Half Year 2025 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Key Points
- Unibail-Rodamco-Westfield (UNBLF) reported a strong start to 2025, with sales, footfall, and leasing activity in line with expectations and outperforming the wider market.
- The company successfully opened Westfield Hamburg-Iberwati and expanded its Westfield Rise retail media agency to the U.S., enhancing its revenue platforms.
- A 1.2% portfolio revaluation was achieved, marking the first increase in the U.S. portfolio value since the Westfield acquisition.
- Unibail-Rodamco-Westfield (UNBLF) completed or secured EUR1.6 billion in disposals, with another EUR0.9 billion under discussion, on track to meet its EUR2.2 billion disposal target by early 2026.
- The company maintained a stable occupancy cost ratio (OCR) and achieved a 7.1% net rental income uplift, indicating strong leasing performance and tenant demand.
- Net debt-to-EBITDA ratio remains high at 9.2x, although it has decreased from 9.5x at the end of 2024.
- The company's net reinstatement value decreased by 3.5% due to foreign exchange impacts and financial instrument mark-to-market adjustments.
- Office NOI decreased by 20% compared to last year, primarily due to disposals.
- The cost of debt is expected to increase due to maturing low-coupon debt and lower cash amounts.
- The company's cash position decreased significantly from EUR5.3 billion to EUR3.3 billion during H1 2025, impacting liquidity.
Good morning. This is the conference operator. Welcome and thank you for joining the Unibai Rodamco Westfield 2025 half year results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Jean Marie Triton, Chief Executive Officer. Please go ahead, sir.
Good morning, and welcome to Unibail-Rodamco-Westfield's 2025 Half Year Results Presentation. Our H1 results demonstrate our strong start to the year and are fully aligned with our Platform for Growth business plan to drive organic growth, sustainable value creation and strong shareholder returns. Sales, footfall and leasing activity in the first half are all in line with expectations, and we continue to outperform the wider market.
In H1, we successfully delivered the retail opening of Westfield Hamburg-Iberwati and handed over the project's first office space. We also further developed our new revenue platforms by
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