Jardine Matheson (J36) H2 2025 earnings summary

Executive summary

• Achieved 11% year-over-year growth in underlying net profit to US$1.68bn and a 9% increase in underlying EPS to US$5.72.

• Five-year total shareholder return (TSR) improved to 8.8% p.a., exceeding hurdle rate and outperforming Asia benchmarks.

• US$4.8bn in capital recycled in 2025, more than the previous four years combined.

• Dividend per share increased by 4% to US$2.35, with a five-year CAGR of 6.4%.

• Parent company returned to a net cash position, enhancing investment flexibility.

Financial highlights

• Underlying net profit: US$1.68bn (+11%); underlying EPS: US$5.72 (+9%).

• Reported net profit was US$1.11bn, a US$1.58bn turnaround from prior year loss.

• Group cash flows from operating activities increased 6% to US$5.3bn.

• Net borrowings (excluding Astra FS) fell by US$4.6bn to US$2.7bn; gearing dropped from 14% to 5%.

• Liquidity headroom at US$15bn for future growth.

Outlook and guidance

• 2026 underlying net profit and EPS expected to be broadly in line with 2025, adjusted for disposals and accounting changes.

• Dividend per share targeted to increase to at least US$2.45 (+4%) in 2026.

• Continued focus on capital recycling, portfolio simplification, and value-accretive M&A.