FY 2025 Full-Year Results Presentation

Good morning, everyone. I'm Suzanne Chuk, Head of Treasury and Investor Relations at Jardim Matheson. Welcome to the Jardim Matheson Holdings full year 2025 Resells presentation. For those joining us in the room here, you can download the presentation slides from our JAM corporate website or at the QR code here. For those joining us online, you should now be able to see the live webcast and presentation slides. You may also submit questions via the Q&A function at the bottom of the screen at any time, and we will address them during the Q&A session. Now, we'd first like to introduce our speakers today. We have Lincoln Pan, Chief Executive Officer of Jardim Matheson Holdings, and Graham Baker, our Chief Financial Officer. As I'm sure many of you already know, Lincoln joined us on the 1st of December 2025. Please join us in welcoming him for his first results presentation. Today you will hear from him on his vision for Jardines, our

commitment to shareholders and how we'll deliver, which will go into greater detail on the 16th of June during our investor day in Hong Kong. Graham will then take you through the financial performance of the company and the portfolio. There will be a Q&A session at the end of the presentation which I'm I'm sure all of you are very much looking forward to, but for people in the room, I would kindly ask that you hold your questions until then. With that, let me now ask Inkin to begin our presentation. Okay, well thank you Suzanne, and good morning to everyone here in Hong Kong and to those who have joined us online. I'm looking forward to an engaging session with all of you today, so thank you again to the many partners of Jardim Mathison, including some of you in this room, who have welcomed me to this great organization. At Jardim Mathison, we have set a clear ambition for ourselves. strive to be an outstanding investment vehicle focused on building diverse high-quality businesses in Asia Pacific, delivering sustainable top-quartile total shareholder returns. Two years ago, our executive chairman Ben Keswick initiated a transformation process

to evolve Jardim Aifison from owner-operator to an investment company. Good progress has been made, strengthening our portfolio leadership teams and boards of industry leaders, setting total shareholder return as our governing KPI and aligning shareholder and management incentives and recycling capital. Today our job is to accelerate the evolution of Jardimathison and our role as an investment holding company, building an organization that's committed to active long-term value creation, talent development with aligned incentives, world-class governance, and continuous improvement in sustainability. And whilst we'll lay out more our strategy and financial objectives in greater detail in our investor day in the summer, today I would like to begin outlining the principles which Jardimattsen will operate with to deliver for our shareholders. First and most importantly, we're targeting sustainable top-quartile five-year TSR outperforming alternatives for investing in Asia. This will be supported by a commitment to growing the dividend, annually in value creation initiatives to drive portfolio performance.

Our goal is to be a stable, diversified platform delivering GDP-plus growth and growing cash-on-cash distributions across our markets. Secondly, we will have an active program to recycle capital, exiting below-hurdle assets with limited prospects and recycling capital toward businesses existing anew that improve our quality of earnings. Both our portfolio investments in Hong Kong land and DFI retail have done an excellent job of this in 2025. In 2025, Jordy Mathison and his portfolio companies recycled $4.8 billion of capital more than the last four years combined. Thirdly, we'll principally be a control or lead investor in our portfolio companies. This is a change to our legacy historic strategy. Being a Jardimathesen company must come with meaning and must come with principles. These include our ability to appoint, incentivize, develop, and change management, operating with international standards of governance and a commitment to environmental objectives. From my experience in Asia, this is best done and almost only done as a control investor.

And finally, we'll be a lean holding company where practically every resource at Jardimathisen must be focused on enhancing value and managing risk in our portfolio and thoughtful capital recycling. This is also a meaningful change from our legacy strategy. 2025 was a strong year for Jardimathisen and its portfolio companies. Alongside the significant capital recycling below hurdle rate return investments at Hong Kong Land, DFI Retail, Mandarin Oriental and Jardim Psycho and Carriage, there was a 1.5 $24 billion deleveraging of the JMH parent company balance sheet. The JMH parent company balance sheet finished the year in a net cash position, which provides us with flexibility for future investment opportunities. Five-year TSR at the year end was 8.8 percent, up markedly from negative 0.6 percent a year earlier. We continue to see significant value in our existing portfolio as well, and as a result, we launched a $250 million buyback program for the Jardin Mathedon holding level into November. We are also investing.

There is a misperception right now that Jardines is a seller of everything. This is categorically not true. We invested $2.8 billion back into our companies in 2025 and will continue to reinvest in parts of our portfolio we believe in. Graham will go over the financials in a moment, but I would like to highlight our dividend per share has increased to $2.35, reflecting a progressive dividend policy which has delivered annualized growth of 6.4% over the last five years. While we've made progress in 2025, we still see significant upside for JMH. Our portfolio companies are tightly focused on improving execution, and we are continuing to support this with accountability, the introduction of TSR-linked long-term incentive plans across our businesses, and investment and talent for new investments and portfolio value creation. You will see us continue to be more ambitious and active in assessing and recycling capital in our portfolio. We have cleared return hurdles for new capital deployment, and we will see