Half Year 2026 J&T Global Express Ltd Earnings Call Transcript
Key Points
- Achieved a milestone with average daily parcel volume exceeding 100 million parcels in Q2 2026, becoming one of the few global express operators to do so.
- Non-China markets revenue contribution reached 50% for the first time, reflecting successful global diversification.
- Strong financial performance with total revenue up 35.5% year-on-year to $7.67 billion and adjusted net profit up 124.3% to $350 million.
- Southeast Asia parcel volume surged 71.2% year-on-year, with market share increasing to 38.1%, maintaining a leading position.
- Adjusted EBIT per parcel improved 77.2% year-on-year to $0.025, driven by a favorable mix shift toward higher-margin non-China markets.
- Operating cash flow increased 50.9% year-on-year to $640 million, and cash position strengthened to $2.91 billion.
- Continued shareholder returns through share buybacks and cancellations, with a new HK$2 billion repurchase program approved.
- China market growth was relatively modest at 9.6% year-on-year, though above industry average, reflecting a complex competitive environment.
- Capital expenditure guidance was raised to $800-900 million for 2026, slightly higher than earlier expectations, due to expansion needs.
- Entry into European and American markets is expected to take one to two years before showing results, indicating a slow and uncertain expansion process.
- Non-platform parcel development in Southeast Asia is still at an early stage, with limited scale and contribution to overall volume.
- The company faces significant growth headwinds in Latin America and Southeast Asia, where parcel per capita remains low compared to China, requiring continued investment.
- The asset-like operating model in new markets relies on partnerships, which may limit control and profitability in the initial phase.
Thank you, Operator. Hello, everyone.
Welcome to GNT Express 2026 Interview Results Conference Call. I'm Haiding Chen, Director of Strategic Investment and Capital Market of GNT Express.
The company's results and investor relation presentation were released earlier today and are now available on the company's IR website at ir.jtexpress.com.
Before we start the call, we would like to remind you that the call may include forward-looking statements, which are underlined by a number of leaks and uncertainties and may not be realized in the future for various reasons.
Information about general market conditions is coming from a variety of sources outside of J&T.
This presentation also contains unaudited non-IFRS financial measures that should be considered in addition to, but not as, substitute for the company's financials prepared in accordance with IFRS.
I have with me Jianqi Executive President Steven Stan, Vice
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