Unibail-Rodamco-Westfield (URW) Q1 2026 TU earnings summary

Executive summary

• Tenant sales increased by 5.0% year-over-year, with footfall up 1.7%, reflecting strong operating momentum across flagship assets.

• Like-for-like turnover rose 3.3% compared to Q1-2025, despite total turnover declining 3.7% due to disposals and FX impacts.

• EPRA Shopping Centres vacancy improved by 60 bps year-over-year, now at 4.7% for the Group.

• €94 million of Minimum Guaranteed Rent (MGR) signed, with an 8.3% uplift on indexed passing rents.

Financial highlights

• Total turnover reached €908.2 million, down 3.7% year-over-year, mainly due to asset disposals and negative FX.

• Shopping Centres Gross Rental Income (GRI) was €610.2 million, down 1.8% year-over-year, but up 2.4% like-for-like.

• Convention & Exhibition GRI increased by 14.8% to €68.0 million, benefiting from positive seasonality.

• Variable income rose 6.4% to €79.5 million, driven by tenant sales, parking, and retail media revenues.

Outlook and guidance

• 2026 Adjusted Recurring Earnings Per Share (AREPS) guidance confirmed at €9.15 to €9.30.

• Guidance assumes no major additional deterioration in macroeconomic or geopolitical conditions.