Raízen (RAIZ4) posted a net loss of R$ 1,641.6 mn in the first quarter of the 2026'27 crop year (April to June 2026), even with improved operating performance. In the period, net revenue reached R$ 51,459.7 mn, up 4.0% compared with 1Q 25'26, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 3,847.5 mn, more than double the same quarter of the previous year.
The increase in adjusted EBITDA mainly reflected the better performance of the Fuel Distribution segment in Brazil, driven by higher volumes sold and gains in logistics and commercial efficiency. This offset the weaker performance of the Ethanol, Sugar and Bioenergy segment, affected by lower production, lower volumes sold and a drop in realized sugar prices, in addition to the effects of the hibernation and divestment of five mills in the previous crop year.
The negative net financial result of R$ 2,973.0 mn, 42.4% higher than in 1Q 25'26, was influenced by the higher debt balance and by the effects of the Out-of-Court Recovery, which accelerated the recognition of issuance costs and fair value adjustments of the debts covered by the plan during the 180-day standstill period. The discontinued operation line, which records the result of operations in Argentina and the accounting effects of the divestment, contributed negatively by R$ 843.7 mn in the quarter.
Consolidated gross debt reached R$ 70,862.5 mn on June 30, 2026, up 9.1% in 12 months, while net debt closed at R$ 56,869.8 mn, an increase of 15.5% on the same comparison. The net debt/last-12-months adjusted EBITDA ratio stood at 4.8x, compared with 4.5x in 1Q 25'26 and 5.2x in 4Q 25'26.
In the quarter, Raízen generated operating cash flow of R$ 3,562.4 mn, versus consumption of R$ 10,938.3 mn in 1Q 25'26, supported by the better performance of Fuel Distribution and by working capital management, with lower inventories and accounts receivable. Investments (CAPEX) totaled R$ 945.8 mn, down 35.0% year over year, focused on cane field maintenance, industrial asset integrity and progress on construction of the Vale do Rosário and Gasa second-generation ethanol plants.
