JSL 2Q26 Results: A Single Digit Miss to JPMe EBITDA But Results Imply Upside to Consensus

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

11 August 2026

JSL

2Q26 Results: A Single Digit Miss to JPMe EBITDA But

Results Imply Upside to Consensus

Overweight

JSLG3.SA, JSLG3 BZ

Price (10 Aug 26):R$5.30

Latin American Transportation

JSL (JSLG3; OW) reported adjusted EBITDA of R$494 million for 2Q26, which was

flat year-over-year. This result missed JPMe estimates by 3% but beat consensus by

3%. The miss was mainly due to slightly higher costs, while revenue was 1% above

JPMe estimates. Excluding phased-out non-profitable contracts, revenue growth

would be 10% y/y, with all remaining grain transportation contracts now managed by

JSL Digital. We expect a neutral stock reaction and see the company trading at 3.5x

EV/EBITDA for 2027e.

2Q26 Numbers. (i) Revenues: Net revenue came in at R$2,499 million (+5%

y/y), -1% vs. JPMe and +1% vs. consensus. Recall that the company provided

a gross revenues preview last month, amounting to R$2,943 million. (ii)

EBITDA: Reported EBITDA was R$486 million, while adjusted EBITDA,

excluding R$7 million related to the write down of fair value on cost of asset

sale and R$13 million related to the amortization of goodwill arising from

acquisitions amounted to R$494 million (flat y/y). This was -3% vs. our

estimates and +3% vs. the Street. As a result, the adjusted EBITDA margin was

19.8%, -0.7 p.p. vs. our forecast.(iii) Net Income: Reported net income was

R$12 million, while adjusted net income was R$30 million, excluding R$5

million related to the write down of fair value of cost of asset sale and R$13

million related to the amortization of goodwill. This compares with JPMe at

R$23 million and the Street at R$18 million.

Performance by Segment. (i) Dedicated Services: Net revenues for the

segment amounted to R$1,791 million (including asset sale), in line with

JPMe. Reported EBITDA was R$352 million, 1% below JPMe, and implied a

19.6% margin. (ii) Intralog: Consolidated top line was R$524 million, -3% vs.

JPMe, while EBITDA amounted to R$120 million, a 11% miss to our

estimates. EBITDA margin was 22.9%. (iii) JSL Digital: Net revenues for the

segment amounted to R$183 million, above JPMe at R$146 million. Reported

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