J&T Global Express (1519) Q1 2026 TU earnings summary

Executive summary

• Total parcel volume reached 8.33 billion in Q1 2026, up 26.2% year-over-year, with Southeast Asia up 79.9% and China up 8.4%, and 'Others' markets up 100.5%.

• Non-China parcel volume share increased to 35.1%, up 4.3 percentage points quarter-over-quarter.

• Peak daily parcel volume reached 47 million, reflecting robust operational scaling.

• The company expanded its network and infrastructure, including new sorting centers and increased automated sorting machines, to support rapid volume growth.

• Opened Guangzhou Sorting Center in 4Q 2025, now the largest hub with daily capacity exceeding 15 million parcels.

Segment performance

• Southeast Asia parcel volume surged 79.9% year-over-year to 2.77 billion, with market share rising to 41% and average daily volume at 30.8 million.

• China parcel volume grew 8.4% year-over-year to 5.4 billion, with market share stable at 11.1%.

• 'Others' markets, including Latin America and the Middle East, saw parcel volume rise 100.5% year-over-year to 153.6 million, with market share up to 7.5%.

• Non-platform parcels in Southeast Asia contributed less than 10% but are growing.

• SEA growth fueled by e-commerce events (Lunar New Year, Ramadan), platform promotions, and expanding product categories.

Outlook and guidance

• Southeast Asia e-commerce expected to grow at 30% in 2026 and maintain double-digit growth over the next five years.

• Company aims to outperform industry averages in Southeast Asia and expand non-platform business share.

• Latin America and Middle East markets seen as high-potential, with ongoing investment and partnerships (e.g., Mercado Libre).

• Plans to enter U.S. and European markets are underway, with flexible business models including proprietary operations and partnerships.

• Continued network optimization in China aims to enhance single outlet and partner efficiency.