JSL (JSLG3) Q1 2025 earnings summary

Executive summary

• Gross revenue reached R$2.7 billion in 1Q25, up 12% year-over-year, with both asset-light and asset-heavy segments expanding and new contracts totaling R$1.8 billion, including entry into the airport sector.

• Adjusted EBITDA was R$458.2 million, margin of 20.6%, up 2.6 p.p. from 4Q24 and 0.3 p.p. year-over-year, reflecting operational margin expansion and cost control.

• Adjusted net income was R$45.1 million, up 26% sequentially but down 7% year-over-year; net income was R$31.9 million, down 5% year-over-year but up 40% from 4Q24.

• Free cash flow after growth investments reached R$241.2 million, supporting deleveraging efforts.

• JSL Digital, a fully digitalized, asset-light cargo transportation unit, was launched, and the company maintained inclusion in the B3 Corporate Sustainability Index.

Financial highlights

• Net revenue grew 12% year-over-year to R$2.3 billion, with 47% from cargo transportation, 34% dedicated operations, 12% warehousing, and 7% urban distribution.

• Adjusted EBITDA margin expanded to 20.6%, up 2.6 p.p. sequentially and 0.3 p.p. year-over-year.

• Adjusted EBIT reached R$298.8 million, up 6.6% year-over-year.

• Net CAPEX fell sharply year-over-year due to increased leasing and asset-light contracts.

• Tax benefit from ICMS credits reduced effective tax rate, with a retroactive gain of R$18.2 million.

Outlook and guidance

• Management expects further margin and ROIC improvement as new, higher-IRR contracts mature and asset-light projects ramp up.

• Focus remains on organic growth, cost reduction, operational efficiency, and digital platform scaling.

• Deleveraging is a priority, with cash generation supporting reduced leverage and no plans for follow-on equity issuance.