Half-year Financial Report
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Hammerson plc (the "Company" or the "Group")
30 July 2026
Hammerson Half Year Results - for the six months ended 30 June 2026
Results presentation
Hammerson will shortly publish a pre-recorded presentation of its financial results for the six months ended 30 June 2026. Click the following link or access via the Company website:
https://hammerson-half-year-results-2026.open-exchange.net/registration
Live Q&A at 8am BST
A live Q&A session will begin at 8am BST. Please join by 7.55am BST to allow time to transfer on to the call.
Access Code: 303909
UK: +44 20 3936 2999
France: +33 9 70 73 39 58
Ireland: +353 1 691 7842
Netherlands: +31 85 888 7233
South Africa: +27 87 550 8441
USA: +1 646 233 4753
A replay facility will be made available on the Company's website after the event.
Results materials
All results materials, including the full Half Year 2026 Results, will be available at: https://www.hammerson.com/investors/reports-results-presentations/2026-half-year-results
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)7817 458 804
FY26 guidance raised following a strong first half, with further uplift from the acquisition of 50% of Manchester Arndale
Clear momentum underpins new medium term guidance
Hammerson, which invests in and manages prime retail-led destinations in the UK, France and Ireland, today announces half year results for the six months ended 30 June 2026.
Highlights
Driving destination outperformance
• Footfall up 3%, ahead of national benchmarks in all territories, while like-for-like sales were up 2%
• Robust leasing performance securing £18.5m of headline rent, 52% above previous passing rent and 9% above ERV
• Flagship occupancy of 96%, a one percentage point increase year-on-year, and our highest H1 occupancy for seven years
Maximising value from strategic land
• £75m of proceeds realised year-to-date from non-core disposals including the post period end partial sale of Dublin Central, at a substantial premium to book value
• In Birmingham, initial capital deployed on design and procurement of "The Drum" office-led concept, whilst initial strip out and preparatory works at Martineau Galleries progressed as the next step of site enablement
• Resolution to grant planning consent secured at Cabot Gate, a student-led development in Bristol
Increasing our scale
• Acquisition of 50% of Manchester Arndale for a headline price of £218m, representing a topped-up net initial yield of 7.8%
• Transaction increases scale and geographic footprint, and is expected to be earnings accretive from day one
• Further opportunities for income and value creation from leveraging Hammerson's integrated platform
• Acquisition funded by associated equity placing - see separate announcement
• Capital also recycled from low yielding non-core land into the acquisition of the 50% of Ilac not owned by Hammerson
Strong financial performance underpinned by a robust balance sheet
• Total net rental income up 40%, and like-for-like net rental income up 5%
• EPRA earnings growth of 33% to £64m, EPRA EPS 12.1p up 22%
• Portfolio value of £3.6bn, EPRA NTA unchanged at £3.94
• IFRS profit of £56m (H1 25: £79m)
• LTV of 39% and net debt:EBITDA of 8.1x; pro forma LTV of c.36%1 and net debt:EBITDA c.7x1
Interim dividend of 9.67p, up 22% year-on-year
Guidance raised
• FY26 EPRA earnings guidance increased to growth of +c.27% to c.£132m (£125m underlying vs. previous guidance of c.£120m, £7m from the acquisition of Manchester Arndale)
• New medium term guidance off FY25 base:
• EPRA EPS CAGR of 6-8%,
• DPS CAGR of 6-8%
• TAR of c.10%
Rob Wilkinson, Chief Executive of Hammerson, commented
"Our strategy is focused on leveraging Hammerson's unique platform to deliver sustainable growth. We continue to drive outperformance across our destinations, unlock value from our strategic land, and invest in a disciplined manner to deliver further growth. We have made excellent progress executing these three strategic priorities in the first half, resulting in a strong performance and confident outlook.
"Hammerson's strategy is now naturally broadening to external acquisitions. Manchester Arndale is fully in line with our criteria for increasing our scale, and is a retail-led destination at the heart of one of Europe's leading cities, benefiting from attractive demographics and a positive economic outlook. The Arndale represents Hammerson's first major external acquisition in over a decade.
"What was already proving to be a strong underlying performance this year is now further enhanced by today's acquisition. We are now guiding FY26 earnings to be 27% greater than FY25, strengthening our path of sustainable growth, and underpinning a new medium term outlook."
1. HY26 balance sheet pro forma for post 30 June 2026 disposal of Dublin Central, acquisition of Manchester Arndale and expected outcome of associated equity placing
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
|
Six months ended |
|
30 June 2026 |
30 June 2025 |
Note/Ref1 |
|
Financial |
|
|
|
|
|
Net rental income2 |
|
£112m |
£80m |
2A |
|
Net rental income change (LfL)2 |
|
4.8% |
4.0% |
Table 3 |
|
EPRA cost ratio2,3 |
|
28.4% |
38.3% |
Table 19 |
|
EPRA earnings3 |
|
£64m |
£48m |
2A |
|
Net revaluation (losses)/gains2 |
|
£(9)m |
£26m |
2A |
|
IFRS profit for the period4 |
|
£56m |
£79m |
2A |
|
EPRA earnings per share3 |
|
12.1p |
9.9p |
10B |
|
IFRS basic earnings per share4 |
|
10.5p |
16.2p |
10B |
|
Interim dividend per share |
|
9.67p |
7.94p |
16 |
|
Total property return2 |
|
3.0% |
4.0% |
Table 8 |
|
Capital return2 |
|
(0.2)% |
1.1% |
Table 8 |
|
Total accounting return3 |
|
2.3% |
5.1% |
Table 20 |
|
|
|
|
|
|
|
Operational |
|
|
|
|
|
Footfall change (LfL) |
|
+3% |
+1% |
Operating review |
|
Sales growth (LfL) |
|
+2% |
+1% |
Operating review |
|
Occupancy - flagships2 |
|
95.6% |
94.6% |
Table 5 |
|
Leasing value (@100%) |
|
£18.5m |
£23.2m |
Operating review |
|
Leasing v ERV (principal leases) 2 |
|
+9% |
+13% |
Operating review |
|
Leasing v Passing rent (principal leases) 2 rent (principal leases) 2 |
|
+52% |
+45% |
Operating review |
|
ERV change (LfL) - flagships2 |
|
0.4% |
1.2% |
Financial Review |
|
Passing rent change (LfL) - flagships2 |
|
1.2% |
2.4% |
Financial Review |
|
|
|
|
|
|
|
As at |
|
30 June 2026 |
31 December 2025 |
|
|
Capital and financing |
|
|
|
|
|
Valuation2 |
|
£3,596m |
£3,549m |
2B |
|
ERV - flagships2 |
|
£248m |
£245m |
Table 4 |
|
Net debt2 |
|
£1,404m |
£1,370m |
Table 11 |
|
Liquidity2 |
|
£1,113m |
£970m |
Financial Review |
|
Net debt:EBITDA (rolling 12 months)2 |
|
8.1x |
9.5x |
Table 13 |
|
Interest cover2 |
|
4.21x |
5.06x |
Table 14 |
|
Gearing2 |
|
68% |
66% |
Table 15 |
|
Loan to value2 |
|
39% |
39% |
Table 16 |
|
Net assets4 |
|
£2,103m |
£2,095m |
Balance sheet |
|
EPRA net tangible assets (NTA) per share3 |
|
£3.94 |
£3.94 |
10C |
1 Note/Ref refers to notes in the interim financial statements, tables in Additional Information or other sections of this release.
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 interim financial statements and reconciliations for earnings and net assets measures to their IFRS equivalents are set out in note 9 to the interim financial statements.
4 Attributable to equity shareholders.
All results materials, including the full Half Year 2026 Results, will be available at: https://www.hammerson.com/investors/reports-results-presentations/2026-half-year-results
Hammerson plc's Half Year 2026 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: www.hammerson.com/investors. Pursuant to Transparency Directive (2004/109/EC) Regulations 2007, the Half Year 2026 Results have also been submitted in full unedited text to Euronext Direct. Investors should read the full unedited text of the Half Year 2026 Results, including the description of the Group'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 Half Year 2026 Results.
The person responsible for making this Announcement on behalf of the Company is Alex Dunn, General Counsel & Company Secretary.
The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.
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