Hammerson published full-year 2025 results showing a net asset value of 394 pence per share, beating Jefferies' projection of 374 pence by 20 pence and coming in above the consensus estimate of 379 pence.
On an operating basis the group reported total net rental income of A180 million, an increase of 23% year-on-year. Portfolio values rose 4% to 3.5 billion.
Footfall trends were broadly positive across the group locations. In the UK, visits were up 2% compared with a benchmark decline of 3%. France saw footfall rise 4% against a 1% benchmark increase, and Ireland recorded a modest 0.4% uplift while the benchmark there fell by 1%.
Occupancy improved by 1 percentage point to 96%, and six of the group ten flagship destinations reached at least 98% occupancy. Like-for-like net rental income climbed 3%, which management attributed to asset management initiatives and a record level of leasing activity.
On reported earnings measures, EPRA earnings rose 5% to 104 million, while earnings per share increased 4% to 20.7 pence. Jefferies had estimated EPS at 20.3 pence. EPRA net tangible assets per share rose 6% to 3.94.
The group reported an IFRS profit of 232 million, reversing the prior year 26 million loss that was attributed to portfolio valuation shifts. Total accounting return for the period was 11%.
The balance sheet was reported with a loan-to-value ratio of 39% and a Net Debt to EBITDA multiple of 8.1 times. Rating agency Fitch upgraded the company's Senior Unsecured rating to A-. The board proposed a full-year dividend increase of 6% to 16.5 pence, against Jefferies' expectation of 16.2 pence.
Looking ahead, Hammerson has provided near-term guidance for the 2026 financial year that anticipates approximately 20% net rental income growth, approximately 15% EPRA earnings growth and approximately 10% earnings per share growth.
These results combine operational momentum in leasing and footfall with improved valuation metrics and a stronger reported profit position compared with the prior year.