J&T Global Express (1519) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 parcel volume reached 6,599.5 million, up 31.2% year-over-year, led by Southeast Asia and China, with Southeast Asia up 50% and China up 26.5%.

• Group revenue for 2024 was US$10.26bn, up 16% year-over-year, with adjusted EBITDA of US$778mn and adjusted net profit of US$200mn.

• Free cash flow turned positive for the first time, supported by operational efficiency and cost control.

• Market share gains were recorded in all regions, with continued infrastructure investment and digitalization.

• Average daily parcel volume in Q1 2025 rose 32.6% year-over-year.

Financial highlights

• No formal quarterly financials disclosed; only semi-annual and annual financials are provided.

• Adjusted EBITDA reached US$778mn (7.6% margin), and adjusted EBIT was US$301mn (2.9% margin) in 2024.

• Adjusted net profit was US$200mn, reversing a US$432mn loss in 2023.

• Operating cash flow increased to US$807mn, and free cash flow improved to US$252mn.

• Cash and cash equivalents stood at US$1.60bn at year-end 2024, with borrowings of US$1.58bn.

Outlook and guidance

• Guidance for Southeast Asia and China remains unchanged for 2025.

• Southeast Asia ASP expected to decrease by 5%-10% in 2025.

• Emerging markets expected to achieve around 20% growth and approach break-even in Brazil and Mexico by year-end.

• Focus on consolidating leadership in Southeast Asia and China while expanding in New Markets.

• Continued investment in infrastructure and technology to support long-term growth.