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]