Raízen (RAIZ4) Q3 2026 earnings summary

Executive summary

• Net revenue reached R$60.4 billion, down about 10% year-over-year, with strong fuel distribution in Brazil and margin recovery in Argentina offset by ESB/ESAB segment headwinds and lower agricultural yields.

• A net loss of R$15.6 billion was reported, mainly due to a significant non-cash impairment provision of R$11.1 billion reflecting updated accounting assumptions and asset recoverability concerns.

• Transformation and efficiency initiatives, including asset sales and organizational simplification, generated or are expected to generate R$5 billion in cash.

• The company is focused on operational efficiency, cost reduction, and capital structure improvement, with controlling shareholders committed to supporting a consensual resolution.

Financial highlights

• Adjusted EBITDA was R$8.4 billion YTD, down 12.3% year-over-year, with Q3 at R$3.15 billion, down 3.3% year-over-year.

• CAPEX for the year-to-date was R$5.74 billion, a 22% decrease from the prior year.

• Net debt increased to R$55.3 billion, with leverage at 5.3x LTM Adjusted EBITDA.

• Cash and cash equivalents at quarter-end were R$17.3 billion, with over 90% in highly liquid assets.

Outlook and guidance

• The company is prioritizing capital structure improvement, targeting leverage of 2–2.5x over time, and ongoing transformation to drive efficiency.

• Additional R$1.5 billion in cash is expected from pending divestments.

• Future results are subject to macroeconomic, commodity price, and capital structure risks; impairment reversals depend on improved conditions.