Hammerson Full Year Results

For the year ended 31 December 2025

Results presentation today

Hammerson will today host a presentation of its financial results for analysts and investors for the 12 months ended 31 December 2025 followed by Q&A at the offices of Peel Hunt at 8.00am GMT.

Date & time

A webcast of the presentation will commence at 8.00am GMT. The replay facility and transcript will be made available on the Company's website after the event.

Webcast link

https://brrmedia.news/HMSO_FY25

Conference call

Quote Hammerson FY25 if prompted by the operator

Please join the call by 7.55am to allow the operator to transfer you into the call by the scheduled start time.

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USA: +1 786 697 3501

All results materials will be available at:

https://www.hammerson.com/investors/reports-

results-presentations/2025-full-year-results

Enquiries

Rob Wilkinson, Chief Executive

Tel: +44 (0)20 7887 1000

Himanshu Raja, Chief Financial Officer

Tel: +44 (0)20 7887 1000

Investors

Josh Warren, Director of Group Performance and IR

Tel: +44 (0)20 7887 1053

[email protected]

Media

Tom Gough, Head of Communications

Tel: +44 (0)20 7887 1092

[email protected]

Oliver Hughes, Ollie Hoare and Charles Hirst, MHP

Tel: +44 (0)20 3128 8100

[email protected]

Full Year 2025 Results

111

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

Hammerson plc Full Year 2025 Results

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.

Disclaimer

Certain statements made in this document are forward looking and are based on current expectations concerning future events which are subject to a number of assumptions, risks and uncertainties. Many of these assumptions, risks and uncertainties relate to factors that are beyond the Group's control and which could cause actual results to differ materially from any expected future events or results referred to or implied by these forward-looking statements. Any forward-looking statements made are based on the knowledge and information available to Directors on the date of publication of this announcement. Unless otherwise required by applicable laws, regulations or accounting standards, the Group does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Accordingly, no assurance can be given that any particular expectation will be met, and reliance should not be placed on any forward-looking statement. Nothing in this announcement should be regarded as a profit estimate or forecast.

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any shares or other securities in the Company or any of its group members, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company or any of its group members. Statements in this announcement reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Index to key data

Year ended 31 December	2025	2024	Note/Ref1
Financial
Net rental income2	£180m	£146m	2A
Like-for-like net rental income change2	2.6%	(0.5)%	Table 3
NRI:GRI ratio – flagships2	80%	80%	Financial review
EPRA cost ratio	35.9%	39.8%	Table 19
EPRA earnings34	£104m	£99m	2A
Net revaluation gains/(losses)2	£120m	£(91)m	2A
Profit/(Loss) for the period (IFRS)5	£232m	£(526)m	2A
EPRA earnings per share34	20.7p	19.9p	11B
Basic earnings/(loss) per share	46.0p	(106.0)p	11B
Final dividend per share	8.56p	8.07p	20
Dividend per share for the year	16.50p	15.63p	20

Operational

Like-for-like footfall	170m	167m	Operating review
Like-for-like sales growth	+1%	-1%	Operating review
Occupancy – flagships2	95.7%	95.1%	Table 5
Leasing value (@100%)	£51m	£41m	Operating review
Like-for-like leasing value change (@100%)	+18%	+2%	Operating review
Leasing v ERV (principal leases)2	+11%	+13%	Operating review
Leasing v Passing rent (principal leases)2	+46%	+56%	Operating review
Passing rent – flagships2	£241m	£174m	Table 4
Like-for-like passing rent change – flagships2	3.3%	1.5%	Financial review

Capital, financing and returns

Valuation2	£3,549m	£2,659m	2B
ERV - flagships2	£245m	£180m	Table 4
Like-for-like ERV change – flagships2	2.7%	1.8%	Financial review
Total accounting return3	10.8%	(24.2)%	Table 20
Total property return2	10.2%	2.1%	Table 8
Capital return2	4.0%	(3.4)%	Table 8
Total shareholder return	25.5%	3.9%	Financial review
Net debt2	£1,370m	£799m	Table 11
Liquidity2	£970m	£1,417m	Financial review
Net debt:EBITDA (rolling 12 months)2	9.5x	5.8x	Table 13
Interest cover2	5.06x	5.03x	Table 14
Gearing2	66%	45%	Table 15
Loan to value2	39%	30%	Table 16
Net assets	£2,095m	£1,821m	Balance sheet
EPRA net tangible assets (NTA) per share3	£3.94	£3.70	11C

1 Note/Ref refers to notes in the financial statements, tables in Additional Information or other sections of this release.
2 Figures presented on a proportionally consolidated basis. See 'Presentation of financial information' section of the Financial Review for explanation.
3 These results include discussion of alternative performance measures (APMs) which include those described as EPRA and Headline. These are described in note 1C to the financial statements and reconciliations for earnings and net assets measures to their IFRS equivalents are set out in note 10 to the financial statements.
4 2024 EPRA earnings and EPS have been restated to reflect inclusion of 'non-operating and exceptional items' as per updated EPRA earnings guidelines published in September 2024. The restatement means previously reported EPRA earnings are the same as the Group's previously published Adjusted earnings, and hence the latter measure will no longer be used. See notes 1C, 2A and 10A to the financial statements for further details.
5 Attributable to equity shareholders.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Chief Executive's statement

A prime portfolio and platform with multiple paths to further growth and value creation

It is an exciting time to be leading Hammerson as we embark on our next phase of growth. The strong results the Company has delivered in FY25 are testament to the strength of our portfolio and platform, and the hard work of our teams.

Our 10 flagship destinations all rank in the top 20 of retail venues in their respective geographies and in the top 1% where retail spend is concentrated. By value, they are 98% 'A' rated by Green Street, reflecting the unique nature of our city destinations located in affluent and growing catchments.

One source of competitive advantage is our integrated pure-play operating platform, which allows us to optimise the right product mix at each destination and underwrite both internal and external investment decisions. Our platform is efficient, scalable, and built on three core elements: the expertise of our team in managing and adding value to retail and leisure destinations; streamlined, automated processes and systems; and our proprietary data insights. These insights include information from our increased investment in AI technology, which we cross-reference with sales, spending, catchment, and other data to better understand occupier and customer behaviours, ultimately helping us monetise the true value of our spaces.

We have multiple paths for growth and value creation. Our immediate focus is simple – to continue to deliver growth in income and capital across our destinations through repositioning, active asset management and targeted leasing. In addition, we are generating option value from our strategic land holdings and supplementing this with acquisitions. This is all underpinned by Hammerson's sustainable and resilient capital structure and by our commitment to act responsibly.

Delivering growth

FY25 has marked a step change in Hammerson's growth, with net rental income up 23%. This reflects the successful investment of capital into acquisitions of our joint venture partners' stakes at attractive pricing, like-for-like growth driven by our ongoing repositioning, and another year of record leasing. With operating leverage from our platform, we are growing earnings, dividends and NTA. IFRS profit was £232m (FY24: £526m loss) while EPRA earnings per share were up 4% to 20.7p and dividend per share up 6% to 16.5p. NTA per share was £3.94, up 6%. The quality of our destinations, their relative operational out-performance in terms of footfall and sales, positive leasing spreads and occupancy are increasingly being recognised by our valuers. ERV growth across the portfolio and inward yield shift in the UK and Ireland resulted in a total property return of 10%. The strong operating and financial performance was reflected with a total shareholder return of 25.5%.

Strategic progress in FY25

One of the attractions of the role for me was Hammerson's clear strategic focus. Our three strategic pillars remain: investing for growth and value creation; leveraging our integrated pure-play platform; and maintaining a sustainable and resilient capital structure. Progress was made against each in FY25. We completed three further transactions to buyout JVs, meaning that four of our five UK flagships and six out of ten in the portfolio are now wholly-owned. This allows us to act even faster and with higher conviction.

At the same time, we continued our programme of organic investment in our destinations to reposition obsolete or underutilised space and optimise the mix. We seek to constantly anticipate and adapt to the latest trends to remain relevant to visitors and occupiers. Significant progress was made at The Oracle and Cabot Circus in FY25. This will continue into FY26 as we look to address further major leasing opportunities at The Oracle and commence the repositioning of the Quakers Exchange district at Cabot Circus. In France, the Cergy 3 repositioning, entirely pre-let to Primark and Nike, remains on track for handover and lease commencement in late FY26.

We have reinvested both organically and via acquisition in a disciplined manner, targeting risk-adjusted returns above our cost of capital. In the capital markets, we part funded the acquisition of Bullring and Grand Central with a 10% equity placing, and we were able to react quickly to benefit from favourable market conditions with the early refinancing of part of our largest outstanding bond maturity in FY27.

We therefore finished the year with the balance sheet and credit metrics commensurate with the Board's commitment to an investment grade credit rating.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Chief Executive's statement – continued

Dividend

Our payout policy remains 80–85% of EPRA earnings. Reflecting confidence in Hammerson's growth trajectory, the Board recommends a final dividend of 8.56p per share in respect of 2025 to be entirely paid as a PID. Combined with the interim 2025 dividend of 7.94p per share, this would represent a full year dividend of 16.50p per share and an increase of 6% year-on-year.

A future which capitalises on our strengths

Hammerson is well positioned to continue to deliver growth in the years to come. The success of prime retail is increasingly well evidenced. Our leasing spreads have been consistently above valuers ERV and previous passing rent for the last four years. We have driven higher occupancy, footfall above national benchmarks, sales and sales densities, improving affordability. Our occupiers continue to capture the halo effect of transactions generated by best-in-class, modern flagship stores as part of the seamless integration of online and offline – unified commerce – and therefore remain focused on fewer, better stores in only the strongest locations.

Competition for our scarce prime space is ultimately growing rental income and value as we move from repositioning and leasing up vacant space to maximising the performance and income potential of our space. Combined with our very high flagship occupancy of 96%, this gives us clear visibility of our future income streams. With a strong focus on costs, we expect to generate operational leverage. Our portfolio is reversionary; values are starting to follow with ERVs growing across the portfolio and inward yield shift in the UK and Ireland.

It is therefore an exciting time to be active in these markets, both organically within our existing portfolio through repositioning, asset management and adjacent development opportunities, and by exploring further increasing our scale.

Rob Wilkinson
Chief Executive

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Operating Review

Investing in prime city destinations

Increasing our scale

We remain disciplined in our capital allocation to deliver enhanced value and risk-adjusted returns for shareholders. By increasing our scale, we are growing rental income and values, and increasing our operating efficiency, whilst creating further options for the rotation of assets and recycling of capital. Increasing our scale also increases our relevance to larger and more global pools of capital.

We grew net rental income by 23%, from a combination of like-for-like growth of 3% and JV acquisitions. Strong leasing and rental growth were reflected in valuations, with flagship ERVs in the UK, France and Ireland growing by 3%, 2% and 4% respectively.

Our overall portfolio value increased 33% to £3.5bn, reflecting acquisitions, ERV growth and yield compression. The total net revaluation gain was £120m, of which £95m related to the flagship portfolio. The overall portfolio produced a total property return of 10%, reflecting an income return just above 6%, and a capital return of 4%.

Acquisition of JV partners' interests at attractive yields

As long-term managers and investors in these assets, we are uniquely placed to underwrite the acquisition of our JV partners' stakes. In FY25, we acquired our JV partners' stakes in Brent Cross, Bullring and Grand Central and The Oracle for a headline price of £622m. Together with the acquisition of Westquay in November 2024, we have invested £757m into consolidating control of our assets at an average yield of 7.6%.

Brent Cross

In May 2025, we took full control of Brent Cross through the acquisition of interests in the entity which holds the 59% of Brent Cross not already owned by Hammerson for a headline price of £199m. This represented a 13% discount to book value as at 31 December 2024 for the destination, at a topped-up net initial yield of 9.3%. The acquisition of the final interest was completed in December 2025.

Brent Cross is a top 15 UK retail destination asset, 95% occupied with high sales densities. It sits at the heart of a loyal and affluent catchment with 11m visitors a year, of which 71% are in the top three ACORN categories. Key occupiers include in-demand brands like M&S, an upsized JD Sports, Apple and Zara, and a growing range of new uses including Moorfields Eye Hospital and the recently opened District food hall. There are near-term opportunities to generate incremental income by further enhancing the mix, activating the adjacent lands and surplus car parks to attract new occupiers and customers. In the medium and longer term, there are potential opportunities to reposition certain areas of the scheme, and the full scale development of the 24 acres of adjacent strategic land.

Bullring and Grand Central

In August 2025, we completed the acquisition of the remaining 50% of Bullring and Grand Central for a headline price of £319m which was funded through existing cash resources and a strongly supported 10% equity placing at a 2.5% discount to the undisturbed share price. The consideration represented a 4% discount to the June 2025 book value, and a topped-up net initial yield of 7.7%.

Bullring is among the UK's best-performing and highly regarded retail and leisure destinations, recognised by Green Street as one of only five A++ rated assets in the UK. It continues to benefit from our investment of over £30m alongside significant occupier investment since 2021 for a repositioning which brought in new retail concepts, upsizes and offers from M&S, Zara, Bershka, Pull & Bear, Sephora and JD Sports among others, alongside new leisure provision including TOCA Social and Lane7. In aggregate, these investments secured c.£130m of rent contracted to first break and delivered an IRR in excess of 40%.

Our investment has seen Bullring deliver a standout operational performance in recent years. In 2024, footfall was up 3% as we welcomed 33m visitors, and total sales up 11%, making it the strongest performer in its peer group according to Lloyds Bank data. Over 2025, footfall increased a further 5%, with a particularly good performance over the summer, and like-for-like sales increased 3.5%.

Occupancy has now reached 98% and rental tension is high as brands pursue more of the best space in the highest performing locations. We are also seeing a growing number of new brands expand their footprint here as a first choice in the regional cities. There remain incremental asset management opportunities to improve the mix, create greater exposure to the nighttime economy, and grow income and value.

Hammerson plc Full Year 2025 Results

Adjacent to Bullring, we secured the outline planning consent in October 2025 to repurpose the two-acre site housing the underutilised Edgbaston Street car park with approval granted for more than 700 new homes, 1,500 student rooms or a blend of the two, alongside significantly enhanced public realm, with a potential GDV of c.£300m.

Grand Central, located above Birmingham New Street station, has a very strong restaurant and dining offer, which has been actively managed and improved such that sales densities in this category are amongst the highest in the portfolio. Due to its location above the station and the improved offering, footfall has grown 1.5% to 14.5m in 2025.

Grand Central also offers brands a spillover opportunity from Bullring where space is tight, and there is a compelling repositioning opportunity. Around 50% of the space by area, representing a former department store, is currently vacant, although strip-out was completed in 2023 and planning is in place for our “Drum” concept -- an office-led mixed-use redevelopment of the space with a GDV in the region of c.£100m. We continue to engage relevant stakeholders to underwrite and unlock the next phases of delivery of this scheme.

Acquisition of the remaining 50% interest in The Oracle

We completed the acquisition of the remaining 50% interest in The Oracle in November 2025 for a headline price of £104.5m, reflecting a stabilised yield of 8.9%. The Oracle is one of the top retail, leisure and lifestyle destinations in the UK, and is benefitting from significant landlord and occupier investment in recent years to repurpose the former western department store to new offers from TK Maxx and Hollywood Bowl. We have secured additional leasing deals including flagship store upsizes with Zara and Apple, both due to open in H1 26, and renewals with premium brands L'Occitane and Space NK. As a result, we have driven occupancy from 94% at the start of the year to 99%.

The new openings have driven a step change in operational performance, with footfall up 9% year-on-year in the second half, and up 4% for the year as a whole. Sales have been resilient with the benefit of new openings yet to come through in like-for-like figures. The strong operating performance is translating into strong financial performance with net rental income up 10% in FY25 as previously underutilised space is occupied. The total property return was 11% in the year, as the investment in repositioning is reflected in both ERV growth and yield compression. The enhancement of the asset was also recognised by Green Street with an upgrade from B+ to A. There remain opportunities to unlock further value to meet continued strong occupier demand, as well as the potential for alternative uses, with resolution to grant planning for a 400+ unit residential scheme achieved in February 2026.

Active asset management and targeted leasing

Consistent growth in like-for-like rental income is central to our business model. Operating leverage derived from our platform supports the sustainable increase of cash earnings and dividend distributions. Like-for-like net rental income increased by 3%, reflecting our positive recent leasing performance and the progress on repositioning.

Asset repositioning and incremental development delivering strong operational and financial contribution

The first half saw further progress in our repositionings at The Oracle, as mentioned above, and Cabot Circus. At Cabot Circus, M&S opened one of their largest full line flagship stores in November. Combined with other new openings, second half footfall at Cabot Circus was up 6% year-on-year, and up 3% for the year overall. Net rental income up 2%, whilst value increased by 11%.

In 2026, Odeon's latest premium offer opened in February, while Sephora and Uniqlo are also joining the line-up, with these openings also coming in Q2.

It was pleasing to secure the planning consent for the investment into the repositioning of the historical Quakers Friars district at Cabot Circus to Quakers Exchange. Leasing conversations are ongoing, the preparation for commencement of physical works is underway and detailed design is largely complete. We anticipate the project to generate a high single digit yield on cost.

In Ireland, The Ironworks 122-unit residential project at Dundrum launched in October 2025. As at 19 February 2026, 30 leases have been signed. On completion of lease-up, we expect The Ironworks will become Dundrum's largest “occupier”, contributing a net rental income stream of around €3m per annum at 100%.

In France, we achieved planning permission and commenced work for our Cergy 3 redevelopment at Les 3 Fontaines. The scheme is entirely pre-let to Primark and Nike with handover in late 2026. The project will add c.€2.5m of annualised net rental income, representing a yield on cost of around 7% and deliver an IRR in excess of 15%. These planned openings have in turn attracted new occupiers including the signings of a major new Apple re-seller, Interactif, and luxury French health and beauty boutique Aroma-Zone, two of the most requested brands by our visitors. Les 3 Fontaines ended the year with occupancy at 90%, its highest level since before COVID, and we expect further progress in FY26.

Full Year 2025 Results | Operating Review – continued

Record leasing performance

Alongside repositioning and active asset management, targeted leasing is vital to continually improve and refresh the mix of brands. We work with both existing and new global and local brand partners to anticipate and capitalise on market trends whilst catering to the specific needs of the communities and catchments in which we operate.

This drives higher occupancy, higher quality footfall, greater sales density, and ultimately creates tangible rental tension and increases the value of our space.

We delivered another record year of leasing with our highest ever value of £51m on 1.6m sq ft of space, which represents £262m of rent contracted to first break. Principal deals were signed 46% ahead of previous passing (+13% like-for-like excluding voids) and +11% ahead of ERV on a net effective basis. This marked our fourth year in a row of double-digit positive leasing spreads, providing more solid evidence to our valuers, and helping to drive flagship passing rent up 3% like-for-like to £241m.

Across the portfolio, placemaking, specialty leasing and commercialisation not only serve to enliven space and enhance the experience and environment for customers and brand partners, but also contributes meaningfully in its own right. It supports incremental footfall, engagement across all channels and drives incremental income in events ticketing, product launch marketing packages, brand promotions and high quality short-term specialty leasing deals to further elevate the mix.

Over the year, we delivered around 500 brand promotions and over 150 high quality short-term specialty leasing deals. We continue to focus on quality and have made significant strides in selling our destination takeover and launch marketing products as part of our brand partnership offer. In FY25, this included major deals with Tesla, Sephora, Aston Villa, Diet Coke and impactful and income generative launches with the likes of Uniqlo, Space NK and M&S.

Occupancy

Due to our record leasing performance and the successful execution of our ongoing repositioning projects, we increased flagship occupancy from 95% to 96% year-on-year. Excluding residential, all our flagships other than Les 3 Fontaines now have occupancy at 95% or higher, with six of the 10 at least 98%. Competition remains high for the few remaining units, increasing rental tension.

Destination outperformance

Sales and footfall continue to grow

The quality of our portfolio and the exceptional environments we create for our occupiers and visitors continues to be reflected in our operational performance. In FY25, we welcomed 170m visitors, up 3m like-for-like (+2%), with trends strengthening in the second half of the year due to new openings.

UK flagship footfall was up 2% against a national retail benchmark down 3%, highlighting the growing polarisation between the best and the rest. The second half of the year was particularly positive with footfall up 4% driven by new openings and higher occupancy. We saw a similar pattern in France where footfall was up 4% overall, and 5% in the second half, against a national retail benchmark which was up 1% for the full year. Ireland recovered well, after exceptionally challenging weather in the first half to finish the year slightly up whilst the national benchmark was down 1%.

Group like-for-like sales were up 1%, with a positive performance in all territories, with the benefit of much of our repositioning yet to show up in the like-for-like sample. Sale densities were up 2%, improving affordability, with the strongest results where we repositioned old anchor space in the UK to more relevant offers, where sales densities are up over 40%.

Sustainable and resilient capital structure

We remain committed to maintaining a resilient and sustainable capital structure commensurate with an investment grade credit rating providing access to capital markets. Our 'guiderails' remain an LTV of around 35% and net debt:EBITDA of 6-8x through the cycle. As at 31 December 2025, LTV stood at 39%, reflecting the net investment of £618m into the acquisition of our JV partner stakes partially offset by a £120m valuation gain. On an annualised basis reflecting a full year of income from the acquisitions, net debt:EBITDA stood at 8.1x.

We also received strong support from equity and capital markets throughout the year with a front-footed equity raise to part-fund the acquisition of Bullring and Grand Central. In the credit markets, following two credit rating improvements in October 2025 – our Fitch Senior Unsecured rating upgraded to A- and the outlook on our Moody's Baa2 rating changed to positive – we commenced the early refinancing of our €700m 1.75% 2027 bond with the issuance of a €350m 3.5% bond, which was five times covered at peak. We also signed a new unsecured £100m drawn term loan maturing in 2028. The £338m 3.5% bond maturing in October 2025 was repaid from existing cash on the balance sheet.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review

A clear growth trajectory supported by a robust balance sheet

Overview

2025 has been a year of growth driven by the successful investment of £618m in three major transactions to acquire joint venture partners' stakes at attractive pricing. This activity was the key driver in net rental income increasing by 23% to £180m. This growth also included a 3% like-for-like uplift delivered through our ongoing repositioning and another year of record leasing activity.

With our integrated pure-play operating platform, we are growing earnings, dividends and NTA. EPRA earnings were £104m, up 5%, and EPRA earnings per share of 20.7p, were up 4%. The Board is recommending a final 2025 dividend of 8.56p per share, 6% higher than the final 2024 dividend, bringing the total payout for 2025 to 16.50p per share, also up 6% on 2024.

Net assets grew by £274m, or 15%, over the course of the year. EPRA NTA per share was £3.94, up 6%, driven by net revaluation gains of £120m, equivalent to a capital return of 4.0%. Consistent with the improving investment markets and another record leasing performance, the net revaluation gains reflected inward yield shift in the UK and Ireland, income growth and development gains. Combined with an income return of 6.0%, the total property return was 10.2%, generating a total accounting return of 10.8%.

We remain committed to maintaining a sustainable and resilient capital structure commensurate with an Investment Grade credit rating. In October, Fitch upgraded our issuer default rating from BBB to BBB+ and our senior unsecured rating from BBB+ to A- and Moody's moved the Group's Baa2 rating to a positive outlook.

At 31 December 2025, our balance sheet is robust with net debt of £1,370m, £571m higher than at FY24, reflecting the successful capital investment in the three joint venture acquisition transactions. LTV was 39% (FY24: 30%) and net debt:EBITDA was 9.5x (FY24: 5.8x), or 8.1x on an annualised basis.

In August, we raised £135m (net of costs) through an equity placing to part-fund the JV acquisition in Bullring and Grand Central. In October, we issued €350m 3.5% bonds maturing in 2032. Both issuances were significantly over-subscribed.

Outlook

In FY26, we will see growth in net rental income and earnings from the full year benefit from our active asset management, record leasing and joint venture acquisitions. We currently expect full year NRI growth of c.20%, with like-for-like growth of c.4-5%, and EPRA earnings of c.£120m, up c.15% year-on-year, and EPRA EPS growth of c.10%.

Notwithstanding the uncertain macro-uncertainty, looking further ahead, 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.

Presentation of financial information

IFRS vs Management reporting

The Group's property portfolio comprises properties that are either wholly owned or co-owned with third parties. While the Group prepares its financial statements under IFRS, the Group evaluates the performance of its business for internal management reporting on a 'proportionally consolidated' basis which aggregates the Group's share of joint ventures and joint operations with the Group's wholly owned operations. Prior to its disposal in September 2024, management did not proportionally consolidate the Group's investment in Value Retail. See note 9 to the financial statements for further details on this disposal which was classified as a discontinued operation in 2024.

Further details on this presentational basis are provided in note 3 to the financial statements and supporting analysis and reconciliations between management and IFRS bases are also included in this Financial Review and in the Additional Information section.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review – continued

Income statement
Analysis of EPRA earnings and IFRS profit/(loss) for the year (see note 2A)

Proportionally consolidated, including continuing and discontinued operations	Note1	Reported Group £m	Share of Joint ventures £m	2025 Total £m	Reported Group £m	Share of Joint ventures £m	2024 Total £m	Year-on-year change £m
EPRA earnings analysis:
Gross rental income	4	154.9	76.0	230.9	81.8	107.2	189.0	41.9
Net service charge expenses and cost of sales	4,5	(34.4)	(16.3)	(50.7)	(20.9)	(22.1)	(43.0)	(7.7)
Net rental income		120.5	59.7	180.2	60.9	85.1	146.0	34.2
Gross administration costs	5	(44.9)	(0.2)	(45.1)	(43.5)	-	(43.5)	(1.6)
Other income	4	9.1	-	9.1	10.7	0.3	11.0	(1.9)
Profit from operating activities		84.7	59.5	144.2	28.1	85.4	113.5	30.7
Value Retail earnings	9	-	-	-	19.2	-	19.2	(19.2)
Income from other investments		0.4	-	0.4	1.1	-	1.1	(0.7)
Operating profit		85.1	59.5	144.6	48.4	85.4	133.8	10.8
Net finance costs	6	(32.0)	(7.2)	(39.2)	(28.7)	(3.6)	(32.3)	(6.9)
Tax	7	(0.6)	(0.1)	(0.7)	(2.5)	-	(2.5)	1.8
Non-controlling interests	23	(0.4)	-	(0.4)	-	-	-	(0.4)
EPRA earnings		52.1	52.2	104.3	17.2	81.8	99.0	5.3
Reconciliation to IFRS profit/(loss):
Net revaluation gains/(losses) – Group portfolio	12A	84.6	35.7	120.3	(20.6)	(70.8)	(91.4)	211.7
Revaluation losses – Value Retail	9	-	-	-	(24.9)	-	(24.9)	24.9
Profit/(Loss) on sale of properties/joint ventures	8	5.9	-	5.9	(9.2)	-	(9.2)	15.1
Impairment of Value Retail	9	-	-	-	(471.9)	-	(471.9)	471.9
Premium on redemption of bonds	6	-	-	-	(25.5)	-	(25.5)	25.5
Business transformation costs	5	(1.1)	-	(1.1)	(4.9)	-	(4.9)	3.8
Other	10A	2.0	0.7	2.7	4.7	(2.2)	2.5	0.2
IFRS profit/(loss) for the year2		143.5	88.6	232.1	(535.1)	8.8	(526.3)	758.4
Earnings/(loss) per share				pence			pence	pence
Basic	11B			46.0			(106.0)	152.0
EPRA	11B			20.7			19.9	0.8

1 Note references are to notes to the financial statements.
2 Attributable to equity shareholders.

In 2025, the Group's IFRS profit of £232.1m was £758.4m higher than the prior year. The two most significant factors were the £471.9m impairment of the Group's investment in Value Retail associated with its disposal recognised in 2024 and a £211.7m year-on-year improvement in the net revaluation of the Group's property portfolio.

On an EPRA basis, earnings increased by £5.3m to £104.3m (FY24: £99.0m). The key factors were £34.2m higher net rental income, reflecting the underlying like-for-like growth and contribution from the acquisitions of former joint venture stakes. This was partly offset by the loss of the Group's share of earnings in the prior period of £19.2m from the Group's investment in Value Retail which was sold in September 2024. EPRA EPS was 4% higher at 20.7p (FY24: 19.9p).

Further analysis of the Group's results is set out in note 2A to the financial statements and details on reconciling items between EPRA earnings and IFRS profit are in note 10A to the financial statements.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review – continued

Net rental income

Proportionally consolidated	2025 £m	2024 £m	Variance £m	Change %
Like-for-like:
UK	59.2	56.8	2.4	4.0%
France	44.8	44.1	0.7	1.7%
Ireland	34.0	33.5	0.5	1.6%
	138.0	134.4	3.6	2.6%
Disposals	0.6	5.1	(4.5)
Acquisitions	36.5	1.8	34.7
Developments and other	5.1	5.7	(0.6)
Foreign exchange	-	(1.0)	1.0
Total	180.2	146.0	34.2

Net rental income ('NRI') totalled £180.2m in 2025, up £34.2m, or 23%, compared to FY24 driven by three key factors:

An increase in like-for-like NRI of £3.6m, or 2.6%. UK flagships produced the strongest growth of 4.0%, reflecting the benefits of active asset management and strong leasing over the past two years and the significant repositioning works at Cabot Circus and The Oracle. In France, NRI was 1.7% higher, with growth from indexation and leasing partly offset by the impact of occupier failures at Les 3 Fontaines in H1 25. In Ireland, NRI was 1.6% higher, with 5% growth at Dundrum partly offset by the impact of a single over-rented anchor unit at Ilac which was re-let to Normal in H2 25.
Acquisitions added an incremental £34.7m to NRI, reflecting the Group's purchases of JV stakes: Westquay in November 2024, Brent Cross in May 2025, Bullring and Grand Central in August 2025, and The Oracle in November 2025.
Disposals reduced income by £4.5m, principally relating to Union Square which was sold in March 2024 and Leeds Eastgate in April 2025.

The flagship NRI:GRI ratio was 80% (FY24: 80%), with UK at 78%, France at 79% and Ireland, the highest, at 86%. We expect this ratio to improve in 2026 due to the benefits of repositioning works and the record leasing performance improving occupancy during 2025.

Further analysis of net rental income by segment is provided in note 3 to the financial statements and Table 3 of the Additional Information.

Passing rent

At 31 December 2025, the Group's passing rent totalled £251m (FY24: £182m). £58m of the increase is due to the JV acquisitions during the year.

On a like-for-like basis, at constant exchange rates, flagship passing rent was up 3.3%, reflecting the strong leasing performance and benefits of the Group's repositioning activities. Like-for-like rents grew in all three countries, with passing rent 2.2% higher in the UK. France was up 2.8%, while Ireland achieved the strongest growth of 6.4%.

At 31 December 2025 the portfolio had a WAULB of 4.3 years and the total contracted rent secured to break was £911m.

Share of results of joint ventures

A list of our joint ventures is included in note 13A to the financial statements. On an IFRS basis, the Group's share of results of joint ventures in 2025 was £88.6m (FY24: £8.8m). This increase principally reflected the revaluation gain of £35.7m in 2025, compared to a deficit of £70.8m in FY24.

Joint ventures contributed £52.2m (FY24: £81.8m) of EPRA earnings; the reduction due to the JV acquisitions completed in the year.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review – continued

Net finance costs

Proportionally consolidated	Reported Group £m	Share of Joint ventures £m	Total £m	Reported Group £m	Share of Joint ventures £m	Total £m
Finance income	33.4	1.3	34.7	40.0	4.8	44.8
Finance costs	(65.5)	(8.5)	(74.0)	(68.7)	(8.4)	(77.1)
Capitalised interest	0.1	–	0.1	–	–	–
Net finance costs	(32.0)	(7.2)	(39.2)	(28.7)	(3.6)	(32.3)
Debt and loan facility cancellation costs	(0.2)	–	(0.2)	–	–	–
Premium on redemption of bonds	–	–	–	(25.5)	–	(25.5)
Change in fair value of derivatives	2.5	0.7	3.2	(1.2)	(2.2)	(3.4)
IFRS net finance costs	(29.7)	(6.5)	(36.2)	(55.4)	(5.8)	(61.2)

Net finance costs on an EPRA earnings basis were £39.2m, £6.9m higher than FY24. This reflects the reduction in finance income following the investment in JV acquisitions. This impact was partly offset by the bond refinancing in October 2024 which resulted in a net interest saving of £3.6m p.a.

Dividends

The Group dividend policy is for a payout ratio of EPRA earnings of between 80% to 85%.

In line with this policy, the Board is recommending a final 2025 cash dividend of 8.56p per share, 6.0% higher than the final 2024 dividend. Subject to approval by shareholders at the 2026 AGM, the final dividend is payable as a PID on 8 May 2026 to shareholders on the register on 27 March 2026.

When combined with the interim cash dividend of 7.94p per share paid in October as a PID, the total 2025 dividend per share is 16.50p, a 0.87p (5.6%) increase on the prior year (FY24: 15.63p) and represents a payout ratio of 84%.

Share buyback

In October 2024, the Company announced the commencement of a share buyback programme of up to £140m. The programme was suspended in August 2025 coinciding with the joint venture acquisition of Bullring and Grand Central.

Under the programme, a total of 16.4m shares were repurchased and cancelled for total consideration of £46.5m, equivalent to an average purchase price (excluding costs) of £2.82. Of this total, 9.4m shares for total consideration of £25.7m were repurchased in 2025.

Balance sheet

A detailed analysis of the balance sheet on a proportionally consolidated basis is set out in note 2B to the financial statements with a summary reconciling to EPRA NTA set out in the table below:

Proportionally consolidated	2025			2024
	Reported Group £m	Share of Joint ventures £m	EPRA adjustments £m	EPRA NTA £m	Reported Group £m	Share of Joint ventures £m
Investment properties	2,880	669	–	3,549	1,487	1,172
Investment in joint ventures	538	(538)	–	–	1,088	(1,088)
Net debt¹	(1,249)	(121)	1	(1,369)	(734)	(65)
Other net liabilities	(74)	(10)	–	(84)	(20)	(19)
Equity shareholders’ funds	2,095	–	1	2,096	1,821	–
EPRA NTA per share				£3.94

¹ See Table 11 in Additional Information for further details. The EPRA adjustments relates to deferred tax and the fair value of derivatives as per EPRA NTA guidelines, see note 10B to the financial statements for further details.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review – continued

During 2025, equity shareholders' funds increased by £274m or 15.0%. NTA per share increased by £0.24, or 6%, equivalent to a Total Accounting Return of 10.8% (see Table 20 in Additional Information for calculation). The key components of the movement in IFRS equity shareholders' funds and EPRA NTA in 2025 are shown in the table below:

Movement in equity shareholders' funds and EPRA NTA

Proportionally consolidated	Equity shareholders' funds £m	EPRA adjustments £m	EPRA NTA £m	EPRA NTA per share £
1 January 2025	1,821	4	1,825	3.70
EPRA earnings	104	-	104	0.20
Net property revaluation gain	120	-	120	0.23
Profit on sale of properties	6	-	6	0.01
Dividends to shareholders	(82)	-	(82)	(0.16)
Share buyback	(26)	-	(26)	0.02¹
Equity issuance	135	-	135	(0.09)²
Foreign exchange and other movements	17	(3)	14	0.03
31 December 2025	2,095	1	2,096	3.94

1 Reflects accretion in 2025 associated with the Group's share buyback programme which was suspended in August 2025.
2 Reflects 2.4% NTA dilution of equity raise in August 2025 to part-fund the acquisition of Bullring and Grand Central joint venture stakes.

Property portfolio analysis
Movements in property valuation

Proportionally consolidated	UK £m	France £m	Ireland £m	Flagship destinations £m	Developments and other £m	Group portfolio £m
At 1 January 2025	915	964	522	2,401	258	2,659
Foreign exchange movement	-	55	30	85	5	90
Acquisitions	588	-	-	588	45	633
Reclassification¹	-	-	26	26	(26)	-
Disposals	-	-	-	-	(20)	(20)
Yield	33	-	18	51	-	51
Income	16	6	14	36	-	36
Development and other	12	(4)	-	8	25	33
Net revaluation gains	61	2	32	95	25	120
Capital expenditure	30	10	7	47	20	67
At 31 December 2025	1,594	1,031	617	3,242	307	3,549

1 Reflects the reclassification of The Ironworks residential development at Dundrum upon completion in October 2025 from the Development and other portfolio to Ireland flagships.

In 2025, on an absolute basis, the Group's portfolio increased by £890m, or 33%. £633m was due to the acquisition of joint venture partners' stakes in Brent Cross, Bullring, Grand Central and The Oracle. Further uplifts were from net revaluation gains of £120m, capital expenditure of £67m and favourable foreign exchange translation gains of £90m.

Further valuation analysis is included in Table 8 in Additional Information.

Net revaluation gains

The portfolio recorded a net revaluation gain of £120m over the course of 2025, split £26m in the first half and £94m in the second half of the year. This is the first time since 2015 that the Group has recorded two consecutive halves of net revaluation gains.

For UK flagships, inward yield shift averaged 21bp, equivalent to a valuation gain of £33m. The most significant yield shift was at The Oracle with an improvement of 52bp reflecting the benefit of repositioning works at the asset, particularly the repurposing of the former House of Fraser department store. Income growth, after taking account of capital expenditure, produced a £16m gain as the valuers recognised our strong leasing performance. In addition, there was a gain of £12m reflected the discount achieved on the JV acquisitions.

French flagships reported a revaluation gain of £2m, reflecting income growth of £6m, partly offset by £4m allowances for higher transfer taxes. Yields in France were stable.

While in Ireland the flagship portfolio reported a £32m revaluation gain. Yields improved by 20bps, equivalent to a valuation uplift of £18m, while the strong ERV growth of 4.5% resulted in a valuation uplift of £14m.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review – continued

The Developments and other portfolio reported a gain of £25m, with £18m reflecting the joint venture acquisition discounts on Grand Central and Brent Cross Southern Lands and the balance principally relating to development surpluses on The Ironworks and Cergy 3 projects.

In total, the average discount on the JV acquisitions was 6%, resulting in a revaluation gain of £30m.

ERV (like-for-like)

Like-for-like ERVs grew by 2.7% with growth across all three countries driven by leasing performance and the benefits of recent or ongoing repurposing and repositioning.

The Irish portfolio achieved the highest level of growth of 4.5%, with Pavilions, Swords seeing the most significant uplifts reflecting the leasing performance in the year.

Occupancy for the Irish portfolio, excluding Ironworks, is now 99% (FY24: 97%).

Flagship destinations	2025 %	2024 %
UK	2.6	2.3
France	1.6	1.9
Ireland	4.5	0.8
	2.7	1.8

Capital expenditure

Capital expenditure totalled £67m, which was split £28m in H1 25 and £39m in H2 25, the increase reflecting the acceleration in investment following the JV acquisitions.

Investment in our Flagship portfolio was £47m, principally on repositioning and reconfiguration works, particularly at Cabot Circus and The Oracle, with the remainder spent supporting the strong leasing performance and asset enhancements including ESG projects.

We invested £20m in our Developments and other portfolio and 75% of this expenditure was incurred on two schemes:

Cergy 3 repurposing project at Les 3 Fontaines, where we started on-site in July having fully pre-let the 10,200m² of retail space to Primark and Nike.
The Ironworks 122 unit residential scheme at Dundrum, which completed in October. The high-quality development, which is adjacent to our Dundrum flagship destination, is currently being leased up and we are seeing strong levels of demand.

The remaining expenditure was focused on initiatives to progress schemes integral to our assets, principally in Birmingham. Table 9 in Additional Information analyses the spend between the creation of additional area and that relating to the enhancement of existing space.

Property returns analysis

In 2025, the Group portfolio generated a total property return of 10.2%, comprising an income return of 6.0% and a capital return of 4.0%. The split by portfolio is shown in the table below.

Proportionally consolidated	UK %	France %	Ireland %	Flagship destinations %	Developments and other %	Group portfolio %
Income return	8.0	4.6	6.3	6.4	2.3	6.0
Capital return	4.7	0.1	5.6	3.2	11.0	4.0
Total return	13.2	4.7	12.3	9.8	13.6	10.2

Shareholder returns analysis

The Group delivered a total shareholder return ('TSR') of 25.5% in 2025 and has significantly outperformed the FTSE EPRA/NAREIT index over both one and five years.

TSR over period to 31-Dec-25	Cash basis^{1} %	Scrip basis^{1} %	Benchmark^{2} %
One year	25.5	n/a	11.1
Five years	57.9	101.1	(4.6)

1 Cash and scrip bases represent the return assuming investors opted for either cash or scrip dividends with the assumption that those opting for scrip dividends continued to hold the additional shares issued. Calculated on a spot price basis.
2 Benchmark is the FTSE EPRA/NAREIT UK index.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review – continued

Investment in joint ventures

Details of the Group's joint ventures are shown in note 13 to the financial statements.

During 2025, our investment in joint ventures decreased by £550m to £538m (FY24: £1,088m). The key movements were due to joint venture acquisitions which reduced the investment by £619m with a further reduction of £36m due to cash distributions to the Group. This was partly offset by the Group's share of EPRA earnings of £52m and property net revaluation gains of £36m.

Financing overview

Key financial metrics

Proportionally consolidated	Calculation (References to Additional Information)	2025	2024
Net debt	Table 11	£1,370m	£799m
Liquidity		£970m	£1,417m
Weighted average interest rate – net interest/gross debt		2.0%	2.0%
Weighted average interest rate – gross interest/gross debt		3.3%	3.5%
Weighted average maturity of debt		4.8 years	4.7 years
FX hedging		90%	90%
Net debt:EBITDA	Table 13	9.5x	5.8x
Net debt:EBITDA (annualised basis)¹	Table 13	8.1x	n/a
Loan to value	Table 16	39%	30%
Fixed rate debt as a proportion of total debt		95%	100%
Metrics with associated financial covenants	Covenant
---	---	---	---
Interest cover	≥1.25x	Table 14	5.06x
Gearing – Bonds maturing in 2027 and 2036	≤175%	Table 15	66%
– Bonds maturing in 2026 and 2028, senior notes and revolving credit facilities	≤150%	Table 15	66%
Unencumbered asset ratio – Senior notes only	≥1.5x	Table 18	2.46x
Secured debt/equity shareholders’ funds – All bonds, senior notes and revolving credit facilities	≤50%		7%

1 Reflects the annualised EBITDA for the joint venture stakes acquired in 2025.

Financing overview

At 31 December 2025, net debt totalled £1,370m, £571m higher than at the beginning of the year principally due to the investment of £618m on JV acquisitions. Net debt comprised £1,727m of borrowings, less £357m of cash. Liquidity totalled £970m (FY24: £1,417m), comprising cash of £357m and £613m of undrawn committed credit facilities, the year-on-year reduction reflecting the Group's higher net debt.

The Group's financial position remains robust with LTV of 39% and net debt:EBITDA of 9.5x. This latter ratio does not include a full annual income contribution from the JV acquisitions completed during 2025; adjusting for this reduces the ratio to 8.1x as shown in Table 13 in Additional Information.

Key refinancing activity in the year was as follows:

In April, we cancelled two revolving credit facilities totalling £139m, which were due to mature in 2026, and replaced them with two new three year facilities totalling £150m which expire in 2028. The new facilities contain two one year extension options, which are subject to lender consent. Key terms were unchanged.
In October, we issued a £350m bond maturing in 2032 at a coupon of 3.5%, reflecting a credit spread of 110bp, the lowest spread for a Hammerson issue in the last 10 years. The issue was over five times covered at peak.
Also, in October, we signed a £100m unsecured floating-rate term loan maturing in 2028 and repaid the £338m 3.5% maturing bond from existing cash reserves.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Financial Review – continued

Credit ratings

The Group is committed to maintaining a sustainable and resilient capital structure with an Investment Grade credit rating. In October, Fitch upgraded our issuer default rating from BBB to BBB+ and our senior unsecured from BBB+ to A-, and Moody's moved the Group's Baa2 rating to a positive outlook.

At 31 December 2025, following the refinancing activity completed during the year, the Group's weighted average maturity of debt was 4.8 years (FY24: 4.7 years) with the constituent elements shown in the chart above. In the first two months of 2026, the two 2026 loan maturities totalling £104m were repaid from existing cash reserves.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Risks and uncertainties

The Board continually reviews and monitors the principal risks and uncertainties which could have a material effect on the Group's results. Following a detailed review of the Group's principal risks in the year, the Board concluded upon 10 risks, with the addition of a new risk of 'IT, cyber security and technology'. This risk previously sat within the 'Operational resilience' risk, but is now recognised as a risk in its own right, reflective of the number of high profile cyber attacks in the UK and globally in 2025, and the rising influence of AI technology. The 10 principal risks reflect where the Group is strategically and the external factors which may affect this, and are listed below. Full disclosure of the risks, including the factors which mitigate them, is set out within the Risk and Uncertainties section of the Annual Report 2025.

Principal risk	Residual risk level	Explanation
Macroeconomic & geopolitical	High	Adverse changes to the geopolitical landscape and macroeconomic environment in which the Group operates have the potential to hinder the ability to deliver the strategy and financial performance.
Occupational markets	Medium	Failure to anticipate and address structural market changes and target optimal property sectors. This could impair leasing performance, result in a sub-optimal occupier mix and thus impact the ability to attract visitors, and grow footfall/spend and income at the Group's properties.
Investment market, valuations and capital allocation	Medium	Investor demand in retail property markets is reduced due to macroeconomic and/or property market factors including increased borrowing costs, economic downturn, and customer and occupier confidence. This could adversely impact property valuations and risk hindering the liquidity of the Group's portfolio which in turn would reduce the availability of funds for reinvestment in core assets and/or refinancing of debt. There is also a risk that the Group allocates capital sub-optimally, including in co-owned arrangements that are not fully aligned on our strategy, resulting in liquidity risk, reduced returns, weaker investor sentiment and poorer capital performance.
Climate change	Medium	Climate related risks, particularly the reduction in carbon emissions and addressing the risk of physical impacts including extreme weather events to our assets as a result of climate related incidents, are not appropriately managed. This could adversely impact the Group's financial performance and position.
Legal, regulatory and tax	Medium	The failure to comply with laws and regulations applicable to the Group and/or increased tax levies. These laws and regulations, including tax, cover the Group's role as a multi-jurisdiction listed company; an investor and manager of property; an employer; and as a developer. Failure to comply could result in the Group suffering reputational damage, financial penalties/loss and/or other sanctions. Changes or new requirements may place administrative and cost burdens on the Group and divert resources away from strategic objectives.
Operational resilience	Medium	The Group's ability to protect its reputation, income and capital values could be damaged by a failure to manage several key operational risks including but not limited to; poor performance of a key supplier/third party. Health and safety issue including an incident at a property, an pandemic, civil unrest including acts of terrorism.
Capital structure	Medium	Lack of access to capital on attractive terms could lead to the Group having insufficient liquidity to enable the delivery of the Group's strategic objectives.
Property development and repurposing	Medium	Property development and the repurposing of our assets are inherently risky due to the complexity, management intensity and uncertain outcomes, and exposure to the volatile costs of materials and labour and sub-contractor resilience, particularly for major schemes with multiple phases and long delivery timescales. Unsuccessful projects can result in adverse financial and reputational outcomes.
People	Medium	A failure to retain or recruit key management and other colleagues to build skilled, high performing and diverse teams could adversely impact operational and corporate performance, culture and ultimately the delivery of the Group's strategy. As the Group evolves its strategy it must continue to motivate and retain people, ensure it offers the right colleague proposition and attract new skills in a changing market.
IT, cyber security and technology (new)	Medium	Risks arising from cyber threats, IT system failures and the rapid pace of technological change that could adversely affect operational performance. These include potential data breaches, ransomware attacks and system outages that could disrupt operations, compromise sensitive data and result in financial loss, regulatory penalties and reputational damage.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Consolidated Income Statement

Year ended 31 December 2025

	Notes	2025 £m	2024 £m
Revenue	2A,4	211.4	121.1
Profit from operating activities^{1}	2A	83.6	23.2
Net revaluation gains/(losses) on properties	2A	84.6	(20.6)
Other net gains	2A	5.6	0.6
Share of results of joint ventures	13C	88.6	8.8
Income from other investments	2A	0.4	1.1
Operating profit		262.8	13.1
Finance income	6	33.4	40.0
Finance costs	6	(63.1)	(95.4)
Profit/(Loss) before tax		233.1	(42.3)
Tax charge	7	(0.6)	(2.5)
Profit/(Loss) from continuing operations		232.5	(44.8)
Loss from discontinued operations	9B	-	(481.5)
Profit/(Loss) for the year		232.5	(526.3)
Attributable to:
Equity shareholders		232.1	(526.3)
Non-controlling interests^{2}	23	0.4	-
		232.5	(526.3)
Basic earnings/(loss) per share attributable to equity shareholders
Continuing operations	11B	46.0p	(9.0)p
Discontinued operations	11B	-	(97.0)p
Total		46.0p	(106.0)p
Diluted earnings/(loss) per share attributable to equity shareholders
Continuing operations	11B	45.8p	(9.0)p
Discontinued operations	11B	-	(97.0)p
Total		45.8p	(106.0)p

1 Includes a net charge of £2.3m (2024: £2.8m) relating to provisions for impairment of trade (tenant) receivables as set out in note 15.
2 Non-controlling interests relate to continuing operations. See note 23.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Consolidated Statement of Comprehensive Income

Year ended 31 December 2025

	2025 £m	2024 £m
Profit/(Loss) for the year	232.5	(526.3)
Other comprehensive income/(expenses):
Recycled through the profit or loss on disposal of associate
Exchange gain previously recognised in the translation reserve	-	(49.6)
Exchange loss previously recognised in the net investment hedge reserve	-	39.7
Net exchange loss relating to equity shareholders¹	-	(9.9)
Items that may subsequently be recycled through profit or loss
Foreign exchange translation differences	90.3	(74.7)
Foreign exchange translation differences of discontinued operations¹	-	0.2
(Loss)/Gain on net investment hedge	(75.7)	70.7
Share of other comprehensive losses of discontinued operations¹	-	(4.4)
	14.6	(8.2)
Items that will not subsequently be recycled through profit or loss
Net actuarial losses on pension schemes	-	(0.5)
Other comprehensive income/(loss) for the year	14.6	(18.6)
Total comprehensive income/(loss) from continuing operations	247.1	(59.2)
Total comprehensive loss from discontinued operations	-	(485.7)
Total comprehensive income/(loss) for the year	247.1	(544.9)
Attributable to:
Equity shareholders	246.7	(544.9)
Non-controlling interests²	0.4	-
Total comprehensive income/(loss) for the year	247.1	(544.9)

1 For the year ended 31 December 2024 this related to the sale of the Group's investment in Value Retail which is treated as a discontinued operation as described in note 9.
2 Non-controlling interests relate to continuing operations. See note 23 for further details.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Consolidated Balance Sheet

As at 31 December 2025

	Note	2025 £m	2024 £m
Non-current assets
Investment properties	12A	2,879.8	1,487.0
Interests in leasehold properties		51.2	34.8
Right-of-use assets		6.7	7.5
Plant and equipment		0.4	0.4
Investment in joint ventures	13D	538.0	1,088.2
Other investments		9.4	9.2
Trade and other receivables		4.0	0.2
Restricted monetary assets	16	-	21.4
		3,489.5	2,648.7
Current assets
Trade and other receivables		90.8	87.6
Derivative financial instruments		1.0	2.2
Restricted monetary assets	16	21.4	-
Cash and cash equivalents		328.5	737.9
		441.7	827.7
Total assets		3,931.2	3,476.4
Current liabilities
Trade and other payables		(164.6)	(109.3)
Obligations under head leases		(0.1)	(0.1)
Loans	17A	(104.3)	(337.8)
Tax		(2.0)	(2.8)
Derivative financial instruments		(0.3)	(0.1)
		(271.3)	(450.1)
Non-current liabilities
Trade and other payables		(33.4)	(28.7)
Obligations under head leases		(57.1)	(39.7)
Loans	17A	(1,473.9)	(1,136.4)
Deferred tax		(0.7)	(0.4)
		(1,565.1)	(1,205.2)
Total liabilities		(1,836.4)	(1,655.3)
Net assets		2,094.8	1,821.1
Equity
Share capital¹	19	26.6	24.6
Share premium¹		132.7	-
Capital redemption reserve	19	225.9	225.5
Other reserves		106.4	91.8
Retained earnings		1,610.0	1,486.9
Investment in own shares		(6.8)	(7.7)
Equity shareholders' funds		2,094.8	1,821.1
EPRA net tangible asset value per share	11C	£3.94	£3.70

1 In August 2025, the Company issued 48,253,994 new Ordinary Shares for a total cash consideration (net of costs) of £135.1m. See note 19 for further details.

These financial statements were approved by the Board on 24 February 2026 and signed on its behalf by:

Rob Wilkinson
Chief Executive

Himanshu Raja
Chief Financial Officer

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Consolidated Statement of Changes in Equity

Year ended 31 December 2025

	Share capital¹ £m	Share premium £m	Capital redemption reserve² £m	Other reserves³ £m	Retained earnings £m	Investment in own shares⁴ £m	Equity shareholders' funds £m	Non-controlling interests⁴ £m	Total equity £m
At 1 January 2025	24.6	–	225.5	91.8	1,486.9	(7.7)	1,821.1	–	1,821.1
Foreign exchange translation differences	–	–	–	90.3	–	–	90.3	–	90.3
Loss on net investment hedge	–	–	–	(75.7)	–	–	(75.7)	–	(75.7)
Profit for the year	–	–	–	–	232.1	–	232.1	0.4	232.5
Total comprehensive income	–	–	–	14.6	232.1	–	246.7	0.4	247.1
Initial recognition of non-controlling interest on acquisition of Brent Cross⁴	–	–	–	–	–	–	–	43.0	43.0
Distributions to non-controlling interest in Brent Cross	–	–	–	–	–	–	–	(1.7)	(1.7)
Subsequent acquisition of non-controlling interest in Brent Cross⁴	–	–	–	–	–	–	–	(41.7)	(41.7)
Share buyback and cancellation⁵	(0.4)	–	0.4	–	(25.7)	–	(25.7)	–	(25.7)
Equity placing net of costs⁶	2.4	132.7	–	–	–	–	135.1	–	135.1
Share-based employee remuneration	–	–	–	–	4.5	–	4.5	–	4.5
Purchase of own shares and treasury shares	–	–	–	–	–	(5.2)	(5.2)	–	(5.2)
Cost of shares awarded to employees	–	–	–	–	(6.1)	6.1	–	–	–
Dividends	–	–	–	–	(81.7)	–	(81.7)	–	(81.7)
As at 31 December 2025	26.6	132.7	225.9	106.4	1,610.0	(6.8)	2,094.8	–	2,094.8

Share capital includes shares held in treasury and shares held in an employee share trust, which are held at cost and excluded from equity shareholders' funds through 'Investment in own shares' with further information set out in note 19.
The capital redemption reserve comprises the nominal value of shares cancelled by way of the Company's 1 for 10 share capital consolidation in September 2024 (see footnote 6 on next page) and shares purchased and cancelled under the Group's share buyback programme which ran from October 2024 to August 2025 (see footnote 6). This reserve is non-distributable.
Other reserves comprises Translation, Net investment hedge and Cash flow hedge reserves.
Reflects non-controlling interest in Brent Cross and relates to continuing operations. The non-controlling interest was initially recognised on 9 May 2025 when the Group obtained control, and the subsequent movement over the period to 19 December 2025 when the Group acquired 100% of the interests. See notes 13B and 23 for further details.
On 16 October 2024, the Company announced the commencement of a share buyback programme which ran to August 2025. In total, 16.4m shares were repurchased and cancelled under the programme for a total consideration of £46.5m, of which 9.4m shares for consideration of £25.7m was in 2025.
In August 2025, the Company issued 48,253,994 new Ordinary Shares for a total cash consideration (net of costs) of £135.1m. See note 19 for further details.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

	Share capital¹ £m	Share premium £m	Capital redemption reserve² £m	Other reserves³ £m	Retained earnings £m	Investment in own shares¹ £m	Equity shareholders' funds £m
At 1 January 2024	250.1	1,563.7	–	105.5	549.7	(6.4)	2,462.6
Recycled exchange gains on disposal of overseas associate	–	–	–	(9.9)	–	–	(9.9)
Foreign exchange translation differences⁴	–	–	–	(74.5)	–	–	(74.5)
Gain on net investment hedge	–	–	–	70.7	–	–	70.7
Gain on cash flow hedge	–	–	–	2.2	–	–	2.2
Gain on cash flow hedge recycled to net finance costs	–	–	–	(2.2)	–	–	(2.2)
Share of other comprehensive loss of associates⁵	–	–	–	–	(4.4)	–	(4.4)
Net actuarial losses on pension schemes	–	–	–	–	(0.5)	–	(0.5)
Loss for the year	–	–	–	–	(526.3)	–	(526.3)
Total comprehensive loss	–	–	–	(13.7)	(531.2)	–	(544.9)
Share capital consolidation⁶	(225.1)	–	225.1	–	–	–	–
Share premium cancellation⁷	–	(1,563.7)	–	–	1,563.7	–	–
Share buyback and cancellation⁸	(0.4)	–	0.4	–	(20.9)	–	(20.9)
Share-based employee remuneration	–	–	–	–	4.3	–	4.3
Purchase of own shares and treasury shares	–	–	–	–	–	(3.4)	(3.4)
Cost of shares awarded to employees	–	–	–	–	(2.1)	2.1	–
Dividends	–	–	–	–	(76.6)	–	(76.6)
At 31 December 2024	24.6	–	225.5	91.8	1,486.9	(7.7)	1,821.1

Share capital includes shares held in treasury and shares held in an employee share trust, which are held at cost and excluded from equity shareholders' funds through 'Investment in own shares' with further information set out in note 19.
The capital redemption reserve comprises the nominal value of shares cancelled by way of the Company's 1 for 10 share capital consolidation in September 2024 (see footnote 6) and shares purchased and cancelled under the Group's share buyback programme which ran from October 2024 to August 2025 (see footnote 8). This reserve is non-distributable.
Other reserves comprises Translation, Net investment hedge and Cash flow hedge reserves.
Relates to continuing and discontinued operations in 2024.
Relates to discontinued operations. See note 9.
Following shareholder approval at a General meeting on 12 September 2024, the Company completed a 1 for 10 share consolidation on 30 September 2024 whereby each of its ordinary shares were subdivided into 9 deferred shares and one ordinary share, following which the deferred shares were cancelled. See note 19 for further details.
Following shareholder approval at a General meeting on 12 September 2024 and subsequent sanctioning by the High Court of England and Wales on 8 October 2024, the Company cancelled its share premium account. The effect of this Capital Reduction was to increase the distributable reserves of the Company through a transfer to retained earnings.
On 16 October 2024, the Company announced the commencement of a share buyback programme which ran to August 2025. In total, 16.4m shares were repurchased and cancelled under the programme for a total consideration of £46.5m, of which 7.0m shares for consideration of £20.9m was in 2024.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Consolidated Cash Flow Statement

Year ended 31 December 2025

	Note	2025 £m	2024 £m
Profit from operating activities	2A	83.6	23.2
Net movements in working capital and restricted monetary assets	21A	8.2	(6.6)
Non-cash items	21A	(1.5)	5.3
Cash generated from operations		90.3	21.9
Interest received		34.7	49.0
Interest paid (including bond issue fees)		(63.4)	(86.5)
Bond early termination fees		-	(25.5)
Debt and loan facility issuance and extension fees		(3.4)	(2.7)
Tax (paid)/received		(1.1)	0.2
Distributions from joint ventures		39.8	48.1
Cash flows from operating activities		96.9	4.5
Investing activities
Property acquisition, net of cash acquired¹		(531.2)	(140.8)
Equity investment in joint venture		-	(85.1)
Capital expenditure		(33.6)	(13.7)
Sale of properties		25.3	117.4
Sale of investments in associate		-	583.6
Advances to joint ventures	13E	(3.9)	(6.9)
Distributions and capital returns received from associates	9C	6.0	19.4
Distributions from other investments		0.4	1.1
Cash flows (utilised in)/from investing activities		(537.0)	475.0
Financing activities
Acquisition of non-controlling interests¹		(39.8)	-
Purchase of own shares		(5.2)	(3.4)
Share buyback and cancellation		(25.7)	(20.9)
Equity placing		138.8	-
Equity placing costs		(3.7)	-
Proceeds from new borrowings		405.7	394.7
Repayments of borrowings		(365.4)	(499.6)
Distributions paid to non-controlling interests		(1.7)	-
Equity dividends paid	20	(75.0)	(82.6)
Cash flows from financing activities		28.0	(211.8)
(Decrease)/Increase in cash and cash equivalents		(412.1)	267.7
Opening cash and cash equivalents	21B	737.9	472.3
Exchange translation movement	21B	2.7	(2.1)
Closing cash and cash equivalents	21B	328.5	737.9

¹ Property acquisition, net of cash acquired includes the Group's share of joint venture cash derecognised of £46.6m and acquisition of non-controlling interests includes cash of £10.7m. Excluding these balances, total acquisition cash flow within investing and financing activities is £617.6m.

For 2025 and 2024, the cash flows above relate to continuing and discontinued operations. See note 9 for further information on discontinued operations.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Notes to the Consolidated Financial Statements

For the year ended 31 December 2025

1. Basis of preparation, consolidation and material accounting policies

A. GENERAL INFORMATION

Hammerson plc is a UK public company limited by shares incorporated under the Companies Act and is registered in England and Wales. The address of the Company's registered office is Marble Arch House, 66 Seymour Street, London W1H 5BX.

The Group's principal activities are as an owner, operator and developer of sustainable prime retail-led city real estate. The Group owns and invests in flagship destinations, developments and other properties in the United Kingdom, France and Ireland. The Group also had an investment in Value Retail, which operated various premium outlet Villages across western Europe; this investment was sold in September 2024. The Group's material accounting policies are described below.

B. BASIS OF PREPARATION AND CONSOLIDATION

Basis of preparation

The financial information set out in this announcement does not constitute the consolidated statutory accounts for the years ended 31 December 2025 and 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 (approved by the Board on 24 February 2026) will be delivered following the Company's annual general meeting. The external auditor has reported on both set of accounts and their reports were unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

The financial information set out in this announcement is based on the consolidated financial statements. These have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union as well as SAICA Financial Reporting Guides as issued by the Accounting Practices committee. UK adopted International Accounting Standards differs in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the Financial Statements for the periods presented, which therefore also comply with International Reporting Standards as adopted by the EU.

The financial information is in accordance with the accounting policies set out in the 2024 financial statements and have been applied consistently. While the financial information included in these condensed financial statements has been prepared as explained above, this announcement does not itself contain sufficient information to comply with IASs and IFRSs. The Company expects to publish full financial statements that comply with IASs and IFRSs in March 2026.

With the exception of IFRS 18 'Presentation and Disclosure in Financial Statements', new accounting standards, amendments to standards and IFRIC interpretations which became applicable during the year or have been published but are not yet effective, were either not relevant or had no, or are not expected to, have a material impact on the Group's results or net assets. IFRS 18 applies for accounting periods beginning on, or after, 1 January 2027 and will apply to comparative information. The Group is in the process of assessing the impact of applying IFRS 18 on the Group's financial statements.

Basis of consolidation

Subsidiaries

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power over the investee, is exposed, or has rights, to variable return from its involvement with the investee and has the ability to use its power to affect its returns. Subsidiaries are fully consolidated from the date on which control is achieved, which is usually from the date of acquisition. They are de-consolidated from the date control ceases. All intragroup transactions, balances, income and expenses are eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Joint arrangements (joint operations and joint ventures) and associates

The accounting treatment for joint arrangements and associates requires an assessment to determine the degree of control or influence that the Group may exercise over them and the form of that control.

The Group's interest in joint arrangements is classified as either:

a joint operation: not operated through an entity but by joint controlling parties which have rights to the assets and obligations for the liabilities; or
a joint venture: whereby the joint controlling parties have rights to the net assets of the arrangement.

The Group's interests in its joint arrangements are commonly driven by the terms of partnership agreements, which ensure that control is shared between the partners. Associates are those entities over which the Group is in a position to exercise significant influence, but not control or jointly control. The Group's share of results, assets and liabilities held within joint operations is fully consolidated into the Group financial statements along with subsidiaries.

The results, assets and liabilities of joint ventures and associates are accounted for using the equity method. Investments in joint ventures and associates are carried in the consolidated balance sheet at cost as adjusted for post acquisition changes in the Group's share of the net assets of the joint venture or associate, less any impairment. Loans to joint ventures and associates are aggregated into the Group's investment in the consolidated balance sheet. The Group eliminates upstream and downstream transactions with its joint ventures, including interest and management fees.

Any losses of joint ventures or associates are initially recognised against the equity investment. However, if in excess of the Group's equity interest, losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the other entity. If the value of the Group's equity investment is nil, the share of losses is recognised against other long term interests or if such interests are not available, losses are simply restricted to leave the Group's equity investment remaining at nil.

Distributions and other income received from joint ventures are included within cash flows from operating activities owing to their association with the underlying profits of the joint venture whereas all other cash flows are recognised as investing activities. Distributions from associates are included in investing activities. Distributions reduce the carrying value of the Group's investments in joint ventures and associates.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements

1. Basis of preparation, consolidation and material accounting policies continued

Non-controlling interests

The Group's accounting policy for non-controlling interests is to recognise, and subsequently hold, the interests at their proportionate share of the underlying net assets and recognise their share of profits or losses for the period, the latter being separately presented in the consolidated income statement. Further information on the Group's non-controlling interests is given in notes 13B and 23.

C. ALTERNATIVE PERFORMANCE MEASURES ('APMS')

The Group uses a number of APMs, being financial measures not specified under IFRS, to monitor the performance of the business. Many of these measures are based on the EPRA Best Practice Recommendations ('BPR') reporting framework which aims to improve the transparency, comparability and relevance of the published results of listed European real estate companies. Details on the EPRA BPR can be found on www.epra.com and the Group's EPRA metrics are shown in Table 1 of the Additional Information section.

In September 2024, EPRA issued updated EPRA earnings guidelines within its BPR. Under the updated guidelines, the one-off items which had previously been reconciling items between EPRA and Adjusted earnings now meet the definition of the new 'non-operating and exceptional items' category in calculating EPRA earnings. As explained in the 2024 financial statements, the Group has adopted these new guidelines from 1 January 2025, and restated prior period measures such that they are the same as the previously reported Adjusted earnings. EPRA earnings is therefore now the Group's primary profit measure and is the basis of information which is reported to the Board and Adjusted earnings will no longer be reported.

EPRA earnings, is derived from IFRS profit, but excludes capital and non-recurring items such as revaluation movements, gains or losses on the disposal of properties or investments which are not deemed relevant to the underlying performance of the business. The Directors believe that disclosing such non-IFRS measures enables evaluation of the impact of such items on results to facilitate a fuller understanding of performance from year to year. A reconciliation from profit/(loss) for the year under IFRS to EPRA earnings is set out in note 10A to the financial statements.

Other APMs used by the Group cover key operational, balance sheet and credit related metrics, including like-for-like analysis, cost ratios, total accounting return, net debt and associated credit metrics: net debt:EBITDA, gearing, loan to value and interest cover. Reconciliations of these APMs to the IFRS figures in the financial statements are included in the Additional Information section. The Group also presents its earnings on a 'Headline' basis, calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements.

D. GOING CONCERN

Overview

The financial statements for the year ended 31 December 2025 have been prepared on a going concern basis. To support this the Directors have considered the Group's principal risks, and their impact on the Group's future financial performance and have undertaken a detailed going concern assessment for a minimum of 12 months from the date of the approval of the Annual Report.

Financial position

At 31 December 2025, the Group's position was robust with net debt of £1,370m, net debt:EBITDA of 9.5x and loan to value of 39%. Further details on the Group's financing and capital structure are set out in the Financial Review on page 16.

At 31 December 2025, the Group's key unsecured debt covenants had significant headroom. Gearing and the Unencumbered asset ratio had headroom to valuation falls of 33% and 39% respectively, while the Interest cover ratio had headroom to NRI reductions of 75%. Liquidity was £970m compared to £104m of debt or facilities maturing over the next 12 months and £71m of capital commitments at 31 December 2025.

Assessment

The going concern assessment involved the preparation of a Base case forecast ('Base scenario') derived from the Group's 2026 Business Plan, the results of which were reviewed and approved by the Board and included earnings, balance sheet, cash flow, liquidity and credit metric projections. Acknowledging the three countries that the Group operates in, each with their own distinct risks, the Base scenario projections assume continued momentum in the Group's operating performance in the near term, reflecting the benefit of recent acquisitions and the strong demand from customers and brand partners for the best destinations as evidenced by growing footfall and strong leasing in 2025.

The assessment also included a review of reverse stress tests ('stress tests') to the Base scenario to assess the Group's ability to cope with significant changes to key variables in the forecasts impacting covenant metrics and considered the plausibility of future adverse impacts in the context of external forecasts and recent precedents. These stress tests assessed the maximum level that valuations and net rental income could fall before the Group reaches its key unsecured debt covenant thresholds. The stress test calculations adopted valuation yields and ERVs as at 31 December 2025.

The Directors have also considered any significant liquidity events falling due outside of the next 12 months, including £463m of undrawn RCFs and €700m 1.75% Euro bonds ('Eurobonds') which mature in April 2027 and June 2027 respectively.

Given the proximity of the RCFs maturity date, the impact on liquidity has been assessed and demonstrates that the Group has sufficient funds if they were not refinanced in the ordinary course. With regards to the maturing Eurobonds, refinancing is required to ensure the future liquidity of the Group. The Directors are confident that the Group will have continued access to capital markets and the maturing Eurobonds will be successfully refinanced in the ordinary course of annual debt refinancing.

Indeed, during 2025 the Group received upgrades to its credit ratings, with Fitch upgrading the Long-Term Issuer Default Rating from BBB to BBB+ and the senior unsecured debt rating from BBB+ to A-, and Moody's changing the outlook on the Group's Baa2 rating from stable to positive.

The Group has already refinanced in part the Eurobond in October 2025 with the issuance of a €350m 3.5% million bond and a £100m term loan. The Group also part-funded the acquisition of Bullring and Grand Central in August 2025 with a £135m equity raise. These transactions demonstrate the Group's ability to raise funds on attractive terms, with both the equity raise and bond issuance being significantly oversubscribed.

Conclusion

Based on the review of the Base scenario projections and the results of the stress tests the Directors are satisfied that the Group has sufficient covenant headroom and significant liquidity for a period of at least 12 months from the date of approval of these financial statements. Consideration was also given to significant liquidity events falling outside of the next 12 months and confidence regarding the Group's ability to refinance these in the ordinary course of annual debt refinancing. Based on this review the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

2. Proportionally consolidated information

As described in the Financial Review and note 3, for managing reporting purposes the Group evaluates the performance of its business on a proportionally consolidated basis by aggregating its properties or entities which are wholly owned or in joint operations ('Reported Group') with the Group's proportionate share of joint ventures (see note 13).

A. PROFIT/(LOSS) FOR THE YEAR

EPRA earnings, which are also calculated on a proportionally consolidated basis, is the Group's primary profit measure and this is the basis of information which is reported to the Board. The following table sets out a reconciliation from the Group's profit for the year under IFRS to EPRA earnings.

2025

	Notes	Reported Group £m	Share of Joint ventures £m	Proportionally consolidated
				Sub-total before adjustments £m	Capital and other adjustments¹ £m	EPRA £m
Revenue	4	211.4	86.1	297.5	–	297.5
Gross rental income²	3A, 4	154.9	76.0	230.9	–	230.9
Service charge income	4	47.4	10.1	57.5	–	57.5
		202.3	86.1	288.4	–	288.4
Service charge expenses		(52.1)	(11.2)	(63.3)	–	(63.3)
Cost of sales	5	(29.7)	(15.2)	(44.9)	–	(44.9)
Net rental income		120.5	59.7	180.2	–	180.2
Gross administration costs	5	(46.0)	(0.2)	(46.2)	1.1	(45.1)
Other income	4	9.1	–	9.1	–	9.1
Net administration expenses		(36.9)	(0.2)	(37.1)	1.1	(36.0)
Profit from operating activities		83.6	59.5	143.1	1.1	144.2
Net revaluation gains on properties	12A	84.6	35.7	120.3	(120.3)	–
Profit on sale of properties	8	5.9	–	5.9	(5.9)	–
Change in fair value of other investments		(0.3)	–	(0.3)	0.3	–
Other net gains		5.6	–	5.6	(5.6)	–
Share of results of joint ventures	13C	88.6	(88.6)	–	–	–
Income from other investments		0.4	–	0.4	–	0.4
Operating profit		262.8	6.6	269.4	(124.8)	144.6
Net finance costs	6	(29.7)	(6.5)	(36.2)	(3.0)	(39.2)
Profit before tax		233.1	0.1	233.2	(127.8)	105.4
Tax charge	7	(0.6)	(0.1)	(0.7)	–	(0.7)
Profit for the year		232.5	–	232.5	(127.8)	104.7
Less profit attributable to non-controlling interests³	23	(0.4)	–	(0.4)	–	(0.4)
Profit for the year		232.1	–	232.1	(127.8)	104.3

1 Adjusting items between IFRS profit and EPRA earnings, described above as 'Capital and other adjustments', are set out in note 10A.
2 Proportionally consolidated figure includes £12.2m (2024: £10.1m) of variable rents calculated by reference to occupiers' turnover.
3 Reflects the proportion of profit in the year which was due to minority owners of Brent Cross. See notes 13B and 23 for further details.
4 Previously disclosed as Adjusted earnings and restated to reflect the Group's adoption of the updated EPRA earnings guidelines as explained in note 10.
5 Discontinued operations reflect Value Retail, see note 9 for further details.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

Proportionally consolidated information continued

	Notes	Reported Group £m	Share of Joint ventures £m	Proportionally consolidated
				Sub-total before adjustments £m	Capital and other adjustments¹ £m	EPRA² £m
Revenue	4	121.1	126.3	247.4	–	247.4
Gross rental income³	3A, 4	81.8	107.2	189.0	–	189.0
Service charge income	4	28.6	19.4	48.0	–	48.0
		110.4	126.6	237.0	–	237.0
Service charge expenses		(32.6)	(21.9)	(54.5)	–	(54.5)
Cost of sales	5	(16.9)	(19.6)	(36.5)	–	(36.5)
Net rental income		60.9	85.1	146.0	–	146.0
Gross administration costs	5	(48.4)	–	(48.4)	4.9	(43.5)
Other income	4	10.7	0.3	11.0	–	11.0
Net administration expenses		(37.7)	0.3	(37.4)	4.9	(32.5)
Profit from operating activities		23.2	85.4	108.6	4.9	113.5
Net revaluation losses on properties	12A	(20.6)	(70.8)	(91.4)	91.4	–
Disposals
– Loss on sale of properties	8	(9.2)	–	(9.2)	9.2	–
– Recycled exchange gains on disposal of overseas interests		9.9	–	9.9	(9.9)	–
Costs associated with pension scheme wind-up		(0.5)	–	(0.5)	0.5	–
Change in fair value of other investments		0.4	–	0.4	(0.4)	–
Other net gains		0.6	–	0.6	(0.6)	–
Share of results of joint ventures	13C	8.8	(8.8)	–	–	–
Income from other investments		1.1	–	1.1	–	1.1
Operating profit		13.1	5.8	18.9	95.7	114.6
Net finance costs	6	(55.4)	(5.8)	(61.2)	28.9	(32.3)
(Loss)/Profit before tax		(42.3)	–	(42.3)	124.6	82.3
Tax charge	7	(2.5)	–	(2.5)	–	(2.5)
(Loss)/Profit from continuing operations		(44.8)	–	(44.8)	124.6	79.8
(Loss)/Profit from discontinued operations⁵	9B	(481.5)	–	(481.5)	500.7	19.2
(Loss)/Profit for the year		(526.3)	–	(526.3)	625.3	99.0

For footnotes see page 27.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

2. Proportionally consolidated information continued

B. BALANCE SHEET

The following table sets out the Group's proportionally consolidated balance sheet, showing the aggregation of the assets and liabilities of entities which are wholly owned or in joint operations ('Reported Group') with the Group's ownership share of those in joint ventures which are under the Group's management ('Share of Joint ventures').

Proportionally consolidated	Note	Reported Group £m	Share of Joint ventures £m	2025			2024
				Total £m	Reported Group £m	Share of Joint ventures £m
Non-current assets
Investment properties	12A	2,879.8	669.5	3,549.3	1,487.0	1,172.0	2,659.0
Interests in leasehold properties		51.2	6.7	57.9	34.8	13.3	48.1
Right-of-use assets		6.7	-	6.7	7.5	-	7.5
Plant and equipment		0.4	-	0.4	0.4	-	0.4
Investment in joint ventures	13D	538.0	(538.0)	-	1,088.2	(1,088.2)	-
Other investments		9.4	-	9.4	9.2	-	9.2
Trade and other receivables		4.0	1.7	5.7	0.2	1.2	1.4
Restricted monetary assets	16	-	-	-	21.4	-	21.4
		3,489.5	139.9	3,629.4	2,648.7	98.3	2,747.0
Current assets
Trade and other receivables		90.8	7.6	98.4	87.6	22.9	110.5
Derivative financial instruments		1.0	-	1.0	2.2	-	2.2
Restricted monetary assets	16	21.4	-	21.4	-	-	-
Cash and cash equivalents		328.5	28.5	357.0	737.9	76.3	814.2
		441.7	36.1	477.8	827.7	99.2	926.9
Total assets		3,931.2	176.0	4,107.2	3,476.4	197.5	3,673.9
Current liabilities
---	---	---	---	---	---	---	---
Trade and other payables		(164.6)	(17.7)	(182.3)	(109.3)	(39.7)	(149.0)
Obligations under head leases		(0.1)	-	(0.1)	(0.1)	-	(0.1)
Loans	17A	(104.3)	-	(104.3)	(337.8)	-	(337.8)
Tax		(2.0)	-	(2.0)	(2.8)	-	(2.8)
Derivative financial instruments		(0.3)	-	(0.3)	(0.1)	-	(0.1)
		(271.3)	(17.7)	(289.0)	(450.1)	(39.7)	(489.8)
Non-current liabilities
Trade and other payables		(33.4)	(1.2)	(34.6)	(28.7)	(1.9)	(30.6)
Obligations under head leases		(57.1)	(7.1)	(64.2)	(39.7)	(13.7)	(53.4)
Loans	17A	(1,473.9)	(149.6)	(1,623.5)	(1,136.4)	(141.2)	(1,277.6)
Deferred tax		(0.7)	-	(0.7)	(0.4)	(0.1)	(0.5)
Derivative financial instruments		-	(0.4)	(0.4)	-	(0.9)	(0.9)
		(1,565.1)	(158.3)	(1,723.4)	(1,205.2)	(157.8)	(1,363.0)
Total liabilities		(1,836.4)	(176.0)	(2,012.4)	(1,655.3)	(197.5)	(1,852.8)
Net assets		2,094.8	-	2,094.8	1,821.1	-	1,821.1
EPRA NTA adjustments	10B			0.9			4.3
EPRA NTA	10B			2,095.7			1,825.4
EPRA NTA per share	11C			£3.94			£3.70

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

3. Segmental analysis

IFRS versus management reporting

properties, or entities, which are wholly owned or held in joint operations (see notes 1B and 12 to the financial statements for details) and hence where the results and net assets are directly included, on a line-by-line basis, in the IFRS financial statements. These are labelled as 'Reported Group'
the Group's share of properties, or entities, which are co-owned within joint ventures that are under the Group's day-to-day management. Under IFRS each are included in separate line items in the income statement ('Share of results of Joint ventures') and balance sheet ('Investment in joint ventures'). The Group's share of results and net assets are labelled 'Share of Joint ventures'. The Group's associate, Value Retail was separately reported (see below).

The combination of properties within the Reported Group and Share of Joint ventures is labelled as the 'Group portfolio'.

Prior to its disposal in September 2024, management did not proportionally consolidate the Group's investment in Value Retail. While the Group exercised significant influence, and accounted for the investment as an associated undertaking, Value Retail was not under the Group's management, was independently financed and had differing operating metrics to the Group's property portfolio. Accordingly, for both IFRS and management accounting purposes the results and financial assets and liabilities were accounted for separately, and it was excluded from the Group's proportionally consolidated key metrics such as net debt or like-for-like rental income growth.

Segmental reporting

For segmental reporting, the Group's reportable segments are determined by the internal performance reported to the Chief Operating Decision Makers which has been determined to be the Group Executive Committee. Such reporting is both by sector and geographic location as these demonstrate different characteristics and risks, are managed by separate teams and are the basis on which resources are allocated. Total assets are not monitored by segment, with internal reporting based on property values.

The Group's activities presented on a proportionally consolidated basis including Share of Joint ventures are:

Flagship destinations
Developments and other

A. INCOME AND PROFIT BY SEGMENT

	Gross rental income		Net rental income
	2025 £m	2024 £m	2025 £m	2024 £m
Flagship destinations
UK	121.1	80.0	94.5	61.6
France	56.4	55.3	44.8	43.6
Ireland	38.8	37.7	33.5	32.8
	216.3	173.0	172.8	138.0
Developments and other	14.6	16.0	7.4	8.0
Group portfolio – proportionally consolidated	230.9	189.0	180.2	146.0
Less Share of Joint ventures	(76.0)	(107.2)	(59.7)	(85.1)
Reported Group	154.9	81.8	120.5	60.9

B. INVESTMENT PROPERTIES BY SEGMENT

	Note	2025					2024
		Property valuation £m	Capital expenditure £m	Net revaluation gains £m	Property valuation £m	Capital expenditure £m	Net revaluation gains/ (losses) £m
Flagship destinations
UK	12B	1,594.0	29.2	61.5	915.3	15.9	16.8
France	12B	1,030.9	10.3	1.6	964.1	10.1	4.5
Ireland	12B	617.0	6.6	32.1	522.0	2.3	(82.6)
		3,241.9	46.1	95.2	2,401.4	28.3	(61.3)
Developments and other	12B	307.4	20.8	25.1	257.6	11.7	(30.1)
Group portfolio – proportionally consolidated		3,549.3	66.9	120.3	2,659.0	40.0	(91.4)
Less Share of Joint ventures¹	13D	(669.5)	(31.0)	(35.7)	(1,172.0)	(24.9)	70.8
Reported Group	12B	2,879.8	35.9	84.6	1,487.0	15.1	(20.6)

¹ The property valuation of Share of Joint ventures comprises UK Flagship destinations of £110.4m (2024: £630.1m) and Ireland flagship destinations of £480.2m (2024: £412.7m) and Developments and other properties of £78.9m (2024: £129.2m).

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

4. Revenue

	Note	2025 £m	2024 £m
Base rent		112.9	63.9
Turnover rent		8.2	3.0
Car park income¹		18.3	9.3
Lease incentive recognition		6.0	2.8
Other rental income		9.5	2.8
Gross rental income	2	154.9	81.8
Service charge income¹	2	47.4	28.6
Other income
– Property fee income¹		6.0	6.3
– Joint venture management fees¹		3.1	4.4
		9.1	10.7
Total		211.4	121.1

¹ Revenue for these categories amount to £74.8m (2024: £48.6m) and are recognised under IFRS 15 'Revenue from Contracts with Customers'. All other revenue is recognised in accordance with IFRS 16 'Leases'.

5. Costs

PROFIT FROM OPERATING ACTIVITIES IS STATED AFTER CHARGING
	2025	2024
Cost of sales	£m	£m
Ground rents payable	1.7	1.1
Inclusive lease costs recovered through rent	3.7	2.4
Other property outgoings¹	24.3	13.4
	29.7	16.9
Gross administration costs	Note	2025 £m
Employee costs	29.0	27.8
Depreciation	0.9	1.4
Other administration costs	15.0	14.3
	44.9	43.5
Business transformation costs	10A	1.1
Total	46.0	48.4

¹ Includes charges and credits in respect of expected credit losses as set out in note 15.

6. Net finance costs

	2025 £m	2024 £m
Interest receivable on derivatives	9.9	11.3
Bank and other interest receivable	23.5	28.7
Finance income	33.4	40.0
Interest on bank loans and overdrafts	(4.7)	(4.1)
Interest on bonds and related charges	(56.0)	(59.6)
Interest on senior notes and related charges	(1.3)	(2.6)
Interest on obligations under head leases and other lease obligations	(3.0)	(2.2)
Other interest payable	(0.5)	(0.2)
Gross interest costs	(65.5)	(68.7)
Interest capitalised	0.1	-
Debt and loan facility cancellation costs	(0.2)	-
Premium on redemption of bonds	-	(25.5)
Fair value gains/(losses) on derivatives	2.5	(1.2)
Finance costs	(63.1)	(95.4)
Net finance costs	(29.7)	(55.4)

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

7. Tax charge

	2025 £m	2024 £m
UK current tax	0.1	2.4
Foreign current tax	0.5	0.1
Tax charge	0.6	2.5

The Group's tax charge on its underlying property rental business remains low because it has tax exempt status in its principal operating countries.

The Group has been a REIT in the UK since 2007 and a SIIC in France since 2004. These tax regimes exempt the Group's property income and gains from corporate taxes, provided conditions in relation to the Group's activities are met. These conditions include, but are not limited to, distributing at least 90% of the Group's UK tax exempt profits as property income distributions ('PID') with equivalent tests of 95% on French tax exempt property profits and 70% of tax exempt property gains.

Based on preliminary calculations, the Group has met the REIT and SIIC conditions for 2025. The residual profit in the UK and France, which is not exempt under the REIT and SIIC rules respectively, is subject to corporation tax as normal. The Irish assets are held in a QIAIF which provides similar tax benefits to those of a UK REIT but which subjects dividends and certain excessive interest payments to a 20% withholding tax. The Group is committed to remaining in these tax exempt regimes for the foreseeable future.

The Group operates in a number of jurisdictions and is subject to periodic reviews and challenges by local tax authorities on a range of tax matters during its normal course of business. Tax impacts can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house expertise when assessing uncertain tax positions and seeks the advice of external professional advisers where appropriate. The Group believes that its tax liability accruals are adequate for all open tax years based on its assessment of many factors, including tax laws and prior experience.

8. Property disposals

Year ended 31 December 2025

In April 2025, the Group completed the disposal of the majority of its development land at Leeds Eastgate for gross proceeds of £26m; this was 23% above the 31 December 2024 book value.

Taking into account selling costs, the Group recognised a total net profit on disposals of £5.9m in the year.

Year ended 31 December 2024

On 15 March 2024, the Group raised cash proceeds of £111m from the disposal of its 100% interest in Union Square, Aberdeen which was 8% below its 31 December 2023 book value. Also, in March 2024, the Group completed the sale of the ancillary wholly owned property at O’Parinor for £6m; this sale was in line with the 31 December 2023 book value.

These disposals, in addition to some small changes in selling costs associated with properties sold in previous years, raised £117.4m in net proceeds and resulted in a total net loss on disposal of £9.2m.

9. Discontinued operations and assets and liabilities classified as held for sale

A. VALUE RETAIL DISPOSAL

On 22 July 2024, the Group announced it had entered into a binding sale agreement for the disposal of its entire interests in Value Retail for cash proceeds of £705m (£595m). The disposal completed on 18 September 2024.

The Group had historically accounted for its Value Retail interests as an associated undertaking. However, at the time of preparing the 2024 condensed interim financial statements, the Directors concluded that at 30 June 2024, given the significant progress made towards agreeing and signing a sale agreement, that a sale was "highly probable" and hence the Group's interests were judged to have met the criteria outlined in IFRS 5 to be reclassified to being 'held for sale' within current assets.

On reclassification to an asset 'held for sale' at 30 June 2024, in accordance with IFRS 5, the Group's interests were remeasured to the lower of the carrying amount and estimated fair value less sale costs at completion. The fair value was based on the contracted sale proceeds less estimated transaction costs, including tax, of £15m, and the remeasurement resulted in the recognition of a £483.0m impairment loss in the condensed interim financial statements. The fair value represents a Level 2 measurement basis as defined in IFRS 13 (see note 18).

Following reclassification to an asset 'held for sale' the Group ceased to equity account for the investment and reassessed the impairment loss at the date the disposal completed on 18 September resulting in a £11.1m reduction of the impairment. The movement in impairment post reclassification was principally due to foreign exchange translation differences between the exchange rate prevailing on 30 June 2024 and 18 September 2024 of £3m; distributions of £8m in relation to the Group's period of ownership; and the removal of an allowance of £4.5m for potential tax associated with the sale which had been included in the estimated transaction costs when assessing the impairment at 30 June 2024.

In addition, the sale of Value Retail represents a separate major line of the business and hence has been treated as a discontinued operation and the results for the current and prior financial periods have been separately disclosed from the continuing segments of the business.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

9. Discontinued operations and assets and liabilities classified as held for sale continued

B. (LOSS)/PROFIT FROM DISCONTINUED OPERATIONS (VALUE RETAIL)

	Year ended		Year ended
	31 December 2025		31 December 2024
	£m		£m
	100%	Group share	100%	Group share
Gross rental income	-	-	235.8	80.8
Net rental income	-	-	163.4	58.2
Administration expenses	-	-	(85.4)	(28.1)
Profit from operating activities	-	-	78.0	30.1
Revaluation losses on properties	-	-	(61.2)	(24.9)
Impairment recognised on reclassification to held for sale	-	-	-	(483.0)
Reduction in impairment after reclassification to held for sale	-	-	-	11.1
	-	-	-	(471.9)
Operating profit/(loss)	-	-	16.8	(466.7)
	-	-
Interest costs	-	-	(52.9)	(19.4)
Fair value losses on derivatives	-	-	(8.3)	(2.4)
Fair value gains on participative loans – other movements	-	-	-	2.4
Fair value gains on participative loans – revaluation movement	-	-	-	2.2
Net finance costs	-	-	(61.2)	(17.2)
	-	-
Loss before tax	-	-	(44.4)	(483.9)
Current tax charge	-	-	(7.6)	(1.7)
Deferred tax credit	-	-	15.2	4.1
Loss for the year	-	-	(36.8)	(481.5)
Adjustments for EPRA earnings (note 10A)	-	-		500.7
EPRA earnings from Value Retail¹	-	-		19.2

¹ EPRA earnings in 2024 include £7.5m relating to the period between reclassification to held for sale and disposal. See note 10A for further details.

Figures above reflect the Group's share of Value Retail's results, except the impairment associated with the reclassification to held for sale which relates to the Reported Group. The figures for 2024 reflect the first half of 2024 during which the Group's investment in Value Retail was classified as an associate but on 30 June 2024 was reclassified as an asset held for sale and equity accounting ceased.

C. CASH FLOWS

	Year ended 31 December 2025	Year ended 31 December 2024
	£m	£m
Distributions and capital returns received from associates	6.0	19.4
Cash inflows from investing activities	6.0	19.4

There were no other cash flows from operating or financing activities in the current or prior financial years.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

10. Key alternative performance measures

As explained in note 1C, the Group uses a number of alternative performance measures ('APMs'), being financial measures not specified under IFRS, to monitor the performance of the business. In addition to the IFRS figures, we present EPRA and Headline earnings and three EPRA net asset measures. The reconciliation of each of these measures to IFRS is presented in the tables below.

In the prior year the Group also presented an Adjusted earnings measure. This measure is no longer applicable following the publication by EPRA in September 2024 of updated guidelines for the calculation of EPRA earnings. Under the updated guidelines, the one-off items which had previously been reconciling items between EPRA and Adjusted earnings now meet the definition of the new 'non-operating and exceptional items' category in calculating EPRA earnings. As explained in the Financial Review in the 2024 Annual Report, the Group has adopted the updated EPRA guidelines with effect from 1 January 2025 and restated prior year EPRA earnings such that they are the same as previously reported Adjusted earnings. These restated items are shown in note 10A below.

A. EARNINGS MEASURES

		2025£m	2024Restated£m
Profit/(Loss) for the year – IFRS		232.5	(526.3)
Profit attributable to non-controlling interests		(0.4)	-
Profit/(Loss) for the year attributable to the equity shareholders	A	232.1	(526.3)
Adjustments:
Net revaluation (gains)/losses on property portfolio (excluding Value Retail)		(120.3)	91.4
Disposals:
- (Profit)/Loss on sale of properties²		(5.9)	9.2
- Recycled exchange gains on disposal of overseas property interests²		-	(9.9)
Value Retail related (discontinued operations):
- Net revaluation losses		-	24.9
- Deferred tax		-	(4.1)
- Change in fair value of financial asset		-	0.3
- Net impairment charge³		-	471.9
Sub-total: Adjustments for Headline earnings	B	(126.2)	583.7
Value Retail related (discontinued operations):
- Change in fair value of derivatives⁴		-	2.4
- Change in fair value of participative loans⁴		-	(2.2)
Included in net finance costs:
- Debt and loan facility cancellation costs		0.2	-
- Premium on redemption of bonds		-	25.5
- Change in fair value of derivatives⁴		(3.2)	3.4
Change in fair value of other investments⁵		0.3	(0.4)
Adjustments related to non-operating and exceptional items:
- Costs associated with pension scheme wind-up⁶		-	0.5
- Business transformation costs⁷		1.1	4.9
- Income from assets held for sale (discontinued operations)⁸		-	7.5
Total: Adjustments for EPRA earnings	C	(127.8)	625.3
Headline earnings	A+B	105.9	57.4
EPRA earnings¹	A+C	104.3	99.0

1 2024 EPRA earnings restated to exclude 'Adjustments related to non-operating and exceptional items' totalling £5.4m in accordance with EPRA's new earnings guidelines as explained above. These items had previously been treated as Company specific adjustments when calculating the Group's Adjusted earnings.
2 See note 8 for further details.
3 Impairment charge on reclassification of Group's interests in Value Retail. Includes £483m charge recognised upon reclassification at 30 June 2024, less £11.1m reduction post reclassification. See note 9 for details.
4 The change in fair value of derivatives and participative loans are excluded from EPRA earnings as the gains and losses are unrealised and reflect mark-to-market movements in the year which will unwind assuming the instruments are held to maturity. For 2025, the movement above includes a gain of £0.7m (2024: loss of £2.2m) relating to the Share of Joint ventures.
5 Relates to the fair value movement based on the fair value of the underlying net assets of the Group's 7.3% investment in VIA Outlets Zweibrucken B.V.
6 In the first half of 2024 the Group wound up its principal defined benefit scheme and incurred fees of £0.5m on this one-off activity which the Directors have determined did not represent the underlying activities of the Group.
7 Business transformation costs relate to the strategic and operational review undertaken following the change in management and which was an integral part of the Group's strategy announced during 2021 and for the current and prior periods related primarily to system related costs. The costs are incremental and in the opinion of the Directors do not form part of underlying operations. These costs have been incurred since the announcement of the strategy but ceased with effect from 30 June 2025.
8 Reflects the Group's share of EPRA earnings from its investment in Value Retail over the period from reclassification to an asset held for sale on 30 June 2024 to the date of disposal on 18 September 2024. The adjustment has been calculated on a consistent basis as when the investment in Value Retail had been classified as an associate. See note 9 for further details.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

10. Key alternative performance measures continued

B. NET ASSET MEASURES

The Group uses the EPRA best practice guidelines incorporating three measures of net asset value: EPRA Net Tangible Assets ('NTA'), Net Reinstatement Value ('NRV') and Net Disposal Value ('NDV'). EPRA NTA is considered to be the most relevant measure for the Group.

A reconciliation between IFRS net assets and the three EPRA net asset valuation metrics is set out below.

	2025
	Reported Group £m	Share of Joint ventures £m	Total £m
Reported balance sheet net assets (equity shareholders' funds)	2,094.8	-	2,094.8
Change to reflect fair value of borrowings¹	(5.9)	(3.2)	(9.1)
EPRA NDV			2,085.7
Deduct change to reflect fair value of borrowings¹	5.9	3.2	9.1
Deferred tax – 50% share²	0.4	-	0.4
Fair value of currency swaps as a result of interest rates³	(0.1)	-	(0.1)
Fair value of interest rate swaps	0.3	0.3	0.6
EPRA NTA			2,095.7
Deferred tax – remaining 50% share²			0.4
Purchasers' costs⁴			220.6
EPRA NRV			2,316.7
			2024
	Reported Group £m	Share of Joint ventures £m	Total £m
Reported balance sheet net assets (equity shareholders' funds)	1,821.1	-	1,821.1
Change in fair value of borrowings¹	22.8	(3.4)	19.4
EPRA NDV			1,840.5
Deduct change in fair value of borrowings¹	(22.8)	3.4	(19.4)
Deferred tax – 50% share²	0.2	0.1	0.3
Fair value of currency swaps as a result of interest rates³	3.0	-	3.0
Fair value of interest rate swaps	0.1	0.9	1.0
EPRA NTA			1,825.4
Deferred tax – remaining 50% share²			0.2
Purchasers' costs⁴			165.6
EPRA NRV			1,991.2

1 Applicable for EPRA NDV calculation only and hence the adjustment is reversed for EPRA NTA and EPRA NRV.
2 As per the EPRA guidance we have chosen to exclude 50% of deferred tax for EPRA NTA purposes.
3 Excludes impact of foreign exchange.
4 Represents property transfer taxes and fees payable should the Group's entire property portfolio be acquired at year end market rates.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

11. Earnings/(Loss) per share and Net asset value per share

The calculations of the earnings/(loss) per share ('EPS') measures set out below are based on profit/(loss) for the year calculated on IFRS, Headline and EPRA bases as shown in note 10A and the weighted average number of shares in issue during the year. Headline and EPRA earnings per share and EPRA Net assets per share measures are all Alternative Performance Measures ('APMs'). See note 1C for more details on the Group's approach to APMs.

Headline EPS has been calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements. EPRA has issued recommended bases for the calculation of certain per share information which includes Net asset value per share as well as EPS. As explained in note 10, with effect from 1 January 2025 the Group has adopted the updated EPRA earnings guidelines which were issued in September 2024 and restated prior period EPRA earnings (from £86.1m to £99.0m) and EPRA EPS (from 17.3p per share to 19.9p per share).

Basic EPS measures are calculated by dividing the earnings/(loss) attributable to the equity shareholders of the Company by the weighted average number of shares outstanding during the year. Diluted EPS measures are calculated on the same basis as basic EPS but with a further adjustment to the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. Such potentially dilutive ordinary shares comprise share options and awards granted to colleagues where the exercise price is less than the average market price of the Company's ordinary shares during the year and any unvested shares which have met, or are expected to meet, the performance conditions at the end of the year. To the extent that there is no dilution, this arises due to the anti-dilutive effect of all such shares, or under IFRS if the Group records a loss for the year.

Net assets per share comprise net assets calculated in accordance with EPRA guidelines, as set out in note 10B, divided by the number of shares in issue at the year end.

A. NUMBER OF ORDINARY SHARES FOR PER SHARE CALCULATIONS

	2025 million	2024 million
Weighted average number of shares
For purposes of basic IFRS, Headline and EPRA EPS¹	504.2	496.7
Effect of potentially dilutive shares (share awards)	2.1	1.7
For purposes of diluted IFRS, Headline and EPRA EPS	506.3	498.4
	As at 31 December 2025	As at 31 December 2024
Shares in issue (for purposes of net asset per share calculations)	532.1	493.2

¹ As the Group reported an IFRS loss for the year in 2024, dilutive shares are excluded in calculating diluted IFRS EPS in 2024.

B. EARNINGS/(LOSS) PER SHARE

	Earnings/(Loss)				Earnings/(Loss) per share
	Note	Year ended 31 December 2025 £m	Year ended 31 December 2024¹ £m	Year ended 31 December 2025 pence	Year ended 31 December 2024¹ pence	Year ended 31 December 2025 pence
Continuing operations		232.1	(44.8)	46.0	(9.0)	45.8
Discontinued operations		–	(481.5)	–	(97.0)	–
IFRS		232.1	(526.3)	46.0	(106.0)	45.8
Headline	10A	105.9	57.4	21.0	11.6	20.9
EPRA¹	10A	104.3	99.0	20.7	19.9	20.6

¹ As explained above and in note 10, 2024 EPRA earnings and EPS have been restated to reflect updated EPRA earnings guidelines.

C. NET ASSET VALUE PER SHARE

	Note	Net asset value		Net asset value per share
		31 December 2025 £m	31 December 2024 £m	31 December 2025 £	31 December 2024 £
EPRA NDV	10B	2,085.7	1,840.5	3.92	3.73
EPRA NTA	10B	2,095.7	1,825.4	3.94	3.70
EPRA NRV	10B	2,316.7	1,991.2	4.35	4.04

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

12. Investment properties

A. VALUATIONS – MOVEMENT IN THE YEAR

	2025	2024
	Investment properties £m	Investment properties £m
At 1 January	1,487.0	1,396.2
Net revaluation gains/(losses)	84.6	(20.6)
Transfer from investment in joint ventures¹	593.7	140.9
Acquisitions¹	633.4	140.1
Capital expenditure	35.9	15.1
Capitalised interest	0.1	–
Disposals (see note 8)	(20.4)	(127.8)
Exchange adjustment	65.5	(56.9)
At 31 December	2,879.8	1,487.0

¹ 2025 relates to the Group's acquisition of the joint venture interests in Brent Cross (59.4%), Bullring (50%), Grand Central (50%) and The Oracle (50%). 2024 relates to the Group's acquisition of the remaining 50% interest in Westquay. See note 13 for further details.
At 31 December 2025, the Reported Group owned £747.9m (2024: £682.8m) of the property portfolio freehold, with £2,131.9m (2024: £804.2m) held under long leasehold interests.

B. JOINT OPERATIONS

Investment properties include a 50% interest in the Ilac Centre, Dublin and a 50% interest in Pavilions, Swords totalling £136.8m (2024: £120.7m). These properties are jointly controlled in co-ownership with Irish Life Assurance plc.

13. Investment in joint ventures

The Group has a number of investments in joint ventures which hold both Flagship destinations and Development and other properties. As explained in the Financial Review and in note 3, for management reporting purposes the Group evaluates the performance of the business on a proportionally consolidated basis, by aggregating its properties or entities which are wholly owned or its share of those in joint operations ('Reported Group') with the Group's proportionate share of joint ventures ('Share of Joint ventures').

The Group and its partners invest principally by way of equity investment. However, where applicable, non-equity (loan) balances have been included within non-current other payables as a liability of the joint venture.

A. INVESTMENTS AT 31 DECEMBER 2025

Joint venture	Partner	Principal properties	Share
United Kingdom
Bishopsgate Goodsyard Regeneration Limited	Ballymore Properties	The Goodsyard	50%
Bristol Alliance Limited Partnership	AXA Real Estate	Cabot Circus, Bristol Broadmead	50%
Ireland
Dundrum Retail Limited Partnership/Dundrum Car Park Limited Partnership	PIMCO	Dundrum	50%
Dundrum Village Limited Partnership	PIMCO	Dundrum Village	50%

The results of interests in joint ventures are included up to the point of acquisition, when control is achieved, or the investment is sold, except for where disposals are reclassified to assets held for sale whereby they are excluded from the date of reclassification.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

13. Investment in joint ventures continued

B. CHANGES IN INVESTMENTS

Year ended 31 December 2025

During 2025, there were three principal property transactions involving the Group increasing its ownership in former joint ventures as follows:

On 9 May 2025, the Group obtained control of abrdn UK Shopping Centre Trust ('the Trust') which holds a 59.4% stake in Brent Cross, London. The Group subsequently acquired the remaining non-controlling interests in the Trust, with the final acquisition in December 2025. The total transaction reflected a headline price of £198.6m
On 8 August 2025, the Group completed the acquisition of the former joint venture partner's (CPPIB) 50% stake in Bullring and Grand Central, Birmingham for a headline price of £319.0m
On 21 November 2025, the Group completed the acquisition of the former joint venture partner's (ADIA) 50% stake in The Oracle, Reading for a headline price of £104.5m (excluding transaction costs)

As shown in the IFRS cash flow, the total net cash flow in relation to the 2025 acquisitions (net of transaction costs and cash acquired) was £571m (being £531m for property acquisitions and £40m for the acquisition of non-controlling interests), or £618m excluding the Group's share of joint venture and non-controlling interests' cash. This combined with the derecognition of the Group's joint venture share of £619m (note 13E) resulted in an increase in Reported Group investment property of £1,227m (note 12A). Subsequently a revaluation gain of £30m was recognised, equivalent to a 6% average discount on acquisition.

From the above dates, the Group consolidated the assets and liabilities held by the entities acquired as subsidiaries in the Reported Group and ceased equity accounting and derecognised the joint venture investments. Consideration was given as to the nature of the acquisition as per IFRS 3, and the Directors concluded that the acquisitions were asset acquisitions rather than business combinations. A key factor in this judgement was that the substance of the transactions was a property acquisition within a corporate entity, where the entity was unable to operate independently of Hammerson's management. Also, the predominant assets acquired were investment properties, with the other sundry net assets acquired ancillary to the property assets.

Year ended 31 December 2024

On 7 November 2024 the Group acquired the remaining 50% interest in the West Quay Limited Partnership from its partner GIC, and ceased equity accounting from that date. Again, as the property was the predominant asset in The West Quay Limited Partnership, and relied on the Group for asset management services, as per IFRS 3 the acquisition was deemed to be an asset acquisition rather than a business combination.

Figures in 13C and 13D below exclude balances which eliminate on consolidation and include joint ventures up to the point of a change in joint control, either through acquisition or disposal.

C. RESULTS

	100% share							Group share £m
	Brent Cross £m	Bristol £m	Bullring £m	The Oracle £m	Dundrum £m	Other¹ £m	Total £m
Gross rental income	10.5	29.2	29.6	20.7	58.8	5.3	154.1	76.0
Net rental income	9.7	20.3	22.2	16.1	50.3	2.8	121.4	59.7
Administration expenses	-	-	(0.1)	(0.1)	(0.3)	-	(0.5)	(0.2)
Profit from operating activities	9.7	20.3	22.1	16.0	50.0	2.8	120.9	59.5
Revaluation gains/(losses) on properties	1.6	5.6	12.4	(0.4)	60.0	(7.4)	71.8	35.7
Operating profit/(loss)	11.3	25.9	34.5	15.6	110.0	(4.6)	192.7	95.2
Net finance income/(costs)	-	0.1	0.5	0.2	(13.9)	0.2	(12.9)	(6.5)
Profit/(loss) before tax	11.3	26.0	35.0	15.8	96.1	(4.4)	179.8	88.7
Tax charge	-	-	-	(0.3)	-	-	(0.3)	(0.1)
Profit/(loss) for the year	11.3	26.0	35.0	15.5	96.1	(4.4)	179.5	88.6
Distributions received by the Group	2.4	2.8	10.0	-	15.4	-	30.6	30.6

¹ Other is comprised of the Goodssyard and Grand Central, the latter up to the date of joint venture acquisition in 2025.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

Investment in joint ventures continued

	100% share
	Brent Cross £m	Bristol £m	Bullring £m	The Oracle £m	Westquay £m	Dundrum £m	Other £m	Total £m	Group share £m
Gross rental income	29.9	28.2	48.9	22.5	25.5	56.3	8.7	220.0	107.2
Net rental income	26.4	20.6	40.8	16.7	18.4	48.3	4.0	175.2	85.1
Administration (expenses)/income	(0.1)	-	-	-	-	0.9	(0.1)	0.7	0.3
Profit from operating activities	26.3	20.6	40.8	16.7	18.4	49.2	3.9	175.9	85.4
Revaluation (losses)/gains on properties	(6.9)	0.2	28.3	4.8	(2.6)	(140.8)	(25.9)	(142.9)	(70.8)
Operating profit/(loss)	19.4	20.8	69.1	21.5	15.8	(91.6)	(22.0)	33.0	14.6
Net finance income/(costs)	0.1	(0.1)	0.7	0.5	0.4	(13.6)	0.3	(11.7)	(5.8)
Profit/(loss) before tax	19.5	20.7	69.8	22.0	16.2	(105.2)	(21.7)	21.3	8.8
Tax charge	-	-	-	(0.1)	-	-	-	(0.1)	-
Profit/(loss) for the year	19.5	20.7	69.8	21.9	16.2	(105.2)	(21.7)	21.2	8.8
Distributions received by the Group	10.1	1.0	12.9	2.0	2.6	-	-	28.6	28.6

D. ASSETS AND LIABILITIES

	100% share
	Bristol £m	Dundrum £m	The Goodssyard £m	Total £m	Group share £m
Non-current assets
Investment properties	266.3	982.8	90.0	1,339.1	669.5
Other non-current assets	15.0	1.8	-	16.8	8.4
	281.3	984.6	90.0	1,355.9	677.9
Current assets
Cash and cash equivalents	28.1	28.4	0.5	57.0	28.5
Other current assets	6.9	8.7	0.1	15.7	7.6
	35.0	37.1	0.6	72.7	36.1
Current liabilities
Other payables	(17.1)	(17.6)	(0.5)	(35.2)	(17.7)
	(17.1)	(17.6)	(0.5)	(35.2)	(17.7)
Non-current liabilities
Obligations under head leases	(14.1)	-	-	(14.1)	(7.1)
Loans – secured	-	(299.3)	-	(299.3)	(149.6)
Other payables
- due to Group companies	-	-	(58.0)	(58.0)	-
- other parties and other	(0.8)	(2.4)	(58.2)	(61.4)	(1.6)
	(14.9)	(301.7)	(116.2)	(432.8)	(158.3)
Net assets	284.3	702.4	(26.1)	960.6	538.0

During 2025, the share of joint ventures was acquired (Brent Cross, Bullring, Grand Central and The Oracle). These investments are now reflected within the Reported Group and excluded from this note post acquisition.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

Investment in joint ventures continued

	100% share
	Brent Cross £m	Bristol £m	Bullring £m	The Oracle £m	Dundrum £m	Other £m	Total £m	Group share £m
Non-current assets
Investment properties	384.5	245.2	610.0	200.5	846.7	129.5	2,416.4	1,172.0
Other non-current assets	12.9	13.6	0.3	-	1.9	2.6	31.3	14.5
	397.4	258.8	610.3	200.5	848.6	132.1	2,447.7	1,186.5
Current assets
Cash and cash equivalents	18.7	26.0	30.0	15.9	48.2	17.3	156.1	76.3
Other current assets	6.2	10.6	19.4	5.9	4.9	5.2	52.2	22.9
	24.9	36.6	49.4	21.8	53.1	22.5	208.3	99.2
Current liabilities
Other payables	(15.1)	(16.8)	(26.6)	(10.7)	(10.9)	(7.2)	(87.3)	(39.7)
	(15.1)	(16.8)	(26.6)	(10.7)	(10.9)	(7.2)	(87.3)	(39.7)
Non-current liabilities
Obligations under head leases	(12.8)	(14.1)	-	-	-	(2.8)	(29.7)	(13.7)
Loans – secured	-	-	-	-	(282.5)	-	(282.5)	(141.2)
Other payables
- due to Group companies	-	-	-	-	-	(54.1)	(54.1)	-
- other parties and other	(1.0)	(0.5)	(0.8)	(0.3)	(2.7)	(54.7)	(60.0)	(2.9)
	(13.8)	(14.6)	(0.8)	(0.3)	(285.2)	(111.6)	(426.3)	(157.8)
Net assets	393.4	264.0	632.3	211.3	605.6	35.8	2,142.4	1,088.2

E. RECONCILIATION OF MOVEMENTS IN INVESTMENT IN JOINT VENTURES

	2025 £m	2024 £m
At 1 January	1,088.2	1,193.2
Share of results of joint ventures	88.6	8.8
Additional capital investment1	-	85.1
Advances	3.9	6.9
Cash distributions (including interest)2	(36.1)	(37.5)
Other receivables	(4.7)	(12.5)
Derecognition of joint venture3	(619.3)	(142.4)
Exchange and other movements	17.4	(13.4)
At 31 December	538.0	1,088.2

1 Reflects capital investment to Dundrum joint venture associated with refinancing of secured loan signed in 2024.
2 Comprises distributions of £30.6m (2024: £28.6m) and interest previously accrued of £5.5m (2024: £8.9m).
3 Reflects a number of joint venture acquisitions as explained in note 13B.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

14. Investment in associates

As explained in note 9, the Group's investment in Value Retail was reclassified as an asset 'held for sale' with effect from 30 June 2024 and the Group's share of results from Value Retail in 2024 re-presented to discontinued operations. Subsequently, on 22 July 2024 the Group announced that it had entered into a binding agreement for the sale of its entire interests in Value Retail, which completed on 18 September 2024.

Reconciliation of movements in investment in associates

	2025	2024
	£m	Value Retail £m
At 1 January	–	1,115.0
Share of results of associates¹	–	(9.6)
Distributions	–	(14.2)
Share of other comprehensive loss of associate²	–	(4.4)
Exchange and other movements	–	0.2
Transfer to assets held for sale	–	(1,087.0)
At 31 December	–	–

Share of results for Value Retail classified as discontinued operations, see note 9 for details.
Relates to the change in fair value of derivative financial instruments in an effective hedge relationship within Value Retail.

15. Trade and other receivables

A. TRADE RECEIVABLES – AGEING ANALYSIS AND PROVISIONING

	2025				2024
	Gross trade receivables £m	Provision £m	Net trade receivables £m	Gross trade receivables £m	Provision £m	Net trade receivables £m
Not yet due	15.7	(0.2)	15.5	16.4	(0.8)	15.6
0–3 months overdue	10.5	(1.4)	9.1	7.1	(0.6)	6.5
4–6 months overdue	3.3	(0.7)	2.6	2.7	(0.7)	2.0
7–12 months overdue	4.1	(1.5)	2.6	3.8	(2.1)	1.7
More than 12 months overdue	15.9	(9.9)	6.0	16.7	(9.1)	7.6
	49.5	(13.7)	35.8	46.7	(13.3)	33.4

B. TRADE RECEIVABLES – SEGMENTAL ANALYSIS AND PROVISIONING

Proportionally consolidated	2025				2024
	Gross trade receivables £m	Provision £m	Net trade receivables £m	Gross trade receivables £m	Provision £m	Net trade receivables £m
UK	24.9	(5.0)	19.9	32.1	(5.6)	26.5
France	25.1	(8.9)	16.2	29.9	(9.0)	20.9
Ireland	5.4	(0.2)	5.2	5.0	(1.0)	4.0
Group portfolio	55.4	(14.1)	41.3	67.0	(15.6)	51.4
Less Share of Joint ventures	(5.9)	0.4	(5.5)	(20.3)	2.3	(18.0)
Reported Group	49.5	(13.7)	35.8	46.7	(13.3)	33.4

16. Restricted monetary assets

	2025			2024
	Current £m	Non-current £m	Current £m	Non-current £m
Cash held in escrow¹	21.4	–	–	21.4

Comprises funds placed in escrow in 2020 by Hammerson plc to satisfy potential obligations under indemnities granted in favour of Directors and officers to the extent that such obligations are not already satisfied by the Company or covered by Directors' and Officers' liability insurance. The funds will remain in trust until the later of November 2026, or, if there are outstanding claims at that date, the date on which all claims are resolved.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

17. Loans

A. LOAN PROFILE¹

	Maturity date	2025 £m	2024 £m
£338.3m 3.5% bonds²	2025	–	337.8
Senior notes	2026	61.1	–
£43.2m 6% bonds	2026	43.2	–
Total (shown in current liabilities)		104.3	337.8
Senior notes	2026	–	57.9
£43.2m 6% bonds	2026	–	43.1
€700.0m 1.75% bonds³	2027	608.7	574.1
Senior notes	2028	11.1	10.5
£56.8m 7.25% bonds	2028	55.9	55.7
£100m bank loan⁴	2028	99.5	–
Senior notes	2031	5.1	4.8
€350m 3.5% bonds⁵	2032	302.6	–
£400m 5.875% bonds	2036	392.6	392.1
Unamortised facility fees	2027–28	(1.6)	(1.8)
Total (shown in non-current liabilities)		1,473.9	1,136.4
Total		1,578.2	1,474.2

All loans are unsecured.
£338.3m bonds matured and were repaid in October 2025.
The coupon on the €700m 1.75% bonds is linked to two sustainability performance targets, both of which are to be tested in the first half of 2026 based on emissions in 2025 compared to a 2019 benchmark. If the targets are not met, a total of 37.5 basis points per annum, or €2.625m (£2.3m) per target, will be payable in addition to the final year's coupon. Based on the information available at the date of this report, the Group expects to meet both targets and hence the additional coupon has been treated as a contingent liability.
In October 2025, the Group agreed a £100m unsecured term loan maturing in April 2028. Interest is payable at floating rates above SONIA.
In October 2025, the Group issued €350m 3.5% bonds maturing in April 2032.

B. UNDRAWN COMMITTED FACILITIES

The Group has the following revolving credit facilities ('RCF'), which are all in sterling unless otherwise indicated, expiring as follows:

	Expiry date	2025 £m	2024 £m
RCF signed June 2021¹²	2026	–	39.4
RCF signed June 2021²	2026	–	100.0
£463m RCF signed April 2022	2027	463.0	463.0
RCF signed April 2025²	2028	50.0	–
RCF signed April 2025²	2028	100.0	–
Total		613.0	602.4

RCF facility denominated in JPY.
In April 2025, the two RCFs expiring in 2026 were cancelled and replaced with two new three year RCFs expiring in 2028, with each containing two one year extension options subject to lender consent.

C. MATURITY ANALYSIS OF UNDRAWN COMMITTED FACILITIES

Expiry	2025 £m	2024 £m
Within one year	–	–
Within one to two years	463.0	139.4
Within two to five years	150.0	463.0
	613.0	602.4

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

18. Financial instruments and risk management

A. FINANCIAL RISK MANAGEMENT AND STRATEGY

The Group's financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the risk appetite of the Group. The Group's activities expose it to certain financial risks comprising liquidity risk, market risk (comprising interest rate and foreign currency risk), credit risk and capital risk.

The Group's treasury function, which operates under treasury policies approved by the Board, maintains internal guidelines for interest cover, gearing, unencumbered assets and other credit ratios, and both the current and projected financial position against these guidelines are monitored regularly.

To manage the risks set out above, the Group uses certain derivative financial instruments to mitigate potentially adverse effects on the Group's financial performance. Derivative financial instruments are used to manage exposure to fluctuations in foreign currency exchange rates and interest rates but are not employed for speculative purposes.

B. FINANCIAL INSTRUMENTS HELD AT FAIR VALUE

Definitions

The Group's financial instruments are categorised by level of fair value hierarchy prescribed by accounting standards. The different levels are defined as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (actual prices) or indirectly (derived from actual prices)
Level 3: inputs for the asset or liability that are not based on observable market data (from unobservable inputs)

Fair value valuation technique

Financial instrument	Valuation technique for determining fair value
Bonds	Quoted market prices
Senior notes	Present value of cash flows discounted using prevailing market interest rates
Bank loans and overdrafts	Present value of cash flows discounted using prevailing market interest rates
Fair value of currency and interest rate swaps	Present value of cash flows discounted using prevailing market interest rates
Other investments	Underlying net asset values of the investments

Fair value hierarchy analysis

	2025			2024
	Hierarchy	Carrying amount £m	Fair value £m	Carrying amount £m	Fair value £m
Bonds	Level 1	1,403.0	1,407.6	1,402.8	1,380.2
Senior notes	Level 2	77.3	76.5	73.2	71.2
Unamortised facility fees	Level 2	(1.6)	–	(1.8)	–
Unsecured bank loans and overdrafts	Level 2	99.5	100.0	–	–
Fair value of currency swaps	Level 2	(1.0)	(1.0)	(2.2)	(2.2)
Borrowings		1,577.2	1,583.1	1,472.0	1,449.2
Fair value of interest rate swaps	Level 2	0.3	0.3	0.1	0.1
Fair value of other investments	Level 3	9.4	9.4	9.2	9.2

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

19. Share capital

	2025		2024
	Number	£m	Number	£m
Called up, allotted and fully paid
Ordinary shares of 5p each	532,054,593	26.6	493,198,448	24.6

Share capital includes 432,399 shares (2024: 1,300,825 shares) held in treasury and 1,885,574 shares (2024: 1,438,095 shares) held in an employee share trust. The shares held in treasury and the employee share trust were subject to the share consolidation as described below.

During the year no (2024: 531,701) shares were purchased in treasury, 1,664,541 (2024: 728,801) shares were purchased for the employee share trust and 2,085,488 (2024: 875,756) shares were transferred to employees to satisfy vested awards made under the Company's share schemes (all 2024 figures are quoted on a post consolidated share basis).

Share capital changes in 2025

On 31 July 2025, to partly fund the acquisition of the 50% joint venture interest in the Bullring and Grand Central (see note 13B), the Company announced a total of 48,253,994 new Ordinary Shares were to be issued. This was finalised in two tranches on 5 August 2025 and 15 August 2025 at a placing price of £2.87 per share, which represented a 2.5% discount to the closing share price on 30 July 2025. A total of £135.1m was raised net of costs.

Also in August 2025, the Company's share buyback programme, which had been announced on 16 October 2024, was suspended. Under the programme a total of 16.4m shares were repurchased and cancelled for a total consideration of £46.5m.

Of this total, 9.4m shares were repurchased and cancelled for a consideration of £25.7m in 2025. This resulted in the £0.4m nominal value of the shares cancelled being transferred to the capital redemption reserve and the purchase price of the shares including stamp duty and other costs totalling £25.7m was recognised in retained earnings. The average purchase price of the share buyback programme was £2.82 per share (excluding costs), split £2.71 per share in 2025 and £2.96 per share in 2024.

Share capital changes in 2024

On 30 September 2024, the Company completed a 1 for 10 share consolidation whereby each ordinary share was subdivided into 1 ordinary share and 9 deferred shares following which the deferred shares were cancelled. As a result the nominal value of ordinary share capital in 2024 reduced by £225.1m and this amount was transferred to the capital redemption reserve. As noted above, the Company announced a share buyback programme in 2024. During 2024, 7.0m shares were repurchased and cancelled under the programme for a total consideration of £20.9m.

20. Dividends

	Cash dividend per share1	2025 £m	2024 £m
2023 final dividend	7.80p	-	39.0
2024 interim dividend	7.56p	-	37.6
2024 final dividend	8.07p	39.6	-
2025 interim dividend	7.94p	42.1	-
		81.7	76.6
Cash flow analysis:
Dividends paid2		75.0	76.6
Withholding tax2		-	6.0
		75.0	82.6
Total dividends per share paid in the year		16.01p	15.36p

1 The 2023 final dividend per share has been restated to reflect the 2024 1 for 10 share consolidation as explained in note 19.
2 Dividends paid as a Property Income Distribution ('PID') are subject to withholding tax which is paid approximately two months after the dividend itself is paid.

A final 2025 dividend of 8.56p per share payable in cash was recommended by the Board on 24 February 2026 and, subject to approval by shareholders at the 2026 AGM, is payable on 8 May 2026 to shareholders on the register at the close of business on 27 March 2026. The dividend will be paid entirely as a cash PID, net of withholding tax where appropriate.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Notes to the Consolidated Financial Statements – continued

21. Notes to the cash flow statement

A. ANALYSIS OF ITEMS INCLUDED IN OPERATING CASH FLOWS

	2025 £m	2024 £m
Net movements in working capital and restricted monetary assets
Movements in working capital:
- Decrease/(increase) in receivables	23.5	(20.3)
- (Decrease)/increase in payables	(15.3)	11.6
	8.2	(8.7)
Decrease in restricted monetary assets	-	2.1
Total	8.2	(6.6)
	2025 £m	2024 £m
Non-cash items
Increase in accrued rents receivable	(6.0)	(2.5)
Increase in loss allowance provisions¹	2.3	2.9
Amortisation of lease incentives and other costs	1.3	0.2
Depreciation (note 5)	0.9	1.4
Other non-cash items including share-based payment charge	-	3.3
	(1.5)	5.3

¹ Comprises movement in provisions against trade (tenant) receivables and unamortised tenant incentives.

B. ANALYSIS OF MOVEMENTS IN NET DEBT

	2025				2024
	Cash and cash equivalents £m	Borrowings £m	Net debt £m	Cash and cash equivalents £m	Borrowings £m	Net debt £m
At 1 January	737.9	(1,472.0)	(734.1)	472.3	(1,635.9)	(1,163.6)
Cash flow	(412.1)	(40.3)	(452.4)	267.7	104.9	372.6
Change in fair value of currency swaps	-	3.1	3.1	-	(2.1)	(2.1)
Exchange and other non-cash movements	2.7	(68.0)	(65.3)	(2.1)	61.1	59.0
At 31 December	328.5	(1,577.2)	(1,248.7)	737.9	(1,472.0)	(734.1)

Borrowings at 31 December 2025 reflects loans of £1,578.2m (2024: £1,474.2m) and fair value of currency swaps of £1.0m (2024: £2.2m).

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

22. Contingent liabilities and commitments

A. CONTINGENT LIABILITIES

	2025 £m	2024 £m
Reported Group:
- guarantees given	0.5	3.7
- claims arising in the normal course of business	40.2	15.7
	40.7	19.4
Share of Joint ventures – claims arising in the normal course of business	11.1	5.8
Total – Proportionally consolidated	51.8	25.2

In addition, the Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group addresses this by closely monitoring these potential instances, seeking independent advice and maintaining transparency with the authorities it deals with as and when any enquiries are made. As a result, the Group has identified a potential tax exposure attributable to the ongoing applicability of tax treatments adopted in respect of certain tax structures within the Group, and is in correspondence with the relevant authorities. The range of potential outcomes is a possible outflow of minimum £nil and maximum £139m (2024: minimum £nil and maximum £131m). The Directors have not provided for this amount because they do not believe an outflow is probable.

B. CAPITAL COMMITMENTS ON INVESTMENT PROPERTIES

	2025 £m	2024 £m
Reported Group	42.2	1.9
Share of Joint ventures	28.8	43.8
	71.0	45.7

23. Non-controlling interests

As explained in note 13B, the Group gained control of Brent Cross with effect from 9 May 2025 through the acquisition of units in abrdn UK Shopping Centre Trust ('the Trust'), which had a 59.4% joint venture interest in Brent Cross. From this date, equity accounting ceased and the Group's investment in Brent Cross was consolidated.

Over the remainder of 2025, the outstanding units in the Trust were acquired such that the Group had 100% ownership at 31 December 2025. The share of profit attributable to non-controlling interests was £0.4m, principally reflecting the share of net rental income from Brent Cross and this is shown separately on the Consolidated Income Statement. The balances and movements during 2025 associated with the non-controlling interest are shown on the Consolidated Statement of Changes in Equity.

24. Post balance sheet events

In first two months of 2026 the Group repaid senior notes of £61.1m and the £43.2m 6% bonds using existing cash reserves. See note 17A for further details of these borrowings.

In February 2026, the Group completed the disposal of the remaining development land at Leeds Eastgate for gross proceeds of £6.3m; this was 6% above the 31 December 2025 book value.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Additional Information

Unaudited – not part of consolidated financial statements

	Table		Table
EPRA performance measures	1	Financing analysis
		Net debt	11
Portfolio analysis		Movement in net debt	12
Rental income	2	Net debt:EBITDA	13
Net rental income	3	Interest cover	14
Other rental data	4	Gearing	15
Vacancy	5	Loan to value	16
Lease expiries and breaks	6	EPRA loan to value	17
Top 10 occupiers	7	Unencumbered asset ratio	18
Valuation analysis	8
Capital expenditure (including acquisitions)	9	Other key metrics
Net initial yield	10	Cost ratio	19
		Total accounting return	20

Hammerson is a member of the European Public Real Estate Association ('EPRA') and has representatives who actively participate on EPRA committees and initiatives. This includes working with peer group companies, real estate investors and analysts, and the large audit firms, to improve the transparency, comparability and relevance of the published results of European listed real estate companies.

As with other real estate companies, we have adopted the EPRA Best Practice Recommendations ('BPR') and were again awarded a Gold Award for compliance with the EPRA BPR for our 2024 Annual Report. Further information on EPRA and the EPRA BPR can be found on their website www.epra.com. Details of our key EPRA metrics are shown in Table 1.

EPRA PERFORMANCE MEASURES

Performance measure	Note/Table¹	2025	2024
Earnings²	10A	£104.3m	£99.0m
Earnings per share ('EPS')²	11B	20.7p	19.9p
Cost ratio (including vacancy costs)	Table 19	35.9%	39.8%
		2025	2024
Net Disposal Value ('NDV') per share	11C	£3.92	£3.73
Net Tangible Assets value ('NTA') per share	11C	£3.94	£3.70
Net Reinstatement Value ('NRV') per share	11C	£4.35	£4.04
Net Initial Yield ('NIY')	Table 10	5.9%	5.9%
Topped-up Net Initial Yield	Table 10	6.3%	6.2%
Vacancy rate	Table 5	4.8%	5.3%
Loan to value	Table 17	41.2%	31.9%

Note references are to notes in the financial statements and Table references are to tables in the Additional Information section.
2024 EPRA earnings and EPS have been restated to reflect the inclusion of 'non-operating and exceptional items' as per the updated EPRA earnings guidelines published in September 2024. The restatement means previously reported EPRA earnings are the same as the Group's previously published Adjusted earnings, and hence the latter measure will no longer be used. See notes 2, 10A and 11B to the financial statements for further details.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

PORTFOLIO ANALYSIS

The information presented in this section is on a management reporting basis i.e. proportionally consolidated.

Where applicable, the information presented within the 'Development and other' segment only reflects available data in relation to the investment properties within this segment. See the Key Properties section for the principal properties in this segment.

Rental income

Table 2

Proportionally consolidated	Reported Group £m	Share of Joint ventures £m	2025 £m	Reported Group £m	Share of Joint ventures £m	2024 £m
Base rent	112.9	53.1	166.0	63.9	75.6	139.5
Turnover rent	8.2	4.1	12.3	3.0	7.1	10.1
Car park income	18.3	11.6	29.9	9.3	16.7	26.0
Commercialisation income	5.9	3.1	9.0	1.7	4.7	6.4
Surrender premiums	2.5	0.7	3.2	0.1	2.4	2.5
Lease incentive recognition	6.0	2.4	8.4	2.8	–	2.8
Other rental income	1.1	1.0	2.1	1.0	0.7	1.7
Gross rental income	154.9	76.0	230.9	81.8	107.2	189.0
Net service charge expense	(4.7)	(1.1)	(5.8)	(4.0)	(2.5)	(6.5)
Ground rents payable	(1.7)	(0.3)	(2.0)	(1.1)	(0.8)	(1.9)
Inclusive lease costs recovered through rent	(3.7)	(2.0)	(5.7)	(2.4)	(1.7)	(4.1)
Car park costs	(6.3)	(4.3)	(10.6)	(0.8)	(5.7)	(6.5)
Other property outgoings	(18.0)	(8.6)	(26.6)	(12.6)	(11.4)	(24.0)
Cost of sales	(29.7)	(15.2)	(44.9)	(16.9)	(19.6)	(36.5)
Net rental income	120.5	59.7	180.2	60.9	85.1	146.0

Net rental income

Table 3

2025

Proportionally consolidated	Properties owned throughout 2024/25 £m	Change in like-for-like NRI %	Disposals £m	Acquisitions £m	Developments and other £m	Total £m
UK	59.2	4.0	–	35.3	–	94.5
France	44.8	1.7	–	–	–	44.8
Ireland	34.0	1.6	–	–	(0.5)	33.5
Flagship destinations	138.0	2.6	–	35.3	(0.5)	172.8
Developments and other	–	–	0.6	1.2	5.6	7.4
Total	138.0	2.6	0.6	36.5	5.1	180.2

2024

Proportionally consolidated	Properties owned throughout 2024/25 £m	Exchange £m	Disposals £m	Acquisitions £m	Developments and other £m	Total £m
UK	56.8	–	3.0	1.8	–	61.6
France	44.1	(0.6)	0.1	–	–	43.6
Ireland	33.5	(0.3)	–	–	(0.4)	32.8
Flagship destinations	134.4	(0.9)	3.1	1.8	(0.4)	138.0
Developments and other	–	(0.1)	2.0	–	6.1	8.0
Total	134.4	(1.0)	5.1	1.8	5.7	146.0

The portfolio value on which like-for-like NRI growth is based was £2,589m (2024: £2,259m).

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

PORTFOLIO ANALYSIS CONTINUED

Other rental data

Table 4

Proportionally consolidated	2025		At 31 December 2025
	Gross rental income £m	Net rental income £m	Vacancy rate¹ %	Average passing rent² £/m²	Passing rent³ £m	Estimated rental value⁴ £m	Passing rent for reversion⁵ £m	Reversion⁶ %
UK	121.1	94.5	3.5	415	143.0	138.8	129.4	7.3
France	56.4	44.8	5.7	445	56.4	63.3	56.5	12.1
Ireland	38.8	33.5	4.9	500	41.4	43.3	39.6	9.3
Flagship destinations	216.3	172.8	4.3	445	240.8	245.4	225.5	8.8
Developments and other	14.6	7.4	14.5	295	9.8	11.3	9.7	15.3
Total	230.9	180.2	4.8	435	250.6	256.7	235.2	9.1
	2024						At 31 December 2024
Proportionally consolidated	Gross rental income £m	Net rental income £m	Vacancy rate¹ %	Average passing rent² £/m²	Passing rent³ £m	Estimated rental value⁴ £m	Passing rent for reversion⁵ £m	Reversion⁶ %
UK	80.0	61.6	4.3	420	85.7	83.0	78.8	5.4
France	55.3	43.6	6.8	455	51.8	58.9	53.0	11.1
Ireland	37.7	32.8	2.7	470	36.6	37.7	34.9	8.0
Flagship destinations	173.0	138.0	4.9	440	174.1	179.6	166.7	7.8
Developments and other	16.0	8.0	13.1	185	8.3	9.4	8.8	7.2
Total	189.0	146.0	5.3	405	182.4	189.0	175.5	7.7

1 See Table 5 for analysis of vacancy.
2 Average passing rent at the year end before deducting head rents and excluding passing rent from anchor units, car parks and commercialisation.
3 Passing rent is the annual rental income receivable at the year end from an investment property, after any rent-free periods and after deducting head rents and car parking and commercialisation running costs totalling £18.7m (2024: £13.9m).
4 The estimated rental value ('ERV') at the year end calculated by the Group's valuers and included within the unobservable inputs to the portfolio valuations as defined by IFRS 13. At 31 December 2025, includes ERV for vacant space of £10.8m (2024: £8.9m) as per Table 5 and ERV for space undergoing reconfiguration of £2.4m – UK £2.0m and Ireland £0.4m (2024: £2.7m – UK £1.9m and Ireland £0.8m).
5 To provide a better comparison to ERV, which the valuers calculate on a net effective basis, passing rent for reversion is passing rent adjusted for tenant incentives and inclusive costs. For this reporting period it also excludes variable income based on occupier sales in excess of base rent, and 2024 figures and the associated reversion have been restated accordingly.
6 The reversion figures show a direct comparison between the valuers' ERV and passing rent for reversion, with both being on a net effective basis. The figures therefore show the future change in the Group's rental income from the settlement of rent reviews or a combination of letting:
- Units at prevailing ERVs at the next lease event i.e. break or expiry (see Table 6)
- Vacant units (see Table 5)
- Units undergoing reconfiguration (see note 4 above)

Vacancy

Table 5

Proportionally consolidated	2025			2024
	ERV of vacant space £m	Total ERV for vacancy¹ £m	Vacancy rate %	ERV of vacant space £m	Total ERV for vacancy¹ £m	Vacancy rate %
UK	4.1	117.5	3.5	2.9	67.5	4.3
France	3.5	62.4	5.7	4.0	58.2	6.8
Ireland	1.9	38.8	4.9	0.9	33.0	2.7
Flagship destinations	9.5	218.7	4.3	7.7	158.7	4.9
Developments and other	1.3	9.1	14.5	1.1	8.5	13.1
Group portfolio	10.8	227.8	4.8	8.9	167.2	5.3

1 Total ERV for vacancy shown above differs from Table 4 due to the exclusion of car park ERV and head rents payable as these both distort the vacancy metric.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

PORTFOLIO ANALYSIS CONTINUED

Lease expires and breaks at 31 December 2025

Table 6

Proportionally consolidated	Rental income based on passing rent of leases that expire/break in					ERV of leases that expire/break in					Weighted average unexpired lease term
	Holding over £m	2026 £m	2027 £m	2028 £m	Total £m	Holding over £m	2026 £m	2027 £m	2028 £m	Total £m	to break years	to expiry years
UK	5.0	16.9	15.0	16.1	53.0	6.1	18.8	16.0	16.8	57.7	4.9	6.8
France	3.5	1.7	1.3	2.0	8.5	3.6	3.1	1.5	2.1	10.3	2.5	6.1
Ireland	2.2	3.1	1.2	1.7	8.2	2.4	3.6	1.2	1.8	9.0	4.7	6.4
Flagship destinations	10.7	21.7	17.5	19.8	69.7	12.1	25.5	18.7	20.7	77.0	4.3	6.6
Developments and other	0.9	0.8	0.9	1.7	4.3	1.1	1.1	0.9	1.6	4.7	4.3	6.1
Group portfolio	11.6	22.5	18.4	21.5	74.0	13.2	26.6	19.6	22.3	81.7	4.3	6.5

The table above compares passing rent (as per Table 4) on a headline basis for those units with leases expiring or subject to a occupier break in each year compared to the ERV of those units determined by the Group's valuers on a net effective basis (as per Table 4).

Top 10 occupiers at 31 December 2025 (ranked by passing rent)

Table 7

Proportionally consolidated	Passing rent £m	% of total passing rent
Inditex	16.3	6.5
JD Sports	4.3	1.7
Next	4.2	1.7
H&M	4.0	1.6
Selfridges	3.8	1.5
Marks & Spencer	3.5	1.4
Watches of Switzerland	3.5	1.4
CK Hutchison (Superdrug)	3.4	1.4
Boots	3.1	1.2
Apple	2.7	1.1
	48.8	19.5

Valuation analysis

Table 8

Proportionally consolidated	Properties at valuation £m	Net revaluation gains £m	Income return %	Capital return %	Total return %	Initial yield %	Nominal equivalent yield¹ %
UK	1,594.0	61.5	8.0	4.7	13.2	6.8	7.6
France	1,030.9	1.6	4.6	0.1	4.7	4.3	5.1
Ireland	617.0	32.1	6.3	5.6	12.3	6.0	6.5
Flagship destinations	3,241.9	95.2	6.4	3.2	9.8	5.9	6.6
Developments and other	307.4	25.1	2.3	11.0	13.6	6.0	7.8
Total	3,549.3	120.3	6.0	4.0	10.2	5.9	6.6
	2024
---	---	---	---	---	---	---	---
	Properties at valuation £m	Net revaluation gains/(losses) £m	Income return %	Capital return %	Total return %	Initial yield %	Nominal equivalent yield¹ %
UK	915.3	16.8	7.9	0.8	8.7	7.2	7.8
France	964.1	4.5	4.5	0.5	5.1	4.3	5.1
Ireland	522.0	(82.6)	6.0	(13.4)	(8.1)	6.2	6.7
Flagship destinations	2,401.4	(61.3)	6.0	(3.0)	2.9	5.9	6.5
Developments and other	257.6	(30.1)	2.9	(7.0)	(4.3)	8.7	9.7
Total	2,659.0	(91.4)	5.7	(3.4)	2.1	5.9	6.6

¹ Nominal equivalent yields are included within the unobservable inputs to the portfolio valuations as defined by IFRS 13. The nominal equivalent yield for the Reported Group was 6.8% (2024: 5.9%).

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

PORTFOLIO ANALYSIS CONTINUED

Capital expenditure (including acquisitions)

Table 9

Proportionally consolidated	2025					2024
	Reported Group £m	Share of Joint ventures £m	Proportionally consolidated £m	Reported Group £m	Share of Property interests £m	Proportionally consolidated £m
Acquisitions	633.4	–	633.4	140.9	–	140.9
Developments	10.8	8.9	19.7	3.2	10.4	13.6
Capital expenditure – creating area	–	1.1	1.1	0.5	0.5	1.0
Capital expenditure – no additional area	14.3	13.3	27.6	6.3	7.8	14.1
Tenant incentives	10.8	7.7	18.5	5.1	6.2	11.3
Capital expenditure	35.9	31.0	66.9	15.1	24.9	40.0
Total	669.3	31.0	700.3	156.0	24.9	180.9
Other net payables acquired	(21.5)	–	(21.5)	–	–	–
Conversion from accruals to cash basis	3.4	0.4	3.8	(1.5)	8.4	6.9
Total on cash basis	651.2	31.4	682.6	154.5	33.3	187.8
Group share of joint venture cash on acquisition	(46.6)			–
Total on IFRS cash basis	604.6			154.5

For further details on these figures, see commentary in the Financial Review on page 15.

Net initial yield

Table 10

Proportionally consolidated	Note/ Table	2025 £m	2024 £m
Reported Group (wholly owned and joint operations)	3B	2,879.8	1,487.0
Share of Joint ventures	3B	669.5	1,172.0
Portfolio valuation on a proportionally consolidated basis	3B	3,549.3	2,659.0
Less: Developments¹		(242.6)	(188.4)
Completed investment portfolio		3,306.7	2,470.6
Purchasers’ costs²		215.2	161.5
Grossed up completed investment portfolio	A	3,521.9	2,632.1
Annualised cash passing rental income		240.3	179.3
Non-recoverable costs		(29.2)	(18.6)
Rents payable		(4.4)	(4.4)
Annualised net rent	B	206.7	156.3
Add:
Notional rent on expiration of rent-free periods and other lease incentives³		11.6	5.5
Future rent on signed leases		3.1	2.0
Topped-up annualised net rent	C	221.4	163.8
Add back: Non-recoverable costs		29.2	18.6
Passing rent	Table 4	250.6	182.4
EPRA Net initial yield	B/A	Table 8	5.9%
EPRA ‘Topped-up’ net initial yield	C/A	6.3%	6.2%

1 Included within the Developments and other portfolio.
2 Purchasers' costs equate to 6.5% (2024: 6.5%) of the value of the completed investment portfolio.
3 For leases in rent free period, the weighted average remaining rent-free period is 0.5 years (2024: 0.4 years).

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

FINANCING ANALYSIS

Net debt
Table 11

Proportionally consolidated	Reported Group £m	Share of Joint ventures £m	Total £m	Reported Group £m	Share of Joint ventures £m	Total £m
Cash and cash equivalents	328.5	28.5	357.0	737.9	76.3	814.2
Loans	(1,578.2)	(149.6)	(1,727.8)	(1,474.2)	(141.2)	(1,615.4)
Fair value of currency swaps	1.0	–	1.0	2.2	–	2.2
Net debt	(1,248.7)	(121.1)	(1,369.8)	(734.1)	(64.9)	(799.0)

Movement in net debt
Table 12

Proportionally consolidated	Note/ Table	2025 £m	2024 £m
Opening net debt	Table 11	(799.0)	(1,326.3)
Profit from operating activities	2	143.1	108.6
Net movements in working capital and restricted monetary assets		16.1	(18.4)
Adjustment for non-cash items		3.6	2.1
Cash generated from operations		162.8	102.3
Interest received		36.3	53.6
Interest paid (including debt issuance fees)		(71.8)	(93.0)
Distributions from Value Retail		6.0	19.4
Tax (paid)/repaid		(1.2)	0.1
Cash flows from operating activities		132.1	82.4

Investing activities

Property acquisitions, net of cash acquired	(617.6)	(140.8)
Capital expenditure	(65.0)	(47.0)
Distribution from other investments	0.4	1.1
Sale of Value Retail	–	583.6
Sale of properties	25.3	117.4
Cash flows from investing activities	(656.9)	514.3

Financing activities

Premium on redemption of bonds	–	(25.5)
Equity placing	138.8	–
Equity placing costs	(3.7)	–
Purchase of own shares	(5.2)	(3.4)
Shares repurchased	(25.7)	(20.9)
Distributions paid to non-controlling interests	(1.7)	–
Equity dividends paid	(75.0)	(82.6)
Cash flows from financing activities	27.5	(132.4)
Exchange translation movement	(73.5)	63.0
Closing net debt	Table 11	(1,369.8)

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

FINANCING ANALYSIS CONTINUED

Net debt:EBITDA
Table 13
Proportionally consolidated, including discontinued operations		Note/Table	2025£m	2024£m
Net debt	A	Table 11	1,369.8	799.0
Operating profit (calculated on EPRA earnings basis)		2	144.6	133.8
Amortisation of tenant incentives and other items within net rental income			(6.2)	(2.6)
Share-based remuneration			4.5	4.3
Depreciation		5	0.9	1.4
EBITDA	B		143.8	136.9
EBITDA adjustment to annualise EBITDA for 2025 joint venture acquisitions			24.7	n/a
EBITDA (annualised)	C		168.5	n/a
Net debt:EBITDA	A/B		9.5x	5.8x
Net debt:EBITDA (2025 annualised basis)	A/C		8.1x	n/a
Interest cover
Table 14
Proportionally consolidated		Note	2025£m	2024£m
Net rental income	A	2	180.2	146.0
Net finance costs		2	39.2	32.3
Add interest capitalised		6	0.1	–
Less interest on lease obligations and pensions			(3.7)	(3.3)
	B		35.6	29.0
Interest cover	A/B		5.06x	5.03x
Gearing
Table 15
Proportionally consolidated		Table	2025£m	2024£m
Net debt		Table 11	1,369.8	799.0
Unamortised borrowing costs			19.3	19.1
Net debt for gearing	A		1,389.1	818.1
Equity shareholders' funds – 'Consolidated net tangible worth'	B		2,094.8	1,821.1
Gearing	A/B		66.3%	44.9%
Loan to value
Table 16
Proportionally consolidated		Note/Table	2025£m	2024£m
Net debt – 'Loan'	A	Table 11	1,369.8	799.0
Portfolio valuation – 'Value'	B	3B	3,549.3	2,659.0
Loan to value	A/B		38.6%	30.0%
Net payables	C		93.8	48.0
EPRA Loan to value	(A+C)/(B)	Table 17	41.2%	31.9%

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

FINANCING ANALYSIS CONTINUED

EPRA loan to value

Table 17

Proportionally consolidated		Reported Group £m	Share of Joint ventures £m	Share of associates £m	Non-controlling interests £m	Total £m
Include:
Loans		1,578.2	149.6	-	-	1,727.8
Foreign currency derivatives		(1.0)	-	-	-	(1.0)
Net payables1		83.4	10.4	-	-	93.8
Exclude:
Cash and cash equivalents		(328.5)	(28.5)	-	-	(357.0)
Net debt	A	1,332.1	131.5	-	-	1,463.6
Include:
Investment properties at fair value		2,879.8	669.5	-	-	3,549.3
Total property value	B	2,879.8	669.5	-	-	3,549.3
EPRA Loan to value	A/B					41.2%
						2024
		Reported Group £m	Share of joint ventures £m	Share of associates £m	Non-controlling interests £m	Total £m
Include:
Loans		1,474.2	141.2	-	-	1,615.4
Foreign currency derivatives		(2.2)	-	-	-	(2.2)
Net payables1		29.2	18.8	-	-	48.0
Exclude:
Cash and cash equivalents		(737.9)	(76.3)	-	-	(814.2)
Net debt	A	763.3	83.7	-	-	847.0
Include:
Investment properties at fair value		1,487.0	1,172.0	-	-	2,659.0
Total property value	B	1,487.0	1,172.0	-	-	2,659.0
EPRA Loan to value	A/B					31.9%

Rows with zero balances have intentionally been excluded from the EPRA specified format in the above tables.
1 Net payables includes the following balance sheet accounts for both current and non-current balances: interests in leasehold properties, right-of-use assets, trade and other receivables, restricted monetary assets, trade and other payables, obligations under head leases, tax (excluding deferred tax) and the fair value of interest rate swaps.

Unencumbered asset ratio

Table 18

Proportionally consolidated		Note/ Table	2025 £m	2024 £m
Property portfolio		3B	3,549.3	2,659.0
Less encumbered assets1			(473.2)	(406.0)
Total unencumbered assets	A		3,076.1	2,253.0
Net debt		Table 11	1,369.8	799.0
Adjustments:
- Cash held within investments in encumbered joint ventures1			13.5	24.6
- Unamortised borrowing costs			19.3	19.1
- Encumbered loans1			(152.8)	(144.6)
Total unsecured debt	B		1,249.8	698.1
Unencumbered asset ratio	A/B		2.46x	3.23x

1 Encumbered assets, cash and loans relate solely to Dundrum.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

OTHER KEY METRICS

Cost ratio

Table 19

Proportionally consolidated		2025 £m	2024 £m
Gross administration costs		46.2	48.4
Property fee income		(6.0)	(6.3)
Joint venture management fees		(3.1)	(4.4)
Property outgoings		48.7	39.2
Less inclusive lease costs recovered through rent		(5.7)	(4.1)
Total operating costs for cost ratio	A	80.1	72.8
Less vacancy costs		(8.5)	(10.5)
Total operating costs excluding vacancy costs for cost ratio	B	71.6	62.3
Gross rental income		230.9	189.0
Ground rents payable		(2.0)	(1.9)
Less inclusive lease costs recovered through rent		(5.7)	(4.1)
Gross rental income for cost ratio	C	223.2	183.0
EPRA Cost ratio including vacancy costs	A/C	35.9%	39.8%
EPRA Cost ratio excluding vacancy costs	B/C	32.1%	34.0%

The Group's business model for development is to use a combination of in-house resource and external advisors. The cost of external advisors is capitalised to the cost of developments. The cost of employees working on developments is generally expensed, but for wholly owned properties is capitalised subject to meeting certain criteria related to the degree of time spent on specific projects. Employee costs of £0.5m (2024: £0.6m) were capitalised as development costs in the year and are not included within Gross administration costs above.

Total accounting return

Table 20

		2025			2024
		NTA £m	NTA per share £	NTA £m	NTA per share £
EPRA NTA at 1 January	A	1,825.4	3.70	2,542.0	5.08
EPRA NTA at 31 December		2,095.7	3.94	1,825.4	3.70
Increase/(decrease) in NTA		270.3	0.24	(716.6)	(1.38)
Dividends in the year		81.7	0.16	76.6	0.15
	B	352.0	0.40	(640.0)	(1.23)
Total accounting return	B/A		10.8%		(24.2)%

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Additional Information – continued

KEY PROPERTIES

Key property listing at 31 December 2025

	Location	Accounting classification where not wholly owned	Ownership	Lettable area, m²	No. of occupiers⁴	Passing rent
						2025 £m	2024³ £m
Flagship destinations
UK
Brent Cross	London		100%	105,800	115	31.0	12.8
Bullring³	Birmingham		100%	122,900	160	52.0	25.2
Cabot Circus⁴	Bristol	Joint venture	50%	106,300	102	11.0	10.9
The Oracle	Reading		100%	55,500	105	22.0	10.0
Westquay	Southampton		100%	94,500	112	27.0	26.8
				485,000	594	143.0	85.7
France
Les 3 Fontaines⁵	Cergy		100%	70,800	182	24.5	22.7
Les Terrasses du Port	Marseille		100%	62,900	163	31.9	29.1
				133,700	345	56.4	51.8
Ireland
Dundrum	Dublin	Joint venture	50%	137,600	178	29.8	26.2
Ilac	Dublin	Joint operation	50%	28,200	54	3.5	3.3
Pavilions	Swords	Joint operation	50%	44,400	84	8.1	7.1
				210,200	316	41.4	36.6
Total flagships				828,900	1,255	240.8	174.1

Developments and other (key properties)

Bristol Broadmead⁴	Bristol	Joint venture	50%	33,700	64	2.7	2.4
Dublin Central⁵	Dublin		100%	n/a	n/a	n/a	n/a
Dundrum Village⁶	Dublin	Joint venture	50%	n/a	n/a	n/a	n/a
Grand Central³	Birmingham		100%	39,300	52	7.1	4.1
Eastgate (disposed in February 2026)⁶	Leeds		100%	n/a	n/a	n/a	n/a
Martineau Galleries³⁶⁷	Birmingham		100%	n/a	n/a	n/a	1.8
Pavilions land⁶	Swords		100%	n/a	n/a	n/a	n/a
The Goodyard⁶	London	Joint venture	50%	n/a	n/a	n/a	n/a

1 Number of occupiers excludes residential occupiers.
2 2024 passing rent reflects Brent Cross, Bullring, Grand Central and The Oracle ownership at 50% and year end exchange rate of £1:£1.210.
3 Collectively known as the Birmingham Estate.
4 Collectively known as the Bristol Estate.
5 Property includes areas held under co-ownership; figures above reflect the Group's ownership interests only.
6 Classified as a development property.
7 Martineau Galleries was reclassified as a development property with effective from 1 April 2025.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Responsibility Statement

The Annual Report 2025 which will be issued in March 2026, contains a responsibility statement in compliance with DTR 4.1.12 of the Disclosure Guidance and Transparency Rules which sets out that as at the date of approval on 24 February 2026, the Directors confirm to the best of their knowledge:

The Group financial statements, which have been prepared in accordance with UK-adopted international accounting standards and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group
The Company financial statements, which have been prepared in accordance with UK Accounting Standards, comprising FRS 101, give a true and fair view of the assets, liabilities and financial position of the Company
The Strategic Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces

The financial statements were approved by the Directors and signed on their behalf by:

Rob Wilkinson
Director

Himanshu Raja
Director

Hammerson plc Full Year 2025 Results

Full Year 2025 Results

Glossary

2024 share consolidation	The 10.1 share consolidation and re-designation of the Company's ordinary shares that took effect on 30 September 2024, further information on which was set out in the Company's Circular to Shareholders and Notice of Meeting dated 8 August 2024.
Annual Incentive Plan ('AIP')	Annual bonus plan for all employees, including Executive Directors.
AUM (Assets under management)	The 100% value of the Group's properties under management.
Average cost of debt or weighted average interest rate ('WAIR')	The cost of finance expressed as a percentage of the weighted average gross debt for the period (can be calculated on both a net and gross interest cost basis).
Borrowings	The aggregate of loans and the fair value of currency swaps but excluding the fair value of the interest rate swaps, as this crystallises over the life of the instruments rather than at maturity.
BREEAM	An environmental rating assessed under the Building Research Establishment Environmental Assessment Method.
Capital return	The change in property value during the period after taking account of capital expenditure, calculated on a monthly time-weighted and constant currency basis.
Contracted rent	The total cash rent due on the period to the earliest occupier break date, plus any break penalties.
Corporate Power Purchase Agreement ('CPPA')	A long term contract to buy electricity directly from a renewable energy generator, like a wind or solar farm, rather than through a traditional electricity supplier. This arrangement provides benefits to both the corporate buyer and the generator, helping to finance new renewable energy projects and offering price certainty for the buyer.
Corporate Sustainability Reporting Directive ('CSRD')	A directive under EU law requiring large companies to disclose comprehensive ESG information based on the European Sustainability Reporting Standards ('ESRS').
EBITDA	Earnings before interest, tax, depreciation and amortisation.
EPRA	The European Public Real Estate Association, a real estate industry body, of which the Company is a member. This organisation has issued Best Practice Recommendations with the intention of improving the transparency, comparability and relevance of the published results of listed real estate companies in Europe.
Equivalent yield (true and nominal)	The capitalisation rate applied to future cash flows to calculate the gross property value. The cash flows reflect future rents resulting from lettings, lease renewals and rent reviews based on current ERVs. The true equivalent yield ('TEY') assumes rents are received quarterly in advance, while the nominal equivalent yield ('NEY') assumes rents are received annually in arrears. These yields are determined by the Group's external valuers.
ERV	The estimated market rental value of the total lettable space in a property calculated by the Group's external valuers on a net effective basis.
ESG (Environmental, Social and Governance)	A framework that helps stakeholders understand how an organisation is managing risks and opportunities related to environmental, social and governance criteria. ESG takes the holistic view that sustainability extends beyond just environmental issues.
F&B	Food and beverage.
Gearing	Net debt expressed as a percentage of equity shareholders' funds calculated as per the covenant definition in the Group's unsecured revolving credit and facilities and private placement senior notes.
Gross asset value ('GAV')	Property value before deduction of purchasers' costs, as determined by the Group's external valuers.
Gross development value ('GDV')	The estimated completed market value of a development or other major project.
Gross rental income ('GRI')	Income from leases, car parks and commercialisation, after amortising lease incentives.
Headline rent	The annual rental income derived from a lease, including base and turnover rent but after rent-free periods.
Impacts, Risks and Opportunities ('IRO')	A framework under CSRD designed to help businesses determine material topics for disclosure by considering not just sustainability impacts, but also the risks and opportunities associated with them.
Inclusive lease	A lease, often for a short period, under which the rent includes costs such as service charge, rates and utilities. Instead, the landlord incurs these costs as part of the overall commercial arrangement.
Income return	Income derived from property taken as a percentage of the property value on a time-weighted and constant currency basis after taking account of capital expenditure.
Interest cover	Adjusted net rental income divided by Adjusted net finance costs before capitalised interest and interest charges on lease obligations and pensions. All figures exclude associates.
Joint venture management fees	Fees charged to joint ventures for accounting, secretarial, asset and development management, and other ad hoc services.
Leasing	Comprises new lettings and renewals. For temporary leases (period of less than one year), leasing value reflects the rent secured for the period of the lease, not an annualised figure.
Leasing vs passing rent	A comparison of Headline rent from new leases and renewals to the Passing rent at the most recent balance sheet date.

Hammerson plc Full Year 2025 Results

Full Year 2025 Results | Glossary – continued

Like-for-like ('LfL')	A methodology for comparing key metrics, calculated to reflect properties owned throughout both current and prior periods, and where applicable calculated on a constant currency basis.
Like-for-like ('LfL') GRI/NRI	The percentage change in GRI/NRI for flagship properties owned throughout both current and prior periods, calculated on a constant currency basis. Properties undergoing a significant extension project are excluded from this calculation during the period of the works. For interim reporting periods properties sold between the balance sheet date and the date of the announcement are also excluded from this metric.
Loan to value ('LTV')	Net debt expressed as a percentage of property portfolio value, calculated on a proportionally consolidated basis. In addition, EPRA has a measure, 'EPRA LTV' which adds net payables to net debt. Prior to the Group's sale of its investment in Value Retail in September 2024, the Group also disclosed a full proportional consolidation measure ('FPC LTV') which included the Group's share of Value Retail's debt and property portfolio.
Net Disposal Value ('NDV')	An EPRA net asset measure calculated as equity shareholders' funds with an adjustment to reflect difference between the carrying value and fair value of borrowings. See note 10B for calculation. This can also be presented on a per share basis, see note 11C for calculation.
Net effective rent ('NER')	Annual rent from a unit calculated by taking the total rent payable over the term of the lease to the earliest termination date and deducting all lease incentives.
Net initial yield ('NIY') (or Initial yield)	Annualised rents receivable (net of head rents and the cost of vacancy, and, in the case of France, net of an allowance for costs of approximately 5%, primarily for management fees) on a cash basis, as a percentage of gross property value, as provided by the Group's external valuers.
Net Reinstatement Value ('NRV')	An EPRA net asset measure calculated as EPRA NTA adjusted for deferred tax and investment property purchasers' costs. See note 10B for calculation. This can also be presented on a per share basis, see note 11C for calculation.
Net rental income ('NRI')	GRI less net service charge expenses and cost of sales. Additionally, the change in provision for amounts not yet recognised in the income statement is also excluded to calculate Adjusted NRI.
Net Tangible Assets ('NTA')	An EPRA net asset measure calculated as equity shareholders' funds with adjustments made for the fair values of certain financial derivatives, deferred tax and any goodwill balances. See note 10B for calculation. This can also be presented on a per share basis, see note 11C for calculation.
Occupancy rate	The ERV of the area in a property or portfolio, excluding developments, which is let, expressed as a percentage of the total ERV, excluding the ERV for car parks, of that property or portfolio.
Occupational cost ratio ('OCR')	The proportion of an occupier's sales compared with the total cost of occupation, including rent, local taxes (i.e. business rates) and service charge. Calculated excluding department stores.
Over-rented	The amount, or percentage, by which the ERV falls short of rent passing for reversion.
Passing rents (or rents passing)	The annual rental income receivable from an investment property after rent-free periods, head rents, car park costs and commercialisation costs.
Passing rent for reversion	Passing rent adjusted for lease incentives and inclusive costs to be on a net effective basis. This will increase or decrease due to changes to rents passing at rent review or the next lease event (i.e. expiry or break), or by leasing vacant space or space undergoing reconfiguration.
Pre-let	A lease signed with an occupier prior to the completion of a development or other major project.
Principal lease	A lease signed with an occupier with a secure term of greater than one year.
Property fee income	Amounts recharged to occupiers or co-owners for property management services including, but not limited to, service charge management and rent collection fees.
Property Income Distribution ('PID')	A dividend, generally subject to withholding tax, that a UK REIT is required to pay from its tax-exempt property rental business and which is taxable for UK-resident shareholders at their marginal tax rate.
Property outgoings	The direct operational costs incurred by a landlord relating to property ownership and management. This typically comprises void costs, net service charge expenses, letting related costs, marketing expenditure, repairs and maintenance, tenant incentive impairment, bad debt expense and other direct irrecoverable property expenses. These costs are included within the Group's calculation of like-for-like NRI and the EPRA Cost ratio.
Proportional consolidation	The aggregation of the financial results of the Reported Group and the Group's Share of Joint ventures as set out in note 2 to the financial statements.
QIAIF	Qualifying Investor Alternative Investment Fund. A regulated tax regime in the Republic of Ireland which exempts participants from Irish tax on property income and chargeable gains subject to certain requirements.
REIT	Real Estate Investment Trust. A tax regime which in the UK exempts participants from corporation tax both on UK rental income and gains arising on UK investment property sales, subject to certain requirements.
Reported Group	The financial results as presented under IFRS.
Reversionary or underrented	The amount, or percentage, by which the ERV exceeds the rent passing for reversion.
RIDDOR	A health and safety reporting obligation to report deaths, injuries, diseases and 'dangerous occurrences' at work, including near misses, under the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013.
Scope 1 emissions	Direct emissions from owned or controlled sources.

Hammerson plc Full Year 2025 Results
59

Full Year 2025 Results | Glossary – continued

Scope 2 emissions	Indirect emissions from the generation of purchased energy.
Scope 3 emissions	All indirect emissions (not included in Scope 2) that occur in the value chain of the reporting company, including both upstream and downstream emissions.
SAICA	South African Institute of Chartered Accountants.
SIIC	Sociétés d'Investissements Immobiliers Côtées. A tax regime in France which exempts participants from the French tax on property income and gains subject to certain requirements.
SONIA	Sterling Overnight Index Average.
Task Force on Climate-related Financial Disclosures ('TCFD')	An organisation established with the goal of developing a set of voluntary climate-related financial risk disclosures to be adopted by companies to inform investors and the public about the risks they face relating to climate change.
Taskforce on Nature-related Financial Disclosures ('TNFD')	An organisation established with the goal of developing a set of voluntary nature-related financial risk disclosures to be adopted by companies to inform investors and the public about the risks they face relating to climate change.
Temporary lease	A lease with a period of one year or less, measured to the earlier of lease expiry or occupier break.
Topped-up net initial yield	The net initial yield increased to reflect the value of unexpired lease incentives (i.e. rent-free periods).
Total accounting return ('TAR')	The growth in EPRA NTA per share plus dividends paid, expressed as a percentage of EPRA NTA per share at the beginning of the period. The return excludes the dilution impact from scrip dividends.
Total property return ('TPR')	NRI, excluding the change in provision for amounts not yet recognised in the income statement, and capital growth expressed as a percentage of the opening book value of property adjusted for capital expenditure, calculated on a monthly time-weighted and constant currency basis.
Total shareholder return ('TSR')	The change in a company's share price plus reinvested dividends, expressed as a percentage of the share price at the beginning of the period.
Turnover rent	Rental income which is linked to an occupier's revenues.
Vacancy rate	The ERV of the area in a property, or portfolio, excluding developments, which is currently available for letting, expressed as a percentage of the ERV of that property or portfolio.
WAULB/WAULT	Weighted average unexpired lease to break/term.
Yield on cost	Passing rents expressed as a percentage of the total development cost of a project or property.

Hammerson plc Full Year 2025 Results

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Hammerson PLC — Audit Report / Information 2025

5245_10-k_2026-02-25_90da7248-3990-4fe5-a2fd-065bb70a8e3f.pdf

Results presentation today

Date & time

Webcast link

Conference call

Enquiries

Investors

Media

Delivering strong growth in net rental income, earnings, dividend and NTA

Well positioned for growth in FY26 and beyond

Highlights:

Rob Wilkinson, Chief Executive of Hammerson, commented:

Increasing our scale

Active asset management and leasing

Driving destination outperformance

Maintaining sustainable and resilient capital structure

Outlook: further growth in NRI and EPRA earnings in FY26 and beyond

Disclaimer

A prime portfolio and platform with multiple paths to further growth and value creation

Delivering growth

Strategic progress in FY25

Dividend

A future which capitalises on our strengths

Investing in prime city destinations

Increasing our scale

Acquisition of JV partners' interests at attractive yields

Brent Cross

Bullring and Grand Central

Acquisition of the remaining 50% interest in The Oracle

Active asset management and targeted leasing

Asset repositioning and incremental development delivering strong operational and financial contribution

Record leasing performance

Occupancy

Destination outperformance

Sales and footfall continue to grow

Sustainable and resilient capital structure

A clear growth trajectory supported by a robust balance sheet

Overview

Outlook

Presentation of financial information

IFRS vs Management reporting

Passing rent

Share of results of joint ventures

Dividends

Share buyback

Balance sheet

Net revaluation gains

ERV (like-for-like)

Capital expenditure

Property returns analysis

Shareholder returns analysis

Investment in joint ventures

Financing overview

Key financial metrics

Financing overview

Credit ratings

Risks and uncertainties

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Balance Sheet

Consolidated Statement of Changes in Equity

Consolidated Statement of Changes in Equity

Consolidated Cash Flow Statement

Notes to the Consolidated Financial Statements

1. Basis of preparation, consolidation and material accounting policies

A. GENERAL INFORMATION

B. BASIS OF PREPARATION AND CONSOLIDATION

Basis of preparation

Basis of consolidation

Subsidiaries

Joint arrangements (joint operations and joint ventures) and associates

1. Basis of preparation, consolidation and material accounting policies continued

Non-controlling interests

C. ALTERNATIVE PERFORMANCE MEASURES ('APMS')

D. GOING CONCERN

Overview

Financial position

Assessment

Hammerson PLC Audit Report / Information 2025