JMH USD J36
Financials
Jardine Matheson Annual Report 2025
Explore the statements
26 tablesConsolidated Profit and Loss Account
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Underlying business performance | 2025Non-trading items | 2025Total | 2024Underlying business performance; re-presented | 2024Non-trading item; re-presented | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| RevenueUS$m | 33,817 | 400 | 34,217 | 34,864 | 915 | 35,779 | PDF p. 84 |
| Net operating costsUS$m | (30,101) | (572) | (30,673) | (30,940) | (1,460) | (32,400) | PDF p. 84 |
| Change in fair value of investment propertiesUS$m | – | 172 | 172 | – | (2,213) | (2,213) | PDF p. 84 |
| Operating profitUS$m | 3,716 | – | 3,716 | 3,924 | (2,758) | 1,166 | PDF p. 84 |
| Net financing charges | |||||||
| – financing chargesUS$m | (696) | (6) | (702) | (789) | (7) | (796) | PDF p. 84 |
| – financing incomeUS$m | 248 | 16 | 264 | 235 | 35 | 270 | PDF p. 84 |
| SubtotalUS$m | (448) | 10 | (438) | (554) | 28 | (526) | PDF p. 84 |
| Share of results of associates and joint ventures | |||||||
| – before change in fair value of investment propertiesUS$m | 1,094 | 241 | 1,335 | 1,100 | 63 | 1,163 | PDF p. 84 |
| – change in fair value of investment propertiesUS$m | – | 386 | 386 | – | 136 | 136 | PDF p. 84 |
| SubtotalUS$m | 1,094 | 627 | 1,721 | 1,100 | 199 | 1,299 | PDF p. 84 |
| Impairment losses on associates and joint venturesUS$m | – | (798) | (798) | – | (508) | (508) | PDF p. 84 |
| Profit before taxUS$m | 4,362 | (161) | 4,201 | 4,470 | (3,039) | 1,431 | PDF p. 84 |
| TaxUS$m | (797) | (113) | (910) | (826) | (50) | (876) | PDF p. 84 |
| Profit after taxUS$m | 3,565 | (274) | 3,291 | 3,644 | (3,089) | 555 | PDF p. 84 |
| Attributable to | |||||||
| Shareholders of the CompanyUS$m | 1,681 | (572) | 1,109 | 1,518 | (1,986) | (468) | PDF p. 84 |
| Non-controlling interestsUS$m | 1,884 | 298 | 2,182 | 2,126 | (1,103) | 1,023 | PDF p. 84 |
| SubtotalUS$m | 3,565 | (274) | 3,291 | 3,644 | (3,089) | 555 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 84 ↗
The 2024 comparative figures are marked “re-presented” under the underlying-business-performance and non-trading columns. The report explains: “The comparative figures have been re-presented from underlying business to conform with the current year’s presentation.” (physical page 90).
Consolidated earnings/(loss) per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Underlying business performance | 2025Total | 2024Underlying business performance | 2024Total | Source |
|---|---|---|---|---|---|
| Earnings/(loss) per share | |||||
| – basicUS$ | 5.72 | 3.78 | 5.24 | (1.61) | PDF p. 84 |
| – dilutedUS$ | 5.72 | 3.77 | 5.23 | (1.61) | PDF p. 84 |
Definitions & sources
Original report: PDF p. 84 ↗
Consolidated Statement of Comprehensive Income
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit for the yearUS$m | 3,291 | 555 | PDF p. 85 |
| Other comprehensive income/(expense); items that will not be reclassified to profit and loss | |||
| Net exchange translation loss arising during the yearUS$m | (211) | (296) | PDF p. 85 |
| Remeasurements of defined benefit plansUS$m | 32 | 12 | PDF p. 85 |
| Remeasurements of statutory employee entitlementsUS$m | (2) | (2) | PDF p. 85 |
| Revaluation surplus before transfer to investment properties – right-of-use assetsUS$m | – | 97 | PDF p. 85 |
| Tax on items that will not be reclassifiedUS$m | (5) | (2) | PDF p. 85 |
| SubtotalUS$m | (186) | (191) | PDF p. 85 |
| Other comprehensive income/(expense) | |||
| Share of other comprehensive income/(expense) of associates and joint venturesUS$m | 93 | (209) | PDF p. 85 |
| SubtotalUS$m | (93) | (400) | PDF p. 85 |
| Items that may be reclassified subsequently to profit and loss; Net exchange translation differences | |||
| – net loss arising during the yearUS$m | (70) | (166) | PDF p. 85 |
| – transfer to profit and lossUS$m | 118 | 165 | PDF p. 85 |
| SubtotalUS$m | 48 | (1) | PDF p. 85 |
| Items that may be reclassified subsequently to profit and loss; Revaluation of other investments at fair value through other comprehensive income | |||
| – net gain/(loss) arising during the yearUS$m | 41 | (13) | PDF p. 85 |
| – transfer to profit and lossUS$m | (1) | – | PDF p. 85 |
| SubtotalUS$m | 40 | (13) | PDF p. 85 |
| Items that may be reclassified subsequently to profit and loss; Cash flow hedges | |||
| – net (loss)/gain arising during the yearUS$m | (238) | 16 | PDF p. 85 |
| – transfer to profit and lossUS$m | 5 | (23) | PDF p. 85 |
| SubtotalUS$m | (233) | (7) | PDF p. 85 |
| Items that may be reclassified subsequently to profit and loss | |||
| Tax relating to items that may be reclassifiedUS$m | 52 | (1) | PDF p. 85 |
| Share of other comprehensive income/(expense) of associates and joint venturesUS$m | 204 | (246) | PDF p. 85 |
| SubtotalUS$m | 111 | (268) | PDF p. 85 |
| Other comprehensive income/(expense) for the year, net of taxUS$m | 18 | (668) | PDF p. 85 |
| Total comprehensive income/(expense) for the yearUS$m | 3,309 | (113) | PDF p. 85 |
| Attributable to | |||
| Shareholders of the CompanyUS$m | 1,337 | (696) | PDF p. 85 |
| Non-controlling interestsUS$m | 1,972 | 583 | PDF p. 85 |
| SubtotalUS$m | 3,309 | (113) | PDF p. 85 |
Definitions & sources
Original report: PDF p. 85 ↗
Consolidated Balance Sheet — assets
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Assets | |||
| Intangible assetsUS$m | 2,026 | 2,116 | PDF p. 86 |
| Tangible assetsUS$m | 6,627 | 6,574 | PDF p. 86 |
| Right-of-use assetsUS$m | 3,533 | 4,024 | PDF p. 86 |
| Investment propertiesUS$m | 27,463 | 28,079 | PDF p. 86 |
| Bearer plantsUS$m | 440 | 462 | PDF p. 86 |
| Associates and joint venturesUS$m | 15,314 | 17,838 | PDF p. 86 |
| Other investmentsUS$m | 2,684 | 3,387 | PDF p. 86 |
| Non-current debtorsUS$m | 3,761 | 3,895 | PDF p. 86 |
| Deferred tax assetsUS$m | 622 | 582 | PDF p. 86 |
| Pension assetsUS$m | 31 | 11 | PDF p. 86 |
| Non-current assetsUS$m | 62,501 | 66,968 | PDF p. 86 |
| Current assets | |||
| Properties for saleUS$m | 1,525 | 2,879 | PDF p. 86 |
| Stocks and work in progressUS$m | 3,105 | 3,332 | PDF p. 86 |
| Current debtorsUS$m | 7,046 | 6,839 | PDF p. 86 |
| Current investmentsUS$m | 374 | 50 | PDF p. 86 |
| Current tax assetsUS$m | 181 | 136 | PDF p. 86 |
| Cash and bank balances | |||
| – non-financial services companiesUS$m | 8,293 | 4,551 | PDF p. 86 |
| – financial services companiesUS$m | 270 | 296 | PDF p. 86 |
| SubtotalUS$m | 8,563 | 4,847 | PDF p. 86 |
| Current assets | |||
| SubtotalUS$m | 20,794 | 18,083 | PDF p. 86 |
| Assets | |||
| Assets classified as held for saleUS$m | 2,841 | 1,728 | PDF p. 86 |
| Current assetsUS$m | 23,635 | 19,811 | PDF p. 86 |
| Total assetsUS$m | 86,136 | 86,779 | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
Consolidated Balance Sheet — equity and liabilities
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Equity | |||
| Share capitalUS$m | 74 | 73 | PDF p. 87 |
| Share premium and capital reservesUS$m | 31 | 23 | PDF p. 87 |
| Revenue and other reservesUS$m | 28,928 | 27,784 | PDF p. 87 |
| Shareholders’ fundsUS$m | 29,033 | 27,880 | PDF p. 87 |
| Non-controlling interestsUS$m | 25,614 | 25,440 | PDF p. 87 |
| Total equityUS$m | 54,647 | 53,320 | PDF p. 87 |
| Long-term borrowings | |||
| – non-financial services companiesUS$m | 8,755 | 9,662 | PDF p. 87 |
| – financial services companiesUS$m | 1,477 | 1,592 | PDF p. 87 |
| SubtotalUS$m | 10,232 | 11,254 | PDF p. 87 |
| Liabilities | |||
| Non-current lease liabilitiesUS$m | 2,317 | 2,773 | PDF p. 87 |
| Deferred tax liabilitiesUS$m | 795 | 778 | PDF p. 87 |
| Pension liabilitiesUS$m | 403 | 377 | PDF p. 87 |
| Non-current creditorsUS$m | 1,812 | 1,154 | PDF p. 87 |
| Non-current provisionsUS$m | 442 | 411 | PDF p. 87 |
| Non-current liabilitiesUS$m | 16,001 | 16,747 | PDF p. 87 |
| Current borrowings | |||
| – non-financial services companiesUS$m | 2,268 | 2,213 | PDF p. 87 |
| – financial services companiesUS$m | 2,653 | 2,421 | PDF p. 87 |
| SubtotalUS$m | 4,921 | 4,634 | PDF p. 87 |
| Liabilities | |||
| Current lease liabilitiesUS$m | 681 | 741 | PDF p. 87 |
| Current tax liabilitiesUS$m | 308 | 300 | PDF p. 87 |
| Current creditorsUS$m | 9,360 | 10,835 | PDF p. 87 |
| Current provisionsUS$m | 200 | 202 | PDF p. 87 |
| SubtotalUS$m | 15,470 | 16,712 | PDF p. 87 |
| Liabilities directly associated with assets classified as held for saleUS$m | 18 | – | PDF p. 87 |
| Current liabilitiesUS$m | 15,488 | 16,712 | PDF p. 87 |
| Total liabilitiesUS$m | 31,489 | 33,459 | PDF p. 87 |
| Total equity and liabilitiesUS$m | 86,136 | 86,779 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
Summarised balance sheet of the company
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| SubsidiariesUS$m | 1,493 | 1,493 | PDF p. 158 |
| Current assetsUS$m | 594 | 962 | PDF p. 158 |
| Total assetsUS$m | 2,087 | 2,455 | PDF p. 158 |
| Share capitalUS$m | 74 | 73 | PDF p. 158 |
| Share premium and capital reservesUS$m | 8 | 11 | PDF p. 158 |
| Revenue and other reservesUS$m | 1,366 | 1,697 | PDF p. 158 |
| Shareholders’ fundsUS$m | 1,448 | 1,781 | PDF p. 158 |
| Current liabilitiesUS$m | 639 | 674 | PDF p. 158 |
| Total equity and liabilitiesUS$m | 2,087 | 2,455 | PDF p. 158 |
Definitions & sources
Original report: PDF p. 158 ↗
The report describes this as “certain summarised balance sheet information of the Company disclosed in accordance with Bermuda law.” Subsidiaries are shown at cost less impairment provided.
Consolidated Statement of Changes in Equity — 2025
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital (US$m) | 2025Group, Share premium (US$m) | 2025Group, Capital reserves (US$m) | 2025Group, Revenue reserves (US$m) | 2025Group, Asset revaluation reserves (US$m) | 2025Group, Hedging reserves (US$m) | 2025Group, Exchange reserves (US$m) | 2025Attributable to shareholders of the Company (US$m) | 2025Attributable to non-controlling interests (US$m) | 2025Total equity (US$m) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 movements in equity | |||||||||||
| At 1 JanuaryUS$m | 73 | – | 23 | 28,172 | 2,395 | (4) | (2,779) | 27,880 | 25,440 | 53,320 | PDF p. 88 |
| Total comprehensive incomeUS$m | – | – | – | 1,150 | – | (63) | 250 | 1,337 | 1,972 | 3,309 | PDF p. 88 |
| Dividends paid by the Company (refer note 27)US$m | – | – | – | (658) | – | – | – | (658) | – | (658) | PDF p. 88 |
| Dividends paid to non-controlling interestsUS$m | – | – | – | – | – | – | – | – | (1,211) | (1,211) | PDF p. 88 |
| Unclaimed dividends forfeitedUS$m | – | – | – | 2 | – | – | – | 2 | – | 2 | PDF p. 88 |
| Employee share option schemesUS$m | – | 4 | 16 | – | – | – | – | 20 | 8 | 28 | PDF p. 88 |
| Scrip issued in lieu of dividendsUS$m | 1 | (1) | – | 197 | – | – | – | 197 | – | 197 | PDF p. 88 |
| Repurchase of sharesUS$m | – | (4) | – | (28) | – | – | – | (32) | – | (32) | PDF p. 88 |
| Capital contribution from non-controlling interestsUS$m | – | – | – | – | – | – | – | – | 8 | 8 | PDF p. 88 |
| Share purchased for share-based incentive plans in subsidiariesUS$m | – | – | – | (23) | – | – | – | (23) | (14) | (37) | PDF p. 88 |
| Untraceable sharesUS$m | – | – | – | 84 | – | – | – | 84 | 21 | 105 | PDF p. 88 |
| Subsidiaries acquiredUS$m | – | – | – | – | – | – | – | – | 65 | 65 | PDF p. 88 |
| Change in interests in subsidiariesUS$m | – | – | – | 230 | – | – | – | 230 | (671) | (441) | PDF p. 88 |
| Change in interests in associates and joint venturesUS$m | – | – | – | (4) | – | – | – | (4) | (4) | (8) | PDF p. 88 |
| TransferUS$m | – | 5 | (12) | 1,275 | (1,268) | – | – | – | – | – | PDF p. 88 |
| At 31 DecemberUS$m | 74 | 4 | 27 | 30,397 | 1,127 | (67) | (2,529) | 29,033 | 25,614 | 54,647 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Consolidated Statement of Changes in Equity — 2024
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital (US$m) | 2024Group, Share premium (US$m) | 2024Group, Capital reserves (US$m) | 2024Group, Revenue reserves (US$m) | 2024Group, Asset revaluation reserves (US$m) | 2024Group, Hedging reserves (US$m) | 2024Group, Exchange reserves (US$m) | 2024Attributable to shareholders of the Company (US$m) | 2024Attributable to non-controlling interests (US$m) | 2024Total equity (US$m) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 movements in equity | |||||||||||
| At 1 JanuaryUS$m | 72 | – | 22 | 29,009 | 2,323 | 11 | (2,427) | 29,010 | 26,921 | 55,931 | PDF p. 88 |
| Total comprehensive (expense)/incomeUS$m | – | – | – | (467) | 76 | (15) | (290) | (696) | 583 | (113) | PDF p. 88 |
| Dividends paid by the Company (refer note 27)US$m | – | – | – | (651) | – | – | – | (651) | – | (651) | PDF p. 88 |
| Dividends paid to non-controlling interestsUS$m | – | – | – | – | – | – | – | – | (1,276) | (1,276) | PDF p. 88 |
| Unclaimed dividends forfeitedUS$m | – | – | – | 2 | – | – | – | 2 | – | 2 | PDF p. 88 |
| Employee share option schemesUS$m | – | – | 9 | – | – | – | – | 9 | 3 | 12 | PDF p. 88 |
| Scrip issued in lieu of dividendsUS$m | 1 | (1) | – | 204 | – | – | – | 204 | – | 204 | PDF p. 88 |
| Repurchase of sharesUS$m | – | – | – | (101) | – | – | – | (101) | – | (101) | PDF p. 88 |
| Capital contribution from non-controlling interestsUS$m | – | – | – | – | – | – | – | – | 1 | 1 | PDF p. 88 |
| Share purchased for a share-based incentive plan in a subsidiaryUS$m | – | – | – | (3) | – | – | – | (3) | – | (3) | PDF p. 88 |
| Subsidiaries acquiredUS$m | – | – | – | – | – | – | – | – | 3 | 3 | PDF p. 88 |
| Change in interests in subsidiariesUS$m | – | – | – | 75 | – | – | – | 75 | (796) | (721) | PDF p. 88 |
| Change in interests in associates and joint venturesUS$m | – | – | – | 31 | – | – | – | 31 | 1 | 32 | PDF p. 88 |
| TransferUS$m | – | 1 | (8) | 73 | (4) | – | (62) | – | – | – | PDF p. 88 |
| At 31 DecemberUS$m | 73 | – | 23 | 28,172 | 2,395 | (4) | (2,779) | 27,880 | 25,440 | 53,320 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Consolidated Cash Flow Statement
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Cash generated from operationsUS$m | 5,732 | 5,637 | PDF p. 89 |
| Interest receivedUS$m | 243 | 258 | PDF p. 89 |
| Interest and other financing charges paidUS$m | (703) | (809) | PDF p. 89 |
| Tax paidUS$m | (937) | (1,066) | PDF p. 89 |
| SubtotalUS$m | 4,335 | 4,020 | PDF p. 89 |
| Dividends from associates and joint venturesUS$m | 974 | 979 | PDF p. 89 |
| Cash flows from operating activitiesUS$m | 5,309 | 4,999 | PDF p. 89 |
| Investing activities | |||
| Purchase of subsidiariesUS$m | (278) | 5 | PDF p. 89 |
| Purchase of associates and joint venturesUS$m | (339) | (257) | PDF p. 89 |
| Purchase of other investmentsUS$m | (543) | (417) | PDF p. 89 |
| Purchase of intangible assetsUS$m | (122) | (127) | PDF p. 89 |
| Purchase of tangible assetsUS$m | (1,170) | (1,191) | PDF p. 89 |
| Additions to leasehold land under right-of-use assetsUS$m | (24) | (25) | PDF p. 89 |
| Additions to investment propertiesUS$m | (274) | (240) | PDF p. 89 |
| Additions to bearer plantsUS$m | (29) | (33) | PDF p. 89 |
| Advances to associates and joint venturesUS$m | (22) | (112) | PDF p. 89 |
| Repayments from associates and joint venturesUS$m | 273 | 259 | PDF p. 89 |
| Sale of subsidiariesUS$m | 687 | 317 | PDF p. 89 |
| Sale of associates and joint venturesUS$m | 1,635 | 388 | PDF p. 89 |
| Sale of other investmentsUS$m | 875 | 253 | PDF p. 89 |
| Sale of tangible assetsUS$m | 158 | 173 | PDF p. 89 |
| Sale of right-of-use assetsUS$m | 8 | 16 | PDF p. 89 |
| Sale of investment propertiesUS$m | 1,258 | 20 | PDF p. 89 |
| Cash flows from investing activitiesUS$m | 2,093 | (971) | PDF p. 89 |
| Financing activities | |||
| Issue of sharesUS$m | 4 | – | PDF p. 89 |
| Capital contribution from non-controlling interestsUS$m | 8 | 1 | PDF p. 89 |
| Acquisition of the remaining interest in Jardine StrategicUS$m | (1) | (23) | PDF p. 89 |
| Change in interests in other subsidiariesUS$m | (437) | (700) | PDF p. 89 |
| Purchase of own sharesUS$m | (32) | (101) | PDF p. 89 |
| Purchase of shares for share-based incentive plans in subsidiariesUS$m | (37) | (3) | PDF p. 89 |
| Sale of untraceable sharesUS$m | 106 | – | PDF p. 89 |
| Drawdown of borrowingsUS$m | 7,516 | 10,591 | PDF p. 89 |
| Repayment of borrowingsUS$m | (8,293) | (11,072) | PDF p. 89 |
| Repayments to associates and joint venturesUS$m | (16) | (27) | PDF p. 89 |
| Advances from associates and joint venturesUS$m | 122 | 96 | PDF p. 89 |
| Principal elements of lease paymentsUS$m | (895) | (877) | PDF p. 89 |
| Dividends paid by the CompanyUS$m | (461) | (447) | PDF p. 89 |
| Dividends paid to non-controlling interestsUS$m | (1,211) | (1,276) | PDF p. 89 |
| Cash flows from financing activitiesUS$m | (3,627) | (3,838) | PDF p. 89 |
| Cash and cash equivalents reconciliation | |||
| Net increase in cash and cash equivalentsUS$m | 3,775 | 190 | PDF p. 89 |
| Cash and cash equivalents at 1 JanuaryUS$m | 4,842 | 4,796 | PDF p. 89 |
| Effect of exchange rate changesUS$m | (43) | (144) | PDF p. 89 |
| Cash and cash equivalents at 31 DecemberUS$m | 8,574 | 4,842 | PDF p. 89 |
Definitions & sources
Original report: PDF p. 89 ↗
Five-year summary — Profit and Loss
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year summary — Profit and Loss | ||||||
| RevenueUS$m | 34,217 | 35,779 | 36,049 | 37,496 | 35,862 | PDF p. 192 |
| Profit/(loss) attributable to shareholdersUS$m | 1,109 | (468) | 686 | 354 | 1,881 | PDF p. 192 |
| Underlying profit attributable to shareholdersUS$m | 1,681 | 1,518 | 1,661 | 1,584 | 1,513 | PDF p. 192 |
| Earnings/(loss) per share (US$)US$ per share | 3.78 | (1.61) | 2.37 | 1.22 | 6.01 | PDF p. 192 |
| Underlying earnings per share (US$)US$ per share | 5.72 | 5.24 | 5.74 | 5.49 | 4.83 | PDF p. 192 |
| Dividends per share (US$)US$ per share | 2.35 | 2.25 | 2.25 | 2.15 | 2.00 | PDF p. 192 |
Definitions & sources
Original report: PDF p. 192 ↗
Five-year summary — Balance Sheet
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year summary — Balance Sheet | ||||||
| Total assets excluding right-of-use assetsUS$m | 82,603 | 82,755 | 86,403 | 84,894 | 87,215 | PDF p. 192 |
| Right-of-use assetsUS$m | 3,533 | 4,024 | 4,080 | 4,184 | 4,274 | PDF p. 192 |
| Total assetsUS$m | 86,136 | 86,779 | 90,483 | 89,078 | 91,489 | PDF p. 192 |
| Total liabilities excluding total lease liabilitiesUS$m | (28,491) | (29,945) | (30,832) | (29,095) | (29,287) | PDF p. 192 |
| Total lease liabilitiesUS$m | (2,998) | (3,514) | (3,720) | (3,723) | (3,834) | PDF p. 192 |
| Total liabilitiesUS$m | (31,489) | (33,459) | (34,552) | (32,818) | (33,121) | PDF p. 192 |
| Total equityUS$m | 54,647 | 53,320 | 55,931 | 56,260 | 58,368 | PDF p. 192 |
| Shareholders’ fundsUS$m | 29,033 | 27,880 | 29,010 | 28,850 | 29,781 | PDF p. 192 |
| Net borrowings (excluding net borrowings of financial services companies)US$m | 2,717 | 7,320 | 8,372 | 7,515 | 6,635 | PDF p. 192 |
| Net asset value per share (US$)US$ per share | 98.19 | 95.51 | 100.31 | 99.55 | 102.87 | PDF p. 192 |
Definitions & sources
Original report: PDF p. 192 ↗
Five-year summary — Cash Flow
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year summary — Cash Flow | ||||||
| Cash flows from operating activitiesUS$m | 5,309 | 4,999 | 4,584 | 4,825 | 5,076 | PDF p. 192 |
| Cash flows from investing activitiesUS$m | 2,093 | (971) | (2,463) | (2,593) | 231 | PDF p. 192 |
| Net cash flow before financingUS$m | 7,402 | 4,028 | 2,121 | 2,232 | 5,307 | PDF p. 192 |
| Net cash flow after principal elements of lease paymentsUS$m | 6,507 | 3,151 | 1,265 | 1,357 | 4,413 | PDF p. 192 |
| Cash flow per share from operating activities (US$)US$ per share | 18.07 | 17.24 | 15.83 | 16.71 | 16.22 | PDF p. 192 |
Definitions & sources
Original report: PDF p. 192 ↗
Segment information — Note 2 Segmental information - 2025 by reportable segment (US$m)
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Jardine Pacific | 2025Zhongsheng | 2025Hongkong Land | 2025DFI Retail | 2025Mandarin Oriental | 2025Cycle & Carriage | 2025Astra | 2025Corporate and other interests | 2025Intersegment transactions | 2025Underlying business performance | 2025Non-trading items: non-strategic business (refer note 1) | 2025Non-trading items: other | 2025Total non-trading items | 2025Total Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | |||||||||||||||
| Revenue (refer note 3)US$m | 2,056 | – | 1,048 | 8,869 | 544 | 1,750 | 19,608 | – | (58) | 33,817 | 400 | – | 400 | 34,217 | PDF p. 91 |
| Net operating costsUS$m | (1,980) | 3 | (429) | (8,501) | (459) | (1,629) | (17,160) | (4) | 58 | (30,101) | (556) | (16) | (572) | (30,673) | PDF p. 91 |
| Operating profitUS$m | 76 | 3 | 619 | 368 | 85 | 121 | 2,448 | (4) | – | 3,716 | (156) | 156 | – | 3,716 | PDF p. 91 |
| Profit before taxUS$m | 207 | 63 | 541 | 331 | 101 | 206 | 2,947 | (34) | – | 4,362 | 83 | (244) | (161) | 4,201 | PDF p. 91 |
| TaxUS$m | (16) | – | (81) | (58) | (24) | (18) | (597) | (3) | – | (797) | (81) | (32) | (113) | (910) | PDF p. 91 |
| Profit after taxUS$m | 191 | 63 | 460 | 273 | 77 | 188 | 2,350 | (37) | – | 3,565 | 2 | (276) | (274) | 3,291 | PDF p. 91 |
| Non-controlling interestsUS$m | – | – | (215) | (64) | (9) | (33) | (1,563) | – | – | (1,884) | (2) | (296) | (298) | (2,182) | PDF p. 91 |
| Profit attributable to shareholdersUS$m | 191 | 63 | 245 | 209 | 68 | 155 | 787 | (37) | – | 1,681 | – | (572) | (572) | 1,109 | PDF p. 91 |
Definitions & sources
Original report: PDF p. 91 ↗
* Net (borrowings)/cash is total borrowings less cash and bank balances (including balances classified as assets held for sale (refer note 23)).
Net borrowings of financial services companies amounted to US$3,860 million at 31 December 2025 (2024: US$3,717 million) and relates to Astra.
# Corporate's cash flows from operating activities comprised dividend income from associate and other investments of US$53 million (2024: US$62 million) net with corporate costs and net financing charges of US$103 million (2024: US$121 million). Parent free cash flow comprised recurring dividends from subsidiaries of US$983 million (2024: US$934 million), less Corporate's cash flows from operating activities of US$50 million (2024: US$59 million).
Net (borrowings)/cash row omitted from rows because values are printed only under segment columns and total with ambiguous alignment; 2025 printed: (63) 8 (3,577) 70 856 (584) 540 33 – and total (2,717).
Segment information — Note 2 Segmental information - 2024 by reportable segment (US$m)
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Jardine Pacific | 2024Zhongsheng | 2024Hongkong Land | 2024DFI Retail | 2024Mandarin Oriental | 2024Cycle & Carriage | 2024Astra | 2024Corporate and other interests | 2024Intersegment transactions | 2024Underlying business performance | 2024Non-trading items: non-strategic business (refer note 1) | 2024Non-trading items: other | 2024Total non-trading items | 2024Total Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | |||||||||||||||
| Revenue (refer note 3)US$m | 2,139 | – | 1,087 | 8,869 | 526 | 1,643 | 20,655 | – | (55) | 34,864 | 915 | – | 915 | 35,779 | PDF p. 91 |
| Net operating costsUS$m | (2,082) | – | (394) | (8,526) | (441) | (1,572) | (17,931) | (49) | 55 | (30,940) | (1,025) | (435) | (1,460) | (32,400) | PDF p. 91 |
| Operating profitUS$m | 57 | – | 693 | 343 | 85 | 71 | 2,724 | (49) | – | 3,924 | (110) | (2,648) | (2,758) | 1,166 | PDF p. 91 |
| Profit before taxUS$m | 164 | 83 | 590 | 235 | 95 | 133 | 3,271 | (101) | – | 4,470 | (58) | (2,981) | (3,039) | 1,431 | PDF p. 91 |
| TaxUS$m | (15) | – | (90) | (30) | (20) | (10) | (658) | (3) | – | (826) | (31) | (19) | (50) | (876) | PDF p. 91 |
| Profit after taxUS$m | 149 | 83 | 500 | 205 | 75 | 123 | 2,613 | (104) | – | 3,644 | (89) | (3,000) | (3,089) | 555 | PDF p. 91 |
| Non-controlling interestsUS$m | – | – | (235) | (50) | (12) | (24) | (1,805) | – | – | (2,126) | 42 | 1,061 | 1,103 | (1,023) | PDF p. 91 |
| Profit attributable to shareholdersUS$m | 149 | 83 | 265 | 155 | 63 | 99 | 808 | (104) | – | 1,518 | (47) | (1,939) | (1,986) | (468) | PDF p. 91 |
Definitions & sources
Original report: PDF p. 91 ↗
Same footnotes as the 2025 table (* net borrowings definition; # Corporate cash flows).
Net (borrowings)/cash 2024 printed: (124) 9 (5,088) (468) (93) (835) 600 (1,321) – and total (7,320); omitted from rows due to alignment.
Segment information — Note 2 Geographical areas - underlying profit attributable to shareholders and non-current assets
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$m | 2024Group, US$m (comparatives re-presented) | Source |
|---|---|---|---|
| Underlying profit attributable to shareholders | |||
| ChinaUS$m | 535 | 518 | PDF p. 92 |
| Indonesia#US$m | 809 | 833 | PDF p. 92 |
| Other Southeast Asia#US$m | 286 | 182 | PDF p. 92 |
| Rest of the worldUS$m | 89 | 89 | PDF p. 92 |
| Corporate and other interestsUS$m | (38) | (104) | PDF p. 92 |
| Non-current assets* | |||
| ChinaUS$m | 36,465 | 36,967 | PDF p. 92 |
| Indonesia#US$m | 13,741 | 13,164 | PDF p. 92 |
| Other Southeast Asia#US$m | 2,452 | 5,708 | PDF p. 92 |
| Rest of the worldUS$m | 1,284 | 1,309 | PDF p. 92 |
Definitions & sources
Original report: PDF p. 92 ↗
# To enhance the understanding of the Group's geographical performance, Indonesia has been presented separately from Southeast Asia. Comparative figures have been re-presented to conform with the current year's presentation.
* Excluding amounts due from associates and joint ventures, financial instruments, deferred tax assets and pension assets.
Subtotals printed unlabelled: underlying profit 1,719 / 1,622 and total 1,681 / 1,518; non-current assets total 53,942 / 57,148.
Segment information — Note 3 Revenue by geographical location of customers and segment - 2025 (US$m)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Jardine Pacific | 2025Hongkong Land | 2025DFI Retail | 2025Mandarin Oriental | 2025Cycle & Carriage | 2025Astra | 2025Intersegment transactions and other | 2025Non-trading items | 2025Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| By geographical location of customers | ||||||||||
| ChinaUS$m | 1,428 | 1,007 | 6,058 | 153 | – | – | (56) | 375 | 8,965 | PDF p. 93 |
| IndonesiaUS$m | – | – | 295 | – | – | 19,608 | – | – | 19,903 | PDF p. 93 |
| Other Southeast AsiaUS$m | 191 | 41 | 2,132 | 13 | 1,750 | – | (2) | 25 | 4,150 | PDF p. 93 |
| Rest of the worldUS$m | 437 | – | 384 | 378 | – | – | – | – | 1,199 | PDF p. 93 |
| By product and service | ||||||||||
| PropertyUS$m | 5 | 1,048 | 3 | 1 | – | 57 | (9) | 400 | 1,505 | PDF p. 93 |
| Automotive and mobilityUS$m | 404 | – | – | – | 1,750 | 7,538 | – | – | 9,692 | PDF p. 93 |
| Retail and restaurantsUS$m | 849 | – | 8,866 | – | – | – | – | – | 9,715 | PDF p. 93 |
| Financial servicesUS$m | – | – | – | – | – | 2,029 | – | – | 2,029 | PDF p. 93 |
| HotelsUS$m | – | – | – | 543 | – | – | (2) | – | 541 | PDF p. 93 |
| Other*US$m | – | – | – | – | – | 2,055 | – | – | 2,055 | PDF p. 93 |
Definitions & sources
Original report: PDF p. 93 ↗
Engineering, heavy equipment, mining and construction row (798, –, –, –, –, 7,929, (47), –, 8,680) wraps over two lines and is omitted from rows. Total revenue: 2,056 1,048 8,869 544 1,750 19,608 (58) 400 34,217.
# Non-trading items represent non-strategic business (refer note 2). * Other: see footnote on page 94.
Segment information — Note 3 Revenue by geographical location of customers and segment - 2024 (US$m)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Jardine Pacific | 2024Hongkong Land | 2024DFI Retail | 2024Mandarin Oriental | 2024Cycle & Carriage | 2024Astra | 2024Intersegment transactions and other | 2024Non-trading items | 2024Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| By geographical location of customers | ||||||||||
| ChinaUS$m | 1,546 | 1,046 | 6,115 | 142 | – | – | (53) | 885 | 9,681 | PDF p. 94 |
| IndonesiaUS$m | – | – | 310 | 1 | – | 20,655 | – | – | 20,966 | PDF p. 94 |
| Other Southeast AsiaUS$m | 172 | 41 | 2,069 | 12 | 1,643 | – | (2) | 30 | 3,965 | PDF p. 94 |
| Rest of the worldUS$m | 421 | – | 375 | 371 | – | – | – | – | 1,167 | PDF p. 94 |
| By product and service | ||||||||||
| PropertyUS$m | 5 | 1,087 | 3 | – | – | 75 | (8) | 915 | 2,077 | PDF p. 94 |
| Automotive and mobilityUS$m | 515 | – | – | – | 1,643 | 8,527 | – | – | 10,685 | PDF p. 94 |
| Retail and restaurantsUS$m | 834 | – | 8,866 | – | – | – | – | – | 9,700 | PDF p. 94 |
| Financial servicesUS$m | – | – | – | – | – | 1,917 | – | – | 1,917 | PDF p. 94 |
| HotelsUS$m | – | – | – | 526 | – | – | (2) | – | 524 | PDF p. 94 |
| Other*US$m | – | – | – | – | – | 1,719 | – | – | 1,719 | PDF p. 94 |
Definitions & sources
Original report: PDF p. 94 ↗
Engineering, heavy equipment, mining and construction (2024): 785, –, –, –, –, 8,417, (45), –, 9,157 (wrapped row, omitted). Total: 2,139 1,087 8,869 526 1,643 20,655 (55) 915 35,779.
* Included revenue from Agribusiness of US$1,736 million (2024: US$1,372 million), Infrastructure of US$192 million (2024: US$197 million) and Information Technology of US$127 million (2024: US$150 million).
# Non-trading items represent non-strategic business (refer note 2). Revenue related to Astra's logistics business has been reclassified from 'other' to 'automotive and mobility'. The 2024 comparatives have been reclassified by US$273 million for comparability.
Borrowings — Note 29 Borrowings – current and long-term, carrying amount and fair value
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group carrying amount US$m | 2025Group fair value US$m | 2024Group carrying amount US$m | 2024Group fair value US$m | Source |
|---|---|---|---|---|---|
| Current | |||||
| – other bank advancesUS$m | 1,759 | 1,759 | 1,404 | 1,404 | PDF p. 143 |
| – other advancesUS$m | 10 | 10 | 1 | 1 | PDF p. 143 |
| Current portion of long-term borrowings | |||||
| – bank loansUS$m | 2,198 | 2,198 | 1,954 | 1,954 | PDF p. 143 |
| – bonds and notesUS$m | 950 | 950 | 1,181 | 1,181 | PDF p. 143 |
| – other loansUS$m | 4 | 4 | 94 | 94 | PDF p. 143 |
| Long-term borrowings | |||||
| – bank loansUS$m | 5,287 | 5,234 | 6,053 | 6,025 | PDF p. 143 |
| – bonds and notesUS$m | 4,928 | 4,713 | 5,180 | 4,760 | PDF p. 143 |
| – other loansUS$m | 17 | 17 | 21 | 21 | PDF p. 143 |
Definitions & sources
Original report: PDF p. 143 ↗
Subtotals as printed: current other 1,769/1,769/1,405/1,405; current portion of long-term 3,152/3,152/3,229/3,229; total current 4,921/4,921/4,634/4,634; long-term 10,232/9,964/11,254/10,806; total 15,153/14,885/15,888/15,440.
The fair values are based on market prices or are estimated using the expected future payments discounted at market interest rates ranging from 1.5% to 7.1% (2024: 2.6% to 7.5%) per annum.
The fair value of current borrowings approximates their carrying amount, as the impact of discounting is not significant.
Borrowings — Note 29 Borrowings – secured and unsecured
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group US$m | 2024Group US$m | Source |
|---|---|---|---|
| Borrowings | |||
| SecuredUS$m | 1,003 | 1,006 | PDF p. 143 |
| UnsecuredUS$m | 14,150 | 14,882 | PDF p. 143 |
Definitions & sources
Original report: PDF p. 143 ↗
Total 15,153 (2025) and 15,888 (2024).
Secured borrowings at 31 December 2025 included Hongkong Land’s bank borrowings of US$878 million (2024: US$921 million) which were secured against its tangible assets, right-of-use assets, investment properties and properties for sale, and Astra’s bank borrowings of US$125 million (2024: US$85 million) which were secured against its various assets.
All notes and bonds were unsecured at 31 December 2025 and 2024.
Borrowings — Note 29 Borrowings by currency, 2025 (fixed/floating, weighted average rates)
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Fixed rate: weighted average interest rate % | 2025Fixed rate: weighted average period outstanding, years | 2025Fixed rate borrowings US$m | 2025Floating rate borrowings US$m | 2025Total US$m | Source |
|---|---|---|---|---|---|---|
| By currency: 2025 | ||||||
| Chinese yuan% / years / US$m | 2.9 | 1.1 | 505 | 894 | 1,399 | PDF p. 144 |
| Hong Kong dollar% / years / US$m | 3.6 | 5.4 | 2,974 | 1,599 | 4,573 | PDF p. 144 |
| Indonesian rupiah% / years / US$m | 6.2 | 1.7 | 3,955 | 2,216 | 6,171 | PDF p. 144 |
| Malaysian ringgit% / years / US$m | 3.9 | 0.3 | 5 | 34 | 39 | PDF p. 144 |
| Singapore dollar% / years / US$m | 2.5 | 13.4 | 231 | 714 | 945 | PDF p. 144 |
| Thai baht% / years / US$m | 2.5 | – | – | 411 | 411 | PDF p. 144 |
| United Kingdom sterling% / years / US$m | 5.3 | 2.0 | 20 | 27 | 47 | PDF p. 144 |
| United States dollar% / years / US$m | 3.2 | 7.0 | 1,190 | 360 | 1,550 | PDF p. 144 |
| Other% / years / US$m | 4.8 | 0.2 | 2 | 16 | 18 | PDF p. 144 |
Definitions & sources
Original report: PDF p. 144 ↗
Totals as printed: fixed 8,882; floating 6,271; total 15,153.
The weighted average interest rates and period of fixed rate borrowings are stated after taking into account hedging transactions.
Borrowings — Note 29 Borrowings by currency, 2024 (fixed/floating, weighted average rates)
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Fixed rate: weighted average interest rate % | 2024Fixed rate: weighted average period outstanding, years | 2024Fixed rate borrowings US$m | 2024Floating rate borrowings US$m | 2024Total US$m | Source |
|---|---|---|---|---|---|---|
| By currency: 2024 | ||||||
| Chinese yuan% / years / US$m | 3.1 | 2.1 | 483 | 986 | 1,469 | PDF p. 144 |
| Hong Kong dollar% / years / US$m | 4.0 | 5.4 | 3,715 | 1,240 | 4,955 | PDF p. 144 |
| Indonesian rupiah% / years / US$m | 6.2 | 1.7 | 4,262 | 1,441 | 5,703 | PDF p. 144 |
| Malaysian ringgit% / years / US$m | 4.1 | 0.3 | 7 | 33 | 40 | PDF p. 144 |
| Singapore dollar% / years / US$m | 3.6 | 14.4 | 218 | 585 | 803 | PDF p. 144 |
| Thai baht% / years / US$m | 3.3 | – | – | 360 | 360 | PDF p. 144 |
| United Kingdom sterling% / years / US$m | 5.7 | 3.0 | 19 | 31 | 50 | PDF p. 144 |
| United States dollar% / years / US$m | 3.7 | 6.0 | 1,612 | 883 | 2,495 | PDF p. 144 |
| Other% / years / US$m | 4.6 | 0.1 | 3 | 10 | 13 | PDF p. 144 |
Definitions & sources
Original report: PDF p. 144 ↗
Totals as printed: fixed 10,319; floating 5,569; total 15,888.
The weighted average interest rates and period of fixed rate borrowings are stated after taking into account hedging transactions.
Borrowings — Note 29 Interest rate exposure and contractual repricing dates of borrowings
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group US$m | 2024Group US$m | Source |
|---|---|---|---|
| Repricing profile | |||
| Floating rate borrowingsUS$m | 6,271 | 5,569 | PDF p. 144 |
| Fixed rate borrowings | |||
| – within one yearUS$m | 2,447 | 3,247 | PDF p. 144 |
| – between one and two yearsUS$m | 1,559 | 1,441 | PDF p. 144 |
| – between two and three yearsUS$m | 739 | 1,391 | PDF p. 144 |
| – between three and four yearsUS$m | 180 | 253 | PDF p. 144 |
| – between four and five yearsUS$m | 800 | 175 | PDF p. 144 |
| – beyond five yearsUS$m | 3,157 | 3,812 | PDF p. 144 |
Definitions & sources
Original report: PDF p. 144 ↗
Fixed rate subtotal 8,882 (2025) and 10,319 (2024); total 15,153 and 15,888. Repricing dates after taking into account hedging transactions, not contractual maturity.
Borrowings — Note 29 Movements in borrowings, 2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Long-term borrowings US$m | 2025Short-term borrowings US$m | 2025Total US$m | Source |
|---|---|---|---|---|
| 2025 | ||||
| At 1 JanuaryUS$m | 11,254 | 4,634 | 15,888 | PDF p. 146 |
| Drawdown of borrowingsUS$m | 4,983 | 2,533 | 7,516 | PDF p. 146 |
| Repayment of borrowingsUS$m | (2,160) | (6,133) | (8,293) | PDF p. 146 |
| At 31 DecemberUS$m | 10,232 | 4,921 | 15,153 | PDF p. 146 |
Definitions & sources
Original report: PDF p. 146 ↗
Other movement lines (exchange differences, new subsidiaries, amortisation, transfer 3,971, change in fair value) not extracted.
Borrowings — Note 30 Lease liabilities
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group US$m | 2024Group US$m | Source |
|---|---|---|---|
| Lease liabilities | |||
| At 1 JanuaryUS$m | 3,514 | 3,720 | PDF p. 147 |
| Lease paymentsUS$m | (1,038) | (1,020) | PDF p. 147 |
| Interest expenseUS$m | 143 | 143 | PDF p. 147 |
| At 31 DecemberUS$m | 2,998 | 3,514 | PDF p. 147 |
| Non-currentUS$m | 2,317 | 2,773 | PDF p. 147 |
| CurrentUS$m | 681 | 741 | PDF p. 147 |
Definitions & sources
Original report: PDF p. 147 ↗
Other movement lines (exchange differences, new subsidiaries, additions, disposals, modifications) not extracted.
Borrowings — Liquidity risk – contractual undiscounted cash flows of borrowings and lease liabilities, at 31 December 2025
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Within one year US$m | 2025Between one and two years US$m | 2025Between two and three years US$m | 2025Between three and four years US$m | 2025Between four and five years US$m | 2025Beyond five years US$m | 2025Total undiscounted cash flows US$m | Source |
|---|---|---|---|---|---|---|---|---|
| At 31 December 2025 | ||||||||
| BorrowingsUS$m | 5,451 | 3,120 | 2,139 | 1,012 | 1,160 | 4,139 | 17,021 | PDF p. 174 |
| Lease liabilitiesUS$m | 781 | 616 | 462 | 356 | 255 | 915 | 3,385 | PDF p. 174 |
Definitions & sources
Original report: PDF p. 174 ↗
The amounts disclosed in the table are the contractual undiscounted cash flows.
At 31 December 2025, total available borrowing facilities amounted to US$26.2 billion (2024: US$27.6 billion) of which US$15.1 billion (2024: US$15.9 billion) was drawn down. Undrawn committed facilities ... US$6.4 billion (2024: US$7.3 billion) and ... uncommitted facilities US$4.7 billion (2024: US$4.4 billion).
Borrowings — Liquidity risk – contractual undiscounted cash flows of borrowings and lease liabilities, at 31 December 2024
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Within one year US$m | 2024Between one and two years US$m | 2024Between two and three years US$m | 2024Between three and four years US$m | 2024Between four and five years US$m | 2024Beyond five years US$m | 2024Total undiscounted cash flows US$m | Source |
|---|---|---|---|---|---|---|---|---|
| At 31 December 2024 | ||||||||
| BorrowingsUS$m | 5,408 | 3,016 | 3,088 | 1,023 | 672 | 4,929 | 18,136 | PDF p. 174 |
| Lease liabilitiesUS$m | 869 | 685 | 524 | 420 | 334 | 1,200 | 4,032 | PDF p. 174 |
Definitions & sources
Original report: PDF p. 174 ↗
The amounts disclosed in the table are the contractual undiscounted cash flows.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final dividend | US$1.75 per share | Proposed final dividend for 2025 | PDF p. 16 |
| 2025 final dividend payable | 13 May 2026 | 2025 final dividend | PDF p. 83 |
| Interim dividend in respect of 2025 of US$0.60 (2024: US$0.60) per share | US$0.60 | Interim 2025; comparative 2024 interim US$0.60 | PDF p. 139 |
| Final dividend in respect of 2024 of US$1.65 (2023: US$1.65) per share | US$1.65 | Final dividend for 2024 (comparative year), paid in 2025 | PDF p. 139 |
| A final dividend in respect of 2025 | US$515 million | Proposed 2025 final, total amount; 2024 comparative US$481 million | PDF p. 139 |
| Final dividend in respect of previous year | 146 US$m | Scrip elected, 2025 column; 2024 column 156 | PDF p. 139 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| total annual dividend for 2025 | US$2.35 per share | Total 2025, 4% higher than 2024 | PDF p. 16 |
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends | Dividends will be payable in cash with a scrip alternative. | Dividend policy / scrip scheme | PDF p. 83 |
Extracted from Jardine Matheson Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Engagement partner | James Noel Crockford | Group | PDF p. 191 |
| Our opinion | In our opinion, the consolidated financial statements give a true and fair view | Group consolidated financial statements | PDF p. 183 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern basis of preparation | The financial statements have been prepared on a going concern basis | Group, note 1 Basis of preparation | PDF p. 90 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Key audit matter 1 | Valuation of investment properties held by the Group and its joint ventures | Group | PDF p. 184 |
| Valuation of investment properties | US$27,463 million as at 31 December 2025, | Group · As at 2025-12-31 | PDF p. 185 |
| Key audit matter 2 | Carrying value of the investment in Zhongsheng Group Holdings Limited (‘Zhongsheng’) | Group | PDF p. 184 |
| Carrying value of the investment in Zhongsheng | investment in Zhongsheng was US$674 million. | Group · As at 2025-12-31 | PDF p. 186 |
| Key audit matter 3 | Provisioning for consumer financing debtors | Group | PDF p. 184 |
| Provisioning for consumer financing debtors | US$5,074 million, held primarily in PT Astra | Group · As at 2025-12-31 | PDF p. 187 |
| Key audit matter 4 | Recoverability of properties for sale held by the Group and its joint ventures | Group | PDF p. 184 |
| Recoverability of properties for sale | The carrying amount of the Group’s properties for sale was | Group · As at 2025-12-31 | PDF p. 188 |
Extracted from Jardine Matheson Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Jardine Matheson Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts are US dollars in millions except per-share figures in US dollars. Group statements and the separate summarised Company balance sheet have different scopes. Original parentheses and dashes are retained.
The equity movements are split into their original 2025 and 2024 blocks. Blank original subtotal labels may have descriptive display labels.
The five-year comparisons are those disclosed in this 2025 annual report. 2024 profit and loss is re-presented for non-strategic businesses; 2023 balance sheet and cash flow comparatives are restated for associate/joint-venture payable classifications; 2022 profit and loss and balance sheet reflect IFRS 17 restatements. Full historical annual-report backfill remains incomplete.
Underlying earnings are a separate management measure and differ from total reported earnings. Physical PDF pages are used for source links; some physical pages are spreads and printed page numbers differ.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.