PRIMARY HEALTH PROPERTIES PLC - Interim Results

Primary Health Properties PLC (PHP) reported a strong set of interim results for the six months ended 30 June 2026, highlighting the benefits of its transformational merger with Assura and continued momentum across its UK and Irish healthcare property portfolio. Adjusted earnings increased to £98 million, while adjusted earnings per share rose 9% to 3.8p, supported by additional income from Assura, rental growth and merger synergies. PHP has delivered £8 million, or 92%, of its anticipated £9 million cost synergies, reducing its EPRA cost ratio to 8.7%. Like-for-like rental growth generated an additional £4 million of income, with annualised rental growth reaching 3.2% and open-market rent reviews delivering a 6.3% uplift. The £6 billion healthcare property portfolio maintained 99% occupancy, while the average cost of debt remained at 3.8% and is expected to fall to 3.5% following further deleveraging. PHP is progressing joint ventures across primary care and private hospitals, with proceeds expected to repay the remaining £260 million bridge facility and reduce loan-to-value towards the low-50% range. Management also highlighted a growing development and asset management pipeline, supported by government-backed healthcare demand, neighbourhood health centre investment and attractive demographic trends. With integration substantially complete, 30 consecutive years of dividend growth and increasing scale following the Assura merger, PHP remains focused on earnings growth, rental growth, disciplined capital management and long-term shareholder returns.