Raízen重组后首季仍亏16亿雷亚尔，糖醇低迷拖累中资上游布局

In its first full quarter under out-of-court restructuring, Raízen posted a net loss of R$1.64 billion from April through June. The loss was 11% smaller than the R$1.84 billion loss recorded a year earlier. The loss in the first quarter of the 2026/27 season reflected weaker performance in the sugar and ethanol business, which is facing historically depressed prices. The results were also affected by non-cash items, including interest accrued on debt that was not actually paid because the company is protected from creditors, as well as an accounting write-down related to the sale of assets in Argentina. Raízen’s debt, which will be split between two new companies controlled by creditors at the end of the out-of-court restructuring process, remains high. Net debt stood at R$56.87 billion at the end of the quarter, equivalent to 4.8 times EBITDA over the past 12 months. EBITDA measures earnings before interest, taxes, depreciation and amortization. Net revenue rose 4% from a year earlier to R$51.45 billion, while EBITDA more than doubled to R$3.84 billion. The improvement reflected strong performance in the fuel distribution segment, where sales volumes increased 6.6%, while the EBITDA margin jumped 347%, from R$142 per cubic meter to R$493 per cubic meter. Distribution EBITDA rose 369% year over year to R$3.54 billion. The company cited official efforts to combat fraud in the sector as one of the factors behind improved profitability in the distribution business. The ethanol, sugar, and bioenergy segment, meanwhile, weighed on consolidated results. EBITDA for the business fell 63.1% to R$300.8 million.