Cosan S A : Relatório de Resultados do 4T21 em Inglês

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Earnings Release

Cosan S.A | 4th Quarter and Fiscal Year 2021

São Paulo, February 18, 2022 - COSAN S.A. (B3: CSAN3) (NYSE: CSAN) announces today its results for the fourth quarter (October, November and December) of 2021 (4Q21) and the fiscal year ended Dec. 31st, 2021. The results are presented on a consolidated basis, in conformity with the accounting practices adopted in Brazil and International Financial Reporting Standards (IFRS). The comparisons made in this report consider 4Q21 vs. 4Q20 and 2021 vs. 2020, except when otherwise indicated.

4Q21 Highlights

Cosan presented adjusted pro forma EBITDA of R$2.8 billion (-6%), affected by the corn crop setback at Rumo, partially offset by better results of other businesses. Net income of R$1.3 billion, reversing 4Q20 losses, leveraged by Compass, in addition to one-off effects at the holding.

Raízen

Renewables reached adjusted pro forma EBITDA of R$1.4 billion (+31%), reflecting increase in revenues from renewable products and commercialization gains.

Sugar delivered adjusted pro forma EBITDA of R$726 million (-37%), affected by lower sales volume.

Marketing & Services presented consolidated adjusted EBITDA of R$1.2 billion (+35%), over supply strategy optimization and higher volume sold.

Compass Gás & Energia achieved adjusted EBITDA of R$608 million (+23%), posting distributed volume growth at Comgás.

Moove reported EBITDA of R$110 million (-24%) following normalization of demand, in line with the guidance for the year.

Rumo recorded adjusted EBITDA of R$419 million (-45%), affected by the corn crop setback.

Executive Summary - Cosan Pro forma¹	4Q21	4Q20	Chg. %	3Q21	Chg. %	2021	2020	Chg.%
BRL mln	(Oct-Dec)(Oct-Dec)	4Q21/4Q20	(Jul-Sep)	4Q21/3Q21	(Jan-Dec)(Jan-Dec)	2021/2020
Net Revenue	34,352.8	22,534.0	52.4%	31,016.7	10.8%	113,095.9	75,258.6	50.3%
Gross profit	3,490.7	2,654.4	31.5%	3,224.1	8.3%	12,395.8	9,560.7	29.7%
Adjusted EBITDA²	2,762.4	2,941.0	-6.1%	3,441.4	-19.7%	11,861.6	10,024.5	18.3%
Net Income	1,277.4	(112.0)	n/a	3,264.7	-60.9%	6,312.1	859.5	n/a
Adjusted Net Income2	411.2	259.5	58.5%	531.0	-22.6%	2,738.8	1,430.1	91.5%
Investments³	2,540.9	1,928.6	31.7%	1,745.2	45.6%	8,101.6	6,208.1	30.5%
Cash Generated (Used)4	694.4	171.7	n/a	8,343.3	-91.7%	6,066.3	5,271.9	15.1%
Net Debt5	31,214.8	26,562.6	17.5%	28,610.4	9.1%	31,214.8	26,562.6	17.5%
Leverage (Net Debt/EBITDA LTM)6	2.1x	3.2x	-1.1x	2.1x	0x	2.1x	3.2x	-1.1x

Note 1: Considers the consolidation of 50% of Raízen on a pro forma basis.

Note 2: Adjusted EBITDA and Adjusted Net Income exclude non-recurring effects in the quarters, as detailed on page 7 of this earnings release, and include the results of

Biosev in the periods already reported: 2Q20, 3Q20, 4Q20, 2Q21, 3Q21 and 4Q21.

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

Note 4: Generation of Pro Forma Free Cash Flow to Equity, before dividend payments.

Note 5: Includes obligations to preferred shareholders in subsidiaries up to 2Q21 and excludes lease liabilities (IFRS 16).

Note 6: Net Debt and EBITDA LTM adjusted by lease liabilities (IFRS 16) at Raízen.

EARNINGS CONFERENCE CALL

February 22, 2022 (Tuesday)

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

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INVESTOR RELATIONS

E-mail: [e-mail] Telephone: [phone] Website: www.cosan.com.br

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Earnings Release

Cosan S.A | 4th Quarter and Fiscal Year 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. For more information, see Raízen's earnings release (https://ri.raizen.com.br/en/).

The pro forma figures are presented for informational purposes only and should not be interpreted as a representation of the financial results. The comparisons made in this earnings release consider 4Q21 vs. 4Q20 and 2021 vs. 2020, except when otherwise indicated.

The following pages present the business units and Cosan's share in each business segment, on the basis described above:

Raízen (44%)

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

Sugar: Sugar Production and Commercialization

Marketing & Services: Fuels distribution and Proximity stores in Brazil, Argentina and Paraguay

Compass Gás & Energia (88%)1: Distribution of Natural Gas and Other

Moove (70%): Lubricants, Base oils and specialties

Rumo (30%): Logistics Operator

Cosan Investimentos (100%)

Radar (50%)2: Agricultural property management

Cosan Corporate (100%): Corporate structure and Others

Note 1: Interest adjusted due to conclusion of the capital increase rounds at Compass.

Note 2: As announced in the material fact notice dated September 20, Cosan is the controlling shareholder of Radar with an interest of 50% plus one share.

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Earnings Release

Cosan S.A | 4th Quarter and Fiscal Year 2021

B. Message from the CEO

We ended 2021 with a positive feeling of mission accomplished. The challenges were many: pandemic, high volatility in key macroeconomic indicators and commodity prices, weather effects resulting in crop setbacks, higher interest rates, inflationary pressure and a reduction in economic incentives. At the same time, advances in Covid-19 vaccinations brought hope and optimism, and along with it came the resumption of economic activity. As usual, our teams navigated through this scenario with agility and discipline to maximize short-term results while keeping focus on planning and executing strategic projects that assure value creation in the long term.

We posted record-high results at Cosan: adjusted EBITDA of R$11.9 billion, net income of R$6.3 billion and free cash flow to equity of R$6.1 billion, proving our capacity to overcome adversities with a robust portfolio of businesses, exposed to sectors where Brazil has important competitive advantages.

At Raízen, our expertise in pricing renewable products and sugar, as well as our focus on operational efficiency, more than offset the lower availability of sugarcane and inflation on costs. We integrated Biosev's assets and team in an organic and effective way, expanding our scale and assuring the biomass supply to increasingly produce cleaner energy, such as E2G, biogas and the other alternative energy sources in our portfolio. In Marketing & Services, our integrated platform benefited from the recovery in consumption to leverage sales, as well as using our differentiated logistics infrastructure to maximize gains from the supply and commercialization strategy, in a more favorable operational environment for the segment. We reinforced the capital structure with the IPO last August, to capture concrete growth opportunities.

Compass Gás & Energia closed the year with strong growth in volume across all segments, supported by the ongoing expansion of Comgás' distribution network and the improvement in processes to capture efficiency gains and increase customer satisfaction. The signing of the amendment of the concession agreement extending the services until 2049 was an important milestone for the Company, assuring our commitment with the long-term operation sustainability. In addition, we took the first step in the geographic expansion of Compass, by acquiring Sulgás, located in Rio Grande do Sul state, and we also advanced in the construction of the regas terminal in Santos. To make this journey possible, we strengthened the company's cash position with the entry of new shareholders through private agreements.

Moove kept its accelerated growth pace, delivering record results in the year, thanks to its effective pricing and supply strategy in Brazil and international operations, which already account for nearly half of its revenues.

At Rumo, we adjusted our commercial strategy amid the adversities caused by the corn crop setback by diversifying the cargo mix and expanding our market share in grain exports. Central Network launched its full operation already

with relevant market share, increasing the geographic diversity of our rail network. Looking to the long term, we signed with the State of Mato Grosso an agreement for extending the North Operation up to Lucas do Rio Verde, a transformational project for Brazil's agricultural logistic infrastructure. We also invested in debottlenecking projects at the Port of Santos which, combined with the launch of 120 rail cars trains and new communication and optimization technologies, increased operational efficiency, reducing by more than 10% the transit time and 4% the carbon emissions.

At Cosan Investimentos, this quarter we started consolidating Radar, our land management company, whose portfolio has already shown significant appreciation. With the objective of further accelerate our digitalization process and growth in the logistics sector, Trizy received a capital injection from nstech, Latin America's largest open technology platform for logistics and mobility. Finally, we recently concluded the purchase of TUP Porto São Luis in Maranhão.

Noting the value we see in this portfolio, we recently intensified the capital allocation into our own stocks, grounded on the potential value we see in this portfolio, with nearly R$700 million in share buybacks using total return swaps. We also distributed to our shareholders R$1.2 billion in dividends throughout the year.

On the other hand, given the deterioration in the macroeconomic scenario in 2022, including rising cost of capital and inflation, we adopted a more conservative approach for the Group's investment commitments, to allow us to navigate this challenging environment more comfortably. We will keep our usual capital discipline, making even greater efforts to optimize Capex, increase cost and supply synergies and be more selective in approving and implementing new projects, ensuring the long-term success of the portfolio while maintaining leverage at appropriate levels.

Reviewing our achievements in 2021, none of this would be possible without the commitment and competence of the investees and holding teams. People agenda is our priority. Once again, we achieved great results in safety, a fundamental pillar of our culture. We continue to evolve in diversity equity & inclusion, significantly increasing women participation at all levels of leadership. We still have a lot of work to do on this front, but we have the commitment of the leaders to make it happen.

This year has already started with an intense agenda, aligned with our journey to promote an efficient energy transition, generating and offering alternatives that enable the decarbonization process for our customers, and for the development of cleaner and more reliable logistics, increasing Brazil's competitiveness, aiming to create even more value for our stakeholders. Let's go together!

Warm regards,

Luis Henrique Guimarães

Cosan CEO

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Earnings Release

Cosan S.A | 4th Quarter and Fiscal Year 2021

C. Executive Summary 4Q21 & 2021

The highlights by business line and pro forma consolidated results of the Company follow.

Raízen:

Agroindustrial Operation: 4Q21 marked the end of the crushing period. As presented in prior quarters, relevant climate effects affected sugarcane fields productivity in the Center-South region. Amid the journey to recover agricultural productivity and efficiency gains, the better performance of Raízen's first cut cane mitigated part of the impacts. In the accumulated period, sugarcane crushing was 76MM ton (- 13%) and agricultural productivity, measured in tons of TRS/ha, dropped 14%. Cash cost was affected by the reduced availability of sugarcane, which led to a lower dilution of fixed costs, and by inflation.

Renewables: Pro forma adjusted EBITDA came to R$1.4 billion in 4Q21 (+31%). The results expansion was supported by better pricing of our products, benefiting from favorable scenario of biofuels, despite lower own volumes sold. Price movements contributed to the expansion of ethanol and energy sales results in the quarter, enhanced by our ability to capture value within our integrated renewable energy platform.

Sugar: Pro forma adjusted EBITDA in 4Q21 reached R$726 million (-37%).Reduction can be explained by the lower sales volume of own products, reflecting the sales strategy for the year, as well as the lower availability of products, in addition to cost pressures. Raízen's strategy to expand its presence in the sugar value chain, associated with the favorable scenario for commodity pricing, resulted in higher sales prices in the quarter.

Marketing & Services: Adjusted EBITDA of the integrated platform totaled R$1.2 billion (+35%), leveraged by better business environment and maximization of profitability, supported by the effective supply and sales strategy in Brazilian operations. In addition, growth sales (+7%) also contributed to the better result, highlighting diesel. In Brazil, the agility in import and optimization of the Company's logistic infrastructure generated good opportunities to recompose the operation returns, ensuring supply to our distribution chain. In the international operations (Argentina and Paraguay), higher demand and expansion of service station network contributed for greater market share and growth in sales volume sold (+22%), despite the lower profitability due to challenges in transferring higher costs.

Compass Gás & Energia:Adjusted EBITDA in the period reached R$608 million (+23%), driven by an increase in natural gas volume distributed by Comgás (+3%). Moreover, 4Q20 was adversely affected by the noncash effect from the mark-to-marketadjustment of power trading agreements. These effects were partially offset by the concentration of expenses at Comgás and Compass holding in the period. In 2021, adjusted EBITDA was a record R$2.7 billion (+24%), in line with the guidance for the year, reflecting economic recovery and Comgás' customer base expansion, in addition to adjustments of margins by inflation.

Moove: EBITDA came in R$110 million (-24%),reflecting the 26% reduction in sales volume. In the year, EBITDA was a record R$603 million (+26%), evidencing the assertiveness of the pricing and supply strategy, neutralizing the strong pressure on costs and restrictions on raw materials supply in the global market in 2021.

Rumo: In the quarter, adjusted EBITDA was R$419 million (-45%),still reflecting the corn crop setback, which led to a reduction of 2% in volume transported. Despite the challenging scenario, Rumo adjusted its sales strategy and gained 3.1 p.p. market share at the Port of Santos (SP). As a result, the average tariff practiced declined 6%, which, combined with the 7% increase in variable costs due to higher diesel prices, pressured adjusted EBITDA margins, totaling 28%, a reduction of 18 p.p.. Adjusted EBITDA in 2021 totaled R$3.3 billion (-6%),mainly explained by impacts on crop, attenuated by the Company's efforts to expand its market share, diversify its cargo mix and by the startup of Central Network.

Cosan Consolidated (Pro forma): Adjusted EBITDA in 4Q21 was R$2.8 billion (-6%),reflecting the lower contribution by Rumo. Meanwhile, adjusted net income was R$411 million (+59%), driven by the better performance of Compass. Free Cash Flow to Equity (FCFE) was R$694 million (+4x), due to the higher operating cash generation at Raízen. The net debt/EBITDA ratio ended the period stable at 2.1x. In fiscal year 2021, Cosan reported record EBITDA of R$11.9 billion (+18%) and net income of R$2.7 billion (+92%), both adjusted by non-recurringeffects, and FCFE of R$6.1 billion (+15%), in line with growth plans of the subsidiaries, partially offset by short-termadversities faced by Rumo. Including one-offs,net income in the year was R$6.3 billion (+7x), the Company's highest ever.

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Earnings Release

Cosan S.A | 4th Quarter and Fiscal Year 2021

D. Cosan - Consolidated Results

Cosan Consolidated

Below, we present the 4Q21 and 2021 results by business unit for the segments detailed previously. All information shows 100% consolidated results, regardless of Cosan's interest, except for the Raízen, whose net profits are proportionately recognized at the Equity Pick-up line. For the purpose of EBITDA reconciliation in the column "Cosan Consolidated", the "Adjustments and Eliminations" reflect the eliminations of operations among all businesses controlled by Cosan for consolidation purposes. The following table reflects the information reported in the Financial Statements of the Company.

Results by Business Unit	Compass Gás			Cosan	Cosan	Adjustments	Cosan
Moove	Rumo	and	Consolidated
	& Energia	Investimentos¹	Corporate
4Q21			Elimination	Accounting
Net Revenue	3,617.4	1,602.4	1,512.2	31.5	1.3	(14.9)	6,749.9
Cost of Goods and Services Sold	(2,650.9)	(1,299.2)	(1,371.0)	(0.0)	(1.8)	14.9	(5,307.9)
Gross Profit	966.5	303.2	141.2	31.5	(0.5)	0.0	1,442.0
Gross Margin (%)	26.7%	18.9%	9.3%	100.0%	-36.7%	0.0%	21.4%
Selling Expenses	(37.4)	(148.7)	(9.7)	-	(2.1)	(0.0)	(197.9)
General and Administrative Expenses	(342.5)	(78.0)	(133.9)	(6.5)	(95.3)	(0.0)	(656.2)
Other Operating Income (Expenses)	(194.8)	9.7	(60.4)	21.0	406.6	0.0	182.1
Equity Pick-up	(0.0)	0.0	1.2	(0.0)	909.5	(224.4)	686.3
Depreciation and Amortization	148.1	23.4	480.8	0.0	4.6	(0.0)	657.0
EBITDA	539.9	109.6	419.2	46.1	1,222.8	(224.4)	2,113.2
EBITDA Margin (%)	14.9%	6.8%	27.7%	n/a	n/a	n/a	31.3%
Financial Result	(153.6)	(31.6)	(445.2)	3.2	(495.1)	(0.0)	(1,122.2)
Income and Social Contribution Taxes	82.2	2.2	122.8	(4.2)	552.4	0.0	755.4
Non-controlling Interest	(41.4)	(17.0)	267.1	(22.5)	1.9	(0.0)	188.0
Net Income	279.0	39.8	(116.8)	22.5	1,277.4	(224.4)	1,277.4

Note 1: Includes two months of Radar's results (November and December).

Results by Business Unit	Compass Gás			Cosan	Cosan	Adjustments	Cosan
	Moove	Rumo	and	Consolidated
2021	& Energia	Investimentos¹	Corporate
		Elimination	Accounting
Net Revenue	12,330.2	6,112.5	6,479.0	31.5	4.5	(50.5)	24,907.1
Cost of Goods and Services Sold	(9,200.2)	(4,808.6)	(4,605.2)	(0.0)	(4.5)	50.5	(18,568.0)
Gross Profit	3,130.0	1,303.8	1,873.8	31.5	(0.0)	0.0	6,339.1
Gross Margin (%)	25.4%	21.3%	28.9%	100.0%	-1.0%	0.0%	25.5%
Selling Expenses	(125.4)	(551.5)	(32.5)	-	(6.7)	-	(716.2)
General and Administrative Expenses	(1,057.2)	(269.8)	(405.4)	(6.5)	(314.8)	0.0	(2,053.8)
Other Operating Income (Expenses)	25.6	23.4	(64.2)	21.0	381.6	0.0	387.4
Equity Pick-up	(0.0)	0.0	11.8	(0.0)	6,596.8	(1,888.8)	4,719.8
Depreciation and Amortization	560.0	96.9	1,548.3	0.0	16.4	(0.0)	2,221.5
EBITDA	2,532.9	602.8	2,931.8	46.1	6,673.2	(1,888.8)	10,897.8
EBITDA Margin (%)	20.5%	9.9%	45.3%	n/a	n/a	n/a	43.8%
Financial Result	(289.6)	(63.8)	(1,330.7)	3.2	(1,095.3)	0.0	(2,776.3)
Income and Social Contribution Taxes	59.4	(147.1)	(13.8)	(4.2)	556.5	0.0	450.8
Non-controlling Interest	(91.9)	(89.8)	(28.5)	(22.5)	5.2	(0.0)	(227.6)
Net Income	1,650.7	205.1	10.5	22.5	6,123.2	(1,888.8)	6,123.2

Note 1: Includes two months of Radar's results (November and December).

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