Unibail-Rodamco-Westfield (URW) Q3 2025 TU earnings summary

Executive summary

• Upgraded 2025 guidance with AREPS expected to be at least €9.50, reflecting strong operating performance and successful capital management.

• Tenant sales rose 3.4% and footfall increased 1.8% year-over-year for the first nine months of 2025.

• Major asset transactions include the acquisition of a 25% stake in St James Quarter, Edinburgh, and €1.6 Bn in disposals completed or secured.

Financial highlights

• Proportionate turnover for 9M-2025 was €2,688.6 Mn, down 5.3% year-over-year, mainly due to disposals and FX impacts.

• Shopping Centres GRI up 2.4% like-for-like, but down 1.7% overall due to asset sales and FX.

• Offices & Others GRI fell 18.0% year-over-year, and Convention & Exhibition GRI dropped 15.5% due to seasonality and the 2024 Olympics.

• Variable income increased 6.9% to €233.0 Mn.

Outlook and guidance

• 2025 AREPS guidance raised to at least €9.50, assuming stable macroeconomic and geopolitical conditions.

• Proposed €4.50 per share distribution for FY 2025, a 30% increase from the prior year.