China Merchants Energy Shipping (601872) investor relations material

Executive summary

• Q3 revenue rose 89.89% YoY to RMB 12.77bn; net income attributable to shareholders increased 327.45% to RMB 5.02bn, driven by stronger tanker rates and broad gains across other fleets.

• For 9M 2026, revenue grew 67.90% to RMB 32.42bn and attributable net income rose 263.15% to RMB 11.98bn.

• An Tong Holdings was consolidated from Aug. 28 after control was obtained; its results were included from the acquisition date, with no restatement of comparative periods.

Financial highlights

• Q3 total profit was RMB 5.94bn, up 346.95% YoY; 9M total profit reached RMB 14.10bn, up 270.14%.

• Q3 adjusted net income, excluding non-recurring items, was RMB 4.50bn, up 352.23% YoY; 9M adjusted net income was RMB 11.41bn, up 293.18%.

• 9M operating cash flow increased 135.87% to RMB 13.69bn, reflecting higher freight receipts as tanker rates surged.

• 9M net income was RMB 12.22bn, including RMB 11.98bn attributable to shareholders and RMB 232.85m attributable to minority interests.

Outlook and guidance

• By the report date, tankers had fixed about two-thirds of Q4 operating days and some 2027 days; locked rates were substantially above 9M realized levels and above some international peers’ disclosed Q4 coverage.

• Strong Q4 tanker conditions were described as supporting continued stable growth in fleet and overall results.

• LNG ship projects continued to progress; 24 vessels were under construction at the report date, with eight already delivered and operating.