Contents
Management report. 3
Statements of financial position - Assets. 15
Statements of financial position - Liabilities. 16
Statements of profit or loss. 17
Statements of comprehensive income. 18
Statements of changes in equity. 19
Statements of cash flows - indirect method. 20
Statements of value added. 21
Notes to the parent company and consolidated financial statements. 22
Reporting entity …………………………………………………………………………………………………………………. 22
Basis of preparation and presentation of the parent company and consolidated interim financial information and
material accounting policies. 25
Segment information. 26
Financial instruments and risk management. 29
Cash and cash equivalents 39
Marketable securities and financial investments. 39
Trade receivables. 39
Fixed assets available for sale. 41
Taxes recoverable. 41
Investments. 42
Property and equipment. 45
Intangible assets. 49
Trade payables. 51
Loans, borrowings and debentures 52
Debentures. 55
Leases payable. 56
Right-of-use leases. 57
Social and labor liabilities 57
Judicial deposits and provision for judicial and administrative litigation. 58
Payables for the acquisition of companies. 60
Income tax and social contribution. 61
Related parties. 63
Equity. 70
Insurance coverage. 72
Net revenue from sale, lease, rendering services and sale of decommissioned assets. 72
Expenses by nature. 73
Finance income (costs)............................................................................................................................................... 74
Earnings per share...................................................................................................................................................... 74
Supplemental information to the statement of cash flows........................................................................................... 75
Audit Committee's Report. 76
Officers' Representation on the parent company and consolidated financial statements. 77
Officers' Representation on the independent auditor's report. 78
São Paulo, May 06, 2025 - JSL S.A. (B3: JSLG3) ("JSL") announces its results for 1Q25.
1Q25 RESULTS REFLECT OPERATIONAL RESILIENCE AND MANAGEMENT MODEL DISCIPLINEGross revenue reached R$2.7 billion in the first quarter, a 12% increase vs. 1Q24, reinforcing the consistency of our growth trajectory
Consistent growth in both asset-light and asset-heavy operations - up 12% and 11% YoY, respectively - with lighter-asset projects gaining greater share
Adjusted EBITDA totaled R$458.2 million in 1Q25, up 14% YoY, with a margin of 20.6% - an expansion of 2.6
p.p. over 4Q24
Adjusted net income was R$45.1 million in the quarter, with margin expansion potential supported by our deleveraging strategy
New contracts reached R$1.8 billion in 1Q25, with an average term of 81 months, adding R$22 million in average monthly revenue - supporting organic growth and expanding our presence across sectors
Free cash flow after growth investments reached R$241.2 million in 1Q25, reinforcing the Company's cash
generation capacity
Important market recognitions; JSL is included in the B3 Corporate Sustainability Index ("ISE") for the second consecutive year, advancing 12 positions in the ranking, and maintains a B rating in the CDP, once again surpassing the global industry average
Financial Highlights Summary (R$ million) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q | ||
Gross Revenue | 2,733.8 | 2,444.6 | 11.8% | 2,937.5 | -6.9% | ||
Gross Revenue from Services | 2,634.1 | 2,365.8 | 11.3% | 2,856.3 | -7.8% | ||
Gross Revenue from Asset Sales | 99.6 | 78.8 | 26.4% | 81.3 | 22.6% | ||
Net Revenue | 2,319.9 | 2,070.3 | 12.1% | 2,491.0 | -6.9% | ||
Net Revenue from Services | 2,229.5 | 1,993.4 | 11.8% | 2,411.3 | -7.5% | ||
Net Revenue from Asset Sales | 90.5 | 76.9 | 17.7% | 79.6 | 13.6% | ||
EBIT | 278.8 | 257.4 | 8.3% | 266.4 | 4.7% | ||
Margin (% NR from Services) | 12.5% | 12.9% | -0.4 p.p. | 11.0% | +1.5 p.p. | ||
Net Income | 31.9 | 33.6 | -5.1% | 22.7 | 40.4% | ||
Margin (% NR) | 1.4% | 1.6% | -0.2 p.p. | 0.9% | +0.5 p.p. | ||
EBITDA | 454.2 | 396.0 | 14.7% | 430.0 | 5.6% | ||
Margin (% NR from Services) | 20.4% | 19.9% | +0.5 p.p. | 17.8% | +2.5 p.p. | ||
Net CAPEX | 64.8 | 442.2 | -85.4% | 108.6 | -40.4% | ||
Adjusted EBIT¹ | 298.8 | 280.3 | 6.6% | 286.1 | 4.5% | ||
Margin (% NR from Services) | 13.4% | 14.1% | -0.7 p.p. | 11.9% | +1.5 p.p. | ||
Adjusted EBITDA¹ | 458.2 | 402.8 | 13.8% | 434.0 | 5.6% | ||
Margin (% NR) | 20.6% | 20.2% | +0.3 p.p. | 18.0% | +2.6 p.p. | ||
Adjusted¹ Net Income | 45.1 | 48.7 | -7.4% | 35.7 | 26.3% | ||
Margin (% NR from Services) | 1.9% | 2.4% | -0.4 p.p. | 1.4% | +0.5 p.p. | ||
¹Adjusted EBITDA, EBIT, and Net Income in 1Q24 and 4Q24, as reported at the time. In 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. Additionally, 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.
Message from Management
We began 2025 pleased with the progress of our results. We remain committed to consolidating the Brazilian logistics market through consistent growth, sector and service diversification, and disciplined execution - even in a more challenging macroeconomic environment. We are confident in the Company's continued momentum, with operating margins returning to appropriate levels thanks to our focus on efficiency, cost reduction, and optimized capital allocation.
This quarter, we launched JSL Digital, our new business unit offering fully digitalized cargo transportation - from contracting to delivery. This solution integrates physical and digital processes, bringing greater speed, visibility, and security to shippers, drivers, and JSL alike. JSL Digital is built on a 100% asset-light model with a lean support structure, designed for clients whose cargo profiles are compatible with this approach. This setup enables us to offer more competitive pricing and expand into clients and logistics flows where we are not yet present - especially in "spot" A-to-B freight, which involves lower added value.
Net revenue for 1Q25 was R$2.3 billion, up 12% compared to the same period last year. This consistent organic growth was mainly driven by contracts signed throughout 2024 and the ramp-up already underway in most of them this quarter. The sequential decline compared to 4Q24 reflects the natural seasonality of the business. In 1Q25, we signed R$1.8 billion in new contracts that will sustain our growth trajectory in the coming quarters. Among them, a major new project brings us into the airport sector, further diversifying our service and sector exposure and opening new opportunities for expansion in this segment.
Performance was strong across all business lines in 1Q25, with 18% growth in urban distribution, 17% in warehousing, 14% in dedicated operations, and 8% in cargo transportation. These results were driven primarily by the pulp & paper, consumer goods, and e-commerce sectors, supported by new contracts signed last year and increased demand.
Adjusted EBITDA reached R$458.2 million in the quarter, up 14% compared to 1Q24, with a margin of 20.6% (an increase of 0.3 p.p. compared to 1Q24). This return to an adequate level reflects the successful contract renegotiation efforts initiated last quarter, which became necessary in response to rising input costs observed at the end of 2024 that temporarily impacted the profitability of certain contracts. It is important to note that the full positive impact has not yet been captured, as many of these renegotiations were concluded at the end of 1Q25. In addition to price adjustments, this scenario required even greater efforts to maximize productivity and operational efficiency, along with our continued focus on cost discipline. These actions drove the operational improvement reflected in the 2.6 p.p. margin expansion in 1Q25 compared to 4Q24.
Asset sales continued to grow as a result of our commercial initiatives to reduce idle asset inventory and further optimize capital allocation. However, margins remain under pressure in one specific class of light vehicles, which has experienced above-average depreciation in the used vehicle market. For other asset classes - especially heavy vehicles - sales are occurring at normalized margins.
Adjusted net income for 1Q25 was R$45.1 million. The bottom line continues to be impacted by high interest rates, with net financial expenses increasing by 14% compared to 4Q24. Additionally, deleveraging efforts aimed at a lighter balance sheet have not yet offset the sharp rise in interest rates in recent months.
ROIC Running Rate reached 14.3% in 1Q25. The large volume of new contracts signed this quarter - priced with higher IRRs to account for rising input costs driven by inflation - represents meaningful upside potential for ROIC as these contracts mature and ramp up, along with the projects launched in late 2024.
Net Capex in 1Q25 totaled R$64.8 million. The contracts signed in late 2024 and during the current quarter were less asset-intensive, reducing Capex needs. The decline in net Capex compared to 1Q24 and 4Q24 also reflects a strategic choice to lease part of the required assets, which contributes to a lighter balance sheet and supports JSL's deleveraging process. This strategy will also benefit from the cash generation capacity of investments made over the past twelve months, which have not yet fully converted into revenue.
Leverage remained stable at 3.04x Net Debt/EBITDA and 2.59x Net Debt/Adjusted EBITDA, the latter being our covenant reference. The deleveraging initiatives are still in early stages and have not yet impacted this indicator. We ended the quarter with R$1.7 billion in cash and R$530 million in committed credit lines, totaling R$2.3 billion in available liquidity - enough to cover short-term debt by 1.6x. This demonstrates our discipline in managing capital structure and maintaining sufficient liquidity to meet short- and medium-term obligations.
We made meaningful progress in sustainability in 1Q25. We were included in the B3 Corporate Sustainability Index ("ISE") portfolio for the second consecutive year e we maintained a B rating in the CDP, once again outperforming the global sector average, and continued investing in technologies that enhance operational efficiency and reduce environmental impact. We also expanded our inclusion and professional development programs. We launched the Truck Driver Training School, a free program offering both technical and behavioral training for new drivers, with a focus on workplace safety, traffic regulations, professional conduct, and transport management. We also expanded our diversity and inclusion efforts through the second edition of Conectando Fronteiras, now launched in Guarulhos (SP) - a program that integrates immigrants and refugees into the job market through training and hiring.
We began the year confident that we are on the right path to continue executing our strategic plan. The cost-reduction and capital-allocation optimization initiatives launched at the end of last year are already showing results this quarter. Combined with consistent revenue growth and disciplined debt management, these measures reinforce our confidence that we will continue advancing our logistics market consolidation agenda.
We thank our People, customers, and shareholders for their continued trust. Ramon Alcaraz
JSL CEO
The following financial information presented below has been prepared in accordance with International Financial Reporting Standards (IFRS). The results are presented on a consolidated basis.
Consolidated Results
Consolidated (R$ million) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q |
Gross Revenue | 2,733.8 | 2,444.6 | 11.8% | 2,937.5 | -6.9% |
Gross Revenue from Services | 2,634.1 | 2,365.8 | 11.3% | 2,856.3 | -7.8% |
Gross Revenue from Asset Sales | 99.6 | 78.8 | 26.4% | 81.3 | 22.6% |
Net Revenue | 2,319.9 | 2,070.3 | 12.1% | 2,491.0 | -6.9% |
Net Revenue from Services | 2,229.5 | 1,993.4 | 11.8% | 2,411.3 | -7.5% |
Dedicated Operations | 764.4 | 670.5 | 14.0% | 780.2 | -2.0% |
Cargo Transportation | 1,005.4 | 930.6 | 8.0% | 1,124.3 | -10.6% |
Urban Distribution | 169.8 | 144.5 | 17.5% | 203.0 | -16.3% |
Warehousing | 289.8 | 247.9 | 16.9% | 303.9 | -4.6% |
Net Revenue from Asset Sales | 90.5 | 76.9 | 17.7% | 79.6 | 13.6% |
Total Costs | (1,945.9) | (1,696.6) | 14.7% | (2,103.2) | -7.5% |
Cost of Services | (1,846.9) | (1,630.2) | 13.3% | (2,018.7) | -8.5% |
Cost of Asset Sales | (99.0) | (66.3) | 49.3% | (84.5) | 17.1% |
Gross Profit | 374.1 | 373.8 | 0.1% | 387.8 | -3.5% |
Operational Expenses | (95.3) | (116.4) | -18.1% | (121.4) | -21.5% |
EBIT | 278.8 | 257.4 | 8.3% | 266.4 | 4.7% |
Margin (% NR from Services) | 12.5% | 12.9% | -0.4 p.p. | 11.0% | +1.5 p.p. |
Financial Result | (275.8) | (220.3) | 25.2% | (242.6) | 13.7% |
Financial Revenues | 64.6 | 63.3 | 2.1% | 44.8 | 44.1% |
Financial Expenses | (340.4) | (283.6) | 20.0% | (287.4) | 18.4% |
Taxes | 28.9 | (3.5) | -924.4% | (1.1) | -2788.0% |
Net Income (Loss) | 31.9 | 33.6 | -5.1% | 22.7 | 40.4% |
Margin (% NR) | 1.4% | 1.6% | -0.2 p.p. | 0.9% +0.5 p.p. | |
EBITDA | 454.2 | 396.0 | 14.7% | 430.0 | 5.6% |
Margin (% NR from Services) | 20.4% | 19.9% | +0.5 p.p. | 17.8% | +2.5 p.p. |
EBITDA-A | 553.2 | 462.4 | 19.6% | 514.6 | 7.5% |
Margin (% NR from Services) | 24.8% | 23.2% | +1.6 p.p. | 21.3% | +3.5 p.p. |
Net CAPEX | 64.8 | 442.2 | -85.4% | 108.6 | -40.4% |
Adjusted¹ EBIT | 298.8 | 280.3 | 6.6% | 286.1 | 4.5% |
Margin (% NR from Services) | 13.4% | 14.1% | -0.7 p.p. | 11.9% | +1.5 p.p. |
Adjusted¹ EBITDA | 458.2 | 402.8 | 13.8% | 434.0 | 5.6% |
Margin (% NR from Services) | 20.6% | 20.2% | +0.3 p.p. | 18.0% | +2.6 p.p. |
Adjusted¹ Net Income | 45.1 | 48.7 | -7.4% | 35.7 | 26.3% |
Margin (% NR) | 1.9% | 2.4% | -0.4 p.p. | 1.4% +0.5 p.p. | |
¹Adjusted EBITDA, EBIT, and Net Income in 1Q24 and 4Q24, as reported at the time. In 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. Additionally, 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.
Net service revenue grew 12% compared to 1Q24, reaching R$2,229.5 million, driven by new contracts signed throughout 2024 and their continued ramp-up. This continued to support service diversification and sustained a consistent pace of organic growth. We further expanded our presence across nearly every sector of the economy, providing multiple growth avenues and helping ensure resilient demand.
The food and beverage sector remained the largest contributor to revenue (26% of 1Q25 total), followed by pulp and paper (16%), which grew 22% compared to 1Q24 due to the ramp-up of projects implemented in the first half of 2024, and the automotive sector (13%). We also continued to expand our presence in the ecommerce (6%) and consumer goods (11%) sectors, which grew 32% and 22% respectively, driven by contracts implemented throughout 2024 and increased demand.
Growth remained consistent across services:
The Cargo Transportation segment (45% of Net Service Revenue in 1Q25) grew 8% compared to 1Q24, supported by organic growth from new contracts in the chemical and e-commerce sectors and increased demand for the transportation of chilled and frozen food. It is worth noting that our exposure to this segment is increasingly focused on specialized and dedicated services, which feature higher entry barriers and more predictable demand.
Dedicated Operations (34% of Net Service Revenue in 1Q25) grew 14% compared to 1Q24, driven by the ramp-up of new contracts in the pulp and paper sector (+23%) implemented in 2024 and stronger demand in intralogistics operations (+36%)
Warehousing Operations (13% of Net Service Revenue in 1Q25) grew 17% compared to the same period last year, mainly due to new contracts implemented throughout the year in the Consumer Goods sector.
The Urban Distribution segment (8% of Net Service Revenue in 1Q25) increased 18% year over year, with strong performance in th Food & Beverage sector due to higher demand, and in the E-commerce sector due to new contracts implemented during 2024.
BREAKDOWN OF NET SEVICE REVENUE (1Q25)
Adjusted EBITDA reached R$458.2 million, with a margin of 20.6%. This return to an appropriate level - along with a 2.6 p.p. expansion compared to 4Q24 - reflects the success of commercial efforts to renegotiate contracts, which became necessary due to inflation. Additionally, stronger focus on cost discipline and productivity gains enhanced operational efficiency. On the other hand, asset sales continue to exert pressure on consolidated margins due to a specific class of light vehicles that experienced above-average depreciation in the used vehicle market. For other asset classes - especially heavy vehicles - sales have taken place at normalized margins.
Adjusted net income for 1Q25 was R$45.1 million. The bottom line remains under pressure from higher interest rates, which drove a 14% increase in net financial expenses compared to 4Q24. This impact has not yet been offset by ongoing deleveraging efforts. Given the nature of its business, JSL may opt for the presumed ICMS tax credit regime. Initially, the Company chose not to exclude this benefit from the IRPJ and CSLL tax calculation bases. However, in light of a judicial consensus recognizing this right, JSL began recognizing the effects of excluding the presumed ICMS credit from its IRPJ and CSLL bases. As a result, the Company recognized a tax credit of R$18.2 million, retroactive to January 2024, under IRPJ and CSLL. This benefit will persist in the coming months.
Asset Light
Asset Light (R$ million) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q |
Gross Revenue | 1,399.2 | 1,245.8 | 12.3% | 1,567.1 | -10.7% |
Net Revenue | 1,168.6 | 1,038.9 | 12.5% | 1,311.2 | -10.9% |
Net Revenue from Services | 1,155.8 | 1,026.0 | 12.6% | 1,299.2 | -11.0% |
Dedicated Operations | 218.1 | 185.0 | 17.9% | 228.8 | -4.7% |
Cargo Transport | 606.3 | 563.4 | 7.6% | 706.4 | -14.2% |
Urban Distribution | 41.5 | 29.7 | 39.6% | 60.2 | -31.0% |
Warehousing | 289.8 | 247.9 | 16.9% | 303.9 | -4.6% |
Net Revenue from Asset Sales | 12.9 | 12.9 | -0.6% | 12.0 | 7.3% |
Total Costs | (981.5) | (878.3) | 11.8% | (1,111.1) | -11.7% |
Cost of Services | (971.4) | (868.3) | 11.9% | (1,098.1) | -11.5% |
Personnel | (341.1) | (268.5) | 27.1% | (358.5) | -4.8% |
Third parties truck drivers | (371.9) | (377.9) | -1.6% | (458.2) | -18.9% |
Fuel and lubricants | (62.4) | (56.4) | 10.5% | (67.6) | -7.7% |
Parts / tires / maintenance | (50.3) | (51.3) | -2.0% | (56.9) | -11.7% |
Depreciation / amortization | (77.3) | (56.5) | 36.9% | (72.3) | 6.9% |
Others | (68.4) | (57.7) | 18.6% | (84.6) | -19.2% |
Cost of Asset Sales | (10.2) | (9.9) | 2.4% | (13.0) | -21.6% |
Gross Profit | 187.1 | 160.7 | 16.4% | 200.1 | -6.5% |
Operational Expenses | (55.2) | (58.8) | -6.1% | (77.3) | -28.6% |
EBIT | 131.9 | 101.9 | 29.4% | 122.8 | 7.4% |
Margin (% NR from Services) | 11.4% | 9.9% | +1.5 p.p. | 9.5% +2.0 p.p. | |
EBITDA | 223.7 | 170.5 | 31.2% | 209.1 | 6.9% |
Margin (% NR from Services) | 19.4% | 16.6% | +2.7 p.p. | 16.1% | +3.3 p.p. |
Net service revenue in the asset-light segment reached R$1,155.8 million in 1Q25, a 13% increase compared to the same period last year. Major projects implemented in the Food & Beverage and E-commerce sectors throughout 2024 drove a strong 40% increase in the Urban Distribution segment. Dedicated Operations grew 18%, supported by increased demand from the Automotive sector in intralogistics operations. New projects in the Consumer Goods sector led to 17% growth in Warehousing. Cargo Transportation grew 8% year over year, driven by project rollouts in the Food and Consumer Goods sectors, although still impacted by the intentional revenue reduction in Agribusiness - in line with our strategic plan to reposition and restore margins in that sector.
From an industry perspective, Automotive accounted for 23% of the segment's revenue (milk run, intralogistics, and vehicle transportation services); Consumer Goods accounted for 19% (with a focus on warehousing and transfers between DCs); and Food & Beverage for 14% (transportation and warehousing).
Segment EBITDA totaled R$223.7 million in the quarter, up 31% compared to 1Q24, with an EBITDA margin of 19.4%, an increase of 2.7 p.p. The price adjustments achieved through recent contract renegotiations, combined with cost reduction efforts, also contributed to a 3.3 p.p. margin increase compared to 4Q24. The concentration of projects with a lighter asset profile (88% of new contracts signed in the quarter are asset-light) underscores the segment's potential for continued revenue and margin expansion.
Asset Heavy
Asset Heavy (R$ million) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q |
Gross Revenue | 1,334.6 | 1,198.8 | 11.3% | 1,370.5 | -2.6% |
Net Revenue | 1,151.3 | 1,031.4 | 11.6% | 1,179.7 | -2.4% |
Net Revenue from Services | 1,073.7 | 967.5 | 11.0% | 1,112.1 | -3.5% |
Dedicated Operations | 546.3 | 485.5 | 12.5% | 551.5 | -0.9% |
Cargo Transport | 399.1 | 367.2 | 8.7% | 417.8 | -4.5% |
Urban Distribution | 128.3 | 114.7 | 11.9% | 142.8 | -10.1% |
Warehousing | - | - | n.a | - n.a | |
Net Revenue from Asset Sales | 77.6 | 64.0 | 21.4% | 67.6 | 14.8% |
Total Costs | (964.3) | (818.3) | 17.8% | (992.1) | -2.8% |
Cost of Services | (875.5) | (761.9) | 14.9% | (920.5) | -4.9% |
Personnel | (371.9) | (314.7) | 18.2% | (395.4) | -6.0% |
Third parties truck drivers | (45.4) | (25.6) | 77.5% | (36.0) | 26.0% |
Fuel and lubricants | (214.0) | (199.2) | 7.4% | (219.6) | -2.5% |
Parts / tires / maintenance | (125.2) | (120.1) | 4.2% | (134.7) | -7.1% |
Depreciation / amortization | (77.6) | (56.2) | 38.0% | (70.7) | 9.7% |
Others | (41.5) | (46.0) | -9.9% | (64.0) | -35.2% |
Cost of Asset Sales | (88.8) | (56.4) | 57.5% | (71.5) | 24.2% |
Gross Profit | 187.0 | 213.1 | -12.3% | 187.7 | -0.4% |
Operational Expenses | (40.1) | (57.7) | -30.4% | (44.1) | -9.0% |
EBIT | 146.9 | 155.5 | -5.5% | 143.6 | 2.3% |
Margin (% NR from Services) | 13.7% | 16.1% | -2.4 p.p. | 12.9% +0.8 p.p. | |
EBITDA | 230.5 | 225.6 | 2.2% | 220.9 | 4.4% |
Margin (% NR from Services) | 21.5% | 23.3% | -1.8 p.p. | 19.9% | +1.6 p.p. |
Net Service Revenue reached R$1,073.7 million in 1Q25, up 11% compared to 1Q24. The Urban Distribution segment grew 12%, driven by contracts implemented primarily in the E-commerce sector. In Dedicated Operations, the 13% increase compared to 1Q24 was supported by the ramp-up of projects in the Pulp & Paper sector. The Cargo Transportation segment grew 9%, fueled by project rollouts in the Food & Beverage and Fuel sectors, which include specialized and dedicated services. The essential role and high quality of our services within our customers' supply chains continue to support a consistent growth trajectory.
From an industry perspective, Food & Beverage accounted for 39% of the segment's revenue (with refrigerated and frozen food transportation and urban distribution), Pulp & Paper for 28% (with services spanning the customer's entire production chain), and Chemicals for 12% (with specialized and dedicated transportation of liquids and gases).
Asset-Heavy EBITDA totaled R$230.5 million in 1Q25, with an EBITDA margin of 21.5%. The margin declined compared to the same period last year due to higher input costs, as previously mentioned, which affected the profitability of certain capital-intensive contracts. However, the price recovery achieved through contract renegotiations - necessary to offset inflation - has already contributed to this quarter's results, driving a 1.6
p.p. increase in EBITDA margin compared to 4Q24. This contribution is expected to grow in the coming months. It is worth noting that the gross margin was impacted by the asset sale margin which, as previously mentioned, was pressured by a specific type of light vehicle that experienced a depreciation above the market average.
Financial Results
Finacial Result (R$ mm) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q |
Financial Revenues | 64.6 | 63.3 | 2.1% | 44.8 | 44% |
Financial Expenses | (340.4) | (283.6) | 20.0% | (287.4) | 18.4% |
Financial Result | (275.8) | (220.3) | 25.2% | (242.6) | 13.7% |
Interest expense related to debt service (1Q25 vs. 1Q24) increased by R$56.3 million, reflecting a R$67.9 million negative impact from a higher CDI rate, offset by R$11.6 million from a lower average gross debt of the compared period. Analyzing the total Financial Result in relation to 4Q24, the increase of 13.7% is mainly the result of the increase in the CDI rate in 1Q25 compared to the previous quarter.
Capital Structure
Debt (R$ million) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q |
Gross Debt | 7,465.5 | 8,679.6 | -14.0% | 7,427.0 | 0.5% |
Cash and Cash Equivalents | 1,748.5 | 3,720.4 | -53.0% | 1,894.9 | -7.7% |
Net Debt | 5,717.0 | 4,959.2 | 15.3% | 5,532.2 | 3.3% |
Average cost of Net Debt (p.y.) | 15.2% | 13.7% | +1.5 p.p. | 14.6% | +0.5 p.p. |
Net Debt cost after taxes (p.y.) | 10.0% | 9.0% | +1.0 p.p. | 9.7% | +0.4 p.p. |
Average term of net debt (years) | 5.0 | 6.0 | -16.7% | 5.1 | -2.9% |
Custo médio da dívida líquida (a.a.) | 15.2% | 13.7% | 11.1% | 14.6% | 3.7% |
Average cost of Gross Debt (p.y.) | 14.7% | 11.6% | +3.1 p.p. | 13.4% | +1.3 p.p. |
Average term of gross debt (years) | 3.9 | 4.0 | -2.5% | 3.8 | 1.8% |
We closed 1Q25 with R$1.7 billion in cash and marketable securities, and R$530 million in undrawn committed credit lines - totaling R$2.3 billion in available liquidity, equivalent to 1.6x our short-term debt. This amount is sufficient to cover debt maturities through the fourth quarter of 2026. It is worth noting that the average cost of gross debt is calculated based on the weighted average of interest expenses related to debt service and the average gross debt balance for the period. With the upcoming amortization of a CRA bond priced at 147% of the CDI in May 2025, we expect an additional 0.2 percentage point reduction in our average debt cost spread.
Leverage 1Q25 4Q24 1Q24 (R$ million) | |||
Dívida líquida / EBITDA | 3.04x | 3.04x | 2.68x |
Dívida líquida / EBITDA-A | 2.59x | 2.63x | 2.40x |
EBITDA-A / Resultado Financeiro Líquido | 2.75x | 2.82x | 2.98x |
EBITDA UDM | 1,877.6 | 1,819.5 | 1,848.7 |
EBITDA-A¹ UDM | 2,203.5 | 2,106.8 | 2,066.6 |
¹EBITDA-A calculated according to the covenants methodology
Our leverage ratio stood at 3.04x Net Debt/EBITDA and 2.59x Net Debt/Adjusted EBITDA, the latter being our covenant reference. The coverage ratio, measured as Adjusted EBITDA divided by Net Financial Result, was
2.75x. We have maintained controlled leverage levels despite investments made over the past 12 months that have not yet fully translated into revenue - and therefore, results - as well as a higher cost of capital. This reflects our strong cash generation and pricing discipline in contract structuring. Deleveraging strategies remain in their early stages and have not yet impacted the indicator.
Investments
Investments 1Q25 1Q24 ▲ Y / Y 4Q24 ▲ Q / Q (R$ million) | |||||
Gross capex by nature | 164.4 | 521.1 | -68.4% | 189.9 | -13.4% |
Expansion | 91.9 | 365.6 | -74.9% | 145.8 | -37.0% |
Maintenance | 50.9 | 148.6 | -65.7% | 38.3 | 33.0% |
Others | 21.6 | 6.9 | 212.9% | 5.8 | 273.4% |
Gross capex by type | 164.4 | 521.1 | -68.4% | 189.9 | -13.4% |
Trucks | 69.4 | 463.1 | -85.0% | 84.3 | -17.7% |
Machinery and Equipment | 67.5 | 39.8 | 69.5% | 53.9 | 25.1% |
Light Vehicles | 4.6 | 7.6 | -38.7% | 27.9 | -83.3% |
Bus | 1.3 | 2.1 | -39.0% | 2.4 | -48.1% |
Others | 21.6 | 8.5 | 154.3% | 21.3 | 1.3% |
Sale of assets | 99.6 | 78.8 | 26.4% | 81.3 | 22.6% |
Total net capex | 64.8 | 442.2 | -85.4% | 108.6 | -40.4% |
Net CAPEX for 1Q25 was R$64.8 million. Gross CAPEX totaled R$164.4 million, of which 56% was allocated to expansion efforts to support the implementation of new contracts and secure future revenue. In line with our strategic plan, part of the contracts signed in 4Q24 and 1Q25 included assets that were partially or fully leased, when our assessments indicated this to be the most advantageous model. As a result, CAPEX requirements for the quarter were already significantly lower than in previous periods - down 85% compared to 1Q24.
It is important to note that JSL does not operate with an inventory of assets. We only invest directly in assets for each operation once commercial contracts have been signed. The cash impact of these investments is reflected in the Cash Flow section of this report.
Profitability
ROIC (Return on Invested Capital) 1Q25 1Q24 4Q24 Running LTM LTM LTM Rate LTM | ||||
EBIT | 1,231.9 | 1,329.3 | 1,210.5 | 1,178.1 |
Effective Rate | 12.3% | 10.0% | 22.7% | 22% |
NOPLAT | 1,080.9 | 1,196.9 | 935.1 | 918.9 |
Current Period Net Debt | 5,717.0 | 4,959.2 | 5,532.2 | 5,061.3 |
Previous Period Net Debt | 4,959.2 | 3,784.1 | 4,852.4 | 4,335.0 |
Average Net Debt | 5,338.1 | 4,371.6 | 5,192.3 | 4,698.1 |
Current Period Equity | 1,791.2 | 1,698.3 | 1,770.4 | 1,791.2 |
Previous Period Equity | 1,698.3 | 1,436.1 | 1,663.4 | 1,698.3 |
PL médio 1,744.8 1,567.2 1,716.9 1,744.8 | ||||
Invested Capital Current Period | 7,508.1 | 6,657.5 | 7,302.5 | 6,852.5 |
Invested Capital Previous Period | 6,657.5 | 5,220.2 | 6,515.8 | 6,033.3 |
Average Invested Capital 7,082.8 5,938.9 6,909.2 6,442.9 | ||||
ROIC | 15.3% | 20.2% | 13.5% | 14.3% |
In 1Q25, our LTM ROIC was 15.3%, while our ROIC Running Rate stood at 14.3%. The operational improvements observed in the first quarter - as previously discussed - have not yet been fully reflected in the results and are expected to materialize over the coming months. Additionally, the high concentration of asset-light profiles in new contracts signed during 1Q25 - which reduce capital requirements - should also support further ROIC expansion. It is important to emphasize that our invested capital is always tied to contracted projects, with defined revenue and return expectations.
Cash flow | ||||
Cash Flow (R$ million) | 1Q25 | 4Q24 | 1Q24 | |
EBITDA | 454.2 | 430.0 | 396.0 | |
Working Capital | (124.8) | (158.1) | 79.0 | |
Cost of asset sales for rent and services provided | 99.0 | 84.5 | 66.3 | |
Maintenance Capex | (50.9) | (42.7) | (148.6) | |
Non Cash and Others | (14.0) | (21.3) | 54.4 | |
Cash generated by operational activities | 363.5 | 292.5 | 447.2 | |
(-) Income tax and social contribution paid | (0.5) | 4.0 | (5.6) | |
(-) Capex others | (21.6) | (5.8) | (6.9) | |
Free Cash Flow | 341.4 | 290.7 | 434.7 | |
(-) Expansion Capex | (100.2) | (184.5) | (263.1) | |
(-) Companies acquisition | - | (84.3) | - | |
Cash flow after growth | 241.2 | 21.8 | 171.6 | |
Our focus on pricing new contracts with appropriate profitability and ensuring efficient capital allocation enables us to maintain strong operating cash flow generation (R$ 241.2 million after growth in 1Q25) - reinforcing the resilience of our business model and supporting growth without compromising our capital structure. Expansion CAPEX with cash impact is presented net of financing benefits (such as FINAME) and supplier payment terms. The reduction in CAPEX requirements to sustain organic growth - observed throughout 2024 and in 1Q25 - along with working capital improvement initiatives, will continue to support cash generation and the Company's deleveraging strategy.
Exhibit I - Reconciliation of EBITDA and Net Profit
EBITDA Reconciliation (R$ million) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q |
Total Net Income | 31.9 | 33.6 | -5.0% | 22.7 | 40.4% |
Financial Result | 275.8 | 220.3 | 25.2% | 242.6 | 13.7% |
Taxes | (28.9) | 3.5 | -930.9% | 1.1 | -2788.0% |
Depreciation and Amortization | 175.4 | 138.7 | 26.5% | 163.7 | 7.1% |
Fixed asset depreciation | 63.4 | 101.2 | -37.4% | 124.0 | -48.9% |
IFRS 16 depreciation | 112.0 | 37.5 | 198.7% | 39.7 | 182.4% |
EBITDA | 454.2 | 396.0 | 14.7% | 430.0 | 5.6% |
Cost of Asset Sales | 99.0 | 66.3 | 49.2% | 84.5 | 17.1% |
EBITDA-A | 553.2 | 462.4 | 19.6% | 514.6 | 7.5% |
Additional value from acquisitions | 4.0 | 6.8 | n.a | 3.9 | n.a |
Adjusted EBITDA | 458.2 | 402.8 | 13.7% | 434.0 | 5.6% |
Adjusted EBITDA ex IFRS 16 | 346.2 | 365.3 | -5.2% | 394.3 | -12.2% |
Net Income Reconciliation(R$ million) | 1Q25 | 1Q24 | ▲ Y / Y | 4Q24 | ▲ Q / Q |
Net income | 31.9 | 33.6 | -5.0% | 22.7 | 40.4% |
Additional value from acquisitions | 2.7 | 4.5 | n.a | 2.6 | n.a |
PPA amortization | 10.6 | 10.7 | -1.0% | 10.4 | n.a |
Adjusted Net Income | 45.1 | 48.7 | -7.4% | 35.7 | 26.3% |
Margin (% NR ) | 1.9% | 2.4% | -0.4 p.p. | 1.4% | +0.5 p.p. |
Exhibit II - Balance Sheet
Assets (R$ million)
Current assets
1Q25
4Q24
1Q24
Liabilities (R$ million)
Current liabilities
1Q25
4Q24
1Q24
Cash and cash equivalents 327.0 442.8 624.8 Providers 291.5 309.3 557.3
Securities 1,420.6 1,451.3 3,095.6 Accounts payable 2.3 2.5 -
Derivative financial instruments 148.7 131.3 31.8 Derivative Financial Instruments 125.0 112.7 85.1
Accounts receivable 1,899.8 1,814.9 1,472.9 Loans and financing 1,414.2 1,474.8 785.3
Inventory / Warehouse 97.9 97.2 70.8 Debentures 56.0 37.3 52.2
Taxes recoverable 83.0 78.3 103.5 Financial lease payable 22.7 22.4 31.8
Income tax and social contribution 105.9 85.5 45.7 Lease for right use 165.0 132.3 125.2
Other credits 27.9 23.1 26.1 Labor obligations 388.4 364.7 366.6
Prepaid expenses 69.5 37.8 71.6 Tax liabilities 2.3 1.6 5.4
Assets available for sale (fleet renewal) 445.2 389.3 206.0 Income and social contribution taxes payable 181.4 184.5 150.1
Third-party payments 53.9 67.0 51.8 Dividends and Interest on Equity Payable - 106.5 -Other Accounts payable 78.8 75.8 86.4
Advances from customers 32.2 36.6 35.5
Related parties - - -
Acquisition of companies payable 136.5 147.4 113.2
Total current assets
4,679.4
4,618.6
5,800.7
Total current liabilities
2,896.1
3,008.4
2,394.1
Non-current assets Non-current | Non-current liabilities Loans and financing 4,371.0 4,256.0 5,637.7 | |||||||
Securities | 0.9 | 0.8 | - | Debentures | 1,566.2 | 1,565.3 | 2,300.4 | |
Derivative financial instruments | 115.4 | 86.9 | 273.3 | Financial lease payable | 66.7 | 70.6 | 87.0 | |
Accounts receivable | 32.2 | 25.3 | 37.2 | Lease for right use | 550.1 | 441.7 | 427.2 | |
Taxes recoverable | 98.8 | 87.0 | 162.4 | Tax liabilities | 10.6 | 11.9 | 28.3 | |
Deferred income and social contribution taxes | 16.4 | 12.8 | 7.0 | Provision for judicial and administrative claims | 471.3 | 493.7 | 592.0 | |
Judicial deposits | 70.5 | 70.5 | 63.5 | Deferred income and social contribution taxes | 240.8 | 259.9 | 185.1 | |
Income tax and social contribution | 174.9 | 164.3 | 143.1 | Related parties | - | 0.0 | 2.1 | |
Related parts | - | - | - | Other Accounts payable | 32.6 | 33.5 | 24.0 | |
Compensation asset by business combination | 379.6 | 406.8 | 484.4 | Company acquisitions payable | 463.3 | 448.8 | 556.2 | |
Other credits | 40.7 | 41.0 | 34.5 | Labor obligations | 15.9 | 13.9 | 142.2 | |
Derivative financial instruments | 107.9 | 106.2 | 5.3 | |||||
Total do realizável a longo prazo | 929.5 | 895.4 | 1,205.4 | Total non-current liabilities | 7,896.4 | 7,701.4 | 9,987.5 | |
Investments | - | - | - | |||||
Property, plant and equipment | 6,077.8 | 6,058.1 | 6,137.8 | |||||
Intangible | 897.0 | 908.1 | 936.0 | |||||
Total | 6,974.8 | 6,966.2 | 7,073.8 | |||||
Total non-current assets | 7,904.3 | 7,861.6 | 8,279.2 | Total Equity | 1,791.2 | 1,770.4 | 1,698.3 | |
Total Assets | 12,583.7 | 12,480.2 | 14,079.9 | Total Liabilities and Equity | 12,583.7 | 12,480.2 | 14,079.9 | |
Glossary
EBITDA-A or EBITDA Added - Corresponds to EBITDA plus the residual accounting cost from the sale of fixed assets, which does not represent operational cash disbursements, as it is merely an accounting representation of the write-off of assets at the time of sale. Thus, the Company's Management believes that EBITDA-A is a most adequate measure of operating cash flow than traditional EBITDA as a proxy for cash generation to gauge the Company's capacity to meet its financial obligations. We also emphasize that based on public issuance deeds of debentures, to calculate leverage and coverage of net financial expenses, EBITDA-A corresponds to the earnings before financial results, taxes, depreciation, amortization, impairment of assets and equity equivalence, plus the sale of assets used in the provision of services, calculated over the last 12 (twelve) months, including the EBITDA Added of the last 12 (twelve) months of the merged and/or acquired companies.
IFRS16 - The International Accounting Standards Board (IASB) has issued CPC 06 (R2) /IFRS 16, which requires lessees to recognize most leases on the balance sheet, with a liability for future payments and an asset for the right-of-use being recorded. The standard entered into effect as of January 1, 2019.
Additional Information
The purpose of this Earnings Release is to detail the financial and operating results of JSL S.A. The financial information is presented in millions of Reais, unless otherwise indicated. The Company's interim financial information is prepared under the Brazilian Corporation Law and is presented on a consolidated basis under CPC-21 (R1) Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by the IASB.
As of January 1, 2019, JSL adopted CPC 06 (R2)/IFRS 16 in its accounting financial statements corresponding to 1Q19. None of the changes leads to the restatement of the financial statements already published.
Due to the rounded figures, the financial information presented in the tables in this document may not be reconciled exactly with the figures presented in the audited consolidated financial statements.
Disclaimer
We make forward-looking statements that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and are based on information currently available to the Company. Forward-looking statements include information about our intentions, beliefs, or current expectations and those of the Company's Board of Directors and Management.
Disclaimers for forward-looking information and statements also include information about possible or supposed operating results, as well as statements that are preceded by, followed by, or that include the words "believes," "may," "will," "continues," "expects," "predicts," "intends," "plans," "estimates," or similar expressions.
Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties, and assumptions as they relate to future events and depend, therefore, on circumstances that may or may not occur. Future results and shareholder value creation may differ materially from those expressed or implied by the forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
Conference Call and Webcast Date: Wednesday, May 05th, 2025
Time: 10:00 a.m. (Brasília)
9:00 a.m. (New York) - with simultaneous interpretation into English
Connection phones: Brazil: +55 11 4632-2236
Other countries: +1 646 558-8656
Access code: JSL Webcast: ri.jsl.com.br
Webcast access: The presentation slides will be available for viewing and downloading in the Investor Relations section of our website ri.jsl.com.br. The audio for the conference call will be streamed live on the platform and will be available after the event.
For further information, please contact the Investor Relations Department: Phone: +55 (11) 3154-4013 | ri@jsl.com.br | ri.jsl.com.br
Assets Parent company Consolidated
Current assets | Note | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | ||||
Cash and cash equivalents | 5 | 38,764 | 48,218 | 326,988 | 442,823 | ||||
Marketable securities and financial investments | 6 | 1,263,565 | 1,313,746 | 1,420,584 | 1,451,284 | ||||
Derivative financial instruments | 4.3 (b) | 148,705 | 131,284 | 148,705 | 131,284 | ||||
Trade receivables | 7 | 1,204,056 | 1,172,563 | 1,899,823 | 1,814,896 | ||||
Inventories | 77,396 | 74,040 | 97,852 | 97,192 | |||||
Fixed assets available for sale | 8 | 320,624 | 320,777 | 445,182 | 389,254 | ||||
Taxes recoverable | 9 | 12,765 | 27,244 | 82,975 | 78,344 | ||||
Income tax and social contribution recoverable | 21.3 | 77,248 | 63,532 | 105,906 | 85,522 | ||||
Prepaid expenses | 38,260 | 24,338 | 69,524 | 37,794 | |||||
Dividends and interest on capital receivable | 21,981 | 14,964 | - | - | |||||
Advances to third parties | 27,985 | 36,083 | 53,872 | 67,044 | |||||
Other credits | 15,552 | 8,935 | 27,941 | 23,137 | |||||
Non-current assets | 3,246,901 | 3,235,724 | 4,679,352 | 4,618,574 | |||||
Long-term assets | |||||||||
Marketable securities and financial investments 6 | 16,426 | 19,183 | 916 | 759 | |||||
Derivative financial instruments 4.3 (b) | 115,429 | 78,183 | 115,429 | 86,915 | |||||
Trade receivables 7 | 18,138 | 18,950 | 32,220 | 25,304 | |||||
Taxes recoverable 9 | 55,166 | 29,287 | 98,835 | 86,987 | |||||
Income tax and social contribution recoverable 21.3 | 15,263 | 11,690 | 16,412 | 12,839 | |||||
Judicial deposits 19 | 45,987 | 45,819 | 70,515 | 70,461 | |||||
Deferred income tax and social contribution 21.1 | - | - | 174,920 | 164,275 | |||||
Related parties 22.1 | 61,108 | 76,638 | - | - | |||||
Indemnification assets due to business combination 19.4 | 31,498 | 29,499 | 379,557 | 406,819 | |||||
Other credits | 40,651 | 41,818 | 40,694 | 41,039 | |||||
399,666 | 351,067 | 929,498 | 895,398 | ||||||
Investments | 10.1 2,375,406 | 2,402,930 | - | - | |||||
Property and equipment | 11 3,696,210 | 3,628,121 | 6,077,766 | 6,058,085 | |||||
Intangible assets | 12 278,490 | 279,352 | 897,039 | 908,125 | |||||
6,749,772 | 6,661,470 | 7,904,303 | 7,861,608 | ||||||
Total assets | 9,996,673 | 9,897,194 | 12,583,655 | 12,480,182 | |||||
Current Parent company Consolidated
Liabilities | Note | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | ||||
Trade payables | 13 | 170,967 | 174,701 | 291,466 | 309,272 | ||||
Supplier financing - confirming | - | - | 2,255 | 2,521 | |||||
Loans and borrowings | 14 | 1,188,930 | 1,255,906 | 1,414,237 | 1,474,762 | ||||
Debentures | 15 | 56,010 | 37,289 | 56,010 | 37,289 | ||||
Leases payable | 16 | 21,830 | 21,641 | 22,669 | 22,435 | ||||
Right-of-use leases | 17 | 71,007 | 56,623 | 164,984 | 132,317 | ||||
Social and labor liabilities | 18 | 230,334 | 215,578 | 388,366 | 364,653 | ||||
Derivative financial instruments | 4.3 (b) | 124,964 | 112,666 | 124,964 | 112,666 | ||||
Income tax and social contribution payable | 21.3 | - | - | 2,253 | 1,643 | ||||
Tax liabilities | 101,282 | 111,077 | 181,433 | 184,546 | |||||
Dividends and interest on capital payable | - | 106,546 | - | 106,546 | |||||
Advances from customers | 19,586 | 21,444 | 32,171 | 36,557 | |||||
Payables for the acquisition of companies | 20 | 136,461 | 147,414 | 136,461 | 147,414 | ||||
Other payables | 42,901 | 46,298 | 78,805 | 75,784 | |||||
Non-current liabilities | 2,164,272 | 2,307,183 | 2,896,074 | 3,008,405 | |||||
Loans and borrowings 14 | 3,503,647 | 3,331,918 | 4,370,981 | 4,255,952 | |||||
Debentures 15 | 1,566,155 | 1,565,315 | 1,566,155 | 1,565,315 | |||||
Leases payable 16 | 65,753 | 69,387 | 66,713 | 70,596 | |||||
Right-of-use leases 17 | 277,943 | 217,344 | 550,088 | 441,724 | |||||
Social and labor liabilities 18 | 14,273 | 12,338 | 15,939 | 13,852 | |||||
Derivative financial instruments 4.3 (b) | 103,331 | 106,213 | 107,856 | 106,213 | |||||
Tax liabilities | - | - | 10,636 | 11,928 | |||||
Provision for judicial and administrative litigation 19.2 | 54,538 | 53,859 | 471,272 | 493,666 | |||||
Deferred income tax and social contribution 21.1 | 23,147 | 45,989 | 240,822 | 259,899 | |||||
Payables for the acquisition of companies 20 | 423,143 | 408,620 | 463,335 | 448,797 | |||||
Related parties 22.1 | - | 20 | - | 20 | |||||
Other payables | 9,297 | 8,648 | 32,610 | 33,455 | |||||
6,041,227 | 5,819,651 | 7,896,407 | 7,701,417 | ||||||
Total liabilities | 8,205,499 | 8,126,834 | 10,792,481 | 10,709,822 | |||||
Equity | |||||||||
Share capital 23.1 | 806,688 | 806,688 | 806,688 | 806,688 | |||||
Capital reserves 23.2 | 23,497 | 23,497 | 23,497 | 23,497 | |||||
Treasury shares 23.3 | (43,087) | (42,579) | (43,087) | (42,579) | |||||
Earnings reserves 23.4 | 975,303 | 975,303 | 975,303 | 975,303 | |||||
Retained earnings for the period | 31,892 | - | 31,892 | - | |||||
Other equity adjustments related to subsidiaries | (4,064) | 6,506 | (4,064) | 6,506 | |||||
Equity adjustments 23.5 | 945 | 945 | 945 | 945 | |||||
Total equity | 1,791,174 | 1,770,360 | 1,791,174 | 1,770,360 | |||||
Total liabilities and equity | 9,996,673 | 9,897,194 | 12,583,655 | 12,480,182 | |||||
JSL S.A.
Statements of profit or loss
For the three-month periods ended March 31, 2025 and 2024 In thousands of Brazilian Reais
Parent company Consolidated
Note | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | |||||
Net revenue from rendering logistics services, lease of vehicles, | |||||||||
machinery and equipment and sale of decommissioned assets used in | 25 | ||||||||
rendering services | 1,321,937 | 1,110,506 | 2,319,934 | 2,070,341 | |||||
Cost of sales, leases, rendering services and sale of decommissioned assets | 26 | (1,088,712) | (911,082) | (1,945,877) | (1,696,555) | ||||
Gross profit | 233,225 | 199,424 | 374,057 | 373,786 | |||||
Selling expenses | 26 | (6,117) | (5,690) | (9,946) | (11,458) | ||||
Administrative expenses | 26 | (42,360) | (45,202) | (111,841) | (112,176) | ||||
Reversal of (provision for) expected credit losses ("impairment") of trade receivables | 26 | (5,388) | 1,012 | (8,356) | (2,348) | ||||
Other operating income, net | 26 | 26,377 | (17,722) | 34,875 | 9,576 | ||||
Equity results from subsidiaries | 10.1 | 16,987 | 44,424 | - | - | ||||
Profit before finance income, costs and taxes | 222,724 | 176,246 | 278,789 | 257,380 | |||||
Finance income | 27 | 57,401 | 61,234 | 64,599 | 63,292 | ||||
Finance costs | 27 | (271,075) | (218,441) | (340,350) | (283,628) | ||||
Profit before income tax and social contribution | 9,050 | 19,039 | 3,038 | 37,044 | |||||
Income tax and social contribution - current | 21.2 | - | - | (1,159) | (7,603) | ||||
Income tax and social contribution - deferred | 21.2 | 22,842 | 14,532 | 30,013 | 4,130 | ||||
Total income tax and social contribution | 22,842 | 14,532 | 28,854 | (3,473) | |||||
Profit for the period | 31,892 | 33,571 | 31,892 | 33,571 | |||||
(=) Basic earnings per share (in R$) | |||||||||
(=) Basic earnings per share (in R$) | 28.1 | - | - | 0.11213 | 0.11799 | ||||
(=) Diluted earnings per share (in R$) | 28.2 | - | - | 0.11214 | 0.11799 |
JSL S.A.
Statements of comprehensive income
For the three-month periods ended March 31, 2025 and 2024 In thousands of Brazilian Reais
Parent company Consolidated
03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | |||||
Profit for the period | 31,892 | 33,571 | 31,892 | 33,571 | ||||
Changes in cash flow hedge in subsidiaries Income tax and social contribution on changes in cash flow hedge in subsidiaries | 3,075 (1,045) | - - | 3,075 (1,045) | - - | ||||
Translation adjustments in the statement of financial position of foreign subsidiaries | (12,600) | 1,331 | (12,600) | 1,331 | ||||
Total other comprehensive income | (10,570) | 1,331 | (10,570) | 1,331 | ||||
Comprehensive income for the period | 21,322 | 34,902 | 21,322 | 34,902 | ||||
JSL S.A.
Statements of changes in equity
For the three-month periods ended March 31, 2025 and 2024 In thousands of Brazilian Reais
Capital reserves Earnings reserves
Share capital | Share-based payment transactions | Special reserve | Treasury shares | Retention of earnings | Tax incentive reserve | Investment reserve | Legal reserve | Retained earnings | Other equity adjustments related to subsidiaries | Equity adjustments | Total equity | |||||||||||||
At December 31, 2023 | 806,688 | 777 | 22,720 | (42,257) | 15,192 | 345,377 | 463,280 | 63,810 | - | (12,144) | - | 1,663,443 | ||||||||||||
Profit for the period Translation adjustments in the statement of financial position of foreign subsidiaries | - - | - - | - - | - - | - - | - - | - - | - - | 33,571 - | - 1,331 | - - | 33,571 1,331 | ||||||||||||
Total comprehensive income for the period, net of taxes | - | - | - | - | - | - | - | - | 33,571 | 1,331 | - | 34,902 | ||||||||||||
At March 31, 2024 | 806,688 | 777 | 22,720 | (42,257) | 15,192 | 345,377 | 463,280 | 63,810 | 33,571 | (10,813) | - | 1,698,345 | ||||||||||||
At December 31, 2024 | 806,688 | 777 | 22,720 | (42,579) | 15,192 | 345,377 | 540,558 | 74,176 | - | 6,506 | 945 | 1,770,360 | ||||||||||||
Profit for the period Translation adjustments in the statement of financial position of foreign subsidiaries | - - | - - | - - | - - | - - | - - | - - | - - | 31,892 - | - (12,600) | - - | 31,892 (12,600) | ||||||||||||
Other comprehensive income for the period, net of taxes | - | - | - | - | - | - | - | - | - | 2,030 | - | 2,030 | ||||||||||||
Total comprehensive income for the period, net of taxes | - | - | - | - | - | - | - | - | 31,892 | (10,570) | - | 21,322 | ||||||||||||
Repurchase of shares | - | - | - | (508) | - | - | - | - | - | - | (508) | |||||||||||||
At March 31, 2025 | 806,688 | 777 | 22,720 | (43,087) | 15,192 | 345,377 | 540,558 | 74,176 | 31,892 | (4,064) | 945 | 1,791,174 | ||||||||||||
19
The accompanying notes are an integral part of the parent company and consolidated financial statements.
JSL S.A.
Statements of cash flows - indirect method
For the three-month periods ended March 31, 2025 and 2024 In thousands of Brazilian Reais
Parent company Consolidated
03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | |||||
Cash flows from operating activities | ||||||||
Profit before income tax and social contribution | 9,050 | 19,039 | 3,038 | 37,044 | ||||
Adjustments to: | ||||||||
Equity results from subsidiaries (note 10.1) | (16,987) | (44,424) | - | - | ||||
Depreciation and amortization (note 26) | 106,243 | 73,658 | 175,385 | 138,661 | ||||
Cost of sales of decommissioned assets (note 8) | 43,140 | 35,742 | 98,995 | 66,341 | ||||
Provision for losses and write-off of assets | (4,015) | 19,379 | 6,488 | 39,677 | ||||
Extemporaneous tax credits | (24,921) | (5,455) | (31,292) | (20,588) | ||||
Fair value of derivative financial instruments | 1,244 | (8,189) | 17,575 | (8,189) | ||||
Exchange rate changes | 3,293 | 1,059 | (6,850) | 3,036 | ||||
Interest and monetary variations on loans and borrowings, debentures, leases payable, right of use, funding expenses and interest on acquisition of companies | 252,362 | 194,634 | 293,407 | 251,270 | ||||
369,409 | 285,443 | 556,746 | 507,252 | |||||
Changes in net working capital | ||||||||
Trade receivables | (36,046) | 8,893 | (100,126) | 102,562 | ||||
Inventories | (4,388) | (4,395) | (1,858) | (6,020) | ||||
Trade payables | 3,298 | (39,985) | (9,550) | (51,052) | ||||
Labor and tax liabilities, and taxes recoverable | 3,128 | 54,526 | 12,184 | 66,687 | ||||
Other current and non-current assets and liabilities | 16,293 | 14,199 | (25,421) | (33,195) | ||||
(17,715) | 33,238 | (124,771) | 78,982 | |||||
Income tax and social contribution paid | - | - | (482) | (5,559) | ||||
Interest paid on loans and borrowings, debentures, acquisition of companies, leases and right of use | (183,865) | (136,378) | (209,878) | (184,992) | ||||
Acquisition of operational property and equipment | (108,125) | (193,853) | (153,931) | (398,033) | ||||
Investments in marketable securities and financial investments | 52,938 | (1,828,047) | 30,543 | (1,852,333) | ||||
Net cash generated by (used in) operating activities | 112,642 | (1,839,597) | 98,227 | (1,854,683) | ||||
Cash flows from investing activities | ||||||||
Increase of capital in subsidiaries (note 10.1) | (17,709) | (4,700) | - | - | ||||
Debentures and commercial notes convertible into shares | - | (50,000) | - | - | ||||
Acquisition of property and equipment and intangible assets | (14,279) | (9,161) | (18,742) | (20,590) | ||||
Dividends and interest on capital received | 31,146 | 727 | - | - | ||||
Net cash used in investing activities | (842) | (63,134) | (18,742) | (20,590) | ||||
Cash flows from financing activities | ||||||||
Repurchase of treasury shares | (508) | - | (508) | - | ||||
New loans, borrowings and debentures | 140,425 | 2,083,318 | 212,116 | 2,084,043 | ||||
Payment of loans and borrowings, debentures, leases payable, right of use and confirming | (108,827) | (100,963) | (254,318) | (196,182) | ||||
Payment of hedge derivative instruments | (35,228) | - | (35,228) | - | ||||
Supplier financing arrangement - confirming | - | - | (266) | - | ||||
Dividends and interest on capital paid | (106,546) | - | (106,546) | - | ||||
Net cash generated by (used in) financing activities | (110,684) | 1,982,355 | (184,750) | 1,887,861 | ||||
Effects of exchange rate variations on cash and cash equivalents | (10,570) | 1,331 | (10,570) | 1,331 | ||||
Increase (decrease) in cash and cash equivalents | (9,454) | 80,955 | (115,835) | 13,919 | ||||
Cash and cash equivalents | ||||||||
At the beginning of the period | 48,218 | 64,008 | 442,823 | 610,869 | ||||
At the end of the period | 38,764 | 144,963 | 326,988 | 624,788 | ||||
Increase (decrease) in cash and cash equivalents | (9,454) | 80,955 | (115,835) | 13,919 | ||||
Balance variation, without affecting cash | ||||||||
Offset of taxes recoverable against taxes payable | 39,569 | 49,097 | 59,589 | 62,275 | ||||
Balance variation of trade payables and supplier financing - car makers | 7,032 | (125,669) | 8,256 | (102,438) | ||||
Additions of right-of-use leases | (94,291) | (40,428) | (203,420) | (92,195) | ||||
20
The accompanying notes are an integral part of the parent company and consolidated financial
JSL S.A.
Statements of value added
For the three-month periods ended March 31, 2025 and 2024 In thousands of Brazilian Reais
Parent company Consolidated
03/31/2024 03/31/2024
Revenues | Note | 03/31/2025 | Restated (note 1.4) | 03/31/2025 | Restated (note 1.4) | ||||
Sales, lease, rendering services and sale of decommissioned assets | 25 | 1,555,998 | 1,314,664 | 2,733,773 | 2,444,576 | ||||
Reversal of (provision for) expected credit losses ("impairment") of trade receivables | 26 | (5,388) | 1,012 | (8,356) | (2,348) | ||||
Other operating income | 26 | 31,607 | 3,645 | 50,236 | 32,989 | ||||
1,582,217 | 1,319,321 | 2,775,653 | 2,475,217 | ||||||
Inputs acquired from third parties Cost of sales and rendering services | (627,901) | (564,701) | (1,165,312) | (1,082,179) | |||||
Materials, electric power, services provided by third parties and others | (37,365) | (52,709) | (58,702) | (64,750) | |||||
(665,266) | (617,410) | (1,224,014) | (1,146,929) | ||||||
Gross value added | 916,951 | 701,911 | 1,551,639 | 1,328,288 | |||||
Retentions Depreciation, amortization and impairment | 26 | (106,243) | (73,658) | (175,385) | (138,661) | ||||
Net value added produced by JSL | 810,708 | 628,253 | 1,376,254 | 1,189,627 | |||||
Value added received through transfer Equity results from subsidiaries | 10.1 | 16,987 | 44,424 | - | - | ||||
Finance income | 27 | 57,401 | 61,234 | 64,599 | 63,292 | ||||
74,388 | 105,658 | 64,599 | 63,292 | ||||||
Total value added to distribute | 885,096 | 733,911 | 1,440,853 | 1,252,919 | |||||
Value added distributed | |||||||||
Personnel and payroll charges | 385,325 | 319,094 | 700,141 | 596,520 | |||||
Direct remuneration | 257,512 | 209,787 | 490,777 | 415,333 | |||||
Benefits | 104,465 | 89,874 | 170,721 | 147,276 | |||||
Severance pay fund (FGTS) | 23,348 | 19,433 | 38,643 | 33,911 | |||||
Taxes, charges and contributions | 177,828 | 149,292 | 342,064 | 317,110 | |||||
Federal taxes | 99,070 | 78,256 | 184,334 | 177,633 | |||||
State taxes | 53,428 | 48,287 | 123,073 | 107,740 | |||||
Municipal taxes | 25,330 | 22,749 | 34,657 | 31,737 | |||||
Third-party capital remuneration | 290,051 | 231,954 | 366,756 | 305,718 | |||||
Interest and bank fees | 27 | 271,075 | 218,441 | 340,350 | 283,628 | ||||
Leases | 26 | 18,976 | 13,513 | 26,406 | 22,090 | ||||
Remuneration of own capital | 31,892 | 33,571 | 31,892 | 33,571 | |||||
Retained earnings for the period | 31,892 | 33,571 | 31,892 | 33,571 | |||||
Value added distributed | 885,096 | 733,911 | 1,440,853 | 1,252,919 |
21
The accompanying notes are an integral part of the parent company and consolidated financial
-
General information
i. General information
JSL S.A. ("Company" or "Parent company") is a publicly-traded corporation with its headquarters at Doutor Renato Paes de Barros Street 1.017, 9th floor - Itaim Bibi - São Paulo, with shares traded on B3 S.A. - Brasil, Bolsa, Balcão ("B3") under the ticker JSLG3, and controlled by Simpar S.A. ("Holding"). The Company also trades share deposit certificates on the over-the-counter market of the United States of America (USA) in order to facilitate the purchase, maintenance and sale of shares by North American investors.
JSL S.A. and its subsidiaries (collectively referred to as "JSL") are focused on logistics services, referred to as 'JSL Logística', mainly providing services of intercity, interstate and international road freight transport; chartered passenger transport; logistical organization of freight transport; storage, handling in manufacturing plants and related activities.
-
Main events
-
Tax Reform on consumption
On December 17, 2024, the Brazilian National Congress approved Complementary Bill 68/2024 and on January 16, 2025 Complementary Law 214 was published, resulting from the conversion of Complementary Bill 68/2024, as part of the regulation of the Constitutional Amendment 132, which establishes the Tax Reform on Consumption. The Law introduces the Tax on Goods and Services (IBS), the Contribution on Goods and Services (CBS) and the Selective Tax (IS), marking an important step in the Tax Reform on Consumption. The Company is monitoring this matter and assessing the effects that that may be caused by this and future regulations still in progress at the National Congress.
-
Tax Reform on consumption
-
List of interests in subsidiaries
The Company's equity interests in its subsidiaries at the end of the reporting period are as follows:
03/31/2025 12/31/2024
Corporate name
Headquarter
country
Direct
%
Indirect
%
Direct
%
Indirect
%
Transmoreno Transporte e Serviços Ltda ("Quick").
Brazil
99.99
0.01
99.99
0.01
Sinal Serviços de Integração Industrial Ltda.
Brazil
99.99
0.01
99.99
0.01
Yolanda Logística Armazém Transportes e Serviços Gerais Ltda.
Brazil
99.99
0.01
99.99
0.01
Fadel Transportes e Logística Ltda.
Brazil
100.00
-
100.00
-
Fadel Logistics South Africa ("Fadel África do Sul").
South Africa
-
100.00
-
100.00
Hub Services Solutions (PTY) Ltd
South Africa
-
100.00
-
100.00
Mercosur Factory Sociedad Anónima ("Fadel Paraguai").
Paraguay
100.00
-
100.00
-
Fadel Logistics Ghana Ltd ("Fadel Gana").
Ghana
100.00
-
100.00
-
Pronto Express Logística S.A.
Brazil
100.00
-
100.00
-
Fazenda São Judas Logística Ltda.
Brazil
-
100.00
-
100.00
TPC Logística Sudeste S.A.
Brazil
-
100.00
-
100.00
TPC Logística Nordeste S.A.
Brazil
-
100.00
-
100.00
Transportadora Rodomeu Ltda.
Brazil
100.00
-
100.00
-
Agrolog Transportadora de Cargas em Geral Ltda.
Brazil
100.00
-
100.00
-
Transportes Marvel S.A.
Brazil
100.00
-
100.00
-
Truckpad Tecnologia e Logística S.A.
Brazil
100.00
-
100.00
-
IC Transportes Ltda.
Brazil
100.00
-
100.00
-
Artus Administradora Ltda.
Brazil
100.00
-
100.00
-
-
Sustainability and environment
The logistics and transport sector is very relevant with regard to Greenhouse Gas (GHG) emissions and, consequently, climate change. JSL assesses this aspect as a risk in its business, as these changes can directly affect its revenues, costs and resource availability. JSL seeks to operate in a sustainable manner, developing solutions that address or neutralize the negative impacts of operations. In this sense, since 2022 a Climate Change Policy has been maintained which, together with the Sustainability Policy, directs mitigation, offset and adaptation actions due to the climate change scenario.
JSL also follows what is determined in the Greenhouse Gas Emissions Management Program in order to contribute to the public target of reducing the intensity of GHG emissions by 15% by 2030.
The measurement and monitoring of emissions is presented bimonthly to the Group's Sustainability Committee, and the following factors are considered as part of the plan:
maintenance of low average fleet age and use of more recent technologies;
evaluation of the acquisition of electric and gas-powered vehicles and equipment;
use of telemetry to improve driver performance, reducing fuel consumption and optimizing the fleet;
increase in the participation of renewable energy sources in the energy matrix, to minimize Scope 2 emissions.
The emissions inventory is compiled and audited by independent auditors and published annually. Furthermore, the program and controls are constantly improved in pursuit of the set objective, and for the fourth consecutive year JSL won the Gold Seal of the Brazilian GHG Protocol Program, from the Center for Sustainability Studies (FGVces), of Fundação Getúlio Vargas (FGV SP). The certification is recognition for companies that achieve the highest level of qualification and transparency in verifying their 2022 greenhouse gas (GHG) emissions inventory. The Company also maintains a B grade in the Carbon Disclosure Project, above the global average for the transport and logistics sector, which is a C grade.
-
Restatement of comparative figures
In the period ended March 31, 2025, an adjustment from previous years was identified, related to the reclassification between lines in the Statement of Value Added - DVA. Social charges on payroll, specifically the social security contribution to the National Institute of Social Security (INSS), were improperly classified under the heading 'Benefits' (Personnel and Charges), in the group 'Distributed value added'. Considering that it is a federal contribution, the Company reclassified it to the heading 'Federal' (Taxes, Charges and Contributions), in the same group of 'Distributed Value Added'.
The parent company and consolidated interim financial information as of March 31, 2024, presented for comparison purposes, has been adjusted and is being restated. The effects of the restatement are shown below:
JSL S.A.
Notes to the parent company and consolidated financial statements For the three-month periods ended March 31, 2025 and 2024
In thousands of Brazilian Reais, unless otherwise stated
24
Parent company Consolidated
Disclosed
Restated
Disclosed
Restated
Revenues
03/31/2024
Reclassification
03/31/2024
12/31/2024
Reclassification
12/31/2024
Sales, lease, rendering services and sale of decommissioned assets
1,314,664
-
1,314,664
2,444,576
-
2,444,576
Reversal of (provision for) expected credit losses ("impairment") of trade receivables
1,012
-
1,012
(2,348)
-
(2,348)
Other operating income
3,645
-
3,645
32,989
-
32,989
1,319,320
-
1,319,320
2,475,217
-
2,475,217
Inputs acquired from third parties
Cost of sales and rendering services
(564,701)
-
(564,701)
(1,082,179)
-
(1,082,179)
Materials, electric power, services provided by third parties and others
(52,709)
-
(52,709)
(64,750)
-
(64,750)
(617,410)
-
(617,410)
(1,146,929)
-
(1,146,929)
Gross value added
701,910
-
701,910
1,328,288
-
1,328,288
Retentions
Depreciation, amortization and impairment
(73,658)
-
(73,658)
(138,661)
-
(138,661)
Net value added produced by JSL
628,253
-
628,253
1,189,627
-
1,189,627
Value added received through transfer
Equity results from subsidiaries
44,424
-
44,424
-
-
Finance income
61,234
-
61,234
63,292
-
63,292
105,658
-
105,658
63,292
-
63,292
Total value added to distribute
733,911
-
733,911
1,252,919
-
1,252,919
Value added distributed
Personnel and payroll charges
332,312
(13,218)
319,094
631,838
(35,318)
596,520
Direct remuneration
209,787
-
209,787
415,333
-
415,333
Benefits
103,092
(13,218)
89,874
182,594
(35,318)
147,276
Severance pay fund (FGTS)
19,433
-
19,433
33,911
-
33,911
Taxes, charges and contributions
136,074
13,218
149,292
281,792
35,318
317,110
Federal taxes
65,038
13,218
78,256
142,315
35,318
177,633
State taxes
48,287
-
48,287
107,740
-
107,740
Municipal taxes
22,749
-
22,749
31,737
-
31,737
Third-party capital remuneration
231,954
-
231,954
305,718
-
305,718
Interest and bank fees
218,441
-
218,441
283,628
-
283,628
Leases
Remuneration of own capital
13,513
-
33,571
-
-
13,513
33,571
22,090
33,571
-
-
22,090
33,571
Retained earnings for the period
33,571
-
33,571
33,571
-
33,571
Value added distributed
733,911
-
733,911
1,252,919
-
1,252,919
-
Main events
-
Basis of preparation and presentation of the parent company and consolidated financial statements and significant accounting policies
-
Statement of compliance (with regard to the Brazilian Accounting Pronouncements Committee - CPC and International Financial Reporting Standards - IFRS)
The interim financial information has been prepared in accordance with Technical Pronouncement CPC 21 (R1)
- "Interim Financial Reporting" and IAS 34 - "Interim Financial Reporting", issued by the International Accounting Standards Board ("IASB"), and presented according to the standards issued and approved by the Securities and Exchange Commission of Brazil ("CVM"), applicable to the preparation of Quarterly Information - ITR.
The interim financial information contains selected explanatory notes that explain significant events and transactions, which allow the understanding of the changes occurred in JSL's financial position and performance since its last parent company and consolidated annual financial statements. Therefore, this interim financial information should be read in conjunction with the Company's financial statements for the year ended December 31, 2024, published on March 24, 2025.
All significant information in the interim financial information, and only this information, is being disclosed and corresponds to that used by Management in its activities.
The issue of this interim financial information was authorized by the Board of Directors on May 6, 2025.
-
Statement of value added ("DVA")
The preparation of the parent company and consolidated statements of value added (DVA) is required by the Brazilian corporate legislation and the accounting practices adopted in Brazil applicable to listed companies.
The international financial reporting standards ("IFRS") do not require the presentation of such statement. Accordingly, under the IFRS this statement is presented as supplementary information, and not as part of the set of parent company and consolidated quarterly information.
-
Functional currency and translation of foreign currency
-
Functional and presentation currency
These parent company and consolidated financial statements are presented in Brazilian reais (R$), which is the functional currency of the Company and its subsidiaries except for subsidiaries Fadel Mercosur, Fadel South Africa and Fadel Ghana, whose functional currencies are, respectively, Guarani, Rand and Ghanaian Cedi, as detailed in item c). All amounts have been rounded off to the nearest thousand, unless otherwise indicated.
-
Transactions and balances
Foreign currency transactions are translated into Brazilian Reais using the exchange rates prevailing at the dates of the transactions or the dates of valuation when items are remeasured.
Foreign exchange gains and losses that relate to financial assets and liabilities, such as loans and borrowings, cash and cash equivalents and marketable securities indexed in a currency other than the Brazilian Real, are presented in the statement of profit or loss as finance income or costs.
-
Group companies with a different functional currency
The financial statements of the subsidiaries Fadel Mercosur, Fadel South Africa and Fadel Ghana, included in the consolidation, were prepared in Guarani, Rand and Ghanaian Cedi, respectively, which are their functional currencies. The results and financial position of Fadel Paraguay, Fadel South Africa and Fadel Ghana, whose functional currencies differ from the presentation currency, are translated into the Company's presentation currency as follows:
Assets and liabilities for each statement of financial position are translated at the closing rate at the reporting date;
Income and expenses for each statement of profit or loss are translated at the average monthly exchange rates;
All differences arising from translation of exchange rates are recognized as a separate component in equity, in the line item "Other equity adjustments related to subsidiaries".
The exchange rates in Reais in effect on the base date of these financial statements are as follows:
Currency
Rate
03/31/2025
Guarani
Average
0.0007398
Guarani
Closing
0.0007204
Rande
Average
0.3166
Rande
Closing
0.3125
Cedi Ganes
Average
0.3840
Cedi Ganes
Closing
0.3717
The amounts presented in the cash flows are extracted from the translated movements of assets, liabilities and profit or loss, as detailed above.
-
Functional and presentation currency
-
Use of estimates and judgments
In preparing this interim financial information, Management has made judgments and estimates that affect the application of JSL's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.
The significant judgments made by Management during the application of JSL's accounting policies and the information about uncertainties related to assumptions and estimates that have a significant risk of resulting in a material adjustment are the same as those disclosed in the latest parent company and consolidated interim financial information.
-
Statement of compliance (with regard to the Brazilian Accounting Pronouncements Committee - CPC and International Financial Reporting Standards - IFRS)
- Segment information
The service lines of the logistics operations segment are presented in relation to the JSL businesses, which were identified based on the management structure and internal managerial information utilized by the JSL chief decision-makers.
The results per segment consider the items directly attributable to the segment, as well as those that may be allocated on reasonable bases.
The Company and its subsidiaries operate in a sole business segment:
Logistics operations: Refers to the equity and profit or loss positions of all effects arising from the operating and financial impacts of the logistics business.
Segment information is presented in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocating resources, assessing performance, and making strategic decisions. Performance is assessed based on indicators such as net revenue, EBIT, EBITDA and profit.
The logistics operations segment information for the quarters ended March 31, 2025 and 2024 is as follows:
Consolidated
03/31/2025 | 03/31/2024 | ||
Net revenue from rendering services, lease of vehicles, machinery and equipment and sale of decommissioned assets | 2,319,934 | 2,070,341 | |
Cost of rendering services and lease of vehicles, machinery and equipment and decommissioned assets | (1,945,877) | (1,696,555) | |
Gross profit | 374,057 | 373,786 | |
Selling expenses | (9,946) | (11,458) | |
Administrative expenses | (111,841) | (112,176) | |
Provision for expected credit losses ("impairment") of trade receivables | (8,356) | (2,348) | |
Other operating income, net | 34,875 | 9,576 | |
Profit before finance income, costs and taxes | 278,789 | 257,380 | |
Finance income (costs), net | (275,751) | (220,336) | |
Profit before income tax and social contribution | 3,038 | 37,044 | |
Total income tax and social contribution | 28,854 | (3,473) | |
Profit for the period | 31,892 | 33,571 |
In this structural segment, we have the various service lines of the logistics business, such as:
Urban distribution: It operates with dry, refrigerated or frozen cargo with online temperature control and performs exits and returns to/from warehouses operated or not by JSL or direct from industry to retail. Urban distribution is directly connected with the performance of consumption in Brazil by serving the B2B segment and what can be considered as B2C, which is delivery at points that will be the basis for distribution to the final consumer. The Company has urban distribution operations mainly in the Food, Beverage, Consumer Goods, E-Commerce, Pharmaceutical, Cosmetic and General Cargo Shippers sectors.
Logistics operations: characterized by closed-loop operations as part of the customer's production process, with a high level of specialization and customization and a high degree of technological integration and monitoring. Contracts in this segment have terms of 3 to 5 years and involve its own assets and real-time monitoring software, commodity logistics and studies and dimensioning of activities to identify the best options for customers, loading of raw material and product, raw material supply, finished product flow, internal and port handling, road maintenance, waste management and waste discharge. The segment also includes freight and leasing with labor to transport customers' employees and internal logistics at the customer's assets, which comprises a vast niche of customized services for each operation and consist of the handling of raw materials, products and assembly lines supply. The volumes of dedicated operations services are related to the performance of commodities and industrial activity in the country, and their main business sectors are pulp and paper and mining.
Storage services: Management of dedicated and multi-customer warehouses performing receipt, dry, refrigerated and frozen storage, production line sequencing and supply and packaging and packers supply with customer sales systems connected to JSL for delivery within 24 hours, when necessary, connecting to the urban distribution service. Storage services are also connected with industrial activity,
consumption and macro-economic factors, as they signal the need to expand the supply of warehouses in strategic locations for distribution. The main sectors served by the segment are Consumer Goods and Food and Beverage.
Cargo transport: It comprises the movement by road modal of inputs or finished products, including new vehicles, from the supply point to their final destination, that is, the flow of products in the point-to-point system through the full load mode. Cargo transport is linked to the performance of consumption and movement of goods in the country for internal consumption or export. The main sectors served by cargo transport are Food and Beverage, Automotive and Consumer Goods.
In the three-month periods ended March 31, 2025 and 2024, there is no customer with revenue individually greater than 10% of the net revenue from services.