Unibail-Rodamco-Westfield SE · EURONEXT:URW
Unibail-Rodamco-Westfield — FY2024 Earnings Presentation
41 slides from Unibail-Rodamco-Westfield's earnings presentation, Feb 13, 2025
Slide 1: Full-Year Results
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Slide 2: FY-2024 Overview
FY-2024 OVERVIEW JEAN-MARIE TRITANT CEO Olympic Festival celebrations, Westfield Mall of Scandinavia, August 2024
Slide 3: Key achievements in 2024
Key achievements in 2024 Strong retail performance supported by increased tenant sales and footfall and dynamic leasing activity reaching the highest level of occupancy since 2017 Record results for Convention & Exhibition, up +66.0%(1) on the back of successful Paris 2024 Olympics, and Offices up +
Slide 4: 2024 Financial Highlights
2024 Financial Highlights +6.7% 2.0% -100 bps 8.7x LFL NRI(1) COST OF DEBT(2) LTV REDUCTION(3) NET DEBT TO EBITDA(2) vs. FY-2023 vs. 1.8% at FY-2023 vs. FY-2023 vs. 9.3x at FY-2023 1. Group Lfl NRI excluding airports, US Regionals and CBD asset and, for C&E, triennial shows, the impact of the Olympi
Slide 5: Strong URW Shopping Centre operational performance
Strong URW Shopping Centre operational performance Sales & footfall(1) Vacancy rate(4) GLA & MGR signed(5) MGR uplift(5) in k sqm and € Mn +4.5% +11.1% +3.3% +2.3% -60 bps 762 793 +10.6% vs. FY-2023 444 465 +6.9% +6.5% 21% 20% URW Sales vs. FY-2023 2024 core inflation National Sales Indices(2) vs. F
Slide 6: Westfield Rise successfully achieved its 2024 objectives
Westfield Rise successfully achieved its 2024 objectives UNPARALLELED IN-MALL ATTRACTIVE TO DELIVERING MEDIA NETWORK MAJOR BRANDS STEADY GROWTH Average revenue (€ per visit) 1,800 1,361 +38% Screens(1) Physical activations in 2024 0.10 (+65 vs. FY-2023) (+8% vs. FY-2023) 0.08 0.07 0.05 Largest inter
Slide 7: €1.6 Bn of disposals achieved at book value
€1.6 Bn of disposals achieved at book value(1) Pasing Arcaden, Munich Trinity tower, Paris La Défense Westfield Forum des Halles, Paris €0.7 Bn NON-CORE RETAIL ASSETS €0.5 Bn OFFICES €0.3 Bn MINORITY STAKES IN FLAGSHIP RETAIL ASSETS - Equinoccio (Spain) - Gaîté-Montparnasse Office (France) - 25% sta
Slide 8: €0.6 Bn of assets acquired at attractive terms
€0.6 Bn(1) of assets acquired at attractive terms URW SHARE 100% Westfield Montgomery, Washington DC URW SHARE 100% CH Ursynów, Warsaw URW SHARE 89.9%(2) Minto, Mönchengladbach Acquisition of the Acquisition of the Acquisition of 38.9%(2) Transaction remaining 50% stake Transaction remaining 50% sta
Slide 9: 2024 pipeline deliveries
2024 pipeline deliveries Fisketorvet Dining Experience, Copenhagen Westfield CNIT, Paris La Défense Old Orchard Lord & Taylor unit, Chicago Coppermaker Square, London Lightwell, Paris La Défense URW SHARE 100% URW SHARE 100% URW SHARE 100% URW SHARE 25% URW SHARE 100% Opening Opening Opening Deliver
Slide 10: Westfield Hamburg-Überseequartier
Westfield Hamburg-Überseequartier ▪ Independent investigation covering root cause analysis and systematic project review complete ▪ Strengthened feasibility, technical, and risk assessment requirements for Investment Committee approvals ▪ Reinforced project monitoring at Corporate level with enhance
Slide 11: Westfield Hamburg-Überseequartier
Westfield Hamburg-Überseequartier Retail 94 k sqm of GLA 94% pre-let Opening on April 8, 2025 Offices ~4,000 workstations 50 k sqm of GLA 64% Deliveries from pre-let(1) Q2-2025 to H2-2025(1) Hotels 819 rooms 100% Deliveries from pre-let Q2-2025 to 2026 Residential(2) Handed Sold Cruise Terminal over
Slide 12: Strategic transformation and significant deleveraging progress
Strategic transformation and significant deleveraging progress 2021-24 Challenges URW actions & achievements(1) Position as of FY-2024 – Impact of e-commerce – Recreated commercial tension through – Highest occupancy since 2017 OPERATIONS proactive leasing strategy – Covid-19 pandemic – +4.7% Lfl EB
Slide 13: Industry-leading sustainability roadmap
Industry-leading sustainability roadmap CONTINUED DELIVERY ON BETTER PLACES COMMITMENTS INTERNATIONAL RECOGNITION ENVIRONMENTAL TRANSITION ▪ -42% reduction in carbon emissions from Scopes 1, 2 & 3 in 2024 vs. 2015 Global Top 100 ▪ -37% reduction in energy intensity in 2024 vs. 2015 most gender-balan
Slide 14: FY-2024 Financial Review
FY-2024 FINANCIAL REVIEW FABRICE MOUCHEL CFO Silent disco, Westfield Arkadia, August 2024
Slide 15: 2024 Full-Year Results
2024 Full-Year Results € Mn FY-2024 FY-2023 Change LfI Change Shopping Centres 2,073 2,031 +2.1% +5.8%(1) Offices & Others 102 84 +22.3% +14.4% Convention & Exhibition 139 95 +45.3% +21.3%(2) Net Rental Income 2,314 2,210 +4.7% +6.7%(3) EBITDA 2,352 2,199 +6.9% +7.0%(4) Recurring Net Result 1,472 1,
Slide 16: 2024 Full-Year AREPS above guidance
2024 Full-Year AREPS above guidance +€0.31 +€0.86 -€0.07 €10.04 +€0.13 Non LfL -€0.21 €9.85 €9.62 -€0.19 +€0.73 LfL -€0.47 (1) (2) AREPS FY-2023 Disposals Shopping Centres Convention & Exhibition Financial & General Other AREPS FY-2024 Hybrid AREPS FY-2024 & Offices at 50% expenses excluding hybrid
Slide 17: Strong Shopping Centre NRI performance
Strong Shopping Centre NRI performance Renewals, relettings, Doubtful Indexation net of departures SBR debtors Other Total Lfl Continental Europe +3.0% +0.4% +0.7% +1.4% +0.6% +6.0% United Kingdom +0.0% +4.1% -1.5% +0.3% +5.9% +8.7% Total Europe +2.7% +0.7% +0.5% +1.3% +1.1% +6.3% US Flagships(1) +0
Slide 18: Bankruptcies
Bankruptcies Bankruptcies Bankruptcies evolution in FY-2024 # of stores Cont. 391 Europe UK US URW # of stores 179 11 56 246 250 261 % of total units 2.7% 1.6% 2.2% 2.5% 198 210 211 In place 54 7 37 98 144 123 123 102 101 Replaced 59 1 12 72 71 In place / 63% 73% 88% 69% replaced Vacant 66 3 7 76 20
Slide 19: Shopping Centre vacancy
Shopping Centre vacancy Vacancy levels(1) URW(2) Continental Europe UK US Flagships 10.6% 9.4% 9.3% 8.2% 7.7% 7.7% 7.0% 7.3% 6.9% 6.5% 6.2% 5.8% 5.4% 5.4% 4.8% 4.0% 3.1% 3.2% 3.2% 2.5% FY-2019 FY-2021 FY-2022 FY-2023 FY-2024 1. EPRA vacancy rate 2. Shopping Centres including US Regionals and CBD ass
Slide 20: Strong leasing activity
Strong leasing activity FY-2024 MGR signed: €465 Mn +4.8% vs. FY-2023 URW Continental Europe UK US 444 465 21% 20% 319 18% 253 221 183 15% 80% 18% 158 148 79% 16% 82% 90 27% 31% 85% 64 63 84% 82% 46 18% 12% 30% 5% 73% 69% 95% 82% 88% 70% FY-2019 FY-2023 FY-2024 FY-2019 FY-2023 FY-2024 FY-2019 FY-202
Slide 21: Positive MGR uplift supported by long-term deals
Positive MGR uplift supported by long-term deals Deals > 36 months All deals FY-2023 FY-2024 FY-2023 FY-2024 Continental Europe +4.5%(1) +5.7%(1) Continental Europe +2.8%(1) +3.5%(1) UK +3.9% +8.9% UK +2.1% +9.0% US +32.8% +29.9% US +17.7% +11.7% +10.6%(1) +11.1%(1) +6.9%(1) +6.5%(1) +12.8% +8.1% +1
Slide 22: Continued sustainable OCR integrating sales performance
Continued sustainable OCR(1) integrating sales performance Continental Europe UK US Flagships 19.9% 17.4% 16.7% 15.5% 15.3% 15.4% 12.5% 12.9% 12.6% FY-2019 FY-2023 FY-2024 FY-2019 FY-2023 FY-2024 FY-2019 FY-2023 FY-2024 1. Occupancy Cost Ratio (“OCR”): (rental charges + service charges including mar
Slide 23: Offices & Others: strong NRI growth
Offices & Others: strong NRI growth NRI (€ Mn) FY-2024 FY-2023 Change Lfl Change France 81 66 +22.9% +18.0% Others 22 18 +19.9% +2.9% Total 102 84 +22.3% +14.4% NB: Figures may not add up due to rounding 2024 FULL YEAR RESULTS 23 Lightwell, Paris La Défense
Slide 24: Convention & Exhibition
LBAS Convention & Exhibition Strong 2024 performance Lfl Change vs. Change vs. € Mn FY-2024 FY-2023 FY-2022 FY-2023 FY-2023(1) FY-2022(2) Net Rental 139 95 132 +45.3% +21.3% +0.9% Income Property Services 80 36 58 +120.4% +48.3% +5.4% & Other Income(3) Total NOI 219 132 190 +66.0% +29.5% +2.4% 1. Ex
Slide 25: Continuous cost discipline
Continuous cost discipline General expenses(1) down -10% vs. FY-2023 & -26% vs. FY-2019 €299 Mn €243 Mn €199 Mn €179 Mn 2019 2023 2024 General expenses(1) FY-2019 general expenses(1) indexed with cumulated inflation rate 1. Excluding development expenses and depreciation and amortisation 2024 FULL Y
Slide 26: GMV evolution impacted by Westfield Hamburg-Überseequartier and stabilising Lfl valuations
GMV evolution impacted by Westfield Hamburg-Überseequartier and stabilising Lfl valuations +€1,807 Mn -€194 Mn Westfield +€721 Mn €49,711 Mn €49,574 Mn Hamburg -€1,310 Mn -€888 Mn December 2023 Disposals CAPEX/Acquisitions/Transfers Lfl revaluation Non Lfl revaluation & Currency Effect December 2024
Slide 27: EPRA NRV evolution
EPRA NRV evolution EPRA Net Reinstatement Value(1) (in € per share) €146.70 +€10.56 +€1.91 €144.20 €143.80 -€2.50 -€0.45 -€3.51 -€8.91 December 2023 Distribution NRV after distribution Lfl Asset Revaluation Non Lfl Asset Revaluation Recurring Results (3) FX impact Other (4) December 2024 & Intangibl
Slide 28: Group shopping centre portfolio valuation
Group shopping centre portfolio valuation Lfl revaluation since Dec. 31, 2018(1) Continental Europe UK US URW (70% of GMV) (6% of GMV) (23% of GMV) +4.9% +1.3% +0.6% +0.2% -1.3% -0.6% -1.6% -2.0% -2.0% -2.6% -4.0% -4.2% -5.4% -4.7% -4.3% -4.4% -9.1% -8.5% -8.2% -7.4% -12.6% -11.3% -14.0% -26.3% 2024
Slide 29: Like-for-like revaluation in Europe supported by cash flow growth and rates stabilisation
Like-for-like revaluation in Europe supported by cash flow growth and rates stabilisation Continental European Shopping Centres like-for-like revaluations(1) 1.2 3.5% 8.0% 3.0% 1 3.1% 3.0% 2.9% 2.5% 0.8 3.0% 5.9% 4.8% 2.4% 2.0% 1.0% -1.0% -1.1% 0.6 -3.0% 1.5% -2.0% -6.5% -8.9% 0.4 1.0% -8.1% 0.5% -7
Slide 30: Values supported by cash flow growth
Values supported by cash flow growth Net Initial Yield(1) Continental Europe UK US Flagships 6.1% 6.2% 6.3% 7.0% 5.6% 5.7% 5.4% 5.4% 5.1% 4.9% 4.8% 4.2% 4.3% 4.3% 3.8% 5.6% 2018 2022 2023 2024 2024 2018 2022 2023 2024 2024 2018 2022 2023 2024 2024 CAGR CAGR CAGR of NRI(2) 3.4% 4.0% 3.8% 3.8% of NRI(
Slide 31: Major committed projects to be delivered in 2025
Major committed projects to be delivered in 2025 +€0.5 Bn €3.5 Bn €0.5 Bn +€0.8 Bn €3.0 Bn €2.5 Bn €0.1 Bn €2.4 Bn -€0.3 Bn -€2.1 Bn €0.9 Bn -€0.5 Bn €0.5 Bn €0.4 Bn FY-2023 Deliveries Westfield Hamburg New projects FY-2024 2025 deliveries Remaing to be spent in Post FY-2025 invested to date 2025 Co
Slide 32: Net debt & LTV evolution
Net debt & LTV evolution 48.4% 47.1% FY-2023 €20.0 Bn 45.2% 45.6% 45.5% Disposals & Foreclosure -€0.9 Bn €24.2 Bn €24.2 Bn Recurring Earnings -€1.5 Bn 44.7% 44.7% 43.3% CAPEX & Acquisitions +€1.7 Bn €22.6 Bn 41.8% 41.7% 41.8% 41.2% Distribution +€0.4 Bn 40.8% FX impact +€0.2 Bn €20.7 Bn Others +€0.2
Slide 33: Net debt to EBITDA at its lowest since Westfield acquisition
Net debt to EBITDA at its lowest since Westfield acquisition 15.8x 14.9x 14.6 x 13.7 x 11.5x 10.7x 10.5x 10.2x 10.5 x 9.5x 9.9 x 9.6 x 9.3 x 8.7 x 8.7 x FY-2017 FY-2018 FY-2019 FY-2020 FY-2021 FY-2022 FY-2023 FY-2024 Net Debt/EBITDA Net Debt/EBITDA incl. Hybrid NOTE: All data above are on an IFRS ba
Slide 34: Controlled cost of debt
Controlled cost of debt Cost of debt and interest rates evolutions Annual projection of average hedging amounts & fixed rate debt up to 2029 3.9% (as at December 31, 2024) 3.6% 3.7% 3.2% 3.1% 2.7% 2.8% €30 Bn Proportionate Gross Debt(1) 2.0% €28.6 Bn 2.5% 2.3% €25 Bn 1.9% 2.0% 2.0% 2.0% 1.8% 1.8% 1.
Slide 35: Over 36 months of liquidity secured
Over 36 months of liquidity secured Group liquidity Debt maturities(1) fully covered over next 3 years €4.7 Bn In € Bn As at December 31, 2027 debt raised in 2024 Of which 16% of mortgage refinancing 13.6 13.9 13.0 12.1 €12.0 Bn 11.4 89% 9.7 of 2024 raised debt being 8.6 Sustainable or Green financi
Slide 36: Illustrative deleveraging trajectory over 2025-26
Illustrative deleveraging trajectory over 2025-26 Proforma IFRS LTV evolution Revaluation sensitivity impact on over 2025-26(1) proforma 2026 IFRS LTV incl. hybrid 45.5% 43.8% +200 bps 41.6% 42.7% 41.6% 40.6% 39.7% -260 bps +210 bps 37.9% 41.7% -540 bps 37.8% (4) 2024 IFRS LTV Disposals (2) Earnings
Slide 37: Conclusion
CONCLUSION JEAN-MARIE TRITANT CEO Adidas GroundParis, Westfield Forum des Halles, August 2024
Slide 38: Proposed cash distribution in 2025 based on 2024 achievements
Proposed cash distribution in 2025 based on 2024 achievements Strong operating performance CASH DISTRIBUTION(1) Disposal achievements €3.50 per share Access to financing paid in one installment & liquidity position on May 12, 2025(2) Stabilisation of retail values in Europe 1. Equity repayment, purs
Slide 39: 2025 AREPS guidance
2025 AREPS guidance At least 5% underlying growth supported by: – Strong retail operating performance both in Europe and the US – Increased variable income including Westfield Rise – Continued focus on cost discipline – The positive impact of 2024 and 2025 deliveries(1) and reflecting: €9.30 to €9.5
Slide 40: Financial Calendar
Financial Calendar Q1-2025 Trading update Distribution payment(1) April 24, 2025 May 12, 2025 FY-2024 Results AGM Unibail-Rodamco-Westfield SE Investor Day February 13, 2025 April 29, 2025 May 14-15, 2025 1. Subject to approval by Annual General Meeting of Unibail-Rodamco-Westfield SE to be held on
Slide 41: www.urw.com
y UNIBAIL-RODAMCO-WESTFIELD www.urw.com
Unibail-Rodamco-Westfield — FY2024 Earnings Presentation on 6ix