Unibail-Rodamco-Westfield (URW) Q3 2026 TU earnings summary

Executive summary

• Solid 9M-2026 operating momentum: tenant sales +5.2%, footfall +2.2%, and like-for-like turnover +2.4%.

• Leasing remained strong, rental uplifts reached +10.3% on indexed passing rents, and EPRA Shopping Centres vacancy improved to 3.9%.

• 2026 AREPS is expected within €9.15–€9.30 guidance; the €5.50 per-share FY-2026 cash distribution proposal was confirmed.

Financial highlights

• 9M-2026 proportionate total turnover was €2,639m, down 1.9% reported and up 2.4% like-for-like.

• Proportionate GRI was €2,087m, down 0.7% reported; like-for-like GRI rose 4.4%, including Shopping Centres growth of 3.8%.

• Total variable income increased 9.2% to €254m, supported by retail media and parking revenues.

• Convention & Exhibition GRI rose 11.9% proportionate and 11.7% like-for-like in 9M-2026.

Outlook and guidance

• FY-2026 AREPS expected within €9.15–€9.30, supported by year-to-date operating performance and reflecting disposals, acquisitions and refinancings.

• FY-2026 distribution of €5.50 per share to be proposed, ~22% above the €4.50 paid for FY-2025.

• Guidance assumes no major additional deterioration in the macroeconomic and geopolitical environment.