Unibail-Rodamco-Westfield SE

F:UBLB

Operating momentum: Tenant sales rose 5.2%, like-for-like EBITDA increased 5.3%, and vacancy fell to 4.1%, the lowest level since 2017.

Leasing: URW signed EUR 197 million of minimum guaranteed rent in H1, with rental uplift of 10.6% above indexation and 14% on long-term leases.

Guidance: Management confirmed 2026 AREPS guidance of EUR 9.15 to EUR 9.30 per share and a EUR 5.50 per share distribution, up 22% from fiscal 2025.

Balance sheet: IFRS LTV including hybrid declined to 41.9% from 42.8%, while net debt fell to EUR 20.1 billion; Moody’s changed its outlook to positive.

Capital recycling: The EUR 2.2 billion disposal program is complete, allowing URW to recycle capital into higher-quality assets, particularly in the U.S., while retaining its 2028 targets of 40% LTV and 8x net debt to EBITDA.

Westfield Rise: Revenue growth was 7%, with retail media growing at more than double digits, but brand activations are behind the original plan because of a muted market.

Near-term caution: Management cited disposals, refinancing costs, variable income and softer indexation as reasons for keeping guidance unchanged despite strong H1 operations.