Ocean Network Express (ONE) has announced its financial results for the first quarter of FY2026, covering the period from 1 April to 30 June 2026. The container carrier generated revenue of US$4.539 billion and recorded a net profit of US$31 million during the quarter. Revenue increased from US$4.049 billion in the same period last year. However, net profit declined from US$86 million as higher fuel prices and operating costs offset stronger cargo demand and freight rates. “The first quarter reflected a demanding market, with Middle East disruption raising fuel and operating costs across the industry,” said Till Ole Barrelet, CEO of Ocean Network Express. “As demand recovered through the quarter, we improved yields and maintained high utilisation. We have raised our full-year forecast and remain focused on operational agility as conditions evolve,” added Barrelet. Revenue and operating earnings increase ONE recorded earnings before interest, taxes, depreciation and amortisation of US$707 million. This compared with US$616 million in the first quarter of the previous financial year. The EBITDA margin improved to 15.6% from 15.2%. Earnings before interest and taxes reached US$76 million, compared with US$38 million a year earlier. The EBIT margin rose to 1.7% from 0.9%. Compared with the fourth quarter of FY2025, revenue increased by US$497 million. However, EBITDA declined by US$12 million, while net profit fell by US$24 million. Financial indicator Q1 FY2026 Q1 FY2025 Change Revenue US$4.539 billion US$4.049 billion US$490 million EBITDA US$707 million US$616 million US$91 million EBITDA margin 15.6% 15.2% 0.4 percentage points EBIT US$76 million US$38 million US$38 million EBIT margin 1.7% 0.9% 0.8 percentage points Net profit US$31 million US$86 million -US$55 million   Higher bunker costs weigh on profit ONE said higher fuel prices linked to the Middle East conflict increased its operating costs during the quarter. The average bunker price reached US$666, co