J&T Global Express (1519) investor relations material

Executive summary

• Q4 2025 parcel volume reached 8.46 billion, up 14.5% year-over-year; full-year volume was 30.13 billion, up 22.2%, driven by Southeast Asia, China, and New Markets.

• Southeast Asia Q4 parcel volume grew 73.6% year-over-year to 2.44 billion; full-year volume up 67.8% to 7.66 billion, fueled by e-commerce platform investments and product category expansion.

• China Q4 parcel volume was 5.8 billion, flat year-over-year; full-year volume up 11.4% to 22.07 billion, with industry growth slowing in late 2025.

• New Markets Q4 parcel volume rose 79.7% year-over-year to 130 million; full-year volume up 43.6% to 403.9 million, with strong growth in Mexico and Brazil.

• Maintained leading market share in Southeast Asia for six consecutive years and continued to gain share in China and New Markets.

Segment performance

• Non-platform parcels contributed significantly to total volume, with network and cost advantages widening the gap with competitors.

• Southeast Asia saw increased service points, franchisee integration, and market share at 32.8% in 1H2025, boosting efficiency and service quality.

• China focused on high-quality growth, network strengthening, and brand image improvement, attracting more high-value clients.

• New Markets achieved positive adjusted EBITDA for the first time, with parcel volume up 44% YoY and market share at 6.2% in 1H2025.

• Latin America is in early development, with strong demand from e-commerce platforms and investments in local infrastructure and service quality.

Financial highlights

• Group revenue for 1H2025 reached $5.5bn, up 13% year-over-year.

• Adjusted net profit for 1H2025 was $156m, up from $63m in 1H2024.

• Adjusted EBITDA for 1H2025 was $436m, up from $351m in 1H2024.

• Gross margin for 1H2025 was 9.8%, compared to 11.0% in 1H2024.

• Free cash flow and operating cash flow remained positive, with cash and equivalents at $1.66bn as of June 30, 2025.