COSCO SHIPPING Ports (1199) H2 2025 earnings summary

Executive summary

• Achieved record throughput of 153 million TEU in 2025, up 6.2% year-on-year, with both domestic and overseas terminals contributing to growth.

• Revenue rose 11% year-on-year to $1.67 billion, driven by increased container volume and higher freight and storage revenue.

• Profit attributable to equity holders reached $312.1 million, up 1.1% year-on-year.

• Focused on expanding global network, especially in emerging markets, and enhancing operational efficiency through digitalization and green initiatives.

• Maintained operational resilience despite global trade headwinds, with strong performance in both controlling and non-controlling terminals.

Financial highlights

• Total throughput reached 153 million TEU, up 6.2% year-on-year.

• Revenue increased by 11% to $1.67 billion; profit from joint ventures and associates rose 7.3% to $343.4 million.

• Gross profit was $415.5 million, nearly flat year-on-year (-0.3%).

• Dividend payout ratio maintained at 40%, with annual dividend of $0.03256 per share.

• Cash and bank deposits at year-end stood at $1.34 billion; CapEx was $386 million.

Outlook and guidance

• 2026 global economic growth projected at 3.3%, with port throughput expected to grow 1.8–4.6%.

• Focus on emerging markets (Southeast Asia, Middle East, South America) for future expansion.

• Committed to achieving carbon neutrality by 2050, with interim targets for green energy and emissions reduction.

• Confident in outperforming peers through operational optimization and extended services.

• Management will closely monitor geopolitical risks, especially in the Middle East, and take measures to ensure operational continuity.