UNIBAIL-RODAMCO-WESTFIELD REPORTS FY-2025 EARNINGS
Strong retail performance supported by increased footfall and tenant sales,
dynamic leasing activity and record low vacancy
c. -355 bps LTV improvement1 thanks to €2.2 Bn of completed or secured disposals and a +1.7% portfolio revaluation2
Successful deliveries including retail opening of Westfield Hamburg-Überseequartier
and extension and rebranding of Westfield Cerný Most
Launch of capital-light growth initiatives through first franchising contract in KSA and
acquisition of a 25% stake in St James Quarter, the dominant mall in Edinburgh
Successful financing & hedging activity and reduced hybrid cost
Good start to 'A Platform for Growth' business plan with 2025 AREPS at €9.58 and proposed3 distribution of €4.50/share, up c.+30% vs. FY-2024
2026 AREPS forecasted to be in the range of €9.15 to €9.30 with targeted 2026 distribution of €5.50/share
2025 in review:
- Tenant sales up +3.9% supported by +1.9% increase in footfall vs. 2024
- Shopping Centre vacancy at 4.6%, down -20 bps vs. 2024
- €423 Mn of Minimum Guaranteed Rent (MGR) signed, with +6.7% uplift on top of indexed passing rents, including +11.3% on long-term deals representing 82% of the leasing activity
- EBITDA of €2,284 Mn, up +3.6% on a like-for-like basis4
- Shopping Centres Net Rental Income (NRI) at €2,081 Mn, up +3.8% on a like-for-like basis5
- Offices & Others NRI at €66.9 Mn (2024: €102.4 Mn), reflecting disposals
- Convention & Exhibition Net Operating Income (NOI) at €159.6 Mn
- +1.7% increase in portfolio revaluation (+€836 Mn) incl. +1.8% in Europe and +1.2% in the US
- €2.2 Bn of disposal transactions completed or secured, out of which €1.6 Bn completed in 2025
- IFRS Net Debt including hybrid reduced from €21.9 Bn to €20.3 Bn and to €19.7 Bn proforma secured disposals1
- IFRS LTV including hybrid at 42.8%, -270 bps improvement vs. FY-2024 (42.0% proforma for secured disposals1 i.e. c. -355 bps)
- IFRS Net Debt to EBITDA including hybrid improving to 9.1x, down from 9.5x in 2024
- Hybrid portfolio restructuring (coupon decrease of c. -55 bps) and CMBS6 refinancing (coupon decrease of c. -190 bps)
- Recurring net result of +€1,452 Mn and IFRS net result7 of +€1,268 Mn
Commenting on the results, Vincent Rouget, Chief Executive Officer, said:
"2025 was another successful year for URW and a good start to our 'A Platform for Growth' 2025-28 business plan, with attractive organic growth, disposal target secured, disciplined capital allocation and increasing shareholder returns.
Thanks to our dominant portfolio, unrivalled retail operations and the iconic Westfield brand - which form a powerful ecosystem of performance - tenant sales and footfall grew, leasing activity was strong and vacancy reached its lowest level since 2017. We see a clear opportunity to further enhance retail tension and capture market share in 2026, building on Westfield's unmatched position as a profitable growth platform for flagship retail.
In 2025, our focus on capital light growth saw the creation of a new franchising business and the first Westfield branded location in the Kingdom of Saudi Arabia. We also acquired a 25% stake in St James Quarter, the number one retail destination in Edinburgh, that will be rebranded Westfield and managed by URW.
We further strengthened our balance sheet, supported by a healthy increase in portfolio valuations and €2.2 billion of completed or secured disposals, taking our LTV ratio to its lowest level since 2019. These transactions also streamline and simplify our business.
Thanks to our strong operating and financial performance, we will propose a cash distribution of €4.50 per share for 2025 - up around 30% from last year - and confirm our 2026 AREPS guidance. We also target a distribution of €5.50 per share for 2026, reflecting our confidence in our 'A Platform for Growth' financial trajectory.
Our Better Places sustainability roadmap is a key strategic driver for the Group, and our delivery on our targets has URW consistently recognised as one of the top 100 companies globally. This includes community impact programmes, including a successful partnership with the Louvre in France, guided by our purpose to 'Reinvent Being Together'.
I am excited to lead URW and its talented teams, and along with our Management Board, have set clear 2026 priorities in terms of leasing, further Group simplification to focus on activities that drive growth and innovation, and harnessing the power of our proprietary data and AI capabilities to create value for all our stakeholders."
FINANCIAL SCHEDULE
The next financial events on the Group's calendar will be:
April 23, 2026: Q1-2026 Trading update (after market close)
May 6, 2026: AGM Unibail-Rodamco-Westfield SE
May 19, 2026: Distribution payment, subject to approval of the AGM
July 30, 2026: H1-2026 results
For further information, please contact:
Investor Relations
Meriem Delfi
+33 7 63 45 59 77 - investor.relations@urw.com
Juliette Aulagnon
+33 6 15 74 20 43 - investor.relations@urw.com
Media Relations
UK/Global:
Cornelia Schnepf - Finelk
+44 7387 108 998 - Cornelia.Schnepf@finelk.eu
France:
Cyrille Lachèvre - PLEAD
+33 6 20 42 12 08- cyrille.lachevre@plead.fr
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield (URW) operates vibrant retail-anchored destinations in many of the world's best cities and urban areas. This powerful network attracts over 900 million customer visits annually, supports the growth of major retailers, and makes a significant social and economic contribution to local communities.
This network includes 66 owned shopping centres in the US and Europe that represent around 88% of the Group's €49 Bn asset portfolio - with 41 centres operating under the iconic Westfield brand. URW also has partners who operate Westfield-branded destinations in fast-growing new markets.
Through its 'A Platform for Growth' business plan, URW is generating organic growth, leveraging the power of the Westfield brand, and unlocking capital light growth opportunities to generate compelling shareholder returns. This is supported by the Group's 'Better Places' sustainability roadmap, which has established URW as a leader in the real estate industry and one the 100 most sustainable companies in the world.
URW's stapled shares are listed on Euronext Paris (Ticker: URW). The Group is rated BBB+ by Standard & Poor's and Baa2 by Moody's.
For more information, please visit www.urw.com.
1 Reduction of the IFRS LTV including hybrid in 2025 vs. 2024, proforma for the receipt of the proceeds from c. €0.5 Bn secured disposals (out of which €0.1 Bn completed in 2026 year-to-date).
2 Net of investments (capex, acquisitions, transfers), disposals and FX impact.
3 Subject to approval by AGM of Unibail-Rodamco-Westfield SE on May 6, 2026, to be paid on May 19, 2026.
4 Excluding the impact of disposals, pipeline, Design, Development & Construction (DD&C), FX and the impact of the Olympics.
5 Shopping Centres Lfl NRI excluding airports, US Regionals and CBD asset.
6 Commercial Mortgage-Backed Securities.
7 IFRS net result including recurring and non-recurring (including gains or losses on disposals, mark-to-market of assets and financial derivatives, etc.).
