Slide 1: Growing our destinations
Growing our destin tions 2025 Full Ye r Results 25 Febru ry 2026 Bullring
Slide 2: Agenda
Agend First impressions Review of 2025 Outlook Fin nci l perform nce Conclusion Q&A Les Terr sses du Port Hammerson plc 2025 Full Year Results 2
Slide 3: First impressions matter
First impressions m tter Unique portfolio of ret il-led ssets First cl ss integr ted pl tform Robust b l nce sheet nd ccess to c pit l Positioned for growth Hammerson plc 2025 Full Year Results 3
Slide 4: Strong financial results
Strong n nci l results Net rent l income EPRA e rnings Dividend per sh re £ 80m £ 04m 6.5p +23% YoY +5% YoY +6% YoY Portfolio v lue EPRA NTA per sh re Tot l ccounting return £3,549m £3.94 % +33% YoY +6% YoY -24% FY24 Hammerson plc 2025 Full Year Results . Proportionally consolidated 4
Slide 5: Key priorities
Key priorities Driving destin tion M ximising v lue from Incre sing sc le outperform nce str tegic l nd • Repositioning and asset • Increasing exit optionality • Assess growth opportunities enhancement • Developing integral and • Accretive acquisitions • Brand mix optimisation adjacent plots • Enhan
Slide 6: Driving destination outperformance
Driving destin tion outperform nce Growing pol ris tion between the best nd the rest Incre sing occup ncy Growing footf ll Gener ting occupier s les 2025 2025 2024 2024 99% National benchmark2 3.6% S les in 2025 97% 97% 70m 2.4% >£3bn 96% 0.6% 0.4% YoY s les densities 95% 95% 94% +2% 93% 67m - .2% “
Slide 7: Driving destination outperformance: leasing and brand mix optimisation
Driving destin tion outperform nce: le sing nd br nd mix optimis tion Multiple portfolio nd region l rsts Signed Rent to rst bre k £5 m £262m On .6m sq.ft sp ce st in st in West South West Midl nds LfL vs previous p ssing vs ERV + 3% + % Return to st in portfolio Bristol LfL p ssing rent Robust le
Slide 8: Driving destination outperformance: repositioning
Driving destin tion outperform nce: repositioning Successful repositioning driving perform nce C bot Circus The Or cle Les 3 Font ines Projected IRR Projected IRR Projected IRR 58% / 28% 20% 8% Dep rtment store / Cinem Dep rtment store Cergy 3 H2 25 YoY footf ll H2 25 YoY footf ll Cergy 3 pre-let +6
Slide 9: Maximising value and optionality: pipeline update
M ximising v lue nd option lity: pipeline upd te Completed 2024 Completed 2025 Outline pl nning Brent Cross gr nted The Goodsyard regeneration Sold 2025 / 2026 October 2025 Martineau (mixed use) (mixed use) Sold in April Galleries 2025 nd (mixed use) Indic tive sc le & imp ct Febru ry 2026 for tot l
Slide 10: Birmingham estate opportunity – Hammerson in a nutshell
Birmingh m est te opportunity – H mmerson in nutshell Delivering outperform nce on gship destin tions whilst m ximising v lue of dj cent l nd Edgb ston G rdens two cre redevelopment potenti l c.£300m GDV Bullring, £657m GAV, c. 20,000 sqm, supporting > 50 prime ret il & leisure br nds Gr nd Centr
Slide 11: Increasing our scale
Incre sing our sc le Tot l of £757m invested t ver ge yield of 7.6% to cquire JV p rtner st kes since November 2024 Westqu y Brent Cross Bullring nd Gr nd Centr l The Or cle Hammerson plc 2025 Full Year Results 11
Slide 12: Outlook
Outlook FY26: Growth in NRI & EPRA e rnings Tot l NRI growth 20% LfL NRI growth 4-5% EPRA e rnings growth 5% FY27 nd beyond: Les Terr sses du Port Further growth in NRI & EPRA e rnings Hammerson plc 2025 Full Year Results 12
Slide 13: Financial performance
Fin nci l perform nce Dundrum Hammerson plc 2025 Full Year Results 13
Slide 14: Strong financial performance
Strong n nci l perform nce Prot & Loss 3 Dec 2025 3 Dec 2024 Ch nge Net rent l income £ 80m £ 46m +23% LfL NRI £ 38m £ 34m +3% Gross to net2 80% 80% - EPRA e rnings £ 04m £99m +5% EPRA cost ratio 35.9% 39.8% -3.9% pts IFRS prot/(loss) £232m £(526)m +£758m EPRA e rnings per sh re 20.7p 9.9p +4% Di
Slide 15: EPRA earnings up 5% to £104m
EPRA e rnings up 5% to £ 04m Benetting from like-for-like growth of 3% nd cquisitions Net n nce costs: Interest receivable: (£ 0m) Interest payable: +£3m 34.7 (3.5) .8 04.3 99.0 (6.9) 76.0 3.6 (23.0) ( .4) £m Dec-24 2024 Re-based NRI LFL NRI Net Net Tax Dec-25 EPRA disposals earnings disposals NRI
Slide 16: 6% growth in NTA per share
6% growth in NTA per sh re NTA per sh re incre se driven by net rev lu tion g in 23 3 394 20 ( 6) 2 (9) 370 Pence FY24 EPRA Property Profit on sale Dividends Share Equity issuance 2 FX & Other FY25 earnings revaluation of properties buyback . Reects accretion in 2025 associated with the Group’s sha
Slide 17: Total value up 33% to £3.549bn
Tot l v lue up 33% to £3.549bn, tot l property return + 0% V lues driven by cquisitions, growth in rents, ERV nd yield compression V lue Tot l property Income C pit l return % LfL ERV NEY NEY pe k 5-yr FY25 £m return % return % ch nge % r nge % r nge % sw p %2 UK ,594 3.2% 8.0% 4.7% 2.6% 7.0 – 8.4 4
Slide 18: Robust balance sheet and credit metrics
Robust b l nce sheet nd credit metrics Fin nci l strength • Disciplined c pit l lloc tion, t rget returns bove WACC • Commitment to investment gr de credit r ting • Credit upgr des: • Fitch senior unsecured r ting upgr ded to A- • Moody’s B 2 to positive outlook • Strong support from debt nd equity
Slide 19: 2026 guidance
2026 guid nce EPRA e rnings • EPRA e rnings growth of c. 5% to c.£ 20m, c. 0% EPRA EPS growth • Tot l NRI growth of c.20%; LfL NRI growth of c.4-5% • Gross to net of c.80%2 • Net dministr tion costs bro dly t • EPRA cost r tio: reducing 300-400 bps in e ch of FY26 nd FY27 • Net n nce costs incre
Slide 20: Conclusion
Conclusion C bot Circus Hammerson plc 2025 Full Year Results 20
Slide 21: Conclusion
Conclusion My priorities Continue to deliver gship outperform nce M ximise v lue of str tegic l nd Further incre se our sc le C pit lising on our strengths FY26 Growth in NRI nd EPRA e rnings FY27+ Further growth in NRI nd EPRA e rnings Positioned for growth Hammerson plc 2025 Full Year Results 21
Slide 22: Q&A
Q&A Les 3 Font ines Hammerson plc 2025 Full Year Results 22
Slide 23: Important Notice
Import nt Notice The information contained in this presentation is for background purposes and does not purport to be full or complete. No reliance may or should be placed by any person for any purpose whatsoever on the information contained in this presentation or on its completeness, accuracy or f
Slide 24: ESG is core to our identity
ESG is core to our identity Environment • Secured a 2MW Corporate Power Purchase Agreement (CPPA) • 20 Net Zero Asset Plans (NZAPs) delivered in 2025 • Reduced CO2 emissions: - 8% FY25 YoY -54% FY25 vs FY 9 • Double Material Analysis complete with outcomes validating our current ESG focus and target
Slide 25: Year-on-Year change in like-for-like GRI & NRI analysis – Flagships only
Ye r-on-Ye r ch nge in like-for-like GRI & NRI n lysis – Fl gships only YoY dverse to NRI YoY benet to NRI Occupancy Leasing Inflation Variable Other GRI total tot l LFL LfL 2.7% Bad debt Unrecovered costs (incl. rates, service charge, etc.) Car park & Commercial costs Letting fees 2 TI impairment
Slide 26: Capex assumptions – driving returns whilst maintaining discipline
C pex ssumptions – driving returns whilst m int ining discipline 2026 2027 + Scope/ex mples £m Funding ssumptions Core c pex • e.g. Enhanced public realm, ESG, leasing, maintenance FFO Asset enhancement & placemaking c.30-40 of landlord areas c.20% NRI / % GAV Development c pex • e.g. Cergy 3, Quake
Slide 27: Financing
Fin ncing Strong, exible b l nce sheet t this point in the cycle FY25 m turity prole of lo ns, £m Liquidity position, £m 3 December 2025 Euro bonds Secured debt Sterling bonds Term loan Senior notes RCF – fully undrawn 63 Cash 357 Tot l liquidity 970 609 Lo ns rep id in 393 J n / Feb 5 2026 303 00
Slide 28: Top twenty group occupiers
Top twenty group occupiers Rent l exposure % of p ssing Rent l % of p ssing Occupier % of NIA Occupier (cont.) % of NIA (£m) rent exposure (£m) rent Inditex 6.3 6.5 5.0 Freedom Sportsline (Footlocker) 2.6 .0 0.5 JD Sports 4.3 .7 . Punto Fa (Mango) 2.6 .0 0.5 Next 4.2 .7 2.3 River Island 2.2 0.9 .0 H
Slide 29: Top ten group occupiers by region
Top ten group occupiers by region UK Fr nce Irel nd Rent l % of Rent l % of Rent l % of % of Occupier exposure p ssing % of NIA Occupier exposure p ssing % of NIA Occupier exposure p ssing NIA (£m) rent (£m) rent (£m) rent Inditex 0.6 4.2 3.0 Inditex 3.0 .2 .2 Inditex 2.7 . 0.7 Watches of Printemps
Slide 30: Cabot Circus: working with best-in-class partners
C bot Circus: working with best-in-cl ss p rtners to reposition nd recongure, subst nti lly improving the mix From To Anchor store repositioning • Repurposing of dated department store, original from 2007 development • Active asset management to review options and potential uses for repurposing • W
Slide 31: Cabot Circus: unlocking growth at Quakers Exchange
C bot Circus: unlocking growth t Qu kers Exch nge Repositioning of n underperforming p rt of the est te to multi-use cultur l nd wellbeing-led destin tion Public re lm Phil delphi street Fri ry building & dj cent units L ndsc ping & lighting + rebr nding Rightsizing of ret il units + upper oor exi
Slide 32: The Oracle: bringing in new offers and uses
The Or cle: bringing in new offers nd uses, enh ncing the proposition of key p rtners, with more to come From To Western dep rtment store repositioning • Repurposing of an underperforming department store, occupying on concessionary terms • Active asset management to review options and potential uses
Slide 33: Les Terrasses: partnering with brands
Les 3 Font ines: p rtnering with br nds most dem nded by visitors to exp nd the offer nd drive rent l tension Extension opened in 2022 Further exp nsion in 2026 Signic nt investment to lmost double footprint, extending the Further exp nsion through complete restructuring of Cergy 3 will drive destin
Slide 34: Investment in car park operations to boost revenue
Investment in c r p rk oper tions to boost revenue nd reduce costs Digit l p rking roll out str tegy Which en bles us to introduce: A EV ch rging integr tion V ri ble t riffs (e.g. weekend • Current charging infrastructure is vs weekd y pricing) with a 3rd party which gives us no autonomy on pricing
Slide 35: Consistent operational outperformance
Consistent oper tion l outperform nce High dem nd for prime sp ce reected in strong positive trends in key KPIs Le sing spre ds to previous LfL footf ll (m) Group s les density (£/ft) LfL le sing v lue2,3 (£m) p ssing (%) 60 67 67 70 5 6 423 44 403 406 43 44 46 43 42 37 5 28 30 2021 2022 2023 2024
Slide 36: Reflected in strong financial trends
Reected in strong n nci l trends Strong oper tion l trends underpin positive n nci l trends LfL p ssing rent ,2 (£m) LfL gship ERV ,2 (£m) LfL gship NRI ,3 (£m) Tot l Property Return4 242 0.2% 245 35 38 34 233 238 9 230 234 223 228 9 2. % .6% 22 25 (2.3%) (6.7%) 2021 2022 2023 2024 2025 2021
Slide 37: For further enquiries please contact
For further enquiries ple se cont ct: Josh W rren, Director Group Perform nce nd Investor Rel tions Tel: +44 (0)20 7887 053 josh.warren@hammerson.com Tom Gough, He d of Communic tions Tel: +44 (0)20 7887 092 tom.gough@hammerson.com Hammerson plc 2025 Full Year Results 37