Unibail-Rodamco-Westfield Reports Q1 Revenue Dip, Reaffirms 2026 Guidance

Unibail-Rodamco-Westfield has reported a decline in its first-quarter financial performance, with proportionate turnover falling to 908.2 million euros, representing a 3.7% decrease from the 943.3 million euros recorded in the same period last year. On an IFRS basis, total turnover for the quarter similarly dropped 3.6% to 772.1 million euros. The contraction extended to the company's core shopping centre operations. Gross rental income on a proportionate basis amounted to 610.2 million euros, a 1.8% decline from the 621.7 million euros reported in the first quarter of 2025. Despite the revenue headwinds, the group remains confident in its annual outlook. Management confirmed that adjusted recurring earnings per share for 2026 are expected to remain within the range of 9.15 to 9.30 euros. Chief Executive Officer Vincent Rouget noted that the company is seeing solid operating momentum across its flagship assets in major global cities. He highlighted a 60 basis point year-on-year reduction in vacancy rates and continued growth in both tenant sales and footfall, suggesting that the company's high-end portfolio remains an attractive platform for brand partners.