J&T Global Express (1519) H2 2025 earnings summary

Executive summary

• Revenue reached $12.2 billion in FY2025, up 18.5%-19% year-on-year, with strong growth in Southeast Asia (SEA) and new markets, and parcel volume up 22.2% to 30.13 billion.

• Adjusted net profit more than doubled to $425-$430 million, driven by SEA and new markets, with free cash flow up 96.1% to $494 million.

• SEA parcel volume hit a four-year high, growing 67.8%-68% year-on-year, with market share rising to 34.4%.

• New markets achieved positive adjusted EBIT for the first time, marking a turnaround from loss to profit.

• Major investments in logistics hubs and automation, including the Guangzhou Sorting Center, enhanced network capacity.

Financial highlights

• Gross profit rose 35.7% to $1.46 billion, with gross margin improving to 12.0% from 10.5%.

• Adjusted EBIT reached $566 million, up 87.9% year-on-year; adjusted EBITDA rose to $1.05 billion (8.6% margin).

• Net cash inflow from operating activities was $1.09 billion, up 34.8%; cash and equivalents at year-end stood at $2.01-$2.2 billion.

• Free cash flow reached $494 million, up 96.1% year-on-year.

• SG&A expenses as a percentage of revenue decreased to 6.2% from 7.2% year-on-year.

Outlook and guidance

• SEA e-commerce market expected to maintain a high CAGR of 15%-20% from 2026 to 2030.

• Plans to expand further in Latin America (Colombia, Peru), Middle East, and explore Europe and North America.

• Continued investment in global network infrastructure, automation, and export of operational expertise.

• Management plans to continue share repurchases, reflecting confidence in long-term growth.