Cosan S.A. is a Brazilian corporate group with more than eight decades of operations. Its history began in 1936 with the Costa Pinto mill in Piracicaba (SP), focused on sugar and ethanol production. Over time, the company consolidated an expansion process through the acquisition of other sugar and ethanol mills and, in 2000, unified the conglomerate’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 in the 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 market, under the Esso and Mobil brands. Around the same time, Rumo S.A. was created to handle rail transportation and port operations primarily focused on shipping sugar and other commodities, and Radar Propriedades Agrícolas was created to manage rural properties. In 2011, the partnership with Shell resulted in the formation of Raízen S.A., which brought together Cosan’s sugar, ethanol and fuel distribution assets and Shell’s fuel distribution assets in Brazil, creating one of the main integrated platforms for sugar, ethanol, bioenergy and fuels in the country.

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 concentrate the infrastructure, distribution and marketing of natural gas, giving rise to a platform dedicated to expanding the gas market in the country. Compass operates in two major areas: Gas Distribution, through distributors such as Comgás, Sulgás, Compagas and stakes in regional distributors via Commit; and Marketing & Services, through Edge Participações, which groups 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 rail 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 tied to the North, South, Central, Paulista and West networks, in addition to Brado, focused on containers and multimodal solutions. Rumo offers integrated transportation, handling and storage services, with a focus on shipping agricultural commodities and other cargo in large volumes over long distances. Its operating performance depends on rail concessions regulated by the National Land Transport Agency (ANTT) and on permits related to storage and the use of port infrastructure.

In the lubricants segment, Moove represents Cosan’s global platform for the production, distribution and sale 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-label brands such as Tirreno in countries including 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, giving the group a relevant presence in the global lubricants value chain.

Agribusiness remains an important pillar in Cosan’s portfolio through the Radar Group, which concentrates activities in agricultural land. Radar holds, directly or indirectly, about 296–297 thousand hectares across eight Brazilian states, focused on crops such as sugarcane, soybeans, corn, cotton and others. Property management is supported by 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 expanded its exposure to agricultural assets with additional stakes in companies such as Tellus and Janus, which operate in line with Radar’s land management strategy.

Raízen, the joint venture between Cosan and Shell, is a key asset in Cosan’s portfolio, operating in three integrated fronts: fuel distribution in Brazil, distribution and refining in Argentina, and the EAB segment – Ethanol, Sugar and Bioenergy. In Brazil, Raízen operates a large 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 the operation of convenience stores. In EAB, it carries out sugarcane cultivation, sugar and ethanol production, cogeneration of electricity from biomass, as well as trading and resale of sugar, ethanol and electricity, with significant exposure to seasonal cycles and weather conditions affecting the sugarcane harvest. 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 consolidated itself as a holding company focused on value creation in a diversified portfolio of assets in infrastructure, energy, fuels, natural gas, logistics and agribusiness. Consolidated operating revenues are reported by segments that mainly reflect Rumo, Compass, Moove, Radar and Raízen, with revenue relatively spread across these business blocks. The company does not depend on a single customer accounting 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 in different areas, such as rail concessions supervised by ANTT, gas distributors subject to state agencies and public service legislation, as well as environmental and safety requirements specific to activities related to fuels, biofuels and energy infrastructure.

Cosan, through its subsidiaries and affiliates, is affected by environmental, social and corporate governance issues, especially in operations that are asset-intensive, use natural resources and rely on 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 the efficient use of soil. In governance, Cosan operates as a publicly held company listed on B3 under the code CSAN3, in the Novo Mercado segment, with a defined control structure and participation of institutional investors in relevant subsidiaries, which contributes to governance practices aligned with the requirements of the Brazilian and international capital markets.