ONE reports Q1 FY2026 results with a net income of USD 55 million, raising full-year projections despite challenges from rising costs.
Ocean Network Express (ONE) has announced its financial results for the first quarter of fiscal year 2026 (April to June).
ONE marks a return to profitability with a net income of USD 55 million. This comes after a net loss of USD 88 million in the previous quarter. However, net profit for the quarter was USD 31 million, falling below market expectations.
CEO Till Ole Barrelet highlighted challenges such as rising fuel and operating costs due to Middle East disruptions but noted a gradual recovery in demand. ONE increased cargo volumes and maintained high vessel utilization, prompting the company to revise its full-year guidance upward. The company remains focused on operational flexibility, ensuring reliable services, and delivering long-term value to stakeholders.
ONE reported revenue of USD 4.54 billion for the quarter, a 12.1% increase year-on-year. EBITDA grew by 14.8% to USD 710 million, while EBIT doubled to USD 76 million. Despite these gains, net profit dropped 64.0% year-on-year. The company's EBITDA and EBIT margins stood at 15.6% and 1.7%, respectively. ONE carried 3.257 million TEUs during the quarter, up 2.9% year-on-year, with average revenue per TEU rising to USD 1,300.
Freight demand rebounded in May and June, driven by increased cargo volumes from China. Supply and demand conditions improved as disruptions at the Strait of Hormuz absorbed some of the global fleet's newly added capacity. Freight rates trended upward, with services operating at near-full utilization.
On the back of rising rates and stable demand, ONE raised its full-year fiscal 2026 projections, now forecasting USD 900 million in net profit, up from an earlier estimate of USD 300 million. Revenue is expected to reach USD 19.4 billion, with EBITDA of USD 3.6 billion and EBIT of USD 1.1 billion.
As the world's sixth-largest container carrier, ONE operates 272 vessels with a total capacity of 2.18 million TEUs. The company also has 48 new ships on order, adding 592,000 TEUs to its future capacity, supporting its growth ambitions.
