Jardine Matheson Holdings Limited

Mar 10, 2026 at 12:02 PM UTC

Jardine Matheson: Preliminary statements (preliminary financial statement 2025)

JARDINE MATHESON HOLDINGS LIMITED PRELIMINARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Consolidated Profit and Loss Account

for the year ended 31 December 2025

2025 2024

Underlying business performance

Non-trading

items Total

Underlying business performance

Non-trading

item Total

Note

US$m US$m US$m US$m re-presented

US$m re-presented

US$m

Revenue 3 33,817 400 34,217 Net operating costs 4 (30,101) (572) (30,673) Change in fair value of investment properties 13 - 172 172 Operating profit 3,716 - 3,716 Net financing charges 5 financing charges (696) (6) (702) financing income 248 16 264 (448) 10 (438) Share of results of associates and joint ventures 6 before change in fair value of investment properties 1,094 241 1,335 change in fair value of investment properties - 386 386 1,094 627 1,721 Impairment losses on associates and joint ventures 9 - (798) (798) Profit before tax 4,362 (161) 4,201 Tax 7 (797) (113) (910)	34,864 915 35,779 (30,940) (1,460) (32,400) - (2,213) (2,213) 3,924 (2,758) 1,166 (789) (7) (796) 235 35 270 (554) 28 (526) 1,100 63 1,163 - 136 136 1,100 199 1,299 - (508) (508) 4,470 (3,039) 1,431 (826) (50) (876)
Profit after tax 3,565 (274) 3,291	3,644 (3,089) 555
Attributable to: Shareholders of the Company 8 & 9 1,681 (572) 1,109 Non-controlling interests 1,884 298 2,182	1,518 (1,986) (468) 2,126 (1,103) 1,023
3,565 (274) 3,291	3,644 (3,089) 555

US$ US$ US$ US$

Earnings/(loss) per share	8
- basic		5.72	3.78	5.24	(1.61)
- diluted		5.72	3.77	5.23	(1.61)

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2025

2025 2024

O v e r vi ew

Le a der s h i p s t a t em en t s

C r e a t ing va lue

P er f orma nc e

G ov erna nc e

F ina nc i a l s

Note US$m US$m

Profit for the year		3,291	555
Other comprehensive income/(expense)
Items that will not be reclassified to profit and loss:
Net exchange translation loss arising during the year		(211)	(296)
Remeasurements of defined benefit plans	19	32	12
Remeasurements of statutory employee entitlements		(2)	(2)
Revaluation surplus before transfer to investment properties
- right-of-use assets	12	-	97
Tax on items that will not be reclassified		(5)	(2)
		(186)	(191)
Share of other comprehensive income/(expense) of associates and joint ventures		93	(209)
		(93)	(400)
Items that may be reclassified subsequently to profit and loss:
Net exchange translation differences
- net loss arising during the year		(70)	(166)
- transfer to profit and loss		118	165
		48	(1)
Revaluation of other investments at fair value through other comprehensive income
- net gain/(loss) arising during the year	16	41	(13)
- transfer to profit and loss		(1)	-
		40	(13)
Cash flow hedges
- net (loss)/gain arising during the year		(238)	16
- transfer to profit and loss		5	(23)
		(233)	(7)
Tax relating to items that may be reclassified		52	(1)
Share of other comprehensive income/(expense) of associates and joint ventures		204	(246)
		111	(268)
Other comprehensive income/(expense) for the year, net of tax		18	(668)
Total comprehensive income/(expense) for the year		3,309	(113)
Attributable to:
Shareholders of the Company		1,337	(696)
Non-controlling interests		1,972	583
3,309			(113)

at 31 December 2025

2025 2024

Assets
Intangible assets	10	2,026	2,116
Tangible assets	11	6,627	6,574
Right-of-use assets	12	3,533	4,024
Investment properties	13	27,463	28,079
Bearer plants	14	440	462
Associates and joint ventures	15	15,314	17,838
Other investments	16	2,684	3,387
Non-current debtors	17	3,761	3,895
Deferred tax assets	18	622	582
Pension assets	19	31	11
Non-current assets		62,501	66,968
Properties for sale	20	1,525	2,879
Stocks and work in progress	21	3,105	3,332
Current debtors	17	7,046	6,839
Current investments	16	374	50
Current tax assets		181	136
Cash and bank balances	22
- non-financial services companies		8,293	4,551
- financial services companies		270	296
		8,563	4,847
		20,794	18,083
Assets classified as held for sale	23	2,841	1,728
Current assets		23,635	19,811
Total assets 86,136			86,779

Note US$m US$m

2025 2024

Equity
Share capital	24	74	73
Share premium and capital reserves	26	31	23
Revenue and other reserves		28,928	27,784
Shareholders' funds		29,033	27,880
Non-controlling interests	28	25,614	25,440
Total equity		54,647	53,320
Liabilities
Long-term borrowings	29
- non-financial services companies		8,755	9,662
- financial services companies		1,477	1,592
		10,232	11,254
Non-current lease liabilities	30	2,317	2,773
Deferred tax liabilities	18	795	778
Pension liabilities	19	403	377
Non-current creditors	31	1,812	1,154
Non-current provisions	32	442	411
Non-current liabilities		16,001	16,747
Current borrowings	29
- non-financial services companies		2,268	2,213
- financial services companies		2,653	2,421
		4,921	4,634
Current lease liabilities	30	681	741
Current tax liabilities		308	300
Current creditors	31	9,360	10,835
Current provisions	32	200	202
		15,470	16,712
Liabilities directly associated with assets classified as held for sale	23	18	-
Current liabilities		15,488	16,712
Total liabilities		31,489	33,459
Total equity and liabilities 86,136			86,779

Note US$m US$m

Approved by the Board of Directors

Lincoln Pan Graham Baker Directors

10 March 2026

for the year ended 31 December 2025

	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m
2025
At 1 January	73	-	23	28,172	2,395	(4)	(2,779)	27,880	25,440	53,320
Total comprehensive income	-	-	-	1,150	-	(63)	250	1,337	1,972	3,309
Dividends paid by the Company (refer note 27)	-	-	-	(658)	-	-	-	(658)	-	(658)
Dividends paid to non-controlling interests	-	-	-	-	-	-	-	-	(1,211)	(1,211)
Unclaimed dividends forfeited	-	-	-	2	-	-	-	2	-	2
Employee share option schemes	-	4	16	-	-	-	-	20	8	28
Scrip issued in lieu of dividends	1	(1)	-	197	-	-	-	197	-	197
Repurchase of shares	-	(4)	-	(28)	-	-	-	(32)	-	(32)
Capital contribution from non-controlling interests	-	-	-	-	-	-	-	-	8	8
Share purchased for share-based incentive plans in subsidiaries	-	-	-	(23)	-	-	-	(23)	(14)	(37)
Untraceable shares	-	-	-	84	-	-	-	84	21	105
Subsidiaries acquired	-	-	-	-	-	-	-	-	65	65
Change in interests in subsidiaries	-	-	-	230	-	-	-	230	(671)	(441)
Change in interests in associates and joint ventures	-	-	-	(4)	-	-	-	(4)	(4)	(8)
Transfer	-	5	(12)	1,275	(1,268)	-	-	-	-	-
At 31 December	74	4	27	30,397	1,127	(67)	(2,529)	29,033	25,614	54,647
2024
At 1 January	72	-	22	29,009	2,323	11	(2,427)	29,010	26,921	55,931
Total comprehensive (expense)/income	-	-	-	(467)	76	(15)	(290)	(696)	583	(113)
Dividends paid by the Company (refer note 27)	-	-	-	(651)	-	-	-	(651)	-	(651)
Dividends paid to non-controlling interests	-	-	-	-	-	-	-	-	(1,276)	(1,276)
Unclaimed dividends forfeited	-	-	-	2	-	-	-	2	-	2
Employee share option schemes	-	-	9	-	-	-	-	9	3	12
Scrip issued in lieu of dividends	1	(1)	-	204	-	-	-	204	-	204
Repurchase of shares	-	-	-	(101)	-	-	-	(101)	-	(101)
Capital contribution from non-controlling interests	-	-	-	-	-	-	-	-	1	1
Share purchased for a share-based incentive plan in a subsidiary	-	-	-	(3)	-	-	-	(3)	-	(3)
Subsidiaries acquired	-	-	-	-	-	-	-	-	3	3
Change in interests in subsidiaries	-	-	-	75	-	-	-	75	(796)	(721)
Change in interests in associates and joint ventures	-	-	-	31	-	-	-	31	1	32
Transfer	-	1	(8)	73	(4)	-	(62)	-	-	-
At 31 December	73	-	23	28,172	2,395	(4)	(2,779)	27,880	25,440	53,320

Consolidated Cash Flow Statement

for the year ended 31 December 2025

2025 2024

Note US$m US$m

Operating activities
Cash generated from operations	33 (a)	5,732	5,637
Interest received		243	258
Interest and other financing charges paid		(703)	(809)
Tax paid		(937)	(1,066)
		4,335	4,020
Dividends from associates and joint ventures		974	979
Cash flows from operating activities		5,309	4,999
Investing activities
Purchase of subsidiaries	33 (c)	(278)	5
Purchase of associates and joint ventures	33 (d)	(339)	(257)
Purchase of other investments	33 (e)	(543)	(417)
Purchase of intangible assets		(122)	(127)
Purchase of tangible assets		(1,170)	(1,191)
Additions to leasehold land under right-of-use assets	33 (n)	(24)	(25)
Additions to investment properties		(274)	(240)
Additions to bearer plants		(29)	(33)
Advances to associates and joint ventures	33 (f)	(22)	(112)
Repayments from associates and joint ventures	33 (g)	273	259
Sale of subsidiaries	33 (h)	687	317
Sale of associates and joint ventures	33 (i)	1,635	388
Sale of other investments	33 (j)	875	253
Sale of tangible assets	33 (k)	158	173
Sale of right-of-use assets		8	16
Sale of investment properties	13 & 23	1,258	20
Cash flows from investing activities		2,093	(971)
Financing activities
Issue of shares		4	-
Capital contribution from non-controlling interests		8	1
Acquisition of the remaining interest in Jardine Strategic		(1)	(23)
Change in interests in other subsidiaries	33 (l)	(437)	(700)
Purchase of own shares	24	(32)	(101)
Purchase of shares for share-based incentive plans in subsidiaries		(37)	(3)
Sale of untraceable shares	33 (m)	106	-
Drawdown of borrowings	29	7,516	10,591
Repayment of borrowings	29	(8,293)	(11,072)
Repayments to associates and joint ventures	33 (f)	(16)	(27)
Advances from associates and joint ventures	33 (g)	122	96
Principal elements of lease payments	33 (n)	(895)	(877)
Dividends paid by the Company		(461)	(447)
Dividends paid to non-controlling interests		(1,211)	(1,276)
Cash flows from financing activities		(3,627)	(3,838)
Net increase in cash and cash equivalents		3,775	190
Cash and cash equivalents at 1 January		4,842	4,796
Effect of exchange rate changes		(43)	(144)
Cash and cash equivalents at 31 December	33 (o)	8,574	4,842

Notes to the Financial Statements

General information

Jardine Matheson Holdings Limited (the Company) is incorporated in Bermuda and has a primary listing in the equity share (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The address of the registered office is given on page [ ].

The principal activities of the Company and its subsidiaries, and the nature of the Group's operations are set out on page [ ], pages

O v e r vi ew

[ ] to [ ] and note 40 of the financial statements.

Basis of preparation

Le a der s h i p s t a t em en t s

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards), including International Accounting Standards (IAS) and Interpretations as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared on a going concern basis and under the historical cost convention except as disclosed in the accounting policies.

Details of the Group's material accounting policies are included in note 41.

Update to non-trading items

C r e a t ing va lue

Following the strategic shift in the business direction to wind down Hongkong Land's build-to-sell segment, the operations and assets within this segment have been identified as non-strategic business in 2025. The profit and loss from the non-strategic business is therefore presented separately from the underlying business performance and reported within non-trading items (refer notes 2 and 41). This presentation aims to provide greater understanding of underlying performance from continuing businesses. The comparative figures have been re-presented from underlying business to conform with the current year's presentation.

There are no amendments, which are effective in 2025 and relevant to the Group's operations, that have a significant impact on the Group's results, financial position and accounting policies.

P er f orma nc e

The Group has not early adopted any standard, interpretation or amendments that have been issued but not yet effective

(refer note 42).

The principal operating subsidiaries, associates and joint ventures have different functional currencies in line with the economic environments of the locations in which they operate. The functional currency of the Company is United States dollars.

The consolidated financial statements are presented in United States dollars.

G ov erna nc e

F ina nc i a l s

The Group's reportable segments are set out in note 2 and are described on pages [ ] to [ ] and pages [ ] to [ ].

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the executive directors of the Company for the purpose of resource allocation and performance assessment. The Group has seven operating segments (2024: seven) as more fully described on pages

to . No operating segments have been aggregated to form

US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m

2,056	-	1,048	8,869	544	1,750	19,608	-	(58)	33,817	400	-	400	34,217
(1,980)	3	(429)	(8,501)	(459)	(1,629)	(17,160)	(4)	58	(30,101)	(556)	(16)	(572)	(30,673)
-	-	-	-	-	-	-	-	-	-	-	172	172	172
76	3	619	368	85	121	2,448	(4)	-	3,716	(156)	156	-	3,716
(19)	-	(212)	(137)	(9)	(50)	(226)	(43)	-	(696)	(5)	(1)	(6)	(702)
2	-	41	12	4	21	156	12	-	248	13	3	16	264
(17)	-	(171)	(125)	(5)	(29)	(70)	(31)	-	(448)	8	2	10	(438)
148	60	93	88	21	114	569	1	-	1,094	231	10	241	1,335
-	-	-	-	-	-	-	-	-	-	-	386	386	386
148	60	93	88	21	114	569	1	-	1,094	231	396	627	1,721
-	-	-	-	-	-	-	-	-	-	-	(798)	(798)	(798)
207	63	541	331	101	206	2,947	(34)	-	4,362	83	(244)	(161)	4,201
(16)	-	(81)	(58)	(24)	(18)	(597)	(3)	-	(797)	(81)	(32)	(113)	(910)
191	63	460	273	77	188	2,350	(37)	-	3,565	2	(276)	(274)	3,291
-	-	(215)	(64)	(9)	(33)	(1,563)	-	-	(1,884)	(2)	(296)	(298)	(2,182)
191	63	245	209	68	155	787	(37)	-	1,681	-	(572)	(572)	1,109
(63)	8	(3,577)	70	856	(584)	540	33	-					(2,717)
413	(1)	587	1,099	94	27	3,140	(50)#	-					5,309
1,225	641	30,677	343	2,758	1,752	17,288	409	(446)					54,647
2,139	-	1,087	8,869	526	1,643	20,655	-	(55)	34,864	915	-	915	35,779
(2,082)	-	(394)	(8,526)	(441)	(1,572)	(17,931)	(49)	55	(30,940)	(1,025)	(435)	(1,460)	(32,400)
-	-	-	-	-	-	-	-	-	-	-	(2,213)	(2,213)	(2,213)
57	-	693	343	85	71	2,724	(49)	-	3,924	(110)	(2,648)	(2,758)	1,166
(24)	-	(238)	(156)	(10)	(76)	(239)	(46)	-	(789)	(7)	-	(7)	(796)
2	-	45	5	6	24	150	3	-	235	34	1	35	270
(22)	-	(193)	(151)	(4)	(52)	(89)	(43)	-	(554)	27	1	28	(526)

129	83	90	43	14	114	636	(9)	-	1,100	25	38	63	1,163
-	-	-	-	-	-	-	-	-	-	-	136	136	136
129	83	90	43	14	114	636	(9)	-	1,100	25	174	199	1,299
-	-	-	-	-	-	-	-	-	-	-	(508)	(508)	(508)
164	83	590	235	95	133	3,271	(101)	-	4,470	(58)	(2,981)	(3,039)	1,431
(15)	-	(90)	(30)	(20)	(10)	(658)	(3)	-	(826)	(31)	(19)	(50)	(876)
149	83	500	205	75	123	2,613	(104)	-	3,644	(89)	(3,000)	(3,089)	555
-	-	(235)	(50)	(12)	(24)	(1,805)	-	-	(2,126)	42	1,061	1,103	(1,023)
149	83	265	155	63	99	808	(104)	-	1,518	(47)	(1,939)	(1,986)	(468)
(124)	9	(5,088)	(468)	(93)	(835)	600	(1,321)	-					(7,320)
305	(18)	678	973	78	(19)	3,061	(59)#	-					4,999
1,197	1,305	29,811	651	2,926	1,667	16,846	(641)	(442)					53,320

2025

Revenue (refer note 3)

Net operating costs

Change in fair value of investment properties Operating profit

Net financing charges

financing charges
financing income
the reportable segments. Set out below is an analysis of the Group's underlying profit, net borrowings, cash flows from operating activities and total equity by reportable segment.

Share of results of associates and joint ventures
before change in fair value of investment properties
change in fair value of investment properties
Impairment losses on associates and joint ventures Profit before tax
Tax
Profit after tax
Non-controlling interests
Profit attributable to shareholders
Net (borrowings)/cash (excluding net borrowings of financial services companies)*
Cash flows from operating activities
Total equity
2024
Revenue (refer note 3)
Net operating costs
Change in fair value of investment properties Operating profit
Net financing charges
financing charges
financing income
Share of results of associates and joint ventures
before change in fair value of investment properties
change in fair value of investment properties

Impairment losses on associates Profit before tax

Tax

Profit after tax

Non-controlling interests

Profit attributable to shareholders

Net (borrowings)/cash (excluding net borrowings of financial services companies)*

Cash flows from operating activities

Total equity

* Net (borrowings)/cash is total borrowings less cash and bank balances (including balances classified as assets held for sale (refer note 23)). Net borrowings of financial services companies amounted to US$3,860 million at 31 December 2025 (2024: US$3,717 million) and relates to Astra.

# Corporate's cash flows from operating activities comprised dividend income from associate and other investments of US$53 million (2024: US$62 million) net with corporate costs and net financing charges of US$103 million (2024: US$121 million). Parent free cash flow comprised recurring dividends from subsidiaries of US$983 million (2024: US$934 million), less Corporate's cash flows from operating activities of US$50 million (2024: US$59 million).

Notes to the Financial Statements

Segmental information (continued)

Set out below are analyses of the Group's underlying profit attributable to shareholders and non-current assets, by geographical areas:

2025 2024

US$m US$m

Underlying profit attributable to shareholders:
China	535	518
Indonesia#	809	833
Other Southeast Asia#	286	182
Rest of the world	89	89
	1,719	1,622
Corporate and other interests	(38)	(104)
1,681		1,518
Non-current assets*:
China	36,465	36,967
Indonesia#	13,741	13,164
Other Southeast Asia#	2,452	5,708
Rest of the world	1,284	1,309
53,942		57,148

#To enhance the understanding of the Group's geographical performance, Indonesia has been presented separately from Southeast Asia. Comparative figures have been re-presented to conform with the current year's presentation.

* Excluding amounts due from associates and joint ventures, financial instruments, deferred tax assets and pension assets.

Notes to the Financial Statements

O v e r vi ew

Le a der s h i p s t a t em en t s

C r e a t ing va lue

P er f orma nc e

G ov erna nc e

F ina nc i a l s

Revenue

Jardine Pacific US$m	Hongkong Land US$m		DFI Retail US$m		Mandarin Oriental US$m		Jardine Cycle & Carriage US$m		Astra US$m		Intersegment transactions and other US$m		Non-trading items# US$m		Group US$m
2025 By product and service: Property 5	1,048		3		1		-		57		(9)		400		1,505
Automotive and mobility 404	-		-		-		1,750		7,538		-		-		9,692
Retail and restaurants 849	-		8,866		-		-		-		-		-		9,715
Financial services -	-		-		-		-		2,029		-		-		2,029
Engineering, heavy
equipment, mining
and construction 798	-		-		-		-		7,929		(47)		-		8,680
Hotels -	-		-		543		-		-		(2)		-		541
Other* -	-		-		-		-		2,055		-		-		2,055
2,056	1,048		8,869		544		1,750		19,608		(58)		400		34,217
By geographical
location of
customers:
China	1,428	1,007	6,058		153		-		-		(56)		375		8,965
Indonesia	-	-	295		-		-		19,608		-		-		19,903
Other Southeast Asia	191	41	2,132		13		1,750		-		(2)		25		4,150
Rest of the world	437	-	384		378		-		-		-		-		1,199
	2,056	1,048	8,869		544		1,750		19,608		(58)		400		34,217
From contracts with
customers:
Recognised at a point in
time 1,344		27		8,854		162		1,687		13,606		-		370		26,050
Recognised over time 706		188		12		372		53		3,651		(49)		19		4,952
2,050 From other sources:		215		8,866		534		1,740		17,257		(49)		389		31,002
Rental income from investment properties 6		833		3		1		-		21		(9)		11		866
Revenue from financial
services companies -		-		-		-		-		1,392		-		-		1,392
Revenue from insurance
businesses -		-		-		-		-		637		-		-		637
Other -		-		-		9		10		301		-		-		320
6		833		3		10		10		2,351		(9)		11		3,215
2,056		1,048		8,869		544		1,750		19,608		(58)		400		34,217

Notes to the Financial Statements

3 Revenue (continued)
Jardine	Hongkong		DFI		Mandarin		Jardine Cycle &				Intersegment transactions		Non- trading
Pacific	Land		Retail		Oriental		Carriage		Astra		and other		items#		Group
US$m	US$m		US$m		US$m		US$m		US$m		US$m		US$m		US$m
2024 By product and service: Property 5	1,087		3		-		-		75		(8)		915		2,077
Automotive and mobility 515	-		-		-		1,643		8,527		-		-		10,685
Retail and restaurants 834	-		8,866		-		-		-		-		-		9,700
Financial services -	-		-		-		-		1,917		-		-		1,917
Engineering, heavy
equipment, mining
and construction 785	-		-		-		-		8,417		(45)		-		9,157
Hotels -	-		-		526		-		-		(2)		-		524
Other* -	-		-		-		-		1,719		-		-		1,719
2,139	1,087		8,869		526		1,643		20,655		(55)		915		35,779
By geographical location of customers:
China	1,546	1,046	6,115		142		-		-		(53)		885		9,681
Indonesia	-	-	310		1		-		20,655		-		-		20,966
Other Southeast Asia	172	41	2,069		12		1,643		-		(2)		30		3,965
Rest of the world	421	-	375		371		-		-		-		-		1,167
	2,139	1,087	8,869		526		1,643		20,655		(55)		915		35,779
From contracts with
customers:
Recognised at a point in
time 1,441		35		8,853		155		1,581		14,426		-		881		27,372
Recognised over time 692		177		13		357		54		3,964		(47)		21		5,231
2,133 From other sources:		212		8,866		512		1,635		18,390		(47)		902		32,603
Rental income from investment properties 6		875		3		-		-		10		(8)		13		899
Revenue from financial
services companies -		-		-		-		-		1,346		-		-		1,346
Revenue from insurance
businesses -		-		-		-		-		571		-		-		571
Other -		-		-		14		8		338		-		-		360
6		875		3		14		8		2,265		(8)		13		3,176
2,139		1,087		8,869		526		1,643		20,655		(55)		915		35,779

* Included revenue from Agribusiness of US$1,736 million (2024: US$1,372 million), Infrastructure of US$192 million (2024: US$197 million) and Information Technology of US$127 million (2024: US$150 million).

#Non-trading items represent non-strategic business (refer note 2).

Revenue related to Astra's logistics business has been reclassified from 'other' to 'automotive and mobility'. The 2024 comparatives have been reclassified by US$273 million for comparability.

No interest income calculated using effective interest method had been included in revenue from contracts with customers in 2025 and 2024.

Rental income from investment properties included variable rents of US$37 million (2024: US$32 million).

Notes to the Financial Statements

Revenue (continued) Contract balances

The Group has recognised the following assets and liabilities related to contracts with customers.

O v e r vi ew

Contract assets primarily relate to the Group's rights to consideration for work completed but not billed, and are transferred to receivables when the rights become unconditional which usually occurs when the customers are billed.

Costs to fulfil contracts includes costs recognised to fulfil future performance obligations on existing contracts that have not yet been satisfied. Costs to obtain contracts include costs such as sales commission and stamp duty paid, as a result of obtaining contracts. The Group has capitalised these costs and recognised in profit and loss when the related revenue is recognised.

Le a der s h i p s t a t em en t s

Contract liabilities primarily relate to the advance consideration received from customers relating to properties for sale, sale of motor vehicles, unredeemed gift vouchers, and loyalty points.

Contract assets and contract liabilities are further analysed as follows:

2025 2024

C r e a t ing va lue

US$m US$m

Contract assets (refer note 17)
- property	-	11
- engineering, heavy equipment, mining and construction	73	94
- other	16	7
	89	112
- provision for impairment	(20)	(4)
69		108
Contract liabilities (refer note 31)
- property	42	128
- automotive and mobility	319	293
- retail and restaurants	169	183
- engineering, heavy equipment, mining and construction	198	194
- other	84	69
812		867

P er f orma nc e

G ov erna nc e

F ina nc i a l s

At 31 December 2025, costs to fulfil contracts and costs to obtain contracts amounting to US$116 million (2024: US$107 million) and US$6 million (2024: US$2 million) were capitalised, and US$303 million (2024: US$268 million) from costs to fulfil contracts and US$1 million (2024: US$13 million) from costs to obtain contracts had been recognised in profit and loss during the year.

Notes to the Financial Statements

Revenue (continued) Revenue recognised in relation to contract liabilities

Revenue recognised in the current year relating to carried-forward contract liabilities:

2025 2024

US$m US$m

Property	120	559
Automotive and mobility	170	206
Retail and restaurants	117	146
Engineering, heavy equipment, mining and construction	172	95
Other	30	41
609		1,047

Revenue expected to be recognised on unsatisfied contracts with customers

Timing of revenue to be recognised on unsatisfied performance obligations:

Engineering,

heavy

	Property	Automotive and mobility	Retail and restaurants	equipment, mining and construction	Other	Total
	US$m	US$m	US$m	US$m	US$m	US$m
2025 Within one year	136	91	98	710	52	1,087
Between one and two years	8	35	49	282	11	385
Between two and three years	8	24	20	69	3	124
Between three and four years	17	16	1	38	-	72
Between four and five years	2	30	1	13	-	46
Beyond five years	3	1	-	56	-	60
	174	197	169	1,168	66	1,774
2024 Within one year	249	70	114	793	45	1,271
Between one and two years	33	28	45	283	13	402
Between two and three years	17	19	21	153	14	224
Between three and four years	5	7	2	36	-	50
Between four and five years	2	12	1	22	-	37
Beyond five years	2	-	-	67	-	69
	308	136	183	1,354	72	2,053

As permitted under IFRS 15 Revenue from Contracts with Customers, the revenue expected to be recognised in the next reporting periods arising from unsatisfied performance obligations for contracts that have original expected durations of one year or less is not disclosed.

Notes to the Financial Statements

Net operating costs

2025 2024

O v e r vi ew

Le a der s h i p s t a t em en t s

Cost of sales	(24,798)	(25,896)
Other operating income	854	494
Selling and distribution costs	(3,832)	(3,846)
Administration expenses	(2,496)	(2,425)
Other operating expenses	(401)	(727)
(30,673)		(32,400)
The following credits/(charges) are included in net operating costs:
Cost of stocks recognised as expense	(18,960)	(19,740)
Cost of properties for sale recognised as expense	(323)	(824)
Amortisation of intangible assets	(130)	(152)
Depreciation of tangible assets	(1,102)	(1,062)
Amortisation/depreciation of right-of-use assets	(929)	(928)
Depreciation of bearer plants	(31)	(32)
Impairment of intangible assets
- goodwill	(3)	(142)
- other	(12)	(27)
	(15)	(169)
Impairment of tangible assets	(6)	(12)
Impairment of right-of-use assets	(13)	(5)
Write down of properties for sale	(314)	(147)
Write down of stocks and work in progress	(40)	(55)
Reversal of write down of stocks and work in progress	33	28
Impairment of financing debtors	(101)	(99)
Impairment of trade debtors, contract assets and other debtors	(43)	(16)
Operating expenses arising from investment properties	(156)	(182)
Net foreign exchange gains/(losses)	36	(42)
Employee benefit expense
- salaries and benefits in kind	(3,633)	(3,619)
- share options granted	(24)	(12)
- defined benefit pension plans	(99)	(87)
- defined contribution pension plans	(87)	(86)
	(3,843)	(3,804)
Expenses relating to low-value leases	(6)	(1)
Expenses relating to short-term leases	(124)	(150)
Expenses relating to variable lease payment not included in lease liabilities	(63)	(58)
Auditors' remuneration
- audit	(21)	(24)
- non-audit services	(6)	(6)
	(27)	(30)
Gain on lease modification and termination	8	5
Sublease income	6	6
Dividend income from equity investments	77	77
Interest income from debt investments	67	61
Rental income from properties	7	8

US$m US$m

C r e a t ing va lue

P er f orma nc e

G ov erna nc e

F ina nc i a l s

Write down of properties for sale comprised Hongkong Land's properties in Chinese mainland arising from the deterioration in market conditions that resulted in projected sales prices being lower than development costs. A corresponding deferred tax credit of US$2 million (2024: US$11 million) was recognised.

Notes to the Financial Statements

Net operating costs (continued) 2025 2024

US$m US$m

Net operating costs included the following gains/(losses) from non-trading items:
Non-strategic business (refer note 2)	(556)	(1,025)
Change in fair value of other investments	5	(9)
Change in fair value of derivative	(66)	-
Impairment of goodwill (refer note 10)	(3)	(142)
Loss relating to divestment of interest in Yonghui Superstores Co., Ltd (Yonghui)	(128)	(114)
Divestment of Singapore Food business	116	-
Sale and closure of businesses	16	(137)
Sale of hotels	110	(31)
Sale of property interests	(7)	74
Restructuring of businesses	(12)	(22)
Other	(47)	(54)
(572)		(1,460)

Net financing charges 2025 2024

US$m US$m

Interest expense
- bank loans and advances	(281)	(373)
- interest on lease liabilities	(143)	(143)
- other	(250)	(255)
	(674)	(771)
Interest capitalised	10	18
Commitment and other fees	(38)	(43)
Financing charges	(702)	(796)
Financing income	264	270
(438)		(526)

Notes to the Financial Statements

Share of results of associates and joint ventures 2025 2024

O v e r vi ew

US$m US$m

By business:
Jardine Pacific	149	137
Zhongsheng	56	67
Hongkong Land	710	254
DFI Retail	92	84
Mandarin Oriental	28	13
Jardine Cycle & Carriage	114	118
Astra	571	635
Corporate and other interests	1	(9)
1,721		1,299

Le a der s h i p s t a t em en t s

Share of results of associates and joint ventures included a write-down of US$60 million (2024: US$178 million) on the Chinese mainland properties for sale in Hongkong Land's property joint ventures, arising from the deterioration in market conditions that resulted in projected sales prices being lower than development costs.

2025 2024

C r e a t ing va lue

US$m US$m

Share of results of associates and joint ventures included the following gains/(losses)
from non-trading items:
Non-strategic business (refer note 2)	231	25
Change in fair value of investment properties	386	136
Change in fair value of other investments	5	27
Sale and closure of businesses	(2)	28
Sale of land interests	10	-
Other	(3)	(17)
627		199

P er f orma nc e

G ov erna nc e

F ina nc i a l s

Results are shown after tax and non-controlling interests in the associates and joint ventures.

Notes to the Financial Statements

Tax 2025 2024

US$m US$m

Tax charged to profit and loss is analysed as follows: Current tax Deferred tax	(880) (30)	(894) 18
(910)		(876)
China	(225)	(151)
Indonesia	(601)	(666)
Other Southeast Asia	(31)	(17)
Rest of the world	(53)	(42)
(910)		(876)
Reconciliation between tax expense and tax at the applicable tax rate*:
Tax at applicable tax rate	(669)	(297)
Income not subject to tax
- change in fair value of investment properties	95	6
- other items	193	182
Expenses not deductible for tax purposes
- change in fair value of investment properties	(77)	(353)
- other items	(244)	(293)
Tax losses and temporary differences not recognised	(127)	(72)
Utilisation of previously unrecognised tax losses and temporary differences	29	17
Recognition of previously unrecognised tax losses and temporary differences	6	6
Deferred tax assets written off	(12)	(19)
Deferred tax liabilities written back	3	20
(Underprovision)/overprovision in prior years	(11)	6
Withholding tax	(60)	(93)
Provision of land appreciation tax in Chinese mainland	(24)	(6)
Effect of changes in tax legislation	-	14
Other	(12)	6
(910)		(876)
Tax relating to components of other comprehensive income is analysed as follows:
Remeasurements of defined benefit plans	(5)	(2)
Cash flow hedges	52	(1)
47		(3)

* The applicable tax rate for the year was 27.0% (2024: 46.5%) and represents the weighted average of the rates of taxation prevailing in the territories in which the Group operates. The decrease in applicable tax rate is mainly caused by a change in the geographic mix of the Group's profits and losses.

The non-trading tax charged to profit and loss for the year was US$113 million (2024: US$50 million), mainly from the build-to-sell business performance. The remaining items, mainly fair value change on investment properties and impairment on certain assets, were not subject to tax.

Share of tax charge of associates and joint ventures of US$600 million (2024: US$406 million) is included in share of results of associates and joint ventures. Share of tax credit of US$4 million (2024: tax charge of US$1 million) is included in other comprehensive income of associates and joint ventures.

Notes to the Financial Statements

Tax (continued)
The Group is within the scope of the OECD Pillar Two model rules, and has applied the exception to recognising and disclosing information about deferred tax assets and liabilities relating to Pillar Two income taxes.
O v e r vi ew
Pillar Two legislation has been enacted in most jurisdictions in which the Group operates. The Group is in scope of the enacted legislation and has performed an assessment of the Group's potential exposure to Pillar Two income taxes.
Le a der s h i p s t a t em en t s
The assessment of the potential exposure to Pillar Two income taxes is based on the latest financial information for the year ended 31 December 2025 of the constituent entities in the Group. Based on the assessment, the effective tax rates in most of the jurisdictions in which the Group operates are above 15%. However, there are a limited number of jurisdictions where the effective tax rate is slightly below or close to 15%. The income tax expense related to Pillar Two income taxes in the relevant jurisdiction is assessed to be immaterial.
Earnings/(loss) per share
C r e a t ing va lue
Basic earnings per share of US$3.78 (2024: loss per share of US$1.61) is calculated on profit attributable to shareholders of US$1,109 million (2024: loss of US$468 million). Basic earnings per share calculated on the underlying profit attributable to shareholders of US$1,681 million (2024: US$1,518 million) is US$5.72 (2024: US$5.24). Both of these are calculated based on the weighted average number of 294 million (2024: 290 million) shares in issue during the year.
P er f orma nc e
G ov erna nc e
F ina nc i a l s
Diluted earnings per share of US$3.77 (2024: loss per share of US$1.61) are calculated on adjusted profit attributable to shareholders of US$1,107 million (2024: loss of US$468 million). Diluted earnings per share calculated on adjusted underlying profit attributable to shareholders of US$1,679 million (2024: US$1,518 million) is US$5.72 (2024: US$5.23). Both of these are calculated based on the weighted average number of 294 million (2024: 290 million) shares in issue during the year. There were no shares deemed to be issued for no consideration for the calculation of diluted earnings per share under the share-based long-term incentive plan for the years ended 31 December 2025 and 2024.
Notes to the Financial Statements

Non-trading items 2025 2024

Profit before

tax

Attributable to shareholders

Profit before

tax

Attributable to shareholders

US$m US$m US$m US$m

By business: Jardine Pacific (14) (14) Zhongsheng (734) (734) Hongkong Land 900 441 DFI Retail (43) (37) Mandarin Oriental (232) (205) Jardine Cycle & Carriage (107) (91) Astra (18) (4) Corporate and other interests 87 72	(14) (13) (293) (293) (1,905) (1,052) (509) (392) (187) (157) (134) (106) (44) (20) 47 47
(161) (572)	(3,039) (1,986)
An analysis of non-trading items is set out below: Non-strategic business (refer note 2) 83 - Change in fair value of investment properties 558 181 Change in fair value of other investments 10 12 Change in fair value of derivative (66) (36) Impairment of goodwill (refer note 10) (3) (3) Impairment of associates (798) (756) Sale and closure of businesses 2 (18) Sale of hotels 110 96 Sale of land and property interests 4 3 Restructuring of businesses (13) (9) Other (48) (42)	(58) (47) (1,839) (1,001) (238) (208) (2,077) (1,209) 18 22 - - (142) (112) (277) (277) (231) (179) - - (508) (456) (114) (89) - - (109) (85) (223) (174) (31) (28) 74 67 (22) (16) (70) (33)
(161) (572)	(3,039) (1,986)

Hongkong Land 904 488
other (346) (307)
investment in Zhongsheng (refer note 15) (732) (732)
investment in Robinsons Retail (refer note 15) - -
other (66) (24)
divestment of interest in Yonghui (128) (95)
divestment of Singapore Food business 116 88
other 14 (11)

O v e r vi ew

Le a der s h i p s t a t em en t s

Notes to the Financial Statements

10 Intangible assets
		Franchise	Concession	Deferred exploration
	Goodwill	rights	rights	costs	Other	Total
	US$m	US$m	US$m	US$m	US$m	US$m
2025
Cost	1,071	146	657	1,376	693	3,943
Amortisation and impairment	(377)	(7)	(82)	(933)	(428)	(1,827)
Net book value at 1 January	694	139	575	443	265	2,116
Exchange differences	(14)	(4)	(21)	3	(5)	(41)
New subsidiaries	2	-	-	-	-	2
Additions	-	1	24	48	81	154
Disposals	(32)	-	-	-	(12)	(44)
Classified as held for sale	(16)	-	-	-	-	(16)
Amortisation	-	(2)	(11)	(54)	(63)	(130)
Impairment charge	(3)	-	-	(10)	(2)	(15)
Net book value at 31 December	631	134	567	430	264	2,026
Cost	989	143	657	1,433	708	3,930
Amortisation and impairment	(358)	(9)	(90)	(1,003)	(444)	(1,904)
	631	134	567	430	264	2,026
2024
Cost	1,194	139	665	1,320	652	3,970
Amortisation and impairment	(364)	(2)	(77)	(842)	(411)	(1,696)
Net book value at 1 January	830	137	588	478	241	2,274
Exchange differences	(18)	(7)	(27)	1	(6)	(57)
New subsidiaries	4	-	-	-	25	29
Purchase price adjustment	58	-	-	-	13	71
Additions	-	10	23	55	71	159
Disposals	(38)	-	-	-	(1)	(39)
Amortisation	-	(1)	(9)	(72)	(70)	(152)
Impairment charge	(142)	-	-	(19)	(8)	(169)
Net book value at 31 December	694	139	575	443	265	2,116
Cost	1,071	146	657	1,376	693	3,943
Amortisation and impairment	(377)	(7)	(82)	(933)	(428)	(1,827)
	694	139	575	443	265	2,116

C r e a t ing va lue

P er f orma nc e

G ov erna nc e

F ina nc i a l s

2025 2024

US$m US$m

Goodwill allocation by business:
Jardine Pacific	22	22
DFI Retail	73	94
Mandarin Oriental	12	40
Astra	524	538
631		694

Notes to the Financial Statements

Intangible assets (continued)

Goodwill relating to DFI Retail is allocated to groups of cash-generating units (CGU) identified by banners or groups of stores acquired in each geographical segment. Management has assessed the recoverable amount of each CGU based on value-in-use calculations using cash flow projections in the approved budgets which have forecasts covering a period of three years and projections for a further two years. Cash flows beyond the projection periods were extrapolated using the assumptions on average sales growth rates, average annual profit growth rates, pre-tax discount rates and long-term growth rates. The pre-tax discount rates reflected business specific risks relating to the relevant industries, business life-cycle and the risk related to the places of operation.

Key assumptions used for value-in-use calculations for the DFI Retail goodwill in 2025 include budgeted gross margins between 29% and 62% (2024: 37% and 64%) and long-term sales growth rate of 2% and 3% (2024: 2% and 2.2%) to project cash flows, which vary across the group's business segments and geographical locations, over a five-year period, and were based on management's expectations for the market development; and pre-tax discount rate between 10% to 15% (2024: 9%) applied to the cash flow projections. The discount rates used reflect business specific risks relating to the relevant industry, business life-cycle and geographical location. On the basis of this review, DFI Retail management concluded that no impairment was required.

During 2024, the goodwill relating to its San Miu business in Macau of US$120 million was fully impaired. Key assumptions used for value-in-use calculation for San Miu business in Macau in 2024, included average sales growth rate of 2.2% and average gross profit growth rate of 0.8%. Cash flows beyond the five-year period were extrapolated using long-term growth rate of 2.2% and pre-tax discount rate of 9.9%.

Goodwill relating to Astra mainly represents goodwill arising from acquisition of shares in Astra which is regarded as an operating segment, and those arising from Astra's acquisition of subsidiaries. In 2025, for the purpose of impairment review on goodwill arising from acquisition of Astra's shares, the carrying value of Astra is compared with the recoverable amount measured by reference to the quoted market price of the shares held. The impairment review of goodwill in 2024 was made by comparing the carrying amount of Astra, including the goodwill arising from the acquisition of shares, with the recoverable amount. The recoverable amount was determined based on a value-in-use calculation. This calculation used pre-tax cash flow projections based on financial budgets approved by management covering a three-year period. Cash flows beyond the three-year period were extrapolated using estimated growth rates between 5% and 6% and a pre-tax discount rate of 15%. The growth rate did not exceed the long-term average growth rate of the industries that Astra operated in. The pre-tax discount rate reflected business specific risks relating to Astra. On the basis of these reviews, management concluded no impairment had occurred at 31 December 2025 and 2024.

Franchise rights mainly include rights under franchise agreements with automobile and heavy equipment manufacturers. These franchise agreements are deemed to have indefinite lives because either they do not have any term of expiry or their renewal would be probable and would not involve significant costs, taking into account the history of renewal and the relationships between the franchisee and the contracting parties. The carrying amounts of these franchise rights comprise mainly Astra's automotive of US$46 million (2024: US$47 million) and heavy equipment of US$80 million (2024: US$84 million), are not amortised as such rights

will contribute cash flows for an indefinite period. Management has performed an impairment review of the carrying amounts of these franchise rights at 31 December 2025 and has concluded that no impairment has occurred. The impairment review was made by comparing the carrying amounts of the CGU in which the franchise rights reside with the recoverable amounts of the CGU. The recoverable amounts of the CGU are determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on financial budgets approved by management covering a three-year period. Cash flows beyond the three-year period are extrapolated using growth rates between 3% and 4% (2024: 3% and 4%). Pre-tax discount rates between 19% and 22% (2024: 20% and 22%) reflecting specific risks relating to the relevant industries, are applied to the cash flow projections.

Other intangible assets comprise trademarks and computer software.

The amortisation charges are all recognised in arriving at operating profit and are included in cost of sales, selling and distribution costs and administration expenses.

The remaining amortisation periods for intangible assets are as follows:

Concession rights by traffic volume over 30 to 34 years

Computer software up to 8 years

Deferred exploration costs by unit of production

Other various

O v e r vi ew

Le a der s h i p s t a t em en t s

C r e a t ing va lue

P er f orma nc e

G ov erna nc e

F ina nc i a l s

Classified as held for sale	-	(2)	-	-	-	-	(2)
Depreciation charge	(7)	(90)	(106)	(84)	(544)	(231)	(1,062)
Impairment charge	-	-	(2)	-	(9)	(1)	(12)
Net book value at 31 December	438	1,379	431	972	2,491	863	6,574
Cost	524	2,688	1,494	2,094	6,955	2,368	16,123
Depreciation and impairment	(86)	(1,309)	(1,063)	(1,122)	(4,464)	(1,505)	(9,549)
	438	1,379	431	972	2,491	863	6,574

Notes to the Financial Statements

11 Tangible assets
		Buildings on	Leasehold			Furniture, equipment
	Freehold	leasehold	improve-	Mining	Plant &	& motor
	properties	land	ments	properties	machinery	vehicles	Total
	US$m	US$m	US$m	US$m	US$m	US$m	US$m
2025
Cost	524	2,688	1,494	2,094	6,955	2,368	16,123
Depreciation and impairment	(86)	(1,309)	(1,063)	(1,122)	(4,464)	(1,505)	(9,549)
Net book value at 1 January	438	1,379	431	972	2,491	863	6,574
Exchange differences	26	(30)	5	(13)	(66)	(19)	(97)
New subsidiaries	-	-	2	-	-	1	3
Additions	-	201	121	-	612	363	1,297
Disposals	-	(2)	(22)	-	(29)	(16)	(69)
Transfer from investment properties
(refer note 13)	-	52	-	-	-	-	52
Transfer from/(to) stock and work
in progress	-	-	-	-	1	(33)	(32)
Transfer from properties for sale	-	49	-	-	-	7	56
Transfer	-	1	(1)	-	-	-	-
Classified as held for sale	(38)	(4)	(1)	-	(3)	(3)	(49)
Depreciation charge	(7)	(97)	(112)	(76)	(572)	(238)	(1,102)
(Impairment charge)/reversal of
impairment charge	-	-	(5)	-	(2)	1	(6)
Net book value at 31 December	419	1,549	418	883	2,432	926	6,627
Cost	478	2,929	1,493	1,998	6,954	2,449	16,301
Depreciation and impairment	(59)	(1,380)	(1,075)	(1,115)	(4,522)	(1,523)	(9,674)
	419	1,549	418	883	2,432	926	6,627
2024
Cost	541	2,378	1,472	2,223	6,807	2,297	15,718
Depreciation and impairment	(85)	(1,093)	(1,035)	(1,065)	(4,405)	(1,450)	(9,133)
Net book value at 1 January	456	1,285	437	1,158	2,402	847	6,585
Exchange differences	(6)	(48)	(11)	(20)	(93)	(35)	(213)
New subsidiaries	-	7	-	-	2	6	15
Purchase price adjustment	-	3	-	(82)	-	-	(79)
Additions	8	122	119	-	735	312	1,296
Disposals	(13)	(37)	(5)	-	(37)	(15)	(107)
Transfer from right-of-use assets	-	-	-	-	1	-	1
Transfer from/(to) investment
properties (refer note 13)	-	139	(1)	-	-	-	138
Transfer from/(to) stock and work
in progress	-	-	-	-	34	(20)	14

Notes to the Financial Statements

Tangible assets (continued)

In November 2025, the gold mining operations of Astra were affected by Cyclone Senyar which caused flash floods and landslides in several regions of Sumatera in Indonesia. In December 2025, management decided to temporarily halt gold mining operations.

Within mining properties, the carrying values of gold mining properties and gold mining cash generating unit amounted to

US$296 million and US$885 million, respectively, and based on impairment assessment, these amounts are considered recoverable. The recoverable amount was determined using key assumptions, including the gold price forecast, the post-tax discount rate, and the estimated timing for the resumption of mining operations.

Rental income from properties and other tangible assets amounted to US$364 million (2024: US$393 million) with contingent rents of US$5 million (2024: US$4 million).

The maturity analysis of the undiscounted lease payments to be received after the balance sheet date are as follows:

2025 2024

US$m US$m

Within one year	64	62
Between one and two years	30	28
Between two and five years	27	22
Beyond five years	12	-
133		112

At 31 December 2025, the carrying amount of tangible assets pledged as security for borrowings amounted to US$130 million

(2024: US$26 million) (refer note 29).

12 Right-of-use assets
	Leasehold land	Properties	Plant & machinery	Motor vehicles	Total
	US$m	US$m	US$m	US$m	US$m
2025
Cost	1,509	7,226	122	87	8,944
Amortisation/depreciation and impairment	(542)	(4,273)	(54)	(51)	(4,920)
Net book value at 1 January	967	2,953	68	36	4,024
Exchange differences	(18)	63	(3)	-	42
New subsidiaries	-	26	-	-	26
Additions	28	184	47	35	294
Disposals	(1)	(385)	-	-	(386)
Transfer from investment properties (refer note 13)	5	-	-	-	5
Transfer from properties for sale	11	-	-	-	11
Classified as held for sale	(1)	-	-	-	(1)
Modifications to lease terms	-	461	-	(1)	460
Amortisation/depreciation charge	(54)	(808)	(42)	(25)	(929)
Impairment charge	-	(13)	-	-	(13)
Net book value at 31 December	937	2,481	70	45	3,533
Cost	1,509	6,734	113	87	8,443
Amortisation/depreciation and impairment	(572)	(4,253)	(43)	(42)	(4,910)
	937	2,481	70	45	3,533

O v e r vi ew

Notes to the Financial Statements

12 Right-of-use assets (continued)
	Leasehold land	Properties	Plant & machinery	Motor vehicles	Total
	US$m	US$m	US$m	US$m	US$m
2024
Cost	1,369	7,187	145	86	8,787
Amortisation/depreciation and impairment	(503)	(4,088)	(70)	(46)	(4,707)
Net book value at 1 January	866	3,099	75	40	4,080
Exchange differences	(31)	(56)	(3)	(2)	(92)
New subsidiaries	17	1	-	-	18
Purchase price adjustment	(7)	-	-	-	(7)
Additions	21	341	41	26	429
Disposals	(5)	(35)	-	-	(40)
Revaluation surplus before transfer to investment
properties	97	-	-	-	97

Le a der s h i p s t a t em en t s

C r e a t ing va lue

P er f orma nc e

Transfer to tangible assets	-	-	(1)	-	(1)
Transfer from investment properties (refer note 13)	68	-	-	-	68
Classified as held for sale	(4)	-	-	-	(4)
Modifications to lease terms	-	409	-	-	409
Amortisation/depreciation charge	(55)	(801)	(44)	(28)	(928)
Impairment charge	-	(5)	-	-	(5)
Net book value at 31 December	967	2,953	68	36	4,024
Cost	1,509	7,226	122	87	8,944
Amortisation/depreciation and impairment	(542)	(4,273)	(54)	(51)	(4,920)
	967	2,953	68	36	4,024

The typical lease term associated with the right-of-use assets are as follows:

Leasehold land 8 to 99 years

Properties 1 to 20 years

Plant & machinery 1 to 6 years

G ov erna nc e

Motor vehicles 1 to 6 years

Leasehold land included a hotel property in Hong Kong with carrying value of US$122 million (2024: US$122 million) which is amortised over 895 years.

At 31 December 2025, the carrying amount of leasehold land pledged as security for borrowings amounted to US$17 million

F ina nc i a l s

(2024: none) (refer note 29).

Notes to the Financial Statements

13 Investment properties

Commercial properties Residential properties

Under Under

	Completed	development	Completed	development	Total
	US$m	US$m	US$m	US$m	US$m
2025
At 1 January	24,942	2,065	750	322	28,079
Exchange differences	(5)	(8)	(4)	-	(17)
New subsidiaries	414	10	-	-	424
Additions	153	149	-	-	302
Disposals	(1,119)	-	-	-	(1,119)
Transfer to tangible assets (refer note 11)	(52)	-	-	-	(52)
Transfer to right-of-use assets (refer note 12)	(5)	-	-	-	(5)
Transfer from properties for sale	832	-	-	-	832
Transfer	2,034	(2,034)	-	-	-
Classified as held for sale	(1,153)	-	-	-	(1,153)
Change in fair value	285	(110)	1	(4)	172
At 31 December	26,326	72	747	318	27,463
Freehold properties					117
Leasehold properties					27,346
					27,463
2024
At 1 January	27,018	2,150	676	322	30,166
Exchange differences	87	13	7	2	109
Additions	78	184	-	-	262
Disposals	(6)	(1)	(13)	-	(20)
Transfer from/(to) tangible assets# (refer note 11)	(140)	1	1	-	(138)
Transfer from/(to) right-of-use assets# (refer note 12)	(85)	(71)	88	-	(68)
Classified as held for sale	(19)	-	-	-	(19)
Change in fair value#	(1,991)	(211)	(9)	(2)	(2,213)
At 31 December	24,942	2,065	750	322	28,079
Freehold properties					122
Leasehold properties					27,957
					28,079

#Movements in completed commercial properties in 2024 included the Group's reclassification of properties in Hong Kong, which are used for its own purposes (including as offices, hotel and retail outlets), to tangible assets of US$142 million (cost of US$343 million and accumulated depreciation of US$201 million) and right-of-use assets of US$94 million (cost of US$102 million and accumulated depreciation of US$8 million). Decrease in fair value for 2024 included US$474 million reversal of cumulative historical fair value gains on these reclassified properties.

In April 2025, Hongkong Land entered into sale and purchase agreements with Hong Kong Exchanges and Clearing Limited for the sale of its interest in certain floors of One Exchange Square for a total cash consideration of approximately US$810 million. The transaction will conclude in stages as individual floors are handed over, with the full transaction expected to conclude within 2026. US$368 million cash consideration was received during 2025, with the remaining floors to be sold, previously classified as investment properties, classified as held for sale at 31 December 2025 (refer note 23).

In October 2025, Mandarin Oriental entered into a sale and purchase agreement with Alibaba Group and Ant Group for the sale of the top thirteen floors of One Causeway Bay (Levels 21-35), together with the building's rooftop signage and 50 parking spaces, for a consideration of US$925 million. The sale of Levels 21 to 35 was completed in December 2025.

Notes to the Financial Statements

13 Investment properties (continued)

The Group measures its investment properties at fair value. The fair values of the Group's investment properties at

31 December 2025 and 2024 have been determined on the basis of valuations carried out by independent valuers holding a recognised relevant professional qualification and have recent experience in the locations and segments of the investment properties valued. The completed commercial properties were principally held by Hongkong Land.

O v e r vi ew

Hongkong Land engaged Jones Lang LaSalle to value their commercial investment properties in Hong Kong, Chinese mainland, Singapore and Cambodia which are either freehold or held under leases with unexpired lease terms of more than 25 years. The valuations, which conform to the International Valuation Standards issued by the International Valuation Standards Council and the HKIS Valuation Standards issued by the Hong Kong Institute of Surveyors, were arrived at by reference to the net income, allowing for reversionary potential, of each completed commercial property. The valuations are comprehensively reviewed by Hongkong Land.

Le a der s h i p s t a t em en t s

Fair value measurements of residential properties using no significant unobservable inputs (Level 2)

Fair values of completed residential properties are generally derived using the direct comparison method. This valuation method is based on comparing the property to be valued directly with other comparable properties, which have recently transacted. However, given the heterogeneous nature of real estate properties, appropriate adjustments are usually required to allow for any qualitative differences that may affect the price likely to be achieved by the property under consideration.

Fair value measurements of commercial properties using significant unobservable inputs (Level 3)

C r e a t ing va lue

Fair values of completed commercial properties in Hong Kong, the Chinese mainland and Singapore are generally derived using the income capitalisation method. This valuation method is based on the capitalisation of the net income and reversionary income potential by adopting appropriate capitalisation rates, which are derived from analysis of sale transactions and valuers' interpretation of prevailing investor requirements or expectations. The prevailing market rents adopted in the valuation have reference to valuers' views of recent lettings, within the subject properties and other comparable properties.

Fair values of completed commercial properties in Cambodia are generally derived using the discounted cash flow method. The net present value of the income stream is estimated by applying an appropriate discount rate which reflects the risk profile.

P er f orma nc e

Fair values of under development commercial properties in Hongkong Land are generally derived using the residual method. This valuation method is essentially a means of valuing the land by reference to its development potential by deducting development costs together with developer's profit and risk from the estimated capital value of the proposed development assuming completion as at the date of valuation.

G ov erna n

The table below analyses the Group's investment properties carried at fair value, by the levels in the fair value measurement hierarchy:

Commercial properties Residential properties

	Completed	development	Completed	development	Total	c e
	US$m	US$m	US$m	US$m	US$m

2025 Fair value measurements using - no significant unobservable inputs	145	14	265	-	424	F ina nc i a
- significant unobservable inputs	26,181	58	482	318	27,039	l s
	26,326	72	747	318	27,463
2024 Fair value measurements using - no significant unobservable inputs	202	14	750	-	966
- significant unobservable inputs	24,740	2,051	-	322	27,113
	24,942	2,065	750	322	28,079

Under Under

Notes to the Financial Statements

13 Investment properties (continued)

Movement of investment properties which are valued based on unobservable inputs during the years ended 31 December 2025 and 2024 are as follows:

Commercial properties Residential properties

Under Under

	Completed	development	Completed	development	Total
	US$m	US$m	US$m	US$m	US$m
2025
At 1 January	24,740	2,051	-	322	27,113
Exchange differences	(1)	(8)	2	-	(7)
New subsidiaries	414	10	-	-	424
Additions	153	149	-	-	302
Disposals	(1,119)	-	-	-	(1,119)
Transfer to tangible assets	(52)	-	-	-	(52)
Transfer from properties for sale	832	-	-	-	832
Transfer	2,034	(2,034)	-	-	-
Transfer between categories	38	-	480	-	518
Classified as held for sale	(1,153)	-	-	-	(1,153)
Change in fair value	295	(110)	-	(4)	181
At 31 December	26,181	58	482	318	27,039
2024
At 1 January	26,811	2,148	-	322	29,281
Exchange differences	92	14	-	2	108
Additions	78	182	-	-	260
Disposals	(6)	-	-	-	(6)
Transfer to tangible assets	(141)	-	-	-	(141)
Transfer to right-of-use assets	(88)	(82)	-	-	(170)
Classified as held for sale	(19)	-	-	-	(19)
Change in fair value	(1,987)	(211)	-	(2)	(2,200)
At 31 December	24,740	2,051	-	322	27,113

The Group's policy is to recognise transfers between fair value measurement categories as of the date of the event or change in circumstances that caused the transfer.

Notes to the Financial Statements

Investment properties (continued)

Information about fair value measurements of Hongkong Land's completed commercial properties using significant unobservable inputs at 31 December 2025:

O v e r vi ew

Le a der s h i p s t a t em en t s

Range of significant unobservable inputs

	Fair value	Valuation method	Prevailing market rent per month	Capitalisation/ discount rate
	US$m		US$	%
2025 Hong Kong
- office	17,849	Income capitalisation	12.7 per square foot	2.90 to 3.50
- retail	4,635	Income capitalisation	30.0 per square foot	4.25 to 5.00
Chinese mainland	22,484
- office	31	Income capitalisation	12.3 per square metre	6.00
- retail	1,834	Income capitalisation	21.5 to 124.9 per square metre	3.50 to 5.00
	1,865
Cambodia	63	Discounted cash flow	20.8 to 29.0 per square metre	12.50 to 13.50
Total	24,412

C r e a t ing va lue

Information about fair value measurements of Hongkong Land's and Mandarin Oriental's commercial properties using significant unobservable inputs at 31 December 2024:

P er f orma nc e

Range of significant unobservable inputs

	Fair value	Valuation method	Prevailing market rent per month	Capitalisation/ discount rate
	US$m		US$	%
2024 Completed properties: Hong Kong
- office	18,593	Income capitalisation	12.8 per square foot	2.90 to 3.50
- retail	4,110	Income capitalisation	28.8 per square foot	4.25 to 5.00
	22,703
Chinese mainland	996	Income capitalisation	105.1 per square metre	3.50
Singapore	581	Income capitalisation	7.5 per square foot	3.35 to 4.80
Cambodia	66	Discounted cash flow	21.0 to 30.0 per square metre	12.50 to 13.50
Total	24,346
Under development property: Hong Kong	2,003	Residual	7.2 to 9.8 per square foot	2.55 to 3.95

G ov erna nc e

F ina nc i a l s

Prevailing market rents are estimated based on independent valuers' view of recent lettings, within the subject properties and other comparable properties. Capitalisation and discount rates are estimated by independent valuers based on the risk profile of the properties being valued.

Notes to the Financial Statements

13 Investment properties (continued)

An increase/decrease to prevailing market rent will increase/decrease valuations, while an increase/decrease to capitalisation/ discount rate will decrease/increase valuations. Sensitivity analyses have been performed to assess the impact on the valuations of changes in the two significant unobservable inputs for prevailing market rents and capitalisation rates on completed commercial properties (2024: completed and under development commercial properties) in Hong Kong, which contributed 82% (2024: 88%) of the total investment properties at 31 December 2025. The impact of any reasonably possible change in the assumptions for other investment properties would not be material. The Group believes this captures the range of variations in these key valuation assumptions. The results are shown in the table below:

Increase/(decrease) in valuations

Completed properties Under development property

	Change in assumption	Increase in assumption	Decrease in assumption	Increase in assumption	Decrease in assumption
	%	US$m	US$m	US$m	US$m
2025 Prevailing market rent per month	5.00	1,053	(1,022)	N/A	N/A
Capitalisation rate	0.10	(641)	707	N/A	N/A
2024 Prevailing market rent per month	5.00	1,035	(1,062)	104	(104)
Capitalisation rate	0.10	(661)	703	(76)	82

The maturity analysis of lease payments, showing the undiscounted lease payments to be received over the remainder of the contractual lease term after the balance sheet date, including the estimated impact on lease payments from contractual rent reviews, are as follows:

2025 2024

US$m US$m

Within one year	733	732
Between one and two years	614	582
Between two and three years	464	437
Between three and four years	353	265
Between four and five years	252	190
Beyond five years	524	313
2,940		2,519

Generally the Group's operating leases in respect of investment properties are for terms of three or more years.

At 31 December 2025, the carrying amount of investment properties pledged as security for borrowings amounted to US$2,112 million (2024: US$996 million) (refer note 29).

Notes to the Financial Statements

Bearer plants 2025 2024

O v e r vi ew

US$m US$m

Cost	746	749
Depreciation	(284)	(268)
Net book value at 1 January	462	481
Exchange differences	(17)	(22)
Additions	31	35
Disposals	(5)	-
Depreciation charge	(31)	(32)
Net book value at 31 December	440	462
Immature bearer plants	83	89
Mature bearer plants	357	373
440		462
Cost	732	746
Depreciation	(292)	(284)
440		462

Le a der s h i p s t a t em en t s

C r e a t ing va lue

The Group's bearer plants are primarily for the production of palm oil.

At 31 December 2025 and 2024, the Group's bearer plants had not been pledged as security for borrowings.

P er f orma nc e

Associates and joint ventures

2025 2024

G ov erna nc e

F ina nc i a l s

US$m US$m

Associates
Listed associates
- Zhongsheng	674	1,342
- Nickel Industries	540	575
- Robinsons Retail	-	248
- other	495	339
	1,709	2,504
Unlisted associates	2,483	2,234
Share of attributable net assets	4,192	4,738
Goodwill on acquisition	538	333
	4,730	5,071
Amounts due from associates	435	435
	5,165	5,506
Joint ventures
Share of attributable net assets of unlisted joint ventures	8,931	10,663
Goodwill on acquisition	122	95
	9,053	10,758
Amounts due from joint ventures	1,096	1,574
	10,149	12,332
15,314		17,838

Notes to the Financial Statements

15 Associates and joint ventures (continued)

Fair value of the Group's listed associates at 31 December 2025, which were based on the quoted prices in active markets, amounted to US$2,259 million (2024: US$2,288 million).

In May 2025, DFI Retail completed the disposal of its entire interest in Robinsons Retail, which operated multi-format retail business in the Philippines, to its controlling shareholder (refer note 33(i)).

In September 2024, DFI Retail signed a share transfer agreement with a third party to sell its entire interest in Yonghui. The interest in Yonghui, with a carrying value of US$759 million, was reclassified to assets held for sale (refer note 23) and the equity basis of accounting was discontinued. In February 2025, DFI Retail completed the disposal of its 21.4% interest in Yonghui (refer note 33(i)).

Siam City Cement Public Company Limited was disposed of in August 2024 (refer note 33(i)). Amounts due from associates are interest free, unsecured and have no fixed terms of repayment.

Amounts due from joint ventures bear interest at fixed rates up to 8% per annum and are repayable within one to five years.

Associates Joint ventures

2025 2024 2025 2024

US$m US$m US$m US$m

Movements of associates and joint ventures during
the year:
At 1 January	5,506	7,048 12,332	12,726
Share of results after tax and non-controlling interests	360	390 1,361	909
Share of net exchange translation gain/(loss) arising during
the year after non-controlling interests	48	(125) 294	(360)
Share of other comprehensive (expense)/income after tax
and non-controlling interests	(6)	11 (19)	(17)
Dividends received	(199)	(283) (783)	(696)
Acquisitions, other increases in attributable interests and
advances	467	148 180	383
Other disposals, decreases in attributable interests and
repayment of advances	(252)	(415) (1,454)	(573)
Classified as held for sale (refer note 23)	-	(759) (1,710)	(39)
Impairment	(746)	(508) (52)	-
Other	(13)	(1) -	(1)
At 31 December	5,165	5,506 10,149	12,332

Notes to the Financial Statements

15 Associates and joint ventures (continued)

O v e r vi ew

An impairment review was performed by management on the carrying values of investment in associates and joint ventures at 31 December 2025. Following the review, the fair value of the Corporate's investment in Zhongsheng was below its carrying value. Management assessed the recoverable amount based on fair value less costs to sell. Fair value was determined using a valuation model that reflects the characteristics of the investment as a single unit of account, being a 21.4% interest in Zhongsheng, measured by reference to the quoted market price of Zhongsheng shares at 31 December 2025 and making adjustments to take into consideration the size of the Group's shareholding. Management concluded impairment charge of US$732 million was required on Zhongsheng.

Le a der s h i p s t a t em en t s

At 31 December 2024, the fair value of Corporate's investment in Zhongsheng and DFI Retail's investment in Robinsons Retail were below their carrying values. Management conducted impairment reviews by using value-in-use calculations and concluded impairment of US$231 million (Group's attributable share of US$179 million) and US$277 million were required on Robinsons Retail and Zhongsheng, respectively.

To calculate the value-in-use for Zhongsheng in 2024, management prepared detailed estimates for the next five years. The key assumptions used in 2024 included probability weighted average revenue growth rate of 4.6%. Cash flows beyond the five-year period were extrapolated using a probability weighted long-term growth rate of 2.1% and a pre-tax discount rate of 15.4%. The model was sensitive to changes in key assumptions. A 0.5% decrease in average revenue growth and a 1% increase in pre-tax discount rate would result in further impairment of US$43 million and US$115 million, respectively.

C r e a t ing va lue

P er f orma nc e

G ov erna nc e

F ina nc i a l s

To calculate the value-in-use for Robinsons Retail in 2024, management estimated the discounted future cash inflows derived from holding the investment and from its ultimate disposal. For the disposal cash inflow, management used Robinsons Retail's 12-month average share price and referred to industry benchmarks for retail mergers and acquisitions, specifically to determine the average premium applied to the prevailing share price for these transactions. A discount rate of 11% was applied in calculating the discounted future cash inflows. A 10% decrease in the disposal cash inflow would result in a further impairment of US$24 million.

Notes to the Financial Statements

15 Associates and joint ventures (continued)

Investment in associates

The material associates of the Group are listed below. These associates have share capital consisting solely of ordinary shares, which are held directly by the Group.

Nature of investments in material associates in 2025 and 2024:

Name of entity Nature of business

Place of incorporation/ principal place of business/ place of listing

% of ownership interest

2025 2024

Zhongsheng Group Holdings Limited (Zhongsheng)	Automotive	Cayman Islands/ Chinese mainland/	21 50 - -27	21
Maxim's Caterers Limited (Maxim's) Robinsons Retail Holdings, Inc. (Robinsons Retail)§ Yonghui Superstores Co., Ltd (Yonghui)^ Truong Hai Group Corporation (THACO)	Restaurants Health and beauty, food, department stores, specialty and DIY stores Food Automotive, property development and agriculture	Hong Kong Hong Kong/Hong Kong/ Unlisted The Philippines/ The Philippines/ The Philippines China/Chinese mainland/ Shanghai Vietnam/Vietnam/ Unlisted		50
				22
				21
				27

§ Disposed of in 2025.

^ Reclassified as assets held for sale in September 2024. Disposed of in February 2025.

Notes to the Financial Statements

15 Associates and joint ventures (continued) Summarised financial information for material associates

O v e r vi ew

Le a der s h i p s t a t em en t s

C r e a t ing va lue

Summarised balance sheets at 31 December (unless otherwise indicated):

	ZhongshengΩ	Maxim's	Robinsons Retail§	THACO
	US$m	US$m	US$m	US$m
2025 Non-current assets	6,206	2,530	-	4,415
Current assets Cash and cash equivalents	1,795	321	-	307
Other current assets	7,062	304	-	4,049
Total current assets	8,857	625	-	4,356
Non-current liabilities Financial liabilities*	(2,583)	(827)	-	(2,167)
Other non-current liabilities*	(435)	(194)	-	(209)
Total non-current liabilities	(3,018)	(1,021)	-	(2,376)
Current liabilities Financial liabilities*	(2,152)	(603)	-	(2,703)
Other current liabilities*	(3,239)	(116)	-	(1,235)
Total current liabilities	(5,391)	(719)	-	(3,938)
Non-controlling interests	-	(166)	-	(311)
Net assets	6,654	1,249	-	(2,146)
2024 Non-current assets	6,213	2,612	1,781	4,253
Current assets Cash and cash equivalents	2,360	195	161	65
Other current assets	6,148	263	633	3,490
Total current assets	8,508	458	794	3,555
Non-current liabilities Financial liabilities*	(2,323)	(604)	(510)	(1,287)
Other non-current liabilities*	(484)	(179)	(112)	(210)
Total non-current liabilities	(2,807)	(783)	(622)	(1,497)
Current liabilities Financial liabilities*	(2,362)	(889)	(275)	(2,625)
Other current liabilities*	(3,269)	(108)	(429)	(1,357)
Total current liabilities	(5,631)	(997)	(704)	(3,982)
Non-controlling interests	(23)	(141)	(86)	(322)
Net assets	6,260	1,149	1,163	2,007

P er f orma nc e

G ov erna nc e

F ina nc i a l s

* Financial liabilities exclude trade and other payables and provisions, which are presented under other current and non-current liabilities.

Ω Based on the unaudited summarised balance sheets at 30 June 2025 and 2024.

§ Disposed of in 2025. 2024 information was based on the unaudited summarised balance sheet at 30 September 2024.

Notes to the Financial Statements

15 Associates and joint ventures (continued)

Summarised financial information on comprehensive income for the year ended 31 December (unless otherwise indicated):

Robinsons

	ZhongshengΩ	Maxim's	Retail§	THACO
	US$m	US$m	US$m	US$m
2025 Revenue	21,397	3,083	-	3,115
Depreciation and amortisation	N/A	(426)	-	(143)
Interest income	N/A	3	-	96
Interest expense	N/A	(42)	-	(260)
Profit from underlying business performance	N/A	199	-	308
Tax	N/A	(43)	-	(57)
Profit after tax from underlying business performance	N/A	156	-	251
Profit/(loss) after tax from non-trading items	N/A	(4)	-	-
Profit after tax	283	152	-	251
Other comprehensive income/(expense)	N/A	38	-	-
Total comprehensive income	283	190	-	251
Dividends received from associates	44	37	-	-
2024 Revenue	24,523	3,070	3,461	2,916
Depreciation and amortisation	N/A	(435)	(129)	(134)
Interest income	N/A	4	3	102
Interest expense	N/A	(48)	(54)	(233)
Profit from underlying business performance	N/A	169	117	171
Tax	N/A	(28)	(25)	(19)
Profit after tax from underlying business performance	N/A	141	92	152
Profit/(loss) after tax from non-trading items	N/A	(4)	237	-
Profit after tax	427	137	329	152
Other comprehensive income/(expense)	N/A	(11)	5	-
Total comprehensive income	427	126	334	152
Dividends received from associates	52	41	11	-

Ω Information was based on management's estimate, with reference to the lowest recent external analyst forecasts for the year ended 31 December 2025 (2024: using on average of analyst estimates for the year ended 31 December 2024) as financial data for Zhongsheng is not available when the Group produces its consolidated financial results. When it was not possible to estimate certain summarised financial information, it has been marked as N/A.

§ Disposed of in 2025. 2024 information was based on the unaudited summarised statement of comprehensive income for the 12 months ended 30 September 2024.

The information contained in the summarised balance sheets and financial information on comprehensive income reflect the amounts presented in the financial statements of the associates adjusted for differences in accounting policies between the Group and the associates, and fair value of the associates at the time of acquisition.

Notes to the Financial Statements

15 Associates and joint ventures (continued) Reconciliation of the summarised financial information

Reconciliation of the summarised financial information presented to the carrying amount of the Group's interests in its material associates for the year ended 31 December:

O v e r vi ew

Le a der s h i p s t a t em en t s

	ZhongshengΩ	Maxim's	Retail§	THACO
	US$m	US$m	US$m	US$m
2025
Net assets	6,654	1,249	-	2,146
Interest in associates (%)	21	50	-	27
Group's share of net assets in associates	1,424	625	-	574
Goodwill	-	-	-	149
Impairment	(732)	-	-	-
Other	(18)	-	-	-
Carrying value	674	625	-	723
Fair value#	755	N/A	-	N/A
2024
Net assets	6,260	1,149	1,163	2,007
Interest in associates (%)	21	50	22	27
Group's share of net assets in associates	1,340	574	256	534
Goodwill	-	-	-	151
Other	2	-	(8)	-
Carrying value	1,342	574	248	685
Fair value#	909	N/A	196	N/A

Robinsons

C r e a t ing va lue

P er f orma nc e

#Fair values of the listed associates were based on quoted prices in active markets at 31 December 2025 and 2024.

Ω Based on the unaudited summarised balance sheets at 30 June 2025 and 2024.

G ov erna nc e

F ina nc i a l s

§ Disposed of in 2025, 2024 information was based on the unaudited summarised balance sheet at 30 September 2024.

Notes to the Financial Statements

15 Associates and joint ventures (continued)

The Group has interests in a number of individually immaterial associates. The following table analyses, in aggregate, the share of profit and other comprehensive income and carrying amount of these associates.

2025 2024

US$m US$m

Share of profit	142	192
Share of other comprehensive expense	22	(8)
Share of total comprehensive income	164	184
Carrying amount of interests in these associates	3,143	2,657

Contingent liabilities relating to the Group's interest in associates

No financial guarantee in respect of facilities was made available to associates at 31 December 2025 and 2024.

Investment in joint ventures

The material joint ventures of the Group are listed below. These joint ventures have share capital consisting solely of ordinary shares, which are held directly by the Group.

Nature of investments in material joint ventures in 2025 and 2024:

Name of entity Nature of business

Place of incorporation and principal place of business

% of ownership interest

2025 2024

Hongkong Land
- Shanghai Yibin Property Co. Ltd.	Property investment	Shanghai	43	43
- Properties Sub F, Ltd	Property investment	Macau	49	49
- BFC Development LLP∆	Property investment	Singapore	33	33
- Central Boulevard Development Pte Ltd†	Property investment	Singapore	-	33
- One Raffles Quay Pte Ltd∆	Property investment	Singapore	33	33
Astra
- PT Astra Honda Motor	Automotive	Indonesia	50	50

∆Reclassified as assets held for sale in December 2025.

†Disposed of in 2025.

Notes to the Financial Statements

	Shanghai Yibin Property Co. Ltd.	Properties Sub F, Ltd	BFC Development LLP∆	Central Boulevard Development Pte Ltd†	One Raffles Quay Pte Ltd∆	PT Astra Honda Motor	O v
	US$m	US$m	US$m	US$m	US$m	US$m	e r vi
2025							ew
Non-current assets	6,505	1,087	N/A	-	N/A	1,210
Current assets
Cash and cash equivalents	92	139	N/A	-	N/A	847	Le
Other current assets	35	41	N/A	-	N/A	468	a de
Total current assets	127	180	N/A	-	N/A	1,315	r s h
Non-current liabilities							i p
Financial liabilities*	(834)	-	N/A	-	N/A	(3)	s t a t
Other non-current liabilities*	(406)	(118)	N/A	-	N/A	(282)	em
Total non-current liabilities	(1,240)	(118)	N/A	-	N/A	(285)	en t
Current liabilities							s
Financial liabilities*	(49)	-	N/A	-	N/A	-
Other current liabilities*	(234)	(37)	N/A	-	N/A	(1,058)
Total current liabilities	(283)	(37)	N/A	-	N/A	(1,058)	C r e a
Net assets	5,109	1,112	N/A	-	N/A	1,182	t ing
2024							va lue
Non-current assets	3,607	1,134	3,977	3,099	2,910	1,260
Current assets
Cash and cash equivalents	81	134	28	25	17	983
Other current assets	1,369	44	3	3	-	473	P er
Total current assets	1,450	178	31	28	17	1,456	f orm
Non-current liabilities							a nc
Financial liabilities*	(614)	-	(1,263)	(1,190)	(784)	(2)	e
Other non-current liabilities*	(43)	(124)	-	(22)	(212)	(268)
Total non-current liabilities	(657)	(124)	(1,263)	(1,212)	(996)	(270)
Current liabilities							G
Financial liabilities*	-	-	-	(9)	(2)	-	ov er
Other current liabilities*	(207)	(44)	(80)	(46)	(50)	(1,166)	na
Total current liabilities	(207)	(44)	(80)	(55)	(52)	(1,166)	nc e
Net assets	4,193	1,144	2,665	1,860	1,879	1,280

15 Associates and joint ventures (continued) Summarised financial information for material joint ventures Summarised balance sheets at 31 December:

F ina nc i a l s

* Financial liabilities exclude trade and other payables and provisions, which are presented under other current and non-current liabilities.

∆Reclassified as assets held for sale in December 2025.

†Disposed of in 2025.

Notes to the Financial Statements

15 Associates and joint ventures (continued)

Summarised statements of comprehensive income for the year ended 31 December:

	Shanghai						Central		One
	Yibin				BFC		Boulevard		Raffles		PT Astra
	Property		Properties		Development		Development		Quay		Honda
	Co. Ltd.		Sub F, Ltd		LLP∆		Pte Ltd†		Pte Ltd∆		Motor
	US$m		US$m		US$m		US$m		US$m		US$m
2025
Revenue	7		68		188		149		141		6,118
Depreciation and amortisation	-		(4)		-		-		-		(97)
Interest income	1		3		-		-		-		55
Interest expense	(2)		-		(43)		(40)		(22)		-
Profit/(loss) from underlying business
performance	(8)		30		99		76		84		811
Tax	-		(4)		(17)		(13)		(14)		(171)
Profit/(loss) after tax from underlying
business performance	(8)		26		82		63		70		640
Profit/(loss) after tax from
non-trading items	738		(56)		200		115		149		-
Profit after tax	730		(30)		282		178		219		640
Other comprehensive income/
(expense)	185		(3)		141		89		99		2
Total comprehensive income/
(expense)	915		(33)		423		267		318		642
Dividends received from joint ventures	-		-		28		21		23		347
2024
Revenue	-		83		183		135		134		6,111
Depreciation and amortisation	-		(3)		-		-		-		(93)
Interest income	1		3		-		-		-		52
Interest expense	-		-		(53)		(46)		(28)		-
Profit/(loss) from underlying business
performance	(3)		44		87		55		73		772
Tax	1		(5)		(14)		(9)		(12)		(161)
Profit/(loss) after tax from underlying
business performance	(2)		39		73		46		61		611
Profit/(loss) after tax from
non-trading items	38		(14)		205		204		13		-
Profit after tax	36		25		278		250		74		611
Other comprehensive income/
(expense)	(120)		7		(73)		(68)		(65)		(3)
Total comprehensive income/
(expense)		(84)	32	205		182		9		608
Dividends received from joint ventures		-	-	25		15		20		284
∆Reclassified as assets held for sale in December 2025.
†Disposed of in 2025.

The information contained in the summarised balance sheets and statements of comprehensive income reflect the amounts presented in the financial statements of the joint ventures adjusted for differences in accounting policies between the Group and the joint ventures, and fair value of the joint ventures at the time of acquisition.

Notes to the Financial Statements

15 Associates and joint ventures (continued) Reconciliation of the summarised financial information

O v e r vi ew

Le a der s h i p s t a t em en t s

Reconciliation of the summarised financial information presented to the carrying amount of the Group's interests in its material joint ventures for the year ended 31 December:

	Shanghai Yibin Property	Properties	BFC Development	Central Boulevard Development	One Raffles Quay	PT Astra Honda
	Co. Ltd.	Sub F, Ltd	LLP∆	Pte Ltd†	Pte Ltd∆	Motor
	US$m	US$m	US$m	US$m	US$m	US$m
2025
Net assets	5,109	1,112	N/A	-	N/A	1,182
Interest in joint ventures (%)	43	49	N/A	-	N/A	50
Group's share of net assets in
joint ventures	2,197	545	N/A	-	N/A	591
Carrying value	2,197	545	N/A	-	N/A	591
2024
Net assets	4,193	1,144	2,665	1,860	1,879	1,280
Interest in joint ventures (%)	43	49	33	33	33	50
Group's share of net assets in
joint ventures	1,803	561	888	620	627	640
Amounts due from joint ventures	-	-	-	-	40	-
Carrying value	1,803	561	888	620	667	640

C r e a t ing va lue

∆Reclassified as assets held for sale in December 2025.

†Disposed of in 2025.

P er f orma nc e

The Group has interests in a number of individually immaterial joint ventures. The following table analyses, in aggregate, the share of profit and other comprehensive income and carrying amount of these joint ventures.

2025 2024

G ov erna nc e

US$m US$m

Share of profit	516	376
Share of other comprehensive income/(expense)	108	(106)
Share of total comprehensive income	624	270
Carrying amount of interests in these joint ventures	6,816	7,153

Commitments and contingent liabilities in respect of joint ventures
The Group has the following commitments relating to its joint ventures as at 31 December:
	2025 US$m	2024 US$m
Commitment to provide funding if called	738	716

F ina nc i a l s

There were no contingent liabilities relating to the Group's interest in the joint ventures at 31 December 2025 and 2024.