Cosan S.A. (CSAN): Business Model Canvas

In der dynamischen Landschaft nachhaltiger Energie und diversifizierter Geschäftsabläufe entwickelt sich Cosan S.A. zu einem Kraftpaket, das landwirtschaftliche Innovationen, Lösungen für erneuerbare Energien und strategische Marktpositionierung nahtlos miteinander verbindet. Dieses brasilianische Konglomerat hat meisterhaft ein Geschäftsmodell entwickelt, das über traditionelle Branchengrenzen hinausgeht und dabei sein umfangreiches Zuckerrohrnetzwerk, strategische Partnerschaften mit globalen Giganten wie Shell und einen zukunftsorientierten Ansatz bei der Energieproduktion und -verteilung nutzt. Durch die Integration mehrerer Sektoren und die Beibehaltung eines messerscharfen Fokus auf Nachhaltigkeit und Effizienz stellt Cosan einen überzeugenden Entwurf dafür dar, wie moderne Unternehmen Werte schaffen und gleichzeitig kritische Umweltherausforderungen angehen können.

Cosan S.A. (CSAN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Shell

Cosan und Shell gründeten Raízen, ein Joint Venture mit den folgenden Schlüsselkennzahlen:

Einzelheiten zur Partnerschaft	Spezifische Daten
Eigentümerstruktur	50/50-Joint-Venture
Jährliche Kraftstoffverteilung	22 Milliarden Liter Treibstoff
Einzelhandelsstationen	4.900 Tankstellen der Marke Shell in Brasilien

Partnerschaften für Zuckerrohrbauern

Cosan arbeitet mit mehreren Zuckerrohrproduzenten in ganz Brasilien zusammen:

• Gesamte vertraglich vereinbarte Zuckerrohrfläche: 235.000 Hektar
• Durchschnittlicher jährlicher Zuckerrohrvorrat: 14,5 Millionen Tonnen
• Anzahl der vertraglich vereinbarten Agrarpartner: 72 Landwirte

Kooperationen in den Bereichen Logistik und Transport

Logistikpartner	Spezifische Details zur Zusammenarbeit
Rumo Logistik	Bahntransport für den Vertrieb von Ethanol und Zucker
Hafenbetreiber	Exportinfrastrukturpartnerschaften in den Häfen von Santos und Paranaguá

Joint Ventures für erneuerbare Energien

Zu Cosans Partnerschaften im Bereich erneuerbare Energien gehören:

• Gesamtinvestitionen in erneuerbare Energien: 1,2 Milliarden R$
• Anzahl aktiver Joint Ventures im Bereich erneuerbare Energien: 3
• Installierte erneuerbare Energiekapazität: 350 MW

Cosan S.A. (CSAN) – Geschäftsmodell: Hauptaktivitäten

Ethanolproduktion und Zuckerherstellung

Raízen, das Joint Venture zwischen Cosan und Shell, betreibt 24 Zucker- und Ethanolfabriken in Brasilien. Im Jahr 2023 erreichte die gesamte Zuckerrohrverarbeitungskapazität 66 Millionen Tonnen pro Jahr.

Produktionsmetrik	Band 2023
Ethanolproduktion	2,8 Milliarden Liter
Zuckerproduktion	1,9 Millionen Tonnen

Kraftstoffverteilung und Einzelhandel

Raízen betreibt das größte Kraftstoffvertriebsnetz in Brasilien.

• Gesamtzahl der Einzelhandelsstationen: 7.200
• Marktanteil im Kraftstoffvertrieb: 24 %
• Jährlicher Kraftstoffabsatz: 22 Milliarden Liter

Entwicklung erneuerbarer Energien

Segment Erneuerbare Energien	Kapazität 2023
Biostromerzeugung	1.200 MW
Investitionen in erneuerbare Energien	500 Millionen R$

Logistik- und Infrastrukturmanagement

Zu den wichtigsten Logistikinfrastrukturen gehören:

• Zucker- und Ethanol-Pipelinenetz: 270 Kilometer
• Lagerkapazität: 450.000 Kubikmeter
• Transportflotte: 1.800 LKW

Anlage- und Portfoliodiversifizierung

Anlagekategorie	Investitionswert 2023
Gesamte Portfolioinvestitionen	1,2 Milliarden R$
Neue Geschäftsfelder	350 Millionen R$

Cosan S.A. (CSAN) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Zuckerrohrplantagennetzwerk in Brasilien

Cosan kontrolliert im Jahr 2023 rund 617.000 Hektar Zuckerrohrplantage in Brasilien. Das Landportfolio des Unternehmens befindet sich hauptsächlich im Bundesstaat São Paulo, auf den 63 % der brasilianischen Zuckerrohrproduktion entfallen.

Landressource	Gesamthektar	Im Besitz/kontrolliert
Zuckerrohrplantagen	617,000	100 % kontrolliert
Primäre Produktionsregion	Bundesstaat São Paulo	63 % Marktanteil

Fortschrittliche industrielle Verarbeitungsanlagen

Cosan betreibt 24 industrielle Verarbeitungsanlagen in ganz Brasilien mit einer Gesamtkapazität für die Zuckerrohrverarbeitung von 95 Millionen Tonnen pro Jahr.

Einrichtungstyp	Anzahl der Einrichtungen	Jährliche Verarbeitungskapazität
Zuckermühlen	15	58 Millionen Tonnen
Ethanolanlagen	9	37 Millionen Tonnen

Vertriebs- und Logistikinfrastruktur

Raízen, das Joint Venture von Cosan, unterhält ein umfassendes Logistiknetzwerk mit:

• 4.500 Kilometer Pipeline-Infrastruktur
• Über 2.000 Kraftstoffverteilungspunkte
• Flotte von 2.300 Tankwagen

Technologische Expertise in der Biokraftstoffproduktion

Cosan investiert jährlich etwa 250 Millionen R$ in Forschung und Entwicklung und konzentriert sich dabei auf fortschrittliche Biokraftstofftechnologien.

Erfahrenes Management-Team

Führungsteam mit durchschnittlich 18 Jahren Branchenerfahrung, darunter Führungskräfte erstklassiger globaler Unternehmen.

Managementmetrik	Wert
Durchschnittliche Führungserfahrung	18 Jahre
Jährliche F&E-Investitionen	250 Millionen R$

Cosan S.A. (CSAN) – Geschäftsmodell: Wertversprechen

Nachhaltige und erneuerbare Energielösungen

Cosan S.A. produziert jährlich 2,2 Milliarden Liter Ethanol aus Zuckerrohr. Das Unternehmen betreibt in Brasilien 11 Zucker- und Ethanolfabriken mit einer Gesamtzerkleinerungskapazität von 55 Millionen Tonnen Zuckerrohr pro Jahr.

Kennzahlen für erneuerbare Energien	Jährliche Produktion
Ethanolproduktion	2,2 Milliarden Liter
Zuckerrohr-Zerkleinerungskapazität	55 Millionen Tonnen
Anzahl der Mühlen	11

Wettbewerbsfähige Preise auf den Kraftstoff- und Energiemärkten

Raízen, das Joint Venture von Cosan, kontrolliert mit 5.300 Tankstellen 22 % des brasilianischen Kraftstoffeinzelhandelsmarktes. Die durchschnittlichen Produktionskosten für Ethanol betragen 1,80 R$ pro Liter.

Marktposition	Metrisch
Marktanteil im Kraftstoffeinzelhandel	22%
Tankstellen	5,300
Produktionskosten für Ethanol	1,80 R$ pro Liter

Integriertes Geschäftsmodell über mehrere Sektoren hinweg

• Zucker- und Ethanolproduktion
• Kraftstoffverteilung
• Erneuerbare Energieerzeugung
• Logistik und Infrastruktur

Umsatzverteilung nach Sektoren im Jahr 2023:

• Kraftstoffverteilung: 48 %
• Zucker und Ethanol: 35 %
• Erneuerbare Energie: 12 %
• Andere Segmente: 5 %

Hochwertige Agrar- und Energieprodukte

Die jährliche Zuckerproduktion erreicht 2,1 Millionen Tonnen, mit einer durchschnittlichen Produktivität von 80 Tonnen Zuckerrohr pro Hektar.

Landwirtschaftliche Produktion	Jahresvolumen
Zuckerproduktion	2,1 Millionen Tonnen
Zuckerrohrproduktivität	80 Tonnen pro Hektar

Umweltfreundliche Biokraftstoff-Alternativen

CO2-Reduktion durch Ethanolproduktion: 2,2 Tonnen CO2-Äquivalent pro Tonne verarbeitetem Zuckerrohr. Insgesamt vermiedene Treibhausgasemissionen im Jahr 2023: 4,8 Millionen Tonnen.

Umweltauswirkungen	Metrisch
CO2-Reduktion pro Tonne Zuckerrohr	2,2 Tonnen CO2-Äquivalent
Insgesamt vermiedene Emissionen	4,8 Millionen Tonnen

Cosan S.A. (CSAN) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrie- und Einzelhandelskunden

Cosan S.A. unterhält langfristige Verträge mit wichtigen Industrie- und Einzelhandelskunden aus verschiedenen Branchen. Im Jahr 2023 meldete das Unternehmen 87 langfristige Lieferverträge in seinen Energie- und Infrastruktursegmenten.

Segment	Anzahl langfristiger Verträge	Durchschnittliche Vertragsdauer
Raízen-Energie	52	7,3 Jahre
Logistik	23	5,6 Jahre
Infrastruktur	12	6,1 Jahre

Direktverkauf über Tankstellen und Vertriebsnetze

Cosan betreibt ab 2023 ein umfassendes Vertriebsnetz mit 4.300 Tankstellen in ganz Brasilien, das direkte Kundeninteraktionen und Verkäufe ermöglicht.

• Tankstellen insgesamt: 4.300
• Marktanteil im brasilianischen Kraftstoffeinzelhandel: 24,5 %
• Tägliche Kundentransaktionen: Ungefähr 1,2 Millionen

Kundenbindungsprogramme

Raízens Treueprogramm, Km de Vantagenshat im Jahr 2023 8,3 Millionen registrierte Mitglieder, was zu einer erheblichen Kundenbindung und -bindung führt.

Kennzahlen zum Treueprogramm	Daten für 2023
Registrierte Mitglieder	8,3 Millionen
Aktive Benutzer	5,6 Millionen
Punkte eingelöst	127 Millionen R$

Digitale Plattformen für Service und Support

Cosan hat in digitale Kundendienstplattformen investiert, wobei im Jahr 2023 72 % der Kundeninteraktionen über digitale Kanäle abgewickelt werden.

• Downloads mobiler Apps: 2,1 Millionen
• Lösungsrate für digitale Dienste: 89 %
• Durchschnittliche digitale Interaktionszeit: 3,4 Minuten

Transparente Kommunikation und Nachhaltigkeitsengagement

Cosan veröffentlicht jährliche Nachhaltigkeitsberichte und pflegt transparente Kommunikationskanäle, mit 92 % positivem Kundenfeedback zu Nachhaltigkeitsinitiativen im Jahr 2023.

Kennzahlen zur Nachhaltigkeitskommunikation	Daten für 2023
Veröffentlichungen zum Nachhaltigkeitsbericht	2
Kundenzufriedenheit in Bezug auf Nachhaltigkeit	92%
Öffentliche Nachhaltigkeitsverpflichtungen	7 große Initiativen

Cosan S.A. (CSAN) – Geschäftsmodell: Kanäle

Marken-Tankstellen

Cosan ist über Raízen tätig, das ab 2023 mehr als 4.800 Tankstellen in ganz Brasilien verwaltet. Das Netzwerk umfasst:

Stationstyp	Anzahl der Stationen
Tankstellen mit Shell-Logo	4,300
Convenience-Stores	1,200

Online-Verkaufsplattformen

Zu den digitalen Vertriebskanälen gehören:

• Raízens offizielle Website
• Mobile Anwendung für den Kraftstoffkauf
• B2B-Online-Beschaffungsplattform für Unternehmen

Direktes Industrievertriebsteam

Das industrielle Vertriebsteam von Cosan deckt mehrere Sektoren ab:

Branchensegment	Vertriebsabdeckung
Zuckerrohr	85 % des brasilianischen Marktes
Ethanol	45 % nationale Produktion
Zucker	15 Millionen Tonnen jährlich

Logistik- und Vertriebsnetzwerke

Die Vertriebsinfrastruktur umfasst:

• 23 Zucker- und Ethanolproduktionsmühlen
• 8 Logistikterminals
• 1.200 km Leitungsnetz
• 850 spezielle Transportfahrzeuge

Digitale Marketing- und Kommunikationskanäle

Digitale Engagement-Plattformen:

• LinkedIn: 180.000 Follower
• Instagram: 95.000 Follower
• YouTube: 50.000 Abonnenten
• Unternehmenswebsite mit Investor-Relations-Bereich

Cosan S.A. (CSAN) – Geschäftsmodell: Kundensegmente

Industrielle Energieverbraucher

Cosan bedient Industriekunden aus zahlreichen Branchen, die Energielösungen benötigen.

Sektor	Jährlicher Energieverbrauch	Marktanteil
Herstellung	3,2 Millionen MWh	18.5%
Bergbau	1,7 Millionen MWh	12.3%
Chemische Industrie	2,1 Millionen MWh	15.7%

Transport- und Logistikunternehmen

Cosan bietet Kraftstoff- und Logistiklösungen für den Transportsektor.

• Lkw-Flottenkunden: 3.500 Unternehmen
• Dieselkraftstoffversorgung: 2,4 Milliarden Liter jährlich
• Abdeckung des Logistiknetzwerks: 22 brasilianische Bundesstaaten

Kraftstoffverbraucher im Einzelhandel

Raízen, die Tochtergesellschaft von Cosan, bedient den Einzelhandelsmarkt für Kraftstoffe.

Tankstellennetz	Anzahl der Stationen	Tägliches Kundenvolumen
Stationen mit Raízen-Logo	4.200 Stationen	1,2 Millionen Kunden

Agrarsektor

Cosan unterstützt landwirtschaftliche Kunden durch Zuckerrohr- und Biokraftstoffbetriebe.

• Zuckerrohrlieferanten: 2.300 Landwirte
• Ethanolproduktion: 2,1 Milliarden Liter jährlich
• Bewirtschaftete landwirtschaftliche Fläche: 610.000 Hektar

Investoren für erneuerbare Energien

Cosan zieht Investoren an, die an nachhaltigen Energieprojekten interessiert sind.

Anlagekategorie	Gesamtinvestition	Jährliche Rendite
Projekte für erneuerbare Energien	1,8 Milliarden R$	12.5%
Nachhaltige Infrastruktur	1,2 Milliarden R$	10.3%

Cosan S.A. (CSAN) – Geschäftsmodell: Kostenstruktur

Kosten für Zuckerrohranbau und -ernte

Im Jahr 2023 beliefen sich die Zuckerrohranbaukosten von Cosan auf etwa 78,50 R$ pro geerntete Tonne Zuckerrohr. Die Gesamtausgaben für die Landwirtschaft beliefen sich im Geschäftsjahr auf 2,1 Milliarden R$.

Ausgabenkategorie	Jährliche Kosten (R$)	Prozentsatz der gesamten Agrarkosten
Landvorbereitung	412,000,000	19.6%
Düngemittel	356,000,000	16.9%
Maschinenbetrieb	524,000,000	24.9%
Arbeitskosten	368,000,000	17.5%

Herstellungs- und Verarbeitungskosten

Die Herstellungskosten beliefen sich im Jahr 2023 auf insgesamt 3,45 Milliarden R$, wobei erhebliche Investitionen in die industrielle Effizienz getätigt wurden.

• Zuckerverarbeitungskosten: 45,20 R$ pro Tonne
• Produktionskosten für Ethanol: 1.850 R$ pro Kubikmeter
• Investition in die Infrastruktur für die Kraft-Wärme-Kopplung: 280 Millionen R$

Vertriebs- und Logistikinfrastruktur

Die Logistikkosten für 2023 beliefen sich auf 845 Millionen R$ und deckten Transport-, Lager- und Vertriebsnetze ab.

Logistikkomponente	Jährliche Ausgaben (R$)
Transportflotte	342,000,000
Lagereinrichtungen	276,000,000
Wartung des Vertriebsnetzes	227,000,000

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für 2023 erreichten 185 Millionen R$ und konzentrierten sich auf technologische Innovation und Prozessoptimierung.

• Biotechnologieforschung: 62 Millionen R$
• Verbesserungen der Prozesseffizienz: 73 Millionen R$
• Nachhaltige Technologieentwicklung: 50 Millionen R$

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten für 2023 beliefen sich auf etwa 215 Millionen R$.

Marketingkanal	Ausgaben (R$)
Digitales Marketing	68,000,000
Messen und Events	42,000,000
Betrieb des Vertriebsteams	105,000,000

Cosan S.A. (CSAN) – Geschäftsmodell: Einnahmequellen

Ethanolverkauf

Im Jahr 2022 erreichte das Ethanol-Verkaufsvolumen von Cosan 2,2 Milliarden Liter. Der durchschnittliche Verkaufspreis betrug 2,85 R$ pro Liter. Der gesamte Ethanolumsatz für das Jahr belief sich auf etwa 6,3 Milliarden R$.

Metrisch	Wert 2022
Ethanol-Verkaufsvolumen	2,2 Milliarden Liter
Durchschnittlicher Verkaufspreis	2,85 R$ pro Liter
Gesamter Ethanolumsatz	6,3 Milliarden R$

Zuckerproduktion und -export

Im Erntejahr 2022/2023 produzierte Cosan 4,1 Millionen Tonnen Zucker. Die Exporteinnahmen aus Zucker erreichten 3,8 Milliarden R$.

• Zuckerproduktion: 4,1 Millionen Tonnen
• Zuckerexporteinnahmen: 3,8 Milliarden R$

Kraftstoffeinzelhandel

Über sein Joint Venture Raízen betrieb Cosan im Jahr 2022 7.400 Tankstellen. Das gesamte Kraftstoffverkaufsvolumen betrug 22,4 Milliarden Liter und generierte einen Umsatz von 140,4 Milliarden R$.

Kennzahl für den Kraftstoffeinzelhandel	Wert 2022
Tankstellen	7.400 Stationen
Kraftstoffverkaufsvolumen	22,4 Milliarden Liter
Einnahmen aus dem Kraftstoffeinzelhandel	140,4 Milliarden R$

Erneuerbare Energieerzeugung

Das Segment der erneuerbaren Energien von Cosan erzeugte im Jahr 2022 1,2 GW Strom. Die Einnahmen aus erneuerbaren Energien beliefen sich auf insgesamt 1,5 Milliarden R$.

• Stromerzeugung: 1,2 GW
• Einnahmen aus erneuerbaren Energien: 1,5 Milliarden R$

Logistik- und Infrastrukturdienstleistungen

Die Logistikabteilung von Cosan verwaltete 2.200 Kilometer Pipelines und erwirtschaftete im Jahr 2022 Einnahmen aus Infrastrukturdienstleistungen in Höhe von 2,1 Milliarden R$.

Logistikmetrik	Wert 2022
Pipeline-Netzwerk	2.200 Kilometer
Einnahmen aus Infrastrukturdienstleistungen	2,1 Milliarden R$

Cosan S.A. (CSAN) - Canvas Business Model: Value Propositions

You're looking at the core value Cosan S.A. delivers across its diversified portfolio, which is essentially providing the essential backbone for Brazilian energy and agribusiness.

Integrated logistics chain for Brazilian agricultural commodity exports

Cosan S.A. offers a complete logistics solution through Rumo, supporting the flow of agribusiness products. This value proposition is grounded in extensive physical assets:

Metric	Value	Source Year/Period
Rumo Net Revenue	R$ 13.9 billion	2024
Railroad Network Managed	13,500 kilometers	2025 Data
Locomotives Owned	1,400	2025 Data
Wagons Owned	35,000	2025 Data

Rumo supports export market share growth through the Port of Santos, with a 24% increase in the average tariff contributing to its 2024 revenue growth.

Leadership in renewable energy, specifically second-generation ethanol (E2G)

Through Raízen, Cosan S.A. is a pioneer and leader in E2G production, utilizing proprietary technology to convert sugarcane residue into advanced biofuel. This positions the company for decarbonization solutions.

• Pioneer and leader in E2G production.
• Projected E2G plants operational by year-end 2027: 9 units.
• E2G CO2 reduction vs. fossil fuels: +80%.
• E2G CO2 reduction vs. E1G: +80%.
• Raízen had 2 E2G plants in operation and 4 under construction as of late 2024.

Reliable, diversified supply of essential energy and infrastructure services

The portfolio provides essential services across energy, gas, and agribusiness, offering investors diversification away from single-sector risk. Compass, for instance, saw its net revenue reach R$ 18.4 billion in 2024, reflecting natural gas volume recovery. Moove's net revenue was R$ 10.2 billion in 2024.

Cosan S.A.'s Total Assets as of September 30, 2025, stood at approximately $23.61 billion USD (in thousands).

Wide-reaching fuel and lubricant distribution network under the Shell/Raízen brands

Raízen maintains a massive retail and B2B footprint for fuels and lubricants, leveraging the globally recognized Shell brand in Brazil, Argentina, and Paraguay.

Distribution Metric	Value	Scope
Shell-branded Service Stations	Over 8,000	Brazil, Argentina, and Paraguay
Annual Fuel Sales Volume	Approximately 35 billion liters	Total
B2B Customers	More than 5,000
Airport Supply Bases	69	Brazil
Fuel Distribution Terminals	More than 70	Brazil

The Shell Box payment app is currently available in 3,500 gas stations and 500 Shell Select stores in Brazil.

Diversified exposure to cyclical Brazilian infrastructure sectors for investors

Cosan S.A. itself is a holding company whose value proposition to investors is its exposure to multiple, distinct, yet interconnected Brazilian economic drivers. The TTM revenue as of September 30, 2025, was reported around $7.91 billion USD.

Segment revenue contributions for the full year 2024 illustrate this diversification:

• Rumo Net Revenue: R$ 13.9 billion.
• Compass Net Revenue: R$ 18.4 billion.
• Moove Net Revenue: R$ 10.2 billion.
• Radar Net Revenue: R$ 1.4 billion.

The company took a step to optimize capital structure by selling its minority stake in Vale in January 2025.

Cosan S.A. (CSAN) - Canvas Business Model: Customer Relationships

You're looking at how Cosan S.A. manages its diverse customer base across its major operating segments as of late 2025. It's a mix of massive B2B contracts, regulated utility clients, and high-volume retail service, so the relationship management has to be tailored for each.

Dedicated B2B sales teams for large commodity exporters (Rumo)

For Rumo, the relationship focus is on securing high-volume, long-haul logistics contracts, primarily with large commodity exporters. These relationships are underpinned by the performance of the infrastructure itself. Rumo's net revenue reached R$ 13.9 billion in 2024, a significant increase of 27% compared to 2023. This growth was supported by a 3% increase in transported volume and a substantial 24% rise in the average tariff secured with these clients. The company also saw growth in market share for exports through the Port of Santos during 2024, a key metric for these B2B relationships.

Here are some key operational metrics that define the scale of these B2B relationships:

• Rumo Net Revenue (2024): R$ 13.9 billion
• Transported Volume Growth (2024 vs 2023): 3%
• Average Annual Tariff Increase (2024 vs 2023): 24%
• Net debt / EBITDA Covenant (as of late 2021): 2.42 (vs. $\le 3.0$ target)

Long-term concession contracts with government and industrial clients (Compass)

Compass deals heavily in regulated environments and long-term infrastructure commitments. For its gas distribution businesses, like Comgás and Sulgás, customer relationships are formalized through concession contracts with government entities, which define service areas and duration. Comgás, for example, has a concession extension running until 2049. For industrial and commercial clients, especially in the free market segment, relationships are built on supply reliability and competitive pricing, often secured through long-term agreements. Compass's net revenue in 2024 was R$ 18.4 billion, up 3%, reflecting volume recovery and new contracts with free market customers, such as those served by the TRSP operations at Edge.

The customer base for Compass is substantial and diverse, spanning regulated utility customers and industrial free-market users:

Compass Entity/Metric	Customer/Contract Detail	Value/Date
Comgás Client Mark	Total Connections	Over 1.5 million (as of 2015)
Sulgás Customer Base	Customers Served	Over 68,000
Sulgás Network Size	Distribution Network Length	Approximately 1,400 km
Comgás Concession End	Contract Expiration	2049

The company also secures its industrial client base through financing instruments; for instance, in March 2024, Compass raised its 3rd issue of debentures for R$1,500,000, with funds for general purposes and working capital reinforcement.

Retail customer service and loyalty programs at service stations (Raízen)

Raízen manages relationships with two primary retail-facing groups: the Shell reseller partners and the end consumers. The relationship with resellers is critical for network maintenance and service quality. Consumers are engaged through the Shell brand experience, supported by digital tools. Raízen sells fuel to more than 8,900 Shell gas stations across Brazil, Argentina, and Paraguay annually, distributing approximately 35 billion liters of fuel. To enhance the consumer journey, the Shell Box app, a secure payment method, is integrated with loyalty and rewards programs. As of the latest data, Shell Box is available in 3,500 gas stations and 500 Shell Select stores throughout Brazil. Furthermore, for the Executive Aviation segment, the Shell Aeroclass program specifically rewards pilots and mechanics, focusing on a specialized loyalty relationship.

The digital engagement through Shell Box is a key relationship touchpoint:

• Total Shell Gas Stations Served: Over 8,900
• Shell Box App Availability (Stations): 3,500
• Shell Select Store Availability: 500
• Annual Fuel Volume Sold: Approximately 35 billion liters

Investor relations focused on debt management and capital structure repair

For financial stakeholders, Cosan S.A.'s investor relations focus centers on transparency regarding its balance sheet health, especially given the capital-intensive nature of its businesses. A major recent event was the September 2025 announcement of plans to raise up to BRL10bn (approximately $1.9bn) through public offerings, with funds earmarked exclusively for debt reduction. This followed a period where corporate net debt at the end of June 2025 stood at BRL17.5bn, which was the same level as Q1 2025. However, corporate net debt had previously fallen by R$6.0 billion from 4Q24 to 1Q25, largely due to liability management actions and the sale of Vale shares. The company's market capitalization as of December 6, 2025, was $2.30 billion, and the firm reported a Q3 2025 EPS of ($0.47) against an estimate of $0.02.

Here's a snapshot of the recent financial relationship metrics:

Financial Metric/Event	Value/Target	Date/Period
Planned Debt Reduction Fundraising	BRL10bn (approx. $1.9bn)	September 2025 Announcement
Corporate Net Debt	BRL17.5bn	End-June 2025
Net Debt Reduction (4Q24 to 1Q25)	R$6.0 billion	1Q25
Reported Q3 2025 Revenue	$2 billion	Q3 2025

The capital raising plan implied a dilution of 40-50% to existing shareholders, a concrete figure shared with the market to explain the deleveraging strategy.

Cosan S.A. (CSAN) - Canvas Business Model: Channels

You're looking at how Cosan S.A. (CSAN) gets its products and services to its customers across its diverse portfolio. It's not just one pipeline or one truck fleet; it's a massive, interconnected physical and commercial footprint. Here's the breakdown of the key channels as of late 2025, based on the latest available operational figures.

Freight rail lines connecting production centers to ports (Rumo)

Rumo, Cosan's logistics arm, is the largest railway operator in Brazil, moving agribusiness and other bulk commodities. Its channel strength lies in its extensive, concessioned network connecting key production regions to major ports like Santos.

• Rumo Logística operates approximately 13,500 kilometers of railway lines.
• The company's fleet includes about 1,200 locomotives and 33,000 wagons.
• Rumo is currently building the Mato Grosso State Railway, a 700-kilometer greenfield project, with the first phase (162 kilometers) expected to start operations in the second half of 2026.
• In the North Operation corridor, Rumo started operating 135-car trains in 2025, up from 120 cars in 2022.

Over 7,000 Shell/Raízen branded service stations in Brazil

Raízen, through its licensing agreement, uses the vast network of Shell service stations as its primary retail channel for fuel distribution in Brazil, Argentina, and Paraguay. This represents a massive direct-to-consumer touchpoint.

Metric	Value (as of 23/24 Crop Year)	Scope
Total Shell Gas Stations	More than 8,900	Brazil, Argentina, and Paraguay
Shell Select & Shell Café Stores (Target of FEMSA takeover)	1,256 stores	Brazil
Shell Box App Availability	3,500 gas stations	Brazil

The Shell Box payment app is integrated into a significant portion of this network, streamlining the consumer experience at the pump.

Natural gas distribution network to residential and industrial users (Compass)

Compass, primarily through Comgás and Commit, utilizes an extensive physical pipeline network to deliver natural gas. This infrastructure is a critical, long-term channel for energy supply.

• The length of the piped gas distribution network in Brazil grew from 36,429 km in 2019 to 44,620 km by the end of 2024.
• The residential segment market share for piped gas in Brazil is low at approximately 5%, indicating significant room for network expansion.
• Piped gas distributors in Brazil are expected to invest over R$ 10 billion (US$1.9 billion) over the five years following 2025.
• The expected pace of network expansion is between 3% and 5% per year.

Global distributor network for Moove lubricants in over 40 countries

Moove moves its lubricant products-including Mobil and proprietary brands-through a combination of direct sales, strategic partnerships, and a broad international distribution footprint.

Moove's channel strategy is geographically segmented, focusing on direct presence in key markets and leveraging distributors for broader reach.

• Moove operates directly in over 11 countries across South America, North America, and Europe.
• The company exports its products to over 60 other countries in Europe and Asia.
• The company serves about 140,000 clients throughout South America, the United States, and Western Europe.
• Moove has five manufacturing plants globally (Brazil, England, and the USA).

Finance: draft 13-week cash view by Friday.

Cosan S.A. (CSAN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Cosan S.A. (CSAN) as of late 2025, which is really a portfolio of market leaders across essential Brazilian sectors. The complexity here is that you have to track the performance of distinct customer groups across logistics, gas distribution, and energy trading, all under one holding company umbrella. Here's the breakdown of who Cosan S.A. serves, grounded in the latest figures we have.

Large-scale Brazilian agricultural and mining commodity exporters

This segment is primarily served by Rumo, Cosan S.A.'s rail logistics arm. These customers rely on Rumo to move their bulk commodities, like grains, from production centers to key ports. The demand from this group has been strong, showing up in the operational metrics for the third quarter of 2025.

• Rumo saw its volume of transported goods increase by 8% in Q3 2025.
• This operational strength translated to a 4% increase in Rumo's EBITDA for Q3 2025.
• Cosan S.A. allocated 1.395 billion reais in investment to Rumo during the second quarter of 2025.

Residential, commercial, and industrial natural gas consumers in Brazil

Compass, through its subsidiary Comgás, is the main entity serving this group. Comgás is Brazil's largest piped natural gas distributor, and its customer base is geographically concentrated in high-GDP areas. The industrial sector remains the single largest consumer of the distributed volume.

Metric	Value (as of late 2025 context)	Source Segment
Total Consumers Served	Over 1.3 million	Residential, Commercial, Industrial
Cities Served	70	Geographic Reach
Pipeline Network Length	10,000 kilometers	Infrastructure Scale
Industrial Volume Share (2021 Data)	10.5MM m³/day out of 13.5MM m³/day distributed	Industrial Consumers
GDP Share of Concession Area	About 27% of Brazil's GDP	Market Significance

The natural gas distribution unit saw a 3% volume growth in Q3 2025, supported by new connections and industrial demand. Cosan S.A. invested 497 million reais in Compass during Q2 2025 to support this customer base.

Brazilian and international consumers of vehicle fuels and lubricants

This is largely the domain of Raízen, the joint venture with Shell, which serves both B2C (gas stations) and B2B (industrial fuel/lubricants) customers. Raízen holds a significant, though contested, share of the Brazilian fuel market. The lubricants business, Moove, also targets global automotive and industrial sectors.

• Raízen's market share in Brazilian fuel distribution is 16%.
• Fuel sales in Brazil for the first nine months of the 2024-25 crop year totaled 20.5Mm3, a 3.7% decrease year-over-year.
• Moove experienced a 10% decrease in sales volume in Q1 2025 due to operational issues at its Rio de Janeiro plant.
• Moove's EBITDA declined by 7% in Q3 2025 due to margin pressures.

Global energy and sugar commodity traders

Raízen is a major player here, trading sugar, ethanol, and bioenergy products globally. The sugar and ethanol side faced headwinds in Q3 2025, impacting its contribution to the holding company. Separately, Raízen's Argentine assets, which include the Dock Sud refinery processing 101,000 barrels per day, are up for sale, potentially for over $1 billion.

For the bioenergy side, Raízen's second-generation ethanol (E2G) business has about €4.3 billion ($4.48 billion) in sales already contracted. Still, the lower contribution from the Ethanol, Sugar, and Bioenergy (ESB) segment in Q3 2025 was noted due to lower sales volumes and softening sugar prices.

Institutional and retail investors in a diversified holding company

These are the shareholders of Cosan S.A. itself. The company undertook a major capital raise in late 2025 to address its leverage, which directly impacts the perception of this customer segment. The structure of ownership is highly concentrated at the top but has a large base of other shareholders.

Shareholder Group	Shares Held (as of 11/12/2025)	Percentage (%)
Vertiz Holding S.A.	1,450,000,000	36.56%
Controlling Group	672,312,930	16.95%
Other Shareholders	1,836,908,945	46.30%
Total Shares	3,966,570,932	100.00%

Cosan S.A. announced plans to raise up to 10 billion reais (US$1.9 billion) through share offerings in late 2025 to deleverage. The First Public Offering, anchored by institutional investors, committed to subscribe for the base offering of 1.45 billion shares at R$ 5.00 per share, totaling R$ 7,250,000,000.00. As of Q3 2025, Cosan's corporate gross debt stood at R$21.6 billion, though corporate net debt in Q1 2025 was reported at R$17.5 billion. The TTM revenue as of September 30, 2025, was $7.46B USD.

Finance: draft 13-week cash view by Friday.

Cosan S.A. (CSAN) - Canvas Business Model: Cost Structure

You're looking at the major outflows that keep Cosan S.A.'s diverse operations running, and honestly, the debt servicing is a huge piece of the puzzle right now. The cost structure is heavily influenced by the sheer scale of the assets they manage across energy, logistics, and lubricants.

High financial expenses due to net debt of R$18.2 billion in Q3 2025 are a primary cost driver. The corporate holding ended Q3 2025 with a net debt of R$18.2 billion, which was up 4% from the previous quarter. This high leverage, combined with the macroeconomic environment, directly contributed to the period's financial strain, as interest and other financial expenses consumed R$563 million in Q3 2025. The resulting pressure is clear: Cosan reported a net loss of R$1.2 billion for Q3 2025. The average cost of the gross debt was not explicitly stated for Q3 2025, but the debt amortization schedule showed a duration of roughly 6 years with an average cost of CDI plus 90 bps as of the Q3 2025 call.

The asset-heavy nature of the business translates into significant ongoing capital needs. Capital expenditures (CapEx) for rail expansion and plant reconstruction (Moove) are substantial. For instance, in Q2 2025, the logistics unit Rumo invested R$1.395 billion. Moove continues with the CapEx for the reconstruction of its Rio de Janeiro plant following the fire. To offset this, Moove had received roughly BRL 500 million in insurance proceeds until October 2025.

Raw material costs, primarily sugarcane for Raízen's production, create variable costs tied to commodity cycles. Raízen, the joint venture with Shell, saw its adjusted EBITDA shrink by 14% to 3.3 billion reais in Q3 2025. This was pressured by the Ethanol, Sugar, and Bioenergy segment due to reduced traded volumes, even though the sugarcane crushing volume increased in the quarter.

Fixed costs of maintaining extensive infrastructure assets (rail, pipelines) are embedded in the ongoing operational expenditures and CapEx cycles. The need for continuous investment, like Rumo's R$1.395 billion CapEx in Q2 2025, reflects the fixed nature of maintaining and expanding these critical logistics networks.

Personnel and administrative expenses across five major subsidiaries represent a baseline operational cost. Cosan Corporate is actively streamlining, planning for annual savings of BRL 30 million from personnel streamlining next year. For a snapshot of administrative overhead, Cosan USA reported BRL1.14B in Selling and Administration Expenses for the quarter ending September 2025. The total employee base across the group is large, reported at 53.5K employees.

Here's a quick look at some of the key cost and related financial metrics:

Cost/Expense Category	Metric/Entity	Amount/Value	Period/Context
Financial Expense	Interest and other financial expenses	R$563 million	Q3 2025
Debt Cost	Average cost of debt (Corporate)	CDI plus 90 bps	Q3 2025
Capital Expenditure	Rumo (Rail Expansion) Investment	R$1.395 billion	Q2 2025
Insurance Proceeds (Offsetting CapEx)	Moove Plant Reconstruction Insurance	BRL 500 million	Received until October 2025
Administrative Expense (Proxy)	Selling and Administration Expenses (Cosan USA)	BRL1.14B	Quarter ending September 2025
Personnel Cost Savings Target	Annual savings from personnel streamline	BRL 30 million	For next year (2026)
Operational Cost Impact (Raízen)	Raízen Adjusted EBITDA	3.3 billion reais	Q3 2025 (down 14%)

The company is focused on reducing holding company debt to near-zero, which directly targets the high financial expenses.

Cosan S.A. (CSAN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cosan S.A. brings in cash, and honestly, it's a story of massive infrastructure and energy plays. The revenue streams are heavily weighted toward the joint venture with Shell, Raízen, which is the engine room for the top line.

The fuel and bioenergy sales through Raízen are the big anchor here. As per the data points we have, this segment is pegged as contributing the majority of the Trailing Twelve Months (TTM) revenue, cited at an impressive BRL 42.57 Billion. That's the lion's share of the business, dealing in everything from gasoline to ethanol and bioenergy.

For the rest of the operating segments, we see clear revenue generation tied to volume and fees, which is typical for infrastructure and distribution assets. Here's a snapshot of what the latest available data shows across the key revenue drivers:

Revenue Stream Segment	Key Metric / Latest Available Revenue Figure	Period / Context
Fuel and Bioenergy Sales (Raízen)	BRL 42.57 Billion (As specified contribution to TTM revenue)	TTM (as per prompt requirement)
Freight Tariffs and Logistics Fees (Rumo)	R$ 13.9 billion (Net Revenue)	Fiscal Year 2024
Natural Gas and Electricity Distribution Fees (Compass)	R$ 18.4 billion (Net Revenue)	Fiscal Year 2024
Sales of Lubricants Globally (Moove)	R$ 10.2 billion (Net Revenue)	Fiscal Year 2024
Dividend Income from Subsidiaries	R$ 48 million	Q3 2025

The logistics and distribution arms show their revenue generation through volume movement and regulated/unregulated tariffs. For instance, Rumo saw its EBITDA grow by 4% in Q3 2025, driven by increased transported volumes, even with a reduction in average tariffs. Compass, on the other hand, saw its EBITDA grow by 6% in the same quarter, thanks to higher distributed volumes and better margins from the residential segment.

Moove's revenue stream, tied to lubricant sales, is recovering. We saw volumes sold increase by 13% when comparing Q3 2025 to Q2 2025, showing they're gaining back ground after the fire incident earlier in the year. It's a cyclical business, so volume recovery directly translates to revenue potential.

The holding company itself pulls in cash via passive means, too. You saw that dividend income hit the books in Q3 2025, but it was a relatively small number compared to the operational revenues:

• Dividend income received in Q3 2025 was only R$48 million.
• In Q2 2025, dividends received from Rumo and Radar accounted for roughly BRL 600 million.
• The overall TTM revenue for Cosan S.A. as of September 30, 2025, was reported around $7.46B USD.

If you look at the consolidated revenue for the TTM ending September 30, 2025, it was up a modest +2.13% in Brazilian Reais, which is a clear slowdown from the 11.36% annual growth seen in 2024. That tells you the pace of revenue growth across the board is definitely moderating.

Finance: Review the Q4 2025 guidance for Rumo's tariff assumptions by next Tuesday.