Highlights
“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
“We are beginning to implement a more active JMH capital allocation strategy, evidenced by the recycling of US$4.8 billion in capital across the Group in 2025 and our clean parent balance sheet. Our focus in 2026 will be to continue recycling capital from lower-yielding assets and assets we do not control, and to redeploy this capital toward opportunities with returns above our hurdle rate to enhance and expand our core businesses. 2026 will be an extremely busy and productive year ahead.”
Lincoln Pan, Chief Executive Officer
| Results summary | FY25 | FY24 | Change % |
| 5Y TSR (% per annum) | 8.8% | -0.6% | n/a |
| Capital recycled# across the Group (US$'m) | 4,777 | 946 | 405 |
| Capital invested across the Group (US$'m) | (2,801) | (2,397) | 17 |
| JMH parent free cash flow^ (US$'m) | 933 | 875 | 7 |
| Full year dividend per share (US$) | 2.35 | 2.25 | 4 |
| Underlying profit* attributable to shareholders (US$'m) | 1,681 | 1,518 | 11 |
| JMH parent net cash / (borrowings) (US$'m) | 41 | (1,312) | n/a |
| Underlying earnings* per share (US$) | 5.72 | 5.24 | 9 |
| Revenue (US$'m) | 34,217 | 35,779 | -4 |
| Profit / (loss) attributable to shareholders (US$'m) (Reported net profit) | 1,109 | (468) | n/a |
| Earnings / (loss) per share (US$) | 3.78 | (1.61) | n/a |
| Shareholders' funds (US$'m) | 29,033 | 27,880 | 4 |
Dear shareholders,
In 2025, Jardine Matheson moved ahead at pace with our strategic repositioning from an owneroperator to an investment company – as announced in last year’s full year results statement. Over the last year we have become ever more focused on delivering value for our shareholders as an investment company.
I’m delighted to welcome Lincoln Pan to Jardine Matheson, who has immediately begun the task of driving our strategy forward. Lincoln formally took on the role of CEO on 1 December 2025, succeeding John Witt who leaves after a 32-year career with the Group. John implemented many of the early steps of today’s transformation, including strengthening our portfolio boards and appointing several of our portfolio company CEOs.
Lincoln’s background in executive leadership and private equity investing gives him a wealth of expertise in working with leadership teams across sectors to build successful strategies, execute M&A, and drive performance – but importantly he is also a cultural fit, fully aligned with our focus on building bigger, stronger businesses for the long term. Lincoln will continue to reshape Jardine Matheson at the centre to ensure we have the right teams and structures to evolve our portfolio and maximise shareholder value creation.
Performance summary
Jardine Matheson Holdings (JMH) delivered an improved performance in 2025. Our heightened focus on shareholder returns at a time when global investors are looking again at opportunities in Asia to diversify their holdings resulted in a strong recovery in JMH’s 5Y TSR. Underlying net profit increased 11% to US$1.68 billion, the JMH parent free cash flows were robust and the divestment of low return assets helped restore the parent company balance sheet to net cash, providing investment flexibility. We have also increased our full-year dividend per share by 4% to US$2.35 and will aim to continue growing it annually going forward.
Macroeconomic conditions
A strength of Jardine Matheson is our highly diversified, stable portfolio of private and listed assets which gives investors exposure to well-managed industry leaders across the Asia-Pacific region. We operated amidst significant global and local macro-economic turmoil in 2025, yet produced excellent cash flow and results, a benefit of our diversification and investment in quality management.
In Hong Kong, we are benefiting from renewed energy in capital markets, resulting in an increase in enquiries and occupancy in our Central office portfolio. A rebound in luxury and tourist consumption is also benefiting Hongkong Land, DFI Retail and Mandarin Oriental. Local mass market consumption, however, remains soft as deflationary pressure on wages and consumption put pressure on the restaurant and consumer segments of our portfolio.
China’s real estate market continues to be an overhang on consumer sentiment and spend. This, however, presents an opportunity for Hongkong Land as we push ahead to launch our landmark investment in Shanghai’s West Bund area. Westbund Central will be one of very few ultra-grade properties anywhere in China in the coming years, and initial interest in commercial and residential options at Westbund Central is excellent.
The macro environment in Indonesia remains challenging with softness in middle-class consumption impacting Astra’s four-wheeler business. We are, however, seeing excellent growth in our twowheeler and consumer finance businesses. Despite headwinds, we remain deeply committed to our long partnership with Astra and the Indonesian market.
Governance and sustainability
Another of our strengths is our ability to identify and develop senior executive teams and world-class boards of directors – supporting oversight, strategy and succession. In 2025 we welcomed Ming Lu and Tim Wise, two industry veterans in financial services, to the JMH Board. Alan Miyasaki, a longtime investment executive at Blackstone, joined the board and investment committee of Hongkong Land and earlier in March this year, Achal Agarwal, a long-time FMCG executive in Asia with Kimberly Clark and PepsiCo, joined and strengthened our board and audit committee at DFI Retail. You will see enhancements coming in our board of commissioners at Astra as well over the coming quarters.
We continue to build and enhance our management teams across the Group. We have long-term incentive programmes for the leadership teams of Hongkong Land, DFI Retail and Mandarin Oriental tied to TSR. You will see us launch similar programmes at JMH and Astra in 2026.
We also see our commitment to sustainability as integral to building resilience across our businesses – fundamentally linked to how we create superior long-term returns for stakeholders.
While as an investment company we will focus on governing primarily through the boards of our companies, the importance of sustainability has not been diminished – in fact it has become more central to the standards to which we hold the leadership teams of our portfolio companies.
Our portfolio companies continue to push ahead with their efforts to reduce scope 1 and 2 emissions, in line with established and credible action plans. We are working with our portfolio companies to set annual targets and committing JMH and our portfolio to a glidepath of tangible improvement in our scope 1 and 2 emissions.
Strategy
I have every confidence that our investment company model is the right one to take us forward and support the enduring success of the Company – and moreover, that Lincoln is the right leader to execute this transformation.
Jardines is unique. We are long-term, multi-generational investors, with strengths that set us apart as an investment proposition, including leadership, talent development and succession planning, and our commitment to governance and sustainability – including world-class risk management – across our portfolio. Moreover, our strategy remains underpinned by values that make us who we are: integrity, a commitment to long-term partnerships, and disciplined capital allocation as the backbone of how we do business.
Thank you
On behalf of the Board, I would like to thank John Witt for his many significant contributions to Jardines over the past three decades and to wish him the very best in his retirement. I would also like to thank Michael Wu, who stepped down from the Board in May 2025, for his contribution over many years.
Finally, I would like to express my appreciation to our colleagues for their dedication in driving the evolution of the firm, our valued partners for their unwavering support, and of course to our shareholders for their continued confidence as we drive our strategy forward.
Ben Keswick, Executive Chairman
Jardine Matheson
Dear shareholders,
This is my first statement to shareholders, and I first and foremost want to extend my thanks to the many Jardine Matheson investors, colleagues (present and prior), and long-time partners who have offered ample encouragement and advice. Importantly, I want to extend my appreciation to John Witt for his help and support in transitioning responsibilities over the past nine months.
Two years ago, our Executive Chairman, Ben Keswick, initiated a transformation process to evolve Jardine Matheson from an owner-operator to an investment company. Significant steps have been taken to realise this evolution, starting with upgrading our portfolio executive teams and boards with high-quality, respected industry leaders. Five-year TSR has been established as a principal KPI, and long-term incentive compensation programmes tied with TSR are and will be in place across all Jardine Matheson companies. All senior management, including myself, are required to purchase and hold meaningful equity in the companies they lead. This has resulted in greater clarity on portfolio strategy, decisiveness in strategy, capital recycling and, critically, alignment between management and all shareholders.
We are now accelerating the evolution of Jardine Matheson Holdings and our role as an investment holding company. We have stated the vision of becoming an engaged investor, but what does this actually mean and how will we measure success? Answering these questions is critical to the road ahead. We must and will implement our vision with speed and deliberation.
This summer at our Investor Day, we will lay out in greater depth our strategy and financial objectives. I will, however, begin laying out principles which Jardine Matheson will operate on going forward.
We will continue to define these principles and our financial objectives in the coming months. Regardless, we will move at pace. The macro environment in Asian markets remains volatile and our capital must be actively defended and enhanced. It is critical for Jardine Matheson to field the very best senior executives to support our companies to navigate our complex markets and to move with speed and agility.
We have, in 2025, begun to implement these principles. A major milestone was the privatisation of our luxury hotel group, Mandarin Oriental, eliminating an inefficient listing structure while releasing significant capital for shareholders by selling a low returning real estate asset, despite the asset’s historic association with Jardines. Privatising Mandarin Oriental will allow our outstanding management team, led by Laurent Kleitman, to implement his ambitious growth agenda in a private setting. Importantly, it will create options for Jardine Matheson to realise greater equity value from our Mandarin Oriental ownership in the future.
In total in 2025, Jardine Matheson and its portfolio companies recycled US$4.8 billion in capital, increasing total capital recycled over the last five years to US$8.6 billion. This included the divestment of sizable below hurdle-rate return investments at Hongkong Land, DFI Retail, Mandarin Oriental and Jardine Cycle & Carriage. This recycling has gone to support US$0.5 billion of corporate initiatives, including the Mandarin Oriental privatisation in January 2026, US$2.8 billion in capital expenditure to support our businesses, and US$1.4 billion to deleveraging the JMH parent balance sheet. Five-year TSR at year-end was 8.8% p.a., up markedly from -0.6% p.a. a year earlier.
We continue to see value in our existing portfolio and, as a result, supported continuation of Hongkong Land’s share repurchase programme, and launched buyback programmes at Astra, United Tractors and JMH.
Underlying net profit improved to US$1.68 billion, a 11% improvement on 2024, driven by a stable contribution from Astra, much-improved contributions from DFI Retail and Jardine Pacific, and substantially lower net corporate costs at JMH. JMH parent free cash flow increased by 7% to US$933 million, allowing JMH to increase the proposed dividend per share (DPS) by US¢10 to US$2.35 per share. Importantly, the JMH parent company balance sheet returned to net cash. Investors will see us committing to increasing our DPS each year and to having vigilant focus on improving quality of earnings.
Outlook
Following significant capital recycling and simplification activities in 2025, JMH’s 2026 underlying net profit profile will exclude a number of items. Principally as they affect EPS, these are the disposals at DFI Retail, the divestment of Vinamilk shares and the shift to accounting for Zhongsheng as an investment rather than an associate, whereby only dividends will be recognised as underlying net profit. These items amounted to approximately US¢39 in 2025 underlying earnings per share attributable to shareholders.
In the current uncertain environment globally and in some of our key markets, we expect 2026 earnings broadly in line with 2025, adjusted for disposals and accounting for Zhongsheng as noted above. However, with comfortable cash cover and a resilient portfolio delivering strong returns, we expect the full-year Jardine Matheson dividend to be at least US$2.45 per share (+4%) for 2026.
We will push ahead in 2026 to implement our vision for Jardine Matheson as a lean and focused investment company. You will see us continue to be active in assessing and recycling capital in our portfolio. You will see us upgrade our senior team to ensure we put in place outstanding executives, experienced in Asia to support our portfolio holdings. And while there is no urgency to do so, we will begin work to build new pillars to grow Jardine Matheson earnings in the future. There is no shortage of work ahead.
Thoughtful and deliberate decision-making, commitment to the long term but never passive, transparent and candid – these are the principles we want partners and investors to see every day at Jardine Matheson.
Lincoln Pan, Chief Executive Officer
Jardine Matheson
Astra International (Astra)
Astra in 2025 delivered rupiah denominated net profit of IDR32.8 trillion, a 3% decline compared to 2024 amidst trade tensions and softer domestic economic conditions. US dollar net profit declined 7% due to weakness in the IDR-USD exchange rate. 2025 saw strong performance in the motorcycle division, consumer finance and non-coal mining segments, offset by headwinds in four-wheeler automotive and coal mining. Astra’s contribution to JMH’s underlying net profit fell by 3% to US$787 million.
Aligned with our TSR strategy, Astra and United Tractors each completed an IDR2.0 trillion (US$121 million) share buyback programme in January 2026. In the same month, they both announced another tranche of share buybacks of up to IDR2.0 trillion each, which will continue in Q1 2026. These programmes reflect confidence in the prospects of Astra and United Tractors. Astra finished the year with net cash of IDR9.1 trillion (US$540 million), providing continued flexibility to fund its strategic priorities.
We are working with Astra on talent management. In 1H 2026 we will announce enhancements to the Astra Board of Commissioners. Alongside this, executive succession efforts are ongoing, including the appointment of Amy Hsu as Chief Financial Officer in January 2026, succeeding SC Chiew. Importantly, we are working with Astra to implement long-term incentive arrangements to align compensation with shareholders’ interests and drive long-term earnings enhancement.
Astra continues its capital deployment strategy in new growth sectors with acquisitions completed or signed in non-coal mining, healthcare and modern logistics infrastructure, in aggregate deploying IDR10.4 trillion (US$631 million) against these investments in 2025.
Jardine Matheson remains committed long term to investing in Indonesia and to supporting Astra’s capital recycling efforts to drive future growth.
Hongkong Land (HKL)
HKL’s contribution to JMH’s underlying net profit decreased by 8% to US$245 million, principally due to lower average office rentals and the temporary impact of reduced Hong Kong retail rental income as a result of ongoing renovation works of the Landmark luxury retail space. Recurring dividend income received by the JMH parent increased by 5% to US$271 million, in line with Hongkong Land’s mid-term strategy and prospects, and consequent commitment to growing dividends per share over time.
HKL made substantial progress on capital recycling in 2025. Completed or announced net proceeds recycled as at the end of February 2026 totalled US$3.6 billion since their new strategy was announced in October 2024. These include the partial disposal of One Exchange Square to the Hong Kong Stock Exchange (US$0.8 billion), the sale of MCL Land (US$0.7 billion), the recycling from other build-to-sell portfolio (US$0.8 billion), and the formation of the Singapore Central Private Real Estate Fund (SCPREF) and resulting disposal of Hongkong Land’s 33.3% interest in Marina Bay Financial Centre Tower 3 in Singapore for S$1.7 billion (US$1.3 billion). This represents 90% of HKL’s target of recycling at least US$4 billion by the end of 2027.
During the year, the group made considerable progress in recycling capital from its build-to-sell portfolio, realising some US$800 million from inventory sales, primarily from the Chinese Mainland.
In February 2026, HKL announced the establishment of SCPREF, its first private real estate fund. The new fund has more than US$6.4 billion of assets under management, with Qatar Investment Authority and APG Asset Management as founding investors. SCPREF was seeded with some of Singapore’s highest-quality commercial real estate assets, including equity interests in One Raffles Quay, Marina Bay Financial Centre Towers 1 and 2, One Raffles Link and Asia Square Tower 1.
SCPREF represents a significant milestone in the execution of HKL’s strategy to build a scalable third-party capital platform, broadening HKL’s investor base and diversifying income through feebased revenues. As the manager of SCPREF, HKL intends to pursue growth opportunities in prime commercial properties – focusing on Singapore’s key business districts – in a more capital-efficient manner. This is an example both of Jardine Matheson supporting our portfolio companies to enhance quality of earnings, and the portfolio company leadership team executing new strategies at pace. Michael Smith and his management team are bringing outstanding innovation and creativity to the business.
DFI Retail Group (DFI Retail)
DFI Retail’s contribution to JMH’s underlying net profit increased to US$209 million in 2025, a 35% increase compared to the prior year. This strong performance was driven by improved margins and proactive portfolio actions. Recurring dividend income received by JMH parent increased by 24% to US$110 million. A special dividend of US$465 million was also received following divestments. DFI Retail finished the year in a net cash position, providing it with investment capacity for its future strategic priorities.
DFI Retail completed the divestments of low yielding, minority stakes in Yonghui and Robinsons Retail, as well as its Singapore Food business, enabling reinvestment in its core segments. This approach, combined with a sharpened focus on retail excellence and a strengthened balance sheet, delivered a one-year TSR exceeding 90% in 2025. Scott Price and his leadership team have brought outstanding execution focus and discipline to DFI Retail operations in challenging market conditions.
Mandarin Oriental (MO)
The underlying net profit contribution from 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, Mandarin Oriental 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 Mandarin Oriental share in January 2026, with JMH parent receiving US$668 million. JMH used part of the proceeds to acquire the remaining 11.96% of Mandarin Oriental's shares it did not already own. JMH will continue to opportunistically review the assets owned by MO for capital recycling.
Jardine Pacific
Jardine Pacific reported higher underlying net profit of US$191 million after corporate costs, up US$42 million compared to the previous year. The Engineering & Infrastructure businesses reported a 10% increase in underlying net profit to US$195 million compared to the previous year, while the consumer businesses saw a significant recovery. Recurring dividends received by JMH parent from Jardine Pacific were US$170 million.
Jardine Cycle & Carriage (JC&C)
Including Astra, JC&C’s contribution to JMH’s underlying net profit increased by 4% to US$942 million. Excluding Astra, JC&C contributed US$155 million to JMH’s underlying net profit, up 56% due to a higher contribution from the Vietnam businesses, while foreign exchange gains and lower financing costs at the JC&C corporate level improved JC&C’s overall profitability. In December 2025, JC&C divested 4.6% of its shares in Vinamilk for US$228 million, reducing its shareholding to 6.0%. On 26 February 2026, JC&C sold a further 3.5% interest in Vinamilk for approximately US$188 million. JC&C’s parent company net debt finished the year US$239 million lower at US$577 million.
Jardine Matheson net corporate expenses (JMH)
JMH parent company’s net corporate expenses reduced in the year by US$67 million to US$37 million, as corporate overheads fell by US$11 million, net financing costs and tax reduced by US$13 million and net investment income rose by US$43 million.
Click here to read the full announcement.
# Capital recycling includes sales of subsidiaries, associates and joint ventures, other investments, investment properties and net repayment from Hongkong Land’s build-to-sell associates and joint ventures post announcement to exit.
^ 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 businesses and nontrading items. Management considers this to be a key measure which provides greater understanding of the Group’s underlying business performance of core businesses. The comparative figures have been re-presented to include the profit or loss from non-strategic businesses in non-trading items, as more fully described in notes 1 and 41 to the financial statements.
The final dividend of US$1.75 per share will be payable on 13 May 2026, subject to approval at the Annual General Meeting to be held on 7 May 2026, to shareholders on the register of members at the close of business on 20 March 2026 and will be available in cash with a scrip alternative.