Cosan (CSAN) Company Report

Analyst Coverage

Research analysts who have asked questions during Cosan earnings calls.

Gabriel Coelho Barra

Citigroup

3 questions for CSAN

Also covers: BAK, PBR, UGP

Isabella Simonato

Bank of America

3 questions for CSAN

Also covers: ABEV, AGRO, BRFS +3 more

Monique Greco

Itau BBA

3 questions for CSAN

Also covers: PBR, UGP

Regis Cardoso

XP Investimentos

3 questions for CSAN

Also covers: BAK, PBR, UGP

Gustavo Sadka

Bradesco BBI

2 questions for CSAN

Also covers: UGP

Lucas Ferreira

JPMorgan Chase & Co.

2 questions for CSAN

Also covers: ABEV, AGRO, ASAIY +7 more

Matheus Enfeldt

UBS

2 questions for CSAN

Also covers: AGRO, PBR, UGP

Thiago Duarte

BTG Pactual

2 questions for CSAN

Also covers: ABEV, AGRO, AGRO3.SA +4 more

Bruno Amorim

The Goldman Sachs Group, Inc.

1 question for CSAN

Also covers: EBR, ELP, PBR +3 more

Bruno Montanari

Morgan Stanley

1 question for CSAN

Also covers: BAK, EC, PBR +4 more

Debora Borges

Banco Safra S.A.

1 question for CSAN

Also covers: EBR

Gabriel Bara

Citi

1 question for CSAN

Gabriel Barra

Citigroup Inc.

1 question for CSAN

Also covers: UGP

Guilherme Costa Martins

Goldman Sachs

1 question for CSAN

Also covers: EC

Gustavo Sarica

Bradesco BBI

1 question for CSAN

Juan Rodriguez

XP Inc.

1 question for CSAN

Luiz Carvalho

UBS

1 question for CSAN

Also covers: BAK, PBR, UGP

Matteo Sveld

UBS Group AG

1 question for CSAN

Pedro Soares

BTG Pactual

1 question for CSAN

Also covers: PBR, UGP

Tiago Duarte

BTG

1 question for CSAN

Victor Modanese Teixeira

UBS

1 question for CSAN

Also covers: VIST

Latest news

Recent press releases and 8-K filings for CSAN.

Cosan S.A. advances liability management with debt redemption

CSAN

Cosan S.A. is advancing its liability management process to reduce indebtedness and financial costs, and improve its capital structure.
Its wholly owned subsidiary, Cosan Luxembourg S.A., is fully redeeming senior notes due June 2030 (principal amount of US$269,334,000.00) and senior notes due January 2031 (principal amount of US$300,000,000.00).
This redemption contributes to a total debt repayment of approximately R$6.2 billion by Cosan to date.

4 days ago

6-K

Cosan S.A. Announces Rumo S.A. Share Transaction for Liquidity Management

CSAN

M&A

On December 22, 2025, Cosan S.A. sold common shares of its subsidiary, Rumo S.A., equivalent to approximately 4.96% of Rumo's total share capital.
Simultaneously, Cosan executed derivative instruments (total return swap) that represent the same economic exposure as the sold shares.
This transaction is part of Cosan's strategy for liquidity and cash management and does not reduce Cosan's political and economic rights regarding Rumo.
Cosan's total participation in Rumo's share capital remains unchanged, comprising a 20.33% direct stake and 9.94% via derivative instruments.

Dec 23, 2025, 12:20 AM

6-K

Cosan S.A. executes Rumo S.A. share transaction for liquidity and cash management

CSAN

On December 15, 2025, Cosan S.A. executed a transaction involving the sale of common shares in its subsidiary, Rumo S.A., equivalent to approximately 4.98% of Rumo's total share capital.
Simultaneously, Cosan S.A. entered into derivative instruments (total return swap) that represent the same economic exposure as the sold Rumo shares.
This financial transaction is part of Cosan S.A.'s strategy focused on liquidity and cash management.
The company confirmed that this transaction does not reduce its political and economic rights regarding Rumo.

Dec 16, 2025, 11:26 AM

6-K

Cosan Reports Q3 2025 Financial Results and Capital Structure Initiatives

CSAN

Earnings

M&A

New Projects/Investments

Cosan reported Q3 2025 EBITDA under management of BRL 7.4 billion, a BRL 1 billion decrease from 2024, and a net loss of BRL 1.2 billion. The company's net debt was relatively stable, slightly higher than Q2 2025, with a debt service coverage ratio of one time.
Operationally, Rumo's EBITDA increased by 4% and Compass's EBITDA grew by 6% in Q3 2025. Moove's EBITDA was 7% lower despite a 13% increase in volume sold compared to Q2 2025, and the company received BRL 500 million in insurance proceeds for plant reconstruction.
Cosan is actively working to improve its capital structure, including bringing in new shareholders, with the goal of reducing its debt to zero or close to zero. Radar has been identified as the primary asset for potential divestment. Discussions are also progressing with Shell regarding Raizen's capital structure, and Cosan may use proceeds from its offerings for capitalization.
Streamlining measures at the Holdco level are expected to result in BRL 30 million in personnel savings next year, with a goal to cut annual expenses by half, which includes potentially dropping the ADR due to its BRL 10 million annual cost.

Nov 17, 2025, 2:00 PM

Transcript

Cosan Reports Q3 2025 Results, Focuses on Capital Structure Improvement and Strategic Divestments

CSAN

Earnings

Debt Issuance

Management Change

Cosan reported Q3 2025 EBITDA under management of BRL 7.4 billion, a decrease of approximately BRL 1 billion from 2024, and a net loss of BRL 1.2 billion. The company's net debt remained relatively stable, with a debt service coverage ratio of one time.
The company is actively improving its capital structure through recent capitalization efforts with new shareholders and a public offering, aiming to reduce its debt to near zero. Proceeds from the offering will primarily be used for debt repayment, focusing on cost reduction.
Cosan plans strategic divestments, starting with Radar, to create value without forced sales, and has an urgent focus on resolving Raizen's capital structure, with discussions ongoing with Shell and potential capitalization from the second offering proceeds.
Rodrigo Araujo is stepping down as CFO and will be replaced by Bergman, while Lori Valve will take over at Raizen. The company is also streamlining its Holdco operations, targeting BRL 30 million in personnel savings next year and aiming to halve annual expenses.

Nov 17, 2025, 2:00 PM

Transcript

Cosan S.A. announces primary offering of common shares

CSAN

Cosan S.A. has launched a primary offering of its common shares, initially comprising 187,500,000 Shares.
The number of shares offered may be increased by up to 53.33% (an additional 100,000,000 common shares) to meet excess demand.
The offering is priced at a fixed R$5.00 per Share.
The company will not offer American Depositary Receipts (ADRs) representing its shares, and the shares offered are subject to restrictions on deposit in the company's ADR facility.
The allocation procedure is expected to be completed on November 11, 2025, with trading on the S\u00e3o Paulo Stock Exchange (B3) commencing on the second business day thereafter.

Nov 4, 2025, 11:02 AM

6-K

Cosan S.A. launches primary common share offering

CSAN

Cosan S.A. has launched a primary offering of its common shares, initially comprising 1,450,000,000 Shares, with a potential increase of up to 25% (362,500,000 shares) to meet excess demand.
Anchor Investors have committed to purchase an aggregate of R$7,250.0 million of shares, contingent on the price per share being set at R$5.00.
The pricing of the Offering is expected on November 3, 2025, with shares anticipated to begin trading on the S\u00e3o Paulo Stock Exchange on the second business day after pricing.
The company will not make an offering of American Depositary Receipts (ADRs) representing its shares, and the offered shares will have restrictions on deposit in the company's ADR facility.

Oct 24, 2025, 8:11 PM

6-K

Cosan Reports Q3 2025 Preliminary Estimates, Announces Asset Sales, and Considers NYSE Delisting

CSAN

Profit Warning

Delisting/Listing Issues

M&A

Cosan reported a net loss of R$2.5 billion for the six months ended June 30, 2025, and anticipates a significant net loss between R$3.0 billion and R$4.0 billion for the nine months ended September 30, 2025, primarily due to factors including a higher SELIC interest rate and Raízen's operational challenges.
The company reduced its consolidated gross debt by 9.1% to R$60.4 billion as of June 30, 2025, from R$66,455.4 million as of December 31, 2024, reflecting active debt management and a shift towards non-current liabilities.
Raízen, a subsidiary, announced several strategic asset divestitures, including the sale of the Santa Elisa plant for approximately R$1.0 billion, 55 distributed generation plants for approximately R$600 million, and two industrial units for an estimated R$1,543.0 million.
Cosan is considering delisting its American Depositary Shares (ADSs) from the NYSE and deregistering with the SEC, which would reduce reporting obligations and restrict trading to the S\u00e3o Paulo Stock Exchange.

Oct 24, 2025, 8:08 PM

6-K

Cosan S.A. Announces Strategic Public Offerings to Address Financial Leverage

CSAN

Cosan S.A. is undertaking a strategic transaction involving two primary public offerings of shares to renegotiate and repay financial debts, aiming to reduce its financial leverage.
The first public offering is expected to issue 1,450,000,000 common shares (First Base Offering), with Anchor Investors committing to subscribe shares totaling R$ 7,250,000,000.00 at a price of R$ 5.00 per share.
A second public offering is planned for up to 550,000,000 shares, offering priority rights to shareholders as of September 19, 2025, with the total shares issued across both offerings not exceeding 2,000,000,000 common shares.
The implementation of these offerings is contingent on shareholder approval at an Extraordinary General Meeting (EGM) to increase authorized capital to 8,000,000,000 common shares and grant a waiver for investors, with the First Public Offering settlement targeted by November 14, 2025.