Reflecting Acquisition, Equity Raise and New Guidance

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M

Update

July 31, 2026 03:35 PM GMT

Hammerson | Europe

Morgan Stanley & Co. International plc+

Bart Gysens, CFA

Equity Analyst

Reflecting Acquisition, Equity

Raise and New Guidance

Ana Escalante

Equity Analyst

Paula Bayer

Research Associate

Hammerson published 1H26 results, announced an acquisition

and raised equity. We update estimates.

Hammerson (HMSO.L, HMSO LN)

Property | United Kingdom

Key Takeaways

Hammerson has bought 50% of Arndale, Manchester.

Funded this deal by means of a 10% placing…

…and increased guidance for 2026 EPS.

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Mkt cap, curr (mn)

EV, curr (mn)*

Overweight

Attractive

400p

369p

377-263p

£2,158

£3,529

* = GAAP or approximated based on GAAP

Arndale acquisition. Hammerson has bought a 50% stake in the Arndale,

Fiscal Year Ending

Manchester from a consortium of former lenders to intu for £218 million, reflecting

NAV per shr (p)

Premium (discount) to

NAV (%)

Adj EPRA net income

(£mn)

Adj EPRA EPS, diluted

(p)

EPS (p)**

Prior EPS (p)**

DPS (p)

Div yld (%)

EBITDA (£mn)

Net debt (£mn)*

a 7.8% topped up net initial yield. This was not a surprise as the deal had been

flagged already by the press (see link), and as this is entirely in line with group's

stated ambition to acquire more shopping centres (see link).

Equity placing. Hammerson is funding this deal by raising £189 million of equity by

issuing 53 million new shares at 355p (a 3.8% discount to the undisturbed share

price, and a 10% discount to June-26 NAV per share).

Solid 1H26 results. Hammerson reported an NAV (EPRA NTA) of 394p, flat for the

half. EPRA EPS was up 22% to 12.1p. Net rents were driven up 5% like for like,

supported by footfall up 3% (vs.1% a year ago) and sales growth of 2% (vs. 1% a year

ago).

12/25 12/26e 12/27e 12/28e

394

(16)

403

(9)

427

(14)

452

(18)

104

133

147

157

20.7

23.7

25.1

26.9

20.7

16.5

5.0

145

1,371

23.7

22.8

17.5

4.7

189

1,435

25.1

24.7

18.5

5.0

208

1,512

26.9

26.0

19.5

5.3

223

1,584

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

…