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Sharenet Sites
Unaudited interim results for the six months ended 30 June 2026
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")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
1. SALIENT FEATURES
- Net rental income increased by 123% to £176 million (June 2025: £79 million)
- Adjusted earnings per share (see note 1) increased by 9% to 3.8 pence (June 2025: 3.54 pence)
- Headline earnings per share ('HEPS') (see note 2) maintained at 3.2 pence (June 2025: 3.2 pence)
- Earnings per share ('EPS') decreased by 14% to 3.8 pence (June 2025: 4.4 pence)
- Dividend per share increased by 3% to 3.65 pence (June 2025: 3.55 pence) and remains fully covered
by adjusted earnings at 103% (June 2025: 100%)
- Net tangible assets per share increased to 99 pence (December 2025: 98 pence)
- Investment property portfolio valuation of £6.0 billion (December 2025: £6.0 billion)
- Net initial yield of 5.4% (December 2025: 5.4%)
- Weighted average unexpired lease term of 10.4 years (December 2025: 10.8 years)
- Occupancy of 99% (December 2025: 99%)
- Rent-roll funded by government bodies of 76% (December 2025: 76%)
- Average cost of debt of 3.8% (December 2025: 3.7%)
- Loan to value ratio of 57% (December 2025: 57%)
- Weighted average debt maturity (drawn facilities) of 4.0 years (December 2025: 4.1 years)
- Total undrawn loan facilities and cash of £301 million (December 2025: £571 million)
Notes:
1. '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
2. The main difference between HEPS and EPS are due to non-cashflow gains and losses arising on the
valuation of the Company's property portfolio. EPS were further impacted by non-cashflow losses
arising from convertible bond and interest rate derivates.
2. OUTLOOK
The immediate focus of the business remains on delivering the strategic benefits and priorities following the
combination with Assura: managing leverage through moving assets into joint ventures or sales, integrating
the two businesses whilst continuing to deliver further cost and operating synergy benefits, and refinancing
the balance of the acquisition facility.
1
PHP has delivered another period of strong operational and financial performance with a focus on driving
rental growth from our existing assets, and we are encouraged by the firmer tone of open market rental
growth experienced over the last couple of years. We believe the dynamics of inflation in recent years,
including significantly increased build costs combined with demand for new primary care facilities and the
structural demand to modernise the estate, will continue to drive future rental growth, as evidenced through
opportunities in our asset management and development pipelines.
Our portfolio has consistently delivered resilient operating metrics in a healthcare market with strong
fundamental demographic characteristics, supported by a supportive political backdrop and the need for
greater investment in healthcare infrastructure to support the delivery of services in local community settings.
PHP has a unique portfolio, strong operational platform and skill-set across primary care in the UK and
Ireland with attractive future growth opportunities focused around private hospitals and adjacent healthcare
assets.
These factors give us confidence in our ability to continue to generate attractive shareholder returns which,
combined with our disciplined strategy and financial framework, support our ability to maintain our
progressive dividend policy and enable us to look forward to the rest of 2026 and beyond with confidence.
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/Interims26.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.
4. PRESENTATION AND WEBCAST DETAILS
A virtual presentation for analysts and investors will be streamed via live webcast on 30 July 2026 at 11.30am
(12.30pm SAST) with conference call facility available. Following the presentation, there will be a managed
Q&A session.
Webcast: https://brrmedia.news/PHP_HY26
Telephone (quote "PHP Results" when prompted)
UK-wide: +44 (0) 33 0551 0200 South Africa toll free: 0 800 980 512
A recording of the webcast will be made available from c.3.00pm UK time (4.00pm SAST) 30 July 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
30 July 2026
Sponsor: PSG Capital
2
Date: 30-07-2026 08:00:00
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