Johnson Pharmacare (532154) Q1 25/26 earnings summary

Executive summary

• Achieved strong earnings growth and returned to profit for the six months ended September 2024, driven by increased net property income and lower financing costs following portfolio repositioning and office asset disposals.

• Board approved unaudited financial results for the quarter ended June 30, 2025, at the meeting held on July 23, 2025.

Financial highlights

• Reported £11.5m profit versus a £1.4m loss in the same period last year; EPRA earnings rose 12% to £11.2m (2.1p/share).

• Paid £10m in dividends (1.85p/share) with 111% dividend cover; NAV stable at £525m (96p/share).

• NAV total return of 2.1% and shareholder total return of 17.4% for the period.

• Reported a net loss of Rs. 5.34 lakhs for the quarter ended June 30, 2025, compared to a net loss of Rs. 3.99 lakhs in the same quarter last year.

• Total income for the quarter was Rs. 0.30 lakhs, down from Rs. 0.90 lakhs in the previous quarter.

Outlook and guidance

• Focused on completing planned disposals, further improving occupancy, reducing void costs, and redeploying proceeds into the portfolio or new opportunities.

• Expect continued investment in portfolio upgrades and ongoing reduction in office exposure.