Brazil · Delayed Price · Currency is BRL Cosan Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a net loss of BRL 1.6 billion, improved year-over-year, with significant debt reduction through asset sales and liability management. Segment performance was mixed, with Rumo and Moove showing strong recovery, while Raízen's results are no longer recognized.
Fiscal Year 2025
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Managed EBITDA remained stable in Q4 2025, but full-year results declined due to weaker Raízen and Radar performance. Significant deleveraging was achieved through asset sales and capital raises, with a focus on further reducing holding company debt and improving operational efficiency.
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EBITDA fell to BRL 7.4 billion and net income was negative BRL 1.2 billion, with stable net debt. Major capital increase and new shareholders improved the capital structure, while divestments and cost reductions are underway. Raizen's capital solution is expected within six months.
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EBITDA reached BRL 6 billion, with net income negative at BRL 1 billion and stable net debt. Moove is recovering from a fire, with insurance impacts being recognized, while asset divestitures and deleveraging remain top priorities. Strategic partner discussions for Raízen are ongoing.
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Q1 2025 saw BRL 5B EBITDA and a net loss of BRL 1.8B, with net debt reduced to BRL 17.5B after the Vale divestment. Segment results were mixed, with Moove impacted by a fire and Raízen facing volume challenges, while Compass and Radar performed strongly.
Fiscal Year 2024
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Unaudited 2024 results show resilient EBITDA but a net loss due to FX and mark-to-market impacts, with a strong focus on deleveraging through asset sales, including the Vale stake. Management targets a 30% debt reduction and improved DSCR, prioritizing portfolio quality and capital discipline.
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Disciplined capital allocation and liability management were prioritized, with EBITDA slightly up year-over-year and net income down due to lower extraordinary dividends. Major management changes and portfolio moves aim to refocus on core businesses and improve financial health.
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EBITDA under management rose to BRL 7.1 billion, with improved debt metrics and strong dividend flows from key subsidiaries. Portfolio execution and disciplined capital allocation remain priorities amid a challenging macro environment and higher interest rates.