Core Insights - Unibail-Rodamco-Westfield (URW) reported strong retail performance in FY-2025, driven by increased footfall, tenant sales, and dynamic leasing activity, resulting in record low vacancy rates [1][4] - The company achieved a significant improvement in its loan-to-value (LTV) ratio, aided by €2.2 billion in completed or secured disposals and a portfolio revaluation increase of +1.7% [1][6] - URW launched capital-light growth initiatives, including a franchising contract in Saudi Arabia and a 25% stake acquisition in St James Quarter, Edinburgh [1][5] Financial Performance - The 2025 Adjusted Recurring Earnings Per Share (AREPS) was reported at €9.58, with a proposed distribution of €4.50 per share, reflecting a +30% increase compared to FY-2024 [2][7] - Forecasts for 2026 AREPS are projected to be between €9.15 and €9.30, with a targeted distribution of €5.50 per share [2] - EBITDA for 2025 reached €2,284 million, marking a +3.6% increase on a like-for-like basis, while Shopping Centres Net Rental Income (NRI) was €2,081 million, up +3.8% [6] Operational Highlights - Tenant sales increased by +3.9%, supported by a +1.9% rise in footfall compared to 2024, with shopping centre vacancy reduced to 4.6%, down -20 basis points [6] - Minimum Guaranteed Rent (MGR) signed amounted to €423 million, with a +6.7% uplift on indexed passing rents, including +11.3% on long-term deals [6] - The company’s balance sheet was strengthened, with IFRS Net Debt reduced from €21.9 billion to €20.3 billion, and LTV improved to 42.8%, a -270 basis point change from FY-2024 [6] Strategic Initiatives - URW's 'A Platform for Growth' business plan aims to generate organic growth and leverage the Westfield brand while unlocking capital-light growth opportunities [12] - The company is committed to sustainability through its 'Better Places' roadmap, which has positioned URW as one of the top 100 sustainable companies globally [8][12] - Future priorities include enhancing leasing activities, simplifying operations, and utilizing proprietary data and AI capabilities to drive growth and innovation [9]

Core Points - Unibail-Rodamco-Westfield (URW) has appointed Vincent Rouget as CEO and Chairman of the Management Board, effective January 1, 2026, reflecting the company's strong recovery and positive trajectory under the 'A Platform for Growth' business plan [2][3][6] - The succession plan, initiated by Jean-Marie Tritant in 2023, aims to ensure long-term leadership continuity beyond 2028, with Tritant leading the transition until the end of 2025 [4][8] - The Supervisory Board has expanded Anne-Sophie Sancerre's role to include COO Europe starting January 1, 2026, while other key executives will continue in their roles [5] Company Performance - URW's operational performance has shown a full recovery, supported by the strategic initiatives outlined in the 'A Platform for Growth' business plan [3][6] - The company operates 66 shopping centers across 11 countries, attracting over 900 million visits annually, and has a portfolio valued at €49 billion, with 88% in retail [11] Future Outlook - Vincent Rouget, who joined URW in 2023, is expected to successfully lead the implementation of the business plan, which focuses on sustainable value creation and strong shareholder returns [8] - The financial conditions related to the transition of leadership will be disclosed in accordance with applicable regulations [8]