Cosan S A : 1Q24 ITR

Interim financial statements - (Free translation from the original prepared in Portuguese)

March 31, 2024

CONTENT

Independent auditor's review report on the individual and consolidated interim financial information	....3
Statements of financial position	5
Statements of profit or loss	7
Statements of comprehensive income	8
Statements of changes in equity	9
Statements of cash flows	11
Statements of value added	13
1.	Operations	14
2.		Relevant events in the period	14
3.	Statement of compliance and accounting polices	16
4. Segment information	18
5.		Financial assets and liabilities	25
	5.1. Restrictive clauses	25
	5.2. Cash and cash equivalents	28
	5.3. Marketable securities and restricted cash	28
	5.4. Loans, financing and debentures	29
	5.5. Leases	33
	5.6. Derivative financial instruments	34
	5.7. Trade receivables	38
	5.8. Related parties	38
	5.9. Trade payables	41
	5.10. Sectorial financial assets and liabilities	41
	5.11. Fair value measurements	41
	5.12. Financial risk management	42
6.	Other recoverable taxes	48
7.	Inventories	48
8.	Assets and liabilities held for sale	49
9.	Investments in subsidiaries and associates	49
	9.1. Investments in subsidiaries and associates	49
	9.2. Non-controlling interest …………………………………………………………	55
10.	Investments in joint venture	57
11.	Property, plant and equipment, intangible assets and goodwill, contract assets, right-
		of-use and investment properties	58
	11.1. Property, plant and equipment	58
	11.2. Intangible assets and goodwill	61
	11.3. Contract assets	62
	11.4. Right-of-use assets	64
	11.5. Investments properties	65
12.	Commitments	65
13.	Concessions payable	65
14.	Other taxes payable	66
15.	Income taxes	67
16.	Provision for proceedings and judicial deposits	71
17.	Shareholders' equity	74
18.	Earnings per share	76
19.	Net sales	77
20.	Costs and expenses by type	77
21.	Other operating income (expenses), net	78
22.	Financial results, net	78
23.	Post-employment benefits	79
24.	Share-based payment	79
25.	Subsequent events	82

2

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL INFORMATION

To the

Shareholders, Board Members and Management of

Cosan S.A.

São Paulo - SP

Introduction

We have reviewed the individual and consolidated interim financial information of Cosan S.A. ("Company"), included in the quarterly information, for the quarter ended March 31, 2024, which comprises the individual and consolidated interim statement of financial position as at March 31, 2024, and the respective individual and consolidated interim statements of profit or loss, comprehensive income, changes in equity and cash flows for the three-month period then ended, including the notes to the financial information.

The Company's and its controlled companies' Management is responsible for the preparation of this individual and consolidated interim financial information in accordance with NBC TG 21 (R4) and with International Accounting Standard (IAS) 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), and for the presentation of this interim financial information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM) applicable to quarterly information. Our responsibility is to express a conclusion on the individual and consolidated interim financial information based on our review.

Scope of the review

We conducted our review in accordance with Brazilian and international standards on review engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity). A review of interim financial information consists principally of applying analytical and other review procedures and making enquiries of and having discussions with persons responsible for financial and accounting matters. An interim review is substantially less in scope than an audit conducted in accordance with auditing standards and does not provide assurance that we would become aware of any or all significant matters that might be identified in an audit. Accordingly, we do not express such an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, we are not aware of any fact that would leads us to believe that the individual and consolidated interim financial information included in the accompanying Quarterly Information has not been prepared, in all material respects, in accordance with NBC TG 21 (R4) and IAS 34, applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by CVM.

3

Other matters

Individual and consolidated interim statements of value added - Supplementary information

The interim financial information referred to above includes the individual and consolidated statements of value added for the three-month period ended March 31, 2024, prepared under the responsibility of the Company's Management and presented as supplementary information for the purposes of IAS 34. These statements were submitted to review procedures executed with the review of the quarterly information, with the purpose of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and if its form and contents meet the criteria defined in NBC TG 09 - Statement of Value Added. Based on our review, we are not aware of any fact that would lead us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria established in this standard and consistently with the individual and consolidated interim financial information taken as a whole.

Interim financial information for the previous three-month period reviewed by another independent auditor

The corresponding amounts related to the individual and consolidated interim financial information for the three-month period ended March 31, 2023, originally prepared before the reclassifications disclosed in Note 3.1, were reviewed by other independent auditors and their review report issued, without modification, in May 15, 2023. We also reviewed the reclassifications described in Note 3.1 that were carried out to change the corresponding values relating to the individual and consolidated interim financial information as of March 31, 2023. In our conclusion, such reclassifications are appropriate and were correctly carried out. We were not hired to audit, review or apply any other procedures to the Company's individual and consolidated interim financial information for the quarter ended March 31, 2023 and, therefore, we do not express an opinion or any form of assurance regarding this individual and consolidated interim financial information, taken together.

The accompanying financial information has been translated into English for the convenience of readers outside Brazil.

São Paulo, May 28, 2024.

BDO RCS Auditores Independentes SS Ltda.

CRC 2 SP 013846/O-1

Luiz Gustavo Pereira dos Santos

Accountant CRC 1 SP 258849/O-9

4

Statements of financial position

(In thousands of Reais)

				Parent Company		Consolidated
		Note	03/31/2024	12/31/2023		03/31/2024	12/31/2023
	Assets
	Cash and cash equivalents	5.2		691,728	1,769,976	16,398,421	14,658,481
	Restricted cash	5.3		-		-	8,101	7,860
	Marketable securities	5.3		366,700	705,777	3,938,577	3,407,955
	Trade receivables	5.7		-		-	3,909,009	3,330,488
	Derivative financial instruments	5.6		-	54,935	454,210	202,399
	Inventories	7		-		-	1,945,051	1,792,714
	Receivables from related parties	5.8		168,123	173,351	284,074	251,471
	Income tax receivable			455,219	508,268	921,661	888,942
	Other recoverable taxes	6		8,346	8,346	730,293	745,856
	Dividend receivable	17		104,382	319,135	93,773	255,777
	Sectorial financial assets	5.10		-		-	248,710	207,005
	Other financial assets			-		-	667	690
	Other current assets			135,091	177,001	579,434	722,386
	Current assets			1,929,589		3,716,789		29,511,981				26,472,024
	Current assets held for sale	8		4,353	2,998	2,138,165	2,138,165
				1,933,942		3,719,787		31,650,146				28,610,189
	Trade receivables	5.7		-		-	109,516	114,148
	Marketable securities	5.3		-		-	100,078	96,006
	Restricted cash	5.3		76,429	81,621	192,657	195,392
	Deferred tax assets	15		2,951,254	2,478,911	5,997,558	5,609,030
	Receivables from related parties	5.8		159,378	174,745	85,149	88,620
	Income tax receivable			-		-	414,003	432,360
	Other recoverable taxes	6		34,035	33,639	1,158,167	1,132,703
	Judicial deposits	16		407,151	403,489	1,003,984	895,901
	Derivative financial instruments	5.6		72,862	102,881	1,925,038	2,344,400
	Sectorial financial assets	5.10		-		-	378,396	341,695
	Other non-current assets			73,068	71,250	238,079	216,694
	Other financial assets			-		-	2,650	2,423
	Investments in subsidiaries and associates	9.1		40,374,484	35,741,778	17,455,539	17,611,369
	Investment in joint ventures	10		1,271,421	1,320,592	11,275,628	11,742,442
	Property, plant and equipment	11.1		37,932	39,817	21,821,854	21,239,974
	Intangible assets and goodwill	11.2		7,549	6,863	22,809,992	22,650,287
	Contract assets	11.3		-		-	997,866	1,052,105
	Right-of-use assets	11.4		20,701	22,200	9,383,536	9,513,518
	Investment property	11.5		-		-	15,977,866	15,976,126
	Non-current assets			45,486,264		40,477,786		111,327,556				111,255,193
	Total assets			47,420,206		44,197,573		142,977,702				139,865,382

The accompanying notes are an integral part of these interim financial statements.

5

Statements of financial position

(In thousands of Reais)

				Parent Company			Consolidated
		Note	03/31/2024		12/31/2023			03/31/2024	12/31/2023
	Liabilities
	Loans, financing and debentures	5.4		928,541		800,987		6,312,808	4,882,398
	Leases	5.5		8,947		8,959		737,232	733,063
	Derivative financial instruments	5.6		550,613		364,747		1,444,549	1,250,520
	Trade payables	5.9		2,416		2,431		3,665,270	3,920,273
	Employee benefits payables			19,193		61,926		559,068	829,329
	Income tax payables			22,231		2,716		444,639	445,934
	Other taxes payable	14		162,818		226,556		660,759	673,718
	Dividends payable	17		276,065		276,065		678,548	549,054
	Concessions payable	13		-		-	269,227	250,971
	Related party payables	5.8		128,942		198,899		497,714	322,160
	Sectorial financial liabilities	5.10		-		-	72,112	70,013
	Other financial liabilities			-		-	401,535	476,895
	Other current liabilities			620,104		593,643		1,684,873	1,516,084
	Current liabilities			2,719,870			2,536,929				17,428,334				15,920,412
	Liabilities related to assets held for sale	8		-		-	238,393	238,393
				2,719,870			2,536,929				17,666,727				16,158,805
	Loans, borrowings and debentures	5.4		15,840,422		12,695,337		54,200,718	52,022,256
	Leases	5.5		19,033		20,584		4,539,357	4,542,731
	Derivative financial instruments	5.6		302,782		281,238		1,427,319	2,164,625
	Trade payables	5.9		-		-	271,570	264,252
	Employee benefits payables			-		-	28,934				-
	Other taxes payable	14		161,289		158,857		165,525	163,242
	Provision for legal proceedings	16		386,213		401,093		1,754,724	1,714,403
	Concessions payable	13		-		-	3,400,218	3,314,402
	Investments with unsecured liabilities	9.1		149,541		146,276				-				-
	Related party payables	5.8		6,599,465		6,449,968		1,078	1,078
	Post-employment benefits	23		290		313		622,601	617,647
	Deferred tax liabilities	15		-		-	5,294,030	5,225,433
	Sectorial financial liabilities	5.10		-		-	1,784,173	1,740,685
	Deferred revenue			-		-	18,494	19,129
	Other non-current liabilities			564,531		551,671		881,913	935,514
	Non-current liabilities			24,023,566			20,705,337				74,390,654				72,725,397
	Total liabilities			26,743,436			23,242,266				92,057,381				88,884,202
	Shareholders' equity
	Share capital			8,682,544		8,682,544		8,682,544	8,682,544
	Treasury shares			(159,641)		(93,917)		(159,641)	(93,917)
	Additional paid-in capital			2,496,415		2,561,964		2,496,415	2,561,964
	Accumulated other comprehensive income			359,236		314,325		359,236	314,325
	Retained earnings			9,490,391		9,490,391		9,490,391	9,490,391
	Profit for the year			(192,175)			-	(192,175)				-
	Equity attributable to:
	Owners of the Company			20,676,770		20,955,307		20,676,770	20,955,307
	Non-controlling interest	9.2		-		-	30,243,551	30,025,873
	Total shareholders' equity			20,676,770			20,955,307				50,920,321				50,981,180
	Total liabilities and shareholders' equity			47,420,206			44,197,573				142,977,702				139,865,382

The accompanying notes are an integral part of these interim financial statements.

6

Statements of profit or loss

(In thousands of Reais, except earnings per share)

						Parent Company			Consolidated
																		1Q23
			Note			1Q24			1Q23			1Q24			(Restated) (i)
	Net sales	19			-			-	9,842,056	9,618,154
	Cost of sales	20			-			-		(6,928,437)		(7,178,603)
	Gross profit					-				-			2,913,619			2,439,551
	Selling expenses	20			-			-	(361,404)	(339,733)
	General and administrative expenses	20		(103,683)	(86,641)	(583,255)	(490,524)
	Other operating incomes (expenses), net	21		(14,238)		18,187			761			361,893
	Operating expenses					(117,921)			(68,454)			(943,898)		(468,364)
	Profit (loss) before equity in earnings of					(117,921)				(68,454)				1,969,721				1,971,187
	investees finance results and income taxes
	Interest in earnings of associates	9.1		824,169		(581,069)	461,423	52,964
	Interest in earnings of joint ventures	10		(45,874)		128,386			(403,908)		1,130,415
	Equity in earnings of investees					778,295			(452,683)			57,515			1,183,379
	Financial expense			(529,536)	(428,483)	(1,864,555)	(4,255,260)
	Financial income			58,182		68,474		615,101	600,662
	Foreign exchange, net			(337,996)	243,142		(531,218)	585,342
	Net effect of derivatives			(513,361)		(509,086)		1,343			300,142
	Financial results, net		22			(1,322,711)			(625,953)			(1,779,329)		(2,769,114)
	Profit (loss) before income taxes					(662,337)			(1,147,090)			247,907			385,452
	Income taxes	15
	Current			(3,849)	30,563		(284,396)	(1,191,182)
	Deferred			474,011		212,396		300,033	386,998
						470,162				242,959				15,637				(804,184)
	Profit (loss) for the period					(192,175)			(904,131)			263,544			(418,732)
	Profit (loss) attributable to:
	Owners of the Company			(192,175)	(904,131)	(192,175)	(904,131)
	Non-controlling interest				-			-		455,719		485,399
						(192,175)			(904,131)			263,544			(418,732)
	Earnings per share	18
	Basic												(R$0.1030)			(R$0.4844)
	Diluted												(R$0.1032)			(R$0.4888)

1. For additional information see notes 3.1.

The accompanying notes are an integral part of these interim financial statements.

7

Statements of comprehensive income

(In thousands of Reais)

	Parent Company		Consolidated
	1Q24		1Q23		1Q24		1Q23
Profit (loss) for the period	(192,175)		(904,131)			263,544		(418,732)
Other comprehensive income:
Items that are or may be reclassified subsequently
to profit or loss:
Foreign currency translation differences	62,887	(184,753)		63,056	(241,448)
Gain (loss) on cash flow hedge	(32,384)		1,207				(42,564)		1,585
	30,503		(183,546)			20,492		(239,863)
Items that will not be reclassified to profit or loss:
Actuarial gains losses with defined benefit
plan, net of taxes	14,408	121			24,286	3,195
Deferred taxes	-		-	(8,257)	(1,086)
	14,408		121				16,029		2,109
Total comprehensive income for the period	(147,264)		(1,087,556)			300,065		(656,486)
Comprehensive income attributable to:
Owners of the Company	(147,264)	(1,087,556)		(147,264)	(1,087,556)
Non-controlling interest	-		-	447,329	431,070
	(147,264)		(1,087,556)			300,065		(656,486)

The accompanying notes are an integral part of these interim financial statements.

8

Statements of changes in equity

(In thousands of Reais)

					Capital reserve							Profit reserve
										Accumulated										Equity
					Corporate					other										attributable to		Interest of non-
			Treasury	transactions -		Capital			comprehensiv			Statutory		Retained	Accumulated			controlling		controlling
	Share capital		share	Law 6404		transactions			e loss	Legal		reserve		earnings	profits			shareholders		shareholders		Total equity
At January 1, 2024	8,682,544		(93,917)		737		2,561,227			314,325		58,802		8,610,796		820,793		-			20,955,307		30,025,873		50,981,180
Profit (loss) for the period	-		-	-		-			-	-		-		-	(192,175)	(192,175)	455,719	263,544
Other comprehensive income (note 17)
Loss from cash flow hedge accounting	-		-	-		-	(32,384)		-		-		-	-	(32,384)	(10,180)	(42,564)
Foreign currency translation differences	-		-	-		-	62,887		-		-		-	-	62,887	169	63,056

Actuarial gain on defined benefit plan	-		-		-		-
Total comprehensive income (loss) for the period	-		-		-		-

Contributions and distributions to shareholders:

14,408			-		-		-		-	14,408	1,621	16,029
44,911			-		-		-		(192,175)		(147,264)		447,329		300,065

	Reduction of capital in subsidiary		-			-			-			-			-			-			-			-			-			-	(20,629)		(20,629)
	Own shares acquired		-	(88,821)				-			-			-			-			-			-			-	(88,821)		-			(88,821)
	Share based payments		-	23,097				-	(66,792)				-			-			-			-			-	(43,695)		-			(43,695)
	Loss in dividend distribution to		-			-			-	(420)				-			-			-			-			-	(420)		(75)		(495)
	non-controlling shareholders
	Dividends		-			-			-			-			-			-			-			-			-			-	(221,019)		(221,019)
	Employee compensation plan		-			-			-	2,390					-			-			-			-			-	2,390			12,072			14,462
	- value of employee services
	Total contributions and distributions			-				(65,724)				-				(64,822)				-				-				-				-				-				(130,546)				(229,651)				(360,197)
	Transactions with shareholders:
	Change of shareholding interest in subsidiary (note 9.1)		-			-			-	(727)				-			-			-			-			-	(727)				-	(727)
	Total transactions with shareholders			-				-				-				(727)				-				-				-				-				-				(727)				-					(727)
	Total contributions, distributions and transactions			-				(65,724)				-				(65,549)				-				-				-				-				-				(131,273)				(229,651)				(360,924)
	with the Company's shareholders
	At March 31, 2024			8,682,544				(159,641)				737				2,495,678					359,236				58,802				8,610,796				820,793				(192,175)			20,676,770					30,243,551					50,920,321

The accompanying notes are an integral part of these interim financial statements.

9

Statements of changes in equity

(In thousands of Reais)

										Capital reserve												Profit reserve
																		Accumulated
										Corporate							other																			Equity attributable			Non-
						Treasury		transactions -			Capital			comprehensive						Statutory			Profit to be			Accumulated			to controlling			controlling
		Share capital		share		Law 6404			transactions			loss		Legal			reserve			realized			profits			shareholders			interest			Total equity
At January 1, 2023		8,402,544				(107,140)				737				2,319,191				567,546					58,802				9,240,466				171,021					-				20,653,167					27,516,232				48,169,399
Net income for the period		-		-		-			-			-		-			-			-	(904,131)	(904,131)		485,399		(418,732)
Other comprehensive income (note 17)
Gain from cash flow hedge accounting		-		-		-			-	1,207					-			-			-			-	1,207			378		1,585
Foreign currency translation differences		-		-		-			-	(184,753)				-			-			-			-	(184,753)		(56,695)		(241,448)
Actuarial gain on defined benefit plan		-			-			-			-		121					-			-			-				-		121				1,988			2,109
Total comprehensive income (loss) for the year		-				-				-				-			(183,425)				-				-				-				(904,131)		(1,087,556)			431,070			(656,486)
Transactions with shareholders
contributions and distributions:
Resource from capital increase in subsidiary		-		-		-			-			-		-			-			-			-			-	21,959		21,959
Gain with increase in capital in subsidiary		-		-		-	12,622				-		-			-			-			-	12,622			(12,622)				-
Share based payments		-	(113)				-	768				-		-			-			-			-	655			1,312		1,967
Dividends		-		-		-			-			-		-			-			-			-			-	(72,661)		(72,661)
Employee compensation plan
- value of employee services		-		-		-	26,321				-		-			-			-			-	26,321			2,837		29,158
Total contributions and distributions		-				(113)				-				39,711				-					-				-				-					-				39,598					(59,175)				(19,577)
Changes in interest in subsidiaries:
Change of shareholding interest in subsidiary		-			-			-		(316)			-			-			-			-				-		(316)				-		(316)

Total transactions with shareholders	-	-	-	(316)	-	-	-	-	-	(316)	-	(316)
Total contributions, distributions and transactions
with the Company's shareholders	-	(113)	-	39,395	-	-	-	-	-	39,282	(59,175)	(19,893)
At March 31, 2023	8,402,544	(107,253)	737	2,358,586	384,121	58,802	9,240,466	171,021	(904,131)	19,604,893	27,888,127	47,493,020

The accompanying notes are an integral part of these interim financial statements

10