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Results for the year ended 31 December 2025
PRIMARY HEALTH PROPERTIES PLC
(Incorporated in the United Kingdom)
Company Number: 3033634
LSE Share Code: PHP
JSE Share Code PHP
ISIN Code: GB00BYRJ5J14
LEI: 213800Y5CJHXOATK7X11
("PHP" or the "Company")
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. SALIENT FEATURES
• Net rental income increased by 49% to £230 million (December 2024: £154 million)
• Adjusted earnings per share increased by 4% to 7.3 pence (December 2024: 7.0 pence)
• Headline earnings per share ("HEPS") decreased by 4.62% to 6.2 pence (December 2024:
6.5 pence)
• Earnings per share ("EPS") increased by 113% to 6.6 pence (December 2024: 3.1 pence)
• Dividend per share increased by 3% to 7.1 pence (December 2024: 6.9 pence) and remains
fully covered by adjusted earnings at 41%
• IFRS net tangible assets per share decreased by 4.85% to 98 pence (December 2024: 103
pence)
• Investment property portfolio valuation of £6.0 billion (December 2024: £2.8 billion)
• Net initial yield of 5.4% (December 2024: 5.2%)
• Weighted average unexpired lease term of 10.8 years (December 2024: 9.4 years)
• Occupancy of 99% (December 2024: 99%)
• Rent-roll funded by government bodies of 76% (December 2024: 89%)
• Average cost of debt of 3.7% (December 2024: 3.4%)
• Loan to value ratio of 57% (December 2024: 48%)
• Weighted average debt maturity (drawn facilities) of 4.1 years (December 2024: 5.7 years)
• Total undrawn loan facilities and cash of £ 571 million (December 2024: £271 million)
Notes:
- Adjusted earnings, which is a tax adjusted measure of revenue profit, is the basis for the
calculation of adjusted earnings per share. PHP believes adjusted earnings and adjusted
earnings per share provide further insight into the results of the Company's operational
performance to stakeholders as they focus on the net rental income performance of the
business and exclude capital and other items which can vary significantly from year-to-year;
and
- The main difference between HEPS and EPS are due to non-cashflow gains arising on the
valuation of the Company's property portfolio and interest rate derivatives.
2. ADDITIONAL VOLUNTARY INFORMATION
Mark Davies, Chief Executive Officer ("CEO") of PHP, commented:
"2025 was a transformational year for PHP, obtaining overwhelming shareholder and wider
stakeholder support for the combination with Assura plc ("Assura") to create a £6 billion
healthcare REIT invested in critical social infrastructure assets across the UK and Ireland which
will deliver financial and strategic benefits to our stakeholders. Our immediate focus is on
delivering the post-transaction objectives of reducing leverage back to our targeted range of 40%
to 50%; delivering the £9 million of annualised synergies identified; and integrating the two
businesses to achieve the best of both organisations.
"In a short space of time and ahead of schedule, we have delivered over 80% of the annualised
transaction synergies and offers have been received from highly credible investors to establish a
new strategic joint venture on our private hospital portfolio. Alongside this, we have agreed
commercial terms with our existing joint venture partner on primary care assets to inject a portfolio
of £103 million which will help to reduce leverage back to our targeted range.
"The NHS's 10-year Health Plan published in July 2025 is clearly positive for PHP. We welcome
the Government's commitment to strengthening the NHS, particularly its emphasis on shifting
more services to modern primary care facilities embedded in local communities, enhanced by
the NHS Neighbourhood Rebuild programme announced in the Autumn Budget. This plays
directly to our strengths and our long-standing partnerships across the NHS give us a strong
foundation to support this transition and deliver value to our shareholders.
"We are encouraged by the improving rental growth outlook underpinned by the Group's primary
care assets along with the solid trading performance from the recently acquired private hospital
portfolio. Rental growth of 3.2% in 2025 was ahead of previous guidance and this trend has
continued into 2026, with an annualised growth rate of 3.4% on rent reviews settled in the first
two months.
"We have now achieved PHP's 30-year anniversary of consecutive dividend growth and
approach the future with a dedicated determination to continue growing our dividend on a fully
covered basis."
3. SHORT FORM ANNOUNCEMENT
The short form announcement is the responsibility of the directors of the Company. It contains
only a summary of the information in the full announcement ("Full Announcement") and does
not contain full or complete details. The Full Announcement can be found at:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/PHPE/Final25.pdf
A copy of the Full Announcement is also available for viewing on the Company's website at
https://www.phpgroup.co.uk/investors/results-reports-and-presentations/.
Any investment decisions by investors and/or shareholders should be based on consideration
of the Full Announcement, as a whole.
The results for the year ended 31 December 2025 have been extracted from the audited accounts
which have not yet been delivered to the Registrar of Companies in England & Wales. The
financial statements set out the Full Announcement do not constitute statutory accounts for the
year ended 31 December 2025 or 31 December 2024. The financial information for the year
ended 31 December 2025 is derived from the statutory accounts for that year. The report of the
auditors on the statutory accounts for the year ended 31 December 2025 was unqualified and
did not contain a statement under Section 498 of the Companies Act 2006.
4. PRESENTATION AND WEBCAST DETAILS
A virtual presentation for analysts and investors will be held today, at 09:00am (11:00am SAST),
via a live webcast and conference call facility. Following the presentation there will be a managed
questions and answers session.
The presentation will be accessible via live video webcast and a live conference call facility:
Webcast: https://brrmedia.news/PHP_FY_25
Telephone: UK-wide: +44 (0) 33 0551 0200
Telephone: South Africa toll free: 0 800 980 512
Password: Quote "PHP Results" when prompted
A recording of the webcast will be made available from c.1.00pm UK time (3.00pm SAST) on
17 March 2026 on the PHP website, https://www.phpgroup.co.uk/.
The Company has a primary listing on the London Stock Exchange and a secondary listing on
the JSE Limited.
United Kingdom
17 March 2026
Sponsor: PSG Capital
Date: 17-03-2026 09:00:00
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