UNIBAIL-RODAMCO-WESTFIELD Q3-2026 TRADING UPDATE - CONTINUED OPERATING MOMENTUM SUPPORTS 2026 OUTLOOK
Paris, October 22, 2026
Press release
UNIBAIL-RODAMCO-WESTFIELD Q3-2026 TRADING UPDATE
CONTINUED OPERATING MOMENTUM SUPPORTS 2026 OUTLOOK
- Solid operating performance in 9M-2026
- Tenant sales up +5.2% and footfall up +2.2%
- Rental uplift of +10.3% on top of indexed passing rents, vs. +6.7% in 2025
- EPRA Shopping Centres vacancy at 3.9%, improved by 140 bps vs. 9M-2025 and 20 bps vs. H1-2026
- Like-for-like turnover up +2.4% incl. like-for-like Shopping Centres GRI up +3.8%
- Signing of a consulting agreement with Thailand’s Asset World Corporation, covering three flagship developments in Thailand representing a first step towards a future potential franchising partnership
- Further capital recycling with the agreement to acquire the remaining 50% stake in Metropole Zličín funded by non-core disposals secured in Q3-2026 beyond the €2.2 Bn disposal plan
- €520 Mn of successful financings at attractive spreads, with the Group’s macro-hedging policy protecting earnings from sharp increases in interest rates and maintaining the average cost of debt in line with ‘A Platform for Growth’ 2025-28 guidance
- Moody’s upgraded URW’s credit rating to Baa1 with a stable outlook
- 2026 Adjusted Recurring Earnings per Share (AREPS) expected to be within its guidance of €9.15 to €9.30.
- ‘Unpacking Data & AI: the Westfield approach’ organised in London at Westfield Stratford City on December 3, 2026, showcasing how data and AI enhance URW’s operating model and drive performance
Commenting on the results, Vincent ROUGET, Chief Executive Officer, said:
“Our solid Q3 results are underpinned by strong growth in tenant sales and footfall, robust leasing activity and continued reduction in vacancy to record-low levels. Positive momentum in rental uplifts was sustained during the quarter, and we are on track to achieve our FY-2026 AREPS guidance and pay a cash distribution of €5.50 per share.
During the quarter, we expanded the Westfield network through flagship rebrandings in Poland and the UK and successfully refinanced €0.5 billion at attractive spreads. Moody’s recent upgrade of the Group to Baa1 further recognises our operating and financial strength.
We are also advancing our use of data and AI to make better decisions, improve operational efficiency and drive performance for our retail partners and for URW. We look forward to sharing our progress in this area with investors and analysts in December.
With strong operating momentum, our diversified global platform and a clear focus on executing our ‘A Platform for Growth’ business plan, we have confidence in the Group’s financial trajectory despite the volatile geopolitical and macroeconomic environment.”
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:Ariane Laval – FinElk – +44 7570 727 531 – Ariane.Laval@finelk.eu
France:
Franck Pasquier – Image 7 – +33 6 73 62 57 99 – fpasquier@image7.fr
Nathalie Feld – Image 7 – +33 6 30 47 18 37– nfeld@image7.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 65 owned shopping centres in the US and Europe that represent around 88% of the Group’s €49.5 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 shares are listed on Euronext Paris (Ticker: URW). The Group is rated BBB+ by Standard & Poor’s and Baa1 by Moody’s.
For more information, please visit www.urw.com
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