JSL (JSLG3) Q2 2026 earnings summary

Executive summary

• Gross Revenue from Services reached R$2.9 billion in 2Q26, up 6.3% year-over-year, with double-digit growth when excluding reductions of non-profitable contracts.

• Adjusted EBITDA was R$493.7 million (19.8% margin), reflecting stable operating performance and strong cash conversion.

• Adjusted Net Income was R$30.2 million, up 366% sequentially, driven by lower net debt and improved financial results.

• R$2.0 billion in new contracts signed in 2Q26, supporting future growth and revenue visibility.

• Operations reorganized into three business units: Dedicated Services, Digital, and Intralog, enhancing execution and capital allocation.

Financial highlights

• Net Revenue reached R$2.5 billion in 2Q26, up 5% year-over-year; Net Revenue from Services grew 5.9%.

• Cash generation after growth was R$164 million in 2Q26, marking the fourth consecutive quarter of positive cash flow.

• Gross CAPEX was R$69 million, with asset sales of R$91.9 million, contributing R$22.9 million to cash generation.

• Leverage (Net Debt/EBITDA) at 2.74x, down 0.5x year-over-year, with R$1.5 billion in cash and R$233 million in undrawn credit lines.

• ROIC running rate at 14.6% for the last twelve months, stable sequentially.

Outlook and guidance

• Gross Revenue guidance for 2030 is R$21.4 billion, implying a 14% average annual growth from 2025.

• Projected EBITDA for 2030 is R$3.7 billion, assuming current revenue mix and margins.

• R$2.7 billion in new contracts in 1H26 provides strong revenue visibility for coming years.

• Focus on margin expansion, cash generation, and deleveraging in the coming quarters.