Unibail-Rodamco-Westfield — FY2025 Earnings Presentation
41 slides from Unibail-Rodamco-Westfield's earnings presentation, Feb 12, 2026
Slide 1: Full-Year Results
FULL-YEAR RESULTS UNIBAIL-RODAMCO-WESTFIELD
Slide 2: FY-2025 Overview
FY-2025 OVERVIEW VINCENT ROUGET CEO Westfield Forum des Halles
Slide 3: Key achievements in 2025
Key achievements in 2025 Strong retail performance supported by increased footfall and tenant sales, dynamic leasing activity and record low vacancy 25 disposals of €2.2 Bn completed or secured including non-core activities as part of the simplification strategy +1.7% portfolio revaluation(1) (+€836
Slide 4: 2025 Financial Highlights
2025 Financial Highlights +3.8% +5.4% €2.2 Bn 9.1x -355 bps 45.5% to 42.0% LFL RETAIL NRI AREPS GROWTH(1) DISPOSALS IFRS NET DEBT TO EBITDA IFRS LTV REDUCTION ACHIEVED (INCL. HYBRID) (INCL. HYBRID)(2) 1. Underlying growth, based on AREPS restated for disposals and acquisitions, the Olympics effect a
Slide 5: Shopping Centre operational performance at Group level
Shopping Centre operational performance at Group level Tenant sales & footfall Vacancy rate Leasing activity Footfall -20 bps €423 Mn 5.5 years +2.7% vs. FY-2024 MGR signed WALB +1.7% +1.9% 5.4% 5.4% Europe US URW MGR uplift +11.3% +11.1% Tenant sales 5.0% 4.8% +5.2% +3.9% 4.6% +6.7% +3.4% +6.5% FY-
Slide 6: Westfield: a profitable growth platform for flagship retail
Westfield: a profitable growth platform for flagship retail To open in 2026 “Flagship stores are key drivers of growth. Opening a landmark UNIQLO store in a prime location in a major city is a great way to show… customers who we are, our clothes-making philosophy, and how we support local communitie
Slide 7: Westfield: best high-street reach, smart economics
Westfield: best high-street reach, smart economics Footfall(1) c. 65 Mn ≈ c. 65 Mn Number of stores(2) c. 80 c. 140 Average store size(3) c. 1,900 sqm -80% c. 400 sqm Average rent/sqm(3) €2,200 - €4,000 -40% to -70% €700 - €2,500 Data Limited Extensive & fragmented & proprietary 1. Source: MyTraffic
Slide 8: Recent openings across Westfield assets
Recent openings across Westfield assets Lego Discovery Center, Alo, Westfield London Skims, Westfield Garden State Plaza Westfield Hamburg-Überseequartier Bershka, Westfield Mall of Scandinavia Din Tai Fung, Westfield Century City Dyson, Diptyque, Westfield UTC Vuori, Westfield Topanga Westfield Mal
Slide 9: Data and AI strengthen Westfield value proposition (1/2)
Data and AI strengthen Westfield 3 medium-size units SAME FASHION RETAILER value proposition (1/2) FRENCH ASSET 1 FRENCH ASSET 2 FRENCH ASSET 3 TRADITIONAL KPIS Sales intensity c. €12k/sqm c. €10k/sqm c. €10k/sqm OCR c. 15% below 15% above 15% INCORPORATING NEW DATA-DRIVEN PERFORMANCE KPIs Rent per
Slide 10: Data and AI strengthen Westfield value proposition (2/2)
Data and AI strengthen Westfield value proposition (2/2) REDUCE VACANCY INCREASE CROSS-VISITS MEASURE CAMPAIGN WITH DATA-DRIVEN PITCH & AREA DYNAMISM EFFECTIVENESS ▪ Standardised ▪ Long-term vacant unit (> 4 years) post-campaign reporting ▪ Data: 7 Mn passing-by (x2 previous ▪ Proven track record un
Slide 11: €2.2 Bn of disposals completed
11 COMPLETED DISPOSALS: c. €1.6 BN Minority stakes in Flagship assets (e.g. 15% stake in Westfield Forum des Halles (Paris)) €2.2 Bn Non-core retail assets (e.g. Bonaire (Valencia) and Stadshart Zoetermeer (Zoetermeer)) Others (e.g. 80% stake in Trinity tower (La Défense), Pullman Paris Montparnasse
Slide 12: Successful launch of capital-light growth initiatives
Successful launch of capital-light growth initiatives Strengthening URW’s presence in existing markets Leveraging the brand to reach new markets URW SHARE 25% St James Quarter, Edinburgh Westfield Dammam, Kingdom of Saudi Arabia Acquisition of 25% stake in St James Quarter shopping centre 10-year fr
Slide 13: 2025 pipeline deliveries
2025 pipeline deliveries Westfield Hamburg-Überseequartier, Hamburg Shell office, Hamburg Coppermaker Square, London Westfield Černý Most, Prague UTC luxury expansion, Westfield UTC URW SHARE 100% URW SHARE 100% URW SHARE 25% URW SHARE 69% URW SHARE 50% Retail (98% let, 92% open) Offices (82% let) &
Slide 14: Industry-leading sustainability roadmap
Industry-leading sustainability roadmap ON TRACK TO REACH BETTER PLACES TARGETS ENVIRONMENTAL TRANSITION ▪ -44.9% reduction in carbon emissions from Scopes 1, 2 & 3(1) ▪ -38.6% reduction in energy intensity(1) ▪ 32 MWp of installed on-site renewable energy capacity SUSTAINABLE EXPERIENCE ▪ 28 assets
Slide 15: Group simplification remains a priority
Group simplification remains a priority 2025 ACHIEVEMENTS 2026 PLAN ▪ Organisation simplified from 11 countries to 4 regions ▪ Proposed intragroup simplification resulting in the ▪ Launch of legal structure simplification (Australian CDIs de-stapling of URW’s stapled shares delisting, sale of the Fr
Slide 16: 2026 core priorities to deliver 'A Platform for Growth'
2026 core priorities to deliver ‘A Platform for Growth’ URW MANAGEMENT BOARD 2026 CORE PRIORITIES UNLOCK LEASING, LEASING, LEASING Vincent Rouget Chief Executive Officer Leverage the full potential of the Westfield brand INNOVATE Kathleen Verelst Sylvain Montcouquiol Capitalise on proprietary data &
Slide 17: FY-2025 Financial Review
FY-2025 FINANCIAL REVIEW FABRICE MOUCHEL CFO Westfield Days, Westfield Täby Centrum, October 2025
Slide 18: 2025 Full-Year Results
2025 Full-Year Results € Mn FY-2025 FY-2024 Change LfI Change Shopping Centres 2,081 2,073 +0.4% +3.8% Offices & Others 67 102 -34.7% n.m. Convention & Exhibition 99 139 -28.8% -6.2% Net Rental Income 2,247 2,314 -2.9% +3.1% EBITDA 2,284 2,352 -2.9% +3.6% Recurring Net Result (Group Share) 1,452 1,4
Slide 19: 2025 Full-Year AREPS consistent with guidance
2025 Full-Year AREPS consistent with guidance €9.85 +5.4% +€0.13 +€0.51 +€0.04 €9.58 -€0.11 -€0.07 €9.09 -€0.57 -€0.19 (2) AREPS FY-2024 Disposals net of Olympic Games AREPS FY-2024 Retail NRI Offices NRI and C&E Financial expenses Hybrid Other AREPS FY-2025 acquisitions (1) impact on C&E at 50% res
Slide 20: Strong Shopping Centre NRI performance
Strong Shopping Centre NRI performance Doubtful Indexation Leasing SBR debtors & other Total Lfl Southern Europe +2.0% +0.9% +0.4% -0.2% +3.2% Central Europe +1.9% +0.6% -0.2% +2.2% +4.5% Northern Europe +0.8% +0.9% +1.2% -0.3% +2.5% Total Europe +1.7% +0.8% +0.4% +0.6% +3.5% US Flagships +0.0% +3.6
Slide 21: Shopping Centre vacancy evolution
Shopping Centre vacancy evolution Southern Europe Central Europe Northern Europe Europe US Flagships URW 8.2% 7.3% 7.3% 6.2% 6.2% 6.3% 6.5% 5.5% 5.4% 4.8% 4.8% 4.6% 4.1% 3.8% 3.6% 3.3% 3.1% 3.2% 3.4% 3.1% 2.7% 2.5% 2.2% 2.2% FY-2022 FY-2023 FY-2024 FY-2025 2025 FULL YEAR RESULTS 21
Slide 22: Strong leasing activity with consistent uplift
Strong leasing activity with consistent uplift Europe US URW FY-2024 FY-2025 FY-2024 FY-2025 FY-2024 FY-2025 MGR SIGNED €309 Mn €284 Mn €133 Mn €140 Mn €442 Mn €423 Mn +29.9% UPLIFT ON +23.8% +11.1% +11.3% LONG-TERM DEALS +6.3% +6.6% FY-2024 FY-2025 FY-2024 FY-2025 FY-2024 FY-2025 UPLIFT ON ALL DEAL
Slide 23: Continued sustainable OCR
Continued sustainable OCR Southern Europe Central Europe Northern Europe Europe US Flagships 15.9% 16.1% 15.7% 15.2% 15.3% 15.5% 15.6% 15.6% 12.6% 12.2% FY-2024 FY-2025 2025 FULL YEAR RESULTS 23
Slide 24: Convention & Exhibition performance
Convention & Exhibition performance Lfl Change vs. Change vs. € Mn FY-2025 FY-2024 FY-2023 FY-2024 FY-2024 FY-2023 FY-2022(2) Net Rental 99 139 95 -28.8% -6.2% +16.8% Income Property Services 61 80 36 -23.9% +9.3% +64.1% & Other Income Total NOI 160 219 132 -27.0% -0.9% +31.1% 2025 FULL YEAR RESULTS
Slide 25: Continuous cost discipline supporting results
Continuous cost discipline supporting results General expenses down -5% vs. FY-2024 10.1% 10.5% 245 10.0% 9.4% 9.5% 225 €211 Mn 9.0% €199 Mn 8.2% 8.0% 8.5% 205 8.0% 185 €179 Mn €171 Mn 7.5% 7.0% 165 6.5% 145 6.0% FY-2022 FY-2023 FY-2024 FY-2025 General expenses General expenses over NRI Shopping Cen
Slide 26: GMV evolution impacted by FX but supported by increasing revaluations
GMV evolution impacted by FX but supported by increasing revaluations +€1,080 Mn +1.7% GROWTH €49,711 Mn (1) +€836 Mn €48,923 Mn -€1,239 Mn -€1,465 Mn December 2024 Disposals Portfolio revaluation CAPEX/Acquisitions/Transfers FX impact December 2025 1. Net of investments, disposals and FX impact 202
Slide 27: EPRA NRV (in € per share) evolution
EPRA NRV (in € per share) evolution +€9.58 €143.80 +€3.85 €143.80 -€5.18 €140.30 -€1.49 -€1.81 -€1.45 -€3.50 December 2024 Distribution NRV after Portfolio AREPS FX impact (2) Hybrid and Change in number Other (4) December 2025 (1) (3) distribution revaluation financial of shares instruments 1. In G
Slide 28: Group shopping centre portfolio valuation
Group shopping centre portfolio valuation Lfl Shopping Centres revaluation since Dec. 31, 2022(1) Europe US (79% of GMV) URW (21% of GMV) +2.3% +1.6% +1.9% +0.7% +0.2% -3.8% -4.0% -4.3% -4.7% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Rent impact +4.7% +2.3% +1.6% +7.2% -1.3% +1.4% +5.3% +1.4% +1.
Slide 29: Values supported by cash flow growth
Values supported by cash flow growth Net Initial Yield(1) Europe US Flagships 5.7% 5.4% 5.4% 5.3% 5.1% 5.2% 4.8% 5.7% 5.7% 2023 2024 2025 2025 2023 2024 2025 2025 CAGR of NRI(2) 3.7% 3.7% 3.5% CAGR of NRI(2) 4.6% 4.2% 3.8% Incl. Rents & CAM Incl. Indexation 2.2% 1.9% 1.8% escalation 3.0% 3.0% 3.0% U
Slide 30: Reduced committed pipeline following delivery of Westfield Hamburg-Überseequartier
Reduced committed pipeline following successful initial delivery of Westfield Hamburg-Überseequartier Committed pipeline Controlled pipeline €3.0 Bn €1.0 Bn projects at 100% Decision to launch any of the projects will be consistent +€0.1 Bn €1.2 Bn -€0.5 Bn with the Group’s capital allocation policy
Slide 31: Major net debt reduction and LTV improvement
Major net debt reduction and LTV improvement IFRS NET DEBT INCL. HYBRID IFRS LTV incl. hybrid evolution FY-2024 €21.9 Bn 45.5% Disposals -€1.6 Bn Adjusted Recurring Earnings -€1.4 Bn +20 bps 42.8% CAPEX & Acquisitions(1) €1.0 Bn -210 bps +121 bps 42.0% Distribution €0.5 Bn -87 bps -80 bps FX impact
Slide 32: Net debt/EBITDA evolution
Net debt/EBITDA evolution IFRS Net debt/EBITDA incl. hybrid 15.8x 14.9x 11.5x 10.7x 10.5x 10.2x 9.5x 9.1x 8.7x 8.5x 8.7x 8.0x Target 2028 FY-2015 FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 FY-2021 FY-2022 FY-2023 FY-2024 FY-2025 2025 FULL YEAR RESULTS 32
Slide 33: Controlled cost of debt
Controlled cost of debt Cost of debt and interest rates evolutions 3.9% 3.9% 3.4% 2.8-3.2% 2.6% 2.7% 2.1% 2.1% 2.0% 1.6% 1.6% 2.0% 2.0% 1.8% 1.4% 1.0% 0.2% 0.1% -0.3% -0.3% -0.6% FY-2010 FY-2011 FY-2012 FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 FY-2021 FY-2022 FY-2023 FY-2024 F
Slide 34: Successful financing transactions
Successful financing transactions $1.2 BN US ASSETS REFINANCED HYBRID PORTFOLIO RESTRUCTURING CREDIT FACILITIES ▪ c. 190 bps tightening of the ▪ c. -55 bps on the blended ▪ €1.15 Bn new sustainability- blended coupon (5.3% vs. 7.2%) coupon (from 5.4% to 4.8%) linked credit facilities, with average m
Slide 35: Liquidity needs secured
Liquidity needs secured Group liquidity - In € Bn €3.9 Bn of debt repayment with cash on hand 13.9 ▪ Eq. €3.0 Bn in 2025 maturities 13.0 13.6 12.1 ▪ €750 Mn proactive repayment of: 11.4 11.4 ▪ €600 Mn bond with a coupon of 2.5% maturing in Jun. 26 9.7 8.1 8.6 ▪ €150 Mn term loan with an eq. coupon o
Slide 36: Proposed cash distribution for fiscal year 2025
Proposed cash distribution for fiscal year 2025 — €2.2 Bn disposals completed or secured CASH DISTRIBUTION — Strong operating performance — Increase in valuations(1) in 2025 €4.50 per share paid in one — Access to financing & liquidity position installment on May 19, 2026 1. Net of investments, disp
Slide 37: Conclusion
CONCLUSION VINCENT ROUGET CEO Westfield Valley Fair
Slide 38: 2026 AREPS and distribution guidance
2026 AREPS and distribution guidance UNDERLYING GROWTH SUPPORTED BY: – Strong retail operating performance both in Europe (despite lower indexation) and the US; – The positive impact of 2025 and 2026 deliveries; €9.15-9.30 – C&E growth in even years; 2026 Adjusted Recurring – Continued focus on cost
Slide 39: 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 BN 66 & activation Operational PORTFOLIO, 80% OF GMV SHOPPING CENTRES expertise IN FLAGSHIP RETAIL 900 MN
Slide 40: www.urw.com
y UNIBAIL-RODAMCO-WESTFIELD www.urw.com
Slide 41: Appendix – Glossary
Bounce rate: share of store visits lasting less than MGR signed: Minimum Guaranteed Rent. 2 minutes All letting figures exclude deals <12 months. Usual 3/6/9 leases in France are included in Capture rate: proportion of all counted passages in the long-term leases. Figures of 2024 are restated front
Unibail-Rodamco-Westfield — FY2025 Earnings Presentation on 6ix