Jardine Matheson (J36) H1 2026 earnings summary

Executive summary

• 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.

• Strategic milestones included first Investor Day, I-MED Radiology Network acquisition, Mandarin Oriental privatization, and portfolio simplification to drive shareholder returns.

• Set 2030 targets: ≥9% annual TSR, ≥5% annual dividend growth, US$4bn capital recycling, and new growth pillars.

• Continued focus on sustainability, with ESG ratings improving from CCC to BBB over five years.

• Reduced headcount by 47% since 2024, strengthening investment and support teams.

Financial highlights

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

• Interim dividend up 8% to US$0.65/share; full-year dividend guidance raised to at least US$2.47/share (+5%).

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

• Net borrowings (ex-Astra FS) increased by US$906m; gearing at 7%.

• Cash flow from operating activities down 24% due to lower mining profits; liquidity at US$12.7bn.

Outlook and guidance

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

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

• Cautious outlook for Indonesia due to macro uncertainty, but confident in long-term fundamentals.

• I-MED expected to be earnings neutral in first 12 months, accretive thereafter.

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