Consolidated
	Period of three months ended June 30,				Period of six months ended June 30,
	2025		2024		2025		2024
At a point in time
Natural gas distribution	3,486,299		3,919,982		6,913,426		7,631,403
Lubricants, base oil and other	2,121,227		2,360,313		4,308,099		4,593,385
Lease and sale of property	184,336		153,404		336,414		289,970
Other	486,121		101,179		964,513		204,903
	6,277,983		6,534,878		12,522,452		12,719,661
Over time
Railroad transportation services	3,522,351		3,417,565		6,316,446		6,415,328
Construction revenue	364,325		381,153		668,454		701,184
Container operations	189,042		157,172		361,697		305,425
Other services	125,043		220,647		279,754		427,168
	4,200,761		4,176,537		7,626,351		7,849,105
Eliminations	(1,092)		(17,407)		(8,550)		(32,702)
Total net sales	10,477,652		10,694,008		20,140,253		20,536,064
66
---

---

Table of Contents

Notes to the condensed interim financial statements

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

14           Costs and expenses by nature

Expenses are presented in the statement of profit or loss by function. The income reconciliation 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,
	2025		2024		2025		2024		2025		2024		2025		2024
Raw materials	—		—		—		—		(1,624,440)		(1,828,869)		(3,350,139)		(3,544,031)
Commodity cost (natural gas)	—		—		—		—		(2,608,667)		(2,827,752)		(5,399,586)		(5,571,285)
Railroad transport and port elevation expenses	—		—		—		—		(808,728)		(661,346)		(1,436,481)		(1,416,070)
Other transport	—		—		—		—		(174,132)		(106,594)		(252,187)		(232,128)
Depreciation and amortization	(5,079)		(3,929)		(9,792)		(7,780)		(994,855)		(926,461)		(1,960,208)		(1,833,725)
Personnel expenses	(61,989)		(67,895)		(116,086)		(134,740)		(815,054)		(755,384)		(1,594,180)		(1,475,852)
Construction cost	—		—		—		—		(364,325)		(381,154)		(668,454)		(701,184)
Third-party services expenses	(15,416)		(10,518)		(28,576)		(24,035)		(221,171)		(278,221)		(396,724)		(530,754)
Selling expenses	(5)		(24)		(18)		(39)		(128,509)		(9,801)		(231,192)		(19,748)
Cost of properties sold	—		—		—		—		(22,677)		—		(31,840)		—
Other	4,875		(29,152)		18,921		(48,607)		(220,100)		(349,932)		(428,661)		(673,833)
	(77,614)		(111,518)		(135,551)		(215,201)		(7,982,658)		(8,125,514)		(15,749,652)		(15,998,610)
Cost of sales	—		—		—		—		(6,881,505)		(7,137,604)		(13,673,411)		(14,066,041)
Selling expenses	—		—		—		—		(457,529)		(376,497)		(897,585)		(737,901)
General and administrative expenses	(77,614)		(111,518)		(135,551)		(215,201)		(643,624)		(611,413)		(1,178,656)		(1,194,668)
Total	(77,614)		(111,518)		(135,551)		(215,201)		(7,982,658)		(8,125,514)		(15,749,652)		(15,998,610)
67
---

---

Table of Contents

Notes to the condensed interim financial statements

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

15           Other operation 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,
	2025		2024		2025		2024		2025		2024		2025		2024
Tax credits	113		8,398		113		8,398		(491)		10,242		2,489		22,766
Loss on disposals of non-current assets and intangible assets	—		—		—		(7)		(647)		(38,746)		(35,612)		(40,261)
Result on sale of investments	—		—		206,388		—		—		(383,205)		206,388		(383,205)
Net effect of provisions for legal proceedings, legal claims, recoverables and tax installments	(18,333)		6,964		(53,921)		(3,877)		(58,515)		(68,041)		(143,507)		(149,301)
Result of commercial operations ^(i)^	—		—		—		—		100,747		—		494,895		—
Contractual agreement and others	—		—		—		—		—		189,736		—		302,412
Reversal of other provisions	—		—		—		—		—		291,032		—		291,032
Other income	13,223		33,071		16,072		34,801		33,896		132,109		180,720		149,979
Net impairment loss ^(ii)^	—		—		—		—		(397,531)		(2,574,817)		(683,139)		(2,574,817)
Gain from corporate restructuring	—		—		—		—		—		168,855		—		168,855
Loss of profits and material damages of fixed assets ^(iii)^	—		—		—		—		514,372		—		514,372		—
Other	(2,928)		(19,799)		(2,651)		(24,920)		(100,568)		(136,208)		(206,821)		(195,742)
Total	(7,925)		28,634		166,001		14,395		91,263		(2,409,043)		329,785		(2,408,282)
(i)	Refers substantially to the result of certain commercial contracts, carried out by the subsidiary Compass on June 30, 2025.
---	---
(ii)	The balance includes a provision for the write-off of the residual value of the assets of the subsidiary Rumo Malha Sul SA, impacted by extreme weather events that occurred in Rio Grande do Sul.
(iii)	The balance consists of R$70,000 from Rumo SA and R$444,372 from Moove as described in explanatory Note 2.1.
68
---

---

Table of Contents

Notes to the condensed interim financial statements

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

16           Financial results, net

The details of financial income and expenses are 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,
	2025		2024		2025		2024		2025		2024		2025		2024
Cost of gross debt
Interest on debt	(520,472)		(435,267)		(1,025,453)		(832,452)		(1,577,833)		(1,442,349)		(3,310,838)		(2,846,862)
Monetary and exchange rate variation	172,588		(853,139)		824,777		(1,007,970)		797,799		(2,550,103)		2,600,536		(3,061,950)
Derivatives and fair value measurement	(384,881)		1,023,960		(1,490,851)		937,501		(1,088,047)		1,733,569		(3,112,427)		2,177,978
Amortization of borrowing costs	(6,255)		(3,677)		(77,266)		(6,921)		(37,183)		(28,382)		(382,026)		(47,056)
Discounts obtained from financial operations	—		—		—		—		(8,541)		—		186,681		—
Guarantees and warranties	—		—		—		—		(4,142)		(8,779)		(8,656)		(17,402)
	(739,020)		(268,123)		(1,768,793)		(909,842)		(1,917,947)		(2,296,044)		(4,026,730)		(3,795,292)
Income from financial investments and exchange rate in cash and cash equivalents	108,448		21,755		273,776		58,907		562,509		502,884		1,188,563		948,223
Changes in fair value of investments in listed entities	(17,288)		—		5,415		—		(17,288)		—		5,415		—
	91,160		21,755		279,191		58,907		545,221		502,884		1,193,978		948,223
Cost of debt, net	(647,860)		(246,368)		(1,489,602)		(850,935)		(1,372,726)		(1,793,160)		(2,832,752)		(2,847,069)
Other charges and monetary variations
Interest on other receivables	13,162		14,894		39,733		28,577		164,067		132,311		330,760		249,322
Monetary variation on leases and concessions agreements	—		—		—		—		(131,108)		(121,557)		(245,312)		(240,362)
Interest on leases	(628)		(776)		(1,290)		(1,599)		(158,692)		(157,544)		(317,646)		(296,290)
Interest on shareholder's equity	—		—		—		—		(8,806)		—		(9,420)		—
Interest on contingencies and contracts	2,268		(49,914)		(39,149)		(62,679)		(104,014)		(290,895)		(292,417)		(382,623)
Interest on sectorial assets and liabilities	—		—		—		—		(29,678)		(35,066)		(51,336)		(55,825)
Bank charges and other	(7,724)		(15,034)		(23,045)		(21,684)		(37,436)		30,887		(76,778)		21,673
Foreign exchange, net	(13,078)		(1,148,658)		236,259		(1,860,245)		(124,494)		(286,779)		(210,982)		(749,958)
	(6,000)		(1,199,488)		212,508		(1,917,630)		(430,161)		(728,643)		(873,131)		(1,454,063)
Financial results, net	(653,860)		(1,445,856)		(1,277,094)		(2,768,565)		(1,802,887)		(2,521,803)		(3,705,883)		(4,301,132)
Reconciliation
Finance expenses	(623,490)		(625,774)		(1,387,451)		(1,155,309)		(2,060,943)		(2,130,752)		(4,774,585)		(3,995,308)
Finance income	111,488		42,188		336,030		100,371		716,707		726,385		1,754,607		1,341,486
Exchange variation, net	421,118		(1,514,581)		1,500,402		(1,852,577)		794,492		(2,442,818)		2,588,455		(2,974,036)
Derivatives	(562,976)		652,311		(1,726,075)		138,950		(1,253,143)		1,325,382		(3,274,360)		1,326,726
Financial results, net	(653,860)		(1,445,856)		(1,277,094)		(2,768,565)		(1,802,887)		(2,521,803)		(3,705,883)		(4,301,132)
69
---

---

Table of Contents

Notes to the condensed interim financial statements

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

17           Share-based payment

The Company and its subsidiaries have Share-Based Compensation Plans that are payable in shares and cash.

a) Change in outstanding share grants

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

		Parent Company		Consolidated
Balance as at January 1, 2025		8,345,147		16,624,911
Exercised/canceled/other		(149,162)		(1,080,173)
Balance as at June 30, 2025		8,195,985		15,544,738

b) Expense recognized in profit or loss

Share-based compensation expense included in the statement of profit or loss for the period ended June 30, 2025 were R$44,618 (R$81,258 as of June 30, 2024).

18           Subsequent events

Sale of the Santa Elisa plant

On July 15, 2025, Raízen S.A. announced the indefinite discontinuation of operations at Usina Santa Elisa. As part of the decision, it entered into sales contracts for up to 3.6 million tons of sugarcane for approximately R$1.045 billion, with payment to be made in cash. The proceeds will be used to reduce debt. The transaction is subject to CADE approval and other contractual conditions.

Publication of normative resolution no. 72/2025by ARGEGS

On July 23, 2025, the Agência Estadual de Regulação dos ServiçosPúblicos Delegados do Rio Grande do Sul ("ARGEGS") published Normative Resolution No. 72/2025, which establishes the mechanism for updating and recovering variations in gas and transportation prices in piped gas distribution service tariffs. Based on the resolution, the indirect subsidiary Sulgás will begin to record monthly the sectoral financial assets and liabilities obtained by the difference between the actual cost and the cost considered in tariff adjustments. Therefore, the accounting policy disclosed in the Financial Statements as of December 31, 2024, will be changed prospectively as of the date of publication of the normative resolution. The impact of applying the resolution on initial retroactive recognition is under evaluation by the Company.

Sale of distributed generation assets

On July 24, 2025, Raízen S.A. announced the sale of 55 distributed generation plants, with a total capacity of up to 142 MWp, for approximately R$600 million. The proceeds will be received upon transfer of the plants, which is expected by March 2026. The transaction marks the end of the joint venture with Grupo Gera and is subject to approval by the Brazilian Antitrust Authority (CADE) and other contractual conditions.

Impacts of the US Executive Order

On July 30, 2025, the United States government signed an Executive Order imposing an additional 40% tariff on certain Brazilian products.

Therefore, the Company and its subsidiaries assessed the potential impacts of this measure on their foreign sales and supply chain. They concluded that the provisions of the Executive Order do not have a material impact on their operations, given their low dependence on exports to the United States and the insignificant share of their commercial activities that the products affected by the tariffs represent.

Management continuously monitors international regulations and will adopt the necessary measures to ensure compliance and mitigate potential impacts, reinforcing its market diversification strategy.

Corporate Reorganization of Rumo Malha Norte

On July 30, 2025, the recess period ended without the exercise of the rights of the non-controlling shareholders of the indirect subsidiary Rumo Malha Norte. Consequently, the subsidiary Rumo began the process of operationalizing the delivery of shares to incorporate the 0.26% stake. The base date for the transfer of shares will be August 14, 2025.

70

---

Table of Contents

Notes to the condensed interim financial statements

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

Interest payment on Vale SA's equity

On July 31, 2025, Vale's board of directors approved the distribution of interest on equity (JCP) in the gross amount of R$1.895387417 per share.

Partial spin-offof Raízen S.A. to Raízen Energia S.A.

On July 31, 2025, the partial spin-off of the jointly controlled Raízen S.A. was approved, with the transfer of part of its assets to Raízen Energia S.A. (“RESA”), effective as of August 10, 2025. The purpose of the transaction was to reorganize the Raízen Group, without changing the share capital or issuing new shares. All assets, rights, and obligations transferred were fully assumed by RESA, ensuring operational and accounting continuity.

71

---

Table of Contents

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, 2025

	COSAN S.A.
	By:	/s/ Rodrigo Araujo Alves
		Name:            Rodrigo Araujo Alves
		Title:              Chief Financial Officer