A mill operated by Raízen, the fuel and sugar-ethanol joint venture of Cosan and the oil major Shell. File photo.

BRAZIL · COMPANIES

Cosan, a Brazilian holding company with stakes in rail, gas and lubricants businesses, returned to profit in the third quarter of 2026. The company said on Friday 13 November 2026, after the São Paulo market closed, that it earned R$190 million (about US$34 million at 5.67 reais per dollar) attributable to its controlling shareholders.

A year earlier Cosan lost R$1.185 billion (about US$209 million), so the swing is R$1.375 billion (about US$243 million). The turnaround comes as the company also announced that its chief executive, Marcelo Martins, will step down, a change we covered in our report on the Cosan chief executive’s departure.

What Changed in the Quarter

Cosan said the improvement came mainly from larger contributions from its investees, a better financial result and lower overhead. It also said it booked no equity-method result from Raízen in the quarter, meaning the fuel venture did not feed into its profit line this time.

Net revenue grew 6% to R$11.288 billion (about US$1.99 billion), and adjusted EBITDA, a measure of operating profit before interest, tax and depreciation, was R$4.361 billion (about US$770 million). Reported EBITDA, before the company’s adjustments, reached R$4.195 billion (about US$740 million), up 55% from the third quarter of 2025.

How the Businesses Did

Rumo, the rail operator, earned R$439 million (about US$77 million), up 6%, while its adjusted EBITDA fell 4% to R$2.217 billion (about US$391 million). It moved 2% more freight.

Compass, Cosan’s gas distribution group, raised net profit 37% to R$591 million (about US$104 million) even though gas volumes fell 4%. Moove, the lubricants maker, grew net revenue 26% to R$3.078 billion (about US$543 million), and Radar, Cosan’s land business, reported EBITDA of R$117 million (about US$21 million), up 11%.

A grain terminal and a bulk carrier at the Port of Santos, Brazil’s main export port and a gateway for farm cargo that rail operators such as Rumo haul. File photo. Photo: Sabino Freitas Correa, CC BY-SA 4.0, via Wikimedia Commons

Debt and Financing Costs

Cosan’s net debt, on its own broader measure, ended September at R$9.5 billion (about US$1.7 billion), 48% below a year earlier and 3% above the end of June. The company said the quarterly rise reflected the normal run of interest costs and the lack of large dividends from its investees.

The holding company’s financial result was a loss of R$479 million (about US$85 million), R$379 million (about US$67 million) better than a year earlier. Consolidated capital spending was R$1.867 billion (about US$329 million), down 11%.

What It Means for You

Cosan matters to US investors who hold Brazil funds or follow Brazilian grain and fuel logistics, because Rumo moves farm exports and Compass supplies gas. The B3 stock exchange in São Paulo prices Cosan’s shares (ticker CSAN3) in reais, so currency moves change the dollar value of any holding.

All dollar values here use 5.67 reais per dollar, the market rate of 14 November 2026. A weaker real would shrink those dollar figures.

What Is Not Known

It is not known how the shares will react when trading resumes on Monday 16 November 2026. It is also not known whether Raízen, which has been in out-of-court restructuring since March 2026, will weigh on Cosan’s results again in coming quarters.

The headline figures here are those the company published on 13 November 2026. Dividend and cash details will come with the company’s full results presentation and filings.

More: Brazil news in English, every day from The Rio Times.

Frequently Asked Questions

Did Cosan Make a Profit in the Third Quarter of 2026?

Yes. Cosan reported a net profit of R$190 million (about US$34 million) attributable to controlling shareholders, against a loss of R$1.185 billion (about US$209 million) a year earlier.

Why Did Cosan Swing Back to Profit?

Cosan said the gain came from larger contributions from Compass, Moove and Rumo, a better financial result and lower overhead. It also booked no result from Raízen in the quarter.

How Much Debt Does Cosan Carry?

Cosan’s net debt, on its own broader measure, was R$9.5 billion (about US$1.7 billion) at the end of September 2026. That is 48% lower than a year earlier and 3% higher than at the end of June.

Sources: Cosan S.A., third-quarter 2026 results statement, 13 November 2026; RT, USD/BRL exchange rate, 14 November 2026, share price and earnings data, 13 November 2026.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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