Final Results
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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 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
Media
Tom Gough, Head of Communications
Tel: +44 (0)20 7887 1092
Oliver Hughes, Ollie Hoare and Charles Hirst, MHP
Tel: +44 (0)20 3128 8100
All results materials will be available at: 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 and are also available on the Hammerson website at 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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