FS and AMAGGI Sign Strategic Agreement

May 15, 2026

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(AMAGGI (Google Translation)) FS and AMAGGI have just signed an agreement bringing together one of the leading ethanol producers in Brazil and the country’s largest Brazilian-owned grains and fibers company. The transaction — through which AMAGGI acquires a 40% stake in the share capital of FS — was filed today (May 13, 2026) with the Brazilian Antitrust (Cade) and its completion remains subject to approval by Brazilian antitrust authorities.

With roots in the state of Mato Grosso, both FS and AMAGGI share a trajectory marked by innovation, sustainable growth and leadership within the agricultural value chain. Founded with a focus on the production of biofuels and animal nutrition from corn, FS pioneered 2nd crop corn ethanol production in Brazil and played a leading role in the development of the sector, while also establishing itself as a benchmark for efficiency, innovation and sustainability.

AMAGGI, which celebrates its 50th anniversary next year, has become the largest fully Brazilian-owned company in the soybean, corn and cotton value chain. The company operates in agricultural production, exports, industrial processing, logistics, energy generation and trading, financial products and services, agricultural inputs, biodiesel production, among several other agribusiness activities. The company is also recognized as a sustainability leader, with several international recognitions and has leading position in global sustainability rankings.

CONVERGENCE

The transaction also symbolizes the convergence between major shareholders, bringing together the expertise of the American group Summit Agricultural Group and AMAGGI, whose origins are tied to the Maggi family, one of the great pioneers of agriculture in Mato Grosso. The agreement reinforces the strategic alignment and long-term commitment to the development of Brazilian agribusiness.

“I am confident in what we are building together, especially in the alignment of values, the long-term vision and the execution capabilities that underpin this transaction. May this be the first of many achievements yet to come,” said Blairo Maggi, shareholder and one of the founders of AMAGGI.

According to Bruce Rastetter, shareholder and founder of Summit Agricultural Group, the agreement brings together two companies with strong synergies in the way they operate. “Summit has always strived to be a leader in renewable fuels in both the U.S. and Brazil. With AMAGGI joining as a partner in FS, we’re combining complementary strengths and strategic vision. We look forward to working with the entire AMAGGI team to build on the tremendous success we’ve achieved at FS.” Justin Kirchhoff, CEO of Summit, added “We brought the world’s best technology to Brazil and built the lowest-carbon fuel producer in the world at scale. We look forward to partnering with AMAGGI to take FS to the next level.”

VERTICALIZATION

The partnership aims to support FS’s growth and capture relevant synergies in strategic areas, including corn origination, logistics optimization and exports, further strengthening the competitiveness of both organizations. For AMAGGI, the transaction represents a continuation of its strategy to industrialize and vertically integrate its operations, contributing to the increasing diversification of its business portfolio.

“The partnership with AMAGGI marks a very important moment for FS, given the opportunities for expansion of this industry in Brazil and the need to decarbonize large global transportation sectors. Combining our experience and innovation capabilities focused on reducing carbon intensity with AMAGGI’s strong presence and structure within this production chain will significantly strengthen our competitiveness,” said Rafael Abud, CEO of FS.

“We have been studying our entry into this sector for several years, and the choice to partner with FS reinforces our commitment to innovation, sustainable development in the agricultural sector and the company’s decarbonization goals. We have expanded our presence across the grain value chain on several fronts through both proprietary investments and partnership investments, so I believe this investment in corn ethanol will also deliver excellent results,” said Judiney Carvalho, CEO of AMAGGI.

About FS – FS was the first company to produce ethanol exclusively from corn in Brazil, and its business vision is to become the world’s largest carbon-negative fuel company. Since starting operations in 2017, the business has grown more than tenfold and is currently undergoing a new expansion cycle. The company’s net revenue reached R$ 12.8 billion over the 12 months ending in December 2025, corresponding to the third quarter of the 2025/2026 crop year. The company processes more than 6 million tons of corn per crop year and produces 2.6 billion liters of ethanol and 2.2 million tons of DDG (corn protein for animal nutrition). The biofuel produced by FS already has the world’s lowest carbon footprint, and the company continuously works to reduce it further.

About AMAGGI – Founded in 1977, AMAGGI is the largest Brazilian-owned grains and fibers company. Present across several stages of the agribusiness value chain, the company operates in the agricultural production of grains, fibers and seeds, grain origination, processing and trading, agricultural inputs, as well as river and road transportation, port operations and renewable electricity generation and trading.

Headquartered in Cuiabá (MT), AMAGGI operates in all regions of Brazil, with farms, warehouses, offices, factories, river and road fleets, port terminals and hydroelectric power plants. Internationally, the company has operations and offices in Argentina, China, the Netherlands, Norway, Switzerland, Singapore and Panama.

The company trades approximately 24.7 million tons of grains and fiber worldwide, of which 1.7 million tons are produced on its own farms and maintains commercial relationships with approximately 5,600 rural producers. READ MORE

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Amaggi buys 40% of FS and fully enters the corn ethanol market (Summit Agricultural Group)

Excerpt from Summit Agricultural Group: Amaggi has just announced the acquisition of 40% of FS, marking the most emblematic transaction in the history of the Brazilian corn ethanol industry — and one of the most important M&As between two companies from Mato Grosso.

The agreement between the Maggi family’s company and the giant corn ethanol producer controlled by the American Summit Agricultural Group was filed this afternoon with Cade (Administrative Council for Economic Defense), which will analyze the operation.

The total value of the transaction was not disclosed. The agreement foresees an investment of resources, with a primary share issuance by FS, in the amount of US$100 million, according to Rafael Abud, CEO of the corn ethanol producer.

Amaggi is also buying stakes from current shareholders. The companies did not disclose the values involved in the secondary part of the transaction.

The companies will remain separate and there will be no changes to FS’s board of directors. Amaggi’s participation will be through the board of directors, which has eight seats — the companies did not disclose how the division will be made.

The agreement reached between the companies provides for exclusivity. In other words, from now on, all investments that Amaggi makes in corn ethanol will be through FS.

For Amaggi, the understanding is that the investment in FS is transformational, as it promotes growth in cash flow and greater diversification of its businesses,” said Judiney Carvalho, CEO of Amaggi.

According to him, the decision to invest in corn ethanol was made after extensive studies and broad discussions between management and shareholders. “Amaggi believes in FS’s market presence and sees this agreement as a unique opportunity to enter the segment, generating value and synergies that justify the investment.

Impasa and Petrobras fall behind.

The alliance between Amaggi and FS marks a turning point in the trajectory of the Brazilian corn ethanol industry.

Last year, the Maggi family conglomerate announced a partnership with Inpasa to build three corn ethanol plants in Mato Grosso, but the agreement fell through in less than two months due to disagreements.

FS could also have sealed a different fate. The company was close to an agreement to sell a minority stake to Petrobras, but the talks cooled off.

For FS, it’s a great opportunity to have such an experienced partner in Brazilian agribusiness,” said Abud.

The future of FS.

With Amaggi’s entry into the capital, FS will have a strong partner to continue expanding.

Currently, the company is building its fourth plant in the municipality of Campo Novo do Parecis, which will be inaugurated at the end of 2026. The company also owns two other plots of land in Mato Grosso, with the goal of reaching six factories, although no set date has been set.

Another major project of the company, scheduled to open in September, is the carbon capture and storage unit located in the Lucas do Rio Verde complex — which will make FS the world’s first producer of carbon-negative fuel.

For now, expansion plans remain the same, according to Abud, who stressed that decisions regarding new investments will continue to respect the company’s cash flow and leverage level.

As the largest national capital trading company and one of the largest agricultural companies in the country—with over R$40 billion in revenue—Amaggi is expected to bring expertise to FS. “We will have several opportunities for collaboration in areas such as corn origination, trading, logistics, and biomass,” said Abud.

Despite the synergies, there is no prior agreement for the purchase and sale of corn, which represents about 80% of FS’s costs. According to Abud, any commercial transactions between the two companies will respect market conditions.

FS has annual revenues of nearly R$13 billion, with an EBITDA of approximately R$3.5 billion — an implied margin of 26.7% — considering the financial results for the last twelve months ending in December.

In a recent report, which now seems prophetic, analysts at BTG Pactual stated that a potential monetization of the controlling shareholder’s stake could unlock significant value for FS, reducing leverage and accelerating investments. At the end of December, the company’s net debt totaled R$ 9.5 billion, equivalent to 2.76 times its EBITDA. READ MORE