Raízen had a better quarter. But the R$55.7bn debt is what really calls the shots
The loss shrank and EBITDA rose 41%. A good sign, but the share price will be set by the restructuring, not the earnings.
To save you time4
- Were the results good?
- Better than last year: a R$843.7m loss, 63.5% smaller, and adjusted EBITDA of R$4.38bn (+41%), driven by fuel distribution.
- So is the problem solved?
- No. Net debt stands at R$55.68bn. Operations are breathing, but the capital structure is still tight.
- What's the fix on the table?
- An out-of-court plan with a capital increase of up to R$39.8bn (R$3.5bn from Shell), conversion of 45% of claims into equity and a split into two companies.
- What should I watch next?
- How much existing shareholders get diluted and whether creditors take the new paper. That's what will price RAIZ4 and CSAN3.
Tickers in this story
Read the full analysis +
Straight to the point: Raízen's numbers improved, but they're not what will move your money.
In the second quarter of its 2026/27 crop year, the company lost R$843.7 million: 63.5% less than a year earlier. Adjusted EBITDA rose 41% to R$4.38 billion, thanks to fuel distribution. Operations are breathing.
The elephant in the room
Net debt ended September at R$55.68 billion. That's what drives the story, and why Cosan and Shell put together an out-of-court restructuring plan:
- a capital increase of up to R$39.8 billion, including R$3.5 billion from Shell;
- 45% of claims convert into equity; the rest becomes new debt;
- the company splits into Raízen Energia and Raízen S.A.
According to Cosan, the plan has been ratified by the court and backed by 81.6% of unsecured financial creditors.
How it reaches you
If you hold RAIZ4, the question isn't "did EBITDA go up?", it's "how diluted will I be?". If you hold CSAN3, the plan sets how much of Raízen the holding keeps.
What I'd watch
The pricing of the capital increase and creditor appetite for the new paper. Remember: in June, Raízen itself flagged material doubt about its ability to keep going. The plan is the answer, now the market has to buy it.
