Jardine Matheson (J36) Investor presentation summary

Business overview and strategy

• Operates a diversified portfolio across Asia Pacific, with 194+ years of history and a market capitalization of US$19bn, generating US$1,681m in underlying net profit and employing 384,000 people.

• Focuses on building high-quality, scaled businesses in sectors such as engineering, property, financial services, motor vehicles, retail, and hospitality.

• Mission centers on delivering stable, top-quartile total shareholder returns through disciplined investment and ownership.

• Recent evolution includes corporate structure simplification, capital recycling, and divestment of non-core and non-control holdings.

• Active portfolio management and value creation through board engagement, capital allocation, and strategic M&A.

Capital allocation and financial targets

• Targets a minimum 11% return for new investments and a ≥9% p.a. 5-year total shareholder return (TSR), with assets under 7% targeted for divestiture.

• Committed to growing dividends by at least 5% p.a. to 2030, supported by strong free cash flow and prudent financial policies.

• Plans to recycle over US$4bn in capital by 2030, funding new platform investments and buybacks.

• Announced a new US$500m share buyback program to end-2027, with ongoing buybacks at key subsidiaries.

• Maintains strong credit ratings (Moody’s A1, S&P A+) and low gearing, with no parent refinancing before 2031.

Investment approach and portfolio development

• Prioritizes control acquisitions of scalable, cash-generative market leaders in Asia Pacific, with a focus on healthcare, wealth, and infrastructure.

• Defines ideal investments as those with scale potential, cash generation, control, growth accretion, and diversification benefits.

• Recent major investment: I-MED, Australia’s largest diagnostic imaging network, acquired for A$3.4bn (US$2.4bn), expected to drive significant earnings growth.

• Excludes non-scalable, non-control, or non-strategic assets from future capital allocation.

• Ongoing capital recycling from non-core real estate and public equities to fund new growth pillars.