Unibail-Rodamco-Westfield SE

H1 2026 AREPS was EUR 4.84 per share, down 5.2% year over year. Like-for-like EBITDA grew 5.3%, shopping center NRI grew 4.5% like-for-like, and tenant sales were up 5.2%. IFRS net debt, including hybrid, was EUR 20.1 billion, down EUR 0.2 billion versus December 2025, and IFRS LTV improved to 41.9% from 42.8%. GMV was EUR 49.5 billion, up 1.2% versus year-end 2025, and EPRA NRV was EUR 146.80 per share, up 2.1%. Vacancy fell to 4.1%, and leasing activity reached EUR 197 million of MGR signed in H1 with a plus 14% uplift on long-term deals. Management confirmed full-year 2026 AREPS guidance of EUR 9.15 to EUR 9.30 and reiterated a EUR 5.50 per share distribution for fiscal 2026, up 22% from the EUR 4.50 paid for fiscal 2025.

Vincent Rouget framed the quarter as evidence that URW’s ‘platform for growth’ is working, driven by flagship destinations, data and AI, and the Westfield brand. He emphasized leasing, rising footfall, and active asset management in the U.S. and Europe, while saying the company is now moving from one-off disposal execution into value-accretive capital recycling. His tone was confident and disciplined, repeatedly stressing quality, selective capital allocation, and keeping the 2028 leverage targets intact.

Fabrice Mouchel highlighted the hard numbers: AREPS of EUR 4.84, EBITDA up 5.3% like-for-like, net debt at EUR 20.1 billion, and LTV at 41.9%. He said H1 cash flow of EUR 0.7 billion was partly offset by EUR 0.3 billion of CapEx and a EUR 0.7 billion distribution, while the disposal program contributed to a 90 basis point LTV improvement. He also noted refinancing execution, including a EUR 750 million green bond at a 3.78% coupon, a GBP 750 million refinancing at 5.1%, average debt maturity of 6.7 years, and an improvement in cost of debt to 2.3%.

Analysts pressed on the size and durability of the U.S. World Cup benefit, the slower-than-expected brand activation side of Westfield Rise, capital allocation flexibility, and whether acquisitions could be larger or more corporate in nature. Management said World Cup effects were marginal, Westfield Rise’s retail media side is growing strongly but brand activations are tracking behind due to a softer market, and guidance remains intact because of the broader operating momentum. They also said the strategy remains deal-by-deal, with disposal proceeds recycled into higher-quality assets, and reiterated that the U.S. is attractive but not the only geography under review.