Jardine Cycle & Carriage (C07) Q3 2025 earnings summary

Executive summary

• Non-Astra businesses improved and translation gains on corporate loans supported results in the first nine months of 2025.

• Full-year underlying profit is expected to be broadly similar to the previous year, despite lower Astra contribution.

Financial highlights

• Astra's underlying profit decreased year-over-year, excluding fair value adjustments.

• Favourable translation gains on corporate loans contributed positively.

• Tunas Ridean experienced lower car sales and profits.

• Cycle & Carriage achieved higher profits, driven by used car sales, electric bus deliveries, and aftersales throughput.

Outlook and guidance

• Underlying profit for the full year is expected to be broadly similar to the previous year, reflecting portfolio resilience.