JSL (JSLG3) Q3 2026 earnings summary

Executive summary

• Gross revenue was R$3,086.5m (+5.9% YoY) and net revenue was R$2,626.2m (+5.7%).

• Gross revenue from services rose 6.4% YoY, or 12.4% excluding intentional reductions in grain operations and non-profitable contracts.

• New contracts totaled a quarterly record R$2.8bn, with a 42-month average term; 9M26 signings reached R$5.5bn.

• Cash generation remained positive and deleveraging continued, with comparable net debt/EBITDA at 2.63x.

Financial highlights

• Adjusted EBITDA was R$522.8m at a 19.9% margin; reported EBITDA was R$511.0m, down 1.5% YoY.

• EBIT was R$289.8m, down 3.6% YoY; reported net income was R$24.5m (+35.8%) and adjusted net income was R$40.3m (+12.6%).

• 9M26 net revenue was R$7,497.7m (+4.3%); adjusted EBITDA was R$1,487.7m (+0.8%) and adjusted net income was R$77.0m (-34.3%).

• Excluding one-time effects that benefited 3Q25, adjusted EBITDA margin was stable YoY.

Outlook and guidance

• 2030 targets remain gross revenue of R$21.4bn and EBITDA of R$3.7bn, based on 14% average annual revenue growth and a 20.6% LTM EBITDA margin on net revenue.

• LTM 3Q26 gross revenue of R$11.7bn and EBITDA of R$1.8bn represented 54.8% and 48.4% of the respective 2030 targets.

• R$5.5bn of 9M26 contract signings, 21 new client launches and upcoming revenue deployment support growth visibility.

• New contracts are expected to contribute R$68m of additional monthly revenue when fully ramped by 3Q27.

• Intralog is focused on returning to its historical growth pace from 2027, reflecting longer sales cycles and contract terms.