Jardine Matheson : Preliminary statements (preliminary financial statement 2025)

About this update from Jardine Matheson Holdings Limited

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$24 million. Notes to the Financial Statements 15 Associates and joint ventures (continued) Investment in associates The material associates of the Group are listed below. These associates have share capital consisting solely of ordinary shares, which are held directly by the Group. Nature of investments in material associates in 2025 and 2024: Name of entity Nature of business Place of incorporation/ principal place of business/ place of listing % of ownership interest 2025 2024 Zhongsheng Group Holdings Limited (Zhongsheng) Automotive Cayman Islands/ Chinese mainland/ 21 50 - -27 21 Maxim's Caterers Limited (Maxim's) Robinsons Retail Holdings, Inc. (Robinsons Retail) § Yonghui Superstores Co., Ltd (Yonghui)^ Truong Hai Group Corporation (THACO) Restaurants Health and beauty, food, department stores, specialty and DIY stores Food Automotive, property development and agriculture Hong Kong Hong Kong/Hong Kong/ Unlisted The Philippines/ The Philippines/ The Philippines China/Chinese mainland/ Shanghai Vietnam/Vietnam/ Unlisted 50 22 21 27 § Disposed of in 2025. ^ Reclassified as assets held for sale in September 2024. Disposed of in February 2025. Notes to the Financial Statements 15 Associates and joint ventures (continued) Summarised financial information for material associates O v e r vi ew Le a der s h i p s t a t em en t s C r e a t ing va lue Summarised balance sheets at 31 December (unless otherwise indicated): Zhongsheng Ω Maxim's Robinsons Retail § THACO US$m US$m US$m US$m 2025 Non-current assets 6,206 2,530 - 4,415 Current assets Cash and cash equivalents 1,795 321 - 307 Other current assets 7,062 304 - 4,049 Total current assets 8,857 625 - 4,356 Non-current liabilities Financial liabilities* (2,583) (827) - (2,167) Other non-current liabilities* (435) (194) - (209) Total non-current liabilities (3,018) (1,021) - (2,376) Current liabilities Financial liabilities* (2,152) (603) - (2,703) Other current liabilities* (3,239) (116) - (1,235) Total current liabilities (5,391) (719) - (3,938) Non-controlling interests - (166) - (311) Net assets 6,654 1,249 - (2,146) 2024 Non-current assets 6,213 2,612 1,781 4,253 Current assets Cash and cash equivalents 2,360 195 161 65 Other current assets 6,148 263 633 3,490 Total current assets 8,508 458 794 3,555 Non-current liabilities Financial liabilities* (2,323) (604) (510) (1,287) Other non-current liabilities* (484) (179) (112) (210) Total non-current liabilities (2,807) (783) (622) (1,497) Current liabilities Financial liabilities* (2,362) (889) (275) (2,625) Other current liabilities* (3,269) (108) (429) (1,357) Total current liabilities (5,631) (997) (704) (3,982) Non-controlling interests (23) (141) (86) (322) Net assets 6,260 1,149 1,163 2,007 P er f orma nc e G ov erna nc e F ina nc i a l s * Financial liabilities exclude trade and other payables and provisions, which are presented under other current and non-current liabilities. Ω Based on the unaudited summarised balance sheets at 30 June 2025 and 2024. § Disposed of in 2025. 2024 information was based on the unaudited summarised balance sheet at 30 September 2024. Notes to the Financial Statements 15 Associates and joint ventures (continued) Summarised financial information on comprehensive income for the year ended 31 December (unless otherwise indicated): Robinsons Zhongsheng Ω Maxim's Retail § THACO US$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 Zhongsheng Ω 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.

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