Good morning. This is the conference operator. Welcome. Thank you for joining the Unibail-Rodamco-Westfield Half Year Results 2026 Conference Call. As a reminder, all participants are in listen only mode. After the presentation, there will be an opportunity to ask questions by pressing star and one at any time. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Vincent Rouget, Chief Executive Officer. Please go ahead, sir. Thank you. Good morning. A warm welcome to URW's H1 2026 webcast. Thank you for taking the time to follow our presentation on a busy reporting day. I'm pleased to take you through a short overview of our results and business highlights before Fabrice looks at our financials in more detail. We will open the line for Q&A. Our H1 performance is once again driven by a powerful Platform for Growth. At the core of this platform is our ecosystem of performance, built on our unparalleled network of flagship destinations, our operating expertise, advanced data and AI capabilities, and the strength of the Westfield brand. All combined under one roof, this create a clear competitive advantage. Our ecosystem helps retailers and brands grow by driving traffic conversion, visibility, and sales. It also provides URW with multiple growth levers through leasing, new revenues, data, and capital light opportunities, translating into attractive business performance. Our strong H1 2026 results are a testament to the power of this growth Platform and our ability to turn scale into performance and performance into sustainable growth. Moving now to the detail of our first half results, where we continue to deliver our key Platform for Growth business plan priorities. Strong retail operating performance was supported by sustained leasing momentum, increasing MGR uplifts, and record occupancy. This is real NRI growth, not just indexation. Very strong footfall and tenant sales translate into leasing tension and occupancy gains, which allows us to be highly proactive when it comes to asset management. Westfield Rise kept on delivering growth at 7% year-on-year in a slightly muted brand activations market. With our EUR 2.2 billion disposal plan now complete, we are very happy to transition to value accretive capital recycling, including in the U.S. already from H1. We are capturing attractive opportunities to improve portfolio quality and drive future growth while staying disciplined. We also saw another positive portfolio revaluation, up just under 1% in the first half, which contributed to a 90 basis point improvement in our LTV ratio. We executed well on over EUR 2 billion in financings. All these elements supported Moody's upgrade of our outlook to positive during the period. Fabrice will cover the financials in detail. This snapshot shows how we are consistently delivering in line with our business plan. Continued top-line growth with like-for-like EBITDA growth above 5%. Increasing profitability with improving EBITDA margin, demonstrating the operating leverage of our platform and our ability to translate growth into earnings. Disciplined cost and financial expense management, even in a higher rate environment, reflecting a proactive refinancing work and strong access to debt markets. Controlled investments with net CapEx aligned with the annual envelope in our business plan. This is a business with good operating momentum, careful capital deployment, and a financial profile that supports our growth ambitions. Of course, headline numbers are still impacted by the EUR 2.2 billion of disposals executed since January 2025. I'm happy to say we are getting towards the end of this phase from an accounting point of view with the completion of our disposal plan. Let's take a closer look at shopping center performance. Tenant sales and footfall once again showed healthy year-over-year growth across Europe and the U.S. This is really key for us. Group vacancy is down 80 basis points versus H1 2025 to just over 4%, the lowest level since 2017. Leasing activity was strong with EUR 200 million of MGR signed in H1 and an accelerating MGR uplift at +14% on long-term leases. If you recall, leasing, leasing is our number one priority for 2026. It's very encouraging to see this progress in H1 and the overall leasing trend across our portfolio. This is exactly the dynamic we want to create as part of our business plan. Higher footfall and sales intensity, leasing tension, stronger MGR, market share gains, and occupancy improvements. Let's have a quick look at the two flagship examples in Europe that show how active asset management is driving tangible outperformance. Westfield London and Westfield Centro in Germany. Both have delivered double-digit year-over-year tenant sales growth in H1. At Westfield London, occupancy has improved by more than 800 basis points since 2021. Here we have meaningfully rebuilt leasing tension, achieving lower vacancy and higher MGR uplifts at one of Europe's leading retail destinations. We have also rapidly scaled our Westfield Rise offer to reach Westfield London's massive 27 million audience, with further upside expected. At Westfield Centro, we have invested meaningful leasing capital over the last three years, resulting in increased footfall, sales intensity, and reduced OCRs. We have opened 14 flagship stores in the last 18 months, including the largest in-mall Zara store in Europe, while also upgrading this asset's leisure offer to increase its destination appeal. Tenant sales growth reached double digits, which shows our teams have conducted a very successful repositioning in a muted German consumption environment. These are two strong examples of the value creation effect our active flagship asset management can deliver, even in markets with a soft macroeconomic context. A key achievement in H1 was also the signing of a conditional purchase agreement to take full ownership of one of our many trophy assets. This is the largest M&A transaction for the group since COVID, with attractive pricing, no LTV impact, and AREPs accretive towards the end of our plan. Westfield UTC in San Diego is a 116,000 sq m open-air shopping center with annual footfall of 14 million and EUR 765 million in tenant sales. The center has one of the highest sales intensities in the U.S., and San Diego is one of the strongest metropolitan economies in the country, affluent, fast-growing, and innovation-led. The asset has limited CapEx needs following a major upgrade over the last 10 years and the recently completed luxury extension, which has attracted brands such as Chanel, Hermès, and Loro Piana. We see a clear and durable upside at this fantastic asset through higher rents, re-tenanting, parking revenues, Westfield Rise, and over the long term, opportunities for additional mixed-use densification. Increasing our ownership will thus contribute to lifting our solid medium-term organic growth profile. In addition to UTC, we've been very active in unlocking opportunities within our U.S. portfolio. Macro fundamentals across our eight markets are very supportive and favor our dominant flagship assets, which benefit from attractive occupancy cost ratios, clear leasing tension, and repeatable rental growth. Our H1 U.S. portfolio activity combines leverage neutral acquisitions, smart capital recycling, and capital light development projects. All these activities are improving the quality and the concentration of our U.S. portfolio within our business plan trajectory. This investment activity was carried out at attractive conditions. In early July, we disposed of Plaza Bonita, a regional asset in Southern California, at a premium to our book value, and we reinvested those proceeds to take 100% ownership of Southcenter in Seattle, an A-rated mall where we expect to generate over 10% unlevered IRR. This capital recycling results in a net $7 million cash-out for the group and the takeover of 45% of a 2030 mortgage loan at low interest. In addition, CapEx light co-development of Garden State Plaza is a great example of the densification opportunities we have. Here, we are transforming 13 acres of underused parking into a walkable town center anchored with attractive multi-family residential, with no impact on the group net debt. As we enter a new phase after the completion of our disposal program, it is a good moment to focus on our capital allocation framework. In Platform for Growth, we committed to CapEx of EUR 600 million per year, net of capital recycling, funded through organic cash flow generation and with clear principles. As you know, this figure for 2026 is around EUR 700 million, reflecting underspend in 2025. We are now actively recycling out of lower growth non-core positions into higher quality assets with greater long-term potential. Our strategic criteria remain the same from our Investor Day: Westfield quality assets, neutral or positive impact on both LTV and AREPs, and an unlevered IRR of at least 9%. As demonstrated with the Westfield UTC announcement, we can opportunistically expand our framework to include selective high-quality acquisitions when our strict parameters are met. This means we can seize opportunities when they make strategic sense, focus on quality, and not compromise our 2028 leverage targets of 40% LTV and 8x net debt to EBITDA. Before I hand over to Fabrice, here is a quick look at where we stand versus the 2026 priorities I shared at the full year results. Our leasing momentum reflects strong execution by our teams, active management, and a continued focus on bringing the right retailers and brands to the right destinations. These efforts directly support a business plan target of like-for-like NRI growth substantially above indexation. Our second priority is innovation. We are scaling our data and AI capabilities, continuing the rollout of our Westfield Rise technology in Europe and launching a pilot in the U.S. We have also initiated a pilot phase around our data offer with 18 key retail partners, and we are building new use cases and analyzing the many success stories these new insights create. In terms of simplification, we completed our de-stapling and have successfully reduced group legal entities by 20%. We are benefiting from the organization and regionalization changes we implemented over the last two years, and we are using AI-driven automation in leasing to improve speed, quality, and productivity. Finally, we have announced that we will move our corporate headquarters to Westfield CNIT in Paris La Défense in late 2028. This will bring our corporate teams closer to the heart of our business as we bring to life an evolved company culture that fosters collaboration, curiosity, and excellence focused on impact. With that, let me hand over to Fabrice, who will take you through the financial review. Thank you, Vincent, and good morning, everyone. In H1 2026, we once again saw a strong operating dynamic with tenant sales up 5.2%, robust leasing activity, and the lowest vacancy level since 2017. We completed the EUR 2.2 billion disposal program announced at Investor Day, and as a result, IFRS net debt, including hybrid, is down to EUR 20.1 billion, a EUR 0.2 billion reduction versus December 2025. This net debt reduction, together with an increase in valuations and like-for-like EBITDA growth, led to a further improvement of the group's trade metrics. With our disposal program now complete, any additional disposals can be allocated to capital recycling. Let's look at our H1 2026 figures in more detail. Our AREPS stands at EUR 4.84 per share, reflecting the EUR 2.2 billion in disposals across both retail and offices in 2025 and H1 2026. AREPS was also affected by FX and the expected increase in financial expenses, and I will come back to our financing activity later on. The performance of our shopping centers and our convention exhibition business resulted in a strong organic growth with EBITDA up 5.3% on a like-for-like basis. Here we provide a detailed bridge showing the AREPS evolution year on year. Disposals net of acquisitions had a -EUR 0.36 impact on H1 2026 AREPS versus last year. As a reminder, it was -EUR 0.26 in H1 2025. FX also had a negative impact of - EUR 0.17 on the group's results due to the weakening of both the U.S. dollar and sterling against the euro and positive FX hedges contribution in 2025. Retail NRI growth contributed plus EUR 0.35, thanks to our positive like-for-like performance and recent deliveries. C&E activity contributed + EUR 0.10 at 100%, reflecting strong operating performance. Financial expenses and hybrid had a novel negative contribution of - EUR 0.15 due to a slight increase in the cost of debt and lower interest capitalization, which represented half of this increase. The other category of - EUR 0.05 mainly comes from the increased number of shares and higher minority interest from strong retail and C&E performance. Let's look more closely at URW Shopping Center performance on a like-for-like basis. NRI was up 4.5%, made up of + 3.9% for Europe and + 6.7% for U.S. flagship assets. This corresponds to a + 3.8% increase on top of indexation above the guidance shared at Investor Day. Indexation accounted for just + 0.7% at group level, reflecting a + 0.9% increase in Europe, in line with expectations and a low inflation registered in 2025. Leasing and sales-based rents contributed +2.1% and +0.9% respectively on top of indexation, thanks to strong leasing activity, a vacancy reduction, higher tenant sales, and positive SBR settlements. For U.S. flagships, leasing activity and sales-based rents represented growth of +6.2% and +1.4% respectively. The other category contributed +0.7%, thanks to an increase in commercial partnerships and parkings, partly offset by higher common area maintenance expenses in the U.S. Let's look at the operating performance driving the group's organic growth. Leasing activity was strong once again with EUR 197 million of MGR signed in H1 2026. Total rental uplift was +10.6% on top of indexation, made up of +7.7% in Europe and +17.1% in the U.S. This is above the 7.1% achieved in H1 2025. This performance was supported by a +14% uplift on long-term deals. Thanks to this strong leasing activity, the vacancy reduced to 4.1%, 50 basis points improvement compared to December 2025 and 80 basis points compared to June last year. Vacancy in Europe was 3% compared to 3.3% in December 2025, with a noticeable reduction in Southern Europe. U.S. flagship vacancy was 5.2%, a major improvement from the 6.3% as at December 2025, reflecting the appeal of URW's high-performing assets. Overall, occupancy cost ratio remains stable at 15.7% in Europe and 12.2% for U.S. flagship assets. Convention exhibition next. Net operating income stood at EUR 105 million, a 16.4% increase compared to last year, reflecting the strong operating performance as well as the usual seasonality between even and odd years. Compared to H1 2024, NOI was +18.2% on the like-for-like basis. Bookings and pre-bookings stand at 99% of the expected rental revenues planned for 2026, demonstrating the appeal of URW's convention exhibition venues. As an illustration, Porte de Versailles is currently hosting the Esports World Cup after the event was relocated from Saudi Arabia at short notice. The successful hosting of the Paris Olympics was a key decision driver as the organizers needed a proven venue that could accommodate events watched by millions worldwide. Moving next to the evolution of our GMV and EPRA NAV, which both grew during the period. The group GMV at June 2026 amounted to EUR 49.5 billion, a 1.2% increase compared to year-end 2025. This is mainly due to a +0.9% positive revaluation of the portfolio. This six-month increase compares favorably with the 1% annual growth we referred to at our Investor Day. This GMV increase was also supported by CapEx invested and positive FX evolution, which more than offset the -EUR 0.4 billion impact of disposals achieved in H1. As a consequence, the EPRA net reinstatement value stood at EUR 146.80 per share, up 2.1%, reflecting a contribution of circa EUR 2.60 per share from the positive asset revaluation, a positive FX impact of EUR 0.80, as well as a EUR 4.50 distribution paid to shareholders in May. Looking more closely at shopping center valuation. Like-for-like retail valuation was up 1.6% in H1 2026, driven by a positive rent impact of +2.3%, partly offset by a -0.7% yield impact. This positive rent impact reflects the strong operating performance achieved in H1 2026. This includes a 2.2% increase of the NRI next 12 months and a conservative 3.4% CAGR of the NRI over 10 years assumed by appraisers. Overall, yield impact was slightly negative with a 20 basis point increase in the discount rates in Europe. Like-for-like valuations were up 1.4% in Europe with a stable net initial yield at 5.3%. They were up 2.2% in the U.S., including +2.4% for flagships exclusively coming from a rent effect. This implies a 5.1% net initial yield and a 5.7% stabilized yield based on NRI estimated by appraisers in year three. The stabilized yield is in line with December 2025 and shows the NRI growth embedded in our U.S. flagship assets. Moving now to development. The total investment cost of our committed pipeline decreased from EUR 1.2 billion in December to EUR 1 billion as of June 2026. This reflected the delivery of Westfield Hamburg offices, currently 87% let, which reduced the group development pipeline by EUR 0.4 billion in H1. In parallel, the group added EUR 0.2 billion of committed projects relating to CNIT Office, where the group will have its headquarters and which is now 45% pre-let, as well as two new projects in the U.S. at GSP and Roseville, currently 86% pre-let. The control pipeline now amounts to EUR 0.7 billion at 100%, taking into account the transfer of projects to the committed category. As a reminder, any decision to launch control pipeline projects will be fully consistent with the capital allocation policy and CapEx limits presented at our Investor Day. IFRS net debt, including hybrid, has further reduced in H1 2026 from EUR 20.3 billion to EUR 20.1 billion. This results from the EUR 0.6 billion proceeds of the disposals completed over the period, which had a positive impact of 90 basis points on the LTV. The EUR 0.7 billion in cash flow generated in H1 were partly offset by EUR 0.3 billion in CapEx spent over the period, generating a net positive impact of 90 basis points. Net debt level also reflects the EUR 0.7 billion distribution paid in H1, which had a negative impact of 140 basis points on the LTV. Finally, portfolio valuation had a positive impact of 50 basis points on the LTV, while FX led to a net debt increase of EUR 0.1 billion and no major impact on LTV. In total, IFRS LTV, including hybrid, stood at 41.9%, down from 42.8% at year-end 2025, a 90 basis points decrease despite the full payment in H1 of the yearly distribution. We are therefore ahead of the LTV trajectory presented at our Investor Day to reach an IFRS LTV target of 40%, including hybrid in 2028. The group's other credit metrics also continued to improve in H1 2026. The IFRS net debt over EBITDA ratio, including hybrid, stood at 9.1x below the 9.2x in H1 2025. This level is supported by a 5.3% increase in EBITDA on a like-for-like basis and is consistent with the 9x level anticipated for the full year. The interest coverage ratio improved to 4.7x as a result of this strong EBITDA performance and contained increase in financial expenses and cost of debt. Cost of debt for H1 2026 amounted to 2.3%, slightly above the 2.1% in full year 2025, which benefited from positive FX hedges contribution. This figure is in line with the 20- 30 basis points increase per year presented at Investor Day, coming from the maturity of historical debt at low coupons, lower cash amount, and decreasing cash remuneration, partly offset by the group hedges in place. The improvement in operating and financial ratios as well as the completion of our disposal program led Moody's in H1 2026 to change the outlook of the group's Baa2 rating from stable to positive. Before I hand back to Vincent, I wanted to share some detail on our 2026 refinancings. The group has successfully executed a number of major financings in H1, illustrating its access to funding at attractive conditions. In April, we issued a EUR 750 million green bond with a seven-year maturity and 3.78% coupon corresponding to a spread of 105 basis points. This was the tighter spread achieved by the group since May 2021. The group also refinanced the GBP 750 million debt secured by Westfield Stratford City through a new bond at yield plus 90 basis points and a 5.1% coupon. This transaction had the largest order book ever achieved by a risk debt issuer in this market, leading to the second tighter spread over the last five years. Thanks to this activity, our average debt maturity stood at 6.7 years as at June, taking into account EUR 8.7 billion of undrawn credit facilities. Finally, we further optimized our capital structure with a repayment in April of the remaining EUR 333 million of our hybrid with a non-call date in 2026. As a result, the group's hybrid portfolio has reduced from EUR 1.83 billion as at December 2025 to EUR 1.5 billion today. With that, let me hand back to Vincent for some closing remarks. Thank you, Fabrice. I want to take a quick opportunity to congratulate you on being recognized as the top property sector CFO in the Extel 2026 survey. It's a fantastic and well-deserved recognition for you and your team, reflecting your very strong commitment to engage with our investor community. Before I wrap up, let's now look at our guidance update for 2026. We confirm that we expect our 2026 AREPS to be within the guidance of EUR 9.15 to EUR 9.30 we gave at our full-year results. This guidance is supported by the strong H1 operating performance presented today, which we see continuing in H2. It also reflects the full-year impact of the group's disposals and recent refinancings. We also confirm that we will propose a EUR 5.50 per share distribution for fiscal year 2026, as announced in February, which represents a 22% increase from the EUR 4.50 paid for fiscal year 2025. This guidance assumes no major change in the macroeconomic nor geopolitical environment. To sum up, in H1, we continue to deliver against our key business plan priorities, driving organic rental growth from a dominant retail portfolio, growing new revenues, including Westfield Rise, and disciplined capital allocation. A big thanks to all our teams who have delivered a very strong semester. Let's now start the Q&A. Thank you. This is the conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. In interest of time, we kindly ask to limit yourself to two questions only. First question is from Frederic Renard, Kepler Cheuvreux. Hi, guys. Thank you for the presentation. I hope you can hear me. First question would be, to what extent did the World Cup drive the figure support in the U.S., and do you expect retailers to leave some of your malls after the World Cup? Have you already noticed some departure? On Westfield Rise, is the trajectory still on track versus what you presented last year? Maybe just a final one on the licensing fee business and impact from the current conflict in the Middle East. Thank you. Hi, Frederic. Thank you for your questions. World Cup impact in the U.S., marginal on our business and performance in H1. Obviously we had some benefits. It happens that actually across our portfolio in Europe and in the U.S., our flagship destinations have been anchors and magnets for fans to join. We broadcasted some of the games. You have plenty of examples, like in Century City, in Los Angeles, in Parque Sur, in Madrid, for instance, as one of the places to celebrate the World Cup. We have very healthy traffic figures, but we see, above anything, I would say, a continuing trend, month after month. We're on par, or it slightly accelerates versus the Q1 disclosure we've made. It's really broad-based across the board, and we don't see a meaningful impact or one-off effect from the World Cup in our U.S. performance. The U.S. footfall has been increasing less than in Europe, interestingly. The tenant sales are growing the fastest over there. Which I'll provide you some context on the very strong fundamentals we see in this market, or at least across our eight main markets in the U.S. With regards to Westfield Rise, we printed, or we communicated, a +7% growth. The growth trend continues. I mentioned in my part of the presentation that we're seeing a more muted brand activation market. You have to dissociate the two lines, the main line of activities of Westfield Rise. The retail media side, so the screens, are performing well with strong growth, which is more or less on track with the overall baseline by 2028. It's growing more than double digits. The business is well-oriented over there. On the brand activation side of the activity, which is the mall activation, launch of new products, I think the environment has more impact, where we are not delivering the growth that we foresaw. We saw market conditions which have been more adverse than what we anticipated in 2025. We are tracking behind on that line of business. We believe that it's going to catch up over the next few years, so it doesn't necessarily mean that we will not be at our objective by 2028 and the end of the plan on this line of business. Today, factually, we're tracking slightly behind the baseline we have. When we look at the overall business, it's an important growth engine of our business plan. It's a great value-add service we offer our tenant partners. We believe a lot in the potential of the Rise business. Even if we track slightly behind and we don't hit absolutely our number, the reality is that we have other areas, as you can see in our portfolio, which are firing and performing very well. In the end, there will be some pluses, some minuses, but as a management team and a management board, we feel comfortable and very comfortable with the fact that we can deliver guidance within the range that we had shared during the Investor Day. Last point on Rise, there's a bit of a one-off effect as well on the growth trend you see on a net income basis because the expense basis of the business has seen some recalibration of some costs coming online that were not last year. 2026 is the year where we reach our, I would say, recurring margin. There's a bit of a one-off effect. The actual rental income and the revenues of the line of activity is north of 10%, including brand activation. That's it for Rise. Last question on licensing and fee business. We are not seeing adverse impact on the activities of our partner and our first rebranded mall in Westfield Dammam, in Saudi Arabia. It doesn't affect our strategic approach towards this new promising market. What we see on the ground is the strong performance of the asset, the strong local consumption, the strong tenant sales performance. We see as well the evidence of the value we bring to our partner through the positive feedbacks we have on their business on the ground on this asset that has been repositioned. No change from that perspective, and we are on track with our expectations, projections, and trajectory for this new line of business. All right. Thank you very much. Next question is from Jonathan Kownator, Goldman Sachs. Good morning. Thank you for taking my question. Two questions, if I may. One on capital allocation. You highlighted that your LTV coming down a bit faster than you expected, which is good. Can you talk about the flexibility of the balance sheet to do additional investments? Are you contemplating perhaps more disposals? I noticed that one was, I think, pulled in La Défense. How are you seeing that flexibility and capital opportunities, and would there be more in the U.S. or Europe? That's the first question. On the Westfield Rise, I was wondering, you had alluded to data in your presentation and pilots. Can you expand a bit on that? Can you let us know if you're trying to find alternative relay of growth in that business, given the brand activation is perhaps a bit behind? Thank you. Thank you, Jonathan. On the capital allocation, do you want to take it, Fabrice, on the balance sheet flexibility, maybe, and I can follow on disposals? Yeah, sure. On the capital allocation, there are two important points. First is that, as we said during the Investor Day, first, we need to sell before we start reinvesting. I think as illustrated by Vincent presented during the presentation, what we've done on Plaza Bonita and Southcenter is a good illustration of this, meaning that effectively we have sold first Plaza Bonita, then this put us in a position to reinvest in Southcenter, which is a center with a higher potential going forward, and which is a center of higher category and a better quality than Plaza Bonita. That's the first element. The second one is that all in all, what really matters to us is to follow the trajectory that we have mentioned during the Investor Day of 40% loan to value target by 2028. Any decision in capital allocation will be reallocating the proceed of disposals to potential acquisitions and again, Plaza Bonita is a good illustration of that. Yeah. With regards to the disposals, I think we have completed a disposal program, and we're very happy about that. I think we're very happy to seize the opportunities and find great opportunities to initiate this capital recycling cycle and strategy on the first half of 2026. I think our teams, we have no obligation. We regularly and constantly appraise our portfolio. We still have a number of non-core assets that we could dispose at the right conditions. Now it's really a game of aligning those disposal opportunities together with reinvestment opportunities we see in the market, whether across the portfolio, or on the open market to some extent. We see a pickup generally of transaction activity on the retail sector, which is encouraging. We see the appetite. It feels the sector is the darling of investors now, when I listen to the comments we receive more and more regularly. It's interesting how things change. The fundamentals are there but our business plan doesn't rely on that. This is where it's a very comfortable position. We don't need to do anything. We'll take only the right opportunities when they fit our baseline, our trajectory, and I think we intend to be, and to remain disciplined from that perspective. Capital opportunities, it happens that those U.S. transactions materialize now. We see a strong growth. You can see it in the numbers. It's an attractive market. We are open to opportunities in Europe as well, and it's a question of comparing them. Those transactions have been in discussions for a year and 1.5 year, for some of them. I think it's the good outlook we have as well on the stock price now that allows to unlock some of these. It happens to come at one go, but we do the work on the portfolio across our various geographies. And lastly, the data on Rise. I'm sorry I didn't catch the full extent of your question, Jonathan. Do we see some impacts scope to revise the guidance with that in sight? No, not necessarily that much, but just trying to go, do you have alternative relay of growth in these areas? Given the brand activation is perhaps a bit slower, and just also to get a bit more context about what you're highlighting in terms of new initiatives and pilots around data. Okay. I refer to the many success stories we see across the portfolio. This we see clearly. Are we able to pin down the very strong leading performance of H1 to part of this ongoing initiative and effort? We cannot make the direct link. I would like to tell you yes, but it's too soon. That's why we made it one of our priorities for 2026, and we hope to be able to share more with you by the full year results at the latest on that front. What's certain is that we see it as beneficial to our overall business, and to some extent, if we go a bit deeper into Rise, I think in our overall trajectory, we have an assumption of developing new services and new lines of revenues as well based on the data in the EUR 180 million net revenues we guided towards. We have not settled at this stage, given the many benefits we see on the data solution, whether we want to develop a new stream of extra revenues or whether this is part of the package because it helps us increasing our rental uplift across the board, across the portfolio. I'd say from that perspective, it's still early stage, but seeing the long-term rental uplift growing from 11% the last three years to 14% this semester is of good omen. We hope, and we intend with the team to keep on this strong momentum in the future. If the data, without being charged separately for it, allows us to get back to 20%, 25% per annum, I think we'll be very happy without having a new line of revenue. We're really in the middle of it in a nutshell. Okay. Thank you. Next question is from Pierre-Emmanuel Clouard, Jefferies. Yes. Thank you. Good morning. Maybe to come back on the UTC transaction, it would be nice to remind us the terms attached to this transaction, and maybe also the share price and the U.S. dollar price, the assumptions where you could exercise the option, looking at where we stand today. A bit of color on that would be useful. Then my second question is on the guidance. As you mentioned, the H1 operational performance is quite decent and very strong. What are the key assumptions that prevented you to increase the guidance at this stage, and especially given the EUR /USD price move since the beginning of the year? Okay. Regarding the UTC transaction, as you have noticed, we didn't share the details on the pricing so that which the transaction could unlock. What I can say is that we're not that far. Let's say it's a matter of a few percent in the end, but it's a combination of EUR/USD exchange rate and stock price. So we monitor. We entered into this conditional agreement that lasts until the end of the year, which gives us a lot of leeway to hit those thresholds. We can also dispose of assets beyond the EUR 2.2 billion disposal plan that we've completed and reuse the cash proceeds from those disposals to fund the transaction full cash, which means less dilution, probably slightly more accretion to the AREPs without impacting to the ATV. That's the reason why we structured carefully this transaction to afford the maximum flexibility in an environment that can remain volatile in the next few months. That's the element. I believe we've shared in the past some color on the broad ZIP code of net initial yields, and we remain on the same levels that have been commented around June. There's no change to that. Fabrice, on the guidance? To come back to the guidance. First, we confirm this guidance. Just maybe to put a bit of perspective, the AREPs in H1 is down -5.2%. If you take, as an illustration, the upper case of the guidance, it will be -3%. Basically, you see that there's, I would say, an overall improvement in the evolution of the AREPs. What might impact H2 is mainly twofold, or even threefold. One is the impact of potential additional disposals and the time lag between the time when we sell assets and the time when we redeploy the capital, which is one topic. The second is connected to the potential financing that we may do in H2, which could be very good in terms of conditions. As you've seen, the spread that we've been able to achieve were very attractive. They were the best ones in the last five years. The rates are somewhat high, and therefore, there's a cost of carry associated to that. The third element is that all in all, still the valuable activity accounts for around 15% of our NRAs, including parking, including commercial partnership, including sales-based rent. Just we mentioned Rise before, the net income of Rise is 2/3 in H2. Basically depending on that, and this has an impact of just on H2. All in all, very strong H1 performance on the operating side and confirmed guidance. Okay. That's clear. Thank you. Next question is from Charles Boissier, UBS. Yes. Good morning. Thank you for taking my questions. Two questions from my side. The first one is, you've outlined the acquisition target, you mentioned enhancing overall portfolio quality and densification across your existing footprint. In an answer to one of the previous questions, you mentioned that you're looking at both the U.S. and Europe, it sounds geographically quite flexible. If I look at your acquisition so far, it's been very tilted to the U.S. Should we view this strategy as more geographically agnostic across Europe and the U.S., or do you see currently the U.S. as offering more attractive opportunities for deployment and add-on acquisitions? Okay. That's your first question? Yeah. No? Okay. I see, generally speaking, yes, indeed, as I mentioned, those U.S. transactions have been kind of in the negotiation for quite a long time, and it happens they are unlocked at this moment. Obviously, it was important for us to complete the EUR 2.2 billion disposal program as well. Things have lined up pretty well. We look at opportunities across the markets. Being pretty basic, we like the tenant sales dynamic within the U.S., the trend in the business. We see substantial potential for long-term growth in our U.S. footprint. As a result, we like this geography probably better than others or more than others to some extent when we look at the macroeconomic environment and the facts on the ground. As you say, probably there could be a slight tilt towards the U.S., but it is not an objective in itself. We have many assets in JVs as well with partners who wish to find liquidity or wished to find liquidity for some time. I think that is one of the elements where the U.S. had an importance. Overall, probably the trend as a management board, we feel comfortable trending towards a 25% weight towards the U.S. in our assets. We are slightly below 22% today. I would say it is incremental, marginal, and so on. But directionally, we would feel comfortable there if we find the right opportunities. On the long-term leases that have been a key feature of the recovery since COVID, their contribution has risen. I think in H1 2026, however, the long-term deals, they moved slightly backward. I don't want to over-read into it. I think it is 300 basis points lower than that full year 2025. I just was wondering if there is any specific reason behind the recent increase in short-term deals and if this is driven by retailer demand, leading strategy of specific market or asset mix. Looking forward, where do you see the long term versus short term mix stabilizing? Thank you. As you said in your question, you should not over-interpret it. Basically, it was 80% last year. It is 79% this year. I would say it is very limited. Even pre-COVID, we had the same type of level of 80/20, which is usually the flexibility that we want to have between two tenants to find the possibility to fill in the spaces before having a new tenant coming in, or when you do some restructuring, filling in some space. I would say the way we run the business usually is quite tactical, and all in all, the proportion of long-term deals is aligned with what we have seen before and what is the target of the group long term. I would add that indeed, it's not always a negative or a sign of a lack of tension, because it can be strategic for a certain period of time, a few months, eventually a year on larger operations. That's why we wanted to share a bit of insights on what we've done in Westfield London and Westfield Centro in Germany on one of the slides, because that's typically the type of active asset management work that you do, where you're going to mobilize a bit of short-term lease for us to find the time to align all the tenants because you have subsequent operations that are related to one to the other. In the meantime, we want to maintain as well an activity presence versus being vacant, even if we have signed a deal. There's an element of strategic approach as well to some of the short term. Okay, thank you. Next question is from Paul May, Barclays. Hi, guys. Just a couple from me, just one by one. Sorry to labor on the expansion phase and acquisitions. I just wondered, have you considered larger corporate deals either in Europe or in the U.S.? Just given where you trade on an implied cap rate basis, they should, in most instances, be accretive on that way of thinking. I just wondered if you thought larger and bigger. You're not averse to issuing equity when taking out JV partners. I just wondered, have you thought about that on a whole corporate level? Not really. I think we're primarily focused on a deal-by-deal type of opportunities across our portfolio to that effect, and the discipline disposal as well frees up a few hundred million here and there that we could redeploy. I think larger scale M&A would require probably more massive disposals in order to be considered. It's not like there are many targets out there that would fit the quality criteria we have as well, and on which we're pretty disciplined. As we always mention, we track all opportunities in the market anyway, because we want to be very close to our markets. This would be really an exception, I think. It's not a target or a goal in itself for us. Okay. Simply, you mentioned, I think, the LTV target. Just wondered, given that figure is relatively easy manipulated, and a lot of marginal investors tend to focus on net debt to EBITDA as opposed to LTV, just wondering if you can be more clear on targeting net debt to EBITDA reduction, probably bringing you more into line with retail peers, because it is somewhere where you do still stand out as some investors view as being over-levered on that basis. Just wondering if that is a target for you to bring that down. Thanks, Paul, for this question. Two comments on my side. First, I'm not sure that I would qualify the LTV the way you do it being easily manipulable because, again, those valuations are done by external appraisers. By the way, they tend to be confirmed at a time when we sell assets because we sell assets in line with appraised value. By the way, as you would see, we even generated positive results on disposals on the dispose that we've achieved in H1. That's the first element. Still, as we've always said, and as we've indicated during the Investor Day, we have two targets when it comes to credit metrics. One is LTV, so at 40% in 2028. The second one is net debt over EBITDA ratio. You've seen that this is obviously an indicator that we track very closely. As mentioned, you've seen there was an improvement in H1 of the net debt over EBITDA ratio from 9.2x in H1 2025 to 9.1x in H1 2026. This is consistent with the 9x level that we announced and we mentioned during the Investor Day with a target in 2028 to reach 8x net debt over EBITDA. Thank you very much. Next question is from Florent Laroche-Joubert, ODDO. Yes. Good morning, Vincent. Good morning, Fabrice. Thank you to take my question. Two questions, if I may. The first question would be on your vacancy rate. We have been able to see that you have been able to improve it. At this level, can we consider that you have reached a target, or do you think that you can still improve your vacancy rate? That would be my first question, my second question would be more on the credit side. We have been able to see the update of Moody's regarding your credit rating. Do you have any update also from S&P regarding, I don't know, maybe a potential upgrade? Thank you. Thank you, Florent. With regards to the vacancy, we can always improve. We have a number of assets where we can improve the vacancy still, and we are putting the work to achieve that. This is why the Centro example is encouraging. Same for Westfield London and so on. When you do the right asset management, you bring in the right concepts. We invest through leasing capital to upsize those stores. It drives activity, it drives traffic, attractivity, and it allows us to solidify further the rental and the occupancy of the asset around. Interestingly, even in fully leased assets, you always tour some assets where you have slightly softer RIAs than the prime pitch. Even if when you reach a certain low vacancy, it is better tension, better uplift for sure. At the same time, we can keep on working and enriching the quality of those assets in some of those areas as well. Across the portfolio, we believe that we still have some room to go to some extent, on the vacancy reduction. The interesting part is that once you reach that, it means that usually you see the rental uplifts increasing as well. The tightest or the lowest vacancy areas or let's say markets in our portfolio, are the ones where we see the highest uplifts. If I leave aside the U.S., which is slightly specific and outlier from that perspective because it has still a high vacancy when you compare to other markets in our portfolio. The highest leasing spreads, and uplifts as well because of the very strong trend on the ground. To come back to your question on rating. First, we are very happy that Moody's recognized the improvement that we have made in terms of deleveraging, and in terms of improvement of operating performance. By the way, this change in outlook took place before the release of the H1 results, where you see further improvement on those sides, be it valuation, be it net debt reduction, be it NRI like-for-like growth and EBITDA growth on a like-for-like basis. Basically, we will continue discussing with the rating agencies, both Moody's and S&P on those topics, to explain to them where we stand and to show them the progress that we keep making semester after semester. Still, I think there is one point of context to mention is that you have one rating, well, you have one notch of difference between S&P and Moody's. That is why Moody's came up with this positive outlook because of, A, the progress that we have made and also this difference. Again, we will keep discussing with the rating agencies the progress that we make on our credit metrics, which we have highlighted during this presentation. Maybe one last point that I wanted to make. Despite this situation, we have been able to raise debt at very strong, the best spreads over the last five years, in particular on the bond side, which is also a sign that even without this improvement in the ratings, finding the right market windows. The bond that we have issued was 6.8x oversubscribed, helps us also reduce our cost of debt, reduce the spread. I wanted to thank, in this respect, Meriem and her team, the treasury team, for the great work that they've been doing on these transactions that I've just mentioned, the EUR 2.1 billion that we've raised at attractive conditions in H1. Okay. Thank you very much. Next question is from Neil Green, J.P. Morgan. Good morning. Thank you for taking my questions too, please. Following up on some of the questions around guidance, but perhaps looking more at the 2028 AREPS number. You've made a number of references today about how things are going better than how you laid out at the CMD, the spread to indexation. Indexation itself perhaps is a bit better, and we're seeing forecasts for a stronger dollar over the coming year. How does that all square please with the 2028 AREPS guidance of up to EUR 10.10, could you say that we are more likely perhaps to be at the high end of that now than where we were 12 months ago, please? I think generally speaking, the geopolitical environment as well, the level of indexations have moved or didn't perform as anticipated since early 2025. It's very strong operating fundamentals on the ground. Some of the macro parameters are a bit up as well, so it can compensate some of the effects. I'll leave Fabrice commenting further on that, beyond the fact that we're anchored within our own guidance from the Investor Day. Thanks, Neil, for this question. In fact, when you look at it, there are maybe three topics that we can discuss. First, you mentioned the FX, and you're right, there was a recent improvement, and the strengthening of the dollar. Still, at the time when we made or gave our guidance during the Investor Day, the EUR/USD assumption was 1.14. That's more or less the spot today, but that's still below the forward, which is more in the 1.16, 1.17. There's still some uncertainty on that front, even though we've tried to improve the situation by hedging and improving our hedging position on that one. The second relates to inflation and indexation. As you see, by the way, in 2026 and in H1 2026, the inflation was more muted than the assumption that we had given during the Investor Day. We assumed 1.2%, and you'll see that we are at more 0.7% in H1. We'll see how this evolves over time, but there's still a level of uncertainty. The third question is obviously the level of valuable income, including the Westfield Rise that we've mentioned. All in all, we are comfortable with the guidance that we gave and this trajectory, the range that we gave during the Investor Day, today it's too early to mention where we stand in terms of position within this guidance for 2028. Maybe to remind the growth, the organic growth profile built in the guidance from the Investor Day is between 5.8% and 6.6% annual EBITDA growth over the plan. This is an ambitious guidance. This is a strong growth, compelling and attractive growth, given the yield at which we operate, on the basis of which we deliver, we believe, compelling value. This is already an attractive trajectory. Yeah. Maybe as we're talking about guidance and to plus up on what Vincent has said, talking about 2027, because Vincent gave the overall level of growth for 2028. Still, in 2027, we see growth in terms of AREPs, but we expect it to be below the average growth over this period, in particular on the back of three main elements. One is in 2027, we still have the residual effect of the disposals completed in 2026. That's the first element. The second is that you would have also the seasonality of the C&E activity between even and odd years, so next year will not be such a good year in terms of Convention and Exhibition contribution. Ultimately, on the cost of debt and financing, we have 10% of our debt that matures between February and May 2027, which has a coupon below 0.9%. Basically, this will have an impact on our financial expenses for 2027. We still show some growth, but below the average to get to 2028 levels. Okay, brilliant. Thank you. Then just another quick one. You flagged in the presentation that both the UTC and Southcenter transactions will be done below book value. Do you think valuers will read into this at any point over the next valuation event, or are there specific conditions here, like with it being JV partners as to why they maybe will look through that, please? We would not anticipate it. Obviously the valuation, you have access to the valuation movement on the U.S. portfolio as of H1. UTC transaction had been announced already before the closing of the H1, because we announced it in June. This was in the big domain. I think those transactions are to some extent specific as well because of the JV nature of the relationship, the rights of the various parties. Typically, these are not necessarily seen as comparable evidence as some of the other deals that have been in the market where you have the disposal of full control of a flagship asset and so on. We generally saw, we communicated on that following the full year, however, that you start seeing a body of evidence in terms of transaction activity on the flagship in the U.S., which we see supportive of the valuation for our assets. I think the valuers' assumptions are different from ours. Overall, we see a much higher growth to some extent that what they build in their own DCFs. We see a trend of improving valuations across the board in the U.S. market. Perfect. Thank you very much. Next question is from Veronique Meertens, Kempen. Hey, good morning, all. Thank you for taking my question. First on Unibail Germany, I saw that CPPIB exercised its put option. Wondering if that was at the same terms agreed on in 2024, and also your overall view towards Germany, the strategic view, how you like your exposure there at the moment since the country seems to be lagging other regions in Europe at the moment. Yes. Correct. The parameters had been set with CPPIB a few years ago. We executed upon the original agreement with them. There's no change from that perspective. We extended a bit beyond because it allowed us to dispose some of the assets. As you recall, we have disposed of Höfe am Brühl in Leipzig early in the first semester, in the first half of 2026. We still have a few assets as well. That's on the back of those evolutions. We have almost completed, I think, the portfolio evolution in Germany. The vast majority, almost entirety of our exposure is now focused on three flagships, Westfield Centro, together with CPPIB in a JV, Westfield Hamburg-Überseequartier, which is performing well since its opening slightly more than a year ago, as well as Westfield Ruhr Park, on which we see a very positive operational performance ongoing. As we often say, we're not a country player. We're more like a market player. We see this important difference as well in the evolution of our traffic, of our tenant sales, because we're really able to do the work on those flagships and capture market share, basically, even in a soft overall market. We'll continue disposing non-core regional assets over there. We have two of them still in our portfolio. To come back to your question, they are the same terms, but as you would recall, the terms that we had managed to secure with CPPIB on this transaction implied a significant discount to the valuation of the assets which were part of the URW Germany portfolio. In the meantime, we have sold a number of them, including, by the way, the [mfi AG] Germany, so the third-party management company. We are now left with only one asset. When we sold these assets before, it was done at a price that was, I would say, higher than the implied price of the transaction. Basically, all in all, this was a very strong transaction. In the end, what is left in URW Germany is mainly cash plus one asset. As Vincent, the purpose is to continue, I would say, selling those types of more secondary and more regional assets in Germany. Okay. Thank you. That's clear. My second question is around OCRs. I thought there was a very small uplift, I think mainly driven by non-flagship U.S. and Southern Europe. More in general, what's your view towards your OCRs? Obviously, you are signing at significant MGR uplifts while there is some uncertainty in the market. Curious to hear your view, if you are comfortable with your current OCR levels. Thanks, Veronique. On the OCR, overall in Europe, they are stable at 15.7%, with pluses and minuses depending on the regions. As you have seen, for instance, in Northern Europe, we saw a reduction on the back of a very strong tenant sales, +7.7% in tenant sales, which explained the decrease in the OCR in Northern Europe. While you had a slight increase in Southern Europe, in particular, on the back of the performance of weaker tenants. A number of them, by the way, being fully provisioned in terms of rents. No impact on our net rental income. To come back to the U.S., overall, there was, as you said, an increase, which was mainly driven by regional and CBD assets, because when you look at the OCR for the flagship assets, they stand at 12.2%, basically unchanged compared to December 2025. This gives us confidence in our ongoing capacity to increase the rents, because as you have seen in the U.S., we have increased the rents by 17%, and despite that, the OCR remains stable. To plus you up on that front, we shared some perspective as part of the notes in the MD&A around OCR, that will answer your question. We do feel comfortable with those levels. We try to broaden a bit the scope and the perspective by comparing those occupancy cost ratios in retail and in our portfolio to the kind of fee take that other platforms, including digital platforms, manage to charge their clients and customers. When you take this perspective, you feel that 15% is extremely attractive for the kind of service and quality of experience we offer in the marketplace. I can cite the OTAs in the hospitality industry that are going to take between 20% and 25%. We could cite the Apple Store or the App Store of the Apple Store. You have many Uber, Deliveroo, and so on. You see that the levels of fees for technological platforms without a physical footprint is substantially higher than the one we offer to our tenant partners. We do believe that's one of the reasons why we've been so successful at driving business, driving up sales in the post-COVID environment as well. This is recognized even though, by definition, no tenant likes the rent it pays to any landlords, whatever the industry. Okay, thank you. Next question is from Aaron Guy, Citi. Yeah, morning. Thanks for taking the question. Just on the dividend, obviously you're coming to the end of the disposal program, looking to acquisitions. Not looking for specific dividend guidance, because I know you'll revisit that each year. Just how do you think about increasing the dividend back to historic payout levels in that sort of stack of options for capital, given the share price increase that would probably trigger and therefore potentially make some acquisitions easier going forward. Just more a question around how do you think about the dividend increase back to historic levels in that sort of capital stack allocation going forward? Thanks, Guy. When it comes to the distribution, we have given a path of normalization of this distribution during the Investor Day. We have announced that already for fiscal year 2026, we are going to pay EUR 5.50 per share, which corresponds to a payout of 60%. By the way, the fact that we have given in advance the level of distribution for fiscal year 2026 at a time when we are just halfway through, is a sign of the confidence that we have in this business. What we have said going forward is that we intend to increase this payout from 60% in fiscal year 2026 to 60%-70% going forward. That is the way we look at it. It will be progressing as the AREPS continues to progress. We have also given a guidance when it comes to the overall distribution to be paid over the period, this is something that we will obviously take into account with the overall idea being that, all in all, the cash flow that is generated by the company will help finance both the investment and the distribution, so that in the end, the distribution does not imply any addition on the debt side, and that the disposals will allow us to acquire new assets and to proceed with the capital recycling. I guess, Fabrice, as one of the tools at our disposal, if we wish to increase distributions, we would do it more opportunistically through share buyback at that moment rather than evolving the range of distribution payout that we shared. This will be, as you said, pretty opportunistic. It is true that what we have given as a guidance, again, is the 60%-70% payout, which is again consistent with the principle and the objective that we have to have both the dividend and the CapEx being covered by the cash flow generated by the company, excluding any disposals. Potentially beyond the plan as well. Yes. To be clear. We believe it's the right level to ensure that we gradually delever to increase the strategic flexibility of the group at the right moment. Yes. Understood. That's very clear. Thanks. Thanks, Aaron. Next question is from Tom Berry, Green Street. Hi, good morning. Thank you for taking the questions. Just a quick comment. You delevered and the vacancy has fallen quite significantly, but noticing the EPRA cost ratio, including vacancies, is up about 200 basis points on the half versus same time last year. Could you just give a bit of color on how that's working directionally? Sorry, can you? The vacancy is going down. Yes. The EPRA cost ratio is increasing by 200 basis points versus first half last year. Tom was asking, a bit more color about this. In fact, what is included in that is the slight increase that we've seen in general expenses. You see that general expenses have increased by EUR 3.9 million. That's one of the explanations, and this is mainly coming from three main factors. The first one is less capitalization of our cost in the U.K. as the development pipeline goes down. The second reason is due to less recharge to our JV partners and projects in Spain with the disposal of Bonaire in 2025 and the JV partners that we have with Černý Most, where we can recharge less. The second explanation to this evolution is the fact that all in all, the CAM expenses have increased in the U.S., and this is why, by the way, you see that in the like-for-like performance in the U.S., you have a negative contribution of -0.9%, which is mainly coming from the CAM expenses and in particular, the increase in energy costs because you cannot hedge and you cannot buy in advance your energy costs in a number of states in the U.S. That's why when energy costs increase, this feeds through the CAM and the CAM expenses. Thank you. Just one more if I can. You acquired the freehold interest, the Whitgift Centre in Croydon. Was just wondering where the discussions are on the optionality for that site. Is that bringing that forward any sooner than planned? No, it's a way to increase flexibility, operational flexibility, and optionality for us on the footprint. Our strategy around the Croydon estate has not changed nor evolved. We intend to bring this site with potential through the master planning phase as an urban land developer, and we have not changed the strategic approach towards that position. I think maybe it's an opportunity for me to remind as well that in any case, we look at any new projects, large scale, small scale, through the lens of the EUR 600 million net CapEx we committed to every year. Whatever the potential of those projects, we'll bring in partner if we wish to continue development, diluting our interest, becoming a small minority partner if it need be. We do not intend to deviate from such a baseline, or the project would have to be so compelling that we would be ready to issue equity to fund those, which is probably quite low probability. That's great. Thank you very much. For any further questions, please press star and one on your telephone. Mr. Rouget, there are no more questions registered at this time. Thank you very much for your thorough questions, and we're looking forward to exchanging with you, and good holidays for those of you who may be close to this moment. Speak soon. Thank you. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.