J&T Global Express (1519) investor relations material

Executive summary

• Revenue rose 39.5% year-over-year to $7.67 billion for the six months ended June 30, 2026, driven by strong e-commerce growth and higher parcel volumes across all regions, with non-China revenue mix reaching 50%.

• Adjusted net profit surged 124.3% year-over-year to $350.6 million, and adjusted EBITDA grew 67.6% to $730.2 million, reflecting improved operational leverage.

• Average daily parcel volume exceeded 100 million in Q2 2026, with total parcel volume up 25.1% to 17.5 billion in H1 2026 and market share gains in SEA, China, and Other Markets.

• Gross profit increased 88.4% to $1.01 billion, with gross margin improving from 9.8% to 13.2% due to higher SEA contribution and economies of scale.

• Operating cash flow rose 50.9% to $635.5 million, supporting ongoing investments in automation and network expansion.

Financial highlights

• Revenue for H1 2026 was $7.7 billion, up from $5.5 billion in H1 2025, with core express delivery revenue at $7.5 billion.

• Gross profit margin improved to 13.2% from 9.8% year-over-year; adjusted EBITDA margin rose to 9.5% from 7.9%.

• Adjusted EBIT was $434 million (5.7% margin), and adjusted net profit margin increased to 4.6%.

• Revenue per parcel increased to $0.44, while cost per parcel rose to $0.38, reflecting higher SEA and Other Markets mix.

• Cash and equivalents stood at $1.41 billion as of June 30, 2026, with unutilized financial credit exceeding $1.24 billion.

Outlook and guidance

• Plans to consolidate SEA leadership, enhance profitability in China, and replicate SEA’s growth model in Latin America and other regions.

• E-commerce and express delivery in SEA expected to grow 35.4% in 2026, with high double-digit CAGR over five years.

• Continued focus on cost reduction, automation, and technology investment to drive efficiency and service quality.

• Management expects further profitability improvements as parcel mix shifts toward higher-margin non-China markets.

• CapEx for 2026 projected at $800–900 million, with capital expenditures totaling $425.9 million in H1 2026.