Jardine Matheson (J36) investor relations material

2030 objectives

• Recycle >US$4bn of capital; grow dividends by ≥5% p.a. through 2030 and return US$500m via ongoing buybacks by end-2027.

• Build >US$200m of incremental PATAM from new pillars and target ≥9% p.a. 5Y total shareholder return.

Gammon acquisition

• Acquire the remaining 50% of Gammon for GBP250m (US$330m); after GBP30m of 2H26 dividends, net consideration is GBP227m (US$300m), at 6.6x FY26E P/E.

• Pay consideration in three GBP83.3m tranches: at completion, Dec 2027 and Dec 2028; first tranche funded through JE&I borrowing, with later tranches funded by incremental dividends and/or debt.

• Rationale includes immediate earnings accretion, attractive return on invested capital, low integration risk and an asset-light, cash-generative business model with 100% dividend payout ratio.

• Acquisition adds full ownership of a business with an ~HK$50bn order book, leading Hong Kong market positions and immediate EPS accretion; targeted return is above hurdle at 6.6x 2026E P/E.

Market opportunity and strategic fit

• Gammon has a strong Hong Kong core-market position, with opportunities in the Northern Metropolis, data centres and public infrastructure, plus regional expansion prospects including Singapore.

• Hong Kong construction market forecast at ~6% CAGR and Singapore at ~4% CAGR; Gammon's order book equals 2.3x FY25 turnover, supporting delivery visibility.

• Full ownership consolidates two wholly owned businesses under JE&I and adds US$50m of incremental underlying net profit from the acquired 50% stake in Gammon.