Unibail-Rodamco-Westfield Surges in Q1, Outpacing Market with Strong Sales and Green Bonds

PARIS, France – April 23, 2026 – Unibail-Rodamco-Westfield (URW) today announced a robust first quarter for 2026, showcasing strong operational momentum and financial acumen that sets it apart in a cautious global retail market. The company reported significant growth in tenant sales and footfall, coupled with highly successful financing activities and a credit outlook upgrade, confirming its full-year earnings guidance and signaling confidence in its strategic direction.

Defying Market Headwinds with Flagship Power

In a period where consumer confidence is subdued and market growth is modest, URW has demonstrated the resilience of its premium asset portfolio. The group posted a +5.0% increase in tenant sales and a +1.7% rise in footfall across its destinations. This performance notably outpaces the broader market, where retail sales volumes in Western Europe are projected to grow by less than 2% for the year. In the US, where the market is seeing a normalization with moderating rent growth, URW's performance also stands out.

Further evidence of its operational strength comes from its leasing activity. The company signed €94 million in Minimum Guaranteed Rent (MGR) with an impressive uplift of +8.3% over indexed passing rents. Crucially, its EPRA Shopping Centres vacancy rate improved by 60 basis points compared to the same quarter last year, a stark contrast to the slight increase in vacancies seen in the wider US shopping center market. This demonstrates a strong and growing demand from retailers for space within URW's portfolio of dominant, high-traffic locations.

Vincent Rouget, Chief Executive Officer of URW, commented on the performance, stating, “Q1 trading confirms our solid operating momentum across our diversified portfolio of dominant flagship assets in the world’s top cities. We delivered continued growth in tenant sales and footfall, solid leasing activity and a 60 basis point year-on-year vacancy reduction, underlining the strength and attractiveness of our destinations.”

Investor Confidence Solidified by Financial Maneuvers

URW's strong operational results are mirrored by significant achievements in the capital markets, reinforcing investor trust in its strategy and financial health. In April, the company successfully executed the equivalent of €1.6 billion in bond issuances, demonstrating powerful investor demand.

A key transaction was a €750 million 7-year unsecured green bond issued at a 3.875% coupon. This issuance achieved the tightest credit spread for the Group since May 2021, a clear indicator of strong investor appetite for URW's debt and its sustainability initiatives. Concurrently, a £750 million 5-year secured bond was executed to refinance Westfield Stratford City in London, locking in financing for one of its super-prime flagship assets at an attractive rate.

This financial strength was further recognized by Moody’s, which upgraded URW's credit outlook to positive. The rating agency cited the company's strong operating performance and improving credit metrics as key drivers for the decision. A positive outlook can pave the way for a future credit rating upgrade, which would lower borrowing costs and enhance financial flexibility, supporting the company's long-term growth ambitions.

'A Platform for Growth' Delivers Tangible Results

The Q1 results provide the first concrete evidence that URW’s ‘A Platform for Growth’ 2025-28 business plan is translating into tangible value. The strategy is built on several key pillars, each of which saw progress during the quarter. The plan's focus on driving organic rental growth is directly supported by the increased footfall, sales, and the significant uplift on newly signed leases.

Beyond traditional leasing, the plan targets new revenue streams. Westfield Rise, the company’s in-house retail media agency, is on a path to significantly increase its contribution, with a target of €180 million in net income by 2028. This involves leveraging the vast physical and digital footprint of URW's centers to create new advertising and experiential opportunities for brands.

Furthermore, URW is pioneering a capital-light growth model through brand licensing. A recent partnership with Cenomi Centers in Saudi Arabia will see eight malls rebranded as Westfield, leveraging the brand's global recognition in a fast-growing market. This initiative, along with a disciplined approach to mixed-use development at key sites like Westfield Garden State Plaza, is designed to unlock value and diversify revenue without overburdening the balance sheet.

Leading Retail's Green Evolution

Underscoring its dual focus on financial performance and corporate responsibility, URW also announced a landmark sustainability initiative. The company has co-founded the Sustainable Retail Index (SRI) Association, an independent organization created in partnership with Ingka Centres, the largest IKEA retailer.

The SRI aims to establish a common, transparent industry standard for measuring and improving sustainability across retail real estate. The index evaluates retailers on both their corporate commitments (Brand Rating) and their practical, in-store sustainability efforts. By providing a clear, data-driven score, the SRI is designed to help landlords and tenants collaborate on improving their environmental and social performance.

This initiative aligns perfectly with URW’s successful issuance of a €750 million green bond, demonstrating that the company's sustainability strategy is not just a mission statement but a core part of its financial and operational framework. By leading the charge for a more sustainable retail ecosystem, URW is positioning itself to attract ESG-focused investors, sustainability-conscious tenants, and a new generation of shoppers, securing its role as an industry leader for years to come.