On Thursday, October 1, 2026, JSL (JSLG3) informed the market that it had received a letter from SIMPAR S.A. announcing the settlement of total return swap transactions—derivatives tied to the total return on shares—referenced to the company’s stock, as well as the cash purchase of JSL common shares. The transactions involved 11,399,900 shares in physically settled TRS and 1,750,000 shares in cash-settled TRS, resulting in the cash purchase of 13,149,900 shares, equivalent to 4.61% of the company’s shares.
According to SIMPAR, the settlement of the transactions and the cash acquisition of the shares did not change its total economic exposure to JSL’s shares, but did alter the percentages of direct and indirect exposure via each type of instrument. After these adjustments, SIMPAR’s direct and indirect economic exposure to JSL’s shares corresponds to 191,763,635 shares in the cash market, a long position in common shares equivalent to 67.20% of the company’s share capital, in addition to cash-settled derivatives in long and short positions, each referenced to 12,851,755.18 shares, corresponding to 4.50% of the share capital on each side.
SIMPAR also reported that the settlement of the transactions is part of the negotiations for their renewal and that, on the same date, the board of directors approved the execution, by its subsidiary CS Brasil Holding e Locação S.A., of new total return swap transactions referenced to the now-settled shares, which will be disclosed as soon as they are completed. The company emphasized that, after the conclusion and settlement of these new transactions, it intends to maintain the same total economic exposure to JSL.
According to SIMPAR, the settlement of the transactions and the purchase of the shares in the cash market are not intended to and will not change the composition of JSL’s control or its management structure. SIMPAR also reiterated that it remains a party, together with BNDES Participações S.A. – BNDESPAR and with the intervention and consent of JSL, to the company’s Shareholders’ Agreement, which governs voting rights and the trading of securities issued by JSL.
