On the Record · Cosan
Cosan competitors, on the record
The companies Cosan itself names as competitors in its annual reports, 2023 to 2025, each with the sentence it appears in and the filing it came from.
Who Cosan names
| Company | Named in |
|---|---|
| Axion | 2025 |
| Ipiranga | 2025 |
| Puma | 2025 |
| Ultrapar S.A. | 2025 |
| Vibra | 2025 |
| YPF | 2025 |
In its own words
Axion, Puma
Word for word“In its international operations, Raízen faces competition from several other fuel distributors, including YPF, Axion and Puma, among others.” 20-F for 2025
Ipiranga, Vibra
Word for word“There are few domestic participants, such as Vibra, Ipiranga and Raízen, who import fuels into Brazil.” 20-F for 2025
Ultrapar S.A.
Word for word“According to ANP, the three largest fuel distributors in Brazil are Vibra Energia (through the BR Petrobras brand), Raízen (through our Shell brand gas stations) and Ultrapar S.A.” 20-F for 2025
YPF
Word for word“Raízen ’ s main competitor in Argentina is state-owned YPF, which has more than half of the market share in the country.” 20-F for 2025
Read from Cosan’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-04-10. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.