In the preliminary results for the third quarter of 2026 (3Q26), released on Tuesday, October 20, 2026, JSL (JSLG3) reported gross revenue of R$ 3,086.5 million, compared to R$ 2,915.4 million in 3Q25, and gross service revenue of R$ 2,972.7 million, an increase of 6.4% compared to the same period in 2025. Compared to the second quarter of 2026 (2Q26), gross revenue advanced 4.9%, from R$ 2,942.5 million.
By business unit, JSL Dedicados (fleet operations) recorded gross service revenue of R$ 1,417.8 million in 3Q26, up 1.3% from R$ 1,399.8 million in 3Q25. JSL Conecta (aggregators and JSL Digital) totaled R$ 956.4 million, an increase of 17.5% over the R$ 814.0 million reported a year earlier, while Intralog reached R$ 598.5 million, compared to R$ 581.4 million in 3Q25, an increase of 2.9%. Gross revenue from asset sales was R$ 113.7 million, versus R$ 120.3 million in 3Q25, a 5.5% drop.
In the quarter, the company began to group the operations of aggregators and third parties and JSL Digital into the JSL Conecta unit, with a focus on operating efficiency. JSL will now report three business units: JSL Dedicados, JSL Conecta and Intralog. Considering the adjustments mentioned by the company, JSL Dedicados’ gross service revenue grew 8.5% compared to 3Q25, while JSL Conecta posted growth of 26.2% on the same comparison basis.
JSL reported that the 3Q26 EBITDA margin (earnings before interest, taxes, depreciation and amortization) remained stable compared to the first half of 2026. Net capex was R$ 23 million in the quarter, the result of gross capex of R$ 137 million, partially offset by asset sales of R$ 114 million.
According to the company, leverage as measured by the ratio of net debt to EBITDA for the last 12 months fell to 2.6 times in 3Q26, from 3.3 times in 1Q25, maintaining a downward trend for six consecutive quarters. The company attributes this deleveraging to cash generation and to the shift from an asset acquisition model to an asset leasing model.
