Intralog Investor Day: Growth Avenues Ahead and Details on 2030 Guidance

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Intralog Investor Day: Growth Avenues Ahead and Details on 2030 Guidance

J P M O R G A N Latin America Equity Research

17 July 2026

JSL Overweight

JSLG3.SA, JSLG3 BZ

Intralog Investor Day: Growth Avenues Ahead and Price (16 Jul 26):R$5.65

Details on 2030 Guidance

Latin American Transportation

JSL (JSLG3, OW) held its Investor Day today, focusing on the Intralog division — Guilherme Mendes AC

an asset-light segment representing over 20% of operating revenues. The key (55-11) 4950-4105

message was that Intralog is well positioned for expansion, with plans to grow guilherme.g.mendes@jpmorgan.com

alongside existing clients, capture opportunities in storage and intralogistics, Julia Orsi

expand warehouse distribution capabilities, and reach new clients across LatAm. (55-11) 4950 3351

Additionally, JSL released its 2030 revenue guidance, projecting gross revenues of julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

R$21.0 billion at a 14% CAGR (2025–2030), with EBITDA margins expected to

remain stable at around 20.6%. The guidance implies 23% upside to J.P. Morgan

estimates, although we believe the market is unlikely to ascribe full value to long-

term growth at this stage. The guidance also assumes that the ongoing deleveraging

process will continue as the company transitions toward a rental model. JSL

remains our top pick within the SIMPAR group, currently trading at 3.7x EV/

EBITDA 12M Fwd.

• JSL Management Key Takeaways. JSL emphasized its readiness for a new

cycle, following the integration of acquisitions and ongoing deleveraging.

Management reiterated its focus on profitability and disciplined capital

allocation as the current strategy centers on three segments: (i) Dedicated

Services (73% of total revenues), (ii) Intralog (21% of revenues), and (iii) JSL