J&t Global Express Limited · HKEX:1519
J&t Global Express — J&T Global Express Ltd B — FY2025 Earnings Presentation
42 slides from J&t Global Express's earnings presentation, Mar 30, 2026
Slide 1: FY2025 Results Presentation
FY2025 Results Presentation March 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 Business Overview 4 2 Segment Review 13 3 Group Financial Review 23 4 Appendix 32 3
Slide 4: Business Overview
Section 1 Business Overview
Slide 5: 2025 Business Highlights
2025 Business Highlights Group revenue Group adjusted net Group free cashflow(2) profit(1) 12.2bn USD 425mn USD 494mn USD the proportion of Non China YoY+112.3% YoY+96.1% revenue increased further SEA SEA New Market parcel volume market share adj EBIT per parcel +68% 34.4% 0.09USD 2H2025 hit a four-
Slide 6: SEA Parcel Volume Growth Hits Four-year High, Market Share Rises
SEA Parcel Volume Growth Hits Four-year High, Market Share Rises Growth Rate(1) Market Share Industry Company 68% + 5.8pcts 34.4% 41% 39% 25.4% 28.6% SEA 29% 25% 14% 2023 2024 2025 2023 2024 2025 Industry Company China(2) 30% 28% 21% 29% 11.6% 11.3% 11.1% 14% 11% 2023 2024 2025 2023 2024 2025 Indust
Slide 7: The Proportion of Non China Average Daily Parcel Volume Increased Further
The Proportion of Non China Average Daily Parcel Volume Increased Further Average Daily Parcel 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Volume (mn) SEA 11 11 12 15 17 19 22 27 New Market 0.7 0.8 0.8 0.8 0.9 1.0 1.1 1.5 China 43 54 55 64 55 62 61 64 140 31% 27% 120 25% 24% SEA 100 21%
Slide 8: E-Commerce Drives Rapid Growth in Express Parcel Volumes
E-Commerce Drives Rapid Growth in Express Parcel Volumes E-commerce Retail Total Parcel Volume(1) Parcel Volume per Capita(1) Transaction Value(1) (Piece) (Bn) (Bn USD) YoY CAGR YoY CAGR CAGR 83 54 +21% +16% 660 +29% 29 +17% 36 +19% 304 368 22 SEA 2025A 2026E 2030E 2025A 2026E 2030E 2025A 2030E 2,30
Slide 9: Strengthen Infrastructure to Accommodate Rapidly Growing Express Delivery Demand
Strengthen Infrastructure to fully accommodate the Rapidly Growing Express Delivery Demand from Customers Continuously Invest in Build an Efficient Fleet Upgrade Sorting Centers Automated Sorting Machines (#) (set) Third Party 338 24/12/31 7,100 7,200 Self-owned 25/12/31 To optimize the sorting and
Slide 10: Segment Review
a | OT xpress Section 2 Segment Review
Slide 11: SEA - Parcel Volume Hits 4-Year High, Industry Leadership Secured
SEA - Parcel Volume Hits 4-Year High, Industry Leadership Secured Parcel Volume Continues to Grow Leading Position in SEA Ranked First for 6 Consecutive Years (bn) 8% +6 Market Share in FY2025 and YoY Change(2) Y OY Trends in Historical Market Share(1) 7.7 J&T +5.8% 34.4% % + 74 34.4% Y 4.6 YO 2.4 C
Slide 12: SEA - Seizing Growth Dividends: The Cost-to-Growth Virtuous Cycle
SEA - Seizing Growth Dividends: The Cost-to-Growth Virtuous Cycle Seize the Growth Opportunities of Enhance Capacity and Reduce Enhance Service Quality E-commerce Platforms Transportation Cost Global E-commerce Customers • Improve the utilization efficiency of key infrastructure and resources • Opti
Slide 13: China - Solidifying Industry Position, Resilience in a Changing Market
China - Solidifying Industry Position, Resilience in a Changing Market Parcel Volume Continues to Grow Top 5 Player Continue to Gain Market Share (bn) Market Share in FY2025 and YoY Change(2) 11% Y OY + Trends in Historical Market Share(1) 22.1 19.8 Company E 19.4% YOY 0% 11.6% 11.3% 11.1% 10.9% 10.
Slide 14: China - Elevating Service Standards, Enhancing Rural Delivery Experience
China - Elevating Service Standards, Enhancing Rural Delivery Experience Upgrade Sorting Centers Enhance Network Coverage • Self-built Sorting Centers: To optimize the Multi-Dimensional Rural Support: sorting and transit efficiency in the Greater Bay • Remote Areas Parcel Aggregation: Cooperating wi
Slide 15: New Markets - Driving Service Excellence and Elevating Rural Consumer Delivery
New Markets - Driving Service Excellence and Elevating Rural Consumer Delivery Markets Share Growth and Parcel Volume Continues to Grow Growing Together with Partners High-quality Service （mn） % Y + 44 Mature Experience & Localized Innovation YO Market Share in FY2025 and YoY Change • Tailored produ
Slide 16: New Market - Latin America: Strong E-commerce Demand Sets the Stage
New Market - Latin America: Strong E-commerce Demand Sets the Stage for Express Delivery (Mn) Population(1) (K USD) Nominal GDP per Capita(1) 18 636 654 675 14 13 13 11 10 11 8 8 202 213 217 129 133 138 Brazil Mexico Latin America Brazil Mexico Latin America 2021 2025 2030E 2021 2025 2030E NEW MARKE
Slide 17: New Market - Middle East: High Economic Offers Long-term Potential
New Market - Middle East: High Economic Offers Long-term Potential for Express Delivery (Mn) Population(1) (K USD) Nominal GDP per Capita(1) 67 294 51 270 247 43 40 35 122 28 110 102 17 12 14 31 36 40 4 3 5 10 11 12 Egypt Saudi Arabia UAE Middle East Egypt Saudi Arabia UAE Middle East 2021 2025 2030
Slide 18: Consistent Share Repurchases to Enhance Returns
Consistent Share Repurchases to Enhance Returns As of December 31,2025, the Company has repurchased a cumulative total of 79.69 million shares, with an aggregrate repurchase amount of HK$500 million. With confidence in the Company’s long-term growth, management will steadily and resolutely execute t
Slide 19: Group Financial Review
Section 3 Group Financial Review
Slide 20: Revenue Contribution from SEA and New Markets Continues to Grow
Revenue Contribution from SEA and New Markets Continues to Grow (US$ mn) 1 9% 12,158 y+ yo 10,259 SEA New Markets 6,659 5,397 5,499 4,862 38% 32% 36% China 31% 46% 37% 43% 7.6% 37% 5.3% 6.6% 6.0% Cross-border 63% 57% 54% 62% 2024 2025 1H2024 2H2024 1H2025 2H2025 Group Financial Review 20
Slide 21: Group and Segment Profit (FY2025 vs FY2024)
Group and Segment Profit (FY2025 vs FY2024) (US$ mn) FY2025 FY2024 New Cross- Un- New Cross- Un- SEA China Group SEA China Group Markets border allocated Markets border allocated Revenue 4,502 6,710 870 76 - 12,158 3,221 6,388 576 75 - 10,259 Costs 3,641 6,263 722 69 - 10,695 2,588 5,966 546 82 - 9,
Slide 22: SEA - Adj. EBIT per Parcel Remains Stable through Cost Optimization
SEA - Adj. EBIT per Parcel Remains Stable through Continuous Cost Optimiztion (US$ per parcel) (US$ per parcel) Unit Economics COGS Breakdown per Parcel 0.74 0.37 0.71 0.36 0.35 0.67 0.33 0.32 0.31 0.59 0.61 0.57 0.60 0.57 0.54 0.50 0.48 0.46 0.16 0.15 0.14 0.12 0.10 0.09 0.05 0.06 0.07 0.07 0.07 0.
Slide 23: China - Rapid Decline in COGS Per Parcel Partially Offset Revenue Pressure
China - Rapid Decline in COGS Per Parcel Partially Offset Downward Pressure on Revenue (US$ per parcel) (US$ per parcel) Unit Economics COGS Breakdown per Parcel 0.20 0.19 0.18 0.18 0.18 0.18 0.34 0.32 0.31 0.30 0.31 0.30 0.30 0.32 0.28 0.29 0.28 0.28 0.07 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.0
Slide 24: New Markets - Adj. EBIT Turned Profitable for the First Time
New Markets - Adj. EBIT Turned Profitable for the First Time (US$ per parcel) (US$ per parcel) Unit Economics COGS Breakdown per Parcel 2.15 2.14 2.18 2.13 1.38 2.05 1.35 1.97 1.26 1.20 1.20 1.94 2.01 1.92 1.88 1.02 1.79 1.69 0.32 0.34 0.33 0.26 0.28 0.09 0.25 0.01 0.31 0.32 -0.11 0.30 -0.17 0.25 0.
Slide 25: Adj. SG&A and R&D Expenses
Adj. SG&A and R&D Expenses (1) Adj. SG&A Expenses R&D Expenses (US$ mn) (US$ mn) (1) Adj.SG&A R&D Adj. SG&A as % of Revenue R&D as % of Revenue 7.2% 0.48% 0.51% 6.2% 740 755 62 49 2024 2025 2024 2025 Notes: 1. Adj SG&A = SG&A - SBC Group Financial Review 25
Slide 26: Positive Cash Flow and Healthy Cash Position
Positive Cash Flow and Healthy Cash Position Cash Flow Cash Position (US$ mn) (US$ mn) (2) Operating Cash Flow Cash-like Assets (1) Free Cash Flow Borrowings 1088 2,409 2,203 807 1,682 1,583 667 494 462 421 346 304 252 180 191 72 2024 2025 1H2024 2H2024 1H2025 2H2025 2024 2025 • As of 2025/12/31, bo
Slide 27: Increase Infrastructure Investment
Increase Infrastructure Investment Capex & Commitment D&A(1) Commitment (US$ mn) New Markets (US$ mn) Capex China SEA 748 637 154 483 81 477 33 45 280 269 594 555 153 168 2024 2025 2024 2025 1. Including ROU Group Financial Review 27
Slide 28: Appendix 1: Consolidated Financial Statements
Appendix 1: Consolidated Financial Statements
Slide 29: Consolidated Income Statements
CONSOLIDATED INCOME STATEMENTS CONSOLIDATED STATEMENT OF CASH FLOWS USD’000 2025 2024 USD’000 2025 2024 Revenue 12,157,806 10,259,104 Net Cash flows generated from/(used in) 1,088,030 807,428 Cost of revenue (10,695,131) (9,180,889) operating activities Gross profit 1,462,675 1,078,215 Net Cash flow
Slide 30: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS USD’000 2025/12/31 2024/12/31 USD’000 2025/12/31 2024/12/31 EQUITY Non-current assets Share capital 18 18 Investment properties - 243 Share premium 9,061,736 9,061,736 Treasury shares (64,568) (19,420) Property, plant and equipment 1,770,807 1,385,538 Other reserves (13,8
Slide 31: Appendix 2: ESG
Appendix 2: ESG
Slide 32: Environmental
Environmental E S G Green planing 01 Green transportation 02 Green packaging 03 With its visionary planning, J&T Express has factored in We have established a four-in-one green transportation We implement green logistics measures in every stage environmental elements when choosing the site of its mo
Slide 33: Social
Social E S G Support employee development 01 Ensure employee rights and benefits: Safeguard employee occupational health and safety, and create a diverse, equitable, and inclusive (DEI) work environment for employees worldwide. Number of safety training sessions 57,000+ In the field of safety manage
Slide 34: Governance
Governance E S G Strengthen corporate governance 01 ESG-related Honorary Awards ESG Management: Improve the global ESG management Percentage of female Number of person-times framework and strengthen the board's oversight of the receiving business ethics and directors anti-corruption training company
Slide 35: Appendix 3: Others
Appendix 3: Others
Slide 36: Growth Strategies
Growth Strategies 1 Focus on Southeast Asia and China markets to consolidate our market position 2 1 Steadily enhance our market share in New Markets 3 1 Seize the significant growth opportunities as e-commerce platforms expand globally Refined management, continuous cost reduction and empower overs
Slide 37: Huge Potential in SEA and New Markets
Huge Potential in SEA and New Markets E-commerce Retail Parcel Volume Population Nominal GDP per Capita Transaction Value per capita (Year 2025, Mn) (Year 2025, K USD) (Year 2025, Bn USD) （Year 2025, Piece） SEA 627 SEA 6 SEA 304 SEA 36 China 1,406 China 13 China 2,149 China 142 Latin America Latin A
Slide 38: Global Footprint
Global Footprint Express delivery service provider covering 13 countries with the leading position in Southeast Asia and China and successful expansion into Latin America and the Middle East China Full network coverage across the 246 13 countries sorting centers Egypt Mexico Thailand The Philippines
Slide 39: Our Journey
Our Journey Included as a constituent of the Hong Kong Stock Connect and Expanded to Saudi FTSE Arabia, UAE, Mexico, Expanded to Vietnam Expanded to Brazil and Egypt China and the Group turned and Malaysia Singapore and China profitable for the first time 2015 2018 2019 2020 2021 2022 2023 2024 2025
Slide 40: Scalable Regional Sponsor Model that Promotes Rapid Penetration in All Markets
Scalable Regional Sponsor Model that Promotes Rapid Penetration in All Markets Overview of J&T’s Regional Sponsor Model Key Advantages of Regional Sponsor Model Country Headquarters • Formulate the overall operational strategy and execution plans Incentive arrangements with regional sponsors based o
Slide 41: The Digital and Intelligent System Empowers Global Operational Efficiency
The Digital and Intelligent System Empowers the Enhancement of Global Operational Efficiency J&T Digital Intelligence System Self-developed Digital Base Layer Digital Infrastructure Technology Platform Self-built Computing Power Global Unified Cloud + Third-party Cloud Services Empowering Operations
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J&T Global Express Ltd B — FY2025 Earnings Presentation on 6ix