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1. Company Snapshot

1.a. Company Description

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.The Group operates 75 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand.These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers.


URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a EUR 3 Bn development pipeline of mainly mixed-use assets.Currently, its EUR 51 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2023).URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards.


These commitments are enhanced by the Group's Better Places 2030 agenda, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.URW's stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests.The Group benefits from a BBB+ rating from Standard & Poor's and from a Baa2 rating from Moody's.

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1.b. Last Insights on URW

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1.c. Company Highlights

2. URW's 2025 Earnings Report: A Strong Performance

URW's financial performance in 2025 was robust, with AREPS coming in at EUR 9.58 per share, down 2.7% mainly due to disposals, but still in line with guidance. The company's EBITDA margin stood at 63%, and its cash flow conversion rate was over 70%. The actual EPS was not directly reported, but the AREPS figure indicates a strong underlying performance. The reported underlying AREPS growth of 5.4% was in line with the company's guidance of at least 5% in 2025. With a P/E Ratio of 18.68, the market is pricing in a certain level of growth, which is being delivered by the company.

Publication Date: Feb -14

📋 Highlights
  • Capital Recycling Progress: Completed EUR 2.2 billion in disposals (6% yield), reducing LTV to 42.8% (down 270 bps YoY), on track for 40% LTV target by 2028.
  • Strong Retail Performance: Tenant sales +3.9%, footfall +1.9%, and vacancy at 4.6% (record low), with EUR 423M MGR signed (+11% uplift on long-term leases).
  • Capital-Light Expansion: Acquired 25% stake in Edinburgh’s St. James Quarter and launched franchising model, enabling EUR 1.8B in retail developments without heavy capital deployment.
  • Financial Resilience: EBITDA margin at 63%, cash flow conversion over 70%, and EUR 19.7B pro forma net debt after disposals, with AREPS guidance of EUR 9.15–9.30 (2026).
  • Strategic Growth Focus: Targeting EUR 600M annual investments, EUR 5.50/share distribution (22% increase YoY), and 5%+ underlying AREPS growth, driven by leasing, innovation, and asset optimization.

Operational Highlights

The company's operational performance was strong, with tenant sales increasing by 3.9% and footfall rising by 1.9%. Leasing activity was robust, with over EUR 400 million of MGR signed, and vacancy fell to a record low of 4.6%. The Westfield brand continues to offer a unique value proposition, combining brand awareness with earned media value and a cost-efficient customer acquisition channel. As Vincent Rouget mentioned, "leasing, leasing, leasing" is driving the company's growth and is expected to continue to do so in the future.

Capital Allocation and Disposals

URW has made significant progress in disposals, completing or securing EUR 2.2 billion of disposals in 2025. This strategic shift to a capital recycling mode will fund additional investment and development activities, contributing to the company's organic growth profile. The average yield on the EUR 2.2 billion of disposals was between 6% and 7%, indicating a strong return on investment. With an LTV of 42.8%, down from 45.5% at year-end 2024, the company is on track to achieve its 40% 2028 LTV target.

Guidance and Outlook

The company has provided guidance for 2026, expecting AREPS to be between EUR 9.15 and EUR 9.30, representing a year of underlying growth of at least 5%. The proposed distribution for fiscal year 2025 is EUR 4.50 per share, and the company intends to propose a payout of EUR 5.50 per share for fiscal year 2026, a 22% increase from 2025. With a Dividend Yield of 3.52%, investors can expect a steady return on their investment. Analysts estimate next year's revenue growth at 3.5%, which is slightly lower than the company's expected underlying growth.

Valuation

With a P/E Ratio of 18.68 and an EV/EBITDA of 16.59, the market is pricing in a certain level of growth and profitability. The company's ROE is 4.46%, indicating a relatively stable return on equity. The Net Debt / EBITDA ratio is 9.96, which is high, but the company is working to reduce its debt through disposals and capital recycling. Overall, URW's strong operational performance, capital allocation, and guidance for 2026 indicate a positive outlook for the company.

3. NewsRoom

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Unibail-Rodamco-Westfield (UNBLF) Full Year 2025 Earnings Call Highlights: Strong Retail ...

Feb -12

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UNIBAIL-RODAMCO-WESTFIELD REPORTS FY-2025 EARNINGS

Feb -12

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URW SE - Information on total number of voting rights and shares in the share capital as at January 31, 2026

Feb -04

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URW SE - Information on total number of voting rights and shares in the share capital as at December 31, 2025

Jan -05

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Is It Too Late To Consider Unibail-Rodamco-Westfield After Its 21.4% Rebound In 2025?

Dec -07

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MEETING OF THE SUPERVISORY BOARD OF UNIBAIL-RODAMCO-WESTFIELD N.V.

Dec -04

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URW SE - Information on total number of voting rights and shares in the share capital as at November 30, 2025

Dec -03

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URW appoints Kathleen Verelst as Chief Investment Officer

Dec -03

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.52%)

6. Segments

Shopping Centres

Expected Growth: 3.5%

Growing demand for experiential retail, increasing footfall in iconic destinations, and innovative services drive growth in the shopping centre industry.

Convention and Exhibition

Expected Growth: 4.8%

Growing demand for experiential events, increasing popularity of omnichannel retail experiences, and strategic location of Unibail-Rodamco-Westfield's shopping centers drive growth in the Convention and Exhibition segment.

Offices & Others

Expected Growth: 2.5%

Growing demand for flexible office spaces, increasing popularity of coworking, and rising need for event and exhibition centers drive the Offices & Others segment growth, supported by Unibail-Rodamco-Westfield SE's strategic expansion and redevelopment initiatives.

7. Detailed Products

Shopping Centers

Unibail-Rodamco-Westfield SE owns and operates a portfolio of shopping centers across Europe and the United States, offering a range of retail, dining, and entertainment options to visitors.

Office Spaces

The company provides high-quality office spaces for rent, catering to the needs of businesses and organizations in prime locations.

Convention and Exhibition Centers

Unibail-Rodamco-Westfield SE operates convention and exhibition centers, hosting various events, conferences, and trade shows.

Mixed-Use Developments

The company develops and operates mixed-use projects, combining retail, office, residential, and leisure spaces in a single complex.

Residential Properties

Unibail-Rodamco-Westfield SE owns and operates residential properties, offering apartments and homes for rent or sale.

Investment and Asset Management

The company provides investment and asset management services to third-party clients, helping them optimize their real estate portfolios.

8. Unibail-Rodamco-Westfield SE's Porter Forces

Forces Ranking

Threat Of Substitutes

Unibail-Rodamco-Westfield SE operates in the real estate industry, which has a moderate threat of substitutes. While there are alternative options for consumers, such as online shopping, the company's focus on experiential retail and mixed-use developments reduces the threat of substitutes.

Bargaining Power Of Customers

Unibail-Rodamco-Westfield SE operates in a competitive market, and customers have a high bargaining power due to the availability of alternative shopping centers and online shopping options. This forces the company to focus on providing a unique customer experience and competitive pricing.

Bargaining Power Of Suppliers

Unibail-Rodamco-Westfield SE has a diversified supplier base, and the company's scale and market position give it significant bargaining power over its suppliers. This allows the company to negotiate favorable terms and prices.

Threat Of New Entrants

The real estate industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to compete with established players like Unibail-Rodamco-Westfield SE.

Intensity Of Rivalry

The real estate industry is highly competitive, with many established players competing for market share. Unibail-Rodamco-Westfield SE operates in a highly competitive market, and the company must focus on differentiating itself through its unique offerings and customer experience.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 65.18%
Debt Cost 4.24%
Equity Weight 34.82%
Equity Cost 14.62%
WACC 7.85%
Leverage 187.16%

11. Quality Control: Unibail-Rodamco-Westfield SE passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Carmila

A-Score: 7.2/10

Value: 6.9

Growth: 5.2

Quality: 7.0

Yield: 10.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Patrimoine et Commerce

A-Score: 6.9/10

Value: 4.9

Growth: 4.8

Quality: 5.1

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Klépierre

A-Score: 6.8/10

Value: 4.2

Growth: 4.6

Quality: 5.9

Yield: 9.4

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
NewRiver

A-Score: 5.5/10

Value: 5.3

Growth: 2.8

Quality: 4.9

Yield: 10.0

Momentum: 2.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Unibail-Rodamco-Westfield

A-Score: 5.4/10

Value: 4.8

Growth: 3.6

Quality: 4.9

Yield: 3.8

Momentum: 6.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Vastned Retail

A-Score: 4.0/10

Value: 5.8

Growth: 3.7

Quality: 4.3

Yield: 5.0

Momentum: 2.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

99.46$

Current Price

99.46$

Potential

-0.00%

Expected Cash-Flows