Unibail-Rodamco-Westfield (URW) AGM 2025 summary

Opening remarks and agenda

• The Chairman welcomed shareholders and board members, confirming interpretation and document availability, with no additional resolutions proposed by shareholders.

• Legal and regulatory requirements for convening the meeting and document availability were confirmed, with statutory auditors present.

• The quorum was established at 70.76% of shares with voting rights, allowing valid deliberation.

Financial performance review

• 2024 saw strong operating and retail performance, record Convention & Exhibition results (+66%), and Offices up 22.3%.

• Net rents rose 6.7% year-on-year, with AREPS above guidance at €9.85 and a proposed cash payout of €3.50 per share, a 40% increase over 2023.

• €2.0 Bn of disposals at book value and €0.6 Bn of acquisitions at attractive terms in 2024.

• Gearing ratio improved by 100 basis points, net debt-to-EBITDA dropped to 8.7x, and LTV reduced by 100 bps.

• Shopping centre sales and footfall rose, with vacancy rates declining to 4.8% by Q1-2025.

Board and executive committee updates

• The management board consists of five members, with mandates for the Chairman, CFO, and CEO renewed in December 2024.

• The Supervisory Board will have eight members, representing five nationalities, 75% independence, and increased diversity and expertise.