$CSAN

Cosan S.A.

CIK:0001430162|SEC Filings

Consolidated statement of profit or loss and other comprehensive income - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated statement of profit or loss and other comprehensive income
Net sales	R$ 40,418,596	R$ 43,950,742	R$ 39,468,497
Cost of sales	(27,242,987)	(30,236,061)	(28,549,896)
Gross profit	13,175,609	13,714,681	10,918,601
Selling expenses	(1,850,143)	(1,575,890)	(1,350,570)
General and administrative expenses	(2,527,748)	(2,845,282)	(2,527,974)
Other operating income (expenses), net	3,161,271	1,549,834	3,924,377
Impairment	(1,493,752)	(3,155,400)
Operating expenses	(2,710,372)	(6,026,738)	45,833
Profit before equity in earnings of investees, finance results and income taxes	10,465,237	7,687,943	10,964,434
Impairment in associate		(4,672,396)
Interest in earnings of associates	219,922	1,719,031	350,399
Interest in (losses) earnings of joint ventures	(10,885,023)	(1,229,980)	1,695,945
Equity in (losses) earnings of investees	(10,665,101)	(4,183,345)	2,046,344
Finance expense	(8,949,615)	(7,637,116)	(11,337,430)
Finance income	3,583,317	2,655,899	3,028,134
Foreign exchange, net	2,397,352	(5,741,359)	1,777,438
Net effect of derivatives	(4,822,475)	1,972,859	(1,365,169)
Finance results, net	(7,791,421)	(8,749,717)	(7,897,027)
(Loss) profit before income taxes	(7,991,285)	(5,245,119)	5,113,751
Income taxes
Current	(1,286,327)	(1,952,203)	(1,645,063)
Deferred	(916,789)	(1,238,319)	1,370,637
Income taxes	(2,203,116)	(3,190,522)	(274,426)
(Loss) profit for the year from continued operations	(10,194,401)	(8,435,641)	4,839,325
Profit for the year from discontinued operations, net of tax		273,875	45,419
(Loss) profit for the year	(10,194,401)	(8,161,766)	4,884,744
Items that will not be reclassified to profit or loss:
Remeasurement gain on defined benefit plans	2,536	150,895	18,290
Loss in fair value of financial liabilities designated at fair value through profit or loss attributable to changes in credit risk	(89,260)
Income tax impact	25,717	(43,580)	(65,513)
Items that will never be reclassified to profit or loss	(61,007)	107,315	(47,223)
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences	(55,037)	537,111	(172,501)
Gain (loss) on cash flow hedge	242,266	(538,256)	(132,344)
Income tax impact	(42,007)	144,605	7,111
Items that are or may be reclassified subsequently to profit or loss	145,222	143,460	(297,734)
Total other comprehensive income (loss), net of tax	84,215	250,775	(344,957)
Comprehensive (loss) income from continued operations	(10,110,186)	(8,184,866)	4,494,368
Comprehensive income from discontinued operations		273,875	45,419
Total comprehensive (loss) income for the year	(10,110,186)	(7,910,991)	4,539,787
(Loss) profit attributable to:
Owners of the Company	(9,722,125)	(9,423,795)	1,094,391
Non-controlling interests	(472,276)	1,262,029	3,790,353
(Loss) profit for the year	(10,194,401)	(8,161,766)	4,884,744
Total comprehensive income (loss) attributable to:
Owners of the Company	(9,647,426)	(9,172,265)	841,170
Non-controlling interests	(462,760)	1,261,274	3,698,617
Total comprehensive (loss) income for the year	R$ (10,110,186)	R$ (7,910,991)	R$ 4,539,787
(Loss) earnings per share of continued operations
Basic	R$ (3.89)	R$ (5.16)	R$ 0.58
Diluted	(3.94)	(5.16)	0.58
Earnings per share of discontinued operations
Basic		0.1	0.01
Diluted		R$ 0.1	R$ 0.01

Consolidated statement of cash flows - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
(Loss) profit before income taxes	R$ (7,991,285)	R$ (5,245,119)	R$ 5,113,751
Adjustments for:
Depreciation and amortization	3,890,832	3,868,583	3,364,943
Impairment	1,493,752	3,155,400
Impairment in associate		4,672,396
Interest in earnings (losses) of subsidiaries and associates	(219,922)	(1,719,031)	(350,399)
Interest in earnings (losses) of joint ventures	10,885,023	1,229,980	(1,695,945)
Loss (gain) on disposed assets	99,324	(141,863)	17,016
Share-based payment	71,725	65,901	207,713
Change in fair value of investment properties	(1,441,276)	(1,273,033)	(2,259,924)
Provision for legal proceedings	333,659	313,876	204,158
Interest, derivatives, monetary and foreign exchange, net	9,789,736	10,217,952	9,379,506
Sectorial financial assets and liabilities, net	116,465	(37,061)	(110,125)
Provisions for employee benefits	465,482	454,930	419,241
Allowance for expected credit losses	44,478	52,839	74,706
Profit on sale of investment	(32,375)	383,205
Revenue from insurance claims	(940,596)
Deferred income		3,318	(597,998)
Income from finance investments	(9,143)		(1,284,647)
Previously recognized gain in other comprehensive income reclassified to profit	(206,388)
Other	(79,302)	(267,335)	245,043
Cash flows from operating activities before changes in working capital	16,270,189	15,734,938	12,727,039
Variation in:
Trade receivable	539,734	546,218	573,737
Inventories	(107,767)	159,667	(83,166)
Other taxes, net	(921,007)	(641,866)	(455,478)
Income taxes paid	(1,240,674)	(1,200,228)	(361,726)
Related parties, net	(128,327)	105,490	(188,798)
Trade payables	(246,613)	(180,867)	(252,810)
Employee benefits	(515,510)	(542,241)	(356,210)
Provision for legal proceedings	(319,801)	(305,324)	(461,574)
Derivative financial instruments	(48,773)	(9,192)	2,894
Other financial liabilities	75,083	(26,275)	(566,058)
Judicial deposits	(36,729)	(149,118)	(22,862)
Post-employment benefit obligation	(42,888)	(37,549)	(34,235)
Other assets and liabilities, net	(250,133)	(372,367)	(244,309)
Changes in working capital	(3,243,405)	(2,653,652)	(2,450,595)
Net cash generated from operating activities	13,026,784	13,081,286	10,276,444
Cash flows from investing activities
Capital contribution to associates	(15,678)	(29,997)	(47,300)
Capital reduction in associates	26,548
Capital contribution in joint ventures		(12,337)
Acquisition of subsidiary, net of acquired cash	(615,638)	(962,378)	(702,577)
Sale (purchase) of marketable securities, net	988,885	551,003	(507,976)
Restricted cash	(56,756)	42,012	(60,498)
Dividends received from subsidiaries and associates	107,424	1,018,794	254,905
Dividends received from joint venture	45,640	293,912	906,534
Dividends received from finance investment	87,608		1,305,410
Other financial assets	(134)	(621)	(7,485)
Cash in the incorporation operation			99,040
Acquisition of property, plant and equipment, intangible and contract assets	(8,459,867)	(7,834,521)	(6,267,962)
Proceeds from the sale of investments	8,945,294	2,725,625	645,772
Related parties	25,592
Operation discontinued	7,425	24,510	62,700
Acquisition of subsidiary	(251,706)	(17,047)
Receipt of derivative financial instruments, except debt	1,021	103,147	168,308
Payment of derivative financial instruments, except debt	(1,130,390)	(427,293)	(156,600)
Cash received on the sale of fixed assets and intangible assets	9,474	36,934	4,637
Cash received of insurance compensation for loss of fixed asset	209,186
Net cash used in investing activities	(76,072)	(4,488,257)	(4,303,092)
Cash flows from financing activities
Proceeds from loans, borrowings and debentures	11,546,508	16,983,225	12,785,628
Principal repayment of loans, borrowings and debentures	(14,293,953)	(12,187,560)	(8,054,763)
Payment of interest on loans, borrowings and debentures	(4,732,362)	(4,759,976)	(3,552,292)
Payment of derivative financial instruments	(2,841,877)	(2,860,601)	(2,851,267)
Proceeds from derivative financial instruments	1,019,179	1,144,473	1,193,534
Costs of banking operations with derivatives		(29,828)	(586,855)
Principal repayment of leases	(744,582)	(694,340)	(490,012)
Payment of interest on leases	(427,965)	(377,269)	(236,948)
Capital increase	10,280,240
Capital reduction in associates	(498,004)	(204,967)	(24,281)
Payments to redeem entity’s shares and acquisition of treasury shares	(34,022)	(192,915)	(103,283)
Acquisition of non-controlling shareholders' shares- Cosan Nove	(2,169,000)
Acquisition of non-controlling shareholders’ shares - Cosan Dez	(3,577,760)
Dividends paid	(1,698,703)	(2,779,081)	(2,582,447)
Dividends paid for preferred shares	(994,592)	(668,022)
Gain on banking operations with derivatives	22,100	20,993
Cash received from financing secured by shares	2,792,853
Cash received from issuance of preferred shares of subsidiary	4,000,000
Payment of share-based compensation			(13,597)
Net cash used in financing activities	(2,351,940)	(6,605,868)	(4,516,583)
Increase in cash and cash equivalents	10,598,772	1,987,161	1,456,769
Cash and cash equivalents at the beginning of the year	16,903,542	14,658,481	13,301,716
Effect of the foreign exchange rate changes	(258,631)	257,900	(100,004)
Cash and cash equivalents at the end of the year	R$ 27,243,683	R$ 16,903,542	R$ 14,658,481

Consolidated statement of financial position - BRL (R$) R$ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	R$ 27,243,683	R$ 16,903,542
Restricted cash	45,781	28,006
Marketable securities	2,588,411	3,272,941
Trade receivables	3,520,278	3,730,364
Derivative financial instruments	310,981	905,341
Inventories	1,969,258	2,072,905
Receivables from related parties	199,549	197,063
Income tax receivable	1,166,622	793,721
Other current tax receivable	1,022,881	886,136
Dividend receivable	35,410	153,548
Sectorial financial assets	338,332	221,947
Other financial assets	612	675
Other current assets	993,667	629,426
Total current assets before held for sale	39,435,465	29,795,615
Current assets held for sale	652,168	978,788
Total current assets	40,087,633	30,774,403
Trade receivables	148,885	265,370
Marketable securities	404,182	113,360
Restricted cash	182,987	146,297
Deferred tax assets	3,703,864	4,495,296
Receivables from related parties	20,348	202,826
Income tax receivable	195,821	264,308
Other non-current tax receivable	1,815,830	1,334,553
Judicial deposits	1,072,982	1,056,690
Derivative financial instruments	1,956,127	2,893,987
Sectorial financial assets	390,622	509,695
Other non-current assets	919,706	739,386
Other financial assets	5,193	3,820
Investment in associates	1,721,308	10,678,566
Investment in joint ventures	60,356	10,545,044
Property, plant and equipment	26,795,725	23,019,016
Intangible assets and goodwill	26,706,626	26,330,785
Contract assets	1,044,613	1,114,830
Right-of-use assets	9,662,929	9,958,751
Investment property	18,221,781	16,818,919
Non-current assets	95,029,885	110,491,499
Total assets	135,117,518	141,265,902
Liabilities
Loans, borrowings and debentures	3,918,720	4,403,148
Leases	982,991	1,007,533
Derivative financial instruments	1,909,404	2,504,117
Trade payables	4,078,511	5,168,593
Employee benefits payables	771,618	794,906
Income tax payables	153,310	414,823
Other taxes payable	525,208	637,842
Dividends payable	226,484	96,722
Reduction of capital payable		486,285
Concessions payable	189,076	166,273
Related party payables	320,916	416,410
Sectorial financial liabilities	96,719	64,718
Other financial liabilities	1,096,884	770,103
Other current liabilities	1,192,397	895,223
Total current liabilities before held for sale	15,462,238	17,826,696
Liabilities related to assets held for sale	86,138	86,138
Total current liabilities	15,548,376	17,912,834
Loans, borrowings and debentures	60,308,411	62,052,278
Leases	5,429,809	5,502,220
Put option liability on subsidiary shares	3,844,648
Derivative financial instruments	771,265	966,087
Trade payables	18,991	19,256
Employee benefits payables	23,406	19,101
Other taxes payable	176,702	255,245
Income tax payables	78,872
Provision for legal proceedings	2,058,122	2,044,633
Concessions payable	3,799,169	3,554,917
Related party payables	1,166	1,078
Post-employment benefits	536,426	526,620
Deferred tax liabilities	6,125,221	5,973,506
Sectorial financial liabilities	2,168,542	1,975,521
Deferred income	14,355	16,589
Other financial liabilities	2,804,606	297,736
Other non-current liabilities	399,799	749,919
Non-current liabilities	88,559,510	83,954,706
Total liabilities	104,107,886	101,867,540
Shareholders’ equity
Share capital	10,282,739	8,832,544
Treasury shares	(76,150)	(50,708)
Additional paid-in capital	4,194,210	2,205,878
Accumulated other comprehensive income	625,554	565,855
Retained losses	(9,722,125)	(649,805)
Equity attributable to owners of the Company	5,304,228	10,903,764
Non-controlling interests	25,705,404	28,494,598
Total shareholders' equity	31,009,632	39,398,362
Total liabilities and shareholders' equity	R$ 135,117,518	R$ 141,265,902