Contents

Management report

3

Statements of financial position - Assets

18

Statements of financial position - Liabilities

19

Statements of profit or loss

20

Statements of comprehensive income

21

Statements of changes in equity

22

Statements of cash flows - indirect method

23

Statements of value added

24

Notes to the parent company and consolidated financial statements

25

São Paulo, May 7, 2024 - JSL S.A. (B3: JSLG3) ("JSL") announces its results for 1Q24.

NET INCOME GROWS 56%, ABOVE THE GROWTH IN REVENUE AND EBITDA

CASH GENERATION BOOSTED BY SCALE AND FOCUS ON EFFICIENCY

  • Gross Revenue reached R$2.4 billion in 1Q24, an annual growth of 32%; including strong organic growth with the consolidation of IC and FSJ.
    1. Consistent growth in both Asset Light and Asset Heavy operations - with a growth of 25% and 41%, respectively, year-on-year.
  • Adjusted EBITDA reached R$403 million, an increase of 32% over 2022; with margins sustained at 20.2%.
  • Adjusted Net Income of 48.7 million in 1Q24, up 56% year-on-year;on a comparable basis, the growth in Net Income in the period is 129%.
  • ROIC Running Rate of 16.0%, an increase of 0.8 p.p. vs. 1Q23 and 0.2 p.p. vs. 4Q23, reflects the transformation of the Company's scale with a consistent increase in profitability.
  • Positive free cash flow after growth for the third consecutive quarter, reaching R$171.6 million in 1Q24 - an operating cash generation that supports our investments and pace of growth.
  • New contracts reached R$1.0 billion in 1Q24, with an average duration of 40 months, adding average monthly revenue of R$25 million, higher than the average addition in the quarters of 2023, demonstrating our ability to sustain strong organic growth.
  • Important market recognitions: JSL was included in B3's Corporate Sustainability Index ("ISE") as of 2024 and was awarded the prize for Best Logistics Supplier in Brazil for the second consecutive year in a global award by General Motors.

Financial Highlights Summary

1Q24

1Q23

▲ Y / Y

4Q23

▲ Q / Q

(R$ million)

Gross Revenue

2,444.6

1,846.4

32.4%

2,555.1

-4.3%

Gross Revenue from Services

2,365.8

1,786.7

32.4%

2,462.2

-3.9%

Gross Revenue from Asset Sales

78.8

59.7

32.1%

92.9

-15.2%

Net Revenue

2,070.3

1,563.6

32.4%

2,161.4

-4.2%

Net Revenue from Services

1,993.4

1,505.5

32.4%

2,071.5

-3.8%

Net Revenue from Asset Sales

76.9

58.1

32.3%

89.9

-14.5%

EBIT

257.4

209.5

22.8%

287.3

-10.4%

Margin (% NR from Services)

12.9%

13.9%

-1.0 p.p.

13.9%

-1.0 p.p.

Net Income

33.6

26.8

25.3%

72.9

-53.9%

Margin (% NR)

1.6%

1.7%

-0.1 p.p.

3.4%

-1.8 p.p.

EBITDA

396.0

306.1

29.4%

415.7

-4.7%

Margin (% NR from Services)

19.9%

20.3%

-0.5 p.p.

20.1%

-0.2 p.p.

Net CAPEX

442.2

319.1

38.6%

346.3

27.7%

Adjusted EBIT¹

280.3

216.2

29.7%

301.4

-7.0%

Margin (% NR from Services)

14.1%

14.4%

-0.3 p.p.

14.5%

-0.5 p.p.

Adjusted EBITDA¹

402.8

306.1

31.6%

411.2

-2.0%

Margin (% NR)

20.2%

20.3%

-0.1 p.p.

19.9%

+0.4 p.p.

Adjusted¹ Net Income

48.7

31.2

56.2%

82.2

-40.7%

Margin (% NR from Services)

2.4%

2.0%

+0.4 p.p.

3.8%

-1.4 p.p.

¹Adjusted EBITDA, EBIT, and Net Income in 1Q23 and 4Q23, as reported at the time. In 1Q24, adjusted EBITDA and EBIT were adjusted by R$ 6.8 million to exclude the effect of write-down of goodwill allocated to the cost of asset sales. Additionally, EBIT was adjusted by R$ 16.2 million and Net Income by R$ 10.7 million to exclude the effects of goodwill/additional value amortization from acquisitions.

Message from Management

We are very pleased to report the beginning of 2024 with consistent results after a cycle of transformation of JSL's scale and operational performance. We are reinforcing our discipline in the continuous evolution of the Company, with our culture based on three strategic pillars: customer satisfaction, taking care of our people and results.

In the last three years since our IPO, we have created an even larger platform to accelerate organic growth by multiplying growth opportunities, with a detailed contract management model that serves each customer as if they were unique. These are solid foundations for sustaining the next cycle of development, with the strategy to consolidate the logistics market while focusing on efficiency in capital allocation.

We have been the market leader for more than twenty years, and we still see great capacity for growth and market share gains thanks to our unique positioning and major competitive advantages: scale, expertise, quality track record and management model. We combine organic expansion with strategic acquisitions of complementary businesses with strong growth potential. We would like to highlight the successful mergers of IC Transportes and FSJ in 2023, which have contributed significantly to expanding our presence in new sectors and our ability to offer comprehensive solutions to our customers.

CONSISTENT GROWTH WITH PROFITABILITY

In the first quarter of 2024, we achieved a Net Revenue from Services of R$2.0 billion, representing an increase of 32% over the same period last year. Our Adjusted EBITDA also showed solid growth, reaching R$402.8 million, an increase of 32% compared to the first quarter of 2023. The EBITDA margin was maintained at 20.2% in 1Q24, even with the effects of the natural seasonality of our business, in addition to the consolidation of IC Transportes, which has lower margins than the consolidated business of JSL. It is important to note that in this quarter we completed the cycle of contractual adjustments for IC's Asset Heavy operations, and we continue to work on the efficiency and operational repositioning of the Asset Light operations. In this way, we continue to restore an appropriate level of profitability for IC's operations, a process that should be completed in the coming months. These figures reflect not only our continued growth, but also our ability to maintain adequate margins for our operations.

In the first quarter of 2024, we saw a robust performance across all our business segments, with growth in Warehousing, Dedicated Operations and Cargo Transportation standing out. In addition, the strategic acquisitions made in 2023 continue to contribute positively to expanding our presence in key sectors such as E-commerce, Fuels, Chemicals and Agribusiness. We have maintained a healthy balance between Asset Heavy and Asset Light operations, growing 51% and 49% respectively, ensuring operational flexibility and strengthening our position as a market leader.

Our diversification of services and sectors continues to be a competitive differentiator, providing resilience and guaranteeing multiple avenues for growth. At the same time, we remain focused on continuously improving operational efficiency and allocating resources to maximize results.

Adjusted Net Income for the quarter was R$48.7 million, 56% higher than the first quarter of 2023 and higher than EBITDA and revenue, reflecting efficiency gains, a reduction in leverage and the cost of debt due to the reduction in the spread of our debt and interest in Brazil. It is worth noting that the net income for 1Q23 benefited by R$13 million from ICMS-related subsidies, which we have decided to stop recognizing in our results as of 2024 due to changes in legislation related to the taxation of tax incentives. On a comparable basis, the income growth would be 129%.

This quarter we issued a CRA in the amount of R$1.75 billion. Part of this amount will be used for the prepayment of the company's debt, which will take place in 2Q24, and therefore has not yet benefited the 1Q24 results. The prepayment of the most expensive debt will accelerate the reduction of the average cost of our debt and improve the financial result, reinforcing the positive effects already observed this quarter.

These figures demonstrate the evolution of the company's efficiency and profitability, resulting in an ROIC Running Rate of 16.0% in the first quarter of 2024, maintaining profitability at a new level, with potential for improvement due to the maturing of operations and contracts under implementation.

CONTRACTED REVENUE PROVIDES PREDICTABLE GROWTH FOR JSL

In the first quarter of 2024, we continued to expand our portfolio of long-term contracts, ensuring a solid foundation for future growth. We signed contracts worth R$1 billion, with an average duration of 40 months, demonstrating our customers' confidence in our ability to deliver and the quality of our services. Consequently, we already have an increase in revenue contracted for 2024 due to the implementations carried out throughout 2023 (contracts signed in 2022 and 2023), which will span 12 months in that year, in addition to the implementations from 2024 (contracts signed in 2023 and 2024).

JSL's evolution in recent years has laid the basis for further expansion with more efficient capital allocation. This allows us to maintain our organic growth with more moderate investments in relation to revenue. To cope with the implementation of new activities, we invested R$442.2 million (Net Capex) during the period. It is important to note that most of these investments are not yet reflected in the results.

This quarter, for example, we have over 20 new project implementations underway. As we are in continuous growth, it is important to note that we always have a volume of new contracts being implemented, and consequently, we incur all pre-operational costs in addition to making the necessary investments for a secure implementation as planned. These costs and investments in 1Q24 had an impact of approximately R$ 10 million on JSL's net income and are part of the contracted revenue growth and future cash generation.

CAPITAL STRUCTURE ALIGNED WITH THE BUSINESS MODEL

Our disciplined management of the capital structure has allowed us to maintain controlled leverage and a healthy cash position. We ended the first quarter with R$3.7 billion in cash, plus R$800 million in committed credit lines, for a total of R$4.5 billion in available liquidity, enough to cover short-term debt 4.9 times.

Leverage remained stable compared to 4Q23 at 2.68x Net Debt/EBITDA and 2.40x Net Debt/EBITDA-A, our covenant benchmark, even with all the investments to support growth. It is important to emphasize that R$ 816.4 million of the investments made in the last twelve months have not yet fully converted into revenue, but they are already impacting our net debt. Therefore, the cash generation capacity stemming from these investments will still be reflected in our capital structure, highlighting our potential to reduce leverage.

As mentioned earlier, we successfully completed a CRA (Agribusiness Receivables Certificate) issue in February 2024 for a total amount of R$1.75 billion at an average cost of CDI + 0.97%. This issue not only contributes to reducing the cost of debt in the coming quarters, but also reflects the market's confidence in our ability to generate sustainable results.

COMMITMENT TO DELIVERY EXCELLENCE

We develop solutions for more sustainable logistics chains, aligning our commitments with those of our customers and seeking to neutralize negative impacts. Our strategy, guided by nine priority themes, involves key stakeholders such as customers, our people, suppliers and shareholders, through programs, projects and corporate policies that are aligned with the vision of integrating sustainability into business.

In January 2024, the company was honored to be included in the prestigious B3 Corporate Sustainability Index Portfolio ("ISE"), a select group of publicly traded companies recognized for their commitment to sustainability. To achieve this distinction, the company was evaluated on issues such as business ethics, risk management, employee health and safety, diversity and inclusion, environmental management and climate change.

However, the recognition that best reflects JSL's quality and differentiation in the marketplace comes from our customers. As a result of our commitment to quality service and long-term relationships, General Motors awarded us for the second year in a row as the best logistics provider in Brazil in a global award.

The 4Q24 results reflect our ability to effectively execute our growth strategy while maintaining our focus on profitability and operational excellence. We are entering a new cycle in which competitive advantages are even more evident. The benefits of scale are reflected in a strong balance sheet, with a capital structure that is ready to support our market consolidation strategy. We are prepared for increasingly significant inorganic movements, and we have the investment capacity to support our organic growth. This will allow us to take advantage of the relevant opportunities that lie ahead.

We remain confident in our ability to continue delivering solid results and contribute to the development of the logistics sector in Brazil.

We express our gratitude to our people for their dedication and exceptional performance. We remain committed to our mission of serving our customers with excellence, dedication, speed and quality, offering value and innovation. We remain alert to market growth opportunities and reaffirm our commitment to disciplined execution, focused on profitability, operational efficiency and expansion of our activities.

Thank you very much,

Ramon Alcaraz

JSL CEO

The following financial information presented below has been prepared in accordance with International Financial Reporting Standards (IFRS). The results are presented on a consolidated basis. The information of the subsidiaries IC Transportes and FSJ Logística is consolidated from the date of acquisition (April 28, 2023 and August 31, 2023, respectively).

Consolidated Results

Consolidated

1Q24

1Q23

▲ Y / Y

4Q23

▲ Q / Q

(R$ million)

Gross Revenue

2,444.6

1,846.4

32.4%

2,555.1

-4.3%

Gross Revenue from Services

2,365.8

1,786.7

32.4%

2,462.2

-3.9%

Gross Revenue from Asset Sales

78.8

59.7

32.1%

92.9

-15.2%

Net Revenue

2,070.3

1,563.6

32.4%

2,161.4

-4.2%

Net Revenue from Services

1,993.4

1,505.5

32.4%

2,071.5

-3.8%

Dedicated Operations

670.5

564.5

18.8%

663.8

1.0%

Cargo Transportation

930.6

603.0

54.3%

1,010.6

-7.9%

Urban Distribution

144.5

135.0

7.0%

155.0

-6.8%

Warehousing

247.9

202.9

22.2%

242.0

2.4%

Net Revenue from Asset Sales

76.9

58.1

32.3%

89.9

-14.5%

Total Costs

(1,696.6)

(1,266.3)

34.0%

(1,778.4)

-4.6%

Cost of Services

(1,630.2)

(1,222.6)

33.3%

(1,704.9)

-4.4%

Cost of Asset Sales

(66.3)

(43.7)

51.8%

(73.5)

-9.8%

Gross Profit

373.8

297.3

25.7%

382.9

-2.4%

Operational Expenses

(116.4)

(87.7)

32.7%

(95.6)

21.7%

EBIT

257.4

209.5

22.8%

287.3

-10.4%

Margin (% NR from Services)

12.9%

13.9%

-1.0 p.p.

13.9%

-1.0 p.p.

Financial Result

(220.3)

(193.0)

14.2%

(241.9)

-8.9%

Financial Revenues

63.3

24.5

158.3%

29.7

113%

Financial Expenses

(283.6)

(217.5)

30.4%

(271.6)

4.4%

Taxes

(3.5)

10.2

n.a

27.6

n.a

Net Income (Loss)

33.6

26.8

25.3%

72.9

-53.9%

Margin (% NR)

1.6%

1.7%

-0.1 p.p.

3.4%

-1.8 p.p.

EBITDA

396.0

306.1

29.4%

415.7

-4.7%

Margin (% NR from Services)

19.9%

20.3%

-0.5 p.p.

20.1%

-0.2 p.p.

EBITDA-A

462.4

349.8

32.2%

489.2

-5.5%

Margin (% NR from Services)

23.2%

23.2%

-0.0 p.p.

23.6%

-0.4 p.p.

Net CAPEX

442.2

319.1

38.6%

346.3

27.7%

Adjusted¹ EBITDA

402.8

306.1

31.6%

411.2

-2.0%

Margin (% NR from Services)

20.2%

20.3%

-0.1 p.p.

19.9%

+0.4 p.p.

Adjusted¹ EBIT

280.3

216.2

29.7%

301.4

-7.0%

Margin (% NR from Services)

14.1%

14.4%

-0.3 p.p.

14.5%

-0.5 p.p.

Adjusted¹ Net Income

48.7

31.2

56.2%

82.2

-40.7%

Margin (% NR)

2.4%

2.0%

+0.4 p.p.

3.8%

-1.4 p.p.

¹Adjusted EBITDA, EBIT, and Net Income in 1Q23 and 4Q23, as reported at the time. In 1Q24,

adjusted EBITDA and EBIT were adjusted by R$ 6.8 million to exclude the effect of write-down of

goodwill allocated to the cost of asset sales. Additionally, EBIT was adjusted by R$ 16.2 million and

Net Income by R$ 10.7 million to exclude the effects of goodwill/additional value amortization from

acquisitions.

Net Revenue from Services grew by 32% compared to 1Q23, reaching R$1,993.4 with the combination of organic growth and the consolidation of IC Transportes and FSJ in 2Q23 and 3Q23, respectively. Our strategy of maintaining a broad diversification of services, combining organic growth through new projects implemented with new acquisitions, strengthens our presence in virtually all sectors of the economy. This gives us multiple avenues for growth, with highly resilient demand.

We increased our presence in E-commerce (5% of revenue in 1Q24), Fuel (1% of revenue) and Chemicals (7% of revenue), due to the consolidation of IC and FSJ and the new contracts implemented in 1Q24. Food and Beverage (26% of revenues in 1Q24) continues to be the largest sector for our revenue - growth of 23% vs. 1Q23, followed by Pulp and Paper (15% of revenue) and Automotive (12% of revenue). We are present in all sectors of the logistics chain, offering Transportation, Dedicated Operations, Warehousing and Urban Distribution services.

Growth remained balanced between Asset Light and Asset Heavy operations.

Growth in services remained steady:

  • Our Cargo Transportation service (47% of Net Revenue from Services in 1Q24) grew by 54% compared to 1Q23 due to the consolidation of IC Transportes and FSJ and organic growth through new contracts. It is worth noting that FSJ has already increased its revenue by 50% since joining the JSL ecosystem. There was an increase in volume in the Food & Beverage and Automotive sectors, due to an increase in demand for the transportation of chilled and frozen food at Marvel (+25%) and in demand for the transportation of brand new vehicles at Transmoreno (+19%) and an increase in Chemicals at Rodomeu (15%), as already mentioned in previous quarters. We would like to point out that our exposure in Cargo Transportation is mainly in specialized and dedicated transportation services, where there are higher barriers to entry and high predictability of demand.
  • The Dedicated Operations segment (34% of Net Revenue from Services in 1Q24) grew by 19% compared to 1Q23, due to the consolidation of a relevant contract in Forestry and other implementations made throughout 2023 in the sector, as well as in Steel and Mining, which together grew by 37% compared to the same period last year. In the last quarter of 2023, we began the process of implementing a relevant project in Forestry which is not yet completed. Therefore, the sector will still benefit from the ramp-up of this project, which should begin to have a more significant impact (on revenue) at the end of 2Q24. The growth of intralogistics services through new contracts in the Automotive sector also contributed to the increase in the segment's revenue.
  • Warehousing operations (12% of Net Revenue from Services in 1Q24) performed strongly in the quarter, with an increase of 22% compared to 1Q23. TPC showed robust growth due to the implementation of new projects throughout 2023, in addition to the already contracted growth from the 12 ongoing implementations that should start generating revenue in the coming quarters. New contracts at JSL also boosted the segment's growth.
  • The Urban Distribution segment (7% of Net Revenue from Services in 1Q24), with a strong presence in the Beverages sector, grew by 13% year-on-year due to increased demand at Fadel and JSL operations.
    BREAKDOWN OF NET REVENUE FROM SERVICES (1Q24)

Adjusted EBITDA was R$402.8 million in 1Q24, up 32% over 1Q23. The EBITDA margin remained stable at the newly established level, reaching 20.2% in 1Q24, in line with the same quarter of the previous year. These figures confirm our ability to maintain margins at levels commensurate with our portfolio and our consistent development in operational efficiency, even with the consolidation of IC Transportes, which still has lower margins than the Company's average - but is already showing progress. The asset sale margin for the quarter, excluding the capital gain effect allocated to the asset sales cost (R$ 6.8 million), was 22.6%, in line with previous quarters due to the fleet of vehicles being demobilized and sold in 2024.

Adjusted Net Income for the quarter was R$48.7 million, 56% higher than the same quarter last year and higher than the growth in revenue and EBITDA, as a result of gains in operational efficiency and capital allocation and a reduction in the cost of debt. Excluding the impact of the ICMS subsidy from the 1Q23 result, as the benefit will no longer be considered from 2024 onwards and excluding the impact of deferred Interest on Equity in 1Q24 (benefit fully recognized in 4Q23), profit growth would be 129% on a comparable basis.

The breakdown of our Asset Light and Asset Heavy results is shown below.

Asset Light

Asset Light

1Q24

1Q23

▲ Y / Y

4Q23

▲ Q / Q

(R$ million)

Gross Revenue

1,245.8

996.4

25.0%

1,332.2

-6.5%

Net Revenue

1,038.9

830.5

25.1%

1,115.7

-6.9%

Net Revenue from Services

1,026.0

821.2

24.9%

1,101.1

-6.8%

Dedicated Operations

185.0

165.4

11.8%

179.3

3.2%

Cargo Transport

563.4

420.6

33.9%

644.0

-12.5%

Urban Distribution

29.7

32.2

-7.6%

35.8

-16.9%

Warehousing

247.9

202.9

22.2%

242.0

2.4%

Net Revenue from Asset Sales

12.9

9.4

38.3%

14.5

-11.0%

Total Costs

(878.3)

(681.2)

28.9%

(942.0)

-6.8%

Cost of Services

(868.3)

(674.5)

28.7%

(928.0)

-6.4%

Personnel

(268.5)

(205.6)

30.6%

(268.5)

0.0%

Third parties truck drivers

(377.9)

(299.5)

26.2%

(438.5)

-13.8%

Fuel and lubricants

(56.4)

(32.9)

71.6%

(61.7)

-8.5%

Parts / tires / maintenance

(51.3)

(39.2)

31.0%

(48.5)

5.9%

Depreciation / amortization

(56.5)

(45.8)

23.3%

(55.9)

1.0%

Others

(57.7)

(51.6)

11.8%

(54.8)

5.2%

Cost of Asset Sales

(9.9)

(6.7)

48.9%

(14.1)

-29.3%

Gross Profit

156.3

149.3

4.7%

173.6

-10.0%

Operational Expenses

(67.5)

(51.8)

30.2%

(54.5)

23.9%

EBIT

101.9

97.5

4.6%

119.1

-14.4%

Margin (% NR from Services)

9.9%

11.9%

-1.9 p.p.

10.8%

-0.9 p.p.

EBITDA

170.5

153.1

11.3%

197.7

-13.8%

Margin (% NR from Services)

16.6%

18.6%

-2.0 p.p.

18.0%

-1.3 p.p.

In Asset Light, Net Revenue from Services amounted to R$ 1,026.0 million, an increase of 25% compared to 1Q23. Cargo Transportation grew by 34% compared to the same quarter last year due to the consolidation of IC and FSJ, as well as the implementation of new contracts and increased demand in the Automotive sector, especially at Transmoreno. The Warehousing segment maintained a steady growth of 22% compared to 1Q23, due to the new implementations carried out by TPC and JSL throughout 2023. By industry, Automotive accounted for 22% of Asset Light's revenue (with a focus on milk run services, intralogistics and vehicle transportation), Consumer Goods 18% (mainly transportation and warehousing services) and Food & Beverage 15% (transportation and warehousing).

The segment's EBITDA was R$171.4 million in 1Q24, up 12% from 1Q23, with a margin of 16.6%, down from the same period last year, due to IC Transportes' agribusiness sector, which continues to put pressure on margins. We continue to make progress in the repositioning process to bring the profitability of these operations into line with the company's average level. It is important to note that Urban Distribution and Cargo Transportation combined revenue grew by 31% vs. 1Q23, while the main related cost (Independent Drivers and Third Parties) grew by 26%. Therefore, the adjustment needed to adjust profitability is in the IC structure, as has already been done. In the Warehousing and Dedicated Operations segment, personnel, the primary cost associated with these segments, grew at a higher rate than revenue due to the implementations underway at TPC during the quarter, as mentioned above, which are not yet generating revenue but have already completed a portion of their hiring.

Together, Intralogistics and Warehousing, services based on people, technology and logistics intelligence, achieved an EBITDA margin of 24%, which does not yet reflect important ongoing implementations. These are logistics services that are highly integrated into our customers' production processes and where we see significant growth potential in the Asset Light model.

Asset Heavy

Asset Heavy

1Q24

1Q23

▲ Y / Y

4Q23

▲ Q / Q

(R$ million)

Gross Revenue

1,198.8

850.0

41.0%

1,222.9

-2.0%

Net Revenue

1,031.4

733.1

40.7%

1,045.7

-1.4%

Net Revenue from Services

967.5

684.3

41.4%

970.3

-0.3%

Dedicated Operations

485.5

399.1

21.7%

484.5

0.2%

Cargo Transport

367.2

182.3

101.4%

366.6

0.2%

Urban Distribution

114.7

102.8

11.6%

119.2

-3.8%

Warehousing

-

-

n.a

-

n.a

Net Revenue from Asset Sales

64.0

48.8

31.1%

75.4

-15.1%

Total Costs

(818.3)

(585.1)

39.9%

(836.4)

-2.2%

Cost of Services

(761.9)

(548.1)

39.0%

(777.0)

-1.9%

Personnel

(314.7)

(242.8)

29.6%

(327.0)

-3.8%

Third parties truck drivers

(25.6)

(25.7)

-0.4%

(29.8)

-14.1%

Fuel and lubricants

(199.2)

(126.7)

57.2%

(196.0)

1.6%

Parts / tires / maintenance

(120.1)

(84.5)

42.2%

(125.2)

-4.1%

Depreciation / amortization

(56.2)

(38.7)

45.2%

(45.7)

22.9%

Others

(46.0)

(29.7)

55.0%

(53.3)

-13.6%

Cost of Asset Sales

(56.4)

(37.0)

52.3%

(59.5)

-5.1%

Gross Profit

217.5

148.0

47.0%

209.3

3.9%

Operational Expenses

(50.8)

(35.9)

41.6%

(45.6)

11.5%

EBIT

155.5

112.1

38.7%

163.7

-5.0%

Margin (% NR from Services)

16.1%

16.4%

-0.3 p.p.

16.9%

-0.8 p.p.

EBITDA

225.6

153.0

47.4%

213.5

5.6%

Margin (% NR from Services)

23.3%

22.4%

+1.0 p.p.

22.0%

+1.3 p.p.

Net Revenue from Services in Asset Heavy amounted to R$967.5 million in the quarter, up 41% from 1Q23. Cargo transportation grew by 101% in the period, also due to the consolidation of IC and FSJ, as well as the growth of Rodomeu, due to new contracts during the year, and Marvel, due to increased customer demand. Dedicated Operations grew by 22%, mainly due to new contracts during the year in the Mining and Pulp and Paper sectors at JSL. Urban Distribution grew by 12% compared to 1Q23 due to increased demand from Fadel. By industry, Food and Beverage accounted for 38% of Asset Heavy's revenue (mainly in urban distribution and transportation of chilled and frozen food), Pulp and Paper accounted for 25% (with various services throughout the customer chain, from timber transportation, through internal mill handling, to pulp transportation and urban paper distribution), and Mining, 11% (with various logistics operations, including transportation, vehicle and equipment rental with driver services and chartering).

During the quarter, EBITDA increased by 47% compared to 1Q23, reaching R$225.6 million, and a margin of 23.3% (+1 p.p.). The continued evolution of the segment's margins demonstrates our ability to maintain and add projects with adequate returns to the required investments, work on the efficiency of operations with cost reduction programs while restoring the profitability of some current contracts.

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JSL SA published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 22:31:08 UTC.