Paris, July 30, 2026 — Press release

UNIBAIL-RODAMCO-WESTFIELD REPORTS H1-2026 EARNINGS

Unibail-Rodamco-Westfield (URW) said it delivered a strong retail operating performance in the first half of 2026, supported by higher footfall and tenant sales, sustained leasing momentum and a record-low vacancy rate of 4.1%, down 80 basis points year on year.

The results come as the company continues to emphasize flagship shopping centres and capital recycling, a strategy that is central to its 2025-28 “A Platform for Growth” plan. In that context, the first-half figures matter because they show how leasing activity, occupancy and asset quality are feeding through to earnings and balance-sheet metrics, while URW continues to reshape its portfolio.

Like-for-like EBITDA rose 5.3%, including retail net rental income (NRI) 380 basis points above indexation. IFRS net result came in at €1,009 million, up 44.6% from H1 2025. IFRS loan-to-value (LTV) fell by about 90 basis points to 41.9%, helped by a 0.9% increase in portfolio revaluation and the completion of the company’s disposal programme.

The company also said it continued to focus on quality flagship assets, including the conditional acquisition of 50% of Westfield UTC and 100% ownership of Westfield Southcenter. During the period, URW secured €2.1 billion of debt at attractive conditions, and Moody’s upgraded the outlook on its rating to positive.

URW said disciplined execution of its 2025-28 “A Platform for Growth” business plan supports its 2026 adjusted recurring earnings per share (AREPS) target of €9.15 to €9.30 and its reaffirmed distribution guidance of €5.50 per share.

H1 2026 in review

Tenant sales increased 5.2%, supported by a 2.1% rise in footfall compared with H1 2025.

Shopping centre vacancy reached a record low of 4.1%, down 80 basis points year on year.

URW signed €197 million of Minimum Guaranteed Rent (MGR), representing a 10.6% uplift on top of indexed passing rents. Long-term deals accounted for 79% of leasing activity and delivered a 14.0% uplift.

EBITDA was €1,161 million, up 5.3% on a like-for-like basis.

Shopping Centres NRI reached €1,063 million, up 4.5% on a like-for-like basis.

Convention & Exhibition net operating income (NOI) was €105 million, up 16.2% on a like-for-like basis, mainly due to seasonality effects.

Offices & Others NRI was €20 million, compared with €40 million in H1 2025, mainly reflecting disposals.

Portfolio revaluation increased 0.9%, or about €0.5 billion, including a 0.7% rise in Europe and 2.0% in the US.

URW said it completed €2.2 billion of its 2025-26 disposal plan, including €0.6 billion in H1 2026.

The company also highlighted disciplined capital allocation through a further reduced committed pipeline of €0.2 billion and selective capital recycling into higher-quality assets.

IFRS net debt including hybrids declined from €20.3 billion to €20.1 billion, while the hybrid portfolio decreased from €1.8 billion to €1.5 billion.

IFRS LTV including hybrids stood at 41.9%, an improvement of about 90 basis points versus FY 2025.

IFRS net debt to EBITDA including hybrids was stable at 9.1x, reflecting the 2025 distribution and remaining below the H1 2025 level of 9.2x.

Across debt capital markets, URW raised €2.1 billion through unsecured, secured and private placement financing.

Recurring net result was €735 million, AREPS was €4.84, and IFRS net result was €1,009 million, up 44.6% versus H1 2025.

CEO comment

Commenting on the results, Chief Executive Officer Vincent Rouget said:

“URW delivered a strong first half of 2026, in line with the trajectory set out in our 2025-28 ‘A Platform for Growth’ business plan. These results demonstrate the strength of our Flagship destinations, unrivalled retail operating expertise, advanced data and AI capabilities, and the powerful Westfield brand. Shopping Centre operating performance was supported by robust tenant sales and footfall growth, strong leasing momentum, higher MGR uplifts and improved occupancy – with vacancy now at its lowest level since 2017. This performance reflects good leasing tension and active asset management across our flagship destinations, and our continued focus on bringing the right retailers and brands to the right destinations. These efforts directly support our business plan target of compelling like-for-like NRI and EBITDA growth. Having completed our €2.2 billion disposal plan, our focus is on recycling capital towards higher-quality assets and opportunities with attractive long-term returns. We have been very active over H1, working to secure full ownership in two of our best and fast-growing US Flagships. Supported by the commitment of our teams and the strength of our unique platform, we continue to focus on executing our plan and creating value for all our stakeholders. We are confident in URW’s ability to deliver sustainable long-term growth driven by our core priorities of leasing, innovation and simplification.”

Financial schedule

URW said its next scheduled financial event will be a Q3-2026 trading update on October 22, 2026, after market close.

About Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield (URW) operates retail-anchored destinations in major cities and urban areas around the world. The network attracts more than 900 million customer visits a year, supports major retailers, and contributes to local communities.

The portfolio includes 65 owned shopping centres in the US and Europe, representing about 88% of the group’s €49.5 billion asset portfolio, including 41 centres operating under the Westfield brand. URW also has partners operating Westfield-branded destinations in new markets.

Through its “A Platform for Growth” business plan, URW says it is generating organic growth, leveraging the Westfield brand and pursuing capital-light growth opportunities to generate shareholder returns. The company says this is supported by its “Better Places” sustainability roadmap, which has established URW as a leader in real estate and one of the 100 most sustainable companies in the world.

URW shares are listed on Euronext Paris under the ticker URW. The company is rated BBB+ by Standard & Poor’s and Baa2 by Moody’s.

For more information, visit www.urw.com.

1. Excluding the impact of FX, disposals, pipeline, Design, Development & Construction (DD&C).
2. IFRS net result including recurring and non-recurring items, including gains or losses on disposals and mark-to-market of assets and financial derivatives.
3. Including hybrids.
4. At 100%.
5. Shopping Centres Lfl NRI excluding US Regionals and CBD asset.