Slide 1: Driving outperformance and growth
Driving outperformance and growth 2026 Half Year Results 30 July 2026 Manchester Arndale
Slide 2: Agenda
Agenda Agenda Overview Strategic priorities Financial performance Outlook Conclusion Q&A Bullring 2 HAMMERSON PLC HALF YEAR RESULTS 2026
Slide 3: H1 26 overview
H1 26 overview 1 Driving operational outperformance in occupancy, footfall and sales 2 Maximising the value of our strategic land 3 Increasing scale through accretive acquisitions, including Manchester Arndale 4 Raising FY26 EPRA earnings guidance & new medium term guidance Les Terrasses du Port 3 H
Slide 4: Strong financial H1 26 results
Strong financial H1 26 results Strong financial H1 26 results Net rental income 1 EPRA earnings / EPS Dividend per share £112m £64m / 12.1p 9.67p +40% YoY +33% / +22% YoY +22% YoY Portfolio value 1 EPRA NTA per share Total accounting Total accountingreturn return £3,596m £3.94 2% 11% FY25: £3,549m F
Slide 5: Strategic priorities in action
Strategic priorities in action Strategic priorities in action Driving destination Maximising value from Increasing scale outperformance strategic land Footfall ahead of national benchmarks, strong like - £75m of non - core disposals, a substantial Acquisition of 50% of Manchester Arndale for for - l
Slide 6: Driving destination outperformance: leasing and brand mix optimisation
Driving destination outperformance: leasing and brand mix optimisation Signed Rent to first break Multiple portfolio and regional firsts £18.5m £86m On 38k sq ft. space 1st in Ireland 1st in UK LfL vs previous passing vs ERV +17% +9% 1st in 1st in portfolio South West Good start to H2 26 Robust leas
Slide 7: Driving destination outperformance: footfall, sales and occupancy
Driving destination outperformance: footfall, sales and occupancy Driving destination outperformance: footfall, sales and occupancy Targeted leasing drives footfall and sales, increasing occupancy and ultimately rents Growing footfall Generating occupier sales Increasing occupancy H1 2026 National b
Slide 8: Maximising value and optionality from our strategic land
Maximising value and optionality from our strategic land COMPLETED STRONG TRACK RECORD OF DELIVERY • Core repositioning delivered — Dundrum, Bullring, Cabot Circus; Cergy 3 pre - let £75m YTD • Densifying our estates with residential — The Ironworks, Dublin (80% leased) Of non - core disposals (Leed
Slide 9: Increasing scale: disciplined capital allocation
Increasing scale: disciplined capital allocation Select European Strong real estate Where we can bring geographies fundamentals our expertise Core home markets: UK, Ireland and France Landmark retail - led destinations Data and AI tech - led integrated retail platform Selective wider European market
Slide 10: Manchester Arndale perfectly fits the Hammerson DNA
Manchester Arndale perfectly fits the Hammerson DNA UNIVERSITY OF MANCHESTER High quality, 1 MANCHESTER PICCADILLY TRAIN STATION leading asset c.2m sq ft. · 230+ occupiers · 96% let 6.4m catchment — largest outside London Green Street rating: A OLD TRAFFORD STADIUM PICCADILLY GARDENS Thriving city -
Slide 11: Four potential levers drive value creation at the Arndale
Four potential levers drive value creation at the Arndale Path to value creation 1 Modernise the public realm New entrances, sharper wayfinding and a refreshed food court to lift dwell time and reinforce the Arndale’s prominence in the city - centre core 2 Further elevate the brand mix Reconfigure o
Slide 12: Attractive deal terms, immediately earnings enhancing
Attractive deal terms, immediately earnings enhancing Headline price Additional pro forma NRI Topped - up NIY £218m +£17m 7.8% 50% interest Based on topped - up income Pro forma EPS accretion 1 Pro forma LTV 2 Total Pro accounting forma ND:EBITDA 2 return >2% c.36% c.7x 11% Immediately earnings accr
Slide 13: Outlook
Outlook FY26 New medium term guidance 1 EPRA earnings c.£132m / +c.27% Total NRI growth 6 - 8% 6 - 8% c.10% c.28% EPRA EPS CAGR DPS CAGR TAR LfL NRI growth 4 - 5% 13 HAMMERSON PLC HALF YEAR RESULTS 2026 1. Off FY25 base
Slide 14: Financial performance
Financial performance The Oracle 14 HAMMERSON PLC HALF YEAR RESULTS 2026
Slide 15: Strong financial performance
Strong financial performance Strong financial performance Profit & Loss 30 Jun 2026 30 Jun 2025 Change Net rental income 1 £112m £80m +40% LfL NRI 2 £80m £76m +5% EPRA earnings £64m £48m +33% EPRA cost ratio 1 28.4% 38.3% - 9.9% pts IFRS profit £56m £79m - 29% EPRA earnings per share 12.1p 9.9p +22%
Slide 16: EPRA earnings up 33% to £64m
EPRA earnings up 33% to £64m EPRA earnings up 33% to £64m Increase reflects benefit of acquisitions and like - for- like NRI growth of 5% Net finance costs 0.5 Interest receivable: (£12m) 2.4 Interest payable: (£2m) 3.7 (2.6) 26.1 64.3 (14.0) 48.2 £m Jun - 25 NRI NRI NRI Tax and Net Net Jun - 26 EPR
Slide 17: NTA per share walk
NTA per share walk NTA per share walk NTA per share unchanged over H1 12 (9) 394 (2) 394 (1) Pence Dec - 25 EPRA earnings Dividends Property revaluation FX & other Jun - 26 17 HAMMERSON PLC HALF YEAR RESULTS 2026
Slide 18: Robust balance sheet and credit metrics
Robust balance sheet and credit metrics Robust balance sheet and credit metrics • £463m and £150m RCFs extended to April 2029 • €350m 3.875% bond issued in June, maturing 2031 • Commitment to investment grade credit rating • Credit ratings (October 2025): • Fitch senior unsecured rating: A - • Moody
Slide 19: 2026 guidance
2026 guidance Updated guidance 1 EPRA Earnings EPRA earnings growth of c. 27 % to c.£132m, comprising: c.£125m underlying business (previous guidance of c.£120m) + £7m contribution from acquisition of Manchester Arndale Total NRI growth of c.28%; LfL NRI growth of c.4 - 5% Gross to net of c.80% EPR
Slide 20: Conclusion
Conclusion Dundrum 20 HAMMERSON PLC HALF YEAR RESULTS 2026
Slide 21: Conclusion
Conclusion 1 My priorities remain Continue to deliver flagship outperformance Maximise value of strategic land Further increase our scale 2 Confidence reflected in upgraded guidance FY26 EPRA earnings of c.£132m 3 Clear path to attractive shareholder returns 1 6 - 8% EPRA EPS CAGR 6 - 8% DPS CAGR c.
Slide 22: Thank you
Thank you Manchester Arndale
Slide 23: Important Notice
Important Notice The information contained in this presentation is for background purposes and does not purport to be full or complete. No rel ian ce 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
Slide 24: Additional disclosures: Manchester Arndale
Additional disclosures Manchester Arndale Westquay 24 HAMMERSON PLC HALF YEAR RESULTS 2026
Slide 25: Proposed placing to fund acquisition of Manchester Arndale
Proposed placing to fund acquisition of Manchester Arndale Primary placing of ordinary shares, via an accelerated bookbuild Structure A retail offer via RetailBook at the Placing Price A subscription by certain directors of the Company Rationale Proceeds used to fund the acquisition of a 50% interes
Slide 26: Acquisition of Manchester Arndale - Manchester growth
Acquisition of Manchester Arndale - Manchester growth Forecast GDP growth versus other major UK cities Top 30 Major Cities (+ Hammerson Cities) Ranked by Population Growth, population over 1m 80% 8,000 70% 7,000 60% 6,000 50% 5,000 40% 4,000 30% 3,000 20% 2,000 10% 1,000 0% 0 -10% -1,000 Malmo Berli
Slide 27: Manchester Arndale: a strong brand line-up drives footfall today
Manchester Arndale: a strong brand line - up drives footfall today, with marquee wins landed and clear pipeline upside FLOORSPACE ANNUAL FOOTFALL PRIME ZONE A — MARKET ST 2m sq ft 45m £215 230+ occupiers · 96% let Takes Hammerson total to 200m+ £220 on New Cathedral Street 01 STRONG CORE 02 RECENT W
Slide 28: Manchester Arndale sits at the heart of the strongest regional city in the UK
Manchester Arndale sits at the heart of the strongest regional city in the UK A diversified, growing economy with exceptional connectivity £100bn 6.4m 45% Northern Powerhouse ECONOMY CATCHMENT UNDER 34 CONNECTIVITY Greater Manchester's economy up The UK's largest retail catchment A young, affluent,
Slide 29: Additional disclosures: Group
Additional disclosures Group The Oracle 29 HAMMERSON PLC HALF YEAR RESULTS 2026
Slide 30: H1 26 like-for-like net rental income breakdown
H1 26 like - for- like net rental income breakdown 0% 1% 2% 3% 4% 5% LFL NRI +4.8% driven by: Primarily driven by increased base rents across Leasing Leasing 1.6% the portfolio YoY occupancy improvement +1.0ppt from H1 25 Occupancy & unrecovered Occupancy & unrecovered 1.6% to 95.6% at H1 26; unreco
Slide 31: Capex assumptions – driving returns whilst maintaining discipline
Capex assumptions – driving returns whilst maintaining discipline 2026 2027+ Scope/examples £m Funding assumptions Core capex e.g. Enhanced public realm, ESG, leasing, maintenance of landlord Asset enhancement & placemaking c.30 - 40 FFO c.20% NRI / 1% GAV areas Development capex e.g. Cergy 3, Quake
Slide 32: Financing
Financing Strong, flexible balance sheet at this point in the cycle Debt maturity profile of loans, £m (weighted life 4.6yrs) Liquidity position, £m 30 June 2026 Euro bonds Secured debt Sterling bonds Term loan Senior notes RCF – fully undrawn 613 Cash 500 Total liquidity 1,113 5 151 601 11 393 299
Slide 33: Portfolio overview
Portfolio overview Portfolio overview Value Total property Income Capital LfL ERV NEY NEY peak 5 - yr HY26 £m 1 return % return % return % change % range % range % swap % 2 UK 1,612 3.7% 4.1% (0.3)% 0.5% 7.0 – 8.4 4.3 - 5.2 4.3% France 1,019 1.8% 2.3% (0.5)% 0.3% 5.0 – 5.2 4.0 – 4.3 3.0% Ireland 651
Slide 34: Top 20 group occupiers account for 27% of passing rent
Top 20 group occupiers account for 27% of passing rent Top 20 group occupiers Top 15 regional occupier Ranked by passing rent UK France Ireland Inditex ✓ ✓ ✓ Watches of Switzerland ✓ JD Sports ✓ ✓ ✓ Next ✓ Selfridges ✓ ✓ H&M ✓ ✓ ✓ Marks & Spencer ✓ ✓ Boots ✓ ✓ Freedom Sportsline (Footlocker) ✓ ✓ ✓ A
Slide 35: ESG is core to our identity
ESG is core to our identity 1 Environment Progressing Net Zero Asset Plans across the portfolio with our Irish and French destinations all expanding their renewable energy generation Deepki implementation complete and we are now seeking system enhancements to improve reporting automation Tenant data