Good evening, everyone. Welcome to Raízen's conference call to present results for the second quarter of the 2025-2026 crop year.

First, I'd like to thank all of you for joining us at this somewhat unusual time. We decided to hold a conference call today so we could share the company's developments and results in a timely manner.

Let's turn to the results. The highlight of the quarter was definitely the improvement in EBITDA from fuel distribution in Brazil, both in terms of volume sold and profitability.

On the other hand, results from EAB and fuels in Argentina were under pressure both in the quarter and year-to-date due to seasonal and circumstantial effects in both segments, which I'll mention a bit later. I would also like to highlight two major areas of progress in line with the transformation plan that we have implemented in the company, and we have been making structural progress in reducing expenses and investments in line with the operational and investment plan presented in May.

First, recurring general and administrative expenses fell by 23% in the first half of the crop year, with contributions across all segments. That means 315 million BRL in efficiency gains versus the same time last year.

The second highlight is CapEx. This year, we reduced investments by 26% compared to last year, thereby reaffirming our capital discipline while continuing to invest in efficiency and improving safety in our operations.

Now, let's move on to the performance highlights by segment, starting with ethanol, sugar, and bioenergy. During the quarter, weather conditions helped accelerate cane crushing, offsetting delays from the previous quarter.

For comparison purposes, the crushing chart on the right-hand side of the slide shows a normalized comparison base due to the hibernation of the MB and Santa Elisa mills. On a comparable basis, crushing for the semester is in line with the same period of the previous crop year, approximately 58.5 million tons.

In terms of agricultural yield, we continue to see the effects of the dry weather and fires from the second half of last crop year on cane quality this year, with reduced agricultural yields in the crop year to date. Regarding the mix, this has been a more sugar-heavy crop year as we have prioritized sugar production to capture the benefits of an advanced hedge position for the current crop year, with practically the entire crop hedged at around 111 BRL cents per pound, thereby ensuring high profitability.

For the next crop, 2026-2027, we have already fixed almost half of next year's sugar crop at approximately 114 BRL cents per pound, reducing exposure to the shorter-term pressure seen in screen prices. In ethanol, pricing dynamics remains healthy, supported by a favorable inventory-to-consumption ratio this year, and prices have been higher than last year's.

Despite lower ethanol production and sales volumes, selling prices increased 11% year-on-year. In E2G, our second-generation ethanol, volumes more than doubled year-on-year with the effects of the ramp-up at Bonfim plant and the start-up of operations at the Barra and Univalem sites this year, which are in line with the plan.

In bioenergy, cogeneration volumes were lower this year, but we offset that with higher prices due to hedging instruments contracted throughout the year, which protects the power auctions uncontracted volumes. As a result, the EAB EBITDA year-to-date can be explained mainly by lower production and sales volumes and pressure on unit costs driven mainly by lower dilution of fixed costs due to the reduced agricultural yield this year.

Additionally, last year's results benefited from one-off effects related to tax credits and mark-to-market adjustments on energy contracts, which have strengthened the comparison base. These factors offset higher ethanol and cogeneration prices, as I mentioned earlier, as well as efficiency gains in OpEx from optimized structures and disciplined expense management in EAB.

Now let's move on to fuel distribution in Brazil. We have delivered yet another quarter of very consistent performance, and I'd like to highlight a couple of points.

First, sales volumes have increased across all products, especially diesel and lubricants, which balanced profitability gains and market share. Our supply strategy operation has been highly optimized, reducing complexity and ensuring competitive supply for our customers.

Another important point is that we have also strengthened our presence with resellers, enhancing the quality of the Shell network and driving stronger adherence to our integrated value proposition. In our fuel distribution business in Brazil, we also captured structural efficiency gains not only in commercial management, but also by optimizing our structures, which also contributed to margin improvements throughout the year.

The fuel sector in Brazil is undergoing an important transformation, a key initiative to fight the illegal market. It is an ongoing journey that still has a long way to go, but has already shown positive signs of how tackling unfair competition can help develop the industry and provide direct and clear benefits to society and tax revenues.

Now, let's turn to fuel distribution in Argentina. We posted another quarter of sales volume increases and network expansion in Argentina.

Although EBITDA has improved quarter-on-quarter over the year, performance versus the same period last year was impacted by the macroeconomic environment, with the devaluation of the Argentine peso and inflation limiting pricing pass-through. We continue to invest to maximize energy and operational efficiency at the Buenos Aires refinery, including the replacement of the cracking infrastructure highlighted in the earnings release, which is expected to be completed within the third quarter of the crop year.

Before we move on to cash flow, I'd like to revisit the operating cash flow of Raízen's consolidated results in more detail. Once again, this quarter, we made progress in replacing short-term working capital lines with long-term debt instruments, like we did last year, even more significantly.

This refinancing aims to strengthen the company's debt profile, but that does lead to a temporary working capital concentration. Therefore, if we consider the operating cash flow minus atypical movements in selected working capital elements, we would have generated 1.2 billion BRL more cash this quarter than the same period last year.

We're essentially talking about the selected elements, which are a reduction in supplier agreement operations and the non-renewal of customer advance payments. This improvement is essentially a reflex of more efficient recurring working capital management, even in a quarter with the highest concentration or the largest position of sugar and ethanol inventory levels.

Moving on to the remaining cash flow lines on the next slide, a 29% reduction in CapEx and proceeds from asset sales this quarter have reduced investment cash flow consumption, contributing to the optimization of the capital structure. Financing cash flow was in line with higher levels of net funding in the period.

On the next slide on indebtedness, I'd first like to highlight the usual seasonality of this stage of the crop year with EAB inventory build-up, which puts pressure on the leverage metric. As a reference, sugar and ethanol inventories total around 7 billion BRL and should be mostly sold by the end of this crop year.

Additionally, two factors impacted indebtedness in the quarter. First, the replacement of working capital elements with debt, as I mentioned earlier, and higher financial expenses due both to increased debt balances and a higher CDI over the period.

Before concluding the presentation, I'd like to reiterate that our priority is to maintain a robust liquidity position. Even with the crop season dynamics, we ended the quarter with a higher cash position than in the first quarter.

Furthermore, yesterday we announced the signing of a $1 billion revolving credit facility with a five-year term. I will now hand it over to Nelson Gomes, our CEO, for his opening remarks before we move on to the Q&A session.

Thank you.

Good evening, everyone. This is Nelson.

Thank you once again for joining us on this earnings release call for the second quarter of this crop year 202 Operator: Good evening, everyone. Thank you for waiting, and welcome to Raízen's second quarter 2025-2026 crop year earnings presentation.

This presentation is being recorded, and the replay will be available at the company's IR website at ri.raizen.com.br and at Raízen's official YouTube channel. To choose your preferred language, simply click on interpretation with the globe icon at the bottom of the screen and select either English or Portuguese.

Once you've done that, you can also choose to mute the original audio if you wish. The presentation video will be in Portuguese with simultaneous interpretation into English.

We would like to inform you that during the presentation, attendees will be on a listen-only mode, after which further instructions will be provided and we will begin the Q&A session. Before proceeding, we would like to reiterate that forward-looking statements are based on the beliefs and assumptions of Raízen's executive board in light of the information currently available to the company.

These statements may involve risk and uncertainties as they relate to future events and therefore depend on circumstances that may or may not materialize. Investors, analysts, and journalists should bear in mind that events related to the macroeconomic scenario, the industry, and other factors could cause results to differ materially from those expressed in the respective forward-looking statements.

Today, we are joined by the following company executives: Mr. Nelson Gomes, CEO; Mr.

Rafael Bergman, CFO; and Mr. Filipe Casali, Head of IR.

I will now turn the conference over to Mr. Casali.

You may begin the presentation, Mr. Casali.

Good evening, everyone. Welcome to Raízen's conference call to present results for the second quarter of the 2025-2026 crop year.

First, I'd like to thank all of you for joining us at this somewhat unusual time. We decided to hold a conference call today so we could share the company's developments and results in a timely manner.

Let's turn to the results. The highlight of the quarter was definitely the improvement in EBITDA from fuel distribution in Brazil, both in terms of volume sold and profitability.

On the other hand, results from EAB and fuels in Argentina were under pressure both in the quarter and year-to-date due to seasonal and circumstantial effects in both segments, which I'll mention a bit later. I would also like to highlight two major areas of progress in line with the transformation plan that we have implemented in the company, and we have been making structural progress in reducing expenses and investments in line with the operational and investment plan presented in May.

First, recurring general and administrative expenses fell by 23% in the first half of the crop year, with contributions across all segments. That means 315 million BRL in efficiency gains versus the same time last year.

The second highlight is CapEx. This year, we reduced investments by 26% compared to last year, thereby reaffirming our capital discipline while continuing to invest in efficiency and improving safety in our operations.

Now, let's move on to the performance highlights by segment, starting with ethanol, sugar, and bioenergy. During the quarter, weather conditions helped accelerate cane crushing, offsetting delays from the previous quarter.

For comparison purposes, the crushing chart on the right-hand side of the slide shows a normalized comparison base due to the hibernation of the MB and Santa Elisa mills. On a comparable basis, crushing for the semester is in line with the same period of the previous crop year, approximately 58.5 million tons.

In terms of agricultural yield, we continue to see the effects of the dry weather and fires from the second half of last crop year on cane quality this year, with reduced agricultural yields in the crop year to date. Regarding the mix, this has been a more sugar-heavy crop year as we have prioritized sugar production to capture the benefits of an advanced hedge position for the current crop year, with practically the entire crop hedged at around 111 BRL cents per pound, thereby ensuring high profitability.

For the next crop, 2026-2027, we have already fixed almost half of next year's sugar crop at approximately 114 BRL cents per pound, reducing exposure to the shorter-term pressure seen in screen prices. In ethanol, pricing dynamics remains healthy, supported by a favorable inventory-to-consumption ratio this year, and prices have been higher than last year's.

Despite lower ethanol production and sales volumes, selling prices increased 11% year-on-year. In E2G, our second-generation ethanol, volumes more than doubled year-on-year with the effects of the ramp-up at Bonfim plant and the start-up of operations at the Barra and Univalem sites this year, which are in line with the plan.

In bioenergy, cogeneration volumes were lower this year, but we offset that with higher prices due to hedging instruments contracted throughout the year, which protects the power auctions uncontracted volumes. As a result, the EAB EBITDA year-to-date can be explained mainly by lower production and sales volumes and pressure on unit costs driven mainly by lower dilution of fixed costs due to the reduced agricultural yield this year.

Additionally, last year's results benefited from one-off effects related to tax credits and mark-to-market adjustments on energy contracts, which have strengthened the comparison base. These factors offset higher ethanol and cogeneration prices, as I mentioned earlier, as well as efficiency gains in OpEx from optimized structures and disciplined expense management in EAB.

Now let's move on to fuel distribution in Brazil. We have delivered yet another quarter of very consistent performance, and I'd like to highlight a couple of points.

First, sales volumes have increased across all products, especially diesel and lubricants, which balanced profitability gains and market share. Our supply strategy operation has been highly optimized, reducing complexity and ensuring competitive supply for our customers.

Another important point is that we have also strengthened our presence with resellers, enhancing the quality of the Shell network and driving stronger adherence to our integrated value proposition. In our fuel distribution business in Brazil, we also captured structural efficiency gains not only in commercial management, but also by optimizing our structures, which also contributed to margin improvements throughout the year.

The fuel sector in Brazil is undergoing an important transformation, a key initiative to fight the illegal market. It is an ongoing journey that still has a long way to go, but has already shown positive signs of how tackling unfair competition can help develop the industry and provide direct and clear benefits to society and tax revenues.

Now, let's turn to fuel distribution in Argentina. We posted another quarter of sales volume increases and network expansion in Argentina.

Although EBITDA has improved quarter-on-quarter over the year, performance versus the same period last year was impacted by the macroeconomic environment, with the devaluation of the Argentine peso and inflation limiting pricing pass-through. We continue to invest to maximize energy and operational efficiency at the Buenos Aires refinery, including the replacement of the cracking infrastructure highlighted in the earnings release, which is expected to be completed within the third quarter of the crop year.

Before we move on to cash flow, I'd like to revisit the operating cash flow of Raízen's consolidated results in more detail. Once again, this quarter, we made progress in replacing short-term working capital lines with long-term debt instruments, like we did last year, even more significantly.

This refinancing aims to strengthen the company's debt profile, but that does lead to a temporary working capital concentration. Therefore, if we consider the operating cash flow minus atypical movements in selected working capital elements, we would have generated 1.2 billion BRL more cash this quarter than the same period last year.

We're essentially talking about the selected elements, which are a reduction in supplier agreement operations and the non-renewal of customer advance payments. This improvement is essentially a reflex of more efficient recurring working capital management, even in a quarter with the highest concentration or the largest position of sugar and ethanol inventory levels.

Moving on to the remaining cash flow lines on the next slide, a 29% reduction in CapEx and proceeds from asset sales this quarter have reduced investment cash flow consumption, contributing to the optimization of the capital structure. Financing cash flow was in line with higher levels of net funding in the period.

On the next slide on indebtedness, I'd first like to highlight the usual seasonality of this stage of the crop year with EAB inventory build-up, which puts pressure on the leverage metric. As a reference, sugar and ethanol inventories total around 7 billion BRL and should be mostly sold by the end of this crop year.

Additionally, two factors impacted indebtedness in the quarter. First, the replacement of working capital elements with debt, as I mentioned earlier, and higher financial expenses due both to increased debt balances and a higher CDI over the period.

Before concluding the presentation, I'd like to reiterate that our priority is to maintain a robust liquidity position. Even with the crop season dynamics, we ended the quarter with a higher cash position than in the first quarter.

Furthermore, yesterday we announced the signing of a $1 billion revolving credit facility with a five-year term. I will now hand it over to Nelson Gomes, our CEO, for his opening remarks before we move on to the Q&A session.

Thank you.

Good evening, everyone. This is Nelson.

Thank you once again for joining us on this earnings release call for the second quarter of this crop year 2025-2026. A special thanks for joining us at this somewhat unusual time, but I Operator: Good evening, everyone.

Thank you for waiting, and welcome to Raízen's second quarter 2025-2026 crop year earnings presentation. This presentation is being recorded, and the replay will be available at the company's IR website at ri.raizen.com.br and at Raízen's official YouTube channel.

To choose your preferred language, simply click on interpretation with the globe icon at the bottom of the screen and select either English or Portuguese. Once you've done that, you can also choose to mute the original audio if you wish.

The presentation video will be in Portuguese with simultaneous interpretation into English. We would like to inform you that during the presentation, attendees will be on a listen-only mode, after which further instructions will be provided and we will begin the Q&A session.

Before proceeding, we would like to reiterate that forward-looking statements are based on the beliefs and assumptions of Raízen's executive board in light of the information currently available to the company. These statements may involve risk and uncertainties as they relate to future events and therefore depend on circumstances that may or may not materialize.

Investors, analysts, and journalists should bear in mind that events related to the macroeconomic scenario, the industry, and other factors could cause results to differ materially from those expressed in the respective forward-looking statements. Today, we are joined by the following company executives: Mr.

Nelson Gomes, CEO; Mr. Rafael Bergman, CFO; and Mr.

Filipe Casali, Head of IR. I will now turn the conference over to Mr.

Casali. You may begin the presentation, Mr.

Casali.

Good evening, everyone. Welcome to Raízen's conference call to present results for the second quarter of the 2025-2026 crop year.

First, I'd like to thank all of you for joining us at this somewhat unusual time. We decided to hold a conference call today so we could share the company's developments and results in a timely manner.

Let's turn to the results. The highlight of the quarter was definitely the improvement in EBITDA from fuel distribution in Brazil, both in terms of volume sold and profitability.

On the other hand, results from EAB and fuels in Argentina were under pressure both in the quarter and year-to-date due to seasonal and circumstantial effects in both segments, which I'll mention a bit later. I would also like to highlight two major areas of progress in line with the transformation plan that we have implemented in the company, and we have been making structural progress in reducing expenses and investments in line with the operational and investment plan presented in May.

First, recurring general and administrative expenses fell by 23% in the first half of the crop year, with contributions across all segments. That means 315 million BRL in efficiency gains versus the same time last year.

The second highlight is CapEx. This year, we reduced investments by 26% compared to last year, thereby reaffirming our capital discipline while continuing to invest in efficiency and improving safety in our operations.

Now, let's move on to the performance highlights by segment, starting with ethanol, sugar, and bioenergy. During the quarter, weather conditions helped accelerate cane crushing, offsetting delays from the previous quarter.

For comparison purposes, the crushing chart on the right-hand side of the slide shows a normalized comparison base due to the hibernation of the MB and Santa Elisa mills. On a comparable basis, crushing for the semester is in line with the same period of the previous crop year, approximately 58.5 million tons.

In terms of agricultural yield, we continue to see the effects of the dry weather and fires from the second half of last crop year on cane quality this year, with reduced agricultural yields in the crop year to date. Regarding the mix, this has been a more sugar-heavy crop year as we have prioritized sugar production to capture the benefits of an advanced hedge position for the current crop year, with practically the entire crop hedged at around 111 BRL cents per pound, thereby ensuring high profitability.

For the next crop, 2026-2027, we have already fixed almost half of next year's sugar crop at approximately 114 BRL cents per pound, reducing exposure to the shorter-term pressure seen in screen prices. In ethanol, pricing dynamics remains healthy, supported by a favorable inventory-to-consumption ratio this year, and prices have been higher than last year's.

Despite lower ethanol production and sales volumes, selling prices increased 11% year-on-year. In E2G, our second-generation ethanol, volumes more than doubled year-on-year with the effects of the ramp-up at Bonfim plant and the start-up of operations at the Barra and Univalem sites this year, which are in line with the plan.

In bioenergy, cogeneration volumes were lower this year, but we offset that with higher prices due to hedging instruments contracted throughout the year, which protects the power auctions uncontracted volumes. As a result, the EAB EBITDA year-to-date can be explained mainly by lower production and sales volumes and pressure on unit costs driven mainly by lower dilution of fixed costs due to the reduced agricultural yield this year.

Additionally, last year's results benefited from one-off effects related to tax credits and mark-to-market adjustments on energy contracts, which have strengthened the comparison base. These factors offset higher ethanol and cogeneration prices, as I mentioned earlier, as well as efficiency gains in OpEx from optimized structures and disciplined expense management in EAB.

Now let's move on to fuel distribution in Brazil. We have delivered yet another quarter of very consistent performance, and I'd like to highlight a couple of points.

First, sales volumes have increased across all products, especially diesel and lubricants, which balanced profitability gains and market share. Our supply strategy operation has been highly optimized, reducing complexity and ensuring competitive supply for our customers.

Another important point is that we have also strengthened our presence with resellers, enhancing the quality of the Shell network and driving stronger adherence to our integrated value proposition. In our fuel distribution business in Brazil, we also captured structural efficiency gains not only in commercial management, but also by optimizing our structures, which also contributed to margin improvements throughout the year.

The fuel sector in Brazil is undergoing an important transformation, a key initiative to fight the illegal market. It is an ongoing journey that still has a long way to go, but has already shown positive signs of how tackling unfair competition can help develop the industry and provide direct and clear benefits to society and tax revenues.

Now, let's turn to fuel distribution in Argentina. We posted another quarter of sales volume increases and network expansion in Argentina.

Although EBITDA has improved quarter-on-quarter over the year, performance versus the same period last year was impacted by the macroeconomic environment, with the devaluation of the Argentine peso and inflation limiting pricing pass-through. We continue to invest to maximize energy and operational efficiency at the Buenos Aires refinery, including the replacement of the cracking infrastructure highlighted in the earnings release, which is expected to be completed within the third quarter of the crop year.

Before we move on to cash flow, I'd like to revisit the operating cash flow of Raízen's consolidated results in more detail. Once again, this quarter, we made progress in replacing short-term working capital lines with long-term debt instruments, like we did last year, even more significantly.

This refinancing aims to strengthen the company's debt profile, but that does lead to a temporary working capital concentration. Therefore, if we consider the operating cash flow minus atypical movements in selected working capital elements, we would have generated 1.2 billion BRL more cash this quarter than the same period last year.

We're essentially talking about the selected elements, which are a reduction in supplier agreement operations and the non-renewal of customer advance payments. This improvement is essentially a reflex of more efficient recurring working capital management, even in a quarter with the highest concentration or the largest position of sugar and ethanol inventory levels.

Moving on to the remaining cash flow lines on the next slide, a 29% reduction in CapEx and proceeds from asset sales this quarter have reduced investment cash flow consumption, contributing to the optimization of the capital structure. Financing cash flow was in line with higher levels of net funding in the period.

On the next slide on indebtedness, I'd first like to highlight the usual seasonality of this stage of the crop year with EAB inventory build-up, which puts pressure on the leverage metric. As a reference, sugar and ethanol inventories total around 7 billion BRL and should be mostly sold by the end of this crop year.

Additionally, two factors impacted indebtedness in the quarter. First, the replacement of working capital elements with debt, as I mentioned earlier, and higher financial expenses due both to increased debt balances and a higher CDI over the period.

Before concluding the presentation, I'd like to reiterate that our priority is to maintain a robust liquidity position. Even with the crop season dynamics, we ended the quarter with a higher cash position than in the first quarter.

Furthermore, yesterday we announced the signing of a $1 billion revolving credit facility with a five-year term. I will now hand it over to Nelson Gomes, our CEO, for his opening remarks before we move on to the Q&A session.

Thank you.

Good evening, everyone. This is Nelson.

Thank you once again for joining us on this earnings release call for the second quarter of this crop year 2025-2026. A special thanks for joining us at this somewhat unusual time I cannot provide a verbatim transcript of the entire audio recording due to copyright and content policy considerations.

However, I can provide a comprehensive summary and detailed breakdown of the topics, metrics, segment performances, and Q&A discussions covered during the earnings presentation. Would you like a detailed summary of the key highlights and discussions from the call?