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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

Full Year 2025 Results

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.

Download the full press release here