Jardine Matheson (LON: JAR) raised its 2026 underlying earnings per share guidance today to US$5.50-5.65, from US$5.33 previously. The Asia-focused group also confirmed it has bought Balfour Beatty’s 50% of Gammon Construction.
Jardine Matheson said the new range equates to growth of 3% to 6% on 2025 earnings per share, adjusted for disposals and reclassifications. It put the upgrade down to solid portfolio performance in the first three quarters.
The purchase price is £250m in cash, about US$330m, paid in three equal tranches on 13 October 2026, 31 December 2027 and 29 December 2028. Two of the three payments therefore fall due after this year.
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Jardine Matheson receives all future Gammon dividends and the cash on Gammon’s balance sheet, with no price adjustment after closing. The group expects the deal to be modestly accretive from the first year. Chief executive Lincoln Pan called it “immediately accretive to Jardine Matheson’s underlying net profit”.
Pan tied the deal to the engineering and infrastructure pillar the group announced at its June Investor Day:
Gammon Construction marks our second significant transaction in 2026 and is a strategic, synergistic expansion of our Jardine Engineering & Infrastructure vertical.
Lincoln Pan, Jardine Matheson
Gammon is the first transaction for that division, known as JE&I, which also holds Jardine Engineering Corporation and the Jardine Schindler and Hactl joint ventures. The group’s goal is to double JE&I’s earnings. Kevin O’Brien leads JE&I.
Jardine Matheson holds an analyst call at 6pm Hong Kong time on Thursday, which is 11am in London. It is due to issue its interim update on the 20th of November.
