CSAN3

Cosan S.A. is a Brazilian business group with more than eight decades of operations, whose trajectory began in 1936 with the Costa Pinto mill, in Piracicaba (SP), focused on sugar and ethanol production. Over time, the company consolidated a process of expansion through the acquisition of other sugar and ethanol mills and, in 2000, unified the group’s activities into what became Cosan S.A. Indústria e Comércio, now called simply Cosan S.A. The company went public in 2005, and its shares started trading on B3’s Novo Mercado segment under the ticker CSAN3. In 2007, it also entered the New York Stock Exchange through Cosan Limited and, since 2021, has maintained ADSs traded on the NYSE, reinforcing its profile as a group with both local and international presence.

Throughout the 2000s and 2010s, Cosan went through a diversification process that transformed the former sugar and ethanol producer into an investment holding company operating in sectors such as energy, oil and gas, logistics, and agribusiness. In 2008, the acquisition of ExxonMobil’s assets in Brazil marked the company’s entry into the fuel distribution and lubricants production and distribution markets, under the Esso and Mobil brands. Around the same time, Rumo S.A. was created for rail transportation and port operations mainly focused on the shipment of sugar and other commodities, and Radar Propriedades Agrícolas was created, dedicated to managing rural properties. In 2011, the partnership with Shell resulted in the formation of Raízen S.A., which combined Cosan’s sugar, ethanol, and fuel distribution assets with Shell’s fuel distribution assets in Brazil, establishing one of the country’s main integrated platforms for sugar, ethanol, bioenergy, and fuels.

From the 2010s onward, Cosan intensified its activities in natural gas and energy infrastructure. In 2012, it acquired control of Comgás, Brazil’s largest piped gas distributor, consolidating its presence in the gas segment. In 2020, these assets were contributed to Compass Gás e Energia, a holding company created to consolidate the natural gas infrastructure, distribution, and marketing businesses, giving rise to a platform dedicated to expanding the gas market in the country. Compass operates in two major areas: Gas Distribution, through concessionaires such as Comgás, Sulgás, Compagas and stakes in regional distributors via Commit; and Marketing & Services, through Edge Participações, which holds assets such as the São Paulo LNG Regasification Terminal (TRSP), in Santos, and biomethane projects, including the OneBio plant under development at Ecoparque Paulínia and supply agreements with partners in the sugar-energy sector.

In logistics, Rumo, created by Cosan and later combined with ALL – América Latina Logística in 2015, became one of the leading independent railway operators in Latin America, connecting key grain-producing regions in the Midwest, Southeast and South to the ports of Santos, Paranaguá, São Francisco do Sul and Rio Grande. The company organizes its operations into business units linked to the North, South, Central, Paulista and West networks, as well as Brado, focused on containers and multimodal solutions. Rumo offers integrated transportation, handling and storage services, with a focus on the shipment of agricultural commodities and other cargoes in large volumes over long distances. Operational performance depends on railway concessions regulated by the National Land Transport Agency (ANTT) and on authorizations related to storage and the use of port infrastructure.

In the lubricants segment, Moove represents Cosan’s global platform for the production, distribution and marketing of lubricants, base oils, greases, fluids and specialties for automotive and industrial applications. The company operates in three major regions: South America, North America and Europe. In South America, it operates through a strategic partnership with ExxonMobil, producing and distributing Mobil lubricants and private labels such as Tirreno in countries like Brazil, Bolivia, Uruguay, Paraguay and Argentina. In Europe, it operates with the Mobil and Comma brands, with a presence in the United Kingdom, Spain, Portugal and France, in addition to exporting to dozens of countries. In the United States, it has industrial plants and distribution centers, holding distribution rights for Mobil products in certain states and marketing its own brands such as EcoUltra, Medallion Plus and Dyna-Plex 21C, which gives the group a significant presence in the global lubricants value chain.

Agribusiness remains an important pillar in Cosan’s portfolio through the Radar Group, which concentrates activities in farmland. Radar holds, directly or indirectly, about 296–297 thousand hectares spread across eight Brazilian states, focusing on crops such as sugarcane, soybeans, corn, cotton and others. Property management is carried out with the support of satellite geomonitoring technologies and is structured as a joint venture between Cosan and Nuveen Natural Capital Latam, with a strategy focused on the acquisition, development, leasing and management of rural assets with high productive potential. Cosan has also increased its exposure to agricultural assets through additional stakes in companies such as Tellus and Janus, which operate in line with Radar’s land management strategy.

Raízen, a joint venture between Cosan and Shell, is a key component in Cosan’s portfolio, operating in three integrated fronts: fuel distribution in Brazil, distribution and refining in Argentina, and the EAB – Ethanol, Sugar and Bioenergy segment. In Brazil, Raízen operates a wide franchised network of fuel stations under the Shell brand, as well as Shell Select and Shell Café convenience stores. In Argentina, it combines refining, fuel distribution, production and sale of Shell lubricants, and operation of convenience stores. In EAB, it carries out sugarcane cultivation, sugar and ethanol production, cogeneration of electric power from biomass, as well as trading and resale of sugar, ethanol and electric power, with strong exposure to seasonal cycles and weather conditions that affect the sugarcane crop. Raízen has its own fiscal year, from April 1 to March 31, aligned with the sugarcane production cycle.

From a financial and corporate standpoint, Cosan has established itself as a holding company with equity stakes focused on value creation in a diversified portfolio of assets in the infrastructure, energy, fuels, natural gas, logistics and agribusiness sectors. Consolidated operating revenues are reported by segments that mainly reflect Rumo, Compass, Moove, Radar and Raízen, with revenue relatively spread among these business blocks. The company does not depend on any single customer that accounts for more than 10% of consolidated revenue, although Rumo may have significant contracts with major commodity shippers. As an investor in regulated businesses, Cosan is exposed to regulatory frameworks at different levels, such as railway concessions supervised by ANTT, gas distributors subject to state agencies and public service legislation, as well as environmental and safety requirements inherent to activities related to fuels, biofuels and energy infrastructure.

Cosan, through its subsidiaries and affiliates, is impacted by environmental, social and corporate governance issues, especially in operations that are intensive in physical assets, natural resource use and public concessions. In logistics, energy efficiency practices and reducing diesel consumption per ton transported are part of Rumo’s operational management. In natural gas and biomethane, Compass and Edge structure projects that combine infrastructure expansion with the supply of cleaner energy, such as the development of biomethane plants and the use of LNG terminals to diversify supply. In agribusiness, Radar manages farmland using monitoring technology and focusing on productivity and rational land use. In governance, Cosan operates as a publicly traded company listed on B3 under the code CSAN3, in the Novo Mercado segment, with a defined control structure and the participation of institutional investors in relevant subsidiaries, which contributes to governance practices aligned with the requirements of the Brazilian and international capital markets.