JSL (JSLG3.SA): 2Q‘26 Results: In-Line Results, Costs Offsetting Top-Line Evolution

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11 Aug 2026 08:13:56 ET │ 12 pages

JSL (JSLG3.SA)

2Q'26 Results: In-Line Results, Costs Offsetting Top-Line Evolution

CITI'S TAKE

Adj. Net income of R$30M was a beat to Citi and consensus estimates.

Despite the beat results were in-line with expectations with EBITDA

coming marginally higher than consensus. The company had already

reported positive gross revenue growth that we believe had already been

incorporated by the market, but higher-than-expected cost pressure at

Intralog and Digital segments apparently offset the positive top-line

performance. Cash generation was solid once again, following the

company's asset ownership transition to leases, while leverage continued

gradually dropping and closed the quarter slightly lower than ours. We

remain Neutral.

Neutral

Price (10 Aug 26 18:00)

R$5.30

Target price

R$6.60

Expected share price return

24.5%

Expected dividend yield

0.0%

Expected total return

24.5%

Market Cap

R$1,512M

US$296M

2Q26 results — Adj. net income of R$30M (EPS of R$0.11) compares to Citi’s

R$12M (R$0.04), Bloomberg consensus of R$18M (R$0.06) and dropping -16.6% yo-y. We had not previewed the quarter. Net revenues came in at R$2.50B, higher

than Citi’s R$2.44B and than consensus of R$2.47B, increasing +4.9% y-o-y. The

company had already previewed gross revenue, showing improvement over 1Q and

resuming the growth trajectory as the company progresses in the revision of grainsrelated contracts. Adj. EBITDA increased +0.4% y-o-y to R$494M, slightly below

Citi’s R$500M but better than consensus of R$479M. Margins were in-line at

dedicated services but missed expectations on Intralog and Digital. On the Intralog

side, non-recurring effects impacted the quarter. On the Digital side, the transition

of grains-related contracts to the division (out of Dedicated services) impacted

margins negatively. Below EBITDA, financial expenses were higher than expected,

while a relevant tax credit supported the earnings beat. Adjusted earnings exclude

R$18.2M in amortization of goodwill related to asset sales and acquisitions.

Filipe NielsenAC

Cash flow and leverage — The company’s FCF generation of R$164M (including

…