REG - Hammerson PLC - Final Results

HammersonAnnouncement

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RNS Number : 2505U  Hammerson PLC  25 February 2026

 

 

 

Hammerson plc (the "Company" or the "Group")

25 February 2026

 

Hammerson Full Year Results - for the year ended 31 December 2025

 

Delivering strong growth in net rental income, earnings, dividend and NTA

Well positioned for growth in FY26 and beyond

Hammerson, which invests in and manages prime retail-led city destinations in
the UK, France and Ireland, today announces full year results for the year
ended 31 December 2025.

Highlights:

•  Increasing our scale with total net rental income of £180m up 23%,
portfolio value up 33% to £3.5bn

•  Like-for-like net rental income up 3% driven by active asset management
and record leasing activity

•  EPRA earnings growth of 5% to £104m, EPS 20.7p up 4%

•  EPRA NTA per share up 6% to £3.94, reflecting positive income and
capital returns

•  IFRS profit of £232m (FY24: £526m loss) driven by EPRA earnings and
net revaluation gain of £120m

•  Total accounting return of 11%

•  Sustainable and resilient balance sheet, with 39% LTV and 8.1x
annualised net debt:EBITDA

•  Final dividend of 8.56p, up 6%; full year dividend 16.50p, up 6%

•  FY26 outlook: total net rental income growth of c.20%; EPRA earnings
growth of c.15%, EPRA EPS growth c.10%

Rob Wilkinson, Chief Executive of Hammerson, commented:

"I'm excited to be leading Hammerson as we embark on our next phase of growth.
These strong results are testament to the quality of our unique portfolio, our
integrated pure-play platform, and the hard work of our teams. The success

of best-in-class retail-led city destinations is evident in our record leasing
at positive spreads, very high occupancy, and growing footfall and sales,
leading to rental growth.

We will maintain our focus on our ongoing active asset management and targeted
leasing. This gives us high visibility of our income streams. We have a clear
line of sight to growth in rental income, earnings and dividend in FY26 and
beyond, with multiple paths for growth, further increasing our scale and value
creation."

Increasing our scale

•  Total net rental income up 23% to £180m from like-for-like growth and
JV acquisitions

•  Invested £757m into Westquay, Brent Cross, Bullring and Grand Central
and The Oracle since November 2024 at an average yield of 7.6%

•  Portfolio value up 33% to £3.5bn (AUM £4.4bn), reflecting
acquisitions, ERV growth and yield compression:

•  Net revaluation gain of £120m; flagship revaluation gain of £95m

•  Total property return of 10%

•  Operating leverage from efficient platform leading to 3.9% point
improvement in EPRA cost ratio, with further reduction to come in FY26 and
beyond

Active asset management and leasing

•  Like-for-like net rental income up 3%

•  Repositionings and lease up at Cabot Circus and The Oracle substantially
complete with important openings in FY25, replicating our success at Bullring
and Dundrum

•  The Ironworks 122-unit residential scheme at Dundrum completed in
October 2025, lease-up underway

•  Launch of Cergy 3 repositioning, expected to open in H1 27 (c.€2.5m of
annualised NRI), fully pre-let to Primark and Nike

•  Record leasing of £51m, up 18% like-for-like, reflecting high demand
for prime space and effective use of data-driven insights to optimise the mix
of brands:

• +46% ahead of previous passing and +13% on a like-for-like basis excluding
voids

• +11% ahead of ERV on a net effective basis

•  Our fourth consecutive full year of positive leasing spreads

•  £262m of rent contracted to first break

•  Robust pipeline of c.£20m

•  Occupancy up 1% point to 96%, with six out of ten flagship destinations
at least 98% occupied

•  Portfolio reversionary across all geographies

Driving destination outperformance

•  170m visitors, +3m like-for-like, with Group flagship footfall +2%,
outperforming national retail benchmarks, reflecting the polarisation between
the best and the rest, with 98% of our flagship destinations rated 'A' by
Green Street

•  UK +2%, benchmark -3%

•  France +4%, benchmark +1%

•  Ireland +0.4%, benchmark -1%

•  Footfall strengthening in the second half (+3% year-on-year) reflecting
new openings and ongoing repositioning, including standout performances where
repositioning is coming on stream: The Oracle +9%; Cabot Circus +6%

•  Strong sales performance following repositioning, with sales densities
+2% overall driving improved affordability

Maintaining sustainable and resilient capital structure

•  LTV at 39% with annualised net debt:EBITDA of 8.1x

•  Credit rating uplifts with Fitch Senior Unsecured rating upgraded to A-
and Moody's Baa2 to positive outlook

•  Heavily oversubscribed issuance of €350m 3.5% bond and signed new
unsecured £100m drawn term loan maturing 2028

•  Repaid £338m 3.5% bond on maturity in October 2025

•  Front-footed 10% equity raise to part-fund acquisition of Bullring and
Grand Central

Outlook: further growth in NRI and EPRA earnings in FY26 and beyond

In FY26, we will see the full year benefit from our active asset management,
record leasing in FY25 and our joint venture acquisitions. We currently expect
growth in net rental income of c.20%, with like-for-like growth of c.4-5%,
EPRA earnings growth of c.15% and earnings per share growth of c.10%.
Notwithstanding the uncertain macroeconomic environment, we have high
visibility of our long-term income streams, and expect further growth in net
rental income and EPRA earnings in FY27 and beyond.

 

Results presentation today

Hammerson will today host a presentation of its financial results for analysts
and investors for the 12 months ended 31 December 2025 followed by Q&A at
the offices of Peel Hunt at 8.00am GMT. The presentation and press release
will be available at:
https://www.hammerson.com/investors/reports-results-presentations
(https://www.hammerson.com/investors/reports-results-presentations) on the
morning of results.

 

Date & time

A webcast of the presentation will commence at 8.00am GMT. The replay facility
and transcript will be made available on the Company's website after the
event.

 

Webcast link

https://brrmedia.news/HMSO_FY25

Conference call

Quote Hammerson FY25 if prompted by the operator

Please join the call by 7.55am to allow the operator to transfer you into the
call by the scheduled start time.

UK: +44 (0) 33 0551 0200

France: +33 (0) 1 7037 7166

Ireland: +353 (0) 1 436 0959

Netherlands: +31 (0) 20 708 5073

South Africa: 0800 980 512

USA: +1 786 697 3501

 

Enquiries

Rob Wilkinson, Chief Executive

Tel: +44 (0)20 7887 1000

Himanshu Raja, Chief Financial Officer

Tel: +44 (0)20 7887 1000

Investors

Josh Warren, Director of Group Performance and IR

Tel: +44 (0)20 7887 1053

josh.warren@hammerson.com (mailto:josh.warren@hammerson.com)

Media

Tom Gough, Head of Communications

Tel: +44 (0)20 7887 1092

Tom.gough@hammerson.com (mailto:Tom.gough@hammerson.com)

Oliver Hughes, Ollie Hoare and Charles Hirst, MHP

Tel: +44 (0)20 3128 8100

Hammerson@mhpgroup.com (mailto:Hammerson@mhpgroup.com)

 

All results materials will be available at:
https://www.hammerson.com/investors/reports-results-presentations/2025-full-year-results
(https://www.hammerson.com/investors/reports-results-presentations/2025-full-year-results)

 

Hammerson's Full Year 2025 Results have been submitted in full unedited text
to the Financial Conduct Authority's National Storage Mechanism and will be
available shortly for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)  and are also
available on the Hammerson website at
https://www.hammerson.com/investors/reports-results-presentations/2025-full-year-results
(https://www.hammerson.com/investors/reports-results-presentations/2025-full-year-results)
. Investors should read the full unedited text of the Full Year 2025 Results,
including the description of the Company's principal risks and uncertainties,
and not rely only on the summarised information set out in this announcement.
Notes or Tables that are not included herein refer to the full unedited text
of the Full Year 2025 Results.

 

The financial information set out in this announcement does not constitute the
consolidated statutory accounts ("Group Financial Statements") for the years
ended 31 December 2024 and 2025, but is derived from those Group Financial
Statements. Statutory accounts for 2024 have been delivered to the Registrar
of Companies and those for 2025 will be delivered following the Company's 2026
Annual General Meeting. The external auditor has reported on the Group
Financial Statements for the year ended 31 December 2025 and their report did
not contain any modification.

 

Disclaimer

 

Certain statements made in this document are forward looking and are based on
current expectations concerning future events which are subject to a number of
assumptions, risks and uncertainties. Many of these assumptions, risks and
uncertainties relate to factors that are beyond the Group's control and which
could cause actual results to differ materially from any expected future
events or results referred to or implied by these forward-looking statements.
Any forward-looking statements made are based on the knowledge and information
available to Directors on the date of publication of this announcement. Unless
otherwise required by applicable laws, regulations or accounting standards,
the Group does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise. Accordingly, no assurance can be given that any
particular expectation will be met, and reliance should not be placed on any
forward-looking statement. Nothing in this announcement should be regarded as
a profit estimate or forecast.

This announcement does not constitute or form part of any offer or invitation
to sell, or any solicitation of any offer to subscribe for or purchase any
shares or other securities in the Company or any of its group members, nor
shall it or any part of it or the fact of its distribution form the basis of,
or be relied on in connection with, any contract or commitment or investment
decisions relating thereto, nor does it constitute a recommendation regarding
the shares or other securities of the Company or any of its group members.
Statements in this announcement reflect the knowledge and information
available at the time of its preparation. Liability arising from anything in
this announcement shall be governed by English law. Nothing in this
announcement shall exclude any liability under applicable laws that cannot be
excluded in accordance with such laws

 

Index to key data

 

 Year ended 31 December                   2025    2024      Note/Ref1
 Financial
 Net rental income2                       £180m   £146m     2A
 Like-for-like net rental income change2  2.6%    (0.5)%    Table 3
 NRI:GRI ratio - flagships2               80%     80%       Financial review
 EPRA cost ratio                          35.9%   39.8%     Table 19
 EPRA earnings3 4                         £104m   £99m      2A
 Net revaluation gains/(losses)2          £120m   £(91)m    2A
 Profit/(Loss) for the period (IFRS)5     £232m   £(526)m   2A
 EPRA earnings per share3 4               20.7p   19.9p     11B
 Basic earnings/(loss) per share          46.0p   (106.0)p  11B
 Final dividend per share                 8.56p   8.07p     20
 Dividend per share for the year          16.50p  15.63p    20

 

 Operational
 Like-for-like footfall                          170m      167m      Operating review
 Like-for-like sales growth                      +1%       -1%       Operating review
 Occupancy - flagships2                          95.7%     95.1%     Table 5
 Leasing value (@100%)                           £51m      £41m      Operating review
 Like-for-like leasing value change (@100%)      +18%      +2%       Operating review
 Leasing v ERV (principal leases)2               +11%      +13%      Operating review
 Leasing v Passing rent (principal leases)2      +46%      +56%      Operating review
 Passing rent - flagships2                       £241m     £174m     Table 4
 Like-for-like passing rent change - flagships2  3.3%      1.5%      Financial review

 Capital, financing and returns
 Valuation2                                      £3,549m   £2,659m   2B
 ERV - flagships2                                £245m     £180m     Table 4
 Like-for-like ERV change - flagships2           2.7%      1.8%      Financial review
 Total accounting return3                        10.8%     (24.2)%   Table 20
 Total property return2                          10.2%     2.1%      Table 8
 Capital return2                                 4.0%      (3.4)%    Table 8
 Total shareholder return                        25.5%     3.9%      Financial review
 Net debt2                                       £1,370m   £799m     Table 11
 Liquidity2                                      £970m     £1,417m   Financial review
 Net debt:EBITDA (rolling 12 months)2            9.5x      5.8x      Table 13
 Interest cover2                                 5.06x     5.03x     Table 14
 Gearing2                                        66%       45%       Table 15
 Loan to value2                                  39%       30%       Table 16
 Net assets                                      £2,095m   £1,821m   Balance sheet
 EPRA net tangible assets (NTA) per share3       £3.94     £3.70     11C

1     Note/Ref refers to notes in the full unedited text of the Full Year
2025 Results.

2     Figures presented on a proportionally consolidated basis. See
'Presentation of financial information' section of the Financial Review for
explanation.

3     These results include discussion of alternative performance measures
(APMs) which include those described as EPRA and Headline. These are described
in note 1C to the financial statements and reconciliations for earnings and
net assets measures to their IFRS equivalents are set out in note 10 to the
financial statements.

4     2024 EPRA earnings and EPS have been restated to reflect inclusion
of 'non-operating and exceptional items' as per updated EPRA earnings
guidelines published in September 2024. The restatement means previously
reported EPRA earnings are the same as the Group's previously published
Adjusted earnings, and hence the latter measure will no longer be used. See
notes 1C, 2A and 10A to the financial statements for further details.

5     Attributable to equity shareholders.

 

 

 

This announcement has also been released on the SENS system of the
Johannesburg Stock Exchange and on Euronext Dublin.

 

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