REG - Jardine Matheson Hdg - JC&C - 2025 FY Results and Dividend
27/02/2026 10:15
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RNS Number : 7320U Jardine Matheson Hldgs Ltd 27 February 2026
To: Business Editor
27 February 2026
For immediate release
Jardine Cycle & Carriage Limited
2025 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 85.5%-owned
subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson
Harry Thompson
(852) 2843 5343
Jardine Cycle & Carriage
Joey Ho
(65) 9765 0717
27th February 2026
JARDINE CYCLE & CARRIAGE LIMITED
2025 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
● Underlying profit at US$1,110 million, 1% up from the prior
year
● Proposed final dividend per share of US¢85, representing total
dividend of US¢113 for the year
"In 2025, the Group delivered an underlying profit of US$1.1bn, 1% up from the
prior year. A lower contribution from Indonesia amidst a more challenging
operating environment, was partly offset by improvements in Vietnam and
Singapore, while foreign exchange gains and lower financing costs at the
JC&C corporate level improved overall profitability of the Group.
Looking ahead, while Indonesia's operating environment will remain
challenging, consumer sentiment in the country may see a moderate recovery. We
expect Vietnam to continue to grow and Singapore to deliver resilient
earnings. Notwithstanding the near-term outlook, we remain focused on our
longer-term objective of building a portfolio aimed at creating sustainable
value and delivering strong total shareholder returns."
Samuel Tsien, Chairman
Group Results
Year ended 31st December
2025 2024 +/- 2025
US$m US$m % S$m
Revenue 21,358 22,298 -4 27,868
Underlying profit attributable to
shareholders * 1,110 1,102 1 1,448
Non-trading items^ (112) (156) -28 (146)
Profit attributable to shareholders 998 946 5 1,302
US¢ US¢ S¢
Underlying earnings per share * 281 279 1 366
Earnings per share 252 239 5 329
Dividends per share 113 112 1 147
At At At
US$ US$ S$
Net asset value per share 22 21 4 28
The exchange rate of US$1=S$1.28 (31st December 2024: US$1=S$1.36) was used
for translating assets and liabilities at the balance sheet date, and
US$1=S$1.30 (31st December 2024: US$1=S$1.34) was used for translating the
results for the period. The financial results for the year ended 31st December
2025 have been prepared in accordance with International Financial Reporting
Standards and have not been audited or reviewed by the auditors.
* The Group uses 'underlying profit attributable to shareholders'
in its internal financial reporting to distinguish between ongoing business
performance and non-trading items, as more fully described in Note 6 to the
condensed financial statements. Management considers this to be a key
performance measurement that enhances the understanding of the Group's
underlying business performances.
^ Included in 'non-trading items' are unrealised gains/losses
arising from the revaluation of the Group's non-current investments.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
JC&C delivered a stable underlying profit of US$1.1 billion in 2025, up 1%
from the prior year. Total contributions from businesses were 5% lower, mainly
due to lower contribution from Indonesia, where several businesses experienced
challenging operating conditions. This was partly offset by improved earnings
from our businesses in Vietnam and Singapore, reflecting the Group's continued
efforts to build portfolio resilience. Foreign exchange gains and lower
financing costs at the JC&C corporate level improved the overall
profitability of the Group.
Strategic developments
In 2025, JC&C made progress in reducing its corporate net debt and
building future financial flexibility in its balance sheet. This was supported
by the divestment of a 4.6% interest in Vinamilk for US$228 million in
December, in line with our strategy to build a focused portfolio that enhances
shareholder value. In February 2026, JC&C divested a further 3.5% interest
for US$188 million.
During the year, we also increased our shareholding in Refrigeration
Electrical Engineering Corporation ("REE") from 41.4% at the end of 2024, to
41.7% at the end of 2025 for US$4 million.
Meanwhile, Astra executed various strategic initiatives in 2025, as follows:
● To further strengthen its leading market position in the used
car sector, Astra entered into a partnership that saw Toyota invest US$120
million for a 40% stake in Astra Digital Mobil ("ADMO"). ADMO owns OLXmobbi,
an integrated online-to-offline used car business. The partnership with Toyota
will increase access to used cars, financing, insurance and aftersales for
customers across Indonesia.
● To gain a significant foothold in the rapidly growing
industrial and logistics infrastructure market, Astra acquired an 83.7% stake
in Mega Manunggal Property ("MMP"), one of the largest industrial and
logistics property developer in Indonesia. Astra increased its interest to
91.4% in December, following the completion of a mandatory tender offer.
● Astra increased its stake in Polinasi Iddea Investama
("Halodoc") to 31.3%. Halodoc is the leading healthcare platform in Indonesia.
Astra also increased its ownership in Medikaloka Hermina (Hermina) to 20.2%,
which is one of Indonesia's largest private hospital networks. The Group's
total investment in Indonesia's high growth healthcare sector, including
Halodoc, Hermina and Heartology Hospital, amounts to around US$550 million to
date.
● United Tractors signed a conditional sale and purchase
agreement ("CSPA") to acquire 100% of Arafura Surya Alam, a gold mining
company with 1.6 million oz of reserves located in North Sulawesi, for a total
consideration of US$540 million. This acquisition was completed in February
2026, and expands United Tractors' business in the mineral sector.
● In January 2026, Astra and United Tractors each completed a Rp2
trillion share buyback programme. Subsequently, they both announced another
tranche of share buyback of up to Rp2 trillion each, with Astra completing its
tranche with a total value of Rp685 billion in February 2026. These programmes
reflect the confidence of Astra's management in the company's prospects and
their ability to generate sustainable cash flows, as well as supporting the
government in maintaining stability of the capital market.
Dividends
The Board is recommending a final one-tier tax-exempt dividend of US¢85 per
share (2024: US¢84 per share) which, together with the interim dividend of
US¢28 per share (2024: US¢28 per share), will provide a total dividend for
the year of US¢113 per share (2024: US¢112 per share), 1% higher than 2024.
people
John Witt retired as Chairman of the Board in November. We thank him for his
guidance and leadership. Having served on the Board since 2021, it is my
honour to assume the role of JC&C's first independent chairman.
On behalf of the Board, I would also like to express our appreciation to Ben
Birks and Jeffery Tan who are stepping down as Group Managing Director and
Company Secretary, respectively, after JC&C's annual general meeting in
April 2026.
We thank all the teams across our portfolio companies for their efforts and
contributions towards our continued good performance.
outlook
We remain focused on our longer-term objective of building a portfolio aimed
at creating sustainable value and delivering strong total shareholder returns.
Samuel Tsien
Chairman
GROUP MANAGING DIRECTOR'S STATEMENT
Overview of Performance
The Group reported an underlying profit of US$1,110 million in 2025, 1% higher
than the year before. Indonesia's contribution was 8% lower at US$945 million,
mainly due to a lower contribution from Astra. Vietnam's contribution was 25%
higher at US$129 million, mainly due to improved performances by THACO and
REE. The Group's Regional Interests contributed US$56 million. Excluding the
disposal of Siam City Cement in the second half of 2024, the contribution from
Regional Interests would have been 43% higher, reflecting higher earnings from
Cycle & Carriage.
Corporate operating expenses decreased from US$66 million to US$46 million,
mainly due to lower net financing charges which reflected a lower corporate
net debt over 2025 compared to 2024. A US$26 million translation gain on
foreign currency corporate loans was recorded in 2025, compared to a loss of
US$17 million in 2024.
The Group's profit attributable to shareholders was US$998 million after
accounting for non-trading items of US$112 million, mainly comprising
unrealised fair value losses related to non-current investments, compared to
US$946 million in the same period last year.
The Group's consolidated net debt position, excluding the net borrowings from
Astra's financial services subsidiaries, was US$44 million at the end of 2025,
compared to US$235 million at the end of 2024. Net debt within Astra's
financial services subsidiaries increased from US$3.7 billion to US$3.9
billion. JC&C corporate net debt decreased from US$816 million to US$577
million, mainly due to the proceeds from the partial disposal of its interest
in Vinamilk.
Group Review
The contributions to JC&C's underlying profit attributable to shareholders
by business segment were as follows:
Contribution to JC&C's underlying profit
Year ended 31st December
2025 2024 +/-
Business segments US$m US$m %
INDONESIA
Astra 927 993 -7
Tunas Ridean 18 34 -46
945 1,027 -8
VIETNAM
THACO 55 39 39
REE 41 30 39
Vinamilk 33 34 -3
129 103 25
REGIONAL INTERESTS
Cycle & Carriage 48 32 49
Siam City Cement - 16 -100
Toyota Motor Corporation 8 7 13
56 55 1
TOTAL CONTRIBUTIONS 1,130 1,185 -5
CORPORATE COSTS
Exchange gains/(losses) 26 (17) nm
Others (46) (66) -30
Underlying profit attributable to 1,110 1,102 1
shareholders
INDONESIA
The Group's Indonesian businesses contributed US$945 million to its underlying
profit, down 8%.
(A) Astra
Astra's contribution of US$927 million to JC&C's underlying profit is 7%
down (3% down in Rupiah terms) from last year, reflecting the translation
impact from a weaker Indonesian Rupiah, as well as weaker performances from
its mining services, coal mining operations and new car sales. This was partly
offset by improved earnings across its other businesses, primarily in
motorcycle sales, financial services, gold mining and infrastructure. Under
Indonesian accounting standards, Astra reported a net profit equivalent to
US$1,986 million.
Automotive & Mobility
Net income was relatively stable at US$689 million, supported by the
motorcycle and component businesses despite lower new car sales.
● The wholesale car market decreased by 7% to 804,000 units in 2025,
reflecting weaker purchasing power in the entry-level segment. Astra's market
share declined to 51%, due to intensified competition.
● The wholesale market for motorcycles increased by 1% to 6.4
million units. Astra's market share remained stable at 78%.
● Components business Astra Otoparts reported a 18% increase in
net profit to US$107 million, with higher contributions from all segments.
● The used car business, OLXmobbi, continued to record growth
with a 21% increase in used car sales to 33,100 units, while the
transportation and logistics solutions business Serasi Autoraya recorded 3%
increase in vehicles under contract at 28,400 units.
Financial Services
Net income increased by 9% to US$542 million, due to higher contributions from
Astra's consumer finance businesses on larger loan portfolios.
● Consumer finance businesses saw a 5% increase in the amounts
financed to US$6.8 billion, reflecting strong growth in multipurpose
financing. The net income contribution from Astra's car-focused finance
companies increased by 3% to US$149 million, and the contribution from Astra's
motorcycle-focused financing business increased by 5% to US$285 million.
● General insurance company Asuransi Astra Buana reported a 9%
increase in net income to US$94 million, mainly due to higher insurance
revenue.
Heavy Equipment, Mining, Construction and Energy
Net income decreased by 24% to US$551 million, mainly due to lower profits
from the mining services and coal mining operations, partly offset by higher
earnings from the gold mining business.
● Komatsu heavy equipment sales were 2% higher at 4,500 units,
driven by stronger demand from forestry and plantation sectors.
● Mining services operations recorded a 10% decline in overburden
removal volume at 1.1 billion bank cubic metres, due to heavy rainfall in the
first half of 2025 alongside reduction in stripping ratios.
● Coal mining subsidiaries' revenue was impacted by lower coal
prices, which more than offset an increase in coal sales at 11.6 million
tonnes.
● The gold mining businesses benefited from a 40% increase in
gold selling prices, although gold sales were 2% lower at 227,000 oz.
● United Tractors' nickel mining businesses comprise
majority-owned Stargate Pasific Resources ("SPR") and 20.1%-owned Nickel
Industries Limited ("NIC"). United Tractors recognised equity income from NIC
for the year in arrears based on NIC's results from the final quarter of 2024
and the first nine months of 2025.
Agribusiness
Net income increased by 28% to US$71 million, mainly due to higher sales
volumes of crude palm oil and its derivatives, alongside increased selling
prices.
Infrastructure
Astra's infrastructure division reported a 24% increase in net income to US$76
million, mainly due to improved traffic volumes and tariffs. Astra has 396km
of operational toll roads along the Trans-Java network and the Jakarta Outer
Ring Road.
(B) Tunas Ridean
Tunas Ridean contributed US$18 million, 46% lower than last year, mainly due
to lower profits from its consumer finance and automotive operations.
VIETNAM
JC&C's businesses in Vietnam contributed US$129 million to the Group's
underlying profit, up 25%.
(A) THACO
THACO contributed US$55 million, 39% higher than the previous year. This was
mainly due to a strong result from its real estate business with the lifting
of the earlier moratorium on Ho Chi Minh City's real estate sector. This
mitigated lower earnings from its automotive business, which was affected by
intense competition resulting in margin compression and a decrease in market
share from 18% to 15%. THACO's agricultural business recorded a smaller loss
on the back of higher sales volume.
(B) REE
REE contributed US$40 million, 39% higher than the previous year. This was
mainly due to higher earnings from the power generation business which mainly
comprise hydropower, wind power and solar power interests, as well as an
increased contribution as a result of JC&C increasing its shareholding
over 2025 versus 2024.
(C) Vinamilk
JC&C's holding in Vinamilk produced a dividend income of US$33 million,
relatively unchanged from last year.
Regional Interests
Regional Interests contributed US$56 million. Excluding the disposal of Siam
City Cement in the second half of 2024, the contribution from Regional
Interests would have been 43% higher, reflecting higher earnings from Cycle
& Carriage.
Cycle & Carriage
The contribution from Cycle & Carriage was up 49% to US$48 million. In
Singapore, commercial vehicle sales were up 74%, supported by the delivery of
electric buses under tender projects, while used car sales and aftersales
throughput volume also increased. New passenger car sales were relatively flat
at 6,500 units, with market share at 12%.
CORPORATE COSTS
A US$26 million translation gain on foreign currency corporate loans was
recorded in 2025, compared to a loss of US$17 million last year, improving the
underlying profit of the Group. Corporate net financing charges decreased due
to lower corporate net debt over 2025 compared to 2024.
Outlook
Looking ahead, while Indonesia's operating environment will remain
challenging, consumer sentiment in the country may see a moderate recovery. We
expect Vietnam to continue to grow and Singapore to deliver resilient
earnings.
Ben Birks
Group Managing Director
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment
holding company with a strategic focus on the fast-growing economies of
Indonesia and Vietnam. Our portfolio comprises market-leading businesses
across different sectors in these countries, alongside further interests in
other regional markets.
Indonesia:
● Astra (50.1% owned) is an excellent proxy for Indonesia, with
leadership positions in automotive, financial services, heavy equipment,
mining, construction & energy, agribusiness, infrastructure, IT and
property.
● Tunas Ridean (49.9% owned), one of the largest automotive
dealerships in Indonesia.
Vietnam:
● Truong Hai Group Corporation (26.7% owned), Vietnam's
automotive market leader and largest private business group in the country,
has significant interests in agriculture, real estate, logistics,
infrastructure construction, and retail.
● REE Corporation (41.7% owned), the first publicly listed
company in Vietnam, participating in power and utilities, including renewable
energy, as well as property development and office leasing, and mechanical
& electrical engineering.
● Vinamilk (2.5% owned), the leading dairy producer in Vietnam.
Regional Interests:
● Cycle & Carriage, a leading automotive dealership group
with an extensive network in Singapore (100% owned) and Malaysia (97.1%
owned).
● Toyota Motor Corporation (0.1% owned), a leading multinational
automotive manufacturer and the best-selling automotive brand in Indonesia.
Headquartered in Singapore, JC&C is listed on the Mainboard of the
Singapore Exchange. JC&C is 85%-owned by the Jardine Matheson Group.
For more information on JC&C and our businesses, visit www.jcclgroup.com
(http://www.jcclgroup.com) .
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months and full year ended
31st December 2025
6 months ended 31st December 12 months ended 31st December
2025 2024 Change 2025 2024 Change
Note US$m US$m % US$m US$m %
Revenue 2 10,555.8 11,585.3 -9 21,358.1 22,298.4 -4
Net operating costs 3 (9,262.5) (10,252.6) -10 (18,915.6) (19,691.2) -4
Operating profit 3 1,293.3 1,332.7 -3 2,442.5 2,607.2 -6
Financing income 89.1 90.5 -2 177.1 173.9 2
Financing charges ((1)) (134.7) (148.3) -9 (276.1) (315.5) -12
Net financing charges (45.6) (57.8) -21 (99.0) (141.6) -30
Share of associates' and joint
ventures' results after tax 423.9 395.8 7 685.0 752.7 -9
Profit before tax 1,671.6 1,670.7 0 3,028.5 3,218.3 -6
Tax 4 (328.9) (367.9) -11 (614.8) (667.6) -8
Profit after tax 1,342.7 1,302.8 3 2,413.7 2,550.7 -5
Profit attributable to:
Shareholders of the Company 626.7 462.5 36 997.8 945.8 5
Non-controlling interests 716.0 840.3 -15 1,415.9 1,604.9 -12
1,342.7 1,302.8 3 2,413.7 2,550.7 -5
US¢ US¢ US¢ US¢
Earnings per share:
- basic 6 158 117 36 252 239 5
- diluted 6 158 117 36 252 239 5
((1) ) Decrease in finance charges mainly due to lower net debt at parent
company level.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months and full
year ended 31st December 2025
6 months ended 12 months ended
31st December 31st December
2025 2024 2025 2024
US$m US$m US$m US$m
Profit for the year 1,342.7 1,302.8 2,413.7 2,550.7
Items that will not be reclassified to profit and loss:
Translation difference (270.5) 102.0 (293.2) (354.4)
Asset revaluation
- surplus/(deficit) during the year 0.1 (0.2) 0.1 10.5
Remeasurements of defined benefit pension plans 6.6 5.6 6.5 5.6
Tax relating to items that will not be reclassified (1.3) (1.1) (1.3) (1.1)
Share of other comprehensive income/(expense) of
associates and joint ventures, net of tax 5.1 (4.2) 3.8 (3.5)
(260.0) 102.1 (284.1) (342.9)
Items that may be reclassified subsequently to
profit and loss:
Translation difference
- (loss)/gain arising during the year (200.6) 81.1 (228.5) (325.1)
- transfer to profit and loss - 92.0 - 92.0
(200.6) 173.1 (228.5) (233.1)
Financial assets at FVOCI ((1))
- gain/(loss) arising during the year 20.4 (2.3) 41.0 (12.7)
- transfer to profit and loss (0.6) - (0.8) -
19.8 (2.3) 40.2 (12.7)
Cash flow hedges
- (loss)/gain arising during the year (226.1) 5.9 (231.8) 1.5
- transfer to profit and loss - 0.7 0.2 0.7
(226.1) 6.6 (231.6) 2.2
Tax relating to items that may be reclassified 48.9 (1.3) 49.3 (0.1)
Share of other comprehensive (expense)/income of
associates and joint ventures, net of tax (8.1) 0.5 (20.9) 9.0
(366.1) 176.6 (391.5) (234.7)
Other comprehensive (expense)/income for the year (626.1) 278.7 (675.6) (577.6)
Total comprehensive income for the year 716.6 1,581.5 1,738.1 1,973.1
Attributable to:
Shareholders of the Company 380.3 640.1 724.5 717.8
Non-controlling interests 336.3 941.4 1,013.6 1,255.3
716.6 1,581.5 1,738.1 1,973.1
((1) ) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 31st December 2025
Note 2025 2024
US$m US$m
Non-current assets
Intangible assets 1,691.1 1,737.5
Right-of-use assets 739.8 769.3
Property, plant and equipment 4,995.8 4,963.6
Investment properties 874.7 459.1
Bearer plants 440.0 461.9
Interests in associates and joint ventures 5,800.7 5,459.1
Non-current investments 2,154.0 2,556.0
Non-current debtors 3,578.7 3,709.9
Deferred tax assets 502.5 449.5
20,777.3 20,565.9
Current assets
Current investments 374.2 50.0
Properties for sale 510.1 519.3
Stocks 2,283.3 2,441.2
Current debtors 5,876.6 5,607.6
Current tax assets 127.5 80.7
Cash and bank balances
- non-financial services companies 2,999.0 2,791.6
- financial services companies 270.3 296.5
3,269.3 3,088.1
12,441.0 11,786.9
Total assets 33,218.3 32,352.8
Non-current liabilities
Non-current creditors 552.4 227.1
Non-current provisions 319.7 281.4
Non-current lease liabilities 194.7 180.2
Long-term borrowings 8
- non-financial services companies 1,442.3 2,356.3
- financial services companies 1,477.4 1,592.1
2,919.7 3,948.4
Deferred tax liabilities 379.1 413.1
Pension liabilities 386.9 358.1
4,752.5 5,408.3
Current liabilities
Current creditors 4,949.6 5,122.1
Current provisions 115.7 114.0
Current lease liabilities 67.1 74.2
Current borrowings 8
- non-financial services companies 1,600.8 670.3
- financial services companies 2,652.7 2,421.4
4,253.5 3,091.7
Current tax liabilities 131.5 123.9
9,517.4 8,525.9
Total liabilities 14,269.9 13,934.2
Net assets 18,948.4 18,418.6
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 9,610.3 9,029.2
Other reserves 11 (2,394.5) (2,118.9)
Shareholders' funds 8,596.8 8,291.3
Non-controlling interests 12 10,351.6 10,127.3
Total equity 18,948.4 18,418.6
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the year ended 31st December
2025
Attributable to shareholders of the Company
Share Revenue Asset Translation Fair value Total Attributable Total
capital reserve revaluation reserve and other US$m to non- equity
US$m US$m reserve US$m reserves controlling US$m
US$m US$m interests
US$m
2025
Balance at 1st January 1,381.0 9,029.2 414.2 (2,545.3) 12.2 8,291.3 10,127.3 18,418.6
Total comprehensive income/(expense) - 999.5 - (228.5) (46.5) 724.5 1,013.6 1,738.1
Dividends paid by the Company - (436.4) - - - (436.4) - (436.4)
Dividends paid to non-controlling interests - - - - - - (744.3) (744.3)
Issue of shares to non-controlling interests - - - - - - 24.9 24.9
Change in shareholding - 20.6 - - - 20.6 (130.1) (109.5)
Acquisition of subsidiaries - - - - - - 64.3 64.3
Disposal of subsidiaries - - - - - - (0.5) (0.5)
Other - (2.6) - - (0.6) (3.2) (3.6) (6.8)
Balance at 31st December 1,381.0 9,610.3 414.2 (2,773.8) (34.9) 8,596.8 10,351.6 18,948.4
2024
Balance at 1st January 1,381.0 8,545.0 410.1 (2,312.2) 15.5 8,039.4 9,775.9 17,815.3
Total comprehensive income/(expense) - 949.4 4.1 (233.1) (2.6) 717.8 1,255.3 1,973.1
Dividends paid by the Company - (466.4) - - - (466.4) - (466.4)
Dividends paid to non-controlling interests - - - - - - (922.5) (922.5)
Issue of shares to non-controlling interests - - - - - - 15.0 15.0
Change in shareholding - (0.1) - - - (0.1) 0.1 -
Acquisition of subsidiaries - - - - - - 2.2 2.2
Other - 1.3 - - (0.7) 0.6 1.3 1.9
Balance at 31st December 1,381.0 9,029.2 414.2 (2,545.3) 12.2 8,291.3 10,127.3 18,418.6
Jardine Cycle & Carriage Limited
Company Balance Sheet at 31st December 2025
Note 2025 2024
US$m US$m
Non-current assets
Property, plant and equipment 34.5 32.2
Interests in subsidiaries 1,525.8 1,417.1
Interests in associates and joint ventures 406.4 386.7
Non-current investments 681.2 687.6
Non-current debtors - 2.7
2,647.9 2,526.3
Current assets
Current debtors 917.4 1,133.4
Cash and bank balances 35.9 15.8
953.3 1,149.2
Total assets 3,601.2 3,675.5
Non-current liabilities
Long-term borrowings 545.1 824.4
Deferred tax liabilities 0.4 0.4
545.5 824.8
Current liabilities
Current creditors 279.9 272.4
Current borrowings 70.1 10.0
Current tax liabilities 1.5 1.6
351.5 284.0
Total liabilities 897.0 1,108.8
Net assets 2,704.2 2,566.7
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 868.9 877.1
Other reserves 11 454.3 308.6
Total equity 2,704.2 2,566.7
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months and full year
ended 31st December 2025
6 months ended 12 months ended
31st December 31st
December
2025 2024 2025 2024
US$m US$m US$m US$m
Profit for the year 123.7 35.3 428.2 520.4
Items that may be reclassified subsequently to
profit and loss:
Translation difference
- (loss)/gain arising during the year (20.6) (1.4) 148.4 (77.2)
Cash flow hedges
- gain/(loss) arising during the year - 0.4 (2.7) 0.4
Other comprehensive (expense)/income for the year (20.6) (1.0) 145.7 (76.8)
Total comprehensive income for the year 103.1 34.3 573.9 443.6
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the year ended 31st December 2025
Share Revenue Hedging Translation Total
capital reserve reserve reserve equity
US$m US$m US$m US$m US$m
2025
Balance at 1st January 1,381.0 877.1 2.7 305.9 2,566.7
Total comprehensive income/(expense) - 428.2 (2.7) 148.4 573.9
Dividends paid - (436.4) - - (436.4)
Balance at 31st December 1,381.0 868.9 - 454.3 2,704.2
2024
Balance at 1st January 1,381.0 823.1 2.3 383.1 2,589.5
Total comprehensive income/(expense) - 520.4 0.4 (77.2) 443.6
Dividends paid - (466.4) - - (466.4)
Balance at 31st December 1,381.0 877.1 2.7 305.9 2,566.7
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the year ended 31st December 2025
2025 2024
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 15 3,380.9 3,380.0
Interest paid (264.6) (314.2)
Interest received 176.8 171.2
Other finance costs paid (10.7) (11.3)
Income taxes paid (722.8) (824.3)
(821.3) (978.6)
Dividends received from associates and joint ventures (net) 607.2 641.9
(214.1) (336.7)
Net cash flows from operating activities 3,166.8 3,043.3
Cash flows from investing activities
Sale of intangible assets - 0.1
Sale of right-of-use assets 2.0 1.7
Sale of property, plant and equipment 38.4 65.2
Sale of subsidiaries, net of cash disposed 34.0 -
Sale of associates and joint ventures 0.1 343.8
Sale of investments 413.3 170.9
Purchase of intangible assets (71.5) (85.4)
Additions to right-of-use assets (23.7) (21.2)
Purchase of property, plant and equipment (991.8) (985.0)
Purchase of investment properties (2.3) (2.0)
Additions to bearer plants (29.3) (33.3)
Purchase of subsidiaries, net of cash acquired (283.5) (10.6)
Purchase of shares in associates and joint ventures (288.9) (244.7)
Purchase of investments (528.7) (292.0)
Net cash flows from investing activities (1,731.9) (1,092.5)
Cash flows from financing activities
Drawdown of loans 4,269.5 4,200.7
Repayment of loans (4,071.8) (4,241.1)
Principal elements of lease payments (106.7) (114.9)
Changes in controlling interests in subsidiaries (108.8) (0.1)
Investments by non-controlling interests 24.9 15.0
Dividends paid to non-controlling interests (744.3) (922.5)
Dividends paid by the Company (436.4) (466.4)
Net cash flows from financing activities (1,173.6) (1,529.3)
Net change in cash and cash equivalents 261.3 421.5
Cash and cash equivalents at the beginning of the year 3,088.1 2,782.5
Effect of exchange rate changes (80.1) (115.9)
Cash and cash equivalents at the end of the year ((1)) 3,269.3 3,088.1
((1)) For the purpose of the Consolidated Statement of Cash Flows,
cash and cash equivalents comprise deposits with bank and financial
institutions, bank and cash balances, net of bank overdrafts. In the balance
sheet, bank overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited
Notes to the financial statements for the year ended 31st December 2025
1 Basis of preparation
The financial statements are consistent with those set out in the 2024 audited
accounts which have been prepared in accordance with Singapore Financial
Reporting Standards (International) ("SFRS(I)") and International Financial
Reporting Standards ("IFRS"). The condensed interim financial statements for
the six months ended 31st December 2025 have been prepared in accordance with
IAS 34 Interim Financial Reporting. The condensed interim financial statements
do not include all the information required for a complete set of financial
statements. However, selected explanatory notes are included to explain events
and transactions that are significant to an understanding of the changes in
the Group's financial position and performance of the Group since the last
interim financial statements for the period ended 30th June 2025. There have
been no changes to the accounting policies described in the 2024 audited
accounts except for the adoption of new and amended standards. The Group has
not early adopted any other standard or amendments that have been issued but
not yet effective.
The exchange rates used for translating assets and liabilities at the balance
sheet date are US$1=S$1.2842 (2024: US$1=S$1.3586), US$1=RM4.0538 (2024:
US$1=RM4.4565), US$1=IDR16,782 (2024: US$1=IDR16,162) and US$1=VND26,283
(2024: US$1=VND25,477).
The exchange rates used for translating the results for the year are
US$1=S$1.3048 (2024: US$1=S$1.3373), US$1=RM4.2602 (2024: US$1=RM4.5597),
US$1=IDR16,504 (2024: US$1=IDR15,906) and US$1=VND26,022 (2024:
US$1=VND25,083)
Critical accounting estimates and judgements
The preparation of the condensed interim financial statements require
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty are the same as those
that applied to the consolidated financial statements for the year ended 31st
December 2025.
2 Revenue
6 months ended 31st December
Regional
Indonesia Interests Total
US$m US$m US$m
Group
2025
Automotive and mobility 3,819.1 869.3 4,688.4
Financial services 1,053.2 - 1,053.2
Heavy equipment, mining, construction & energy 3,771.3 - 3,771.3
Agribusiness 856.8 - 856.8
Infrastructure 97.6 - 97.6
Information technology 54.2 - 54.2
Property 34.3 - 34.3
9,686.5 869.3 10,555.8
From contracts with customers:
Recognised at a point in time 6,545.4 835.6 7,381.0
Recognised over time 1,933.7 28.5 1,962.2
8,479.1 864.1 9,343.2
From other sources:
Rental income from investment properties 14.8 - 14.8
Revenue from financial services companies 1,053.2 - 1,053.2
Other 139.4 5.2 144.6
1,207.4 5.2 1,212.6
9,686.5 869.3 10,555.8
2024
Automotive and mobility 4,375.5 858.9 5,234.4
Financial services 975.9 - 975.9
Heavy equipment, mining, construction & energy 4,406.1 - 4,406.1
Agribusiness 728.6 - 728.6
Infrastructure 112.4 - 112.4
Information technology 79.8 - 79.8
Property 48.1 - 48.1
10,726.4 858.9 11,585.3
From contracts with customers:
Recognised at a point in time 7,467.2 823.3 8,290.5
Recognised over time 2,095.9 31.2 2,127.1
9,563.1 854.5 10,417.6
From other sources:
Rental income from investment properties 5.4 - 5.4
Revenue from financial services companies 976.0 - 976.0
Other 181.9 4.4 186.3
1,163.3 4.4 1,167.7
10,726.4 858.9 11,585.3
12 months ended 31st December
Regional
Indonesia Interests Total
US$m US$m US$m
Group
2025
Automotive and mobility 7,537.8 1,750.6 9,288.4
Financial services 2,028.9 - 2,028.9
Heavy equipment, mining, construction & energy 7,928.4 - 7,928.4
Agribusiness 1,736.3 - 1,736.3
Infrastructure 191.7 - 191.7
Information technology 127.0 - 127.0
Property 57.4 - 57.4
19,607.5 1,750.6 21,358.1
From contracts with customers:
Recognised at a point in time 13,605.3 1,687.3 15,292.6
Recognised over time 3,651.0 53.4 3,704.4
17,256.3 1,740.7 18,997.0
From other sources:
Rental income from investment properties 21.6 - 21.6
Revenue from financial services companies 2,028.9 - 2,028.9
Other 300.7 9.9 310.6
2,351.2 9.9 2,361.1
19,607.5 1,750.6 21,358.1
2024
Automotive and mobility 8,527.0 1,643.0 10,170.0
Financial services 1,917.2 - 1,917.2
Heavy equipment, mining, construction & energy 8,416.8 - 8,416.8
Agribusiness 1,371.5 - 1,371.5
Infrastructure 197.8 - 197.8
Information technology 150.2 - 150.2
Property 74.9 - 74.9
20,655.4 1,643.0 22,298.4
From contracts with customers:
Recognised at a point in time 14,426.3 1,580.2 16,006.5
Recognised over time 3,964.0 54.4 4,018.4
18,390.3 1,634.6 20,024.9
From other sources:
Rental income from investment properties 10.5 - 10.5
Revenue from financial services companies 1,917.2 - 1,917.2
Other 337.4 8.4 345.8
2,265.1 8.4 2,273.5
20,655.4 1,643.0 22,298.4
Revenue related to Astra's logistics business has been reclassified from
'Infrastructure' to 'Automotive and mobility'. The 6 months ended 31st
December 2024 and 12 months ended 31st December 2024 comparatives have been
reclassified by US$130.0 million and US$272.7 million respectively for
comparability.
3 Net operating costs and operating profit
Group
6 months ended 12 months ended
31st December 31st December
2025 2024 Change 2025 2024 Change
US$m US$m % US$m US$m %
Cost of sales and services rendered (8,241.5) (9,039.9) -9 (16,772.5) (17,430.7) -4
Other operating income 138.1 191.7 -28 368.2 310.3 19
Selling and distribution expenses (425.6) (421.3) 1 (827.5) (823.6) 0
Administrative expenses (723.1) (723.8) 0 (1,410.1) (1,356.4) 4
Other operating expenses (10.4) (259.3) -96 (273.7) (390.8) -30
(9,262.5) (10,252.6) -10 (18,915.6) (19,691.2) -4
Operating profit is determined after including:
Amortisation/depreciation of:
- intangible assets (45.8) (64.3) -29 (96.5) (113.9) -15
- right-of-use assets (77.3) (76.2) 1 (146.1) (152.3) -4
- property, plant and equipment (450.1) (429.9) 5 (884.1) (843.8) 5
- bearer plants (15.6) (16.1) -3 (31.2) (31.4) -1
(Impairment)/write-back of impairment of:
- intangible assets (10.1) (18.9) -47 (10.1) (18.9) -47
- property, plant and equipment (0.5) (8.9) -94 0.1 (9.1) nm
- debtors (89.9) (64.2) 40 (141.8) (114.5) 24
- joint ventures (52.5) - nm (52.5) - nm
Fair value gain/(loss) on:
- investment properties 2.8 0.8 >100 2.8 0.8 >100
- investments ((1)) 85.5 14.4 >100 (95.2) (29.3) >100
- agricultural produce 6.1 5.9 3 0.7 7.3 -90
- derivatives not qualifying as hedges 0.1 - nm - 0.1 >-100
Profit/(loss) on disposal of:
- intangible assets (4.2) (0.1) >100 (4.2) (0.1) >100
- right-of-use assets 0.3 0.8 -63 1.5 0.8 88
- property, plant and equipment 5.9 29.9 -80 16.5 33.3 -50
- investment properties - (1.8) >-100 - (1.8) >-100
- bearer plants (4.8) (0.1) >100 (4.8) (0.1) >100
- associates - (126.5) >-100 - (126.5) >-100
- loss of control in subsidiaries ((2)) (0.1) - nm 34.5 - nm
- investments 1.3 - nm 1.8 0.1 >100
Bargain purchase on acquisition of subsidiaries 28.1 - nm 28.1 - nm
Loss on disposal/write-down of receivables from
collateral vehicles (33.2) (30.6) 8 (63.4) (61.6) 3
Write-down of stocks, net (7.9) (17.3) -54 (14.8) (21.9) -32
Net exchange (loss)/gain ((3)) (23.6) 16.9 nm 21.8 (51.1) nm
Dividend and interest income from investments 87.6 82.8 6 135.1 126.0 7
nm - not meaningful
((1)) Fair value gain/(loss) relates mainly to equity
investments in GoTo, Hermina, Vinamilk and Toyota Motor Corporation.
((2)) Net gain on disposal mainly relates to the disposal of one
of Astra's coal mining subsidiaries.
((3)) Net exchange (loss)/gain relates mainly to the impact of
revaluing monetary liabilities denominated in US dollars.
4 Tax
The provision for income tax is based on the statutory tax rates of the
respective countries in which the companies operate after taking into account
non-deductible expenses and group tax relief.
5 Dividends
At the Annual General Meeting in 2026, a final one-tier tax-exempt dividend in
respect of 2025 of US¢85 per share amounting to a dividend of approximately
US$336.0 million is to be proposed. These financial statements do not reflect
this dividend payable, which will be accounted for in shareholders' equity as
an appropriation of retained earnings in the year ending 31st December 2026.
The dividends paid in 2025 and 2024 were as follows:
Group and Company
2025 2024
US$m US$m
Final one-tier tax exempt dividend in respect of previous year of
US¢84 per share (2024: in respect of 2023 of US¢90) 326.8 359.8
Interim one-tier tax exempt dividend in respect of current year of
US¢28 per share (2024: US¢28) 109.6 106.6
436.4 466.4
6 Earnings per share
Group
6 months ended 12 months ended
31st December 31st December
2025 2024 2025 2024
US$m US$m US$m US$m
Basic and diluted earnings per share
Profit attributable to shareholders 626.7 462.5 997.8 945.8
Weighted average number of ordinary shares in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share US¢158 US¢117 US¢252 US¢239
Diluted earnings per share US¢158 US¢117 US¢252 US¢239
Basic and diluted underlying earnings per share
Underlying profit attributable to shareholders 580.4 602.0 1,109.5 1,102.1
Weighted average number of ordinary shares in issue (millions) 395.2 395.2 395.2 395.2
Basic underlying earnings per share US¢147 US¢152 US¢281 US¢279
Diluted underlying earnings per share US¢147 US¢152 US¢281 US¢279
As at 31st December 2025 and 2024, there were no dilutive potential ordinary
shares in issue.
A reconciliation of the profit attributable to shareholders and underlying
profit attributable to shareholders is as follows:
Group
6 months ended 12 months ended
31st December 31st December
2025 2024 2025 2024
US$m US$m US$m US$m
Profit attributable to shareholders 626.7 462.5 997.8 945.8
Less:
Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce and livestock 1.9 1.8 0.2 2.2
Fair value changes of investment properties 0.8 (0.1) 0.8 (0.1)
Fair value changes of investments 59.1 (10.5) (106.3) (27.7)
Impairment loss on joint ventures (16.3) - (16.3) -
Bargain purchase on acquisition of subsidiaries 14.2 - 14.2 -
Net loss on disposal of interests in subsidiaries (0.1) - 10.0 -
Net loss on disposal of interests in associates - (126.6) - (126.6)
Gain on sale and leaseback of properties - 13.8 - 13.8
Others (13.3) (17.9) (14.3) (17.9)
46.3 (139.5) (111.7) (156.3)
Underlying profit attributable to shareholders 580.4 602.0 1,109.5 1,102.1
Non-trading items are separately identified to provide greater understanding
of the Group's underlying performance of core businesses. Items classified as
non-trading items include the profit or loss of business not aligned with the
Group's strategy and where there is an explicit intention to exit or wind-down
the business (non-strategic business), fair value gains or losses on
revaluation of investment properties, and equity and debt investments which
are measured at fair value through profit and loss; gains and losses arising
from the sale of businesses, investments and properties; impairment of
non-depreciable intangible assets, associates and joint ventures and other
investments; provisions for the restructuring or closure of businesses;
acquisition-related costs in business combinations; and other credits and
charges of a nonrecurring nature that require inclusion in order to provide
additional insight into underlying business performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with
carrying amounts at 31st December 2025 and 2024 are as follows:
Fair
value
through Fair value Financial
Fair value of profit through other assets at Other Total
hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
2025
Financial assets
measured at fair value
Other investments
- equity investments - 861.5 - - - 861.5 861.5
- debt investments - 373.3 1,114.7 - - 1,488.0 1,488.0
Derivative financial
instruments 17.0 1.3 - - - 18.3 18.3
17.0 1,236.1 1,114.7 - - 2,367.8 2,367.8
Financial assets not
measured at fair value
Other investments
- debt investments - - - 178.7 - 178.7 141.0
Debtors - - - 8,358.2 - 8,358.2 7,856.3
Bank balances - - - 3,269.3 - 3,269.3 3,269.3
- - - 11,806.2 - 11,806.2 11,266.6
Financial liabilities
measured at fair value
Derivative financial
instruments (214.4) (0.4) - - - (214.8) (214.8)
(214.4) (0.4) - - - (214.8) (214.8)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities - - - - (7,173.2) (7,173.2) (7,089.6)
Lease liabilities - - - - (261.8) (261.8) (261.8)
Creditors excluding
non-financial liabilities - - - - (3,737.6) (3,737.6) (3,737.6)
- - - - (11,172.6) (11,172.6) (11,089.0)
2024
Financial assets
measured at fair value
Other investments
- equity investments - 1,222.9 - - - 1,222.9 1,222.9
- debt investments - 399.0 984.1 - - 1,383.1 1,383.1
Derivative financial
instruments 42.6 0.8 - - - 43.4 43.4
42.6 1,622.7 984.1 - - 2,649.4 2,649.4
Financial assets not
measured at fair value
Debtors - - - 8,121.9 - 8,121.9 7,627.1
Bank balances - - - 3,088.1 - 3,088.1 3,088.1
- - - 11,210.0 - 11,210.0 10,715.2
Financial liabilities
measured at fair value
Derivative financial
instruments (1.5) (2.3) - - - (3.8) (3.8)
(1.5) (2.3) - - - (3.8) (3.8)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities - - - - (7,040.1) (7,040.1) (7,008.2)
Lease liabilities - - - - (254.4) (254.4) (254.4)
Creditors excluding
non-financial liabilities - - - - (3,847.9) (3,847.9) (3,847.9)
- - - - (11,142.4) (11,142.4) (11,110.5)
Fair value estimation
a) Financial instruments that are measured at fair value
For financial instruments that are measured at fair value in the balance
sheet, the corresponding fair value measurements are disclosed by level of the
following fair value measurement hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or
liabilities ("quoted prices in active markets")
The fair values of listed securities and bonds are based on quoted prices in
active markets at the balance sheet date. The quoted market price used for
listed investments held by the Group is the current bid price.
Inputs other than quoted prices in active markets that are observable for the
asset or liability, either directly or indirectly ("observable current market
transactions")
The fair values of derivative financial instruments are determined using rates
quoted by the Group's bankers at the balance sheet date. The rates for
interest rate swaps and caps, cross-currency swaps and forward foreign
exchange contracts are calculated by reference to the market interest rates
and foreign exchange rates.
Inputs for the asset or liability that are not based on observable market data
("unobservable inputs")
The fair values of other unlisted equity and debt investments are determined
using valuation techniques by reference to observable current market
transactions or the market prices of the underlying investments with certain
degree of entity-specific estimates or discounted cash flows by projecting the
cash inflows from these investments. There were no changes in valuation
techniques during the year.
The table below analyses the Group's financial instruments carried at fair
value, by the levels in the fair value measurement hierarchy.
Quoted Observable
prices in current
active market Unobservable
markets transactions inputs Total
US$m US$m US$m US$m
2025
Assets
Other investments
- equity investments 684.4 - 177.1 861.5
- debt investments 1,114.7 - 373.3 1,488.0
1,799.1 - 550.4 2,349.5
Derivative financial instruments at fair value - 18.3 - 18.3
1,799.1 18.3 550.4 2,367.8
Liabilities
Derivative financial instruments at fair value - (214.8) - (214.8)
2024
Assets
Other investments
- equity investments 1,054.6 - 168.3 1,222.9
- debt investments 984.1 - 399.0 1,383.1
2,038.7 - 567.3 2,606.0
Derivative financial instruments at fair value - 43.4 - 43.4
2,038.7 43.4 567.3 2,649.4
Liabilities
Derivative financial instruments at fair value - (3.8) - (3.8)
There were no transfers among the three categories during the year ended 31st
December 2025 and 2024.
b) Financial instruments that are not measured at fair value
The fair values of current debtors, bank balances and other liquid funds,
current creditors, current borrowings and current lease liabilities of the
Group and the Company are assumed to approximate their carrying amounts due to
the short-term maturities of these assets and liabilities. The fair values of
debt investments at amortised cost are based on discounted cash flows at
market interest rates.
The fair values of long-term borrowings disclosed are based on market prices
or are estimated using the expected future payments discounted at market
interest rates. The fair values of non-current lease liabilities are estimated
using the expected future payments discounted at market interest rates.
8 Borrowings
Group
2025 2024
US$m US$m
Long-term borrowings:
- secured 103.3 43.9
- unsecured 2,816.4 3,904.5
2,919.7 3,948.4
Current borrowings:
- secured 21.4 41.6
- unsecured 4,232.1 3,050.1
4,253.5 3,091.7
Total borrowings 7,173.2 7,040.1
Certain subsidiaries of the Group have pledged their assets in order to obtain
bank facilities from financial institutions. The value of assets pledged was
US$268.5 million (2024: US$49.2 million).
9 Share capital
Group
2025 2024
US$m US$m
Six months and full year ended 31st December
Issued and fully paid:
Balance at 1st January, 1st July and 31st December
- 395,236,288 (2024: 395,236,288) ordinary shares 1,381.0 1,381.0
There were no rights, bonus or equity issues during the year.
The Company did not hold any treasury shares as at 31st December 2025 and 2024
and did not have any unissued shares under convertibles as at 31st December
2025 and 2024.
There were no subsidiary holdings (as defined in the Listing Rules of the
SGX-ST) as at 31st December 2025 and 2024.
10 Revenue reserve
Group Company
2025 2024 2025 2024
US$m US$m US$m US$m
Movements:
Balance at 1st January 9,029.2 8,545.0 877.1 823.1
Defined benefit pension plans
- remeasurements (0.7) 5.6 - -
- deferred tax 0.2 (1.2) - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax 2.2 (0.8) - -
Profit attributable to shareholders 997.8 945.8 428.2 520.4
Dividends paid by the Company (Note 5) (436.4) (466.4) (436.4) (466.4)
Change in shareholding 20.6 (0.1) - -
Other (2.6) 1.3 - -
Balance at 31st December 9,610.3 9,029.2 868.9 877.1
11 Other reserves
Group Company
2025 2024 2025 2024
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 414.2 414.2 - -
Translation reserve (2,773.8) (2,545.3) 454.3 305.9
Fair value reserve 13.8 (5.9) - -
Hedging reserve (51.4) 14.8 - 2.7
Other reserve 2.7 3.3 - -
(2,394.5) (2,118.9) 454.3 308.6
Movements:
Asset revaluation reserve
Balance at 1st January 414.2 410.1 - -
Surplus on revaluation of assets - 4.2 - -
Share of associates' and joint ventures'
asset revaluation surplus - (0.1) - -
Balance at 31st December 414.2 414.2 - -
Translation reserve
Balance at 1st January (2,545.3) (2,312.2) 305.9 383.1
Translation difference (228.5) (325.1) 148.4 (77.2)
Transfer to profit and loss - 92.0 - -
Balance at 31st December (2,773.8) (2,545.3) 454.3 305.9
Fair value reserve
Balance at 1st January (5.9) 0.2 - -
Financial assets at FVOCI
- fair value changes 19.8 (6.1) - -
- deferred tax (0.5) 0.1 - -
- transfer to profit and loss (0.4) - - -
Share of associates' and joint ventures'
fair value changes of financial assets at
FVOCI, net of tax 0.8 (0.1) - -
Balance at 31st December 13.8 (5.9) - -
Hedging reserve
Balance at 1st January 14.8 12.0 2.7 2.3
Cash flow hedges
- fair value changes (72.4) 0.7 (2.7) 0.4
- deferred tax 15.3 (0.1) - -
- transfer to profit and loss 0.1 0.7 - -
Share of associates' and joint ventures'
fair value changes of cash flow hedges,
net of tax (9.2) 2.2 - -
Other - (0.7) - -
Balance at 31st December (51.4) 14.8 - 2.7
Other reserve
Balance at 1st January 3.3 3.3 - -
Other (0.6) - - -
Balance at 31st December 2.7 3.3 - -
12 Non-controlling interests
Group
2025 2024
US$m US$m
Balance at 1st January 10,127.3 9,775.9
Asset revaluation surplus
- surplus on revaluation of assets 0.1 6.3
Share of associates' and joint ventures' asset revaluation surplus - (0.2)
Financial assets at FVOCI
- fair value changes 21.2 (6.6)
- deferred tax (0.5) 0.1
- transfer to profit and loss (0.4) -
20.3 (6.5)
Share of associates' and joint ventures' fair value changes of
financial assets at FVOCI, net of tax 0.8 (0.1)
Cash flow hedges
- fair value changes (159.4) 0.8
- deferred tax 35.0 (0.2)
- transfer to profit and loss 0.1 -
(124.3) 0.6
Share of associates' and joint ventures' fair value changes of
cash flow hedges, net of tax (13.3) 7.0
Defined benefit pension plans
- remeasurements 7.2 -
- deferred tax (1.5) 0.1
5.7 0.1
Share of associates' and joint ventures' remeasurements of
defined benefit pension plans, net of tax 1.6 (2.4)
Translation difference (293.2) (354.4)
Profit for the year 1,415.9 1,604.9
Issue of shares to non-controlling interests 24.9 15.0
Dividends paid (744.3) (922.5)
Change in shareholding (130.1) 0.1
Acquisition of subsidiaries 64.3 2.2
Disposal of subsidiaries (0.5) -
Other (3.6) 1.3
Balance at 31st December 10,351.6 10,127.3
13 Related party transactions
The following significant related party transactions took place during the
year ended 31st December:
Group
2025 2024
US$m US$m
(a) With associates and joint ventures:
Purchase of goods and services (5,183.5) (5,903.3)
Sale of goods and services 1,685.5 1,736.4
Commission and incentives earned 10.9 10.3
Bank deposits and balances 100.2 49.6
Interest received 21.2 19.6
(b) With related companies and
associates of ultimate holding
company:
Management fees paid (5.0) (4.5)
Purchase of goods and services (1.2) (1.4)
Sale of goods and services 0.3 0.3
(c) Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term employee benefits (12.7) (14.4)
14 Commitments
Capital expenditure authorised for at the balance sheet date, but not
recognised in the financial statements is as
follows:
Group
2025 2024
US$m US$m
Authorised and contracted 88.2 109.3
Authorised but not contracted 743.6 845.1
831.8 954.4
15 Cash flows from operating activities
Group
2025 2024
US$m US$m
Profit before tax 3,028.5 3,218.3
Adjustments for:
Financing income (177.1) (173.9)
Financing charges 276.1 315.5
Share of associates' and joint ventures' results after tax (685.0) (752.7)
Amortisation/depreciation of:
- intangible assets 96.5 113.9
- right-of-use assets 146.1 152.3
- property, plant and equipment 884.1 843.8
- bearer plants 31.2 31.4
Impairment/(write-back of impairment) of:
- intangible assets 10.1 18.9
- property, plant and equipment (0.1) 9.1
- debtors 141.8 114.5
- joint ventures 52.5 -
Fair value (gain)/loss on:
- investment properties (2.8) (0.8)
- investments 95.2 29.3
- agricultural produce (0.7) (7.3)
- derivatives not qualifying as hedges - (0.1)
(Profit)/loss on disposal of:
- intangible assets 4.2 0.1
- right-of-use assets (1.5) (0.8)
- property, plant and equipment (16.5) (33.3)
- investment properties - 1.8
- bearer plants 4.8 0.1
- associates - 126.5
- loss of control in subsidiaries (34.5) -
- investments (1.8) (0.1)
Loss on disposal/write-down of receivables from collateral vehicles 63.4 61.6
Bargain purchase on acquisition of subsidiaries (28.1) -
Amortisation of borrowing costs for financial services companies 9.6 8.4
Write-down of stocks 14.8 21.9
Loss on modifications to lease term 0.1 -
Changes in provisions 56.7 70.0
Foreign exchange (gain)/loss (12.9) 71.6
926.2 1,021.7
Operating profit before working capital changes 3,954.7 4,240.0
Changes in working capital
Properties for sale (12.5) 9.6
Stocks (21.6) (98.1)
Concession rights (26.8) (21.8)
Financing debtors (656.8) (636.4)
Debtors 33.8 (89.8)
Creditors and provisions 62.3 (56.4)
Pensions 47.8 32.9
(573.8) (860.0)
Cash flows from operating activities 3,380.9 3,380.0
16 Notes to consolidated statement of cash flows
(a) Purchase of shares in subsidiaries
The acquisitions in 2025 mainly comprised net cash outflow of US$180.3 million
for a 83.7% interest in PT Mega Manunggal Property Tbk ("MMP"), an industrial
and logistics property development company, US$48.6 million for a 100%
interest in PT Pratista Industrial Properti Satu and US$27.1 million for a
100% interest in PT Pratista Industrial Properti Dua, both companies operating
in the modern warehousing industry, and US$30.3 million for an additional
30.6% interest in PT Supreme Energy Sriwijaya ("SES"). As a result, the direct
shareholding of SES, held through a subsidiary of the Group, increased to
80.2%, giving the Group an effective shareholding of 40.4% in Supreme Energy
Rantau Dedap ("SERD"), a geothermal energy producer.
The acquisitions in 2024 mainly comprised net cash outflow of US$4.4 million
for a 96% interest in PT Tunas Era Asia, a leading hospital in Jakarta
specialising in cardiology, and US$4.2 million for a 90% interest in PT
Lestarikan Bumi Papua, a nature-based solutions company engaged in the
utilisation of carbon sequestration and storage.
(b) Purchase of shares in associates and joint ventures
Purchase of shares in associates and joint ventures in 2025 mainly included
US$172.8 million for Astra's investment in PT Medikaloka Hermina Tbk, US$56.1
million for Astra's investment in PT Polinasi Iddea Investama, US$29.2 million
for Astra's investment in PT Saka Surya Wisesa, US$8.8 million for Astra's
investment in PT Supreme Energy Rantau Dedap, US$5.6 million for Astra's
investment in PT Bank Saqu Indonesia (formerly known as "PT Bank Jasa
Jakarta"), US$5.0 million for Astra's investment in PT Equinix Indonesia JKT,
US$3.8 million for Astra's investment in PT Supreme Energy Sriwijaya, US$3.6
million for additional purchase of shares in Refrigeration Electrical
Engineering Corporation ("REE") and US$1.8 million for additional purchase of
shares in Truong Hai Group Corporation ("THACO").
Purchase of shares in associates and joint ventures in 2024 mainly included
US$80.7 million for Astra's investment in PT Supreme Energy Rantau Dedap,
US$27.1 million for Astra's investment in PT Saka Surya Wisesa, US$22.1
million for Astra's investment in PT Bank Jasa Jakarta and US$98.5 million for
additional purchase of shares in Refrigeration Electrical Engineering
Corporation.
(c) Sale of subsidiaries
Sale of subsidiaries in 2025 mainly included US$34.0 million for Astra's
disposal of PT Borneo Berkat Makmur.
(d) Sale of associates and joint ventures
Sale of associates in 2025 mainly included US$0.1 million for Astra's disposal
of PT Jabar Environmental Solutions.
Sale of associates in 2024 mainly included US$343.5 million received from the
sale of 25.5% interest in Siam City Cement Public Company Limited.
(e) Changes in controlling interests of subsidiaries
Changes in controlling interests of subsidiaries included an inflow of
US$120.4 million for Astra's partial disposal of interest in PT Astra Digital
Mobil, an outflow of US$210.4 million for the share buyback of Astra and PT
United Tractors Tbk and an outflow of US$18.8 million to increase its interest
in PT Mega Manunggal Property Tbk through a mandatory tender offer. There is
no significant change in controlling interests of subsidiaries in 2024.
17 Segment Information
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Board for the
purpose of resource allocation and performance assessment. In 2024, the
business segment reporting was re-organised to give greater clarity and add
emphasis to the Group's focused markets of Indonesia and Vietnam. Within
Indonesia and Vietnam; Astra, THACO and REE are operating segments identified
by the Group. The Board considers Astra as one operating segment because it
represents a single direct investment made by the Company. Decisions for
resource allocation and performance assessment of Astra are made by the Board
of the Company while resource allocation and performance assessment of the
various Astra businesses are made by the board of Astra, taking into
consideration the opinions of the Board of the Company. THACO and REE are also
identified as operating segments based on the scale and growth of their
businesses, and the Board considered the information useful to the readers of
the financial statements. Regional Interests represent the Group's collective
businesses outside of Indonesia and Vietnam. Set out below is an analysis of
the segment information.
Underlying business performance Non-
Indonesia Vietnam Regional Corporate trading
Astra Other THACO REE Other Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m US$m US$m
6 months ended 31st December 2025
Revenue 9,686.5 - - - - 869.3 - - 10,555.8
Net operating costs (8,481.6) - - - 23.7 (812.1) (20.6) 28.1 (9,262.5)
Operating profit 1,204.9 - - - 23.7 57.2 (20.6) 28.1 1,293.3
Financing income 78.2 - - - - 0.6 10.3 - 89.1
Financing charges (112.0) - - - - (7.1) (15.6) - (134.7)
Net financing charges (33.8) - - - - (6.5) (5.3) - (45.6)
Share of associates' and joint
ventures' results after tax 345.1 9.4 37.9 31.3 - (1.3) - 1.5 423.9
Profit before tax 1,516.2 9.4 37.9 31.3 23.7 49.4 (25.9) 29.6 1,671.6
Tax (317.6) (0.5) - - 0.2 (11.0) (0.8) 0.8 (328.9)
Profit after tax 1,198.6 8.9 37.9 31.3 23.9 38.4 (26.7) 30.4 1,342.7
Non-controlling interests (728.6) - - - - (3.3) - 15.9 (716.0)
Profit attributable to shareholders 470.0 8.9 37.9 31.3 23.9 35.1 (26.7) 46.3 626.7
6 months ended 31st December 2024
Revenue 10,726.4 - - - - 858.9 - - 11,585.3
Net operating costs (9,325.6) - - - 25.3 (812.0) (2.6) (137.7) (10,252.6)
Operating profit 1,400.8 - - - 25.3 46.9 (2.6) (137.7) 1,332.7
Financing income 79.0 - - - - 1.0 10.5 - 90.5
Financing charges (115.9) - - - - (7.6) (24.8) - (148.3)
Net financing charges (36.9) - - - - (6.6) (14.3) - (57.8)
Share of associates' and joint
ventures' results after tax 330.0 19.2 24.0 23.0 - (2.5) - 2.1 395.8
Profit before tax 1,693.9 19.2 24.0 23.0 25.3 37.8 (16.9) (135.6) 1,670.7
Tax (365.5) (0.7) - - - (3.6) 1.4 0.5 (367.9)
Profit after tax 1,328.4 18.5 24.0 23.0 25.3 34.2 (15.5) (135.1) 1,302.8
Non-controlling interests (832.6) - - - - (3.3) - (4.4) (840.3)
Profit attributable to shareholders 495.8 18.5 24.0 23.0 25.3 30.9 (15.5) (139.5) 462.5
Underlying business performance Non-
Indonesia Vietnam Regional Corporate trading
Astra Other THACO REE Other Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m US$m US$m
12 months ended 31st December 2025
Revenue 19,607.5 - - - - 1,750.6 - - 21,358.1
Net operating costs (17,159.9) - - - 32.4 (1,657.5) (3.5) (127.1) (18,915.6)
Operating profit 2,447.6 - - - 32.4 93.1 (3.5) (127.1) 2,442.5
Financing income 155.8 - - - - 1.2 20.1 - 177.1
Financing charges (226.3) - - - - (15.1) (34.7) - (276.1)
Net financing charges (70.5) - - - - (13.9) (14.6) - (99.0)
Share of associates' and joint
ventures' results after tax 569.8 20.2 54.9 41.2 - (2.7) - 1.6 685.0
Profit before tax 2,946.9 20.2 54.9 41.2 32.4 76.5 (18.1) (125.5) 3,028.5
Tax (597.4) (1.9) - - 0.2 (14.7) (1.3) 0.3 (614.8)
Profit after tax 2,349.5 18.3 54.9 41.2 32.6 61.8 (19.4) (125.2) 2,413.7
Non-controlling interests (1,423.2) - - - - (6.2) - 13.5 (1,415.9)
Profit attributable to shareholders 926.3 18.3 54.9 41.2 32.6 55.6 (19.4) (111.7) 997.8
Net cash/(debt) (excluding net debt
of financial services companies) 539.6 - - - - (4.5) (579.2) (44.1)
Total equity 17,196.5 208.6 722.7 421.5 - 273.9 125.2 18,948.4
12 months ended 31st December 2024
Revenue 20,655.4 - - - - 1,643.0 - - 22,298.4
Net operating costs (17,931.0) - - - 33.7 (1,569.3) (44.6) (180.0) (19,691.2)
Operating profit 2,724.4 - - - 33.7 73.7 (44.6) (180.0) 2,607.2
Financing income 150.2 - - - - 1.8 21.9 - 173.9
Financing charges (239.4) - - - - (15.0) (61.1) - (315.5)
Net financing charges (89.2) - - - - (13.2) (39.2) - (141.6)
Share of associates' and joint
ventures' results after tax 636.1 35.9 39.4 29.7 - 9.5 - 2.1 752.7
Profit before tax 3,271.3 35.9 39.4 29.7 33.7 70.0 (83.8) (177.9) 3,218.3
Tax (658.1) (1.8) - - - (8.5) 0.6 0.2 (667.6)
Profit after tax 2,613.2 34.1 39.4 29.7 33.7 61.5 (83.2) (177.7) 2,550.7
Non-controlling interests (1,620.0) - - - - (6.3) - 21.4 (1,604.9)
Profit attributable to shareholders 993.2 34.1 39.4 29.7 33.7 55.2 (83.2) (156.3) 945.8
Net cash/(debt) (excluding net debt
of financial services companies) 599.8 - - - - (19.1) (815.7) (235.0)
Total equity 16,751.2 212.8 684.5 397.0 - 205.6 167.5 18,418.6
Segment assets and liabilities are not disclosed as these are not regularly
provided to the Board of the Company.
Set out below are analyses of the Group's non-current assets, by geographical
areas:
Indonesia Vietnam Other Total
US$m US$m US$m US$m
2025 13,200.4 1,144.2 197.5 14,542.1
2024 12,593.9 1,081.5 175.1 13,850.5
Non-current assets excluded financial instruments and deferred tax assets.
18 Interested person transactions
Aggregate value Aggregate value
of all interested of all interested
person person
transactions transactions
(excluding conducted under
transactions less shareholders'
than S$100,000 mandate
and transactions pursuant to Rule
conducted under 920 (excluding
shareholders' transactions less
mandate than S$100,000)
pursuant to
Rule 920)
Name of interested person and Nature of relationship US$m US$m
nature of transaction
12 months ended 31st December 2025
Jardine Matheson Limited Associate of the Company's
- Management support services controlling shareholder - 5.1
- Cyber security services - 0.3
- Human resource and administrative services - 0.4
- Business support services (including internal audit and risk - 0.1
management)
- Digital support and innovation services 0.4 -
Jardine Engineering (S) Pte Ltd Associate of the Company's
- Operation & air-conditioning and mechanical ventilation maintenance controlling shareholder - 0.5
services
Jardine Matheson Limited, Jardine Pacific Associate of the Company's
Holdings Limited & Jardine Matheson controlling shareholder
Management (SEA) Pte Limited
- SEA regional office support costs - 2.4
Freddy Lee Director of the Company
- Purchase of a motor vehicle 0.3 -
Hongkong Land (Unicode) Associate of the Company's
Investments Limited controlling shareholder
- Subscription of shares in an associate 4.4 -
PT Astra Land Indonesia Associate of the Company's
- Issuance of shares in a joint venture controlling shareholder 4.4 -
9.5 8.8
19 Underlying Profit by Business
Group
6 months ended 31st December 12 months ended 31st December
2025 2024 Change 2025 2024 Change
US$m US$m % US$m US$m %
INDONESIA
Astra International
Automotive and mobility 174.6 175.0 0 321.5 340.0 -5
Financial services 138.6 129.2 7 272.0 257.8 6
Heavy equipment, mining, construction & energy 138.1 193.0 -28 281.5 375.7 -25
Agribusiness 27.6 14.6 89 46.3 26.6 74
Infrastructure 18.8 17.6 7 38.2 32.0 19
Information technology 3.8 2.9 31 6.3 4.9 29
Property 4.0 4.0 0 7.4 6.9 7
505.5 536.3 -6 973.2 1,043.9 -7
Less: Withholding tax on dividend (35.5) (40.5) -12 (46.9) (50.7) -7
470.0 495.8 -5 926.3 993.2 -7
Tunas Ridean 8.9 18.5 -52 18.3 34.1 -46
478.9 514.3 -7 944.6 1,027.3 -8
VIETNAM
THACO
Automotive 5.9 26.2 -78 21.5 37.8 -43
Real estate 29.9 1.8 >100 30.9 1.9 >100
Agriculture 2.0 (3.0) nm (0.4) (3.9) -90
Other 0.1 (1.0) nm 2.9 3.6 -19
37.9 24.0 58 54.9 39.4 39
REE 31.3 23.0 36 41.2 29.7 39
Vinamilk 23.9 25.3 -6 32.6 33.7 -3
93.1 72.3 29 128.7 102.8 25
REGIONAL INTEREST
Cycle & Carriage 31.6 23.7 33 47.9 32.2 49
Siam City Cement - 3.9 >-100 - 16.2 >-100
Toyota Motor Corporation 3.5 3.3 6 7.7 6.8 13
35.1 30.9 14 55.6 55.2 1
CORPORATE COSTS
Central overheads (14.7) (11.6) 27 (31.0) (26.4) 17
Net financing charges (5.3) (14.2) -63 (14.6) (39.2) -63
Exchange differences (6.7) 10.3 nm 26.2 (17.6) nm
(26.7) (15.5) 72 (19.4) (83.2) -77
Underlying profit attributable to shareholders 580.4 602.0 -4 1,109.5 1,102.1 1
Underlying profit related to Astra's logistics business has been reclassified
from 'Infrastructure' to 'Automotive and mobility'. The 6 months ended 31st
December 2024 and 12 months ended 31st December 2024 comparatives have been
reclassified by US$5.0 million and US$10.0 million, respectively, for
comparability.
20 Dividend and closure of books
NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained
at the forthcoming 57th Annual General Meeting of the Company ("AGM") for the
proposed final one-tier tax-exempt dividend of US$0.85 per share for the
financial year ended 31st December 2025 (the "Final Dividend"), the Transfer
Books and Register of Members of the Company will be closed from 5.00 p.m. on
Monday, 25th May 2026 (the "Record Date") up to, and including Tuesday, 26th
May 2026, for the purpose of determining shareholders' entitlement to the
Final Dividend. Duly completed transfers of shares of the Company in physical
scrip received by the Company's Share Registrar, Boardroom Corporate &
Advisory Services Pte. Ltd. at 1 Harbourfront Avenue, Keppel Bay Tower #14-07,
Singapore 098632 up to 5.00 p.m. on the Record Date will be registered before
entitlements to the Final Dividend are determined.
Subject to approval being obtained as aforesaid, shareholders (being
Depositors) whose securities accounts with The Central Depository (Pte)
Limited are credited with shares of the Company as at 5.00 p.m. on the Record
Date will rank for the Final Dividend.
The Final Dividend, if approved at the AGM, will be paid on 12th June 2026.
21 Others
The results do not include any pre-acquisition profits and have not been
affected by any item, transaction or event of a material or unusual nature
other than the non-trading items shown in Note 6 of this report.
The Company confirms that it has procured undertakings from all its directors
and executive officers under Rule 720(1) of the Listing Rules of the SGX-ST.
PT Agincourt Resources
On 20 January 2026, the Minister of the State Secretariat and the Forest Area
Enforcement Task Force issued a press release announcing the revocation of the
business licences of 28 companies for non-compliance. PT Agincourt Resources
("PTAR"), an indirect subsidiary, was among those listed. To date, PTAR has
not received any official written notification regarding the revocation.
Subsequently, on 11 February 2026, the Minister of Energy and Mineral
Resources announced in the media that, based on the direction of the President
of the Republic of Indonesia, the Government will conduct an evaluation
regarding licence of PTAR, where no violations are found, investors' rights
will be restored; conversely, if violations are identified, sanctions will be
imposed proportionately.
Management believes that PTAR has complied with relevant laws and regulations
in carrying out its activities. In connection with the above, there was no
significant impact on the Group's consolidated financial statements for the
year ended 31 December 2025.
Vinamilk
On 26 February 2026, JC&C sold a further 3.5% interest in Vinamilk for
approximately US$187.6 million.
No significant event or transaction other than as contained in this report has
occurred between 1st January 2026 and the date of this report.
22 Notice pursuant to Rule 704(13) of the Listing Manual
Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle &
Carriage Limited wishes to announce that no person occupying a managerial
position in the Company or any of its principal subsidiaries is a relative of
a director or chief executive officer or substantial shareholder of the
Company.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the
year ended 31 December 2025 can be accessed through the internet at
'www.jcclgroup.com'.
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