November 13, 2026

TransJamaican Highway Limited (TJH)
Unaudited Interim Financials for the Nine Months Ended September 30, 2026

TransJamaican Highway Limited (TJH), for the nine months ended September 30, 2026, reported a 25% increase in Revenue to US$86.98 million relative to US$69.38 million in the corresponding period in 2025. Revenue for the third quarter alone amounted to US$29.50 million (Q3 2025: US$24.37 million), a 21% increase year-over-year. Management attributed the growth to the annual toll adjustment, continued traffic growth across the network and a full nine months of contribution from Phase 1C, which commenced commercial operations in December 2025.

Other Gains and Losses amounted to US$2.52 million relative to US$3.31 million for the comparable period in 2025, a 24% decline that management attributed to lower investment and other income. For the quarter, however, Other Gains and Losses rose to US$1.68 million from US$1.21 million in Q3 2025, primarily reflecting higher foreign exchange gains, investment and other income.

Operating Expenses increased 20% to US$20.75 million (9M 2025: US$17.23 million). The increase reflected the Group’s expanded operating footprint following the integration of Phase 1C.

Amortization of intangible assets rose to US$12.03 million (9M 2025: US$10.94 million) and repairs and maintenance to US$3.16 million (9M 2025: US$2.47 million), with higher bank charges, insurance, security and marketing costs also contributing. Administrative Expenses for the period closed at US$8.31 million, an 11% increase from the US$7.51 million reported for the nine months of 2025, driven primarily by additional staffing and operational support costs associated with integrating and operating Phase 1C.

Finance Costs for the nine-month period closed at US$9.38 million relative to US$10.08 million in 9M 2025, a 7% decrease. Interest expense continued to decline as scheduled principal repayments were made on the Senior Secured Notes. The ongoing redemption of the 8% JMD Cumulative Redeemable Preference Shares also helped: 20% had been redeemed following the 15% optional redemption in January 2026. Interest on the preference shares fell to US$1.09 million from US$1.38 million in the prior year. Third quarter finance costs amounted to US$3.15 million (Q3 2025: US$3.34 million).

Profit Before Tax for the nine months ended September 30, 2026 closed at US$51.06 million versus US$37.88 million for the corresponding period in 2025, a 35% improvement. For the third quarter, Profit Before Tax amounted to US$17.77 million relative to US$13.81 million in Q3 2025, a 29% increase. The improvement came mainly from higher toll revenues, including Phase 1C, and lower financing costs, partly offset by increased operating and administrative expenses.

The Group reported Taxation of US$12.93 million (9M 2025: US$9.81 million), resulting in a Net Profit of US$38.14 million relative to US$28.07 million for the nine months of 2025, a 36% increase. Net Profit for the third quarter amounted to US$13.28 million relative to US$10.29 million in Q3 2025, a 29% increase.

Total Comprehensive Income for the nine-month period was US$38.10 million (9M 2025: US$27.99 million).

Consequently, Earnings Per Share for the nine months amounted to US$0.00305 (9M 2025: US$0.00225), while Earnings Per Share for the third quarter totalled US$0.00106 (Q3 2025: US$0.00082). The twelve-month trailing EPS was US$0.00384 (J$0.61), and the number of shares used in these calculations was 12,501,000,000.

Notably, TJH’s stock price closed on November 12, 2026, at J$10.07 with a corresponding P/E ratio of 16.42x.

Balance Sheet Highlights

The Group’s total assets stood at US$315.65 million as at September 30, 2026, compared to US$301.69 million as at September 30, 2025, a 5% increase year-over-year. Three items drove the growth:

• Cash and bank balances rose 71% to US$17.29 million.
• Restricted cash increased to US$111.46 million (2025: US$106.34 million).
• Intangible assets were higher at US$178.68 million (2025: US$172.71 million), reflecting the addition of the Phase 1C concession.

Ongoing amortization of the concession intangible asset and the elimination of the deferred tax asset (2025: US$4.41 million) partly offset these increases. Net borrowings, including the preference shares, declined to US$197.3 million from US$207.6 million at December 31, 2025.

Total Shareholders’ Equity increased to US$95.25 million as at September 30, 2026, compared to US$73.27 million as at September 30, 2025, representing a book value per share of J$1.22 (2025: J$0.94).

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