J&T Global Express (1519) H1 2025 earnings summary

Executive summary

• Group revenue rose 13.1% year-over-year to $5.5 billion for H1 2025, with parcel volume up 27% to 13.99 billion, led by 57.9% growth in Southeast Asia and strong performance in new markets.

• Adjusted net profit surged 147% to $156 million, and adjusted EBITDA increased 24.2% to $435.6 million.

• Southeast Asia maintained industry leadership with a 32.8% market share, while China held 11.1% share and new markets achieved positive adjusted EBITDA for the first time.

• Maintained resilience in the competitive Chinese market, despite margin pressure from price competition.

• Free cash flow reached $192 million, and cash and equivalents stood at $1.7 billion as of June 30, 2025.

Financial highlights

• Total revenue increased 13.1% year-over-year to $5.5 billion; gross profit was $539 million, with gross margin declining to 9.8% from 11%.

• Adjusted EBIT rose 65.4% to $196 million; operating profit increased 9% to $125.4 million.

• Net profit reached $89 million, up 186% year-on-year; basic EPS was 1.0 US cent, up from 0.3 US cent.

• Operating cash flow was $421 million, up 21.8%; free cash flow reached $192 million.

• Cash and cash equivalents stood at $1.66 billion as of June 30, 2025.

Outlook and guidance

• Ongoing focus on cost reduction, automation, and digital management, especially in Southeast Asia and new markets.

• Plans to leverage e-commerce growth, empower overseas markets with China experience, and expand non-ecommerce customer base.

• Latin America and new markets expected to be key growth engines, with further volume and EBITDA improvements anticipated.

• Continued investment in network capacity, infrastructure, and technology to support growth and efficiency.

• No interim dividend declared for the period.