Bom dia, senhor. Good morning, everyone. Welcome to JSL's conference call to discuss the results for the third quarter 2026. This call is being recorded and a replay will be available on the company's website, ri.jsl.com.br. The presentation is also available for download. Please note that all participants will be in listen-only mode during the presentation. We'll then begin the Q&A session when further instructions will be provided. Before we begin, I'd like to remind you all that any forward-looking statements made during this call are based on JSL's management current beliefs and assumptions, as well as information available to the company. These statements may involve risks and uncertainties, as they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts and journalists should be aware that events related to macroeconomic conditions and developments in our industry may cause our actual results to differ materially from those in such forward-looking statements. Joining us today are Guilherme Sampaio, CEO, and Eduardo Nauck, CFO and IRO officer. I will now turn the call over to Mr. Sampaio to begin the presentation. Mr. Sampaio, please go ahead. Good morning, everyone. It's a pleasure to start JSL's third quarter 2026 earnings call. This shows that we are on the right track, and the numbers clearly reflect the progress we have been making. I'd like to take this opportunity to thank our more than 35,000 employees who make JSL what it is every day, as well as more than 10,000 independent drivers that work with us. On the next slide, we show the consistency of our strategy to resume quarter-over-quarter revenue growth. We had two consecutive quarters of new contract signings at levels well above our historical average. In the third quarter, 2.8 billion BRLs, which will contribute to revenue growth over the coming quarters. Another topic we have emphasized repeatedly once again confirms this quarter is deleveraging for the six consecutive quarters we reached 2.6 times our lowest level since the IPO in 2020. More important, is that this is sustainable, supported by the company's operating cash generation and accelerated by the change in our capex execution model, as we shift from purchasing to leasing. Also, we have the launch of JSL Connect, which will bring together our operations that we rely on subcontracted third-party and independent drivers. This structure will allow us to scale the technology and tools we have been developing with a goal of delivering greater productivity for both customers and drivers. JSL Connect will also include JSL Digital, which will continue to pursue its own specific mission, serving the general cargo market through spot contracts. In short, all third-party asset-light light operations will be brought together in a single structure. JSL Connect will serve long-term contracts and JSL Digital focus on general cargo transportation. Together, they will share technology to deliver greater agility and productivity. Another benefit is that you will have greater visibility into our numbers and make it easier to compare the business to peers in the market. Next slide. JSL's consolidated figures. We ended the quarter with 3.1 billion BRLs, 6% compared to the third quarter 2025, EBITDA of 523 million, margin 20%, stable compared to the second quarter. Net profit reached 41 million, first quarter in the whole year, in which we reported net income growth compared to 2025, already benefiting from revenue growth and deleveraging. LTM ROICs to that 14.8% as a light improvement over two Q of this year. JSL Connect has been a major driver of growth. With JSL Digital growing 60% and JSL Connect as a whole 19% over year-over-year, e-commerce and automotive operations drove revenue growth and still and mining, food and beverage drove the recovery in growth at JSL dedicated services. Our fleet-based business, which grew 5% compared to the second quarter 2026, operating margins remained stable compared to the second quarter, despite diesel price volatility driven by global conditions. Next slide. We included a diagram to help explain JSL Connect. Essentially, JSL dedicated services rely on subcontracting will now be grouped together with JSL Digital. Since they share the same underlying business model. So JSL dedicated services, we are still defining a name, will operate with our own leased fleet. JSL Connect will now include JSL Digital and Interlog that we discussed extensively last quarter. On the right-hand side of the slide, we see key characteristics of each business. The operating model, whether asset-based or subcontracted, specifically for JSL Digital with spot contracts, and why we choose each model. Our decision is always based on each customer, and also ensures the appropriate allocation of JSL's capital. On the next slide, we provide further details of why we have JSL Connect. For the benefit of our customers, but also for better comparability to investors. On the next slide, I walk through the results of each business, starting with JSL Connect, including JSL Digital. In the quarter, Connect generated 1 billion BRLs in revenue up 19.4% compared to the third quarter levels here, 134 million BRLs EBITDA, margin 70%, up 0.4%. JSL alone, which includes JSL Connect, reported year-over-year growth of 65%, 252 million BRLs, and 19 million BRLs in earnings. Here we have a new challenge improving margin in the transportation of agricultural inputs, a tremendous potential in Brazil, but that was in a more manual, less digitalized model. JSL dedicated services, 1.5 billion BRLs in the quarter, stabilizing revenues compared to 2025, as we replaced the contracts that we exited last year. Dedicated service margin 20% also reflecting the impact of ongoing contract developments, which will help bring both revenue growth and margins back to historical levels. Revenue in the segment comes from food and beverage, forestry, steel, and mining, and chemicals. On slide 8, Interlog, 600 million BRLs in quarterly revenue, margin of 22.5%, EBITDA of 116 million. Interlog is driven in terms of revenues by consumer goods, automotive, PAP, and airport sector, which we entered recently. On slide 9, we have 2.8 billion BRLs on new contracts, which is the highest volume of contracts of JSL in a single quarter. The 2.8 billion will have an average term of 42 months and will gradually ramp up. The 66 million in average monthly revenue to be reflected in our results between the second and third quarters 2027. Now I will turn the floor over to NOC that will walk you through JSL's financial results. But before I do, thank you for taking on this challenge as JSL's CFO. Thank you, Edu. Over to you. Thank you, Guilherme. Good morning, everyone. As we have seen throughout the presentation so far, in the third quarter of 2026, we made further progress on our growth agenda with another acceleration compared to the previous quarter. This is exactly the trend we had anticipated for this year, with growth gradually accelerating quarter to quarter. The record volume of new contracts reinforces our expectation that this will continue to go forward. I'd like to highlight on this slide how diversified we are across services and industries, which brings resilience to results and agility to adjust course whenever necessary. Numbers, net revenue grew almost 6% year over year, 5% compared to the second quarter of this year. EBITDA margin remained stable at around 20%, in line with the first half of the year. The decline of just over 1 percentage points compared to the third quarter last year was mainly due to a volume of prior period tax credits recognizing that quarter that did not record this year. EBITDA margin followed a similar trend to EBITDA margin in the year-over-year comparison. Adjusted net profit reached 440 million BRLs in the quarter, up 12.5% compared to the same period last year, 33% above the second quarter of this year. Results of a continued deleveraging and reduction of our average cost. ROICs stood at 14.8%, in line with previous quarters. This metric will improve over the median term as a result of several initiatives we have implemented. A lower capex requirements, a more efficient capital structure, supported by continued deleveraging, and a gradual removal of non-profitable contracts. On the next slide, we bring some key metrics in terms of capital structure. The first highlight is the continued reduction in net debt, both compared to the third quarter 2025 and the second quarter this year. This results in a more efficient capital structure that will help reduce debt service costs and therefore converting operating earnings into net profit. Regarding financial covenants, leverage measured by net debt to added EBITDA ratio was 2.2 times compared to a maximum permitted level of 3.5 times. Interest coverage ratio measured as added EBITDA divided by net financial expenses stood at 2.7 times compared to a minimum required level of 2 times. In the chart in the lower left-hand corner, we should the trending leverage based on traditional EBITDA, adjusted here to exclude the impact of the provision for the sistema S in the quarter. We can see this ratio has declined consistently over the past year, reaching 2.6 times in the third quarter 2026, down 0.4 times compared to the same period last year. Looking at comprehensive leverage, which includes lease liabilities, exact the same trend. The reduction of 0.4 times compared to the third quarter last year. Our cash position at the end of the quarter was 1.8 billion BRLs, enough to cover out that maturities through mid-2028. The average maturity of our net debt is currently just over four years. On the next slide, we bring an analysis of our third quarter cash flow. Once again, highlighting strong operating cash generation, which was sufficient to cover investments and debt service. Cash flow after investments, interest payments, and lease payments reached 320 million BRLs in just these three months. Looking at the last 12 months, cash generation exceeded 915 million BRLs. Based on this figure, the company's free cash flow yield stands at 55% using our market capitalization at the close of trading last Wednesday. The next slide we update our analysis of how our asset leasing strategy is making a significant contribution to cash preservation and improvements in our capital structure, reducing leverage and over time improving profitability. The mix of additions of lease assets and property plant and equipment over recent quarters shows that leasing has made more economic sense for a large share of our new contract deployments, which resulted in significant results in growth aspects over recent quarters. This transition has to do with the strong free cash flow generation over the past several periods, we also still have a significant inventory of assets available for sale, which will be converted into cash over the coming periods, supporting further deleveraging and better profitability. Finally, on the next slide, we once again present a comparison with public traded peers outside Brazil. Here we have the CAGR of the last five years, growth over the last 12 months, and its September 2026 EBITDA margin and ROIC of JSL compared with the same four logistic companies we have included in our previous earnings presentations, all four companies are listed in the US. As you can see, JSL outperforms virtually all of these peers across almost every metric. So when we look at valuation multiples, JSL trades at significant discount. To give an example, the average discount based on EV/EBITDA is approximately 70%. With that, our turn the floor back to Guilherme for his closing remarks. Thank you very much. Thanks, Edu. To wrap up, I would like to highlight a few key messages. First, many of you have heard me talk about the importance of JSL's leadership team. We are investing heavily in developing our people so that JSL can continue to grow while maintaining the same level of service and, most importantly, our culture. We have 70 years of accumulated knowledge and knowledge that needs to be embedded through the organization and shared continuously. JSL University, with all its tools and resources, has become increasingly important within the company and plays a central role in developing JSL's next generation of leaders. Looking at the challenges that we both have ourselves and our customers in managing supply chains, remaining competitive, JSL wants to be essential in developing solutions and increasingly focus on operations where operational safety makes a real difference. This will open up several avenues for growth, allowing JSL to become even more relevant among our customers. We have been pursuing profitability intensively. Through JSL's scale, greater asset productivity, cost management programs, and other initiatives. With that, we'll be increasingly asset light, generate more cash, and become even more competitive. Digitalization also plays an important role, both in operating processes, which direct benefits customers, and throughout our support functions. We are currently revealing our entire support structure and working on several initiatives to create value for customers and shareholders. As a final message, I recognize the responsibility we have in this industry. Particularly in an environment of high interest rates, limited access to credit, and many companies going through difficulties. We need to remain disciplined in pricing new projects, ensuring the quality of our growth, managing each contract to safeguard the long-term sustainability of JSL in Brazil. With that, we'll open the floor for your questions and both Eduardo and I are here to answer your questions. Thank you very much. We'll now start the Q&A session for investors and analysts. If you want to ask a question, please click on raise your hand button. If your answer has been answered, please click on lower hand. If you prefer to submit your question in writing, please type in your question in the Q&A box together with your name and company. Our first question comes from Mateus Santana from Bradesco BBI. Conseguem me ouvir? Não, boa. Bom dia, Guilherme, bom dia, Eduardo. Obrigado por escolher minha pergunta aqui, tá? Eu tenho duas aqui. A primeira eu queria tocar pouco no subsídio do diesel, tá? Ele tá recorrente, assim, bastante tempo e eu queria entender como que aconteceria se esse subsídio acabasse, assim. Isso teria algum repasse natural nos contratos, assim, automático, por causa do aumento do preço do diesel, ou você precisaria fazer uma renegociação extraordinária? E a segunda pergunta também é que você teve mais trimestre com geração de caixa bem forte, né? Teve pouco de efeito mais forte de uma liberação de working capital, nessa linha, eu queria entender, assim, qual que foi a dinâmica aqui. Também ter uma ideia, assim, do que esperar dessa geração de caixa pra 2027, tá? São essas duas perguntas aqui. Obrigado. Bom dia, pessoal. Obrigado por pegar a nossa pergunta. Duas aqui do nosso lado. Acho que a primeira delas eu gostaria de entender pouquinho mais como que é a visão de vocês sobre o crescimento ali do lado de dedicados. A gente viu que esse trimestre, se a gente excluísse, né, os contratos encerrados, a gente teria visto ali crescimento mais expressivo. Queria se vocês pudessem colocar pouquinho aqui dos drivers, né, pra gente ter alguma aceleração aqui de crescimento no segmento de dedicados, especialmente também se a gente deveria ver menos churn, menos redução aqui de contrato pelos próximos trimestres. E aí o segundo ponto eu queria só explorar pouquinho aqui da Intralog. Intralog também teve uma desaceleração aqui de receita esse trimestre, só pra pensar aqui junto com vocês os drivers aqui de crescimento também pro segmento e como que a gente poderia esperar e também se puder fazer algum comentário aqui também sobre esse crescimento junto com aqui a parte de margem. Vai ajudar bastante aqui, pessoal. Obrigado, viu? Super claro. Muito obrigado. Our next question comes from Juan Argenton, from XP. Please proceed, sir. Oi, pessoal. Tudo bem? Obrigado pelo espaço. São dois temas que eu queria tocar aqui do meu lado. Primeiro, também nesse ponto dos contratos novos, queria pegar pouco com vocês o cenário do perfil, né? Eu acho que a gente vê talvez uma mudança pouco, se a gente olhar trimestre a trimestre do prazo médio, né? A gente vê talvez prazo médio pouco menor nesses contratos. Queria entender pouco se tem algo diferente na rentabilidade, se é algo que tá em linha com a carteira de vocês, tentar pegar pouco do feeling aí de vocês, do perfil da geração desses novos contratos. E também pouco como que vocês estão olhando talvez essa mudança de cenário macro que a gente tá vendo, como que isso talvez mude o cenário de negociação de novos contratos pra vocês, tá? E aí, a minha segunda pergunta é pouco mais olhando pra estrutura de capital, desalavancagem, né? Eu acho que fica bastante claro que esse cenário de geração de caixa que vocês têm conseguido ou têm colaborado bastante com o ritmo de desalavancagem, queria entender pouco como que vocês estão olhando talvez esse ritmo pra frente, né? Ou pouco se talvez existe cenário de crescimento de CAPEX olhando pra frente, dado que tem talvez alguns contratos pra serem com frota própria. Queria entender pouco como que vocês estão olhando esse ritmo de desalavancagem e também como isso casa com distribuição também, né? De dividendos, se também passa pela cabeça de vocês em algum momento ter quando essa desalavancagem ficar pouco mais intensa, se passa na cabeça de vocês cenário de distribuição pouco maior. Obrigado. Tá ótimo, obrigado, pessoal. Pessoal, bom dia. Obrigado pelo espaço. Eu tenho dois pontos aqui. é, acho que follow-up ainda nessa questão de crescimento e eu queria insistir pouquinho mais na discussão da mudança de cenário macro, né? Vocês comentaram pouco sobre esse impacto em cima dos pequenos players e da competição. Vocês tendo essas oportunidades de crescimento, mas eu queria talvez, se vocês pudessem, comentar pouco sobre o que o cliente de vocês e o ambiente de negociação de contratos pode mudar e o que é risco aqui pra gente pra essa esse pace de crescimento e de aquisição de novos contratos olhando pra frente. Pensando nessa mudança de cenário. E o meu segundo ponto, eu queria que vocês talvez explicassem pouquinho mais. Agora a gente tem definições sobre escala 6x1, pudessem comentar pouco melhor sobre as medidas que vocês estão tomando, como que poderia ser o impacto, qual que é a perspectiva de vocês. Obrigado. Perfeito, ficou claro. Ficou super claro.
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