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ASSET LIGHT AND ASSET HEAVY WITH A GROWTH OF 12% AND 11%, RESPECTIVELY , VS 1Q24 1Q25 HIGHLIGHTS 02 GROSS REVENUE OF R$2.7 BILLION WITH 12% GROWTH VS 1Q24 CONSISTENCY OF ORGANIC GROWTH RATE PROJECTS LIGHT IN ASSETS WITH GREATER REPRESENTATION EVOLUTION OF OPERATION MARGINS EBITDA OF R$ 458.2 MILLION WITH A 20.6% MARGIN (+ 2.6 p.p. vs 4Q24) CONTRACTED FUTURE REVENUE AND NEW SECTOR OF OPERATION R$1.8 BILLION IN NEW CONTRACTS IN 1Q25, WITH ENTRY INTO THE AIRPORT SECTOR CASH GENERATION WILL CONTRIBUTE TO DELEVERAGE CASH FLOW AFTER GROWTH OF R$241.2 MILLION IN 1Q25 COMMITMENT TO SUSTAINABLE DEVELOPMENT JSL COMPOSES B3'S ISE FOR THE 2ND CONSECUTIVE YEAR, ADVANCING 12 POSITIONS IN THE RANKING
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03 RESULTS1Q25 1In 1Q25, EBITDA were adjusted by R$ 4.0 million to exclude the impact of the write-off of goodwill allocated to the cost of asset sales, reflecting an adjustment of R$ 2.7 million in Net Income | 2 In 1Q25, Net Income by R$ 10.6 million to exclude the effects of amortization of goodwill/excess value from acquisitions. 2.7 GROSS REVENUE biR$ +11.8% vs. 1Q24 NET REVENUE EBITDA MARGIN (on net revenue from services) ADJUSTED EBITDA¹ ADJUSTED NET INCOME1/2 ROIC Running Rate REPORTED: R$ 454 mn 2.3 biR$ +12.1% vs. 1Q24 458 mnR$ +13.8% vs. 1Q24 20.6% +0.3 p.p. vs. 1Q24 REPORTED: R$ 32 mn 45 mnR$ 14.3% +2.6 p.p. vs. 4Q24 -7.4% vs. 1Q24 +26.3% vs. 4Q24 -0.3 p.p. vs. 4Q24 ▪ Benefit from scale and cost austerity program ▪ Realignment of contractual premises and price adjustment to cope with rising input prices ▪ Implementation of new projects aligned with the new cost of capital OPERATIONAL MARGIN EXPANSION:
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PORTFOLIO OF LOGISTICS SERVICES BASED ON CONTRACTS AND ESSENTIAL SERVICES TO CLIENTS AT ALL STAGES: DIVERSIFICATION FOSTERS RESILIENCE 04 Percentages based on 1Q25 net revenue from services 27% R$ 601 mn EXAMPLES EXAMPLES EXAMPLES WAREHOUSING CARGO TRANSPORTATIONDEDICATED OPERATIONS URBAN DISTRIBUTION Specialized and dedicated operations not involving trucks Specialized and dedicated operations involving trucks (asset heavy and asset light) General Cargo 13% 34% 8% 45% Grain transportation Transportation of consumer goods 100% ASSET LIGHT WITH AGILITY AND FLEXIBILITY TO MEET FLUCTUATIONS IN DEMAND 94% OF OUR REVENUE RELATES TO HIGH LEVEL OF SPECIALIZATION AND ESSENTIATILYIN OUR CUSTOMERS' SUPPLY AND SALES CHAINS International transportation of refrigerated and frozen foods Urban distribution of food, beverage and consumer goods Dedicated transportations for various industries (Pulp and Paper, Automotive, Chemicals, etc) Internal handling in various industries: automotive, capital goods, pulp and paper, etc Warehouse Management Chartering Services 66% R$ 1.5 bn 6% R$ 142 mn
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UNIQUE MANAGEMENT MODEL WITH SCALE, CAPILARITY AND DIVERSIFICATION GENERATES MORE EXPERTISE, RELATIONSHIPS AND NEW PROJECTS 05 SUSTAINABLE GROWTH – RESILIENT MARGINS AND RESULTS Reach Safety and Reliability Cost Reduction Customized Solutions Efficiency Gains Focus on Core Business Benefit of Scale NEW CUSTOMER/PROJECT CROSS-SELLING DELIVERY EXCELLENCE LOYAL CUSTOMER Proactive strategy in prospecting new customers and increasing share of wallet on the current base (cross- selling) GOOD COMPANIES, WELL MANAGED AND WITH COMPLEMENTARY SERVICE PORTFOLIO, SECTORS AND CUSTOMERS CUSTOMER SERVICE MANAGER 1 EXECUTIVE BOARD CONTRACT MANAGER SERVICE MANAGER 2 ❑ Individualized contract management and customized projects developed with customers ❑ Appropriate pricing, cost control and operational efficiency ❑ Autonomy and agility in decision-making COSTUMER NEEDS ❑ Experience and ability to implement with agility and efficiency
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SCALE TRANSFORMATION AND ORGANIC GROWTH 06 15% 18% 28% 21% 32% 67% 78% 105% 150% 102% 166% 309% -25% -40% 31% 49% 13% 72% ORGANIC CAGR COMBINED NET REVENUE SINCE IPO 3Q20 16% GROWTH CONSOLIDATED NET REVENUE SINCE IPO 3Q20 233%TOTAL 20 17 69 40 4 5 19 9 23 15 10 4 23 13 26 7 EXAMPLES OF OUR DIVERSIFIED CLIENT BASE WITH LONG RELATIONSHIP HISTORY AND MANY ACTIVE CONTRACTS CROSS-SELLING POTENTIAL IN THE JSL ECOSYSTEM (REAL CLIENT CASE) YEARS OF SERVICE NUMBER OF CONTRACTS 1T24 1T25 The same client began to be served by JSL and Fadel in complementary services, increasing revenue in the JSL portfolio by 14%. FSJ added a new client to the JSL base and increased its revenue by 15% with this client due to the ability to take on new contracts by accessing the JSL scale CAGR CONSOLIDATED NET REVENUE SINCE IPO 3Q20 31% ORGANIC CAGR NET REVENUE LTM Since the quarter of acquisition¹ ORGANIC GROWTH NET REVENUE LTM since the quarter of acquisition¹ Oct-20 Nov-20 May-21 Jun-21 Jul-21 May-22 Apr-23 Jul-23 IPO 3T20 1CAGR and growth calculation consider 2020 as the base year for JSL 1Q24 1Q25
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CAPEX AND NEW CONTRACT TO SUPORT THE GROWTH PACE 07 4Q243Q242Q24 R$ 886 mn in contracts signed with an average term of 49 months, of which 95% cross-selling ▪ 21% CHEMICALS ▪ 17% PULP AND PAPER R$ 1.8 bi in contracts signed with an average term of 81 months, of which 33% cross-selling ▪ 57% OTHERS (includes airport – new sector) ▪ 22% AUTOMOTIVE 1Q25 R$ 1 bn in contracts signed with an average term of 40 months, of which 87% cross-selling ▪ 71% FOOD AND BEVERAGE ▪ 10% CONSUMER GOODS R$ 2.2 bn in contracts signed with an average term of 64 months, of which 92% cross-selling ▪ 58% CHEMICALS ▪ 19% RETAIL HISTORY OF CONTRACTS SIGNED IN THE LAST 12 MONTHS 69 68 5 23 164 100 65 Trucks Machinery and Equipment Light Vehicles Others Gross Capex 1Q25 Sale of Assets 1Q25 Net Capex 1Q25 • The asset-light profile (due to the nature of the services) of 88% of the new contracts signed in 1Q25 contributed to a lower need for capex in the period • In addition, part of the new contracts signed in 4Q24 and 1Q25 had the assets leased (partially or in full) when the assessment indicated it to be beneficial. As a result, there was a reduction of 89% vs 1Q24. CAPEX 1Q25 R$ mn PROFILE OF NEW CONTRACTS 88% 12% ASSET LIGHT ASSET HEAVY
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403 434 458 20.2% 18.0% 20.6% 1Q24 4Q24 1Q25 EBITDA Margin 2,070 2,491 2,320 1Q24 4Q24 1Q25 DIVERSIFICATION OF SECTORS AND SERVICES ARE STRATEGIC DIFFERENTIATORS AND CONTRIBUTE TO RESILIENCE OF RESULTS 08 1In 1Q25, EBITDA and EBIT were adjusted by R$ 4.0 million to exclude the impact of the write-off of goodwill allocated to the cost of asset sales, reflecting an adjustment of R$ 2.7 million in Net Income | 2In 1Q25, EBIT was adjusted by R$ 16.0 million and Net Income by R$ 10.6 million to exclude the effects of amortization of goodwill/excess value from acquisitions. | 3Calculated on net revenue from services 49 36 45 1T24 4T24 1T25 280 286 299 14.1% 11.9% 13.4% 1Q24 4Q24 1Q25 EBIT Margin +12% EBIT1/2 (R$ mn) | EBIT MARGIN1/2/3 (%) EBITDA1 (R$ mn) | EBITDA MARGIN1/3 (%) NET INCOME1/2 (R$ mn) ROIC Running Rate (%) 16.0% 14.6% 14.3% 5% 10% 15% 20% 1Q24 LTM 2024 1Q25 LTM +7% -7% +14% NET REVENUE (R$ mn) NOSSO MAIOR CLIENTE REPRESENTA MENOS DE 10% DA RECEITA, DISTRIBUIDA EM 17 CONTRATOS OUR LARGEST CUSTOMER REPRESENTS AROUND 10% OF REVENUE, DISTRIBUTED ACROSS 19 ACTIVE CONTRACTS 45% 34% 13% 8% 26% 16% 13%12% 11% 8% 8% 6% Sectors Services CARGO TRANSPORTATION DEDICATED OPERATIONS WAREHOUSING URBAN DISTRIBUTION FOOD AND BEVERAGE PULP AND PAPER AUTOMOTIVE CONSUMER GOODS STEEL AND MINING RETAIL/E-COMMERCE OTHERS CHEMICALS
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• Growth of 12% vs 1Q24 due to the ramp-up of projects implemented mainly in the pulp and paper sector • Advances in the transportation of specialized and dedicated cargo due to major implementations in the fuel and consumer goods sectors in 2024 • EBITDA margin of 21.5%, an expansion of 1.6 p.p. compared to 4Q24, returning to an adequate level, also as a result of the renegotiation of contracts still in progress, necessary to face inflation +12.6% +11.0% BALANCE BETWEEN ASSET LIGHT AND ASSET HEAVY ASSET LIGHT 52% of Net Revenue from Services ASSET HEAVY 48% of Net Revenue from Services 09 1.2 NET REVENUE FROM SERVICES bnR$ 1Q25 EBITDA | EBITDA MARGIN1 vs. 1Q24 1Q25 19.4% Margin +31.2% vs. 1Q24 +2.7 p.p. vs. 1Q24 1.1 NET REVENUE FROM SERVICES bnR$ 1Q25 vs. 1Q24 • Growth of 13% with potential for expansion due to the concentration of the asset- light profile in contracts signed in 4Q24 and 1Q25 (88% of new contracts in the quarter are asset-light) • Price adjustments through contract renegotiation and focus on cost reduction resulted in a 3.4 p.p. increase in the EBITDA margin compared to 4Q24 • Urban distribution with growth in the representation of asset light due to implementations in the food and beverage and e-commerce sectors carried out throughout 2024 224 mnR$ 1Q25 21.5% Margem +2.2% -1.8 p.p.vs. 1Q24 vs. 1Q24 231 mnR$ EBITDA | Margem EBITDA1 1Calculated on net revenue from services
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1,758 1,469 1,011 836 962 885 1,425 855 Cash ST 2026 2027 2028 2029 2030 2031 EXECUTION OF STRATEGIC PLANNING BOOSTS CASH GENERATION AND RESULTS, CONTRIBUTION TO POTENTIAL DELEVERAGING 1Resultados combinados, considerando os últimos doze meses de FSJ R$ mn 1Q24 4Q24 1Q25 Gross Debt 8,679.6 7,427.0 7,465.5 Cash and investments 3,720.4 1,894.9 1,748.5 Net Debt 4,959.2 5,532.2 5,717.0 LTM EBITDA¹ 1,848.7 1,819.5 1,877.6 LTM EBITDA-A¹ 2,066.5 2,106.8 2,203.5 Financial Indicators - Covenants 1Q24 4Q24 1Q25 Net Debt/EBITDA-A 2.40x 2.63x 2.59x EBITDA-A/Net Financial Result 2.98x 2.82x 2.75x Net Debt/EBITDA 2.68x 3.04x 3.04x Covenants Less than 3.5x Greater than 2x N/A 10 Available revolving credit lines of R$530 million • Average net debt maturity of 5 years • Sufficient liquidity to cover debt by 4Q26 • Sources of liquidity = 1.6x short-term debt 2,278 530 ADDITIONAL INITIATIVES FOCUSED ON IMPROVING RESULTS TO ADDRESS INFLATION AND RISING INTEREST RATES ✓ Reduction in the payment term and price realignment with our clients ✓ Even more robust cost austerity program and acceleration of the digitization process with a focus on operational efficiency ✓ New projects with constant evaluation for decision on leasing or acquiring operational assets CORPORATE CREDIT RATING AA+(bra) BB brAA+ BB- National Global Negative Stable Outlook AA+.br Stable- AMORTIZATION SCHEDULE R$ mn
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11 NEW JSL BUSINESS UNIT 100% asset light operation that brings new avenue of growth to increase volume for current and new clients EFFICIENCY AND SCALABLE PLATFORM Platform brings efficiency to JSL's current process and is scalable – increased revenue with marginal fixed cost DIFFERENTIAL Multi-sector platform developed by those who have been operating transportation on a large scale for almost 70 years. Greater transparency, security and visibility for customers and truck drivers ROBUST ECOSYSTEM Over 55 thousand truck drivers at JSL alone to start the project with volume and representation in the market
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IRREPLICABLE AND RESILIENT BUSINESS MODEL WITH SOLID BASES FOR DELEVERAGE CYCLE AND CONTINUOUS SUSTAINABLE EXPANSION 12 BUSINESS MODEL GUARANTEES RESILIENCE, REGARDLESS OF MARKET CONTEXT OPTIMIZATION OF CAPITAL ALLOCATION WITH A FOCUS ON IMPROVING THE LEVERAGE PROFILE FOCUS ON COST REDUCTION AND OPERATIONAL EFFICIENCY +35K PEOPLE WHO SHARE THE CULTURE AND ENSURE QUALITY AND EFFICIENCY JSL DIGITAL: INITIATION OF THE PLATFORM SCALING PROCESS 1 2 3 4 5 OUR HISTORY PROVES THAT IN MARKET MOMENTS LIKE THE CURRENT ONE, THERE ARE GREAT OPPORTUNITIES FOR ORGANIC GROWTH DUE TO OUR CREDIBILITY WITH CUSTOMERS, WITH A MOVEMENT TO SEARCH FOR QUALITY AND GUARANTEED SERVICE ABILITY TO CONQUER AND EXPERTISE TO IMPLEMENT COMPLEX PROJECTS WITH AGILITY6
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Aviso Legal Algumas das afirmações e considerações aqui contidas constituem informações adicionais não auditadas ou revisadas por auditoria e se baseiam nas hipóteses e perspectivas atuais da administração da Companhia que podem ocasionar variações materiais entre os resultados, performance e eventos futuros. Os resultados reais, desempenho e eventos podem diferir significativamente daqueles expressos ou implicados por essas afirmações, como um resultado de diversos fatores, tais como condições gerais e econômicas no Brasil e outros países, níveis de taxa de juros, inflação e de câmbio, mudanças em leis e regulamentos e fatores competitivos gerais (em bases global, regional ou nacional). Dessa forma, a administração da Companhia não se responsabiliza pela conformidade e precisão das informações adicionais não auditadas ou revisadas por auditoria discutidas no presente relatório, as quais devem ser analisadas e interpretadas de forma independente pelos acionistas e agentes de mercado que deverão fazer suas próprias análises e conclusões sobre os resultados aqui divulgados. RELAÇÕES COM INVESTIDORES +55 (11) 2377-7178 ri@jsl.com.br ri.jsl.com.br Q&A