Accounting policy:

The Company controls an entity when it is exposed to, or has a right over, variable returns arising from its involvement with the entity and has the ability to affect those returns through the exercise of its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the Company obtains control until the date on which control is discontinued.

The Company assesses whether it retains control over an investee if facts and circumstances indicate that there have been changes in one or more of the three elements of control mentioned above.

When the Company does not hold a majority of the voting rights in an investee, it retains control over the investee when the voting rights are sufficient to enable it, in practice, to unilaterally direct the relevant activities of the investee. In assessing whether the Company's voting rights in an investee are sufficient to give it control, the Company considers all relevant facts and circumstances, including:

• The size of the Company's holding of voting rights in relation to the size and dispersion of the holdings of other holders of voting rights;
• Potential voting rights held by the Company, by other holders of voting rights or by other parties;
• Rights arising from other contractual agreements; and
• Any additional facts and circumstances that indicate that the Company has, or does not have, the ability to direct the relevant activities when decisions need to be made, including voting at meetings.

When necessary, the financial statements of subsidiaries are adjusted to bring their accounting policies into line with the Company's accounting policies.

All intra-group transactions, balances, income, expenses and cash flows are eliminated in the consolidated financial statements.

Changes in holdings in subsidiaries that do not result in loss of control are accounted for as equity transactions. The book value of the Company's and non-controlling interests is adjusted to reflect changes in their respective interests in subsidiaries. The difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the Company's owners.

When the Company loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between: (i) the sum of the fair value of the consideration received and the fair value of any interest retained in the former subsidiary and (ii) the previous book value of the assets (including goodwill) and liabilities of the subsidiary and the non-controlling interest. Any amounts previously recognized in “Other comprehensive income” related to the subsidiary are treated as if the Company had directly disposed of the related assets and liabilities of the subsidiary (i.e. they are reclassified to profit or loss or transferred to another equity account). The fair value of any investment held in the former subsidiary on the date control is lost is considered as the fair value on initial recognition for subsequent accounting purposes, when applicable, or as the cost on initial recognition of an investment in an associate or joint venture.

In the Parent Company's individual financial statements, the financial information of subsidiaries is accounted for using the equity method.

Balance as of December 31, 2024

Balance as of December 31, 2023

Assets

Liabilities

Shareholders' equity and unsecured liabilities

Profit for the year

Assets

Liabilities

Shareholders' equity and unsecured liabilities

Profit for the year

Rumo

Rhall Terminais Ltda.

26,500

(10,150

16,350

7,987

33,060

(12,491

20,569

5,983

Elevações Portuárias S.A.

2,183,550

(1,390,465

793,085

66,042

1,251,643

(444,748

806,895

194,954

Termag - Terminal Marítimo de Guarujá S.A.

280,950

(259,472

21,478

(13,329

298,815

(268,730

30,085

4,721

TGG - Terminal de Granéis do Guarujá S.A.

233,962

(69,789

164,173

68,477

242,779

(73,216

169,563

88,867

Terminal XXXIX S.A.

—

—

—

—

481,569

(326,731

154,838

53,986

Terminal Multimodal de Grãos e Fertilizantes S.A.

61,002

(1,032

59,970

146

—

—

—

—

Compass

Companhia Paranaense de Gás - Compagás

—

—

—

—

1,208,959

(685,288

523,671

96,866

Companhia de Gás de Santa Catarina - Scgás

1,127,032

(328,564

798,468

162,847

1,118,237

(399,252

718,985

153,217

CEG Rio S.A.

1,695,573

(953,322

742,251

184,905

1,944,385

(1,326,484

617,901

233,099

Companhia de Gás de Mato Grosso do Sul - Msgás

378,691

(197,859

180,832

37,640

390,976

(193,298

197,678

56,649

Cosan Corporate

Vale S.A.

455,316,000

(248,544,000

206,772,000

31,592,000

423,626,000

(232,661,000

190,965,000

39,940,000

Accounting policy:

Business combinations are accounted for using the acquisition method. The consideration transferred in the acquisition is measured at fair value, calculated as the sum of the fair values of the assets transferred by the Company on the acquisition date, the liabilities incurred by the Company in relation to the former controlling shareholders of the acquired entity and the equity interests issued by the Company in exchange for control of the acquired entity. Acquisition-related costs are recognized in profit or loss as incurred.

The consideration transferred does not include amounts relating to the payment of pre-existing relationships. These amounts are generally recognized in the income statement.

In determining whether a set of activities and assets constitutes a business, the Company assesses whether the set of assets and activities acquired includes at least one input and one substantive process that together contribute significantly to the ability to generate output.

On the acquisition date, identifiable assets acquired and liabilities assumed are recognized at fair value on that date, except for:

• Deferred tax assets or liabilities and assets and liabilities related to employee benefit arrangements, which are recognized and measured in accordance with IAS 12 and IAS 19;
• Share-based payment plans held by the acquiree's employees that need to be replaced (plan replacement). All or part of the new replacement plan amount issued by the Company is included in the measurement of the consideration transferred in the business combination. This determination is based on the fair value of the replacement plan compared to the fair value of the acquiree's share-based payment plan and to the extent that this replacement plan relates to services rendered prior to the combination; and
• Assets classified as held for sale, in accordance with IFRS 5, which are measured in accordance with this standard.

When measuring fair values, valuation techniques are used which consider market prices for similar items, discounted cash flow, among others.

Initially, goodwill is measured as the excess of the consideration transferred over the net assets acquired (identifiable assets acquired, net of liabilities assumed). If the consideration is less than the fair value of the net assets acquired, the difference must be recognized in profit or loss as a gain on a bargain purchase.

Transferred consideration

Cash transfer - on the date of signing the contract

47,270

Cash transfer - on the closing date

337,124

Remaining installments

577,731

Transferred consideration

962,125

Identifiable assets acquired and liabilities assumed

Cash and cash equivalents

53,801

Accounts receivable from customers

106,431

Income tax and social contribution to be recovered

25,869

Other taxes to be recovered

53,317

Other assets

81,269

Contract assets

56,627

Intangible

2,905,516

Loans, borrowings and debentures

(285,033

Trade payables

(77,273

Current income tax and social contribution payable

(21,258

Other taxes payable

(32,066

Other accounts payable

(138,952

Provision for lawsuits

(98,126

Deferred income tax and social contribution liabilities

(743,602

Participation of non-controlling shareholders

(924,395

Net assets acquired

962,125

Cash received

(53,801

Consideration transferred, net of cash

908,324

Accounting policy:

Non-controlling interests in subsidiaries are presented separately from the parent company's interest in consolidated equity. Non-controlling interests that represent equity interests and entitle their holders to a proportionate share of the entity's assets in the event of liquidation may be measured initially at fair value or based on the proportionate share of the acquired entity's identifiable net assets attributable to non-controlling interests. The choice of measurement method is made on a transaction-by-transaction basis. Other types of non-controlling interests are initially measured at fair value. After the acquisition, the book value of the non-controlling interests is determined by the value of these interests at initial recognition, adjusted by the portion of subsequent changes in the subsidiary's equity attributable to the non-controlling interests.

The result and each component of other comprehensive income are attributed to the Company's owners and to the non-controlling interests. The total comprehensive income of subsidiaries is attributed to the Company's owners and non-controlling interests, even if this results in a negative balance for non-controlling interests.

Shares issued by the subsidiary

Shares held by non-controlling shareholders

Non-controlling interest

Radar

Tellus Brasil Participações S.A.

119,063,044

95,250,435

80.00%

Janus Brasil Participações S.A.

286,370,051

229,096,041

80.00%

Duguetiapar Empreendimentos e Participações S.A.

3,573,842

2,859,074

80.00%

Gamiovapar Empreendimentos e Participações S.A.

12,912,970

10,330,376

80.00%

Radar Propriedades Agrícolas S.A.

737,500

368,750

50.00%

Nova Agrícola Ponte Alta S.A.

160,693,378

80,346,689

50.00%

Terras da Ponte Alta S.A.

16,066,329

8,033,165

50.00%

Nova Santa Bárbara Agrícola S.A.

32,336,994

16,168,497

50.00%

Nova Amaralina S.A.

30,603,159

15,301,580

50.00%

Paineira Propriedades Agrícolas S.A.

132,667,061

66,333,531

50.00%

Manacá Propriedades Agrícolas S.A.

128,977,921

64,488,961

50.00%

Castanheira Propriedades Agrícolas S.A.

83,850,938

41,925,469

50.00%

Radar II Propriedades Agrícolas S.A.

81,440,221

40,720,111

50.00%

Rumo

Rumo S.A.

1,854,868,949

1,287,383,261

69.60%

Moove

Moove Lubricants Holdings

34,963,764

10,489,129

30.00%

Cosan Corporate

Cosan Nove Participações S.A.

7,663,761,736

2,062,583,640

26.91%

Cosan Limited Partners Brasil Consultoria Ltda.

160,000

3,000

1.88%

Cosan Dez Participações S.A.

3,473,458,688

805,963,829

23.20%