Unibail-Rodamco-Westfield (URW) Q1 2025 TU earnings summary

Executive summary

• Robust Q1-2025 operating performance with dynamic leasing and positive footfall and sales, despite unfavorable calendar effects.

• €1.0 Bn of disposals completed or secured in 2025, supporting deleveraging strategy.

• Successful retail opening of Westfield Hamburg-Überseequartier, attracting over 1 million visits in two weeks.

• Expansion of Westfield Rise to the US, enhancing retail media and experiential revenue streams.

Financial highlights

• Proportionate turnover for Q1-2025 was €943.3 Mn, stable year-over-year.

• Group Gross Rental Income (GRI) for Q1-2025 was €707.0 Mn, down -0.9% from Q1-2024; Shopping Centres GRI up +0.8% to €621.7 Mn.

• Like-for-like Shopping Centres GRI up +2.6%, driven by indexation and strong operations.

• Tenant sales up +2.1% and footfall up +0.4% compared to Q1-2024.

• Total variable income increased by +9.4% to €74.7 Mn in Q1-2025.

Outlook and guidance

• 2025 Adjusted Recurring Earnings Per Share (AREPS) guidance confirmed at €9.30 to €9.50.

• Guidance based on Q1-2025 performance, prime retail operations, successful asset openings, and secured disposals.

• Assumes no further deterioration in macro-economic or geopolitical environment.