JSL (JSLG3) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a return to growth, reversing prior declines, with net revenue up 2–2.3% year-over-year to R$2.4 billion, driven by strong Intralog and Digital performance and supported by new contracts totaling R$706 million, especially in automotive and e-commerce.

• Cash generation after growth investments reached R$258 million, aided by an asset-light strategy and leasing, supporting deleveraging and financial stability.

• Appointment of Brunno Matta as CEO of Intralog aims to accelerate growth and enhance value creation.

• Continued focus on operational productivity, digitalization, and cost management to maintain margins and support growth.

Financial highlights

• Net revenue reached R$2.4 billion (+2.3% year-over-year); adjusted EBITDA was R$471 million (+2.8%), with a margin of 19.9%.

• Adjusted net profit was R$6.5 million, with a margin of 0.3%, down 1.7 p.p. year-over-year; reported net loss of R$144.9 million due to non-recurring Sistema S provision.

• Free cash flow after investments, interest, and leases was R$258 million; asset sales exceeded capex by R$74.5 million.

• ROIC running rate reached 14.6%, up 0.3 p.p. year-over-year.

Outlook and guidance

• Accelerated growth expected in coming quarters, especially in H2, supported by new contracts and sector diversification.

• Margin improvement anticipated as fuel price pass-throughs are completed and decommissioning costs decline.

• Focus remains on financial discipline, innovation, and leveraging asset-light models for efficiency.