Cosan S.A. (CSAN) 2026 Q1 法說會逐字稿

Good morning, and thank you for waiting. Welcome to Cosan's first-quarter 2026 earnings release conference call. (Operator Instructions)

早安，感謝您的等候。歡迎參加 Cosan 2026 年第一季財報發布電話會議。(接線員指示)

The conference call is being recorded and will be available on the company's IR website at cosan.com.br. (Operator Instructions)

本次電話會議將被錄音，並將於公司投資人關係網站 cosan.com.br 提供回放。(接線員指示)

Please note that the information contained in this presentation and in statements that may be made during the conference call regarding Cosan's business prospects, projections and operating and financial goals are based on beliefs and assumptions of the company's Executive Board, as well as information currently available. Forward-looking statements are not a guarantee of performance as they involve risks, uncertainties, and assumptions and refer to future events that depend on circumstances that may or may not materialize. Investors should bear in mind that overall economic circumstances, market conditions, and other operating factors may affect Cosan's future performance and lead to results that differ materially from those expressed in such forward-looking statements.

請注意，本簡報所載資訊，以及在本次電話會議期間可能就 Cosan 的業務前景、預測與營運及財務目標所作之陳述，係基於公司執行董事會的信念與假設，以及目前可得之資訊。前瞻性陳述不保證績效，因其涉及風險、不確定性與假設，並指涉取決於可能發生或不發生之情況的未來事件。投資人應留意，整體經濟情勢、市場狀況及其他營運因素可能影響 Cosan 未來表現，並導致結果與該等前瞻性陳述所表達者存在重大差異。

I will now turn it over to Mr. Fernando Tinel.

接下來我把時間交給 Fernando Tinel 先生。

Good morning, and welcome to our first-quarter 2026 earnings conference call. Before we begin, I'd like to briefly go through our standard disclaimer regarding estimates, forward-looking statements and projections that may be discussed during this conference call.

早安，歡迎參加我們 2026 年第一季財報電話會議。在開始之前，我想先簡要說明我們關於估計、前瞻性陳述與預測（可能於本次電話會議中討論）的標準免責聲明。

On the next slide, I'll start with Cosan's financial highlights and those of its investees. At Cosan, we ended the quarter with a net loss of BRL1.6 billion, an improvement of BRL0.2 billion versus Q1 '25. This result reflects an impact of approximately BRL1 billion related to the prepayment of the 2029, '30, and '31 bonds recorded in financial results and deferred income tax lines with no cash effect and partially offset by the improved performance of the portfolio.

在下一張投影片，我將先從 Cosan 及其被投資公司的財務重點開始。在 Cosan 層面，我們本季淨損為 16 億巴西雷亞爾，較 2025 年第一季改善 2 億巴西雷亞爾。此結果反映約 10 億巴西雷亞爾的影響，與 2029、2030 與 2031 年到期債券的提前償還相關，該影響記錄於財務結果與遞延所得稅科目，對現金無影響，並部分被投資組合表現改善所抵銷。

Expanded net debt increased 18% quarter on quarter, mainly due to the absence of relevant dividends in the period and the effect of the debt prepayments carried out throughout the quarter. However, when compared to the same period in 2025, it decreased 34%, reflecting the proceeds from the capital increase received in the last quarter of that year.

擴大淨負債較上一季增加 18%，主要由於本期間未有顯著股利入帳，以及本季進行的債務提前償還所致。然而，與 2025 年同期相比則下降 34%，反映該年第四季收到增資款項的影響。

Finally, the interest coverage ratio reached 0.4 times versus 0.9 times in the previous quarter. The decrease was mainly explained by lower dividend receipts over the last 12 months, as the effect of Compass' capital reduction, which had positively impacted the indicator, no longer contribute to the numerator of this metric.

最後，利息保障倍數降至 0.4 倍，上一季為 0.9 倍。下降主要是因過去 12 個月股利收入較低所致，因 Compass 的減資效果先前曾正向影響該指標，但如今已不再對此衡量指標的分子有所貢獻。

Still on the same slide, we'll provide a brief overview of our investees' financial performance. It was a quarter with solid results, largely in line with Q1 '25, reflecting consistent business performance as well as the respective impacts on Cosan through the equity method. As of March 31, '26, for purposes of Cosan's financial statements and this earnings presentation, Cosan no longer recognizes Raizen results.

同一張投影片中，我們也將簡要概述被投資公司的財務表現。本季結果穩健，整體大致與 2025 年第一季一致，反映業務表現持續穩定，以及透過權益法對 Cosan 所產生的相應影響。截至 2026 年 3 月 31 日，就 Cosan 財務報表及本次財報簡報之目的而言，Cosan 不再認列 Raizen 的業績。

This change reflects the fact that the carrying amount of the investment was reduced to zero following the impairments recognized at the end of 2025. And as a result, Raizen's results are no longer recognized under the equity method. Accordingly, management concluded that disclosing this information has become immaterial for Cosan's reporting in line with the accounting practices set forth under the CPC.

此變更反映該投資的帳面金額在 2025 年底認列減損後已降至零。因此，Raizen 的業績不再以權益法認列。據此，管理層認為，依據 CPC 所規定的會計實務，揭露該資訊對 Cosan 的報導而言已屬不重大。

Moving on to the next slide, we highlight the operating performance of our businesses, which illustrates the solid results delivered this quarter. Starting with Rumo, the company posted record transported volumes, up 25% with the highlight being the strong performance of the Northern operation, which contributed to the dilution of fixed cost and expenses as well as market share gains in its operating regions, especially at the Port of Santos.

接著看下一張投影片，我們重點說明各業務的營運表現，展現本季所交出的穩健成果。先從 Rumo 開始，公司運輸量創新高，成長 25%；其中北部營運表現強勁，促成固定成本與費用的攤薄，並在其營運區域提升市占率，尤其是在桑托斯港。

As a result, reported EBITDA was 7% higher than in Q1 '25. At Compass, the quarter saw a slightly higher distributed gas volumes and EBITDA up 2% versus Q1 '25, supported by an improved distribution mix and higher volumes at Edge. I'd also highlight the startup of the new off-grid B2B LNG operations and OneBio's biomethane plant.

因此，報告 EBITDA 較 2025 年第一季高出 7%。在 Compass，本季配氣量略增，EBITDA 較 2025 年第一季成長 2%，主要受惠於更佳的配氣組合以及 Edge 較高的銷量。我也要特別提到新的離網（off-grid）B2B LNG 業務啟動，以及 OneBio 的生質甲烷工廠投產。

Turning to Moove, the company continues its post-fire optimization cycle. The period was marked by higher sales volumes and a 10% increase in lubricant sales, mainly in South America, resulting in EBITDA slightly above the prior year period, which continued market share recovery, reaching 16.4% in Brazil according to IBP. Finally, at Radar, due to lower income from land leases, EBITDA decreased 27% versus Q1 '25, largely reflecting lower ATR and soybean prices.

再看 Moove，公司持續推進火災後的優化週期。本期銷售量增加，潤滑油銷售成長 10%，主要來自南美洲，使 EBITDA 略高於去年同期；同時市占率持續回升，依 IBP 數據在巴西達到 16.4%。最後，在 Radar，由於土地租賃收入較低，EBITDA 較 2025 年第一季下降 27%，主要反映 ATR 與黃豆價格走低。

We now move to the next slide where we highlight the key events and transactions of the quarter and the related cash flow movements, all aligned with our goal of reducing the company's leverage. Among the main uses of cash, we announced the early redemption of the first series of the fourth and sixth issuance of the debentures, totaling a reduction of approximately BRL566 million in gross debt, and we fully redeemed the bonds maturing in '29, '30 and '31, which totaled approximately BRL5.6 billion, resulting in an overall reduction of BRL6.2 billion in the company's indebtedness. We ended the quarter with a solid cash position of BRL7.7 billion.

接下來我們進入下一張投影片，重點說明本季的關鍵事件與交易，以及相關的現金流變動，皆與我們降低公司槓桿的目標一致。在主要現金用途方面，我們宣布提前贖回第 4 次與第 6 次發行之公司債（debentures）第四系列的第一期，合計使總負債減少約 5.66 億巴西雷亞爾；並全數贖回 2029、2030 與 2031 年到期的債券，合計約 56 億巴西雷亞爾，使公司整體負債合計減少 62 億巴西雷亞爾。本季末我們的現金部位穩健，達 77 億巴西雷亞爾。

Lastly, as a subsequent event, we concluded Compass' secondary public offering of common shares, a transaction directly aligned with our capital recycling and deleveraging strategy. As part of this transaction, Cosan sold part of its stake in Compass at a price of BRL28 per share. And as a result, the company may receive approximately BRL2.5 billion in cash proceeds considering the additional allotment if the supplementary shares are fully placed. It is important to highlight that despite the partial sale, Cosan remains Compass' controlling shareholder.

最後，作為期後事項，我們完成 Compass 普通股的次級公開發行，該交易與我們的資本循環與去槓桿策略直接一致。作為交易的一部分，Cosan 以每股 28 巴西雷亞爾的價格出售其在 Compass 的部分持股。因此，若額外配售（additional allotment）且補充股份全數成功配售，公司可望取得約 25 億巴西雷亞爾的現金收入。需要強調的是，儘管部分出售，Cosan 仍為 Compass 的控股股東。

On the next slide, we summarize the impacts of the initiatives carried out during the quarter on our indebtedness. We significantly reduced expanded gross debt by BRL6.5 billion, extending the average maturity to 6.1 years, with a comfortable amortization schedule that is appropriate for the company's current stage. In addition, the average cost of debt, excluding the perpetual bond, was CDI plus 1.15% per year. Our expanded net debt, which considers the preferred share structure at Cosan debt, currently stands at BRL11.5 billion and continues on a downward trajectory when considering the last few quarters.

在下一張投影片中，我們彙總本季所推動各項措施對公司負債水準的影響。我們大幅將擴大口徑的總負債降低了65億巴西雷亞爾，並將平均到期年限延長至6.1年，攤還時程相當寬裕，符合公司目前所處的發展階段。此外，剔除永續債後，平均負債成本為CDI加1.15%/年。我們的擴大口徑淨負債（將Cosan的優先股結構視為負債）目前為115億巴西雷亞爾，若觀察最近幾個季度，仍持續呈下降趨勢。

In summary, all actions taken on this front since the beginning of 2025, reinforce our focus and commitment to continue deleveraging and simplifying the holding company's portfolio.

總結而言，自2025年初以來在此方面採取的所有行動，進一步強化我們持續去槓桿並簡化控股公司投資組合的聚焦與承諾。

This concludes our earnings presentation. We will now begin the question-and-answer session.

以上為本次業績簡報的內容。接下來我們將開始問答環節。

We will now begin the Q&A session with Mr. Marcelo Martins, Mr. Rafael Bergman, and Mr. Fernando Tinel. (Operator Instructions)

現在我們將與Marcelo Martins先生、Rafael Bergman先生以及Fernando Tinel先生開始問答環節。（接線員指示）

Matheus Enfeldt, UBS.

Matheus Enfeldt，瑞銀（UBS）。

Could you help us predict the company's expanded net debt movements over the next 12 months, given that there was a relevant surprise this quarter and the debt went up to -- by about BRL1.6 billion. Looking at the expanded net debt at the end of Q1, so BRL11.5 billion, I know that there was a BRL2 billion drop from Compass' sale. But if we look at a 15% interest rate, that should use up about BRL1.4 billion, BRL1.5 billion. And the cost of the preferred shares outside the expanded net debt plus the cost of TRS, that's another BRL800 million around that ballpark.

鑑於本季出現了顯著的意外，債務增加了——大約16億巴西雷亞爾，您能否協助我們預估未來12個月公司擴大口徑淨負債的變動走勢？看Q1期末的擴大口徑淨負債，也就是115億巴西雷亞爾，我知道Compass出售帶來了20億巴西雷亞爾的下降。但若以15%的利率來看，利息應該會消耗約14億至15億巴西雷亞爾。再加上擴大口徑淨負債之外的優先股成本以及TRS成本，約莫還有8億巴西雷亞爾左右。

So considering the interest rates and how much of that will be accrued over the year, we're talking about BRL2.2 billion, plus another BRL300 million from the holding company. So that's the kind of dividends we're talking about for this year. So it looks like a tough year for the company in terms of cash generation, going back to the debt service cover ratio above 1.

因此，考量利率以及一年內將累積的金額，我們談的是22億巴西雷亞爾，再加上控股公司約3億巴西雷亞爾。所以這就是我們今年所談的股利規模。因此在現金創造方面，對公司而言看起來會是艱難的一年，因為債務償付覆蓋率要回到1以上。

So what are the levers the company can move to improve prospects to generate cash over the next 12 to 24 months? That's my question. Thank you.

那麼，公司可以運用哪些槓桿，在未來12到24個月改善現金創造前景？這是我的問題。謝謝。

Matheus, this is Rafael. First of all, can you hear me okay?

Matheus，我是Rafael。首先，你聽得到我說話嗎？

It's a bit quiet, Rafa, actually. I'm going to try and speak up.

其實有點小聲，Rafa。我會試著講大聲一點。

Matheus, thank you for the question. Maybe as a starting point, I should talk about the cash flow or the movement of the net debt. As we said in our release, a large part of that net debt movement in the quarter was due to one-off effects relative to our liability management strategy. So the payment of the premiums on early accruals, referring to the prepayment of debt. The VPL, however, was very positive.

Matheus，謝謝你的提問。也許作為起點，我先談談現金流或淨負債的變動。正如我們在公告中所說，本季淨負債變動的很大一部分，來自與我們負債管理策略相關的一次性影響。也就是提前計提所支付的溢價，指的是提前償還債務。不過，VPL（淨現值）是非常正面的。

So it just brought forward that cash effect. Also, we dismantled Cosan's TRS, and as a strategy that went back to Cosan's treasury. A part of that, we have disposed of with the cash effect in Q2, but it did have an impact on Q1.

因此只是把那個現金影響提前發生。另外，我們拆解了Cosan的TRS，作為策略的一部分回到Cosan的資金部位。其中一部分我們已在Q2以現金效果處理掉，但它確實對Q1造成了影響。

And as you put so well, and that's not a one-off effect, it's a change in strategy. Part of the effect of the net debt movement is that we'll start recognizing in our financial results. And as a consequence, that will accrue in the net debt the cost of Cosan's preferred shares because of the renegotiation that we had at the end of the year.

而如你所說得很到位，這不是一次性影響，而是策略的改變。淨負債變動的一部分效果，將開始在我們的財務結果中認列。因此，因為我們在年底完成的重新談判，Cosan優先股的成本將在淨負債中以應計方式反映。

So there was a renegotiation. It went into force with a relevant cost for the company, but there's a change in the line. So what used to go out as a minority shareholder, now it's in our financial result line. So it's important to clarify that. So that said, that's the starting point for this quarter, that net debt balance of BRL11.5 billion.

因此確實有一次重新談判。它生效後對公司帶來了顯著成本，但同時也發生了科目歸類的變化。過去作為少數股東項下流出的部分，現在改列在我們的財務結果項下。因此釐清這點很重要。在此基礎上，本季的起點就是115億巴西雷亞爾的淨負債餘額。

What's not part of that is what's not considered as debt. What's accrued and the financial result is Rumo's TRS, which is not there. And obviously, the calculation on about BRL3 billion, which was the disposal that was done with the corresponding value of the derivatives. So that's our starting point.

不包含在其中的是未被視為負債的部分。已應計並反映在財務結果中的，是Rumo的TRS，這不在其中。當然，還有約30億巴西雷亞爾的計算，也就是已完成處分以及相對應的衍生品價值。所以這就是我們的起點。

In terms of the concrete actions that were taken, we started off the year doing very well. First, with the decision and the execution of the procurement, and this is all thanks to Compass' team. They've been working very hard and they worked really well on the transaction. It was a successful transaction. We chose the right market window to execute on that transaction. And that's been translated into up to BRL2.5 billion, depending on the exercises that take place.

就已採取的具體行動而言，我們今年開局表現非常好。首先是做出並執行了該項採購決策，這完全要歸功於Compass團隊。他們非常努力，且在這筆交易上執行得非常出色。這是一筆成功的交易。我們選擇了正確的市場窗口來執行這筆交易。而這已轉化為最高可達25億巴西雷亞爾的成果，取決於後續行使的情況。

So that's very positive. It shows the intentions of our actions. And as we've been saying, there are also other ongoing initiatives looking at our portfolio because at the end of the day, the commitment we made at the time of capitalization last year was to continue with that leverage level at the holdco level by sharing our stake in companies in the portfolio. So we're continuing to do that actively.

因此這非常正面。這也展現了我們行動的意圖。並且如我們一直所說，針對投資組合也還有其他正在進行的措施；因為歸根結底，我們在去年增資時所做的承諾，是要透過出售投資組合中公司的持股，將控股公司層級的槓桿維持在該水準。因此我們正持續積極推進。

As for selling subsidiaries, there was an impact on the debt service coverage ratio, which we reported now. Each subsidiary has its own costs, discussing their own levels, Compass continues to perform very well, as you saw in the earnings release.

至於出售子公司，這對我們現在所揭露的債務償付覆蓋率造成了影響。每家子公司都有其自身成本，並在各自層級進行討論；Compass仍持續表現非常好，正如你在業績公告中所看到的。

Also, Moove is going through excellent recovery. We're very happy with the results delivered by the team, fantastic recovery considering the fire that took place at the Rio de Janeiro plant. They're still going through a key CapEx cycle ending -- the first phase of the Mato Grosso project at Rumo.

此外，Moove 正在經歷非常出色的復甦。我們對團隊交出的成果感到非常滿意，考量到里約熱內盧工廠發生的火災，這樣的復原表現非常亮眼。他們仍處於一個關鍵的資本支出（CapEx）週期，將在 Rumo 的馬托格羅索（Mato Grosso）專案第一階段結束時告一段落。

So yes, the dividend level will be helpful, but the main initiative to deleverage the holdco is not through the subsidiary's dividends. It is a by selling stake in the group's assets.

所以是的，股利水準會有所幫助，但控股公司（holdco）去槓桿的主要舉措並不是透過子公司的股利。而是透過出售集團資產的持股。

Thiago Duarte, BTG Pactual.

Thiago Duarte，BTG Pactual。

My question is about the subsidiaries that are not listed. We have access to their results together with Cosan's results. So at Moove, as Rafael just said, fantastic recovery. The share data is also very encouraging.

我的問題是關於那些未上市的子公司。我們可以在 Cosan 的業績中一併看到它們的結果。因此在 Moove，如 Rafael 剛才所說，復甦非常出色。市占相關數據也非常令人鼓舞。

Could you give us some detail on what you think is missing in terms of profitability. What's missing to get back to two-digit profitability levels considering the margins. Is it still the South America operation especially Brazil in terms of recovering volume and share? Or is it to do with the Northern Hemisphere operations?

你們能否提供一些細節，說明你們認為在獲利能力方面還缺少什麼？考量到利潤率，要回到兩位數的獲利水準，還缺少哪些要素？是否仍是南美業務、特別是巴西在量與市占回升方面的復原？還是與北半球的營運有關？

I'd love to hear your outlook on that because I think that's a key part to -- for the business to achieve stability. And so that Moove can join this divestment pipeline Rafael just mentioned. And at Radar, same thing, but if you could talk about the speed of sales, the format of sales or what kind of stake you're thinking about selling in the properties, whatever you can share concerning the short term would be great.

我很想聽聽你們對此的展望，因為我認為這是業務達成穩定的關鍵部分。也讓 Moove 能夠加入 Rafael 剛才提到的資產出售（divestment）管線。至於 Radar 也是同樣的問題，但如果你們能談談銷售速度、銷售形式，或你們考慮出售物業中何種持股比例等，任何你們能分享的短期資訊都會很有幫助。

Thiago, this is Rafael again. I'll take your questions. We'll start with Radar. The team has a recurring asset recycling process, which they have been executing on over the years, obviously, now focusing a lot more on selling properties and not necessarily buying new property in line with our efforts.

Thiago，我是 Rafael，再次回答。我來回覆你的問題。我們先從 Radar 開始。團隊有一套經常性的資產汰換／循環（asset recycling）流程，這些年來一直在執行；當然，現在更聚焦於出售物業，而不一定是購買新物業，這與我們的努力方向一致。

Obviously, selling individual properties sometimes provides us an opportunity to maximize value. But Cosan and our partners' strategic direction is to consider broader perimeters looking at different sets of properties or regions, I think it's unlikely we'll see a full transaction considering Radar, given the heterogeneous portfolio. But yes, we are looking at broader perimeter of the portfolio. So that's on Radar.

顯然，出售單一物業有時能讓我們有機會將價值最大化。但 Cosan 與合作夥伴的策略方向，是以更大的範圍來思考，檢視不同的物業組合或區域；我認為考量到 Radar 的投資組合較為異質，要看到一筆完整的整體交易不太可能。不過，是的，我們正在以更大的範圍來檢視整體投資組合。以上是 Radar 的部分。

About Moove. Moove still has plenty of opportunities that they're working on to resume profitability. As you said, we still have a journey to go on in Brazil, but there has been substantial recovery. The team has been saying that they are working on the inefficiencies with this new multisite model. And the message we're getting from them is that they will work on that over the years.

關於 Moove。Moove 仍有許多機會正在推進，以恢復獲利能力。如你所說，我們在巴西仍有一段路要走，但已經出現顯著復甦。團隊表示，他們正透過新的多據點（multisite）模式來改善效率不彰的問題。我們從他們那裡得到的訊息是，他們會在未來幾年持續推進這項工作。

So this was a strong quarter, but it does not represent the potential of Moove's profitability in Brazil or Latin America. So as a shareholder, we expect that to improve over the next quarters. And in the US, it wasn't their strongest year. They also have plenty of opportunities to negotiate contracts. Those are ongoing, and we also expect to see some recovery there.

因此，這是一個強勁的季度，但並不代表 Moove 在巴西或拉丁美洲的獲利潛力。所以作為股東，我們預期未來幾個季度會持續改善。而在美國，這並不是他們表現最強的一年。他們也有許多機會去重新談判合約。這些都在進行中，我們也預期那邊會看到一些復甦。

So we're very optimistic about Moove and let's not forget that there will -- things will progress over the years so that we can get to the end of the year with a better picture of what the Moove's recurring business will be with a smarter site model. So that's the trajectory we're seeing for the company at the moment.

因此我們對 Moove 非常樂觀，也別忘了——事情會在未來幾年逐步推進，讓我們在年底時，能以更聰明的據點模式，對 Moove 的經常性業務（recurring business）有更清晰的圖像。這就是我們目前看到公司所走的軌跡。

Bruno Amorim, Goldman Sachs.

Bruno Amorim，高盛（Goldman Sachs）。

I'd like to hear a bit more about Rumo, please. Part of the stake was based on the swap. So why did you decide to do that? I know that the company hasn't made a decision yet whether they are going to give up that stake in the company or not. So it would be interesting to understand the rationale behind that move.

我想多了解一下 Rumo 的情況。部分持股是基於交換（swap）。那你們為什麼決定這麼做？我知道公司尚未決定是否要放棄在該公司的持股。因此，了解這項操作背後的理由會很有意思。

And is it reasonable to expect that if the company does decide to sell out of the stake or its full stake at Rumo, with the first move to dispose of the stake that's in the swap, or are they not related moves? So if this first swap move isn't necessarily a sign that that would be the first thing the company would do if that decision is made.

另外，是否可以合理預期：如果公司確實決定出售在 Rumo 的持股或全部持股，第一步會先處分放在 swap 裡的那部分持股？還是這兩者並不相關？也就是說，這次先做 swap 的動作，不一定代表若未來做出該決定，公司會先做的就是這件事。

Bruno, I'll take your question. What we did at the end of last year to dispose of about 10% of shares at Rumo through derivatives was because we were pursuing more liquidity and efficiency. So there was more cash we brought into Cosan at low cost, and it helps us with our liability management strategy for the year. So that's what we decided on at the end of last year.

Bruno，我來回答你的問題。我們在去年年底透過衍生性商品處分約 10% 的 Rumo 持股，是因為我們在追求更高的流動性與效率。因此我們以較低成本為 Cosan 帶入更多現金，並有助於我們今年的負債管理策略。這就是我們在去年年底所做的決定。

The portfolio conversation is a separate conversation. We've been talking about our intention to improve the portfolio's profile to keep it compatible in terms of debt and dividend payout. So that's something that's being considered, but there's nothing concrete to share about that.

而關於投資組合的討論，是另一個獨立的議題。我們一直在談我們的意圖：改善投資組合的結構，使其在負債與股利配發方面保持相容。這件事正在被考量中，但目前沒有具體內容可以分享。

And if something is announced and done to that sense, then that will be a tactical decision. We'll see that in January '27 at Rumo. So it will be a tactical decision that we'll make over time.

如果未來有任何相關事項被宣布並落實，那將會是一個戰術性的決策。我們會在 Rumo 的 2027 年 1 月看到那件事。因此，這會是一個我們隨時間推進而做出的戰術性決策。

Bruno Montanari, Morgan Stanley.

Bruno Montanari，摩根士丹利（Morgan Stanley）。

The company no longer recognizes Raizen's results for the accounting reasons you shared and also because the asset isn't contributing with future results. So what would be Raizen's future contribution given that the results might improve? And how are you planning on including it or not in the -- at the holdco's portfolio discussions?

基於你們分享的會計原因，以及該資產不再對未來業績做出貢獻，公司不再認列 Raizen 的業績。那麼，若其業績可能改善，Raizen 未來的貢獻會是什麼？你們打算在控股公司（holdco）的投資組合討論中，如何納入或不納入它？

Bruno, this is Marcelo Martins. Well, our process with Raizen is ongoing. Obviously, the company is conducting that process. As a shareholder, we've been monitoring the process, but there are some important assumptions. Cosan is not going to be putting any money into it.

Bruno，我是 Marcelo Martins。嗯，我們與 Raizen 的流程仍在進行中。顯然，公司正在推進該流程。作為股東，我們一直在監控該流程，但其中有一些重要的前提假設。Cosan 不會為此投入任何資金。

So considering the size of the contribution, and we have Shell as a partner, that will be translated into a considerable dilution of Cosan's stake. We don't know exactly what it will be because some key points are still being discussed. For instance, in addition to the size of the conversion, the price of the conversion. But the fact is Raizen will no longer be a relevant investment for Cosan.

因此，考量到注資規模，而且我們有 Shell 作為合作夥伴，這將導致 Cosan 在其中的持股出現相當程度的稀釋。我們不確定具體會是多少，因為一些關鍵點仍在討論中。例如，除了轉換規模之外，還有轉換價格。但事實是，Raizen 將不再是 Cosan 的重要投資。

It's very likely we'll have a minority stake. We're still deciding whether we'll have just common shares or preferred common shares. That's also part of the out-of-court reorganization process. But even if we only have common shares, our stake should not be significant. It is not the intention of the company. It is not Cosan's intention to stay in a shareholder agreement with Shell.

我們很可能只會持有少數股權。我們仍在決定是只持有普通股，還是持有優先普通股。這也是庭外重整流程的一部分。但即使我們只持有普通股，我們的持股也不會顯著。這不是公司的意圖。Cosan 也無意繼續與 Shell 維持股東協議。

So whenever the conversion happens, a new capital goes in, the agreement that exists with Raizen now, considering the significant stake we have and the agreement we've had since 2011 when the company was first set up with Shell. So that said, what can be expected is that our stake may be sold in a timeline that we're yet to decide. We haven't even made a concrete decision that we will sell it. But what I can say is that trend, especially consider the smaller stake that won't be part of a shareholders' agreement, it will no longer be a significant investment for Cosan. So we will pursue that at some point.

因此，當轉換發生時，會有新的資本注入；而目前與 Raizen 存在的協議，是基於我們持有相當比例的股權，以及自 2011 年公司與 Shell 首次成立以來一直延續的協議。因此，可以預期的是，我們的持股可能會在我們尚待決定的時間表內出售。我們甚至還沒有做出明確決定一定會出售。但我可以說的是，這個趨勢——尤其考量到較小的持股且不再屬於股東協議的一部分——它將不再是 Cosan 的重大投資。因此，我們會在某個時間點推進這件事。

Matheus Enfeldt, UBS.

UBS 的 Matheus Enfeldt。

I have a philosophical question, Marcelo and Rafa, about Cosan's role as a holding company and as an investment vehicle. I think at some point, the market invested in Cosan to be exposed to Compass, to be exposed to Raizen to capture an investment process where the company was creating value and capital allocation, which, as I see it, is no longer the focus. And now investors have the opportunity to invest into each of the assets. I recognize the company's value as the controlling shareholder of the current assets.

Marcelo 和 Rafa，我有一個關於 Cosan 作為控股公司以及作為投資載體角色的哲學性問題。我認為在某個階段，市場投資 Cosan 是為了取得對 Compass 的曝險、對 Raizen 的曝險，以捕捉公司創造價值與資本配置的投資過程；但就我所見，這已不再是重點。而現在投資人有機會直接投資於各個資產。我認可公司作為目前資產之控股股東的價值。

But my question is, how should we think about Cosan considering capital allocation as the balance sheet issue is resolved over the next couple of years? So thinking about Cosan three, four, five years from now, what will be the holding company's role as the controlling shareholder of the subsidiaries? And as -- and how should Cosan shareholders consider the holding company versus the subsidiaries?

但我的問題是，隨著資產負債表問題在未來幾年內獲得解決，我們應該如何看待 Cosan 的資本配置？也就是說，從三、四、五年後來看，控股公司作為子公司控股股東的角色會是什麼？以及——Cosan 的股東應如何看待控股公司相對於子公司？

Matheus, this is Marcelo again. Well, continuing with our current plan, the basic assumption, all of our basic assumptions are that with the objective of reducing the company's leveraging, it makes no sense for the company to continue to be a portfolio investment vehicle. So business growth and investments will be the responsibility of the companies that are part of the business now.

Matheus，我是 Marcelo。嗯，延續我們目前的計畫，基本假設——我們所有的基本假設——是：以降低公司槓桿為目標，公司繼續作為投資組合型投資載體是沒有意義的。因此，業務成長與投資將由目前業務體系內的各家公司來負責。

So that three- to five-year timeline, it's very reasonable to say that Cosan will no longer exist over that period. So as we conclude our divestment process and as we reduce our leveraging, subsequently, we'll be able to understand what will be the company's assets and liabilities and probably distribute the shares to Cosan shareholders.

因此，在三到五年的時間範圍內，很合理地可以說 Cosan 在那段期間將不再存在。當我們完成資產處分流程並降低槓桿之後，接著我們將能夠了解公司的資產與負債，並可能把股份分配給 Cosan 的股東。

We started doing that last year when there was a capitalization. That was the plan we agreed on with the new shareholders, and we're all aligned on that. So we should be doing that as soon as it's practical and feasible. Obviously, the first step is to reduce indebtedness. That is our current goal. As Rafa said, we are implementing that strategy. Compass' IPO is a key step for that. And there are other steps that we should be taking.

我們去年在進行資本化時就開始這麼做了。那是我們與新股東所同意的計畫，而且我們在這方面都一致。因此，我們會在實務上可行且具備條件時，盡快推進。顯然，第一步是降低負債。這是我們目前的目標。正如 Rafa 所說，我們正在落實該策略。Compass 的 IPO 是其中的關鍵一步。而我們還有其他步驟需要採取。

The objective is to reduce that debt substantially, and we'll have some residual balance next year. And it's only fair to assume that we'll start the process to resolve the holding company as of next year, obviously, considering key market assumptions, the feasibility of those divestments in a favorable market scenario that offers us the opportunities that we want and that makes sense.

目標是大幅降低該債務，而明年我們會剩下一些餘額。而合理的假設是，我們將從明年開始啟動解決控股公司架構的流程；當然，這要考量關鍵的市場假設、在有利的市場情境下這些處分的可行性，該情境能提供我們想要且合理的機會。

Obviously, we have no intention of doing that at any cost. We're very aware of the cost of carrying that debt in the portfolio. But our objective is undoubtedly to continue to do that so Cosan's shareholders can become direct shareholders in the invested companies.

顯然，我們無意不計代價地去做。我們非常清楚在投資組合中承擔該債務的持有成本。但我們的目標無疑是持續推進，讓 Cosan 的股東能成為被投資公司的直接股東。

This concludes the Q&A session. Cosan's first-quarter 2026 earnings release video conference is now concluded. For further questions, please contact the Investor Relations department. Thank you so much for joining us, and have a great day.

問答環節到此結束。Cosan 2026 年第一季財報發布視訊會議現在結束。如有進一步問題，請聯絡投資人關係部門。非常感謝各位參與，祝各位有美好的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中的英文陳述由現場電話會議中的口譯員口譯。該口譯員由主辦本活動的公司提供。