Jardine Matheson Holdings reported net profit of US$542 million for the six months ended Jun 30, 2026, a 3 per cent year-on-year increase, helped by fair-value gains on Hongkong Land’s investment properties and lower financing costs, which offset weaker contributions from Indonesian conglomerate Astra.
The group’s revenue slipped 7 per cent YoY to US$15.924 billion. Basic earnings per share eased up to US$1.84 from US$1.81, while underlying EPS, stripping out non-trading items, rose 8 per cent to US$2.50. Jardines declared an interim dividend of US$0.65 per share, up 8 per cent YoY, payable on Oct 14 2026 to shareholders on record as of Aug 21 2026, with shares trading ex-dividend on Aug 20 2026 and a scrip alternative available.
Segmentally, Astra remained the largest contributor, although its share of underlying net profit fell 8 per cent to US$358 million amid weaker mining activity and rupiah depreciation. Hongkong Land’s contribution grew 14 per cent to US$140 million, buoyed by lower net financing charges, while DFI Retail added US$90 million, up 11 per cent on improved operating margins. Jardine Pacific’s earnings rose 52 per cent to US$102 million, aided by one-off lease re-measurement gains in its motor retail arm. Jardine Cycle & Carriage delivered US$48 million (-8 per cent YoY) and Mandarin Oriental US$12 million, hurt by softer owned-hotel performance.
The decline in group revenue reflected lower sales at Astra’s Mining Solutions & Heavy Equipment division and a softer Indonesian economy. Nevertheless, group free cash flow at the parent level rose 21 per cent to US$709 million, leaving the parent balance sheet with net cash of US$379 million ahead of the planned US$2.4 billion acquisition of Australia’s I-MED Radiology Network scheduled to close in the fourth quarter.
During the half, Jardines recycled US$1.5 billion of capital, completed the privatisation of Mandarin Oriental, reduced its stakes in Zhongsheng, Vinamilk and Toyota Motor Corporation, and finished a US$250 million share buy-back. A new US$500 million buy-back to run to end-2027 has started. Total investments and commitments reached US$3.2 billion, including I-MED.
Management said the group continues to target at least 9 per cent per-annum total shareholder return over the five years to 2030, minimum 5 per cent annual dividend growth and at least US$4 billion of additional capital recycling, excluding Hongkong Land and Astra. It is also aiming for a minimum US$200 million of underlying net profit from new growth pillars such as the forthcoming Jardine Engineering & Infrastructure platform.
Chief executive Lincoln Pan noted that underlying earnings, free cash flow and asset-recycling progress keep full-year profit guidance unchanged, with the full-year dividend expected to be at least US$2.47 per share. He added that second-half priorities include further portfolio simplification, cash-flow improvement and integrating I-MED, while continuing to support Astra as it implements its new strategy focused on returns from its automotive, financial services and mining businesses.