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6-K

Cosan S.A. (CSAN)

6-K 2025-05-16 For: 2025-05-15
View Original
Added on July 08, 2026

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 May 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 ☒

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Table of Contents

CONTENTS

Report on review of parent company and consolidated interim financial statements 3
Statements of financial position 5
Statements of profit or loss 7
Statements of other comprehensive income 8
Statement of changes in equity 9
Statement of cash flows 11
Statement of value added 14
1  Operations 15
2  Relevant events during the period 16
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 25
4.2   Information on geographical area 26
5  Financial assets and liabilities 26
5.1Cash and cash equivalents 27
5.2Loans, borrowings and debentures 27
5.3Derivative financial instruments 30
5.4Related parties 36
5.5Trade payables 38
5.6  Recognized Fair value measurements 38
5.7  Financial risk management 39
6  Investments in  associates 43
6.1  Investments in subsidiaries and associates 43
6.2   Non-controlling interest in subsidiaries 46
6.3   Acquisition of subsidiaries 48
7  Investment in join venture 50
8  Property, plant and equipment, Intangible, assets and goodwill, Contract assets, right-off-use and investment properties 51
8.1Property, plant and equipment 51
8.2Intangible, assets and goodwill 52
8.3Right-off-use assets 53
9   Income taxes 54
10 Provision for proceedings and judicial deposits 57
11 Shareholders’ equity 60
12 Earning per share 61
13 Net sales 62
14 Costs and expenses by nature 63
15 Other operation income (expenses), net 64
16 Financial results, net 65
17 Share-based payment 66
18 Subsequent events 66

​

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Reporton review of parent company

and consolidatedinterimfinancial 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 March 31, 2025 and the related statements of profit or loss, other comprehensive income, changes in equity and cash flows for the quarter then ended, as well as the accompanying consolidated interim statement of financial position of the Company and its subsidiaries ("Consolidated") as at March 31, 2025 and the related consolidated statements of profit or loss, other comprehensive income, changes in equity and cash flows for the quarter then ended, and explanatory notes.

Management is responsible for the preparation and presentation of these parent company and consolidated 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 interim financial statements based on our review.

Scopeof 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 interim financial statements referred to above are not prepared, in all material respects, in accordance with CPC 21 and IAS 34**.**

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

The interim financial statements referred to above include the parent company and consolidated statements of value added for the quarter ended March 31, 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 interim financial statements for the purpose of concluding whether they are reconciled with the 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 interim financial statements taken as a whole.

Audit and reviewof previous year's figures

The interim financial statements referred to in the first paragraph includes accounting information corresponding to the statements of profit or loss, other comprehensive income, changes in equity, cash flows and value added for the quarter ended March 31, 2024, obtained from the interim financial statements for that quarter, and the statement of financial position ended December 31, 2024, obtained from the financial statements ended December 31, 2024, presented for comparison purposes. The review of the interim financial statements for the quarter ended March 31, 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 May 28, 2024 and March 10, 2025, respectively, without qualifications.

São Paulo, May 15, 2025

PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/O-5

Alessandro Marchesino de Oliveira

Contador CRC 1SP265450/O-8

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Statements of financial position

(In thousands of Reais)

Parent Company Consolidated
Note March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Assets
Cash and cash equivalents 5.1 2,732,522 2,201,267 14,809,083 16,903,542
Restricted cash — — 99,653 28,006
Marketable securities 630,083 805,335 2,837,103 3,272,941
Trade receivables — — 4,173,514 3,730,364
Derivative financial instruments 5.3 13,804 18,402 78,582 905,341
Inventories — — 2,041,453 2,072,905
Receivables from related parties 5.4 147,082 114,099 232,553 197,063
Income tax receivable 656,335 453,308 1,069,130 793,721
Other current tax receivable 5,364 5,364 879,293 886,136
Dividend receivable 14,194 19,377 33,621 153,548
Reduction of capital receivable — 1,013,714 — —
Sectorial financial assets — — 227,427 221,947
Other financial assets — — 381 675
Other current assets 62,671 50,896 600,566 629,426
Current assets 4,262,055 4,681,762 27,082,359 29,795,615
Current assets held for sale 8 797,095 796,211 970,742 978,788
5,059,150 5,477,973 28,053,101 30,774,403
Trade receivables — — 188,568 265,370
Marketable securities 242,036 — 343,262 113,360
Restricted cash 184 — 186,668 146,297
Deferred tax assets 9 1,318,408 1,758,410 3,759,598 4,495,296
Receivables from related parties 5.4 199,122 292,882 132,110 202,826
Income tax receivable — — 255,817 264,308
Other non-current tax receivable 35,613 35,177 1,371,763 1,334,553
Judicial deposits 10 419,029 416,969 1,085,085 1,056,690
Derivative financial instruments 5.3 326,451 1,547,093 2,012,456 2,893,987
Sectorial financial assets — — 522,427 509,695
Other non-current assets 55,329 140,594 730,757 739,386
Other financial assets — — 4,267 3,820
Investments in subsidiaries and associates 6 22,796,530 31,308,696 1,549,774 10,678,566
Investment in joint ventures 7 1,078,449 1,193,072 9,540,470 10,545,044
Property, plant and equipment 8.1 38,815 39,038 23,760,689 23,019,016
Intangible assets and goodwill 8.2 10,769 9,873 26,590,388 26,330,785
Contract assets — — 978,132 1,114,830
Right-of-use assets 8.3 18,015 17,557 9,596,807 9,958,751
Investment property — — 16,824,078 16,818,919
Non-current assets 26,538,750 36,759,361 99,433,116 110,491,499
Total assets 31,597,900 42,237,334 127,486,217 141,265,902

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

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Statements of financial position

(In thousands of Reais)

Parent Company Consolidated
Note March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Liabilities
Loans, borrowings and debentures 5.2 360,607 347,032 2,628,017 4,403,148
Leases 10,088 9,227 1,024,093 1,007,533
Derivative financial instruments 5.3 152,414 1,074,991 1,820,126 2,504,117
Trade payables 5.5 1,304 2,900 3,886,590 5,168,593
Employee benefits payables 13,222 43,356 498,255 794,906
Income tax payables 24,188 18,514 140,123 414,823
Other taxes payable 82,333 78,197 592,940 637,842
Dividends payable 11 39 3,495 55,086 96,722
Reduction of capital payable — — — 486,285
Concessions payable — — 170,863 166,273
Related party payables 5.4 126,157 210,620 434,093 416,410
Sectorial financial liabilities — — 67,001 64,718
Other financial liabilities 5 — — 825,269 770,103
Other current liabilities 333,881 298,534 911,523 895,223
Current liabilities 1,104,233 2,086,866 13,053,979 17,826,696
Liabilities related to assets held for sale — — 86,145 86,138
1,104,233 2,086,866 13,140,124 17,912,834
Loans, borrowings and debentures 5.2 15,731,504 21,003,523 58,052,637 62,052,278
Leases 14,590 15,232 5,367,814 5,502,220
Derivative financial instruments 5.3 39,965 29,883 559,737 966,087
Trade payables 5.5 — — 19,512 19,256
Employee benefits payables — — 25,463 19,101
Other taxes payable 132,547 216,203 160,722 255,245
Provision for legal proceedings 10 361,210 308,607 2,196,218 2,044,633
Concessions payable — — 3,669,664 3,554,917
Investments with unsecured liabilities 6.1 347,304 263,722 — —
Related party payables 5.4 5,611,623 7,052,404 1,078 1,078
Post-employment benefits 289 279 558,608 526,620
Deferred tax liabilities — — 6,030,613 5,973,506
Sectorial financial liabilities — — 2,021,410 1,975,521
Deferred income — — 15,962 16,589
Other financial liabilities — — 153,371 297,736
Other non-current liabilities 362,972 356,851 742,306 749,919
Non-current liabilities 22,602,004 29,246,704 79,575,115 83,954,706
Total liabilities 23,706,237 31,333,570 92,715,239 101,867,540
Shareholders' equity 11
Share capital 8,832,544 8,832,544 8,832,544 8,832,544
Treasury shares (84,496) (50,708) (84,496) (50,708)
Additional paid-in capital 1,157,267 2,205,878 1,157,267 2,205,878
Accumulated other comprehensive income 424,048 565,855 424,048 565,855
Profit reserve 8,773,990 8,773,990 8,773,990 8,773,990
Accumulated losses (11,211,690) (9,423,795) (11,211,690) (9,423,795)
Equity attributable to owners of the Company 7,891,663 10,903,764 7,891,663 10,903,764
Non-controlling interest 6.2 — — 26,879,315 28,494,598
Total shareholders' equity 7,891,663 10,903,764 34,770,978 39,398,362
Total liabilities and shareholders' equity 31,597,900 42,237,334 127,486,217 141,265,902

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

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Statements of profit or loss

(In thousands of Reais, except earnings per share)

Parent Company Consolidated
Period of three months ended March 31,
Note 2025 2024 2025 2024
Net sales 13 — — 9,662,601 9,842,056
Cost of sales 14 — — (6,791,905) (6,928,437)
Gross profit — — 2,870,696 2,913,619
Selling expenses 14 — — (440,056) (361,404)
General and administrative expenses 14 (57,937) (103,683) (535,032) (583,255)
Other operating income (expenses), net 15 173,925 (14,238) 524,130 761
Impairment 15 — — (285,608) —
Operating expenses 115,988 (117,921) (736,566) (943,898)
Profit (loss) before equity in earnings of investees, finance results and income taxes 115,988 (117,921) 2,134,130 1,969,721
Interest in earnings (losses) of subsidiaries and associates 6 (493,236) 824,169 19,049 461,423
Interest in losses of joint ventures 7 (128,194) (45,874) (1,139,047) (403,908)
Equity in earnings (losses) of investees (621,430) 778,295 (1,119,998) 57,515
Finance expense (763,961) (529,536) (2,713,642) (1,864,555)
Finance income 224,542 58,182 1,037,901 615,101
Foreign exchange, net 1,079,284 (337,996) 1,793,964 (531,218)
Net effect of derivatives (1,163,099) (513,361) (2,021,218) 1,343
Finance results, net 16 (623,234) (1,322,711) (1,902,995) (1,779,329)
Profit (loss) before income taxes (1,128,676) (662,337) (888,863) 247,907
Income taxes 9
Current — (3,849) (303,162) (284,396)
Deferred (659,219) 474,011 (743,373) 300,033
(659,219) 470,162 (1,046,535) 15,637
Profit (loss) for the period (1,787,895) (192,175) (1,935,398) 263,544
Profit (loss) attributable to:
Owners of the Company (1,787,895) (192,175) (1,787,895) (192,175)
Non-controlling interest — — (147,503) 455,719
(1,787,895) (192,175) (1,935,398) 263,544
Losses per share 12
Basic (R$0.96) (R$0.10)
Diluted (R$0.96) (R$0.10)

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

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Statements of other comprehensive income

(In thousands of Reais)

Parent Company Consolidated
Period of three months ended March 31,
2025 2024 2025 2024
Profit (loss) for the period (1,787,895) (192,175) (1,935,398) 263,544
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences (290,696) 62,887 (290,198) 63,056
Gain (loss) on cash flow hedge 162,887 (32,384) 222,492 (42,564)
Deferred taxes — — (28,025) —
(127,809) 30,503 (95,731) 20,492
Items that will not be reclassified to profit or loss:
Actuarial losses (gains) with defined benefit plan (22,497) 14,408 (59,336) 24,286
Deferred taxes 8,499 — 17,002 (8,257)
(13,998) 14,408 (42,334) 16,029
Total comprehensive income for the period (1,929,702) (147,264) (2,073,463) 300,065
Comprehensive income (loss) attributable to:
Owners of the Company (1,929,702) (147,264) (1,929,702) (147,264)
Non-controlling interest — — (143,761) 447,329
(1,929,702) (147,264) (2,073,463) 300,065

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

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Statement of changes in equity

(In thousands of Reais)

Capital reserve Profit reserve
Share capital Treasury shares Corporate transactions - Law 6404 Additional paid-in capital Accumulated other comprehensive income Legal Statutory reserve Accumulated loss Equity attributable to controlling shareholders Interest of non-controlling shareholders Total equity
Balance as of 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
Loss for the period — — — — — — — (1,787,895) (1,787,895) (147,503) (1,935,398)
Other comprehensive income
Gain from cash flow hedge — — — — 162,887 — — — 162,887 31,580 194,467
Foreign currency translation differences — — — — (290,696) — — — (290,696) 498 (290,198)
Actuarial loss on defined benefit plan, net of tax — — — — (13,998) — — — (13,998) (28,336) (42,334)
Total comprehensive loss for the period — — — — (141,807) — — (1,787,895) (1,929,702) (143,761) (2,073,463)
Transactions with owners of the Company contributions and distributions:
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 — 234 — 114 — — — — 348 6,771 7,119
Dividends — — — — — — — — — (375,782) (375,782)
Employee share schemes - value of employee services — — — 15,559 — — — — 15,559 2,135 17,694
Total contributions and distributions — (33,788) — (73,411) — — — — (107,199) (277,792) (384,991)
Transactions with owners of the Company:
Change of shareholding interest in subsidiary (note 6.1) — — — (975,200) — — — — (975,200) (1,193,730) (2,168,930)
Total transactions with owners of the Company — — — (975,200) — — — — (975,200) (1,193,730) (2,168,930)
Total transactions with owners of the Company contributions and distributions: — (33,788) — (1,048,611) — — — — (1,082,399) (1,471,522) (2,553,921)
Balance as of March 31, 2025 8,832,544 (84,496) 737 1,156,530 424,048 58,802 8,715,188 (11,211,690) 7,891,663 26,879,315 34,770,978

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

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Statement of changes in equity

(In thousands of Reais)

Capital reserve Profit reserve
Share capital Treasury shares Corporate transactions - Law 6404 Capital transactions Accumulated other comprehensive income (loss) Legal Statutory reserve Retained earnings Accumulated loss Equity attributable to controlling shareholders Interest of non-controlling shareholders Total equity
Balance as of 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
Profit (loss) for the period — — — — — — — — (192,175) (192,175) 455,719 263,544
Other comprehensive income
Loss from cash flow hedge — — — — (32,384) — — — — (32,384) (10,180) (42,564)
Foreign currency translation differences — — — — 62,887 — — — — 62,887 169 63,056
Actuarial gain on defined benefit plan, net of tax — — — — 14,408 — — — — 14,408 1,621 16,029
Total comprehensive income (loss) for the period — — — — 44,911 — — — (192,175) (147,264) 447,329 300,065
Transactions with owners of the Company contributions and distributions:
Reduction of capital in subsidiary — — — — — — — — — — (20,629) (20,629)
Share based payments — 23,097 — (66,792) — — — — — (43,695) — (43,695)
Dividends — — — — — — — — — — (221,019) (221,019)
Own shares acquired — (88,821) — — — — — — — (88,821) — (88,821)
Loss on distribution of dividends to non-controlling shareholders — — — (420) — — — — — (420) (75) (495)
Employee share schemes - value of employee services — — — 2,390 — — — — — 2,390 12,072 14,462
Total contributions and distributions — (65,724) — (64,822) — — — — — (130,546) (229,651) (360,197)
Transactions with owners of the Company:
Change of shareholding interest in subsidiary — — — (727) — — — — — (727) — (727)
Total transactions with owners of  the Company — — — (727) — — — — — (727) — (727)
Total transactions with owners of the Company contributions and distributions: — (65,724) — (65,549) — — — — — (131,273) (229,651) (360,924)
Balance as of March 31, 2024 8,682,544 (159,641) 737 2,495,678 359,236 58,802 8,610,796 820,793 (192,175) 20,676,770 30,243,551 50,920,321

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

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Statement of cash flows

(In thousands of Reais)

Parent Company Consolidated
Period of three months ended March 31,
Note 2025 2024 2025 2024
Cash flows from operating activities
Loss (profit) before income taxes (1,128,676) (662,337) (888,863) 247,907
Adjustments for:
Depreciation and amortization 14 4,713 3,851 967,894 907,264
Loss on disposed assets 15 — — 285,608 —
Interest in earnings (losses) of subsidiaries and associates 6 493,236 (824,169) (19,049) (461,423)
Interest in losses of joint ventures 7 128,194 45,874 1,139,047 403,908
Loss (gain) on disposed assets 15 — 7 (4,194) 8,659
Share based payment 17 6,220 21,194 23,892 47,557
Provision for legal proceedings 15 35,589 10,842 84,992 81,260
Interest, derivatives, monetary and foreign exchange, net 762,997 1,343,237 2,397,005 2,109,721
Sectorial financial assets and liabilities, net — — 8,586 (53,026)
Provisions for employee benefits (579) 6,323 93,871 87,258
Allowance for expected credit losses — — 11,110 13,033
Deferred income — — (635) (650)
Revenue from finance investment (9,143) — (9,143) —
Previously recognized gain in other comprehensive income reclassified to profit or loss upon disposal of investment (206,388) — (206,388) —
Other 10 620 (88,830) 50,812
86,173 (54,558) 3,794,903 3,442,280
Variation in:
Trade receivable — — (263,936) (521,801)
Inventories — — (99,705) (125,602)
Other taxes, net 2,764 (7,312) (138,771) 46,145
Income tax (26,586) 29,044 (614,678) (328,439)
Related parties, net 21,633 (7,751) (21,353) 126,498
Trade payables (1,596) 1,427 (280,419) (156,761)
Employee benefits (29,555) (54,135) (374,402) (323,520)
Provision for legal proceedings 67 2,008 (38,754) (95,857)
Derivatives financial instruments — — (5,107) (4,922)
Other financial liabilities — — (53,150) (51,119)
Judicial deposits (1,561) (883) (12,589) (98,858)
Post-employment benefits obligation — — (9,848) (6,576)
Other assets and liabilities, net (5,646) 40,015 (152,287) 44,617
(40,480) 2,413 (2,064,999) (1,496,195)
—
Net cash (generated) used in operating activities 45,693 (52,145) 1,729,904 1,946,085
Cash flows from investing activities
Shareholder payments for future capital increases — (4,070,000) — —
Capital contribution to associates 6 (331,000) — — —
Capital contribution in joint ventures — (4,337) — (4,337)
Capital reduction in subsidiaries 1,013,760 5,227 11,000 —
Purchase of marketable securities 193,880 347,038 472,358 (444,102)
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Statement of cash flows

(In thousands of Reais)

Parent Company Consolidated
Period of three months ended March 31,
Note 2025 2024 2025 2024
Restricted cash (184) 7,197 (114,600) 5,508
Dividends received from associates 14,110 244,324 4,277 587,744
Dividends received from joint venture 5,184 228,342 45,640 293,912
Dividends received from finance investment 87,608 — 87,608 —
Cash in the incorporation operation 10,089 — — —
Acquisition of property, plant and equipment, intangible and contract assets (3,797) (1,160) (2,284,909) (1,535,849)
Proceeds from the sale of investments 2.1 8,892,802 — 8,892,802 —
Cost of acquiring new business 6.3 — — (213,086) —
Receipt of derivative financial instruments, except debt — — — 65
Payment of derivative financial instruments, except debt (981,504) — (981,504) (180)
Related parties 25,592 — 25,592 —
Cash received on the sale of property, plant and equipment and intangible assets — — 1,024 —
Other financial assets — — (80) —
Net cash (generated) used in investing activities 8,926,540 (3,243,369) 5,946,122 (1,097,239)
Cash flows from financing activities
Proceeds from loans, borrowings and debentures 5.2 2,442,980 2,980,221 6,486,495 7,577,959
Principal repayment of loans, borrowings and debentures 5.2 (7,148,782) — (11,504,819) (4,418,898)
Payment of interest on loans, borrowings and debentures 5.2 (459,313) (262,844) (1,271,271) (1,007,511)
Payment of derivative financial instruments (213,110) (238,456) (938,580) (1,378,647)
Proceeds from derivative financial instruments 347,361 13,530 979,572 516,758
Costs of banking operations with derivatives — — — (29,828)
Principal repayment of leases (1,822) (1,558) (143,920) (120,611)
Payment of interest on leases (666) (828) (98,596) (87,946)
Capital reduction — — (486,240) (20,520)
Related parties (1,223,068) (184,739) — —
Payments to redeem the entity’s shares and acquisition of treasury shares 11 (34,022) (91,332) (34,022) (91,332)
Acquisition of non-controlling shareholders’ shares 2.1 (2,169,000) — (2,169,000) —
Dividends paid 11 — — (44,032) (93,851)
Dividends paid for preferred shares 11 — — (371,000) —
Gain on derivative banking operations 22,100 — 22,100 —
Net cash (used in) generated from financing activities (8,437,342) 2,213,994 (9,573,313) 845,573
Increase (decrease) in cash and cash equivalents 534,891 (1,081,520) (1,897,287) 1,694,419
Cash and cash equivalents at the beginning of the period 2,201,267 1,769,976 16,903,542 14,658,481
Effect of foreign exchange rate changes (3,636) 3,272 (197,172) 45,521
Cash and cash equivalents at the end of the period 2,732,522 691,728 14,809,083 16,398,421
Additional information
Income taxes paid — — 371,123 251,518

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

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Statement of cash flows

(In thousands of Reais)

Non-cash transactions:

The Company presents its statements of cash flow using the indirect method. During the period ended March 31, 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$135,098 (R$15,775 on March 31, 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$567,019 (R$696,688 on March 31, 2024).
(iii) The remaining balance of the acquisition of Compagas in the amount of R$613,385, which will be settled by September 2026.

Disclosure of interest and dividends:

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

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Statement of value added

(In thousands of Reais)

Parent Company Consolidated
Period of three months ended March 31,
2025 2024 2025 2024
Revenue
Net sales — — 10,946,098 11,515,795
Other income (expenses), net 218,008 (1,192) 639,449 66,357
Impairment gain (loss) on trade receivables — — (11,110) 4,832
218,008 (1,192) 11,574,437 11,586,984
Inputs purchased from third parties
Cost of goods sold and services rendered — — 6,015,910 6,410,877
Materials, energy, third-party services and other 39,748 40,493 484,732 561,922
Impairment — — 285,608 —
39,748 40,493 6,786,250 6,972,799
Gross value added 178,260 (41,685) 4,788,187 4,614,185
Retention
Depreciation and amortization 4,713 3,851 967,894 907,264
Net value added 173,547 (45,536) 3,820,293 3,706,921
Value added transferred in
Interest in earnings (losses) of subsidiaries and associates (493,236) 824,169 19,049 461,423
Interest in losses of joint ventures (128,194) (45,874) (1,139,047) (403,908)
Finance income 1,303,826 58,182 2,831,865 615,101
682,396 836,477 1,711,867 672,616
Value added to be distributed 855,943 790,941 5,532,160 4,379,537
Distribution of value added
Personnel and payroll charges 45,508 54,597 679,116 629,026
Direct remuneration 38,243 41,097 577,358 504,154
Benefits 4,530 3,409 72,222 89,653
FGTS and other 2,735 10,091 29,536 35,219
Taxes, fees and contributions 671,267 (452,371) 2,130,166 1,070,957
Federal 667,807 (457,914) 1,411,485 361,718
State 1 — 683,991 661,006
Municipal 3,459 5,543 34,690 48,233
Financial expenses and rents 1,927,063 1,380,890 4,658,276 2,416,010
Interest and foreign exchange variation 1,827,712 1,371,928 4,275,125 2,306,059
Rents — — 19,533 29,077
Other 99,351 8,962 363,618 80,874
Equity remuneration (1,787,895) (192,175) (1,935,398) 263,544
Non-controlling interests — — (147,503) 455,719
Retained losses (1,787,895) (192,175) (1,787,895) (192,175)

The accompanying notes are an integral part of these individual and consolidated interim financial statements

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

1.  Operations

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 at March 31, 2025, Cosan Corporate (Cosan’s Corporate segment) is formed of the following entities:

Graphics

(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”).
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

2  Relevant events during 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 plat

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 incident at Moove’s Industrial Complex

On February 8, 2025, a fire broke out at Moove's Industrial Complex (“CIG”), located in Rio de Janeiro. The incident affected part of the production area and the administrative offices, which were inoperative at the time of the incident, representing 10% of the total area of the complex.

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

Bulk lubricant and base oil operations, the tank terminal, maritime operations and pier operations, which account for approximately one third of production, were not affected and continue to operate normally. Moove has begun implementing a continuity plan to re-establish blending and filling operations.

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

  • Financial evaluation resulting from the fire incident

a)        Operational interruption

The fire has been successfully controlled and is limited to the area where finished lubricant products are manufactured, which remains closed for inspections and assessments. The other operations of the industrial complex (bulk lubricant and base oil operations, tank terminal, marine operations and pier operations) continue to operate, representing between 30% and 35% of total production.

To mitigate the impact of the interruption, Moove implemented the following measures:

(i)  Reallocation of blending and filling to other production plants.

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

(iii)  Production through third-party partners approved.

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

b)        Insurance coverage

Moove's global operations have comprehensive insurance coverage, which includes operational risks, business interruption damage, civil liability and environmental liability. The indemnity limit for this incident in the affected region totals approximately R$1,200,000. Moove has begun the process of evaluation and inspection with insurers.

c)        Write-off of Assets

Moove will record the write-down of the affected assets in 2025, impacting the balance sheet and the income statement. The loss amount is under review, with the current estimate ranging between R$190,413 and R$285,620 for inventory and fixed asset losses. Of this amount, R$44,756, related to the assets located at the ignition point of the fire, are considered highly probable to be confirmed as lost by March 31, 2025. Estimates of losses related to business interruption are still in the early stages of analysis

Moove has hired a specialized company, knowledgeable about its operations, to conduct a physical inventory of the affected and unaffected assets at the CIG. The objective is to ascertain the actual extent of the loss with greater precision, identify and catalog the affected assets, and measure the impairment losses (cost value less accumulated depreciation), in accordance with CPC 01/IAS 36 –

Impairment of Assets. The specialized company will issue a loss assessment report to support the accounting records. As of the date of issuance of these financial statements, the assessment work was not completed due to difficulties in accessing restricted areas and the extent of the work required for events of this magnitude.

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.

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 28, 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 thousand. 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).

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

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 2031and 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
5.500% Senior notes – 2029 1,347,741 1,228,072 30,487 67,135 52,534
7.500% Senior notes – 2030 1,568,974 1,541,476 16,842 78,522 (51,024)
7.250% Senior notes – 2031 1,594,064 1,544,299 16,798 79,604 (29,839)
5th and 6th Debentures 1,152,469 1,152,469 52,384 (17,714) (17,714)

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
Debenture 03/12/2025 Yearly CDI + 0,60% p.a. Ordinary Capital management (46,633) 1,500,000 01/27/2029
Debenture 03/12/2025 Yearly CDI + 0,70% p.a. Ordinary Capital management (13,797) 500,000 03/27/2030
Debenture 03/12/2025 Yearly CDI + 1,00% p.a. Ordinary Capital management (13,721) 500,000 03/27/2032
Compass
Debenture 01/10/2025 Yearly DI + spread 0.50% p.a. OrdinaryCapital management — 410,000 01/07/2027
Debenture 02/18/2025 Six-monthly IPCA + 7.44% p.a. Capital management (18,546) 800,000 01/15/2033
Loan 4.131 03/20/2025 Yearly CDI + 0.78% Investment (659) 350,000 03/20/2026
Rumo
Debenture 03/28/2025 Yearly IPCA + 7.47% p.a. Ordinary Capital management (17,020) 434,949 03/28/2037
Debenture 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. Capital management — 500,000 01/18/2028
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

3.  Statement of compliance and material accounting policies

The individual and consolidated interim financial statements were prepared and are being presented in accordance with Technical Pronouncement CPC 21 (R1) - Interim Financial Statements, International Accounting Standard (IAS 34) - Interim Financial Reporting, 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 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.

The presentation of the Statement of Value-Added Statements (“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 DVA was prepared in accordance with the criteria established in Technical Pronouncement CPC 09 - Statement of Value Added. 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 interim financial statements were prepared using the same basis at 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 interim financial statements, and only this information, is disclosed and corresponds to the information used by management in the management of the Company.

These interim financial statements were authorized for issue by the Board of Directors on May 15, 2025.

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

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:

(i) 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.
(ii) Compass: its main activities are: (i) distribution of piped natural gas throughout Brazil to industrial, residential, commercial, automotive, and cogeneration customers; (ii) commercialization of electricity and natural gas; (iii) development of infrastructure projects in a regasification terminal and offshore gas pipeline;
(iii) 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.
(iv) 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.
(v) 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:

(i) 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 Venture”

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Period of three months ended March 31, 2025
Reported segments Reconciliation Consolidated
Raízen Compass Moove Rumo Radar Cosan<br><br><br>Corporate Deconsolidation<br><br><br>of Joint<br><br><br>Ventures Elimination<br><br><br>Between<br><br><br>Segments
Statement of profit or loss
Net sales 57,726,722 4,209,600 2,341,582 2,966,750 152,078 48 (57,726,722) (7,457) 9,662,601
Cost of sales (55,826,827) (3,395,697) (1,710,940) (1,683,563) (9,162) — 55,826,827 7,457 (6,791,905)
Gross profit 1,899,895 813,903 630,642 1,283,187 142,916 48 (1,899,895) — 2,870,696
Selling expenses (1,767,477) (53,956) (371,841) (14,259) — — 1,767,477 — (440,056)
General and administrative expenses (504,617) (181,465) (123,242) (149,241) (21,875) (59,209) 504,617 — (535,032)
Other income (expenses), net (28,717) 384,044 (68) (317,443) (1,867) 173,856 28,717 — 238,522
Interest in earnings of associates (35,548) 25,204 — (6,151) 21,618 369,663 35,548 (391,285) 19,049
Interest in earnings of joint ventures — — — (3,290) — (1,135,757) — — (1,139,047)
Financial result (1,946,445) (370,481) (58,152) (767,659) 14,022 (720,725) 1,946,445 — (1,902,995)
Finance expense (2,109,564) (563,042) (93,932) (928,059) (671) (1,127,938) 2,109,564 — (2,713,642)
Finance income 458,649 204,674 36,616 313,563 14,693 468,355 (458,649) — 1,037,901
Foreign exchange variation 1,925,882 161,376 69,913 460,718 — 1,101,957 (1,925,882) — 1,793,964
Net effect of derivatives (2,221,412) (173,489) (70,749) (613,881) — (1,163,099) 2,221,412 — (2,021,218)
Income tax (173,469) (196,797) (47,303) (122,322) (20,626) (659,487) 173,469 — (1,046,535)
Net profit for the period (2,556,378) 420,452 30,036 (97,178) 134,188 (2,031,611) 2,556,378 (391,285) (1,935,398)
Profit or loss attributed to:
Owners of the Company (2,577,345) 346,486 21,028 (30,363) 54,134 (1,787,895) 2,577,345 (391,285) (1,787,895)
Non-controlling interest 20,967 73,966 9,008 (66,815) 80,054 (243,716) (20,967) — (147,503)
(2,556,378) 420,452 30,036 (97,178) 134,188 (2,031,611) 2,556,378 (391,285) (1,935,398)
Other selected information
Depreciation and amortization 2,216,529 309,313 97,008 556,776 68 4,729 (2,216,529) — 967,894
EBITDA 1,780,065 1,297,043 232,499 1,349,579 140,860 (646,670) (1,780,065) (391,285) 1,982,026
Additions to fixed assets, intangible assets and contract assets 4,423,446 465,701 45,682 1,764,569 5,159 3,798 (4,423,446) — 2,284,909
—
EBITDA reconciliation —
Income for the period (2,556,378) 420,452 30,036 (97,178) 134,188 (2,031,611) 2,556,378 (391,285) (1,935,398)
Income taxes and social contribution 173,469 196,797 47,303 122,322 20,626 659,487 (173,469) — 1,046,535
Financial result 1,946,445 370,481 58,152 767,659 (14,022) 720,725 (1,946,445) — 1,902,995
Depreciation and amortization 2,216,529 309,313 97,008 556,776 68 4,729 (2,216,529) — 967,894
EBITDA 1,780,065 1,297,043 232,499 1,349,579 140,860 (646,670) (1,780,065) (391,285) 1,982,026
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Period of three months ended March 31, 2024
Reported segments Reconciliation Consolidated
Raízen Compass Moove Rumo Radar Cosan<br><br><br>Corporate Deconsolidation<br><br><br>of Joint<br><br><br>Ventures Elimination<br><br><br>Between<br><br><br>Segments
Statement of profit or loss
Net sales 53,657,046 4,135,168 2,439,592 3,146,017 136,567 7 (53,657,046) (15,295) 9,842,056
Cost of sales (49,921,053) (3,358,766) (1,758,889) (1,826,033) — (44) 49,921,053 15,295 (6,928,437)
Gross profit 3,735,993 776,402 680,703 1,319,984 136,567 (37) (3,735,993) — 2,913,619
Selling expenses (1,579,848) (43,326) (306,490) (11,588) — — 1,579,848 — (361,404)
General and administrative expenses (930,404) (173,833) (134,169) (151,817) (18,385) (105,051) 930,404 — (583,255)
Other income (expenses), net (45,200) 54,525 19,290 (56,651) (2,166) (14,237) 45,200 — 761
Interest in earnings of associates (66,352) 29,082 — 6,466 19,949 942,140 66,352 (536,214) 461,423
Interest in earnings of joint ventures — — — (837) — (403,071) — — (403,908)
Financial result (1,715,131) (204,019) 1,223 (621,079) 8,561 (964,015) 1,715,131 — (1,779,329)
Finance expense (1,245,021) (403,568) 1,691 (791,132) (1,567) (669,979) 1,245,021 — (1,864,555)
Finance income 236,924 246,942 22,694 240,638 10,128 94,699 (236,924) — 615,101
Foreign exchange variation (537,048) (59,792) (23,162) (173,095) — (275,169) 537,048 — (531,218)
Net effect of derivatives (169,986) 12,399 — 102,510 — (113,566) 169,986 — 1,343
Income tax (306,554) (120,728) (79,901) (116,141) (18,480) 350,887 306,554 — 15,637
Net profit for the period (907,496) 318,103 180,656 368,337 126,046 (193,384) 907,496 (536,214) 263,544
Profit or loss attributed to:
Owners of the Company (906,094) 247,480 126,449 112,242 50,042 (192,174) 906,094 (536,214) (192,175)
Non-controlling interest (1,402) 70,623 54,207 256,095 76,004 (1,210) 1,402 — 455,719
(907,496) 318,103 180,656 368,337 126,046 (193,384) 907,496 (536,214) 263,544
Other selected information
Depreciation and amortization 2,765,658 250,418 69,606 583,303 68 3,869 (2,765,658) — 907,264
EBITDA 3,879,847 893,268 328,940 1,688,860 136,033 423,613 (3,879,847) (536,214) 2,934,500
Additions to fixed assets, intangible assets and contract assets 5,016,672 531,354 34,488 967,106 1,740 1,160 (5,016,672) — 1,535,848
EBITDA reconciliation
Income for the period (907,496) 318,103 180,656 368,337 126,046 (193,384) 907,496 (536,214) 263,544
Income taxes and social contribution 306,554 120,728 79,901 116,141 18,480 (350,887) (306,554) — (15,637)
Financial result 1,715,131 204,019 (1,223) 621,079 (8,561) 964,015 (1,715,131) — 1,779,329
Depreciation and amortization 2,765,658 250,418 69,606 583,303 68 3,869 (2,765,658) — 907,264
EBITDA 3,879,847 893,268 328,940 1,688,860 136,033 423,613 (3,879,847) (536,214) 2,934,500
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

March 31, 2025
Reported segments **** Reconciliation ****
Raízen Compass Moove Rumo Radar **** Cosan Corporate Deconsolidation of Joint Venture Elimination Between Segments Consolidated
Statement of financial position:
Cash and cash equivalents 21,721,394 3,092,626 613,928 7,853,486 39,997 3,209,046 (21,721,394) — 14,809,083
Marketable securities 1,148,076 804,014 361,312 681,178 331,794 1,002,067 (1,148,076) — 3,180,365
Trade receivables 8,351,356 2,072,727 1,120,409 753,328 415,618 — (8,351,356) — 4,362,082
Derivative financial instruments 12,805,150 170,300 82,349 1,498,135 — 340,254 (12,805,150) — 2,091,038
Inventories 10,972,184 262,196 1,451,105 328,152 — — (10,972,184) — 2,041,453
Sectorial financial assets — 749,854 — — — — — — 749,854
Other financial assets 89,874 3,932 716 — — — (89,874) — 4,648
Other current assets 9,622,458 752,671 316,315 1,077,479 52,437 2,518,051 (9,622,458) (831,395) 3,885,558
Other non-current assets 15,628,378 1,773,875 245,003 3,551,869 25,139 2,072,226 (15,628,378) (146,314) 7,521,798
Investments in subsidiaries and<br> associates — 1,294,520 — 247,822 92,422 15,490,638 — (15,575,628) 1,549,774
Investments in joint ventures 2,033,708 — — 52,830 — 9,487,640 (2,033,708) — 9,540,470
Biological assets 3,514,712 — — — — — (3,514,712) — —
Investment property — — — — 16,824,078 — — — 16,824,078
Contract assets 2,876,196 959,977 18,155 — — — (2,876,196) — 978,132
Right-of-use assets 9,641,510 1,557,971 317,173 7,700,662 2,986 18,015 (9,641,510) — 9,596,807
Property, plant and equipment 40,363,834 1,637,114 914,711 21,157,337 15 51,512 (40,363,834) — 23,760,689
Intangible assets and goodwill 9,388,616 16,898,236 3,161,007 6,520,377 — 10,768 (9,388,616) — 26,590,388
Loans, borrowings and debentures (57,970,370) (13,908,996) (3,893,194) (20,969,942) — (21,908,522) 57,970,370 — (60,680,654)
Derivative financial instruments -<br> liabilities (11,302,692) (340,214) (58,520) (1,788,750) — (192,379) 11,302,692 — (2,379,863)
Trade payables (21,841,950) (1,543,939) (1,386,589) (953,477) (20,658) (1,439) 21,841,950 — (3,906,102)
Employee benefits payables (1,075,608) (192,647) (71,721) (246,159) — (13,191) 1,075,608 — (523,718)
Sectorial financial liabilities — (2,088,411) — — — — — — (2,088,411)
Other current liabilities (9,832,462) (1,242,418) (365,990) (1,190,509) (125,873) (605,212) 9,832,462 313,960 (3,216,042)
Leases (10,445,900) (1,964,767) (329,218) (4,070,017) (3,225) (24,680) 10,445,900 — (6,391,907)
Other non-current liabilities (13,542,940) (3,538,721) (616,817) (7,398,455) (580,514) (2,057,781) 13,542,940 663,746 (13,528,542)
Total assets (net of liabilities)<br> allocated by segment 22,145,524 7,209,900 1,880,134 14,805,346 17,054,216 9,397,013 (22,145,524) (15,575,631) 34,770,978
Total assets 148,157,446 **** 32,030,013 **** 8,602,183 **** 51,422,655 **** 17,784,486 **** 34,200,217 **** (148,157,446) **** (16,553,337) **** 127,486,217
Shareholders’ equity attributable to:
Owners of the Company 21,558,116 4,488,988 1,318,769 4,437,298 5,330,576 7,891,663 (21,558,116) (15,575,631) 7,891,663
Non-controlling interest 587,408 2,720,912 561,365 10,368,048 11,723,640 1,505,350 (587,408) — 26,879,315
Total shareholders’ equity 22,145,524 **** 7,209,900 **** 1,880,134 **** 14,805,346 **** 17,054,216 **** 9,397,013 **** (22,145,524) **** (15,575,631) **** 34,770,978
23
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

December 31, 2024
Reported segments Reconciliation
Raízen Compass Moove Rumo Radar Cosan Corporate Deconsolidation of Joint Venture Elimination Between Segments Consolidated
Balance sheet items:
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 - assets 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
Investments in subsidiaries and associates — 1,277,955 — 280,865 92,166 24,235,118 — (15,207,538) 10,678,566
Investments 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 and goodwill 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)
Derivative financial instruments (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 assets (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 assets 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
Shareholders’ 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 interest 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
24
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

4.1 Net sales to external customers by product/customer type

Period of three months ended March 31,
2025 2024
Reported segment
Raízen
Ethanol 6,807,576 5,609,583
Sugar 6,562,652 7,761,595
Gasoline 16,819,588 15,572,382
Diesel 23,238,684 21,612,340
Cogeneration 1,637,922 860,599
Other 2,660,300 2,240,547
57,726,722 53,657,046
Compass
Natural gas distribution
Industrial 2,469,442 2,800,989
Residential 524,343 458,892
Cogeneration 111,346 138,037
Automotive 111,236 120,383
Commercial 210,759 193,291
Construction revenue 304,129 320,030
Other 91,381 103,546
3,822,636 4,135,168
Marketing & services
Gas commercialization 386,964 —
4,209,600 4,135,168
Moove
Finished product 2,045,129 2,102,621
Base oil 141,743 168,941
Services 154,710 168,030
2,341,582 2,439,592
Rumo
North operations 2,387,684 2,434,633
South operations 406,410 563,131
Container operations 172,656 148,253
2,966,750 3,146,017
Radar
Lease and sale of land 152,078 136,567
152,078 136,567
Reconciliation
Cosan Corporate 48 7
Deconsolidation of joint venture, adjustments and eliminations (57,734,179) (53,672,341)
Total 9,662,601 9,842,056
25
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

4.2  Information on geographical area

Net sales
Period of three months ended March 31,
2025 2024
Brazil 8,166,677 8,518,307
Europe (i) 818,667 696,739
Latin America (ii) 109,769 56,416
United States of America 567,488 570,594
Total 9,662,601 9,842,056
(i) England, France, Spain and Portugal.
--- ---
(ii) Argentina, Bolivia, Uruguay and Paraguay.

5.  Financial assets and liabilities

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

Parent Company Consolidated
Note March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Assets **** ****
Fair value through profit or loss **** ****
Cash and cash equivalents 5.1 223,537 986,278 746,406 2,122,442
Marketable securities 872,119 805,335 3,180,365 3,386,301
Derivative financial instruments 5.3 340,255 1,565,495 2,091,038 3,799,328
Other financial assets — — 4,648 4,495
1,435,911 3,357,108 6,022,457 9,312,566
Amortized cost ****
Cash and cash equivalents 2,508,985 1,214,989 14,062,677 14,781,100
Trade receivables — — 4,362,082 3,995,734
Restricted cash 184 — 286,321 174,303
Receivables from related parties 5.4 346,204 406,981 364,663 399,889
Sectorial financial assets — — 749,854 731,642
Judicial deposits 10 419,029 416,969 1,085,085 1,056,690
Dividends and interest on equity receivable 14,194 19,377 33,621 153,548
Reduction of capital receivable — 1,013,714 — —
**** **** **** 3,288,596 **** 3,072,030 **** 20,944,303 **** 21,292,906
Total **** **** 4,724,507 6,429,138 26,966,760 30,605,472
Liabilities **** ****
Amortized cost **** ****
Loans, borrowings and debentures (16,092,111) (21,350,555) (34,212,435) (38,161,392)
Trade payables 5.5 (1,304) (2,900) (3,906,102) (5,187,849)
Consideration payable — — (173,746) (246,256)
Other financial liabilities ^(i)^ — — (978,640) (1,067,839)
Leases (24,678) (24,459) (6,391,907) (6,509,753)
Railroad concession payable — — (3,840,527) (3,721,190)
Related parties payable 5.4 (5,737,780) (7,263,024) (435,171) (417,488)
Dividends payable 11 (39) (3,495) (55,086) (96,722)
Reduction of capital payable — — — (486,285)
Sectorial financial liabilities — — (67,001) (64,718)
Installment of tax debts (135,773) (219,429) (154,258) (254,302)
(21,991,685) **** (28,863,862) (50,214,873) **** (56,213,794)
Fair value through profit or loss ****
Loans, borrowings and debentures — — (26,468,219) (28,294,034)
Derivative financial instruments 5.3 (192,379) (1,104,874) (2,379,863) (3,470,204)
(192,379) **** (1,104,874) (28,848,082) **** (31,764,238)
Total (22,184,064) (29,968,736) (79,062,955) (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 (commonly referred to reverse factoring or drawn risk) with financial institutions.
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26
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

5.1              Cash and cash equivalents

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Cash and bank accounts 280 414 952,971 958,738
Savings account 45,689 48,831 734,502 485,393
Financial Investments 2,686,553 2,152,022 13,121,610 15,459,411
2,732,522 2,201,267 14,809,083 16,903,542

Financial investments include the following:

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Applications in investment funds
Repurchase Agreements — 400,251 392,075 1,493,278
Certificate of bank deposits - CDB 223,537 586,027 354,331 604,398
Other investments — — — 24,766
223,537 986,278 746,406 2,122,442
Applications in banks
Repurchase agreements — — 164,488 236,101
Certificate of bank deposits - CDB 2,462,993 1,165,549 12,191,250 12,102,078
Other 23 195 19,466 998,790
2,463,016 1,165,744 12,375,204 13,336,969
2,686,553 2,152,022 13,121,610 15,459,411

5.2              Loans, borrowings and debentures

a)      Composition

Interest Parent Company
Description Average debt index Average annual interest rate March 31, 2025 December 31, 2024
Debenture CDI + 1.30% 15.63% 11,191,201 10,554,301
Debenture IPCA + 5.75% 11.53% 435,674 433,499
Debenture Prefixed 7.52% 3,439,505 5,636,584
Commercial bank notes CDI + 1.77% 16.17% 1,025,731 1,020,037
Loan 4.131 Prefixed — 3,706,134
Total 16,092,111 21,350,555
Current 360,607 347,032
Non-current 15,731,504 21,003,523
27
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Interest Consolidated
Description Average debt index Average annual interest rate March 31, 2025 December 31, 2024
Cosan Corporate
Debenture CDI + 1.30% 15.63% 11,191,201 10,554,301
Debenture IPCA + 5.75% 11.53% 435,674 433,499
Commercial bank notes CDI + 1.77% 16.17% 1,025,731 1,020,037
Perpetual Notes Prefixed 8.25% 2,907,288 3,135,174
Senior Notes Prefixed 6.52% 6,348,627 14,181,589
21,908,521 29,324,600
Compass
BNDES IPCA + 4.63% 10.36% 2,917,700 3,034,743
Debenture CDI + 1.13% 15.43% 5,573,711 5,378,989
Loan 4.131 Prefixed 4.04% 874,686 2,695,565
Loan 4.131 CDI 0.78% 15.04% 350,706 —
Debenture (Law 12.431) IPCA + 6.44% 12.27% 3,797,425 2,956,899
Debenture IGPM + 6.10% 15.20% 394,768 382,837
13,908,996 14,449,033
Moove
Offshore loan 4.131 Prefixed 5.50% 14,770 15,729
Loan 4.131 CDI + 0.45% 14.66% 512,809 —
Acquisition Finance SOFR + 1.50% 5.70% 2,180,875 2,346,950
Working capital SONIA + 1.30% 5.50% 297,210 272,318
Export Credit Note SOFR + 1.30% 5.50% 300,518 316,442
Export Prepayment SOFR+ 1.40% 5.60% 587,013 607,136
3,893,195 3,558,575
Rumo
ACF IPCA + 6.48% 12.30% 310,078 299,706
BNDES URTJLP + 2.06% 10.12% 1,752,969 1,861,658
CCB IPCA + 0.94% 6.46% 862,873 874,513
Debenture CDI + 0.70% 13.94% 250,187 —
Debenture (Law 12.431) IPCA + 5.56% 11.33% 12,677,510 10,722,182
Export Credit Agency ("ECA") Euribor + 0.58% 2.97% 4,497 38,525
NCE — 276,661
Senior Notes Prefixed 4.73% 5,111,828 5,049,973
20,969,942 19,123,218
Total 60,680,654 66,455,426
Current 2,628,017 4,403,148
Non current 58,052,637 62,052,278
28
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

b)      Changes in loans, borrowings and debentures

Parent Company Consolidated
Balance as of January 1, 2025 21,350,555 66,455,426
Proceeds 2,442,980 6,486,495
Repayment of principal (7,148,782) (11,504,819)
Payment of interest (459,313) (1,271,271)
Payment of interest on work in progress — (26,883)
Acquisition of subsidiaries (Note 6.3) — 77,002
Interest, exchange rate and fair value (93,329) 464,704
Balance as of March 31, 2025 16,092,111 60,680,654

c)      Offset of assets and liabilities

Segment March 31, 2025 December 31, 2024
Assets
Credit Linked Notes Rumo 5,802,074 6,334,168
Time deposit Cosan Corporate — 3,718,105
TRS Cosan Corporate 3,441,726 5,640,466
Total 9,243,800 15,692,739
Liabilities
NCEs Rumo (5,802,074) (6,334,168)
Loan 4.131 ^(i)^ Cosan Corporate — (3,718,105)
Debenture Cosan Corporate (3,441,726) (5,640,466)
Total (9,243,800) (15,692,739)
Net balance — —
(i) The balance of Loan 4.131 was settled as mentioned in Note 2.2.
--- ---

d)      Restrictive Clauses

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 March 31, 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.

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Notes to the interim Financial Statements

(In thousands of Reais, 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
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Exchange rate derivatives
Forward agreements — 942,987 — 18,402 190,813 1,042,896 (14,703) 28,392
FX option agreements — — — — 328,500 411,000 2,828 3,096
— 942,987 — 18,402 519,313 1,453,896 (11,875) 31,488
Commodity derivatives
Forward contract - NDF — — — — 28,985 21,174 (3,103) (7,158)
— — — — 28,985 21,174 (3,103) (7,158)
Foreign exchange and interest rate risk
Swap agreements (interest rate) 350,000 350,000 6,974 (4,705) 6,346,736 6,453,930 (240,533) (364,783)
Swap agreements (interest and FX) 8,562,589 13,686,022 212,842 1,520,581 16,396,935 20,195,459 133,592 1,912,553
Swap agreements (interest and inflation) — — — — 14,841,711 12,247,351 (94,965) (246,660)
8,912,589 14,036,022 219,816 1,515,876 37,585,382 38,896,740 (201,906) 1,301,110
Share price risk
Swap agreements  - (TRS) 944,593 1,817,821 (144,037) (1,073,657) 944,593 1,817,821 (144,038) (1,073,657)
Call Spread 9,510,160 — 72,097 — 9,510,160 4,667,709 72,097 77,341
10,454,753 1,817,821 (71,940) (1,073,657) 10,454,753 6,485,530 (71,941) (996,316)
Total financial instruments 147,876 460,621 (288,825) 329,124
Current assets 13,804 18,402 78,582 905,341
Non-current assets 326,451 1,547,093 2,012,456 2,893,987
Current liabilities (152,414) (1,074,991) (1,820,126) (2,504,117)
Non-current liabilities (39,965) (29,883) (559,737) (966,087)
Total 147,876 460,621 (288,825) 329,124

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

Parent company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Derivative financial instruments 219,816 1,534,278 (201,907) 1,319,512
Non-derivative financial instruments (71,940) (1,073,657) (86,918) (990,388)
147,876 460,621 (288,825) 329,124

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

30

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

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:

Registered value Accumulated fair value of hedge adjustments
Subsidiary Index Unit Notional March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
FX rate risk hedge
Loans, borrowings and debentures
Designated items
PPE Moove US + 1.40% BRL (100,000) (587,013) (620,690) (3,313) (13,554)
NCE Moove US + 1.30% BRL (50,000) (300,518) (320,606) 935 (4,164)
Senior Notes 2028 Rumo US + 5.30% BRL (2,791,600) (2,513,070) (2,631,834) (372,643) (519,686)
Senior Notes 2032 Rumo US + 4.20% BRL (2,824,075) (2,598,757) (2,418,140) (250,886) (687,411)
NCE U.S.$ Rumo SOFR + 1.30% BRL — — (25,341) — (131,663)
Total (5,765,675) (5,999,358) (6,016,611) (625,907) (1,356,478)
Interest rate risk hedge
Loans, borrowings and debentures
Designated items
BNDES Projet VIII Comgás IPCA + 3.25% BRL (770,832) (678,594) (678,785) 99,608 100,511
Debenture Rumo IPCA + 5.56% BRL (11,989,276) (11,750,953) (9,719,039) (1,852,805) (1,851,762)
ACF Rumo IPCA + 6.48% BRL (312,528) (310,078) (299,706) (13,085) (13,635)
Finem Rumo TLP + 2.06% BRL (21,661) (21,912) (25,764) (2,115) (2,212)
CCB Rumo IPCA + 0.94% BRL (932,077) (862,873) (874,513) (67,815) (63,520)
Total (14,026,374) (13,624,410) (11,597,807) (1,836,212) (1,830,618)

All values are in US Dollars.

31

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Registered value
March 31, 2025 December 31, 2024
Subsidiary Index Unit Notional Assets Liabilities Assets Liabilities
FX rate risk hedge
Derivative financial instruments
PPE Moove CDI + 0,79% BRL 100,000 18,389 — 66,126 —
NCE Moove CDI + 0,60% BRL 50,000 5,440 — 28,452 —
Swap Senior Notes 2028 Rumo US + 5,30% BRL 2,791,600 2,533,210 2,651,325 2,657,287 2,707,334
Swap Senior Notes 2032 Rumo US + 4,20% BRL 2,824,075 2,645,336 2,645,207 4,039,312 3,926,328
Total 5,765,675 5,202,375 5,296,532 6,791,177 6,633,662
Interest rate risk hedge
Derivative financial instruments
BNDES Projet VIII Comgás 99.75% CDI BRL 770,832 677,590 774,802 693,704 795,268
Swaps Debentures Rumo IPCA + 5.56% BRL 11,989,276 12,120,960 12,352,600 10,016,793 10,377,790
ACF Rumo IPCA + 6.48% BRL 312,528 315,260 327,926 304,962 318,827
Finem Rumo TLP + 2.06% BRL 21,661 23,043 21,768 23,552 22,614
CCB Rumo IPCA + 0.94% BRL 932,077 871,176 936,069 882,930 946,589
Total 14,026,374 14,008,029 14,413,165 11,921,941 12,461,088

All values are in US Dollars.

32

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

b)     Fair value option

Certain derivative instruments were not designated to documented hedging structures.

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

Registered Value Accumulated fair value
Notional March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
FX rate risk
Items
Senior Notes 2027 (Cosan Luxembourg) U.S. + 7.00% — — (2,475,674) — (1,540,318)
Export Credit Agreement (Rumo) + 0.58% (19,027) (4,497) (38,525) (23,024) (713)
Scotiabank 2022 U.S. + 2.51% — — (1,245,669) — 3,580
Scotiabank 2023 U.S. + 4.76% (749,310) (874,686) (926,262) (1,558) 5,920
BNP Paribas 2024 + 5,74% — — (523,634) — (19,408)
Total (768,337) (879,183) (5,209,764) (24,582) (1,550,939)
FX rate risk
Items
BNDES Projects VI and VII (Comgás) IPCA + 4.10% (95,685) (83,613) (88,477) 12,821 3,288
BNDES Project VIII (Comgás) IPCA + 3.25% (608,373) (608,372) (639,325) 40,335 39,439
BNDES Project IX (Comgás) IPCA + 5.74% (565,582) (566,159) (554,820) 52,457 54,110
BNDES Project IX - Sub A (Comgás) IPCA + 5.74% (306,207) (293,423) (287,962) 21,633 22,242
BNDES Project IX - Sub A (Comgás) IPCA + 5.74% (196,598) (188,198) (184,883) 10,623 10,864
BNDES Project IX - Sub B (Comgás) IPCA + 6.01% (315,186) (301,449) (295,695) 23,230 23,999
Debenture 6^th^ issue - single series (Comgás) IPCA + 7.36% (38,273) (42,795) (41,436) 1,017 718
Debenture  4^th^ issue - 3rd series (Comgás) IPCA + 5.12% (500,000) (517,475) (512,946) 88,700 88,728
Debenture 9^th^ issue - 1st series (Comgás) IPCA + 5.22% (500,000) (470,604) (466,173) 133,127 133,379
Debenture 11^th^ issue - 1st series (Comgás) IPCA + 6.38% (750,000) (690,997) (685,420) 72,587 72,780
Debenture  9^th^ issue - 2nd series (Comgás) IPCA + 6.45% (750,000) (665,734) (662,782) 88,157 85,912
Debenture 12^th^ issue - single series (Comgás) IPCA + 7.17% (600,000) (609,892) (588,142) (8,966) (10,096)
Debenture 2^nd^ issue - single series (Comgás) IPCA + 7.44% (800,000) (818,277) — (18,277) —
Debenture (Rumo) IPCA + 4.68% (120,000) (164,881) (248,085) (93) (59,916)
Debenture (Rumo) IPCA + 4.50% (600,000) (761,675) (755,061) (148) (96,457)
Total (6.745,904) (6,783,544) (6,011,207) 571,203 368,990

All values are in US Dollars.

33

Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Registered Value
Notional March 31, 2025 December 31, 2024
Derivative instruments
Swap Senior Notes 2027 (Cosan Luxembourg) BRL + 114.48% CDI — — 217,523
FX and interest rate swaps (Rumo) BRL + 108% CDI 19,027 (14,697) 12,253
Scotiabank 2022 CDI + 1.20% — — 95,971
Scotiabank 2023 CDI + 1.30% 749,310 92,571 169,185
BNP Paribas 2024 CDI + 1.35% — — 55,805
Total derivatives 768,337 77,874 550,737
Derivative instruments
BNDES Projects VI and VII (Comgás) 87.50% CDI 95,685 (2,961) (3,332)
BNDES Project VIII (Comgás) 82.94% CDI 608,373 (38,187) (39,834)
BNDES Project IX (Comgás) 98.90% CDI 565,582 12,091 1,394
BNDES Project IX - Sub A (Comgás) 95.55% CDI 306,207 (9,205) (14,383)
BNDES Project IX - Sub A (Comgás) 92.35% CDI 196,598 (5,798) (8,929)
BNDES Project IX - Sub B (Comgás) 98.49% CDI 315,186 (10,529) (15,994)
Debenture 4^th^ issue - 3rd series (Comgás) 112.49% CDI 38,273 3,204 3,203
Debenture 9^th^ issue - 1st series (Comgás) 109.20% CDI 500,000 23,252 5,192
Debenture 9^th^ issue - 2nd series (Comgás) 110.60% CDI 500,000 (21,212) (39,535)
Debenture 11^th^ issue - 1st series (Comgás) 100.45% CDI 750,000 (52,383) (71,755)
Debenture  11^th^ issue - 2nd series (Comgás) 99.70% CDI 750,000 (68,014) (84,963)
Debenture 12^th^ issue - single series (Comgás) 95.66% CDI 600,000 14,532 10,424
Debenture 2^nd^ issue - single series (Comgás) 97.40% CDI 800,000 4,915 —
Debenture (Rumo) 107.00% CDI 120,000 43,074 60,419
Debenture (Rumo) 103.00% CDI 600,000 152,987 130,505
Total derivatives 6,745,904 45,766 (67,588)
34
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

c)      Cash flow hedge

The indirect subsidiary Edge Comercialização S.A. entered into a natural gas sales contract (Brent risk) with a third party and related party. In order to protect and mitigate the risks arising from fluctuations in natural gas indexes, the subsidiary designated this operation subject to hedge accounting for the respective cash flow protection.

The expected benefits of this contract are: reducing the financial risk associated with fluctuations in natural gas prices, avoiding fluctuations in the financial results of hedging instruments, protecting the subsidiary's margins, maintaining predictability in its costs or revenues and ensuring greater stability in operating results.

The indirect subsidiary TRSP Terminal de Regaseificação de São Paulo (“TRSP”) has 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-derivative hedging instruments - lease liabilities in US dollars already contracted.

In order to mitigate the effects of exchange rate volatility on future cash flows, the subsidiary Rumo entered into derivative financial instruments in the form of swap transactions and designated cash flow hedges.  The hedge relationship was formally designated and documented at the start of the operation, demonstrating that the hedge is effective in offsetting variations in cash flows attributable to exchange rate risk. The effects of this hedge are recognized in equity, under “Other Comprehensive Income”.

The impacts recognized in the equity of subsidiaries and the estimates of realization in equity are shown below:

Change in fair value used to measure hedge ineffectiveness Registered value
Subsidiary Risk Unit Notional March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Financial instruments
Derivative futures Edge NDF BRL 127,155 (3,195) — (6,245) —
Leasing TRSP FX rate BRL 3,679,794 — — (294,584) (446,224)
Swap exchange rate and interest Rumo FX rate BRL 644,164 — — (62,967) —
Total 4,451,113 (3,195) — (363,796) (446,224)

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

Write-offs Ineffectiveness
Subsidiary Balance as of January 1, 2025 Other Comprehensive income Net sales Cost of sales Cost of sales Finance results Balance as of March 31, 2025
Financial instruments
Derivative futures Edge — (9,441) — 1,840 1,356 — (6,245)
Leasing TRSP (446,224) 146,851 4,311 — — 478 (294,584)
Swap exchange rate and interest Rumo — (62,967) — — — — (62,967)
(446,224) 74,443 4,311 1,840 1,356 478 (363,796)
35
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

5.4              Related parties

a)        Accounts receivable and payable with related parties:

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Current assets
Commercial operations
Raízen S.A. 10,262 5,241 69,270 72,518
Rumo S.A. 32,113 25,706 — —
CLI Sul S.A. 10 10 22,785 19,458
Cosan Lubrificantes e Especialidades S.A. 5,893 14,164 — —
Compass Gás e Energia S.A. 18,329 18,561 — —
Termag - Terminal Marítimo de Guarujá S.A. — — 14,286 14,286
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS) — — 48,109 36,985
Other 2,858 2,688 4,460 6,938
69,465 66,370 158,910 150,185
Financial and corporate operations
Raízen S.A. 17,314 45,173 17,315 45,173
Cosan Lubrificantes e Especialidades S.A. 5,391 — — —
Brado Logística S.A. 52,356 — 52,356 —
Cosan Luxembourg S.A. 2,556 2,556 — —
Other — — 3,972 1,705
77,617 47,729 73,643 46,878
Total current assets 147,082 114,099 232,553 197,063
Non-current assets
Commercial operations
Termag - Terminal Marítimo de Guarujá S.A. — — 17,857 21,438
— — 17,857 21,438
Financial and corporate operations
Raízen S.A. 25,649 28,864 35,718 26,920
Cosan Lubrificantes e Especialidades S.A. 94,938 109,550 — —
Ligga S.A. 78,535 154,468 78,535 154,468
199,122 292,882 114,253 181,388
Total non-current assets 199,122 292,882 132,110 202,826
Related parties receivables 346,204 406,981 364,663 399,889
36
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Current liabilities
Commercial operations
Raízen S.A. 10,513 8,176 349,606 303,656
Termag - Terminal Marítimo de Guarujá S.A. — — 1,305 8,149
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS) — — 20,092 45,119
Other 508 64 1,797 1,932
11,021 8,240 372,800 358,856
Financial and corporate operations
Raízen S.A. 59,997 56,478 61,293 57,554
Cosan Overseas Limited 37,104 40,012 — —
Cosan Luxembourg S.A. 18,035 105,890 — —
115,136 202,380 61,293 57,554
Total current liabilities 126,157 210,620 434,093 416,410
Non-current liabilities
Financial and corporate operations
Cosan Lubrificantes e Especialidades S.A. 623,444 591,491 — —
Cosan Luxembourg S.A. 2,095,903 3,342,012 — —
Cosan Overseas Limited 2,891,198 3,117,823 — —
Raízen S.A. 1,078 1,078 1,078 1,078
Total non-current liabilities 5,611,623 7,052,404 1,078 1,078
Payables to related parties 5,737,780 7,263,024 435,171 417,488

b)        Transactions with related parties:

Parent Company Consolidated
Period of three months ended March 31,
2025 2024 2025 2025
Operating income
Raízen S.A. — — 133,069 255,396
CLI Sul S.A. — — 3,663 4,346
— — 136,732 259,742
Purchase of goods / inputs / services
Raízen S.A. (30) — (507,627) (522,714)
Termag - Terminal Marítimo de Guarujá S.A. — — (1,250) —
(30) — (508,877) (522,714)
Shared income (expenses)
Compass Gás e Energia S.A. 9,024 (2) — —
Companhia de Gás de São Paulo - COMGÁS 14 8,683 — —
Comercializadora S/A — 14 — —
Cosan Lubrificantes e Especialidades S.A. 3,092 1,597 — —
Raízen S.A. 481 (866) (24,285) (20,164)
Rumo S.A. 16,932 1,484 — —
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS) — — (25,124) (25,652)
Other 2 (15) 2 (15)
29,545 10,895 (49,407) (45,831)
Finance result
Cosan Luxembourg S.A. 163,816 (155,597) — —
Cosan Overseas Limited 168,990 (130,249) — —
Raízen S.A. (10,507) — (10,507) —
Moove Lubrificantes Limited (5) — — —
Aldwych Temple Venture Capital Limited 5,171 — 5,171 —
327,465 (285,846) (5,336) —
Total 356,980 (274,951) (426,888) (308,803)
37
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

c)        Managers’ and directors’ compensation:

Parent Company Consolidated
Period of three months ended March 31,
2025 2024 2025 2024
Short-term benefits to employees and directors 9,446 8,725 39,992 30,643
Share-based compensation 3,351 13,868 7,632 18,915
Post-employment benefits 54 129 602 538
Employment termination benefits — 1,645 — 1,645
Other long-term benefits — — 486 890
12,851 24,367 48,712 52,631

5.5        Trade payables

Parent Company Consolidated
March 31, 2024 December 31, 2024 March 31, 2025 December 31, 2024
Material and services suppliers 1,304 2,744 2,713,926 4,205,516
Natural gas / transport and logistics suppliers — 156 1,192,176 982,333
1,304 2,900 3,906,102 5,187,849
Current 1,304 2,900 3,886,590 5,168,593
Non-current — — 19,512 19,256
Total 1,304 2,900 3,906,102 5,187,849

5.6       Fair value measurements

All resulting fair value estimates are included in level 2, except for contingent consideration payables for which fair values have been determined using present values and discount rates adjusted for counterparty or own credit risk.

The carrying amounts and fair value of consolidated assets and liabilities are as follows:

Carrying amount Assets and liabilities measured at fair value
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Note Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Investment funds 5.1 746,406 2,122,442 — 746,406 — — 2,122,442 —
Marketable securities 3,180,365 3,386,301 242,036 2,938,329 — — 3,386,301 —
Other financial assets 4,648 4,495 4,648 — — 4,495 — —
Investment properties (i) 16,824,078 16,818,919 — — 16,824,078 — — 16,818,919
Derivate financial instruments 5.3 2,091,038 3,799,328 — 2,091,038 — — 3,799,328 —
Total 22,846,535 26,131,485 246,684 5,775,773 16,824,078 4,495 9,308,071 16,818,919
Liabilities
Loans, financing and debentures (ii) 5.2 (26,468,219) (28,294,034) — (26,468,219) — — (28,294,034) —
Derivative financial instruments 5.3 (2,379,863) (3,470,204) — (2,379,863) — — (3,470,204) —
Total (28,848,082) (31,764,238) — (28,848,082) — — (31,764,238) —
38
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

(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"). The discount rates used vary between 6.06% p.a. and 10.40% p.a. on March 31, 2025 and December 31, 2024.
(ii) The fair value of loans measured at amortized cost does not differ significantly from their carrying value.

For debts that have 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 March 31, 2025 December 31, 2024
Senior Notes 2028 Rumo Luxembourg 98.37% 97.32%
Senior Notes 2032 Rumo Luxembourg 88.57% 84.30%
Senior Notes 2027 (i) Cosan Luxembourg S.A. - 99.63%

(i)    Debt was settled on March 14, 2025, as per note 2.1.

5.7        Financial risk management

a)      Market Risk

Foreign exchange risk

The Company had the following net exposure to foreign exchange variation on assets and liabilities denominated in US Dollars, Euros, and Pound Sterling:

March 31, 2025 December 31, 2024
Cash and cash equivalents 1,274,128 1,861,070
Trade and Other receivables 17,915 35,807
Trade payables (492,799) (691,312)
Loans, borrowings and debentures (16,440,689) (24,263,167)
Leases (1,966,115) (2,121,304)
Consideration payable (173,746) (246,256)
Derivative financial instruments (notional) 15,256,326 22,576,441
Foreign exchange exposure, net (2,524,980) (2,848,721)

The probable scenario considers the estimated foreign exchange rates, carried out by a specialized third party at the maturity of transactions for companies with real functional currency (positive and negative, before tax effects), as follows:

Scenarios
Instrument Risk factor Probable 25% 50% (25%) (50%)
Cash and cash equivalents Low FX rate 869,863 1,053,329 1,250.663 658,663 461,329
Trade payables High FX rate (88) (493) (898) 317 722
Derivative financial instruments Low FX rate 890,672 1,972,814 3,020,850 (123,167) (1,171,203)
Loans, borrowings and debentures High FX rate (1,162,567) (2,250,605) (3,576,983) 401,240 1,727,347
Leases High FX rate (1,978,460) (2,498,190) (3,017,919) (1,458,731) (939,003)
Consideration payable High FX rate (9,968) (25,099) (40,230) 5,163 20,293
Impacts on profit or loss before tax 545,197 547,338 253,960 1,133,287 1,426,392
Impacts on comprehensive income (1,935,745) (2,295,582) (2,618,477) (1,649,802) (1,326,907)
39
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Exchange rate sensitivity analysis
March 31, 2025 Scenarios
Probable 25% 50% (25%) (50%)
U.S. 5.7422 6.0716 7.5896 9.1075 4.5537 3.0358
Euro 6.1993 6.4967 8.1208 9.7450 4.8725 3.2483
7.4046 7.7717 9.7146 11.6576 5.8288 3.8859

All values are in US Dollars.

Interest rate risk

Below is a sensitivity analysis of interest rates 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 4,558,299 5,066,459 5,563,620 4,073,740 3,577,375
Marketable securities 1,544,016 1,637,413 1,740,319 1,431,737 1,328,899
Restricted cash 160,567 170,744 180,937 150,389 140,212
Lease and concession in installments (162,246) (220,356) (238,447) (124,156) (86,143)
Leases liabilities (1,052,629) (1,205,703) (1,357,014) (901,323) (748,256)
Derivative financial instruments (1,948,172) (2,729,108) (3,386,075) (1,253,584) (397,443)
Loans, borrowings and debentures (17,660,202) (19,170,114) (20,169,284) (16,703,878) (15,718,670)
Other financial liabilities (750,452) (783,258) (816,093) (717,646) (684,840)
Impacts on the income (loss) before taxes (15,310,819) (17,233,923) (18,482,037) (14,044,721) (12,588,866)

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

Scenarios
Interest rate exposure Probable 25% 50% (25%) (50%)
Derivative financial instruments (144) (26) (32) (16) (11)

The probable scenario considers the estimated interest rate, made by a specialized third party and the Central Bank of Brazil (Banco Central do Brasil or “BACEN”) as follows:

Scenarios
Probable 25% 50% (25%) (50%)
SELIC 14.75% 18.44% 22.13% 11.06% 7.38%
CDI 14.65% 18.31% 21.98% 10.99% 7.33%
TJLP462 (TJLP + 1% p.a.) 9.60% 11.75% 13.90% 7.45% 5.30%
TJLP 8.60% 10.75% 12.90% 6.45% 4.30%
IPCA 4.58% 5.73% 6.87% 3.44% 2.29%
IGPM 6.35% 7.94% 9.53% 4.76% 3.18%
Fed Funds 4.00% 5.00% 6.00% 3.00% 2.00%
SOFR 3.88% 4.85% 5.82% 2.91% 1.94%
40
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Price risk

  • Natural Gas
Scenarios
Instrument Interest Probable 25% 50% (25%) (50%)
Brent Derivatives – options Price U.S. / bbl (16,856) 32,255 81,365 (65,966) (115,077)

All values are in US Dollars.

  • Options
Scenarios
Instrument Interest Probable 25% 50% (25%) (50%)
VALE3 (Call Spread) 1.34% 72,097 292,924 550,779 30,284 4,395

Call Option (“Call”)

The Company has a call option which gives it the right to repurchase all the 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.

As of March 31, 2025, the Company measured the fair value of the call option and concluded that it 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 March 31, 2025, is represented by the amounts of R$2,240,312 and R$3,760,860, respectively.

  • Total Return Swap (TRS)

We are exposed to risks linked to CSAN3 share prices. To mitigate such exposures, total return swap derivatives of 106,695,312 shares of CSAN3 were contracted in which the Company receives the variation of the share price and proceeds on the active side and pays CDI + 0.97% on the passive side.

The sensitivity analysis considers the closing share price as shown below:

Scenarios
Instrument Probable 25% 50% (25%) (50%)
Net exposure options (183,515) 197,120 394,239 (197,120) (394,239)
Value of the share (CSAN3) 7.39 9.24 11.09 5.54 3.70
41
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, 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:

March 31, 2025 December 31, 2024
Cash and cash equivalents 14,809,083 16,903,542
Trade receivables 4,362,082 3,995,734
Marketable securities 2,938,329 3,386,301
Restricted cash 286,321 174,303
Derivative financial instruments 2,091,038 3,799,328
Receivables from related parties 364,663 399,889
Receivable dividends and interest on equity 33,621 153,548
Other financial assets 4,648 4,495
24,889,785 28,817,140

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

The credit risk of cash and cash equivalents, marketable securities, restricted cash, and derivative financial instruments is determined by widely accepted market rating instruments and is structured as follows:

March 31, 2025 December 31, 204
AAA 19,759,567 22,706,407
AA 208,684 803,935
A — 571,942
Not rated 156,520 181,190
20,124,771 24,263,474

c)             Liquidity risk

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

March 31, 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 (3,016,608) (2,864,976) (24,596,068) (39,577,990) (70,055,642) (64,570,345)
Trade payables (3,886,590) (19,512) — — (3,906,102) (10,670,813)
Other financial liabilities (825,269) (153,371) — — (978,640) (770,103)
Installment of tax debts (170,781) (531) — (218,882) (390,194) (454,885)
Leases (827,466) (660,886) (848,770) (16,977,304) (19,314,426) (20,948,336)
Lease and concession in installments (280,134) (276,142) (545,107) (182,103) (1,283,486) (1,281,108)
Payables to related parties (434,093) (1,078) — — (435,171) (416,410)
Dividends payable (55,086) — — — (55,086) (96,722)
Consideration payable (10,837) (10,837) (21,673) (131,438) (174,785) (185,622)
Derivative financial instruments (2,468,890) (2,035,154) 816,131 10,802,606 7,114,693 6,528,439
Sectorial financial liabilities (67,001) — — — (67,001) (64,718)
(12,042,755) (6,022,487) (25,195,487) (46,285,111) (89,545,840) (92,930,623)
42
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

6    Investments in subsidiaries and associates

6.1         Investments in subsidiaries

The Company's subsidiaries are listed below:
March 31, 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%
(i) On March 31, 2025, the subsidiary Cosan Luxembourg S.A. reported an uncovered liability of R$346,975, as detailed 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.
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

The following are investments in subsidiaries and affiliates as of March 31, 2025, which are material 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%
44
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Balance as of 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 subsidiary Other Balance as of March 31, 2025 Dividend receivable (i)
Cosan Corporate
Cosan Corretora de Seguros Ltda. 3,333 126 — — — — — — — 3,459 —
Cosan Nove Participações S.A. 7,153,309 (666,513) 331,000 (975,073) 71,615 — 2,169,000 — (83,297) 8,000,041 —
Cosan Dez Participações S.A. 3,366,248 249,973 — — 39,092 — — — — 3,655,313 11,718
Pasadena Empreendimentos e Participações S.A. (251) (78) — — — — — — 329 — —
Cosan Limited Partners Brasil Consultoria Ltda. 218 (354) — — — — — — — (136) —
Cosan Oito S.A. 9,601,259 — — — 18,322 — — (9,619,581) — — —
Cosan Global 129,764 (15,569) — — — — — — — 114,195 —
Other 31,413 (754) — — (1,243) — — — — 29,416 —
Radar
Radar II Propriedades Agrícolas S.A. 1,241,246 6,998 — — — (938) — — — 1,247,306 —
Radar Propriedades Agrícolas S.A. 266,250 74 — — — — — — — 266,324 —
Nova Agrícola Ponte Alta S.A. 455,407 2,627 — — — (829) — — — 457,205 —
Nova Santa Bárbara Agrícola S.A. 35,942 458 — — — — — — — 36,400 1,960
Nova Amaralina S.A. Propriedades Agrícolas 229,289 1,401 — — — — — — — 230,690 133
Terras da Ponte Alta S.A. 98,121 1,459 — — — — — — — 99,580 —
Paineira Propriedades Agrícolas S.A. 231,839 1,808 — — — (1,658) — — — 231,989 —
Manacá Propriedades Agrícolas S.A. 226,538 1,750 — — — (1,036) — — — 227,252 —
Castanheira Propriedades Agrícolas S.A. 325,220 431 — — — — — — — 325,651 —
Tellus Brasil Participações S.A. 767,096 4,689 — — — (1,566) — — — 770,219 5
Janus Brasil Participações S.A. 1,198,363 10,220 — — — (8,084) — — — 1,200,499 2
Duguetiapar Empreendimentos e Participações S.A. 735 16 — — — — — — — 751 —
Gamiovapar Empreendimentos e Participações S.A. 143,697 584 — — — — — — — 144,281 —
Moove
Moove Lubricants Holdings 1,325,556 21,018 — — (28,203) — — — — 1,318,371 368
Other 460 7 — — (44) — — — — 423 —
Rumo
Rumo S.A. 4,477,644 (30,354) — (127) (12,739) — — — 2,877 4,437,301 —
Total investments in subsidiaries 31,308,696 (409,983) 331,000 (975,200) 86,800 (14,111) 2,169,000 (9,619,581) (80,091) 22,796,530 14,186
Cosan Corporate
Pasadena Empreendimentos e Participações S.A. — — — — — — — — (329) (329) —
Cosan Luxembourg S.A. (263,722) (83,253) — — — — — — — (346,975) —
Total provision for uncovered liability of subsidiary (263,722) (83,253) — — — — — — (329) (347,304) —
Total 31,044,974 (493,236) 331,000 (975,200) 86,800 (14,111) 2,169,000 (9,619,581) (80,420) 22,449,226 14,186

(i)                  Dividends receivable by Cosan S.A. from its subsidiaries.

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Notes to the interim Financial Statements

(In thousands of Reais, 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 99,250 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 significant movements impacting the consolidated balances of the interim financial statements are detailed in the 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. 12,132,621 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%
Cosan Corporate
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%
46
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Notes to the interim Financial Statements

(In thousands of Reais, 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 of January 1, 2025 Profit attributable to non-controlling interests Capital increase Other comprehensive income Dividends Change of equity interest in subsidiary Other Balance as of March 31, 2025
Compass
Comgás 26,637 2,289 — — — — — 28,926
Commit Gás S.A. 1,357,447 24,757 — — — — — 1,382,204
Companhia Paranaense de Gás - COMPAGAS 460,508 (306) — — (781) — — 459,421
Biometano Verde Paulínia S.A. 238,239 (14) — — — — — 238,225
Compass Gás e Energia 557,943 47,247 — 6,940 — — — 612,130
Rumo
Rumo S.A. 10,457,452 (66,827) — (29,235) (310) 198 6,771 10,368,049
Moove
Moove Lubricants Holdings 566,991 9,008 — (12,146) — — — 563,853
Cosan Corporate
Cosan Limited Partners Brasil 5 (9) — — — — — (4)
Cosan Nove Participações S.A. 2,164,445 (340,915) 89,084 26,372 (331,000) (1,193,928) 2,135 416,193
Cosan Dez Participações S.A. 980,133 97,212 — 11,811 — — — 1,089,156
Radar
Janus Brasil Participações S.A. 5,051,050 41,548 — — (32,864) — — 5,059,734
Tellus Brasil Participações S.A. 3,124,858 19,062 — — (6,366) — — 3,137,554
Gamiovapar Empreendimentos e Participações S.A. 591,606 (2,952) — — — — — 588,654
Duguetiapar Empreendimentos e Participações S.A. (2,338) 5,391 — — — — — 3,053
Radar II Propriedades Agrícolas S.A. 1,176,870 6,998 — — (938) — — 1,182,930
Radar Propriedades Agrícolas S.A. 255,348 74 — — — — — 255,422
Nova Agrícola Ponte Alta S.A. 430,599 2,627 — — (829) — — 432,397
Nova Amaralina S.A. Propriedades Agrícolas 38,998 1,401 — — — — — 40,399
Nova Santa Bárbara Agrícola S.A. 205,827 458 — — — — — 206,285
Terras da Ponte Alta S.A. 90,250 1,459 — — — — — 91,709
Paineira Propriedades Agrícolas S.A. 220,407 1,808 — — (1,658) — — 220,557
Manacá Propriedades Agrícolas S.A. 216,478 1,750 — — (1,036) — — 217,192
Castanheira Propriedades Agrícolas S.A. 284,845 431 — — — — — 285,276
28,494,598 (147,503) 89,084 3,742 (375,782) (1,193,730) 8,906 26,879,315
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Table of Contents

Notes to the interim Financial Statements

(In thousands of Reais, 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 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$236,469 was recognized, representing the expected future economic benefits of the synergies arising from the acquisition. The balance of goodwill on March 31, 2025 is R$236,469, 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$63,392 and R$12,221, 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.

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

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

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, financing 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
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7.  Investment in joint venture

The movements in the investment in subsidiaries jointly in the parent company 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 of January 1, 2025 1,184,466 8,606 1,193,072
Interest in earnings of joint ventures (129,096) 902 (128,194)
Other comprehensive (losses) income 13,571 — 13,571
Balance as of March 31, 2025 1,068,941 9,508 1,078,449

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

Raízen S.A. Terminal Alvorada S.A. Radar Gestão de Invest. S.A. Total
Shares issued by the joint venture 10,352,509,484 100,197,076 24,800,000
Shares held by Cosan 4,557,597,117 50,098,538 12,400,000
Cosan ownership interest 5.01% 50.00% 50.00%
Percentage of indirect indirect (Cosan Nove) 25.86% — —
Total ^(i)^ 30.87% 50.00% 50.00%
Balance as of January 1, 2025 10,495,317 41,121 8,606 10,545,044
Interest in earnings of joint ventures (1,136,658) (3,291) 902 (1,139,047)
Other comprehensive (losses) income 119,473 — — 119,473
Dividends — 15,000 — 15,000
Balance as of January 1, 2025 9,478,132 52,830 9,508 9,540,470

Raízen S.A.

  1. The Company's total interest in Raízen S.A. is made up of 5.01% direct interest and 39.09% indirect interest through Cosan Nove. The disclosed percentage of 25.86% refers to the economic benefit calculated by the result of Cosan S.A.'s participation in its subsidiary Cosan Nove of 66.16% multiplied by the interest of 39.09%. For the Company's consolidated information, direct and indirect interests are added together and the impact relating to the interest of non-controlling shareholders in Cosan Nove is shown in the result line attributed to non-controlling shareholders.

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 March 31, 2025, the Company was in compliance with the covenants of the agreement governing the joint venture.

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

8.  Property, plant and equipment, Intangible, assets and goodwill, Contract assets, right-off-use and investment properties

8.1              Property, plant and equipment

Consolidated Parent Company
Land, buildings and improvements Machines, equipment and installations Wagons and<br><br><br>locomotives Permanent<br><br><br>railways Construction in progress Other assets Total Total
Cost
Balance as of 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 5,216 248 1,094 — 1,253,085 398 1,260,041 3,090
Write-offs — (62,596) (78,104) (1,108) (63,155) (10,069) (215,032) —
Transfers 23,997 39,552 1,391,861 588,820 (1,491,133) 26,015 579,112 (753)
Exchange differences (16,471) (30,469) — — (4,541) (20,402) (71,883) —
Business combination ^(i)^ 47,689 17,830 — — - 4,972 70,491 —
Balance as of March 31, 2025 2,628,529 3,911,300 10,491,793 14,401,895 6,775,052 813,612 39,022,211 93,266
Depreciation
Balance as of January 1, 2025 (690,143) (1,318,421) (4,951,433) (6,711,147) (414,892) (294,430) (14,380,466) (51,891)
Additions (16,787) (71,013) (156,781) (217,735) — (12,659) (474,975) (2,560)
Write-offs — 62,275 71,331 — — 9,042 142,648 —
Transfers 5 5,569 (372,662) 55,882 — 40 (311,166) —
Exchange differences 4,399 12,249 — — — 10,881 27,529 —
Impairment — — (107,237) (157,855) — — (265,092) —
Balance as of March 31, 2025 (702,526) (1,309,341) (5,516,782) (7,030,855) (414,892) (287,126) (15,261,522) (54,451)
Balance as of January 1, 2025 1,877,955 2,628,344 4,225,509 7,103,036 6,665,904 518,268 23,019,016 39,038
Balance as of March 31, 2025 1,926,003 2,601,989 4,975,011 7,371,040 6,360,160 526,486 23,760,689 38,815
(i) Acquisition of DIPI Holding Ltda, as detailed in Note 6.3.
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Impairment Loss of Rumo Malha Sul Assets

In the second quarter of 2024, the state of Rio Grande do Sul was impacted by extreme weather events. This force majeure event caused damage to the railway infrastructure of Rumo Malha Sul S.A.

During the period ended March 31, 2025, the identified indicators persisted, and Rumo Malha Sul recognized a provision of R$285,608, considering that the assets were destroyed or their use was rendered unfeasible for an indefinite period.

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

8.2              Intangible, assets and goodwill

Consolidated Parent Company
Goodwill Concession right Licenses Brands and<br><br><br>patents Customer<br><br><br>relationships Other Supply Agreement Total Total
Cost
Balance as of 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 — — — (140) 21,332 14,301 — 35,493 707
Write-offs (4,419) (101,634) — — — — — (106,053) —
Transfers ^(i)^ — 440,868 — — 770 45,022 — 486,660 753
Business combination 236,470 — — 13,254 63,655 — — 313,379 —
Exchange differences (56,972) (3,832) (1,544) (11,824) (108,608) (7,170) — (189,950) —
Balance as of March 31, 2025 1,760,100 29,243,035 266,668 197,360 3,055,911 839,896 574,363 35,937,333 28,317
Amortization
Balance as of January 1, 2025 — (6,752,828) (79,868) (9,201) (1,736,395) (488,727) — (9,067,019) (16,984)
Additions — (269,063) (1,743) — (69,458) (13,663) — (353,927) (564)
Write-offs — 38,133 — — — — — 38,133 —
Exchange differences — 3,831 (408) — 33,302 922 — 37,647 —
Impairment — — — — — (1,779) — (1,779) —
Balance as of March 31, 2025 — (6,979,927) (82,019) (9,201) (1,772,551) (503,247) — (9,346,945) (17,548)
Balance as of January 1, 2025 1,585,021 22,154,805 188,344 186,869 1,342,367 299,016 574,363 26,330,785 9,873
Balance as of March 31, 2025 1,760,100 22,263,108 184,649 188,159 1,283,360 336,649 574,363 26,590,388 10,769
(i) The amount of the transfers also includes a portion of R$36,789 of intangible assets, which was reclassified to financial assets (R$23,967 in the period ended March 31, 2024).
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52
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

8.3              Right-off-use assets

Consolidated Parent company
Land, buildings and improvements Machine,<br><br><br>equipment, and<br><br><br>installations Wagons and<br><br><br>locomotives Software Vehicles Floating storage and regasification Railway and port<br><br><br>infrastructure Total Total
Cost
Balance as of 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 8,577 8,907 — — 60,186 — — 77,670 204
Contractual readjustments 5,499 26,440 11,048 259 (7,034) — 21,216 57,428 1,842
Write-offs (36) (962) — — (332) — — (1,330) —
Transfers — — (686,837) — — — — (686,837) —
Exchange differences (20,841) (1,952) — — (9,772) — — (32,565) —
Balance as of March 31, 2025 639,223 621,647 281,471 87,979 219,745 1,594,434 9,001,803 12,446,302 46,125
Amortization
Balance as of January 1, 2025 (321,130) (209,627) (505,145) (29,853) (54,645) (116,379) (1,836,406) (3,073,185) (26,522)
Additions (23,518) (17,893) (4,403) (1,177) (12,558) (19,974) (64,744) (144,267) (1,588)
Write-offs 181 896 — — 578 — — 1,655 —
Transfers — — 372,463 — — — — 372,463 —
Exchange differences 9,959 1,188 — — 1,428 — — 12,575 —
Impairment — — — — — — (18,736) (18,736) —
Balance as of March 31, 2025 (334,508) (225,436) (137,085) (31,030) (65,197) (136,353) (1,919,886) (2,849,495) (28,110)
Balance as of January 1, 2025 324,894 379,587 452,115 57,867 122,052 1,478,055 7,144,181 9,958,751 17,557
Balance as of March 31, 2025 304,715 396,211 144,386 56,949 154,548 1,458,081 7,081,917 9,596,807 18,015
53
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

9.  Income taxes

a)      Reconciliation of income tax and social contribution expenses:

Parent Company Consolidated
Period of three months ended March 31,
2025 2024 2025 2024
Profit (loss) before taxes (1,128,676) (662,337) (888,863) 247,907
Income tax and social contribution at nominal  rate (34%) 383,750 225,195 302,213 (84,288)
Adjustments for calculating the effective rate
Interest in earnings of investees (non-taxable income) (211,286) 264,620 (380,799) 22,736
Differences in tax rates on earnings from operating profit — — (38,747) (1,844)
Granted income tax incentive — — 76,708 91,036
Interest on shareholders’ equity — — (2,254) —
Goodwill amortization effect — — 318 318
Non-deductible expenses (donations, gifts, etc.) — — (6,389) (1,891)
Tax losses not recorded (877,245) — (1,058,913) (67,150)
ICMS benefit - extemporaneous tax credits — — — 1,010
ICMS benefit - current year — — — 5,093
Provision for non-realization of the benefit of the federative covenant — — (145) —
Provision for non-realization of the benefit of the federative covenant  - Interest and Fine — — — 7,646
Selic on indebtedness 4,987 4,044 11,166 19,141
Other 40,575 (23,697) 50,307 23,830
Income tax and social contribution (current and deferred) (659,219) 470,162 (1,046,535) 15,637
Effective rate - % 58.41% (70.99%) 117.74% 6.31%
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

b)      Deferred income tax assets and liabilities

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

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Deferred tax assets from:
Income taxes losses — — 1,757,642 1,699,262
Negative base of social contribution — — 584,916 560,110
Temporary differences
Foreign exchange variation - Loans and borrowings 1,298,417 2,159,160 1,553,682 2,669,489
Provision for lawsuits 82,220 64,335 302,036 272,886
Impairment provision (Rumo Malha Oeste) — — 37,421 23,436
Post-employment benefit obligation — — 129,130 128,046
Provisions for uncertain tax credits and tax losses — — 47,823 44,202
Provision for non- recoverability  of taxes 2,580 2,580 69,888 70,719
Share-based payment transactions 21,450 19,336 112,089 103,454
Lease 2,266 2,347 258,746 312,402
Unrealized loss with derivatives 251,863 — 553,468 390,622
Provisions for profit sharing 5,608 11,212 44,907 131,254
Business Combination -  Intangible assets — — 101,036 124,628
Business combination – Fixed asset — — 1,925 1,854
Other provisions 146,860 140,077 706,613 682,385
Deferred tax on pre-operating income — — 76,066 79,402
Regulatory asset (liability) — — 8,716 8,396
Other 48,347 48,365 284,727 321,966
Total 1,859,611 2,447,412 6,630,831 7,624,513
Deferred tax liabilities from:
Temporary differences
Exchange rate variation - Loans and borrowings — — (351) (347)
Provision for lawsuits — — — (107)
Useful life review — — (614,190) (531,081)
Business combination –  fixed assets — — (163,703) (161,784)
Tax goodwill — — (629,539) (645,297)
Unrealized income with derivatives — (156,611) (311,275) (369,763)
Fair value adjustment on debt — — (606,030) (801,022)
Marketable securities (9,287) — (9,287) —
Investment properties — — (479,882) (496,395)
Goods intended for sale — — (698) (962)
Effects on the formation of joint ventures (101,596) (102,070) (101,596) (167,196)
Business Combination – Intangible assets — — (5,016,172) (4,990,657)
Post-employment obligations — — (4,810) (4,810)
Share-based payment transactions — — (16,647) —
Lease — — (11,239) (11,557)
Provisions (449,153) (449,153) (449,153) (449,153)
Other 18,833 18,832 (487,274) (472,592)
Total (541,203) (689,002) (8,901,846) (9,102,723)
Total deferred taxes recorded 1,318,408 1,758,410 (2,271,015) (1,478,210)
Deferred tax assets 1,318,408 1,758,410 3,759,598 4,495,296
Deferred tax liabilities — — (6,030,613) (5,973,506)
Total deferred, net 1,318,408 1,758,410 (2,271,015) (1,478,210)
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

c)      Changes in deferred tax assets and liabilities:

Parent Company
Unrealized loss with derivatives Provisions Leases Employee benefits Other Total
Balance as of January 1, 2025 — 206,992 2,347 30,548 2,207,525 2,447,412
Credited / charged from income for the period 251,863 24,668 (81) (3,490) (18) 272,942
Foreign exchange differences — — — — (860,743) (860,743)
Balance as of March 31, 2025 251,863 231,660 2,266 27,058 1,346,764 1,859,611
Parent Company
--- --- --- --- --- --- --- --- --- ---
Effects on the formation of joint venture Unrealized loss with<br><br><br>derivatives Provisions Other Total
Balance as of January 1, 2025 (102,070) (156,611) (449,153) 18,832 (689,002)
Credited / charged from income for the period 474 156,611 — (228,503) (71,418)
Recognized in shareholders' equity — — — 8,499 8,499
Cosan Oito incorporation — — — 210,718 210,718
Balance as of March 31, 2025 (101,596) — (449,153) 9,546 (541,203)
Total deferred taxes recognized 1,318,408
Consolidated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Tax loss and negative<br><br><br>basis Post-employment<br><br><br>obligations Employee<br><br><br>benefits Provisions Leases Unrealized gains on<br><br><br>derivatives Intangible<br><br><br>assets Other Total
Balance as of January 1, 2025 2,259,372 128,046 234,708 1,093,628 312,402 390,622 124,628 3,081,107 7,624,513
Credited / charged from income for the period 83,186 1,084 (77,712) 108,562 (53,656) 162,846 (23,592) (29,161) 171,557
Recognized in shareholders' equity — — — — — — — (11,023) (11,023)
Foreign exchange differences — — — — — — — (1,115,807) (1,115,807)
Business combination — — — (38,409) — — — — (38,409)
Balance as of March 31, 2025 2,342,558 129,130 156,996 1,163,781 258,746 553,468 101,036 1,925,116 6,630,831
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Consolidated
Effects on the formation of joint ventures Post-employment obligations Intangible assets Unrealized gains on derivatives Property, plant and equipment Fair value adjustment Leases Provisions Other Total
Balance as of January 1, 2025 (167,196) (4,810) (4,990,657) (369,763) (531,081) (801,022) (11,557) (449,260) (1,777,377) (9,102,723)
Impact on the result for the period 65,600 — (25,515) 58,488 (83,109) 194,992 318 107 (10,004) 200,877
Balance as of March 31, 2025 (101,596) (4,810) (5,016,172) (311,275) (614,190) (606,030) (11,239) (449,153) (1,787,381) (8,901,846)
Total deferred taxes recorded (2,271,015)

10  Provision for proceedings and judicial deposits

The Company had contingent liabilities and judicial deposits pertaining to:

Provision for lawsuits
Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Tax 245,507 198,385 802,279 745,896
Civil, environmental and regulatory 66,383 59,989 890,170 818,422
Labor 49,320 50,233 503,769 480,315
Total 361,210 308,607 2,196,218 2,044,633
Judicial deposit
--- --- --- --- --- --- --- ---
Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Tax 395,949 390,148 828,550 801,723
Civil, environmental and regulatory 11,363 14,675 136,692 134,058
Labor 11,717 12,146 119,843 120,909
Total 419,029 416,969 1,085,085 1,056,690

Changes in provisions for lawsuits:

Parent Company
Tax Civil,<br><br><br>environmental,<br><br><br>and regulatory Labor Total
Balance as of January 1, 2025 198,385 59,989 50,233 308,607
Provisioned in the period 30,100 4,371 601 35,072
Write-offs by reversal / payment (813) (901) (2,227) (3,941)
Interest (i) 17,835 2,924 713 21,472
Balance as of March 31, 2025 245,507 66,383 49,320 361,210
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Consolidated
Tax Civil,<br><br><br>environmental,<br><br><br>and regulatory Labor Total
Balance as of January 1, 2025 745,896 818,422 480,315 2,044,633
Provisioned in the period 32,884 22,701 37,489 93,074
Write-offs by reversal / payment (2,134) (14,816) (39,560) (56,510)
Interest (i) 25,633 63,863 25,525 115,021
Balance as of March 31, 2025 802,279 890,170 503,769 2,196,218

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

The Company has debts secured by assets or by means of cash deposits, bank guarantees or guarantee insurance.

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

a)            Probable losses

Tax

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

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Compensation with FINSOCIAL — — 340,505 337,351
INSS 81,700 80,576 110,924 101,399
ICMS credit 14,343 14,217 64,861 64,708
PIS and COFINS (i) 80,861 34,073 81,205 34,412
IPI 58,402 58,002 65,439 64,969
Other 10,201 11,517 139,345 143,057
245,507 198,385 802,279 745,896
(i) Lawsuit filed in the amount of R$46,408, to process a request for refund of IRPJ/CSLL credits for the 2017 calendar year cumulated with the declaration of offsetting of PIS/COFINS debts, as well as future offsets with current federal taxes from the operation, consequently removing the restriction imposed by article 161-A of IN/RFB No. 1,717/2017 to refrain from demanding the debts declared by the company solely because the offset was claimed before the ECF transmission was confirmed.
--- ---
  • 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 lawsuits: 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.
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

b)              Possible losses

The main lawsuits for which we anticipate a risk of loss as possible are outlined below:

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Tax 3,250,879 3,324,448 8,190,560 8,815,036
Civil, environmental and regulatory 1,143,337 1,111,756 6,729,481 6,569,528
Labor 9,643 10,189 687,920 690,535
4,403,859 4,446,393 15,607,961 16,075,099

Tax

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Isolated fine - Federal tax — — 831,964 847,582
ICMS -Tax on circulation of goods 1,163,887 1,151,523 2,853,915 2,996,998
IRRF — — 880,124 869,345
PIS and COFINS 1,267,038 1,297,612 1,920,991 2,174,274
MP 470 installment of debts 256,467 253,793 434,879 430,374
Stock Grant Plan — — 32,465 32,087
IOF on loans — — 50,132 195,098
Reward Credit Compensation 159,095 157,959 159,095 157,959
IPI - Tax on industrialized products 160,752 189,971 311,649 333,185
INSS 76,523 76,763 157,313 159,983
IPTU — — 132,567 128,700
Financial operations abroad — — 14,086 13,910
Other 167,117 196,827 411,380 475,541
3,250,879 3,324,448 8,190,560 8,815,036

The Company maintains discussions of an administrative and judicial nature with the tax authorities in Brazil, related to certain interpretations and tax positions adopted in the calculation of Corporate Income Tax ("IRPJ") and Social Contribution on Net Profit ("CSLL"). The final determination of these issues is uncertain and may be influenced by factors external to the Company, such as changes in case law and amendments to tax laws and regulations. In accordance with IFRIC 23/ICPC 22 - Uncertainty over Income Tax Treatment, the Company evaluates, for each uncertain tax treatment, whether it is probable that the tax authority will accept the treatment used or planned in the tax calculation. Only in cases where the Company concludes that it is unlikely that the tax authority will accept the uncertain tax treatment, the effects of uncertainty are recognized based on the best forecasting method for resolving the issue, whether by the most likely amount or the expected value.

The tax positions adopted by the Company are based on opinions from 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 March 31, 2025, the total amount of assessed and disputed values with the tax authorities regarding these matters, for which it is likely that the tax authority will accept the uncertain tax treatment, was R$6,704,852 (R$6,862,000 as of December 31, 2024).

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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

Civil, environmental and regulatory

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Civil 1,088,979 1,059,547 3,499,221 3,355,370
Environmental 53,672 51,540 1,709,237 1,691,409
Regulatory 686 669 1,521,023 1,522,749
1,143,337 1,111,756 6,729,481 6,569,528

Labor

Parent Company Consolidated
March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
Labor claims 9,643 10,189 687,920 690,535
9,643 10,189 687,920 690,535

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 March 31, 2025, the Company had 7,925,940 shares in treasury (3,747,965 shares as of December 31, 2024), whose market price was R$7.39.

b)          Payable dividends

Change in dividends payable
Parent Company Consolidated
Balance as of January 1, 2025 3,495 96,722
Declared dividends — 375,782
Dividends paid to preferred shareholders — (371,000)
Dividends paid — (44,032)
Other movements (3,456) (2,386)
Balance as of March 31, 2025 39 55,086
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

12.  Earning 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 March 31,
2025 2024
Loss attributable to holders of common shares of the Company used in calculating basic earnings per share (1,787,895) (192,175)
Diluting effect of the share-based plan of subsidiaries — (282)
Loss attributable to holders of common shares of the Company used in the calculation of diluted earnings per share (1,787,895) (192,457)
Weighted average number of common shares outstanding - basic (in thousands of shares)
Basic 1,858,633 1,865,733
Share repurchases (379) —
Diluted 1,858,254 1,865,733
Loss per share
Basic (R$0.96) (R$0.10)
Diluted (R$0.96) (R$0.10)

Diluting instruments

  • Share repurchase plan: In the period ended March 31, 2025, 378,748 shares related to the Company's share repurchase plan were considered in the analysis of diluted earnings per share, as they increase the loss per share.

Anti-dilution instruments

  • Share-based payment plan: In the period ended March 31, 2025, 4,932,983 (8,912,581 as of March 31, 2024) shares related to the Company's share-based payment plan were considered in the earnings per share analysis, but did not affect calculations, as they increase earnings per share.
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

13.  Net sales

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

Consolidated
Period of three months ended March 31,
2025 2024
Gross revenue from the sale of products and services 11,125,516 11,293,719
Construction revenue 304,129 320,030
Indirect taxes and other deductions (1,767,044) (1,771,693)
Net sales 9,662,601 9,842,056

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

Period of three months ended March 31,
2025 2024
At a point in time
Natural gas distribution 3,427,126 3,711,592
Lubricants, base oil and other 2,186,872 2,271,562
Lease and sale of property 152,078 136,567
Other 478,393 103,553
6,244,469 6,223,274
Over time
Railroad transportation services 2,794,094 2,997,764
Container operations 172,656 148,253
Construction revenue 304,129 320,030
Other services 154,710 168,030
3,425,589 3,634,077
Eliminations (7,457) (15,295)
Total net sales 9,662,601 9,842,056
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

14.  Costs and expenses by nature

Expenses are presented in the statement of profit or loss and other comprehensive income by function. The income reconciliation by nature/purpose is as follows:

Parent Company Consolidated
Period of three months ended March 31,
2025 2024 2025 2024
Raw materials — — (1,725,699) (1,715,162)
Commodity cost (natural gas) — — (2,790,919) (2,743,533)
Railroad transport and port elevation expenses — — (627,753) (754,724)
Other transport — — (78,055) (125,534)
Depreciation and amortization (4,713) (3,851) (967,894) (907,264)
Personnel expenses (54,097) (66,845) (779,127) (720,468)
Construction cost — — (304,129) (320,030)
Expenses with third-party services (13,160) (13,517) (175,554) (252,533)
Selling expenses (13) (15) (102,683) (9,947)
Cost of properties sold — — (9,163) —
Other 14,046 (19,455) (206,017) (323,901)
(57,937) (103,683) (7,766,993) (7,873,096)
Cost of sales — — (6,791,905) (6,928,437)
Selling expenses — — (440,056) (361,404)
General and administrative expenses (57,937) (103,683) (535,032) (583,255)
(57,937) (103,683) (7,766,993) (7,873,096)
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Notes to the interim Financial Statements

(In thousands of Reais, except when otherwise indicated)

15.  Other operation income (expenses), net

Parent Company Consolidated
Period of three months ended March 31,
2025 2024 2025 2024
Tax credits — — 3,017 12,525
Loss on disposals of non-current assets and intangible assets — (7) 4,194 (8,659)
Result on sale of investments 206,388 — 206,388 —
Net effect of provisions for legal proceedings, legal claims, recoverables and tax installments (35,589) (10,842) (84,992) (81,260)
Contractual agreement and others — — 87,487 —
Result of commercial operations ^(i)^ — — 323,598 —
Other income 2,849 1,731 129,886 130,546
Provision for inventory losses and inventory losses — — — (26,038)
Net impairment loss ^(ii)^ — — (285,608) —
Reversal of land sale — — (8,172) —
Other 277 (5,120) (137,276) (26,353)
173,925 (14,238) 238,522 761
(i) Refers substantially to the result of certain commercial contracts, carried out by the subsidiary Compass, in the amount of R$306,661 on March 31, 2025
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(ii) The balance includes a provision for the write-off of the residual value of assets impacted by extreme weather events in Rio Grande do Sul, in the amount of R$285,608 at subsidiary Rumo Malha Sul S.A.
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Notes to the interim Financial Statements

(In thousands of Reais, 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 March 31,
2025 2024 2025 2024
Cost of gross debt
Interest on debt (504,981) (397,186) (1,733,005) (1,404,513)
Monetary and exchange rate variation 652,189 (154,831) 1,802,738 (511,848)
Derivatives and fair value measurement (1,105,971) (86,459) (2,024,379) 444,409
Amortization of borrowing costs (71,011) (3,244) (344,843) (18,673)
Discounts obtained from financial operations^(i)^ — — 195,222 —
Guarantees and warranties — — (4,514) (8,623)
(1,029,774) (641,720) (2,108,781) (1,499,248)
Income from financial investments and exchange rate in cash and cash equivalents 165,328 37,151 626,054 445,338
Changes in fair value of investments in listed entities 22,703 — 22,703 —
188,031 37,151 648,757 445,338
Cost of debt, net (841,743) (604,569) (1,460,024) (1,053,910)
Other charges and monetary variations
Interest on other receivables 26,572 13,684 166,693 117,010
Monetary variation in leases and concessions agreements — — (114,204) (118,805)
Interest on leases (662) (823) (158,954) (138,745)
Interest on contingencies and contracts (41,418) (12,765) (188,403) (91,727)
Interest on sectoral assets and liabilities — — (21,657) (20,759)
Bank charges and other (15,321) (6,650) (39,956) (9,216)
Foreign exchange, net 249,338 (711,588) (86,490) (463,177)
218,509 (718,142) (442,971) (725,419)
Financial result, net (623,234) (1,322,711) (1,902,995) (1,779,329)
Reconciliation
Finance expenses (763,961) (529,536) (2,713,642) (1,864,555)
Finance income 224,542 58,182 1,037,901 615,101
Exchange variation, net 1,079,284 (337,996) 1,793,964 (531,218)
Derivatives (1,163,099) (513,361) (2,021,218) 1,343
Financial result, net (623,234) (1,322,711) (1,902,995) (1,779,329)
(i) Discount obtained on the repurchase of the bonds (Note 2.2).
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Notes to the interim Financial Statements

(In thousands of Reais, 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

Parent company Consolidated
Balance as of January 1, 2025 8,345,147 16,624,911
Exercised/cancels/other (74,835) (644,260)
Balance as of March 31, 2025 8,270,312 15,980,651

b)     Expense recognized in the result

Share-based compensation expenses included in the income statement for the period ended March 31, 2025 were R$23,892 (R$47,557 at March 31, 2024).

18.  Subsequent events

Reduction of share capital

On April 30, 2025, at the Ordinary and Extraordinary General Meeting ('OGM'), the Company's shareholders approved a reduction of the Company's share capital in the amount of R$649,805, aiming to absorb the balance of the 'Accumulated Losses' account.

Sale of  Leme Mill

On May 12, 2025, the jointly controlled entity Raízen S.A. announced the sale of the Leme Mill, located in the Piracicaba hub, State of São Paulo, with an installed capacity of 1.8 million tons per harvest. The sale value is R$425,000, to be received in cash at the closing of the transaction.

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SIGNATURES

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

Date: May 15, 2025

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