Paris, July 30, 2026
Press release
UNIBAIL-RODAMCO-WESTFIELD REPORTS H1-2026 EARNINGS
Strong retail operating performance with increased footfall and tenant sales,
sustained leasing momentum and record low vacancy (-80 bps)
Like-for-like EBITDA up +5.3%1
including retail NRI up 380 bps above indexation
IFRS net result2 of +€1,009 Mn (+44.6% vs. H1-2025)
c. -90 bps IFRS LTV3 reduction to 41.9% supported by
+0.9% increase in portfolio revaluation and disposal programme completion
Further drive to quality-flagships, including the conditional acquisition of 50% of Westfield UTC
and 100% ownership of Westfield Southcenter
Successful financing activity with €2.1 Bn4 of debt secured at attractive conditions
Moody's rating outlook upgraded to positive
Disciplined execution of our 'A Platform for Growth' business plan
supporting the 2026 AREPS target of €9.15-9.30 and the reaffirmed €5.50 per share distribution guidance
H1-2026 in review:
- Tenant sales up +5.2% supported by +2.1% increase in footfall vs. H1-2025
- Record-low Shopping Centre vacancy at 4.1%, down -80 bps vs. H1-2025
- €197 Mn of Minimum Guaranteed Rent (MGR) signed
- +10.6% MGR uplift on top of indexed passing rents, including +14.0% on long-term deals representing 79% of the leasing activity
- EBITDA of €1,161 Mn, up +5.3% on a like-for-like basis1
- Shopping Centres Net Rental Income (NRI) at €1,063 Mn, up +4.5% on a like-for-like basis5
- Convention & Exhibition Net Operating Income (NOI) at €105 Mn, up +16.2% on a like-for-like basis, thanks to seasonality effects
- Offices & Others NRI at €20 Mn (H1-2025: €40 Mn), mainly reflecting disposals
- +0.9% increase in portfolio revaluation (+€0.5 Bn) including +0.7% in Europe and +2.0% in the US
- €2.2 Bn of 2025-26 disposal plan completed, of which €0.6 Bn in H1-2026
- Disciplined capital allocation through a further reduced committed pipeline (-€0.2 Bn) and selective capital recycling into higher-quality assets
- IFRS Net Debt including hybrid reduced from €20.3 Bn to €20.1 Bn, with a reduced hybrid portfolio from €1.8 Bn to €1.5 Bn
- IFRS LTV including hybrid at 41.9%, c. -90 bps improvement vs. FY-2025
- IFRS Net Debt to EBITDA including hybrid stable at 9.1x due to 2025 distribution, below H1-2025 (9.2x)
- +€2.1 Bn4 raised across debt capital markets through unsecured, secured and private placement
- Recurring net result of +€735 Mn, AREPS of €4.84, and IFRS net result2 of +€1,009 Mn (+44.6% vs. H1-2025)
Commenting on the results, Vincent Rouget, Chief Executive Officer, said:
"URW delivered a strong first half of 2026, in line with the trajectory set out in our 2025-28 'A Platform for Growth' business plan. These results demonstrate the strength of our Flagship destinations, unrivalled retail operating expertise, advanced data and AI capabilities, and the powerful Westfield brand.
Shopping Centre operating performance was supported by robust tenant sales and footfall growth, strong leasing momentum, higher MGR uplifts and improved occupancy - with vacancy now at its lowest level since 2017.
This performance reflects good leasing tension and active asset management across our flagship destinations, and our continued focus on bringing the right retailers and brands to the right destinations. These efforts directly support our business plan target of compelling like-for-like NRI and EBITDA growth.
Having completed our €2.2 billion disposal plan, our focus is on recycling capital towards higher-quality assets and opportunities with attractive long-term returns. We have been very active over H1, working to secure full ownership in two of our best and fast-growing US Flagships.
Supported by the commitment of our teams and the strength of our unique platform, we continue to focus on executing our plan and creating value for all our stakeholders. We are confident in URW's ability to deliver sustainable long-term growth driven by our core priorities of leasing, innovation and simplification."
FINANCIAL SCHEDULE
The next financial events on the Group's calendar will be:
October 22, 2026: Q3-2026 Trading update (after market close)
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:
Franck Pasquier - Image 7 - +33 6 73 62 57 99 - fpasquier@image7.fr
Nathalie Feld - Image 7 - +33 6 30 47 18 37- nfeld@image7.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 65 owned shopping centres in the US and Europe that represent around 88% of the Group's €49.5 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 of the 100 most sustainable companies in the world.
URW's 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 Excluding the impact of FX, disposals, pipeline, Design, Development & Construction (DD&C).
2 IFRS net result including recurring and non-recurring (incl. gains or losses on disposals, mark-to-market of assets and financial derivatives).
3 Including hybrids.
4 At 100%.
5 Shopping Centres Lfl NRI excluding US Regionals and CBD asset.
