**Hammerson PLC Final Results for the Year Ended 31 December 2025: Summary**
**Overview**
Hammerson PLC, a leading investor and manager of prime retail-led city destinations in the UK, France, and Ireland, reported strong full-year results for 2025, highlighting significant growth in net rental income, earnings, dividends, and net tangible assets (NTA). The company is well-positioned for continued growth in FY26 and beyond, driven by active asset management, record leasing activity, and strategic acquisitions.
**Key Highlights**
1. **Financial Performance**
Total net rental income increased by 23% to £180 million, with like-for-like growth of 3%.
Portfolio value rose by 33% to £3.5 billion, supported by acquisitions, ERV growth, and yield compression.
EPRA earnings grew by 5% to £104 million, with EPS up 4% to 20.7p.
IFRS profit of £232 million, compared to a £526 million loss in FY24, driven by EPRA earnings and a £120 million net revaluation gain.
Final dividend increased by 6% to 8.56p, with a full-year dividend of 16.50p (up 6%).
2. **Operational Strength**
Record leasing of £51 million, up 18% like-for-like, with positive spreads and high demand for prime space.
Occupancy improved by 1 percentage point to 96%, with six out of ten flagship destinations at least 98% occupied.
Footfall increased by 3 million to 170 million visitors, outperforming national retail benchmarks.
3. **Strategic Investments**
Invested £757 million in key assets (Westquay, Brent Cross, Bullring, Grand Central, and The Oracle) since November 2024 at an average yield of 7.6%.
Completed repositioning at Cabot Circus and The Oracle, with Cergy 3 repositioning expected to open in H1 2027, fully pre-let to Primark and Nike.
4. **Balance Sheet and Capital Structure**
Sustainable balance sheet with a loan-to-value (LTV) ratio of 39% and net debt:EBITDA of 8.1x.
Credit rating upgrades from Fitch (A-) and Moodys (Baa2 with positive outlook).
Successful equity raise and bond issuance to support acquisitions and growth.
5. **Outlook**
FY26 guidance20% growth in net rental income, 15% growth in EPRA earnings, and 10% growth in EPRA EPS.
High visibility of long-term income streams, with further growth expected in FY27 and beyond.
**CEO Commentary**
Rob Wilkinson, Chief Executive, emphasized the company’s focus on active asset management, targeted leasing, and the success of its prime retail destinations. He highlighted the company’s strong position for future growth, driven by its integrated platform and high-quality portfolio.
**Conclusion**
Hammerson’s FY25 results demonstrate robust financial and operational performance, underpinned by strategic investments and effective asset management. The company is poised for continued growth, with a clear focus on enhancing shareholder value through increased rental income, earnings, and dividends.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net Rental Income (£m) | £146m | £180m | +23% |
| Like-for-like Net Rental Income Change | -0.5% | +2.6% | +3.1% |
| EPRA Earnings (£m) | £99m | £104m | +5% |
| Net Revaluation Gains/Losses (£m) | -£91m | +£120m | +£211m |
| Profit/(Loss) for the Period (IFRS) (£m) | -£526m | +£232m | +£758m |
| Net Debt (£m) | £799m | £1,370m | +71% |
| Loan to Value (LTV) | 30% | 39% | +9% |
| Net Debt:EBITDA (rolling 12 months) | 5.8x | 9.5x | +64% |
| Portfolio Value (£m) | £2,659m | £3,549m | +33% |
| EPRA NTA per Share (£) | £3.70 | £3.94 | +6% |
| Dividend per Share for the Year (p) | 15.63p | 16.50p | +6% |