Cosan S.A. (CSAN): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'énergie durable et des opérations commerciales diversifiées, Cosan S.A. émerge comme une centrale qui mélange de manière transparente l'innovation agricole, les solutions d'énergie renouvelable et le positionnement stratégique du marché. Ce conglomérat brésilien a magistralement conçu un modèle commercial qui transcende les limites traditionnelles de l'industrie, tirant parti de son vaste réseau de canne à sucre, des partenariats stratégiques avec des géants mondiaux comme Shell et une approche avant-gardiste de la production et de la distribution d'énergie. En intégrant plusieurs secteurs et en maintenant un accent accéléré sur le rasoir sur la durabilité et l'efficacité, COSAN représente un plan convaincant de la façon dont les entreprises modernes peuvent créer de la valeur tout en résolvant des défis environnementaux critiques.

Cosan S.A. (CSAN) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Shell

Cosan et Shell ont formé Raízen, une coentreprise avec les mesures clés suivantes:

Détail du partenariat	Données spécifiques
Structure de propriété	50/50 coentreprise
Distribution annuelle du carburant	22 milliards de litres de carburant
Postes de détail	4 900 stations de marque en coquille au Brésil

Partenariats des agriculteurs de canne à sucre

Cosan collabore avec plusieurs producteurs de canne à sucre à travers le Brésil:

• Zone totale de canne à sucre: 235 000 hectares
• Approvisionnement annuel moyen de la canne à sucre: 14,5 millions de tonnes
• Nombre de partenaires agricoles contractuels: 72 agriculteurs

Collaborations logistiques et transport

Partenaire de logistique	Détails de collaboration spécifiques
Logistique rumo	Transport ferroviaire pour la distribution d'éthanol et de sucre
Opérateurs portuaires	Partenariats d'infrastructure d'exportation dans les ports de Santos et de Paranaguá

Coentreprises d'énergie renouvelable

Les partenariats d'énergie renouvelable de Cosan comprennent:

• Investissements totaux en énergie renouvelable: 1,2 milliard de R
• Nombre de coentreprises actives en matière d'énergie renouvelable: 3
• Capacité d'énergie renouvelable installée: 350 MW

Cosan S.A. (CSAN) - Modèle d'entreprise: activités clés

Production d'éthanol et fabrication de sucre

Raízen, la coentreprise entre Cosan et Shell, exploite 24 usines de sucre et d'éthanol au Brésil. En 2023, la capacité totale de transformation de la canne à sucre a atteint 66 millions de tonnes par an.

Métrique de production	Volume 2023
Production d'éthanol	2,8 milliards de litres
Production de sucre	1,9 million de tonnes

Distribution du carburant et opérations de vente au détail

Raízen exploite le plus grand réseau de distribution de carburant au Brésil.

• Total des stations de vente au détail: 7 200
• Part de marché dans la distribution du carburant: 24%
• Volume annuel des ventes de carburant: 22 milliards de litres

Développement d'énergie renouvelable

Segment d'énergie renouvelable	2023 Capacité
Génération de bioélectricité	1 200 MW
Investissements en énergie renouvelable	500 millions de R

Gestion de la logistique et des infrastructures

L'infrastructure logistique clé comprend:

• Réseau de pipeline de sucre et d'éthanol: 270 kilomètres
• Capacité de stockage: 450 000 mètres cubes
• Flotte de transport: 1 800 camions

Investissement et diversification du portefeuille

Catégorie d'investissement	2023 Valeur d'investissement
Investissements totaux de portefeuille	1,2 milliard de R
Nouveaux segments d'entreprise	350 millions de R $

Cosan S.A. (CSAN) - Modèle d'entreprise: Ressources clés

Réseau de plantation de canne à sucre au Brésil

Cosan contrôle environ 617 000 hectares de plantation de canne à sucre au Brésil en 2023. Le portefeuille foncier de la société est principalement situé dans l'État de São Paulo, qui représente 63% de la production de canne à sucre du Brésil.

Ressource terrestre	Hectares totaux	Propriété / contrôlée
Plantations de canne à sucre	617,000	100% contrôlé
Région de production primaire	État de São Paulo	Part de marché de 63%

Installations de transformation industrielle avancées

COSAN exploite 24 installations de transformation industrielle à travers le Brésil, avec une capacité totale de transformation de la canne à sucre de 95 millions de tonnes par an.

Type d'installation	Nombre d'installations	Capacité de traitement annuelle
Sucre	15	58 millions de tonnes
Éthanols	9	37 millions de tonnes

Infrastructure de distribution et de logistique

Raízen, la coentreprise de Cosan, maintient un réseau logistique complet avec:

• 4 500 kilomètres d'infrastructures de pipeline
• Plus de 2 000 points de distribution de carburant
• Flotte de 2 300 camions-citernes

Expertise technologique dans la production de biocarburants

Cosan investit environ 250 millions de rands par an en recherche et développement, en se concentrant sur les technologies avancées de biocarburant.

Équipe de gestion expérimentée

Équipe de direction avec une moyenne de 18 ans d'expérience dans l'industrie, y compris des cadres de sociétés mondiales de haut niveau.

Métrique de gestion	Valeur
Expérience exécutive moyenne	18 ans
Investissement annuel de R&D	250 millions de R

Cosan S.A. (CSAN) - Modèle d'entreprise: propositions de valeur

Solutions d'énergie durable et renouvelable

Cosan S.A. produit 2,2 milliards de litres d'éthanol par an à partir de la canne à sucre. La société exploite 11 usines de sucre et d'éthanol au Brésil, avec une capacité de concassage totale de 55 millions de tonnes de canne à sucre par an.

Mesures d'énergie renouvelable	Production annuelle
Production d'éthanol	2,2 milliards de litres
Capacité d'écrasement de la canne à sucre	55 millions de tonnes
Nombre de moulins	11

Prix ​​compétitifs sur les marchés du carburant et de l'énergie

Raízen, coentreprise de Cosan, contrôle 22% du marché du détail brésilien de carburant avec 5 300 stations de service. Le coût moyen de production d'éthanol est de 1,80 R $ par litre.

Position sur le marché	Métrique
Part de marché de la vente au détail de carburant	22%
Stations de service	5,300
Coût de production d'éthanol	R 1,80 $ par litre

Modèle commercial intégré sur plusieurs secteurs

• Production de sucre et d'éthanol
• Distribution de carburant
• Production d'énergie renouvelable
• Logistique et infrastructure

Répartition des revenus entre les secteurs en 2023:

• Distribution du carburant: 48%
• Sucre et éthanol: 35%
• Énergie renouvelable: 12%
• Autres segments: 5%

Produits agricoles et énergétiques de haute qualité

La production annuelle de sucre atteint 2,1 millions de tonnes, avec une productivité moyenne de 80 tonnes de canne à sucre par hectare.

Production agricole	Volume annuel
Production de sucre	2,1 millions de tonnes
Productivité de la canne à sucre	80 tonnes par hectare

Alternatives sur les biocarburants respectueux de l'environnement

Réduction du CO2 par la production d'éthanol: 2,2 tonnes de CO2 équivalent par tonne de canne à sucre transformée. Les émissions totales de gaz à effet de serre ont évité en 2023: 4,8 millions de tonnes.

Impact environnemental	Métrique
Réduction du CO2 par tonne de canne à sucre	2,2 tonnes CO2 équivalent
Les émissions totales évitées	4,8 millions de tonnes

Cosan S.A. (CSAN) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels et commerciaux

Cosan S.A. maintient des contrats à long terme avec des clients industriels et de détail clés dans plusieurs secteurs. En 2023, la société a déclaré 87 accords d'approvisionnement à long terme dans ses segments d'énergie et d'infrastructure.

Segment	Nombre de contrats à long terme	Durée du contrat moyen
Énergie radiculaire	52	7,3 ans
Logistique	23	5,6 ans
Infrastructure	12	6,1 ans

Ventes directes via les stations-carburant et les réseaux de distribution

COSAN exploite un réseau de distribution complet avec 4 300 stations de carburant à travers le Brésil à partir de 2023, permettant des interactions et des ventes directes des clients.

• Total des stations de carburant: 4 300
• Part de marché dans la vente au détail de carburant brésilien: 24,5%
• Transactions des clients quotidiens: environ 1,2 million

Programmes de fidélisation de la clientèle

Programme de fidélité de Raízen, KM de Vantagens, a 8,3 millions de membres enregistrés en 2023, générant une rétention et un engagement des clients importants.

Métriques du programme de fidélité	2023 données
Membres enregistrés	8,3 millions
Utilisateurs actifs	5,6 millions
Points rachetés	127 millions de R

Plateformes numériques pour le service et la support

COSAN a investi dans des plateformes de service client numérique, avec 72% des interactions client gérées via des canaux numériques en 2023.

• Téléchargements d'applications mobiles: 2,1 millions
• Taux de résolution du service numérique: 89%
• Temps d'interaction numérique moyen: 3,4 minutes

Communication transparente et engagement de durabilité

Cosan publie des rapports de durabilité annuels et maintient des canaux de communication transparents, avec 92% de commentaires positifs sur les clients sur les initiatives de durabilité en 2023.

Métriques de communication sur la durabilité	2023 données
Publications du rapport sur la durabilité	2
Satisfaction du client sur la durabilité	92%
Engagements de durabilité publique	7 initiatives majeures

Cosan S.A. (CSAN) - Modèle d'entreprise: canaux

Stations de vente au détail de carburant de marque

Cosan opère via Raízen, qui gère plus de 4 800 stations de vente au détail de carburant à travers le Brésil en 2023. Le réseau comprend:

Type de station	Nombre de stations
Stations de marque de coquille	4,300
Dépanneurs	1,200

Plateformes de vente en ligne

Les canaux de vente numériques comprennent:

• Site officiel de Raízen
• Application mobile pour les achats de carburant
• Plateforme d'approvisionnement en ligne B2B d'entreprise

Équipe de vente industrielle directe

L'équipe de vente industrielle de Cosan couvre plusieurs secteurs:

Segment de l'industrie	Couverture des ventes
Canne à sucre	85% du marché brésilien
Éthanol	45% de production nationale
Sucre	15 millions de tonnes par an

Réseaux de logistique et de distribution

L'infrastructure de distribution comprend:

• 23 usines de production de sucre et d'éthanol
• 8 terminaux logistiques
• 1 200 km de réseau de pipeline
• 850 véhicules de transport dédiés

Canaux de marketing numérique et de communication

Plates-formes de fiançailles numériques:

• LinkedIn: 180 000 abonnés
• Instagram: 95 000 abonnés
• YouTube: 50 000 abonnés
• Site Web d'entreprise avec section Relations des investisseurs

Cosan S.A. (CSAN) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie industrielle

Cosan sert des clients industriels dans plusieurs secteurs nécessitant des solutions énergétiques.

Secteur	Consommation d'énergie annuelle	Part de marché
Fabrication	3,2 millions de MWh	18.5%
Exploitation minière	1,7 million de MWh	12.3%
Industrie chimique	2,1 millions de MWh	15.7%

Sociétés de transport et de logistique

Cosan fournit des solutions de carburant et de logistique pour le secteur des transports.

• Clients de la flotte de camionnage: 3 500 entreprises
• Alimentation en carburant diesel: 2,4 milliards de litres par an
• Couverture du réseau logistique: 22 États brésiliens

Consommateurs de carburant au détail

Raízen, la filiale de Cosan, dessert le marché du carburant au détail.

Réseau de station-service	Nombre de stations	Volume quotidien du client
Stations de marque Raízen	4 200 stations	1,2 million de clients

Secteur agricole

COSAN soutient les clients agricoles par le biais des opérations de canne à sucre et de biocarburant.

• Fournisseurs de canne à sucre: 2 300 agriculteurs
• Production d'éthanol: 2,1 milliards de litres par an
• Terres agricoles sous gestion: 610 000 hectares

Investisseurs d'énergie renouvelable

Cosan attire les investisseurs intéressés par des projets énergétiques durables.

Catégorie d'investissement	Investissement total	Retour annuel
Projets d'énergie renouvelable	1,8 milliard de R	12.5%
Infrastructure durable	1,2 milliard de R	10.3%

Cosan S.A. (CSAN) - Modèle d'entreprise: Structure des coûts

Cultivation de la canne à sucre et dépenses de récolte

En 2023, les coûts de culture de la canne à sucre de Cosan étaient d'environ 78,50 R $ la tonne de canne à sucre récoltée. Les dépenses agricoles totales ont atteint 2,1 milliards de rands pour l'exercice.

Catégorie de dépenses	Coût annuel (R $)	Pourcentage du total des coûts agricoles
Préparation des terres	412,000,000	19.6%
Engrais	356,000,000	16.9%
Opérations de machines	524,000,000	24.9%
Coûts de main-d'œuvre	368,000,000	17.5%

Coûts de fabrication et de traitement

Les dépenses de fabrication pour 2023 ont totalisé 3,45 milliards de R $, avec des investissements importants dans l'efficacité industrielle.

• Coût de traitement du sucre: 45,20 R $ par tonne
• Coût de production d'éthanol: 1 850 R $ par mètre cube
• Investissement d'infrastructure de cogénération énergétique: 280 millions de rands

Infrastructure de distribution et de logistique

Les dépenses logistiques pour 2023 s'élevaient à 845 millions de R, couvrant les réseaux de transport, de stockage et de distribution.

Composant logistique	Dépenses annuelles (R $)
Flotte de transport	342,000,000
Installations de stockage	276,000,000
Maintenance du réseau de distribution	227,000,000

Investissements de recherche et développement

Les dépenses de R&D pour 2023 ont atteint 185 millions de dollars, se concentrant sur l'innovation technologique et l'optimisation des processus.

• Recherche de biotechnologie: 62 millions de rands
• Améliorations de l'efficacité du processus: 73 millions de R $
• Développement de technologies durables: 50 millions de dollars

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour 2023 étaient d'environ 215 millions de rands.

Canal de marketing	Dépenses (R $)
Marketing numérique	68,000,000
Salons et événements	42,000,000
Opérations de l'équipe de vente	105,000,000

Cosan S.A. (CSAN) - Modèle d'entreprise: Strots de revenus

Ventes d'éthanol

En 2022, le volume des ventes d'éthanol de Cosan a atteint 2,2 milliards de litres. Le prix de vente moyen était de 2,85 R $ par litre. Le chiffre d'affaires total de l'éthanol pour l'année était d'environ 6,3 milliards de rands.

Métrique	Valeur 2022
Volume des ventes d'éthanol	2,2 milliards de litres
Prix ​​de vente moyen	R 2,85 $ par litre
Revenu total d'éthanol	6,3 milliards de dollars

Production et exportation du sucre

Au cours de l'année-récolte 2022/2023, Cosan a produit 4,1 millions de tonnes de sucre. Les revenus d'exportation du sucre ont atteint 3,8 milliards de rands.

• Production du sucre: 4,1 millions de tonnes
• Revenus d'exportation de sucre: 3,8 milliards de dollars

Entraîneurs de vente au détail de carburant

Grâce à sa coentreprise Raízen, Cosan a exploité 7 400 stations de vente au détail de carburant en 2022. Le volume total des ventes de carburant était de 22,4 milliards de litres, générant un chiffre d'affaires de 140,4 milliards de R $.

Métrique de la vente au détail de carburant	Valeur 2022
Stations de vente au détail de carburant	7 400 stations
Volume des ventes de carburant	22,4 milliards de litres
Revenus de vente au détail de carburant	140,4 milliards de dollars

Production d'énergie renouvelable

Le segment des énergies renouvelables de Cosan a généré 1,2 GW d'électricité en 2022. Les revenus des énergies renouvelables ont totalisé 1,5 milliard de R $.

• Production d'énergie: 1.2 GW
• Revenus en énergies renouvelables: 1,5 milliard de dollars

Services logistiques et infrastructures

La division logistique de Cosan a géré 2 200 kilomètres de pipelines et généré 2,1 milliards de RS de revenus de services d'infrastructure en 2022.

Métrique logistique	Valeur 2022
Réseau de pipelines	2 200 kilomètres
Revenus de services d'infrastructure	2,1 milliards de 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.