Paris, April 23, 2026
Press release
UNIBAIL-RODAMCO-WESTFIELD Q1-2026 TRADING UPDATE
SOLID OPERATING PERFORMANCE AND FINANCING ACTIVITY
ADVANCING ‘A PLATFORM FOR GROWTH’ 2025-28 BUSINESS PLAN
- Solid operating performance
- Tenant sales up +5.0%1 and footfall up +1.7%
- €94 Mn of MGR signed, with an uplift of +8.3% on top of indexed passing rents
- EPRA Shopping Centres vacancy improved by -60 bps vs. Q1-2025
- Like-for-like turnover up +3.3% incl. like-for-like Shopping Centres Gross Rental Income (GRI) up +2.4%
- Successful financing activity with eq. €1.6 Bn bonds executed in April
- €750 Mn 7-year unsecured green bond issued at 3.875%, marking the tightest spread achieved by the Group since May 2021 (MS +105 bps)
- £750 Mn 5-year secured bond executed at 5.124% to refinance Westfield Stratford City, a super-prime A++ Flagship in London (GILT +90 bps)
- Moody’s outlook upgraded to positive, reflecting strong operating performance and improved credit metrics
- Launch of the Sustainable Retail Index Association, co-founded with Ingka Centres to promote the Sustainable Retail Index (SRI) as a new industry standard
- 2026 Adjusted Recurring Earnings per Share (AREPS) guidance of €9.15 to €9.30 confirmed
Commenting on the results, Vincent Rouget, Chief Executive Officer, said:
“Q1 trading confirms our solid operating momentum across our diversified portfolio of dominant flagship assets in the world’s top cities. We delivered continued growth in tenant sales and footfall, solid leasing activity and a 60 basis point year-on-year vacancy reduction, underlining the strength and attractiveness of our destinations. We see clear opportunities to further enhance retail tension and capture market share thanks to our powerful ecosystem of performance, which makes our flagship portfolio an attractive platform for growth for retailers and brand partners.
During the quarter, we also executed two successful financing transactions at attractive terms across both the unsecured and secured bond markets in EUR and GBP, once again demonstrating the unmatched quality of our assets and strong investor demand. This strength was further recognised by Moody’s, which upgraded the Group’s outlook to positive.
We confirm our 2026 AREPS guidance of €9.15 to €9.30.”
For more information, please contact:
Investor Relations
Meriem Delfi – +33 7 63 45 59 77 – investor.relations@urw.com
Juliette Aulagnon – +33 6 15 74 20 43 – investor.relations@urw.com
Media Relations
UK/Global: Cornelia Schnepf – FinElk – +44 7387 108 998 – Cornelia.Schnepf@finelk.eu
France: Cyrille Lachèvre – PLEAD – +33 6 20 42 12 08 – cyrille.lachevre@plead.fr
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield (URW) operates vibrant retail-anchored destinations in many of the world’s best cities and urban areas. This powerful network attracts over 900 million customer visits annually, supports the growth of major retailers, and makes a significant social and economic contribution to local communities.
This network includes 66 owned shopping centres in the US and Europe that represent around 88% of the Group’s €49 Bn asset portfolio – with 41 centres operating under the iconic Westfield brand. URW also has partners who operate Westfield-branded destinations in fast-growing new markets.
Through its ‘A Platform for Growth’ business plan, URW is generating organic growth, leveraging the power of the Westfield brand, and unlocking capital light growth opportunities to generate compelling shareholder returns. This is supported by the Group’s ‘Better Places’ sustainability roadmap, which has established URW as a leader in the real estate industry and one of the 100 most sustainable companies in the world.
URW’s stapled shares are listed on Euronext Paris (Ticker: URW). The Group is rated BBB+ by Standard & Poor’s and Baa2 by Moody’s.
For more information, please visit www.urw.com.
NB: Unless otherwise indicated, all data are on a proportionate basis. Proportionate reflects the impact of proportional consolidation instead of the equity method required by IFRS 11 of the URW jointly controlled assets.
All figures in tables may not add up due to rounding.
1 Excluding Auto, tenant sales were up +5.6% at Group level and +8.5% for US Flagships.
Attachment
