Unibail-Rodamco-Westfield SE

H1 2026 AREPS was EUR 4.84 per share. Like-for-like EBITDA grew 5.3%, shopping center NRI was up 4.5% like-for-like, and tenant sales increased 5.2%. Vacancy improved to 4.1%, down 50 basis points from December 2025 and 80 basis points from June 2025. IFRS net debt including hybrid fell to EUR 20.1 billion, while IFRS LTV including hybrid was 41.9%, down from 42.8% at year-end 2025. EPRA net reinstatement value stood at EUR 146.80 per share, up 2.1%. For 2026, management confirmed AREPS guidance of EUR 9.15 to EUR 9.30 and reiterated a EUR 5.50 per share distribution, up 22% from EUR 4.50 for fiscal 2025.

Vincent Rouget framed the quarter as evidence that URW’s “platform for growth” is working, citing flagships, data and AI, Westfield Rise and disciplined capital recycling as the core drivers. He emphasized that leasing is the #1 priority for 2026 and pointed to record-low vacancy, strong footfall and double-digit tenant sales growth at key assets as proof of active asset management. His tone was confident and upbeat, but he also acknowledged that Westfield Rise’s brand activation side is behind its baseline because the market is more muted than expected.

Fabrice Mouchel focused on the quality of the operating beat and the balance-sheet progress. He highlighted EUR 197 million of MGR signed in H1, a 10.6% total rental uplift on top of indexation, net debt down to EUR 20.1 billion, and LTV down to 41.9%; he also noted Moody’s moved the outlook on URW’s Baa2 rating from stable to positive. On funding, he cited a EUR 750 million green bond at a 3.78% coupon and a GBP 750 million refinancing at a 5.1% coupon, with average debt maturity at 6.7 years and cost of debt at 2.3%.

Analysts pressed on the U.S. World Cup impact, future UTC transaction terms, Westfield Rise and data pilots, capital allocation flexibility, and whether management would raise guidance. Management said the World Cup benefit was marginal, with no meaningful one-off effect, and said Westfield Rise’s retail media is growing more than double digits while brand activations are softer than expected. On guidance, Fabrice said H2 could still be affected by the timing of any additional disposals, potential financing costs and the seasonality of variable income and Rise, so the company kept the full-year range unchanged.