UNIBAIL-RODAMCO-WESTFIELD Q1-2025 TRADING UPDATE

Core Insights - The company reported robust operating performance in Q1 2025, with sales and footfall both increasing despite unfavorable calendar effects [2][6] - Strong leasing activity was highlighted, with a 7.9% increase in Minimum Guaranteed Rent (MGR) compared to indexed passing rents [6] - The successful opening of Westfield Hamburg-Überseequartier attracted over one million visits within the first two weeks [2][6] Financial Performance - MGR signed amounted to €100.4 million, reflecting a 7.9% uplift on indexed passing rents [6] - Tenant sales increased by 2.1% and footfall rose by 0.4% [6] - The company confirmed its Adjusted Recurring Earnings per Share (AREPS) guidance for 2025 at €9.30 to €9.50 [4][6] Strategic Initiatives - The company has completed or secured €1 billion in disposals in 2025, including €0.7 billion in retail assets [3][6] - Expansion of Westfield Rise to the US aims to generate additional revenues through in-house retail media and experiential divisions [3] - The hybrid portfolio has been successfully re-couponed and downsized, enhancing financial flexibility [3][6] Liquidity and Financial Position - The company maintains a strong liquidity position with €13.2 billion available, securing refinancing needs for over 36 months [6] - The current macro-economic environment and EUR/USD hedging position provide confidence in the company's financial outlook [4][6] Portfolio Overview - Unibail-Rodamco-Westfield operates 67 shopping centers across 11 countries, with 39 under the Westfield brand, attracting over 900 million visits annually [8] - The company's portfolio is valued at €50 billion, with 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services as of December 31, 2024 [8]