Cosan S.A. (CSAN)

On 28 October 2026 Cosan said it settled a tax bill tied to Raízen, its sugar, ethanol and fuel joint venture with Shell, with Brazil's tax authorities 2. Cosan's economic share was about R$3.2 billion of federal tax disputes, and about R$2.9 billion of that earned a 63% discount 2. Credits of about R$870 million from Cosan's tax losses cover most of the rest, leaving a net cash payment of about R$200 million 2.

On 20 October 2026 Cosan said the exclusive talks over selling part of its stake in Rumo, its rail logistics company, ended with no deal 3. The period of exclusivity expired without an agreement Cosan judged right, and it said it keeps weighing options across all its assets 3.

Cosan filed Form 25 on 8 September 2026 to remove its American depositary shares from the New York Stock Exchange, with 18 September 2026 the last day of trading there 4. The shares keep trading over the counter in the United States 4. Cosan said the step cuts costs and sharpens its focus 6.

For the second quarter of 2026 Cosan reported a net loss of R$320 million, 66% smaller than a year earlier 8. Its holding-company debt net of cash fell to R$9.2 billion, 47% below a year earlier 8.

The Ometto family founded the Costa Pinto sugar mill in Piracicaba in 1936, and in 2000 the group merged its sugar and alcohol businesses into one company named Cosan 1. The 20-F describes a move from a sugar and alcohol producer with a complex structure to a group of listed companies in natural resources 1.

Diversification began in 2008 with the purchase of Exxon Mobil assets in Brazil and the creation of Rumo and Radar 1. In 2011 Cosan and Shell formed Raízen, combining sugar, ethanol and fuel distribution, and the remaining Exxon Mobil assets became Moove, a lubricants business 1. Later Cosan bought Comgás, a gas distributor, and placed it in Compass, which was created in March 2020 1.

In 2021 Cosan reorganized its structure, Raízen's preferred shares listed in Brazil, and Cosan's American depositary shares began trading on the New York Stock Exchange in March 2021 1. In December 2022 Banco Bradesco invested R$4.0 billion and Itaú Unibanco R$4.1 billion in preferred shares of two Cosan subsidiaries that hold Compass and Raízen stakes 1.

Cosan also bought a stake in the miner Vale in October 2022 and sold it down in steps, reaching 0.10% of Vale in January 2025 1.

Results then weakened, as net sales were R$40,418.6 million in 2025 against R$43,950.7 million in 2024 1. Equity in losses of investees was R$10,665.1 million in 2025, against earnings of R$489.1 million in 2024, and the loss attributable to owners was R$9,722.1 million 1.

To strengthen its finances, Cosan sold shares in two offerings in November 2025 for net proceeds of R$10,270.0 million, and a group of anchor investors formed Vertiz Holding to hold their stake 1. In December 2025 it sold 9.94% of Rumo at auction while entering swaps that kept its economic exposure, so Rumo stays consolidated 1.

On 11 March 2026 Raízen filed for an out-of-court reorganization in the São Paulo State Court 1. Cosan reduced its Raízen investment to zero at the end of 2025 and said it has no legal or constructive duty to fund Raízen 1.

Rumo, rail and port logistics

Rumo is Latin America's largest logistics operator, with five railway concessions and port loading and storage, and it carries sugar for export along with grains 1. It moved 84,198.0 million revenue ton-kilometers in 2025, against 79,847.0 million in 2024 1. Its second-quarter 2026 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, without one-offs) was R$2,267 million, against R$2,279 million a year earlier 8.

Compass, natural gas

Compass runs Comgás, which the 20-F calls Brazil's largest natural gas distributor, plus other gas distributors and a marketing and services arm 1. Cosan completed a secondary public offering of Compass shares on B3 totaling R$3.0 billion, with net proceeds near R$2.3 billion for Cosan 8. Compass adjusted EBITDA was R$1,275 million in the second quarter, against R$1,216 million a year earlier 8.

Moove, lubricants

Moove makes and sells automotive and industrial lubricants, under the Mobil brand in Brazil and nine other countries and under its own brands such as Tirreno and Comma 1. It entered the United States by buying PetroChoice in May 2022 1. Second-quarter 2026 adjusted EBITDA was R$475 million, against R$505 million a year earlier 8.

Radar, farmland

Radar owns and manages about 416 rural properties covering 90,128 hectares, which are leased or sold to others and farmed for sugarcane, soy, cotton and corn 1. Cosan also reports a related group of about 408 properties covering 206,223 hectares 1. A sale of part of the Radar portfolio worth R$1.85 billion, of which about R$586 million is Cosan's stake, was expected to close in October 2026 8.

Raízen, the joint venture

Raízen makes ethanol, sugar and power from sugarcane and sells fuel under the Shell brand through 7,692 service stations 1. Raízen had net sales of R$228,802.0 million in 2025, counting 100% of its results, and Cosan held 30.9% of it at the end of 2024 1. The second-quarter release says the court approved Raízen's out-of-court plan, which 81.6% of unsecured financial creditors backed 8.

People and current issues

On 14 August 2026 the board said chief financial officer Rafael Bergman and chief legal officer Maria Rita de Carvalho Drummond had resigned, effective 1 September 2026 7. José Cezário Menezes de Barros Sobrinho, formerly finance chief of Rumo, took over the finance role 7. The board also called a meeting on spinning off Radar II 7.

The umbrella, in words

Cosan calls itself a holding company, and its 20-F lists its subsidiaries in Exhibit 8.1 1. The group names Raízen, Compass and its subsidiaries including Comgás, Moove, Rumo and Radar 1. Cosan owned 30.9% of Raízen at the end of 2024, owns 76.18% of Compass common shares, and 50% of Radar with 20% each of Tellus and Janus 18.

Bradesco and BTG each invested R$2,000.0 million in preferred shares of Cosan Dez, the subsidiary holding Compass, under an agreement with put and call options 1. A shareholders' agreement binds 1,125,184,190 shares, 28.42% of capital, among the Aguassanta holdings and funds of BTG Pactual and Perfin, and Vertiz held 24.19% directly after 30 January 2026 1. Cosan's shares are listed on B3's Novo Mercado 1.

Cosan began giving guidance for its debt service coverage ratio, which compares dividends received with interest paid 78. It expects the ratio to reach 0.8x to 1.2x by the end of 2026, from 0.2x in the second quarter 78.

The guidance assumes ordinary dividends and similar payments of R$1.3 billion to R$1.8 billion in 2026 8. That range includes dividends from the Radar portfolio sale 8.

Cosan signed a letter of intent with exclusivity to sell Port São Luís for an indicative R$300 million, plus R$50 million per new berth built by 2035 8. Completion depends on definitive documents and conditions 8.

On the Raízen settlement, Cosan said the steps in the signed documents still follow, including validation of the tax credits used 2. On Rumo, Cosan said on 20 October 2026 that it keeps evaluating alternatives across its assets 3.

On deregistration, the 14 August 2026 notice said a deregistration request would be filed with the SEC after the delisting 7. The 18 August notice said Cosan would remain registered under the Exchange Act and keep its reporting duties 6.