UNIBAIL-RODAMCO-WESTFIELD REPORTS H1-2025 EARNINGS
Paris, July 31, 2025
Press release
UNIBAIL-RODAMCO-WESTFIELD REPORTS H1-2025 EARNINGS
Strong tenant sales performance (+3.8%) outperforming market and
dynamic leasing activity with positive MGR uplift of +7.1%
Like-for-like EBITDA up +4.1%1 and Adjusted Recurring EPS of €5.11
Successful retail opening of Westfield Hamburg-Überseequartier
attracting c. 4 Mn visits since April
Launch of Westfield brand licensing business,
announced partnership with Cenomi Centers within KSA2
+1.2% increase in portfolio valuation3
€1.6 Bn of disposals4 completed or secured
Successful financing and hedging activity supporting the financial results
2025 AREPS expected at upper end of €9.30 to €9.50 guidance range
Successful H1-2025 aligned with ‘A Platform for Growth’ 2025-28 business plan
H1-2025 in review:
- Footfall up +1.6% supporting tenant sales up +3.8% vs. H1-2024
- Shopping Centre vacancy at 4.9%, down -60 bps vs. H1-2024
- €202 Mn of Minimum Guaranteed Rent (MGR) signed, with +7.1% uplift on top of indexed passing rents, including +11.6% on long-term deals representing 80% of the leasing activity
- Shopping Centres Net Rental Income (NRI) at €1,078 Mn, up +1.2% including +4.1% on a like-for-like basis5
- EBITDA of €1,183 Mn, down -1.1% including +4.1% on a like-for-like basis1
- +1.2% increase in portfolio valuation3 vs. FY-2024, incl. +1.4% in Europe and +0.4% in the US
- €1.6 Bn of disposal transactions4 completed or secured
- IFRS LTV including hybrid at 44.7%, improving by -80 bps vs. FY 2024 and -120 bps on a proforma basis6
- Net Debt to EBITDA including hybrid improving to 9.2x, down from 9.5x in 2024
- Reduction, re-couponing and extension of the hybrid stack
- $1.2 Bn CMBS7 refinancing at improved conditions (c. -190 bps coupon improvement)
- H1-2025 AREPS at €5.11, down by -0.6% mainly due to disposals and an increase in the number of shares
- IFRS net result8 of +€698 Mn (+€72 Mn in H1-2024), supported by like-for-like performance and revaluation
Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, said:
“Our H1 results show the continued strong performance of our dominant retail assets in the best European and US markets and are fully aligned with the four-year growth trajectory presented at our Investor Day in May.
Sales, footfall and leasing activity are in line with expectations, and we continue to outperform the wider market. The Group’s Shopping Centre portfolio was also revalued upwards in both Europe and the US.
We are pleased with the commercial success of Westfield Hamburg-Überseequartier following the retail opening in April, and continue working on the phased delivery of the project’s offices and hotels.
We have also launched a licensing business to generate new revenues and support the international expansion of the powerful Westfield brand, and announced a strategic partnership with Cenomi Centers within the Kingdom of Saudi Arabia.
Since January, we have completed or secured €1.6 Bn of disposals which includes c. €0.6 Bn subject to customary conditions precedent, and are on track to achieve €2.2 Bn of planned disposals by early 2026.
We expect full year AREPS to be at the upper end of our guidance, based on strong H1 performance, our confidence for H2, our successful refinancing activity and disposal achievements. We confirm that we will propose a 4.50 euros per share distribution for fiscal year 2025, part of planned cumulative distributions of at least €3.1 Bn euros for fiscal years 2025-28.”
FINANCIAL SCHEDULE
The next financial event on the Group’s calendar will be:
October 23, 2025: Q3-2025 trading update (after market close)
For further information, please contact:
Investor Relations
Meriem Delfi
77 –
Juliette Aulagnon
43 –
Imane Rafiky
88 –
Media Relations
UK/Global:
Cornelia Schnepf – Finelk
8 –
France:
Etienne Dubanchet – PLEAD
43 –
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.
The Group operates 66 shopping centres in 11 countries, including 40 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €1.9 Bn development pipeline of mainly mixed-use assets. Its €49 Bn portfolio is 88% in retail, 5% in offices, 6% in convention and exhibition venues, and 2% in services (as at June 30, 2025).
URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.
URW’s stapled securities are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests up until the delisting from the ASX which is scheduled to occur on August 27, 2025. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.
For more information, please visit
1 Excluding the impact of disposals, pipeline, Design, Development & Construction (DD&C), FX and the impact of the Olympics.
2 Kingdom of Saudi Arabia.
3 Net of investments, disposals and FX impact.
4 In terms of contribution to proportionate net debt reduction. Including c. €0.6 Bn of disposals secured in July subject to customary conditions precedent.
5 Shopping Centres Lfl NRI excluding airports, US Regionals and CBD asset.
6 Proforma for the receipt of the proceeds from c. €0.6 Bn secured disposals, net of cash impact of PEAB settlement (see V. Post Closing Events in the appendix of this press release).
7 Commercial Mortgage-Backed Securities.
8 IFRS net result including recurring and non-recurring (including gains or losses on disposals, mark-to-market of assets and financial derivatives, etc.).
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