Cosan shares fall despite analyst buy ratings and deleveraging progress

Cosan shares fell 3.32% to R$ 3.20 following its second-quarter 2026 earnings report, despite positive assessments from financial institutions. Analysts from BTG Pactual and Safra maintained buy recommendations, setting price targets of R$ 8 and R$ 9, respectively, citing significant potential for appreciation.

Key highlights from the results include a 36% year-on-year reduction in general and administrative expenses and progress in the company’s deleveraging efforts. BTG Pactual noted a balance in cash flow, where R$ 654 million in dividends and financial income helped offset R$ 708 million in cash outflows. The company is also moving forward with corporate restructuring, including the voluntary delisting of ADRs in the United States and the incorporation of Radar II by Cosan.

Regarding future strategy, Cosan CEO Marcelo Martins stated that an initial public offering (IPO) for the lubricant producer Moove is not currently appropriate, as the company seeks more value creation from the subsidiary. Additionally, Cosan is in discussions regarding the potential sale of a stake in the logistics company Rumo. The company also announced leadership changes, including the departure of CFO Rafael Bergman and Legal VP Maria Rita de Carvalho Drummond, as part of a broader effort to simplify operations and reduce costs. José Cezário Menezes de Barros Sobrinho will take over as the new VP of Finance and Investor Relations.