Yang Ming Marine Transport (2609) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 was NT$38.66 billion, down 15% year-over-year from NT$45.51 billion in Q1 2025.

• Net profit for Q1 2026 was NT$1.50 billion, a sharp decline from NT$7.85 billion in Q1 2025.

• Earnings per share dropped to NT$0.41 from NT$2.23 year-over-year.

• Gross profit margin fell to 7% from 21% in the prior year period.

Financial highlights

• Operating costs remained stable at NT$35.84 billion, but as a percentage of revenue increased to 93% from 79% year-over-year.

• Operating expenses decreased to NT$2.16 billion from NT$2.51 billion year-over-year.

• Profit before income tax was NT$1.90 billion, down from NT$10.09 billion year-over-year.

• Cash and cash equivalents at March 31, 2026 were NT$136.01 billion, down from NT$199.74 billion a year earlier.

• Total assets at March 31, 2026 were NT$460.18 billion, with total equity of NT$329.77 billion.

Outlook and guidance

• Management highlighted ongoing assessment of impacts from EU environmental policies, Red Sea crisis, Russia-Ukraine and US-Iran conflicts, inflation, and US tariffs.

• The company is monitoring the effects of new IFRS standards and Pillar Two global minimum tax rules.