Unibail-Rodamco-Westfield — H1 2026 Earnings Presentation
32 slides from Unibail-Rodamco-Westfield's earnings presentation, Jul 30, 2026
Slide 1: Half-Year Results
HALF-YEAR RESULTS UNIBAIL-RODAMCO-WESTFIELD
Slide 2: H1-2026 Overview
H1-2026 OVERVIEW VINCENT ROUGET CEO World Cup, Westfield Parquesur, June 2026
Slide 3: We are a powerful platform for growth
We are a powerful ECOSYSTEM OF PERFORMANCE platform for growth With a unique portfolio of retail-anchored urban infrastructure assets, located in the best cities Content curation, Experience €49.5 BN 65 & activation Operational PORTFOLIO, 81% OF GMV MALLS expertise IN FLAGSHIP RETAIL 900 MN+ ANNUAL
Slide 4: H1-2026 highlights
H1-2026 highlights ― Strong retail operating performance continues ― Sustained leasing momentum driving MGR uplifts and lower vacancy underpinning future NRI growth above indexation +5.3% ― c. +7% growth of Westfield Rise on a Lfl basis LFL EBITDA growth ― Fully completed €2.2 Bn disposal plan and +
Slide 5: Key H1-2026 financials snapshot
Key H1-2026 financials snapshot P&L Other key financial metrics € Mn H1-2026 H1-2025 Change LfI Change CAPEX €259 Mn Turnover 1,789 1,848 -3.2% EBITDA 1,161 1,183 -1.9% +5.3% 2025 CASH €650 Mn EBITDA margin 65% 64% +100 bps DISTRIBUTION(2) Financing result -237 -226 +4.8% NET DEBT €19.8 Bn Others(1)
Slide 6: Shopping Centre operational performance
Shopping Centre operational performance Tenant sales & footfall Vacancy rate Leasing activity Footfall -80 bps €197 Mn 5.5 years vs. H1-2025 MGR signed WALB +2.3% +2.1% +1.2% 6.3% Europe US URW MGR uplift Tenant sales 5.5% +14.0% +6.9% +11.6% +10.6% +4.6% +5.2% 4.9% 4.6% +7.1% 4.1% H1-2023 H1-2024 H
Slide 7: Strong flagship momentum driven by active asset management
Strong flagship momentum driven by active asset management WESTFIELD LONDON +10.1% -830 bps vs. 21 WESTFIELD CENTRO +11.2% -130 bps vs. 21 Tenant sales EPRA Vacancy Tenant sales EPRA Vacancy UK - A++ FLAGSHIP ASSET vs. H1-2025 6.0% GERMANY - A+ FLAGSHIP ASSET vs. H1-2025 3.2% KEY VALUE CREATION INIT
Slide 8: Westfield UTC: A++ trophy asset with strong growth levers
Westfield UTC: A++ trophy asset with strong growth levers Trophy A++ Flagship Stellar operating fundamentals Visible NOI growth potential Rare A++ Flagship opportunity 11.8% €15 k per sqm 3.6% WESTFIELD CENTURY CITY NOI: 1.5x UTC A++ assets represent < 4% of all US shopping centres Similar footfall/
Slide 9: Unlocking US growth opportunities with limited cash investment
Unlocking US growth opportunities with limited cash investment CONDITIONAL ACQUISITION DISPOSAL ACQUISITION REPOSITIONING DENSIFICATION 50% IN WESTFIELD UTC (A++) 55% IN PLAZA BONITA (A-) 45% IN WESTFIELD SOUTHCENTER (A) WESTFIELD GALLERIA AT ROSEVILLE (A+) WESTFIELD GARDEN STATE PLAZA (A++) H1-2027
Slide 10: 'A Platform for Growth' disciplined capital allocation framework
‘A Platform for Growth’ disciplined capital allocation framework ‘A PLATFORM FOR GROWTH’ CORE INVESTMENTS OPPORTUNISTIC QUALITY ADD-ON ACQUISITIONS c. €600 Mn p.a. Acquisitions outside of annual net capex envelope annual capex, and capital recycling strategy net of capital recyling(1) TARGET CRITERI
Slide 11: 2026 core priorities
2026 core priorities UNLOCK INNOVATE SIMPLIFY Leasing momentum Scaling proprietary data Driving efficiency through structural accelerating & AI capabilities and operational simplification ✓ +380 bps Shopping Centres NRI Lfl growth ✓ New KPIs / data enhancing retailers’ ✓ De-stapling completed on top
Slide 12: H1-2026 Financial Review
H1-2026 FINANCIAL REVIEW FABRICE MOUCHEL CFO Westfield Mall of the Netherlands
Slide 13: 2026 Half-Year Results
2026 Half-Year Results € Mn H1-2026 H1-2025 Change LfI Change Shopping Centres 1,063 1,078 -1.4% +4.5% Offices & Others 20 40 -49.0% -5.9% Convention & Exhibition 68 57 +18.1% +17.1% Net Rental Income 1,151 1,175 -2.0% +5.0% EBITDA 1,161 1,183 -1.9% +5.3% Recurring Net Result (Group Share) 735 772 -
Slide 14: H1-2026 AREPS at €4.84, consistent with FY guidance
H1-2026 AREPS at €4.84, consistent with FY guidance €5.11 +€0.10 +€0.35 €4.84 -€0.15 -€0.05 -€0.36 -€0.17 (1) (2) AREPS H1-2025 Disposals net of acquisitions FX Retail NRI C&E NOI at 100% Financial expenses & Hybrid Other AREPS H1-2026 costs NB: Figures may not add up due to rounding 2026 HALF YEAR
Slide 15: Strong Shopping Centre NRI performance
Strong Shopping Centre NRI performance Doubtful Indexation Leasing SBR debtors & other Total Lfl Southern Europe +0.5% +0.5% +0.8% +1.5% +3.3% Central Europe +1.7% +0.2% +1.3% +0.7% +3.9% Northern Europe +0.7% +2.9% +0.1% +1.2% +4.9% Total Europe +0.9% +0.9% +0.8% +1.2% +3.9% US Flagships +0.0% +6.2
Slide 16: Strong leasing activity and reduced vacancy
Strong leasing activity and reduced vacancy STRONG LEASING AND RENT REVERSION(1) LOWER VACANCY MGR TOTAL LONG-TERM EUROPE US FLAGSHIPS URW(1) SIGNED UPLIFT UPLIFT Europe €134 Mn 7.7% 9.7% 6.3% 5.2% 4.6% 24.8% 4.1% 17.1% 3.3% US €63 Mn 3.0% 10.6% 14.0% URW €197 Mn +0.6% +350 bps +240 bps vs. H1-2025
Slide 17: Convention & Exhibition performance
Convention & Exhibition performance Lfl Change vs. Change vs. € Mn H1-2026 H1-2025 H1-2024 H1-2025 H1-2025 H1-2024 FY-2022(2) Net Rental 68 57 76 +18.1% +17.1% +17.3% Income Property Services 37 33 33 +13.4% +14.7% +20.0% & Other Income Total NOI 105 90 109 +16.4% +16.2% +18.2% 2026 HALF YEAR RESULT
Slide 18: EPRA NRV and GMV evolution supported by increasing revaluations
EPRA NRV and GMV evolution supported by increasing revaluations GMV evolution supported by increasing revaluations GMV +0.9% GROWTH €49.5 Bn +€286 Mn +€280 Mn €49,514 Mn (1) €48,923 Mn +€461 Mn (+1.2%) -€437 Mn EPRA NRV €146.80 per share (+2.1%) December 2025 Disposals Portfolio revaluation CAPEX/Ac
Slide 19: Shopping centre portfolio valuation, supported by cash flow growth
Shopping centre portfolio valuation, supported by cash flow growth Lfl Shopping Centres revaluation since Dec. 31, 2023(1) Europe US (78% of GMV) (22% of GMV) URW +2.3% +2.2% +1.6% +1.9% +1.6% +1.4% +0.7% +0.2% -4.3% 2024 2025 H1-2026 2024 2025 H1-2026 2024 2025 H1-2026 Rent impact +2.3% +1.6% +2.4%
Slide 20: Reduced committed pipeline
Reduced committed pipeline Committed pipeline DELIVERIES HAMBURG OFFICES URW share: 100% €1.2 Bn 19,895 sqm GLA +€0.2 Bn €1.0 Bn 87% let(1) -€0.4 Bn ADDITIONS Capital light FY-2025 Deliveries Additions H1-2026 CNIT OFFICES (new HQ) WESTFIELD GALLERIA AT ROSEVILLE GSP MIXED-USE URW share: 100% URW sh
Slide 21: Ongoing net debt reduction and LTV improvement
Ongoing net debt reduction and LTV improvement IFRS NET DEBT IFRS LTV incl. hybrid evolution INCL. HYBRID FY-2025 €20.3 Bn 42.8% +140 bps 41.9% Disposals -€0.6 Bn -90 bps -50 bps Adjusted Recurring Earnings -€0.7 Bn -90 bps 2028 Target 40.0% CAPEX & Acquisitions +€0.3 Bn Distribution €0.7 Bn FX impa
Slide 22: Net debt/EBITDA and ICR evolution & positive credit momentum
Net debt/EBITDA and ICR evolution & positive credit momentum IFRS Net debt/EBITDA incl. hybrid IFRS Interest coverage ratio Moody’s rating(1) 15.8x 6.7x Reflects material 14.9x deleveraging achieved 6.1x 5.9x 5.7x 11.5x Recognises improving cash 4.7x flow visibility and asset 10.5x 10.2x 4.4x qualit
Slide 23: Opportunistic capital markets execution
Opportunistic capital markets execution €750 Mn €200 Mn £750 Mn €267 Mn 7-year unsecured green bond Private Tap 5Y bond secured by Westfield Stratford City(2) Mortgage financings(2) 3.875% Existing €650 Mn 3.875% 2034 5.124% Fixed coupon green bond Coupon Tightest spread since May 2021 Spread in lin
Slide 24: Conclusion
CONCLUSION VINCENT ROUGET CEO Westfield Stratford City
Slide 25: 2026 Guidance
2026 Guidance GUIDANCE BASED ON: €9.15-9.30 - H1 strong operating performance, which the Group sees 2026 Adjusted Recurring continuing in H2 Earnings Per Share AND REFLECTING THE FULL PERIOD IMPACT OF: - Group’s disposals €5.50 2026 fiscal year - H1-2026 refinancings Cash distribution per share 2026
Slide 26: Appendix
APPENDIX Westfield La Part-Dieu
Slide 27: Advancing toward Better Places roadmap targets
Advancing toward Better Places roadmap targets Latest 2026 ratings & awards BETTER PLACES TARGETS – 2026 ACHIEVEMENTS ▪ Partnership with E.ON to deploy >300 EV charging places ENVIRONMENTAL in Germany A List in 2025 (8th year in a row) TRANSITION ▪ Commissioning of rooftop solar power plant at Westf
Slide 28: Shopping Centre vacancy evolution
Shopping Centre vacancy evolution Southern Europe Central Europe Northern Europe Europe US Flagships URW 7.4% 6.3% 6.3% 6.3% 5.6% 5.5% 5.2% 4.9% 4.6% 4.8% 4.7% 4.0% 4.1% 3.3% 3.1% 3.1% 3.6% 3.3% 2.8% 2.6% 3.0% 2.4% 2.2% 2.4% H1-2024 H1-2025 FY-2025 H1-2026 2026 HALF YEAR RESULTS 28
Slide 29: Continued sustainable OCR
Continued sustainable OCR Southern Europe Central Europe Northern Europe Europe US Flagships 16.1% 16.3% 15.3% 15.6% 15.7% 15.7% 15.2% 15.2% 12.2% 12.2% FY-2025 H1-2026 2026 HALF YEAR RESULTS 29
Slide 30: Values supported by cash flow growth
Values supported by cash flow growth Net Initial Yield(1) Europe US Flagships 5.7% 5.4% 5.3% 5.3% 5.2% 5.1% 5.1% 5.6% 5.6% 2024 2025 H1-2026 H1-2026 2024 2025 H1-2026 H1-2026 CAGR of NRI(2) 3.7% 3.5% 3.2% CAGR of NRI(2) 4.2% 3.8% 3.7% Incl. Rents & CAM Incl. Indexation 1.9% 1.8% 1.8% escalation 3.0%
Slide 31: EPRA NRV (in € per share) evolution
EPRA NRV (in € per share) evolution +€4.84 +€0.82 +€0.03 +€0.08 €146.80 €143.80 -€0.19 -€0.65 +€2.56 €139.30 -€4.50 (1) (2) December 2025 Distribution NRV after Asset revaluation AREPS FX impact Financial Change in Deferred taxes Other June 2026 distribution instruments number of (3) shares 2026 HAL
Slide 32: www.urw.com
y UNIBAIL-RODAMCO-WESTFIELD www.urw.com
Unibail-Rodamco-Westfield — H1 2026 Earnings Presentation on 6ix