John Keells Holdings Plc · CSELK:JKH.N0000
John Keells — Q4 2024/25 Earnings Presentation
37 slides from John Keells's earnings presentation, May 28, 2025
Slide 1: JKH Investor Presentation
JKH Investor Presentation Review of 4Q and annual performance for 2024/25 28 May 2025 Version 2.1
Slide 2: Recurring EBITDA: For the quarter ended 31 March
Recurring EBITDA: For the quarter ended 31 March Recurring EBITDA* Q4 2024/25 Q4 2023/24 Variance Variance % (Rs. Million) Transportation 2,139 2,328 (189) (8) Consumer Foods 2,293 2,140 153 7 Retail 3,415 2,402 1,013 42 Leisure 4,382 5,150 (768) (15) City of Dreams Sri Lanka (CODSL) (1,219) (364) (
Slide 3: Quarterly recurring EBITDA movement
Quarterly recurring EBITDA movement Recurring EBITDA 2023/24 2024/25 (Rs. Million) Q4 Q1 Q2 Q3 Q4 Transportation 2,328 1,555 1,982 1,642 2,139 Consumer Foods 2,140 1,493 1,611 1,287 2,293 Retail 2,402 2,246 2,390 2,894 3,415 Leisure 5,150 (794) (136) 1,076 4,382 City of Dreams Sri Lanka (CODSL) (364
Slide 4: Recurring EBITDA: For the year ended 31 March
Recurring EBITDA: For the year ended 31 March Recurring EBITDA 2024/25 2023/24 Variance Variance % (Rs. Million) Transportation 7,318 7,570 (252) (3) Consumer Foods 6,684 4,993 1,691 34 Retail 10,944 8,762 2,182 25 Leisure 4,527 9,059 (4,532) (50) City of Dreams Sri Lanka (CODSL) (4,743) (1,063) (3,
Slide 5: Annual recurring EBITDA movement
Annual recurring EBITDA movement Recurring EBITDA 2024/25 2023/24 2022/23 2021/22 (Rs. Million) Transportation 7,318 7,570 11,963 6,141 Consumer Foods 6,684 4,993 3,184 3,485 Retail 10,944 8,762 8,779 7,549 Leisure 4,527 9,059 8,604 3,785 City of Dreams Sri Lanka (CODSL) (4,743) (1,063) (523) - Leis
Slide 6: Quarterly movement of finance costs
Quarterly movement of finance costs Finance Costs 2024/25 2023/24 (Rs. Million) Q4 Q3 Q2 Q1 Q4 Transportation 131 155 143 163 149 Consumer Foods 101 89 82 88 155 Retail 642 506 584 618 672 Leisure 1,768 1,705 (563) 1,947 (1,515) Property 17 22 20 25 29 Financial Services 1 - 136 - - Other, incl. IT
Slide 7: Recurring PBT: For the quarter ended 31 March
Recurring PBT: For the quarter ended 31 March Recurring PBT Q4 2024/25 Q4 2023/24 Variance Variance % (Rs. Million) Transportation 1,915 1,939 (24) (1) Consumer Foods 1,839 1,619 220 14 Retail 1,949 1,117 832 74 Leisure (500) 8,078 (8,578) (106) City of Dreams Sri Lanka (4,096) 4,939 (9,035) (183) L
Slide 8: Recurring PBT: For the year ended 31 March
Recurring PBT: For the year ended 31 March Recurring PBT 2024/25 2023/24 Variance Variance % (Rs. Million) Transportation 6,364 6,401 (37) (1) Consumer Foods 4,932 2,957 1,975 67 Retail 5,197 2,933 2,264 77 Leisure (7,129) 3,313 (10,442) (315) City of Dreams Sri Lanka (8,207) 2,231 (10,438) (468) Le
Slide 9: Impacts to Net Debt through corporate actions for the year
Impacts to Net Debt through corporate actions for the year Rights Issue followed by a Sub-division shares: ▪ JKH carried out a Rights Issue, raising Rs.24.04 billion through ~150 million new shares at an issue price of Rs.160 per share. ▪ The Rights Issue was oversubscribed, and the new shares allot
Slide 10: Insight into CODSL financials
Insight into CODSL financials Rs. Million Q4 2024/25 Q3 2024/25 EBITDA (1,219) (1,567) (-) Depreciation and amortisation 1,144 1,086 (-) Interest costs 1,089 973 (+/-) Net exchange gains/(losses) (645) 795 PBT (4,096) (2,823) 10
Slide 11: Key financial indicators
Key financial indicators 2024/25 31 March 31 March (Rs. Million) 31 March 31 December 2024 2023 Total debt excl. leases 210,411 221,626 214,101 229,749 Cash and cash equivalents 105,557 99,032 95,449 107,315 Net debt excl. leases 116,242 122,593 127,272 129,409 Net debt excl. leases/Equity (%) 27.8
Slide 12: Composition (%) on interest bearing borrowings
Maturity analysis of Group Debt 100 100 ▪ The WPL loan of USD 207 million falls due for repayment 90 in December 2026. ~ USD 175 million of the loan is due for repayment in the final tranche. 80 80 Payments (principal and interest) on interest bearing borrowings 70 ▪ The USD 167 million outstanding
Slide 13: Group capital expenditure 2024/25
Group capital expenditure 2024/25 ▪ Excluding CODSL, Group capital expenditure for 1% 1% 4% 2024/25 is Rs.16.31 billion. 6% Transportation ▪ This consists primarily of capex on Supermarket Other 7% expansion, distribution channel investments in UA Property and investments in Consumer Foods. Consumer
Slide 14: Overview of ESG initiatives
Overview of ESG initiatives Highlights of key sustainability initiatives: • The first Sri Lankan company to join the global 1t.org Pledge, aiming to plant 130,000 native trees by 2030. • Keells supermarket initiatives: • Polythene bag usage and single-use fresh food • Cinnamon hotels reduced single-
Slide 15: Transportation: Port of Colombo (POC)
Transportation: Port of Colombo (POC) Port of Colombo Port of Colombo Volumes 1,000 894 900 810 821 828 808 800 TEU'S 000 700 653 640 620 600 555 566 535 505 500 516 512 462 400 300 Q4 Q1 Q2 Q3 Q4 2024/25 SAGT SLPA CICT *SLPA includes volumes of JCT and ECT terminals 15
Slide 16: West Container Terminal at the Port of Colombo
West Container Terminal at the Port of Colombo ▪ WCT-1, the POC’s first automated deep-water terminal, commenced its first phase of commercial operations in Q4 2024/25. ▪ The first phase of operations will increase the overall capacity of the POC by ~1.6 million TEUs, once scaled up. ▪ Given the ant
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Slide 18: Transportation: Q4 2024/25
Transportation: Q4 2024/25 Port Business (South Asia Gateway Terminal) Q4 Earnings Update: 2023/24 2024/25 Volumes (TEUs) Q4 Q4 Q4 Q1 Q2 Q3 Q4 (Rs. mn) 2024/25 2023/24 SAGT 462,379 516,373 511,987 535,098 504,790 Recurring 2,139 2,328 Domestic: EBITDA Transshipment 10:90 10:90 13:87 12:88 14:86 • Th
Slide 19: Transportation: 2024/25
Transportation: 2024/25 Key Performance Indicators 2020/21 2021/22 2022/23 2023/24 2024/25 SAGT volumes (TEU '000) 1,810 1,831 1,704 1,818 2,068 Domestic:Transshipment mix 13:87 14:86 13:87 10:90 12:88 Port of Colombo volumes (TEU '000) 6,800 7,351 6,632 7,339 7,719 LMS volume growth (%) (22) 3 8* 2
Slide 20: Consumer Foods: Q4 2024/25
Consumer Foods: Q4 2024/25 Q4 Earnings Update: Key performance 2023/24 2024/25 Q4 Q4 indicators (%) (Rs. mn) Q4 Q1 Q2 Q3 Q4 2024/25 2023/24 Volume growth: Recurring 2,293 2,140 EBITDA Confectionery 24 27 17 34 12 42 13 28 16 ▪ The growth in profitability was driven by Beverages (CSD) 8 double-digit
Slide 21: Consumer Foods: 2024/25
Consumer Foods: 2024/25 Key performance indicators (%) 2020/21 2021/22 2022/23 2023/24 2024/25 Volume growth: Confectionery (1) 17 (7) 2 22 Beverages (CSD) (14) 18 (7) 10 16 Convenience Foods (6) 12 (22) (9) 25 Recurring EBITDA margin 20 17 10 15 17 ▪ The businesses recorded a strong growth in volum
Slide 22: Beverages and Confectionery: EBITDA margin analysis 2017/18 – 2024/25
Beverages and Confectionery: EBITDA margin analysis 2017/18 – 2024/25 CSD volumes (indexed) Confectionery volumes (indexed) 120 160 100 120 80 60 80 40 40 20 0 0 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Q1 Q2 Q3 Q
Slide 23: Retail: Q4 2024/25
Retail: Q4 2024/25 Supermarket business: Q4 Earnings Update: Key performance 2023/24 2024/25 Q4 Q4 indicators (%) (Rs. mn) Q4 Q1 Q2 Q3 Q4 2024/25 2023/24 Same store sales growth 10.7 12.0 13.8 14.2 16.2 Recurring 3,415 2,402 EBITDA Same store footfall growth 14.4 11.9 12.3 14.2 19.1 ▪ The significan
Slide 24: Retail: 2024/25
Retail: 2024/25 Supermarket business: Profitability margin (%) 2020/21* 2021/22* 2022/23* 2023/24 2024/25 Same store sales growth (8.6) 12.9 47.6 12.3 14.2 Same store footfall growth (31.5) 4.5 28.3 12.3 14.5 Average basket value growth 33.4 8.0 15.1 (0.1) (0.3) Recurring EBITDA (Rs.Milllion) 4,144
Slide 25: Supermarket business EBITDA margins and electricity cost impact
Supermarket business EBITDA margins and electricity cost impact EBITDA and electricity cost Recurring Electricity EBITDA cost (as a % 3,500 2,500 margin (%) of revenue) Q1 7.6 1.8 3,000 2,000 Q2 6.9 2.2 Electricity cost (Rs. million) 2022/23 EBITDA (Rs. millions) 2,500 Q3 7.7 1.9 1,500 Q4 7.7 2.4 2,
Slide 26: Retail: Q4 2024/25 vs Q4 2023/24
Retail: Q4 2024/25 vs Q4 2023/24 Same Store Same Store ABV Sales Footfall (2.4)% 16.2% 19.1% Q4 2023/24: Q4 2023/24: Q4 2023/24: ▪ The conversion of standard format ▪ Customer count increased driven by ▪ March 2024 NCPI (YoY): 2.5%. outlets to an extended format, along initiatives to attract new cus
Slide 27: Retail: Q4 2024/25 New Energy Vehicles business
Retail: Q4 2024/25 New Energy Vehicles business: ▪ The total orders received to date at over 5,100 units have exceeded expectations, with BYD capturing a fair share of the market. ▪ The importation of the first shipment of 500 vehicles arrived in March 2025, and the handover of vehicles commenced fr
Slide 28: Tourist arrivals to Sri Lanka: recovery trend post-pandemic
Tourist arrivals to Sri Lanka: recovery trend post-pandemic 280 Sri Lanka - Monthly Tourist Arrivals Month 2018 2023 2024 2025 240 Jan 238,924 102,545 208,253 252,761 Feb 235,618 107,639 218,350 240,217 200 Mar 233,382 125,495 209,181 229,298 Apr 180,429 105,498 148,867 174,608 Arrivals ('000) 160 M
Slide 29: Tourist arrivals to the Maldives: recovery trend post-pandemic
Tourist arrivals to the Maldives: recovery trend post-pandemic The Maldives - Monthly Tourist Arrivals 240 Month 2019 2023 2024 2025 Jan 151,552 172,499 192,385 214,864 200 Feb 168,583 177,915 217,392 214,091 160 Mar 162,843 173,514 194,227 203,464 Apr 163,114 164,357 168,366 198,322 Arrivals ('000)
Slide 30: Comparison of outbound travel – China and India
Comparison of outbound travel – China and India 180 160 155 140 Number of departures (millions) 120 100 2007 - India GDP Per Capita - USD 1,023 80 Outbound travel - 9.8 million 60 2000 - China GDP Per Capita - USD 959 Outbound travel - 40 10.5 million 27 20 10 4 - 2000 2001 2002 2003 2004 2005 2006
Slide 31: Leisure: Q4 2024/25
Leisure: Q4 2024/25 Q4 Earnings Update: 2023/24 2024/25 Q4 Q4 Key indicators (Rs. mn) Q4 Q1 Q2 Q3 Q4 2024/25 2023/24 Colombo Hotels* Recurring 4,382 5,150 EBITDA Occupancy (%) 67 40 66 66 77 Recurring ARR (USD) 84 98 83 78 75 EBITDA excl. 5,601 5,514 EBITDA Margin (%) 18 (2) 11 13 22 CODSL Sri Lanka
Slide 32: Leisure: 2024/25
Leisure: 2024/25 2023/24 2024/25 Sector Occupancy (%) ARR (USD) Occupancy (%) ARR (USD) Colombo Hotels* 60 78 62 81 Sri Lankan Resorts 68 79 65 97 Maldivian Resorts** 86 275 84 271 *Excludes Cinnamon Life and Cinnamon Red Colombo. **ARRs net of Green tax and allocation (F&B charge). ▪ The Sri Lankan
Slide 33: City of Dreams Sri Lanka
City of Dreams Sri Lanka ▪ The 687-key Cinnamon Life hotel commenced operations on 15 October 2024. ▪ The hotel has been positively received by the market, both locally and internationally ▪ For Q4 2024/25, the Cinnamon Life hotel recognised: ▪ A depreciation charge - Rs.1.14 billion ▪ An interest e
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Slide 35: Property: Q4 2024/25
Property: Q4 2024/25 Cumulative sales update as at 31 March 2025: Q4 Earnings Update: Number of units Number of remaining Percentage Q4 Q4 (As at 31 March 2025) (Rs. mn) sold units sold 2024/25 2023/24 Cinnamon Life: Recurring 559 (634) The Residence at Cinnamon Life 167 64 72% EBITDA The Suites at
Slide 36: Financial Services: Q4 2024/25
Financial Services: Q4 2024/25 Union Assurance PLC (UA): Q4 Earnings Update: Q4 Q1 Q2 Q3 Q4 Key performance 2024/25 2024/25 2024/25 2024/25 2024/25 Q4 Q4 indicators (%) (Jan-Mar (Apr-Jun (Jul-Sep (Oct-Dec (Jan-Mar (Rs. mn) 2024/25 2023/24 2024) 2024) 2024) 2024) 2025) Recurring GWP growth 17 12 14 1
Slide 37: Thank You
THANK YOU This document was produced by John Keells Holdings PLC for information purposes only. The information contained in this document are a review of the financial information pertaining to Q4 2024/25 and does not constitute an issue prospectus or a financial analysis. This Investor Presentatio
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