T.s. Lines Limited · HKEX:2510
T.s. Lines — H1 2026 Earnings Presentation
22 slides from T.s. Lines's earnings presentation, Aug 25, 2026
Slide 1: 2026 Interim Results Investor Presentation
2026 Interim Results Investor Presentation Speakers: Chairman James Chen President Gavin To Senior Vice President Russell Huang Chief Financial Officer Lewis Chan Junior Vice President Jase Chen Assistant Manager of Investor Relations Moriz Yu Tsoi 2026.08 1 SAILING ALONG YOUR NEEDS
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: Agenda: Industry review
Agenda 01 Industry review 02 Operational updates 03 Financial review 04 Outlook 05 Q&A 4 SAILING ALONG YOUR NEEDS
Slide 5: Outbreak of US-Iran War
SCFI & CCFI (Jan - Jun 2026) Charter Rates Port Congestion Index 3,500 11 SCFI 143%1 18.0% CCFI China-SEA index 16.0% 3,000 10 14.0% 12.0% 2,500 9 10.0% 8.0% Outbreak of US-Iran War 2,000 6.0% 8 4.0% 1,500 2.0% 7 64% 1 0.0% 1,000 -2.0% 6 -4.0% 500 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 5 1-Jul-24
Slide 6: Agenda: Operational updates
Agenda 01 Industry review 02 Operational updates 03 Financial review 04 Outlook 05 Q&A 6 SAILING ALONG YOUR NEEDS
Slide 7: Solidly profitable amid uncertainty
Solidly profitable amid uncertainty 01 03 Middle East Conflicts Energy Shock – T.S. Lines’ vessels were not stranded in – Limited cost pressure from the spike of oil price the gulf – ~80% of our vessels feature scrubber, which – Led to supply chain disruption and further has expanded our cost advant
Slide 8: Geographically breakdown
Geographically breakdown Steadfast in providing better services in IA Total shipping volume breakdown by region 20th April Global Capacity Ranking* HLS – Expanding our network between Southeast Asia and Indian Subcontinent % of total volume 1H 2025 1H 2026 Asia Pacific Region 90.0% 92.7% 21 May Grea
Slide 9: Fleet Portfolio
Fleet Portfolio Vessel fleet size # Size Place of build Delivery 1 7,000TEU China Apr-26 Total capacity1 Self-owned ratio2 2 7,000TEU China Sept-26 139,743 TEU 86 % 3 4 14,000TEU 14,000TEU China China Jun-27 Aug-27 in 1H26 , representing a 4.6% increase compared to the year- 5 14,000TEU China Oct-27
Slide 10: Container Portfolio
Container Portfolio Total capacity1 Self-owned ratio2 Expanding fleet Prepare for uncertainty 295,810 TEU 43 % As of June 30, our container We ordered more new containers portfolio expanded to 295,810TEU, which are expected to be delivered representing an increase of 4.7% over the course of 2H26 to
Slide 11: Agenda: Financial review
Agenda 01 Industry review 02 Operational updates 03 Financial review 04 Outlook 05 Q&A 11 SAILING ALONG YOUR NEEDS
Slide 12: Volume, shipping revenue and average revenue per TEU
Volume ‘000 TEU Shipping revenue US$ mm Average revenue/TEU1 US$ 0.9% 2.6% 3.6% 1,000 700 600.6 1,000 818.5 810.8 585.6 600 800 800 715.0 741.0 500 600 400 600 400 300 400 200 200 200 100 0 0 0 1H 25 1H 26 1H 25 1H 26 1H 25 1H 26 • Total volume dropped slightly by 0.9% • We generated shipping revenu
Slide 13: Revenue, cost of sales and gross profit
Revenue US$ mm Cost of sales US$ mm Gross profit & GPM US$ mm 3.0% 4.2% 31.8% 600 +5.6pp 700 641.4 660.4 19.8% 25.4% 514.3 200 492.9 600 500 167.5 500 400 150 127.1 400 300 100 300 200 200 50 100 100 0 0 0 1H 25 1H 26 1H 25 1H 26 1H 25 1H 26 • Total revenue increased by 3% YoY Cost of sales decrease
Slide 14: Bunker, depreciation and charter hire costs
Bunker US$ mm Depreciation of owned PP&E* US$ mm Charter hire US$ mm 16.0% 8.2% 21.4% 120 60 50 96.2 45 100 50 47.7 40 43.8 35.9 82.9 35 80 40 30 28.2 60 25 30 20 40 20 15 20 10 10 5 0 0 0 1H 25 1H 26 1H 25 1H 26 1H 25 1H 26 Bunker cost increased by 16.0% YoY to Depreciation of owned PP&E Charter hi
Slide 15: Net profit, earnings and dividend per share
Net profit US$ mm NPM 23.3% 5.8pp 250 232.6 40% Earnings per share 35.2% 35% 200 188.7 29.4% US$0.14 30% (equivalent to HK$1.092) 150 25% 20% 100 Dividend per share 15% 10% US$0.07 50 5% (equivalent to HK$0.546) 0 0% 1H 25 1H 26 1H 25 1H 26 Payout ratio Profit attributable to equity Net profit margi
Slide 16: Healthy balance sheet
Healthy balance sheet CAPEX for vessels US$ mm FY25 1H26 YoY change US$ mm Total: US$1,005 mm Budget Non-current assets 1,804 1,947 7.9% 350 Paid 300 Current assets 655 727 11.0% 250 Total Assets 2,459 2,674 8.7% 200 346 Current liabilities 235 382 62.7% 150 303 251 100 Non-current liabilities 103 1
Slide 17: Cash flow bridge
US$ mm Cash flow bridge 250.0 215.6 200.0 150.0 63.6 6.6 100.0 73.9 -148.0 -41.6 50.0 -22.3 0.0 CAPEX for new vessels Proceeds from disposals Net cash used in of PP&E financing activitiess Net cash flow CAPEX for new container Other cash flow araising Net increase in cash from operation from investi
Slide 18: Agenda: Outlook
Agenda 01 Industry review 02 Operational updates 03 Financial review 04 Outlook 05 Q&A 18 SAILING ALONG YOUR NEEDS
Slide 19: Geopolitical tension and port congestion may remain major uncertainties
Geopolitical tension and port Despite the near-term 02 04 congestion may continue to be challenges, we stay cautious the major uncertainties for the optimistic about our rest of this year performance in 2026 01 Elevated freight rates, especially the spike of rates in Red Sea route, may not last fore
Slide 20: Q&A Thank You
Q&A Thank You Contact us: E-mail: ir@tslines.com.hk Tel: (852) 3413 2000 20 SAILING ALONG YOUR NEEDS
Slide 21: Appendix
Appendix 21 SAILING ALONG YOUR NEEDS
Slide 22: 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 4,643,791 257 5,592,931 343 7,331,457 15,200-17,999 183 2,913,324 241 3,850,229 265 4,239,961 299 4,789,309 343 5,501,929 12,500