Aug 17, 2026 earnings call — Divestments, simplification and deleveraging
Cosan raised BRL 2.3 billion from Compass' IPO secondary offering to strengthen its capital structure.
Revenue $2.1B (est $1.0B) · EPS $-0.06 (est $0.01)
Key quotes
"We announced the sale of a portion of Hadar's land portfolio located in Mato Grosso. The transaction was signed for BRL 1.85 billion, of which approximately BRL 586 million corresponds to Cosan's indirect stake to be received at closing."
"we ended the quarter with expanded gross debt of BRL 16.5 billion, a reduction of approximately BRL 9 billion compared to the fourth quarter of 2025 and BRL 2.7 billion compared to the immediately preceding quarter."
"As for dividends and interest on capital, we received BRL 399 million from investees in the quarter, essentially composed of Compass."
Analyst Q&A 4
Rumo and Moove stake plans
Q (Gabriel Coelho Barra · Citi): The analyst asked how the company plans to simplify capital allocation. He asked specifically about Rumo (whether they will sell the 30% minority stake) and about Moove (whether they would consider selling or doing an IPO).
A: They said the Rumo sale process is underway and they are talking to potential buyers but have no new news to share yet. For Moove they said the quarter was exceptional, they are pleased with management, they are not considering an IPO and do not expect to sell their stake at the moment.
"And we don't expect to sell our stake at Moove at the moment." — Marcelo Martins
Lower holding G&A costs
Q (Thiago Duarte · BTG Pactual): The analyst asked if management can be bolder and set a lower recurring G&A number for the holding, after the strategic changes and the ADS delisting move. He wanted a clearer recurring cost target.
A: They said they are already seeing good results from expenditure management and the actions announced will help capture savings over time. Management said they can be more ambitious on cost reduction, internal numbers are already lower, and they expect further reductions in coming years.
"It is our ambition, and it is our will to present additional reductions." — Unknown Executive
Interest coverage and deleveraging sources
Q (Isabella Simonato · BofA): First, the analyst asked if financial expenses and the interest coverage ratio could stay as good as Q2 or improve because of liability management and cash. Second, she asked whether simplification and asset changes are meant to deleverage or use another structure to get closer to operating assets.
A: They said there is a trend for the coverage ratio to improve and seasonality and other effects will matter. They emphasized that the biggest source of deleveraging will be portfolio changes, and some announced sales will only partially appear in this year's ratio because of timing.
"But the biggest source of deleveraging are obviously our portfolio changes." — Rafael Bergman
Monetizing Radar and Moove outlook
Q: The analyst asked how they plan to monetize Radar (sell clusters, raise dividends, or split assets) and where efforts will go. She also asked how Moove's result will normalize, given fuel/raw material cost effects and 2027 EBITDA expectations.
A: They said the Radar spin-off aims to remove corporate layers and improve corporate efficiency, and they intend to monetize the portfolio when valuation opportunities arise rather than selling at any cost. About Moove they said the team adapted well, the strong quarter had tailwinds, raw material cost increases will affect profitability, but the team shows discipline and low leverage after recent execution.
"As we have the opportunity to do so, we also have the intention to monetize this portfolio -- but of course, we take valuation into account." — Rafael Bergman