J&T Global Express (1519) H2 2025 earnings summary

Executive summary

• Revenue rose to $12.2 billion in FY2025, up 19% year-over-year, with strong growth in Southeast Asia and new markets, and parcel volume reaching 30.13 billion, up 22.2%.

• Adjusted net profit more than doubled to $425 million, with adjusted EBITDA up 34.8% to $1.05 billion, driven by international expansion and operational improvements.

• Southeast Asia parcel volume grew 67.8% to 7.7 billion, with market share rising to 34.4%.

• New markets achieved positive adjusted EBIT for the first time, marking a key milestone.

Financial highlights

• Gross profit increased 35.7% to $1.46 billion; gross margin improved to 12% from 10.5%.

• Adjusted EBIT rose 87.9% to $566 million; adjusted net profit margin improved to 3.5% from 2.0%.

• Net cash inflow from operating activities was $1.09 billion, up 34.8%; free cash flow reached $494 million, up 96.1%.

• Cash and equivalents at year-end stood at $2.01 billion, up 31%.

• SG&A expenses as a percentage of revenue decreased to 6.2% from 7.2%.

Outlook and guidance

• Southeast Asia e-commerce market expected to maintain a high CAGR of 15%-20% from 2026 to 2030, supporting continued parcel volume and market share growth.

• Plans to expand further in Latin America (Colombia, Peru) and explore opportunities in Europe, North America, and the Middle East.

• Ongoing focus on infrastructure investment, network efficiency, and customer experience to drive long-term global growth.

• Management plans to continue share repurchases, reflecting confidence in long-term growth.