J&t Global Express Limited · HKEX:1519
J&t Global Express — J&T Global Express Ltd B — 1H2026 Earnings Presentation
46 slides from J&t Global Express's earnings presentation, Aug 20, 2026
Slide 1: 1H2026 Results Presentation
1H2026 Results Presentation August 2026
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials and ancillary materials, you agree to be bound by the following limitations: • The information in this presentation has been prepared by representatives of J&T Global Express Limited (the “C
Slide 3: Contents
Contents 1 Interim Results Highlights 4 2 Global Market Opportunity and Growth Drivers 9 3 Segment Review 18 4 Financial Information 24 5 Capital Markets 31 6 Appendix 37 3
Slide 4: Interim Results Highlights
Section 1 Interim Results Highlights
Slide 5: 2026 Interim Results Highlights
2026 Interim Results Highlights Group Group Group Revenue Adj. Net Profit(2) Operating Cash Flow 7.7 bn USD 350.6 mn USD 635.5 mn USD Non-China(1) Revenue Mix +124.3% yoy +50.9% yoy Increased to 50.0% Group Q2 Quarterly Average Daily Parcel Volume Over 100 Mn for the First Time SEA Parcel Volume Chi
Slide 6: Higher Non-China Parcel Mix Supports Stronger Group Profitability
Higher Non-China Parcel Mix Supports Stronger Group Profitability (US$ per parcel) Revenue COGS Adj. EBIT 0.50 0.47 0.42 0.44 0.52 0.40 0.45 Group Unit 0.37 0.38 0.35 Economics 0.019 0.025 0.012 -0.018 -0.096 Non-China China 18% 18% 20% 27% 34% Changes in Parcel Mix 2022 2023 2024 2025 1H2026 Interi
Slide 7: Sustained Daily Volume Growth with a High Non-China Parcel Mix
Sustained Daily Volume Growth with a High Non-China Parcel Mix Quarterly Average Daily Parcel Volume Non-China Parcel Proportion (mn) 2024 2025 2026 (mn) 30.8 China SEA Other Non-China Parcel Share 30.3 26.5 21.7 SEA 17.1 18.5 35.1% 11.2 12.1 15.3 11.3 32.3% 30.4% 27.3% (mn) 68.2 100.8 24.5% 24.1% 6
Slide 8: Continued Investment in Key Markets to Optimize the Network
Continued Investment in Key Markets to Optimize the Network Optimizing Fleet Capacity Invest in Automated Sorting Machines Upgrade Sorting Centers (#) (set) (#) Self-owned 346 FY2025 FY2025 7,200 Third Party 338 6,800 1H2026 1H2026 8,800 6,100 480 121 127 200 3,100 5,300 300 3,100 5,200 81 81 140 52
Slide 9: Global Market Opportunity and Growth Drivers
Section 2 Global Market Opportunity and Growth Drivers
Slide 10: Industry-Leading Parcel Volume Growth
Industry-Leading Parcel Volume Growth Parcel Volume YoY Growth(1) Business Highlights Industry Company SEA 67.8% 71.2% 39.5% 47.2% 40.8% 14.5% 25.2% 28.9% 2023 2024 2025 2026H1 2023 2024 2025 2026H1 SEA E-commerce 6.6 Campaign China(2) 30.4% 27.6% 29.1% 21.5% 13.6% 11.0% 9.6% 5.0% 2023 2024 2025 202
Slide 11: SEA and Other Markets Offer Substantial E-commerce Upside
SEA and Other Markets Offer Substantial E-commerce Upside Population Nominal GDP E-commerce Retail Parcel Volume per Capita Transaction Value per Capita （2026E, Mn） （2026E, K USD） (2026E, Bn USD) （2026E, Piece） SEA 7 SEA 378 SEA 48 SEA 632 China 14 China 2,304 China 159 China 1,403 Latin America 12
Slide 12: Latin America Offers Significant Express Delivery Growth Potential vs. SEA
Latin America Offers Significant Express Delivery Growth Potential vs. SEA Key Macroeconomic Indicators(1) Per-Capita Parcel Volume Comparison （Piece per Ciapta per Year） 88 12,181 633 657 27% 22% 48 6,800 CAGR2 +36% 43 1 16 CAGR +17% 18 Total Population GDP per Capita E-commerce 6 Penetration Rate
Slide 13: Building an Independent Global 3PL Network
Building an Independent Global 3PL Network Global Market Opportunity and Growth Drivers 13
Slide 14: Applying China's Proven Logistics Expertise Across Global Markets
Applying China’s Proven Logistics Expertise Across Global Markets Talent Provision Selecting professional talents for overseas markets expansion Identifying high-quality network partners in AI-Enabled non-China markets Cost & Efficiency Gains: Intelligent Address, Volume Forecasting, Intelligent Rou
Slide 15: Global Equipment Deployment: Subsidiary Supports Network Automation Upgrades Worldwide
Global Equipment Deployment: Subsidiary Supports Network Automation Upgrades Worldwide Case Study：2026 Upgrade Project at Tangerang, Indonesia Peak Sorting Efficiency Increased by ~150% Parcel Processing Time Reduced by ~40% Before After End-to-End Services Covering R&D, Customized Manufacturing, an
Slide 16: Model Enablement & Talent Provision: Rapidly Replicable Talent Development Model
Model Enablement & Talent Provision: HQ Support and Local Training Build a Rapidly Replicable Talent Development Model Appointed by National HQ (CEO) Group HQ • Function: Define overall operating strategy and execution roadmap Regional General Manager (RGM) • Function: Execute HQ strategy; oversee a
Slide 17: AI-Enabled Cost & Efficiency Gains: Algorithms Enhance Last-Mile Delivery
AI-Enabled Cost & Efficiency Gains: Algorithms Enhance Last-Mile Delivery in Non-China Markets Non-China Markets Operating Scenarios Application Impact Network Ramp-Up / Remote Areas: Route Optimization: Low Density, Large Service Areas Fewer Detours, Shorter Routes High Staff Turnover: In-App Recom
Slide 18: Segment Review
Section 3 Segment Review
Slide 19: SEA - Parcel Volume Reaches a New Record High, with Continued Market Share Gains
SEA - Parcel Volume Reaches a New Record High, with Continued Market Share Gains Strong Parcel Volume Growth Growing Market Share NO.1 in SEA for 6 Consecutive Years （bn） Market Share in 1H2026 and YoY Change Trends in Historical Market Share 7.7 5.5 38.1% +5.3% 38.1% 4.6 34.4% 3.2 Company 32.8% A 2
Slide 20: SEA - Diversified Services Improve Service Quality, and Increased Investment Expands Network Capacity
SEA - Diversified Services Improve Service Quality, and Increased Investment Expands Network Capacity Broader Services Improve Capacity Investment Drives Improved Fulfillment Services Customer Retention Operational Growth Fulfillment Warehouse Provides Upgrading PUDO(1) Ponits Brand Image Expanding
Slide 21: China - Parcel Volume Grows Faster Than the Industry, Further Increasing Market Share
China - Parcel Volume Grows Faster Than the Industry, Further Increasing Market Share Continued Parcel Volume Growth Top Five by Market Share(1) Improved Market Position （bn） Market Share in 1H2026 and YoY Change Trends in Historical Market Share(2) 22.1 20.1% +0.9% 11.6% 19.8 Company E 11.3% 10.6 1
Slide 22: China - Driving Quality Growth Through Refined Operations
China - Driving Quality Growth Through Refined Operations Targeted Solutions for Industry Needs Deeper Cooperation with Industry Better Network Service Quality and Brand Clients Dedicated Network Support: On-Site Teams Strengthen Outlets’ Customized Packaging: Operations and Management Prevents Dama
Slide 23: Other - Expanding Network Capacity to Support Fast-Growing Customer Demand
Other - Expanding Network Capacity to Support Fast-Growing Customer Demand Local Innovation & Customer Faster Parcel Volume Growth Rapid Market Share Gains Partnerships （百万件） Market Share in 1H2026 Combining Proven Models with Local and YoY Change Innovation: Developing flexible last-mile fulfillmen
Slide 24: Financial Information
Section 4 Financial Information
Slide 25: Non-China Revenue Contribution Hits a New High
Non-China Revenue Contribution Hits a New High (US$ mn) 12,158 10,259 SEA 7,672 6,659 Other 39.5% 5,397 5,499 4,862 38.0% 50% 35.8% 46% Cross-border 31.5% 31.3% 37% 43% 9.4% 38%5.3% 7.6% 6.6% 1.1% 6.0% 0.7% 0.4% 0.5% 1.1% China 50% 63% 57% 54% 62% 2024 2025 1H2024 2H2024 1H2025 2H2025 1H2026 Financi
Slide 26: Continued Improvement in Profitability
Continued Improvement in Profitability （US$ mn） 2022 2023 2024 2025 1H2022 1H2023 1H2024 1H2025 1H2026 Revenue 7,267 8,849 10,259 12,158 3,403 4,030 4,862 5,499 7,672 Gross Profit -270 473 1,078 1,463 - 194 536 539 1,014 Gross Margin -3.7% 5.3% 10.5% 12.0% 0.0% 4.8% 11.0% 9.8% 13.2% Adj. EBITDA -894
Slide 27: Non-China Parcel Mix Improvement Drive Stronger Unit Economics
Non-China Parcel Mix Improvement Drive Stronger Unit Economics Unit Economics COGS Breakdown per Parcel （US$ mn） Revenue （US$ mn） Pickup and Delivery COGS Transportation Adj. EBIT Sorting 0.44 0.24 0.42 0.41 0.40 0.40 0.39 0.23 0.23 0.23 0.23 0.23 0.37 0.38 0.35 0.36 0.35 0.36 0.08 0.07 0.07 0.07 0.
Slide 28: Expense Ratios Remain Well Controlled
Expense Ratios Remain Well Controlled (1) SG&A Expenses R&D Expenses （US$ mn） （US$ mn） SG&A R&D SG&A as % of Revenue R&D as % of Revenue 8.1% 7.1% 7.0% 0.51% 0.48% 0.49% 0.49% 6.6% 827 867 62 49 503 37 383 27 2024 2025 1H2025 1H2026 2024 2025 1H2025 1H2026 Note: 1. Adj SG&A = SG&A - SBC Financial In
Slide 29: Cash Flow Continues to Improve, with a Healthy Liquidity Position
Cash Flow Continues to Improve, with a Healthy Liquidity Position Cash Flow Cash Position （US$ mn） （US$ mn） Operating Cash Flow Long-term Borrowings Restricted Cash (1) Bank Wealth Management Products Free Cash Flow Short-term Borrowings 3,500 Cash and Cash Equivalents 1088 3,000 2,913 2,665 247 807
Slide 30: Increasing Investment in Network Infrastructure
Increasing Investment in Network Infrastructure Capex & Commitment D&A(1) （US$ mn） （US$ mn） Commitment D&A Capex 748 637 154 653 81 483 477 227 339 297 594 240 555 109 426 230 2024 2025 1H2025 1H2026 2024 2025 1H2025 1H2026 Note: 1. Including ROU Financial Information 30
Slide 31: Capital Markets
a | OT xpress Section 5 Capital Markets
Slide 32: Recently Completed the Strategic Cross-shareholding Transaction with SF Holding
Recently Completed the Strategic Cross-shareholding Transaction with SF Holding J&T Transaction Successfully Closed SF Express Holdings A Five-Year Lock-Up Period Building on complementary strengths and deep synergies, the two parties are expanding cooperation across multiple areas Line-haul Transpo
Slide 33: Added to the Hang Seng Index, Marking a Further Milestone in Market Recognition
Added to the Hang Seng Index, Marking a Further Milestone in Market Recognition 2024 2025 2026 Apr May Jun Mar Jun Hang Seng Index • Included in Hong Kong’s core blue-chip benchmark • Broadened institutional coverage and improved trading liquidity MSCI China Index • Included in a core global benchma
Slide 34: Consistent Share Repurchases to Show Long-Term Development Confidence
Consistent Share Repurchases to Show Long-Term Development Confidence • As of June 30, 2026, the Company has repurchased a cumulative total of 179 million shares since its listing, with total consideration of HK $1,390 million. • Under the HK$1.0 billion share repurchase mandate authorized by the Bo
Slide 35: Appendix I: Our Journey
Appendix Appendix I: Our Journey
Slide 36: Our Journey
Our Journey Strategic cross-Shareholding Included as a constituent of with SF Express the Hong Kong Stock Connect and FTSE Issued US$600 million Expanded to Saudi convertible bonds Expanded to Vietnam Expanded to Arabia, UAE, Mexico, China and the Group turned and Malaysia Singapore and China Brazil
Slide 37: Appendix II: Consolidated Financial Statements
Appendix Appendix II: Consolidated Financial Statements
Slide 38: Consolidated Income Statements and Statement of Cash Flows
CONSOLIDATED INCOME STATEMENTS CONSOLIDATED STATEMENT OF CASH FLOWS USD’000 1H2026 1H2025 USD’000 1H2026 1H2025 Revenue 7,672,441 5,498,732 Net Cash flows generated from/(used in) operating 635,510 421,112 Cost of revenue (4,960,128) activities (6,657,951) Gross profit 1,014,490 538,604 Net Cash flo
Slide 39: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS USD’000 2026/06/30 2025/06/30 USD’000 2026/06/30 2025/06/30 Non-current assets EQUITY Share capital 20 18 Property, plant and equipment 1,989,054 1,770,807 Share premium 9,892,178 9,061,736 Right-of-use assets 748,415 565,657 Treasury shares (102,676) (64,568) Intangible
Slide 40: Appendix III: ESG
Appendix Appendix III: ESG
Slide 41: Environmental
Environmental E S G Green Planning 01 Green Packaging 03 Through forward-looking planning, environmental factors Cumulative deployment of reusable transit bags: are considered during the site selection phase of global sorting centers, and renewable energy power generation 38.27 Million plans are act
Slide 42: Environmental
Environmental E S G Carbon Reduction Action Framework 04 Based on the identification and assessment of climate-related risks and opportunities, the Company has established the“3R (Reduce-Replace-Resolve)”carbon reduction action framework with green logistics as its strategic core. It aims to advance
Slide 43: Social
Social S Protect Labor Rights and Welfare 01 Subsidiaries in vairous countries have formulated and implemended pratical labor protection measures adapted to local conditions and kept to improving employees benefits. China Indonesia Thailand Singapore In 2025, we developed the first nationwide algori
Slide 44: Social
Social S Occupational Health and Safety Management 04 Ensure employee safety: safeguard employees' occupational health and safety, and create a diverse, equal, and inclusive work environment. Global Security Training Sessions 27,000+ training sessions In terms of safety management, we adhere to the
Slide 45: Governance
Governance E S G Continuously Strengthen Corporate Governance 01 ESG-related honorary awards ESG Management: Improve the global ESG management We are committed to establishing and maintaining a sound Indonesia Corporate framework and strengthen the board's supervision of ESG corporate governance fra
Slide 46: _/ ST express’
_/ ST express’
J&T Global Express Ltd B — 1H2026 Earnings Presentation on 6ix