JSL (JSLG3) Q1 2026 earnings summary

Executive summary

• Revenue returned to growth in Q1 2026, up just over 2% year-over-year, led by strong performance in Intralog (+11%) and JSL Digital (+30%), reversing the decline seen at the end of 2025.

• Signed BRL 706 million in new contracts, including major wins in e-commerce, automotive, mining, chemical, and retail, supporting sector diversification and future growth.

• Cash generation after growth investments reached BRL 258 million, supporting ongoing deleveraging and financial stability.

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

• Commercial and management restructuring focused on sector specialization, operational efficiency, and technology adoption.

Financial highlights

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

• Adjusted net profit was BRL 6.5 million; reported net loss of BRL 144.9 million due to non-recurring Sistema S provision.

• Free cash flow after investments, interest, and leases exceeded BRL 250 million in Q1; 12-month free cash flow yield at nearly 35%.

• Cash position at quarter-end was BRL 1.4 billion, with total liquidity of BRL 1.7 billion, covering debt through mid-2027.

• Asset sales exceeded capital expenditure by BRL 74.5 million, contributing to strong cash generation.

Outlook and guidance

• Acceleration of growth expected in coming quarters, especially in the second half of 2026, with new contracts in mining, chemical, and retail sectors.

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

• Continued focus on asset-light expansion, productivity, digitalization, and sector diversification.

• Financial discipline and robust capital structure to support the next growth cycle.