Wan Hai Lines (2615) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 was NT$33.64 billion, down 9% year-over-year, with net profit at NT$7.68 billion, a 12% decrease from Q1 2025.

• Gross margin declined to 23% from 29% year-over-year, and basic EPS was NT$2.73, down from NT$3.11.

• Total assets as of March 31, 2026, were NT$420.2 billion, with equity attributable to owners at NT$286.6 billion.

Financial highlights

• Operating costs decreased 0.8% year-over-year, but gross profit fell 30% to NT$7.66 billion.

• Non-operating income was NT$3.96 billion, mainly from foreign exchange gains and financial asset revaluations.

• Net cash from operating activities was NT$9.69 billion, down from NT$13.32 billion in Q1 2025.

• Cash and cash equivalents at quarter-end were NT$99.48 billion.

Outlook and guidance

• The company is investing in new methanol and LNG dual-fuel vessels, with significant prepayments made for fleet expansion.

• IFRS 18 adoption is planned for 2028, with ongoing evaluation of its impact.