By Brazil Stock Guide – Raízen S.A. (B3: RAIZ4) signaled a weaker agricultural cycle but steady expansion in fuel distribution, according to its preliminary operational results for the third quarter of the 2025/26 crop year. Cane crushing fell to 10.6 million tons in the quarter, reflecting adverse weather effects and asset optimization moves, while fuel sales volumes continued to grow in both Brazil and Argentina, underscoring the company’s diversified earnings base.
In ethanol, sugar and bioenergy (EAB), total cane crushing reached 70.3 million tons in the nine months through December, down from the prior crop due to lower agricultural productivity and the sale of sugarcane-linked assets. Sugar-equivalent production declined to 9.1 million tons, while ethanol sales volumes tracked the smaller crush and a more sugar-heavy mix earlier in the season. Average ATR improved quarter on quarter, partly offsetting weaker TCH levels after frost events in early 2025/26.
The distribution segment provided the main operational buffer. In Brazil, fuel sales volumes are estimated at 7.55 to 7.65 million cubic meters in the quarter and 21.74 to 21.84 million cubic meters over nine months, supported by network expansion and a gradual improvement in the business environment amid efforts to curb illegal fuel markets. In Argentina, volumes reached 1.78 to 1.83 million cubic meters in the quarter following the completion of a planned refinery shutdown.
Second-generation ethanol (E2G) continued to scale, with production rising to 104.9 thousand cubic meters in the nine-month period, reflecting ramp-ups at the Univalem, Barra and Bonfim plants. Bioenergy cogeneration declined year on year, constrained by reduced bagasse availability, highlighting the sensitivity of renewable output to agricultural conditions.
The figures are preliminary and unaudited, with full results scheduled for release on Feb. 12, after market close, the company said
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