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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cosan
Cosan (CSAN3) investor relations material
Cosan Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary2 Oct, 2026
Portfolio strategy and governance
2025 follow-on raised R$10.5bn, including R$7.25bn from Aguassanta, BTG Pactual and Perfin Infra; proceeds primarily amortized holding debt.
A new shareholders’ agreement aligned Aguassanta, BTG Pactual and Perfin Infra; strategic priorities include governance succession, structural simplification, subsidiary organic growth and portfolio optimization.
Portfolio management targets optimization, returns and capital structure; 2025 actions included Vale stake sale, debt reduction and organizational simplification.
Capital allocation and divestments
Vale stake sales: 4.05% in Jan 2025 for R$9.05bn and 0.10% in Jan 2026 for R$320mn; Radar sold Mato Grosso land for R$5,864mn.
Compass completed a R$3.2bn public offering in Apr 2026, with up to R$2.5bn directed to cash and divestment of up to 12.6% of the stake.
Letter of intent signed for sale of TUP Port São Luís for R$300mn; closing remained subject to completion. Rumo evaluated alternatives to dispose of part of its stake.
2026 priorities included expenses rationalization, sale of part of Radar’s portfolio and pursuit of Compass IPO; Raízen’s out-of-court reorganization plan received court approval.
Holding company performance
2Q26 net loss was R$320mn versus R$0.9bn loss in 2Q25; dividends and interest received by Corporate were R$399mn versus R$579mn.
Expanded net debt was R$9.2bn in 2Q26, down from R$11.5bn in 1Q26; DSCR was 0.2x LTM versus 0.4x LTM in 1Q26.
G&A declined 22%, from R$371mn in 2024 to R$290mn in 2025; 6M26 G&A was R$88mn.
NYSE ADS trading ended Sep. 18, 2026; estimated savings from 2027 are ~R$1mn in listing obligations and ~R$10mn after SEC deregistration, expected by FY2027-end.
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Latest events from Cosan
- Strong dividend inflows, major divestments, and active capital management drive ongoing optimization.CSAN3
Corporate presentation - Net loss improved to R$320 million and net debt dropped 47% YoY, aided by divestments and IPO.CSAN3Q2 2026
- Net loss narrowed to R$1.6 billion, with strong EBITDA and major deleveraging actions.CSAN3Q1 2026
- EBITDA and net income fell, but major asset sales and capital raises improved leverage and liquidity.CSAN3Q4 2025
- EBITDA and net income declined, but R$10.5 billion equity raised improved capital structure.CSAN3Q3 2025
- EBITDA rose, net income fell, and management changes and acquisitions shaped the quarter.CSAN3Q3 2024
- EBITDA rose 15% to R$7.1bn, net loss narrowed, and capital discipline remained strong.CSAN3Q2 2024
- Net loss reached R$1.8B, EBITDA fell 30%, but net debt dropped to R$17.5B after asset sales.CSAN3Q1 2025
- Net revenue rose 11%, but large impairments led to a R$9.4 billion net loss in 2024.CSAN3Q4 2024
Next Cosan earnings date
Q3 202616 Nov, 2026
Cosan
Next Cosan earnings date
Q3 202616 Nov, 2026
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Frequently asked questions
Cosan SA, through its subsidiaries, is engaged in the production and sale of fuel products. It operates in four segments: Fuel Distribution, Logistics, Power Generation, and Oil & Gas. The Fuel Distribution segment distributes alcohol and gasoline under the Shell brand. The Logistics segment provides long-haul cargo transportation services; coal logistics services; and port operations in Brazil. This segment also operates a railway line stretching 2,000 kilometers