Full Year 2025 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Key Points
- Unibail-Rodamco-Westfield (UNBLF) reported a strong retail operational performance with increased footfall and tenant sales, and a record low vacancy rate.
- The company successfully completed or secured EUR2.2 billion in disposals, significantly improving its loan-to-value (LTV) ratio.
- Unibail-Rodamco-Westfield (UNBLF) achieved a 2025 RES guidance beat at EUR9.58 per share, showcasing strong financial performance.
- The company is leveraging data and AI to enhance asset management and leasing, unlocking new KPIs and insights for better decision-making.
- Unibail-Rodamco-Westfield (UNBLF) is expanding its presence through strategic acquisitions and a new franchising business, demonstrating growth potential in new markets.
- The company's AREPS decreased by 2.7% compared to 2024, mainly due to disposals.
- Office NRI was down 34.7% due to disposals, impacting overall earnings growth.
- The cost of debt increased slightly to 2.1% in 2025, with expectations of further increases in the coming years.
- The company faces challenges in the advertising market, with a softer environment impacting growth potential.
- Unibail-Rodamco-Westfield (UNBLF) is exposed to FX fluctuations, which negatively impacted 2025 results and may continue to affect future earnings.
Good morning, and a warm welcome to URW's full-year 2025 results, my first as CEO. I'm going to take you through some key highlights and share some insights on our key priorities. Fabrice will cover our financials, and then we will both be available for questions. 2025 was another big year for URW's many achievements and a good start to our Platform for Growth business plan, including a 2025 RES guidance beat at EUR9.58 per share. We are reporting a strong performance across our business plan priorities, attractive growth organic growth, disciplined capital allocation, and substantial deleveraging.
First, the key foundation is our strong retail operational performance. Footfall and tenant sales are up. Leasing activity is strong and vacancy is down to a record low. We also made very important strategic inroads in preparing for a bright future through two capital-light initiatives, a new franchising business, an industry first in flagship hotel globally, and the acquisition of a 25% stake in St
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