JSL (JSLG3) Q3 2025 earnings summary

Executive summary

• Net revenue reached R$2.5 billion in 3Q25, up 5.6% year-over-year, with 10% growth excluding IC Transportes, reflecting a strategic reduction in grain transport exposure.

• Adjusted EBITDA rose 13% YoY to R$526 million, with margin improvement to 21.2% (+1.3 p.p.), driven by contract price adjustments and operational efficiency.

• Eight acquisitions since IPO added R$5.3B in gross revenue and expanded operations to three new countries.

• The business was reorganized into three units: Dedicated Services (75% of net revenue), Intralog (20%), and Digital (5%), each showing positive growth.

• Leadership transition: Ramon Alcaraz steps down as CEO, succeeded by Guilherme Sampaio.

Financial highlights

• Gross revenue for 3Q25 reached R$2.92 billion (+5.0% YoY); net revenue was R$2.48 billion (+5.6% YoY).

• Adjusted net income was R$35.8 million (1.4% margin), down 50.7% YoY, impacted by higher financial expenses.

• ROIC running rate reached 14.6% in 3Q25.

• Net debt at R$5.7 billion, leverage reduced to 3.0x Net Debt/EBITDA, with liquidity of R$2 billion.

• Free cash flow after interest and growth investments reached R$768 million for 9M25.

Outlook and guidance

• Margin improvement and ramp-up of new contracts are expected to drive profitability in coming quarters.

• Deleveraging and strong cash generation remain priorities, with focus on asset-light contracts and capital discipline.

• CapEx for 2026 expected to remain in line with 2025, at lower levels than previous years, supporting deleveraging.

• Long-term contracts (R$854 million in new contracts signed in 3Q25, average term 62 months) ensure sustainability of future growth.

• Expansion into new sectors and geographies, with continued investment in digital transformation and sustainability.