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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% gross rental income and 10% net rental income growth, supported by portfolio realignment, acquisitions, and active asset management.
Acquired full control of Bullring and Grand Central for £319m, funded by equity placing and suspension of share buyback, adding c.£22m annualised net rental income.
Interim dividend increased 5% to 7.94p per share, continuing a track record of dividend growth.
Upgraded FY25 guidance with total GRI growth expected at 17% and EPRA earnings at c.£102m.
Strategy focused on value creation through active asset management, capital recycling, and development pipeline.
Financial highlights
Gross rental income rose to £105m (+11% YoY); net rental income reached £80m (+10% YoY); like-for-like GRI and NRI growth of 4.6% and 4.0% respectively.
EPRA earnings for H1 2025 were £48m (9.9p/share), flat year-over-year; IFRS profit was £79m, a significant turnaround from a £517m loss in H1 2024.
Portfolio valuation up 11% to £2,956m as of 30 June 2025, with a net revaluation gain of £26m.
Dividend per share increased to 7.94p (+5% YoY); payout ratio increased to 80-85% of EPRA earnings.
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 gross rental income, 6-8% CAGR in earnings/dividends per share, and c.10% total accounting return.
Further GRI growth of ~15% expected in 2026, with additional growth in 2027.
Confident in delivering 8-10% EPRA EPS CAGR for FY26 and FY27, underpinned by robust leasing pipeline and acquisitions.
Full-year CapEx expected at £60m, focused on repositioning and ESG projects.
What's the expected FY25 total GRI growth?
Detail capital allocation strategy.
Discuss Bullring's Edgbaston St. plan.
Strategy for £5.2B GDV pipeline
Quantify 'lease-up to rent up' impact on rents
Beyond acquisition, what is the Birmingham estate vision?
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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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