The volume of new contracts, which reached R$ 4.9 billion in 2025, contributed significantly to JSL , the logistics company of the Simpar group, closing the year with a 6.5% growth in revenue, totaling R$ 9.6 billion.

Adjusted EBITDA was R$1.9 billion, up 7.7% from the previous year. The margin reached 20.5%, an increase of 1.8 percentage points over the volume recorded in 2024. This occurred even during a period with many financial challenges, such as a Selic rate of 15% per year for most of 2025.

“It was a year of great financial discipline and strong execution. We made many adjustments, especially at the beginning of the year, and we managed to recover operating margins quarter by quarter,” says Guilherme Sampaio , CEO of JSL, in an interview with NeoFeed .

According to the executive, the main mission was to maintain existing contracts with the highest possible profitability rate and, in new ones, to ensure a margin that more accurately reflects the cost of capital for the period.

Sampaio assumed leadership of the company on January 1st of this year, replacing Ramon Alcaraz . Previously, he held the positions of CFO and director of investor relations at JSL.

Of the company's new contracts, 71% came from existing customers, and 29% from genuinely new clients. According to the CEO, this demonstrates the advancement of the company's delivery model, adding value to those already being served.

One of the sectors the company entered with this new volume was the pharmaceutical sector. "This is the result of our decision to create a separate commercial structure for new businesses, precisely to look at new sectors. This has allowed us to have this significant volume coming from these clients," says Sampaio.

The outlook is for significant growth this year, based on contracts with new players in the sector, mainly with the likely entry into the Brazilian market of similar slimming pens, following the expiration of the patent for Ozempic (which has semaglutide as its active ingredient), from the Danish company Novo Nordisk, on Friday, March 20th.

In addition to serving the pharmaceutical industry, the company has also grown in providing services to the airport sector and, especially, in e-commerce, always with middle-mile service, with deliveries to distribution centers.

“There are two ways to acquire knowledge in a sector: either by buying a company or by starting one. In the case of the pharmaceutical segment, we created the infrastructure. We brought in specialists, adapted systems, and obtained the necessary certifications,” he explains.

In contrast, for example, with e-commerce, when the company acquired FSJ Logística in July 2023 for R$ 108.6 million. Today, e-commerce represents 7% of JSL's revenue, having started from zero three years ago.

The food and beverage sector leads the ranking in the company, representing 25% of revenue. Next comes paper and pulp, with 16%; automotive, with 14%; consumer goods, with 11%; and, also with 7%, chemicals, steel, and mining.

The only outlier this year was net profit, partly explained by the high financial costs of operations. In this respect, JSL reached R$ 147 million in 2025, a 22.7% decrease compared to 2024.

"Even though we've managed to reduce the debt spread , a CDI rate of 15% eats into profits. There's no way around it," he says.

“Even so, we managed to deleverage the company by 0.4 times. This is a clear objective, to deleverage JSL, quarter by quarter.” The company ended 2025 with a leverage of 2.9 times in the net debt to EBITDA ratio.

Sampaio, however, believes in a cycle of interest rate reductions, despite the impact caused by the Iran-Iran and US wars. "The government has been making efforts to bring the interest rate in the right direction." According to the CEO, each percentage point in the interest rate affects JSL's profit by R$ 40 million per year.

Last year, the company also took the initiative to exit grain logistics operations, precisely to maintain its focus on sectors that guarantee greater profitability. This partly explains the 1.5% drop in revenue in the fourth quarter, even though it recorded year-on-year growth.

“One of my priorities for this year is to continue growing, even with the grain exports. Today we are still operating at a small volume in the sector. I lost some revenue, but I gained operating margin,” explains Sampaio. “It was a decision based on profitability discipline.”

Separate CNPJ for intralogistics.

The positive result achieved in 2025 consolidates the company's next step to continue growing, which is the definitive separation of the warehousing and internal logistics unit, with the creation of Intralog, a new company that will be under the JSL umbrella from April 1st.

Intralog, which today represents 20% of JSL's total revenue (meaning approximately R$ 2 billion), closed the year, still as a business unit of the company, with the highest growth among the divisions, reaching an increase of 17%.

“The reason for concluding this separation process lies in the sector's focus. Contracts are coming to this new company. Having someone focused on growth all day will help us pursue new sectors. We want more agility and closer relationships,” he explains.

With this, the intralogistics segment will have independent management, with a different CNPJ (Brazilian tax ID) and a president (who has not yet been announced), reporting directly to Sampaio. The figures will remain in JSL's consolidated financial statements.

“Throughout the company's history, several businesses within the group have spun off from JSL when it was still a holding company. This happened with Movida and Vamos, for example. What we are seeing now, in the case of Intralog, is the same movement,” he explains.

In December 2024, JSL Digital also became an independent unit, and today it represents a growth of 25% per quarter. The segment accounts for 5% of total revenue.

The other division, JSL Dedicated Services, which includes aggregated and third-party models with independent drivers, as well as the company's own fleet, now represents 75% of the company's revenue. This unit grew 8% this year compared to 2024.

Over the past 12 months, JSL's shares on the B3 stock exchange have appreciated by 20%. The company is valued at R$ 1.9 billion.