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

Executive summary

• Revenue rose to $12.2 billion in FY2025, up 18.5%-19% year-on-year, driven by strong e-commerce growth and significant expansion in Southeast Asia and new markets.

• Adjusted net profit more than doubled to $425-$430 million, with free cash flow up 96.1% to $494 million, supported by cost optimization and market share gains.

• Parcel volume surged 22.2% to 30.13 billion, with Southeast Asia leading at 67.8%-68% growth and new markets at 43.6%.

• Southeast Asia market share rose to 34.4%, and new markets achieved positive adjusted EBIT for the first time.

• Maintained steady progress in China and expanded into Latin America and the Middle East.

Financial highlights

• Gross profit increased 35.7% to $1.46 billion, with gross margin improving from 10.5% to 12%.

• Adjusted EBIT rose 87.9% to $566 million; adjusted EBITDA reached $1.05 billion (8.6% margin).

• Net cash inflow from operating activities was $1.09 billion, up 34.8%; cash and equivalents at year-end were $2.01-$2.2 billion.

• Free cash flow reached $494 million, up 96.1% year-on-year.

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

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), explore opportunities in Europe and North America, and consolidate SEA leadership.

• Continued investment in global network infrastructure, automation, and operational excellence to drive long-term growth.

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

• No final dividend recommended for FY2025.