Primary Health Properties PLC (PHP) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and thank you for joining us for PHP's interim results for the six months ended 30th of June 2026. It's been another busy period for us, delivering a robust operational performance, translating into strong financial results and good earnings growth. We've also made very good progress on our key strategic objectives and I'll walk you through those shortly. First moving on to the highlights of our results in the first half. The operational activity in our portfolio remains a key driver for us. Rental growth on our rent reviews are a high volume aspect of our business, which supports both earnings and dividend growth. And we're again encouraged by the rental uplifts we have achieved in the period. This has been enhanced by the asset management and risk control development activity, which is vital to set evidence for these rent reviews in the future. This activity, along with our disciplined cost control over overheads and financing, and the positive contribution from the Assura merger, has supported another period of strong earnings growth of plus 9%. Following the merger, we've retained a key focus on our strategic priorities of integration, delivering synergies, bringing our leverage back to our target range and refinancing the acquisition bridge facilities. We'll come on to the details shortly, but we have made substantial progress on all of this and our plans remain firmly on track. We're of course very proud that 2026 is our 30th consecutive year of dividend growth and our business is all about delivering strong, secure, recurring, growing cash flows for our shareholders. And finally, the best of both approach from the merger means we are now seeing opportunities to create more value in our portfolio of critical healthcare infrastructure assets. The ...