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Annual Report 2025
long-term,
sustainable
value
Annual Report 2025
long-term,
sustainable
value
- 5Y Total Shareholder Return (TSR) 8.8% p.a.Ω
- US$4.8bn in capital recycled# across the Group in 2025 and US$2.8bn re-invested in portfolio as capital expenditure in the portfolio
- JMH parent free cash flow^ up 7% to US$933m
- Full year dividend 4% higher at US$2.35 per share
- Underlying net profit* 11% higher at US$1.68bn. Underlying EPS US$5.72, up 9%
- Reported net profit§ at US$1.11bn, up US$1.58bn from the prior year. JMH parent company balance sheet net cash positive
- Privatisation of Mandarin Oriental completed in January 2026
ΩTSR quoted are % p.a. figures, unless otherwise stated.
#Capital recycling is described on page 15 of the Annual Report.
^Recurring dividend income less corporate costs and net financing charges.
*The Group uses ‘underlying net profit’, which refers to underlying profit attributable to shareholders, in its internal financial reporting to distinguish between core business performance and non-trading items. Management considers this to be a key measure which provides greater understanding of the Group’s underlying business performance of core business. The comparative figures have been re-presented to include the profit or loss from non-strategic business in non-trading items, as more fully described in Notes 1 and 41 to the financial statements.
§Represented profit attributable to shareholders.
shareholder return
earnings per share
*The Group uses ‘underlying profit’ in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in note 41 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group’s underlying business performance.
†Including expenditure on properties for sale and associates and joint ventures.
#Excluding net borrowings of financial services companies.
^Includes major associates and joint ventures.
We strive to be an outstanding investment vehicle focused on building diverse high-quality businesses in Asia Pacific delivering sustainable, top quartile Total Shareholder Returns
We do so with a lean organisation committed to:
1. Active, long-term value creation
2. Talent development with aligned incentives
3. World-class governance
4. Delivering sustainability improvements
Clear TSR commitment
Active capital recycling
Control investor model
Lean, focused investment company
statement
Jardines delivered an improved performance in 2025, driven by sustainable growth in underlying earnings and active capital recycling which resulted in an improved 5Y TSR. Our efforts to strengthen management teams and boards across our portfolio, including at Jardine Matheson, has seen clearer strategies with sustainable earnings improvement across the portfolio.
Ben Keswick
Executive Chairman
Officer’s statement
We are beginning to implement a more active JMH capital allocation strategy, evidenced by the recycling of US$4.8 billion in capital across the Group in 2025 and our clean parent balance sheet. Our focus in 2026 will be to continue recycling capital from lower-yielding assets and assets we do not control, and to redeploy this capital toward opportunities with returns above our hurdle rate to enhance and expand our core businesses. 2026 will be an extremely busy and productive year ahead.
Lincoln Pan
Chief Executive Officer
Officer's statement
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.
Graham Baker
Chief Financial Officer
From the outset, Jardines has applied a long-term perspective to growth, building resilience in our portfolio and thriving with the communities we serve. We see sustainability as a strategic driver of long‑term value. Our sustainability strategy, Building Towards 2030, structures the Group’s response to social and environmental megatrends affecting the outlook of our portfolio companies and the communities they serve.
