UNIBAIL-RODAMCO-WESTFIELD REPORTS H1-2025 EARNINGS

Core Insights - Unibail-Rodamco-Westfield (URW) reported strong H1-2025 earnings, with tenant sales increasing by 3.8% and a positive uplift in Minimum Guaranteed Rent (MGR) of 7.1% [2][4] - The company successfully opened the Westfield Hamburg-Überseequartier, attracting approximately 4 million visits since April [2][5] - The portfolio valuation increased by 1.2%, and the company completed or secured €1.6 billion in disposals [2][6] Financial Performance - Like-for-like EBITDA rose by 4.1%, while Adjusted Recurring EPS was reported at €5.11, a decrease of 0.6% mainly due to disposals and an increase in shares [2][6] - Shopping Centres Net Rental Income (NRI) reached €1,078 million, up 1.2%, with a like-for-like increase of 4.1% [6] - The company achieved an IFRS net result of €698 million, an increase of €72 million compared to H1-2024 [6] Strategic Developments - URW launched a licensing business to enhance revenue and announced a partnership with Cenomi Centers in Saudi Arabia [7] - The company is on track to achieve €2.2 billion in planned disposals by early 2026 [7] - Full-year AREPS is expected to be at the upper end of the guidance range of €9.30 to €9.50, supported by strong H1 performance and successful refinancing activities [8] Market Position - The shopping centre vacancy rate improved to 4.9%, down 60 basis points compared to H1-2024 [6] - Footfall increased by 1.6%, supporting the growth in tenant sales [6] - URW operates 66 shopping centres across 11 countries, with a portfolio valued at €49 billion, predominantly in retail [10]