Jardine Matheson (J36) H1 2026 earnings summary

Executive summary

• Focus on building diverse, high-quality businesses in Asia Pacific, targeting stable, top-quartile total shareholder return, with strategic objectives to 2030 including ≥9% p.a. 5Y TSR, ≥5% annual dividend growth, and US$4bn capital recycling.

• Achieved strong H1 2026 performance with underlying net profit up 9% year-over-year to US$735m, adjusted for business disposals and reclassification of associate.

• Reported net profit rose 3% to US$542m compared to H1 2025.

• Major acquisition of I-MED Radiology Network announced, with integration a key focus for H2.

• Ongoing corporate simplification, capital recycling, and investment in new pillars, including healthcare.

Financial highlights

• Adjusted underlying net profit up 9% year-over-year to US$735m; reported net profit up 3% to US$542m.

• Interim dividend increased 8% to US$0.65 per share; full-year dividend guidance raised to ≥US$2.47 per share.

• Parent free cash flow up 21% to US$709m; net cash position at parent level improved to US$379m.

• Net debt increased by US$0.9bn to US$3.6bn (7% gearing), mainly due to special dividends, buybacks, and acquisitions.

• Revenue declined 7% year-over-year to US$15,924m.

Outlook and guidance

• Full-year earnings guidance unchanged; dividend guidance upgraded to at least US$2.47 per share (+5%).

• 2026 EPS expected to be flat after adjusting for disposals and reclassifications.

• Focus for H2 includes driving TSR, improving cash flow, portfolio simplification, and integrating I-MED.