Cosan S.A. (CSAN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la energía sostenible y las operaciones comerciales diversificadas, Cosan S.A. surge como una potencia que combina sin problemas la innovación agrícola, las soluciones de energía renovable y el posicionamiento estratégico del mercado. Este conglomerado brasileño ha creado magistralmente un modelo de negocio que trasciende las fronteras tradicionales de la industria, aprovechando su extensa red de caña de azúcar, asociaciones estratégicas con gigantes globales como Shell y un enfoque con visión de futuro para la producción y distribución de energía. Al integrar múltiples sectores y mantener un enfoque afilado en la sostenibilidad y la eficiencia, Cosan representa un plan convincente de cómo las empresas modernas pueden crear valor al tiempo que abordan los desafíos ambientales críticos.

Cosan S.A. (CSAN) - Modelo de negocios: asociaciones clave

Alianza estratégica con Shell

Cosan y Shell formaron Raízen, una empresa conjunta con las siguientes métricas clave:

Detalle de la asociación	Datos específicos
Estructura de propiedad	Ventura conjunta 50/50
Distribución anual de combustible	22 mil millones de litros de combustible
Estaciones minoristas	4.900 estaciones de marca Shell en Brasil

Asociaciones de agricultores de caña de azúcar

Cosan colabora con múltiples productores de caña de azúcar en Brasil:

• Área de caña de azúcar total contratada: 235,000 hectáreas
• Suministro promedio anual de caña de azúcar: 14.5 millones de toneladas
• Número de socios agrícolas contratados: 72 agricultores

Logística y colaboraciones de transporte

Socio de logística	Detalles de colaboración específicos
Logística de RUMO	Transporte ferroviario para distribución de etanol y azúcar
Operadores portuarios	Asociaciones de infraestructura de exportación en puertos de Santos y Paranaguá

Empresas conjuntas de energía renovable

Las asociaciones de energía renovable de Cosan incluyen:

• Inversiones totales de energía renovable: R $ 1.2 mil millones
• Número de empresas conjuntas de energía renovable activa: 3
• Capacidad de energía renovable instalada: 350 MW

Cosan S.A. (CSAN) - Modelo de negocios: actividades clave

Producción de etanol y fabricación de azúcar

Raízen, la empresa conjunta entre Cosan y Shell, opera 24 Mills de azúcar y etanol en Brasil. En 2023, la capacidad total de procesamiento de caña de azúcar alcanzó 66 millones de toneladas anuales.

Métrica de producción	Volumen 2023
Producción de etanol	2.8 mil millones de litros
Producción de azúcar	1.9 millones de toneladas

Distribución de combustible y operaciones minoristas

Raízen opera la red de distribución de combustible más grande de Brasil.

• Estaciones minoristas totales: 7,200
• Cuota de mercado en la distribución de combustible: 24%
• Volumen anual de ventas de combustible: 22 mil millones de litros

Desarrollo de energía renovable

Segmento de energía renovable	2023 capacidad
Generación de bioelectricidad	1.200 MW
Inversiones de energía renovable	R $ 500 millones

Logística e gestión de infraestructura

La infraestructura de logística clave incluye:

• Red de tuberías de azúcar y etanol: 270 kilómetros
• Capacidad de almacenamiento: 450,000 metros cúbicos
• Flota de transporte: 1.800 camiones

Inversión y diversificación de cartera

Categoría de inversión	Valor de inversión 2023
Inversiones totales de cartera	R $ 1.2 mil millones
Nuevos segmentos de negocios	R $ 350 millones

Cosan S.A. (CSAN) - Modelo de negocios: recursos clave

Extensa red de plantaciones de caña de azúcar en Brasil

Cosan controla aproximadamente 617,000 hectáreas de plantación de caña de azúcar en Brasil a partir de 2023. La cartera de tierras de la compañía se encuentra principalmente en el estado de São Paulo, que representa el 63% de la producción de caña de azúcar de Brasil.

Recurso terrestre	Hectáreas totales	Propiedad/controlado
Plantaciones de caña de azúcar	617,000	100% controlado
Región de producción primaria	Estado de São Paulo	63% de participación de mercado

Instalaciones avanzadas de procesamiento industrial

Cosan opera 24 instalaciones de procesamiento industrial en Brasil, con una capacidad total de procesamiento de caña de azúcar de 95 millones de toneladas métricas anualmente.

Tipo de instalación	Número de instalaciones	Capacidad de procesamiento anual
Fábricas de azúcar	15	58 millones de toneladas
Plantas de etanol	9	37 millones de toneladas

Infraestructura de distribución e logística

Raízen, empresa conjunta de Cosan, mantiene una red de logística integral con:

• 4.500 kilómetros de infraestructura de tuberías
• Más de 2,000 puntos de distribución de combustible
• Flota de 2.300 camiones cisterna

Experiencia tecnológica en producción de biocombustibles

Cosan invierte aproximadamente R $ 250 millones anuales en investigación y desarrollo, centrándose en tecnologías avanzadas de biocombustibles.

Equipo de gestión experimentado

Equipo de liderazgo con un promedio de 18 años de experiencia en la industria, incluidos ejecutivos de corporaciones globales de primer nivel.

Métrica de gestión	Valor
Experiencia ejecutiva promedio	18 años
Inversión anual de I + D	R $ 250 millones

Cosan S.A. (CSAN) - Modelo de negocio: propuestas de valor

Soluciones de energía sostenible y renovable

Cosan S.A. produce 2.200 millones de litros de etanol anualmente a partir de la caña de azúcar. La compañía opera 11 fábricas de azúcar y etanol en Brasil, con una capacidad de aplastamiento total de 55 millones de toneladas de caña de azúcar por año.

Métricas de energía renovable	Producción anual
Producción de etanol	2.200 millones de litros
Capacidad de aplastamiento de la caña de azúcar	55 millones de toneladas
Número de fábricas	11

Precios competitivos en mercados de combustible y energía

Raízen, empresa conjunta de Cosan, controla el 22% del mercado minorista de combustible brasileño con 5.300 estaciones de servicio. El costo promedio de producción de etanol es de R $ 1.80 por litro.

Posición de mercado	Métrico
Cuota de mercado minorista de combustible	22%
Estaciones de servicio	5,300
Costo de producción de etanol	R $ 1.80 por litro

Modelo de negocio integrado en múltiples sectores

• Producción de azúcar y etanol
• Distribución de combustible
• Generación de energía renovable
• Logística e infraestructura

Desglose de ingresos en todos los sectores en 2023:

• Distribución de combustible: 48%
• Azúcar y etanol: 35%
• Energía renovable: 12%
• Otros segmentos: 5%

Productos agrícolas y energéticos de alta calidad

La producción anual de azúcar alcanza 2,1 millones de toneladas, con una productividad promedio de 80 toneladas de caña de azúcar por hectárea.

Producción agrícola	Volumen anual
Producción de azúcar	2.1 millones de toneladas
Productividad de la caña de azúcar	80 toneladas por hectárea

Alternativas de biocombustibles amigables con el medio ambiente

Reducción de CO2 a través de la producción de etanol: 2.2 toneladas de CO2 equivalente por tonelada de caña de azúcar procesada. Las emisiones totales de gases de efecto invernadero evitadas en 2023: 4.8 millones de toneladas.

Impacto ambiental	Métrico
Reducción de CO2 por tonelada de caña de azúcar	2.2 toneladas CO2 equivalente
Se evitan las emisiones totales	4.8 millones de toneladas

Cosan S.A. (CSAN) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales y minoristas

Cosan S.A. mantiene contratos a largo plazo con clientes industriales y minoristas clave en múltiples sectores. En 2023, la compañía reportó 87 acuerdos de suministro a largo plazo en sus segmentos de energía e infraestructura.

Segmento	Número de contratos a largo plazo	Duración promedio del contrato
Energía Raízen	52	7.3 años
Logística	23	5.6 años
Infraestructura	12	6.1 años

Ventas directas a través de estaciones de combustible y redes de distribución

Cosan opera una red de distribución integral con 4.300 estaciones de combustible en Brasil a partir de 2023, lo que permite interacciones y ventas directas de clientes.

• Estaciones de combustible total: 4,300
• Cuota de mercado en el combustible brasileño minorista: 24.5%
• Transacciones diarias del cliente: aproximadamente 1.2 millones

Programas de fidelización de clientes

Programa de lealtad de Raízen, Km de vantagens, tiene 8.3 millones de miembros registrados en 2023, generando una importante retención y compromiso de los clientes.

Métricas del programa de fidelización	2023 datos
Miembros registrados	8.3 millones
Usuarios activos	5.6 millones
Puntos redimidos	R $ 127 millones

Plataformas digitales para servicio y soporte

Cosan ha invertido en plataformas de servicio al cliente digital, con el 72% de las interacciones de los clientes administradas a través de canales digitales en 2023.

• Descargas de aplicaciones móviles: 2.1 millones
• Tasa de resolución de servicio digital: 89%
• Tiempo de interacción digital promedio: 3.4 minutos

Compromiso transparente de comunicación y sostenibilidad

Cosan publica informes anuales de sostenibilidad y mantiene canales de comunicación transparente, con un 92% de comentarios positivos de clientes sobre iniciativas de sostenibilidad en 2023.

Métricas de comunicación de sostenibilidad	2023 datos
Publicaciones del informe de sostenibilidad	2
Satisfacción del cliente en la sostenibilidad	92%
Compromisos de sostenibilidad pública	7 iniciativas principales

Cosan S.A. (CSAN) - Modelo de negocios: canales

Estaciones minoristas de combustible de marca

Cosan opera a través de Raízen, que administra más de más de más de más de más de 4,800 estaciones minoristas de combustible en Brasil a partir de 2023. La red incluye:

Tipo de estación	Número de estaciones
Estaciones de marca	4,300
Tiendas de conveniencia	1,200

Plataformas de ventas en línea

Los canales de ventas digitales incluyen:

• Sitio web oficial de Raízen
• Aplicación móvil para compras de combustible
• Plataforma de adquisiciones en línea B2B corporativa

Equipo de ventas industriales directas

El equipo de ventas industriales de Cosan cubre múltiples sectores:

Segmento de la industria	Cobertura de ventas
Caña de azúcar	85% del mercado brasileño
Etanol	45% de producción nacional
Azúcar	15 millones de toneladas anualmente

Redes de logística y distribución

La infraestructura de distribución incluye:

• 23 fábricas de producción de azúcar y etanol
• 8 terminales logísticas
• 1.200 km de red de tuberías
• 850 vehículos de transporte dedicados

Canales de marketing digital y comunicación

Plataformas de compromiso digital:

• LinkedIn: 180,000 seguidores
• Instagram: 95,000 seguidores
• YouTube: 50,000 suscriptores
• Sitio web corporativo con la sección de relaciones con los inversores

Cosan S.A. (CSAN) - Modelo de negocios: segmentos de clientes

Consumidores de energía industrial

Cosan atiende a clientes industriales en múltiples sectores que requieren soluciones de energía.

Sector	Consumo anual de energía	Cuota de mercado
Fabricación	3.2 millones de MWh	18.5%
Minería	1.7 millones de MWh	12.3%
Industria química	2.1 millones de MWh	15.7%

Empresas de transporte y logística

Cosan proporciona soluciones de combustible y logística para el sector del transporte.

• Clientes de la flota de camiones: 3.500 empresas
• Suministro de combustible diesel: 2.4 mil millones de litros anuales
• Cobertura de la red logística: 22 estados brasileños

Consumidores de combustible minorista

Raízen, la subsidiaria de Cosan, sirve al mercado de combustible minorista.

Red de estación de combustible	Número de estaciones	Volumen diario del cliente
Estaciones de marca Raízen	4.200 estaciones	1.2 millones de clientes

Sector agrícola

Cosan apoya a los clientes agrícolas a través de las operaciones de caña de azúcar y biocombustibles.

• Proveedores de caña de azúcar: 2.300 agricultores
• Producción de etanol: 2.100 millones de litros anuales
• Tierra agrícola bajo administración: 610,000 hectáreas

Inversores de energía renovable

Cosan atrae a inversores interesados ​​en proyectos de energía sostenible.

Categoría de inversión	Inversión total	Retorno anual
Proyectos de energía renovable	R $ 1.8 mil millones	12.5%
Infraestructura sostenible	R $ 1.2 mil millones	10.3%

Cosan S.A. (CSAN) - Modelo de negocio: Estructura de costos

Cultivo de caña de azúcar y gastos de cosecha

En 2023, los costos de cultivo de caña de azúcar de Cosan fueron aproximadamente R $ 78.50 por tonelada de caña de azúcar cosechadas. Los gastos agrícolas totales alcanzaron R $ 2.1 mil millones para el año fiscal.

Categoría de gastos	Costo anual (R $)	Porcentaje de costos agrícolas totales
Preparación de la tierra	412,000,000	19.6%
Fertilizantes	356,000,000	16.9%
Operaciones de maquinaria	524,000,000	24.9%
Costos laborales	368,000,000	17.5%

Costos de fabricación y procesamiento

Los gastos de fabricación para 2023 totalizaron R $ 3.45 mil millones, con importantes inversiones en eficiencia industrial.

• Costo de procesamiento de azúcar: R $ 45.20 por tonelada
• Costo de producción de etanol: R $ 1,850 por metro cúbico
• Inversión de infraestructura de cogeneración de energía: R $ 280 millones

Infraestructura de distribución e logística

Los gastos de logística para 2023 ascendieron a R $ 845 millones, que cubren redes de transporte, almacenamiento y distribución.

Componente de logística	Gasto anual (R $)
Flota de transporte	342,000,000
Instalaciones de almacenamiento	276,000,000
Mantenimiento de la red de distribución	227,000,000

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 alcanzaron R $ 185 millones, centrándose en la innovación tecnológica y la optimización de procesos.

• Investigación de biotecnología: R $ 62 millones
• Mejoras de eficiencia del proceso: R $ 73 millones
• Desarrollo de tecnología sostenible: R $ 50 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para 2023 fueron de aproximadamente R $ 215 millones.

Canal de marketing	Gasto (R $)
Marketing digital	68,000,000
Ferias y eventos comerciales	42,000,000
Operaciones del equipo de ventas	105,000,000

Cosan S.A. (CSAN) - Modelo de negocios: flujos de ingresos

Ventas de etanol

En 2022, el volumen de ventas de etanol de Cosan alcanzó los 2.200 millones de litros. El precio de venta promedio fue de R $ 2.85 por litro. Los ingresos totales de etanol para el año fueron de aproximadamente R $ 6.3 mil millones.

Métrico	Valor 2022
Volumen de ventas de etanol	2.200 millones de litros
Precio de venta promedio	R $ 2.85 por litro
Ingresos totales de etanol	R $ 6.3 mil millones

Producción y exportación de azúcar

En el año de cultivo 2022/2023, Cosan produjo 4.1 millones de toneladas de azúcar. Los ingresos por exportación de Sugar alcanzaron R $ 3.8 mil millones.

• Producción de azúcar: 4.1 millones de toneladas
• Ingresos de exportación de azúcar: R $ 3.8 mil millones

Operaciones minoristas de combustible

A través de su empresa conjunta Raízen, Cosan operó 7.400 estaciones minoristas de combustible en 2022. El volumen total de ventas de combustible fue de 22.4 mil millones de litros, generando ingresos de R $ 140.4 mil millones.

Métrica minorista de combustible	Valor 2022
Estaciones minoristas de combustible	7.400 estaciones
Volumen de ventas de combustible	22.4 mil millones de litros
Impuestos minoristas de combustible	R $ 140.4 mil millones

Generación de energía renovable

El segmento de energía renovable de Cosan generó 1,2 GW de energía en 2022. Los ingresos por energía renovable totalizaron R $ 1.5 mil millones.

• Generación de energía: 1.2 GW
• Ingresos de energía renovable: R $ 1.5 mil millones

Servicios de logística e infraestructura

La división de logística de Cosan gestionó 2.200 kilómetros de tuberías y generó R $ 2.1 mil millones en ingresos por servicios de infraestructura en 2022.

Métrica logística	Valor 2022
Red de tuberías	2.200 kilómetros
Ingresos del servicio de infraestructura	R $ 2.1 mil millones

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.