2026 Half Year Results

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

1. Footfall up 3%, ahead of national benchmarks in all territories, while like-for-like sales were up 2%
2. Robust leasing performance securing £18.5m of headline rent, 52% above previous passing rent and 9% above ERV
3. 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

1. £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
2. 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
3. Resolution to grant planning consent secured at Cabot Gate, a student-led development in Bristol

Increasing our scale

1. Acquisition of 50% of Manchester Arndale for a headline price of £218m, representing a topped-up net initial yield of 7.8%
1. Transaction increases scale and geographic footprint, and is expected to be earnings accretive from day one
2. Further opportunities for income and value creation from leveraging Hammerson’s integrated platform
3. Acquisition funded by associated equity placing – see separate announcement
2. 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

1. Total net rental income up 40%, and like-for-like net rental income up 5%
2. EPRA earnings growth of 33% to £64m, EPRA EPS 12.1p up 22%
3. Portfolio value of £3.6bn, EPRA NTA unchanged at £3.94
4. IFRS profit of £56m (H1 25: £79m)
5. 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

1. 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)
2. New medium term guidance off FY25 base:
1. EPRA EPS CAGR of 6-8%,
2. DPS CAGR of 6-8%
3. 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