Assura (AGR) H2 2025 earnings summary

Executive summary

• Completed £500m acquisition of 14 independent hospitals, diversifying portfolio and tenant mix.

• Launched £250m joint venture with USS to invest in NHS infrastructure, targeting £400m potential.

• Executed £200m capital recycling, including £172m of disposals into the new JV.

• Achieved B Corp certification, first in FTSE 250, and completed first two net zero carbon developments.

Financial highlights

• Rent roll increased to £177.9m, with net rental income up 17% to £167.1m year-over-year.

• EPRA earnings rose 9% to £111.8m; EPRA EPS up 3% to 3.5p; dividend per share up 3% to 3.34p.

• EPRA NTA per share grew 2% to 50.4p; valuation gain of £58m recorded.

• Net debt to EBITDA at 9.1x, with disposals supporting leverage reduction.

• Total property return 7%, total accounting return 9%.

Outlook and guidance

• Targeting further growth in joint venture to £400m and continued capital recycling.

• On track to reduce LTV below 45% and net debt to EBITDA below 9x.

• Pipeline includes 9 GP medical centre schemes (£81m total cost) and 7 independent hospital schemes (£129m total cost).