Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — Jardine Cycle & Carriage — H1 2026 Earnings Presentation
22 slides from Jardine Matheson's earnings presentation, Jul 31, 2026
Slide 1: SGX Financial Statements and Related Announcement – Half Yearly Results
7/31/26, 7:32 AM REPL::Financial Statements and Related Announcement::Half Yearly Results REPL::FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::HALF YEARLY RESULTS Issuer & Securities Issuer/ Manager JARDINE CYCLE & CARRIAGE LIMITED Securities JARDINE CYCLE & CARRIAGE LTD - SG1B51001017 - CO7 Stapled
Slide 2: Related Announcements
7/31/26, 7:32 AM REPL::Financial Statements and Related Announcement::Half Yearly Results Related Announcements 30/07/2026 18:13:29 https://links.sgx.com/1 .0.0/corporate-announcements/BPB8N5L3DFS6P1UW/e4afe487dfS5eebd8d41 8b 1 7880ff8c3bc0fd0022cb76f07297b66ad44... 2/2
Slide 3: Half Year 2026 Results Presentation
Half Year 2026 Results Presentation Friday, 31 July 2026 Jardine Cycle & Carriage
Slide 4: Strategic review update
Strategic review update 01 Active stewardship of portfolio companies’ strategy and performance 02 Reinforce role as intermediate holding company “Jardine Matheson Southeast Asia Limited ” 03 Prioritise portfolio focus and capital allocation discipline 1
Slide 5: Actions taken
Actions taken • Partial divestment of 8.1% interest in Vinamilk (US$416 million) • Partial divestment of Toyota Motor Corporation (US$146 million) Focused portfolio Prior to last 12 months • Sale of 25.54% stake in Siam City Cement (US$344 million) • Sale - and - leaseback of non - core properties (
Slide 6: Shareholder value creation initiative – Special dividend
Shareholder value creation initiative – Special dividend Sharpened focus on • Pays out cash proceeds from partial sale shareholder returns • Enables shareholders to directly access the value of TMC shares Special dividend of • Cash distribution of US¢37 per share ~US ₵73 1 per share • Distribution i
Slide 7: Portfolio company updates
Portfolio company updates Astra Vietnam • Focus on 3 core business engines THACO • Capital allocation discipline • Grow real estate; progress Sala City sales • Dividend payout ratio: 45 - 50% • Scale agriculture • Long - term share buyback programmes • Sustain automotive; more in - house brand comme
Slide 8: 1H 2026 Financial Highlights
1H 2026 Financial Highlights
Slide 9: 1H 2026 Financial Highlights
1H 2026 Financial Highlights Underlying profit Total dividends • Underlying Profit: US$473 million US$473 million US ₵101 per share • Interim dividend: US ₵ 28 per share • Proposed special dividend: ~US ₵ 73 per share • Total dividend: ~US ₵ 101 per share • Corporate net debt: US$286 million Underly
Slide 10: Underlying Profit
Underlying Profit Lower contributions from Indonesia and Singapore, improvements from Vietnam Underlying profit ( US$m ) Underlying profit by segment 11% down YOY Indonesia US$427m - 39 +7 -4 (▼ 8%) - 20 - 8% +21% - 24% nm Vietnam 529 US$43m 473 (▼ 21%) Regional Interests US$16m 1H2025 Indonesia Vie
Slide 11: Corporate Net Debt
Corporate Net Debt Continued discipline to improve balance sheet strength Corporate Net Debt (US$m) Shareholders’ Funds US$8.3b (▼ 4%) Net Cash / (debt) (excl. FS ) 1.5b (US$559m) 1.3b (▼ >100%) +336 - 334 816 - 293 Net Cash / (debt) (corporate) 577 (US$286m) 286 (▼ 50%) 2022 2023 2024 Net debt Net
Slide 12: Indonesia
Southeast Asia’s largest economy Indonesia and most populous country
Slide 13: Indonesia
Indonesia 8% lower contribution Contribution to JC&C’s Underlying Profit ( US$m ) Contribution to JC&C: US$427 million 500 -9% • Improved results from automotive, financial services and agribusiness 400 • Lower earnings from mining 300 solutions and heavy equipment 20 +7% 10 0 Astra Tunas • Improved
Slide 14: Astra
Astra Net income down 8% Total Net Income: Contribution to JC&C: US$863 million US$417 million 400 +9% 300 +6% 200 - 46% +31% 100 0 Mining Solutions & Automotive Financial Services Others Heavy Equipment 1H2025 329 266 306 76 1H2026 343 269 157 94 • 2W sales ↑1% • Consumer finance • Gold sales ↓ • A
Slide 15: Vietnam
Fast - growing economy with an Vietnam expanding consumer market and robust manufacturing sector
Slide 16: Vietnam
Vietnam 21% higher contribution (47% higher excluding Vinamilk ) Contribution to JC&C’s Underlying Profit (US$m) +65% Others Contribution to JC&C: US$43 million 25 • Strong results from real estate sales Auto 47% • Automotive sales up 9%, margins impacted by competition Others 15 +15% Others Auto Ot
Slide 17: Regional Interests
Regional An established network of regional Interests dealerships
Slide 18: Regional Interests
Regional Interests Contribution down 24% Contribution to JC&C’s Underlying Profit ( US$m ) Contribution to JC&C: US$16 million 15 • New and used car sales down 20% -28% and 16%, respectively 10 • 37% higher commercial vehicle sales 5 -10% • Partial divestment and proposed distribution in specie 0 C&
Slide 19: Looking Ahead
Looking Ahead
Slide 20: Looking Ahead
Looking Ahead INDONESIA VIETNAM REGIONAL INTERESTS • Near - term • Sustained growth • Focus on passenger car macroeconomic trajectory launches headwinds • Strong long - term fundamentals 17
Slide 21: Q&A with Management
Q&A with Management Freddy Lee Ng Yang Yen Chief Executive Officer Finance Director 18
Slide 22: Thank you
7 y Jardine Cycle & Carriage Thank you
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