Slides
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2Q2025 Results Presentation July 2025
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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 “Company”, and together with its subsidiaries and consolidated affiliated entities, the “Group”) for use in presentations by the Group at investor meetings for information purposes. This presentation contains data and information obtained from third-party studies. The Company has not independently verified the data and information obtained from these sources. 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Neither the Company nor any of its respective controlling persons, directors, officers, partners, employees, affiliates, agents, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. • This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Subsequent developments may affect the information contained in this presentation. 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The Company assumes no responsibility to update forward- looking statements or to adapt them to future events or developments. • Financial figures of the Group included in this presentation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) (unless specified otherwise) which differ in certain significant respects from generally accepted accounting principles in other countries. This presentation includes certain measures of financial performance which are not measures of financial performance under the IFRSs, such as “adjusted net loss” or “adjusted EBITDA”. These measures are presented because the Company believes they are useful measures to determine the Company’s operating performance. However, they should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net profit or indicators of the Company’s operating performance on any other measures of performance derived in accordance with IFRSs. Because they are not IFRSs measures, they are not comparable to similarly titled measures presented by other companies. • This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company or any of its subsidiaries or affiliates in any jurisdiction. 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None of the Company or any of its or their respective affiliates, controlling persons, directors, officers, partners, employees, agents, representatives or advisers of any of the foregoing shall have any liability in respect of the use of, or reliance upon, the information contained herein by you or any person to whom the information herein is disclosed. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in an offering circular or prospectus prepared in relation to such offering. In all cases, interested parties should conduct their own investigation and analysis of the Group and the data contained in this document. 2 Disclaimer
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Business Overview 4 Segment Review 14 Group Financial Review 27 Growth Strategies 33 Appendix 35 1 2 3 4 Contents 5 3
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Business Overview Section 1
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Global Footprint 239 sorting centers >12,200 line-haul vehicles (>6,700 self-owned line-haul vehicles) 337 sorting machines Full network coverage across the 13 countries 1. All operational data are as of June 30, 2025; 2. Southeast Asia (the “SEA”) includes seven countries, namely, Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia and Singapore; China Egypt Saudi Arabia Thailand Singapore Malaysia The Philippines Indonesia Cambodia Vietnam Mexico Brazil UAE 5Business Overview 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
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ChinaSEA New Markets Capturing the Immense Opportunities of E-commerce and Express Delivery Market （In Bn） 19 34 2025E 2029E 15% （In USD Bn） 292 572 2025E 2029E 18% 25% 36% 202 261 2025E 2029E 7% 2,310 3,039 2025E 2029E 7% 33% 39% 5 10 2025E 2029E 17% 164 329 2025E 2029E 19% 21% 35% E-commerce Retail Transaction Value Total Parcel Volume E-commerce penetration rate CAGR 1. All industry data and market share information presented herein are sourced from our industry consultant Frost & Sullivan. 2. New Markets includes five countries, namely, Brizal, Mexico, UAE, Saudi Arabia and Egypt.. CAGR 6Business Overview
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Huge Growth Potential in SEA and New Markets 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 China 3.7 5.7 9.2 14 21 31 SEA New Markets 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E China SEA 4.9 7.0 9.7 New Markets 2.5 3.1 3.9 4.6 5.4 Industry Parcel Volume(Bn) CAGR=54% CAGR=40% CAGR=21% Future= ？ Parcel per capita in SEA and New Markets is expected to grow rapidly SEA and New Markets are replicating the high- growth trend China experienced in its early days Parcel per capita (Unit) 59 124 186 12 26 52 4 9 20 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E China SEA New Markets 7Business Overview
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SEA China New Markets Country Presence Market Position FY2024 Parcel Volume Growth Rate 41% 29% 22% Profitability adjusted EBIT% 9.4% 2.3% (13%) still under investment mode Business Partners J&T at a Glance e–commerce Branded accountsGlobal e–commerce Regional e–commerce Branded accounts No. for 5 consecutive years (28.6% market share in 2024) 1 No.(1) 5 Top(2) 5 (11.3% market share in 2024) (6.1% market share in 2024) Global e–commerce Regional e–commerce 8Business Overview 1. The rankings of express delivery companies in the Chinese market presented here reflect those operating under a franchise model. 2. In Mexico, Saudi Arabia, the UAE, Eygpt. 3. The market share presented herein is calcuated based on the parcel volume.
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Business Highlights 6.0% 6.1% 2023 2024 Market Share 25.4% 28.6% 2023 2024 + 3.2% 10.6% 11.3% 2023 2024 +0.7% + 0.1% 230 281 136 166 2023 2024 1H2024 1H2025 15 20 8.8 10.6 3.2 4.6 2.0 3.2 Parcel Volume (bn) (bn) (mn) YoY +41% YoY +29% YoY +22% 2024年包裹量增速 41% 25% ＞ 29% 22% ＞ 22% 19% ＞ Company and Industry Growth Rate 9Business Overview SEA China New Markets 2024 Company Growth Rate Industry Growth Rate 2024 Company Growth Rate Industry Growth Rate 2024 Company Growth Rate Industry Growth Rate YoY +58% YoY +20% YoY +22%
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7.3 8.5 10 9.4 11 11 11 11 12 15 17 19 1Q2023-2Q2024 1Q2024-2Q2025 30 41 46 50 43 54 43 54 55 64 55 62 Quarterly Average Daily Parcel Volume (mn) (mn) (mn) 0.3 0.6 0.8 0.8 0.7 0.8 0.7 0.8 0.8 0.8 0.9 1.0 Q1 Q2 Q3 Q4 Q1(+1) Q2(+1) 10Business Overview SEA China New Markets
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Continuous Investment in Infrastructure 11Business Overview 226 51 2 270 57 10 China SEA New Markets 2024/12/31 2025/6/30 Build an Efficient Fleet Continuously Invest in Automated Sorting Machines Upgrade Sorting Centers 1,700 1,800 4,900 4,900 2,900 3,600 2,200 1,600 2024/12/31 2025/6/30 2024/12/31 2025/6/30 Third-party Carriers Self-owned • Strategic selection of prime locations to build sorting centers to enhance network capacity and logistics efficiency • The Yangzhou Sorting Center was put into operation before the Double 11 in 2024 • The Guangzhou Sorting Center is scheduled to commence operation in 2025 SEA(1) China(2) (High-efficiency Fleet) (Automated Sorting Machines) (Yangzhou Sorting Center, China) Note : 1. The increase in the line-haul vehicles of third-party carriers in SEA was mainly due to the rapid growth in the parcel volume, which boosted the demand for line-haul vehicles; 2. The decrease in the number of line-haul vehicles of third-party carriers in China was mainly due to the seasonal fluctuations in parcel volume and the increasing use of high-capacity vehicles (#) (#)
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Group revenue from express delivery US$10.0Bn 2024 US$8.1Bn 2023 1. Adjusted EBITDA (a non-IFRS measure) (“adjusted EBITDA”) was defined as profit/(loss) for the period adjusted by adding back (i) share-based payments and expenses, (ii) fair value changes arising from the financial liabilities of the Company at fair value through profit or loss, (iii) listing expenses, (iv) depreciation and amortization, (v) finance income, (vi) finance costs, and (vii) income tax expenses. 2. Adjusted net profit/loss (a non-IFRS (as defined below) measure) (“adjusted net profit/loss”) was defined as profit/(loss) for the period adjusted by adding back (i) share-based payments and expenses, (ii) fair value changes arising from the financial liabilities of the Company at fair value through profit or loss, and (iii) listing expenses. 3. Free cashflow = operating cashflow - capex. 4. Adjusted EBIT (a non-IFRS measure) (“adjusted EBIT”) was defined as profit/(loss) for the period adjusted by adding back (i) share-based payments and expenses, (ii) fair value changes arising from the financial liabilities of the Company at fair value through profit or loss, (iii) listing expenses, (iv) finance income, (v) finance costs, and (vi) income tax expenses. China adjusted EBIT US$147mn 2024 (US$236mn) 2023 Group adjusted net profit(2) US$200mn 2024 (US$432mn) 2023 SEA adjusted EBIT% 9.4% 2024 7.7% 2023 Group free cashflow(3) US$252mn 2024 (US$133mn) 2023 YoY+23% turned profitable for the first time turned positive for the first time +1.7 pcts turned profitable for the first time China adjusted EBITDA US$427mn 2024 US$31mn 2023 Group adjusted EBITDA(1) US$778mn 2024 US$147mn 2023 YoY+431% constantly profitable Financial Highlights SEA adjusted EBIT(4) US$303mn 2024 US$203mn 2023 YoY+49% Business Overview 12
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Segment Review Section 2
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28.6% 24.5% 6.9% 6.2% 4.8% J&T Company A Company B Company C Company D 3.2 4.6 2.0 3.2 2023 2024 1H2024 1H2025 SEA - Ranked First for 5 Consecutive Years Parcel Volume Continues to Grow Leading Position in SEA Ranked First for 5 Consecutive Years 16.4% 22.3% 22.5% 25.4% 28.6% 2020 2021 2022 2023 2024 (bn) YoY +41% Key Drivers • Growth of e-commerce, quality service and competitive pricing • Independent e-commerce enabler • Systematically replicate the Chinese expertise to SEA to maintain technological and cost advantages Third party carriers E-commerce in-house logistics Segment Review 14 YoY +58% Market share by parcel volume in 2024
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SEA - Provide High-quality Service and Continuously Reduce Cost Seize the Growth Opportunities of E-commerce Platforms Reduce Sorting Cost Reduce Transportation Cost • Learn from China's advanced equipment and equipment systems • Upgrade sorting center and automated sorting machines • As of June 30, 2025, total 57 automated sorting machines. +16 in 2024 and +6 in 1H2025 • Build a highly efficient self-owned fleet • Introduce Chinese suppliers to open up sales channels and maintenance networks • As of June 30, 2025, 5,400 line-haul vehicles, of which 1,800 are self-owned. +400 self- owned vehicles in 2024 and +100 self-owned vehicles in 1H2025 Global E-commerce Customers Regional E-commerce Customers Continuously develop non-platform Customers 15Segment Review
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0.40 0.36 0.40 0.41 0.37 0.35 0.17 0.15 0.19 0.15 0.16 0.14 0.09 0.05 0.09 0.08 0.06 0.04 2023 2024 1H2023 2H2023 1H2024 2H2024 Pickup and delivery Transportation Sorting 0.81 0.71 0.87 0.77 0.74 0.67 0.67 0.57 0.71 0.63 0.60 0.54 0.06 0.07 0.06 0.06 0.07 0.07 2023 2024 1H2023 2H2023 1H2024 2H2024 Revenue per parcel COGS per parcel Adjusted EBIT per parcel SEA - Healthy Unit Economics (US$ per parcel) • Flexible pricing strategy to gain more market share • Leveraging the know-how from China to SEA to reduce costs • Stable adjusted EBIT per parcel • Rationalize the salary structure to improve the work efficiency of outlets staff and couriers • Combine Chinese experience with local conditions, build a self-owned fleet and optimize line-haul routes • Invest in automated sorting equipment along with digital management tools to improve sorting efficiency 16Segment Review FY2024 vs FY2023 FY2024 vs FY2023 (US$ per parcel)
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203 303 111 168 7.7% 9.4% 8.0% 9.9% 2023 2024 2H2023 2H2024 376 456 192 248 14% 14% 14% 15% 2023 2024 2H2023 2H2024 470 633 250 346 18% 20% 18% 20% 2023 2024 2H2023 2H2024 2,633 3,221 1,387 1,701 2023 2024 2H2023 2H2024 YoY +22% SEA - Maintain Healthy Profitability YoY +23% Revenue and Growth Gross Profit and Gross Profit Margin Adj. EBITDA and Adj. EBITDA Margin Adj. EBIT and Adj. EBIT Margin (US$ mn) 17Segment Review (US$ mn) (US$ mn) (US$ mn)
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China - Continue to Gain Market Share in 2024 Parcel Volume Continues to Grow Top 5 Player(1) Continue to Gain Market Share 19.4% 15.2% 13.6% 13.0% 11.5% 11.3% Company E Company F Company G Company H Company I J&T 15 20 8.8 10.6 2023 2024 1H2024 1H2025 (bn) YoY +29% Key Drivers： • Strengthen cooperation with all e-commerce platforms • Seize the growth opportunities of social commerce • Enhance service quality and brand image • Improve customer mix and accumulate a high- quality customer base • Expand into lower-tier cities 2.5% 7.7% 10.9% 11.6% 10.6% 11.3% 2020 2021 2022 2023 2023 2024 Not Restated Restated 1.The industry numbers have been restated since 2024 according to the stats disclosed by the State Post Bureau of the PRC. 2.The rankings of express delivery companies in the Chinese market presented here reflect those operating under a franchise model. Network Partner model Regional Sponsor Model Direct Operation model 18Segment Review YoY +20% Market share by parcel volume in 2024
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China - Enhance Customer Experience and Develop Branded Customers and Lower-tier Markets Enhance Brand Image and Customer Experience Establish Special Project to Develop Branded Customers Break Into the Low-tier Market through Key Projects Continuously penetrating the lower-tier markets: • Parcel Aggregation Project: Cooperating with e- commerce platforms to consolidate parcels and then deliver to remote areas, such as Xinjiang,Gansu. As the end of 2024，J&T has covered 99.6% of the villages in Xinjiang • Projects to Assist Agriculture: Setting up green channels for parcels of agricultural products to reduce delivery time • Enhance Marketing Capabilities: Provide professional marketing experience training to network partners and collaborate with them to cultivate high-quality customers, thus enhancing customer quality and profitability. • Intelligent Early-Stage Warning and Parcel Tracking: Leverage digital analytics tools to preemptively identify parcels with irregularities and address the issues before they worsen • Immediate Response and Rapid Claims Processing: Enhance the response speed of customer service by ensuring ultra-fast claims settlement within one hour and effectively handling inquiries and complaints within one day 19Segment Review (J&T Express in Xinjiang)
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China - Continue to Enhance Operational Optimization Build an efficient self-owned fleet Improve the Capabilities of Outlets Upgrade Sorting Centers • Service Station(1)：Establish service stations to enhance delivery efficiency and expand the customer base for individual parcels. • Investment in Automated Sorting Machines in Outlets: Supporting outlets to invest in automated sorting machines. In 2024, the number of automated sorting machines increased by 80% • Investment in Automated Sorting Machines: As of June 30, 2025, 270 sets of automated sorting machines in total, +27 sets in 2024 and +44 in 1H2025 • Self-built Sorting Centers: Selectively self-built sorting centers in core hubs to enhance network capacity and efficiency. Yangzhou Sorting Center put into operation in 2024, Guangzhou Sorting Center is expected to commence operation in 2025 • Increasing Self-owned Vehicles to Reduce Transportation Costs: As of June 30,2025, 4,900 self-owned line-hual vehicles, +1,100 in 2024 • Intelligent Planning to Improve Loading Rate: Leverage intelligent forecasting technology to precisely plan routes and boost vehicle loading rates 1.Refer to service stations operated by J&T or its network partners 20Segment Review
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0.20 0.19 0.20 0.21 0.20 0.18 0.07 0.06 0.08 0.07 0.07 0.05 0.06 0.05 0.06 0.05 0.05 0.05 2023 2024 1H2023 2H2023 1H2024 2H2024 Pickup and delivery Transportation Sorting 0.34 0.32 0.34 0.34 0.34 0.310.34 0.30 0.34 0.33 0.32 0.29 (0.015) 0.007 (0.028) (0.006) 0.007 0.008 2023 2024 1H2023 2H2023 1H2024 2H2024 Revenue per parce COGS per parcel Adjusted EBIT per parcel China - Improved Unit Economics (US$ per parcel) • Supported by optimized volume mix with more reverse parcels and individual parcels, revenue per parcel slightly droped under the backdrop of industry competition • Cost reduction through scale and refined management • Adjusted EBIT per parcel turned profitable • Structure payouts according to industry-standard weight tiers while promoting outlets investment in automated equipment to enhance operational efficiency and stability • Investment in self-owned line-haul vehicles and increasing the use of high-capacity vehicles to maximize loading efficiency • Upgrade the automated equipment and improve the efficiency of sorting personnel 21Segment Review (US$ per parcel) FY2024 vs FY2023 FY2024 vs FY2023
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(236) 147 (53) 88 (4.5%) 2.3% (1.8%) 2.6% 2023 2024 2H2023 2H2024 31 427 76 228 0.6% 6.7% 2.5% 6.7% 2023 2024 2H2023 2H2024 59 422 76 209 1.1% 6.6% 2.5% 6.2% 2023 2024 2H2023 2H2024 5,229 6,388 3,026 3,390 2023 2024 2H2023 2H2024 YoY +22% China - Adjusted EBIT Turned Profitable for the First Time YoY +12% Revenue and Growth Gross Profit and Gross Profit Margin Adj. EBITDA and Adj. EBITDA Margin Adj. EBIT and Adj. EBIT Margin (US$ mn) 22Segment Review (US$ mn) (US$ mn) (US$ mn)
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Parcel Volume Continues to Grow Further Grow Market Share to 6.1% Growing Together with Partners 1.6% 6.0% 6.1% 2022 2023 2024 Ranked Top 5 in Mexico, Saudi Arabia, the UAE and Egypt 230 281 136 166 2023 2024 1H2024 1H2025 YoY +22% Drivers： • Seize the growth opportunities of e-commerce globalization • Expanding partnership with (1)global e-commerce such as TikTok, Shein, Temu and (2) regional e- commerce such as Noon, Mercado Libre • Continuous investment in infrastructure with 900 outlets added in 2024 to enhance network capacity (mn) New Markets - Growing Together with Partners Global E-commerce Customers Regional E-Commerce Customers 23Segment Review YoY +22%
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1.42 2.05 1.32 1.97 1.41 1.94 1.15 2.01 0.01 0.11 0.17 (0.04) (0.35) (0.15) (0.18) (0.24) 2023 2024 2H2023 2H2024 Revenue per parcel COGS per parcel Gross profit per parcel Adjusted EBITDA per parcel 0.84 1.20 0.70 1.38 0.26 0.31 0.24 0.300.24 0.33 0.21 0.34 2023 2024 2H2023 2H2024 Pickup and delivery Transportation Sorting New Markets - Improved Unit Economics (US$ per parcel) • Changes in revenue per parcel mainly due to changes in volume mix of different countries and the volume structure • Certain country in New Markets adjusted its network in response to market fluctuations, which negatively impacted its financial performance in 2H2024 • New Markets is still growing rapidly, thus the trend of unit costs fluctuates. It needs a longer period to show a stable trend 24 FY2024 vs FY2023 FY2024 vs FY2023 (US$ per parcel) Segment Review
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1.6 30 25 (5.4) 0.5% 5.2% 12.9% (1.9%) 2023 2024 2H2023 2H2024 327 576 194 284 2023 2024 2H2023 2H2024 YoY +76% (111) (76) (39) (54) (34%) (13%) (20%) (19%) 2023 2024 2H2023 2H2024 (82) (43) (26) (35) (25%) (7.5%) (14%) (12%) 2023 2024 2H2023 2H2024 New Markets - Losses Narrowed Significantly with Improved Efficiency YoY +46% Segment Review Revenue and Growth Gross Profit and Gross Profit Margin Adj. EBITDA and Adj. EBITDA Margin Adj. EBIT and Adj. EBIT Margin 25 (US$ mn) (US$ mn) (US$ mn) (US$ mn)
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Group Financial Review Section 3
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2023 2024 2H2023 2H2024 (US$ mn) 30% YoY +16% 31% 59% 62% 7% 6% 4% 8,849 10,259 4,819 5,397 YoY +12% 29% 32% 63% 63% 4% 5% SEA China Cross-border New Markets Group Financial Review Group Revenue and Segment Breakdown 27
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(US$ mn) FY2024 FY2023 SEA China New Markets Cross- border Un- allocated Group SEA China New Markets Cross- border Un- allocated Group Revenue 3,221 6,388 576 75 - 10,259 2,633 5,229 327 660 - 8,849 Costs 2,588 5,966 546 82 - 9,181 2,163 5,170 325 718 - 8,376 Gross Profit 633 422 30 -7.1 - 1,078 470 59 1.7 -58 - 473 Gross Margin 20% 6.6% 5.2% -9.5% n.a 11% 18% 1.1% 0.5% -8.8% n.a 5.3% Adj. EBITDA 456 427 -43 -29 -33 778 376 31 -82 -107 -71 147 Adj. EBITDA % 14% 6.7% -7.5% -39% n.a 7.6% 14% 0.6% -25% -16% n.a 1.7% Adj. EBIT 303 147 -76 -39 -33 301 203 -236 -111 -119 -71 -335 Adj. EBIT % 9.4% 2.3% -13% -53% n.a 2.9% 7.7% -4.5% -34% -18% n.a -3.8% Adj. Net Profit 200 -432 Adj. Net Profit % 2.0% -4.9% Group Financial Review Group and Segment Profit 28
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695 740 354 391 1,462 87 36 54 7.9% 7.2% 7.3% 7.2% 2023 2024 2H2023 2H2024 Adj. SG&A SBC Adj. SG&A as % of Revenue 46 49 27 25 0.5% 0.5% 0.6% 0.5% 2023 2024 2H2023 2H2024 R&D R&D as % of Revenue Operating Leverage Driven by Economies of Scale (US$ mn) Group Financial Review 29 Adj. SG&A Expenses (1) and as % of Revenue R&D Expenses and as % of Revenue 1. Adj SG&A = SG&A - SBC (US$ mn)
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475 555 135 81 2023 2024 Commitment Capex Investment in Infrastructure (US$ mn) 610 637 Capex & Commitment D&A ( including ROU) 172 153 267 280 30 33 2023 2024 New Markets China SEA 481 477 30 (US$ mn) Group Financial Review
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342 807 339 462 (133) 252 115 72 Operating cash flow Free cash flow 1,525 1,638 1,283 1,583 Cash Borrowings Positive Cash Flow and Healthy Cash Position 2023/12/312023 2024 2H2023 2H2024 2024/12/31 (US$ mn) Operating Cash Flow and Free Cash Flow Cash Position and Borrowings • As of 2024/12/31, borrowings included a syndicated loans of US$1.25bn due in October 2027 Group Financial Review 31 • Free cashflow = operating cashflow - capex • Operating cashflow and free cashflow continue to turn positive (US$ mn)
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Growth Strategies Section 4
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Growth Strategies 1 4 5 Strengthen the brand, continuously expand non-platform customers, and improve profitability Focus on Southeast Asia and China markets to consolidate our market position Refined management, continuous cost reduction and empower overseas operations with China know-how 2 Steadily enhance our market position in New Markets1 3 Seize the significant growth opportunities as e-commerce platforms expand globally1 Growth Strategies 33
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Appendix
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USD’000 2024/12/31 2023/12/31 Non-current assets Investment properties 243 278 Property, plant and equipment 1,385,538 1,178,690 Right-of-use assets 477,207 503,073 Intangible assets 1,118,688 974,525 Investments accounted for using the equity method 2,143 2,729 Deferred income tax assets 74,675 53,813 Other non-current assets 50,550 25,423 Financial assets at fair value through profit or loss 572,770 725,577 3,681,814 3,464,108 Current assets Inventories 21,620 34,756 Trade receivables 680,180 555,978 Prepayments, other receivables and other assets 1,171,904 971,496 Financial assets at fair value through profit or loss 101,196 49,957 Restricted cash 40,861 41,921 Cash and cash equivalents 1,596,931 1,483,198 3,612,692 3,137,306 Total assets 7,294,506 6,601,414 CONSOLIDATED BALANCE SHEETS USD’000 2024/12/31 2023/12/31 EQUITY Share capital 18 18 Share premium 9,061,736 9,061,736 Treasury shares (19,420) - Other reserves (190,781) (185,273) Accumulated losses (6,026,240) (6,126,799) 2,825,313 2,749,682 Non-controlling interests (302,765) (270,083) Total equity 2,522,548 2,479,599 Non-current liabilities Borrowings 1,320,550 1,071,313 Lease liabilities 296,728 304,316 Deferred tax liabilities 15,312 15,808 Employee benefit obligations 6,350 13,082 Financial liabilities – redemption liabilities of shares of JNT Express KSA LLC 65,958 36,740 Financial liabilities at fair value through profit or loss 649,161 595,782 2,354,059 2,037,041 Current liabilities Trade payables 589,860 466,904 Advances from customers 322,333 272,231 Accruals and other payables 1,023,909 888,942 Lease liabilities 172,442 204,341 Current income tax liabilities 35,381 30,601 Borrowings 262,642 211,236 Financial liabilities at fair value through profit or loss 11,332 10,519 2,417,899 2,084,774 Total liabilities 4,771,958 4,121,815 Total equity and liabilities 7,294,506 6,601,414 Appendix 35
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USD’000 FY2024 FY2023 Revenue 10,259,104 8,849,251 Cost of revenue (9,180,889) (8,376,453) Gross profit 1,078,215 472,798 Selling, general and administrative expenses (826,715) (2,157,413) Research and development expenses (48,889) (46,091) Net impairment losses on financial assets (11,266) (26,928) Other income 10,227 46,263 Other income/(losses), net 8,971 (55,179) Operating profit/(loss) 210,543 (1,766,550) Finance income 40,671 24,755 Finance costs (126,175) (105,089) Fair value change of financial assets and liabilities at fair value through profit or loss 4,463 707,925 Share of results of associates (352) (237) Profit/(loss) before income tax 129,150 (1,139,196) Income tax expense (15,446) (17,182) Profit/(loss) for the year 113,704 (1,156,378) Attributable to: Owners of the Company 100,559 (1,100,988) Non-controlling interests 13,145 (55,390) Non-IFRS measure Adjusted net profit/(loss) 200,333 （432,277) Adjusted EBITDA 778,279 146,694 Adjusted EBIT 301,283 (334,761) CONSOLIDATED INCOME STATEMENTS 36Appendix
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USD’000 FY2024 FY2023 Cash flows generated from operating activities 807,428 341,953 Net cash used in investing activities (573,629) (858,847) Net cash (used in)/generated from financing activities (99,964) 500,897 Net increase/(decrease) in cash and cash equivalents 133,835 (15,997) Cash and cash equivalents at the beginning of the period 1,483,198 1,504,048 Effects of foreign exchange rate changes on cash and cash equivalents (20,102) (4,853) Cash and cash equivalents at the end of the period 1,596,931 1,483,198 CONSOLIDATED STATEMENT OF CASH FLOWS 37Appendix
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Our Journey Established J&T and applied regional sponsor model into express delivery business Expanded to Vietnam and Malaysia Expanded to the Philippines, Thailand, and Cambodia Expanded to Singapore and China Acquisition of Thailand and Indonesia entities (“SEA entities”) Acquisition of BEST Express China 2015 2018 2019 2020 2021 Expanded to Saudi Arabia, UAE, Mexico, Brazil and Egypt 2022 2023 Included as a constituent of the Hong Kong Stock Connect and FTSE China and the Group turned profitable for the first time 2024 Established strategic cooperation with SF Express Successfully listed on the HKEX on 27 October 2023 2025 To be continued Included in MSCI Index 38Appendix
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• Entered into 5 large and high-growth markets Replicate Our Success in SEA and China to New Markets 2015 2018 2019 2020 2021 2022 2023 2024 • J&T was founded • Started in Indonesia with unique regional sponsor model • Further grew market share to 11.3% • Adj. EBIT turned profitable • Ranked #1 for 5 consecutive years • Further grew market share to 28.6% • Acquired Best • Achieved 7.7% market share in 1 year • Entered into China • Became #1 in SEA, with 16.4% market share • Expanded business into 6 countries • Further grew market share to 6.1% SEA 1st growth curve: Our home base 2nd growth curve: Success in the world’s largest ad most competitive market China New growth curve: Replicating our success in other emerging markets New markets 39Appendix
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Overview of J&T’s Regional Sponsor Model Key Advantages of Regional Sponsor Model Network Partners Directly Operated Outlets and Service Stations Country Headquarters • Formulate the overall operational strategy and execution plans • Network partners own and operate pick-up and delivery outlets and service stations • Regional operating entities own pick-up and delivery outlets and service stations Incentive arrangements with regional sponsors based on performance Adjust local operations in each market and successfully replicated this model in multiple jurisdictions Overcome operational challenges in each market with J&T’s technology system Reduce unit costs and increase operating leverage without investing substantial capital by J&T Aligned Interest and Culture Lower Cost and Capital Requirement Highly Flexible and Adaptive Strong Operational Control Scalable Regional Sponsor Model that Promotes Rapid Penetration in All Markets • Entrepreneurial in nature and the culture carriers • Local and regional knowledge and business experience • Alignment of interests including holding equity interests in headquarters and/or regional operating entities Regional Sponsors 40Appendix
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The Digital and Intelligent System Empowers the Enhancement of Global Operational Efficiency Base Layer Self-developed Digital Technology Platform Global Unified Framework + High portability Address Resolution Platform Big Data Management Platform Digital Infrastructure Self-built Computing Power Cloud + Third-party Cloud Services Platform LayerApplication Layer large-scale AI model Platform Early Warning and Decision Making Platform Pick-up and Delivery Sorting Transportation Management Integrated Digital System Dedicated Technology Center Empowering Operations in 13 Countries Digital Tools for Outlet Operations + Dynamic Map AOI Technology Algorithmic planning of delivery strategies and routes + Volume Forecasting and Intelligent Capacity Scheduling + Automated Equipment Management System Central Digital Management Dashboard + Line Optimization Big Data Algorithm + Predictive Alerting and Time Management Digital Platform for Resource Scheduling + Integrated Management Dashboard + large-scale AI model Application Whole-link Monitoring, Alerting and Optimization + J&T Digital Intelligence System 41Appendix
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Continuous Investment in ESG to Support Sustainable Development • Full Lifecycle Green Management: Actively develop green and low-carbon transfer centers and smart industrial parks, and promote the layout of renewable energy • Emissions Management: Implement fuel consumption monitoring systems in various countries abroad, establish reward and penalty measures to promote fuel efficiency, and integrate these initiatives into KPI • ESG Environmental Management Goals: Engage communities and schools in the operation area to jointly participate in environmental protection actions Environment Society Corporate Governance • Workplace Safety: Prioritize safety management in critical areas throughout the entire supply chain, and fully implement safety assurance measures in transportation, sorting, pickup, and delivery operations. • Employee Welfare: Provide global employees with benefits such as medical insurance, housing allowances, and training • Assisting Agriculture: Build a pick-up and delivery network in rural areas, and help local farmers sell agricultural products across the globe • Company ESG Management: Conduct ESG training programs for new hires and managers at the promotion level and above at headquarters and subsidiaries across various countries. • Compliance Management: The overall compliance management framework is composed of the Corporate Governance Committee, the Compliance Risk Working Group, and the Compliance and Risk Management Team. • Business Ethics: Established a comprehensive integrity management system along with strict anti- corruption and anti-bribery policies. Carry out routine monitoring actions and systematic integrity training program 42Appendix
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Our ESG Initiatives and Achievements Comprehensive Green Packaging n In terms of trunkline transportation, by the end of 2024, J&T Express had cumulatively deployed over 1,300 LNG clean energy vehicles globally n To support the operation of LNG clean energy vehicles, actively collaborate with gas stations and promote the procurement of 1,000+ tons of B5 biodiesel, achieving an industry-leading level in the application of green energy Comprehensive Green Packaging Occupational Health and Safety Occupational Health and Safety Fire Drill and Emergency Response Training in Indonesia n We are committed to establishing and maintaining a robust corporate governance framework and corporate governance practices. We believe that a sound corporate governance structure is conducive to safeguarding shareholders' interests, enhancing corporate value, and formulating the right business strategies n We follow the work safety guidelines of “people oriented, safety first, precaution crucial” and continuously improve the construction of safety management system Green Transportation Managing fuel consumption on routes Driver energy conservation awareness training Optimizing the energy structure Optimizing the transportation structure Safety training sessions 57,000+ Safety training participants 1.0 mn+ Accumulated approximately times of uses of reusable transit bags 31 mn+ Accumulated approximately times of uses of reusable transit bags 1,900 mn+ Approximate placement of fully degradable waterproof bags 3.7 mn+ Accumulated approximately times of uses of reusable transit bags 3.8 mn+ Female directors 28.6% Total hours of anti- corruption Training 31,000+ Percentage of new employees signing the Commitment to Integrity in Business Practices 100% Number of trainees receiving business ethics training 94,000+ 43Appendix