Earnings release
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1 1 -Leverage excluding the effects of Sistema S. Financial Highlights Summary (R$ million) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross Revenue 3,086.5 2,915.4 5.9% 2,942.5 4.9% 8,823.0 8,439.1 4.5% Gross Revenue from Services 2,972.7 2,795.2 6.4% 2,850.7 4.3% 8,513.5 8,110.9 5.0% Gross Revenue from Asset Sales 113.7 120.3 -5.5% 91.9 23.8% 309.6 328.2 -5.7% Net Revenue 2,626.2 2,484.9 5.7% 2,498.9 5.1% 7,497.7 7,186.6 4.3% Net Revenue from Services 2,514.5 2,369.6 6.1% 2,409.5 4.4% 7,196.7 6,873.4 4.7% Net Revenue from Asset Sales 111.7 115.2 -3.1% 89.4 25.0% 301.0 313.2 -3.9% EBIT 289.8 300.6 -3.6% 277.9 4.3% 643.6 867.1 -25.8% EBIT Margin (% NR) 11.0% 12.1% -1.1 p.p. 11.1% -0.1 p.p. 8.6% 12.1% -3.5 p.p. Net Income (Loss) 24.5 18.1 35.8% 12.0 103.7% (108.3) 71.3 n.a. Net (Loss) Income Margin (% NR) 0.9% 0.7% +0.2 p.p. 0.5% +0.5 p.p. -1.4% 1.0% -2.4 p.p. EBITDA 511.0 518.9 -1.5% 486.2 5.1% 1,294.3 1,461.2 -11.4% EBITDA Margin (%NR) 19.5% 20.9% -1.4 p.p. 19.5% -0.0 p.p. 17.3% 20.3% -3.1 p.p. Net Capex 22.0 62.8 -65.0% (22.9) n.a. (75.8) 145.1 n.a. Adjust EBIT ² 313.7 327.5 -4.2% 305.4 2.7% 888.3 936.6 -5.2% Adjusted EBIT Margin (% NR) 11.9% 13.2% -1.2 p.p. 12.2% -0.3 p.p. 11.8% 13.0% -1.2 p.p. Adjust EBITDA² 522.8 526.0 -0.6% 493.7 5.9% 1,487.7 1,476.0 0.8% Adjusted EBITDA Margin (% NR) 19.9% 21.2% -1.3 p.p. 19.8% +0.2 p.p. 19.8% 20.5% -0.7 p.p. Net Income Adjusted² 40.3 35.8 12.6% 30.2 33.3% 77.0 117.2 -34.3% Adjusted Net Income Margin (% NR) 1.5% 1.4% +0.1 p.p. 1.2% +0.3 p.p. 1.0% 1.6% -0.6 p.p. ²EBITDA, EBIT, and Net Income were adjusted for Q2 2026 and Q3 2025 as reported at the time. For Q3 2026, EBITDA and EBIT were adjusted by R$ 11.8 million to exclude the effect of a write-down of fair value step-ups allocated to the cost of asset sales, which resulted in an adjustment of R$ 7.8 million to Net Income. EBIT was adjusted by R$ 12.1 million, and Net Income by R$ 8.0 million, to exclude the effects of the amortization of goodwill/fair value step-ups arising from acquisitions. São Paulo, October 29, 2026 – JSL S.A. (B3: JSLG3) ("JSL") announces its results for 3Q26. 3Q26 RESULTS CONFIRM THE EXECUTION OF JSL’S STRATEGIC PLAN, WITH SOLID GROWTH AND CONTINUED DELEVERAGING • Gross Revenue from Services reached R$3.0 billion in 3Q26 (+6.4% vs. 3Q25). o Gross Revenue from Services grew 12.4% in 3Q26 excluding the impact of the intentional reduction in grain transportation operations and non-profitable contracts from the comparison base. • Adjusted EBITDA totaled R$522.8 million in 3Q26, with a 19.9% margin. • Asset sales reached R$113.7 million , with Gross CAPEX of R$135.7 million , resulting in Net CAPEX of R$22.0 million in the quarter. • Cash generation after growth totaled R$318.8 million in 3Q26, after interest payments, lease payments, and payments for acquisitions. • Leverage¹ stood at 2.6x, down 0.4x vs. 3Q25, reinforcing JSL’s continued deleveraging. • New contracts reached R$2.8 billion in 3Q26 , with an average term of 42 months, contributing to the achievement of the Company’s long-term projections.
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2 Message from Management The results for the third quarter of 2026 confirm that JSL's new growth cycle is progressing as planned: a gradual return to growth, sustained operating margins, consistent cash generation, and continued deleveraging. As we celebrate our 70th anniversary, we remain true to what has brought us this far: developing a deep understanding of each client to better serve their needs. At the same time, we continue to reinvent ourselves to build the next growth cycles, focusing on opportunities arising from the diversification of services and sectors, with an increasingly efficient capital structure and extensive use of technology. With a focus on better understanding our clients, this quarter we completed another stage in the reorganization of our businesses —the consolidation of operations that rely on subcontracted truck drivers, including JSL Digital, into a single company: JSL Conecta. The company begins operations with more than R$963 million in revenue in the quarter and over 2,000 employees. It has a clear focus on enhancing service delivery, improving operating efficiency, and capturing synergies. As a result, JSL Dedicated Services now brings together operations conducted with owned or leased fleets. This division of operations reflects the differences between the business models, allowing each unit to be managed according to its specific profile. Going forward, JSL will therefore be organized into three business units: JSL Dedicated Services, JSL Conecta, and Intralog. We emphasize that these initiatives are part of the Company's strategic plan, focused on extracting value from the foundations already in place. By bringing our companies and solutions closer to each client's needs, we aim to enhance client service and provide greater transparency to the market regarding the profitability and capital allocation of each business. An important milestone this quarter was the signing of R$2.8 billion in new contracts, the highest volume ever signed by the Company in a single quarter, with an average term of 42 months, particularly in the pulp and paper, automotive, and consumer goods sectors. Year-to-date, new contracts total R$5.5 billion, exceeding the R$4.9 billion signed throughout 2025. This reflects our commercial structure organized into industry verticals, as well as our consistent market positioning, with an unwavering focus on service quality and operating safety. We emphasize that revenue from these new contracts will gradually come online over the coming quarters as operations are deployed, supporting accelerating growth toward our Gross Revenue guidance of R$21.4 billion in 2030. In the third quarter of 2026, consolidated Gross Revenue reached R$3.1 billion, up 5.9% vs. 3Q25, comprising R$3.0 billion from services (+6.4% vs. 3Q25) and R$114 million from asset sales. Excluding the impact of the intentional reduction of non -profitable contracts and grain transportation operations carried out throughout 2025 (representing R$158 million in revenue in 3Q25), Gross Revenue from Services would have grown 12.4% vs. 3Q25. Thi s metric remains at the double -digit level already achieved in 2Q26, confirming the gradual acceleration in growth since late 2025. JSL Conecta's Gross Revenue from Services grew 19.5% vs. 3Q25. Excluding the impact of the reduction in grain transportation operations, growth was 28.4%, driven primarily by the petrochemicals, automotive, and e - commerce sectors. Among the operations now comprising JSL Conecta, JSL Digital grew 66.5%, while Third - Party and Independent Drivers grew 8.1% vs. 3Q25. JSL Dedicated Services grew 0.3% vs. 3Q25 , impacted by the phase-out of non-profitable contracts in the comparison base; excluding this effect, growth was 7.4% vs. 3Q25. Intralog grew 3.0% vs. 3Q25. This business is characterized by a longer sales cycle and, consequently, longer-term contracts. Under the leadership of Brunno Matta, CEO of Intralog, the unit is focused on returning to its historical growth pace starting in 2027.
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3 Adjusted EBITDA reached R$522.8 million in 3Q26, with a margin of 19.9%, in line with the level recorded in the first half of 2026. Margin stability, even amid continued cost volatility, reflects disciplined contract-by-contract management, the effectiveness of contractual cost pass-through mechanisms, and ongoing operating efficiency initiatives. Adjusted Net Profit reached R$40.3 million in 3Q26, an improvement from both 3Q25 and 2Q26, supported by the reduction in the Company's average net debt, which led to improved financial results for the period. These developments reflect the Company's focus on deleveraging and its pursuit of a more efficient capital structure. In 3Q26, we generated R$318.8 million in cash after growth, interest payments, lease payments, and acquisitions, reflecting our operating performance and the strong conversion of EBITDA into cash. This cash generation allowed us to reduce net debt both y/y and q/q, making our capital structure increasingly efficient. As a result, even amid a prolonged high-interest-rate environment, we continued to deleverage. This marks the fifth consecutive quarter of positive cash generation, with R$915 million generated over the last twelve months, demonstrating the Company's commitment to capital discipline. During the period, free cash flow yield reached 55.1%. Excluding the effects of Sistema S in 1Q26, the Net Debt/EBITDA ratio reached 2.6x, down 0.4x from 3Q25. When considering total leverage, which includes IFRS 16 lease liabilities, the ratio declined from 3.5x to 3.1x vs. 3Q25. This performance reflects consistent cash generation, the expansion of less capital-intensive operations (JSL Conecta and Intralog), and continued execution of the asset leasing strategy. Gross CAPEX totaled R$136 million in the quarter, down R$47 million from 3Q25, while Net CAPEX reached R$22 million, down 65% vs. 3Q25. This reinforces our strategy of expanding through asset leasing, with CAPEX allocated only to specialized and strictly necessary assets when leasing is not feasible, resulting in a leaner and more efficient balance sheet. LTM ROIC running rate reached 14.8%, up 0.2 p.p. from the previous quarter. This result reflects disciplined capital allocation and ongoing efficiency and productivity initiatives. For the seventh consecutive year, we received the Gold Seal from the Brazilian GHG Protocol Program. During the quarter, we also published our 2025 Integrated Annual Report, reporting a 42.5% reduction in emissions intensity since 2021, a 48% increase in t he volume of waste sent for recycling, and more than 50,000 people reached through social initiatives. During the quarter, Eduardo Cordeiro Nauck was elected the Company's CFO and Investor Relations Officer. Nauck spent more than eight years at Rumo S.A., working in Financial and Strategic Planning, Investor Relations, and M&A. Within the Group, he began his career in M&A and Strategic Planning and, since 2023, had served as JSL's Director of Management and Investor Relations, overseeing capital markets relations and the Company's financial discipline and capital allocation agenda. He holds a degree in Mecha nical Engineering from UFSC and has completed executive education at IESE Business School. Nauck takes on his new role with the full support of the Board of Directors, tasked with advancing the Company's strategy of sustainable growth and value creation. We remain confident in the execution of JSL's new growth cycle. The R$5.5 billion in new contracts signed during the first nine months of the year, the start of operations with 21 new clients, and our expanded presence in high-growth-potential sectors provide greater revenue visibility for the coming years. Combined with disciplined capital allocation, these developments will support future cash generation, continued deleveraging, and improved results. We thank our employees, clients, shareholders, and the market as a whole for their continued trust. Guilherme Sampaio JSL CEO
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4 The following financial information has been prepared in accordance with International Financial Reporting Standards (IFRS). The results are presented on a consolidated basis. Consolidated Results In 3Q26, Net Revenue reached R$2.6 billion, up 5.7% vs. 3Q25, comprising R$2.5 billion in Net Revenue from Services and R$112 million in Net Revenue from Asset Sales, with a positive gross margin in the quarter. Excluding the impact of the intentional redu ction of non -profitable contracts and grain transportation operations carried out in 2025, Net Revenue from Services grew 12.1% vs. 3Q25, driven by the deployment of new contracts throughout the year. On a y/y basis, we expanded our presence in strategic sectors, particularly e-commerce (+31%), steel and mining (+30%), automotive (+27%), and food and beverage (+7%). The food and beverage segment continues to represent the largest share of our revenue (24% in 3Q26), followed by automotive (18%) and pulp and paper (13%). As part of our strategy, we increased our share of revenue in the following sectors: automotive (+2. 8 p.p. vs. 3Q25), e -commerce (+1.6 p.p. vs. 3Q25), which reached 8% of revenue, and steel and mining (+1.6 p.p. vs. 3Q25), also accounting for 8% of revenue, reinforcing the Company's ability to win new clients and expand its presence in key sectors of the economy. 'Consolidated (R$ mm) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross Revenue 3,086.5 2,915.4 5.9% 2,942.5 4.9% 8,823.0 8,439.1 4.5% Gross Revenue from Services 2,972.7 2,795.2 6.4% 2,850.7 4.3% 8,513.5 8,110.9 5.0% Gross Revenue from Asset Sales 113.7 120.3 -5.5% 91.9 23.8% 309.6 328.2 -5.7% Net Revenue 2,626.2 2,484.9 5.7% 2,498.9 5.1% 7,497.7 7,186.6 4.3% Net Revenue from Services 2,514.5 2,369.6 6.1% 2,409.5 4.4% 7,196.7 6,873.4 4.7% Net Revenue from Asset Sales 111.7 115.2 -3.1% 89.4 25.0% 301.0 313.2 -3.9% Total Cost (2,215.4) (2,086.4) 6.2% (2,102.1) 5.4% (6,340.1) (6,036.1) 5.0% Cost of Services (2,107.8) (1,980.6) 6.4% (2,015.1) 4.6% (6,049.3) (5,727.0) 5.6% Com pessoal (764.4) (748.5) 2.1% (754.3) 1.3% (2,269.7) (2,211.0) 2.7% Com agregados e terceiros (538.3) (469.1) 14.7% (491.4) 9.5% (1,466.8) (1,312.9) 11.7% Combustíveis e lubrificantes (285.3) (262.6) 8.6% (274.4) 4.0% (805.4) (795.2) 1.3% Peças / pneu / manutenção (178.7) (188.5) -5.2% (164.2) 8.8% (510.5) (537.9) -5.1% Depreciação (202.5) (198.1) 2.2% (191.1) 6.0% (597.2) (534.1) 11.8% Outros (138.7) (113.9) 21.8% (139.7) -0.7% (399.6) (335.9) 19.0% Cost of Selling Assets (107.6) (105.8) 1.7% (87.0) 23.7% (290.8) (309.0) -5.9% Gross Profit 410.8 398.5 3.1% 396.8 3.5% 1,157.6 1,150.5 0.6% Operational Expenses (121.0) (97.9) 23.6% (118.9) 1.7% (514.0) (283.4) 81.4% EBIT 289.8 300.6 -3.6% 277.9 4.3% 643.6 867.1 -25.8% EBIT Margin (% NR) 11.0% 12.1% -1.1 p.p. 11.1% -0.1 p.p. 8.6% 12.1% -3.5 p.p. Financial Result (277.6) (294.9) -5.8% (284.1) -2.3% (873.7) (860.9) 1.5% Financial Revenues 55.9 55.2 1.3% 48.0 16.4% 165.7 173.6 -4.6% Financial Expenses (333.5) (350.1) -4.7% (332.2) 0.4% (1,039.5) (1,034.5) 0.5% Taxes 12.3 12.4 -0.2% 18.3 -32.7% 121.9 65.2 86.9% Net Income (Loss) 24.5 18.1 35.8% 12.0 103.7% (108.3) 71.3 n.a. Net (Loss) Income Margin (% NR) 0.9% 0.7% +0.2 p.p. 0.5% +0.5 p.p. -1.4% 1.0% -2.4 p.p. EBITDA 511.0 518.9 -1.5% 486.2 5.1% 1,294.3 1,461.2 -11.4% EBITDA Margin (%NR) 19.5% 20.9% -1.4 p.p. 19.5% -0.0 p.p. 17.3% 20.3% -3.1 p.p. EBITDA-A 618.6 624.7 -1.0% 573.2 7.9% 1,585.1 1,770.2 -10.5% EBITDA-A Margin (%NR) 23.6% 25.1% -1.6 p.p. 22.9% +0.6 p.p. 21.1% 24.6% -3.5 p.p. Net Capex 22.0 62.8 n.a. (22.9) n.a. (75.8) 145.1 n.a. Adjust EBIT ¹ 313.7 327.5 -4.2% 305.4 2.7% 888.3 936.6 -5.2% Adjusted EBIT Margin (% NR) 11.9% 13.2% -1.2 p.p. 12.2% -0.3 p.p. 11.8% 13.0% -1.2 p.p. Adjust EBITDA¹ 522.8 526.0 -0.6% 493.7 5.9% 1,487.7 1,476.0 0.8% Adjusted EBITDA Margin (% NR) 19.9% 21.2% -1.3 p.p. 19.8% +0.2 p.p. 19.8% 20.5% -0.7 p.p. Net Income Adjusted¹ 40.3 35.8 12.6% 30.2 33.3% 77.0 117.2 -34.3% Adjusted Net Income Margin (% NR) 1.5% 1.4% +0.1 p.p. 1.2% +0.3 p.p. 1.0% 1.6% -0.6 p.p. ¹EBITDA, EBIT, and Net Income were adjusted for Q2 2026 and Q3 2025 as reported at the time. For Q3 2026, EBITDA and EBIT were adjusted by R$ 11.8 million to exclude the effect of a write-down of fair value step-ups allocated to the cost of asset sales, which resulted in an adjustment of R$ 7.8 million to Net Income. EBIT was adjusted by R$ 12.1 million, and Net Income by R$ 8.0 million, to exclude the effects of the amortization of goodwill/fair value step- ups arising from acquisitions.
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5 Regarding the three business units: • JSL Dedicated Services (50% of Net Revenue in 3Q26) reported 0.1% growth in Net Revenue from Services in 3Q26 (vs. 3Q25), still impacted by the termination of non -profitable contracts in the comparison base. Excluding this effect, Net Revenue from Services grew 7.0% vs. 3Q25. In addition to the contracts signed in 1H26, which contributed to revenue growth this quarter, we signed significant new contracts totaling R$1.8 billion, particularly in the pulp and paper and e-commerce sectors. • JSL Conecta (30% of Net Revenue in 3Q26) reported 19.1% growth in Net Revenue from Services vs. 3Q25. It is worth noting that the comparison base is impacted by the reduction in grain transportation operations. Excluding this effect, JSL Conecta's Net Revenue from Se rvices grew 28.2% vs. 3Q25, demonstrating the platform's strong organic expansion and scalability potential. We secured R$675 million in new contracts in the automotive and consumer goods sectors. • Intralog (20% of Net Revenue in 3Q26) grew Net Revenue from Services by 3.1% vs. 3Q25, driven by expansion with existing clients through cross-selling over recent quarters. We secured R$319 million in new contracts in the automotive and consumer goods sectors. NET REVENUE BREAKDOWN (3Q26) Adjusted EBITDA reached R$522.8 million in 3Q26, with a margin of 19.9%, in line with 1H26. On a y/y basis, the margin declined 1.3 p.p.; excluding the one-time, non-recurring effects that benefited the 3Q25 comparison base, the margin remained stable between the two peri ods (3Q26 vs. 3Q25). Margin stability reflects two complementary initiatives: ongoing cost reduction efforts across the Company and the continued improvement in the contract mix, prioritizing operations with appropriate profitability levels. Together, thes e initiatives support margins and provide a solid foundation for the Company. Adjusted Net Profit totaled R$40.3 million in 3Q26 (reported Net Profit of R$24.5 million), up 33.3% vs. 2Q26 and 12.6% vs. 3Q25. This performance was driven by an improvement in the financial result, supported by the reduction in net debt throughout the quarter. The following section presents the income statements for the three business units: JSL Conecta, JSL Dedicated Services, and Intralog.
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6 JSL CONECTA JSL Conecta provides dedicated operations through subcontracted third -party and independent drivers. The unit focuses on serving clients that require dedicated operations to meet their needs, with the flexibility and agility to accommodate fluctuations in demand while maintaining service-level agreement (SLA) standards. Our competitive advantage lies in our long -standing relationships with major clients across key sectors of the economy, built on JSL's 70-year history, as well as our extensive network of third-party and independent drivers, which provides the capacity and geographic reach to serve clients throughout Brazil. JSL Digital, in turn, remains an operation within JSL Conecta focused on the general cargo market, serving clients through spot contracts. Net Revenue reached R$799.0 million in 3Q26, up 18.9% vs. 3Q25. Excluding the impact of the reduction in grain transportation operations, Net Revenue from Services grew 28.2% vs. 3Q25, particularly in the automotive, e-commerce, chemicals, and steel and mining sectors . Within the business unit, JSL Digital's Net Revenue from Services grew 69.2%, while the remaining operations grew 7.3% vs. 3Q25. In terms of industry sectors, automotive accounted for 43% of Net Revenue in the quarter (+2.3 p.p. vs. 3Q25), followed by e-commerce at 25% (+2.0 p.p. vs. 3Q25). Among the other sectors, consumer goods accounted for 10% and food and beverage for 9%. JSL Conecta's EBITDA reached R$134.4 million in 3Q26, with a margin of 16.8% (+0.4 p.p. vs. 3Q25 and +0.9 p.p. vs. 2Q26). Within the business unit, JSL Digital recorded an EBITDA margin of 8.8% (-3.8 p.p. vs. 3Q25), reflecting the inclusion of grain transportation operations, as previously discussed in 2Q26. These operations involve less specialized services and are performed entirely by third-party drivers using their own complete truck-and-trailer combinations (tractor units and trailers). They naturally operate at lower marg ins, as compensation for the assets is already included in the transportation cost. The remaining operations recorded an EBITDA margin of 19.8% (+2.5 p.p. vs. 3Q25). JSL Conecta (R$ mm) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross Revenue 962.6 806.4 19.4% 886.6 8.6% 2,622.1 2,289.9 14.5% Net Revenue 799.0 672.0 18.9% 733.3 9.0% 2,171.1 1,907.8 13.8% Net Revenue from Services 796.7 669.0 19.1% 732.5 8.8% 2,165.4 1,894.7 14.3% Net Revenue from Asset Sales 2.3 3.0 -21.1% 0.8 208.0% 5.7 13.1 -56.2% Total Cost (669.2) (560.7) 19.4% (617.0) 8.5% (1,835.5) (1,591.1) 15.4% Cost of Services (667.1) (559.2) 19.3% (616.1) 8.3% (1,830.3) (1,584.2) 15.5% Com pessoal (61.3) (59.0) 3.8% (59.2) 3.6% (178.7) (183.2) -2.4% Com agregados e terceiros (471.5) (397.2) 18.7% (421.6) 11.8% (1,263.1) (1,104.8) 14.3% Combustíveis e lubrificantes (53.5) (44.7) 19.5% (69.0) -22.5% (170.0) (126.7) 34.2% Peças / pneu / manutenção (26.4) (27.5) -4.1% (26.0) 1.5% (81.6) (76.2) 7.0% Depreciação (30.3) (25.0) 21.1% (27.7) 9.2% (82.9) (76.2) 8.8% Outros (24.2) (5.8) 315.7% (12.7) 90.6% (54.1) (17.0) 217.0% Cost of Selling Assets (2.1) (1.4) 44.5% (0.9) 130.3% (5.2) (6.9) n.a. Gross Profit 129.9 111.3 16.7% 116.3 11.7% 335.6 316.7 6.0% Operational Expenses (27.7) (28.3) -1.9% (28.7) -3.3% (78.1) (82.5) -5.3% EBIT 102.1 83.1 23.0% 87.6 16.6% 257.5 234.2 10.0% EBIT Margin (% NR) 12.8% 12.4% +0.4 p.p. 12.0% +0.8 p.p. 11.9% 12.3% -0.4 p.p. EBITDA 134.4 110.2 21.9% 116.8 15.0% 345.3 316.9 9.0% EBITDA Margin (%NR) 16.8% 16.4% +0.4 p.p. 15.9% +0.9 p.p. 15.9% 16.6% -0.7 p.p.
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7 JSL DEDICATED JSL Dedicated Services provides dedicated and specialized transportation operations under medium- and long- term contracts, ranging from cargo transfers between industrial plants to commodities, chemicals, and passenger transportation. High barriers to entr y, significant asset requirements, expertise in highly complex operations, and rigorous operating standards underpin the business unit's position. Net Revenue at JSL Dedicated Services reached R$1,312.6 million in 3Q26, remaining virtually stable (-0.1%) vs. 3Q25, impacted by the intentional reduction of non-profitable contracts in the comparison base. Excluding this effect, Net Revenue from Services grew 7.0% vs. 3Q25, driven by the steel and mining and food and beverage sectors. In terms of industry sectors, food and beverage accounted for 39% of the segment’s revenue in the quarter (driven by urban distribution and refrigerated transportation services), followed by pulp and paper at 20% (focused on wood and pulp transportation) and steel and mining at 13%. EBITDA at JSL Dedicated Services totaled R$260.7 million in 3Q26, with a margin of 19.9% ( -1.8 p.p. vs. 3Q25 and -0.2 p.p. vs. 2Q26). As a reminder, EBITDA in 3Q25 benefited from one -time, non-recurring effects that boosted the EBITDA margin by approximately 1.0 p.p. JSL Dedicated (R$ mm) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross Revenue 1,524.8 1,527.5 -0.2% 1,444.8 5.5% 4,408.7 4,475.4 -1.5% Net Revenue 1,312.6 1,314.5 -0.1% 1,241.1 5.8% 3,787.9 3,844.3 -1.5% Net Revenue from Services 1,203.8 1,202.3 0.1% 1,152.5 4.5% 3,493.2 3,544.3 -1.4% Net Revenue from Asset Sales 108.8 112.2 -3.1% 88.6 22.8% 294.7 300.0 -1.8% Total Cost (1,130.2) (1,127.2) 0.3% (1,059.7) 6.7% (3,268.6) (3,292.6) -0.7% Cost of Services (1,025.4) (1,022.8) 0.2% (973.6) 5.3% (2,983.6) (2,990.5) -0.2% Com pessoal (439.4) (440.7) -0.3% (429.8) 2.2% (1,308.2) (1,293.5) 1.1% Com agregados e terceiros (43.4) (55.7) -22.0% (43.4) 0.2% (130.1) (159.4) -18.4% Combustíveis e lubrificantes (226.4) (211.5) 7.1% (200.1) 13.1% (620.0) (649.6) -4.6% Peças / pneu / manutenção (135.4) (144.1) -6.0% (121.8) 11.2% (380.1) (415.5) -8.5% Depreciação (132.6) (134.7) -1.6% (124.5) 6.5% (393.9) (346.8) 13.6% Outros (48.1) (36.1) 33.2% (54.0) -11.0% (151.3) (125.7) 20.4% Cost of Selling Assets (104.9) (104.4) 0.5% (86.1) 21.9% (285.0) (302.1) -5.7% Gross Profit 182.3 187.3 -2.7% 181.4 0.5% 519.3 551.7 -5.9% Operational Expenses (69.4) (55.0) 26.3% (72.2) -3.9% (212.4) (160.5) 32.4% EBIT 112.9 132.3 -14.7% 109.2 3.4% 306.8 391.2 -21.6% EBIT Margin (% NR) 8.6% 10.1% -1.5 p.p. 8.8% -0.2 p.p. 8.1% 10.2% -2.1 p.p. EBITDA 260.7 284.8 -8.5% 249.2 4.6% 747.2 790.5 -5.5% EBITDA Margin (%NR) 19.9% 21.7% -1.8 p.p. 20.1% -0.2 p.p. 19.7% 20.6% -0.8 p.p.
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8 Intralog Intralog provides warehousing and intralogistics services under 3PL and 4PL models, covering internal material handling at production facilities, management of dedicated and multi -client warehouses, distribution centers, and urban distribution. The business model is supported by long -term contracts and proprietary technology solutions, including a proprietary warehouse management system (WMS), ERP/WMS/TMS integration, and a highly specialized in-house team. Together, these capabilities provide end-to-end visibility and efficiency across logistics processes and create high barriers to entry. Net Revenue reached R$514.6 million in 3Q26, up 3.2% vs. 3Q25. This performance was supported by expansion with existing clients through cross -selling over recent quarters, particularly in the automotive and chemicals sectors. In terms of industry sectors, consumer goods accounted for 33% of the segment's Net Revenue in the quarter (primarily warehousing services), followed by automotive at 14%, an increase of 2.7 p.p. vs. 3Q25, driven by expanded operations with existing client s and Chinese automakers in 1H26 (internal material handling and production line supply operations), and food and beverage at 12% (dry and refrigerated warehousing services). EBITDA at Intralog totaled R$116.0 million in 3Q26, with a margin of 22.5% (-2.3 p.p. vs. 3Q25 and -0.4 p.p. vs. 2Q26). As with JSL Dedicated Services, the 3Q25 comparison base benefited from one-time, non-recurring effects that boosted the EBITDA margin. Excluding these effects, the margin remained in line with 3Q25. The margin also remained stable on a q/q basis. Intralog (R$ mm) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross Revenue 599.1 581.5 3.0% 611.1 -2.0% 1,792.3 1,674.3 7.0% Net Revenue 514.6 498.4 3.2% 524.4 -1.9% 1,538.7 1,434.9 7.2% Net Revenue from Services 514.0 498.4 3.1% 524.4 -2.0% 1,538.1 1,434.4 7.2% Net Revenue from Asset Sales 0.6 0.1 671.1% - n.a. 0.6 0.5 12.3% Total Cost (416.0) (398.6) 4.4% (426.1) -2.4% (1,236.7) (1,152.4) 7.3% Cost of Services (415.4) (398.6) 4.2% (426.1) -2.5% (1,236.1) (1,152.3) 7.3% Com pessoal (263.7) (248.8) 6.0% (265.3) -0.6% (782.8) (734.3) 6.6% Com agregados e terceiros (23.3) (16.2) 43.5% (26.4) -12.0% (73.7) (48.8) 51.0% Combustíveis e lubrificantes (5.4) (6.4) -15.2% (5.3) 2.1% (15.3) (18.8) -18.6% Peças / pneu / manutenção (16.9) (16.9) 0.0% (16.4) 2.8% (48.9) (46.1) 6.1% Depreciação (39.7) (38.4) 3.4% (38.8) 2.2% (120.3) (111.1) 8.3% Outros (66.5) (72.0) -7.7% (73.8) -10.0% (195.1) (193.2) 1.0% Cost of Selling Assets (0.6) - n.a. 0.0 n.a. (0.6) (0.1) n.a. Gross Profit 98.6 99.9 -1.3% 98.4 0.2% 302.0 282.5 6.9% Operational Expenses (23.9) (14.7) 62.9% (17.4) 37.5% (55.5) (40.4) 37.3% EBIT 74.7 85.2 -12.3% 81.0 -7.8% 246.5 242.1 1.8% EBIT Margin (% NR) 14.5% 17.1% -2.6 p.p. 15.4% -0.9 p.p. 16.0% 16.9% -0.8 p.p. EBITDA 116.0 123.9 -6.4% 120.2 -3.5% 369.1 354.0 4.3% EBITDA Margin (%NR) 22.5% 24.8% -2.3 p.p. 22.9% -0.4 p.p. 24.0% 24.7% -0.7 p.p.
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9 Financial Result Compared to the previous quarter, the financial result improved by R$6.5 million, driven by a higher average cash balance during the period, which generated higher financial income, and a decline in the CDI rate over the past three months, which contributed R$5.1 million to the reduction in financial expenses. Capital Structure We ended 3Q26 with R$1.8 billion in cash and financial investments, and liquidity sources equivalent to 1.5x our short-term debt. This liquidity is sufficient to cover debt maturities through the beginning of 2H28. It is worth noting that the average cost of gross debt (as shown in the table above) is calculated by weighting debt service-related financial expenses against the outstanding debt balance at the end of each period. On a comparable basis, excluding the non -recurring effects of Sistema S in 1Q26, our leverage stood at 2.63x Net Debt/EBITDA in 3Q26, down 0.40x from 3.03x in 3Q25. A similar trend was observed in total leverage (Net Debt + Right of Use)/EBITDA, which declined 0.33x vs. 3Q25. Reported leverage was 2.88x Net Debt/EBITDA and 2.20x Net Debt/EBITDA -A, our reference metric for financial covenants. The coverage ratio, measured as EBITDA-A/Net Financial Result, stood at 2.70x. We remain focused on reducing leverag e ratios, supported by cash generation, which accelerates the Company's deleveraging process, and reinforced by our shift from asset purchases to leasing. Financial Result (R$ million) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q Financial Income 55.9 55.2 1.3% 48.0 16.4% Financial Expenses (333.5) (350.1) -4.7% (332.2) 0.4% Financial Result (277.6) (294.9) -5.8% (284.1) -2.3% Indebtedness (R$ million) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q Gross debt 6,972.5 7,385.2 -5.6% 6,892.0 1.2% Cash and financial investments 1,814.8 1,650.9 9.9% 1,492.4 21.6% Net debt 5,157.6 5,734.3 -10.1% 5,399.5 -4.5% Average cost of net debt (p.a.) 15.9% 16.7% -0.7 p.p. 15.9% +0.0 p.p. After-tax cost of net debt (p.a.) 10.5% 11.0% -0.5 p.p. 10.5% +0.0 p.p. Average term of net debt (years) 4.3 4.1 4.1% 4.1 4.5% Average cost of net debt (p.a.) 15.9% 16.7% -4.4% 15.9% 0.1% Average cost of gross debt (p.a.) 15.2% 16.3% -1.1 p.p. 15.5% -0.3 p.p. Average term of gross debt (years) 3.7 3.2 13.7% 3.5 6.3% Leverage Ratios (R$ million) 3Q26 3Q25 2Q26 Net debt / EBITDA¹ 2.63x 3.03x 2.74x Net debt / EBITDA-A 2.20x 2.48x 2.46x EBITDA-A / Net Financial Result 2.70x 2.60x 2.44x EBITDA LTM 1,959.5 1,891.2 1,967.4 EBITDA-A² LTM 2,346.8 2,314.7 2,194.4 ¹EBITDA excluding Sistema S impacts ²EBITDA-A calculated according to the covenant methodology
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10 Investments Gross CAPEX in 3Q26 totaled R$135.7 million, with 68% allocated to expansion to support the deployment of new contracts and secure future revenue, and 20% to asset renewal. In line with our strategic plan, some of the new contracts signed during the quarter were supported by leased assets (partially or fully) when this proved advantageous. As a result, CAPEX requirements were lower than in the same period of the previous year, declining 25.9% vs. 3Q25 and 50.6% in 9M26 vs. 9M25. During the quarter, asset sales reached R$113.7 million, compared with Gross CAPEX of R$135.7 million, resulting in Net CAPEX of R$22.0 million, down 65.0% vs. 3Q25. The cash impact of these investments is reflected in the Cash Flow section of this report. Profitability In 3Q26, our ROIC running rate reached 14.8%, up 0.2 p.p. vs. 3Q25. The increasing concentration of contracts that meet the Company's profitability, efficiency, and productivity standards continues to drive ROIC improvement. Investments (R$ million) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross CAPEX by nature 135.7 183.1 -25.9% 69.0 96.7% 233.8 473.4 -50.6% Expansion 91.8 98.3 -6.7% 32.6 181.2% 135.5 299.0 -54.7% Renewal 27.4 68.8 -60.2% 15.8 72.8% 48.4 130.5 -62.9% Others 16.6 15.9 4.2% 20.5 -19.3% 49.9 43.8 13.9% Gross CAPEX by type 135.7 183.1 -25.9% 69.0 96.7% 233.8 473.4 -50.6% Trucks 52.3 125.6 -58.4% 20.7 152.8% 78.2 252.0 -69.0% Machinery and Equipment 25.2 10.6 138.1% 5.7 344.6% 38.3 105.1 -63.5% Light Vehicles 15.8 10.4 51.8% 5.2 206.5% 22.0 23.8 -7.6% Buses 25.8 0.0 n.a. 16.9 52.6% 45.6 1.3 3415.8% Others 16.6 36.4 -54.5% 20.6 -19.4% 49.7 91.1 -45.5% Revenue from Asset Sales 113.7 120.3 -5.5% 91.9 23.8% 309.6 328.2 -5.7% Total Net CAPEX 22.0 62.8 -65.0% -22.9 -196.1% -75.8 145.1 -152.2% ROIC (Return on Invested Capital ) 3Q26 LTM 3Q25 LTM 2Q26 LTM Running Rate LTM 3Q26 EBIT 918.2 1,133.5 929.0 1,192.5 Effective tax rate -59.0% -213.8% -57.5% 22% NOPLAT 1,460.0 3,556.8 1,462.9 930.2 Net debt - current period 5,157.6 5,734.3 5,399.5 4,408.8 Net debt - prior period 5,734.3 5,315.6 5,790.6 5,111.6 Average net debt 5,446.0 5,525.0 5,595.1 4,760.2 Equity - current period 1,208.2 1,836.2 1,182.8 1,208.2 Equity - prior period 1,836.2 1,857.3 1,819.3 1,836.2 Average equity 1,522.2 1,846.7 1,501.0 1,522.2 Invested capital - current period 6,365.9 7,570.5 6,582.3 5,617.0 Invested capital - prior period 7,570.5 7,172.9 7,609.9 6,947.8 Average invested capital 6,968.2 7,371.7 7,096.1 6,282.4 ROIC 21.0% 48.2% 20.6% 14.81%
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11 Cash flow Our focus on appropriate project profitability and efficient capital allocation enabled us to maintain strong cash generation (R$660.5 million in cash flow after growth during the quarter), strengthening our business model and supporting continued growth without compromising our capital structure. In addition, the reduced CAPEX requirements to sustain organic growth observed over the past year, together with asset leasing initiatives and improvements in working capital, are supporting the Company's cash generation and deleveraging strategy. For the fifth consecutive quarter, the Company generated positive free cash flow after growth, totaling R$318.8 million in 3Q26 and R$915.2 million over the last twelve months, after interest payments, lease liability repayments, and acquisitions (A+B+C+D) . This represents a free cash flow yield of 55.1%¹, a metric that highlights the strength of the Company's cash generation relative to its current valuation. 1 - Calculated using data as of October 28, 2026. * The effects of the Sistema S provision adjustment are included in non -cash items. Fluxo de Caixa (R$ milhões) 3T26 2T26 3T25 9M26 9M25 EBITDA 511.0 486.2 518.9 1,294.3 1,461.1 Capital de Giro 76.4 (35.2) (3.9) 125.5 (229.0) Custo de venda de ativos 107.6 87.0 105.8 290.8 309.0 Capex Renovação e Outros (8.2) (36.4) (12.2) (62.6) (101.8) IR e Itens não caixa (8.1) 6.3 (12.6) 153.7 (72.2) Fluxo de Caixa Operacional 678.7 507.9 596.0 1,801.8 1,367.1 Capex Expansão (18.2) (24.9) (3.2) (60.8) (238.3) (A) Fluxo de Caixa após Crescimento 660.5 483.0 592.7 1,741.1 1,128.8 Captação de Dívida 277.2 56.1 202.0 388.3 742.6 Amortização de Principal (272.9) (164.0) (172.9) (691.0) (1,097.7) (B) Pagamento de Juros (224.6) (155.6) (215.4) (622.3) (598.8) (C) Amortização Direito de Uso (109.0) (100.3) (89.3) (306.6) (232.5) (D) Pagamento por Aquisição de Empresas (8.2) (63.4) (23.9) (71.6) (79.7) Dividendos Pagos - - - (104.3) (106.5) Outros Investimentos (0.8) (0.3) 4.0 (1.2) - Variação do Caixa 322.3 55.5 297.2 332.4 (244.0) Caixa Início do Período 1,492.4 1,437.0 1,353.7 1,482.4 1,894.9 Caixa Final do Período 1,814.8 1,492.4 1,650.9 1,814.8 1,650.9 Geração de Caixa livre após o Crescimento (A+B+C+D) 318.8 163.7 264.2 740.6 217.7
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12 Exhibit I - EBITDA and Net Profit Reconciliation EBITDA Reconciliation (R$ million) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Total Net Profit 24.5 18.1 35.8% 12.0 103.7% (108.3) 71.3 n.a. Financial Result 277.6 294.9 -5.8% 284.1 -2.3% 873.7 860.9 1.5% Income Tax and Social Contribution (12.3) (12.4) -0.2% (18.3) -32.7% (121.9) (65.2) 86.9% Depreciation and Amortization 221.2 218.3 1.3% 208.4 6.2% 650.7 594.1 9.5% EBITDA 511.0 518.9 -1.5% 486.2 5.1% 1,294.3 1,461.2 -11.4% Cost of Asset Sales (107.6) (105.8) 1.7% (87.0) 23.7% (290.8) (309.0) -5.9% EBITDA-A 618.6 624.7 -1.0% 573.2 7.9% 1,585.1 1,770.1 -10.5% Provisions (Sistema S) - - n.a - n.a 167.3 - n.a Surplus Value 11.8 7.1 66.3% 7.4 59.1% 26.0 14.8 75.5% Adjusted EBITDA 522.8 526.0 -0.6% 493.7 5.9% 1,487.7 1,476.0 0.8% Adjusted EBITDA ex-IFRS 16 413.9 436.7 -5.2% 393.4 5.2% 1,181.1 1,243.5 -5.0% Net Profit Reconciliation (R$ million) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Net Profit 24.5 18.1 35.8% 12.0 103.7% (108.3) 71.3 n.a. Provisions (Sistema S) - - n.a - n.a 134.2 - n.a Surplus Value 7.8 4.7 66.3% 4.9 59.1% 17.2 9.8 75.5% PPA Amortization 8.0 13.1 -38.9% 13.3 -39.9% 33.9 36.0 -6.0% Adjusted Net Profit 40.3 35.8 12.6% 30.2 33.3% 77.0 117.2 -34.3% Margin (% Net Revenue) 1.5% 1.4% +0.1 p.p. 1.2% +0.3 p.p. 1.0% 1.6% -0.6 p.p.
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13 Exhibit II – Balance Sheet Assets (R$ million) 3Q26 2Q26 3Q25 Liabilities (R$ million) 3Q26 2Q26 3Q25 Current assets Current liabilities Cash and cash equivalents 259.7 300.4 284.5 Trade payables 380.6 320.1 271.4 Marketable securities and financial investments 1,553.2 1,190.3 1,365.2 Supplier finance (reverse factoring) payable - - 0.7 Derivative financial instruments - - 42.8 Derivative financial instruments 120.7 133.0 146.0 Trade receivables 2,180.5 2,191.0 2,126.8 Loans and financing 793.5 708.0 875.0 Inventories 75.6 66.3 86.8 Debentures 299.9 278.4 78.9 Recoverable taxes 78.5 74.0 66.0 Leases payable to financial institutions 8.5 9.3 9.8 Recoverable income tax and social contribution 113.1 144.5 117.1 Right-of-use leases 277.5 264.4 204.4 Other receivables 44.8 53.8 31.0 Social and labor obligations 719.4 670.0 474.2 Prepaid expenses 57.9 72.5 60.1 Income tax and social contribution payable 6.7 7.5 1.6 Fixed assets available for sale 244.4 330.3 413.6 Taxes payable 214.8 222.0 187.8 Advances to third parties 104.0 70.5 61.6 Dividends and interest on equity payable 421.1 421.1 - Other payables 78.2 89.1 70.5 Advances from customers 52.0 48.7 25.2 Related parties - - - Payables for acquisition of companies 99.0 97.0 127.4 Total current assets 4,711.7 4,493.5 4,655.5 Total current liabilities 3,471.7 3,268.6 2,473.1 Non-current assets Non-current liabilities Marketable securities and financial investments 1.9 1.7 1.2 Loans and financing 4,333.2 4,181.5 4,516.7 Derivative financial instruments 196.7 162.4 140.0 Debentures 1,490.8 1,611.8 1,842.3 Trade receivables 13.5 16.7 21.1 Leases payable to financial institutions 5.8 7.0 13.5 Recoverable taxes 141.8 137.4 128.5 Right-of-use leases 693.6 651.6 596.4 Recoverable income tax and social contribution 24.9 17.7 15.5 Taxes payable 7.6 7.9 9.6 Judicial deposits 72.3 68.3 70.9 Provision for judicial and administrative claims 324.5 343.6 424.6 Deferred income tax and social contribution 370.1 348.1 197.1 Deferred income tax and social contribution 244.6 234.8 223.5 Related parties - - - Related parties - - - Indemnification asset from business combinations 213.9 236.1 319.3 Other payables 25.3 23.7 24.6 Other receivables 50.5 54.1 43.5 Payables for acquisition of companies 402.5 400.8 398.6 Social and labor obligations 13.7 15.1 14.5 Derivative financial instruments 116.8 125.5 85.7 Total long-term assets 1,085.6 1,042.7 937.1 Total non-current liabilities 7,658.5 7,603.2 8,149.8 Investments 21.1 21.3 9.4 Property, plant and equipment 5,678.7 5,647.2 5,981.4 Intangible assets 841.4 849.8 875.7 Total 6,541.1 6,518.4 6,866.5 Total non-current assets 7,626.7 7,561.1 7,803.6 Total equity 1,208.2 1,182.8 1,836.2 Total assets 12,338.4 12,054.6 12,459.1 Total liabilities and equity 12,338.4 12,054.6 12,459.1
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14 Exhibit III – Income Statements (JSL Digital and Third-Party and Independent Drivers) JSL Digital (R$ mm) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross Revenue 262.4 158.9 65.1% 226.9 15.6% 675.7 445.9 51.5% Net Revenue 216.5 129.3 67.4% 183.6 17.9% 551.2 361.6 52.4% Net Revenue from Services 215.6 127.4 69.2% 183.3 17.7% 549.2 356.5 54.1% Net Revenue from Asset Sales 0.8 1.9 -55.4% 0.3 176.1% 2.0 5.1 -60.1% Total Cost (193.9) (111.1) 74.4% (165.0) 17.5% (491.1) (308.7) 59.1% Cost of Services (193.2) (110.6) 74.7% (164.6) 17.3% (489.6) (306.9) 59.5% Com pessoal (12.0) (9.8) 23.1% (11.5) 4.0% (32.8) (30.2) 8.6% Com agregados e terceiros (165.0) (89.2) 85.1% (145.5) 13.4% (419.8) (239.5) 75.3% Combustíveis e lubrificantes (0.9) (0.8) 17.2% (2.0) -54.2% (4.1) (3.5) 15.9% Peças / pneu / manutenção (4.9) (5.4) -9.5% (4.0) 21.1% (14.3) (16.7) -14.2% Depreciação (3.9) (3.2) 21.7% (3.7) 4.1% (11.0) (9.8) 11.9% Outros (6.4) (2.3) 184.1% 2.2 n.a. (7.7) (7.3) 5.4% Cost of Selling Assets (0.7) (0.6) 26.2% (0.4) 91.8% (1.4) (1.8) n.a. Gross Profit 22.6 18.1 24.6% 18.6 21.7% 60.1 52.9 13.7% Operational Expenses (8.1) (5.5) 47.0% (8.4) -3.0% (24.0) (15.0) 60.4% EBIT 14.5 12.6 14.8% 10.2 41.8% 36.1 37.9 -4.7% EBIT Margin (% NR) 6.7% 9.8% -3.1 p.p. 5.6% +1.1 p.p. 6.6% 10.5% -3.9 p.p. EBITDA 19.1 16.4 16.7% 14.5 31.7% 48.7 49.2 -1.0% EBITDA Margin (%NR) 8.8% 12.6% -3.8 p.p. 7.9% +0.9 p.p. 8.8% 13.6% -4.8 p.p. Agregados e Terceiros (R$ mm) 3Q26 3Q25 ▲ Y / Y 2Q26 ▲ Q / Q 9M26 9M25 ▲ Y / Y Gross Revenue 700.3 647.5 8.2% 659.7 6.1% 1,946.3 1,843.9 5.6% Net Revenue 582.6 542.7 7.3% 549.7 6.0% 1,619.9 1,546.2 4.8% Net Revenue from Services 581.1 541.6 7.3% 549.3 5.8% 1,616.2 1,538.2 5.1% Net Revenue from Asset Sales 1.5 1.1 38.0% 0.5 229.2% 3.7 8.0 -53.7% Total Cost (475.3) (449.5) 5.7% (452.0) 5.2% (1,344.5) (1,282.4) 4.8% Cost of Services (473.9) (448.6) 5.6% (451.5) 5.0% (1,340.7) (1,277.3) 5.0% Com pessoal (49.3) (49.3) 0.0% (47.6) 3.5% (145.9) (153.0) -4.6% Com agregados e terceiros (306.5) (308.0) -0.5% (276.1) 11.0% (843.3) (865.4) -2.6% Combustíveis e lubrificantes (52.5) (43.9) 19.6% (67.0) -21.5% (166.0) (123.2) 34.7% Peças / pneu / manutenção (21.5) (22.1) -2.8% (21.9) -2.1% (67.3) (59.6) 12.9% Depreciação (26.4) (21.8) 21.0% (24.0) 10.0% (71.9) (66.4) 8.3% Outros (17.8) (3.6) 399.0% (14.9) 19.0% (46.3) (9.7) 376.0% Cost of Selling Assets (1.4) (0.9) 56.2% (0.5) 156.9% (3.8) (5.1) n.a. Gross Profit 107.3 93.2 15.1% 97.7 9.8% 275.5 263.8 4.4% Operational Expenses (19.6) (22.7) -13.7% (20.3) -3.4% (54.1) (67.5) -19.9% EBIT 87.6 70.4 24.4% 77.4 13.2% 221.4 196.3 12.8% EBIT Margin (% NR) 15.0% 13.0% +2.1 p.p. 14.1% +1.0 p.p. 13.7% 12.7% +1.0 p.p. EBITDA 115.3 93.9 22.8% 102.4 12.7% 296.6 267.7 10.8% EBITDA Margin (%NR) 19.8% 17.3% +2.5 p.p. 18.6% +1.2 p.p. 18.3% 17.3% +1.0 p.p.
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15 Glossary EBITDA-A or EBITDA Added – Corresponds to EBITDA plus the residual accounting cost from the sale of fixed assets, which does not represent operational cash outflows, as it is merely an accounting representation of the write-off of assets at the time of sal e. Thus, the Company’s Management believes that EBITDA -A is a more appropriate measure of operating cash flow than traditional EBITDA as a proxy for cash generation to gauge the Company’s capacity to meet its financial obligations. We also emphasize that b ased on debenture indentures, to calculate leverage and coverage of net financial expenses, EBITDA -A corresponds to the earnings before financial results, taxes, depreciation, amortization, impairment of assets and equity in earnings of affiliates, plus the sale of assets used in the provision of services, calculated over the last 12 (twelve) months, including the EBITDA Added of the last 12 (twelve) months of the merged and/or acquired companies. IFRS 16 – The International Accounting Standards Board (IASB) has issued CPC 06 (R2) / IFRS 16, which requires lessees to recognize most leases on the balance sheet, recording a liability for future payments and an asset for the right-of-use. The standard became effective on January 1, 2019. Additional Information The purpose of this Earnings Release is to detail the financial and operating results of JSL S.A. The financial information is presented in millions of Reais, unless otherwise indicated. The Company’s interim financial information is prepared under the Bra zilian Corporation Law and is presented on a consolidated basis under CPC-21 (R1) Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by the IASB. As of January 1, 2019, JSL adopted CPC 06 (R2)/IFRS 16 in its accounting financial statements for 1Q19. None of these changes requires the restatement of previously published financial statements. Due to rounded figures, the financial information presented in the tables in this document may not reconcile exactly with the figures presented in the audited consolidated financial statements. Disclaimer We make forward-looking statements that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and are based on information currently available to the Company. Forward -looking statements include i nformation about our intentions, beliefs, or current expectations and those of the Company’s Board of Directors and Management. Forward -looking information and statements also include information about possible or assumed operating results, as well as stat ements that are preceded by, followed by, or that include the words “believes,” “may,” “will,” “continues,” “expects,” “predicts,” “intends,” “plans,” “estimates,” or similar expressions. Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties, and assumptions as they relate to future events and depend, therefore, on circumstances that may or may not occur. Future results and shareholder value creation may differ materially from those expressed or implied by the forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
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16 Conference Call and Webcast Date: October 30, 2026, Friday. Time: 10:00 a.m. (Brasília) 09:00 am (New York) - With simultaneous interpretation Connection phones: Brazil: +55 11 4680 6788 or +55 11 4700 9668 Other countries: +1 386 347 5053 or +1 646 558 8656 Webinar ID: 822 1783 2742 Access code: 274147 Webcast: ri.jsl.com.br Webcast access: The presentation slides will be available for viewing and downloading in the Investor Relations section of our website ri.jsl.com.br. The audio for the conference call will be streamed live on the platform and will be available after the event. For further information, please contact the Investor Relations Department: CUSTOMER CENTER: 0800 01 95 755 | ri@jsl.com.br | ri.jsl.com.br