EARNINGS

RELEASE

ri.raizen.com.br
Q1 2024’25
Crop Year
Videoconference on August 14, 2024
11:00 AM Brasília | 10:00 AM New York | 3:00 PM London

Click here to access the webcast

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 Results
Q1 2024’25

Index

Q1 Highlights ................................................................................................................................................................ 3
Performance vs. Strategic Plan ................................................................................................................................. 4
Renewables and Sugar ............................................................................................................................................... 6
Agroindustrial Operation ................................................................................................................................................. 6
Ethanol ........................................................................................................................................................................... 8
Second Generation Ethanol (E2G) .................................................................................................................................... 9
Power ............................................................................................................................................................................. 9
Sugar ............................................................................................................................................................................. 10
Renewables and Sugar - Consolidated Results ................................................................................................................ 10
Mobility - Consolidated Results ................................................................................................................................ 12
Mobility Brazil................................................................................................................................................................. 13
Mobility Latam (Argentina + Paraguay) ............................................................................................................................ 15
Corporation, Eliminations and Other ........................................................................................................................ 17
Consolidated Results................................................................................................................................................. 18
Financial Result ............................................................................................................................................................. 18
Income Tax and Social Contribution ............................................................................................................................... 18
Adjusted Net Income ...................................................................................................................................................... 18
Loans and Financing ...................................................................................................................................................... 19
Reconciliation of Cash Flow and Key Effects on Working Capital .................................................................................... 20
Reconciliation of EBITDA Adjustments ........................................................................................................................... 21
Attachments ............................................................................................................................................................. 22
I. Sustainability ............................................................................................................................................................. 22
II: Debt Breakdown ........................................................................................................................................................ 23
III: Financial Statements ............................................................................................................................................... 24
IV: Relevant Issues and Subsequent Events ....................................................................................................................27

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 Results
Q1 2024’25

Message from the CEO

“The first quarter results reflect the seasonality of the period and align with our annual guidance. We saw revenue
growth, the formation of higher value-added inventories, and an increase in net profit, all while maintaining capital
discipline and operational excellence. In Mobility Brazil, the Integrated Shell has sustained a new level of profitability,
even in a market temporarily impacted by product oversupply. In Latam Mobility, we successfully combined
profitability, operational excellence, and cash generation. In Renewables & Sugar, we achieved a record crushing for
the first quarter of the harvest, ensuring agroindustrial efficiency and absorbing inflationary cost impacts. We also
made progress in sugar, ethanol, and energy production. In Sugar, our stock positioning and fixed prices for this
harvest will contribute to superior returns. In Renewables, our strategy of maintaining higher inventory levels proved
effective, with growing demand driving price recovery. Our second E2G plant in Bonfim, expanded volumes, which were
already fully commercialized. We foresee a cycle of reaping the benefits of investments made over the past three
years, while taking care of people, the environment, and value generation.

Ricardo Mussa

Q1 Highlights
Net Revenue Adjusted EBITDA Primary Cash Generation
Adjusted EBITDA (-) Recurring CAPEX
BRL 57.8 bn BRL 2.3 bn BRL1.0 bn
18% vs. Q1 23’24 -29% vs. Q1 23’24
-50% vs. Q1 23’24

Net Income Leverage CAPEX

. (Net debt/Adjusted EBITDA) .

BRL 1.1 bn 2.3x BRL 2.2 bn

+59% vs. Q1 23’24 vs. 2.0x Q1 23’24 flat vs. Q1 23’24
Capital Structure aligned with Prioritization of Investments with Capital
period seasonality Discipline

E2G
Second Generation Ethanol
Raízen Excellence System implementing a unique culture
▪ Over 16 million liters produced (>100%) by Plants #1 of continuous improvement, performance, safety, and
(Costa Pinto) and #2 (Bonfim) sustainability.

▪ Contribution margin of 14% (see page 9) ▪ Over 1 million hours of training

▪ Volume growth of Plant #2 (Bonfim) in line with ▪ 37,000 employees trained
projections ▪ 75% reduction in serious and severe accidents in
Bioenergy Parks

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 Results
Q1 2024’25

Performance vs. Strategic Plan

Initiative Results Performance

Capital Net Income: BRL 1.1 billion; – Capital Structure aligned with priorities and
Structure Adjusted Net Income: - BRL 6.9 million; mandates;
Net Leverage: 2.3x; – Leverage and debt levels compatible with the
Monetization of Tax Credits: BRL 1.2 billion; period’s seasonality.
Maintenance of Investment Grade.

E2G Production expansion: 16.2 million liters – Operation of Plant #2 without incidents, proving
(>100%); the effectiveness of proprietary technology;
Contribution margin of 14%; – Plants #3 and #4 scheduled for commissioning by
Plants #1 (Costa Pinto) and #2 (Bonfim): the end of the crop year;
consistent pace with production capacity; – Construction of the plants following the expected
Plants #3 to #9: construction in progress or in schedule and budget.
the project phase.

Agricultural Crushing: 31 million tons; – The beginning of the crop is already showing the
Productivity TSH: 88 tons per hectare; materialization of investments made in biological
Agricultural Productivity: 10.9 tons of TRS per assets;
hectare; – Greater availability of sugarcane, accelerated
RIT/STAB: 89% production pace and early start of crushing due to
favorable weather conditions.

Sugar Own Volume Sold: -18% YoY; – The pace of commercialization is in line with the
Price: -5% YoY; sales and shipment strategy for the crop year;
Hedge: positions fixed for the next 36 months, – Market fundamentals continue to support a cycle
with prices above 111 BRL/lb. of superior profitability.

Ethanol Own Volume Sold: +19% YoY; – Assertive commercialization strategy with
Premium of 27% LTM over ESALQ; margin expansion;
Higher mix of own and special/industrial ethanol – Sustaining premiums over benchmarks with a mix
exports. of higher value-added products;
– Tactical positioning of inventories for future
sales, aiming for higher profitability.

Raízen Power Consumer units: over 100,000; – Development and expansion of the customer
Top 3 Energy Trader in Brazil; base and electromobility;
Volume sold: 8,100 GWh (+78%). – Expansion of the pace of energy generation and
commercialization;
– Advances in solar distributed generation aiming
at the expansion of B2B contracts and
divestment of plants.

Mobility Adjusted EBITDA Margin: BRL 169/cbm; – Consistency in positioning and profitability
(Brazil + Latam) Shell Stations: 8,193 stations; management, with an expansion of the
Shell Select Stores: 1,702; contracted customer base;
Shell Box: 57 million transactions and – Expansion of the network of stations;
approximately BRL 12 billion transacted LTM. – Strengthening of the Integrated Shell Offer,
especially in Lubricants.

Grupo Nós 525 Oxxo Markets and 1,272 Shell Select/Shell – Growth plan remains accelerated;
Café stores at the end of the quarter. – Operations continue to gain traction, with the
strengthening of the Integrated Shell Offer in the
convenience business.

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 Results
Q1 2024’25

Results reflecting consistency in Mobility and tactical positioning in Sugar and Renewables

Highlights of Consolidated Results 1 Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
Net Revenue 57,759.5 48,822,0 18.3%
Gross Profit 2,648.8 2,808.8 -5.7%
EBIT 2,786.1 2,332.4 19.5%
Net Income 1,065.7 671.2 58.8%
Adjusted Net Income (Loss)² (6.9) 527.0 n/a
EBITDA 4,711.1 4,133.2 14.0%
Adjusted EBITDA 2,313.5 3,265.3 -29.1%
CAPEX 3 2,224.3 2,224.5 0.0%
Sugar and Ethanol Inventory Position4 5,795.5 4,170.6 39.0%
Net Debt 31,590.6 29,354.2 7.6%
Leverage (Net Debt/Adjusted LTM EBITDA) 2.3x 2.0x 0.3x
Weighted Average Debt Maturity (years) 6.0 3.7 2.3
ROACE 13% 19% -6p.p.
1
The consolidated results of Raízen consider the results of Raízen S.A. and its subsidiaries.
2
Net Income adjusted for non-recurring effects described on page 18.
3
Includes expenditures on contract assets with customers and excludes acquisitions of companies and additions to investments in associated companies, as well
as investments allocated to the “Corporation, Eliminations and Other” segment.
4
Sugar and ethanol inventories from the “Renewables and Sugar” segment measured at cost as of June 30, 2024.

Net Revenue – Expansion across all segments, reflecting (i) higher fuel prices in Mobility, (ii) growth in third-party sugar
commercialization and (iii) an increase in the total volume of ethanol sold.

Net Income – Operational results of the businesses and recognition of a tax credit amounting to BRL 1.8 billion, related to the
exclusion of ICMS from the PIS and COFINS tax base.

Adjusted EBITDA – Evolution of Mobility margins, primarily offset by the recognition of tax gain in the comparison base and lower
Sugar results this quarter, aligned with stockpiling for future sales at better prices. Additionally, the comparison base for the
Corporation segment was positively impacted by the recognition of tax credits.

CAPEX – Reflects increased investments in Sugar and Renewable Projects, notably E2G, offset by a reduction in Mobility, in line
with the year’s guidance.

Adjusted EBITDA Contribution by Segment (BRL Millions)

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Q1 2024’25

RENEWABLES AND SUGAR

Agroindustrial Operation

▪ Accelerated crushing pace, benefiting from the recovery of sugarcane fields and drier weather
▪ Operational leverage and cost dilution in line with management focused on continuous improvement of productivity and
agricultural efficiency
▪ Investment plan executed with discipline and cadence aligned with the guidance

Agroindustrial Operation Q1 24’25 Q1 23’24

Var. %
Raízen Bioenergy Parks (Apr-Jun) (Apr-Jun)
Operational Indicators
Crushed Sugarcane (million tons) 30.9 26.8 15.3%
Total TRS (kg/ton) 124.2 123.9 0.2%
Own Sugarcane TSH (tons/ha) 88.0 88.7 -0.8%
Agricultural Productivity (tons of TRS/ha) 10.9 11.0 -0.9%
Production Mix (% sugar-ethanol) 50% - 50% 52% - 48% n/a
Sugar Production (000’ tons) 1,851 1,646 12.5%
Ethanol Production (000’ cbm) 1,108 944 17.4%
E2G Production (000’ cbm) 16.2 7.7 >100%
Sugar Equivalent Production (000’ tons) 3,669 3,179 15.4%

Agroindustrial Highlights – Progress in crushing with the early start of the crop due to favorable weather and the improvement
in the quality of the sugarcane fields. With record crushing in the first quarter of the crop, we advanced in the production of
sugar, ethanol, and energy. Our industrial performance index (RIT/Stab) remained at a high level (89%).

Cost of Agroindustrial Production (CAP) - In addition to the composition of the cost of goods sold (COGS) recorded in the
Financial Statements, we highlight in the following table the cost of product entry into inventory, which does not include direct
accounting entries in the COGS, such as provisions for contingencies, initial inventory costs, tax impacts, among other.

CAP (BRL/tons of crushed

CAP (BRL Million)
sugarcane)
Q1 24’25 Q1 23’24 Q1 24’25 Q1 23’24
Cost of Agroindustrial Production Var% Var%
(Apr-Jun) (Apr-Jun) (Apr-Jun) (Apr-Jun)
Suppliers’ sugarcane and land lease 3,764 3,213 17.1% 121.9 120.0 1.6%
CLT (cutting, loading and transport) and overheads 832 702 18.5% 26.9 26.2 2.7%
Sugarcane cash cost (own + suppliers) 4,596 3,915 17.4% 148.8 146.2 1.8%
Industrial Cost (100% of sugarcane) 483 434 11.5% 15.7 16.2 -3.1%
Production Cash Cost (sugarcane + industrial) 5,079 4,349 16.8% 164.5 162.4 1.3%
Depreciation and amortization 1,651 1,630 1.3% 53.5 60.9 -12.2%
Total Production Cost 6,730 5,979 12.6% 218.0 223.3 -2.4%

Sugar Equivalent Production (000’ tons) 3,669 3,179 15.4%

Sugar Equivalent Production Cash Cost (BRL/tons) 1,384 1,368 1.2%
Average Crushing Days¹ 82 80 2.5%
1
Weighted average of the plants' crushing days.

The CAP demonstrates the capture of scale and efficiency gains, driven by increased crushing and the dilution of fixed costs.
Our operational leverage, in line with management focused on continuous improvement of productivity and agricultural
efficiency, was able to absorb inflationary effects and other associated costs, despite the increase in CLT costs due to the early
start of the crop.

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The graph below allows for the comparison of CAP performance (BRL/tons) in sugar equivalent:

Cost of Goods Sold (COGS)

Cost of Goods Sold Q1 24’25 Q1 23’24

Var. %
(BRL/tons) (Apr-Jun) (Apr-Jun)
Cash Cost of Sugar Equivalent (1,387) (1,415) -2.0%
Cash Cost of Sugar Equivalent ex-Consecana (1,415) (1,415) 0.0%

The COGS reflects the reduction in the unit cost of own sugarcane, greater dilution of fixed costs due to operational leverage
and inventory turnover, which absorbed the inflationary effects on labor, services, and maintenance, as well as capturing
efficiencies in the costs of agricultural inputs.

CAPEX

Renewables and Sugar Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
Recurring - Maintenance and Operational 1,069.3 1,036,4 3.2%
Agricultural productivity (planting and treatment) 781.0 798.5 -2.2%
Off-season maintenance 27.7 39.5 -29.9%
Operational support / Safety / Health / Environment 74.1 86.9 -14.7%
Agroindustrial 186.5 111.5 67.3%
Expansion - Projects 773.2 592.4 30.5%
E2G (Second Generation Ethanol) 465.4 296.4 57.0%
Power (electric energy) 241.2 141.1 70.9%
Biogas 22.5 33.4 -32.6%
Other Projects 1 44.1 121.5 -63.7%
Total 1,842.5 1,628.8 13.1%
1
“Other Projects”: increase in agricultural productivity through irrigation projects, as well as maximization of sugar production and storage capacity.

With the progress in our journey towards recovering agricultural productivity, the renewal levels of our sugarcane fields are
converging to a new recurring standard. Additionally, due to a shorter off-season, maintenance expenditures were lower on a
year-over-year comparison.

We have also advanced our expansion investments, particularly in the construction of E2G plants, Biogas facilities, and solar
Distributed Generation projects1.

1
For more information, please refer to the Notice to the Market released on April 18, 2024.

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 Results
Q1 2024’25

RENEWABLES

Ethanol
▪ Assertive commercialization strategy with margin expansion
▪ Sustaining premiums over benchmarks with a special mix of export and industrial

Operational Indicators Q1 24’25 Q1 23’24 Q4 23’24

Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Ethanol Sales Volume ('000 cbm) 1,274 1,074 18.6% 1,675 -23.9%
Own 672 563 19.4% 876 -23.3%
Commercialization 602 511 17.8% 799 -24.7%
Raízen’s Ethanol Average Price (BRL/cbm) 1 2,741 3,138 -12.7% 2,388 14.8%
1
The average selling price of Raízen ethanol is composed of the price of own ethanol and the margin from resale and trading operations.

Ethanol Inventory Q1 24’25 Q1 23’24 Var. % Q4 23’24 Var. %

000' cbm 922 734 26% 526 76%
BRL Million 2,614 2,191 19% 1,406 86%

Market Scenario - Consumption registered significant growth, mainly driven by the greater competitiveness of biofuel prices
compared to gasoline. The relative price differential between hydrous ethanol and gasoline at the pump was 65% on average
nationwide, with greater participation in the Otto Cycle in Brazil. The growing demand in the local market, coupled with the trend
of a smaller sugarcane harvest in Brazil, among other factors, supported the price increase compared to the last quarter of the
previous crop year.

Volume – Assertive strategy for commercialization carryover stock, capturing the evolution of ethanol prices. Tactical inventory
positioning (+26%), aiming to capture even better returns with the recent evolution of ethanol prices throughout the year.

Raízen’s Ethanol Average Price – Sustaining the premium (+27% LTM) over the local market reference price (ESALQ basis) and
maintaining market leadership with a mix of anhydrous and special ethanol, with differentiated pricing.

Raízen vs. ESALQ Hydrous Price (BRL/cbm)

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Q1 2024’25

Second Generation Ethanol (E2G)

▪ Strong expansion of E2G production, consistent with the capacity of the operational plants (Costa Pinto and Bonfim)
▪ Disclosure of the contribution margin to the results

Operational Indicators Q1 24’25 Q1 23’24

Var. %
(Apr-Jun) (Apr-Jun)
E2G Production Volume (000’ cbm) 16.2 7.7 >100%

Volume - Expansion reflecting the operations of Plant #1 (Costa Pinto) and Plant #2 (Bonfim), with the entire production exported
to meet the growing demand from global customers for biofuel. The Company maintains a backlog exceeding EUR 4 billion in
long-term contracts.

Contribution Margin - Starting this quarter, we will highlight the realized contribution margin, based on 100, to preserve sensitive
information for our clients while providing the market with insights into the initial performance of the E2G Program. As new
plants come online and sensitive information is no longer exposed, additional financial performance data will be made available.
The assumptions include:

▪ First year of operation of Plant #2, expecting it to reach its expected production capacity within 2 years.
▪ Variable costs: components include enzymes, chemical inputs, bagasse, equipment, among other.
▪ Variable expenses: primarily consist of logistical expenses related to the exportation of the product.

E2G – Base 100 Q1 24’25

(Apr-Jun)
Average Price – Base 100 100
Variable Costs 80
Variable Expenses 6
Contribution Margin (%) 14%

Power
▪ Development and expansion of the customer platform, ranking among the top 3 energy traders in Brazil
▪ Construction and divestment of solar DG plants, associated with the portfolio recycling strategy

Q1 24’25 Q1 23’24
Var. %
Operational Indicators (Apr-Jun) (Apr-Jun)
Power sales volume by source ('000 MWh) 8,100 4,547 78,1%
Own 773 675 14.5%
Cogeneration 683 630 8.4%
Solar and other renewable sources 90 45 100.0%
Commercialization and trading 7,327 3,872 89.2%
Own Power Average Price (BRL/MWh) 211 251 -15.9%

Market Scenario – The still quite satisfactory levels of the reservoirs in the National Interconnected System (“SIN”) have
contributed to maintaining the spot price close to the floor, in connection with an expansion of generation, notably from
intermittent sources (solar and wind), which have met the energy demand. Additionally, large generating agents continue to have
substantial volumes of uncontracted energy, causing the Settlement Price for Differences (“PLD”) to remain close to the floor in
all Brazilian submarkets. Future prices, however, have shown high volatility, mainly due to the low rainfall performance in recent
months, requiring attention to its potential impacts on the system’s energy balance.

Volume – Advances in the pace of commercialization, with the development of a robust platform of integrated and customized
solutions. Raízen Power reached the impressive milestone of more than 100,000 consumer units in its portfolio. There was also
an expansion in energy volumes from DG plants, with intensified investments in photovoltaic solar energy, in addition to
cogeneration, which was boosted by the increase in crushing and greater availability of bagasse.

Average Price – Higher concentration of spot sales and lower delivery in auction contracts, momentarily.

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Q1 2024’25

SUGAR
▪ Building inventories for future sales with better prices already fixed
▪ Commercialization pace aligned with the crop strategy
▪ Advances in price fixing with superior profitability, providing predictability

Operational Indicators Q1 24’25 Q1 23’24 Q4 23’24

Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Sales Volume (000’ tons) 2,422 1,920 26.1% 2,918 -17.0%
Own 765 933 -18.0% 1,936 -60.5%
Commercialization 1,657 987 67.9% 982 68.7%
Average Realized Price (BRL/tons) (1) 2,531 2,652 -4.6% 2,429 4.2%
(1)
The average price of Raízen sugar is composed of the price of the own sugar and the margin from the resale and trading operations.

Sugar Inventory Q1 24’25 Q1 23’24 Var. % Q4 23’24 Var. %

000' tons 1,658 1,067 55% 525 >100%
BRL Million 3,182 1,980 61% 1,159 >100%

Market Scenario - The market supply and demand fundamentals remain preserved with low global stock/use levels, sustaining
a cycle of superior profitability.

Volume - Acceleration of commercialization operations, taking advantage of market opportunities. Sales of own volume aligned
with the commercialization and shipments strategy, with a concentration of sales over the next quarters, ensuring EBITDA
growth.

Average Selling Price of Raízen Sugar - Realization of fixed prices for the period, following equilibrium price levels in the global
market. Our strategy to advance in the value chain with direct sales to the destination and product differentiation, in addition to
future price fixing and scheduled shipments for the end of the harvest, should ensure a higher level of margin and return over
the next quarters.

Sugar Fixations (Hedge)2 - Despite the volatility of future prices in USD, we have opportunistically advanced in fixations in Reais,
with better prices year after year. Below, we detail the position of volumes and fixed sugar prices from proprietary cane, in US
dollars and converted to Reais, as of June 30, 2024.

Notes: (1) Average hedged prices include polarization premium; (2) Volumes and prices referred to own sugarcane hedges; (3) NY#11 prices dated August 8, 2024; (4)
More details can be found in Note 3 of the Financial Statements.

Var.% Var.%
Sugar Hedge Operations ¹ 2024’25 2025’26 2026’27
vs. 2024’25 vs. 2024’25
Volume (000' tons) 2,978 1,509 -49% 114 -96%
Average price (¢BRL/lb) ² 115 112 -3% 111 -3%
Average price (¢BRL/tons) ² 2,530 2,464 -3% 2,442 -3%
1
Volumes and prices related to own sugarcane hedges.
² Includes polarization premium.

2
More details can be found in Explanatory Note 3 “Financial Instruments” of the Financial Statements.

10

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Renewables and Sugar - Consolidated Results

Income Statement Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
Net Operating Revenue 11,132,6 9,899.1 12.5%
Renewables 4,674.5 4,493.1 4.0%
Sugar 6,458.1 5,406.0 19.5%
Cost of Goods Sold (10,708.0) (8,455.8) 26.6%
Gross Profit 424.6 1,443.3 -70.6%
Expenses/Income from: (250.0) (787.9) -68.3%
Sales (506.6) (428.8) 18.1%
General and Administrative (342.4) (320.7) 6.8%
Other Operating Income (Expenses), Net 605.9 (19.8) n/a
Equity Method Result (6.9) (18.6) -62.9%
EBIT 174.6 655.4 -73.4%
Depreciation and Amortization 1,571.0 1,502.7 4.5%
EBITDA 1,745.6 2,158.1 -19.1%
Adjusted EBITDA Reconciliation
Biological Asset Effects 91.7 (207.1) n/a
IFRS 16 - Lease (714.8) (576.5) 24.0%
Adjusted EBITDA 1,122.5 1,374.5 -18.3%
Renewables 548.7 536.2 2.3%
Sugar 573.8 838.3 -31.6%
Adjusted EBIT 60.8 336.0 -81.9%

Net Revenue - The expansion in revenue reflects higher commercialization volumes of all products, partially offset by the price
levels practiced during the quarter.

Cost of Goods Sold (COGS) - The increase in the quarter mainly reflects the higher originated volume, partially offset by greater
dilution of the cost of own products due to efficiency gains and operational leverage.

SG&A Expenses - The increase in selling expenses is due to higher logistical costs, reflecting the higher volume of direct sugar
sales to the destination, with a positive counterpart in price and margin. Additionally, there was an impact from inflation between
periods. The growth in general and administrative expenses was driven by increased labor and legal expenses and inflation
between the periods considered.

Adjusted EBITDA - Performance consistent with the lower volume of own sugar sold during the period and the seasonality of
sugar prices, partially offset by the increase in volumes of other commercialized products. The tactical positioning of sugar and
ethanol inventories and the sales pace aligned with the strategy of maximizing returns should contribute to the evolution of
EBITDA throughout the crop year.

11

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Q1 2024’25

MOBILITY - Consolidated Results (Brazil + Latam)

Q1 24’25 Q1 23’24 Q4 23’24
Operational indicators Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Sales volume ('000 cbm) 8,536 8,572 -0.4% 8,366 2.0%
Otto cycle (gasoline + ethanol) 3,535 3,549 -0.4% 3,709 -4.7%
Diesel 3,987 4,105 -2.9% 3,686 8.2%
Aviation 448 451 -0.7% 460 -2.6%
Other 566 467 21.2% 511 10.8%
Investments (BRL millions) 379.5 594.1 -36.1% 933.2 -59.3%
Shell stations (units) 8,193 8,185 0.1% 8,181 0.1%
Shell Select stores and OXXO markets 2,227 1,985 12.2% 2,207 0.9%

Income statement Q1 24’25 Q1 23’24 Q4 23’24

Var. % Var. %
(BRL million) (Apr-Jun) (Apr-Jun) (Jan-Mar)
Net operating revenue 47,720.7 40,146.8 18.9% 41,854.3 14.0%
Cost of goods sold (45,491.4) (38,594.3) 17.9% (39,063.9) 16.5%
Gross profit 2,229.3 1,552.5 43.6% 2,790.4 -20.1%
Expenses/Income from: 494.7 454.4 8.9% (1,387.5) n/a
Sales (922.7) (889.7) 3.7% (951.5) -3.0%
General and administrative (295.5) (292.1) 1.2% (374.8) -21.2%
Other operating income (expenses) 1,715.2 1,637.7 4.7% (58.9) n/a
Equity method result (2.3) (1.5) 53.3% (2.3) 0.0%
EBIT 2,724.0 2,006.9 35.7% 1,402.9 94.2%
Depreciation and amortization 352.8 297.2 18.7% 456.2 -22.7%
EBITDA 3,076.8 2,304.1 33.5% 1,859.1 65.5%
Adjusted EBITDA reconciliation
IFRS 15 - Contract assets with customers 169.2 174.6 -3.1% 165.6 2.2%
Other effects 1 (1,801.2) (1,642.4) 9.7% - n/a
Adjusted EBITDA 1,444.8 836.3 72.8% 2,024.7 -28.6%
Adjusted EBITDA margin (BRL/cbm) 169 98 72.4% 242 -30.2%
Adjusted EBIT 922.9 364.5 >100% 1,402,7 -34.2%
Adjusted EBIT margin (BRL/cbm) 108 43 >100% 168 -35.7%
1
Details on page 21 20.

Remarkable evolution in consolidated results of Brazil, Argentina and Paraguay compared to the same period last year. This
performance is the result of the consistency in our supply and commercialization strategy, strengthening of the Shell station
network, and expansion of the contracted customer base. We have managed to increase profitability, satisfaction, and
competitiveness of our network, with significant progress in the implementation of the Shell Integrated Offer:

▪ Stations Network- Focus on renewing our reseller base, strengthening relationships and differentiating service levels;

▪ Shell V-Power- Greater penetration of the premium market, with a noticeable increase in profitability for resellers and
Raízen. Intensification of commercial and marketing actions, highlighting the new Shell V-Power Ethanol Senna in
Brazil, which should enhance consumer perception of ethanol and its participation in the Otto Cycle;

▪ Shell Box and Shell Box Empresas- 57 million transactions and BRL 12 billion transacted in the last 12 months;

▪ Shell Recharge- More than 90 fast-charging points in operation;

▪ Shell Select and Shell Café- Opening of 100 new stores in the Shell Café format in the last 12 months;

▪ Lubricants- Since acquiring the operation in Brazil, we have tripled EBITDA, thanks to the strategic repositioning of
our sales, with an emphasis on the brand, commercialization channels, and reinforcement of the Shell Helix and Rimula
lines. Starting this quarter, we will present a “pro forma” view as below:

Lubricants (Brazil + Latam) Q1 24’25 Q1 23’24

Var. %
Pro forma results (Apr-Jun) (Apr-Jun)
Sales volume (000’ cbm) 63 61 3.3%
EBITDA (BRL Million) 123.4 101.5 21.6%
EBITDA margin (BRL/cbm) 1,959 1,664 17.7%

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Q1 2024’25

Mobility Brazil
▪ Year-over-year margin expansion, maintaining healthy profitability despite the oversupply in the country and unfair
competition
▪ Strengthening the Shell Integrated Offer in all aspects, with growth in sales and margin

Q1 24’25 Q1 23’24 Q4 23’24

Operational indicators Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Volume sold ('000 cbm) 6,708 6,764 -0.8% 6,541 2,6%
Otto cycle (gasoline + ethanol) 2,966 2,903 2.2% 3,048 -2.7%
Diesel 3,321 3,433 -3.3% 3,070 8.2%
Aviation 347 355 -2.3% 347 0.0%
Other 74 73 1.4% 76 -2.6%
Gasoline equivalent 2,691 2,725 -1.2% 2,756 -2.4%
Shell stations (units) 6,975 6,976 0.0% 6,967 0.1%

Income Statement Q1 24’25 Q1 23’24 Q4 23’24

Var. % Var. %
(BRL Million) (Apr-Jun) (Apr-Jun) (Jan-Mar)
Net operating revenue 41,037.0 34,120.4 20.3% 35,445.7 15.8%
Cost of goods sold (39,544.8) (33,134.0) 19.3% (33,444.1) 18.2%
Gross profit 1,492.2 986.4 51.3% 2,001.6 -25.4%
Gross margin (BRL/cbm) 222 146 52.1% 306 -27.5%
Expenses/Income from: 818.7 826.6 -1.0% (1,091.7) n/a
Sales (623.2) (585.5) 6.4% (672.2) -7.3%
General and administrative (198.6) (195.0) 1.8% (286.6) -30.7%
Other operating income (expenses) 1,642.8 1,608.6 2.1% (130.6) n/a
Equity method result (2.3) (1.5) 53.3% (2.3) 0.0%
EBIT 2,310.9 1,813.0 27.5% 909.9 >100%
Depreciation and amortization 156.0 100.1 55.8% 277.9 -43.9%
EBITDA 2,466.9 1,913.1 28.9% 1,187.8 >100%
Adjusted EBITDA reconciliation
IFRS 15 - Contract assets with customers 152.9 158.7 -3.7% 150.0 1.9%
Other effects 1 (1,801.2) (1,642.4) 9.7% - n/a
Adjusted EBITDA 818.6 429.4 90.6% 1,337.8 -38.8%
Adjusted EBITDA margin (BRL/cbm) 122 63 93.7% 205 -40.5%
Adjusted EBITDA LTM 4,955.9 5,202.0 -4.7% 4,566.7 8.5%
Adjusted EBITDA LTM margin (BRL/cbm) 178 187 -4.8% 164 8.5%
Adjusted EBIT 509.7 170.6 >100% 909.9 -44.0%
Adjusted EBIT margin (BRL/cbm) 76 25 >100% 139 -45,3%
1
Details on page 21 20.

Operational Context and Highlights for Q1 – The excess supply of products in the market, notably diesel, partly caused by special
fuel import regimes in the state of Amapá, affected the sector’s competitiveness. The revocation of this regime led to a gradual
normalization of the environment, and consequently, a recovery in profitability. Despite these external factors, we maintained
profitability, supported by the consistency of our supply strategy positioning, increasingly refined pricing, and the renewal of our
contracted B2B customer base.

Gross Profit – Margin expansion and strong performance compared to Q1 23’24 due to the strengthening of the Shell Integrated
Offer and gains from assertiveness in supply and commercialization strategy. The reduction in gross margin compared to Q4
23’24 reflects the challenging competitive environment, with excess supply and informality.

SG&A Expenses – Compared to Q1 23’24, the increase in selling expenses is associated with (i) higher operational expenses with
storage in specific regions to maximize profitability, (ii) expansion of bunker operations (ship refueling), and (iii) inflation between
periods, mainly on freight. In G&A expenses, the results of the cost management and structure simplification program partially
absorbed the (i) inflationary effects on remuneration, (ii) legal expenses, (iii) expenditures on Shell Box and customer loyalty and
(iii) marketing initiatives that strengthen our Shell Integrated Offer. The reduction in expenses compared to the previous quarter
is justified by the effect of extraordinary expenses linked to relationship events held in Q4 23’24.

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Adjusted EBITDA – Superior performance compared to Q1 23’24 reflecting higher gross profit and its respective effects already
mentioned. The lower performance compared to Q4 23’24 reflects lower average commercialization margins in an adverse
scenario with a high level of product inventory observed in the market throughout the quarter. The focus on expanding the base
of contracted customers and resellers and the assertiveness in supply and commercialization management contributed to
sustaining margin levels. Additionally, significant progress in expense management and the reinforcement of the Shell
Integrated Offer supported the operation’s profitability in a challenging competitive environment.

Normalization of Adjusted EBITDA Margin BRL/cbm – Due to the highly volatile price scenario in the sector, we present the table
below with adjustments to normalize these effects. For better comparability of this indicator with other market players, we also
include the effects of the suppliers’ agreement operations that affect the operational margin, due to possible differences in the
credit profile and accounting of this operation.
EBITDA (BRL Million)
Q1 24’25 Q1 23’24 Q4 23’24
Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Adjusted EBITDA 819 429 90.9% 1,338 -38.8%
IFRS 16 related to Q1, Q2, and Q3 of 23/24 3 - - 0.0% (152) n/a
Adjusted EBITDA 819 429 90.9% 1,186 -30.9%
(+) Effects of suppliers’ agreement, inventory and CBIOs 153 234 -34.6% (145) n/a
Normalized EBITDA 972 663 46.6% 1,041 -6.6%
Normalized EBITDA LTM 5,088 3,653 39.3% 4,780 6.4%

Margin (BRL/cbm)
Q1 24’25 Q1 23’24 Q4 23’24
Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Adjusted EBITDA 122 63 93.7% 205 -40.5%
IFRS 16 related to Q1, Q2, and Q3 of 23/24 ³ - - 0.0% (23) n/a
Adjusted EBITDA 122 63 93.7% 182 -32.6%
(+) Effects of suppliers’ agreement, inventory and CBIOs 23 35 -34.3% (22) n/a
Normalized EBITDA 145 98 48.0% 160 -8.8%
Normalized EBITDA LTM 183 132 38.6% 172 6.4%

CAPEX – Primarily aimed at ensuring the sustainability and expansion of operations, targeting volume growth and increased
profitability.

Q1 24’25 Q1 23’24 Q4 23’24

(BRL Million) Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Total 212.1 384.1 -44.8% 423.4 -49.9%
Recurring 191.4 327.5 -41.6% 282.3 -32.2%
Expansion 20.7 56.6 -63.4% 141.1 -85.3%

3
Amount related to the one-time effect of “IFRS 16 – Leases,” accounted for in Q4 23’24, due to the revision of certain long-term storage contracts. For comparability
and recurrence purposes, the amount corresponding to BRL 152 million or BRL 23/cbm, which pertains to previous quarters, was excluded as indicated. On an annual
comparison, the effect is neutralized.

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Q1 2024’25

Mobility Latam (Argentina + Paraguay)

▪ Notable profitability improvement
▪ Assertive supply strategy and retail pricing management

Q1 24’25 Q1 23’24 Q4 23’24

Operational indicators Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Volume sold ('000 cbm) 1,828 1,808 1,1% 1,825 0,2%
Gasoline 569 646 -11.9% 661 -13.9%
Diesel 666 672 -0.9% 616 8.1%
Aviation 101 96 5.2% 113 -10.6%
Other 492 394 24.9% 435 13.1%
Shell stations (units) 1,218 1,209 0.7% 1,214 0.3%
Convenience stores (units) 430 347 23.9% 417 3.1%

Income Statement Q1 24’25 Q1 23’24 Q4 23’24

Var. % Var. %
(USD Million) (Apr-Jun) (Apr-Jun) (Jan-Mar)
Net operating revenue 1,281.6 1,215.3 5.5% 1,294.7 -1.0%
Cost of goods sold (1,140.0) (1,101.9) 3.5% (1,135.4) 0.4%
Gross profit 141.6 113.4 24.9% 159.3 -11.1%
Gross margin (USD/cbm) 77 63 22.2% 87 -11.5%
Expenses/Income from: (62,2) (75.1) -17.2% (59.7) 4.2%
Sales (57.4) (61.4) -6.5% (56.4) 1.8%
General and administrative (18.6) (19.6) -5.1% (17.8) 4.5%
Other operating income (expenses) 13.8 5.9 >100% 14.5 -4.8%
EBIT 79.4 38.3 >100% 99.6 -20.3%
Depreciation and amortization 37.7 40.3 -6.5% 36.0 4.7%
EBITDA 117.1 78.6 49.0% 135.6 -13.6%
Adjusted EBITDA Reconciliation
IFRS 15 - Contract assets with customers 3.2 3.2 0.0% 3.2 0.0%
Adjusted EBITDA 120.3 81.8 47.1% 138.8 -13.3%
Adjusted EBITDA margin (USD/cbm) 66 45 46.7% 76 -13.2%
Adjusted EBIT 79.4 38.3 >100% 99.6 -20.3%
Adjusted EBIT margin (USD/cbm) 43 21 >100% 55 -21.8%

Income Statement Q1 24’25 Q1 23’24 Q4 23’24

Var. % Var. %
(BRL Million) (Apr-Jun) (Apr-Jun) (Jan-Mar)
Net operating revenue 6,683.8 6,026.4 10.9% 6,408.6 4.3%
Cost of goods sold (5,946.7) (5,460.3) 8.9% (5,619.9) 5.8%
Gross Profit 737.1 566.1 30.2% 788.7 -6.5%
Gross Margin (BRL/cbm) 403 313 28.8% 432 -6.7%
Expenses/Income from: (323.9) (372.2) -13.0% (295.9) 9.5%
Sales (299.5) (304.2) -1.5% (279.4) 7.2%
General and administrative (96.8) (97.1) -0.3% (88.2) 9.8%
Other operating income (expenses) 72.4 29.1 >100% 71.7 1.0%
EBIT 413.2 193.9 >100% 492.8 -16.2%
Depreciation and amortization 196.9 197.1 -0.1% 178.3 10.4%
EBITDA 610.1 391.0 56.0% 671.1 -9.1%
Adjusted EBITDA Reconciliation
IFRS 15 - Contract assets with customers 16.2 15.9 1.9% 15.6 3.8%
Adjusted EBITDA 626.3 406.9 53.9% 686.7 -8.8%
Adjusted EBITDA margin (BRL/cbm) 343 225 52.4% 376 -8.8%
Adjusted EBIT 413.2 193.9 >100% 492.8 -16.2%
Adjusted EBIT margin (BRL/cbm) 226 107 >100% 270 -16.3%

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 Results
Q1 2024’25

Operational Context and Highlights for Q1 – The macroeconomic scenario in Argentina continues to demand attention for
business management. We maintained margin balance in our positioning, adding resilience to market dynamics with the growth
of our network, expansion of volumes sold and premium product mix.

Gross Profit – Superior performance due to higher volumes sold and capturing better commercialization margins with price
transfer at the pump and lower raw material costs.

SG&A Expenses – Decrease due to cost management efforts and administrative structure simplification. Compared to the
previous quarter, the increase reflects the effects of inflation, notably in Argentina.

Adjusted EBITDA – We expanded profitability through operational efficiency, effective supply strategy management and retail
pricing initiatives.

CAPEX – Aimed at maintaining assets and maximizing energy efficiency at the Buenos Aires Refinery, with product quality
adjustments and customer base expansion. By the end of this crop year, we will complete most of the investments in projects
and expansion.

Q1 24’25 Q1 23’24 Q4 23’24

(USD Million) Var. % Var. %
(Apr-Jun) (Apr-Jun) (Jan-Mar)
Total 31.7 42.2 -24.9% 102,6 -69,1%
Recurring 13.0 15.0 -13.3% 34.8 -62.6%
Expansion 18.7 27.2 -31.3% 67.8 -72.4%

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 Results
Q1 2024’25

CORPORATION, ELIMINATIONS AND OTHER

Since Q2 23’24, the “Corporation, eliminations and other” segment has been composed of (i) general and administrative expenses
of Raízen’s corporate structure, which includes the Board of Directors, Presidency, People & Corporate Communication, Legal,
Institutional and Government Relations, Strategy and Sustainability, HSE (Health, Safety, and Environment), Finance and
Investor Relations, among other that are not directly linked to the businesses, (ii) elimination of results between reportable
segments, (iii) equity method results from the investment in Grupo Nós (Proximity and Convenience) and the Financial Services
unit, and (iv) other results that are not directly linked to the businesses, when applicable.

Corporation, eliminations and other Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
Adjusted EBITDA (253.8) 1,054,5 n/a
G&A expenses of corporate areas (88.7) (78.1) 13.6%
% expenses over net revenue -0.2% -0.2% 0 p.p.
Elimination and other (165.1) 1,132.6 n/a

G&A Expenses – Variations mainly reflect inflation effects on remuneration (BRL 8 million) and (ii) legal and audit expenses (BRL
3 million).

Eliminations and Other – Elimination of results between reportable segments, equity method results from the investment in
Grupo Nós, results from the Financial Services unit, among other. In the comparative period, the result was positively impacted
by the effect of recognizing tax credits.

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Q1 2024’25

Consolidated Results

Financial Result4

Q1 24’25 Q1 23’24
(BRL Million) Var. %
(Apr-Jun) (Apr-Jun)
Gross debt cost (972.2) (967.4) 0.5%
Income from Financial Investments 186.9 118.4 57.9%
(=) Net Debt Cost (785.3) (849.0) -7.5%
Other Charges and Monetary Variations (351.6) (203.2) 73.0%
Bank Expenses, Fees and Other (33.6) (40.1) -16.2%
Net financial expense (1,170.5) (1,092.3) 7.2%
Interests on leases (IFRS 16) (311.6) (283.6) 9.9%
Total net financial expenses (1,482.1) (1,375.9) 7.7%

Net Debt Cost – Results in line with the same quarter of the previous crop year due to the higher net debt balance and a reduced
impact from the depreciation of the Argentina peso, as well as a decrease in the Selic interest rate (from 13.75% to 10.50%, on
average).

Other Charges and Currency Variations – Reflects exchange rate fluctuations and results from derivatives not designated for
hedge accounting on loans and financing.

Bank Fees, Charges, and Other – Primarily reflect expenses related to fundraisings, resulting from the debt management
strategy aimed at reducing the cost of debt and extending the average maturity.

Income Tax and Social Contribution5

Q1 24’25 Q1 23’24
(BRL Million) Var. %
(Apr-Jun) (Apr-Jun)
Operating income before Income Tax and Social Contribution 1,304.0 956.6 36.3%
Income Tax and Social Contribution at nominal rates (34%) (443.4) (325.2) 36.3%
Equity accounting (13.3) (26.9) -50.4%
Unrecognized deferred taxes (244.9) (1.9) >100%
Other 463.3 68.6 >100%
Effective Income Tax and Social Contribution Revenue (Expense) (238.3) (285.4) -16.5%
Effective IR/CS Rate (%) 18.3% 29.6% -38.3%
Current (833.1) (310.6) >100%
Deferred 594.8 25.2 >100%

Movements in recoverable taxes are presented in Note 10 of the Financial Statements as of June 30, 2024, including the effect
of tax credit monetization. During the quarter, we observed significant impacts on the effective tax rate, mainly due to (i)
exchange rate fluctuations related to foreign entities, (ii) the recognition of non-recurring tax credits, and (iii) deferred tax assets
that were not recognized for certain subsidiaries.

Adjusted Net Income

Reflects the Company's operational results and higher financial expenses.

Reconciliation of adjustments to Net Income Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
Consolidated Net Income (no adjustments) 1,065.7 671.2 58.8%
Biological Assets Effects 60.5 (136.7) n/a
FRS 16 - Leases 55.7 99.8 -44.2%
Other Effects¹ (1,188.8) (107.3) >100%
Consolidated Adjusted Net Income (6.9) 527.0 n/a
¹ For further details on EBITDA adjustments affecting consolidated profit, please refer to page 21.

4
Similarly, the Financial Result can be found in Note 29 of the Financial Statements.
5
Income Tax and Social Contribution can be found in Note 19 (a) of the Financial Statements.

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Q1 2024’25

Loans and Financing 6

Net debt increased at the end of the quarter due to the typical seasonality at the beginning of the crop year, which requires
higher cash consumption for working capital and CAPEX. Net leverage reached 2.3x according to the "Net Debt/Adjusted EBITDA
for the last 12 months" ratio, reflecting the seasonality of the period. We reaffirm our commitment to maintaining investment-
grade status and leverage below 1.8x by the end of the crop year, primarily through the sale of sugar and ethanol inventories
throughout the season. The cash and cash equivalents position, including Marketable Securities, reached BRL 10 billion,
maintaining an adequate level of liquidity for our operations.

Change in Net Debt Q1 23'24 vs. Q1 24'25 (BRL Millions)

2.0x 2.3x

2 ,3 4 31, 1
1, 2 212 202
2, 0
3, 1 , 6
1 , 62
12,232

Q1 23 24 OCF CAPE Leases Net ebt ividends Payment for Other Q1 24 2 Sugar and Ethanol
Net ebt Accrual business Net ebt Inventories for
Leverage and Cash acquisition Commercialization.
Exchange
Based on IFRS 16 of our operations. ariation

Debt by Type
Q1 24’25 Q1 23’24 Var. % Q4 23’24 Var. %
(BRL Million)
Foreign currency 26,053.1 18,440.3 41.3% 22,042.1 18.2%
Local Currency 17,676.5 14,818.9 19.3% 13,557.7 30.4%
Total Gross Debt 43,729.6 33,259.2 31.5% 35,599.8 22.8%
Short Term Debt 12,111.2 9,954.2 21.7% 6,204.5 95.2%
Long Term Debt 31,618.3 23,305.1 35.7% 29,395.4 7.6%
Cash and cash equivalent (Includes securities) 9,978.8 4,383.9 >100% 15,919.0 -37.3%
Financial Instruments - MtM¹ 2,158.4 (480.5) n/a 525.3 >100%
Financial investments linked to financings 1.8 1.7 5.9% 1.7 5.9%
Cash and cash equivalents 12,139.0 3,905.1 >100% 16,446.0 -26.2%
Total Net Debt² 31,590.6 29.354.1 7.6% 19,153.8 64.9%
Adjusted EBITDA LTM 13,656.5 14,899.4 -8.3% 14,608.5 -6.5%
Leverage³ 2.3x 2.0x 0.3x 1,3x 1.0x
Weighted average debt maturity (Years) 6.0 3.7 2.3 6.8 -0.8
¹ Foreign exchange and interest rate financial instruments.
² Net Debt can be found in Note 3 (l) of the Financial Statements.
³ Calculated as Net Debt/Adjusted LTM EBITDA.

Debt Amortization Schedule

The concentration of amortizations after 2032'33 reflects efforts to extend the average debt maturity from 3.7 years to 6 years,
resulting in a balanced amortization profile.

17, 8

RC ,

11,581
11,0 7

12,13
4,255 4,7 2
3, 88 3,327
2,043 1,752
1,255

Availability 24 2 2 26 26 2 2 2 2 2 2 30 30 31 31 32 After 32 33
(1) e ol ing re it acilit in the amount of S 1,0 bilh o. PTA conversion . .

6
Similarly, Loans and Financing can be found in Note 18 of the Financial Statements.

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Q1 2024’25

Reconciliation of Cash Flow and Key Effects on Working Capital

Raízen ended the quarter with a net cash consumption (FCFE) of BRL 6.4 billion, in line with the typical seasonality of this period
in the crop year, with the main effects being:

Operating Cash Flow (OCF) – Primarily reflects (i) the operational dynamics of the businesses and sales seasonality,
with lower volumes of own sugar sold, (ii) monetization of tax credits (BRL 1.2 billion in the quarter) as a complementary
source of funds, and (iii) working capital movements, with the main effects listed below:

(i) Accounts Receivable: increase in positions in Mobility Brazil, Sugar, and Ethanol.
(ii) Inventories: Tactical positioning of ethanol and sugar for future sale.
(iii) Reduction in the agreements line partially offset by a higher supplier balance due to the seasonal
movement of the crop.

▪ Investment Cash Flow (ICF) – Includes expenditures on our Bioenergy Parks, in line with capital priorities, particularly
related to (i) planting and maintenance of sugarcane fields, (ii) construction of E2G plants, (iii) asset integrity at the
Argentina refinery, and (iv) completion of divested projects in distributed solar generation plants7.

▪ Financing Cash Flow (FCF) - Moderation in debt movement due to continuous debt management.

Below, we present the reconciliation of net cash generation for shareholders on an accounting basis:

Accounting Cash Flow Statement Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
EBITDA 4,711.1 4,133.2 14.0%
Non-cash effects (1,767.2) (2,192.3) -19.4%
Trade receivables and advances of customers (2,606.0) (1,009.1) >100%
Inventories (4,448.8) (1,221.6) >100%
Suppliers and advances of Suppliers 282.5 (2,197.2) n/a
Suppliers - agreement (3,522.1) (1,759.3) >100%
Derivative financial instruments, net¹ 151.8 169.7 -10.5%
Changes in Assets and Liabilities, net (650.1) (1,113.0) -41.6%
Cash Flow from Operations (CFO) (7,848.8) (5,189.6) 51.2%
CAPEX (2,104.0) (1,948.3) 8.0%
Payment for business acquisition, net of cash acquired (212.2) 1.3 n/a
Redemption (investments) in securities and real estate, net (51.3) (136.0) -62.3%
Other, net (24.2) 1.9 n/a
Cash Flow from Investment (CFI) (2,391.7) (2,081.1) 14.9%
Third party debt funding 7,055.3 7,868.9 -10.3%
Repayment of principal of debt with third parties (1,451.8) (3,582.6) -59.5%
Repayment of interest on debt with third parties (411.2) (431.5) -4.7%
Payment of leases (1,322.4) (1,064.0) 24.3%
Other, net (0.3) (50.0) -99.4%
Cash Flow from Financing (CFF) 3,869.6 2,740.8 41.2%
Free cash for shareholders (FCFS) (6,370.9) (4,529.9) 40.6%
Impact of foreign exchange variation on cash and cash equivalent balances 279.2 (137.2) n/a
Net cash generated (consumed) in the period (6,091.7) (4,667.1) 30.5%
1
Refers to net derivative financial instruments from restricted cash, as demonstrated on page 26 in the "Cash Flow Statement" and in an analogous table in the
Financial Statements.

7
For more information, see Notice to the Market published on April 18, 2024.

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 Results
Q1 2024’25

Reconciliation of EBITDA Adjustments

To maintain a normalized comparison base and reflect Raízen's recurring results, EBITDA and adjusted Net Income are calculated
by excluding the effects highlighted in the table below. The description of "Other Effects" by business line is as follows:

EBITDA Adjustments Reconciliation Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
Raízen EBITDA (no adjustments) 4,711.1 4,133.2 14.0%
Renewables (no adjustments) 857.7 913.9 -6.1%
Biological Assets Effects 45.5 (99.8) n/a
IFRS 16 – Leases (354.5) (277.9) 27.6%
Renewables – Adjusted 548.7 536.2 2.3%
Sugar (no adjustments) 887.9 1,244.2 -28.6%
Biological Assets Effects 46.2 (107.3) n/a
IFRS 16 – Leases (360.3) (298.6) 20.7%
Sugar – Adjusted 573.8 838.3 -31.6%
Mobility (no adjustments) 3,076.8 2,304.1 33.5%
IFRS 15 - Revenue from contracts with customers 169.2 174.6 -3.1%
Other Effects (1,801.2) (1,642.4) 9.7%
Mobility – Adjusted 1,444.8 836.3 72.8%
Corporation, Adjustments and Eliminations¹ (253.8) 1,054.5 n/a
Adjusted Raízen EBITDA 2,313.5 3,265.3 -29.1%
¹ Starting in Q1 22'23, we ceased adjusting for the impact of IFRS 16 - Leases on the Mobility (Brazil + Latam) results to better align performance comparability with
the market. However, to maintain consistency, this same effect is accounted for under Corporation, Eliminations, and Other, ensuring the harmonization of
Consolidated EBITDA. As a result, the total amount for all Raízen segments is reflected in the Adjusted Raízen EBITDA (consolidated).

Mobility

– Q1 24'25 and Q1 23'24: Gains from non-recurring tax credits for PIS/COFINS.

Corporation, Eliminations, and Other:

– Q1 24'25: (i) Revenues and/or expenses not allocated within the segments, impacting the Consolidated result, as well
as eliminations between businesses; (ii) accounting effect of leases (IFRS 16).

– Q1 23’24: (i) Revenues and/or expenses not allocated within the segments, impacting the Consolidated result, as well
as eliminations between businesses; (ii) accounting effect of leases (IFRS 16); and (iii) non-recurring tax credits for
PIS/COFINS.

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Q1 2024’25

Attachments

I. Sustainability
We share below the progress on the agenda for the quarter:

▪ Integrated Annual Report - Reinforcing our ESG commitment and the positive impact of our business, we released our
Integrated Report for the 2023’24 crop year, in accordance with the International Integrated Reporting Council (IIRC),
as well as the transparency guidelines of the Global Reporting Initiative (GRI), Sustainability Accounting Standards
Board (SASB), the Stakeholder Capitalism Metrics of the World Economic Forum (WEF), and the recommendations of
the Task Force on Climate-related Financial Disclosures (TCFD). To access the full document, click here.

▪ Performance of Public Commitments for the 2023’24 Crop Year:

Commitments 2022’23 2023’24 Meta 2030

Climate Change and Energy Transition
– 80% increase in renewable energy production 18% 24% 80%
– Reduce the carbon footprint of ethanol by 20% 9% 8% 20%
– 80% of Adjusted EBITDA will come from Renewable Businesses 59% 61% 80%
– Reduce carbon intensity of product usage by 10% 3% 5% 10%
Water Management
– Reduce external water intake by 15% during the milling period 11% 13.7% 15%
Agricultural Management and Biodiversity
– Increase energy generation per harvested area (GJ/ha) by 15% 2% 6.2% 15%
– Ensure traceability of 100% of the processed cane volume 98.6% 99.6% 100%
– Zero illegal deforestation post-2008 Zero Zero Zero
Sustainable Procurement
– 100% of sugarcane sources covered by a sustainability standard 67% 80% 100%
– Achieve and maintain certifications for all operating units by an
80% 83,3% 100%
internationally recognized standard
Community Relations
– Promote educational actions in 100% of the areas where Raízen
33.7% 57.7% 100%
operates through Fundação Raízen programs
Diversity and Inclusion
– Achieve at least 30% women in leadership positions by 2025 25.5% 27.7% 30%

▪ ESG Indicator - In line with best governance practices and market guidelines, we have revised the ESG KPI associated
with our employees' variable compensation, now tied to the increase in renewable energy production. This measure
aims to engage and keep the Company committed to the goal of expanding decarbonization solutions globally.

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II: Debt Breakdown

Debt by Type
Q1 24’25 Q1 23’24 Var. % Q4 23’24 Var. %
(BRL Million)
Foreign currency 26,053.1 18,440.3 41.3% 22,042.1 18.2%
Export prepayment 11,350.2 11,509.0 -1.4% 9,492.5 19.6%
Senior Notes 2027 1,673.4 3,459.8 -51.6% 1,499.2 11.6%
Green Notes Due 2034 5,645.9 - n/a 5,008.7 12.7%
Green Notes Due 2054 2,841.2 - n/a 2,510.2 13.2%
Advance on foreign Exchange contract ("ACC") 2,452.7 431.1 >100% 1,671.0 46.8%
Loan Term Agreement 1,813.4 957.5 89.4% 1,621.4 11.8%
Export credit notes (ECN) - 479.5 n/a - n/a
Other 276.3 1,603.4 -82.8% 239.1 15.6%
Local Currency 17,676.5 14,818.9 19.3% 13,557.7 30.4%
CRA 7,107.4 6,981.7 1.8% 7,579.0 -6.2%
Debentures 3,615.2 2,588.8 39.6% 2,587.5 39.7%
CPR-F 3.977,7 3,079.5 29.2% 1,573.0 >100%
NCE 2,191.8 1,947.3 12.6% 1,645.4 33.2%
BNDES 184.3 231.9 -20.5% 187.5 -1.7%
Finame 1.4 12.2 -88.5% 2.2 -36.4%
Rural Credit 615.6 - n/a - n/a
Working Capital and Other (16.9) (22.5) -24.9% (16.9) 0.0%
Total Gross Debt 43,729.6 33,259.2 31.5% 35,599.8 22.8%
Short Term Debt 12,111.2 9,954.2 21.7% 6,204.5 95.2%
Long Term Debt 31,618.3 23,305.1 35.7% 29,395.4 7.6%
Cash and cash equivalent (Incl. TVM) 9,978.8 4,383.9 >100% 15,919.0 -37.3%
Financial Instruments - MtM¹ 2,158.4 (480.5) n/a 525.3 >100%
Financial investments linked to financings 1.8 1.7 5.9% 1.7 5.9%
Cash and cash equivalents 12,139.0 3,905.1 >100% 16,446.0 -26.2%
Total Net Debt² 31,590.6 29.354.1 7.6% 19,153.8 64.9%
Adjusted EBITDA LTM 13,656.5 14,899.4 -8.3% 14,608.5 -6.5%
Leverage³ 2.3x 2.0x 0.3x 1.3x 1.0x
Weighted average debt maturity (Years) 6.0 3.7 2.3 6.8 -0.8
¹ Foreign exchange and interest rate financial instruments.
² Net Debt can be found in Note 3 (l) of the Financial Statements.
³ Calculated as Net Debt/Adjusted LTM EBITDA.

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III: Financial Statements

For analysis and comparison purposes, the tables below present the accounting results by operating segment for Q1 24'25:

Corporation,
Accounting result per operational segment Q1 24’25 Raízen
Renewables Sugar Mobility Elimination
(BRL Millon) Consolidated
and Other
Net Revenue 4,674.5 6,458.1 47,720.7 (1,093.8) 57,759.5
Cost of goods sold (4,686.6) (6,021.4) (45,491.4) 1,088.7 (55,110.7)
Gross profit (12.1) 436.7 2,229.3 (5.1) 2,648.8
Expenses/Revenue with: (130.7) (119.3) 494.7 (107.4) 137.3
Sales (182.6) (324.0) (922.7) - (1,429.3)
General and administrative (201.9) (140.5) (295.5) (93.3) (731.2)
Other operating (expenses) revenues 264.6 341.3 1,715.2 15.9 2,337.0
Equity pick-up (10.8) 3.9 (2.3) (30.0) (39.2)
EBIT (142.8) 317.4 2,724.0 (112.5) 2,786.1
Depreciation and amortization 1,000.5 570.5 352.8 1.2 1,925.0
EBITDA 857.7 887.9 3,076.8 (111.3) 4,711.1
Net financial result* - - - - (1,482.1)
IR/CSLL (current and deferred) * - - - - (238.3)
Net income for the period - - - - 1,065.7
* The financial result and taxes are managed in a unified manner and therefore are not allocated to the operational segments.

EBITDA Reconciliation Q1 24’25 Q1 23’24

Var. %
(BRL, Million) (Apr-Jun) (Apr-Jun)
Net income - Controlling shareholders 1,050.2 637.8 64.7%
Net profit - Non-controlling shareholders 15.5 33.4 -53.6%
Net income for the period 1,065.7 671.2 58.8%
Income tax and social contribution 238.3 285.4 -16.5%
Financial result, net 1,482.1 1,375.8 7.7%
Depreciation and amortization 1,925.0 1,800.8 6.9%
EBITDA 4,711.1 4,133.2 14.0%

Q1 24’25 Q1 23’24
Statement of Profit and Loss (BRL Million) Var. %
(Apr-Jun) (Apr-Jun)
Net Revenue 57,759.5 48,822.0 18.3%
Cost of goods sold (55,110.7) (46,013.2) 19.8%
Gross profit 2,648.8 2,808.8 -5.7%
Expenses/Revenue with: 137.3 (476.4) n/a
Sales (1,429.3) (1,318.3) 8.4%
General and administrative (731.2) (696.1) 5.0%
Other operating revenues 2,337.0 1,617.1 44.5%
Equity pick-up (39.2) (79.1) -50.4%
Income before financial result 2,786.1 2,332.4 19.5%
Financial result, net (1,482.1) (1,375.8) 7.7%
Profit before income tax and social contribution 1,304.0 956.6 36.3%
Income tax and social contribution (238.3) (285.4) -16.5%
Net income for the period 1,065.7 671.2 58.8%

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Balance Sheet
Q1 24’25 Q4 23’24 Var. %
(BRL Million)
Cash and cash equivalents (Incl. TVM) 9,978.8 15,919.0 -37.3%
Derivative financial instruments 11,994.4 9,396.3 27.7%
Trade Accounts receivable 12,342.0 10,317.0 19.6%
Inventories 17,965.3 11,680.2 53.8%
Income tax and social contribution recoverable 1,076.7 1,088.2 -1.1%
Income tax and social contribution deferred 4,548.3 3,998.2 13.8%
Taxes Recoverable 13,786.5 11,409.3 20.8%
Related parties 2,474.1 2,360.8 4.8%
Biological Assets 3,900.0 4,185.0 -6.8%
Investments 1,364.2 1,317.5 3.5%
Property, plant and equipment 33,989.4 32,860.7 3.4%
Intangible assets 6,594.9 6,525.1 1.1%
Other credits 17,994.7 17,126.0 5.1%
Total Asset 138,009.3 128,183.3 7.7%
Loans and Financing 43,729.5 35,599.9 22.8%
Derivative financial instruments 9,011.8 6,923.2 30.2%
Suppliers 22,855.9 24,026.3 -4.9%
Wages and salaries payable 1,643.7 1,364.2 20.5%
Income tax and social contribution payable 226.6 70.2 >100%
Taxes payable 861.8 981.9 -12.2%
Dividends payable 129.9 129.9 0.0%
Related parties 5,980.0 6,036.6 -0.9%
Other obligations 30,315.6 30,925.6 -2.0%
Total Liability 114,754.8 106,057.8 8.2%
Total Shareholder’s Equity 23,254.5 22,125.6 5.1%
Total Liability and Shareholder’s Equity 138,009.3 128,183.3 7.7%

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Cash Flow Statements Q1 24’25 Q1 23’24

Var. %
(BRL Million) (Apr-Jun) (Apr-Jun)
Earnings Before Taxes 1,304.0 956.6 36.3%
Depreciation and amortization 1,925.0 1,800.8 6.9%
Amortization of contractual assets with customers 169.2 174.6 -3.1%
Gain on sales of property, plant and equipment 30.4 (5.5) n/a
Net loss (gain) on changes in fair value and amortization of added gain or
91.7 (207.1) n/a
loss on Biological Assets
Indexation charges, interest and exchange, net 2,950.1 246.8 >100%
Non-realized loss (gain) on derivatives (996.5) 282.2 n/a
Taxes Credit (1,819.0) (1,465.7) 24.1%
Other (711.0) 158.1 n/a
Earnings Before Taxes total non-cash items 1,639.9 984.2 66.6%
Trade receivables and advances of customers (2,606.0) (1,009.1) >100%
Inventories (4,448.8) (1,221.6) >100%
Net restricted cash (206.2) 673.2 n/a
Trade payables and advances to Suppliers 282.5 (2,197.2) n/a
Suppliers - agreement (3,522.1) (1,759.3) >100%
Derivative financial instruments 358.0 (503.5) n/a
Taxes and contributions, net (495.0) 16.1 n/a
Other (48.3) (1,117.0) -95.7%
Changes in assets and liabilities (10,685.9) (7,118.4) 50.1%
Income and social contribution taxes paid (106.8) (12.1) >100%
Cash flows from Operating Activities (7,848.8) (5,189.6) 51.2%
CAPEX (2,104.0) (1,948.3) 8.0%
Payment for business acquisition net of cash acquired (212.2) 1.3 n/a
Redemption (investments) in securities and real estate values (51.3) (136.0) -62.3%
Other (24.2) 1.9 n/a
Cash Flow from Investing activities (2,391.7) (2,081.1) 14.9%
Third party debt funding 7,055.3 7,868.9 -10.3%
Third party debt amortization (1,451.8) (3,582.6) -59.5%
Third party debt interest amortization (411.2) (431.5) -4.7%
Financial intercompany transactions (0.1) (50.0) -99.8%
Other (1,322.6) (1,064.0) 24.3%
Cash Flows from Financing Activities 3,869.6 2,740.8 41.2%
Change in cash and cash equivalents (6,370.9) (4,529.9) 40.6%
Cash and cash equivalents at beginning of period 14,819.8 8,733.4 69.7%
Effect of exchange rate variation on cash held 279.2 (137.2) n/a
Cash and cash equivalents at the end of period 8,728.1 4,066.3 >100%

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IV: Subsequent Events

We present below the subsequent events disclosed by the Company up to the date of publication of this report.

Covered acility Agreement (“SACE”)

On July 30, 2024, the indirect subsidiary Raízen Fuels entered into a Facility Agreement with SACE (Italian Export Credit Agency)
and a group of financial institutions, amounting to €200,000 thousand, with a final maturity in July 2036. This financing features
semi-annual repayments, after a three-year grace period, and semi-annual interest payments.

Prepayment Export Contract (PPE)

On August 5, 2024, the Company entered a Prepayment Export Contract (PPE) as financing for future sugar exports, amounting
to USD 75,000 thousand, with a final maturity in January 2025. This funding was approved by the Board of Directors on June 11,
2024.

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