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Mandarin Oriental
Financial highlights
- 5Y TSR 13.5% p.a., supported by the privatisation
- Year-end US$856m net cash following disposal of 13 floors of One Causeway Bay
- Special dividend of US$758m paid in January 2026. JMH parent received US$668m
- Underlying net profit up 4% with higher contributions from Hong Kong and Tokyo
- More than 30 projects in the pipeline
2025 |
2024 |
Change (%) |
|
|---|---|---|---|
5Y TSR (%) |
13.5% |
0.3% |
13.2ppts |
Net cash/(debt) (US$m) |
856 |
(93) |
N/A |
Underlying net profit (US$m) |
78 |
75 |
+4% |
Contribution to JMH underlying net profit (US$m) |
68 |
63 |
+8% |
Dividend paid to JMH parent (US$m) |
56 |
52 |
+8% |
Figures above are on a 100% Mandarin Oriental basis
Strategic progress
- Five new locations under management contracts opened in 2025
- Privatisation to acquire remaining 11.96% shares of MO
- Allows JMH to grow MO in private market and maximise potential
- Fair offer approved by 99.76% of independent shareholder votes
- Capital recycling
- MO completed sale of 13 floors of One Causeway Bay for US$925m
- MO paid US$758m special dividend
- JMH portfolio simplification
- Simplified holding structure
- MO continues to benefit from Jardines’ reputation and balance sheet
Value creation
Total shareholder return (%)
Underlying net profit (US$m)
Recurring dividends paid to Jardine Matheson (US$m)
The underlying net profit contribution from Mandarin Oriental (MO) increased by 8% to US$68 million compared to the prior year, driven by higher contribution from Hong Kong and Tokyo. MO’s strong earnings enabled it to continue to invest in its long-term growth strategy. In 2025, MO opened two new hotels and completed three re-brandings, bringing five new locations into its portfolio. Globally, MO now operates 45 hotels, 15 residences, and 36 exceptional homes across 28 countries and territories. MO also has more than 30 signed hotel and branded residences projects in the pipeline.
In December, MO completed the sale of 13 floors of its newly completed Grade A commercial building, One Causeway Bay, to Alibaba Group and Ant Group. The proceeds were used to pay a special dividend of US$0.60 per MO share in January 2026, with JMH parent receiving US$668 million. JMH used part of the proceeds to acquire the remaining 11.96% of MO’s shares it did not already own. JMH will continue to opportunistically review the assets owned by MO for capital recycling.
