Results

The Group’s underlying net profit and underlying earnings per share (EPS) rose by 11% and 9%, respectively in 2025, attributable to improved results from most businesses in particular DFI Retail, Jardine Pacific and Jardine Cycle & Carriage, a stable contribution from Astra and significantly reduced corporate costs at Jardine Matheson parent level. During the year, Jardine Matheson accelerated its transformation from an owner-operator model to an investment company, sharpening its focus on total shareholder returns. This renewed emphasis contributed to a robust 5Y TSR and strong & growing JMH parent free cash flows.

Revenue

The Group’s revenue of US$33.8 billion in 2025 was 3% less than last year, principally due to business disposals and the translation impact of a weaker Indonesian rupiah. Revenue in the Group’s ongoing businesses at constant exchange rate (CER) was 1% less than 2024.

Astra’s revenue was down year on year by 5% or 2% lower at CER due to a slowdown in four-wheeler (4W) sales in its Automotive business and lower prices in its coal mining business.

Hongkong Land’s revenue from its Prime Properties Investment business* decreased by 4% from 2024, primarily due to lower rental income from the Central Portfolio in Hong Kong despite a higher rental income in Chinese mainland. Rental income on the Central Portfolio is temporarily impacted by the ongoing Landmark renovation.

Jardine Pacific’s auto-related business experienced weaker sales, mainly due to the cessation of the government’s 1-for-1 replacement scheme in Hong Kong.

Jardine Cycle & Carriage’s motor operations recorded a 7% increase in vehicle sales compared to 2024, due to higher commercial vehicle and used car sales in Singapore.

Mandarin Oriental's subsidiary hotels benefited from robust demand, recording a 4% increase in revenue with improved performance seen in Hong Kong, Tokyo and Geneva. These were offset by the impact from the disposals of Munich and Paris, where management contracts were retained.

DFI Retail revenue was in line with the prior year. In the Health and Beauty business, improved performance was seen across the region, however this was offset by softer sales in other businesses.

Operating profit

Operating profit from the Group’s subsidiaries, excluding non-trading items, was US$3,716 million, a decrease of US$208 million or 5%.

Astra’s underlying operating profit decreased by 10% to US$2,448 million, reflecting weaker coal prices, a slowdown in 4W sales and a weaker Indonesian rupiah. This was partly mitigated by stronger performances in most of the other businesses, including non-coal mining, financial services and motorcycles.

Hongkong Land’s underlying operating profit from its Prime Properties Investment business decreased by US$74 million to US$619 million, principally due to lower occupancy and average office rents in Hong Kong and the impact of the Landmark renovation.

DFI Retail’s underlying operating profit increased by US$25 million to US$368 million, with good performance in health and beauty and recovery in home furnishing.

Jardine Cycle & Carriage reported an underlying operating profit of US$121 million in 2025, US$50 million higher than 2024, reflecting higher earnings from its motor operations and translation gain on foreign currency corporate loans compared to a loss in the prior year.

Jardine Pacific reported an underlying operating profit of US$76 million, US$19 million higher than 2024, following a turnaround in its consumer businesses.

Net financing charges

Net financing charges of US$448 million were US$106 million below 2024, principally due to lower average net borrowings during the year. Interest cover^, excluding financial services companies, increased from 10 times to 13 times in 2025, reflecting the Group’s prudent approach to financial leverage.

Cash flow

Cash inflow from operating activities for the year was US$5,309 million, compared with US$4,999 million in 2024. The increase of US$310 million from the prior year was due to higher cash generated from operations, reduction in tax paid by Hongkong Land and Astra (as a result of lower earnings) and lower net financing charges paid.

Capital expenditure and investments for the year, before disposals, amounted to US$2,801 million (2024: US$2,397 million). This included the following:

• US$1,170 million for the purchase of tangible assets, which included US$976 million in Astra (of which US$554 million was for the acquisition of heavy equipment and machinery by PT Pamapersada Nusantara), and US$113 million in DFI Retail for refurbishment of existing stores;
• US$543 million for the purchase of other investments, including US$529 million in Astra of which US$293 million represented acquisition of securities in relation to its financial services businesses, US$195 million for acquisition of bonds, and US$38 million for the acquisition of PT Medikaloka Hermina Tbk; and US$11 million in Corporate for capital calls by Hillhouse Fund V Feeder, L.P.;
• US$339 million for investments in various associates and joint ventures, primarily Astra’s additional investment in PT Medikaloka Hermina Tbk of US$173 million and other investments amounting to US$110 million, and Jardine Pacific’s Engineering and Infrastructure businesses of US$37 million; and
• US$278 million for the acquisition of subsidiaries, primarily Astra’s investment in PT Mega Manunggal Property Tbk, an industrial and logistics property development company of US$180 million, PT Pratista Industrial Properti Satu and PT Pratista Industrial Properti Dua totalling US$76 million, together with increased interest to 80.2% in PT Supreme Energy Sriwijaya of US$30 million.

In 2024, the Group’s principal capital expenditure and investments included:

• US$1,191 million for the purchase of tangible assets, which included US$966 million in Astra (of which US$629 million was for the acquisition of heavy equipment and machinery by PT Pamapersada Nusantara), and US$153 million in DFI Retail for refurbishment of existing stores;
• US$417 million for the purchase of other investments, including US$292 million in Astra of which US$288 million represented acquisition of securities in relation to its financial services businesses; and US$75 million in Corporate for the capital calls by Hillhouse Fund V Feeder, L.P.; and
• US$369 million for investments in various associates and joint ventures, primarily JC&C’s additional investment in REE of US$98 million, Hongkong Land’s investments of US$115 million mainly in its Build-to-sell business, most of which were joint venture projects in the Chinese mainland (in Chongqing and Nanjing), and in Singapore; and Astra’s investment in PT Supreme Energy Rantau Dedap of US$87 million.

The Group also continued to progress its portfolio management strategy to recycle capital from lower-yielding assets and assets we do not control. The contribution to the Group’s cash flow from disposals and repayments from associates and joint ventures for the year amounted to US$4,894 million* (2024: US$1,426 million), which principally included:

• US$1,635 million from the sale of associates and joint ventures, primarily Yonghui and Robinsons Retail totalling US$897 million in DFI Retail, US$701 million from Hongkong Land’s divestment of one Tower within its Singapore Commercial portfolio, and for US$36 million the Miami Hotel in Mandarin Oriental;
• US$1,258 million from the sale of investment properties, primarily the top thirteen floors of Mandarin Oriental’s One Causeway Bay for US$881 million and part payment for certain floors of Hongkong Land’s One Exchange Square of US$368 million;
• US$875 million from sale of other investments, primarily US$429 million and US$228 million from the sale of listed investments by Corporate and Jardine Cycle & Carriage, respectively, and investments by Astra’s financial services businesses of US$185 million; and
• US$687 million proceeds, net of transaction costs, relating to the sale of Hongkong Land’s Singapore and Malaysia residential development businesses for US$529 million, DFI Retail’s Singapore Food business for US$67 million and Munich Hotel for US$46 million.

The Group’s cash flow from disposals and repayments from associates and joint ventures in 2024 included principally:

• US$388 million from the sale of associates and joint ventures, primarily Jardine Cycle & Carriage’s investment in SCCC of US$344 million;
• US$317 million from the sale of the Mandarin Oriental’s Paris hotel and the property holding companies in DFI Retail; and
• US$253 million from sale of other investments, primarily US$171 million from the sale of investments by Astra’s financial services businesses; and sale of a listed investment by Corporate for US$82 million.

During the year, the Company also repurchased its own shares (for cancellation) at a total cost of US$32 million (2024: US$101 million). Additional shares in portfolio companies were also purchased. Shares in Jardine Cycle & Carriage were acquired at a total cost in 2025 of US$49 million (2024: US$527 million). There were share buybacks in Hongkong Land at a total cost of US$279 million and at Astra and its subsidiary, United Tractors, at a total cost of US$107 million and US$103 million, respectively. These purchases are recognised as part of financing activities in the Consolidated Cash Flow Statement.