Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — H1 2026 Earnings Presentation
31 slides from Jardine Matheson's earnings presentation, Jul 31, 2026
Slide 1: 2026 Half-Year Results Analyst Presentation
Listed companies ANALYST PRESENTATION 2026 Half-Year Results Private companies 31 July 2026 Listed holding co.
Slide 2: Cautionary statements
Cautionary statements Disclaimer: Forward-looking statements Your accessing of this document indicates your understanding, agreement to and acceptance, of this disclaimer This document (including information incorporated by reference in this document), oral statements made by or on notice and the fu
Slide 3: Agenda
Agenda ▪ Our strategy ▪ Strategic highlights ▪ Financial performance and review ▪ Portfolio review ▪ Outlook ▪ Q&A
Slide 4: We strive to be an outstanding investor and owner
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 3
Slide 5: Objectives to 2030
Target ≥9% p.a. 5Y Total Shareholder Return Grow Dividend by ≥5% p.a. to 2030 (from 2026 onwards) Objectives to 2030 Recycle ≥US$4bn capital Build ≥US$200m in PATAM from new pillars *Excluding additional capital recycling commitments made at HKL and Astra 4
Slide 6: Strategic highlights
Ww % Strategic highlights
Slide 7: Jardine Matheson: moving at pace against objectives
Jardine Matheson: moving at pace against objectives Corporate • Privatisation of Mandarin Oriental simplification • JC&C announces distribution in-specie of shares in Toyota Motor Corp Capital recycling • Recycled US$1.5bn programme • Reinvested and committed to invest US$3.2bn • Vinamilk (US$188m)
Slide 8: I-MED: Fully aligned to JM investment criteria
I- MED: Fully aligned to JM investment criteria Australia’s largest diagnostic imaging network, offering medical imaging and radiology services #1 Diagnostic imaging (DI) platform in Australia & NZ ✓ Global leader ✓ Scalable platform, strong growth prospects 215 ✓ AI & technology leadership Network
Slide 9: Share buybacks at JMH and portfolio companies
Share buybacks at JMH and portfolio companies ▪ Substantial share purchases and buybacks over last 5½ years ▪ US$8.5bn by JMH (US$3bn beyond JSH privatisation) ▪ US$1.8bn by portfolio companies ▪ Buys / buybacks will continue (~US$1.2bn open at 30.06.26), but expect more external M&A going forward J
Slide 10: JMH parent: illustrative sources and uses 2026-30
JMH - parent : illustrative sources and uses 2026 - ’30 New PATAM US$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
Slide 11: 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 S&P Global (CSA score) Sustainalytics Higher score = improvement Lower score = improvement 2
Slide 12: Financial performance
Financial performance
Slide 13: Financial highlights
Financial highlights Six months ended 30 June Adjusted u nderlying 5Y TSR Parent free cash flow (1) Interim DPS Reported net profit net profit (2) 4.4 % p.a. US$709 m US$ 735m US$ 0.65 US$542m 4.6ppts vs Target 21% vs 1H25 9 % vs 1H25 8% vs 1H25 3 % vs 1H25 • 5Y TSR 4.4% per annum • JMH parent free
Slide 14: Adjusted underlying net profit of US$0.74bn, +9% vs. 2025
Adjusted underlying net profit of US$0.74bn, +9% vs. 2025 (before disposals and Zhongsheng reclassification) US$’m +9% 764 62 Lease (17) 735 738 remeasurement (+4%) 24 3 (88) -3% 38 676 14 +10% +2% H1 2025 Disposals & ZS H1 2025 ex- Higher Organic FX H1 2026 Disposals H1 2026 reclassification dispos
Slide 15: Adjusted underlying net profit by business US$0.74bn
Adjusted underlying net profit by business US$0.74bn +9% adjusted for business disposals / Zhongsheng reclassification (1) US$’m 388 358 140 124 102 Lease 90 24 67 remeasurement 60 45 45 78 21 12 (12) (29) Astra HKL Jardine Pacific DFI Retail JC&C MOHG Corporate and other interests (1) 2025 2026 Not
Slide 16: Non-trading items
Non - trading items Fair value loss on investments mainly ZS, FV gain on HKL’s Central portfolio reverses loss in 1H 2025 US$m 1H2026 1H2025 Change in fair value of investment properties 349 (138) Change in fair value of other investments (538) (24) Impairment of assets (41) - Sales of businesses an
Slide 17: Net debt up $0.9bn to US$3.6bn (7% gearing)
Net debt up $0.9bn to US$3.6bn (7% gearing) Mandarin special dividend and buybacks / gold mine purchase at Astra Net Cash / (Debt), US$m 30 Jun 2026 Chg 31 Dec 2025 Astra (235) -775 540 Hongkong Land (3,397) +180 (3,577) DFI Retail (22) -92 70 Mandarin Oriental 27 -829 856 Jardine Pacific (51) +12 (
Slide 18: Consolidated cash flow
Consolidated cash flow Cash flow from operating activities down 24% on lower mining profits; US$1.5bn capital recycling US$m 1H2026 1H2025 Cash flows from operating activities 1,944 2,566 Investing activities: - Investments in and advances to associates and JVs (9) (104) - Other capital expenditure
Slide 19: JM Corporate: parent cash build US$0.4bn
JM Corporate: parent cash build US$0.4bn Parent free cash flow up 21%; dividend cover 1.9x US$’bn Sources of cash = $1.6bn Uses of cash = $1.2bn +0.1 -0.4 +0.7 -0.8 +0.7 1.9x cover 0.4 0.0 Net cash Parent free Special Capital Dividends Share Net cash 1.1.2026 cash flow(1) dividend recycling paid pur
Slide 20: Portfolio review
Portfolio review
Slide 21: Astra
Astra Financial summary* IDR’bn 1H2026 Chg 1H2025 5Y TSR(1) 6.6% - 3.2 ppts 9.8% Net profit, excluding non-recurring items 14,892 - 7% 16,041 Automotive 5,914 +9 % 5,404 Financial services 4,646 +6% 4,374 Mining Solutions & Heavy Equipment 2,704 - 46% 5,022 Others 1,628 +31% 1,241 Net cash / (debt)
Slide 22: Hongkong Land
Hongkong US$m 1H2026 Chg 1H2025 Land 5Y TSR(1) 13.6% - 2.4 ppts 16.0% Financial summary* Net cash / (debt)(1) (3,397) +180 (3,577) Total equity(1) 31,420 +2% 30,833 NAV per share, US$(1) 14.71 +3% 14.30 Underlying net profit(2) 259 +11% 233 Prime Properties Investment 435 +1% 433 Corporate and other
Slide 23: DFI Retail
DFI Retail Financial summary* US$m 1H2026 Chg 1H2025 5Y TSR(1) 3.1% - 2.0 ppts 5.1% Net cash / (debt)(1) (22) - 92 70 Underlying net profit 117 +11% 105 Subsidiary profits 101 +35% 74 Share of results of associates and JVs 16 - 48% 31 JM adjusted underlying net profit(2) 90 +49% 60 Interim dividend
Slide 24: Mandarin Oriental
Mandarin Oriental Financial summary* US$m 1H2026 Chg 1H2025 Net cash 27 - 829 856 Underlying net profit 11 - 53% 24 Owned hotels 3 - 79% 17 Management business 13 37% 10 Property development (5) - 112% (3) JM adjusted underlying net profit 12 - 44% 21 Special dividend paid to JMH parent 668 n/a - ▪
Slide 25: Jardine Pacific
Jardine Pacific Financial summary US$m 1H2026 Chg 1H2025 Jardine Engineering & Infrastructure (JEI) 68 - 5% 71 Others 34 n/a (4) JM adjusted underlying net profit 102 +51% 67 Interim dividend paid to JMH parent 55 +49% 37 ▪ JEI set-out strategy to double earnings by 2030 building high value-added E&
Slide 26: Jardine Cycle & Carriage
Jardine Cycle US$m 1H2026 Chg 1H2025 & Carriage 5Y TSR(1) 10.4% - 6.0ppts 16.4% Financial summary* Indonesia 427 - 8% 466 Vietnam 43 +21% 36 Regional interests 16 - 24% 20 Corporate costs - Exchange differences - n/a 33 - Net financing charges 6 n/a (10) - Others (19) - 16% (16) Underlying net profi
Slide 27: Corporate & other interests
Corporate & other interests Financial summary US$m 1H2026 Chg 1H2025 Corporate costs - Net overheads (29) - 20% (24) - Net financing charges & tax 5 n/a (25) - Others 12 - 42% 20 JM adjusted underlying net profit(1) (12) +58% (29) ▪ Lower corporate costs driven by financing costs – net income in 1H2
Slide 28: 2026 EPS guidance: flat uEPS (adjusted)
2026 EPS guidance : flat uEPS (adjusted for Vinamilk , DFI 2025 disposals & ZS equity earnings) Proforma 2025 uEPS rebased to show ongoing businesses only (i.e. excl. disposed businesses & ZS reclassification) US$/share : 5.72 -0.39 -0.39 5.33 2025 Underlying VNM+ 2025 Underlying EPS EPS DFI disposa
Slide 29: Highlights and outlook
Highlights and outlook • 5Y TSR target ≥ 9% per annum Strategic direction & • Dividend growth to 2030 ≥ 5% per annum 2030 commitments • Capital recycling ≥ US$4bn • Underlying net profit from new pillars ≥ US$200m • New follow-on US$500m share buyback programme initiated Investing for value and • As
Slide 30: 2026 Half-Year Results Q&A
“VW 2026 Half-Year Results Q&A
Slide 31: End of presentation
END OF PRESENTATION 2026 Half-Year Results If you have any queries, please email investors@jardines.com
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