Unibail-Rodamco-Westfield (URW) investor relations material

Opening remarks and agenda

• The AGM was held at the company's headquarters for the first time, with simultaneous translation and live broadcast available for participants.

• The chairman welcomed shareholders, board members, and executive committee, outlining the agenda and confirming all legal requirements for the meeting were met.

• Notices and documents were made available online, at the venue, and published in official legal bulletins.

• No shareholder requests for additional draft resolutions were received.

Financial performance review

• Operational performance in 2025 exceeded forecasts, with AREPS at €9.58 per share, strong organic growth, and a proposed cash distribution of €4.50/share.

• 25 disposals totaling €2.2Bn contributed to deleveraging, simplification, and strengthening the balance sheet.

• Shopping centers saw increased footfall, tenant sales, dynamic leasing, and a historic low vacancy rate.

• Portfolio revaluation increased by 1.7% (+€836Mn), with IFRS LTV reduced from 45.5% to 42.0%.

• The company maintained a high EBITDA margin (63%) and strong cash flow conversion (75% of EBITDA).

Board and executive committee updates

• Vincent Rouget was welcomed as the new Chairman of the Management Board, succeeding Jean-Marie Tritant, with strong succession planning.

• Kathleen Verelst was appointed Chief Investment Officer, and the board composition was diversified with new members including Jacques Richier, Roderick Munsters, Jules Niel, and Carole Benaroya.

• The board now has 44% women, 56% men, and an independence ratio of 76%; post-AGM, Supervisory Board independence will be 67%.