REG - Jardine Matheson Hdg - Interim Management Statement

Jardine Matheson HoldingsAnnouncement

21/11/2025 10:15

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RNS Number : 5435I  Jardine Matheson Hldgs Ltd  21 November 2025

21 November 2025

For immediate release

The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.

Jardine Matheson Holdings Limited
Interim Management Statement

21 November 2025 - Jardine Matheson Holdings Limited (the 'Company') today
publishes its Interim Management Statement for the third quarter of 2025.

The performance of the Company's portfolio in the third quarter was in line
with expectations at the half-year.  Profit guidance for the full-year
remains unchanged.

As previously announced, Lincoln Pan has joined the Company and will become
CEO on 1 December 2025 succeeding John Witt.

Astra reported flat revenue and a modest decrease in underlying profit for the
third quarter compared to the same period last year. There was stronger
performance from Astra's financial services, motorcycle and infrastructure
businesses offset in part by lower contributions from coal mining.

In October, Astra and United Tractors both announced share buyback programmes
of up to US$120 million each.  Additionally, Astra progressed several
strategic developments in the period, including the acquisition of an 83.7%
stake in Mega Manunggal Property, Indonesia's largest industrial and logistics
property developer, and the purchase of Arafura Surya Alam, a gold mining
company in North Sulawesi, for US$540 million, furthering Astra's strategy to
increase exposure to infrastructure and non-coal mining.

Hongkong Land's underlying profit in the quarter was lower than the third
quarter of 2024, primarily due to reduced contributions from the Hong Kong
office portfolio and pre-opening costs in respect of the group's Prime
Properties Investment pipeline in China.  For the full financial year,
Hongkong Land's outlook on underlying results remains unchanged, with
performance, excluding provisions, expected to be lower than the prior year.

Hongkong Land made further progress towards its target of recycling at least
US$4 billion of capital by the end of 2027, by selling the Singapore and
Malaysia residential developer MCL Land for total net proceeds (including cash
distributions before completion) of US$657 million.  Hongkong Land has now
achieved 50% of its end of 2027 target.

Hongkong Land's US$200 million share buyback programme announced in April has
now been fully invested, reducing its issued share capital by 1.6%. An
additional US$150 million was allocated to the share buyback programme in
September, financed by proceeds from the MCL Land transaction and other
recycled capital.

DFI Retail Group ('DFI Retail') reported a 48% increase in underlying profit
for the third quarter compared to the same period in 2024, supported by lower
financing costs and higher underlying profit from associates, following the
divestment of Yonghui and Robinsons Retail. DFI Retail has significantly
strengthened its balance sheet, with US$648 million net cash as at 30
September 2025, compared to US$468 million net debt at 31 December 2024. DFI
Retail declared a special dividend of US¢44.30 per share in July 2025, which
was paid in October 2025, equivalent to US$600 million.

Jardine Pacific reported higher underlying net profit in the third quarter
compared to the same period last year.

Mandarin Oriental ('MO') saw slightly higher net profit in the third quarter
compared to the prior year, benefiting from increased Revenue per Available
Room ('RevPAR') in all regions except Southeast Asia, with particularly robust
growth in the Middle East and America. The group's strong earnings enabled it
to continue to invest in its long-term growth strategy. In the third quarter,
three new hotel and residences management agreements were announced - in
Dubai, Seoul and Xian, China - while in the fourth quarter MO's European
portfolio will increase to 18 hotels with the opening of Mandarin Oriental,
Vienna.

In October 2025, MO announced the sale of 13 floors of its newly completed
Grade A commercial building, One Causeway Bay, to Alibaba Group. At the same
time, the Company and MO jointly announced an offer for the Company to acquire
the remaining 12% of MO's shares it does not already own. If these
transactions are completed as planned, MO is expected to become fully-owned by
the Company in the first quarter of 2026.

Jardine Matheson continued to de-lever the Company's parent balance sheet and
following receipt and payment of dividends, had net debt of US$25 million at
the end of October. The Company announced a share buyback programme on 3
November 2025, which intends to return US$250 million to Jardine Matheson
shareholders before the end of 2026.

With strong leadership teams in place and clear strategies across our
portfolio companies, supported by a strong balance sheet, the Company is
well-positioned to take advantage of opportunities for mid- and long-term
growth.

********

Jardine Matheson
Jardine Matheson is a diversified investment company founded in China in 1832
that creates value for our stakeholders by building lasting and sustainable
businesses in Asia. The Company's businesses aim to produce sustainable
returns by providing their customers with high quality products and services.

Jardine Matheson Holdings Limited is incorporated in Bermuda and has a primary
listing in the equity shares (transition) category of the London Stock
Exchange, with secondary listings in Bermuda and Singapore.

 

- end -

 

For further information, please contact:

Jardine Matheson

Graham Baker / Suzanne
Cheuk
(852) 2843 8218 / 8262

Brunswick Group

Edward Tam
                                         (852) 9878 7201

This and other Group announcements can be accessed online at www.jardines.com.

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