Unibail-Rodamco-Westfield SE

Latest Results (31.08.2026):

Unibail-Rodamco-Westfield SE — H1‑2026: URW delivered a strong first half of 2026 driven by resilient retail operations and active capital management. Like‑for‑like EBITDA rose +5.3% (reported EBITDA €1,161m), IFRS net result was €1,009m (+44.6% vs H1‑2025), AREPS was €4.84 and recurring net result €735m. Retail footfall and tenant sales improved, vacancy hit a record low, the disposal plan was completed and balance‑sheet metrics continued to strengthen while 2026 AREPS guidance and a €5.50 distribution were reaffirmed.

Financial headlines

Reported H1‑2026 EBITDA €1,161m (LFL +5.3%); IFRS net result €1,009m (+44.6% y/y); recurring net result €735m; AREPS €4.84 (H1‑2025: €5.11). EPRA NRV per share €146.80 (+2.1% vs Dec‑2025).

Retail operating performance

Tenant sales +5.2% and footfall +2.1% vs H1‑2025; Shopping Centres NRI €1,063m (LFL +4.5%). Westfield Rise net income ~€41m (LFL +~7%). Variable income (parking, retail media etc.) +11.8% to €169.1m.

Leasing and occupancy

MGR signed c.€197m in H1‑2026 with a +10.6% uplift on indexed passing rents (+14.0% on long‑term deals). Group vacancy at a record low 4.1% (‑80 bps y/y), US Flagship vacancy down to 5.2%.

Balance sheet and liquidity

IFRS net debt incl. hybrid €20.1bn (down from €20.3bn); IFRS LTV incl. hybrid 41.9% (≈‑90 bps vs FY‑2025). Liquidity ~€11.6bn (cash + committed facilities) and average debt maturity ~6.7 years.

Capital recycling and portfolio

Completed the €2.2bn disposal plan (c.€2.3bn of disposals over 2025–H1‑2026) and completed selective acquisitions (including increased stake in Westfield Southcenter); portfolio valuation up +0.9% (≈+€0.5bn) over six months to €49.5bn GMV.

Financing and ratings

Successfully raised ~€2.1bn of debt in H1‑2026 at attractive terms; average cost of debt ~2.3%. Moody’s upgraded outlook to Positive; S&P confirmed BBB+ and Moody’s Baa2 ratings.

M&A / strategic moves

Announced conditional acquisition of the remaining 50% of Westfield UTC (San Diego) and moves to secure full ownership of Westfield Southcenter — transactions described as LTV/AREPS neutral to marginally accretive on completion.

Guidance & shareholder returns

URW reaffirmed 2026 AREPS guidance €9.15–€9.30 and confirmed a proposed €5.50 per share distribution for FY‑2026 (up c.22% vs €4.50 paid for FY‑2025), assuming no major macro/geopolitical deterioration.

Strategy & outlook

Management says H1 performance validates the ‘A Platform for Growth’ plan: focus on flagship quality, data & AI (Rollout of data/AI across Westfield assets and launch of Westfield Rise+), and selective capital recycling to higher‑quality assets to drive continued like‑for‑like growth in H2‑2026.