JSL (JSLG3) Q4 2024 earnings summary

Executive summary

• Gross revenue reached BRL 10.7 billion in 2024, up 20% year-over-year, with 16% organic growth and asset-light operations accounting for 54% of revenue, growing 18% year-over-year.

• Adjusted EBITDA was BRL 1.7 billion (up 16% YoY) with a 19.4% margin, a record since the IPO, despite cost pressures from new project implementations.

• Net profit for 2024 was BRL 190 million, with potential for margin expansion as deleveraging continues.

• Signed BRL 5.4 billion in new contracts in 2024, with 28 new customers added and 89% from cross-selling, diversifying sector exposure.

• Maintained leadership in the logistics sector for 24 consecutive years, with a diversified portfolio spanning 16 sectors and operations in eight countries.

Financial highlights

• Net revenue for 2024 was BRL 9.1 billion, up 19.6% year-over-year; net revenue from services grew 20% to BRL 8.8 billion.

• Adjusted EBITDA for the year was BRL 1.7 billion (19.4% margin); reported EBITDA was BRL 1.8 billion (20.8% margin).

• Adjusted net income for 2024 was BRL 190 million, down 10.7% year-over-year; Q4 net profit was BRL 36 million.

• Free cash flow after growth reached BRL 521.1 million, supporting deleveraging.

• CapEx for the year was BRL 800 million, with 77% allocated to expansion and a decline reflecting more asset-light contracts.

Outlook and guidance

• Margin recovery is expected in 2025 as new projects mature and cost adjustments are implemented.

• Continued focus on organic growth, operational efficiency, and expanding asset-light and international operations, including new business in Ghana.

• Anticipate further deleveraging, especially in the second half of 2025, supported by strong cash generation and working capital improvements.