COSCO SHIPPING Energy Transportation (1138) investor relations material

Executive summary

• Revenue rose 2.3% year-over-year to RMB23.7 billion, with profit attributable to equity holders flat at RMB4.04 billion.

• EBITDA increased 3.4% year-over-year to RMB10.61 billion, while gross profit margin declined by 1.2 percentage points.

• The Group maintained its leading position in oil and LNG shipping, expanded its LPG and chemical shipping segments, and continued digital and green initiatives.

• Final dividend of RMB0.38 per share proposed, subject to shareholder approval.

Financial highlights

• Revenue: RMB23.7 billion (+2.3% YoY); Operating costs: RMB17.6 billion (+4.1% YoY).

• Profit attributable to equity holders: RMB4.04 billion (flat YoY); Basic EPS: RMB0.8262.

• EBITDA: RMB10.61 billion (+3.4% YoY); Weighted average ROE: 10.4%.

• Net cash from operating activities: RMB7.39 billion (-14.7% YoY).

• Net debt-to-equity ratio improved to 42% from 77% due to equity funding and higher cash balance.

Outlook and guidance

• 2026 revenue expected at RMB23.17 billion, operating costs at RMB17.54 billion.

• Industry expects continued growth in oil, LNG, LPG, and chemical shipping, with VLCC market to outperform.

• Focus on digital supply chain, green transition, and strengthening global logistics network.

• Plans to deliver 4 oil tankers, 10 LNG carriers, and 5 LPG carriers in 2026.