Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — Investor Day (June 2026)
66 slides from Jardine Matheson's investor day presentation, June 2026
Slide 1: Listed companies, Private companies, Listed holding co.
Listed companies Private companies Listed holding co.
Slide 2: JMH progress update
JMH progress update Lincoln Pan
Slide 3: Jardine Matheson today
194+ years in Asia Pacific Founded in 1832 5th generation family-led Jardine Matheson US$1,681m underlying net profit today US$19bn market capitalisation 384,000 FTEs 2
Slide 4: Jardine Matheson today
Jardine Matheson today PATAM by business PATAM by sector PATAM by geography 10% 5% 5% 15% 25% 13% 46% 16% 13% 47% 14% 12% 22% 27% 16% 14% Engineering, heavy equipment, mining and Motor vehicles Indonesia Hong Kong & Macau Astra Hongkong Land construction Other Southeast Asia Rest of the world DFI Re
Slide 5: Our mission
wy Our mission
Slide 6: We strive to be
An outstanding investor and owner dedicated to building diverse high-quality, scaled businesses in Asia Pacific We strive to be Offering stable and sustainable Top-Quartile Total Shareholder Return 5
Slide 7: Our progress
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Slide 8: Jardines is already evolving
• Corporate structure clean up: Mandarin Oriental, Jardine Strategic • Capital recycling of below hurdle rate assets: One Causeway Bay, luxury homes • Exiting non-control holdings: Yonghui, RRHI, Vinamilk, Schindler AG, TMC, Zhongsheng Jardines is • Investing for Value & Growth: US$8.9bn invested in
Slide 9: Example capital recycling
Example capital recycling Divestments Re-investment Privatising a high-growth, scalable hotel management Exiting non-core real estate business, seeking to double EBITDA in next 5 years Seeding a scalable asset management platform with 3rd party capital Partial exit of a prime real-estate asset Acqui
Slide 10: Active portfolio value creation
Active portfolio value creation Last 6 months Board Management Engaged capital LTIP Strategy review enhancements enhancements allocation Implementation 9
Slide 11: Major portfolio value creation
• Active lobbying of stakeholders to protect Martabe asset, Active resulting in restarting of operations in May 2026 portfolio • Integrating all Engineering & Infrastructure assets under support one business, increasing growth and capital recycling options • Fundamental changes to Board composition
Slide 12: Jardine Matheson Holdings executive team
Lincoln Pan Graham Baker Freddy Lee Chief Executive Officer Chief Financial Officer Chief Executive, JC&C PAG, Advantage Partners Smith+Nephew, AstraZeneca Astra, Innovix, JTH Holdings To join in Q3 Jardine Matheson Holdings executive Stephen Gore Irene Liu Christopher Ganis team Managing Director,
Slide 13: Jardine Matheson Holdings Board of Directors
Ben Keswick Lincoln Pan Keyu Jin Executive Chairman Chief Executive Officer Independent Non-Exec Director Jardine Matheson Holdings Board of Adam Keswick Janine Feng Stuart Gulliver Executive Director Independent Non-Exec Director Independent Non-Exec Director Directors Ming Lu Tim Wise Graham Baker
Slide 14: Redefining our purpose
Redefining our purpose
Slide 15: How we deliver Total Shareholder Returns
How we deliver Total Shareholder Returns Ownership Lean, aligned Active Control Clear TSR with investment capital investor model commitment purpose company management • Lead strategy • Management • Value creation • Group hurdle • Targeting • Control aligned with JM as our Purpose rate and target sus
Slide 16: Driving Total Shareholder Returns
Portfolio earnings improvement Increasing dividends and buybacks Driving Total Shareholder Returns Divestments for capital recycling Redeployment of capital 15
Slide 17: Why do we redeploy capital?
Many existing assets stable market leaders growing with GDP Need for more scalable earnings platforms to drive 3 Year + revenue and PATAM growth Why do we Need for quality free cash flow to drive future investment redeploy and dividends capital? Diversification by business and geography to match ear
Slide 18: Defining a Jardine Matheson investment
1. Market leader with runway to scale 2. Scalable geographically with base in Asia Pacific 3. Cash generative + contributes to DPS Defining 4. Control a Jardine Matheson 5. Growth accretive (EPS and cash) investment 6. Diversifies existing positions and hedging exposures 7. Scalable with AI 8. Path
Slide 19: Capital allocation JMH will consider
Control acquisitions of large, scalable platforms across 1 Asia Pacific Increasing industry exposure better aligned to Asia Pacific 2 growth, e.g. Healthcare, Wealth, Infrastructure Capital allocation Buy & Build high potential assets in our existing portfolio, JMH will 3 e.g. MO, Jardine Engineerin
Slide 20: Capital allocation JMH will not consider
1 JMH assets which conflict with HKL, Astra & DFI strategies 2 Assets principally domiciled outside Asia Capital 3 Non-scalable single assets (e.g., a single data centre) allocation JMH will not 4 Assets which don’t add meaningfully to 5-Year EPS & DPS consider 5 Non-Control Deals – e.g., VC/growth
Slide 21: I-MED business overview
I-MED business overview • Australia’s largest diagnostic imaging network, offering medical imaging and radiology services • Operates a network of 215 clinics across seven states and territories in Australia and New Zealand • Differentiated focus on advanced, higher growth modalities (PET, MRI and CT
Slide 22: Why we are investing in I-MED
Global leader deeply trusted for clinical excellence Scalable platform with strong core growth prospects in the advanced and attractive ANZ market Significant runway in Australia and New Zealand - potential to grow Internationally Why we are investing in At the forefront of AI & technology i
Slide 23: Market leading asset at a fair valuation
Market leading asset at a fair valuation Enterprise Value A$3.4bn (US$2.4bn) EV / adjusted NTM EBITDA c.11.5x LTM June 2026 EBITDA 65% equity Funding 35% I-MED debt Note: Adjusted EBITDA for the year ending June 2026 for the core business, excluding valuation for the stake held in Harrison.AI Transa
Slide 24: ≥9% p.a. Target 5Y Total Shareholder Return
Return hurdles / objectives : Minimum rate of return for new investments > 11% and growth capital expenditures ≥9% p.a. Target 5Y Total Shareholder Return Capital allocation only for strategically critical JMH capital < 7% investments allocation Assets <7% to be targeted for divestiture principles C
Slide 25: Targeting a ≥9% p.a. TSR
• Seek to be a top-quartile financial investment option for institutional investors and private wealth • From: • Steadily compounding returns and dividends from well-governed growing portfolio companies • Active, disciplined capital management, and, • Strong portfolio and risk management Targeting a
Slide 26: Targeting a ≥9% p.a. TSR
Percent of MSCI AP ex-Japan companies delivering TSR ≥ threshold in 15 of the last 20 years : 40% 35% 30% 26% Targeting a ≥9% p.a. TSR 5% 6% 7% 8% TSR threshold Source : BCG analysis, n=484 companies included in MSCI AP ex JP with 20 years of 5Y TSR history 25
Slide 27: Why 5Y Absolute TSR at 9%
• Commitment to a growing annual dividend and stable portfolio growth • Increase earnings and dividend consistency • Aligned with TSR Objectives of large portfolio companies - JMH has no obvious relative benchmark Why 5Y 28.2% Absolute TSR 25.4% at 9% 21.3% 21.6% 18.0% JMH 5Y TSR since 2010 8.8% 7.6
Slide 28: Governance & alignment
wy Governance & alignment
Slide 29: Jardine Matheson ownership model (1 of 2)
Jardine Matheson ownership model (1 of 2) Governance across public & private portfolio companies World-class management, aligned 1 Majority independent boards with TSR 2 Sub-committees (Rem, Nom, Audit) 3 Active investment committees 4 JMH input mainly via representatives Experienced JMH Independent
Slide 30: Jardine Matheson ownership model (2 of 2)
Jardine Matheson ownership model (2 of 2) Governance model JMH involvement primarily through Board but we insist, for all JMH portfolio companies, on : Value creation Active engagement on major M&A, CAPEX and restructuring efforts Alignment on annual climate-related targets and sustainability Sustai
Slide 31: ESG ratings support investor confidence in our approach
ESG ratings support investor confidence in our approach Our performance improvements reflect stakeholder recognition of robust risk management, sustainability governance, portfolio oversight and transparency. MSCI S&P Global (CSA score) Sustainalytics JMH L Higher score = improvement Lower score = i
Slide 32: Climate action is our top sustainability priority
Climate action is our top sustainability priority Two pathways for a portfolio that spans diverse sectors and geographies Decarbonisation pathway Transition pathway 3,000 2,795 -26% 4,000 2,500 +32% 3,646 3,500 2,063 2,000 3,000 2,768 2,500 ktCO2e 1,500 2,000 ktCO2e 1,000 1,500 1,000 500 500 0 0 (28
Slide 33: CEO Commitment
CEO Commitment Personal alignment Salary • Commitment to : • Invest US$20m in first 12 months with JMH PSU • Invest >50% of STIP into shares now to 2030 • Convert RSU compensation fully to PSUs CEO Target • “No Free Lunch” mindset - set targets to stretch Compensation STIP and drive over-delivery, n
Slide 34: JMH implemented LTIP
JMH implemented LTIP 100% Performance measure Key Performance Indicators (KPIs) Weight Target Shareholder value Absolute Total Shareholder Return (TSR) 70% 10% TSR creation Grow run-rate PAT by 2030 from new 15% of business areas with such new areas of 20% 2030 PAT business delivering a TSR of at le
Slide 35: End of CEO address
~— — Wy End of CEO address EZ
Slide 36: CFO remarks
WT Y Jardines CFO remarks Graham Baker
Slide 37: We strive to be
An outstanding investor and owner dedicated to building diverse high-quality, scaled businesses in Asia Pacific We strive to be Offering stable and sustainable Top-Quartile Total Shareholder Return 36
Slide 38: Objectives to 2030: Target ≥9% p.a. 5Y TSR
Objectives to 2030 Target ≥ 9% p.a. 5Y TSR 37 37
Slide 39: We have delivered stable, progressive dividends through cycles
We have delivered stable, progressive dividends through cycles…. 5.74 5.72 5.49 4.83 5.07 4.53 4.17 4.23 4.13 4.09 4.14 How to 4.06 3.80 deliver 3.65 3.71 ≥9% p.a. COVID-19 2.84 pandemic 2.95 TSR ? Underlying EPS (US$) 2.33 DPS (US$) 2.35 2.25 2.25 2008 2.15 2.03 financial 2.00 crisis 1.70 1.72 1.72
Slide 40: Supporting >50% of realised TSR in last 5 years
….supporting >50% of realised TSR in last 5 years... JMH 5Y-TSR to Dec 2025 (cagr % p.a.) : 8.8% 4.7% Capital gain 4.1% p.a. 0.9% 3.2% uEPS(1) 1yr- fwd PE (1) Divid end yield 5Y TS R to 2025 Note 1 : using 1-yr forward underlying EPS (actual 2021 & consensus 2026 uEPS as of 31 May 2026) 39
Slide 41: Cash-cover for JMH dividend strong
...and cash-cover for JMH dividend strong JMH-parent capital allocation: last 5 years US$bn Sources Uses -2.1 Dividend cash 3.9 covered 2x by recurring net FCF 2.8 0.0 Net cash 1.1.21 Net FCF Recycling Dividends M&A Buybacks Net cash 31.12.25 flow to JMH 40
Slide 42: Growth: positive-spread organic CAPEX
Positive-spread organic CAPEX (though more growth drivers needed) Portfolio Companies’ 5-year CAPEX (2021-’25) Portfolio growth and returns 0.6 US$bn 0.2 4% % of total Growth 1% 0.8 Mandarin Oriental (Mgt Business) 1.1 I-MED 8% 5.0 Total 37% US$13.6bn DFI Retail Capex: 79% 2.3 M&A: 21% 17% Hongkong
Slide 43: Capital allocation framework – organic growth & dividends
Capital allocation framework – organic growth & dividends Capital for organic growth within the portfolio supports stable dividend contribution to JM Portfolio companies Jardine Matheson 1 2 3 Organic growth Progressive Dividend M&A / buybacks • Improved leadership, governance & business mix encoura
Slide 44: Objectives to 2030: Grow Dividend
Objectives to 2030 Grow Dividend Target ≥9% ≥ +5% p.a. p.a. 5Y TSR to 2030 (from 2026 onwards) *excludes additional capital recycling commitments made at HKL and Astra 43 43
Slide 45: Recent growth insufficient
Components of JMH underlying EPS growth, 2022 – ’25 (cagr, % p.a.) : 3.6 1.1% -1.7% 2.5% -1.3% -1.4% Recent growth JMH -2.4% 4.6% Portfolio insufficient -3.7 1.4% for sustained ≥9% p.a. TSR Ongoing FX Buybacks SCRIP Disposals uEPS cagr businesses (share count) and others 2022-25 Sustained top-quarti
Slide 46: US$3.5bn recycling flow to JM in last 5 years
US$3.5bn recycling flow to JM in last 5 years.... US$bn Sources Uses -2.1 3.5 3.9 2.8 0.0 Net cash 1.1.21 Net FCF Recycling 2. Dividends 3a. M&A 3b. Buybacks Net cash 31.12.25 flow to JMH 45 45
Slide 47: Plan further US$4bn+ recycling by 2030
...and we plan further US$4bn+ recycling by 2030 US$4bn Target hurdle returns as governing 1 principle Public Equities Exit non-strategic positions where we Non-Core Businesses 2 see limited upside or where JMH is not the best owner Non-Core Real Estate Primary use of proceeds to fund new 3 platform
Slide 48: Objectives to 2030: Grow Dividend, Recycle
Objectives to 2030 Grow Dividend Target ≥9% ≥ +5% p.a. Recycle p.a. 5Y TSR ≥US$4bn to 2030 (from 2026 capital* onwards) *excludes additional capital recycling commitments made at HKL and Astra 47 47
Slide 49: 'Nil' capital deployed to new income/M&A in last >5yrs
‘Nil’ capital deployed to new income/M&A by JMH in last >5yrs US$bn Sources Uses Note (1) : Dividends and BBs each 45% of 2020-25 uses -2.1 excl. privatisation of JSH 3.5 -0.4 -0.2 -0.8 MO -1.1 J CC J MH 3.9 J SH 2.8 -5.5 0.0 - 7.6 Net cash 1.1.21 Net FCF Recycling 2. Dividends 3a. M&A 3b. Buybacks
Slide 50: Capital allocation framework – new growth & buybacks
Capital allocation framework – new growth & buybacks Portfolio companies Jardine Matheson 1 2 3 Organic growth Progressive Dividend M&A / buybacks • JM’s capital management now led by new, a. New M&A professional investment team and • Investments that meet return experienced Capital Allocation Commi
Slide 51: New US$500m JMH buyback announced to end-2027
New US$500m JMH buyback announced to end-2027 Further programmes ongoing at Astra, UT and HKL JMH share buybacks 2021-’27, US$m 580 514 Cover Cover SCRIP De-levering SCRIP new 2026 buybac k 500 remaining 2025 209 217 171 101 32 14 2021 2022 2023 2024 2025 2026 Y TD 2026 R O Y + 2027 *As of 31 May 20
Slide 52: JMH-parent: illustrative sources and uses 2026-'30
JMH-parent : illustrative sources and uses 2026-’30 New PATAM US$bn Sources Uses contributors include I-MED and a small number of material Build new investments ≥US$200m PATAM by 2030 ≥+5% Continuing p.a. buybacks where value/ yield ≥US$4bn / trade-offs support incl. new $500m JMH buyback to Dec ’27
Slide 53: Objectives to 2030
Objectives to 2030 Grow Build Dividend ≥US$200m Target ≥9% ≥ +5% p.a. Recycle ≥US$4bn in PATAM p.a. 5Y TSR to 2030 capital* from New (from 2026 onwards) Pillars *excludes additional capital recycling commitments made at HKL and Astra 5252
Slide 54: Strong credit ratings and prudent financial policies
Prudent financial policies and Strong credit ratings low consolidated gearing1 Net borrowings, US$’bn Net borrowings Net gearing 15% 13% 14% Strong 11% credit A1 7% 6% 7.5 8.4 7.3 5% ratings and Stable 6.6 prudent 4.8 financial 3.7 policies 2.7 A+ 2019 2020 2021 2022 2023 2024 2025 Stable Notes 1 Ex
Slide 55: No parent re-financing before 2031
No parent re-financing before 2031 JMH parent debt maturity profile, US$’m Strong financial flexibility at parent to 1,200 Bonds Loans invest and support progressive dividend 800 400 2026 2027 ../// 2031 2032 2033 2034 2035 2036 2037 54
Slide 56: Creating value at Jardines
• Bigger, better businesses for the long-term led by expert Executives and Boards • Committed dividend growth ≥+5% p.a. • Further ≥$4bn capital recycling* Creating • Small number of material, quality M&A targets to improve growth & resilience over time value at • ≥US$200m additional PATAM by 2030 Ja
Slide 57: Targets for 2030
WT Y Jardines Targets for 2030 Lincoln Pan
Slide 58: Objectives to 2030
Recycle ≥US$4bn capital from JM and JC&C* Commitment to grow dividend by ≥5% p.a. to 2030 Objectives Build >US$200M in incremental PATAM from new high-quality to 2030 pillars New JMH US$500m share buyback to end-'27 Target ≥9% p.a. 5Y Total Shareholder Return *Excluding additional capital recycling
Slide 59: ≥9% p.a. Target 5Y Total Shareholder Return
Return hurdles / objectives : Minimum rate of return for new investments Our operating > 11% and growth capital expenditures north star: Capital ≥9% p.a. Target 5Y Total Shareholder Return allocation principles Capital allocation only for strategically critical < 7% investments Assets <7% to be targ
Slide 60: Driving Total Shareholder Returns
Portfolio earnings improvement Increasing dividends and buybacks Driving Total Divestments for capital recycling Shareholder Returns Redeployment of capital Lean & aligned Holding Company 59
Slide 61: Why do we redeploy capital?
Many existing assets stable market leaders growing with GDP Need for more scalable earnings platforms to drive 3 Year + revenue and PATAM growth Why do we Need for quality free cash flow to drive future investment redeploy and dividends capital? Diversification by business and geography to match ear
Slide 62: Defining a Jardine Matheson investment
1. Market leader with runway to scale 2. Scalable geographically with base in Asia Pacific 3. Cash generative + contributes to DPS Defining 4. Control a Jardine Matheson 5. Growth accretive (EPS and cash) investment 6. Diversifies existing positions and hedging exposures 7. Scalable with AI 8. Path
Slide 63: We have a lot more to do
We have a lot more to do Significant upside remains in existing portfolio Strong balance sheet allows opportunistic consideration of new scaled investments and in-portfolio value creation Medium term value creation and building higher quality earnings profile that sustains across generations We are
Slide 64: We strive to be
An outstanding investor and owner dedicated to building diverse high-quality, scaled businesses in Asia Pacific We strive to be Offering stable and sustainable Top-Quartile Total Shareholder Return 63
Slide 65: Q&A
Q&A
Slide 66: End of presentation
End of presentation 16 June 2026 Contact: investors@jardines.com