Unibail-Rodamco-Westfield (URW) investor relations material

Opening remarks and agenda

• The AGM was held at company headquarters for the first time, with simultaneous translation available for participants.

• The chairman welcomed new and existing board and executive members, highlighting the transition to Vincent Rouget as Chairman of the Management Board.

• All required documents and information were made available to shareholders in accordance with legal requirements, with notices published in official legal bulletins.

• The meeting was broadcast live, and no shareholder requests for additional draft resolutions were received.

Financial performance review

• Operational performance in 2025 exceeded forecasts, with EPS/AREPS at EUR 9.58 per share and strong organic growth.

• 25 disposals totaling EUR 2.2 billion were completed or secured, supporting balance sheet strength and simplification.

• Shopping centers saw increased footfall, tenant sales, dynamic leasing, and a historic low vacancy rate.

• Portfolio revaluation increased by 1.7% (+EUR 836 million), with IFRS LTV reduced from 45.5% to 42.0%.

• 2025 financial highlights include +3.8% LFL retail NRI, +5.4% AREPS growth, and a proposed cash distribution of EUR 4.50 per share.

Board and executive committee updates

• Kathleen Verelst was appointed Chief Investment Officer, joining a diverse management board.

• Management Board renewed with new CEO and CIO, with pay moderation and strong succession planning.

• Supervisory Board renewals and appointments include Jacques Richier, Roderick Munsters, Jules Niel, and Carole Benaroya.

• Board composition after the AGM will be 44% women, 56% men, with an independence ratio of 67–76%.

• Compensation for executives is indexed to long-term performance and kept under control.