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JSL (JSLG3) investor relations material
JSL Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Completed first five-year post-IPO cycle, growing gross revenue 236% to BRL 11.4 billion and EBITDA 339% to BRL 1.9 billion, with EBITDA margin rising from 15.3% to 19.5%.
Achieved significant expansion through eight acquisitions, entry into three new countries, and addition of 18,000 employees.
Reorganized into three business units: Dedicated Services, Intralog, and Digital, each with distinct operational models and growth strategies.
Leadership transition: Ramon Alcaraz steps down as CEO, succeeded by Guilherme Sampaio.
Adjusted net profit fell 50.7% year-over-year to BRL 35.8 million, impacted by non-recurring items and higher financial expenses.
Financial highlights
Gross revenue for 3Q25 reached BRL 2.92 billion, up 5% year-on-year; net revenue was BRL 2.5 billion, up 5.6% year-on-year.
EBITDA was BRL 526 million, up 12.8% year-on-year, with a margin of 21.2%, a 1.3 p.p. improvement.
Return on invested capital at 14.6% for the last 12 months.
Net debt at BRL 5.7 billion, leverage reduced to 3x from 3.2x in 2Q25.
Free cash flow before growth was BRL 1.5 billion in the first nine months; BRL 770 million after interest payments.
Outlook and guidance
Expectation of continued organic growth at historical levels, with JSL Digital and Intralog projected to outpace consolidated growth due to strong execution capacity.
CapEx for 2026 expected to remain in line with 2025, at lower levels than previous years, supporting deleveraging.
Long-term contracts (BRL 4.15 billion in new contracts signed in 2025; BRL 854 million in 3Q25, average term 62 months) ensure sustainability of future growth.
Margin improvement and ramp-up of new contracts are expected to drive profitability in coming quarters.
Continued focus on cost reduction, operational efficiency, and capital-light strategies.
Capital allocation strategy for new units
Deleveraging path beyond CAPEX leasing
Resolve pickup truck sales margin pressure?
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