Unibail-Rodamco-Westfield SE Q2 2026 Earnings Recap

Unibail-Rodamco-Westfield reported H1 2026 results that were largely in line with expectations, reflected in a flat market reaction of 0.0%. Despite solid operational metrics and active portfolio management, the lack of a clear catalyst limited investor enthusiasm.

Key Takeaways

• Like-for-like EBITDA grew above 5%, driven by sustained leasing momentum and increasing MGR uplifts (up 14% on long-term leases).
• Group occupancy improved, with vacancy down 80 basis points to just over 4%, the lowest since 2017.
• Tenant sales and footfall showed year-on-year growth, with double-digit sales increases at flagship locations like Westfield London and Westfield Centro.
• Capital recycling completed with EUR 2.2 billion of disposals and disciplined reinvestment into value-accretive acquisitions and developments in the U.S.
• Portfolio revaluation contributed positively, improving LTV by 90 basis points; Moody’s upgraded the outlook to positive given refinancing and financial management.