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Hammerson (HMSO) investor relations material
Hammerson H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary31 Jul, 2025
Executive summary
Delivered strong half-year performance with 11% GRI and 10% NRI growth, driven by portfolio realignment, asset repositioning, and major acquisitions including full control of Bullring and Grand Central for £319m.
Dividend per share increased by 5% to 7.94p, continuing a track record of dividend growth and reflecting confidence in future earnings.
Upgraded FY25 guidance with higher GRI and EPRA earnings expectations, underpinned by robust leasing and asset management.
Strategy focused on value creation through active asset management, capital recycling, and a significant development pipeline.
Destinations are among the top 1% of retail venues, attracting high-quality occupiers and driving rental income, values, and earnings growth.
Financial highlights
Gross rental income up 11% year-over-year to £105m; net rental income up 10% to £80m; portfolio valuation up 11% to £3.0bn, marking the first gain since 2017.
EPRA earnings at £48m (9.9p/share), IFRS profit at £79m, a significant turnaround from a £517m loss in H1 2024.
Dividend per share increased to 7.94p (+5% YoY).
Like-for-like GRI and NRI growth of 4.6% and 4.0% respectively; occupancy increased to 95%.
Cost ratio (including vacancy costs) improved to 38.3% from 41.1% year-over-year.
Outlook and guidance
FY25 GRI growth guidance upgraded to 17% (from 10%); EPRA earnings upgraded to £102m.
Medium-term targets: 4-6% CAGR in GRI, 6-8% CAGR in earnings/dividends per share, and 10% total accounting return.
GRI and NRI expected to grow in 2026 and 2027, with further growth from new developments.
CapEx for FY25 guided at £60m, focused on growth capital for repositioning and ESG projects.
Confident in delivering 8-10% EPRA EPS CAGR for FY26 and FY27, underpinned by robust leasing pipeline and acquisitions.
What's the expected FY25 total GRI growth?
Detail capital allocation strategy.
Discuss Bullring's Edgbaston St. plan.
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Frequently asked questions
Hammerson Plc is a real estate investment trust (REIT) based in the United Kingdom, with operations extending across the UK, Ireland, and France. The company specializes in owning, operating, and developing high-quality retail properties, including shopping centers, retail parks, and premium designer outlet villages. Its portfolio boasts of flagship destinations such as Bicester Village in the UK, La Roca Village in Barcelona, Las Rozas Village in Madrid, La Vallee Village in Paris, and several others across Europe. Hammerson's approach to property development and management is comprehensive, offering marketing services like customer insight, branding collateral, and center-specific marketing campaigns to support its tenants. Hammerson Plc is headquartered in London, England, and its shares are listed on the London Stock Exchange.
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