JLL produced semi-annual record earnings in FY25 1H with 1H OP of ¥6,620mil (+5.7% YoY) on sales of ¥29,285mil (+4.6% YoY). Although there were primarily a couple of external negative factors that affected earnings such as, (1) sales of some of JLL’s products were affected by competition with Pulse Field Ablation [PFA] devices, and (2) YoY decline in sale prices of devices in April and May 2025 compared to pre-revision prices. The revised reimbursement prices were applied from June 2024. JLL is aiming for record earnings again in FY25, with full-year OP of ¥12,900mil (+4.7% YoY) on sales of ¥59,300mil (+4.8% YoY). JLL’s base shareholders’ return is the higher of a base dividend of 40% of net income or a DOE 5%, plus extra dividends or share buybacks, depending on circumstances.
