URW presents ‘A Platform for Growth’ 2025-28 business plan

Paris, May 14, 2025

Press Release

URW presents ‘A Platform for Growth’ 2025-28 business plan

Annual EBITDA growth¹ of 5.80-6.60% (2025-28)

• Organic rental growth from dominant retail assets in best European and US markets, through indexation, rent reversion, higher occupancy and market share gains
• Higher Westfield Rise retail media revenues with net income to reach €180 Mn in 2028 (up +56% vs. 2024)
• New licensing business revenues, reaching €25-35 Mn in annualised EBITDA in 2028
• Increasing Net Operating Income from performing C&E assets and Offices & Others divisions
• Positive effect of new deliveries including Westfield Hamburg-Überseequartier, extension and densification projects
  

Disciplined capital allocation

• Well-invested portfolio and streamlined development pipeline limits future capex requirements
• Capex of c. €600 Mn per year over 2026-28, including maintenance, leasing, Westfield Rise, enhancement and development, funded through organic cash-flow generation

2028 targets of c. 8.0x Net Debt to EBITDA² and c. 40% Loan-to-Value²

• €2.2 Bn in planned disposals in 2025 and early 2026, €1 Bn already secured
• No further disposals required with expected positive evolution in valuations over plan horizon

Clear Adjusted Recurring Earnings Per Share (AREPS) guidance 2025-28

• 2025 AREPS of €9.30-9.50 confirmed even with accelerated disposals
• 2026 AREPS at least €9.15, reflecting mechanical effect of €2.2 Bn disposals
• 2028 AREPS target of €9.70-10.10 – 3-5% annual growth in 2027 and 2028 driven by organic NRI growth, new revenues and the ramp-up of project deliveries
  

Increasing shareholder returns with at least €3.1 Bn in cumulative shareholder distributions for fiscal years 2025-28

• €4.50 per share for fiscal year 2025
• Payout ratio of 60% for fiscal year 2026
• Normalised payout ratio of 60-70% starting in fiscal year 2027
  
  

Jean-Marie Tritant, Chief Executive Officer, said:

“URW has established a platform that will deliver further growth, sustainable value creation and strong shareholder returns.

The powerful combination of our dominant flagship retail assets, located in the most attractive, high-income markets in Europe and the US, and our unrivalled operations expertise will drive strong organic growth above indexation over the plan horizon.

This growth includes the expansion in retail media through Westfield Rise and will be boosted by strategic actions to leverage the iconic Westfield brand through our new licensing business. Our partnership with Cenomi Centers demonstrates this potential, which provides an opportunity to grow the Westfield brand internationally and expand our network of flagship centres to affluent new markets.