Cosan (CSAN3) posted net income of R$ 190 mn in the third quarter of 2026 (3Q26), reversing the R$ 1.2 bn loss in the same period of 2025. The result was driven by a larger contribution from its investees via equity income, an improvement in the financial result and a reduction in the holding company's general and administrative expenses.
Equity income (the result of stakes in investees) totaled R$ 719 mn in 3Q26, versus a loss of R$ 482 mn in 3Q25. In the quarter, no result from Raízen was recognized. The financial result was negative by R$ 479 mn, R$ 379 mn better than in 3Q25. Selling, general and administrative expenses totaled R$ 54 mn, a decrease of R$ 11 mn, with a simplified structure and the delisting of its ADSs from the NYSE. In the nine-month period, Cosan posted a loss of R$ 1.7 bn, versus R$ 3.9 bn in 9M25.
Expanded net debt totaled R$ 9.5 bn at the end of 3Q26, up 3% from 2Q26 and down 48% from 3Q25. The quarterly increase reflects financial expenses and the absence of significant dividends from investees. The cost of gross debt fell 32% compared with 3Q25. The debt service coverage ratio was 0.3x, and the projection for December 2026, which was maintained, is between 0.8x and 1.2x.
Compass's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 22% to R$ 1.6 bn, with cargo optimization at Edge. Moove's increased 21% to R$ 435 mn, with net revenue 26% higher at R$ 3.1 bn. Rumo's fell 4% to R$ 2.2 bn, and Radar's rose 11% to R$ 117 mn.
In October, a tax settlement signed by Raízen will allow Cosan to reduce about R$ 3.2 bn in federal tax contingencies, with a net outlay of about R$ 200 mn. In November, Radar sold agricultural properties for R$ 808 mn.
Is CSAN3 worth investing in?
- Price
- R$ 2.85
- as of 11/12/2026
- Dividend yield
- 0.00 %
- P/L
- N/A
- P/VPA
- 2.26
