HAMMERSON PLC - Pre-AGM trading update

Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)

LSE and Euronext Dublin share code: HMSO               
JSE share code: HMN
ISIN: GB00BK7YQK64
('Hammerson' or 'the Company')

Pre-AGM trading update


Hammerson plc today announces a trading update for the three months ended 31 March 2023
which is being issued ahead of the Company's Annual General Meeting to be held at 0900 BST on 4
May 2023 at Marble Arch House, London.


Rita-Rose Gagne, Chief Executive of Hammerson, said:

'We have maintained our focus on execution during the first few months of the year. We have a
strong operational grip which is delivering top line growth, with continued momentum in leasing and
a strong pipeline. We have further reduced costs, with more to come as we create a sustainable and
agile platform.


We have exited minority stakes in France and other non-core interests, bringing total disposals since
the start of 2021 to over #840m, and a sharper focus on our core portfolio of city centre assets and
land. We have further strengthened the balance sheet and maintain a disciplined approach to
capital allocation. Looking forward, we have strong momentum and remain on track to return to
cash dividends as previously guided."


Strong Q1 reflecting consistent execution.

' Like-for-like gross rental income growth of +5% reflecting robust leasing, car parking and
  commercialisation performance

' Like-for-like net rental income was up +5% benefiting from solid collections (FY 22 96%;
  Q1 23 92%), lower bad debt charges and tenant incentive impairments

' Gross administration costs decreased 13% year-on-year in line with our commitment to reduce
  these by 20% by the end of 2024

' Value Retail has seen a strong start to the year with spend per visit up +3%

Footfall and sales

' Footfall in the UK and France up +6% year-on-year; Ireland +13%

' Sales in the UK up +6% year-on-year; France +11%; Ireland +7%

' Value Retail footfall up +14% year-on-year; sales +17%

Leasing and occupancy

' Continued momentum on leasing with 61 leases signed year-to-date, representing #9m of rent on
  a 100% basis

' Headline rent +18% ahead of previous passing rent, and +5% ahead of ERV on a net effective basis
' Diverse leasing mix including non-fashion, restaurant, leisure, and services
' Continued demand with a further #16m in solicitors' hands
' Occupancy up year-on-year to 95%

Valuations

' Q1 managed portfolio valuations flat on 31 December 2022; slight increase to ERVs offset by
  marginal adjustment to yields

Disposals

' The Group remains disciplined in its disposal programme

' Since full year 2022 results in March, we have completed disposals including Hammerson's share
  of Italie Deux and Italik, delivering a cumulative c.#410m of our #500m 2023 target; the Group
  remains confident of completing the programme on schedule

Balance sheet and liquidity

' #22m of cash distributions received from Value Retail

' Including disposals to date and debt written down, the Group's credit metrics have further
  improved:

                                             Pro-forma       31 December 2022
           ' Headline LTV                       35%                 39%
           ' FPC LTV                            44%                 47%
           ' Net debt/EBITDA                     9x                 10.4x


' The Group's RCF facility of #613m extended to April 2026 with pro forma liquidity of #1.2bn
' No further Group unsecured debt maturities not covered by existing cash until 2026


Investor Enquiries:

Josh Warren, Director of Strategy, Commercial Finance, and Investor Relations
Tel: +44 (0)20 7887 1053 Email: josh.warren@hammerson.com
Media Enquiries:
Natalie Gunson, Communications Director, Hammerson

Tel: +44 (0)20 7887 4672 Email: natalie.gunson@hammerson.com
MHP for Hammerson
Oliver Hughes
T: +44 7885 224532 E: Hammerson@mhpgroup.com
Ollie Hoare
T: +44 7817 458804 E: Hammerson@mhpgroup.com

ENDS
25 April 2023


Hammerson has its primary listing on the London Stock Exchange and a secondary inward listing on
the Johannesburg Stock Exchange and on Euronext Dublin.

Sponsor:
Investec Bank Limited

Date: 25-04-2023 08:00:00

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