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HALF-YEAR RESULTS 2026
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World Cup, Westfield Parquesur, June 2026 H1 - 2026 OVERVIEW VINCENT ROUGET CEO
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1. Source: World’s Most Sustainable Companies of 2025, TIME/Statista We are a powerful platform for growth €49.5 BN PORTFOLIO, 81% OF GMV IN FLAGSHIP RETAIL IN 24 KEY EUROPE & US URBAN AREAS #1 PLAYER ANNUAL NRI CAGR DIFFERENTIAL IN CONT. EUROPE OVER 2008-24 +100 bps FLAGSHIP RETAIL FRANCHISING BUSINESS PIONEER REAL ESTATE COMPANY WORLWIDE(1) #1 SUSTAINABLE With a unique portfolio of retail-anchored urban infrastructure assets, located in the best cities 65 MALLS 900 MN+ ANNUAL VISITS “CREATING SUSTAINABLE PLACES THAT REINVENT BEING TOGETHER” Network of dominant flagship retail destinations Compelling shareholder returns Sustainable Growth Disciplined capital allocation Innovation, data insights, new services Content curation, Experience & activation Operational expertise ECOSYSTEM OF PERFORMANCE SUPERIOR BUSINESS LEADING EBITDA/FTE RATIO (€1.1 MN) 2025-28 EBITDA CAGR CONTRIBUTION 5.8–6.6% 60%+ EBITDA margin 32026 HALF YEAR RESULTS
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1. Net of disposals, capex and FX impact 2. At 100% 4 ― Strong retail operating performance continues ― Sustained leasing momentum driving MGR uplifts and lower vacancy underpinning future NRI growth above indexation ― c. +7% growth of Westfield Rise on a Lfl basis ― Fully completed €2.2 Bn disposal plan and +0.9% revaluation(1) ― Drive to best quality flagships continues including conditional acquisition of 50% stake in Westfield UTC trophy asset (A++) (San Diego) & 100% ownership of Westfield Southcenter (A) (Seattle) ― Successful €2.1 Bn(2) financing activity at favorable conditions ― Moody’s outlook upgraded to positive ― H1-2026 results well-anchored in our ‘A Platform for Growth’ trajectory (AREPS expected €9.15-9.30, €5.50 distribution guidance reaffirmed) H1-2026 highlights LFL EBITDA growth +5.3% IFRS LTV INCL. HYBRID c.-90 bps vs. FY-2025 41.9% 2026 HALF YEAR RESULTS
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Note: On a proportionate basis 1. Incl. taxes, minorities and hybrid coupons 2. Paid on May 19, 2026 5 Key H1-2026 financials snapshot P&L Turnover 1,789 1,848 -3.2% EBITDA 1,161 1,183 -1.9% +5.3% EBITDA margin 65% 64% +100 bps Financing result -237 -226 +4.8% Others(1) -227 -226 +0.1% Adjusted Recurring Net Result 697 730 -4.5% Adjusted Recurring EPS 4.84 5.11 -5.2% H1-2025 Change€ Mn H1-2026 LfI Change Other key financial metrics CAPEX €259 Mn 2025 CASH DISTRIBUTION(2) €650 Mn NET DEBT €19.8 Bn GMV €49.5 Bn 2026 HALF YEAR RESULTS
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Tenant sales Europe US URW Shopping Centre operational performance 6 Leasing activityVacancy rateTenant sales & footfall -80 bps vs. H1-2025 6.3% 5.5% 4.9% 4.6% 4.1% H1-2023 H1-2024 H1-2025 FY-2025 H1-2026 Total >36 months Footfall 5.5 years WALB €197 Mn MGR signed+2.3% +2.1% +1.2% +7.1% +10.6%+11.6% +14.0% H1-2025 H1-2026 MGR uplift Europe US URW +4.6% +5.2% +6.9% 1. As reported in H1-2025 (1) 2026 HALF YEAR RESULTS
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Strong flagship momentum driven by active asset management WESTFIELD LONDON UK - A++ FLAGSHIP ASSET ― Re-anchored 2018 extension (John Lewis, Primark) complemented by a flagship-led strategy (e.g. TK Maxx, Superdrug) driving renewed leasing tension and higher MGR uplifts ― Curated mix enriched by first-to-market brands (e.g. alo, Xiaomi), new leisure and F&B concepts (e.g. Din Tai Fung), strengthening appeal and reducing vacancy ― Westfield Rise scaling, supported by a 27 Mn audience and proprietary data and technology (Digeiz), with deployment this year providing additional upside ― Indexation clauses: > 30% of total MGR KEY VALUE CREATION INITIATIVES 2026 HALF YEAR RESULTS 7 WESTFIELD CENTRO GERMANY - A+ FLAGSHIP ASSET KEY VALUE CREATION INITIATIVES ― Recreated leasing tension through flagship store concentration including +14 signings/openings since 2024 with an average GLA of 1,450 sqm (e.g. largest Zara in a mall in Europe, 1 st Nike in German shopping centre) ― Renewed leisure offer (Cinestar IMAX, Karl’s Adventure Village) strengthening destination appeal ― Future rental growth supported by higher sales intensity (€8.4k/sqm) and sustainable OCR ― Monetising a 15 Mn audience via Westfield Rise, with immersive digital screen occupancy up 2x and physical activation up in H1-2026 -830 bps vs. 21 EPRA Vacancy 6.0% +10.1% Tenant sales vs. H1-2025 -130 bps vs. 21 EPRA Vacancy 3.2% +11.2% Tenant sales vs. H1-2025 Xiaomi, 2nd opening in the UK, May 2026 (1st in Westfield Stratford City) 2nd store in a shopping centre in Germany, Mar. 2026 Carolina Herrera campaign, Aug. 2025 Wicked campaign, Nov. 2025 Centro Vacancy: 2021: 4.5% 2022: 2.2% 2023: 1.5% 2024: 2.3% 2025: 1.7% London Vacancy: 2021: 14.3% 2022: 12.4% 2023: 10.2% 2024: 9.2% 2025: 6.9%
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8 11.8% OCR €15 k per sqm Sales intensity 3.6% EPRA Vacancy Premium & diversified tenant mix Anchors Home of Flagships Luxury expansion (phased openings from Spring 2026) ✓ Luxury extension stabilisation ✓ Reversionary potential (rent escalation, curation of merchandising mix, retenanting project) ✓ Parking & ancillary income growth ✓ Westfield Rise scaling ✓ Mixed-use long-term optionality Rare A++ Flagship opportunity A++ assets represent < 4% of all US shopping centres c. 14 Mn annual footfall & $765 Mn of annual sales One of the highest sales intensities in the US Well-invested flagship asset, with limited capex needs c.$700 Mn renovation and luxury extension capex spent over the last 10 years Highly-affluent, dense and innovation-led catchment (La Jolla/University City) ~$110 k+ HHI(1) (+c. 30% vs. US) Leading US life science, defense and tech hub WESTFIELD CENTURY CITY NOI: 1.5x UTC Similar footfall/positionning = clear NOI upside Trophy A++ Flagship Stellar operating fundamentals Visible NOI growth potential Westfield UTC: A++ trophy asset with strong growth levers 1. Household Income 2026 HALF YEAR RESULTS
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DISPOSAL 55% IN PLAZA BONITA (A-) ACQUISITION 45% IN WESTFIELD SOUTHCENTER (A) DENSIFICATION WESTFIELD GARDEN STATE PLAZA (A++) 9 Unlocking US growth opportunities with limited cash investment CONDITIONAL ACQUISITION 50% IN WESTFIELD UTC (A++) Strengthened portfolio through exit of a non-core regional asset Limited growth prospects without significant capex spending Proceeds redeployed into higher-return flagship opportunity (Southcenter) Top-10 US asset by footfall (c. 15 Mn)(1) with lowest OCR in URW’s US portfolio Embedded upside from active asset management and land densification Attractive LT financing ($218 Mn 2030 2.88% secured debt) Landmark mixed-use project 575 new homes & 49k sq.ft. retail c. $280 Mn TIC with URW 25% stake secured through land & infrastructure contribution Capital-light co-development model Creating LT value from a non-income- producing parking area Rare opportunity to increase control in a trophy flagship asset c. $705 Mn consideration comprising a combination of cash and up to 2.6 Mn new shares Subject to share price BELOW BOOK VALUE 10%+ UNLEVERED IRR ABOVE BOOK VALUE (HIGH SINGLE-DIGIT PREMIUM) BELOW BOOK VALUE 10%+ UNLEVERED IRR LIMITED ADDITIONAL EQUITY REQUIRED 15%+ LEVERED IRR LTV NEUTRAL AREPS NEUTRAL, LONG-TERM ACCRETIVE c. $7 MN CASH OUT FOR URW, +20 BPS LTV AREPS ACCRETIVE REPOSITIONING WESTFIELD GALLERIA AT ROSEVILLE (A+) A new destination for Dining (Doppio Zero, King’s Fish House, Sweetgreen), Design & Home Furnishing (Arhaus, Design Within Reach) A network of pedestrian pathways connecting retail & dining destinations c. $30 Mn TIC at 100% DE-RISKED PROJECT: 86% PRE-LET 9%+ YIELD ON COST H1-2027 H1-2028 1. Source: Placer.ai, in URW trade areas, and internal data 2026 HALF YEAR RESULTS
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OPPORTUNISTIC QUALITY ADD-ON ACQUISITIONS‘A PLATFORM FOR GROWTH’ CORE INVESTMENTS c. €600 Mn p.a. annual capex, net of capital recyling(1) KEY PRINCIPLES TARGET RETURNS Developments Yield on cost > 8% for retail Asset acquisitions Unlevered IRR ≥ 9% Acquisitions outside of annual net capex envelope and capital recycling strategy Unlevered IRR ≥ 9% ― Focus on enhancing overall portfolio quality and densification of URW’s existing footprint ― Paramount focus on risk management ― Flexible project-by-project investment approach QUALITY LTV Neutral or positive AREPS Neutral or positive TARGET CRITERIA ‘A Platform for Growth’ disciplined capital allocation framework 101. Net of disposals beyond €2.2 Bn 2025-2026 disposal plan (already completed). As a reminder, 2026 capex envelope is expected to amount to c.€0.7 Bn due to 2025 underspend. The Group’s two-year capex remains aligned with the c. €1.7 Bn planned over 2025-26 as presented at the Investor Day 2026 HALF YEAR RESULTS
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2026 core priorities UNLOCK Leasing momentum accelerating ✓ +380 bps Shopping Centres NRI Lfl growth on top of indexation ✓ -80 bps vacancy reduction vs. H1-2025 ✓ MGR uplift of +10.6% (vs. +7.1% in H1-2025) ✓ 972 deals signed at €733/sqm on average (+2% vs. H1-2025) INNOVATE Scaling proprietary data & AI capabilities ✓ New KPIs / data enhancing retailers’ decision-making and supporting sustainable growth ✓ Launch of Westfield Rise+ retailers’ performance program ✓ Roll out of URW proprietary data & technology in 2 European assets and pilot in the US SIMPLIFY Driving efficiency through structural and operational simplification ✓ De-stapling completed €2 Mn annual savings ✓ 148 legal entities liquidated ✓ Decision to move HQ to Westfield CNIT c. €7 Mn annual savings ✓ AI-driven lease management and automation ✓ New company values’ framework 2026 HALF YEAR RESULTS 11 URW new HQ at Westfield CNIT
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Westfield Mall of the Netherlands H1 - 2026 FINANCIAL REVIEW FABRICE MOUCHEL CFO
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2026 Half-Year Results Shopping Centres 1,063 1,078 -1.4% +4.5% Offices & Others 20 40 -49.0% -5.9% Convention & Exhibition 68 57 +18.1% +17.1% Net Rental Income 1,151 1,175 -2.0% +5.0% EBITDA 1,161 1,183 -1.9% +5.3% Recurring Net Result (Group Share) 735 772 -4.7% Average number of shares (in Mn) 144.0 142.9 +0.7% Recurring EPS 5.11 5.40 -5.4% Adjusted Recurring EPS 4.84 5.11 -5.2% H1-2025 Change LfI Change€ Mn H1-2026 NB: For more details on definitions of terms and scopes, please refer to the appendix to the Press release published on July 30, 2026 2026 HALF YEAR RESULTS 13
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€5.11 €4.84 -€0.36 -€0.17 +€0.35 +€0.10 -€0.15 -€0.05 AREPS H1-2025 Disposals net of acquisitions FX Retail NRI C&E NOI at 100% Financial expenses & Hybrid costs Other AREPS H1-2026 H1-2026 AREPS at €4.84, consistent with FY guidance NB: Figures may not add up due to rounding 1. NRI impact net of financial expenses 2. Other includes Issued shares, Office NRI, General expenses, Taxes, Minorities, Affiliates, Property development and services and Depreciation (1) (2) 2026 HALF YEAR RESULTS 14
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Strong Shopping Centre NRI performance Leasing SBR Doubtful debtors & otherIndexation Total Lfl Southern Europe +0.5% +0.5% +0.8% +1.5% +3.3% Central Europe +1.7% +0.2% +1.3% +0.7% +3.9% Northern Europe +0.7% +2.9% +0.1% +1.2% +4.9% Total Europe +0.9% +0.9% +0.8% +1.2% +3.9% US Flagships +0.0% +6.2% +1.4% -0.9% +6.7% Total URW Group +0.7% +2.1% +0.9% +0.7% +4.5% NB: Sums may not add up due to rounding 2026 HALF YEAR RESULTS 15
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TOTAL UPLIFT MGR SIGNED +240 bps vs. H1-2025 +350 bps vs. H1-2025 LONG-TERM UPLIFT +0.6% vs. H1-2025 Europe €134 Mn 7.7% 9.7% US €63 Mn 17.1% 24.8% €197 MnURW 10.6% 14.0% Strong leasing activity and reduced vacancy 3.3% 6.3% 4.6% 3.0% 5.2% 4.1% STRONG LEASING AND RENT REVERSION(1) LOWER VACANCY URW(1) EUROPE US FLAGSHIPS H1-2026FY-2025 NB: H1-2025 figures for MGR signed are restated for disposed assets and FX 1. Including Regional/CBD assets in the US 2026 HALF YEAR RESULTS 16
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Convention & Exhibition performance H1-2026 H1-2025€ Mn FY-2022(2)H1-2024 H1-2025 H1-2024 Lfl Change vs.Change vs. H1-2025 JEC World, Paris Nord Villepinte, March 2026 Net Rental Income 68 57 76 +18.1% +17.1% +17.3% Property Services & Other Income 37 33 33 +13.4% +14.7% +20.0% Total NOI 105 90 109 +16.4% +16.2% +18.2% 2026 HALF YEAR RESULTS 17
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EPRA NRV and GMV evolution supported by increasing revaluations 1. Net of investments, disposals and FX impact €48,923 Mn -€437 Mn +€461 Mn +€286 Mn +€280 Mn €49,514 Mn December 2025 Disposals Portfolio revaluation CAPEX/Acquisitions/Transfers FX impact June 2026 +0.9% GROWTH (1) GMV €49.5 Bn (+1.2%) GMV evolution supported by increasing revaluations EPRA NRV €146.80 per share (+2.1%) 2026 HALF YEAR RESULTS 18
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Shopping centre portfolio valuation, supported by cash flow growth URW 2024 2025 H1-2026 2024 2025 H1-2026 2024 2025 H1-2026 Rent impact +2.3% +1.6% +2.4% -1.3% +1.4% +2.2% +1.4% +1.6% +2.3% Yield impact -0.7% +0.7% -0.9% -3.1% -0.6% +0.0% -1.3% +0.4% -0.7% CAGR of NRI(2) 3.7% 3.5% 3.2% 4.2% 3.8% 3.7% 3.8% 3.6% 3.4% NIY(2) 5.4% 5.3% 5.3% 5.1% 5.2% 5.1% 5.3% 5.3% 5.3% Europe (78% of GMV) US (22% of GMV) Revaluation 2024 Revaluation 2025 +1.6% -4.3% +0.2% +2.3% +0.7% +1.9%+1.4% +2.2% +1.6% Lfl Shopping Centres revaluation since Dec. 31, 2023(1) 1. Based on the Lfl revaluation reported 2. US Flagships only for US NB: Retail only. Figures may not add up due to rounding Revaluation H1-2026 2026 HALF YEAR RESULTS 19
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1. On total offices GLA (27,918 sqm) Reduced committed pipeline Controlled pipeline c. €0.7 Bn at 100% Capital allocation policy – Net capex spending limits, including capital light approach (JV partnerships) and capital recycling – Minimum return thresholds Committed pipeline DELIVERIES ADDITIONS HAMBURG OFFICES URW share: 100% 19,895 sqm GLA 87% let(1) CNIT OFFICES (new HQ) URW share: 100% €1.2 Bn -€0.4 Bn +€0.2 Bn €1.0 Bn FY-2025 Deliveries Additions H1-2026 GSP MIXED-USE URW share: 25% WESTFIELD GALLERIA AT ROSEVILLE URW share: 100% 2026 HALF YEAR RESULTS 20 Capital light
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IFRS NET DEBT INCL. HYBRID FY-2025 €20.3 Bn Disposals -€0.6 Bn Adjusted Recurring Earnings -€0.7 Bn CAPEX & Acquisitions +€0.3 Bn Distribution €0.7 Bn FX impact €0.1 Bn Others(1) €0.0 Bn H1-2026 €20.1 Bn(2) IFRS LTV incl. hybrid evolution 42.8% -90 bps -90 bps +140 bps -50 bps 41.9% FY-2025 LTV incl. Hybrid Disposals Recurring cash flow net of capex and other Distribution Revaluation net of FX impact H1-2026 LTV incl. Hybrid Ongoing net debt reduction and LTV improvement NB: All data above are on an IFRS basis. Figures may not add up due to rounding 1. Other mainly includes working capital, other cash item 2. Corresponding to €18.6 Bn net debt on an IFRS basis and €19.8 Bn net debt on a proportionate basis 2028 Target 40.0% 2026 HALF YEAR RESULTS 21
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Net debt/EBITDA and ICR evolution & positive credit momentum 1. Baa2 Moody’s rating(1) Reflects material deleveraging achieved Recognises improving cash flow visibility and asset quality Integrates disciplined capital allocation & distribution policy 8.7x 8.7x 11.5x 10.7x 15.8x 14.9x 10.5x 10.2x 9.2x 9.1x IFRS Net debt/EBITDA incl. hybrid Target 2028 8.0x IFRS Interest coverage ratio 4.6x 5.9x 6.7x 6.1x 5.7x 3.5x 3.3x 4.2x 4.2x 4.2x 4.4x 4.7x EBITDA LFL: +5.3% CONTAINED 2.3% COST OF DEBT (+20 BPS VS. FY-2025) 2026 HALF YEAR RESULTS 22 POSITIVE “OUTLOOK”
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Opportunistic capital markets execution 1. In line with the Group’s 2022 Green Financing Framework, available here 2. At 100% 3. On the secured bond market + Hybrid stack reduction from €1.8 Bn to €1.5 Bn (with the Hybrid NC26 €333 Mn repayment in April 2026) €750 Mn 7-year unsecured green bond 3.875% Fixed coupon Proceeds allocated to Eligible Green Assets(1) 6.8x oversubscription at peak Strong & qualitative demand €267 Mn Mortgage financings(2) ― Successful €2.1 Bn(2) financing activity at favorable conditions, preserving liquidity Non-recourse mortgage financings in the context of the disposals Tightest spread since May 2021 Mid Swap +105 bps 89.9% stake in Höfe am Brühl disposal €95 Mn 5Y loan 50% stake in Splau disposal €172 Mn 5Y loan £750 Mn 5Y bond secured by Westfield Stratford City(2) 5.124% Coupon Largest GBP real estate deal since 2019 2nd tightest spread over last 5 years(3) GILT +90 bps €200 Mn Private Tap Existing €650 Mn 3.875% 2034 green bond Proceeds allocated to Eligible Green Assets(1) Spread in line with H1 bond issue for +1.2Y longer maturity 2026 HALF YEAR RESULTS 23 c. 4.5x oversubscribed £3.4 Bn record orderbook
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VINCENT ROUGET CEO CONCLUSION Westfield Stratford City
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2026 Guidance €9.15-9.30 2026 Adjusted Recurring Earnings Per Share €5.50 2026 fiscal year Cash distribution per share Westfield World Trade Center 2026 HALF YEAR RESULTS 25 GUIDANCE BASED ON: - H1 strong operating performance, which the Group sees continuing in H2 AND REFLECTING THE FULL PERIOD IMPACT OF: - Group’s disposals - H1-2026 refinancings
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APPENDIX Westfield La Part-Dieu
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▪ Launch of the Sustainable Retail Index (SRI) Association, co-founded with Ingka Centres ▪ Westfield Reloved Market across 24 flagship centres combining influencer-curated pre-owned fashion with immersive experiences to encourage sustainable consumption Advancing toward Better Places roadmap targets 27 BETTER PLACES TARGETS – 2026 ACHIEVEMENTS ▪ Partnership with E.ON to deploy >300 EV charging places in Germany ▪ Commissioning of rooftop solar power plant at Westfield Arkadia ENVIRONMENTAL TRANSITION ▪ Launch of the Sustainable Retail Index (SRI) Association, co-founded with Ingka Centres, with Sonae Sierra joining as a General Member ▪ Westfield Reloved Market across 23 Flagships to encourage sustainable consumption SUSTAINABLE EXPERIENCE ▪ Partnership with the National Guard (France) to facilitate the mobilisation of employee reservists ▪ Strengthened social impact initiative through a new partnership with Bureaux du Coeur THRIVING COMMUNITIES 2026 HALF YEAR RESULS Westfield Arkadia Latest 2026 ratings & awards Top 100 most sustainable companies worldwide (#1 in the real estate sector) A List in 2025 (8th year in a row) Westfield Reloved Market, Westfield Shopping City Süd Member of FTSE Index series since 2025 (July 2026) 2026 HALF YEAR RESULTS 27
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3.3% 2.8% 6.3% 4.0% 7.4% 5.5% 3.1% 2.6% 5.6% 3.6% 6.3% 4.9% 3.1% 2.2% 4.8% 3.3% 6.3% 4.6% 2.4% 2.4% 4.7% 3.0% 5.2% 4.1% Shopping Centre vacancy evolution Southern Europe URW Northern EuropeCentral Europe H1-2024 H1-2025 FY-2025 H1-2026 Europe US Flagships 2026 HALF YEAR RESULTS 28
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Continued sustainable OCR 16.1% 15.3% 15.6% 15.7% 12.2% 16.3% 15.2% 15.2% 15.7% 12.2% Southern Europe Northern EuropeCentral Europe FY-2025 H1-2026 Europe US Flagships 2026 HALF YEAR RESULTS 29
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CAGR of NRI(2) 4.2% 3.8% 3.7% Incl. Rents & CAM escalation 3.0% 3.0% 3.0% 5.1% 5.2% 5.1% 2024 2025 H1-2026 1. Shopping Centres, excluding disposals based on H1-2026 scope 2. 10Y CAGR based on appraisers’ cash flow estimates to compute valuations 3. Based on appraisers’ assumption Values supported by cash flow growth URW assets NIY URW assets Potential Yield(1) URW Stabilised Yield (Year 3)(3) US Flagships CAGR of NRI(2) 3.7% 3.5% 3.2% Incl. Indexation 1.9% 1.8% 1.8% Europe 5.6% H1-2026 5.7% 5.6% H1-2026 5.4% 5.3% 5.3% 2024 2025 H1-2026 Net Initial Yield(1) 2026 HALF YEAR RESULTS 30
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EPRA NRV (in € per share) evolution 1. In Group share, excluding taxes 2. Net of liabilities 3. Fully diluted number of shares from stock option and performance share €143.80 €139.30 €146.80 -€4.50 +€2.56 +€4.84 +€0.82 -€0.19 -€0.65 +€0.03 +€0.08 December 2025 Distribution NRV after distribution Asset revaluation AREPS FX impact Financial instruments Change in number of shares Deferred taxes Other June 2026 (1) (2) (3) 2026 HALF YEAR RESULTS 31
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