Unibail-Rodamco-Westfield — H1 2025 Earnings Presentation
33 slides from Unibail-Rodamco-Westfield's earnings presentation, Jul 31, 2025
Slide 1: Half-Year Results
HALF-YEAR RESULTS UNIBAIL-RODAMCO-WESTFIELD
Slide 2: H1-2025 Overview
H1-2025 OVERVIEW JEAN-MARIE TRITANT CEO Westfield Good Festival, Westfield Arkadia, May 2025
Slide 3: H1-2025: 'A Platform for Growth' in motion
H1-2025: ‘A Platform for Growth’ in motion Strong retail performance with footfall up +1.6% supporting tenant sales up +3.8% Dynamic leasing activity with positive MGR uplift of +7.1% Successful retail opening of Westfield Hamburg-Überseequartier attracting c. 4 Mn visits since April Launch of Westf
Slide 4: H1-2025 Financial Highlights
H1-2025 Financial Highlights +3.6% +4.1% 9.2x -80 bps LFL NRI(1) LFL EBITDA(2) IFRS NET DEBT TO EBITDA IFRS LTV REDUCTION vs. H1-2024 vs. H1-2024 (INCL. HYBRID) (INCL. HYBRID) vs. 9.5x at FY-2024 vs. FY-2024 1. Group Lfl NRI excluding airports, US Regionals and CBD asset and, for C&E, triennial show
Slide 5: H1-2025 URW Shopping Centre operational performance
H1-2025 URW Shopping Centre operational performance Sales & footfall(1) Vacancy rate(3) MGR signed(4) MGR uplift(4) Europe 20% -60 bps +11.7% vs. H1-2024 +11.6% +3.1% +2.7%+2.6% +1.2% €202 Mn +7.3% +7.1% 6.3% US 80% +5.7% 5.5% 12-36 months (in % of MGR signed) +3.4% +2.9% +3.6% >36 months (in % of M
Slide 6: Driving growth through retail media and new businesses
Driving growth through retail media and new businesses LICENSING BUSINESS Launched Westfield brand April Expanded Westfield Rise to the US May licensing business 2025 budgeted net income secured Signed partnership with Cenomi c. 60% through H1 commercial activity Centers in Kingdom of Saudi Arabia H
Slide 7: 2025 pipeline deliveries
2025 pipeline deliveries Westfield Hamburg-Überseequartier Other H2-2025 deliveries Westfield Hamburg- Shell office, Hamburg Coppermaker Square, London Westfield Černý Most, Prague Überseequartier, Hamburg 41st Westfield URW SHARE 100% URW SHARE 100% URW SHARE 25% URW SHARE 75% branded asset Retail
Slide 8: €1.6 Bn of disposals completed or secured
€1.6 Bn of disposals completed or secured €1.0 BN COMPLETED DISPOSALS - 15% stake in Westfield Forum des Halles (France) - Bonaire (Spain) and Stadshart Zoetermeer (The Netherlands) - 80% stake in Trinity tower (France) c. €0.6 BN SECURED DISPOSALS(1) - Pullman Paris Montparnasse (France) - US Airpo
Slide 9: On track with Better Places environmental transition objectives
On track with Better Places environmental transition objectives 2023 Sustainability Achievements Progress Investor Day to date vs. roadmap Latest 2025 ratings & awards GHG EMISSIONS REDUCTION -90% -85% On track (SCOPES 1 & 2) 2030 target(1) in 2024(1) June 9 Top 50 most sustainable ENERGY INTENSITY
Slide 10: H1-2025 Financial Review
H1-2025 FINANCIAL REVIEW FABRICE MOUCHEL CFO “Le Louvre au Centre”, Westfield Rosny 2, March 2025
Slide 11: 2025 Half-Year Results
2025 Half-Year Results € Mn H1-2025 H1-2024 Change LfI Change Shopping Centres 1,078 1,065 +1.2% +4.1%(1) Offices & Others 40 50 -20.2% +1.9%(1) Convention & Exhibition 57 76 -24.2% -2.7%(2) Net Rental Income 1,175 1,190 -1.3% +3.6%(3) EBITDA 1,183 1,195 -1.1% +4.1%(4) Recurring Net Result 772 764 +
Slide 12: H1-2025 AREPS in line with upper end of the FY guidance
H1-2025 AREPS in line with upper end of the FY guidance +5.8% €5.14 +€0.04 +€0.05 €5.11 +€0.26 -€0.07 €4.83 -€0.26 -€0.05 (1) (2) AREPS H1-2024 Net Disposals Olympic Games impact AREPS H1-2024 NRI Shopping Centres & Financial expenses Other Hybrid AREPS H1-2025 on C&E at 50% restated Offices 1. NRI
Slide 13: Strong Shopping Centre NRI performance
Strong Shopping Centre NRI performance Doubtful debtors Indexation Leasing SBR and other Total Lfl(2) Southern Europe +2.1% +1.3% -0.5% +0.5% +3.4% Central Europe +1.8% +0.6% -0.3% +2.7% +4.7% Northern Europe +1.0% +0.1% +0.6% +0.0% +1.7% Total Europe +1.8% +0.8% -0.2% +1.2% +3.5% US Flagships(1) +0
Slide 14: Bankruptcies
Bankruptcies Bankruptcies Bankruptcies evolution in H1-2025 # of stores Europe US URW 391 # of stores 59 27 86 % of total units 0.9% 1.1% 0.9% 250 261 198 210 211 In place 40 17 57 144 123 123 Replaced 8 - 8 102 101 71 86 In place / replaced 81% 63% 76% Vacant 11 10 21 2025 HALF YEAR RESULTS 14
Slide 15: Shopping Centre vacancy evolution
Shopping Centre vacancy evolution Southern Europe Central Europe Northern Europe Europe US Flagships URW(1) 7.9% 7.1% 7.4% 6.3% 6.2% 6.3% 6.3% 5.5% 5.6% 5.5% 4.8% 4.9% 4.3% 4.0% 3.3% 3.3% 3.4% 3.1% 3.4% 3.6% 3.6% 2.8% 2.6% 2.2% H1-2023 H1-2024 FY-2024 H1-2025 NB: All data above refers to the EPRA va
Slide 16: Strong leasing activity
Strong leasing activity H1-2025 MGR signed: €202 Mn H1-2025 MGR signed excl. deals on vacant units -4.1% vs. H1-2024 due to vacancy reduction and bankruptcies Europe US URW URW 211 202 21% 179 180 20% 153 138 16% 16% 58 64 79% 80% 84% 84% 28% 33% 67% 72% H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 H1-20
Slide 17: Consistent uplift
Consistent uplift Europe US URW +6.0% +8.0% +15.8% +0.9% ALL +4.6% +1.4% +4.6% +12.6% +7.3% +7.1% DEALS H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 H1-2025 +16% +10% $82/sq. ft. $91/sq. ft. €566/sqm €656/sqm +13.1% +8.0% +33.1% LONG-TERM +2.1% +27.6% +1.5% +11.7% +11.6% DEALS +7.1% +6.0% H1-2024 H1-2025
Slide 18: Offices & Others NRI impacted by disposals
Offices & Others NRI impacted by disposals NRI (€ Mn) H1-2025 H1-2024 Change Lfl Change France 29 41 -28.3% +6.8% Others 10 9 +16.6% -6.3% Total 40 50 -20.2% +1.9% NB: Figures may not add up due to rounding 2025 HALF YEAR RESULTS 18 Lightwell, Paris La Défense
Slide 19: Convention & Exhibition
Convention & Exhibition Solid H1-2025 performance Lfl Change vs. € Mn H1-2025 H1-2024 H1-2023 Change H1-2024(1) H1-2023 (1) (2) FY-2022 Net Rental 57 76 52 -24.2% -2.7% +10.7% Income Property Services 33 33 19 -2.2% +4.2% +72.5% & Other Income(2) Total NOI 90 109 71 -17.4% -0.3% +27.2% 1. Excludes t
Slide 20: Continuous cost discipline supporting results
Continuous cost discipline supporting results General expenses down -7% vs. H1-2024 ✓ Simplified organisational structure 100 8.6% 8.6% 98 8.4% €95 Mn ✓ Continuous efficiency improvement 96 8.2% 94 8.0% 8.0% 92 7.8% 90 €89 Mn 88 7.6% ✓ Process automation 7.4% 86 7.2% 84 82 7.0% ✓ Stringent procureme
Slide 21: GMV evolution impacted by FX but supported by increasing Lfl valuations
GMV evolution impacted by FX but supported by increasing Lfl valuations +1.2% GROWTH €49,711 Mn +€597 Mn €48,819 Mn -€842 Mn +€596 Mn -€1,244 Mn (1) December 2024 Disposals CAPEX/Acquisitions/Transfers Increase in portfolio valuation Currency Effect June 2025 1. Includes revaluation of shares NB: GM
Slide 22: EPRA NRV evolution
EPRA NRV evolution EPRA Net Reinstatement Value(1) (in € per share) +€5.11 €143.80 €140.30 +€2.00 €138.80 -€3.50 -€3.77 -€2.58 -€2.26 (2) (3) December 2024 Distribution NRV after distribution Asset revaluation AREPS FX impact Hybrid tendering and Other June 2025 financial instruments 1. Hybrid secur
Slide 23: Group shopping centre portfolio valuation
Group shopping centre portfolio valuation Lfl Shopping Centres revaluation since Dec. 31, 2022(1) Europe US URW (79% of GMV) (21% of GMV) +1.3% +1.1% +0.8% +0.7% +0.5% +0.3% -0.2% -0.3% -1.6% -1.8% -2.3% -2.3% -2.5% -2.3% -4.2% H1- H1- H1- FY-2023 FY-2024 FY-2023 FY-2024 FY-2023 FY-2024 2025 2025 20
Slide 24: Values supported by cash flow growth
Values supported by cash flow growth Net Initial Yield(1) Europe US Flagships 5.8% 5.4% 5.4% 5.4% 5.1% 5.1% 4.8% 5.6% 5.6% 2023 2024 H1-2025 H1-2025 2023 2024 H1-2025 H1-2025 CAGR of NRI(2) 3.7% 3.7% 3.5% CAGR of NRI(2) 4.6% 4.2% 4.1% Incl. Indexation 2.2% 1.9% 1.7% Rent escalation 3.0% 3.0% 3.0% UR
Slide 25: Reduced pipeline following successful initial delivery of Westfield Hamburg-Überseequartier
Reduced pipeline following successful initial delivery of Westfield Hamburg -Überseequartier project €3.5 Bn €0.5 Bn +€0.1 Bn €1.9 Bn -€1.6 Bn €0.6 Bn €3.0 Bn €1.3 Bn FY-2024 WHU deliveries New project (CNIT One) H1-2025 Committed Controlled NB: Figures may not add up due to rounding 2025 HALF YEAR
Slide 26: Net debt and LTV evolution
Net debt and LTV evolution NET DEBT INCL. HYBRID LTV incl. hybrid evolution FY-2024 €21.9 Bn 45.5% Disposals & Foreclosure -€1.0 Bn +105 bps +20 bps 44.7% 44.3% Adjusted Recurring Earnings -€0.7 Bn -40 bps -130 bps CAPEX & Acquisitions €0.6 Bn -60 bps -15 bps Distribution €0.5 Bn 2028 Target 40.0% F
Slide 27: Net debt/EBITDA evolution
Net debt/EBITDA evolution Net Debt/EBITDA including hybrid 15.8x 14.9x 11.5x 10.7x 10.5x 10.3x 10.2x 10.2x 9.5x 9.2x 8.7x 9.0x 8.5x 8.7x 8.0x FY-2015 FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 FY-2021 FY-2022 H1-2023 FY-2023 H1-2024 FY-2024 H1-2025 FY-2026 Target IFRS ND/EBITDA incl. hybrid Target 2028
Slide 28: Controlled cost of debt
Controlled cost of debt Cost of debt and interest rates evolutions 3.9% 3.9% 3.4% 2.6% 2.7% 1.9% 2.1-2.2% 2.1% 1.6% 1.9% 1.6% 2.0% 1.9% 1.0% 0.2% 0.1% -0.3% -0.3% -0.6% FY-2010 FY-2012 FY-2014 FY-2016 FY-2018 FY-2020 FY-2022 H1-2024 H1-2025 FY-2025 Target URW Average cost of debt Euribor 3M 2025 HAL
Slide 29: H1-2025 successful financing activity
H1-2025 successful financing activity $1.2 BN US ASSETS REFINANCED HYBRID PORTFOLIO THROUGH CMBS AT 5.3% COUPON(1) DOWNSIZED AND RE-COUPONED DOWNWARD Westfield Century City $925 Mn 5.27% 5Y CMBS Issuance of €815 Mn 4.88% NC30 Hybrid • 3.2x oversubscribed at peak • 3x oversubscribed at peak • 115 bps
Slide 30: 36 months of liquidity secured
36 months of liquidity secured Group liquidity Debt maturities(1) fully covered over next 3 years In € Bn As at June 30, 2028 13.6 13.9 13.0 €6.9 Bn €6.6 Bn 11.4 12.1 12.0 €0.6 Bn H1-2028 maturities 7.0 years 9.7 average debt maturity(4) €3.6 Bn 8.1 8.6 Undrawn credit €3.3 Bn 9.7 facilities(2) 8.7 2
Slide 31: Conclusion
CONCLUSION JEAN-MARIE TRITANT CEO Rita Ora concert, Westfield Hamburg-Überseequartier, June 2025
Slide 32: 2025 Guidance
2025 Guidance BASED ON 2025 AREPS GUIDANCE — H2-2025 operating performance in line with H1 UPPER END OF — Successful re-couponing and downsizing of €9.30 TO €9.50 the hybrid — $1.2 Bn US secured debt refinancing Distribution for fiscal year 2025 — FX hedging in place covering 2025 CONFIRM PROPOSAL O
Slide 33: www.urw.com
y UNIBAIL-RODAMCO-WESTFIELD www.urw.com
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