What is the scale and structure of Raizen's debt restructuring, and how does Shell Plc participate?

Raizen won creditor approval to restructure about 65 billion reais in debt—the biggest out-of-court restructuring in Brazilian history—by converting 45% of that debt into approximately 80% of the company's equity, while shareholder Shell Plc injects 3.5 billion reais.

Why did Raizen report a significantly higher impairment charge of 22.5 billion reais for the crop year ended March 2026, and what is its expected reversal?

Raizen booked the 22.5 billion reais impairment charge—nearly double the prior quarter’s 11 billion reais—due to 'significant uncertainty' regarding its ability to continue operations and a lower recoverable value for some assets; the company expects to reverse 10–12 billion reais of this impairment during the out-of-court restructuring process.