Cosan S.A. announced its second-quarter 2025 financial results, reporting a net loss of approximately BRL 1 billion, or $167 million, which translates to a loss of 36 cents per share. The company also posted revenue of $1.85 billion for the period.
EBITDA under management for the quarter was approximately BRL 6 billion, representing a slight decrease from the previous year. The company's debt service coverage ratio (DSCR) remained stable at 1.2x, supported by BRL 600 million in dividends from Rumo and Radar.
Despite the overall net loss, several subsidiaries showed strong operational performance. Raízen's fuel distribution segment outperformed competitors, gaining market share, while Rumo achieved higher transported volumes and increased market share in the Port of Santos.
Moove is on a recovery trajectory, with production resuming and capacity no longer an issue, aiming for a much better position by the end of 2025. Radar anticipates 2024 and 2025 to be its highest divestment years, continuing its strategy of selling land above appraisal values.
Rumo is expected to meet its 2025 guidance, with performance more concentrated towards the second half of the year. However, Raízen faced negative impacts from delayed sugarcane crushing and lower ethanol prices, and Cosan reiterated it would not inject more capital into Raízen, instead seeking a new strategic partner.
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