Good morning, ladies and gentlemen. Welcome to SIMPAR's Conference Call to discuss the Results for the Second Quarter of 2026. This session is being recorded and a replay will be available on the company's website, ri.simpar.com.br. All participants are in listen-only mode during the presentation. At the end of the presentation, we are going to begin the Q&A session, when further instructions will be provided. Because the time of this event is limited, any questions unanswered will be later addressed by the company's IR area. The company's release and the results of the second quarter 2026 can also be reached at SIMPAR's IR website and also CVM's website. Before we proceed, I would like to remind everyone that any forward-looking statements made during this conference call relative to SIMPAR's business outlook are based on beliefs and assumptions of SIMPAR's management.
These statements are subject to changes, since there are macroeconomic conditions, market risks, and other factors that may have a play. Today with us, leading the event are Mr. Fernando Simões, CEO, and Denys Ferrez, Executive Vice President of Corporate Finance and Investor Relations Officer. Now, I'll turn the floor over to Mr. Simões, who will begin the presentation. Mr. Simões, please go ahead.
Good morning, everyone. We are starting to release our results for the second quarter 2026 earnings presentation. On behalf of our more than 57,000 employees, I would like to thank you to join us today. I'd like to share with you a very special time for the SIMPAR Group. In July 2026, we celebrated 70 years since we began our operations. It all started with a single small truck by my father, and we are very proud of that.
Over 70 years, we have gone through many transformations as a business, and we take great pride in everything we have built and accomplished. Above all, we are deeply grateful. Grateful to God, to everyone who has been part of this journey and contributed to the development of our companies, to everyone who is still today and contributes to our business every day, and to the families of those who are part of our history. After all, without our families, none of this would be possible. I always say our families, those that stand with us, are the ones that really make us move. On behalf of all of us, I'd like to thank everyone who has followed our journey and who is here with us to celebrate this very special milestone.
The development of the transformations led to JSL's listing 16 years ago at the highest level of corporate governance, and which brought a stronger foundation, a strategic plan defined by our board and entrusted to us as executives. Both have been fundamental to our development and the transformation of our businesses over the past 16 years. All of this has been essential to our development. But throughout this journey, we have also preserved and strengthened our values and culture. Focus on people, clients, simplicity, approaching every day as if it were the first. An ownership mindset and sustainability in every sense, not as a trend, but as a genuine commitment. Social, environmental, but also from a financial standpoint, and a focus on highly resilient businesses that are part of people's everyday lives and essential to the day-to-day operations of industries.
Every day we ask ourselves whether our services are contributing to and creating value to our clients, whether they are individuals using our services or companies, and we continually ask what we can do better every day. It is this focus, our values, our culture that has shaped what we call the SIMPAR way of doing things. Our key figures. When we compare 2024 and the second quarter of 2026, we can clearly see the transformation of our main indicators. Gross revenue, EBITDA, fleet, number of employees, and more important, we have continued to grow while requiring less CapEx and expanding our EBITDA margin.
They are some of the key figures from the past 16 years that give us food for thought, an opportunity to reflect on the value that has been created, and more important, the strength in which we enter our next phase and the potential we see for future growth. Now, page four, where we highlight some of SIMPAR's key indicators for the second quarter 2026. The space is divided in two parts. On the left, we have our key figures. Gross revenue reached BRL 12.4 billion, up more than 10% compared to last year. Adjusted EBITDA, more than 16% growth. Again, EBITDA growth more than revenue. We reported net income of BRL 52 million from continuing operations, and return on invested capital of 14%. At the bottom left of the page is still some highlights of our key growth indicator.
On the right-hand side, I'd like to draw your attention to some of our main value creation highlights. One of them was the divestment of our two ports, ATU- 12 and ATU-18, which were sold for BRL 1.8 billion. Just as important as the value realized was the capacity of our teams. Over the past three years, they modernized, essentially rebuilt from the ground up a ports operation whose infrastructure was severely deteriorated. This follows the divestment of Ciclus Rio, which I announced previously. This show the value creation of our unlisted infrastructure. We also carried out some debt repurchases. Denys is going to discuss that further on. Some new funding transaction. That demonstrating the breadth of access to different sources of capital. Page five.
I will briefly discuss each of the companies, focusing less on numbers and more on how we view the businesses and their opportunities. JSL, well, as you know, it has the broadest portfolio of logistics services, a highly diversified presence across services, and sectors, food, mining, automotive. This create significant cross-selling opportunities, which have historically been its strengths. At this point, as you can see, JSL is growing at a slower pace than history. Why? Because every three, four, five years, whether because of inflation, cost increases, productivity gains, it's just natural that we revisit pricing, processes, and contracts. Quite often, we have cost increases and inflation, which happened in logistics in the past years. This pricing discipline throughout this period has meant winning in contracts, but also terminating contracts that no longer met our return requirements.
This is what we are doing, winning new contracts, terminating others. This is exactly the phase the company is going through today. Winding down and decommissioning certain contracts. At the same time, winning and deploying new ones. I believe this will happen for two, three quarters until operations normalize. But remember, we want to have the right price, which other competitors don't do, and unfortunately cannot develop, and this creates opportunity for organic growth. Tighter credit conditions, companies often face management and workforce challenges, and this gives opportunities for JSL to grow organically. I believe you're going to see that evident over the coming quarters as growth from new contracts is no longer offset by contract decommissioning. This creates a significant opportunity for JSL to grow again in the next three to four years.
In line with JSL's strategic plan, we also see an opportunity to further develop different business units. Our own fleet, third-party independent drivers to JSL Digital, Intralog, that has been established as a fully independent company, which can happen to other areas. So this is a segment with huge opportunity to provide services to industries. Page six, we have Movida. Movida is our car rental business. I have said that since we joined the segment in occasional short-term rentals when we acquired Movida, I talked about the huge potential of this business in Brazil. It's still very under-penetrated. It's developed rapidly, and there are several avenues for growth. Fleet outsourcing, car subscriptions, short-term rentals, used cars, the rental for customized vehicles for specific services. If I may say so, Movida is uniquely positioned. It's no longer a small company. It has significant scale today, but it's not complex.
It has the agility of a smaller company and the scale of a larger company. More importantly, it has the people and management capabilities to execute. Proof of that is that the combination of service, innovation, and agility, always with a strong focus on our clients, has brought organic growth that is part of our strategy. I also think that shows the strong relationship we have with our suppliers. In the last 12 months, we have more than 700,000 new customers in a growing market with significant potential for development. We are very pleased with everything we achieved with Movida, the transformation led by its managed team. But even more excited about what lies ahead. Continued development of the business, improved returns, operating efficiency, and fair pricing. Page seven, we have some of the main highlights of Vamos for the second quarter 2026.
Christian has taken over as the company's CEO, Rodrigo as interim CFO. Both know the company and the business extremely well, which provides for the continuity in the execution and mission of the company's new cycle. They have carried out both a commercial and operational reorganization, which I believe will also significantly contribute to greater focus, agility, and simplicity in the new cycle. I believe this will help reduce used asset inventory, whether by re-leasing those assets or selling them, and also through a new product, which is short-term leasing in the same Pronto product. That is six months, one year, one and a half. Christian probably already discussed that with you. I believe this will support higher monthly deployment volumes in new used assets and also higher used asset sales, contributing to the continued reduction of our inventory.
What makes us particularly confident is the team's positioning and expertise, combined with the significant leasing opportunities we see in the market for this profile of trucks that we have, and with discipline in credit and execution, and in selecting clients and operations where our equipment will be deployed. Once again, I would like to reinforce and share with you our longstanding conviction with the growth potential of the truck and equipment leasing, particularly now with tighter credit and high financing costs. Also a different price range for new trucks, which has also increased quarter after quarter, which makes our scale and purchasing power even more competitive and enhances the attractiveness of our inventory, both of new and used assets, whether for sale, lease, or contract extensions for another one, two, or even three years.
This is a market that is significant potential in Brazil, just starting, and Vamos is very well-positioned in this segment. On page eight, we have Automob. As you know, over the past years, we have built the largest automotive dealership network in Brazil, consolidating with truck, agriculture machinery, and heavy equipment businesses. We are still capturing the synergies from the consolidations. We are increasing sales volumes per locations, and achieving significant cost reductions. But our results do not yet fully reflect either the synergies or cost reductions. But we are very confident in this business, and the team is very much focused on accelerating value creation in the shortest possible time frame. I strongly believe that the business is beginning to mature, and this will create significant opportunities beginning in 2027. The team is working hard, is focused, is reducing costs, capturing synergies, and increasing volumes per location.
I believe this process will continue over the next six months, and the benefits will be clear as of 2027. On page nine, we have CS Infra, our company that has been developing concessions and PPP projects. I would like to reinforce the significant potential and opportunities in Brazil of services that require less CapEx and are strongly focused on service delivery, contributing to people's lives, and the quality of life, while also improving the quality of public services. In this strategy, our team's ability to execute and operate those businesses has resulted into value creation, both for the business themselves and through the increased value of the underlying assets. We strongly believe what we have been building, but we also believe that the potential of this business in Brazil remains significant, and CS Infra is well-positioned to capture opportunities.
This focus on value creation, while remaining true to our commitment to serving clients, has also contributed to value creation for the group and to a better understanding of the value embedded in our unlisted companies. For example, on page 10, we show some assets divested over the past 12 months, Ciclus Rio, Ciclus Pará, and two port terminals, showing the value in assets that were not previously reflected in valuation. Asset monetization is not our core business. Our focus in developing operating businesses, creating value, contributing to society, generating returns for our shareholders. Whenever a divestment also serves these objectives, it is certainly something our board may consider. The board's decision to divest also helps demonstrate our team's ability to create value, not only through operations, but also by developing businesses and ultimately selling them.
On page 11, we have CS Brasil, which focuses on logistics services and vehicle rental with drivers. As you can see, key figures, the business has been growing, developing in segments with significant opportunities. Although these contracts are awarded through public tenders, they are services that are similar to a concession, but with shorter contract terms, vehicles, and drivers. I also strongly believe in the growth potential of this business, which contributes to improving the quality of public services. Now page 12. Banco BBC Digital has been growing and developing sustainably with a focus on our core business, financing used cars and trucks. More than 95% of its contracts have down payments of 30%-40%, a 10% spread, and low delinquency levels. This demonstrates the quality of the bank's portfolio, as well the strength of its team, governance, and management.
Page 13, we have our key financial indicators, and then I'll turn over to Denys. Denys?
Thank you, Fernando. Good morning, everyone. Slide 13, we have consolidated financial highlights. I'll start with net revenue, which totaled in the second quarter of 2026, BRL 11.16 billion , of which BRL 9.5 billion came specifically from services provided. This represents an increase in this revenue of approximately 14% when compared to the same quarter last year. Adjusted EBITDA and EBITDA margin totaled into 2Q 2026, BRL 3.361 billion , and margin of 30%. Again, 16% above the same quarter last year and two percentage points higher for the margin in the same period. This reflects our continuous focus on extracting more value from the operating base we have already built. Adjusted operating income measured by EBIT, and shown on the left-hand quarter.
It totaled BRL 2.1 billion, an increase of 18%, margin of 19%, which is about 1.5 percentage points higher than the same quarter last year. Adjusted net income totaled BRL 52 million to 2Q 2026, reversing the loss recorded in the same period last year. Compared with the first quarter of this year, adjusted net income was 6x higher. Just a brief comment on our consolidated EBITDA margin, which has been improving consistently. When we break it down into service margins, asset sales margin, and dealership margin, which has different business profiles, we see margin improvement across all three, as you can see on the right-hand side of the slide. Slide 14, as we have done in previous quarters, we show the relationship between cash generation and net investment in each period. Net investment here represents contracted CapEx less asset sales completed during the period.
As you can see, in previous years where we were building scale across our businesses, net CapEx significantly exceeded cash generation of each year. Since 2025 to today, with the completion of that scale-building phase and our increased focus on extracting greater values, greater returns from the operating base, the relationship has reversed. C ash generation now exceeds net investment. Over the last 12 months ended in the second quarter of 2026, the ratio was 1.9x . In other words, EBITDA was almost twice the CapEx invested. Again, net CapEx here includes in-vehicle rental businesses the preparation for the month of July, which is seasonally the busiest month for the year in the sector. Now moving on to the next slide, we bring to you the group's consolidated debt and cash positions, and also the key characteristics of our debt profile.
We continue with a strong liquidity position, consisting primarily of cash, but also including the undrawn committed lines and available floor plan lines at our dealerships. We have an average maturity of our debt of 3.8 years. Liquid position covers short-term gross debt by more than 2x . As an additional update, during the second quarter 2026, we raised approximately BRL 2.7 billion in new debt, average maturity of 6.3 years. Looking at the third quarter through today, the date of this conference call, we have already raised approximately BRL 2 billion, with average maturity of 3.4 years. Another important event during the quarter was the private capital increases totaling BRL 3 billion across the group, divided between SIMPAR, Vamos, and Movida, supported by SIMPAR's controlling shareholder, JSP [inaudible], and BNDESPar.
On the next slide, I would just like to highlight a few additional points regarding our debt structure. The group's organizational structure was designed to provide the greatest possible degree of independence, particularly to our publicly traded companies. Here we show by company the cash position and debt amortization schedule for Movida, Vamos, JSL, and Automob, our listed companies, followed by SIMPAR as a purely holding company. Remember, CS Brasil and CS Infra are privately held and receive greater support from SIMPAR as they continue to develop. The key point is that each publicly traded company has its own credit rating, capital structure, shareholder base, governance designed to protect the specific interests of that company. These publicly traded companies are not affected by events at other subsidiaries of the SIMPAR group.
They can always rely on the support from SIMPAR because any event at the SIMPAR subsidiary has a direct impact on SIMPAR's debt covenants. However, events at SIMPAR do not have an impact on the debt of its publicly listed subsidiaries, therefore presenting the independence of each company and their respective shareholder base. This is the key message here. Although we present consolidated figures, because SIMPAR's covenant metrics are assessed on a consolidated basis, that does not mean that the companies are interconnected from a debt perspective. I think that's the main point of this slide that I would like to emphasize. The next slide, 17, we focus specifically on SIMPAR Holding on a standalone basis. At the end of second quarter, SIMPAR had an extremely strong cash position, BRL 4.6 billion, average maturity of 5.1 years at BRL 1.4 billion.
As you may recall, last quarter, we committed to repurchasing up to BRL 1 billion during 2026 in debt. We can now report that we have already repurchased BRL 350 million. It's important to note that between last quarter and this quarter, there were several periods in which we were restricted from trading, specifically because we were working on the port divestment, as previously disclosed, and the port divestment is not yet reflected in SIMPAR's net debt. Obviously, as we approach the release of our results, we also enter a blackout period. Nevertheless, we will continue working hard with our firm objective of repurchasing gross debt and reaching at least BRL 1 billion in debt repurchases by December 2026.
Specifically regarding the net debt balance at the end of the second quarter, I would like to emphasize that it was down 56% compared with the net debt we had at the third quarter 2025. In other words, between 3Q 2025 and 2Q 2026, SIMPAR's net debt fell to less than half its previous level. It does not yet include the benefit from the port divestment announced in July. Had that transaction been reflected at quarter-end , SIMPAR's net debt would have been below BRL 1 billion on a pro forma basis. Next, slide 18, we have our financial leverage. In the second quarter of 2026, net debt to EBITDA stood at 2.8 x, as measured under our bond covenants. This is our lowest leverage since our IPO in 2010.
In other words, the lowest in the past 16 years, even with average CDI of 14.8% over the last 12 months. That demonstrates our ability to adapt our business portfolio to the prevailing macroeconomic environment and the flexibility provided by the breadth of our portfolio. It is the combination of both. In net debt to EBITDA adjusted, which is what we use for our local debt portfolio, leverage stood at 2x at the end of 2Q 2026. This is my final slide now. We have a metric that we closely monitor as part of our management performance assessment. It is the productive ROIC, which stood at 14% at the end of 2Q 2026, 1.9 percentage points above the average after-tax cost of gross debt. With that, I will turn it back to Fernando. Fernando?
Thank you, Denys. Now on page 20, we have some of our final takeaway messages before we open for your questions. In keeping with our commitment to transparency and in line with the strategic plan defined by our boards over the past two years, we have reinforced the key priorities and objectives of our strategic plan. This means focusing on operating efficiency, discipline, fair pricing, extracting value from everything we have built, and continue to develop business sustainability. Anticipating clients' needs, valuing our people, contributing to their development, and operating in resilient segments where we know our services contribute to the development of our clients or their clients.
Here on page 20, we highlight some of the key indicators that already begin to demonstrate the results of the work we have been carrying over the past two years. With that, I will open for your questions so that we can answer anything that you wish to know about the presentation. Thank you very much.
Ladies and gentlemen, we will now start the Q&A session for investors and analysts. If you want to ask a question, please raise your hand at the bottom of your screen. If your question is answered, you may leave the queue by lowering your hand. If you want to ask a question in writing, please just ask your question on the Q&A area with your name and institution. Our first question comes from André Ferreira from Bradesco BBI.
Hello. Good morning, everyone. Thanks for taking my question. Congratulations on the work of the group. I have two questions. In addition to repurchasing the debt, do you think you should also buy back shares both at the holding and at the subsidiary level? And second, when you think of net debt of the holding BRL 1.4 billion, how much cash do you still have to come in considering the divestment and dividends declared and not paid? And what is the level of net debt for the holding that is ideal for you to target in the medium term?
Hi, André. Good morning. Thanks for attending. Your question, this is Denys speaking. Indeed, our priority, as we have already said that in previous quarter, was to repurchase of our gross debt. But certainly we have been observing the market. And when you see the price of our shares and the behavior they are showing, obviously there is something that deserves our attention, at least an internal discussion. This is a decision that has not been made.
Our focus is not a share buyback, but for example, you have Movida, as you have seen, showing continuous improvement in net income along several quarters with an interest environment that is very high. So if we see a projection in the future market of stable interest or just slightly above, this is a company that is creating value. However, when you take a look at the valuation of the company vis-à-vis its equity value, we have a 30% discount. So even if you go back to the discussion of the fleet mix and all the transparency it provided to the market in this conference call, the quality of its mix and the accuracy of its management, the effectiveness of the linear depreciation it has applied different from other players that had lots of impairment. I think this is value creation, and we have a 30% discount.
So it is not up to me to make the decision. It is up to the board of directors. But we are being demanded to look into that and to bring the discussion to the board. In terms of cash from the divestments made on a consolidated base, we have from the declared dividends to be paid this year, and that is about BRL 1.3 billion, and specifically for SIMPAR, BRL 900 million. Now, debt net, the target, as Fernando has mentioned before, is really to zero the net debt of SIMPAR as a holding company. Of course, this is a reflex of all developments made throughout the year, the group's transformation. We kept this debt at the SIMPAR level, and now it is time to address that. So we will continue to pursue reduction of this net debt at the holding level to zero. Okay, André?
Very clear. Thank you very much.
Thank you.
Our next question comes from Gabriel Rezende from Itaú BBA. Mr. Rezende.
Hello, good morning, Fernando, Denys. Congratulations on your results. I wish you all success. I would like to have a follow-up on the debt profile and capital allocation. We saw your proceeds for the short term. The control of your debt. But I would like to understand, now that the group is in a more comfortable position, and we start to see for some time now, stabilization in terms of growth, how does the group see capital allocation for the next steps now that you have a more balanced balance sheet, both for the holding and the subsidiaries? Does the group eventually think of resuming growth? Any specific niche that you can address with less capital allocation, synergies, contracts that demand less CapEx? We are seeing JSL moving more to asset-light.
Just to try and understand the next steps in terms of capital allocation in addition to buying back debt.
Gabriel, this is Fernando speaking. Thanks for your question. Thanks for the congratulations. We are very happy about turning 70, and especially of how we got here, with excitement and people to enjoy the next cycle. Gabriel, what your question addressed, which is very important, is that we had made lots of investments. We built our foundation, put up together stores and everything. The focus on operational efficiency had the strategy to create value. But we are not missing out opportunities because we have less CapEx. Proof of that is Movida, with 700,000 new clients in the past 12 months. Our companies are growing revenue with less CapEx. Opportunities continue. You talked about JSL, and it is correct.
We closed BRL 2 billion of new contracts with JSL. Leasing assets instead of having our own assets is part of JSL's strategic plan for the better allocation and return on capital. Together with that, JSL discontinued about 800 million contracts a year because of our discipline in pricing. Focus is operational efficiency, discipline pricing, optimization of assets. This is our focus. The consequence has been deleveraging, which is going to continue, but without missing out any business opportunity. We always joke around. We can go into any business. If it is a good business with a good return, we are going to go for that. But our focus is to deleverage, continue developing, and extracting value from what was built. That is our focus. Denys would like to say something. I am going to ask him to add.
This is Denys speaking. Within what Fernando mentioned, what we were able to develop, the expertise in infrastructure, our proven value creation with everything that was presented, so many examples of divestments. We have been approached, and we are open to have capital partners, because with the track record of execution that we have, there is capital interested in infrastructure, in being part of a business with us in a way that we can have a specific profit for a future participation of a third party. So many people see opportunities in this area. We will also seek the development of the structure to have a balance there. We know that Brazil has huge opportunities, and we are going to do that in a disciplined manner, considering each of the approaches and trying to find a common denominator that will allow us to move on with that.
Very clear, Fernando. Very clear, Denys.
Thank you, Gabriel, for your question.
As a reminder, if you have a question, you can raise your hand on the bottom part of Zoom. You can also ask a question in writing in the Q&A area. João Ramiro, you can ask your question. João Ramiro from XP has a question.
Good morning, everyone. Fernando, Denys. Thanks for taking my question. My question is more towards the CS Rodovias. This quarter, we saw the ramp-up of CS Grãos do Piauí with two new toll plazas, and the expectation of getting to 10 at some point. I would like to know the next milestones for this concession, the level of EBITDA that we can expect by the end of year 2026, 2027, and also lot six of Mato Grosso. We saw a potential litigation in the concession with the awardee possibly being ruled out, a new taking over. I would like to know if you have any update, any timing when the decision is going to come out. Thank you very much.
This is Fernando speaking, João. Thanks for attending. I would say the following. It's important to highlight that we are reaching almost 1,000 km being managed by CS Infra, without considering lot six. We are sure, even with the guidance of our legal department, that we have the rights to that. We have the opportunity of lot six. But without considering that, we already reached 1,000 km of highway. CS Grãos do Piauí has almost the whole CapEx already executed, and now it is in deployment as expected. Remember that highway is almost like a take-or-pay, because there is a guaranteed revenue. Denys is searching the numbers. He can give you the numbers.
Maturity is going to reach in 2027. Lot five of Mato Grosso already starts this year, if I'm not mistaken, because the first phase of CapEx and the improvements of the highway have already been completed. We are very pleased with these businesses. We talked about the port. We talked about the quality of our assets within CS Infra. The highway assets under the management of CS Infra is impressive. The synergy of lot six, because it is in Mato Grosso, the quality of this asset, if we get to be awarded, is huge. In CS Infra, we have been very selective in what we go for, quality of CapEx, quality of return, very high-quality assets. I'll turn to Denys.
Denys here. João, specifically talking not only about the highway, but CS Infra as a whole. I think that in the last 12 months, EBITDA was about BRL 162 million, a bit more, a bit less. I cannot give you a guidance, of course, but individually speaking, we have a huge material contribution to come. Rota da Integração is something to be mature in 2027. This is a concession of 30 years. We started in September last year. There is an event that the company is going to hold about CS Infra. It's going to be at the end of the month. There you're going to have all visibility, all details about what CS Infra is like. Everything that we have accomplished with this company. Okay.
Thank you very much.
As a reminder, if you want to ask a question, just raise your hand. You can also send your question in writing on the Q&A button.
This is Denys speaking. If we have any questions later on, you can announce, but we have several questions that came in writing. I'll try to answer them. The first comes from Tiago. Tiago is saying that the company has sold Ciclus Amazônia. Does it make sense to keep CS Ambiental Centro-Oeste? The competitor announced the purchase of Rondonópolis. Does it make sense to keep this asset? CS Infra is assessing concession opportunities, not only to keep the Midwest, but also to have other concessions develop other assets. Ciclus Ambiental is always looking into long-term concessions and the vocation of services. We are very active looking into businesses, and we don't rule out any divestment. This is a sector with huge opportunities.
Just to reinforce, the assets that we sold in Pará with a high-quality contract long-term Ciclus Rio, that is very high quality in terms of engineering, one of the largest landfills and waste treatment centers in the world. CS Infra continues to look into opportunities in environmental businesses. This is to Douglas. The deleveraging process, asset monetization, reduction in hold company debt, does it make sense to pursue a tender offer to take the company private, whether in the short, medium, or long term? I am going to answer this question. Today, we are not thinking about going private. Remember that the group structure was built to have this capital support for the companies to develop. The listed company have their own governance, their independence, their own diligence. So for now, in my mindset, as part of the financial department, we are not looking into that.
I am going to let Fernando, as the company's controller and CEO, answer that. Fernando?
As a shareholder and as a board member, today, this is our position. Tomorrow can be different. We have been a listed company for 16 years. Our company has gone through several periods, and we have never been an operator to stay for three years in a business just to enjoy just one or two opportunities. I think that it is very important for us to be listed, for people to follow the development and the work of our management. We work for a long term. We have been listed for 16 years. So right now, we do not consider going private. Quite the opposite.
We want the market to continue to see all the movements that we are doing, and I think that when we are listed, this is much more transparent than when you are privately owned. So the idea is to be here for long. Of course, tomorrow the board of directors may decide differently, but that is the position that we have today.
Fabiana asks the following: What is the expected pace of future repurchases and which instruments of debt issuance the company is considering?
We are thinking of repurchasing debt of SIMPAR by SIMPAR. Recently, what we most bought was in H16. For the future, we do not have one or other preference. We have just to follow the market. The idea is, again, to reach the BRL 1 billion of repurchase, and now we are at BRL 350 million. We did talk about that in the first quarter. We had several periods we were not able to operate, either because we were in the negotiations of the port or in the blackout period.
We have a question from Moises. What has to happen in the coming quarters for this operating growth to translate into income and cash flow? What would be the sustainable level of annual net income, once interest rates normalize?
Moises, we do not give guidance of income, but we have a process which is the sum of several companies. We are continuing to work with CS Infra. These processes still have to turn mature. We have JSL, that is in a period where it is, not in a transition, but it is in a period of adjustments as it happened in the past. But the idea is to be adding those healthier contracts to be deployed and to leave others that did not prove to be so efficient. So it is because of its flexibility, because of its diversification, it may terminate some contracts, and that will certainly contribute to better results. Movida has been consistently exceeding its guidance and our results.
You can see in the next 12, 24 months, the operation of derivatives right after the capital increase that was announced. This is the essence of the company businesses. Of course, we want this volatility not to continue, but remember that we are in an election year, which is not the calmest period of a country. That is the idea. We are always thinking of positive moments, but irrespective of the timing, net income is already showing.
This is Fernando, and I am telling you as a shareholder and thinking of the company in the long term. We work for the result of our work to be profit. But when you talk about operation efficiency, when you talk about quality of management, you have assets like the two ports, and you see the amount of value creation that you have. So you have several movements that create value with the income as is. So we are working every day to be profitable. Then you have the company time of each of our subsidiaries, one a little more, a little less, but all of them extremely sustainable in the long term. This is what we have been working on, and this is how we have been developing historically. Take a look at our operating indicators of all of our companies.
I am not complaining about interest rates because this is something that we cannot control, but we can control our capacity to execute. So I am very happy with what we are doing, and the income is just going to be a consequence of that.
We have a question now. JSL is being very clear about the independence of Intralog. Is the next step an IPO?
We depend on all clients and all sectors, but we do not depend on a single sector, on a single service, on a single segment. Intralog is the same thing. It has been turned into a completely independent company with a CEO that is completely independent, focused on its mission of delivering results. I think JSL, it has JSL Digital own and third-party assets. Again, that can be considered a completely different company.
Again, to have focus, to have a single view, and to be completely independent. So this is reorganization. If you take a look at our 16-year history of a listed company, you saw companies becoming independent, whether they had their IPO or not, that is irrelevant. That depends on the timing of each company, but it is not included in our plans. What we want is to show the company the best way possible for you to understand our business. JSL is really executing excellent work. It is going to have less organic growth than it happened in 2005. But again, it is going to meet its guidance for the year.
A final question that says, "How have the companies in the SIMPAR group react to the coming of Chinese OEMs?"
We think this is a reality. It is good. It contributes to the mark. It's bringing more people to buying cars at an average price of BRL 300,000 to 200,000. All our companies are somehow within this ecosystem. For example, Automob has a large portfolio of Chinese dealers. Movida has partnerships with some Chinese OEMs for the purchase of vehicles in some operations. Movida has just closed an agreement with 99, that is also Chinese, and we are very happy with the relationship we have had with them. It's been really a pleasure. So within our ecosystem, JSL, for instance, is providing services to some of the Chinese OEMs coming in car transportation, part transportation, Intralog. So we have huge opportunities, and we are enjoying those opportunities within this ecosystem.
Even BBC Bank also has some businesses with the Chinese. So I think that we want to be part of this ecosystem in a differentiated manner and really enjoy this movement. I don't know if there are any questions.
No, we are closed. You can go for your final remarks.
Well, again, on behalf of our people, more than 57,000 employees, I'd like to thank you. We are living through a very special time, our 70 years old in June. Just a brief message. I think it's important for us to really think about the business. The business started with a single truck, then a transportation company. Unfortunately, in a segment that many people fail. We want to see the market to develop, our competitors to develop. But sometimes there is a lack of discipline in pricing and a lack of management. Our company was formed this way, with price discipline, with the responsibility of the money that finances us, with very strong management.
We are very happy about the 70 years, but we are not attached to the past. We have the culture and values that formed us to have people that make a difference, but we are looking into the future. So we are very happy about what we did, how we got to the 70 years with lots of nice people, a fantastic client portfolio. With companies that are prepared to develop in the sectors in which they operate, huge diversification of sector services, and with huge resilience of our services. We are so much prepared in our ecosystem that you see in this question about the Chinese, we are already part of this movement, and our management model is very unique. It's what we call the SIMPAR way of doing things.
It is the capacity of our people to really be able to do things, to really provide services of our clients in a different way. Movida, again, transformed the segment completely, and it's growing without stop. JSL, if you compare it to 2020, it had BRL 3.5 billion and now BRL 11 billion, plus the creation of Intralog. Just to close, two years ago, again, with the transparency that we are committed to as a company that has been 16 years listed in the market, we said, and we have been saying that many times, that we would focus on operating efficiency. The first time we said that was two years ago. Pricing discipline, asset turnover, and the possible divestment of some unlisted asset because they were not being seen in our valuation.
Not only because of the value of the money, but for people to perceive the value of the company in the market. That resulted in the deleveraging that you are seeing in the group. Again, not only because we are divesting, but because we are improving our indicators, that we are having better operating efficiency based on everything that was built. From now onwards, without guidance, we see the main results that are going to come for the numbers that are being projected. Automob is just starting enjoying synergies. We are accelerating execution, loads of opportunities, and the initial numbers are showing. Movida, a huge transformation, but it is starting a new cycle with great opportunities as well. The rental business in Brazil is just starting, and Movida has a DNA of services, appropriate pricing, and good management. Vamos is a company that had the reorganization.
We are very happy what is happening now, and it is going to do more of the same, but better, with huge opportunities, again, the leasing of used assets, short-term rentals. JSL, I already mentioned. CS Infra has just been awarded a concession of terminals in São Paulo, pre-operational, huge opportunity. The schools, the quality of assets of CS Infra is out of this world. This is what I wanted to tell you. We truly believe in what we are doing. We are very happy with what we achieved, but we believe we still have a lot to extract in terms of operational efficiency, opportunities of bringing different shareholders to different assets. We are paying attention to all opportunities that are being posed to us, always in a sustainable manner. Sustainability, again, comes from social, environmental, and financial aspects to bring return to shareholders and market.
Again, on behalf of our people, our team that do make a difference and that are prepared to continue the work that we started two years ago, deleveraging, creation of value, and a strong relationship with our clients, with the industry or retail. That is the greatest difference of our company. We thank you. We have more than 250 people attending. Thank you very much. Thank you for being with us for so many years, and let us go for the next 70 years now. Thank you very much.
SIMPAR second Q 2026 conference call is now closed. We thank you very much for attending and wish you a good day. Thank you.