JSL (JSLG3) Q2 2025 earnings summary

Executive summary

• Gross revenue reached R$2.8 billion in 2Q25, up as much as 12.5% year-over-year, with net revenue at R$2.4 billion, up 11.2%, driven by new contracts and sector diversification.

• Adjusted EBITDA was R$492 million, up 23.5% year-over-year, with a margin of 21.6%, reflecting cost reduction and contract repricing.

• Adjusted net profit was R$36.3 million, up 10% year-over-year; reported net profit was R$21 million.

• R$1.5 billion in new contracts signed in 2Q25, with 62% adopting the asset-light model, reducing net CapEx to R$18 million and supporting future growth.

• Cash flow after gross investments was R$295 million, up 22% year-over-year, supporting deleveraging and margin expansion.

Financial highlights

• Net revenue grew up to 13% year-over-year excluding grain transportation, led by new contracts in pulp & paper, retail, food & beverage, and automotive.

• EBIT margin was 13.6% (R$310 million); consolidated EBITDA margin was 21.6% (R$492 million).

• E-commerce revenue grew 41% year-over-year; pulp and paper up 24%, automotive up 12%.

• Asset sales net revenue rose 55% to R$107.5 million, with margin recovery despite pickup truck depreciation.

• ROIC running rate was 14.5% in 2Q25, with LTM ROIC at 21.4%.

Outlook and guidance

• Second half of the year expected to be the strongest, with no signs of contraction in key segments.

• Asset-light strategy and capital discipline are expected to further enhance ROIC and cash generation.

• Efficiency initiatives mapped for implementation in 2H25 to drive further gains.

• Optimism for continued strong contract wins and asset sales in H2 2025.