COSCO SHIPPING (1919) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was $23.4bn, down from $24.6bn year-over-year, with net profit attributable to equity holders at $3.8bn, a 29% decrease from $5.4bn in 2024.

• Operating revenue for Q3 2025 was RMB 58.50 billion, down 20.42% year-over-year; net profit attributable to equity holders was RMB 9.53 billion, down 55.14% year-over-year.

• The decline was mainly due to decreased operational efficiencies and lower freight rates, with the average CCFI dropping 39.49% year-over-year in Q3.

• The company maintained a strong industry position with a fleet of 572 vessels and 3.5 million TEUs, up 5.4% from the start of the year.

• The Group proactively optimized its global network and focused on digital intelligence and green development to enhance resilience.

Financial highlights

• EBITDA for 9M 2025 was $7.6bn, down from $9.7bn in 2024; EBIT was $5.5bn, down from $7.7bn.

• Total operating revenue for the first three quarters was RMB 167.60 billion, down 4.09% year-over-year.

• Net profit attributable to equity holders for the first three quarters was RMB 27.07 billion, down 29.00% year-over-year.

• Basic earnings per share for the first three quarters was RMB 1.74, down from RMB 2.38 year-over-year.

• Net cash flows from operating activities for the first three quarters were RMB 39.98 billion, down 22.66% year-over-year.

Outlook and guidance

• Industry supply is expected to outpace demand in 2025, with supply growth forecasts around 6.6–6.9% and demand at 2.0–2.2%.

• The Group expects continued volatility in freight rates due to global trade uncertainties, tariff policies, and geopolitical risks.

• Strategic focus remains on digital transformation and green, low-carbon initiatives to drive future growth.