COSCO SHIPPING Ports (1199) Q1 2026 earnings summary

Executive summary

• Revenue for 1Q2026 increased 13.6% YoY to $420.9M, with profit attributable to shareholders up 2.0% YoY to $85.6M.

• Total container throughput rose 8.9% YoY to 38.9M TEU, with overseas throughput up 19.8% YoY and equity throughput up 7.5% to 11.89M TEU.

• Gross profit rose 1.7% YoY to $107.0M, with JVs & associates' profits up 10.3% YoY to $90.2M.

• Overseas terminals demonstrated resilience, with Chancay PERU S.A. throughput up 104.3% YoY, though Piraeus declined 5.6% YoY.

• Profitability improved modestly, but basic earnings per share fell 3.1% YoY to US2.16 cents.

Financial highlights

• Chinese subsidiaries' revenue grew 10.6% YoY to $191.2M; overseas subsidiaries' revenue up 10.1% YoY to $229.7M.

• Gross profit margin for Chinese subsidiaries improved by 3.0pps to 38.8%, while overseas GPM declined by 6.4pps to 14.3%.

• China terminal profit rose 14.1% YoY to $99.4M; overseas terminal profit fell 47.8% YoY to $12.7M, mainly due to higher fixed costs at the new Peru Chancay Terminal.

• Excluding CSP Chancay Terminal, overseas profit increased 9% YoY.

• Operating profit after finance income and costs was $28.8M, down from $38.2M YoY.

Outlook and guidance

• Equity throughput growth in 2026 expected to align with industry trends.

• The company will focus on optimizing global resource allocation, lean operations, and innovation-driven development, especially in digital intelligence and green, low-carbon initiatives.

• Long-term strategy emphasizes globalization, capacity expansion, and sustainable development.

• China’s imports and exports grew rapidly in Q1 2026, presenting opportunities for the port industry.

• Company aims to strengthen competitiveness and value creation amid global economic and geopolitical challenges.