Hammerson Returns to Profit as Prime Retail Assets Drive 2025 Performance

Hammerson (LSE:HMSO) delivered a strong recovery in 2025, reporting total net rental income of £180 million, up 23% year on year, while the value of its property portfolio increased 33% to £3.5 billion following targeted investment in major UK retail destinations and joint venture acquisitions. EPRA earnings rose 5% to £104 million and EPRA net tangible assets per share increased 6%. The group also returned to profitability under IFRS reporting, posting a £232 million profit supported by a £120 million property revaluation gain and improved operational efficiency.

Leasing activity reached a record £51 million at positive rental spreads, with occupancy levels rising to 96%. Visitor numbers exceeded broader national retail trends, highlighting continued demand for high-quality retail destinations and reinforcing Hammerson’s competitive positioning within prime assets. The company maintained a solid financial profile, with a loan-to-value ratio of 39%, refinancing debt on favourable terms while advancing strategic asset repositioning initiatives and residential developments. A modest dividend increase reflected growing management confidence and improved income visibility for investors.

Hammerson’s outlook benefits from favourable technical indicators and supportive corporate developments that strengthen confidence in future performance. However, pressures related to profitability and cash flow remain considerations for investors. Valuation metrics present a mixed picture, combining a relatively high P/E ratio with an attractive dividend yield.

More about Hammerson plc R.E.I.T.

Hammerson plc is a UK-listed real estate investment trust focused on owning and managing prime retail-led destinations across the UK, France and Ireland. Its portfolio includes flagship shopping and mixed-use locations such as Westquay, Brent Cross, Bullring and Grand Central, where the company aims to create value through active asset management, redevelopment projects and data-driven leasing strategies designed to attract leading brands and maintain strong visitor traffic.