In 2024, Cosan S.A. reported robust revenue growth of 11.4% but experienced a stark net loss driven primarily by non-cash impairments and financial pressures linked to its joint venture Raízen. The company's operational segments across fuel distribution, natural gas, lubricants, logistics, and agriculture showed resilience despite macroeconomic challenges in Brazil. Early actions in 2026 include significant debt prepayments, a refinancing push through equity offerings at Compass, and governance enhancements aimed at simplifying the portfolio and bolstering financial stability. Key risks remain centered on Raízen’s ongoing debt restructuring and regulatory challenges affecting subsidiaries like Rumo. Going forward, monitoring Raízen’s plan approval progress and core EBITDA trajectories will be essential indicators of Cosan’s recovery path.