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
Interim statement of cash flows
| Parent Company · Consolidated | |||||
|---|---|---|---|---|---|
| Period of three months ended March 31, | |||||
| Note | 2026 | 2025 | 2026 | 2025 | |
| Cash flows from operating activities | |||||
| Loss before income taxes | (749,889) | (1,128,676) | (167,195) | (888,863) | |
| Adjustments for: | |||||
| Depreciation and amortization | 13 | 5,396 | 4,713 | 971,396 | 967,894 |
| Impairment | 14 | — | — | 168,104 | 285,608 |
| Interest in (losses) earnings of subsidiaries and associates | 6.1 | (117,844) | 493,236 | (48,676) | (19,049) |
| Interest in earnings (losses) of joint ventures | 1,032 | 128,194 | 4,363 | 1,139,047 | |
| Loss (gain) on disposed assets | 14 | — | — | (19,515) | (4,194) |
| Share-based payment | 16 | 9,655 | 6,220 | 19,813 | 23,892 |
| Provision for legal proceedings | 14 | 5,138 | 35,589 | 82,202 | 84,992 |
| Interest, derivatives, monetary and foreign exchange, net | 928,361 | 762,997 | 2,808,860 | 2,397,005 | |
| Sectorial financial assets and liabilities, net | — | — | (71,274) | 8,586 | |
| Provisions for employee benefits | 9,368 | (579) | 102,918 | 93,871 | |
| Allowance for expected credit losses | — | — | 1,138 | 11,110 | |
| Revenue from insurance claims | — | — | (7,114) | — | |
| Income from finance investments | — | (9,143) | — | (9,143) | |
| Previously recognized gain in other comprehensive income reclassified to profit | — | (206,388) | — | (206,388) | |
| Other | (31) | 10 | (20,859) | (89,465) | |
| 91,186 | 86,173 | 3,824,161 | 3,794,903 | ||
| Variation in: | |||||
| Trade receivable | — | — | (681,703) | (263,936) | |
| Inventories | — | — | 9,450 | (99,705) | |
| Other taxes, net | (52,808) | 2,764 | (215,891) | (382,326) | |
| Income taxes paid | — | (26,586) | (262,697) | (371,123) | |
| Related parties, net | (59,301) | 21,633 | (6,632) | (21,353) | |
| Trade payables | 1,157 | (1,596) | (124,000) | (280,419) | |
| Employee benefits | (35,960) | (29,555) | (333,519) | (374,402) | |
| Provision for legal proceedings | 332 | 67 | (61,458) | (38,754) | |
| Derivative financial instruments | — | — | (19,966) | (5,107) | |
| Other financial liabilities | — | — | (67,643) | (53,150) | |
| Judicial deposits | (1,644) | (1,561) | (650) | (12,589) | |
| Post-employment benefit obligation | — | — | (10,517) | (9,848) | |
| Other assets and liabilities, net | (13,338) | (5,646) | 422,174 | (152,287) | |
| (161,562) | (40,480) | (1,353,052) | (2,064,999) | ||
| Net cash (used in) generated from operating activities | (70,376) | 45,693 | 2,471,109 | 1,729,904 | |
| Cash flows from investing activities | |||||
| Capital contribution to associates | 6.1 | (801,558) | (331,000) | — | — |
| Capital reduction in subsidiaries | — | 1,013,760 | — | 11,000 | |
| Payments for acquisition of subsidiaries | — | — | (175,032) | — | |
| Sale (purchase) of marketable securities, net | (883,555) | 193,880 | (857,605) | 472,358 | |
| Parent Company · Consolidated | |||||
|---|---|---|---|---|---|
| Period of three months ended March 31, | |||||
| Note | 2026 | 2025 | 2026 | 2025 | |
| Cash flows from operating activities | |||||
| Loss before income taxes | (749,889) | (1,128,676) | (167,195) | (888,863) | |
| Adjustments for: | |||||
| Restricted cash | 152 | (184) | (5,594) | (114,600) | |
| Dividends received from subsidiaries and associates | — | 14,110 | 7,902 | 4,277 | |
| Dividends received from joint venture | — | 5,184 | — | 45,640 | |
| Dividends received from finance investment | 8,974 | 87,608 | 8,974 | 87,608 | |
| Other financial assets | — | — | (66) | (80) | |
| Cash in the incorporation operation | — | 10,089 | — | — | |
| Acquisition of property, plant and equipment, intangible and contract assets | (3,453) | (3,797) | (2,297,845) | (2,284,909) | |
| Proceeds from the sale of investments | — | 8,892,802 | — | 8,892,802 | |
| Related parties | — | 25,592 | — | 25,592 | |
| Acquisition of subsidiary | — | — | — | (213,086) | |
| Payment of derivative financial instruments, except debt | (282,637) | (981,504) | (282,637) | (981,504) | |
| Cash received on the sale of fixed asset and intangible asset | — | — | 34,787 | 1,024 | |
| Net cash (used in) generated from investing activities | (1,962,077) | 8,926,540 | (3,567,116) | 5,946,122 | |
| Cash flows from financing activities | |||||
| Proceeds from loans, borrowings and debentures | 5.2 | — | 2,442,980 | 2,686,736 | 6,486,495 |
| Principal repayment of loans, borrowings and debentures | 5.2 | (3,757,584) | (7,148,782) | (7,752,385) | (11,504,819) |
| Payment of interest on loans, borrowings and debentures | 5.2 | (553,805) | (459,313) | (1,627,737) | (1,271,271) |
| Payment of derivatives financial instruments | (565,611) | (213,110) | (1,316,126) | (938,580) | |
| Proceeds from derivative financial instruments | 3,315 | 347,361 | 28,284 | 979,572 | |
| Principal repayment of leases | (2,187) | (1,822) | (160,920) | (143,920) | |
| Payment of interest on leases | (472) | (666) | (98,247) | (98,596) | |
| Capital increase | — | — | 1,058 | — | |
| Capital reduction in associates | — | — | — | (486,240) | |
| Related parties | (2,017,479) | (1,223,068) | — | — | |
| Payments to redeem entity’s shares and acquisition of treasury shares | 10 | (270,533) | (34,022) | (270,533) | (34,022) |
| Proceeds from the sale of treasury shares | 10 | 31,984 | — | 31,984 | — |
| Acquisition of non-controlling shareholders’ shares- Cosan Nove | — | (2,169,000) | — | (2,169,000) | |
| Dividends paid | — | — | (90) | (44,032) | |
| Dividends paid for preferred shares | — | — | — | (371,000) | |
| Gain on banking operations with derivatives | — | 22,100 | — | 22,100 | |
| Net cash (used in) generated from financing activities | (7,132,372) | (8,437,342) | (8,477,976) | (9,573,313) | |
| (Decrease) increase in cash and cash equivalents | (9,164,825) | 534,891 | (9,573,983) | (1,897,287) | |
| Cash and cash equivalents at the beginning of the period | 15,383,305 | 2,201,267 | 27,243,683 | 16,903,542 | |
| Effect of the foreign exchange rate changes | (1,860) | (3,636) | (205,723) | (197,172) | |
| Cash and cash equivalents at the end of the period | 6,216,620 | 2,732,522 | 17,463,977 | 14,809,083 | |
Non-cash transactions:
The Company presents its individual and consolidated Cash flows statements using the indirect method. During the three-month period ended March 31, 2026, the following transactions did not involve cash or cash equivalents and are therefore not reflected in the parent company's and consolidated Cash flows statements:
(i)Recognition of right-of-use assets as a counterpart to the lease liability, in the amount of R$ 564,946 (R$ 135,098 as of March 31, 2025), resulting from monetary adjustment based on contractual indices and the execution of new lease agreements.
(ii)Acquisition of tangible and intangible assets on a deferred payment basis, in the amount of R$ 516,674 (R$ 567,019 as of March 31, 2025).
Presentation of interest and dividends:
The Company classifies dividends and interest on equity received as Cash flows from investing activities. Dividends and interest on equity paid are classified as Cash flows from financing activities.
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