On Friday, August 14, 2026, Cosan (CSAN3) reported that it closed the second quarter of 2026 (2Q26) with a net loss of R$ 320 million, an improvement of 66% compared to the loss of R$ 946 million attributable to controlling shareholders in 2Q25. The result was negatively impacted by an impairment of R$ 233 million related to the Porto São Luís Private Use Terminal, offset by the non-recognition of Raízen’s results and by better financial results. Without this fair value adjustment, the loss would have been R$ 167 million.
On a consolidated basis, Cosan’s net operating revenue totaled R$ 10.8 billion in 2Q26, up 3% from 2Q25, while consolidated net income came to R$ 187 million, compared to a loss of R$ 568 million a year earlier. Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 3.5 billion, a 24% increase on the same comparison basis. In the year to date 2026, the net loss attributable to controlling shareholders was R$ 1.9 billion, which would have been R$ 631 million if the non-recurring effects of debt prepayments and the Porto São Luís impairment were excluded.
Expanded gross debt ended 2Q26 at R$ 16.5 billion, down R$ 5.0 billion compared to 2Q25. Expanded net debt fell 47% in twelve months, to R$ 9.2 billion, and 20% versus 1Q26, a movement supported by R$ 8.8 billion in prepayments of bonds, debentures and commercial notes in the first six months of 2026 and by the proceeds from Compass’s secondary initial public offering (IPO), which generated around R$ 2.3 billion in net proceeds for Cosan.
In 2Q26, the net debt service coverage ratio (ICSD) was 0.2x, versus 1.2x in 2Q25 and 0.4x in 1Q26, reflecting a lower volume of dividends and Interest on Equity (JCP) received over the last 12 months and still elevated levels of financial expenses on this basis. The company began disclosing guidance for the ICSD, estimating that the indicator will converge to a range between 0.8x and 1.2x by December 2026, considering dividends and equivalents between R$ 1.3 billion and R$ 1.8 billion in 2026 and a lower financial cost after liability management transactions.
In the portfolio, adjusted EBITDA from businesses in 2Q26 was R$ 2.3 billion at Rumo, R$ 1.3 billion at Compass, R$ 475 million at Moove and negative R$ 29 million at Radar. Rumo transported 23.8 billion RTK, an increase of 9% year over year, while Compass distributed 1.34 billion m³ of natural gas, a stable volume, with EBITDA up 5%. Moove increased revenue by 24% and saw a 6% drop in EBITDA compared to 2Q25, and Radar recorded negative EBITDA after a land revaluation, with the estimated value of the properties at around R$ 18.1 billion, of which approximately R$ 5.6 billion corresponds to Cosan’s consolidated stake.
