France · Delayed Price · Currency is EUR Unibail-Rodamco-Westfield SE Earnings Call Transcripts
Fiscal Year 2025
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2025 delivered strong operational and financial results, with AREPS at €9.58/share and robust retail performance. LTV fell to 42% after €2.2bn in disposals, and 2026 guidance was raised, targeting at least 5% underlying growth and a higher payout.
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H1 results show strong operational and financial performance, with NRI and EBITDA growth, reduced leverage, and robust leasing activity. Guidance for 2025 AREPS is at the upper end, with a 30% higher distribution proposed and disposals on track.
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Management outlined a four-year plan focused on dominant flagship assets, disciplined capital allocation, and new high-margin business lines. Guidance includes €3.1 billion in shareholder distributions, 3–5% annual AREPS growth, and a €600 million annual CapEx. Strong organic growth, retail media, and licensing drive performance.
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The meeting highlighted strong 2024 results, improved financials, and a 40% dividend increase. All resolutions passed, with strategic focus on organic growth, sustainability, and risk management. Project delays led to executive pay adjustments and a shift away from direct construction risk.
Fiscal Year 2024
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Strong 2024 results featured record occupancy, robust leasing, and double-digit office growth, with recurring EPS up 4.1% and a 40% higher cash distribution. Guidance for 2025 targets at least 5% underlying growth, supported by continued operational strength and disciplined capital allocation.
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H1 2024 saw strong operational and financial performance, with robust tenant sales, leasing, and retail media growth, despite significant cost overruns and delays at the Hamburg project. Asset values stabilized in Europe, while U.S. values declined; full-year guidance and distribution targets remain unchanged.