26 slides from T.s. Lines's earnings presentation, Mar 23, 2026
Slide 1: 2025 Full Year Results Presentation
Vice Chairman James Chen Executive Director & President Gavin To Senior Vice President 2025 Full Year Russell Huang Results Presentation Chief Financial Officer Prioritizing to broaden Intra-Asia Lewis Chan network Assistant Manager of Investor Relations Moriz Yu Tsoi 2026.03.23 1 SAILING ALONG YOUR
Slide 2: Agenda
Agenda 01 Industry review 02 Operational updates 03 Financial review 04 Outlook 05 Q&A 2 SAILING ALONG YOUR NEEDS
Slide 3: Disclaimer
Disclaimer THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED AS, AN OFFER, INDUCEMENT, INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT WITH RESPECT TO THE PURCHASE, SUBSCRIPTION OR SALE OF ANY SECURITY AND NO PART OF IT SHALL FORM THE BA
Slide 4: Industry review
01 Industry review 4 SAILING ALONG YOUR NEEDS
Slide 5: SCFI down 37% YoY; Intra-Asia peak seasons; charter market robust
SCFI & CCFI (2024 - 2025) 1 SCFI Container Index v.s. SEA Freight Rate Index2 Charter Rates 4,000 SCFI Container Index 80% SCFI Container Index CCFI China-SEA index 25.0% 3,500 Clarkson Intra-Asia Index 60% 20.0% 3,000 15.0% 40% 2,500 10.0% 20% 5.0% 2,000 37% 0.0% 0% 1,500 -5.0% 1,000 -20% -10.0% -4
Slide 6: Operational updates
02 Operational updates 6 SAILING ALONG YOUR NEEDS
Slide 7: Geographically breakdown
Geographically breakdown Total shipping volume breakdown by region % of total volume 2024 FY 2025 FY 20th 46 services Asia Pacific Region Greater China 92.1% 8.6% 90.5% 9.4% Independent services : 11 Greater China – North Asia 23.2% 23.8% Global Capacity Ranking* Joint Venture: 23 Greater China – So
Slide 8: Another roller-coaster year
Another roller-coaster year A continuation of strong performance since 4Q 2024 Continued to expand fleet prudently • Due to the expansion of long-haul service, we • Ordered four 5,300TEU new buildings in August recorded a strong increase in revenue YoY in 1Q 2025 • More ad-hoc services to Australia,
Slide 9: Preparing for an ever-changing market
Preparing for an ever-changing market Vessel fleet size Total capacity1 Self-owned ratio2 TEU Capacity growth (2024 – 2029) 133,572 TEU 89 % 300,000 5-year CARG:15.6%* 238,772 in 2025 FY, representing a 6.9% decrease YoY as we returned 250,000 some chartered-in vessels in the first half of 2025. 200
Slide 10: Financial review
03 Financial review 10 SAILING ALONG YOUR NEEDS
Slide 11: Volume, shipping revenue and average revenue per TEU
Volume ‘000 TEU Shipping revenue US$ mm Average revenue/TEU1 US$ 0.1% 6.6% 6.6% 2,000 1,400 1,270.8 1,000 1,800 1,652.2 1,654.2 1,187.2 1,200 1,600 800 769.0 1,400 1,000 718.0 1,200 800 600 1,000 800 600 400 600 400 400 200 200 200 0 0 0 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY • Total volume
Slide 12: Revenue, cost of sales, gross profit and GPM
Revenue US$ mm Cost of sales US$ mm Gross profit & GPM US$ mm 4.2% 0.6% 19.5% 1,600 1,200 450 -3.8 pp 1,340.4 1,031.1 400 23.5% 19.7% 1,400 1,284.8 1,025.4 1,000 1,200 350 315.0 800 300 1,000 253.7 250 800 600 200 600 400 150 400 100 200 200 50 0 0 0 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY •
Slide 13: Bunker, depreciation and charter hire costs
Bunker US$ mm Depreciation of owned PP&E US$ mm Charter hire US$ mm 13.7% 16.3% 35.8% 200 190.2 120 180 164.2 100 95.8 99.2 160 100 85.3 80 140 80 61.5 120 60 100 60 80 40 60 40 40 20 20 20 0 0 0 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY Due to the decline in oil price during Depreciation of o
Slide 14: Net profit, NPM and ROE
Net profit US$ mm NPM ROE 10.1% 1.7pp 3.4pp 400 30% 25% 365.9 27.3% 350 328.9 25.6% 25% 19.5% 20% 300 16.1% 20% 250 15% 200 15% 10% 150 10% 100 5% 5% 50 0 0% 0% 2024 FY 2025 FY 2024 FY 2025 FY 2024FY 2025FY Net profit was negatively impacted Net profit margin decreased slightly from ROE fell 3.4 per
Slide 15: Cash flow bridge
US$ mm Cash flow bridge 600.0 502.1 500.0 400.0 -107.7 16.9 300.0 -92.4 200.0 100.0 64.1 -254.8 0.0 Net cash flow CAPEX for new vessels CAPEX for new container Other cash flow raising Net cash used in Net increase in cash from operation from investing activities financing activitiess 15 SAILING ALON
Slide 16: Healthy balance sheet
Healthy balance sheet US$ mm 2024 FY 2025 FY YoY change Non-current assets 1,737.5 1,803.9 3.8% Current assets 584.2 655.1 12.1% CAPEX for vessels US$ mm Total Assets 2,321.7 2,459.1 5.9% Total: US$837 mm 350 Current liabilities 231.1 235.0 1.7% 300 Non-current liabilities 115.4 103.3 -10.5% 250 Tot
Slide 17: Dividend
Dividend 2024 FY 2025 FY 2026 E 50% 50% 30% - 50% US$ 183.2mm US$ 166.5mm US$ 0.11/ share US$ 0.10/ share (equivalent to HK$ 0.858/ share) (equivalent to HK$ 0.78/ share) 17 SAILING ALONG YOUR NEEDS
Slide 18: Outlook
04 Outlook 18 SAILING ALONG YOUR NEEDS
Slide 19: Corporate development
Corporate development Apr Oct Fleet Management Making stride to reduce GHG emission Proactively expand our fleet in a prudent manner ▪ Ensure that all our new buildings are equipped with Scale up existing services along with the AMP(Alternative Marine Power)system delivery of 7,000 TEU vessels this
Slide 20: Trade fragmentation: China's export growth
China's export growth (2024 vs 2025) 30.0% 25.8% 20.0% 10.0% 3.5% 0.0% -10.0% 2025 exports growth -20.0% 2024 exports growth -30.0% EU U.S. Southeast Asia Malaysia Singapore Japan Hong Kong Total Philippines India Africa Korea Taiwan Australia Latin America Vietnam Thailand Indonesia Trade fragmenta
Slide 21: Resilient demand
Vietnam exports by country/territory-main exports 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% U.S. Myanmar China Thailand U.A.E Indonesia Malaysia India Japna Singapore South Africa Philippines Cambodia Source: Ministry of Finance of Vietnam General Department of Customs Resilient demand GDP growth f
Slide 22: Planning for adaptability
01 02 Volatile environment will Rational competition supports persist into 2026 freight rates Geopolitical tension and shifting Freight rates will drop once Suez policies remain complex and Canal is fully resumed but unlikely to uncertain that could add to the materialize before Q3 effect of the sup
Slide 23: Q&A Thank You
Q&A Thank You Contact us: E-mail: ir@tslines.com.hk Tel: (852) 3413 2000 23 SAILING ALONG YOUR NEEDS
Slide 24: Appendix
Appendix 24 SAILING ALONG YOUR NEEDS
Slide 25: Orderbook
Orderbook # Size Place of build Delivery 1 7,000TEU China Apr-26 2 7,000TEU China Oct-26 3 14,000TEU China Jun-27 4 14,000TEU China Aug-27 5 14,000TEU China Oct-27 6 5,300TEU China Feb-28 7 5,300TEU China Apr-28 8 5,300TEU China Jun-28 9 5,300TEU China Aug-28 10 5,300TEU China Oct-28 11 5,300TEU Chi
Slide 26: Newbuilding Delivery Projections - Cellular Fleet
Newbuilding Delivery Projections ‐ Cellular Fleet 2024 2025 2026 2027 2028 TEU Nominal Unit TEU Unit TEU Unit TEU Unit TEU Unit TEU >18,000 197 4,264,027 207 4,498,947 213 4,643,831 256 5,572,031 344 7,347,497 15,200-17,999 183 2,913,324 241 3,850,229 265 4,239,981 299 4,789,229 343 5,501,849 12,500