JSL (JSLG3.SA) Strong Guided Growth until 2030E, Highlights from Event with Investors

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JSL (JSLG3.SA) Strong Guided Growth until 2030E, Highlights from Event with Investors

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19 Jul 2026 22:21:24 ET │ 11 pages

JSL (JSLG3.SA)

Strong Guided Growth until 2030E, Highlights from Event with Investors

CITI'S TAKE

Neutral On July 17th, JSL hosted an event with investors and released its long-

term guidance for revenue and EBITDA (see Fig 1). A guided CAGR of 14% Price (17 Jul 26 18:00) R$5.53

drives much higher revenue than our expectations for 2030E, but Target price R$6.60

management's comments suggest that this growth should come mainly Expected share price return 19.3%

from execution of outstanding opportunities, less dependent on macro Expected dividend yield 0.0%

developments. Although top-line expectations looked optimistic at first Expected total return 19.3%

sight, the assumption of stable EBITDA margins supports some upside

Market Cap R$1,578M potential from efficiency gains and business migration to higher-margin

US$311M services. In the event, JSL presented a new split of its Dedicated

Services division, reinforced organic growth avenues and highlighted

Intralog's potential to add value to customers through specialized 3PL and

4PL services, allowing for higher margins and reinforcing the essentiality Filipe NielsenAC

of services. We remain Neutral-rated. +55-11-4009-5213

filipe.nielsen@citi.com

More details about Intralog: Management reinforced that Intralog is a key growth

avenue for JSL, highlighting organic growth opportunities by expanding into

customers' share of wallet, cross-selling services with JSL’s clients, and expanding

to new customers in sectors they already operate in. It currently runs 137 operations

across 14 states, servicing a diversified customer base in multiple sectors (mainly