Cosan S.A. (CSAN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de energia sustentável e operações comerciais diversificadas, Cosan S.A. surge como uma potência que combina perfeitamente a inovação agrícola, as soluções de energia renovável e o posicionamento estratégico do mercado. Esse conglomerado brasileiro criou magistralmente um modelo de negócios que transcende os limites tradicionais da indústria, alavancando sua extensa rede de cana-de-açúcar, parcerias estratégicas com gigantes globais como a Shell e uma abordagem de visão de energia para a produção e distribuição de energia. Ao integrar vários setores e manter um foco nítido na sustentabilidade e na eficiência, Cosan representa um plano atraente de como as empresas modernas podem criar valor e abordar desafios ambientais críticos.

Cosan S.A. (CSAN) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com Shell

Cosan e Shell formaram Raízen, uma joint venture com as seguintes métricas -chave:

Detalhes da parceria	Dados específicos
Estrutura de propriedade	50/50 joint venture
Distribuição anual de combustível	22 bilhões de litros de combustível
Estações de varejo	4.900 estações da marca de casca no Brasil

Parcerias de agricultores de cana -de -açúcar

Cosan colabora com vários produtores de cana -de -açúcar em todo o Brasil:

• Área de cana -de -açúcar contratada total: 235.000 hectares
• Suprimento médio de cana -de -açúcar anual: 14,5 milhões de toneladas
• Número de parceiros agrícolas contratados: 72 agricultores

Colaborações de logística e transporte

Parceiro de logística	Detalhes específicos da colaboração
Rumo Logistics	Transporte ferroviário para etanol e distribuição de açúcar
Operadores de portas	Parcerias de infraestrutura de exportação em portos de Santos e Paranaguá

Joint ventures de energia renovável

As parcerias de energia renovável de Cosan incluem:

• Investimentos totais de energia renovável: R $ 1,2 bilhão
• Número de joint ventures de energia renovável ativa: 3
• Capacidade de energia renovável instalada: 350 MW

Cosan S.A. (CSAN) - Modelo de negócios: Atividades -chave

Produção de etanol e fabricação de açúcar

Raízen, a joint venture entre Cosan e Shell, opera 24 moinhos de açúcar e etanol no Brasil. Em 2023, a capacidade total de processamento da cana -de -açúcar atingiu 66 milhões de toneladas anualmente.

Métrica de produção	2023 volume
Produção de etanol	2,8 bilhões de litros
Produção de açúcar	1,9 milhão de toneladas

Distribuição de combustível e operações de varejo

Raízen opera a maior rede de distribuição de combustível do Brasil.

• Estações de varejo totais: 7.200
• Participação de mercado na distribuição de combustível: 24%
• Volume anual de vendas de combustível: 22 bilhões de litros

Desenvolvimento de energia renovável

Segmento de energia renovável	2023 Capacidade
Geração de bioeletricidade	1.200 MW
Investimentos de energia renovável	R $ 500 milhões

Gerenciamento de logística e infraestrutura

A infraestrutura de logística -chave inclui:

• Rede de pipeline de açúcar e etanol: 270 quilômetros
• Capacidade de armazenamento: 450.000 metros cúbicos
• Frota de transporte: 1.800 caminhões

Diversificação de investimento e portfólio

Categoria de investimento	2023 Valor do investimento
Investimentos totais de portfólio	R $ 1,2 bilhão
Novos segmentos de negócios	R $ 350 milhões

Cosan S.A. (CSAN) - Modelo de negócios: Recursos -chave

Extensa rede de plantação de cana -de -açúcar no Brasil

Cosan controla aproximadamente 617.000 hectares de plantação de cana no Brasil a partir de 2023. O portfólio de terras da empresa está localizado principalmente no estado de São Paulo, que representa 63% da produção de cana -de -açúcar do Brasil.

Recurso terrestre	Hectares totais	Pertencente/controlado
Plantações de cana -de -açúcar	617,000	100% controlado
Região de produção primária	Estado de São Paulo	63% de participação de mercado

Instalações avançadas de processamento industrial

O COSAN opera 24 instalações de processamento industrial em todo o Brasil, com uma capacidade total de processamento de cana -de -açúcar de 95 milhões de toneladas métricas anualmente.

Tipo de instalação	Número de instalações	Capacidade anual de processamento
Moinhos de açúcar	15	58 milhões de toneladas
Plantas de etanol	9	37 milhões de toneladas

Infraestrutura de distribuição e logística

Raízen, joint venture de Cosan, mantém uma rede de logística abrangente com:

• 4.500 quilômetros de infraestrutura de pipeline
• Mais de 2.000 pontos de distribuição de combustível
• Frota de 2.300 caminhões -tanques

Experiência tecnológica na produção de biocombustíveis

Cosan investe aproximadamente R $ 250 milhões anualmente em pesquisa e desenvolvimento, com foco em tecnologias avançadas de biocombustíveis.

Equipe de gerenciamento experiente

Equipe de liderança com uma média de 18 anos de experiência no setor, incluindo executivos de empresas globais de primeira linha.

Métrica de Gerenciamento	Valor
Experiência executiva média	18 anos
Investimento anual de P&D	R $ 250 milhões

Cosan S.A. (CSAN) - Modelo de negócios: proposições de valor

Soluções de energia sustentável e renovável

Cosan S.A. produz 2,2 bilhões de litros de etanol anualmente da cana -de -açúcar. A empresa opera 11 moinhos de açúcar e etanol no Brasil, com uma capacidade total de esmagamento de 55 milhões de toneladas de cana -de -açúcar por ano.

Métricas de energia renovável	Produção anual
Produção de etanol	2,2 bilhões de litros
Capacidade de esmagamento da cana -de -açúcar	55 milhões de toneladas
Número de usinas	11

Preços competitivos nos mercados de combustível e energia

Raízen, joint venture de Cosan, controla 22% do mercado de varejo de combustível brasileiro com 5.300 estações de serviço. O custo médio de produção de etanol é de R $ 1,80 por litro.

Posição de mercado	Métrica
Participação de mercado de varejo de combustível	22%
Estações de serviço	5,300
Custo de produção de etanol	R $ 1,80 por litro

Modelo de negócios integrados em vários setores

• Produção de açúcar e etanol
• Distribuição de combustível
• Geração de energia renovável
• Logística e infraestrutura

Receita de receita entre os setores em 2023:

• Distribuição de combustível: 48%
• Açúcar e etanol: 35%
• Energia renovável: 12%
• Outros segmentos: 5%

Produtos agrícolas e de alta qualidade

A produção anual de açúcar atinge 2,1 milhões de toneladas, com uma produtividade média de 80 toneladas de cana por hectare.

Produção agrícola	Volume anual
Produção de açúcar	2,1 milhões de toneladas
Produtividade da cana	80 toneladas por hectare

Alternativas ambientalmente amigáveis ​​de biocombustíveis

Redução de CO2 através da produção de etanol: 2,2 toneladas de CO2 equivalente por tonelada de cana -de -açúcar processada. As emissões totais de gases de efeito estufa evitaram em 2023: 4,8 milhões de toneladas.

Impacto ambiental	Métrica
Redução de CO2 por tonelada de cana	2,2 toneladas de CO2 equivalente
Emissões totais evitadas	4,8 milhões de toneladas

Cosan S.A. (CSAN) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes industriais e de varejo

A Cosan S.A. mantém contratos de longo prazo com os principais clientes industriais e de varejo em vários setores. Em 2023, a empresa registrou 87 acordos de fornecimento de longo prazo em seus segmentos de energia e infraestrutura.

Segmento	Número de contratos de longo prazo	Duração média do contrato
Raízen Energy	52	7,3 anos
Logística	23	5,6 anos
Infraestrutura	12	6,1 anos

Vendas diretas através de postos de combustível e redes de distribuição

A Cosan opera uma rede de distribuição abrangente com 4.300 postos de combustível em todo o Brasil a partir de 2023, permitindo interações e vendas diretas do cliente.

• Postos de combustível total: 4.300
• Participação de mercado no varejo de combustível brasileiro: 24,5%
• Transações diárias de clientes: aproximadamente 1,2 milhão

Programas de fidelidade do cliente

Programa de fidelidade de Raízen, KM de Vantagens, possui 8,3 milhões de membros registrados em 2023, gerando retenção e engajamento significativos de clientes.

Métricas do Programa de Fidelidade	2023 dados
Membros registrados	8,3 milhões
Usuários ativos	5,6 milhões
Pontos resgatados	R $ 127 milhões

Plataformas digitais para serviço e suporte

A Cosan investiu em plataformas de atendimento ao cliente digital, com 72% das interações de clientes gerenciadas através de canais digitais em 2023.

• Downloads de aplicativos móveis: 2,1 milhões
• Taxa de resolução de serviço digital: 89%
• Tempo médio de interação digital: 3,4 minutos

Comunicação transparente e comprometimento da sustentabilidade

A Cosan publica relatórios anuais de sustentabilidade e mantém canais de comunicação transparentes, com 92% de feedback positivo do cliente sobre iniciativas de sustentabilidade em 2023.

Métricas de comunicação de sustentabilidade	2023 dados
Publicações do relatório de sustentabilidade	2
Satisfação do cliente com sustentabilidade	92%
Compromissos de sustentabilidade pública	7 principais iniciativas

Cosan S.A. (CSAN) - Modelo de Negócios: Canais

Estações de varejo de combustível de marca

Cosan opera através de Raízen, que gerencia mais de 4.800 estações de varejo de combustível em todo o Brasil a partir de 2023. A rede inclui:

Tipo de estação	Número de estações
Estações da marca de casca	4,300
Lojas de conveniência	1,200

Plataformas de vendas on -line

Os canais de vendas digitais incluem:

• Site oficial de Raízen
• Aplicativo móvel para compras de combustível
• Plataforma de compras on -line corporativa B2B

Equipe direta de vendas industriais

A equipe de vendas industriais de Cosan abrange vários setores:

Segmento da indústria	Cobertura de vendas
Cana -de -açúcar	85% do mercado brasileiro
Etanol	45% de produção nacional
Açúcar	15 milhões de toneladas anualmente

Redes de logística e distribuição

A infraestrutura de distribuição inclui:

• 23 moinhos de produção de açúcar e etanol
• 8 terminais de logística
• 1.200 km de rede de pipeline
• 850 veículos de transporte dedicados

Canais de marketing e comunicação digital

Plataformas de engajamento digital:

• LinkedIn: 180.000 seguidores
• Instagram: 95.000 seguidores
• YouTube: 50.000 assinantes
• Site corporativo com seção de relações com investidores

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

Consumidores de energia industrial

Cosan atende clientes industriais em vários setores que exigem soluções de energia.

Setor	Consumo anual de energia	Quota de mercado
Fabricação	3,2 milhões de MWh	18.5%
Mineração	1,7 milhão de MWh	12.3%
Indústria química	2,1 milhões de MWh	15.7%

Empresas de transporte e logística

O COSAN fornece soluções de combustível e logística para o setor de transporte.

• Customers de Frota de caminhões: 3.500 empresas
• Fornecimento de combustível a diesel: 2,4 bilhões de litros anualmente
• Cobertura de rede de logística: 22 estados brasileiros

Consumidores de combustível de varejo

Raízen, subsidiária de Cosan, serve o mercado de combustíveis de varejo.

Rede de estação de combustível	Número de estações	Volume diário do cliente
Raízen estações de marca	4.200 estações	1,2 milhão de clientes

Setor agrícola

A Cosan suporta clientes agrícolas através de operações de cana -de -açúcar e biocombustível.

• Fornecedores de cana -de -açúcar: 2.300 agricultores
• Produção de etanol: 2,1 bilhões de litros anualmente
• Terras Agrícolas sob gestão: 610.000 hectares

Investidores de energia renovável

Cosan atrai investidores interessados ​​em projetos de energia sustentável.

Categoria de investimento	Investimento total	Retorno anual
Projetos de energia renovável	R $ 1,8 bilhão	12.5%
Infraestrutura sustentável	R $ 1,2 bilhão	10.3%

Cosan S.A. (CSAN) - Modelo de negócios: estrutura de custos

Cultivo de cana -de -açúcar e despesas de colheita

Em 2023, os custos de cultivo da cana -de -açúcar de Cosan foram de aproximadamente R $ 78,50 por tonelada de cana -de -açúcar colhidas. As despesas agrícolas totais atingiram R $ 2,1 bilhões no ano fiscal.

Categoria de despesa	Custo anual (R $)	Porcentagem de custos agrícolas totais
Preparação da terra	412,000,000	19.6%
Fertilizantes	356,000,000	16.9%
Operações de máquinas	524,000,000	24.9%
Custos de mão -de -obra	368,000,000	17.5%

Custos de fabricação e processamento

As despesas de fabricação de 2023 totalizaram R $ 3,45 bilhões, com investimentos significativos em eficiência industrial.

• Custo de processamento de açúcar: R $ 45,20 por tonelada
• Custo de produção de etanol: R $ 1.850 por metro cúbico
• Investimento de infraestrutura de cogeração de energia: R $ 280 milhões

Infraestrutura de distribuição e logística

As despesas de logística de 2023 totalizaram R $ 845 milhões, cobrindo redes de transporte, armazenamento e distribuição.

Componente de logística	Despesas anuais (R $)
Frota de transporte	342,000,000
Instalações de armazenamento	276,000,000
Manutenção da rede de distribuição	227,000,000

Investimentos de pesquisa e desenvolvimento

As despesas de P&D em 2023 atingiram R $ 185 milhões, com foco na inovação tecnológica e na otimização de processos.

• Pesquisa de biotecnologia: R $ 62 milhões
• Melhorias de eficiência do processo: R $ 73 milhões
• Desenvolvimento de Tecnologia Sustentável: R $ 50 milhões

Despesas de marketing e vendas

Os custos de marketing e vendas para 2023 foram de aproximadamente R $ 215 milhões.

Canal de marketing	Despesas (R $)
Marketing digital	68,000,000
Feiras e eventos	42,000,000
Operações da equipe de vendas	105,000,000

Cosan S.A. (CSAN) - Modelo de negócios: fluxos de receita

Vendas de etanol

Em 2022, o volume de vendas de etanol de Cosan atingiu 2,2 bilhões de litros. O preço médio de venda foi de R $ 2,85 por litro. A receita total do etanol do ano foi de aproximadamente R $ 6,3 bilhões.

Métrica	2022 Valor
Volume de vendas de etanol	2,2 bilhões de litros
Preço médio de venda	R $ 2,85 por litro
Receita total de etanol	R $ 6,3 bilhões

Produção e exportação de açúcar

No ano da colheita de 2022/2023, Cosan produziu 4,1 milhões de toneladas de açúcar. As receitas de exportação do açúcar atingiram R $ 3,8 bilhões.

• Produção de açúcar: 4,1 milhões de toneladas
• Receita de exportação de açúcar: R $ 3,8 bilhões

Operações de varejo de combustível

Por meio de sua joint venture Raízen, a Cosan operava 7.400 estações de varejo de combustível em 2022. O volume total de vendas de combustível foi de 22,4 bilhões de litros, gerando receita de R $ 140,4 bilhões.

Métrica de varejo de combustível	2022 Valor
Estações de varejo de combustível	7.400 estações
Volume de vendas de combustível	22,4 bilhões de litros
Receita de varejo de combustível	R $ 140,4 bilhões

Geração de energia renovável

O segmento de energia renovável de Cosan gerou 1,2 GW de energia em 2022. As receitas de energia renovável totalizaram R $ 1,5 bilhão.

• Geração de energia: 1.2 GW
• Receita de energia renovável: R $ 1,5 bilhão

Serviços de logística e infraestrutura

A Divisão de Logística de Cosan conseguiu 2.200 quilômetros de oleodutos e gerou R $ 2,1 bilhões em receitas de serviço de infraestrutura em 2022.

Métrica de logística	2022 Valor
Rede de pipeline	2.200 quilômetros
Receita do Serviço de Infraestrutura	R $ 2,1 bilhões

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.