Jsl S.a.BMFBOVESPA: JSLG3

1Q25 Earnings Results Presentation

· MarketScreener


1Q25 HIGHLIGHTS

CONSISTENCY OF ORGANIC GROWTH RATE

PROJECTS LIGHT IN ASSETS WITH GREATER REPRESENTATION

GROSS REVENUE OF R$2.7 BILLION WITH 12%

GROWTH VS 1Q24

ASSET LIGHT AND ASSET HEAVY WITH A GROWTH OF 12% AND 11%, RESPECTIVELY, VS 1Q24

EVOLUTION OF OPERATION MARGINS EBITDA OF R$ 458.2 MILLION WITH A 20.6%

MARGIN (+ 2.6 p.p. vs 4Q24)

CONTRACTED FUTURE REVENUE AND NEW SECTOR OF OPERATION

R$1.8 BILLION IN NEW CONTRACTS IN 1Q25,

WITH ENTRY INTO THE AIRPORT SECTOR

CASH GENERATION WILL CONTRIBUTE TO DELEVERAGE

CASH FLOW AFTER GROWTH OF R$241.2 MILLION IN 1Q25

COMMITMENT TO SUSTAINABLE DEVELOPMENT

JSL COMPOSES B3'S ISE FOR THE 2ND CONSECUTIVE YEAR, ADVANCING 12 POSITIONS IN THE RANKING

02



RESULTS 1Q25

GROSS REVENUE

NET REVENUE

ADJUSTED EBITDA¹

R$ 2.7 bi

R$ 2.3 bi

R$ 458 mn

REPORTED: R$ 454 mn

+11.8% vs. 1Q24

+12.1% vs. 1Q24

+13.8% vs. 1Q24

EBITDA MARGIN (on net revenue from services)

ADJUSTED NET INCOME1/2

ROIC Running Rate

20.6%

R$ 45 mn

REPORTED: R$ 32 mn

14.3%

+0.3 p.p. vs. 1Q24

+2.6 p.p. vs. 4Q24 -7.4% vs. 1Q24 +26.3% vs. 4Q24 -0.3 p.p. vs. 4Q24

OPERATIONAL MARGIN EXPANSION:

  • Benefit from scale and cost austerity program

  • Realignment of contractual premises and price adjustment to cope with rising input prices

  • Implementation of new projects aligned with the new cost of capital

1In 1Q25, EBITDA were adjusted by R$ 4.0 million to exclude the impact of the write-off of goodwill allocated to the cost of asset sales, reflecting an adjustment of R$ 2.7 million in Net Income | 2 In 1Q25, Net Income by R$ 10.6 million to exclude the effects

of amortization of goodwill/excess value from acquisitions. 03



PORTFOLIO OF LOGISTICS SERVICES BASED ON CONTRACTS AND ESSENTIAL SERVICES

TO CLIENTS AT ALL STAGES: DIVERSIFICATION FOSTERS RESILIENCE

13% 34% 8% 45%

Percentages based on 1Q25 net revenue from services

WAREHOUSING

DEDICATED OPERATIONS URBAN DISTRIBUTION

CARGO TRANSPORTATION

Specialized and dedicated operations not involving trucks

Specialized and dedicated operations involving trucks (asset heavy and asset light)

General Cargo

27%

R$ 601 mn

EXAMPLES

Internal handling in various industries: automotive, capital goods, pulp and paper, etc

Warehouse Management

66%

R$ 1.5 bn

International transportation of refrigerated and frozen foods

EXAMPLES

Urban distribution of food, beverage and consumer goods

6%

R$ 142 mn

EXAMPLES

Grain transportation

Transportation of consumer goods

g Services

Charterin

Dedicated transportations for various industries (Pulp and

Paper, Automotive, Chemicals, etc)

94% OF OUR REVENUE RELATES TO HIGH LEVEL OF SPECIALIZATION AND ESSENTIATILY IN OUR CUSTOMERS' SUPPLY AND SALES CHAINS

100% ASSET LIGHT WITH AGILITY AND FLEXIBILITY TO MEET FLUCTUATIONS IN DEMAND

04



UNIQUE MANAGEMENT MODEL WITH SCALE, CAPILARITY AND DIVERSIFICATION

GENERATES MORE EXPERTISE, RELATIONSHIPS AND NEW PROJECTS

CONTRACT MANAGER

GOOD COMPANIES, WELL MANAGED AND WITH COMPLEMENTARY SERVICE PORTFOLIO, SECTORS AND CUSTOMERS

COSTUMER NEEDS

CUSTOMER

EXECUTIVE BOARD

NEW CUSTOMER/PROJECT

DELIVERY EXCELLENCE

CROSS-SELLING

Proactive strategy in prospecting new customers and increasing share of wallet on the current base (cross-selling)

LOYAL CUSTOMER

SERVICE MANAGER 1

SERVICE MANAGER 2

  • Individualized contract management and customized projects developed with customers

  • Experience and ability to implement with agility and efficiency

  • Appropriate pricing, cost control and operational efficiency

  • Autonomy and agility in decision-making

Benefit of Scale

Safety and Reliability

Cost Reduction

Customized Solutions

Efficiency Gains

Focus on Core Business

Reach

SUSTAINABLE GROWTH - RESILIENT MARGINS AND RESULTS

05



SCALE TRANSFORMATION AND ORGANIC GROWTH

Jul-23

Apr-23

13%

15%

18%

28%

21%

32%

67%

-25%

31%

72%

78%

105%

150%

102%

166%

309%

-40%

49%

ORGANIC CAGR

NET REVENUE LTM

Since the quarter of acquisition¹

ORGANIC GROWTH

NET REVENUE LTM

since the quarter of acquisition¹

IPO 3T20

Oct-20 Nov-20 May-21 Jun-21 Jul-21 May-22

TOTAL

ORGANIC CAGR

COMBINED NET REVENUE SINCE IPO 3Q20

16%

CAGR

CONSOLIDATED NET REVENUE

SINCE IPO 3Q20

31%

GROWTH

CONSOLIDATED NET REVENUE SINCE IPO 3Q20

233%

EXAMPLES OF OUR DIVERSIFIED CLIENT BASE WITH LONG RELATIONSHIP HISTORY

AND MANY ACTIVE CONTRACTS

CROSS-SELLING POTENTIAL IN THE JSL ECOSYSTEM (REAL CLIENT CASE)

YEARS OF SERVICE

NUMBER OF CONTRACTS

20 17 69 40 4 5 19 9

23 15 10 4 23 13 26 7

The same client began to be served by JSL and Fadel in complementary services, increasing revenue in the JSL portfolio by 14%.

FSJ added a new client to the JSL base and increased its revenue by 15% with this client due to the ability to take on new contracts by accessing the JSL scale

1T24

1T25

1Q25

1Q24

1CAGR and growth calculation consider 2020 as the base year for JSL 06



CAPEX AND NEW CONTRACT TO SUPORT THE GROWTH PACE

2Q24

HISTORY OF CONTRACTS SIGNED IN THE LAST 12 MONTHS

4Q24

1Q25

3Q24

R$ 1 bn in contracts signed with an average term of 40 months, of which 87% cross-selling

  • 71% FOOD AND BEVERAGE

  • 10% CONSUMER GOODS

    R$ 2.2 bn in contracts signed with an average term of 64 months, of which 92% cross-selling

  • 58% CHEMICALS

  • 19% RETAIL

    R$ 886 mn in contracts signed with an average term of 49 months, of which 95% cross-selling

  • 21% CHEMICALS

  • 17% PULP AND PAPER

    R$ 1.8 bi in contracts signed with an average term of 81 months, of which 33% cross-selling

  • 57% OTHERS (includes airport - new sector)

  • 22% AUTOMOTIVE

    CAPEX 1Q25 R$ mn PROFILE OF NEW CONTRACTS

    • The asset-light profile (due to the nature of the services) of 88% of the new contracts signed in 1Q25 contributed to a lower

      need for capex in the period

    • In addition, part of the new contracts signed in 4Q24 and 1Q25 had the assets leased (partially or in full) when the assessment indicated it to be beneficial. As a result, there was a reduction of 89% vs 1Q24.

5

68

100

23

69

65

164

12%

88%

Trucks Machinery and Equipment

Light Vehicles Others Gross Capex 1Q25 Sale of Assets 1Q25 Net Capex 1Q25

ASSET LIGHT
ASSET HEAVY

07



DIVERSIFICATION OF SECTORS AND SERVICES ARE STRATEGIC

DIFFERENTIATORS AND CONTRIBUTE TO RESILIENCE OF RESULTS

NET REVENUE

(R$ mn)

EBIT1/2 (R$ mn) | EBIT MARGIN1/2/3 (%)

NET INCOME1/2 (R$ mn)

+12%

14.1%

EBIT Margin

+7%

2,320

11.9%

13.4%

299

-7%

2,070

2,491

1Q24 4Q24 1Q25

280 286

49 36 45

13%

8%

Services

45%

CARGO TRANSPORTATION DEDICATED OPERATIONS WAREHOUSING

1Q24 4Q24 1Q25

EBITDA1 (R$ mn) | EBITDA MARGIN1/3 (%)

EBITDA Margin

1T24 4T24 1T25

ROIC Running Rate (%)

34%

8% 6%

8%

Sectors

26%

URBAN DISTRIBUTION

FOOD AND BEVERAGE PULP AND PAPER AUTOMOTIVE OTHERS

20.2%

18.0%

+14%

20.6%

16.0%

20%

15%

10%

5%

14.6% 14.3%

11%

12%

13%

16%

CONSUMER GOODS STEEL AND MINING CHEMICALS

1Q24 LTM 2024 1Q25 LTM

458

403

OUR LARGEST CUSTOMER REPRESENTS AROUND 10% OF REVENUE, DISTRIBUTED ACROSS 19 ACTIVE CONTRACTS

434

RETAIL/E-COMMERCE

1Q24 4Q24 1Q25

1In 1Q25, EBITDA and EBIT were adjusted by R$ 4.0 million to exclude the impact of the write-off of goodwill allocated to the cost of asset sales, reflecting an adjustment of R$ 2.7 million in Net Income | 2In 1Q25, EBIT was adjusted by R$ 16.0 million and

Net Income by R$ 10.6 million to exclude the effects of amortization of goodwill/excess value from acquisitions. | 3Calculated on net revenue from services 08



BALANCE BETWEEN ASSET LIGHT AND ASSET HEAVY

ASSET LIGHT 52% of Net Revenue from Services

NET REVENUE FROM SERVICES

EBITDA | EBITDA MARGIN1

  • Growth of 13% with potential for expansion due to the concentration of the asset-light profile in contracts signed in 4Q24 and 1Q25 (88% of new contracts in the quarter are asset-light)

    1Q25

    R$ 1.2 bn

    +12.6%

    vs. 1Q24

    1Q25

    R$ 224 mn

    Margin

    19.4%

    • Price adjustments through contract renegotiation and focus on cost reduction resulted in a 3.4 p.p. increase in the EBITDA margin compared to 4Q24

      +31.2% vs. 1Q24 +2.7 p.p. vs. 1Q24

    • Urban distribution with growth in the representation of asset light due to implementations in the food and beverage and e-commerce sectors carried out throughout 2024

      ASSET HEAVY 48% of Net Revenue from Services

      NET REVENUE FROM SERVICES

      EBITDA | Margem EBITDA1

  • Growth of 12% vs 1Q24 due to the ramp-up of projects implemented mainly in the pulp and paper sector

1Q25

R$

  1. bn

    +11.0%

    vs. 1Q24

    1Q25

    R$ 231 mn

    +2.2% vs. 1Q24

    Margem

    21.5%

    -1.8 p.p. vs. 1Q24

    • Advances in the transportation of specialized and dedicated cargo due to major implementations in the fuel and consumer goods sectors in 2024

    • EBITDA margin of 21.5%, an expansion of 1.6 p.p. compared to 4Q24, returning to an adequate level, also as a result of the renegotiation of contracts still in progress, necessary to face inflation

      1Calculated on net revenue from services

      09



      EXECUTION OF STRATEGIC PLANNING BOOSTS CASH GENERATION AND RESULTS,

      CONTRIBUTION TO POTENTIAL DELEVERAGING

      R$ mn

      1Q24

      4Q24

      1Q25



      CORPORATE CREDIT RATING

      Gross Debt

      8,679.6

      7,427.0

      7,465.5

      Cash and investments

      3,720.4

      1,894.9

      1,748.5

      National Global Outlook

      Net Debt

      4,959.2

      5,532.2

      5,717.0

      AA+.br - Stable

      LTM EBITDA¹

      1,848.7

      1,819.5

      1,877.6

      LTM EBITDA-A¹

      2,066.5

      2,106.8

      2,203.5



      AA+(bra) BB Negative

      Financial Indicators - Covenants

      1Q24

      4Q24

      1Q25

      Covenants

      Net Debt/EBITDA-A

      2.40x

      2.63x

      2.59x

      Less than 3.5x



      brAA+ BB- Stable

      EBITDA-A/Net Financial Result

      2.98x

      2.82x

      2.75x

      Greater than 2x

      Net Debt/EBITDA

      2.68x

      3.04x

      3.04x

      N/A

      ADDITIONAL INITIATIVES FOCUSED ON IMPROVING RESULTS TO ADDRESS INFLATION AND RISING INTEREST RATES

      • Reduction in the payment term and price realignment with our clients

      • Even more robust cost austerity program and acceleration of the digitization process with a focus on operational efficiency

      • New projects with constant evaluation for decision on leasing or acquiring operational assets

    AMORTIZATION SCHEDULE R$ mn

    Available revolving credit lines of R$530 million

    530

    1,758

    1,469

    1,425

    1,011

    836

    962 885

    855

    • Average net debt maturity of 5 years

    • Sufficient liquidity to cover debt by 4Q26

    • Sources of liquidity = 1.6x short-term debt

    2,278

    1Resultados combinados, considerando os últimos doze meses de FSJ

    Cash ST 2026 2027 2028 2029 2030 2031 10



    NEW JSL BUSINESS UNIT

    100% asset light operation that brings new avenue of growth to increase volume for current and new clients

    EFFICIENCY AND SCALABLE PLATFORM



    Platform brings efficiency to JSL's current process and is scalable - increased revenue with marginal fixed cost

    DIFFERENTIAL

    Multi-sector platform developed by those who have been operating transportation on a large scale for almost 70 years. Greater transparency, security and visibility for customers and truck drivers

    ROBUST ECOSYSTEM

    Over 55 thousand truck drivers at JSL alone to start the project with volume and representation in the market

    11



    IRREPLICABLE AND RESILIENT BUSINESS MODEL WITH SOLID BASES FOR

    DELEVERAGE CYCLE AND CONTINUOUS SUSTAINABLE EXPANSION

    1. BUSINESS MODEL GUARANTEES RESILIENCE, REGARDLESS OF MARKET CONTEXT

    2. OPTIMIZATION OF CAPITAL ALLOCATION WITH A FOCUS ON IMPROVING THE LEVERAGE PROFILE

    3. FOCUS ON COST REDUCTION AND OPERATIONAL EFFICIENCY

    4. JSL DIGITAL: INITIATION OF THE PLATFORM SCALING PROCESS

    5. +35K PEOPLE WHO SHARE THE CULTURE AND ENSURE QUALITY AND EFFICIENCY

    6. ABILITY TO CONQUER AND EXPERTISE TO IMPLEMENT COMPLEX PROJECTS WITH AGILITY

OUR HISTORY PROVES THAT IN MARKET MOMENTS LIKE THE CURRENT ONE, THERE ARE GREAT OPPORTUNITIES FOR ORGANIC GROWTH DUE TO OUR CREDIBILITY WITH CUSTOMERS, WITH A MOVEMENT TO SEARCH FOR QUALITY AND GUARANTEED SERVICE

12



Q&A

Aviso Legal

Algumas das afirmações e considerações aqui contidas constituem informações adicionais não auditadas ou revisadas por auditoria e se baseiam nas hipóteses e perspectivas atuais da administração da Companhia que podem ocasionar variações materiais entre os resultados, performance e eventos futuros. Os resultados reais, desempenho e eventos podem diferir significativamente daqueles expressos ou implicados por essas afirmações, como um resultado de diversos fatores, tais como condições gerais e econômicas no Brasil e outros países, níveis de taxa de juros, inflação e de câmbio, mudanças em leis e regulamentos e fatores competitivos gerais (em bases global, regional ou nacional). Dessa forma, a administração da Companhia não se responsabiliza pela conformidade e precisão das informações adicionais não auditadas ou revisadas por auditoria discutidas no presente relatório, as quais devem ser analisadas e interpretadas de forma independente pelos acionistas e agentes de mercado que deverão fazer suas próprias análises e conclusões sobre os resultados aqui divulgados.

RELAÇÕES COM INVESTIDORES

+55 (11) 2377-7178 ri@jsl.com.br ri.jsl.com.br



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