Half Year 2026 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Key Points
- Strong leasing momentum with a 14% uplift on long-term deals and record low vacancy of 4.1%, the lowest since 2017.
- Like-for-like EBITDA grew 5.3%, driven by robust retail operating performance and disciplined cost management.
- Successfully completed the EUR2.2 billion disposal plan, transitioning to value-accretive capital recycling with acquisitions like Westfield UTC and South Center.
- Portfolio valuations increased by 0.9% in H1, contributing to a 90 basis point improvement in the LTV ratio to 41.9%.
- Moody's upgraded its outlook to positive, reflecting improved credit metrics and strong access to debt markets with oversubscribed bond issuances.
- Headline earnings per share (AREPS) fell 5.2% year-on-year, impacted by disposals, FX headwinds, and higher financial expenses.
- Westfield Rise revenue growth was muted at 7%, with brand activation underperforming due to a softer market, trailing behind the business plan trajectory.
- Financial expenses increased due to a slight rise in the cost of debt and lower interest capitalization, negatively impacting earnings.
- The EPRA cost ratio increased by 200 basis points, driven by higher general expenses and rising CAM costs in the U.S., particularly energy.
- Guidance for 2026 AREPS was maintained but not raised, with H2 risks including potential disposal timing, refinancing costs, and variable income seasonality.
Good morning. This is the conference operator. Welcome, and thank you for joining the Unibel Rodamco Westfield Half Field Results 2026 Conference Call.
As a reminder, all participants are in this and only mode and after the presentation, there will be an opportunity to ask questions by pressing star and one at any time.
Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on the telephone.
At this time, I would like to turn the conference over to Mr. Vincent Roger, Chief Executive Officer. Please go ahead, sir.
Thank you.
Good morning and a warm welcome to URW's H1 2026 webcast.
Thank you for taking the time to follow our presentation on a busy reporting day.
I'm pleased to take you through a short overview of our results and business highlights before Fabrice looks at her financials in more detail.
We will then open the line for Q
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