Cosan S.A.

For the period ended May 14, 2026. Filed May 14, 2026.

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May 14, 2026 · Filed May 14, 2026

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Contents

4. Segment information

Segment information

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

Reported segments:

1)	Compass: core activities include (i) distribution of piped natural gas in Brazil, serving customers in the industrial, residential, commercial, automotive, thermoelectric generation, and cogeneration segments; (ii) natural gas marketing; (iii) development of infrastructure projects; (iv) production, handling, and commercialization of biomethane; and (v) construction, operation, and maintenance of liquefied natural gas regasification and transfer facilities.
2)	Moove: engages in the production, formulation, and distribution of high-performance lubricants, base oils, and specialties, headquartered in Brazil with operations in 10 countries across South America, North America, and Europe. It distributes and sells products under the Mobil brand and various proprietary brands to different end markets, including industrial, commercial, and passenger and commercial vehicle segments.
3)	Rumo: provides logistics services for rail transportation, storage, and port loading of commodities—primarily grains and sugar—locomotive and railcar leasing and other rail equipment, and container operations.
4)	Radar: a leader in agricultural property management, Radar invests in a diversified portfolio with high appreciation potential through holdings in Radar, Tellus, and Janus companies.
5)	Cosan Corporate: represents Cosan's corporate structure, comprising (i) senior management and corporate teams that incur general and administrative expenses and other operating expenses (income), including pre-operational investments; (ii) equity method results from investments; and (iii) financial results attributable to cash and debt of the parent company, intermediate holdings (Cosan Nove and Cosan Dez), offshore finance companies, and investment in the Climate Tech Fund, a venture capital fund managed by Fifth Wall specializing in technological innovation.

As of March 31, 2026, the Company ceased presenting segment information related to itsi nvestee Raízen. This decision reflects the fact that: (i) the carrying amount of the investment has been fully reduced to zero; (ii) equity-accounted results are no longer recognized; and (iii) the investee is no longer expected to have a prospective impact on the Company’s equity. Under these circumstances, Management concluded that separate disclosure of this investment is no longer material to the financial statements as a whole, in accordance with the materiality principles set out in CPC 26 (R1) – Presentation of Financial Statements and CPC 21 (R1) – Interim Financial Reporting, which require judgment based on the relevance of information to users. Accordingly, the Company revised its segment reporting presentation for the three-month period ended March 31, 2026, and retrospectively restated the comparative information for the corresponding prior-year period ended March 31, 2025. This change did not affect the previously reported totals, as the investee had already been fully eliminated in the consolidated financial statements, given its classification as a joint venture.

	Period of three months ended March 31, 2026
Reported segments · Reconciliation
	Compass	Moove	Rumo	Radar	Cosan Corporate	Eliminations between segments	Consolidated
Statement of profit or loss
Net sales	3,163,641	2,456,526	3,282,303	127,622	28	(1,320)	9,028,800
Cost of sales	(2,305,909)	(1,815,966)	(1,832,464)	—	—	1,320	(5,953,019)
Gross profit	857,732	640,560	1,449,839	127,622	28	—	3,075,781
Selling expenses	(42,109)	(390,257)	(11,448)	—	—	—	(443,814)
General and administrative expenses	(192,897)	(120,478)	(165,303)	(22,533)	(46,200)	—	(547,411)
Other operating income (expenses), net	323,531	6,630	(57,806)	(2,024)	(35,382)	—	234,949
Impairment	—	—	(168,104)	—	—	—	(168,104)
Interest in earnings (losses) of subsidiaries and associates	32,000	—	16,687	—	421,056	(421,067)	48,676
Interest in losses of joint ventures	—	—	(3,341)	—	(1,022)	—	(4,363)
Finance results net	(424,627)	(13,427)	(845,839)	9,221	(1,088,237)	—	(2,362,909)
Finance expense	(611,466)	(56,451)	(997,612)	(3,462)	(1,179,183)	—	(2,848,174)
Finance income	234,756	43,501	387,665	12,683	338,071	—	1,016,676
Net Foreign exchange variation	46,386	87,919	291,625	—	276,588	—	702,518
Net loss on derivatives	(94,303)	(88,396)	(527,517)	—	(523,713)	—	(1,233,929)
Income tax	(171,378)	(38,074)	(116,960)	(17,801)	(833,571)	—	(1,177,784)
Net profit (loss) for the period	382,252	84,954	97,725	94,485	(1,583,328)	(421,067)	(1,344,979)
Profit (loss) attributable to:
Owners of the Company	304,284	59,475	28,268	29,040	(1,583,350)	(421,067)	(1,583,350)
Non-controlling interests	77,968	25,479	69,457	65,445	22	—	238,371
	382,252	84,954	97,725	94,485	(1,583,328)	(421,067)	(1,344,979)
Other selected information
Depreciation and amortization	350,667	99,155	516,093	68	5,413	—	971,396
EBITDA	1,328,924	235,610	1,576,617	103,133	343,893	(421,067)	3,167,110
Additions to PP&E, intangible assets and contract assets	493,065	26,924	1,773,722	681	3,453	—	2,297,845
EBITDA reconciliation
Profit (loss) for the period net	382,252	84,954	97,725	94,485	(1,583,328)	(421,067)	(1,344,979)
Income taxes	171,378	38,074	116,960	17,801	833,571	—	1,177,784
Finance results net	424,627	13,427	845,839	(9,221)	1,088,237	—	2,362,909
Depreciation and amortization	350,667	99,155	516,093	68	5,413	—	971,396
EBITDA	1,328,924	235,610	1,576,617	103,133	343,893	(421,067)	3,167,110

	Period of three months ended March 31, 2025 (Restated)
Reported segments · Reconciliation
	Compass	Moove	Rumo	Radar	Cosan Corporate	Eliminations between segments	Consolidated
Statement of profit or loss
Net sales	4,209,600	2,341,582	2,966,750	152,078	48	(7,457)	9,662,601
Cost of sales	(3,395,697)	(1,710,940)	(1,683,563)	(9,162)	—	7,457	(6,791,905)
Gross profit	813,903	630,642	1,283,187	142,916	48	—	2,870,696
Selling expenses	(53,956)	(371,841)	(14,259)	—	—	—	(440,056)
General and administrative expenses	(181,465)	(123,242)	(149,241)	(21,875)	(59,209)	—	(535,032)
Other operating income (expenses), net	384,044	(68)	(317,442)	(1,867)	173,856	—	238,522
Interest in earnings (losses) of subsidiaries and associates	25,204	—	(6,151)	21,618	369,663	(391,285)	19,049
Interest in losses of joint ventures	—	—	(3,290)	—	(1,135,757)		(1,139,047)
Finance results net	(370,481)	(58,152)	(767,659)	14,022	(720,725)	—	(1,902,995)
Finance expense	(563,042)	(93,932)	(928,059)	(671)	(1,127,938)	—	(2,713,642)
Finance income	204,674	36,616	313,563	14,693	468,355	—	1,037,901
Foreign exchange, net	161,376	69,913	460,718	—	1,101,957	—	1,793,964
Net loss on derivatives	(173,489)	(70,749)	(613,881)	—	(1,163,099)	—	(2,021,218)
Income tax	(196,797)	(47,303)	(122,322)	(20,626)	(659,487)	—	(1,046,535)
Net income for the period	420,452	30,036	(97,177)	134,188	(2,031,611)	(391,285)	(1,935,398)
Profit (loss) attributable to:
Owners of the Company	346,486	21,028	(30,362)	54,134	(1,787,895)	(391,285)	(1,787,895)
Non-controlling interests	73,966	9,008	(66,815)	80,054	(243,716)	—	(147,503)
	420,452	30,036	(97,177)	134,188	(2,031,611)	(391,285)	(1,935,398)
Other selected data
Depreciation and amortization	309,313	97,008	556,776	68	4,729	—	967,894
EBITDA	1,297,043	232,499	1,349,580	140,860	(646,670)	(391,285)	1,982,026
Additions to PP&E, intangible assets and contract assets	465,701	45,682	1,764,569	5,159	3,798	—	2,284,909
Reconciliation of EBITDA
Profit (loss) for the period net	420,452	30,036	(97,177)	134,188	(2,031,611)	(391,285)	(1,935,398)
Income tax	196,797	47,303	122,322	20,626	659,487	—	1,046,535
Finance results net	370,481	58,152	767,659	(14,022)	720,725	—	1,902,995
Depreciation and amortization	309,313	97,008	556,776	68	4,729	—	967,894
EBITDA	1,297,043	232,499	1,349,580	140,860	(646,670)	(391,285)	1,982,026

	March 31, 2026
Reported segments · Reconciliation
	Compass	Moove	Rumo	Radar	Cosan Corporate	Eliminations between segments	Consolidated
Statement of financial position:
Cash and cash equivalents	4,385,936	1,231,771	5,424,355	30,498	6,391,417	—	17,463,977
Marketable securities	1,582,950	386,733	369,276	276,945	1,323,011	—	3,938,915
Trade receivables	1,809,207	1,312,541	828,798	357,921	—	—	4,308,467
Derivative financial instruments	343,167	—	1,842,100	—	17,706	—	2,202,973
Inventories	247,204	1,397,091	259,189	—	—	—	1,903,484
Sectorial financial assets	823,024	—	—	—	—	—	823,024
Other financial assets	—	344	—	—	—	—	344
Other current assets	687,804	301,776	1,343,745	29,608	2,064,377	(523,155)	3,904,155
Other non-current assets	1,975,746	336,305	3,918,550	56,879	1,132,315	(160,521)	7,259,274
Investment in subsidiaries and associates	1,331,529	—	371,060	—	16,479,821	(16,471,004)	1,711,406
Investment in joint ventures	—	—	45,504	—	11,393	—	56,897
Investment property	—	—	—	18,222,462	—	—	18,222,462
Contract assets	995,105	2,446	—	—	—	—	997,551
Right-of-use assets	1,596,473	275,813	7,764,656	2,721	10,922	—	9,650,585
Property, plant and equipment	1,925,581	825,546	25,155,357	10	43,371	—	27,949,865
Intangible assets	17,346,769	2,844,571	6,393,058	—	11,029	—	26,595,427
Loans, borrowings and debentures	(17,169,674)	(3,308,733)	(22,890,823)	—	(15,132,389)	—	(58,501,619)
Derivatives financial instruments - Liabilities	(248,244)	(89,741)	(1,931,253)	—	(75,736)	—	(2,344,974)
Trade payables	(1,071,501)	(1,754,817)	(983,006)	(20,065)	(2,087)	—	(3,831,476)
Employee benefits payables	(160,782)	(92,564)	(275,445)	—	(17,073)	—	(545,864)
Sectorial financial liabilities	(2,311,239)	—	—	—	—	—	(2,311,239)
Other current liabilities	(1,109,898)	(331,729)	(1,642,093)	(150,787)	(639,530)	523,146	(3,350,891)
Leases	(1,889,248)	(291,527)	(4,175,272)	(2,995)	(15,968)	—	(6,375,010)
Put option liability on subsidiary shares	—	—	—	—	(3,994,832)	—	(3,994,832)
Liability from financing secured by shares	—	—	—	—	(2,909,136)	—	(2,909,136)
Other non-current liabilities	(3,216,096)	(626,988)	(7,715,166)	(832,192)	(1,203,889)	160,536	(13,433,795)
Total assets (net of liabilities) allocated by segment	7,873,813	2,418,838	14,102,590	17,971,005	3,494,722	(16,470,998)	29,389,970
Total Asset	35,050,495	8,914,937	53,715,648	18,977,044	27,485,362	(17,154,680)	126,988,806
Equity attributable to:
Controlling shareholders	5,039,813	1,695,792	4,211,911	5,523,482	3,493,749	(16,470,998)	3,493,749
Non-controlling interests	2,834,000	723,046	9,890,679	12,447,523	973	—	25,896,221
Total shareholders' equity	7,873,813	2,418,838	14,102,590	17,971,005	3,494,722	(16,470,998)	29,389,970

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

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