Jefferies notes that the results are in line with expectations for adjusted EPS (€9.58 compared to Jefferies' estimate of €9.57).
Net rental income reached €2,247 million, down 2.9% year-on-year but up 3.1% on a like-for-like basis (compared to +2.4% over nine months, +3.6% in the first half, and +6.7% for fiscal year 2024).
URW forecasts adjusted recurring EPS (AREPS) between €9.15 and €9.30, whereas during its CMD meeting in May, the company announced that AREPS for 2026 should be at least €9.15. Jefferies points out that this figure is slightly below its estimate of €9.31 and the consensus estimate of €9.30.
"Beyond 2026, URW expects its recurring earnings will also be in line with the targets announced at its CMD, and the group also confirms its intention to aim for a payout ratio between 60% and 70% starting in 2027," states Oddo BHF.
Oddo BHF considers this release positive due to the continued strong operational performance of its shopping centers, as well as the full execution of the €2.2 billion disposal plan. According to the analyst, these figures should support the ongoing rerating of the stock.
Unibail-Rodamco-Westfield SE (comprising Unibail-Rodamco-Westfield SE and Unibail-Rodamco-Westfield N.V.) is a world leader in commercial real estate.
At the end of 2024, the real estate portfolio is valued, in gross market value, at EUR 49.7 billion, broken down by type of asset between shopping centers (87.2%), offices (5.6%), convention and exhibition venues (5.2%) and service centers (2%).
The portfolio in value is distributed geographically as follows: France (34%), the United States (21%), Central Europe (11%), the United Kingdom (7%), Spain (7%), Germany (6%), Nordic countries (5%), Austria (4%) and the Netherlands (3%).
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