Cosan S.A. (CSAN): Business Model Canvas [Dec-2025 Updated]

You're looking at Cosan S.A., and honestly, untangling this energy and infrastructure giant is a real exercise in financial mapping, especially after that recent BRL 10 billion equity offering aimed at tackling the R$18.2 billion net debt as of Q3 2025. This holding company sits at the nexus of Brazilian growth, running everything from the country's largest private rail network via Rumo to leading the charge in second-generation ethanol with Raízen. To understand the strategy behind their TTM revenue of BRL 42.57 Billion and where the near-term risk truly sits, you need to see the whole picture-so check out the full nine-block Business Model Canvas below to see how logistics, commodities, and regulated assets fit together.

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

You're looking at the core relationships that underpin Cosan S.A.'s operations as of late 2025. These aren't just names on a slide; they represent significant capital flows and operational dependencies.

Shell (JV partner in Raízen, a major revenue driver)

Shell remains a 50-50 joint venture partner in Raízen, which is a cornerstone of Cosan S.A.'s bioenergy segment. Despite challenges, Raízen's Q2 2025 results showed strong volume growth for ethanol, up 19% year-over-year, and sugar, up 26%. However, Raízen is under pressure; its net debt jumped 49% in the third quarter from a year ago, reaching about $10 billion. Cosan S.A. itself invested R$1.704 billion in the fuels area, which includes Raízen, during the second quarter of 2025. Shell is also actively involved in other Brazilian energy assets, recently securing additional equity in pre-salt oil projects.

Strategic infrastructure investors from the BRL 10 billion equity offering

Cosan S.A. successfully executed a major capital raise to de-leverage, totaling R$10.5 billion across two public offerings. The anchor round saw commitments totaling R$7.25 billion from key institutional players at a price of R$5.00 per share. This move was critical, as Cosan's net debt stood at R$23.7 billion at year-end 2024. The new structure solidifies the roles of these investors:

Investor Entity	Anchor Commitment (BRL)	Post-Capitalization Stake (Approximate)
BTG Pactual Holding	R$4.5 billion (Initial anchor)	23.3%
Perfin Infra Fund	R$2.0 billion (Initial anchor)	10.4%
Rubens Ometto Family Offices	R$750 million (Initial anchor)	Controlling Shareholder (21.3%)

The total funds raised, R$10.5 billion, were designated exclusively for debt repayment, not for capitalizing Raízen.

Petrobras (potential strategic partner for Raízen's capital structure)

Petrobras is actively evaluating a return to the ethanol sector by potentially investing in Raízen. This consideration comes as Raízen faces significant debt, reported at R$17.5 billion. The state-owned company is analyzing options ranging from becoming a direct partner in the joint venture to acquiring specific ethanol assets. The final decision on Petrobras' entry is anticipated by the end of 2025.

Global commodity traders for sugar and ethanol exports

The need for Raízen to rebalance its portfolio has brought global traders into the picture for asset sales. Energy trading giants Mercuria Energy Group and Vitol Group are finalists to acquire Raízen's Argentine assets, including the Dock Sud refinery, with a potential deal value exceeding $1 billion. This divestment is part of Raízen's own deleveraging process, which has already targeted asset sales worth more than R$2.7 billion.

Equipment suppliers for rail and gas pipeline maintenance

Cosan S.A.'s logistics arm, Rumo, relies on a network of suppliers to maintain its infrastructure, which connects main producing regions to ports. Compass, the natural gas distribution unit, also requires ongoing maintenance for its pipelines connecting reservoirs to consumer markets in regions like São Paulo. Specific maintenance contract values or supplier names aren't detailed, but operational continuity depends on these external service providers.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine room of Cosan S.A., which means understanding the distinct, yet interconnected, operational mandates across its major controlled companies. These aren't just investments; they are the daily, high-volume activities that generate the group's cash flow, and they require constant, focused management.

Managing the capital structure and deleveraging the holding company

The holding company's primary activity is financial engineering to support the capital-intensive subsidiaries while aggressively managing its own debt load. The commitment is clear: get the holdco debt close to 0, as carrying it is fiscally inefficient. Cosan S.A. reported an EBITDA under management of BRL 7.4 billion for the third quarter of 2025, which was a BRL 1 billion decline from Q3 2024. This operational cash generation was insufficient to cover expenses, resulting in a negative net income of about negative BRL 1.2 billion in Q3 2025. The corporate gross debt stood at R$21.6 billion in Q3 2025, leading to a net debt of R$18.2 billion. The Debt Service Coverage Ratio (DSCR) weakened to 1.0x in Q3 2025, signaling tight financial flexibility. To combat this, the company executed a significant BRL 10 billion Follow-on Equity Offering in 2025. Management is also pursuing streamlining at the holding level, aiming to save BRL 30 million annually.

Operating the largest private freight rail network in Brazil (Rumo)

Rumo's key activity is moving high-volume, long-distance cargo across Brazil's private rail concessions. This segment showed resilience, with an adjusted EBITDA of BRL 2.3 billion for the third quarter of 2025, marking a 5% year-over-year increase. The operational success was driven by a record transported volume of 23.4 billion RTK in Q3 2025, even with a reduction in average tariffs. Rumo maintains a healthy net leverage ratio of 1.9x and a robust liquidity position with BRL 7.2 billion in cash, ensuring it can manage its debt maturity schedule, which has no major concentrations expected in 2026 or 2027.

Producing and trading sugar, ethanol, and bioenergy (Raízen)

Raízen's activity centers on the agricultural-industrial cycle, focusing on sugar and ethanol production, alongside bioenergy generation and fuel distribution. The company operates 29 plants in Brazil and manages over 8,000 Shell-branded service stations. The 2025/2026 harvest estimate was revised down to process between 72 million and 75 million tons of sugarcane, a reduction from the previous harvest's 78.2 million tons, due to weather impacts. Financially, the segment faced headwinds; Raízen reported a net loss of BRL 1.8 billion in the first quarter of the 2025/26 crop year, following a R$ 2.5 billion net loss for the 2024/2025 fiscal year. Net debt is approaching 50 billion reais ($9.2 billion) by the end of the first quarter of the 2025-2026 crop year, prompting a strategic focus on debt reduction and prioritizing bioenergy and ethanol/sugar production.

Distributing natural gas and electricity in Brazil (Compass)

Compass, primarily through Comgás, focuses on the distribution of piped natural gas and energy trading. The Gas distribution segment drives the majority of revenue. As of June 30, 2025, Compass Gas e Energia had a trailing twelve-month revenue of $3.21B USD and a TTM EBITDA of approximately $930.8 million USD. Operationally, the segment saw a 6% EBITDA increase in Q3 2025, helped by higher distributed volumes and healthier margins in the residential segment. Comgás, Brazil's largest gas distributor by volume, has an installed network spanning over 19,000 km, serving 2.1 million clients (based on 2020 data, though the overall Brazilian piped gas network exceeded 45,000km in 2024). The sector expects investments exceeding 10 billion reais (US$1.9bn) over the next five years in Brazil.

Manufacturing and distributing lubricants globally (Moove)

Moove's activity involves the formulation, manufacturing, and distribution of lubricants, including the Mobil brand, across the Americas and Europe. For the six months ending in June 2025, Moove's revenue was 5.02 billion reais ($921.2 million), a 1.6% decrease year-over-year, attributed to falling lubricant sales. The company is positioned in the higher-growth segments of lubricant manufacturing and distribution. For context, the 12 months ending June 30, 2024, saw sales of $1.8 billion USD. Moove had planned a US IPO to raise about $438 million, but this was withdrawn in August 2025. Cosan retains a controlling stake of 60.4% in Moove.

Here's a snapshot of the key financial and operational metrics for the major segments as of late 2025 data:

Key Activity Segment	Metric	Value (Latest Available 2025 Data)	Unit/Context
Holding Company	EBITDA Under Management (Q3 2025)	BRL 7.4 billion	Q3 2025
Holding Company	Net Debt (Q3 2025)	R$18.2 billion	Q3 2025
Rumo	Transported Volume (Q3 2025)	23.4 billion	RTK (Revenue Ton Kilometers)
Rumo	Adjusted EBITDA (Q3 2025)	BRL 2.3 billion	Q3 2025
Raízen	Net Loss (Q1 2025/26 Crop Year)	BRL 1.8 billion	First Quarter of Crop Year
Raízen	Estimated Sugarcane Crush (2025/26)	72 million to 75 million	Tons
Compass	TTM Revenue (as of Jun 30, 2025)	$3.21B	USD
Compass (Comgás)	Client Base	2.1 million	Clients (2020 data, largest in Brazil)
Moove	Revenue (Six Months Ended Jun 2025)	5.02 billion	Reais

The operational focus for Cosan S.A. involves driving volume and efficiency in Rumo and Compass, while Raízen navigates agricultural volatility and deleveraging, and Moove pursues its independent path toward market valuation, even after withdrawing its planned IPO.

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

You're looking at the core assets Cosan S.A. (CSAN) relies on to execute its strategy as of late 2025. These aren't just line items; they're the physical and financial engines driving the whole conglomerate.

Extensive rail network and port terminals in Brazil (Rumo)

Rumo, Cosan S.A.'s logistics arm, controls a massive piece of Brazil's commodity export infrastructure. This network is defintely critical for agribusiness volumes.

The Key Resources for Rumo include:

• Operating nearly 13,500 kilometers of railway lines.
• Managing an asset base comprising approximately 1,400 locomotives and 35,000 wagons.
• Operating 9 transshipment terminals and 6 port terminals across major Brazilian ports.

To give you a sense of scale, Rumo is involved in a major expansion, such as the project at the Port of Santos, which aims to increase port capacity by 12.5 million tonnes annually, including 9 million tonnes of grains.

Large-scale sugarcane crushing and ethanol production plants (Raízen)

Raízen, the joint venture with Shell, holds significant industrial capacity in the sugar and ethanol space. The operational scale is evident in the recent crop figures.

Here are some hard numbers related to Raízen's production assets:

Metric	Value	Period/Context
Sugarcane Crushing Capacity	105 million tons	Crop Year 24'25
Ethanol Production Capacity	3 billion liters	Crop Year 24'25
Sugarcane Crushing	35.1 million metric tons	Q2 2025/2026 Crop
Sugar Equivalent Production	4.8 million tons	Q2 2025/2026 Crop

The company operates across 35 bioenergy complexes. For instance, in the first quarter of the 2025/2026 crop, crushing reached 24.5 million metric tons.

Significant land portfolio for agricultural use (Radar)

Radar represents Cosan S.A.'s hard asset base in agricultural land management. This portfolio offers inherent value and potential for strategic monetization.

The core resource here is the land itself:

• Managing approximately 306,000 hectares of agricultural land.
• The portfolio is spread across eight Brazilian states.

The strategic value was demonstrated in 2024 when net revenue from Radar reached R$ 1.4 billion, largely due to the sale of 9 agricultural properties.

Financial capital from the 2025 Follow-on Equity Offering of BRL 10 billion

A major resource injection in 2025 was the primary equity offering, designed to shore up the balance sheet and provide flexibility for subsidiaries. This capital raise was a key move to manage leverage.

The financial resource secured:

• The stated goal and commitment structure pointed to a capital raise of BRL 10 billion.
• The combined offerings ultimately captured a total of R$ 10.5 billion in funds raised.
• The anchor investors committed R$ 7.25 billion at a fixed price of R$5.00 per share.

Following the second offering, Cosan S.A.'s share capital stood at R$ 10.28 billion.

Natural gas distribution pipelines and concessions (Compass)

Compass contributes to Cosan S.A.'s portfolio through its presence in the natural gas distribution sector, which involves significant infrastructure assets and concessions.

While specific pipeline length for Compass isn't immediately available, the scale of the business in 2024 was substantial, with net revenue reaching R$ 18.4 billion. The broader Brazilian piped gas distribution sector saw its network grow from 36,429km in 2019 to 44,620km in 2024, with expected investments exceeding R$ 10 billion (US$1.9bn) over the next five years. This context frames the type of concession-based, regulated infrastructure asset Compass controls.

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.