JSL (JSLG3) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of BRL 10.7 billion in 2024, up 20% year-over-year, with 16% organic growth and a return on invested capital of 14.6%, surpassing IPO targets.

• Adjusted EBITDA reached BRL 1.7 billion with a 19.4% margin, a record since the IPO, despite cost pressures from new project implementations.

• Asset-light operations accounted for 54% of revenue, growing 18% year-over-year, reflecting a strategic shift.

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

• Revenue grew 19.7% year-over-year to BRL 10.7 billion; net revenue was BRL 9.1 billion, up 20%; Q4 revenue was BRL 2.9 billion, up 15%.

• Adjusted EBITDA for the year was BRL 1.7 billion (19.4% margin), up 15.8%; 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 million, supporting deleveraging, despite BRL 1.1 billion in total capex.

• CapEx for the year was BRL 800–789 million, with 77–80% allocated to new projects and expansion.

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 operations.

• International expansion remains a priority, with a goal to have 30% of revenue in other currencies over time.

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

• Lower investment needs anticipated for organic growth, favoring further deleveraging.