Slide 1: 2025 Full-Year Results
ANALYST PRESENTATION 2025 Full-Year Results 11 March 2026
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 and value creation ▪ Strategic highlights ▪ Financial performance and review ▪ Portfolio review ▪ Outlook ▪ Q&A
Slide 4: Our strategic vision
Our strategic vision We strive to be an outstanding investment vehicle focused on building diverse high-quality businesses in Asia-Pacific delivering sustainable, top quartile Total Shareholder Returns We do so with a lean organisation committed to: 1. Active, long-term value creation 2. Talent deve
Slide 5: How we deliver Total Shareholder Returns for shareholders
How we deliver Total Shareholder Returns for shareholders Clear TSR Active capital Control Lean, focused commitment recycling investor model investment company ▪ Targeting sustainable, top ▪ Group hurdle rate and ▪ Concentrating resources ▪ Resources dedicated quartile 5Y TSR, target TSR governing a
Slide 6: Value creation
Value creation ▪ 2025 5-year Total Shareholder Return (TSR) at 8.8% p.a., above our hurdle rate ▪ New executives and boards appointed across the portfolio over last 3 years ▪ TSR-linked LTIP to be implemented across portfolio and JMH ▪ Capital recycling activities accelerating: US$4.8bn in 2025, mor
Slide 7: Underlying performance
Underlying performance ▪ Underlying net profit(1) US$ 1,681 million, +10.7% vs. 2024. ▪ Parent Free Cash Flow of US$0.9bn (+6.7%), ‘cash conversion’ up 10%-pts since 2021 ▪ Underlying EPS US$ 5.72 per share, +9.2% vs. 2024 ▪ DPS US$2.35, +4.4%. Progressive 5Y DPS CAGR of 6.4% Underlying Net Profit &
Slide 8: Significant upside remains in Jardine Matheson Holdings
1 Improving Portfolio Company execution 2 Talent investment and LTIP alignment Significant upside 3 Ambitious capital recycling targets remains in Jardine 4 Clear return hurdles for new capital deployments Matheson 5 Group simplification opportunities Holdings 6 Investment environment favours perman
Slide 9: Strategic highlights
Ww % Strategic highlights
Slide 10: Privatisation of Mandarin Oriental
Privatisation of Mandarin Oriental Privatisation to acquire remaining 11.96% shares of MO ▪ Allows JMH to grow MO in private market and maximise potential ▪ Fair offer approved by 99.76% of independent shareholder votes MO capital recycling ▪ Sale of 13 floors of OCB for US$925m ▪ US$758m special di
Slide 11: Focus on core operations
Focus on core operations ▪ Robust earnings + strategic progress drive : ➢ 5Y TSR 9.8% ➢ 41.4% 1Y TSR ▪ Buyback programs started at Astra and UT ▪ Board of Commissioners enhancements to come ▪ Clear leadership succession & new LTIP tied to Astra TSR ▪ Astra forward focus on core automotive, consumer
Slide 12: Building scalable platforms for recurring income streams
Building scalable platforms for recurring income streams ▪ 5Y TSR 16.0% ▪ Strategic progress delivers 58.8% 1Y TSR ▪ Substantial capital recycling ➢ Partial disposal of One Exchange Square to HKEX ➢ Sale of MCL Land ➢ Wind down of build-to-sell ▪ SCPREF formed with US$6.4 billion AUM - scalable asse
Slide 13: Outstanding execution & portfolio simplification
Outstanding execution & portfolio simplification ▪ 5Y TSR 5.1% ▪ Decisive portfolio actions drive 93.6% 1Y TSR ➢ Yonghui Superstores, Feb 2025 ➢ Robinsons Retail, May 2025 ➢ Singapore Food, Dec 2025 ▪ US$600m special dividend ▪ 70% dividend payout ratio ▪ Announced mid-term target : US$310-350m unde
Slide 14: Share buybacks at JMH and portfolio companies
Share buybacks at JMH and portfolio companies ▪ Substantial share purchases and buybacks over last 5 years ▪ US$7.7bn by JMH ▪ US$1.3bn by portfolio companies ▪ Buys / buybacks will continue (~$1.0bn open at 31.12.25), but expect more external M&A going forward JMH buybacks and share purchases Portf
Slide 15: ESG updates
ESG updates ▪ Sustainability provides resilience, integral to delivering long-term value for stakeholders ▪ Strategic focus to set annual carbon reduction targets across the existing portfolio ▪ Portfolio companies progressing emissions reduction, improving ESG ratings Rating Rating JM performance a
Slide 16: Review of financial performance
Review of financial performance
Slide 17: Financial highlights
Financial highlights 5Y TSR Underlying net profit(1) Parent free cash flow Underlying EPS DPS 8.8% US$1.68bn US$933m US$5.72 US$2.35 9.4ppts vs 2024 11% vs 2024 7% vs 2024 9% vs 2024 4% vs 2024 ▪ 5Y TSR 8.8% p.a. ▪ US$4.8bn in capital recycled across the Group in 2025, US$2.8bn re-invested as capita
Slide 18: Underlying net profit of $1.68bn, +11% vs. 2024
Underlying net profit of $1.68bn, +11% vs. 2024 (2.6% above guidance) Updated measure excludes run-off BTS business volatility from underlying earnings Updated : BTS outside underlying earnings Old basis : 2.6% above guidance +11% +3% US$’m 1,681 US$’m 1,681 1,639 1,518 +163 -121 +163 1,471 1,471 +1
Slide 19: Underlying net profit by business US$1.68bn
Underlying net profit(1) by business US$1.68bn +11% at CER US$’m 808 787 265 245 209 191 155 149 155 99 83 63 68 63 (37) Astra HKL (1) DFI Retail Jardine Pacific JC&C MOHG Zhongsheng (104) Corporate 2024 2025 Note: (1) HKL Build-to-sell reported in non-trading items, in order to provide greater unde
Slide 20: Non-trading items
Non-trading items Fair value gain as HKL’s Central portfolio valuation stabilises US$m 2025 2024 Build-to-sell (1) - (47) Change in fair value of investment properties 181 (1,209) Change in fair value of other investments and (24) 22 derivatives Impairment of assets (759) (568) Sales of businesses a
Slide 21: Net debt down $4.6bn to US$2.7bn
Net debt down $4.6bn to US$2.7bn 5% gearing underlines balance sheet strength and flexibility to invest Net Cash / (Debt), US$m 31 Dec 2025 Chg 31 Dec 2024 Astra 540 -60 600 Hongkong Land (3,577) +1,511 (5,088) DFI Retail 70 +538 (468) Mandarin Oriental 856 +949 (93) Jardine Pacific (63) +61 (124) J
Slide 22: Consolidated cash flow
Consolidated cash flow Cash flow from operating activities up 6% to $5.3bn; steady organic CAPEX, $4.8bn capital recycling US$m 2025 2024 Cash flows from operating activities 5,309 4,999 Investing activities: - Investments in and advances to associates and JVs (361) (369) - Other capital expenditure
Slide 23: JM Corporate: parent net debt cleared
JM Corporate: parent net debt cleared Parent free cash flow up 7%; dividend cover 2.0x US$’bn Uses of cash = $1.9bn Sources of cash = $1.9bn +0.5 -0.5 -0.1 +0.5 1.3 -1.4 +0.9 2x cover 0.0 Net debt Parent free Special Capital Dividends Share Net debt Net cash 31.12.2024 cash flow(1) dividend recyclin
Slide 24: Portfolio review
Portfolio review
Slide 25: Astra
Astra IDR ‘bn 2025 Chg 2024 Financial Summary* 5Y TSR 9.8% +10.5ppts (0.7%) Reported EPS 810 -3% 837 DPS 390 -4% 406 Net cash(1) 9,055 -639 9,694 Net profit 32,769 -3% 33,901 Automotive and mobility 11,365 - 11,401 HEMCE(2) 9,095 -24% 11,995 Financial services 8,952 +9% 8,200 Infrastructure and othe
Slide 26: Hongkong Land
Hongkong Land US$m 2025 Chg 2024 Financial Summary* 5Y TSR 16.0% +14.8ppts 1.2% Net cash / (debt) (3,577) +1,511 (5,088) Total equity 30,833 +3% 29,969 NAV per share, US$ 14.30 +5% 13.57 Underlying net profit(1) 458 -8% 499 Prime Properties Investment 859 -9% 940 Corporate and other (76) +2% (77) Fi
Slide 27: DFI Retail
DFI Retail US$m 2025 Chg 2024 Financial Summary* 5Y TSR 5.1% +18.2ppts -13.1% Net cash / (debt) 70 +538 (468) Underlying net profit 270 +35% 201 Subsidiary profits 182 +15% 158 Share of results of associates and JV’s 88 +106% 43 Contribution to JM underlying net profit 209 +35% 155 Ordinary dividend
Slide 28: Mandarin Oriental
Mandarin Oriental US$m 2025 Chg 2024 Financial Summary* 5Y TSR 13.5% +13.2ppts 0.3% Net cash / (debt) 856 +949 (93) Underlying net profit 78 +4% 75 Owned hotels 54 +21% 45 Management business 35 +2% 34 Property development (11) -158% (4) Contribution to JM underlying net profit 68 +8% 63 Dividend pa
Slide 29: Jardine Pacific
Jardine Pacific Underlying Net Profit Contribution US$m 2025 Chg 2024 Engineering and Infrastructure businesses 195 +10% 177 Others (1) (4) +85% (28) Underlying net profit 191 +28% 149 Dividend paid to JMH parent 170 - 170 ▪ Encouraging growth from Engineering and Infrastructure businesses ▪ Turnaro
Slide 30: 2026 uEPS will exclude Vinamilk, DFI 2025 disposals & ZS equity earnings
2026 uEPS will exclude Vinamilk, DFI 2025 disposals & ZS equity earnings Proforma 2025 uEPS rebased to show ongoing businesses only (i.e. excl. disposed businesses & ZS reclassification), US$/share : 5.72 -0.39 5.33 2025 Underlying VNM+ 2025 Underlying EPS EPS DFI disposals+ (ongoing businesses) ZS
Slide 31: Highlights and outlook
Highlights and outlook 5-year TSR at 8.8%; DPS increased to US$2.35/share 2025 performance Underlying net profit up 11%, parent balance sheet moves to net cash Transformation to TSR embedded as principal KPI; focused on delivering sustainable, investment company top-quartile Total Shareholder Return
Slide 32: 2025 Full-Year Results Q&A
&® Jardines cil Wa 2025 Full-Year Results Q&A
Slide 33: End of presentation
END OF PRESENTATION 2025 Full-Year Results If you have any queries, please email investors@jardines.com