Cosan S.A. announced its third‑quarter 2025 results on November 17, 2025, reporting a net loss of BRL 1.2 billion and EBITDA of BRL 7.4 billion, a decline of roughly 13% from the same period last year.
Revenue for the quarter was BRL 10.8 billion, down 4% from BRL 11.3 billion in Q3 2024. The decline was driven by lower sugar prices and reduced production at Raizen, while the company’s logistics and natural‑gas segments offset some of the weakness.
The net loss reflects a combination of headwinds: Raizen’s sugar‑cane operations were hit by drought and fires that cut output, and Moove’s lubricants business suffered from logistical and tax inefficiencies after a fire. These factors pushed operating costs higher and eroded margins.
Segment performance varied: Rumo’s freight volumes grew, lifting EBITDA by 4%; Compass saw a 6% EBITDA increase from higher residential gas distribution; Moove’s volume rose 13% but EBITDA fell 7% due to cost pressures; Raizen’s EBITDA contracted sharply because of lower sugar prices and production cuts.
CEO Marcelo Martins emphasized the company’s shift from merely fixing its capital structure to rebuilding growth, noting that “we want to stop just resolving the company’s capital structure and start building again.” CFO Rodrigo Alves highlighted a plan to cut holding‑company costs by half, including staff reductions and a review of high‑cost initiatives.
Management guided for a nine‑month net loss between BRL 3.0 billion and BRL 4.0 billion, a sharp reversal from the prior year’s profit, signaling caution about near‑term profitability while the company focuses on deleveraging and asset optimization.
The market reacted with a modest 0.63% decline in Cosan’s share price, reflecting investor concern over the sharp drop in earnings and EBITDA and the company’s outlook for continued losses.
In the long term, Cosan’s strategy centers on strengthening its capital base, reducing debt, and addressing Raizen’s capital‑structure challenges within six months, while leveraging the resilience of its logistics and natural‑gas businesses to stabilize earnings.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.