Unibail-Rodamco-Westfield (URW) H1 2024 earnings summary

Executive summary

• H1 2024 delivered strong operational results, with recurring net result at €763.7 Mn and net profit attributable to shareholders at €71.7 Mn, reversing a loss in H1 2023.

• Tenant sales rose 4.2% and footfall increased 2.9% year-over-year, outperforming national indices in both Europe and the US.

• Retail, offices, and convention & exhibition segments all contributed positively, with C&E boosted by seasonality and early Olympic impact.

• Retail Media revenues grew 24.7% in Europe, with Westfield Rise on track for a €75M net margin in 2024.

• €0.3Bn of disposals completed or secured year-to-date, supporting deleveraging.

Financial highlights

• Net Rental Income reached €1,190M, up 3.3% year-over-year (+5.6% like-for-like); EBITDA at €1,195M (+5.8% like-for-like); recurring net result at €764M.

• Adjusted Recurring EPS at €5.14 (–2.7% year-over-year); EPRA Recurring EPS at €5.49 (+0.7%).

• EPRA NRV per share at €142.50 (–2.9% vs. Dec 2023); EPRA NTA at €109.00; EPRA NDV at €119.20.

• Net debt at €20.4Bn; LTV at 42.5% (up from 41.8% at Dec 2023, +50bps from Hamburg cost overrun); Net Debt/EBITDA at 9.3x; liquidity at €12.7Bn.

• Average debt maturity at 7.4 years; cost of debt at 1.9%.

Outlook and guidance

• Full-year 2024 AREPS guidance of €9.65–€9.80 and distribution guidance reconfirmed, assuming stable H2 performance and continued Olympic impact.

• H2 AREPS to reflect further disposals and delayed opening/increased TIC at Westfield Hamburg.

• Shareholder distribution guidance unchanged; final decision based on year-end valuation, leverage, and disposals progress.