UNIBAIL-RODAMCO-WESTFIELD Q1-2025 TRADING UPDATE

Paris, April 24, 2025

Press release

UNIBAIL-RODAMCO-WESTFIELD Q1-2025 TRADING UPDATE

  

• Robust operating performance with dynamic leasing activity backed by positive footfall and sales
  • €100.4 Mn of MGR signed, with an uplift of +7.9% on top of indexed passing rents
  • Tenant sales up +2.1% and footfall up +0.4% with unfavourable calendar effects
• Successful retail opening of Westfield Hamburg-Überseequartier on April 8 with over 1 million visits in the first 2 weeks
• €1.0 Bn of disposal transactions completed or secured in 2025
• Successful financing activity and strong liquidity position
  • Hybrid portfolio re-couponed downward and downsized
  • €13.2 Bn of available liquidity¹ with refinancing needs secured for more than 36 months
• 2025 Adjusted Recurring Earnings per Share (AREPS) guidance of €9.30 to €9.50 confirmed

Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, said:

"Our operating performance in Q1 was robust, with sales and footfall both up despite unfavourable calendar effects. We delivered strong leasing activity, with MGR signed up almost 8% on top of passing rents. Westfield Hamburg-Überseequartier, our newest Flagship asset, successfully opened to the public on April 8 and has already attracted over one million visits.

We have also expanded Westfield Rise to the US to generate more revenues through our in-house retail media and experiential division.

Since the start of 2025, we have completed or secured €1 billion of disposals, including €0.7 billion of retail assets in line with latest book values. We have also successfully re-couponed and downsized our hybrid portfolio.

All this activity, combined with our EUR/USD hedging position and sensitivity analysis taking into account the current macro-economic environment give us the confidence to confirm our full year earnings guidance for 2025 of €9.30 to €9.50 per share.

Thanks to our unrivalled portfolio of the best assets in the best locations and our highly diversified tenant base, we are confident in the resilience, growth potential, and long-term trajectory of our business. We look forward to sharing our plans in more detail at our Investor Day on May 14.”

  

For more information, please contact:

Investor Relations 
Meriem Delfi
+33 7 63 45 59 77
investor.relations@urw.com

Juliette Aulagnon
+33 6 15 74 20 43
investor.relations@urw.com

Imane Rafiky
+33 6 10 95 86 88
investor.relations@urw.com

Media Relations 
UK/Global:
Cornelia Schnepf – FinElk
+44 7387 108 998
Cornelia.Schnepf@finelk.eu

France:
Etienne Dubanchet – PLEAD

+33 6 62 70 09 43
Etienne.Dubanchet@plead.fr

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 67 shopping centres in 11 countries, including 39 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 €3.5 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at December 31, 2024).

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 shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.

For more information, please visit www.urw.com

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1 Cash on hand and available credit lines, on a proportionate basis.

Attachment

• UNIBAIL-RODAMCO-WESTFIELD Q1-2025 TRADING UPDATE