Unibail-Rodamco-Westfield (URW) H1 2026 earnings summary

Executive summary

• H1-2026 delivered strong retail operating performance with tenant sales up 5.2%, footfall up 2.1%, record-low shopping centre vacancy at 4.1%, and robust leasing momentum, supported by flagship destinations and the Westfield brand.

• Portfolio revaluation increased by 0.9% (+€0.5 Bn), and the €2.2 Bn disposal plan was completed, enabling deleveraging, capital recycling, and selective acquisitions.

• Net result attributable to shareholders reached €1,009.1 Mn, up from €697.7 Mn in H1-2025, with recurring net result at €735 Mn and like-for-like EBITDA up 5.3%.

• Moody’s upgraded its rating outlook to positive, and S&P confirmed BBB+ rating.

• Continued focus on innovation, simplification, and disciplined capital allocation.

Financial highlights

• Tenant sales up 5.2% year-over-year; like-for-like EBITDA up 5.3%; NRI up 4.5% like-for-like (Europe +3.9%, US Flagships +6.7%).

• AREPS at €4.84 per share, reflecting disposals and FX impacts; EPRA NRV per share increased to €146.80 (+2.1%).

• Net Rental Income was €1,151 Mn (-2.0% year-over-year, +5.0% like-for-like); EBITDA reached €1,161 Mn (-1.9% reported, +5.3% like-for-like).

• Group vacancy down to 4.1%, lowest since 2017; leasing uplift +14% on long-term deals.

• Convention & Exhibition NOI up 16.4% year-over-year, with 99% of 2026 rental income pre-booked.

Outlook and guidance

• 2026 AREPS guidance reaffirmed at €9.15–9.30, supported by strong H1 performance and expected H2 continuation.

• Distribution guidance for FY 2026 confirmed at €5.50 per share (+22% vs. FY 2025).

• Guidance assumes no major additional macroeconomic or geopolitical deterioration.

• 2028 targets: 40% LTV and 8x net debt/EBITDA.

• H2 expected to reflect full impact of disposals and H1-2026 refinancings.