CSAN: 6-K · asset sale
Cosan S.A. disclosed that exclusive negotiations with potential investors over the sale of its equity interest in Rumo S.A. have expired without a deal it deemed strategically and commercially appropriate. The filing follows a June 29, 2026 Notice to the Market and an August 20, 2026 Material Fact, meaning a closely watched asset-sale process has stalled at the exclusivity stage. Cosan says it continues to evaluate alternatives across all assets to optimize its capital structure, but the failed exclusivity removes a near-term deleveraging catalyst and leaves uncertainty around the Rumo stake.
CSAN: 20-F/A · amendment
Cosan S.A. filed Amendment No. 1 to its Form 20-F for fiscal year ended December 31, 2025, primarily to incorporate audited financial statements of its Raízen S.A. joint venture (fiscal year ended March 31, 2026). The Raízen financials disclose substantial doubt about the company's ability to continue as a going concern, triggering a R$ 4.27 billion impairment of ESB (ethanol, sugar and bioenergy) property, plant and equipment and a R$ 1.49 billion goodwill write-off that cannot be reversed. Raízen reported a consolidated net loss of R$ 27.1 billion for the year ended March 31, 2026, versus a R$ 4.2 billion loss in the prior year, on net operating revenue of R$ 225.8 billion, while cash and cash equivalents fell to R$ 13.4 billion from R$ 21.7 billion. Given Cosan's consolidation of Raízen as its core asset, the going-concern doubt and impairment charges represent significant negative news for the filer and warrant close monitoring of Cosan's own liquidity disclosures.
CSAN: 6-K · delisting
Cosan S.A. filed Form 25 with the SEC on September 8, 2026 to voluntarily delist its American Depositary Shares from the New York Stock Exchange, with September 18, 2026 set as the last trading day for the ADSs on the NYSE. The step follows Material Facts disclosures made on August 14 and August 18, 2026, and Cosan will keep its Level I ADR program in place, so the ADSs will continue to trade over-the-counter in the United States after the delisting. Cosan's primary listing on Brazil's B3 (CSAN3) is unaffected, but US investors lose exchange-listed access, which typically means thinner liquidity, reduced index visibility, and a smaller US shareholder base. The company frames the move as voluntary, consistent with cutting NYSE listing and SEC reporting costs.
CSAN: 25 · delisting
Cosan S.A. filed a Form 25 with the SEC dated September 8, 2026, notifying the removal of its American Depositary Shares from listing and registration under Section 12(b) of the Securities Exchange Act of 1934 on the New York Stock Exchange. The withdrawal is issuer-initiated under 17 CFR 240.12d2-2(c), meaning it is a voluntary delisting rather than an exchange compliance action. Each ADS represented four of Cosan's common shares, no par value. With this filing, US investors lose the NYSE trading venue for the ADSs, and a Form 15-F deregistration ending SEC periodic reporting typically follows this type of filing. The notification was signed by José Cezário Menezes de Barros Sobrinho, Cosan's Chief Financial and Investor Relations Officer. Because the move is voluntary and certified as compliant with NYSE rules, it reads as an administrative and cost rationalization rather than a distress signal, though it reduces US liquidity and visibility for the shares.
Cosan S.A. filed a Form 6-K material fact notice stating that, in line with its deleveraging strategy, it has continued to advance the process of evaluating alternatives for the sale of a portion of its equity interest in Rumo S.A., its rail logistics subsidiary. The company disclosed that the process has progressed to the stage where potential interested parties are submitting binding proposals, but no decision has been made to date regarding the execution of any transaction involving its Rumo stake. No terms, valuations, or timing were provided, and Cosan said it will keep the market informed of any material developments related to the process.
Cosan S.A. Announces Material Fact
Cosan S.A. has formally notified the New York Stock Exchange of its intention to voluntarily delist its American Depositary Shares, each representing four common shares, under a board resolution adopted on August 14, 2026. The company plans to file Form 25 with the SEC on September 8, 2026, making September 18, 2026 the estimated last day of NYSE trading for the ADSs. Cosan framed the move as part of its objective to simplify and optimize its capital structure, resulting in cost reductions and a greater focus on its most strategically relevant business areas. Its common shares will remain listed on the Novo Mercado segment of B3, where trading is predominantly concentrated, and the ADSs will not be listed or quoted on another US exchange or quotation medium. Cosan will remain registered under the US Securities Exchange Act and continue complying with its SEC reporting obligations after the delisting. The company reserved the right to delay or withdraw the filings before their effectiveness, and US investors will need to transact through the Brazilian market once the NYSE exit is complete.
Cosan S.A. announced on August 14, 2026 that its board approved the voluntary delisting of its American Depositary Shares from the NYSE, where they trade under ticker CSAN, with a request for SEC deregistration to follow. The company said its SEC registration will not be immediately affected, and a timeline with alternatives for ADS holders will be disclosed later. Shares remain listed on Brazil's B3 under CSAN3. The board also approved management changes: CFO and Investor Relations Officer Rafael Bergman and Chief Legal Officer Maria Rita de Carvalho Drummond resigned, and José Cezário Menezes de Barros Sobrinho, previously CFO of Cosan investee Rumo S.A., becomes CFO effective September 1, 2026, with the legal department reporting to him. Cosan called an Extraordinary General Meeting to approve a total spin-off of Radar II Propriedades Agrícolas S.A., merging Radar II's net equity into Cosan and Mansilla Participações Ltda. in proportion to their stakes. The spun-off assets are appraised at R$2,574,927,512.00, involve no capital increase or shareholder dilution, and would become effective October 1, 2026 if approved. The company also began providing guidance for its debt service interest coverage metric, which it expects to converge to a range of 0.8x to 1.2x by the end of fiscal year 2026, based on assumptions in its 2Q26 earnings release.
CSAN: 6-K · earnings release
Cosan reported a 2Q26 net loss of R$320 million attributable to controlling shareholders, a 66% improvement versus the R$946 million loss in 2Q25, driven by a better financial result, lower G&A, and the non-recognition of Raízen results; the quarter absorbed a R$233 million impairment tied to the Port São Luís letter of intent. First-half 2026 net loss totaled R$1.9 billion, or R$631 million excluding debt-prepayment and impairment one-offs. Deleveraging was the headline: expanded net debt fell 47% year over year to R$9.2 billion and 20% versus 1Q26, after R$8.8 billion of early debt settlements in the first half, funded largely by the R$3.0 billion Compass secondary IPO that delivered roughly R$2.3 billion in net proceeds to Cosan. Portfolio moves advanced on several fronts: the R$1.85 billion Radar farmland sale (R$586 million attributable to Cosan) should close in October 2026, Port São Luís is under an exclusive letter of intent at R$300 million plus R$50 million per new berth in earn-outs, and Raízen's out-of-court restructuring plan won court approval from 81.6% of unsecured financial creditors. Cosan retains 76.18% of Compass post-IPO. Watch items remain: the LTM debt service coverage ratio slipped to 0.2x against newly introduced guidance of 0.8x-1.2x by year-end 2026, and the company has begun delisting its ADSs from the NYSE, reducing US-market access while shares continue trading on B3.
CSAN: 6-K · periodic report
Cosan S.A. filed its condensed interim financial statements for the six months ended June 30, 2026, reporting consolidated net sales of R$ 19.8 billion and a consolidated net loss of R$ 2.14 billion, narrowed from a R$ 2.73 billion loss a year earlier, with loss per share improving to R$ (0.48) from R$ (1.47). The dominant item is the Raízen joint venture: Raízen disclosed a material going-concern uncertainty, filed an extrajudicial restructuring on March 11, 2026, and had its plan court-approved on July 30, 2026 with 81.6% creditor support, reprofiling roughly R$ 61.4 billion of unsecured debt. Cosan's investment in Raízen remains at zero with R$ 9.54 billion of cumulative losses unrecognized, and the plan may significantly dilute Cosan's stake or end its joint control and equity-method accounting. On the positive side, Cosan raised R$ 2.29 billion net by selling 84.4 million Compass shares at R$ 28.00 in Compass's B3 IPO while retaining 76.18% control, sold its remaining Vale stake for R$ 319.7 million, and early-redeemed senior notes and debentures that cut consolidated debt to about R$ 54.3 billion from R$ 64.2 billion at year-end 2025. The filing also discloses the June 30, 2026 termination of the Rumo Malha Oeste railway concession, now operating under a 180-day transitional regime with final settlement amounts still pending; management does not expect significant consolidated impacts, though the economics remain contingent on the accounting reconciliation.
Cosan S.A. has executed agreements for the consensual segregation and sale of land assets located in the State of Mato Grosso to SLC Agrícola, Bom Futuro, and Alexandre Jacques Bottan. The total transaction value is R$1.85 billion, with approximately R$586 million corresponding to Cosan's indirect interest. The sale follows the concurrent exercise of the right of first refusal by the lessees of the properties. Closing is expected by October 30, 2026, subject to customary conditions precedent.
Radar Group, through certain subsidiaries, has entered into an agreement to dispose of a portion of its agricultural land portfolio located in Mato Grosso. The total price offered for the properties is BRL 1.85 billion, with Cosan's share of the proceeds amounting to approximately BRL 586 million. The properties cover a total area of 41,214 hectares used for the cultivation of soybeans, corn, and cotton, representing 12% of Radar's total agricultural land portfolio. The transaction is subject to customary closing conditions. Cosan stated that this sale is aligned with its strategic focus on divestments, deleveraging, and the simplification of its portfolio.
Cosan Q1 Earnings Call Highlights
Cosan S.A. (CSAN) Q1 2026 Earnings Call Transcript
CSAN: 6-K · other
Cosan S.A. filed a Form 6-K with the SEC on May 15, 2026. The filing serves as a cover sheet for a report of a foreign issuer pursuant to Rule 13a-16 of the Securities Exchange Act of 1934. No substantive business events, financial results, or material agreements are disclosed in the provided text.
Cosan S.A. reported a first-quarter 2026 net loss of R$1.58 billion, a significant improvement from the R$1.79 billion loss recorded in the same period of 2025. This improvement was driven by lower commodity costs for natural gas and reduced financial expenses, alongside stable net sales of R$9.03 billion. In a major corporate development, Cosan completed a secondary public offering of shares in its indirect subsidiary Compass Gás e Energia S.A. (ticker: PASS3). Cosan sold approximately 76.8 million Compass shares at R$28.00 each, receiving net proceeds of R$2.08 billion. This transaction reduced Cosan’s indirect stake in Compass to approximately 20%, held directly following a spin-off of Cosan Dez Participações S.A. The filing also discloses a restatement of the Q1 2025 Statement of Value Added to ensure comparability with the 2025 fiscal year, though management asserts these adjustments had no material impact on financial ratios. Cosan ended the quarter with consolidated cash and equivalents of R$17.46 billion and total debt of R$52.81 billion.
