JSLG3

JSL S.A. is a Brazilian logistics company whose common shares are traded on B3 under the ticker JSLG3. Its origins date back to 1969, when it began operations in general cargo road transport under the name Julio Simões S.A. From the 1980s onward, it expanded its scope to employee transportation for clients and fleet outsourcing, following the demand for specialized services. In the 1990s, the company directed its efforts toward optimizing supply chains, connecting industries, suppliers, and customers in a more integrated way. Starting in the 2000s, this movement culminated in the consolidation of an integrated logistics services model, with customized operations focused on cost reduction and increased operational efficiency for companies across different sectors.

In 2010, then called Julio Simões Logística, the company carried out its initial public offering and joined the Novo Mercado segment of B3, with a capital structure designed to support expansion plans. In the same year, it adopted the JSL brand, unifying operations previously conducted under different brands, such as Julio Simões, Grande ABC, and Lubiani. Over time, the company used acquisitions as a tool for growth and diversification, including the purchase of Rodoviária Schio in 2011, expanding its presence in logistics for temperature-controlled products and opening operations in Argentina, Uruguay, and Chile. Subsequently, it moved into vehicle and equipment resale and leasing, and also operated in light and heavy vehicle rental through subsidiaries that, after the group’s corporate reorganization, began to follow their own paths. In 2020, the company ceased to operate as a holding and started focusing exclusively on operational logistics services within the Simpar group’s corporate structure.

JSL’s business model is based on providing integrated logistics services, focused on medium- and long-term B2B contracts, combining asset-light and asset-heavy operations. All of the company’s revenue is reported under a single logistics operating segment, broken down into four main lines: road cargo transportation, dedicated logistics operations, urban distribution, and warehousing services. The company operates with both its own transport and infrastructure assets and a large base of third-party and contracted drivers, as well as clients’ assets, which allows it to adjust the level of capital invested by contract. In 2024, JSL’s consolidated net revenue was entirely generated by the logistics segment, underscoring the company’s specialization in supply chain management and the movement of goods.

In road cargo transportation, JSL transports inputs and finished products, including new vehicles, via the road modal in point-to-point full-truckload operations. This activity is directly related to domestic consumption dynamics and exports, serving mainly the food and beverage, automotive, consumer goods, and e-commerce sectors. Dedicated logistics operations, in turn, involve contracts of 3 to 5 years, with a high degree of customization and technological integration, focused on critical activities within clients’ production processes. In this segment, the company provides services in commodity, pulp and paper, and mining chains, among others, including loading of raw materials and finished products, supplying production lines, internal and port-area handling, road maintenance, waste management and unloading, as well as employee chartering and in-plant logistics at industrial sites.

In urban distribution, JSL and its subsidiaries operate the so‑called last mile, supplying points of sale in large urban centers, both with full-truckload and less-than-truckload. Operations cover dry, refrigerated, and frozen cargo, with real-time temperature monitoring, departing from owned or third-party warehouses, or directly from industrial plants to retail. This business line is geared to the B2B segment, but also connects operations that support service to the end consumer, especially in food and beverages and consumer goods. In warehousing services, the company manages a significant base of dedicated and multi-client warehouses, with capacity exceeding 1.4 million square meters, providing receipt, dry and refrigerated storage, sequencing, supply of production lines, and integration with clients’ sales systems for shorter delivery times, often combined with its own urban distribution.

JSL’s client portfolio is diversified, with more than 600 companies generating recurring revenue and low revenue concentration in any single customer. In 2024, no client accounted for more than 10% of total net revenue, and the ten largest represented 37% of gross revenue, with an average relationship of 22 years between the company and its ten main clients. JSL serves approximately 16 economic sectors, with retail and services making a relevant contribution to its revenue. In specific segments, the company maintains relationships with large industrial groups in pulp and paper and mining through dedicated operations, and also serves food, beverage, and consumer goods companies in urban distribution and warehousing, reinforcing its exposure to consumer and industrial chains on a national scale.

JSL’s geographic presence is broad across Brazil and includes international operations. The company maintains more than 350 branches distributed across all Brazilian states, supporting an operating base of over 34,000 technical assets and a workforce of more than 35,000 employees. Abroad, it is present in South American and African countries such as Chile, Argentina, Uruguay, Paraguay, Peru, Bolivia, South Africa, and Ghana, through subsidiaries and operations that extend the reach of its transportation, distribution, and logistics services. The warehousing structure covers more than 1.5 million square meters of area and includes an intermodal logistics center, enabling the connection of different transport modes and integrated operations.

JSL’s activities take place within an environment regulated by various agencies and rules related to transportation and infrastructure. At the federal level, the Ministry of Infrastructure is responsible for formulating national freight transport policy and managing road infrastructure at a macro level. The National Land Transport Agency (ANTT) regulates and oversees land transport activities, including road cargo transportation, for which companies must be registered in the National Registry of Road Cargo Carriers (RNTRC). The National Waterway Transport Agency (ANTAQ) regulates and supervises waterway transport services and port infrastructure, which are relevant for operations involving port areas. The Federal Highway Police is responsible for traffic enforcement on federal highways, including cargo transport, while the National Traffic Council (CONTRAN) establishes technical traffic rules valid throughout the country. This regulatory framework shapes the company’s operating environment, especially in matters such as safety, compliance, and requirements for fleet circulation.

In terms of management and governance, JSL operates as a publicly traded company listed on the Novo Mercado, with JSLG3 shares, subject to the corporate governance practices associated with this B3 segment. Its business model combines contracts that include clauses for periodic price adjustments, minimum volume provisions and, in many cases, penalties in the event of early termination, which contributes to revenue predictability and economic protection for operations. The company adopts pricing processes that take into account the life cycle of the assets used in service delivery, including the sale of vehicles and equipment at the end of contracts, with the residual value factored into the economic return. Although environmental, social, and governance topics are inherent to transport and logistics operations—especially in road safety, waste management, and relationships with drivers and employees—the available information emphasizes above all the contractual structure, operational efficiency, and corporate organization geared toward an exclusive focus on logistics services.