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Jardine Matheson said on Tuesday that it upgraded the guidance for 2026 underlying earnings to be between US$5.5 (HK$42.9) and US$5.65 per share, along with the acquisition of Gammon Construction's full ownership.
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The revised figure rose from the previous US$5.33 per share, thanks to the continued solid performance across its portfolio in the first three quarters this year, Jardine said.
This also represents growth of between 3 percent and 6 percent over 2025 earnings per share, adjusted for disposals and reclassifications in 2025, the group added.
Meanwhile, the Singapore-listed conglomerate announced that it has signed and completed an agreement to acquire the remaining 50 percent stake in Gammon Construction owned by Balfour Beatty for £250 million (HK$2.6 billion).
The deal makes Jardines the sole owner of the Hong Kong-based construction and engineering company with immediate effect, the group said.
The transaction, which will be paid in three equal tranches, is expected to be modestly accretive from its first year, it added.
Jardine said that the acquisition enhanced growth and scale for Jardine Engineering & Infrastructure (JE&I), a new strategic pillar that brings together two now wholly owned assets, Gammon Construction and Jardine Engineering Corporation, with two joint venture assets, Jardine Schindler and Hactl, into a new platform.
Gammon Construction marks Jardine's second significant transaction this year and is a strategic, synergistic expansion of the JE&I vertical, said Lincoln Pan Linfeng, chief executive of Jardine Matheson.
"Our goal remains doubling the earnings of JE&I in the coming years by focusing on strategic investments that expand controlled earnings and capabilities across Asia," he added.
