Jardine Matheson (J36) investor relations material

Strategic evolution and portfolio management

• Transitioning to an investment company model, focusing on building diverse, high-quality businesses in Asia Pacific.

• Streamlined corporate structure, exited non-core and non-control holdings, and recycled capital from below-hurdle assets.

• Invested $8.9bn in share purchases and committed $2.4bn to I-MED, with over $3.5bn capital recycled in the last five years.

• Targeting further $4bn+ capital recycling by 2030 to fund new platform investments, excluding certain subsidiaries.

• Recent actions include privatizing Mandarin Oriental and launching a US$500 million share buyback program through 2027.

Financial targets and capital allocation

• Aims for ≥9% p.a. 5-year Total Shareholder Return (TSR) and ≥5% annual dividend growth to 2030.

• Minimum 11% return hurdle for new investments; assets below 7% targeted for divestiture.

• New $500m share buyback program to end-2027, with ongoing buybacks at Astra, UT, and HKL.

• Strong credit ratings (Moody’s A1, S&P A+) and prudent financial policies with low gearing and no parent refinancing before 2031.

• Capital allocation prioritizes organic growth, progressive dividends, selective M&A, and disciplined buybacks.

Investment criteria and new business development

• Focus on control acquisitions of large, scalable platforms in Asia Pacific, especially in healthcare, wealth, and infrastructure.

• Investments must be market leaders, scalable, cash-generative, growth accretive, and able to deliver $100m+ PATAM in under five years.

• Recent acquisition of I-MED, Australia’s largest diagnostic imaging network, aligns with strategy for scalable, high-growth healthcare assets.

• I-MED expected to add meaningfully to underlying earnings by 2030, with strong growth prospects and technology leadership.

• Excludes non-control deals, small public investments, and assets outside Asia or not aligned with core strategies.