J&T Global Express (1519) Q3 2026 TU earnings summary

Executive summary

• Q3 parcel volume reached 9,584.1 million, up 24.8% YoY; 9M volume was 27,086.7 million, up 25.0%.

• Q3 average daily volume rose 24.8% YoY to 104.2 million; 9M average daily volume increased 25.0% to 99.2 million.

• Markets outside China contributed 33% of Q3 volume, up 5.6% YoY; Southeast Asia leadership remained solid, with China ranking and share improving.

Segment performance

• Q3 volume: Southeast Asia 2,885.6 million, up 44.5% YoY; China 6,427.7 million, up 15.3%; Other 270.8 million, up 159.5%.

• 9M volume: Southeast Asia 8,408.2 million, up 61.0% YoY; China 18,042.7 million, up 11.5%; Other 635.8 million, up 135.2%.

• China Q3 volume growth outperformed the industry’s 4.6% aggregate growth from January to August 2026.

• China initiatives target network expansion, timeliness, service quality, cost control, technology enablement and a higher-value customer mix.

• Non-platform parcels are growing more slowly than e-commerce; plans emphasize SME and key accounts, service upgrades and collaboration with SF Express.

Outlook and guidance

• FY 2026 Southeast Asia volume growth guidance remains 50%–55%; management expects to reach the upper end despite a high prior-year base.

• Latin America volume growth guidance was raised to 100%–120%; investment and capacity expansion are intended to support the target.

• Q4 preparations focus on Southeast Asia capacity and service quality; current parcel volume was cited at 47 million, with capacity expected to peak in the season. Longer-run regional capacity is planned for 50–60 million parcels per day.

• August adjusted CapEx guidance remains unchanged; some Southeast Asia network investment is partner-funded and excluded from CapEx.

• 2027 regional growth outlook is to be addressed with FY 2026 annual results.