Cosan is a Brazilian holding company with a diversified portfolio of energy and logistics businesses, operating across five core areas. Raízen, a joint venture with Shell in which Cosan holds a ~31% economic interest, is Brazil's second-largest fuel distributor and one of the world's largest sugarcane processors, producing sugar, ethanol, and bioelectricity while operating roughly 7,700 Shell-branded service stations across Brazil, Argentina, and Paraguay. Compass is Brazil's largest natural gas distribution platform, anchored by Comgás, which distributes piped gas to roughly 2.8 million customers across São Paulo state under a regulated concession with exclusivity rights through 2049. Rumo is Latin America's largest rail logistics operator, running ~13,500 km of railway connecting Brazil's agricultural interior to export ports, primarily hauling soybeans, corn, and soybean meal under long-term government concessions. Moove blends and distributes lubricants globally under the Mobil brand (licensed from ExxonMobil) across Brazil, South America, the U.S., and Europe. Radar manages ~622,000 hectares of Brazilian farmland, earning lease income and capital gains from land sales. Cosan earns primarily through dividends and equity income from these subsidiaries. Each business has a distinct model: Raízen on fuel distribution spreads and commodity processing, Rumo on regulated rail tariffs, Compass on regulated gas tariffs with inflation-linked adjustments, Moove on lubricant blending margins, and Radar on land appreciation. Raízen entered an out-of-court restructuring in 2026, and Cosan has written its Raízen investment to zero. Cosan's near-term focus is reducing holdco leverage following a ~R$10.5B equity recapitalization in 2025.