Jardine Cycle & Carriage (C07) H2 2025 earnings summary

Executive summary

• Underlying profit increased by 1% year-over-year to $1.11 billion, with stable earnings despite macroeconomic and geopolitical challenges.

• Corporate net debt reduced to $577 million, aided by the Vinamilk divestment.

• Total dividends for 2025 increased to $1.13 per share, up 1% from 2024.

• One-year total shareholder return (TSR) reached 34.2%; five-year TSR at 17.5%.

• Indonesia's profit contribution declined by 8%, while Vietnam's rose by 25% and regional interests by 1%.

Financial highlights

• Consolidated revenue for 2025 was $21.4 billion, down 4% from the previous year.

• Underlying earnings per share reached $281.

• Shareholder funds stood at $8.6 billion at year-end, up 4%.

• Net debt (excluding financial services) reduced to $44 million from $235 million, an 81% improvement.

• Corporate net debt decreased to $577 million from $816 million.

Outlook and guidance

• Indonesia expected to remain challenging in 2026, with moderate recovery in consumer sentiment.

• Positive near-term outlook for used cars, toll roads, and warehousing; medium-term for healthcare.

• Vietnam's growth momentum anticipated to continue, with RE aiming to triple renewable capacity by 2030.

• Singapore portfolio expected to maintain competitiveness and stable earnings.

• Focus on building a growth-oriented portfolio and delivering strong TSR.