Shell reaffirmed its plan to inject approximately $668 million into the Brazilian sugar and ethanol joint venture Raizen after the unit reported consecutive quarterly losses, a sharp rise in net debt and significant crop damage from adverse weather conditions.

Negotiations with joint venture partner Cosan stalled when Shell’s capital raise proposal exceeded Cosan’s capacity to contribute, leading Shell to reject Cosan’s alternative rescue plans and deepening the impasse over the scale and structure of funding.

With creditor pressure mounting for up to 12 billion reais in recapitalization, Shell plans to present its own restructuring proposal directly to banks, a move that could transfer more debt onto Shell’s balance sheet and make it Raizen’s majority shareholder.

On March 4, 2026, Machteld de Haan, President of Downstream, Renewables and Energy Solutions at Shell, saw the vesting of 37,775.38 ordinary shares under the 2023 Long Term Incentive Plan, reflecting continued alignment of executive compensation with company performance.