Jardine Cycle & Carriage Limited · SGX:C07
Jardine Cycle & Carriage — Jardine Matheson — H1 2025 Earnings Presentation
28 slides from Jardine Cycle & Carriage's earnings presentation, Aug 1, 2025
Slide 1: 2025 Half-Year Results Analyst Presentation
7 y Jardines Analyst Presentation 2025 Half-Year Results 1 August 2025
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 investment proposition ▪ Strategic updates ▪ Financial performance and review ▪ Portfolio company review ▪ Outlook ▪ Q&A
Slide 4: Our role as an engaged, long-term investor
Our role as an engaged, long-term investor Jardine Matheson's purpose is to deliver superior returns to shareholders from a portfolio of market-leading businesses focused on Asia. How we deliver Jardine Matheson’s financial objectives Decisive portfolio management built on Influence strategy and dri
Slide 5: Jardine Matheson Board changes
Jardine Matheson Board changes ▪ Lincoln Pan appointed Chief Executive Officer with effect from 1 December 2025, succeeding John Witt who will retire end November after a successful 32-year career with Jardines. ▪ New INED appointments in the first-half: Ming Lu and Tim Wise. ▪ Board now comprises m
Slide 6: Strategic developments across our portfolio
Strategic developments across our portfolio ▪ Sold nine office floors and retail spaces of ▪ Focus on portfolio simplification to reinvest in One Exchange Square to HKEX for US$810m H&B and Convenience growth ▪ Tomorrow’s CENTRAL and Shanghai West Bund ▪ Divested non-core assets: Yonghui Central dev
Slide 7: Strategic developments across our portfolio
Strategic developments across our portfolio ▪ Progressing used car strategy – ▪ Commenced strategic reviews ▪ Continued strategic expansion of US$120m investment by Toyota for with portfolio companies, portfolio: four new hotels, 44 hotels 40% stake in Astra Digital Mobil (ADMO) expected to complete
Slide 8: Embedding sustainability
Improved ESG ratings since 2021 across the Group Embedding sustainability HKL ranked 3rd globally in DJSI in 2024 80 12.8 53 17.6 22.6 52 50 25.3 32.3 ▪ Improved ESG ratings 43* 34.5 38 40 42.9 36.2 ▪ Sustainability remains a key priority - 18 49.9 focus on climate action 6 53.4 2021 2024 2021 2024
Slide 9: Financial performance and review
Financial performance and review
Slide 10: Financial highlights
Financial highlights ▪ Reported underlying net profit up 45% to US$798 million – up 11% at CER(1) and excluding Hongkong Land impairments in 2024 ▪ Lincoln Pan announced as new CEO of Jardine Matheson, from 1 December 2025 ▪ Execution of portfolio company strategies progressing: ▪ HKL capital recycl
Slide 11: Underlying net profit +11% (before HKL impairments, at CER)
Underlying net profit +11% (before HKL impairments, at CER) 45% reported growth US$’m +11% 798 786 12 48 +2% 707 31 +7% +4% 157 550 +29% 1H2024 HKL 2024 1H2024 Higher Organic 1H2025 FX 1H2025 impairments pre-HKL shareholdings growth (CER) (reported) impairments 10
Slide 12: Underlying net profit contribution by business US$798m
Underlying net profit contribution by business US$798m +13 % before HKL impairments; +11% before HKL impairments at CER Six months ended 30 June 2025 ▪ Astra: weaker HEMCE and 4W auto offset by improved performance elsewhere, + higher JM share in JC&C 394 ▪ Hongkong Land: stable contribution, exclud
Slide 13: Value creation
Value creation ▪ Improved 5Y-TSR (7.5%) at half-year driven by YTD share price recovery ▪ Interim underlying EPS ($2.73) +5.6% p.a. cagr since 2019 ▪ Interim DPS ($0.60) +5.3% p.a. cagr since 2019 JMH Total shareholder return (%) Underlying EPS (US$) DPS (US$) Half-Year Full-Year HKL impairments Int
Slide 14: Non-trading items
Non-trading items Central portfolio property valuations stabilising US$m 1H2025 1H2024 Change in fair value of investment properties (138) (521) Sales of businesses, a hotel and property interests (88) (61) Change in fair value of other investments (24) 4 Others (20) (12) Non-trading items (270) (59
Slide 15: Consolidated cash flow
Consolidated cash flow Investing activities inflow reflects DFI and HKL strategy progress US$m 1H2025 1H2024 Cash flows from operating activities 2,566 2,969 Investing activities: - Investments in and advances to associates and JVs (104) (178) - Other capital expenditure (1,034) (929) - Sale of subs
Slide 16: Net debt down 21% to US$5.8bn
Net debt down 21% to US$5.8bn US$m 30 Jun 2025 Chg 31 Dec 2024 Jardine Pacific (42) +82 (124) Hongkong Land (4,920) +168 (5,088) DFI Retail 442 +910 (468) Mandarin Oriental (152) -59 (93) Jardine Cycle & Carriage 26 +261 (235) Jardine Matheson Corporate (1,106) +206 (1,312) Net borrowings (ex financ
Slide 17: JM Corporate: Net Debt and 1H2025 Cash Flow
JM Corporate: Net Debt and 1H2025 Cash Flow (US$bn) Net debt down $0.2bn; buybacks paused to pay down net debt 1.1 1.3 -0.3 -0.3 +0.6 -0.1 Net debt 31.12.24 Net dividend Dividends paid Share purchase Net debt 30.06.25 income (1) / M&A Notes: 1. Parent recurring cash flow, represents recurring divide
Slide 18: Portfolio company review
WH Portfolio company review
Slide 19: Astra
Astra US$m 1H2025 Chg 1H2024 Contribution to JC&C* Automotive and mobility 147 -11% 165 HEMCE^ 143 -22% 183 Financial services 133 +4% 128 Infrastructure 19 +35% 14 Agribusiness 19 +56% 12 Others 7 +18% 5 Withholding tax (12) -12% (10) Underlying contribution to JC&C 456 -8% 497 ▪ Underlying profit
Slide 20: Hongkong Land
Hongkong Land Financial summary* US$m 1H2025 Chg 1H2024 Prime Properties Investment 281 -13% 322 Build-to-sell, incl. impairments 72 n/a (270) Corporate (56) +6% (59) Underlying net profit 297 n/a (7) 30 Jun 25 31 Dec 24 Total equity 29,759 -1% 29,969 NAV per share, US$ 13.62 - 13.57 Prime Propertie
Slide 21: DFI Retail
DFI Retail US$m 1H2025 Chg 1H2024 Financial summary* Health and Beauty 109 +6% 103 Convenience 38 -18% 47 Food 24 -5% 26 Home Furnishings 9 +>100% 3 SG&A and others (5) +52% (10) Financing, tax and NCI (101) -5% (96) Share of results of associates and JVs 31 +>100% 3 Underlying net profit 105 +39% 7
Slide 22: Jardine Pacific
Jardine Pacific US$m 1H2025 Chg 1H2024 Underlying net profit contribution Jardine Schindler 26 +23% 21 Gammon 22 +16% 19 JEC 12 -1% 12 Hactl 11 -14% 14 Jardine Restaurants 1 n/a (6) Zung Fu Hong Kong - n/a (3) Corporate and other interests (5) +20% (6) Continuing businesses 67 +33% 51 Discontinued (
Slide 23: Zhongsheng
Zhongsheng Underlying net profit contribution US$m 1H2025 Chg 1H2024 Underlying net profit 60 -5% 63 ▪ Earnings estimates reflect persistent challenges in mainland auto market ▪ New car sales facing ongoing volume and margin pressures due to continuing intense competition from new EV OEMs ▪ After-sa
Slide 24: Jardine Cycle & Carriage
Jardine US$m 1H2025 Chg 1H2024 Cycle & Carriage Indonesia 466 -9% 513 Financial summary* Vietnam 36 +17% 30 Regional Interests 20 -16% 25 Corporate costs - Exchange differences 33 n/a (28) - Net financing charges (10) +63% (25) - Others (16) -10% (15) Underlying net profit 529 +6% 500 Underlying net
Slide 25: Mandarin Oriental
Mandarin Oriental Financial summary* US$m 1H2025 Chg 1H2024 Combined total revenue of hotels owned 1,088 +11% 980 and under management (1) Owned hotels 17 +63% 11 Management business 10 -30% 14 Property development (3) -59% (2) Underlying net profit 24 +6% 23 Owned hotels: ▪ HK and Geneva properties
Slide 26: Highlights; Outlook unchanged
Highlights ▪ Solid 1H2025 performance across the portfolio with improved results from most businesses despite continuing uncertain market conditions ▪ Continued strengthening of leadership teams ▪ Development and execution of new strategies underway Outlook unchanged ▪ Broadly stable full-year resul
Slide 27: 2025 Half-Year Results Q&A
7 y Jardines 2025 Half-Year Results Q&A
Slide 28: End of presentation
End of presentation 2025 Half-Year Results If you have any queries, please email gc@jardines.com