Cosan S A : 3Q21 Press Release

Earnings Release

Cosan S.A | 3rd Quarter of 2021

São Paulo, November 12, 2021 - COSAN S.A. (B3: CSAN3) (NYSE: CSAN) announces today its results for the third quarter (July, August, and September) of 2021 (3Q21). The results are presented on a consolidated basis, in conformity with the accounting practices adopted in Brazil and the international standards (IFRS). The comparisons made in this report consider the 3Q21 and 3Q20, except when otherwise indicated.

Highlights of 3Q21

Cosan presented record adjusted pro forma EBITDA of R$3.4 billion (+7%), driven by operating results expansion, reflecting the resumption of economic activity. Net income for the quarter registered R$3.3 billion, considering all extraordinary effects, the highest net result in the Company's history.

Raízen

Renewables reached adjusted EBITDA of R$1.8 billion (+63%), reflecting higher ethanol prices.

Sugar delivered adjusted EBITDA of R$603 million (-21%), due to the drop of sugar production and sales in the quarter.

Marketing & Services presented adjusted EBITDA (Brazil + Argentina) of R$917 million (+1%), driven by the resumption of demand for fuels in both countries.

Compass Gás & Energia reached EBITDA of R$871 million (+35%), supported by strong expansion in Comgás' natural gas distributed.

Moove totaled EBITDA of R$157 million (-12%) due to the decrease in volume sold, given the strong comparison basis.

Rumo reached EBITDA of R$903 million (-19%), due to the lower transported volumes, affected by the corn crop setback.

	Executive Summary - Cosan Pro forma¹		3Q21	3Q20	Chg. %	2Q21	Chg. %
	BRL mln		(Jul-Sep)	(Jul-Sep)	3Q21/3Q20	(Apr-Jun)	3Q21/2Q21
	Net Revenue		31,016.7		19,509.3		59.0%		25,214.5		23.0%
	Gross profit		3,224.1		2,914.2		10.6%		2,971.7		8.5%
	Adjusted EBITDA²		3,441.4		3,226.4		6.7%		3,031.2		13.5%
	Net Income		3,264.7		222.9		n/a		942.4		n/a
	Adjusted Net Income2		531.0		498.5		6.5%		996.6		-46.7%
	Investments³		1,745.2		1,366.1		27.8%		1,870.6		-6.7%
	Cash Generated (Used)4		8,343.3		2,493.3		n/a		794.0		n/a
	Net Debt5		28,610.4		27,510.2		4.0%		27,982.1		2.2%
	Leverage (Net Debt/EBITDA LTM)6		2.1x	3.1x	-1,0x		2.8x	-0,7x

Note 1: Considers the consolidation of 50% of Raízen, also in pro forma basis.

Note 2: Adjusted EBITDA and net income exclude the specific effects incurred in the quarters, detailed on page 7 of this report, including Biosev results.

Note 3: Includes investments in assets derived from contracts with clients at Raízen and Comgás.

Note 4: Generation of Pro forma Free Cash to shareholders, before dividends paid (Free Cash Flow to Equity).

Note 5: Includes liabilities with preferred shareholders in subsidiaries until 2Q21 and excludes lease liabilities (IFRS 16).

Note 6: EBITDA LTM adjusted by the effect of Comgás CCR in the last periods to March 31, 2020 and by the lease liabilities (IFRS 16) at Raízen.

CONFERENCE CALL

November 16, 2021 (Tuesday)

Portuguese (simultaneous translation into English) Time: 11:00 a.m. (Brasília) | 09:00 a.m. (New York)

HD Webinar EN: click here(Code 7253)

HD Webinar BR: click here(Code 7173)

US: [phone] BR: [phone]

INVESTOR RELATIONS

E-mail: [e-mail]

Phone: [phone] Website: www.cosan.com.br/en/

1

Earnings Release

Cosan S.A | 3rd Quarter of 2021

A. Cosan Pro forma - Business Units

For purposes of comparison of the results from previous periods, we present below the pro forma consolidated financial information, that is, consolidation of 100% of the results in direct subsidiaries and 50% of the results in co-subsidiaryRaízen S.A., also pro forma, including results of Biosev, as explained below. On August 10, 2021, the acquisition of all the shares issued by Biosev was concluded. The integration of assets held by Biosev consolidates Raízen as the largest world producer of sugarcane, owning 35 bioenergy parks and a processing capacity of 105 million tons of sugarcane per harvest.

To ensure greater transparency in the performance of Raízen's businesses, Biosev's results will be presented since the beginning of crop year 2021/22, starting on April 1, 2021, with adjustments and eliminations between businesses. For comparison purposes with the previous crop year (2020/21 crop), Raízen combined the results reported by Biosev with its results reported in 3Q20 and in the accumulated result for the 2020/21 crop year, without considering any adjustments and eliminations. It is worth remembering that this combination of results for the comparative period is not audited. More information is available in Raízen's earnings release (https://ri.raizen.com.br).

The pro forma information is presented for purposes of clarification only and shall not be construed as an indication of the results. The comparisons made in this report consider the 3Q21 and 3Q20, except when otherwise indicated.

The business units and Cosan's market share in each sector, according to the abovementioned considerations, are described below:

Raízen (44%)

Renewables: Production and trading of Ethanol, Bioenergy and Other Renewable Sources

Sugar: Sugar Production and Commercialization

Marketing & Services: Fuels distribution and Proximity in Brazil and Argentina

Compass Gás & Energia (91%)1 Distribution of Natural Gas and Others

Moove (70%) Lubricants, Base oil and Specialties

Rumo (30%) Logistics Operator

Cosan Corporativo (100%) Corporate and Other Investments

Note 1: Adjustment in participation from Sep/21, due to the partial conclusion of the capital increase rounds at Compass. Upon definitive completion, Cosan's final stake in Compass will be 88%.

2

Earnings Release

Cosan S.A | 3rd Quarter of 2021

B. Letter from the CEO

Over the past few months, we have written another important chapter of Cosan's history. We are keeping up with the pace of our marathon, focusing on the long term, overcoming obstacles and speeding up when tailwinds are favorable. In the macroeconomic scenario, we faced great volatility on prices, inflation, and interest rates, increasing the difficulty level of the journey, and demanding focus and technique from our teams. On the other hand, vaccination has brought the pandemic under control, allowing the gradual recovery of economic activity to accelerate, and leveraging consumption across the board, thereby paving the way for our portfolio to deliver record results in the quarter. The numbers are strong: we reached at Cosan adjusted EBITDA of R$3.4 billion, historical level of R$3.3 billion of net income, and R$8.3 billion worth of free cash flow to the equity.

At Raízen, the commitment to continuous efficiency improvement and increased profitability has ensured the highest quarterly results in the Company's history. In Renewables & Sugar, scale gains resulting from Biosev's addition to our portfolio and our ability to maximize pricing and commercialization in a favorable environment for our products, has allowed us to overcome one of Brazil's worst crops setbacks ever. Furthermore, we took an important step in our sustainable growth agenda with new contracts signed for the supply of E2G, Bioenergy, Biomethane, and Distributed Generation, reinforcing our role as leaders in the energy matrix transition with increased contribution of renewable sources. In Marketing & Services, we saw fuel volumes surpass pre-pandemic levels, sustaining healthy margins both in Brazil and in Argentina. We have continued to expand our integrated platform, which will soon include the Paraguay operation, by opening new proximity stores at an accelerated pace and consistently leveraging the number of Shell BOX transactions.

Compass Gás & Energia delivered relevant results driven by distributed natural gas volumes. We've signed the Comgás concession extension until 2049, which will allow us to continue making investments to ensure gas supply, competitivity, safe operations, and customer satisfaction. In line with the Gaspetro acquisition strategy, we have acquired 51% of Sulgás equity, taking all of our experience to Rio Grande do Sul. In order to ensure the right capital structure and enable Compass' expansion, we've placed a second round of private investments.

Moove met expectations and presented another solid quarter in terms of results, supported by the resumption of demand and the right supply and commercialization strategy.

Rumo was heavily impacted by the corn crop setback. The company has been taking the necessary measures to overcome short-term challenges, increasing market share, and keeping its capital discipline. As part of its liability

management process, Rumo has issued another Green Bond, proposing to meet significant GHG emission reduction targets, while at the same time reducing the cost of debt. We are confident that the business' long-term strategy is on track. We have taken an important step in signing the contract with the State of Mato Grosso to build Brazil's first state railway, thereby connecting us to Lucas do Rio Verde (MT), providing further support to the flow of agribusiness exports, creating jobs, and contributing to the country's development.

I'm proud to share so many achievements in our permanent portfolio. As usual, we faced challenges and opportunities and, through great discipline and creativity, we have delivered robust and sustainable results. This has only been possible because we are a strong and integrated group, with competent people who think of the future and execute the strategy in the present.

With that in mind, in the last few months we have launched a new investment vehicle in the group: Cosan Investimentos. Our purpose as a holding company is to create even more value based on what we do best: sustainable capital allocation and management. We will foster new business models that can be scaled up by our portfolio focused on energy and logistics infrastructure, and looking for naturally competitive sectors in Brazil, for digital expansion and innovation, so we

can unleash the potential of our eco system. We have announced to the market our investments in mining & logistics (Mining JV), land management expansion (Radar) and, more recently, in mobility (Mobitech), with partners whose values are in line with ours and which complement us.

Through Cosan Investimentos, we have also invested in the Climate Tech Fund, a fund managed by Fifth Wall and one of the largest venture capital managers specializing in technology innovation. This connects us with entrepreneurs, startups, and investors so that, together, we can think disruptively about how to accelerate the fight against climate change. Aligned to that, Cosan, along with over 100 other entrepreneurs, has joined the "Business Manifesto for Climate Action", an initiative led by the CEBDS to position Brazil as a true green power.

We are confident of being on the right path, with EESG principles as our strategic guidelines. Our actions reiterate our commitment with the decarbonization of the production chain and the sustainable development of our country. Congratulations Cosan team for your continued success on this journey. We have much to do. Let's do it together!

Warm Regards,

Luis Henrique Guimarães

CEO, Cosan

3

Earnings Release

Cosan S.A | 3rd Quarter of 2021

C. 3Q21 Executive Summary

As of the first quarter of 2021, the earnings release reflects Cosan's new structure, after the conclusion of the corporate reorganization. Below, we present the highlights by business line, including Rumo, and the pro forma consolidated results of the Company.

Raízen:

Agroindustrial Operation:The second quarter of crop year 21'22 was significantly impacted by the climate related issues. Sugarcane production in the center-south region in Brazil was harshly hit by the driest weather in the last 90 years, besides some points of wildfires and frosts. In Raízen, the impacts were minimized, as a result of our journey to capture the agricultural efficiencies and productivity gains. Raízen's

Bioenergy Parks crushed 37.3 million tons of sugarcane (-5%) and produced 5.2 million t (-6%) of sugar equivalent, out of which 53% was destined to sugar. Lower sugarcane availability impacted the cash cost, pressured by the reduced dilution of fixed costs and by inflation in inputs and raw material.

Renewables:Pro forma adjusted EBITDA totaled R$1.8 billion (+63%) in the period. Despite the lower volumes sold of both ethanol and bioenergy, the strong expansion of results reflects the better pricing of our products in the period, benefiting from a more favorable scenario for the biofuel.

Sugar:Pro forma adjusted EBITDA reached R$ 603 million (-21%).The results reflect the lower sugar sales in the quarter but aligned with the commercialization strategy for the year, which will concentrate a higher sales volume in the second half of the crop. In addition, the crop setback reduced the sugar output. The increase of Raízen's presence in the sugar value chain and the more favorable scenario for the commodity prices leveraged the sugar price in the quarter.

Marketing & Services:Adjusted EBITDA for the integrated platform (Brazil + Argentina) totaled R$ 917 million (+1%). Sales volume registered a record level, especially in Brazil, with 15% growth compared to the same period in 2020, and 5% compared to the same period in 2019 (pre-pandemic).In Argentina, service station network expansion resulted in an increase in market share and a 27% growth in sales volume. The otto cycle demand keeps accelerated, reflecting the easing pandemic restrictions. The growth in Diesel demand was significant, leveraged by some

sectors, such as agribusiness and transportation. In aviation, Raízen focused on sectors with greater profitability, as the network gradually resumes, which should be intensified with the opening of borders and the prospect of returning international flights. Compared to 2Q21, the reduction in adjusted EBITDA (-5%) reflects the reduction in gains from the supply and commercialization strategy.

Compass Gás & Energia:EBITDA for the period achieved R$871 million (+35%), driven by strong increase in natural gas volumes distributed by Comgás (+14%). Volumes for the industrial segment grew 10% versus 3Q20, supported by the resumption of activities in virtually every sector we serve. In addition to the industry segment, the demand in commercial segment also presented relevant growth (+29%), given the lower restrictions in the period. The residential segment expanded 6%, reflecting the gross addition of 153,000 customers last year and the lower average temperature compared to the same period of last year.

Moove: EBITDA reached R$157 million (-12%)in 3Q21, mainly reflecting the 26% reduction in sales volumes. It is worth mentioning that sales of 3Q20 represent a strong comparison basis once it captured additional demand from initial lockdown period. In addition, quarterly results continue to capture the benefits from the commercial and supply strategy, focused on maximizing the portfolio of premium products.

Rumo:EBITDA came in R$903 million in the quarter (- 19%), due to the 7% drop in transported volumes, affected by the corn crop setback. In addition, the lower mix for grains and lower fixed cost dilution squeezed margins resulting in a 8 p.p. drop in the EBITDA margin to 46%. Rumo gained 17 p.p. of grain market share in the Port of Santos (SP) in a quite challenging scenario, reflecting the commercial efforts to maximize its operational capacity.

Cosan Consolidated (Pro forma):Adjusted EBITDA and adjusted net profit were R$3.4 billion (+7%) and R$531 million (+7%) respectively in 3Q21, following the group's better operational performance. Free cash flow to equity (FCFE) totaled R$8.3 billion (+10x) mainly due to the proceeds from Raizen's IPO and the private placement of Compass. As a result, leverage (net debt/LTM EBITDA) reduced to 2.1x in the period (-0,7xcompared to 2Q21).

4

Earnings Release

Cosan S.A | 3rd Quarter of 2021

D. Cosan's Consolidated Results

Cosan Consolidated

Below, we present the 3Q21 results by business unit for the segments detailed previously. All information shows 100% consolidated results, regardless of Cosan's participation, except for Raízen, whose net profits are proportionally recognized at the Equity Pick-up line. For the purpose of reconciliation of EBITDA in the column "Cosan Consolidated," the "Adjustments and Deductions" show the deductions of operations among all the businesses controlled by Cosan for consolidation purposes. The following table reflects the information provided in the Financial Statements of the Company.

	Results by Business Unit		Compass Gás				Cosan		Adjustments	Cosan
			Moove		Rumo		and	Consolidated
			& Energia		Corporate
	3Q21						Elimination	Accounting
	Net Revenue		3,315.6	1,617.2		1,965.6	2.0		(9.8)	6,890.5
	Cost of Goods and Services Sold		(2,292.0)	(1,284.3)		(1,389.3)	(1.4)		9.8	(4,957.1)
	Gross Profit		1,023.6	332.9		576.3	0.6		0.0	1,933.4
	Gross Margin (%)		30.9%	20.6%		29.3%	n/a		n/a	28.1%
	Selling Expenses		(29.6)	(137.1)		(10.3)	(1.9)		(0.0)	(178.9)
	General and Administrative Expenses		(255.8)	(66.2)		(126.6)	(100.7)		(0.0)	(549.3)
	Other Operating Income (Expenses)		(10.8)	4.8		(10.9)	(27.2)		0.0	(44.1)
	Equity Pick-up		0.0	(0.0)		7.8	3,998.6		(669.3)	3,337.1
	Depreciation and Amortization		143.5	22.2		466.8	4.5		(0.0)	637.0
	EBITDA		870.8	156.6		903.2	3,873.9		(669.3)	5,135.1
	EBITDA Margin (%)		26.3%	9.7%		45.9%	n/a		n/a	74.5%
	Financial Result		(85.0)	(7.0)		(358.9)	(606.5)		0.0	(1,057.4)
	Income and Social Contribution Taxes		(12.3)	(44.2)		(26.7)	0.6		(0.0)	(82.7)
	Non-controlling Interest		(34.1)	(25.2)		(35.3)	1.1		(0.0)	(93.3)
	Net Income		595.9	58.0		15.4	3,264.7		(669.3)	3,264.7
	Earnings by Business Unit						Cosan		Adjustments	Cosan
			Gás e Energia	Moove		Rumo		and	Consolidated
	9M21			Corporate
							Elimination	Accounting
	Net Revenue		8,712.8	4,510.1		4,966.8	3.2		(35.6)	18,157.3
	Cost of Goods and Services Sold		(6,549.3)	(3,509.5)		(3,234.2)	(2.8)		35.6	(13,260.1)
	Gross Profit		2,163.5	1,000.6		1,732.6	0.4		0.0	4,897.1
	Gross Margin (%)		24.8%	22.2%		34.9%	n/a		n/a	27.0%
	Selling Expenses		(88.0)	(402.8)		(22.8)	(4.6)		0.0	(518.3)
	General and Administrative Expenses		(714.7)	(191.8)		(271.5)	(219.5)		0.0	(1,397.6)
	Other Operating Income (Expenses)		220.4	13.7		(3.8)	(24.9)		(0.0)	205.4
	Equity Pick-up		(0.0)	(0.0)		10.6	5,687.4		(1,664.4)	4,033.5
	Depreciation and Amortization		411.9	73.4		1,067.5	11.7		-	1,564.5
	EBITDA		1,993.0	493.1		2,512.5	5,450.4		(1,664.4)	8,784.6
	EBITDA Margin (%)		22.9%	10.9%		50.6%	n/a		n/a	48.4%
	Financial Result		(136.0)	(32.2)		(885.6)	(600.3)		0.0	(1,654.0)
	Income and Social Contribution Taxes		(22.8)	(149.4)		(136.6)	4.1		-	(304.7)
	Non-controlling Interest		(50.5)	(72.8)		(295.6)	3.3		(0.0)	(415.6)
	Net Income		1,371.8	165.3		127.3	4,845.8		(1,664.4)	4,845.8

5