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On February 9, 2026, the Management Board (\u201cMB\u201d) approved the
consolidated financial statements of Unibail-Rodamco-Westfield SE
(\u201cURW SE\u201d) for the year ended December 31, 2025, and the Supervisory
Board (\u201cSB\u201d) authorised their publication on February 11, 2026.
These consolidated financial statements will be submitted for
approval at the Annual General Meeting (\u201cAGM\u201d) expected to be held
on May 6, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Unibail-Rodamco-Westfield SE ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-643": { "value": "
The financial statements are presented in millions of euros, rounded to the nearest hundred thousand. As a result, there may be slight differences
between rounded figures.
The Group\u2019s consolidated financial statements are presented in euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "2328200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncomeFromInvestmentProperty", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-11": { "value": "2426900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncomeFromInvestmentProperty", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-12": { "value": "29800000.0", "decimals": -5, "dimensions": { "concept": "urw:GroundRentsPaid", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", 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Note 1. Signi\ufb01cant events
1.1. Signi\ufb01cant events of 2025
1.1.1. New organisational structure
Segment information is presented in respect of the Group\u2019s divisions
and geographical segments, based on the Group\u2019s management and
internal reporting structure and in accordance with IFRS 8.
The Group presents its result by business segment: Shopping Centres,
Offices & Others and C&E.
In 2025, the Group has adapted its organisational structure (and subsequent
reporting) for its Shopping Centres activity into four main \u201cRegions\u201d:
\u2022 Southern Europe, including France, Spain and Italy;
\u2022 Central Europe, including Germany, Austria, Poland and the Czech
Republic. In previous reporting, Central Europe only included Poland
and the Czech Republic;
\u2022 Northern Europe, including Sweden, Denmark, The Netherlands, and
the UK; and
\u2022 The United States.
This reorganisation reflects the Group\u2019s strategic focus on Flagship
assets in the most affluent urban areas in Europe and the US and
simplifies its management structure while achieving cost and
productivity efficiencies.
Offices & Others and Convention & Exhibition will continue to be managed
separately, and the reporting remains unchanged for both activities.
Starting from 2025, the segment reporting is presented based on this new
organisational structure. 2024 figures have been restated accordingly.
This new segment reporting represents now the lowest level within the
Group at which the goodwill is monitored for internal management purposes.
1.1.2. Acquisitions in 2025
Acquisition of the remaining 47% stake
in West\ufb01eld Wheaton
On February 25, 2025, the Group acquired the 47% stake of O\u2019Connor, its
JV partner in Westfield Wheaton, a US regional asset, increasing its
interest to 100%.
The asset is fully consolidated from this date.
The Group did not repay the $234.6 million secured debt on Westfield
Wheaton, which matured on March 1, 2025. The asset was placed under
receivership in November 2025. Subsequently, an agreement was
reached with the lender, and the loan was settled in December through
a discounted payoff of $205 million, resulting in a total gain on
extinguishment of debt of $37 Mn of which $7 Mn of unpaid default
interests. This gain was recognized under non-recurring financial result,
within the line item \u201cFair value adjustments of derivatives, debt and
currency effect\u201d.
Acquisition of 25% stake in St James
Quarter in Edinburgh
On October 23, 2025, URW and pension investor APG announced URW\u2019s
acquisition of a 25% stake in St James Quarter, a landmark mixed-use
destination in Edinburgh, from Nuveen Real Estate. Majority owner APG
retains its 75% stake.
The asset is not controlled by URW, thus it is accounted for using the
equity method from this date.
1.1.3. Disposals in 2025
Disposal of 80% stake in Trinity
of\ufb01ce tower
On February 19, 2025, URW sold a 80% stake in Trinity office tower at
Paris La D\u00e9fense to Norges Bank Investment Management, for an
implied offer price of approximately \u20ac447 Mn at 100%.
The asset is no longer controlled by URW and the 20% stake owned by
the Group is accounted for using the equity method from this date.
Disposal of Bonaire in Spain
On March 13, 2025, URW sold Bonaire, an open air shopping centre
located in Valencia (Spain), to Castellana Properties, the Spanish
subsidiary of Vukile Property Fund (\u201cCastellana\u201d), for a disposal price
of \u20ac305 Mn.
As part of the agreement, URW granted Castellana Properties an 18-month
NOI guarantee with a cap of \u20ac32.9 Mn to cover the stablisation period.
Given the strong occupancy levels, only a marginal portion of this
guarantee is expected to be utilised.
Disposal of Stadshart Zoetermeer
On June 17, 2025, the Group disposed the shopping centre Stadshart
Zoetermeer in the Netherlands to Wereldhave and Sofidy, for a total
price (excluding taxes) of \u20ac150 Mn.
Disposal of Gropius Passagen
On September 12, 2025, the Group disposed its stake of 18% in the
shopping centre Gropius Passagen, located in Berlin, Germany, to
Walter Holdings, for a total price of the shares of \u20ac6.3 Mn.
Disposal of Pullman Paris
Montparnasse hotel
On September 16, 2025, the Group disposed Pullman Paris
Montparnasse hotel to Bain Capital, Columbia Threadneedle and
QuinSpark for a total amount of \u20ac310 Mn. The disposal includes the
building and the intangible asset.
Disposal of German Real Estate
Management (REM) business
On October 1, 2025, the Group disposed its German Real Estate
Management (REM) business to real estate company Sonae Sierra.
12 assets not owned by the Group are managed by the REM team,
including Riem Arcaden and Pasing Arcaden in Munich, Spandau
Arcaden in Berlin, K\u00f6ln Arcaden and D\u00fcsseldorf Arcaden.
Disposal of US airport terminal
commercial management business
On July 29, 2025, the Group signed an agreement to sell its US airports
business to Grupo Aeroportuario del Sureste (ASUR), Mexico\u2019s first
privatised airport group. The transaction was closed on December 11,
2025, for a disposal price of \u20ac281 Mn ($318 Mn).
The disposal results on the above-mentioned transactions are recorded
in the consolidated statement of comprehensive income. For the fully
consolidated assets, the result on disposal of investment properties and
loss of control amounts to +\u20ac120.1 Mn, including +\u20ac22.7 Mn of asset
deals and +\u20ac97.4 Mn of share deal.
Disposal of additional 15% stake
in West\ufb01eld Forum des Halles
On January 6, 2025, URW announced the sale of a 15% stake in the
iconic Westfield Forum des Halles, a 77,600 sqm Flagship shopping
centre located in the heart of Paris, to CDC Investissement Immobilier,
on behalf of Caisse des D\u00e9p\u00f4ts et Consignations (CDC), a leading long-
term French institutional investor. The net disposal price is \u20ac235 Mn
(1)
.
Following this transaction, URW owns 50.01% of the company owning
this asset. URW keeps the control over the asset and the joint venture is
fully consolidated with a 50.01% ownership interest.
Disposal of additional 6.33% stake
in West\ufb01eld \u010cern\u00fd Most
On December 1, 2025, the Partners have acquired an additional stake of
6.33% in Westfield \u010cern\u00fd Most based on the latest appraisal value (see
note 1.2.2 \u201cDisposals in 2024\u201d).
The result of the transactions was recorded in the equity attributable to the
holders of the Stapled Shares for -\u20ac2.2 Mn including the transaction costs.
1.1.4. Retail opening of West\ufb01eld
Hamburg-\u00dcberseequartier
2025 marked the successful retail opening of Westfield Hamburg-
\u00dcberseequartier in April 2025 (98% let, 92% open), the start of the
cruise terminal operations in April 2025 following the handover to the
Hamburg Port Authorities, as well as the handover of an office building
to Shell in May 2025.
1.1.5. Tender Offer Hybrid
Tender offer on the NC2028 hybrid notes
On March 26, 2025, the Group launched simultaneously:
\u2022 The issuance of \u20ac815 Mn in new Euro denominated Perp-NC2030
hybrid notes (\u201cNew Notes\u201d) with a coupon of 4.875% and issued at an
issuance price of 99.44%. Under the terms and conditions of the New
Notes, the first optional redemption date is in July 2030; and
\u2022 A tender offer on its \u20ac995 Mn 7.250% hybrid Perp-NC2028 notes
(\u201cNC2028 Hybrid Notes\u201d) at a tender price of 109.952%.
The tender offer expired on April 2, 2025, and the results were
announced on April 3, 2025.
A total of \u20ac939.2 Mn of the aggregate principal amount of the NC2028
Hybrid Notes was validly tendered, corresponding to a 94.4%
participation rate.
The \u20ac93.47 Mn difference between tender price and par price was
recognised in Equity attributable to the holders of the Stapled shares.
In accordance with the Terms and Conditions of the Tender Offer
Memorandum, the Group exercised its minimal outstanding amount call
option on the remaining NC2028 Hybrid Notes (\u20ac55.8 Mn) that were not
tendered. The residual amount of \u20ac55.8 Mn was redeemed at par with
an effective date of April 22, 2025.
The tender offer was funded from the net proceeds of the \u20ac815 Mn
4.875% Perp-NC2030 Notes priced on March 26, 2025, and from
available cash. The settlement of the tender took place on April 7, 2025.
The newly issued perpetual hybrid is defined as an equity instrument
under IAS 32. As a result, the Group\u2019s overall hybrid portfolio amounts
decreased from \u20ac1,845 Mn to \u20ac1,665 Mn (corresponding to a reduction
of 9.7%).
(1) With up to 10% price payment subject to a 5% annual return mechanism for CDC, which may be activated until 2029.
Tender offer on the NC2026 hybrid notes
On September 2, 2025, the Group launched simultaneously:
\u2022 The issuance of \u20ac685 Mn in new euro-denominated Perp-NC2031
notes (\u201cNew Notes\u201d) with a coupon of 4.750%. Under the terms and
conditions of the New Notes, the first optional redemption date is in
June 2031;
\u2022 A tender offer on its \u20ac750 Mn 2.875% hybrid Perp-NC2026 notes
(\u201cNC2026 Hybrid Notes\u201d) at a tender price of 100.250%; and
\u2022 Exercised of its minimal outstanding amount call options (\u201cClean-
up\u201d) on its \u20ac99.8 Mn 5.142% hybrid Perp-NC2025 notes (\u201cNC2025
Hybrid Notes\u201d)
The tender offer expired on September 9, 2025, and the results were
announced on September 10, 2025.
A total of \u20ac417 Mn of the aggregate principal amount of the NC2026
Hybrid Notes was validly tendered. In accordance with the Terms and
Conditions of the Tender Offer Memorandum, the Group accepted all
validly tendered NC2026 Hybrid Notes for purchase.
The tender offer and the Clean-up were funded from the net proceeds of
the \u20ac685 Mn 4.750% Perp-NC2031 Notes priced on September 2, 2025.
The newly issued perpetual hybrid is defined as an equity instrument
under IAS 32. As a result of these operations, the Group\u2019s hybrid
portfolio temporarily increased from \u20ac1,665 Mn to \u20ac1,833 Mn.
The NC2026 Hybrid Notes that remain outstanding will be redeemable
from the First Reset Date (April 25, 2026) in accordance with the Terms
and Conditions of these notes.
1.1.6. Strategic partnership with
Cenomi Centers
On May 5, 2025, URW and Cenomi Centers announced the signing of a
strategic and franchising partnership agreement with Cenomi Centers,
the largest owner of shopping malls in the Kingdom of Saudi Arabia.
URW will receive fixed and variable licensing and service fees from
Cenomi Centers. 3 Flagship assets are expected to be branded by H2-
2026 in Riyadh, Jeddah and Dammam. The revenues are accounted for
in accordance with IFRS 15.
As at December 31, 2025, the impact of the strategic partnership with
Cenomi Centers on the consolidated statement of comprehensive
income is not material.
1.1.7. Settlement agreement between
PEAB and URW regarding Mall of
Scandinavia
Rodamco Projekt AB (RPAB), a Swedish company, was involved in an
arbitration procedure with PEAB regarding claims on the development
of Westfield Mall of Scandinavia. The arbitral tribunal issued its decision
on June 30, 2023, which the Group challenged. PEAB was awarded
SEK1.5 Bn including interest and legal costs, (corresponding to SEK1.6
Bn as at May 28, 2025, taking into account late payment interests),
while RPAB was granted in its turn a very limited amount of SEK0.089
Bn on its disturbance claims. One arbitrator dissented from the majority
and provided a detailed opinion supporting his position. RPAB
considered that the judgment contradicts in several parts the separate
arbitration award from March 2021, as well as provisions in the
Arbitration Act and contained substantial procedural errors. As a result,
it filed a suit against PEAB before the Svea Court of Appeal on August 7,
2023, with a request that the Final Award be set aside.
On May 28, 2025, the Court of Appeal partially annulled the award
issued in 2023, acknowledging certain procedural failings in the
arbitration court\u2019s decision and allowed RPAB to pursue liquidated
damages of SEK0.6 Bn plus interest as from 2016. However, the Court
upheld the rest of the arbitration court\u2019s award and awarded PEAB
\u20ac2 Mn in legal costs. On June 3, 2025, RPAB filed a request for
arbitration relating to its claim for liquidated damages.
On June 22, 2025, the parties (PEAB and PEAB Sverige, on the one
hand, and URW, RPAB and Rodamco Handel, the owner of the asset on
the other hand), reached a settlement whereby URW agreed to pay
PEAB SEK1 Bn including SEK0.021 Bn already paid on June 18 for legal
costs and SEK0.979 Bn paid on July 2, 2025. This agreement also
stipulates that each party withdraws all its procedures, that the
construction site is considered definitively settled, and that neither
party has any further claims against the other, including warranty
obligations.
The amount of SEK0.979 Bn is recognised in the consolidated financial
statements as part of the acquisition cost of the investment property for
the portion related to additional project expenses (SEK0.616 Bn). This is
partially offset by the reversal of an existing provision amounting to
SEK0.346 Bn. The remaining SEK0.363 Bn, corresponding to late
payment interest, is recorded as a non-recurring financial item.
1.2. Signi\ufb01cant events of 2024
1.2.1. Acquisitions in 2024
Acquisition of CH Ursyn\u00f3w
On February 29, 2024, the Group acquired the remaining stake of 50% in
CH Ursyn\u00f3w (Eagle) in Poland. Thus, the asset is fully consolidated
starting from this date.
Acquisition of West\ufb01eld Montgomery
On July 1, 2024, the Group acquired the remaining stake of 50% in
Westfield Montgomery shopping centre in Maryland (United States).
Thus, the asset is fully consolidated starting from this date.
Acquisition of 38.9% complementary
stake in URW Germany JV from partner
CPP Investments
On December 4, 2024, URW acquired a 38.9% complementary stake in
URW Germany GmbH and its related entities (together \u201cURWG\u201d) from
its joint venture partner Canada Pension Plan Investment Board (\u201cCPP
Investments\u201d). The acquisition is an off-market transaction, in the
context of an existing shareholders\u2019 agreement and increases URW\u2019s
stake in URWG to 89.9%. Both partners retained the option to transfer
the remaining 10.1% of CPP Investments\u2019 interest to URW in 2025 for a
cash consideration of up to \u20ac65 Mn, which has been accounted for on
the line \u201cCurrent commitment to external non-controlling interests\u201d.
This acquisition was financed through the issuance of 3.254 Mn new
URW Stapled Shares. These Stapled Shares were provided to CPP
Investments as consideration for their contribution in kind of the 38.9%
stake in URWG.
The market value of these newly created Stapled Shares was
\u20ac250.4 Mn, corresponding to the closing price of the URW shares on
December 4, 2024.
All URWG entities were fully consolidated before the acquisition of the
complementary stake of 38.9%. Thus, the result of the transaction was
recorded within equity leading to an increase of the equity attributable
to the holders of the Stapled Shares by \u20ac442.4 Mn, a decrease of
external non-controlling interests by -\u20ac301.9 Mn, and decrease of
current accounts with non-controlling interests for -\u20ac204.8 Mn.
1.2.2. Disposals in 2024
Disposal of Equinoccio in Spain
On January 30, 2024, URW closed the disposal of Equinoccio in Spain to
Atitlan for a disposal price of \u20ac34 Mn.
Disposal of West\ufb01eld Annapolis
On August 20, 2024, the Group completed the sale of Westfield
Annapolis for $160 Mn (at 100%, URW share 55%) to a consortium of
industry partners that include Centennial and Sandeep Mathrani,
founder of Atlas Hill RE, with backing from Waterfall Asset
Management and Lincoln Property Company.
Disposal of Aupark
On September 2, 2024, the Purchasers acquired the last remaining
stake (\u201cTranche 4\u201d) based on appraisal values as at June 30, 2024. As at
December 31, 2024, URW does not hold any interest in the joint venture
which was fully disposed of at the transaction date.
Disposal of Angel Lane
On September 26, 2024, URW disposed a student housing land plot in
the UK adjacent to Westfield Stratford City (Meridian Square) for a
disposal price of \u00a362 Mn.
Disposal of La Valentine
On September 30, 2024, URW disposed of its units in the shopping
centre La Valentine located in Marseille, France, for a disposal price of
\u20ac49.1 Mn.
Disposal of Ga\u00eet\u00e9 Montparnasse Of\ufb01ces
On November 12, 2024, URW completed the sale of the office component
of the Ga\u00eet\u00e9 Montparnasse mixed-use complex in Paris, France, to a joint
venture between Norges Bank Investment Management and Swiss Life
Group for a Total Acquisition Cost of \u20ac172.5 Mn through a share deal.
Disposal of Pasing Arcaden
On November 26, 2024, URW completed the disposal of Pasing
Arcaden, to Ingka Centres, part of the Ingka Group (which also includes
IKEA Retail and Ingka Investments), for a net disposal price of \u20ac388 Mn
at 100%.
URW received the full proceeds following the acquisition of a 38.9%
stake in URW Germany.
The disposal results on the above-mentioned transactions are recorded
in the consolidated statement of comprehensive income:
\u2022 For the fully consolidated assets, the result on disposal of investment
properties and loss of control amounts to -\u20ac8.6 Mn, including
\u20ac16.6 Mn of asset deals and -\u20ac25.2 Mn of share deals;
\u2022 For the assets accounted for using the equity method, URW\u2019s stake in
the net disposal result of -\u20ac5.6 Mn is recorded within \u201cShare of the
result of companies accounted for using the equity method\u201d.
Disposal of 25% in Centrum \u010cern\u00fd Most
On December 30, 2024, URW completed the disposal of 25% stake in
Centrum \u010cern\u00fd Most in Prague, Czech Republic, to Upvest and RSJ
Investments (\u201cthe Partners\u201d). The transaction is achieved at an implied
offer price of \u20ac553 Mn (at 100%).
The transaction has established a long-term joint venture, with the
Partners having the option to acquire an additional stake of up to 24%
within the next two years based on the appraisal value at that time,
taking into account the benefit of the ongoing extension. URW will
continue to manage the asset, which remains fully consolidated by the
Group, and will generate asset and Property Management fees.
Consequently, the result of the transaction was recorded in the equity
attributable to the holders of the Stapled Shares for \u20ac12.1 Mn, including
the transaction costs.
2.3. Climate change and risks
Climate change mitigation and adaptation are part of the priorities of the
Group sustainability roadmap and form an essential component of the
sustainability risks analysis. URW analyses the physical and transitional
risks associated with climate change. These risks are in turn integrated
into the Enterprise Risk Management framework.
In October 2023, URW announced a comprehensive evolution of the
Better Places roadmap setting ambitious SBTi-approved (Science
Based Targets initiative) net-zero targets in terms of carbon emissions
reduction and reinforcing its environmental performance objectives,
with the aim to develop and operate places that provide sustainable
experiences and contribute to thriving communities.
Some information presented in the Chapter 5.2 \"Notes to the
consolidated financial statements\" is used in the Chapter 3.2.2
\"Environmental information\" of the Sustainability Statement.
2.3.1. Group commitments to support
the environmental transition
of cities and retail
(1)
Enhanced climate commitments
URW\u2019s commitments are focused on enhancing the Group\u2019s greenhouse
gas (\u201cGHG\u201d) emissions reduction efforts, introducing a net-zero targe t
on Scopes 1 & 2 in 2030
(2)
and a net-zero target on Scopes 1, 2 & 3 by
2050, all approved by the SBTi.
The Group aims to reduce by -50% its Scope 1, 2 & 3 GHG emissions
across its value chain by 2030, with a target to reduce emissions by
90% across Scopes 1 & 2
(2)
.
Growth in renewable energy production
Since 2021, 100% of URW\u2019s electricity consumption has come from
renewable energy sources
(3)
. URW will increase its renewable
electricity production capacity through on-site and off-site renewable
electricity projects. Benefits to URW include reducing its total carbon
footprint and generating a return on investment.
The Group targets 50 MWp of on-site renewable capacity by 2030
(2024: 28 MWp
(4)
), with 32 MWp of projects already underway in
33 shopping centres in all countries.
The Group\u2019s plan requires limited additional capitalised expenses of
\u20ac28 Mn
(5)
per year over 5 years thanks to URW\u2019s consistent annual
investment in its high-quality assets. This includes a \u20ac20 Mn
(6)
annual
investment in energy efficiency and carbon reduction, as well as
\u20ac8 Mn
(7)
a year on identified solar photovoltaic (\u201cPV\u201d) projects. These
investments will generate significant financial savings, with full effect
from 2030 onwards (\u20ac23 Mn per year and a return on investment over
8% for solar PV projects).
Employee engagement and governance
frameworks
Sustainability is embedded in URW\u2019s business strategy, integrated into
the highest levels of governance and taken into consideration in key
decisions, in particular investments.
The Company\u2019s corporate governance has received clear recognition, with
top level specific corporate governance sub-scores from ESG
(environmental, social and governance) rating agencies such as ISS-ESG (B;
prime status) and Sustainalytics (Negligible risk, the lowest possible).
The Group\u2019s existing short- and long-term ESG compensation
incentives are aligned with the updated Better Places roadmap.
Currently, 10% of the MB and Executive Committee annual Short-Term
Incentive (\u201cSTI\u201d) is contingent on meeting sustainability performance
goals, and every recipient of STI has at least one ESG objective. 25% of
long-term incentives, received by around 20% of employees, are tied to
sustainability performance.
(1) Performance is reported on a Better Places scope, consistent with past performance and commitments taken in June 2023, differing from the scope expected by CSRD. All details
are available in the Sustainability Statement (Chapter 3).
(2) The Group GHG reduction is an absolute target, expressed independently of portfolio changes and is relative to the 2015 baseline.
(3) Better Places scopes (Shopping Centres and Offices).
(4) Total installed renewable energy capacity.
(5) On Better places scope in Europe.
(6) On a proportionate basis.
(7) On a proportionate basis.
2.3.2. Impact of climate change matters on the \ufb01nancial statements The potential impacts of climate change and risks have been analysed in the context of the 2025 Group Financial Statements closing, based on the above-mentioned facts and assumptions. Integration of ESG in URW\u2019s valuations Information based on the Group\u2019s ESG roadmap (including the capex plan) have been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis (1) in connection with the AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Financing activity Sustainability-linked Loans and credit facilities In 2025, the Group renewed \u20ac1.15 Bn sustainability-linked credit facilities with an average maturity of 5.0 years while \u20ac3.35 Bn existing ones were extended by one year. As at December 31, 2025, the total credit lines featuring with green or sustainable indicators stands at \u20ac8.0 Bn, and the sustainability-linked term loans amount to \u20ac0.3 Bn. Green Bonds The Group current Green Bond framework was launched in November 2022, which will apply for all new green financing issuances going forward. The Green Financing Framework establishes clear requirements for the financing and/or refinancing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. As at December 31, 2025, the outstanding nominal value of Green Bonds amounts to \u20ac2.05 Bn. (1) For European shopping centres. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "1.1.1. New organisational structure Segment information is presented in respect of the Group\u2019s divisions and geographical segments, based on the Group\u2019s management and internal reporting structure and in accordance with IFRS 8. The Group presents its result by business segment: Shopping Centres, Offices & Others and C&E. In 2025, the Group has adapted its organisational structure (and subsequent reporting) for its Shopping Centres activity into four main \u201cRegions\u201d: \u2022 Southern Europe, including France, Spain and Italy; \u2022 Central Europe, including Germany, Austria, Poland and the Czech Republic. In previous reporting, Central Europe only included Poland and the Czech Republic; \u2022 Northern Europe, including Sweden, Denmark, The Netherlands, and the UK; and \u2022 The United States. This reorganisation reflects the Group\u2019s strategic focus on Flagship assets in the most affluent urban areas in Europe and the US and simplifies its management structure while achieving cost and productivity efficiencies. Offices & Others and Convention & Exhibition will continue to be managed separately, and the reporting remains unchanged for both activities. Starting from 2025, the segment reporting is presented based on this new organisational structure. 2024 figures have been restated accordingly. This new segment reporting represents now the lowest level within the Group at which the goodwill is monitored for internal management purposes. Note 4. Net Recurring Result and Segment reporting 4.1. Accounting principles Segment information is presented in respect of the Group\u2019s divisions and geographical segments, based on the Group\u2019s management and internal reporting structure and in accordance with IFRS 8. Contributions of affiliates are also presented according to the Group\u2019s divisions and geographical segments. Since the joint-controlled entities represent a significant part of the Group\u2019s operations in the US and the UK, the Group\u2019s management and internal reporting structure segment information is prepared in a proportionate format, in which the joint-controlled entities are accounted for on a proportionate basis instead of being accounted for using the equity method under IFRS. The Group and its joint ventures use consistent accounting policies. Therefore, the segment information presented in this section is prepared in a proportionate format. Business segments The Group presents its result by segment: Shopping Centres, Offices & Others and C&E. The C&E segment comprises management of exhibition venues (Viparis), the shopping centre Les Boutiques du Palais and the management of the hotels at Porte de Versailles. Geographical segments In 2025, the Group has adapted its organisational structure (and subsequent reporting) for its Shopping Centres activity into four main \u201cRegions\u201d: \u2022 Southern Europe, including France, Spain and Italy; \u2022 Central Europe, including Germany, Austria, Poland and Czech Republic. In previous reporting, Central Europe only included Poland and Czech Republic; \u2022 Northern Europe, including Sweden, Denmark, The Netherlands, and the UK; and \u2022 The United States. This reorganisation reflects the Group\u2019s strategic focus on Flagship assets in the most affluent urban areas in Europe and the US and simplifies its management structure while achieving cost and productivity efficiencies. Offices & Others and Convention & Exhibition will continue to be managed separately, and the reporting remains unchanged for both activities. Starting from 2025, the segment reporting is presented based on this new organisational structure. 2024 figures have been restated accordingly. This new segment reporting represents now the lowest level within the Group at which the goodwill is monitored for internal management purposes. The following notes are presented on a proportionate basis.
4.2. Consolidated \ufb01nancial statements on a proportionate basis
4.2.1. Consolidated statement of comprehensive income on a proportionate basis
Consolidated income statement 2025 Total 2025 2024 Total 2024
(\u20ac Mn)
IFRS
Proportionate
Proportionate
IFRS
Proportionate
Proportionate
Gross rental income
2,328.2
488.8
2,817.0
2,426.9
512.8
2,939.8
Ground rents paid\ue004
(29.8)
(0.6)
(30.4)
(37.0)
(0.5)
(37.5)
Service charge income\ue004
382.1
65.3
447.5
394.6
67.1
461.7
Service charge expenses\ue004
(449.4)
(75.9)
(525.3)
(456.2)
(77.0)
(533.2)
Property operating expenses
(358.8)
(103.3)
(462.2)
(403.8)
(112.5)
(516.3)
Operating expenses and net service charges
(455.9)
(114.4)
(570.3)
(502.4)
(123.0)
(625.4)
Net rental income
1,872.3
374.3
2,246.6
1,924.6
389.8
2,314.4
Property development and project management revenue
49.2
\u2013
49.2
72.7
(0.1)
72.5
Property development and project management costs
(28.6)
\u2013
(28.6)
(53.8)
0.2
(53.7)
Net property development and project management income
20.6
\u2013
20.6
18.8
0.0
18.8
Property services and other activities revenues
298.9
0.3
299.2
361.9
0.5
362.4
Property services and other activities expenses
(216.8)
(2.2)
(219.0)
(259.1)
(3.8)
(262.9)
Net property services and other activities income
82.1
(1.9)
80.2
102.8
(3.2)
99.5
Share of the result of companies accounted for using the equity method
488.6
(379.9)
108.7
35.6
(20.3)
15.3
Income on financial assets\ue003
41.5
(14.3)
27.2
51.2
(16.2)
34.9
Contribution of companies accounted for using
530.1
(394.2)
135.9
86.7
(36.6)
50.2
the equity method
Corporate expenses
(171.2)
(2.4)
(173.6)
(179.6)
(4.5)
(184.1)
Depreciation of other tangible and intangible assets
(26.5)
\u2013
(26.5)
(23.6)
\u2013
(23.6)
Administrative expenses\ue003
(197.7)
(2.4)
(200.1)
(203.2)
(4.5)
(207.7)
Acquisition and other costs\ue003
(13.9)
(0.1)
(14.0)
(12.7)
(0.0)
(12.7)
Proceeds from disposal of investment properties
1,132.7
16.7
1,149.4
621.9
81.4
703.4
Carrying value of investment properties sold
(1,012.7)
0.0
(1,012.7)
(630.6)
(87.1)
(717.7)
Result on disposal of investment properties and loss of control
(1)
120.1
16.7
136.8
(8.6)
(5.6)
(14.3)
Valuation gains on assets
962.3
141.3
1,103.6
805.1
52.7
857.9
Valuation losses on assets
(659.5)
(91.4)
(750.9)
(1,883.5)
(344.7)
(2,228.2)
Valuation movements on assets
302.8
49.9
352.7
(1,078.3)
(292.0)
(1,370.4)
Impairment of goodwill
(159.5)
(16.9)
(176.4)
(39.2)
(5.8)
(45.0)
NET OPERATING RESULT
2,556.9
25.4
2,582.3
790.8
42.0
832.9
Result from non-consolidated companies
2.3
(0.0)
2.3
2.7
(0.0)
2.6
Financial income
384.4
3.5
387.9
641.9
5.6
647.5
Financial expenses
(830.8)
(44.3)
(875.1)
(1,108.0)
(54.7)
(1,162.7)
Net financing costs
(446.4)
(40.7)
(487.2)
(466.1)
(49.1)
(515.2)
Fair value adjustments of derivatives, debt and currency effect\ue003
(244.1)
(0.8)
(244.9)
63.8
16.0
79.8
Debt discounting
(0.1)
\u2013
(0.1)
(0.1)
\u2013
(0.1)
RESULT BEFORE TAX
1,868.7
(16.2)
1,852.5
391.0
8.9
399.9
Income tax expenses
(361.5)
16.2
(345.3)
(112.8)
(8.9)
(121.7)
NET RESULT FOR THE PERIOD
1,507.2
0.0
1,507.2
278.2
(0.0)
278.2
Net result for the period attributable to:
\u2022
The holders of the Stapled Shares
1,268.2
\u2013
1,268.2
146.2
\u2013
146.2
\u2022
External non-controlling interests
239.0
\u2013
239.0
132.0
\u2013
132.0
NET RESULT FOR THE PERIOD
1,507.2
\u2013
1,507.2
278.2
\u2013
278.2
(1) The result on disposal of investment properties includes both the result on disposal of assets and the result on disposal of shares.
4.2.2. Consolidated statement of \ufb01nancial position on a proportionate basis
Dec. 31, 2025 Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2024
Consolidated statement of \ufb01nancial position (\u20ac Mn)
IFRS
Proportionate
Proportionate
IFRS
Proportionate
Proportionate
NON-CURRENT ASSETS
45,709.9
1,198.9
46,908.8
46,423.5
1,380.6
47,804.1
Investment properties
36,887.5
6,562.9
43,450.4
37,111.6
7,110.8
44,222.4
Investment properties at fair value
36,413.2
6,509.9
42,923.1
36,708.8
7,063.2
43,772.0
Investment properties at cost
474.3
53.0
527.3
402.8
47.6
450.4
Shares and investments in companies accounted for using the equity
6,863.0
(5,395.0)
1,468.0
7,019.5
(5,780.5)
1,239.0
method
Other tangible assets
100.2
2.9
103.1
114.4
2.9
117.3
Goodwill
626.2
25.3
651.5
806.0
42.2
848.2
Intangible assets\ue003
760.5
\u2013
760.5
840.2
\u2013
840.2
Investments in financial assets
263.0
1.9
264.9
269.1
3.0
272.1
Deferred tax assets
14.2
0.9
15.1
12.1
1.3
13.4
Derivatives at fair value
195.3
\u2013
195.3
250.6
0.9
251.5
CURRENT ASSETS
3,974.1
276.0
4,250.1
7,122.1
281.6
7,403.7
Properties or shares held for sale\ue003
91.9
4.6
96.5
727.2
\u2013
727.2
Inventories
21.2
28.3
49.5
17.6
29.3
46.9
Trade receivables from activity\ue003
658.7
103.2
761.9
487.9
91.4
579.3
Tax receivables
220.4
6.0
226.4
225.8
6.6
232.4
Other receivables
301.4
6.5
307.9
374.7
3.1
377.8
Cash and cash equivalents
2,680.5
127.4
2,807.9
5,288.9
151.2
5,440.1
TOTAL ASSETS
49,684.0
1,474.9
51,158.9
53,545.6
1,662.2
55,207.8
Equity attributable to the holders of the Stapled Shares
15,897.1
\u2013
15,897.1
15,849.7
\u2013
15,849.7
Share capital
716.8
\u2013
716.8
713.1
\u2013
713.1
Additional paid-in capital
12,900.0
\u2013
12,900.0
13,384.8
\u2013
13,384.8
Consolidated reserves
1,308.6
\u2013
1,308.6
1,350.0
\u2013
1,350.0
Hedging and foreign currency translation reserves
(296.5)
\u2013
(296.5)
255.5
\u2013
255.5
Consolidated result
1,268.2
\u2013
1,268.2
146.2
\u2013
146.2
\u2022
Equity attributable to Unibail-Rodamco-Westfield SE members
16,836.6
\u2013
16,836.6
16,610.4
\u2013
16,610.4
\u2022
Equity attributable to Unibail-Rodamco-Westfield N.V. members\ue002
(939.5)
\u2013
(939.5)
(760.7)
\u2013
(760.7)
Hybrid securities
1,805.2
\u2013
1,805.2
1,821.1
\u2013
1,821.1
External non-controlling interests
3,994.6
\u2013
3,994.6
3,366.9
\u2013
3,366.9
TOTAL SHAREHOLDERS' EQUITY
21,696.9
\u2013
21,696.9
21,037.7
\u2013
21,037.7
NON-CURRENT LIABILITIES
24,858.1
835.6
25,693.7
27,333.2
1,357.8
28,691.0
Non-current commitment to external non-controlling interests
16.9
0.8
17.7
20.5
1.1
21.6
Non-current bonds and borrowings
21,021.1
735.5
21,756.6
23,419.1
1,238.4
24,657.5
Non-current lease liabilities
549.5
2.0
551.5
893.4
2.2
895.6
Derivatives at fair value
798.7
\u2013
798.7
761.7
\u2013
761.7
Deferred tax liabilities
2,077.2
68.4
2,145.6
1,867.2
88.3
1,955.5
Non-current provisions
88.7
3.1
91.8
64.9
3.1
68.0
Guarantee deposits
257.7
25.7
283.4
260.9
23.3
284.2
Amounts due on investments
21.9
0.1
22.0
15.7
0.1
15.8
Other non-current liabilities
26.4
\u2013
26.4
29.8
1.3
31.1
CURRENT LIABILITIES
3,129.1
639.3
3,768.3
5,174.7
304.4
5,479.1
Current commitment to external non-controlling interests
71.4
0.1
71.5
73.3
0.1
73.4
Amounts due to suppliers and other creditors
1,075.3
100.4
1,175.7
1,122.6
104.5
1,227.1
Amounts due to suppliers
297.6
49.2
346.8
240.1
58.7
298.8
Amounts due on investments
502.6
29.3
531.9
578.1
22.2
600.3
Sundry creditors
275.1
21.9
297.0
304.4
23.6
328.0
Other current liabilities
825.3
48.6
873.9
667.6
30.0
697.6
Current borrowings and amounts due to credit institutions
1,096.1
490.1
1,586.2
3,161.5
169.7
3,331.2
Current lease liabilities
21.7
0.1
21.8
85.9
0.1
86.0
Current provisions
39.2
\u2013
39.2
63.8
\u2013
63.8
TOTAL LIABILITIES AND EQUITY
49,684.0
1,474.9
51,158.9
53,545.6
1,662.2
55,207.8
4.3. Net recurring result de\ufb01nition The income statement by segment is split between recurring and non-recurring activities. The non-recurring result before tax consists of the valuation movements on investment properties, fair value adjustments on derivatives and debts, termination costs of financial instruments on the full cancelled commitment period when the maturity of the financial instrument is beyond the current reporting period, bond tender premiums, currency gains/losses on revaluation of balance sheet items, the net result on disposals, impairment of goodwill or recognition of negative goodwill, as well as costs directly related to a business combination, restructuring costs and other non-recurring items. The income tax is split between recurring result and non-recurring result. Recurring tax is the outcome of: \u2022 The amount of income tax effectively due on recurring income, after deduction of any tax losses; \u2022 Plus/minus changes in a deferred tax asset recognised on tax losses stemming from recurring income (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits); and \u2022 Plus/minus changes in deferred tax assets not related to tax losses and deferred tax liabilities relating to recurring result (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits).
4.4. Net result by segment on a proportionate basis
2025 2024
Recurring Non-recurring Recurring Non-recurring
Net result by segment on a proportionate basis (\u20ac Mn) activities
activities
(1)
Result activities
activities
(1)
Result
Gross rental income\ue003
780.9
\u2013
780.9
818.5
\u2013
818.5
Operating expenses and net service charges
(82.2)
\u2013
(82.2)
(101.7)
\u2013
(101.7)
Net rental income
698.7
\u2013
698.7
716.8
\u2013
716.8
Contribution of companies accounted for using the equity method
35.2
0.8
36.0
37.8
(7.9)
29.9
Gains/losses on sales of properties
\u2013
7.5
7.5
\u2013
(8.5)
(8.5)
Valuation movements on assets
\u2013
210.7
210.7
\u2013
1.4
1.4
Impairment of goodwill
\u2013
(154.6)
(154.6)
\u2013
\u2013
\u2013
Result from operations Shopping Centres Southern Europe
733.9
64.4
798.3
754.7
(15.0)
739.6
Gross rental income\ue003
574.3
\u2013
574.3
577.4
\u2013
577.4
Operating expenses and net service charges
(55.0)
\u2013
(55.0)
(64.4)
\u2013
(64.4)
Net rental income
519.3
\u2013
519.3
513.0
\u2013
513.0
Contribution of companies accounted for using the equity method
54.3
30.1
84.3
49.2
(25.1)
24.1
Gains/losses on sales of properties
\u2013
(10.4)
(10.4)
\u2013
(35.6)
(35.6)
Valuation movements on assets
\u2013
295.7
295.7
\u2013
(403.6)
(403.6)
Impairment of goodwill
\u2013
(21.7)
(21.7)
\u2013
(45.0)
(45.0)
Result from operations Shopping Centres Central Europe
573.6
293.6
867.2
562.2
(509.3)
52.9
Gross rental income\ue003
430.8
\u2013
430.8
436.6
\u2013
436.6
Operating expenses and net service charges
(82.6)
\u2013
(82.6)
(100.4)
\u2013
(100.4)
Net rental income
348.2
\u2013
348.2
336.2
\u2013
336.2
Contribution of companies accounted for using the equity method
(0.5)
14.9
14.4
(0.1)
\u2013
(0.1)
Gains/losses on sales of properties
\u2013
(12.2)
(12.2)
\u2013
(0.7)
(0.7)
Valuation movements on assets
\u2013
47.4
47.4
\u2013
76.1
76.1
Result from operations Shopping Centres Northern Europe
347.7
50.1
397.8
336.1
75.4
411.5
Gross rental income\ue003
740.3
\u2013
740.3
745.6
\u2013
745.6
Operating expenses and net service charges
(225.6)
\u2013
(225.6)
(238.3)
\u2013
(238.3)
Net rental income
514.8
\u2013
514.8
507.3
\u2013
507.3
Gains/losses on sales of properties
\u2013
114.4
114.4
\u2013
(2.4)
(2.4)
Valuation movements on assets
\u2013
44.2
44.2
\u2013
(389.0)
(389.0)
Result from operations Shopping Centres United States
514.8
158.6
673.4
507.3
(391.4)
115.9
TOTAL RESULT FROM OPERATIONS SHOPPING CENTRES
2,170.0
566.7
2,736.7
2,160.3
(840.4)
1,320.0
Gross rental income\ue003
50.7
\u2013
50.7
82.2
\u2013
82.2
Operating expenses and net service charges
(3.2)
\u2013
(3.2)
(1.4)
\u2013
(1.4)
Net rental income
47.5
\u2013
47.5
80.9
\u2013
80.9
Contribution of companies accounted for using the equity method
4.1
(3.0)
1.1
(0.0)
(2.0)
(2.1)
Gains/losses on sales of properties
\u2013
36.4
36.4
\u2013
(14.9)
(14.9)
Valuation movements on assets
\u2013
(57.4)
(57.4)
\u2013
(139.6)
(139.6)
Result from operations Offices & Others France
51.6
(24.1)
27.6
80.8
(156.6)
(75.7)
Gross rental income\ue003
36.0
\u2013
36.0
31.4
\u2013
31.4
Operating expenses and net service charges
(16.5)
\u2013
(16.5)
(9.9)
\u2013
(9.9)
Net rental income
19.4
\u2013
19.4
21.6
\u2013
21.6
Contribution of companies accounted for using the equity method
0.0
\u2013
0.0
\u2013
\u2013
\u2013
Gains/losses on sales of properties
\u2013
1.1
1.1
\u2013
47.9
47.9
Valuation movements on assets
\u2013
(183.1)
(183.1)
\u2013
(472.1)
(472.1)
Result from operations Offices & Others Other countries
19.4
(182.0)
(162.5)
21.6
(424.2)
(402.6)
TOTAL RESULT FROM OPERATIONS OFFICES & OTHERS
71.1
(206.0)
(134.9)
102.4
(580.8)
(478.4)
(1) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of
goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as restructuring
costs, costs directly incurred during a business combination, and other non-recurring items.
2025 2024
Recurring Non-recurring Recurring Non-recurring
Net result by segment on a proportionate basis (\u20ac Mn) activities
activities
(1)
Result activities
activities
(1)
Result
Gross rental income\ue003
203.9
\u2013
203.9
248.0
\u2013
248.0
Operating expenses and net service charges
(105.3)
\u2013
(105.3)
(109.3)
\u2013
(109.3)
Net rental income
98.7
\u2013
98.7
138.6
\u2013
138.6
On-site property services net income
60.1
\u2013
60.1
81.2
\u2013
81.2
Contribution of companies accounted for using the equity method
0.8
(0.8)
0.0
(1.1)
(0.6)
(1.8)
Valuation movements, depreciation, capital gains
\u2013
6.1
6.1
\u2013
(49.5)
(49.5)
TOTAL RESULT FROM OPERATIONS C&E
159.6
5.3
164.9
218.6
(50.1)
168.5
Net property development and project management income
20.6
\u2013
20.6
18.8
\u2013
18.8
Other property services net income
36.5
\u2013
36.5
35.8
\u2013
35.8
General expenses
(170.9)
\u2013
(170.9)
(179.2)
\u2013
(179.2)
Development expenses
(2.8)
\u2013
(2.8)
(4.9)
\u2013
(4.9)
Acquisition and other costs
\u2013
(14.0)
(14.0)
\u2013
(12.7)
(12.7)
NET OPERATING RESULT BEFORE DEPRECIATION AND IMPAIRMENT OF ASSETS
2,284.1
352.0
2,636.1
2,351.9
(1,484.0)
867.9
Depreciation and impairment of tangible and intangible assets\ue003
(42.8)
(10.9)
(53.7)
(41.0)
6.0
(35.0)
NET OPERATING RESULT\ue003
2,241.2
341.1
2,582.3
2,310.8
(1,477.9)
832.9
Result from non consolidated companies
2.3
(0.0)
2.3
2.6
0.0
2.6
Financing result
(487.2)
(245.0)
(732.2)
(515.2)
79.7
(435.6)
RESULT BEFORE TAX
1,756.4
96.1
1,852.5
1,798.2
(1,398.3)
399.9
Income tax expenses
(95.2)
(250.1)
(345.3)
(97.2)
(24.5)
(121.7)
NET RESULT FOR THE PERIOD
1,661.3
(154.1)
1,507.2
1,701.0
(1,422.8)
278.2
External non-controlling interests
(209.4)
(29.6)
(239.0)
(228.5)
96.5
(132.0)
NET RESULT FOR THE PERIOD ATTRIBUTABLE TO THE HOLDERS
1,451.9
(183.6)
1,268.2
1,472.5
(1,326.3)
146.2
OF THE STAPLED SHARES
(1) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as restructuring costs, costs directly incurred during a business combination, and other non-recurring items. 4.4.1. Gross Rental Income Revenue recognition Accounting treatment of investment property leases Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In the case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income (\u201cGRI\u201d). For rent reliefs which are considered as a lease modification, the accounting treatment depends on whether there is a counterpart received from the tenant or not. Rent reliefs signed or expected to be signed, granted without any counterpart from the tenants, are considered as a reduction of the receivables and are charged to the income statement as a reduction of the GRI. Rents and key money GRI consists of rents and similar income (e.g. occupancy compensation, key money and parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. GRI from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space. Gross Rental Income by segments on a proportionate basis
\u20ac Mn, excluding taxes 2025 2024
Shopping Centres
2,526.4
2,578.2
Southern Europe
780.9
818.5
Central Europe
574.3
577.4
Northern Europe
430.8
436.6
United States
740.3
745.6
Offices & Others
86.6
113.7
France
50.7
82.2
Other Countries
36.0
31.4
Convention & Exhibition\ue003
203.9
248.0
Total\ue003
2,817.0
2,939.8
GRI amounted to \u20ac2,817.0 Mn (\u20ac2,939.8 Mn as at December 31, 2024), a decrease of -4.2% mainly due to disposals. Gross Rental Income by segments on an IFRS basis
\u20ac Mn, excluding taxes 2025 2024
Shopping Centres
2,052.9
2,079.3
Southern Europe
768.4
805.5
Central Europe
510.0
510.7
Northern Europe
340.7
350.2
United States
433.8
412.8
Offices & Others
74.4
102.0
France
48.6
79.9
Other Countries
25.8
22.1
Convention & Exhibition
201.0
245.6
Total\ue003
2,328.2
2,426.9
Minimum guaranteed rents under leases on a proportionate basis
As at December 31, 2025, minimum future rents due under leases until the next possible termination date break down as follows:
Minimum future rents per year (\u20ac\ue002 Mn)
Year
Shopping Centres
Of\ufb01ces & Others
Total
2026
1,882.6
54.1
1,936.7
2027
1,532.1
50.0
1,582.1
2028
1,227.8
46.9
1,274.7
2029
952.0
42.8
994.9
2030
730.0
39.2
769.2
2031
555.8
36.2
592.0
2032
456.4
31.5
487.8
2033
367.1
27.0
394.1
2034
281.7
14.7
296.3
2035
189.4
11.7
201.2
2036
122.6
9.2
131.8
Total
8,297.4
363.4
8,660.8
4.5. Other information by segment on a proportionate basis
4.5.1. Reconciliation between the results by segment and the income statement
of the period on a proportionate basis
For 2025
Net property
development
and project
management Contribution Result on
income, of companies disposal of Total net
net property accounted for investment Valuation Acquisition operating
Net rental services and other using the Administra properties movements and other Impairment result
(\u20ac Mn) income activities income equity method tive expenses and shares on assets costs of goodwill 2025
Southern Europe
698.7
\u2013
36.0
\u2013
7.5
210.7
\u2013
(154.6)
798.3
Shopping
Central Europe
519.3
\u2013
84.3
\u2013
(10.4)
295.7
\u2013
(21.7)
867.2
Centres
Northern Europe
348.2
\u2013
14.4
\u2013
(12.2)
47.4
\u2013
\u2013
397.8
United States
514.8
\u2013
\u2013
\u2013
114.4
44.2
\u2013
\u2013
673.4
Total Shopping Centres
2,081.0
\u2013
134.8
\u2013
99.3
598.0
\u2013
(176.4)
2,736.7
Offices &
France\ue003
47.5
\u2013
1.1
\u2013
36.4
(57.4)
\u2013
\u2013
27.6
Others
Others
19.4
\u2013
0.0
\u2013
1.1
(183.1)
\u2013
\u2013
(162.5)
Total Offices & Others
66.9
\u2013
1.1
\u2013
37.5
(240.5)
\u2013
\u2013
(134.9)
C&E
(1)
France\ue003
98.7
60.1
0.0
\u2013
\u2013
6.1
\u2013
\u2013
164.9
Not allocated
\u2013
40.7
\u2013
(200.1)
\u2013
(10.9)
(14.0)
\u2013
(184.3)
Total\ue003
2,246.6
100.8
135.9
(200.1)
(2)
136.8
352.7
(14.0)
(176.4)
2,582.3
(1) Convention & Exhibition segment.
(2) Includes depreciation of tangible and intangible assets (-\u20ac26.5 Mn) and development expenses (-\u20ac2.8 Mn).
For 2024
Net property
development
and project
management Contribution Result on
income, of companies disposal of Total net
net property accounted for investment Valuation Acquisition operating
Net rental services and other using the Administra properties movements and other Impairment result
(\u20ac Mn) income activities income equity method tive expenses and shares on assets costs of goodwill 2024
Southern Europe
716.8
\u2013
29.9
\u2013
(8.5)
1.4
\u2013
\u2013
739.6
Shopping
Central Europe
513.0
\u2013
24.1
\u2013
(35.6)
(403.6)
\u2013
(45.0)
52.9
Centres
Northern Europe
336.2
\u2013
(0.1)
\u2013
(0.7)
76.1
\u2013
\u2013
411.5
United States
507.3
\u2013
\u2013
\u2013
(2.4)
(389.0)
\u2013
\u2013
115.9
Total Shopping Centres
2,073.4
\u2013
54.0
\u2013
(47.3)
(715.1)
\u2013
(45.0)
1,320.0
Offices &
France\ue003
80.9
\u2013
(2.1)
\u2013
(14.9)
(139.6)
\u2013
\u2013
(75.7)
Others
Others
21.6
\u2013
\u2013
\u2013
47.9
(472.1)
\u2013
\u2013
(402.6)
Total Offices & Others
102.4
\u2013
(2.1)
\u2013
33.0
(611.8)
\u2013
\u2013
(478.4)
C&E
(1)
France\ue003
138.6
81.2
(1.8)
\u2013
\u2013
(49.5)
\u2013
\u2013
168.5
Not allocated
\u2013
37.2
\u2013
(207.7)
\u2013
6.0
(12.7)
\u2013
(177.2)
Total
2,314.4
118.4
50.2
(207.7)
(2)
(14.3)
(1,370.4)
(12.7)
(45.0)
832.9
(1) Convention & Exhibition segment.
(2) Includes depreciation of tangible and intangible assets (-\u20ac23.6 Mn) and development expenses (-\u20ac4.9 Mn).
4.5.2. Statement of \ufb01nancial position by segment on a proportionate basis
For 2025
Shares and Total
investments Liabilities
in companies Other Properties or excluding
Investment under the non current shares held Other current shareholders'
(\u20ac Mn)
properties
Goodwill
equity method assets for sale assets Total Assets equity
Southern Europe
14,836.6
392.5
439.1
103.5
11.5
430.3
16,213.5
873.0
Shopping
Central Europe
9,545.5
248.7
753.1
35.4
79.2
149.5
10,811.5
1,666.5
Centres
Northern Europe
6,441.6
\u2013
89.8
174.9
5.8
209.9
6,921.9
738.9
United States
8,413.9
\u2013
\u2013
189.0
\u2013
205.9
8,808.9
550.9
Total Shopping Centres
39,237.6
641.3
1,282.0
502.9
96.5
995.6
42,755.8
3,829.3
Offices &
France
685.2
\u2013
177.0
25.3
\u2013
39.6
927.1
49.8
Others
Others
1,036.1
\u2013
\u2013
(0.0)
\u2013
20.7
1,056.8
87.8
Total Offices & Others
1,721.3
\u2013
177.0
25.3
\u2013
60.3
1,983.9
137.5
C&E
(1)
France
2,491.4
\u2013
7.1
105.9
(2)
\u2013
92.6
2,697.1
188.5
Not allocated
\u2013
10.3
1.9
704.9
(3)
\u2013
3,005.1
(4)
3,722.1
25,306.7
Total Dec. 31, 2025
43,450.4
651.5
1,468.0
1,339.0
96.5
4,153.6
51,158.9
29,462.0
(1) Convention & Exhibition segment.
(2) Relates mainly to tangible and intangible assets.
(3) Refers mainly to the derivatives and intangible assets.
(4) Includes mainly cash and cash equivalents.
For 2024
Shares and Total
investments Liabilities
in companies Other Properties or excluding
Investment under the non current shares held Other current shareholders'
(\u20ac Mn)
properties
Goodwill
equity method assets for sale
assets
Total Assets
equity
Southern Europe
14,468.5
547.2
441.1
73.8
299.4
260.7
16,090.7
672.3
Shopping
Central Europe
8,970.3
290.8
737.5
31.8
\u2013
124.9
10,155.2
1,622.4
Centres
Northern Europe
6,441.3
\u2013
1.4
167.6
\u2013
224.5
6,834.8
795.9
United States
9,831.8
\u2013
\u2013
233.5
\u2013
271.2
10,336.6
489.4
Total Shopping Centres
39,711.9
838.0
1,180.1
506.7
299.4
881.3
43,417.3
3,580.1
Offices &
France
986.3
\u2013
51.9
80.7
427.7
22.6
1,569.2
64.8
Others
Others
1,080.9
\u2013
\u2013
(0.0)
\u2013
25.2
1,106.0
105.2
Total Offices & Others
2,067.2
\u2013
51.9
80.7
427.7
47.7
2,675.3
170.0
C&E
(1)
France\ue003
2,443.3
\u2013
7.1
127.7
(2)
\u2013
113.0
2,691.1
180.6
Not allocated
0.0
10.3
\u2013
779.4
(3)
\u2013
5,634.5
(4)
6,424.1
30,239.5
Total Dec. 31, 2024
44,222.4
848.2
1,239.0
1,494.5
727.2
6,676.5
55,207.8
34,170.1
(1) Convention & Exhibition segment.
(2) Relates mainly to tangible and intangible assets.
(3) Refers mainly to the derivatives and intangible assets.
(4) Includes mainly cash and cash equivalents.
4.5.3. Investments by segment on a proportionate basis
2025 2024
Investments Investments Investments Investments
in investment in investment in investment in investment
properties properties Total properties properties Total
(\u20ac Mn) at fair value
at cost
(2)
investments at fair value
at cost
(2)
 investments
Southern Europe
129.7
14.7
144.4
163.8
17.3
181.1
Shopping
Central Europe
337.4
4.7
342.1
632.4
5.1
637.5
Centres
Northern Europe
114.1
8.5
122.6
121.0
3.0
124.0
United States
70.7
2.2
72.9
119.4
5.1
124.5
Total Shopping Centres
651.8
30.1
681.9
1,036.5
30.5
1,067.1
Offices &
France
7.0
18.4
25.5
66.4
6.3
72.6
Others\ue003
Others
165.7
11.6
177.4
245.0
6.4
251.4
Total Offices & Others
172.7
30.1
202.8
311.4
12.7
324.1
C&E
(1)
France
34.8
\u2013
34.8
57.9
\u2013
57.9
Total\ue003
859.4
60.2
919.6
1,405.8
43.2
1,449.0
(1) Convention & Exhibition segment.
(2) Before transfer between category of investment property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-666": { "value": "1.1.2. Acquisitions in 2025 Acquisition of the remaining 47% stake in West\ufb01eld Wheaton On February 25, 2025, the Group acquired the 47% stake of O\u2019Connor, its JV partner in Westfield Wheaton, a US regional asset, increasing its interest to 100%. The asset is fully consolidated from this date. The Group did not repay the $234.6 million secured debt on Westfield Wheaton, which matured on March 1, 2025. The asset was placed under receivership in November 2025. Subsequently, an agreement was reached with the lender, and the loan was settled in December through a discounted payoff of $205 million, resulting in a total gain on extinguishment of debt of $37 Mn of which $7 Mn of unpaid default interests. This gain was recognized under non-recurring financial result, within the line item \u201cFair value adjustments of derivatives, debt and currency effect\u201d. Acquisition of 25% stake in St James Quarter in Edinburgh On October 23, 2025, URW and pension investor APG announced URW\u2019s acquisition of a 25% stake in St James Quarter, a landmark mixed-use destination in Edinburgh, from Nuveen Real Estate. Majority owner APG retains its 75% stake. The asset is not controlled by URW, thus it is accounted for using the equity method from this date. 1.1.3. Disposals in 2025 Disposal of 80% stake in Trinity of\ufb01ce tower On February 19, 2025, URW sold a 80% stake in Trinity office tower at Paris La D\u00e9fense to Norges Bank Investment Management, for an implied offer price of approximately \u20ac447 Mn at 100%. The asset is no longer controlled by URW and the 20% stake owned by the Group is accounted for using the equity method from this date. Disposal of Bonaire in Spain On March 13, 2025, URW sold Bonaire, an open air shopping centre located in Valencia (Spain), to Castellana Properties, the Spanish subsidiary of Vukile Property Fund (\u201cCastellana\u201d), for a disposal price of \u20ac305 Mn. As part of the agreement, URW granted Castellana Properties an 18-month NOI guarantee with a cap of \u20ac32.9 Mn to cover the stablisation period. Given the strong occupancy levels, only a marginal portion of this guarantee is expected to be utilised. Disposal of Stadshart Zoetermeer On June 17, 2025, the Group disposed the shopping centre Stadshart Zoetermeer in the Netherlands to Wereldhave and Sofidy, for a total price (excluding taxes) of \u20ac150 Mn. Disposal of Gropius Passagen On September 12, 2025, the Group disposed its stake of 18% in the shopping centre Gropius Passagen, located in Berlin, Germany, to Walter Holdings, for a total price of the shares of \u20ac6.3 Mn. Disposal of Pullman Paris Montparnasse hotel On September 16, 2025, the Group disposed Pullman Paris Montparnasse hotel to Bain Capital, Columbia Threadneedle and QuinSpark for a total amount of \u20ac310 Mn. The disposal includes the building and the intangible asset. Disposal of German Real Estate Management (REM) business On October 1, 2025, the Group disposed its German Real Estate Management (REM) business to real estate company Sonae Sierra. 12 assets not owned by the Group are managed by the REM team, including Riem Arcaden and Pasing Arcaden in Munich, Spandau Arcaden in Berlin, K\u00f6ln Arcaden and D\u00fcsseldorf Arcaden. Disposal of US airport terminal commercial management business On July 29, 2025, the Group signed an agreement to sell its US airports business to Grupo Aeroportuario del Sureste (ASUR), Mexico\u2019s first privatised airport group. The transaction was closed on December 11, 2025, for a disposal price of \u20ac281 Mn ($318 Mn). The disposal results on the above-mentioned transactions are recorded in the consolidated statement of comprehensive income. For the fully consolidated assets, the result on disposal of investment properties and loss of control amounts to +\u20ac120.1 Mn, including +\u20ac22.7 Mn of asset deals and +\u20ac97.4 Mn of share deal. Disposal of additional 15% stake in West\ufb01eld Forum des Halles On January 6, 2025, URW announced the sale of a 15% stake in the iconic Westfield Forum des Halles, a 77,600 sqm Flagship shopping centre located in the heart of Paris, to CDC Investissement Immobilier, on behalf of Caisse des D\u00e9p\u00f4ts et Consignations (CDC), a leading long- term French institutional investor. The net disposal price is \u20ac235 Mn (1) . Following this transaction, URW owns 50.01% of the company owning this asset. URW keeps the control over the asset and the joint venture is fully consolidated with a 50.01% ownership interest. Disposal of additional 6.33% stake in West\ufb01eld \u010cern\u00fd Most On December 1, 2025, the Partners have acquired an additional stake of 6.33% in Westfield \u010cern\u00fd Most based on the latest appraisal value (see note 1.2.2 \u201cDisposals in 2024\u201d). The result of the transactions was recorded in the equity attributable to the holders of the Stapled Shares for -\u20ac2.2 Mn including the transaction costs. (1) With up to 10% price payment subject to a 5% annual return mechanism for CDC, which may be activated until 2029. 1.2.1. Acquisitions in 2024 Acquisition of CH Ursyn\u00f3w On February 29, 2024, the Group acquired the remaining stake of 50% in CH Ursyn\u00f3w (Eagle) in Poland. Thus, the asset is fully consolidated starting from this date. Acquisition of West\ufb01eld Montgomery On July 1, 2024, the Group acquired the remaining stake of 50% in Westfield Montgomery shopping centre in Maryland (United States). Thus, the asset is fully consolidated starting from this date. Acquisition of 38.9% complementary stake in URW Germany JV from partner CPP Investments On December 4, 2024, URW acquired a 38.9% complementary stake in URW Germany GmbH and its related entities (together \u201cURWG\u201d) from its joint venture partner Canada Pension Plan Investment Board (\u201cCPP Investments\u201d). The acquisition is an off-market transaction, in the context of an existing shareholders\u2019 agreement and increases URW\u2019s stake in URWG to 89.9%. Both partners retained the option to transfer the remaining 10.1% of CPP Investments\u2019 interest to URW in 2025 for a cash consideration of up to \u20ac65 Mn, which has been accounted for on the line \u201cCurrent commitment to external non-controlling interests\u201d. This acquisition was financed through the issuance of 3.254 Mn new URW Stapled Shares. These Stapled Shares were provided to CPP Investments as consideration for their contribution in kind of the 38.9% stake in URWG. The market value of these newly created Stapled Shares was \u20ac250.4 Mn, corresponding to the closing price of the URW shares on December 4, 2024. All URWG entities were fully consolidated before the acquisition of the complementary stake of 38.9%. Thus, the result of the transaction was recorded within equity leading to an increase of the equity attributable to the holders of the Stapled Shares by \u20ac442.4 Mn, a decrease of external non-controlling interests by -\u20ac301.9 Mn, and decrease of current accounts with non-controlling interests for -\u20ac204.8 Mn. 1.2.2. Disposals in 2024 Disposal of Equinoccio in Spain On January 30, 2024, URW closed the disposal of Equinoccio in Spain to Atitlan for a disposal price of \u20ac34 Mn. Disposal of West\ufb01eld Annapolis On August 20, 2024, the Group completed the sale of Westfield Annapolis for $160 Mn (at 100%, URW share 55%) to a consortium of industry partners that include Centennial and Sandeep Mathrani, founder of Atlas Hill RE, with backing from Waterfall Asset Management and Lincoln Property Company. Disposal of Aupark On September 2, 2024, the Purchasers acquired the last remaining stake (\u201cTranche 4\u201d) based on appraisal values as at June 30, 2024. As at December 31, 2024, URW does not hold any interest in the joint venture which was fully disposed of at the transaction date. Disposal of Angel Lane On September 26, 2024, URW disposed a student housing land plot in the UK adjacent to Westfield Stratford City (Meridian Square) for a disposal price of \u00a362 Mn. Disposal of La Valentine On September 30, 2024, URW disposed of its units in the shopping centre La Valentine located in Marseille, France, for a disposal price of \u20ac49.1 Mn. Disposal of Ga\u00eet\u00e9 Montparnasse Of\ufb01ces On November 12, 2024, URW completed the sale of the office component of the Ga\u00eet\u00e9 Montparnasse mixed-use complex in Paris, France, to a joint venture between Norges Bank Investment Management and Swiss Life Group for a Total Acquisition Cost of \u20ac172.5 Mn through a share deal. Disposal of Pasing Arcaden On November 26, 2024, URW completed the disposal of Pasing Arcaden, to Ingka Centres, part of the Ingka Group (which also includes IKEA Retail and Ingka Investments), for a net disposal price of \u20ac388 Mn at 100%. URW received the full proceeds following the acquisition of a 38.9% stake in URW Germany. The disposal results on the above-mentioned transactions are recorded in the consolidated statement of comprehensive income: \u2022 For the fully consolidated assets, the result on disposal of investment properties and loss of control amounts to -\u20ac8.6 Mn, including \u20ac16.6 Mn of asset deals and -\u20ac25.2 Mn of share deals; \u2022 For the assets accounted for using the equity method, URW\u2019s stake in the net disposal result of -\u20ac5.6 Mn is recorded within \u201cShare of the result of companies accounted for using the equity method\u201d. Disposal of 25% in Centrum \u010cern\u00fd Most On December 30, 2024, URW completed the disposal of 25% stake in Centrum \u010cern\u00fd Most in Prague, Czech Republic, to Upvest and RSJ Investments (\u201cthe Partners\u201d). The transaction is achieved at an implied offer price of \u20ac553 Mn (at 100%). The transaction has established a long-term joint venture, with the Partners having the option to acquire an additional stake of up to 24% within the next two years based on the appraisal value at that time, taking into account the benefit of the ongoing extension. URW will continue to manage the asset, which remains fully consolidated by the Group, and will generate asset and Property Management fees. Consequently, the result of the transaction was recorded in the equity attributable to the holders of the Stapled Shares for \u20ac12.1 Mn, including the transaction costs. 3.1.1. Scope and methods of consolidation The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to one or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, and revenues and expenses relating to its interests in the joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method; and \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case.
3.3. Description of signi\ufb01cant
controlled partnerships
The significant controlled partnerships are presented below.
Viparis and Propexpo
The Viparis entities are equally held by URW SE and its partner, the CCIR
(Paris-Ile-de-France Regional Chamber of Commerce and Industry).
The relevant activities for these entities are the management of the
C&E venues.
The managing director, who holds the executive powers for the
management of these relevant activities, is designated by URW SE. The
chairman, who has a non-executive role, is nominated by the partner
and has no casting vote.
Each partner has the same number of directors in the MB. In the event
of a tie vote, the directors designated by the Group have a casting vote.
There is no casting vote held by other governance or supervisory
bodies (shareholders\u2019 general meetings) which could call this control
into question.
The Group therefore considers that it has the full control of the Viparis
entities and thus the Viparis entities are fully consolidated.
Propexpo is a real estate company which owns part of the Viparis assets
and is equally held by URW SE and CCIR.
The relevant activities are the leasing, equipment, building, renovation
as well as the management, servicing and maintenance of these assets.
The managing director, a Group company, cannot be removed without
the agreement of the Group. The executive chairman is designated by
the Group, whereas the non-executive vice-president is designated by
the CCIR.
There is no casting vote held by other governance or supervisory bodies
(shareholders\u2019 general meetings) which could question this control.
The governance of both Propexpo, managed by the Group, and the
Viparis entities which control the on-site property services, are defined
by the shareholders\u2019 agreement between the Group and CCIR as with
respect to Viparis. Propexpo is therefore fully consolidated.
Unibail-Rodamco-West\ufb01eld Germany
GmbH
Following the acquisition on December 4, 2024, of a 38.9% stake in URW
Germany GmbH (see note 1.2.2 \u201cAcquisitions in 2024\u201d), the Group has
increased its stake in the company to 89.9%. CPP Investments holds a
minority interest of 10.1% and has an option to sell its shares to URW SE.
The governance has been updated and the Group is entitled to nominate
all the members of URW Germany GmbH\u2019s SB as well as the Chief
Executive Officer of the company.
As a result, the Group controls URW Germany GmbH, which continues
to be fully consolidated.
West\ufb01eld Parly 2 shopping centre
The Westfield Parly 2 shopping centre (Paris region) is held by the Group
and the Abu Dhabi Investment Authority.
The relevant activities are the leasing, equipment, building and
renovation, as well as the management, servicing and maintenance of
the Westfield Parly 2 shopping centre.
The managing director of Westfield Parly 2 is a URW company,
designated for an indefinite term, which holds powers in order to
administer the companies and obtain the authorisations needed for their
activities. There is no casting vote held by other governance or
supervisory bodies (management boards, shareholders\u2019 general
meetings) which could question this control.
As a result, the Group controls the asset and is therefore fully
consolidated.
West\ufb01eld Forum des Halles shopping
centre and parking
As at December 31, 2024, the Westfield shopping centre and the
parking Forum des Halles located in Paris are held by the Group (65%)
and an insurance company, AXA (35%).
The managing director is a URW company, designated for an indefinite
term, which holds powers in order to administrate the company and
obtain the authorisations needed for its activities and cannot be
removed without the agreement of the Group.
On January 6, 2025, URW sold an additional 15% stake to CDC
Investissement Immobilier, on behalf of CDC.
URW keeps the control over the asset and the joint venture is fully
consolidated with an interest rate of 50.01% (see note 1.1.3 \u201cDisposals
in 2025\u201d).
West\ufb01eld Les 4 Temps shopping centre
The asset is held 53.3% by the Group and 46.7% by 2 insurance
companies. The managing director is a URW company, designated for
an indefinite term, which holds large powers in order to administrate the
company and obtain the authorisations needed for its activities and
cannot be removed without the agreement of the Group.
The asset is therefore fully consolidated.
West\ufb01eld Shopping City S\u00fcd
The asset is held 55% by the Group and 45% by Cr\u00e9dit Agricole
Assurances.
The managing directors are appointed by URW and cannot be removed
without the agreement of the Group. They hold large powers in order to
administer the company and obtain the authorisations needed for its
activities. Reserved matters requiring the approval of the partner are
set with high thresholds and are protective for the partner.
The asset is therefore fully consolidated.
West\ufb01eld Carr\u00e9 S\u00e9nart
The asset is held 55% by the Group and 45% by Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
Assurances and BNP Paribas Cardif.
The managing directors are selected and appointed by URW for an
indefinite period. They hold large powers in order to administer the
company and obtain the authorisations needed for its activities. All the
decisions, including the budget, which are not reserved matters can be
taken by URW without the approval of the minority shareholders.
Reserved matters requiring the approval of the partner are set with high
thresholds and are protective for the partner.
The asset is therefore fully consolidated.
West\ufb01eld \u010cern\u00fd Most
The asset is held 68.67% by the Group and 31.33% by Upvest and RSJ
Investments (\u201cthe Partners\u201d). In 2024, a long-term joint venture has
been established, with the Partners buying 25% of the company owning
the asset and having the option to acquire an additional stake of up to
24% within 2027 based on the appraisal value at that time, taking into
account the benefit of the ongoing extension.
URW has control over the JV by proposing all directors, appointed and
recalled by the General Meeting. Reserved matters are not restrictive and
aim to be protective for the minority partner. URW has a development
management agreement, a Property Management agreement and an
asset management agreement for a duration of 15 years.
The asset is therefore fully consolidated.
3.4. Acquisitions and disposals
3.4.1. Acquisitions of subsidiaries, net of cash acquired
(consolidated statement of cash \ufb02ows)
(\u20ac\ue002 Mn)\ue002 2025 2024
Acquisition price of shares
(2.6)
(33.5)
Cash and current accounts
(59.6)
(35.4)
Acquisition of subsidiaries net of cash acquired
(62.2)
(68.9)
In 2025, comprise mainly the impacts of the acquisitions of 25% stake in St James Quarter in Edinburgh and the remaining 47% stake in Westfield
Wheaton (see 1.1.2 \u201cAcquisitions in 2025\u201d).
3.4.2. Result on disposal of investment properties and loss of control
The result on disposal of investment properties and loss of control includes both the result on disposal of assets and the result on disposal of shares.
(\u20ac\ue002 Mn)\ue002 2025 2024
Net capital gains/losses on disposal of assets
22.4
16.6
Proceeds from disposal of assets
724.3
497.3
Carrying values of disposed assets
(701.9)
(480.7)
Net capital gains/losses on disposal of shares
97.6
(25.2)
Proceeds from disposal of shares
408.4
124.7
Carrying values of disposed shares
(290.5)
(149.9)
Exit of goodwill
(20.3)
\u2013
Net capital gains/losses on disposal of investment properties and loss of control
120.1
(8.6)
3.4.3. Disposal of shares/consolidated subsidiaries, investment properties
in the consolidated statement of cash \ufb02ows
(\u20ac\ue002 Mn)\ue002 2025 2024
Net price of shares sold
584.2
313.0
Cash and current accounts
318.1
113.6
Disposal of shares/consolidated subsidiaries
(1)
902.4
426.5
Disposal of investment properties
(2)
719.1
493.7
(1) In 2025, refers mainly to the disposals of Westfield Forum des Halles, Trinity office tower, Gropius Passagen, Pullman Paris Montparnasse hotel intangible, German Real
Estate Management (REM) business and US terminal commercial management airport business, described in note 1.1.3 Disposals in 2025.
In 2024, refers mainly to the disposal of Westfield \u010cern\u00fd Most, Ga\u00eet\u00e9 Montparnasse Offices, Aupark and La Valentine described in note 1.2.2 Disposals in 2024.
The disposal results of Westfield \u010cern\u00fd Most (2024 and 2025) and Westfield Forum des Halles (2025) are booked within the Shareholders\u2019 equity and as a result are not
shown in the proceeds from disposal of shares in the Consolidated statement of comprehensive income.
(2) In 2025 and 2024, the difference between the proceeds from disposal of investment properties in the consolidated statement of comprehensive income and the disposal of
investment properties in the consolidated statement of cash flows corresponds to some non-cash items mainly in the US.
3.5. Non-controlling interests and commitment to purchase
non-controlling interests
3.5.1. Commitment to purchase
non-controlling interests
As described in note 1.2.1 \u201cAcquisitions in 2024\u201d, the remaining non-
controlling interests of 10.1% in URWG are classified in the line item
\u201cCurrent commitment to external non-controlling interests\u201d for a total
amount of \u20ac65 Mn.
The convertible redeemable preference shares, included in the captions
\u201cNon-current commitment to external non-controlling interests\u201d and
\u201cCurrent commitment to external non-controlling interests\u201d, refer to
preferred shares held by external parties.
They are measured at fair value through profit or loss.
3.5.2. Net result for the period
of non-controlling interests
For 2025, this item comprised mainly non-controlling interests in the
following entities:
\u2022 C&E entities (+\u20ac28.3 Mn);
\u2022 Several shopping centres and development projects in Southern
Europe (+\u20ac194.9 Mn, mainly Westfield Les 4 Temps, Westfield Parly
2, Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart);
\u2022 Several shopping centres in Central Europe (+\u20ac16.0 Mn); and
\u2022 Others (-\u20ac0.2 Mn).
3.6. Description of signi\ufb01cant
joint operations
3.6.1. West\ufb01eld London
Westfield London is jointly controlled by the Group and Commerz Real
Investmentgesellschaft (\u201cCRI\u201d) since all the major decisions relating to
the relevant activities of the company (leasing strategy, standard form
lease agreements, operating expenses and capital expenses) require
the approval of both partners. Each year, the annual budget plan
comprising gross income and operating expenses, capital expenditure,
rent levels projected to be achieved on review of rents under each lease,
proposed new lettings and projected net income shall be approved by
both partners. The arrangements between CRI and URW give equal
rights to both partners in the assets and the liabilities of the partnership.
Therefore, Westfield London is a joint operation company.
Note 6. Shares and investments in companies accounted for using the equity method 6.1. Accounting principles The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US and UK through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. 6.2. Shares and investments in companies accounted for using the equity method
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Shares in companies accounted for using the equity method
6,077.0
6,303.5
Loans granted to companies accounted for using the equity method
786.0
716.0
Total shares and investments in companies accounted for using the equity method
(1)
6,863.0
7,019.5
(1) Mainly relates to Shopping Centres companies. Share of the result of companies accounted for using the equity method and income on \ufb01nancial assets The contribution of affiliates breaks down as follows:
2025 2024
Recurring Non-recurring Recurring Non-recurring
(\u20ac\ue002 Mn) activities
activities
(1)
Result activities
activities
(1)
Result
Share of income from companies accounted for using
378.2
110.3
488.6
365.5
(329.8)
35.6
the equity method
Interest on loans granted to companies accounted
41.5
\u2013
41.5
51.2
\u2013
51.2
for using the equity method
Total contribution of companies accounted
419.8
110.3
530.1
416.6
(329.8)
86.7
for using the equity method
(1) Correspond mainly to the fair value adjustment and related deferred tax on the underlying investment properties. 6.3. Joint ventures According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. 6.3.1. Description of the main joint ventures accounted for using the equity method The main jointly controlled assets accounted for using the equity method are the following:
% Interest as at % Interest as at
Name of investment
Geographical area
Dec. 31, 2025 Dec. 31, 2024
Westfield Stratford City
UK
50.0%
50.0%
Cherry Park Property & ResiCo
UK
25.0%
25.0%
CGI Metropole sro
Central Europe
50.0%
50.0%
Westfield Rosny 2
France
26.0%
26.0%
Westfield CentrO
Germany
50.0%
50.0%
Paunsdorf Center
Germany
45.0%
45.0%
Westfield Culver City
US
55.0%
55.0%
Westfield Garden State Plaza
US
50.0%
50.0%
Westfield Southcenter
US
55.0%
55.0%
Westfield Topanga
US
55.0%
55.0%
Westfield UTC
US
50.0%
50.0%
Westfield Valley Fair
US
50.0%
50.0%
The significant joint ventures accounted for using the equity method are presented below: West\ufb01eld Stratford City (London, United Kingdom) Westfield Stratford City is a joint venture with Canneth Limited Partnership Inc. The partnership is governed through a business manager, which is a company jointly owned by both partners. This business manager has significant powers to conduct the business. The budget, capital expenditures and a number of major decisions relating to debt financing, and approval of any refurbishment and development, and disposals, require the approval of both partners. Therefore, under IFRS 10, Westfield Stratford City is jointly controlled by both partners. Partnerships in the United States Per the co-ownership and PM agreements with its joint venture partners, the Group is restricted from exercising control over these interests even though the Group has more than 50% ownership interest and voting rights. Major decisions require the approval of both the Group and the joint venture partners and operating and capital budgets must be approved by the management committee (both owners have equal representation on this committee). The Group therefore has joint control over the investments and they are accounted for using the equity method. West\ufb01eld CentrO (Germany) Westfield CentrO, a leading shopping centre located in Oberhausen, is jointly held by the Group and Canada Pension Plan Investment Board (\u201cCPPIB\u201d). The joint venture is governed by a board of directors with 6 members, 3 appointed by URW and 3 appointed by CPPIB. The relevant activities are the leasing, equipment, building, renovation, as well as the management, servicing and maintenance of these assets. The decision- making process for all these relevant activities requires the approval of both partners. Therefore, these companies which are joint ventures are accounted for using the equity method. 6.3.2. Consolidated \ufb01nancial position of the joint ventures The main items of the statements of financial position and income statement of joint ventures are presented in aggregate in the tables below. These items are stated in Group share including restatements for consolidation purposes. Shopping Centres and Convention & Exhibition companies
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Investment properties
6,562.9
7,110.8
Other non-current assets
5.7
8.1
Current assets
271.4
281.6
Assets held for sale
4.6
\u2013
Total assets
6,844.6
7,400.5
Restated shareholders\u2019 equity
5,149.5
5,503.1
Deferred tax liabilities
68.4
88.3
Shareholders loans
220.2
235.2
External borrowings
(1)
1,227.7
1,410.4
Other non-current liabilities
29.8
28.9
Current liabilities
149.1
134.6
Total liabilities
6,844.6
7,400.5
(1) Includes current and non-current borrowings.
(\u20ac\ue002 Mn) 2025 2024
NRI
374.3
389.8
Change in fair value of investment properties and disposals
66.7
(292.0)
Financial result
(40.7)
(49.1)
Net result
379.9
20.3
6.3.3. Valuation assumptions and sensitivity for assets accounted for using the equity method Shopping Centres All shopping centres are valued using the DCF and/or yield methodologies. The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity method. The table for the fully consolidated assets is presented in note 5.1.2 \u201cInvestment properties at fair value \u2013 IFRS basis\u201d. The table in proportionate basis is available in the \u201cManagement discussion & analysis\u201d section of the Universal Registration Document.
Exit
Rent in \u20ac Capitalisation
Shopping Centres - December 31, 2025 Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
8.9%
1,043
9.5%
7.4%
3.8%
Europe
Min
4.9%
173
6.6%
5.1%
1.8%
Weighted average
6.1%
440
7.3%
5.9%
2.4%
Max
10.0%
1,175
11.3%
10.5%
4.9%
US
Min
4.6%
401
7.0%
5.0%
2.0%
Weighted average
5.5%
787
7.6%
5.9%
3.8%
NIY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. The UK assets are included in the table. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used)
The tables below show the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets
under development.
The percentages below are indicative of evolutions, in the case of various evolutions, of NIY, DR, ECR and appraisers\u2019 ERV.
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(270)
(4.1)%
+25 bps in DR
(119)
(1.8)%
+10 bps in ECR
(69)
(1.1)%
-5% in appraisers\u2019 ERV
(195)
(3.0)%
Sensitivity
Impact in \u20ac Mn
Impact in %
-25 bps in NIY
+294
+4.5%
-25 bps in DR
+121
+1.9%
-10 bps in ECR
+72
+1.1%
+5% in appraisers\u2019 ERV
+189
+2.9%
6.4. Associates Associates are those entities not controlled by the Group, but in which it has a significant influence according to IAS 28. 6.4.1. Description of the main associates accounted for using the equity method The main associates relate to the following assets: \u2022 Fonci\u00e8re Crossroads which owns the shopping centres A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Triangle Renan, a co-investment partnership for the development of Triangle Tower project; \u2022 Trinity office tower, accounted for using the equity method from its partial disposal in 2025; see note 1.1.3 \u201cDisposals in 2025\u201d; and \u2022 St James Quarter in Edinburgh acquired in 2025; see note 1.1.2 \u201cAcquisitions in 2025\u201d. Fonci\u00e8re Crossroads Fonci\u00e8re Crossroads, which owns a portfolio of 5 shopping centres in France (A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon), is held by a consortium of investors formed by Cr\u00e9dit Agricole Assurances, La Fran\u00e7aise and URW. The Group holds a 45.8% stake and manages the shopping centres on behalf of Fonci\u00e8re Crossroads through long-term management contracts. Fonci\u00e8re Crossroads is governed by a chairman. URW cannot be designated as the chairman as long as it manages the shopping centres. The proportion of the voting rights needed to make decisions about the relevant activities of Fonci\u00e8re Crossroads is achieved by more than one combination of the parties agreeing. As a result, URW has only a significant influence on Fonci\u00e8re Crossroads which is accounted for using the equity method. Zlote Tarasy complex The Group is the sole limited partner in a partnership which holds 100% of a holding company (Warsaw III), which owns 100% of Zlote Tarasy complex (Warsaw). In compliance with the restrictions imposed on URW by the Polish competition authorities in connection with the acquisition by the Group of the shopping centres Westfield Arkadia and Wilenska in July 2010, the management of Warsaw III and the shopping centre and parking is not performed by the Group. Consequently, the Group does not control this asset and its investment in the Zlote Tarasy complex is accounted for using the equity method. 6.4.2. Consolidated \ufb01nancial position of associates The main items of the statements of financial position and income statement of associates are presented in aggregate in the tables below. These items are stated in Group share, including restatements for consolidation purposes. Shopping Centres companies
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Investment properties
2,113.7
1,856.6
Other non-current assets
183.0
35.4
Current assets
204.7
175.5
Total assets
2,501.5
2,067.4
Restated shareholders\u2019 equity
902.2
758.2
Deferred tax liabilities
133.7
123.6
Shareholders loans
565.8
480.8
External borrowings
714.1
547.6
Other non-current liabilities
92.3
93.8
Current liabilities
93.4
63.3
Total liabilities
2,501.5
2,067.4
(\u20ac\ue002 Mn) 2025 2024
NRI
110.1
104.4
Net financing cost
(35.3)
(41.0)
Change in fair value of investment properties
56.6
14.4
Fair value adjustments of derivatives and debt
(9.7)
(15.1)
Income tax expenses
(8.8)
(40.9)
Net result
108.7
15.3
6.5. Transactions with related parties (joint ventures and associates) To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method.
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Shopping Centres and Convention & Exhibition companies
Loans
(1)
800.8
748.2
Recognised interest
41.5
51.2
Current account in debit
4.7
4.3
Current account in credit
(10.9)
(6.4)
Asset management fees invoiced and other fees
(2)
124.4
132.1
(1) Corresponds to 100% of the financing in the shopping centres investment. (2) The decrease relates mainly to the property development and project management revenue in the UK and Germany. All of these transactions are based on market prices.
Note 15. List of the main consolidated companies
% interest
% control
% interest
List of the main consolidated companies
Country
Method
(1)
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Unibail-Rodamco-Westfield SE
France
FC
100.00
100.00
100.00
Westfield Corporation Limited
Australia
FC
100.00
100.00
100.00
Donauzentrum Besitz- u. Vermietungs GmbH
Austria
FC
100.00
100.00
100.00
Shopping Center Planungs- und Entwicklungsgesellschaft mbH & Co.
Austria
FC
55.00
55.00
55.00
Werbeberatung KG
UR Invest GmbH
Austria
FC
55.00
55.00
55.00
URW Invest GmbH
Austria
FC
100.00
100.00
100.00
Centrum Cerny Most as
Czech Republic
FC
68.67
68.67
75.00
Centrum Chodov sro
Czech Republic
FC
100.00
100.00
100.00
Doria
France
FC
100.00
100.00
100.00
Financi\u00e8re 5 Malesherbes
France
FC
100.00
100.00
100.00
Fonci\u00e8re Crossroads
France
EM-A
45.78
45.78
\u2013
Volumes LPD
France
FC
100.00
100.00
100.00
Rodamco France
France
FC
100.00
100.00
100.00
SA Uni-Expos
France
FC
100.00
100.00
100.00
SA Union Internationale Immobili\u00e8re
France
FC
100.00
100.00
100.00
SCI Chesnay Pierre 2
France
FC
50.00
50.00
50.00
SCI du Forum des Halles de Paris
France
FC
50.01
50.01
65.00
SCI Propexpo
France
FC
50.00
50.00
50.00
SCI SCC de La D\u00e9fense
France
FC
53.30
53.30
53.30
SCI CC Francilia
France
FC
55.00
55.00
55.00
SNC Viparis - Porte de Versailles
France
FC
50.00
100.00
50.00
Uni-commerces
France
FC
100.00
100.00
100.00
CentrO companies
Germany
EM-JV
50.00
50.00
50.00
Unibail-Rodamco-Westfield Germany GmbH
Germany
FC
89.90
89.90
89.90
SARL Red Grafton 1
Luxembourg
FC
65.00
65.00
65.00
Crystal Warsaw Sp zoo
Poland
FC
100.00
100.00
100.00
GSSM Warsaw Sp zoo
Poland
FC
100.00
100.00
100.00
Zlote Tarasy partnership
Poland
EM-A
100.00
\u2013
100.00
Unibail-Rodamco Retail Spain
Spain
FC
100.00
100.00
100.00
Unibail-Rodamco Steam SLU
Spain
FC
51.11
51.11
51.11
Rodamco AB
Sweden
FC
100.00
100.00
100.00
Rodamco Centerpool AB
Sweden
\u2013
Merged
Merged
100.00
Rodamco Handel AB
Sweden
FC
100.00
100.00
100.00
Rodamco Northern Europe AB
Sweden
FC
100.00
100.00
100.00
Rodamco Sverige AB
Sweden
FC
100.00
100.00
100.00
Rodamco T\u00e4by Centrum KB
Sweden
FC
100.00
100.00
100.00
Rodamco Austria BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Central Europe BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Czech BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Deutschland BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Europe Properties BV
The Netherlands
FC
100.00
100.00
100.00
% interest
% control
% interest
List of the main consolidated companies
Country
Method
(1)
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Rodamco Retail Deutschland BV
The Netherlands
FC
100.00
100.00
100.00
Unibail-Rodamco Nederland Winkels BV
The Netherlands
FC
100.00
100.00
100.00
Unibail-Rodamco TH BV
The Netherlands
\u2013
Merged
Merged
100.00
URW UK Olympic BV 1 and 2
The Netherlands
FC
100.00
100.00
100.00
URW UK Olympic BV 3, 4 and 5
The Netherlands
FC
100.00
100.00
100.00
URW UK Shepherds BV 1 to 3
The Netherlands
FC
100.00
100.00
100.00
URW UK Shepherds BV 13, 14 and 15
The Netherlands
FC
100.00
100.00
100.00
Unibail-Rodamco-Westfield N.V.
The Netherlands
FC
100.00
100.00
100.00
Stratford City Shopping Centre n\u00b01 & 2 Limited
United Kingdom
EM-JV
50.00
50.00
50.00
URW Stratford REIT Limited
United Kingdom
FC
100.00
100.00
\u2013
Westfield Europe Limited
United Kingdom
FC
100.00
100.00
100.00
Westfield UK & Europe Finance PLC
United Kingdom
FC
100.00
100.00
100.00
Westfield UK REIT Limited
United Kingdom
FC
100.00
100.00
\u2013
White City Acquisitions Limited
United Kingdom
FC
100.00
100.00
100.00
Head Acquisition LP
United States
FC
100.00
100.00
100.00
New WTC Retail Member LLC
United States
FC
100.00
100.00
100.00
Urban Shopping Centers LP
United States
FC
100.00
100.00
100.00
URW America Inc.
United States
FC
100.00
100.00
100.00
URW US Services, Inc.
United States
FC
100.00
100.00
100.00
URW WEA LLC
United States
FC
100.00
100.00
100.00
WEA Finance, LLC
United States
FC
100.00
100.00
100.00
WEA Holdings, LLC
United States
FC
100.00
100.00
100.00
Westfield America, LP
United States
FC
100.00
100.00
100.00
Westfield DDC, LLC
United States
FC
100.00
100.00
100.00
Westfield Head, LP
United States
FC
100.00
100.00
100.00
Westfield, LLC
United States
FC
100.00
100.00
100.00
WHL USA Acquisitions, Inc.
United States
FC
100.00
100.00
100.00
(1) FC: full consolidation method; EM-JV: joint ventures under the equity method; EM-A: associates under the equity method .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-652": { "value": "1.1.2. Acquisitions in 2025 Acquisition of the remaining 47% stake in West\ufb01eld Wheaton On February 25, 2025, the Group acquired the 47% stake of O\u2019Connor, its JV partner in Westfield Wheaton, a US regional asset, increasing its interest to 100%. The asset is fully consolidated from this date. The Group did not repay the $234.6 million secured debt on Westfield Wheaton, which matured on March 1, 2025. The asset was placed under receivership in November 2025. Subsequently, an agreement was reached with the lender, and the loan was settled in December through a discounted payoff of $205 million, resulting in a total gain on extinguishment of debt of $37 Mn of which $7 Mn of unpaid default interests. This gain was recognized under non-recurring financial result, within the line item \u201cFair value adjustments of derivatives, debt and currency effect\u201d. 1.1.3. Disposals in 2025 Disposal of 80% stake in Trinity of\ufb01ce tower On February 19, 2025, URW sold a 80% stake in Trinity office tower at Paris La D\u00e9fense to Norges Bank Investment Management, for an implied offer price of approximately \u20ac447 Mn at 100%. The asset is no longer controlled by URW and the 20% stake owned by the Group is accounted for using the equity method from this date. Disposal of Bonaire in Spain On March 13, 2025, URW sold Bonaire, an open air shopping centre located in Valencia (Spain), to Castellana Properties, the Spanish subsidiary of Vukile Property Fund (\u201cCastellana\u201d), for a disposal price of \u20ac305 Mn. As part of the agreement, URW granted Castellana Properties an 18-month NOI guarantee with a cap of \u20ac32.9 Mn to cover the stablisation period. Given the strong occupancy levels, only a marginal portion of this guarantee is expected to be utilised. Disposal of Stadshart Zoetermeer On June 17, 2025, the Group disposed the shopping centre Stadshart Zoetermeer in the Netherlands to Wereldhave and Sofidy, for a total price (excluding taxes) of \u20ac150 Mn. Disposal of Gropius Passagen On September 12, 2025, the Group disposed its stake of 18% in the shopping centre Gropius Passagen, located in Berlin, Germany, to Walter Holdings, for a total price of the shares of \u20ac6.3 Mn. Disposal of Pullman Paris Montparnasse hotel On September 16, 2025, the Group disposed Pullman Paris Montparnasse hotel to Bain Capital, Columbia Threadneedle and QuinSpark for a total amount of \u20ac310 Mn. The disposal includes the building and the intangible asset. Disposal of German Real Estate Management (REM) business On October 1, 2025, the Group disposed its German Real Estate Management (REM) business to real estate company Sonae Sierra. 12 assets not owned by the Group are managed by the REM team, including Riem Arcaden and Pasing Arcaden in Munich, Spandau Arcaden in Berlin, K\u00f6ln Arcaden and D\u00fcsseldorf Arcaden. Disposal of US airport terminal commercial management business On July 29, 2025, the Group signed an agreement to sell its US airports business to Grupo Aeroportuario del Sureste (ASUR), Mexico\u2019s first privatised airport group. The transaction was closed on December 11, 2025, for a disposal price of \u20ac281 Mn ($318 Mn). The disposal results on the above-mentioned transactions are recorded in the consolidated statement of comprehensive income. For the fully consolidated assets, the result on disposal of investment properties and loss of control amounts to +\u20ac120.1 Mn, including +\u20ac22.7 Mn of asset deals and +\u20ac97.4 Mn of share deal. Disposal of additional 15% stake in West\ufb01eld Forum des Halles On January 6, 2025, URW announced the sale of a 15% stake in the iconic Westfield Forum des Halles, a 77,600 sqm Flagship shopping centre located in the heart of Paris, to CDC Investissement Immobilier, on behalf of Caisse des D\u00e9p\u00f4ts et Consignations (CDC), a leading long- term French institutional investor. The net disposal price is \u20ac235 Mn (1) . Following this transaction, URW owns 50.01% of the company owning this asset. URW keeps the control over the asset and the joint venture is fully consolidated with a 50.01% ownership interest. Disposal of additional 6.33% stake in West\ufb01eld \u010cern\u00fd Most On December 1, 2025, the Partners have acquired an additional stake of 6.33% in Westfield \u010cern\u00fd Most based on the latest appraisal value (see note 1.2.2 \u201cDisposals in 2024\u201d). The result of the transactions was recorded in the equity attributable to the holders of the Stapled Shares for -\u20ac2.2 Mn including the transaction costs.
(1) With up to 10% price payment subject to a 5% annual return mechanism for CDC, which may be activated until 2029.
1.2.1. Acquisitions in 2024 Acquisition of CH Ursyn\u00f3w On February 29, 2024, the Group acquired the remaining stake of 50% in CH Ursyn\u00f3w (Eagle) in Poland. Thus, the asset is fully consolidated starting from this date. Acquisition of West\ufb01eld Montgomery On July 1, 2024, the Group acquired the remaining stake of 50% in Westfield Montgomery shopping centre in Maryland (United States). Thus, the asset is fully consolidated starting from this date. Acquisition of 38.9% complementary stake in URW Germany JV from partner CPP Investments On December 4, 2024, URW acquired a 38.9% complementary stake in URW Germany GmbH and its related entities (together \u201cURWG\u201d) from its joint venture partner Canada Pension Plan Investment Board (\u201cCPP Investments\u201d). The acquisition is an off-market transaction, in the context of an existing shareholders\u2019 agreement and increases URW\u2019s stake in URWG to 89.9%. Both partners retained the option to transfer the remaining 10.1% of CPP Investments\u2019 interest to URW in 2025 for a cash consideration of up to \u20ac65 Mn, which has been accounted for on the line \u201cCurrent commitment to external non-controlling interests\u201d. This acquisition was financed through the issuance of 3.254 Mn new URW Stapled Shares. These Stapled Shares were provided to CPP Investments as consideration for their contribution in kind of the 38.9% stake in URWG. The market value of these newly created Stapled Shares was \u20ac250.4 Mn, corresponding to the closing price of the URW shares on December 4, 2024. All URWG entities were fully consolidated before the acquisition of the complementary stake of 38.9%. Thus, the result of the transaction was recorded within equity leading to an increase of the equity attributable to the holders of the Stapled Shares by \u20ac442.4 Mn, a decrease of external non-controlling interests by -\u20ac301.9 Mn, and decrease of current accounts with non-controlling interests for -\u20ac204.8 Mn. 1.2.2. Disposals in 2024 Disposal of Equinoccio in Spain On January 30, 2024, URW closed the disposal of Equinoccio in Spain to Atitlan for a disposal price of \u20ac34 Mn. Disposal of West\ufb01eld Annapolis On August 20, 2024, the Group completed the sale of Westfield Annapolis for $160 Mn (at 100%, URW share 55%) to a consortium of industry partners that include Centennial and Sandeep Mathrani, founder of Atlas Hill RE, with backing from Waterfall Asset Management and Lincoln Property Company. Disposal of Aupark On September 2, 2024, the Purchasers acquired the last remaining stake (\u201cTranche 4\u201d) based on appraisal values as at June 30, 2024. As at December 31, 2024, URW does not hold any interest in the joint venture which was fully disposed of at the transaction date. Disposal of Angel Lane On September 26, 2024, URW disposed a student housing land plot in the UK adjacent to Westfield Stratford City (Meridian Square) for a disposal price of \u00a362 Mn. Disposal of La Valentine On September 30, 2024, URW disposed of its units in the shopping centre La Valentine located in Marseille, France, for a disposal price of \u20ac49.1 Mn. Disposal of Ga\u00eet\u00e9 Montparnasse Of\ufb01ces On November 12, 2024, URW completed the sale of the office component of the Ga\u00eet\u00e9 Montparnasse mixed-use complex in Paris, France, to a joint venture between Norges Bank Investment Management and Swiss Life Group for a Total Acquisition Cost of \u20ac172.5 Mn through a share deal. Disposal of Pasing Arcaden On November 26, 2024, URW completed the disposal of Pasing Arcaden, to Ingka Centres, part of the Ingka Group (which also includes IKEA Retail and Ingka Investments), for a net disposal price of \u20ac388 Mn at 100%. URW received the full proceeds following the acquisition of a 38.9% stake in URW Germany. The disposal results on the above-mentioned transactions are recorded in the consolidated statement of comprehensive income: \u2022 For the fully consolidated assets, the result on disposal of investment properties and loss of control amounts to -\u20ac8.6 Mn, including \u20ac16.6 Mn of asset deals and -\u20ac25.2 Mn of share deals; \u2022 For the assets accounted for using the equity method, URW\u2019s stake in the net disposal result of -\u20ac5.6 Mn is recorded within \u201cShare of the result of companies accounted for using the equity method\u201d. Disposal of 25% in Centrum \u010cern\u00fd Most On December 30, 2024, URW completed the disposal of 25% stake in Centrum \u010cern\u00fd Most in Prague, Czech Republic, to Upvest and RSJ Investments (\u201cthe Partners\u201d). The transaction is achieved at an implied offer price of \u20ac553 Mn (at 100%). The transaction has established a long-term joint venture, with the Partners having the option to acquire an additional stake of up to 24% within the next two years based on the appraisal value at that time, taking into account the benefit of the ongoing extension. URW will continue to manage the asset, which remains fully consolidated by the Group, and will generate asset and Property Management fees. Consequently, the result of the transaction was recorded in the equity attributable to the holders of the Stapled Shares for \u20ac12.1 Mn, including the transaction costs. The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to one or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. 3.3. Description of signi\ufb01cant controlled partnerships The significant controlled partnerships are presented below. Viparis and Propexpo The Viparis entities are equally held by URW SE and its partner, the CCIR (Paris-Ile-de-France Regional Chamber of Commerce and Industry). The relevant activities for these entities are the management of the C&E venues. The managing director, who holds the executive powers for the management of these relevant activities, is designated by URW SE. The chairman, who has a non-executive role, is nominated by the partner and has no casting vote. Each partner has the same number of directors in the MB. In the event of a tie vote, the directors designated by the Group have a casting vote. There is no casting vote held by other governance or supervisory bodies (shareholders\u2019 general meetings) which could call this control into question. The Group therefore considers that it has the full control of the Viparis entities and thus the Viparis entities are fully consolidated. Propexpo is a real estate company which owns part of the Viparis assets and is equally held by URW SE and CCIR. The relevant activities are the leasing, equipment, building, renovation as well as the management, servicing and maintenance of these assets. The managing director, a Group company, cannot be removed without the agreement of the Group. The executive chairman is designated by the Group, whereas the non-executive vice-president is designated by the CCIR. There is no casting vote held by other governance or supervisory bodies (shareholders\u2019 general meetings) which could question this control. The governance of both Propexpo, managed by the Group, and the Viparis entities which control the on-site property services, are defined by the shareholders\u2019 agreement between the Group and CCIR as with respect to Viparis. Propexpo is therefore fully consolidated. Unibail-Rodamco-West\ufb01eld Germany GmbH Following the acquisition on December 4, 2024, of a 38.9% stake in URW Germany GmbH (see note 1.2.2 \u201cAcquisitions in 2024\u201d), the Group has increased its stake in the company to 89.9%. CPP Investments holds a minority interest of 10.1% and has an option to sell its shares to URW SE. The governance has been updated and the Group is entitled to nominate all the members of URW Germany GmbH\u2019s SB as well as the Chief Executive Officer of the company. As a result, the Group controls URW Germany GmbH, which continues to be fully consolidated. West\ufb01eld Parly 2 shopping centre The Westfield Parly 2 shopping centre (Paris region) is held by the Group and the Abu Dhabi Investment Authority. The relevant activities are the leasing, equipment, building and renovation, as well as the management, servicing and maintenance of the Westfield Parly 2 shopping centre. The managing director of Westfield Parly 2 is a URW company, designated for an indefinite term, which holds powers in order to administer the companies and obtain the authorisations needed for their activities. There is no casting vote held by other governance or supervisory bodies (management boards, shareholders\u2019 general meetings) which could question this control. As a result, the Group controls the asset and is therefore fully consolidated. West\ufb01eld Forum des Halles shopping centre and parking As at December 31, 2024, the Westfield shopping centre and the parking Forum des Halles located in Paris are held by the Group (65%) and an insurance company, AXA (35%). The managing director is a URW company, designated for an indefinite term, which holds powers in order to administrate the company and obtain the authorisations needed for its activities and cannot be removed without the agreement of the Group. On January 6, 2025, URW sold an additional 15% stake to CDC Investissement Immobilier, on behalf of CDC. URW keeps the control over the asset and the joint venture is fully consolidated with an interest rate of 50.01% (see note 1.1.3 \u201cDisposals in 2025\u201d). West\ufb01eld Les 4 Temps shopping centre The asset is held 53.3% by the Group and 46.7% by 2 insurance companies. The managing director is a URW company, designated for an indefinite term, which holds large powers in order to administrate the company and obtain the authorisations needed for its activities and cannot be removed without the agreement of the Group. The asset is therefore fully consolidated. West\ufb01eld Shopping City S\u00fcd The asset is held 55% by the Group and 45% by Cr\u00e9dit Agricole Assurances. The managing directors are appointed by URW and cannot be removed without the agreement of the Group. They hold large powers in order to administer the company and obtain the authorisations needed for its activities. Reserved matters requiring the approval of the partner are set with high thresholds and are protective for the partner. The asset is therefore fully consolidated. West\ufb01eld Carr\u00e9 S\u00e9nart The asset is held 55% by the Group and 45% by Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances and BNP Paribas Cardif. The managing directors are selected and appointed by URW for an indefinite period. They hold large powers in order to administer the company and obtain the authorisations needed for its activities. All the decisions, including the budget, which are not reserved matters can be taken by URW without the approval of the minority shareholders. Reserved matters requiring the approval of the partner are set with high thresholds and are protective for the partner. The asset is therefore fully consolidated. West\ufb01eld \u010cern\u00fd Most The asset is held 68.67% by the Group and 31.33% by Upvest and RSJ Investments (\u201cthe Partners\u201d). In 2024, a long-term joint venture has been established, with the Partners buying 25% of the company owning the asset and having the option to acquire an additional stake of up to 24% within 2027 based on the appraisal value at that time, taking into account the benefit of the ongoing extension. URW has control over the JV by proposing all directors, appointed and recalled by the General Meeting. Reserved matters are not restrictive and aim to be protective for the minority partner. URW has a development management agreement, a Property Management agreement and an asset management agreement for a duration of 15 years. The asset is therefore fully consolidated. 3.4. Acquisitions and disposals 3.4.1. Acquisitions of subsidiaries, net of cash acquired (consolidated statement of cash \ufb02ows)
(\u20ac\ue002 Mn)\ue002 2025 2024
Acquisition price of shares
(2.6)
(33.5)
Cash and current accounts
(59.6)
(35.4)
Acquisition of subsidiaries net of cash acquired
(62.2)
(68.9)
In 2025, comprise mainly the impacts of the acquisitions of 25% stake in St James Quarter in Edinburgh and the remaining 47% stake in Westfield Wheaton (see 1.1.2 \u201cAcquisitions in 2025\u201d). 3.4.2. Result on disposal of investment properties and loss of control The result on disposal of investment properties and loss of control includes both the result on disposal of assets and the result on disposal of shares.
(\u20ac\ue002 Mn)\ue002 2025 2024
Net capital gains/losses on disposal of assets
22.4
16.6
Proceeds from disposal of assets
724.3
497.3
Carrying values of disposed assets
(701.9)
(480.7)
Net capital gains/losses on disposal of shares
97.6
(25.2)
Proceeds from disposal of shares
408.4
124.7
Carrying values of disposed shares
(290.5)
(149.9)
Exit of goodwill
(20.3)
\u2013
Net capital gains/losses on disposal of investment properties and loss of control
120.1
(8.6)
3.4.3. Disposal of shares/consolidated subsidiaries, investment properties in the consolidated statement of cash \ufb02ows
(\u20ac\ue002 Mn)\ue002 2025 2024
Net price of shares sold
584.2
313.0
Cash and current accounts
318.1
113.6
Disposal of shares/consolidated subsidiaries
(1)
902.4
426.5
Disposal of investment properties
(2)
719.1
493.7
(1) In 2025, refers mainly to the disposals of Westfield Forum des Halles, Trinity office tower, Gropius Passagen, Pullman Paris Montparnasse hotel intangible, German Real Estate Management (REM) business and US terminal commercial management airport business, described in note 1.1.3 Disposals in 2025. In 2024, refers mainly to the disposal of Westfield \u010cern\u00fd Most, Ga\u00eet\u00e9 Montparnasse Offices, Aupark and La Valentine described in note 1.2.2 Disposals in 2024. The disposal results of Westfield \u010cern\u00fd Most (2024 and 2025) and Westfield Forum des Halles (2025) are booked within the Shareholders\u2019 equity and as a result are not shown in the proceeds from disposal of shares in the Consolidated statement of comprehensive income. (2) In 2025 and 2024, the difference between the proceeds from disposal of investment properties in the consolidated statement of comprehensive income and the disposal of investment properties in the consolidated statement of cash flows corresponds to some non-cash items mainly in the US. 3.5. Non-controlling interests and commitment to purchase non-controlling interests 3.5.1. Commitment to purchase non-controlling interests As described in note 1.2.1 \u201cAcquisitions in 2024\u201d, the remaining non- controlling interests of 10.1% in URWG are classified in the line item \u201cCurrent commitment to external non-controlling interests\u201d for a total amount of \u20ac65 Mn. The convertible redeemable preference shares, included in the captions \u201cNon-current commitment to external non-controlling interests\u201d and \u201cCurrent commitment to external non-controlling interests\u201d, refer to preferred shares held by external parties. They are measured at fair value through profit or loss. 3.5.2. Net result for the period of non-controlling interests For 2025, this item comprised mainly non-controlling interests in the following entities: \u2022 C&E entities (+\u20ac28.3 Mn); \u2022 Several shopping centres and development projects in Southern Europe (+\u20ac194.9 Mn, mainly Westfield Les 4 Temps, Westfield Parly 2, Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart); \u2022 Several shopping centres in Central Europe (+\u20ac16.0 Mn); and \u2022 Others (-\u20ac0.2 Mn). Note 15. List of the main consolidated companies
% interest
% control
% interest
List of the main consolidated companies
Country
Method
(1)
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Unibail-Rodamco-Westfield SE
France
FC
100.00
100.00
100.00
Westfield Corporation Limited
Australia
FC
100.00
100.00
100.00
Donauzentrum Besitz- u. Vermietungs GmbH
Austria
FC
100.00
100.00
100.00
Shopping Center Planungs- und Entwicklungsgesellschaft mbH & Co.
Austria
FC
55.00
55.00
55.00
Werbeberatung KG
UR Invest GmbH
Austria
FC
55.00
55.00
55.00
URW Invest GmbH
Austria
FC
100.00
100.00
100.00
Centrum Cerny Most as
Czech Republic
FC
68.67
68.67
75.00
Centrum Chodov sro
Czech Republic
FC
100.00
100.00
100.00
Doria
France
FC
100.00
100.00
100.00
Financi\u00e8re 5 Malesherbes
France
FC
100.00
100.00
100.00
Fonci\u00e8re Crossroads
France
EM-A
45.78
45.78
\u2013
Volumes LPD
France
FC
100.00
100.00
100.00
Rodamco France
France
FC
100.00
100.00
100.00
SA Uni-Expos
France
FC
100.00
100.00
100.00
SA Union Internationale Immobili\u00e8re
France
FC
100.00
100.00
100.00
SCI Chesnay Pierre 2
France
FC
50.00
50.00
50.00
SCI du Forum des Halles de Paris
France
FC
50.01
50.01
65.00
SCI Propexpo
France
FC
50.00
50.00
50.00
SCI SCC de La D\u00e9fense
France
FC
53.30
53.30
53.30
SCI CC Francilia
France
FC
55.00
55.00
55.00
SNC Viparis - Porte de Versailles
France
FC
50.00
100.00
50.00
Uni-commerces
France
FC
100.00
100.00
100.00
CentrO companies
Germany
EM-JV
50.00
50.00
50.00
Unibail-Rodamco-Westfield Germany GmbH
Germany
FC
89.90
89.90
89.90
SARL Red Grafton 1
Luxembourg
FC
65.00
65.00
65.00
Crystal Warsaw Sp zoo
Poland
FC
100.00
100.00
100.00
GSSM Warsaw Sp zoo
Poland
FC
100.00
100.00
100.00
Zlote Tarasy partnership
Poland
EM-A
100.00
\u2013
100.00
Unibail-Rodamco Retail Spain
Spain
FC
100.00
100.00
100.00
Unibail-Rodamco Steam SLU
Spain
FC
51.11
51.11
51.11
Rodamco AB
Sweden
FC
100.00
100.00
100.00
Rodamco Centerpool AB
Sweden
\u2013
Merged
Merged
100.00
Rodamco Handel AB
Sweden
FC
100.00
100.00
100.00
Rodamco Northern Europe AB
Sweden
FC
100.00
100.00
100.00
Rodamco Sverige AB
Sweden
FC
100.00
100.00
100.00
Rodamco T\u00e4by Centrum KB
Sweden
FC
100.00
100.00
100.00
Rodamco Austria BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Central Europe BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Czech BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Deutschland BV
The Netherlands
FC
100.00
100.00
100.00
Rodamco Europe Properties BV
The Netherlands
FC
100.00
100.00
100.00
% interest
% control
% interest
List of the main consolidated companies
Country
Method
(1)
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Rodamco Retail Deutschland BV
The Netherlands
FC
100.00
100.00
100.00
Unibail-Rodamco Nederland Winkels BV
The Netherlands
FC
100.00
100.00
100.00
Unibail-Rodamco TH BV
The Netherlands
\u2013
Merged
Merged
100.00
URW UK Olympic BV 1 and 2
The Netherlands
FC
100.00
100.00
100.00
URW UK Olympic BV 3, 4 and 5
The Netherlands
FC
100.00
100.00
100.00
URW UK Shepherds BV 1 to 3
The Netherlands
FC
100.00
100.00
100.00
URW UK Shepherds BV 13, 14 and 15
The Netherlands
FC
100.00
100.00
100.00
Unibail-Rodamco-Westfield N.V.
The Netherlands
FC
100.00
100.00
100.00
Stratford City Shopping Centre n\u00b01 & 2 Limited
United Kingdom
EM-JV
50.00
50.00
50.00
URW Stratford REIT Limited
United Kingdom
FC
100.00
100.00
\u2013
Westfield Europe Limited
United Kingdom
FC
100.00
100.00
100.00
Westfield UK & Europe Finance PLC
United Kingdom
FC
100.00
100.00
100.00
Westfield UK REIT Limited
United Kingdom
FC
100.00
100.00
\u2013
White City Acquisitions Limited
United Kingdom
FC
100.00
100.00
100.00
Head Acquisition LP
United States
FC
100.00
100.00
100.00
New WTC Retail Member LLC
United States
FC
100.00
100.00
100.00
Urban Shopping Centers LP
United States
FC
100.00
100.00
100.00
URW America Inc.
United States
FC
100.00
100.00
100.00
URW US Services, Inc.
United States
FC
100.00
100.00
100.00
URW WEA LLC
United States
FC
100.00
100.00
100.00
WEA Finance, LLC
United States
FC
100.00
100.00
100.00
WEA Holdings, LLC
United States
FC
100.00
100.00
100.00
Westfield America, LP
United States
FC
100.00
100.00
100.00
Westfield DDC, LLC
United States
FC
100.00
100.00
100.00
Westfield Head, LP
United States
FC
100.00
100.00
100.00
Westfield, LLC
United States
FC
100.00
100.00
100.00
WHL USA Acquisitions, Inc.
United States
FC
100.00
100.00
100.00
(1) FC: full consolidation method; EM-JV: joint ventures under the equity method; EM-A: associates under the equity method ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-672": { "value": "Acquisition of 25% stake in St James Quarter in Edinburgh On October 23, 2025, URW and pension investor APG announced URW\u2019s acquisition of a 25% stake in St James Quarter, a landmark mixed-use destination in Edinburgh, from Nuveen Real Estate. Majority owner APG retains its 75% stake. The asset is not controlled by URW, thus it is accounted for using the equity method from this date. 1.1.3. Disposals in 2025 Disposal of 80% stake in Trinity of\ufb01ce tower On February 19, 2025, URW sold a 80% stake in Trinity office tower at Paris La D\u00e9fense to Norges Bank Investment Management, for an implied offer price of approximately \u20ac447 Mn at 100%. The asset is no longer controlled by URW and the 20% stake owned by the Group is accounted for using the equity method from this date. Disposal of Bonaire in Spain On March 13, 2025, URW sold Bonaire, an open air shopping centre located in Valencia (Spain), to Castellana Properties, the Spanish subsidiary of Vukile Property Fund (\u201cCastellana\u201d), for a disposal price of \u20ac305 Mn. As part of the agreement, URW granted Castellana Properties an 18-month NOI guarantee with a cap of \u20ac32.9 Mn to cover the stablisation period. Given the strong occupancy levels, only a marginal portion of this guarantee is expected to be utilised. Disposal of Stadshart Zoetermeer On June 17, 2025, the Group disposed the shopping centre Stadshart Zoetermeer in the Netherlands to Wereldhave and Sofidy, for a total price (excluding taxes) of \u20ac150 Mn. Disposal of Gropius Passagen On September 12, 2025, the Group disposed its stake of 18% in the shopping centre Gropius Passagen, located in Berlin, Germany, to Walter Holdings, for a total price of the shares of \u20ac6.3 Mn. Disposal of Pullman Paris Montparnasse hotel On September 16, 2025, the Group disposed Pullman Paris Montparnasse hotel to Bain Capital, Columbia Threadneedle and QuinSpark for a total amount of \u20ac310 Mn. The disposal includes the building and the intangible asset. Disposal of German Real Estate Management (REM) business On October 1, 2025, the Group disposed its German Real Estate Management (REM) business to real estate company Sonae Sierra. 12 assets not owned by the Group are managed by the REM team, including Riem Arcaden and Pasing Arcaden in Munich, Spandau Arcaden in Berlin, K\u00f6ln Arcaden and D\u00fcsseldorf Arcaden. Disposal of US airport terminal commercial management business On July 29, 2025, the Group signed an agreement to sell its US airports business to Grupo Aeroportuario del Sureste (ASUR), Mexico\u2019s first privatised airport group. The transaction was closed on December 11, 2025, for a disposal price of \u20ac281 Mn ($318 Mn). The disposal results on the above-mentioned transactions are recorded in the consolidated statement of comprehensive income. For the fully consolidated assets, the result on disposal of investment properties and loss of control amounts to +\u20ac120.1 Mn, including +\u20ac22.7 Mn of asset deals and +\u20ac97.4 Mn of share deal. Disposal of additional 15% stake in West\ufb01eld Forum des Halles On January 6, 2025, URW announced the sale of a 15% stake in the iconic Westfield Forum des Halles, a 77,600 sqm Flagship shopping centre located in the heart of Paris, to CDC Investissement Immobilier, on behalf of Caisse des D\u00e9p\u00f4ts et Consignations (CDC), a leading long- term French institutional investor. The net disposal price is \u20ac235 Mn (1) . Following this transaction, URW owns 50.01% of the company owning this asset. URW keeps the control over the asset and the joint venture is fully consolidated with a 50.01% ownership interest. Disposal of additional 6.33% stake in West\ufb01eld \u010cern\u00fd Most On December 1, 2025, the Partners have acquired an additional stake of 6.33% in Westfield \u010cern\u00fd Most based on the latest appraisal value (see note 1.2.2 \u201cDisposals in 2024\u201d). The result of the transactions was recorded in the equity attributable to the holders of the Stapled Shares for -\u20ac2.2 Mn including the transaction costs. (1) With up to 10% price payment subject to a 5% annual return mechanism for CDC, which may be activated until 2029. 1.2.1. Acquisitions in 2024 Acquisition of CH Ursyn\u00f3w On February 29, 2024, the Group acquired the remaining stake of 50% in CH Ursyn\u00f3w (Eagle) in Poland. Thus, the asset is fully consolidated starting from this date. Acquisition of West\ufb01eld Montgomery On July 1, 2024, the Group acquired the remaining stake of 50% in Westfield Montgomery shopping centre in Maryland (United States). Thus, the asset is fully consolidated starting from this date. Acquisition of 38.9% complementary stake in URW Germany JV from partner CPP Investments On December 4, 2024, URW acquired a 38.9% complementary stake in URW Germany GmbH and its related entities (together \u201cURWG\u201d) from its joint venture partner Canada Pension Plan Investment Board (\u201cCPP Investments\u201d). The acquisition is an off-market transaction, in the context of an existing shareholders\u2019 agreement and increases URW\u2019s stake in URWG to 89.9%. Both partners retained the option to transfer the remaining 10.1% of CPP Investments\u2019 interest to URW in 2025 for a cash consideration of up to \u20ac65 Mn, which has been accounted for on the line \u201cCurrent commitment to external non-controlling interests\u201d. This acquisition was financed through the issuance of 3.254 Mn new URW Stapled Shares. These Stapled Shares were provided to CPP Investments as consideration for their contribution in kind of the 38.9% stake in URWG. The market value of these newly created Stapled Shares was \u20ac250.4 Mn, corresponding to the closing price of the URW shares on December 4, 2024. All URWG entities were fully consolidated before the acquisition of the complementary stake of 38.9%. Thus, the result of the transaction was recorded within equity leading to an increase of the equity attributable to the holders of the Stapled Shares by \u20ac442.4 Mn, a decrease of external non-controlling interests by -\u20ac301.9 Mn, and decrease of current accounts with non-controlling interests for -\u20ac204.8 Mn. 1.2.2. Disposals in 2024 Disposal of Equinoccio in Spain On January 30, 2024, URW closed the disposal of Equinoccio in Spain to Atitlan for a disposal price of \u20ac34 Mn. Disposal of West\ufb01eld Annapolis On August 20, 2024, the Group completed the sale of Westfield Annapolis for $160 Mn (at 100%, URW share 55%) to a consortium of industry partners that include Centennial and Sandeep Mathrani, founder of Atlas Hill RE, with backing from Waterfall Asset Management and Lincoln Property Company. Disposal of Aupark On September 2, 2024, the Purchasers acquired the last remaining stake (\u201cTranche 4\u201d) based on appraisal values as at June 30, 2024. As at December 31, 2024, URW does not hold any interest in the joint venture which was fully disposed of at the transaction date. Disposal of Angel Lane On September 26, 2024, URW disposed a student housing land plot in the UK adjacent to Westfield Stratford City (Meridian Square) for a disposal price of \u00a362 Mn. Disposal of La Valentine On September 30, 2024, URW disposed of its units in the shopping centre La Valentine located in Marseille, France, for a disposal price of \u20ac49.1 Mn. Disposal of Ga\u00eet\u00e9 Montparnasse Of\ufb01ces On November 12, 2024, URW completed the sale of the office component of the Ga\u00eet\u00e9 Montparnasse mixed-use complex in Paris, France, to a joint venture between Norges Bank Investment Management and Swiss Life Group for a Total Acquisition Cost of \u20ac172.5 Mn through a share deal. Disposal of Pasing Arcaden On November 26, 2024, URW completed the disposal of Pasing Arcaden, to Ingka Centres, part of the Ingka Group (which also includes IKEA Retail and Ingka Investments), for a net disposal price of \u20ac388 Mn at 100%. URW received the full proceeds following the acquisition of a 38.9% stake in URW Germany. The disposal results on the above-mentioned transactions are recorded in the consolidated statement of comprehensive income: \u2022 For the fully consolidated assets, the result on disposal of investment properties and loss of control amounts to -\u20ac8.6 Mn, including \u20ac16.6 Mn of asset deals and -\u20ac25.2 Mn of share deals; \u2022 For the assets accounted for using the equity method, URW\u2019s stake in the net disposal result of -\u20ac5.6 Mn is recorded within \u201cShare of the result of companies accounted for using the equity method\u201d. Disposal of 25% in Centrum \u010cern\u00fd Most On December 30, 2024, URW completed the disposal of 25% stake in Centrum \u010cern\u00fd Most in Prague, Czech Republic, to Upvest and RSJ Investments (\u201cthe Partners\u201d). The transaction is achieved at an implied offer price of \u20ac553 Mn (at 100%). The transaction has established a long-term joint venture, with the Partners having the option to acquire an additional stake of up to 24% within the next two years based on the appraisal value at that time, taking into account the benefit of the ongoing extension. URW will continue to manage the asset, which remains fully consolidated by the Group, and will generate asset and Property Management fees. Consequently, the result of the transaction was recorded in the equity attributable to the holders of the Stapled Shares for \u20ac12.1 Mn, including the transaction costs. 3.1.1. Scope and methods of consolidation The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to one or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, and revenues and expenses relating to its interests in the joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method; and \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case. Note 6. Shares and investments in companies accounted for using the equity method 6.1. Accounting principles The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US and UK through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. 6.2. Shares and investments in companies accounted for using the equity method
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Shares in companies accounted for using the equity method
6,077.0
6,303.5
Loans granted to companies accounted for using the equity method
786.0
716.0
Total shares and investments in companies accounted for using the equity method
(1)
6,863.0
7,019.5
(1) Mainly relates to Shopping Centres companies. Share of the result of companies accounted for using the equity method and income on \ufb01nancial assets The contribution of affiliates breaks down as follows:
2025 2024
Recurring Non-recurring Recurring Non-recurring
(\u20ac\ue002 Mn) activities
activities
(1)
Result activities
activities
(1)
Result
Share of income from companies accounted for using
378.2
110.3
488.6
365.5
(329.8)
35.6
the equity method
Interest on loans granted to companies accounted
41.5
\u2013
41.5
51.2
\u2013
51.2
for using the equity method
Total contribution of companies accounted
419.8
110.3
530.1
416.6
(329.8)
86.7
for using the equity method
(1) Correspond mainly to the fair value adjustment and related deferred tax on the underlying investment properties. 6.3. Joint ventures According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. 6.3.1. Description of the main joint ventures accounted for using the equity method The main jointly controlled assets accounted for using the equity method are the following:
% Interest as at % Interest as at
Name of investment
Geographical area
Dec. 31, 2025 Dec. 31, 2024
Westfield Stratford City
UK
50.0%
50.0%
Cherry Park Property & ResiCo
UK
25.0%
25.0%
CGI Metropole sro
Central Europe
50.0%
50.0%
Westfield Rosny 2
France
26.0%
26.0%
Westfield CentrO
Germany
50.0%
50.0%
Paunsdorf Center
Germany
45.0%
45.0%
Westfield Culver City
US
55.0%
55.0%
Westfield Garden State Plaza
US
50.0%
50.0%
Westfield Southcenter
US
55.0%
55.0%
Westfield Topanga
US
55.0%
55.0%
Westfield UTC
US
50.0%
50.0%
Westfield Valley Fair
US
50.0%
50.0%
The significant joint ventures accounted for using the equity method are presented below: West\ufb01eld Stratford City (London, United Kingdom) Westfield Stratford City is a joint venture with Canneth Limited Partnership Inc. The partnership is governed through a business manager, which is a company jointly owned by both partners. This business manager has significant powers to conduct the business. The budget, capital expenditures and a number of major decisions relating to debt financing, and approval of any refurbishment and development, and disposals, require the approval of both partners. Therefore, under IFRS 10, Westfield Stratford City is jointly controlled by both partners. Partnerships in the United States Per the co-ownership and PM agreements with its joint venture partners, the Group is restricted from exercising control over these interests even though the Group has more than 50% ownership interest and voting rights. Major decisions require the approval of both the Group and the joint venture partners and operating and capital budgets must be approved by the management committee (both owners have equal representation on this committee). The Group therefore has joint control over the investments and they are accounted for using the equity method. West\ufb01eld CentrO (Germany) Westfield CentrO, a leading shopping centre located in Oberhausen, is jointly held by the Group and Canada Pension Plan Investment Board (\u201cCPPIB\u201d). The joint venture is governed by a board of directors with 6 members, 3 appointed by URW and 3 appointed by CPPIB. The relevant activities are the leasing, equipment, building, renovation, as well as the management, servicing and maintenance of these assets. The decision- making process for all these relevant activities requires the approval of both partners. Therefore, these companies which are joint ventures are accounted for using the equity method.
6.3.2. Consolidated \ufb01nancial position of the joint ventures
The main items of the statements of financial position and income statement of joint ventures are presented in aggregate in the tables below. These
items are stated in Group share including restatements for consolidation purposes.
Shopping Centres and Convention & Exhibition companies
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Investment properties
6,562.9
7,110.8
Other non-current assets
5.7
8.1
Current assets
271.4
281.6
Assets held for sale
4.6
\u2013
Total assets
6,844.6
7,400.5
Restated shareholders\u2019 equity
5,149.5
5,503.1
Deferred tax liabilities
68.4
88.3
Shareholders loans
220.2
235.2
External borrowings
(1)
1,227.7
1,410.4
Other non-current liabilities
29.8
28.9
Current liabilities
149.1
134.6
Total liabilities
6,844.6
7,400.5
(1) Includes current and non-current borrowings.
(\u20ac\ue002 Mn) 2025 2024
NRI
374.3
389.8
Change in fair value of investment properties and disposals
66.7
(292.0)
Financial result
(40.7)
(49.1)
Net result
379.9
20.3
6.3.3. Valuation assumptions and sensitivity for assets accounted for using
the equity method
Shopping Centres
All shopping centres are valued using the DCF and/or yield methodologies.
The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity
method. The table for the fully consolidated assets is presented in note 5.1.2 \u201cInvestment properties at fair value \u2013 IFRS basis\u201d. The table in
proportionate basis is available in the \u201cManagement discussion & analysis\u201d section of the Universal Registration Document.
Exit
Rent in \u20ac Capitalisation
Shopping Centres - December 31, 2025 Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
8.9%
1,043
9.5%
7.4%
3.8%
Europe
Min
4.9%
173
6.6%
5.1%
1.8%
Weighted average
6.1%
440
7.3%
5.9%
2.4%
Max
10.0%
1,175
11.3%
10.5%
4.9%
US
Min
4.6%
401
7.0%
5.0%
2.0%
Weighted average
5.5%
787
7.6%
5.9%
3.8%
NIY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under
development or not controlled by URW are not included in this table. The UK assets are included in the table.
(a) Average annual rent (MGR + SBR) per asset per square meter.
(b) Rate used to calculate the net present value of future cash flows.
(c) Rate used to capitalise the exit rent to determine the exit value of an asset.
(d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used) .
The tables below show the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets under development. The percentages below are indicative of evolutions, in the case of various evolutions, of NIY, DR, ECR and appraisers\u2019 ERV.
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(270)
(4.1)%
+25 bps in DR
(119)
(1.8)%
+10 bps in ECR
(69)
(1.1)%
-5% in appraisers\u2019 ERV
(195)
(3.0)%
Sensitivity
Impact in \u20ac Mn
Impact in %
-25 bps in NIY
+294
+4.5%
-25 bps in DR
+121
+1.9%
-10 bps in ECR
+72
+1.1%
+5% in appraisers\u2019 ERV
+189
+2.9%
6.4. Associates Associates are those entities not controlled by the Group, but in which it has a significant influence according to IAS 28. 6.4.1. Description of the main associates accounted for using the equity method The main associates relate to the following assets: \u2022 Fonci\u00e8re Crossroads which owns the shopping centres A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Triangle Renan, a co-investment partnership for the development of Triangle Tower project; \u2022 Trinity office tower, accounted for using the equity method from its partial disposal in 2025; see note 1.1.3 \u201cDisposals in 2025\u201d; and \u2022 St James Quarter in Edinburgh acquired in 2025; see note 1.1.2 \u201cAcquisitions in 2025\u201d. Fonci\u00e8re Crossroads Fonci\u00e8re Crossroads, which owns a portfolio of 5 shopping centres in France (A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon), is held by a consortium of investors formed by Cr\u00e9dit Agricole Assurances, La Fran\u00e7aise and URW. The Group holds a 45.8% stake and manages the shopping centres on behalf of Fonci\u00e8re Crossroads through long-term management contracts. Fonci\u00e8re Crossroads is governed by a chairman. URW cannot be designated as the chairman as long as it manages the shopping centres. The proportion of the voting rights needed to make decisions about the relevant activities of Fonci\u00e8re Crossroads is achieved by more than one combination of the parties agreeing. As a result, URW has only a significant influence on Fonci\u00e8re Crossroads which is accounted for using the equity method. Zlote Tarasy complex The Group is the sole limited partner in a partnership which holds 100% of a holding company (Warsaw III), which owns 100% of Zlote Tarasy complex (Warsaw). In compliance with the restrictions imposed on URW by the Polish competition authorities in connection with the acquisition by the Group of the shopping centres Westfield Arkadia and Wilenska in July 2010, the management of Warsaw III and the shopping centre and parking is not performed by the Group. Consequently, the Group does not control this asset and its investment in the Zlote Tarasy complex is accounted for using the equity method. 6.4.2. Consolidated \ufb01nancial position of associates The main items of the statements of financial position and income statement of associates are presented in aggregate in the tables below. These items are stated in Group share, including restatements for consolidation purposes. Shopping Centres companies
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Investment properties
2,113.7
1,856.6
Other non-current assets
183.0
35.4
Current assets
204.7
175.5
Total assets
2,501.5
2,067.4
Restated shareholders\u2019 equity
902.2
758.2
Deferred tax liabilities
133.7
123.6
Shareholders loans
565.8
480.8
External borrowings
714.1
547.6
Other non-current liabilities
92.3
93.8
Current liabilities
93.4
63.3
Total liabilities
2,501.5
2,067.4
(\u20ac\ue002 Mn) 2025 2024
NRI
110.1
104.4
Net financing cost
(35.3)
(41.0)
Change in fair value of investment properties
56.6
14.4
Fair value adjustments of derivatives and debt
(9.7)
(15.1)
Income tax expenses
(8.8)
(40.9)
Net result
108.7
15.3
6.5. Transactions with related parties (joint ventures and associates) To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method.
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Shopping Centres and Convention & Exhibition companies
Loans
(1)
800.8
748.2
Recognised interest
41.5
51.2
Current account in debit
4.7
4.3
Current account in credit
(10.9)
(6.4)
Asset management fees invoiced and other fees
(2)
124.4
132.1
(1) Corresponds to 100% of the financing in the shopping centres investment. (2) The decrease relates mainly to the property development and project management revenue in the UK and Germany. All of these transactions are based on market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-653": { "value": "1.1.5. Tender Offer Hybrid Tender offer on the NC2028 hybrid notes On March 26, 2025, the Group launched simultaneously: \u2022 The issuance of \u20ac815 Mn in new Euro denominated Perp-NC2030 hybrid notes (\u201cNew Notes\u201d) with a coupon of 4.875% and issued at an issuance price of 99.44%. Under the terms and conditions of the New Notes, the first optional redemption date is in July 2030; and \u2022 A tender offer on its \u20ac995 Mn 7.250% hybrid Perp-NC2028 notes (\u201cNC2028 Hybrid Notes\u201d) at a tender price of 109.952%. The tender offer expired on April 2, 2025, and the results were announced on April 3, 2025. A total of \u20ac939.2 Mn of the aggregate principal amount of the NC2028 Hybrid Notes was validly tendered, corresponding to a 94.4% participation rate. The \u20ac93.47 Mn difference between tender price and par price was recognised in Equity attributable to the holders of the Stapled shares. In accordance with the Terms and Conditions of the Tender Offer Memorandum, the Group exercised its minimal outstanding amount call option on the remaining NC2028 Hybrid Notes (\u20ac55.8 Mn) that were not tendered. The residual amount of \u20ac55.8 Mn was redeemed at par with an effective date of April 22, 2025. The tender offer was funded from the net proceeds of the \u20ac815 Mn 4.875% Perp-NC2030 Notes priced on March 26, 2025, and from available cash. The settlement of the tender took place on April 7, 2025. The newly issued perpetual hybrid is defined as an equity instrument under IAS 32. As a result, the Group\u2019s overall hybrid portfolio amounts decreased from \u20ac1,845 Mn to \u20ac1,665 Mn (corresponding to a reduction of 9.7%). Tender offer on the NC2026 hybrid notes On September 2, 2025, the Group launched simultaneously: \u2022 The issuance of \u20ac685 Mn in new euro-denominated Perp-NC2031 notes (\u201cNew Notes\u201d) with a coupon of 4.750%. Under the terms and conditions of the New Notes, the first optional redemption date is in June 2031; \u2022 A tender offer on its \u20ac750 Mn 2.875% hybrid Perp-NC2026 notes (\u201cNC2026 Hybrid Notes\u201d) at a tender price of 100.250%; and \u2022 Exercised of its minimal outstanding amount call options (\u201cClean- up\u201d) on its \u20ac99.8 Mn 5.142% hybrid Perp-NC2025 notes (\u201cNC2025 Hybrid Notes\u201d) The tender offer expired on September 9, 2025, and the results were announced on September 10, 2025. A total of \u20ac417 Mn of the aggregate principal amount of the NC2026 Hybrid Notes was validly tendered. In accordance with the Terms and Conditions of the Tender Offer Memorandum, the Group accepted all validly tendered NC2026 Hybrid Notes for purchase. The tender offer and the Clean-up were funded from the net proceeds of the \u20ac685 Mn 4.750% Perp-NC2031 Notes priced on September 2, 2025. The newly issued perpetual hybrid is defined as an equity instrument under IAS 32. As a result of these operations, the Group\u2019s hybrid portfolio temporarily increased from \u20ac1,665 Mn to \u20ac1,833 Mn. The NC2026 Hybrid Notes that remain outstanding will be redeemable from the First Reset Date (April 25, 2026) in accordance with the Terms and Conditions of these notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "1.1.5. Tender Offer Hybrid Tender offer on the NC2028 hybrid notes On March 26, 2025, the Group launched simultaneously: \u2022 The issuance of \u20ac815 Mn in new Euro denominated Perp-NC2030 hybrid notes (\u201cNew Notes\u201d) with a coupon of 4.875% and issued at an issuance price of 99.44%. Under the terms and conditions of the New Notes, the first optional redemption date is in July 2030; and \u2022 A tender offer on its \u20ac995 Mn 7.250% hybrid Perp-NC2028 notes (\u201cNC2028 Hybrid Notes\u201d) at a tender price of 109.952%. The tender offer expired on April 2, 2025, and the results were announced on April 3, 2025. A total of \u20ac939.2 Mn of the aggregate principal amount of the NC2028 Hybrid Notes was validly tendered, corresponding to a 94.4% participation rate. The \u20ac93.47 Mn difference between tender price and par price was recognised in Equity attributable to the holders of the Stapled shares. In accordance with the Terms and Conditions of the Tender Offer Memorandum, the Group exercised its minimal outstanding amount call option on the remaining NC2028 Hybrid Notes (\u20ac55.8 Mn) that were not tendered. The residual amount of \u20ac55.8 Mn was redeemed at par with an effective date of April 22, 2025. The tender offer was funded from the net proceeds of the \u20ac815 Mn 4.875% Perp-NC2030 Notes priced on March 26, 2025, and from available cash. The settlement of the tender took place on April 7, 2025. The newly issued perpetual hybrid is defined as an equity instrument under IAS 32. As a result, the Group\u2019s overall hybrid portfolio amounts decreased from \u20ac1,845 Mn to \u20ac1,665 Mn (corresponding to a reduction of 9.7%). Tender offer on the NC2026 hybrid notes On September 2, 2025, the Group launched simultaneously: \u2022 The issuance of \u20ac685 Mn in new euro-denominated Perp-NC2031 notes (\u201cNew Notes\u201d) with a coupon of 4.750%. Under the terms and conditions of the New Notes, the first optional redemption date is in June 2031; \u2022 A tender offer on its \u20ac750 Mn 2.875% hybrid Perp-NC2026 notes (\u201cNC2026 Hybrid Notes\u201d) at a tender price of 100.250%; and \u2022 Exercised of its minimal outstanding amount call options (\u201cClean- up\u201d) on its \u20ac99.8 Mn 5.142% hybrid Perp-NC2025 notes (\u201cNC2025 Hybrid Notes\u201d) The tender offer expired on September 9, 2025, and the results were announced on September 10, 2025. A total of \u20ac417 Mn of the aggregate principal amount of the NC2026 Hybrid Notes was validly tendered. In accordance with the Terms and Conditions of the Tender Offer Memorandum, the Group accepted all validly tendered NC2026 Hybrid Notes for purchase. The tender offer and the Clean-up were funded from the net proceeds of the \u20ac685 Mn 4.750% Perp-NC2031 Notes priced on September 2, 2025. The newly issued perpetual hybrid is defined as an equity instrument under IAS 32. As a result of these operations, the Group\u2019s hybrid portfolio temporarily increased from \u20ac1,665 Mn to \u20ac1,833 Mn. The NC2026 Hybrid Notes that remain outstanding will be redeemable from the First Reset Date (April 25, 2026) in accordance with the Terms and Conditions of these notes. Note 12. Share capital and distribution 12.1. Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may issue new debt or buy back existing outstanding debt, adjust the amount of dividends paid to shareholders (subject to the Group\u2019s fiscal status under the SIIC regime in France), return capital to shareholders, issue new shares or buy back outstanding shares, or sell assets to reduce debt. The Group has disclosed the debt ratio LTV, which is calculated as the net financial nominal debt expressed as a percentage of the portfolio valuation (including transfer taxes). As at December 31, 2025, net financial debt stood at \u20ac18,484.2 Mn ((1)) , excluding partners\u2019 current accounts and after taking cash surpluses into account (\u20ac2,680.5 Mn). As at December 31, 2025, the total portfolio valuation amounts to \u20ac47,456.1 Mn, including transfer taxes. As at December 31, 2025, the calculated ratio amounted to 39.0%, compared with 41.7% as at December 31, 2024. 12.2. Number of shares Accounting principles The Earnings per Share (\u201cEPS\u201d) indicator is calculated by dividing net result (holders of the Stapled Shares) by the weighted average number of ordinary shares in circulation over the period. To calculate diluted EPS, the average number of shares in circulation is adjusted to take into account the conversion of all potentially dilutive ordinary shares, in particular stock options and PS during the vesting period. The dilutive impact is determined using the treasury stock method, which assumes that proceeds from the exercise of options are used to repurchase Company shares at their market value. The market value corresponds to the average monthly share price weighted by trading volumes. The theoretical number of shares that may be purchased at the market value is deducted from the total number of shares resulting from the exercise of rights. This number is then added to the average number of shares in circulation and hence constitutes the denominator.
Change in share capital
Total number
of shares
As at Dec. 31, 2023
139,041,391
Capital increase reserved for employees under Company Savings Plan
108,496
Shares granted and exercise of stock options
225,660
Increase of share capital
(1)
 3,254,000
As at Dec. 31, 2024
142,629,547
Capital increase reserved for employees under Company Savings Plan
122,785
Shares granted and exercise of stock options
605,890
As at Dec. 31, 2025 143,358,222
(1) URW acquires a 38.9% stake in URW Germany JV from partner CPP Investments for 3.254 Mn URW Stapled shares
Average number of shares, diluted and undiluted
2025 2024
Average number of shares (undiluted)
143,126,147
139,497,322
Dilutive impact
Potential shares via stock options
(1)
768,688
250,931
Attributed Performance Shares and Retention Shares (unvested)
(1)
1,604,451
1,378,158
Average number of shares (diluted)
145,499,286
141,126,412
(1) Correspond only to shares or stock options which are in the money as well as attributed PS and RS for which the performance conditions are fulfilled.
12.3. Distribution
On April 29, 2025, Unibail-Rodamco-Westfield SE\u2019s Annual General Meeting of shareholders resolved a cash distribution of \u20ac3.50 per Stapled Share,
which was paid on May 12, 2025. The cash distribution amounted to \u20ac501.2 Mn and was made out of premium.
On April 30, 2024, URW SE\u2019s AGM of shareholders resolved a cash distribution of \u20ac2.50 per Stapled Share, which was paid on May 16, 2024. The cash
distribution amounted to \u20ac347.9 Mn and was made out of premium.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-654": { "value": "1.1.6. Strategic partnership with Cenomi Centers On May 5, 2025, URW and Cenomi Centers announced the signing of a strategic and franchising partnership agreement with Cenomi Centers, the largest owner of shopping malls in the Kingdom of Saudi Arabia. URW will receive fixed and variable licensing and service fees from Cenomi Centers. 3 Flagship assets are expected to be branded by H2- 2026 in Riyadh, Jeddah and Dammam. The revenues are accounted for in accordance with IFRS 15. As at December 31, 2025, the impact of the strategic partnership with Cenomi Centers on the consolidated statement of comprehensive income is not material. 4.4.3. Net property services and other activities income Revenue recognition Net property services and other activities income consists of on-site property services, other property services net income and airport activities. Airport activities have been sold in 2025 described in note 1.1.3 \u201cDisposals in 2025\u201d. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term leases including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of the premises lease according to the prorata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, Property Management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their Property Management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets.
\u20ac Mn 2025 2024
Net property services and other activities income
80.2
99.5
On-site property services net income - Convention & Exhibition
60.1
81.2
Depreciation of tangible and intangible assets - Convention & Exhibition
(14.1)
(13.6)
Other property services net income
36.5
35.8
Depreciation of tangible and intangible assets - other property services
(2.3)
(3.8)
4.4.4. Net property development and project management income Revenue recognition Property development and project management income relates to the Design, Development and Construction (\u201cDD&C\u201d) business, which provides 3 types of services: design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues from DD&C business consist of fixed price contracts. URW uses the input method of calculating revenue over time, which in this case is costs incurred. Expenses comprise construction costs and related project management costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-579": { "value": "1.1.6. Strategic partnership with Cenomi Centers On May 5, 2025, URW and Cenomi Centers announced the signing of a strategic and franchising partnership agreement with Cenomi Centers, the largest owner of shopping malls in the Kingdom of Saudi Arabia. URW will receive fixed and variable licensing and service fees from Cenomi Centers. 3 Flagship assets are expected to be branded by H2- 2026 in Riyadh, Jeddah and Dammam. The revenues are accounted for in accordance with IFRS 15. As at December 31, 2025, the impact of the strategic partnership with Cenomi Centers on the consolidated statement of comprehensive income is not material. 4.4.1. Gross Rental Income Revenue recognition Accounting treatment of investment property leases Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In the case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income (\u201cGRI\u201d). For rent reliefs which are considered as a lease modification, the accounting treatment depends on whether there is a counterpart received from the tenant or not. Rent reliefs signed or expected to be signed, granted without any counterpart from the tenants, are considered as a reduction of the receivables and are charged to the income statement as a reduction of the GRI. Rents and key money GRI consists of rents and similar income (e.g. occupancy compensation, key money and parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. GRI from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space. Gross Rental Income by segments on a proportionate basis
\u20ac Mn, excluding taxes 2025 2024
Shopping Centres
2,526.4
2,578.2
Southern Europe
780.9
818.5
Central Europe
574.3
577.4
Northern Europe
430.8
436.6
United States
740.3
745.6
Offices & Others
86.6
113.7
France
50.7
82.2
Other Countries
36.0
31.4
Convention & Exhibition\ue003
203.9
248.0
Total\ue003
2,817.0
2,939.8
GRI amounted to \u20ac2,817.0 Mn (\u20ac2,939.8 Mn as at December 31, 2024), a decrease of -4.2% mainly due to disposals. Gross Rental Income by segments on an IFRS basis
\u20ac Mn, excluding taxes 2025 2024
Shopping Centres
2,052.9
2,079.3
Southern Europe
768.4
805.5
Central Europe
510.0
510.7
Northern Europe
340.7
350.2
United States
433.8
412.8
Offices & Others
74.4
102.0
France
48.6
79.9
Other Countries
25.8
22.1
Convention & Exhibition
201.0
245.6
Total\ue003
2,328.2
2,426.9
Minimum guaranteed rents under leases on a proportionate basis As at December 31, 2025, minimum future rents due under leases until the next possible termination date break down as follows:
Minimum future rents per year (\u20ac\ue002 Mn)
Year
Shopping Centres
Of\ufb01ces & Others
Total
2026
1,882.6
54.1
1,936.7
2027
1,532.1
50.0
1,582.1
2028
1,227.8
46.9
1,274.7
2029
952.0
42.8
994.9
2030
730.0
39.2
769.2
2031
555.8
36.2
592.0
2032
456.4
31.5
487.8
2033
367.1
27.0
394.1
2034
281.7
14.7
296.3
2035
189.4
11.7
201.2
2036
122.6
9.2
131.8
Total
8,297.4
363.4
8,660.8
4.4.3. Net property services and other activities income Revenue recognition Net property services and other activities income consists of on-site property services, other property services net income and airport activities. Airport activities have been sold in 2025 described in note 1.1.3 \u201cDisposals in 2025\u201d. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term leases including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of the premises lease according to the prorata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, Property Management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their Property Management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets.
\u20ac Mn 2025 2024
Net property services and other activities income
80.2
99.5
On-site property services net income - Convention & Exhibition
60.1
81.2
Depreciation of tangible and intangible assets - Convention & Exhibition
(14.1)
(13.6)
Other property services net income
36.5
35.8
Depreciation of tangible and intangible assets - other property services
(2.3)
(3.8)
4.4.4. Net property development and project management income Revenue recognition Property development and project management income relates to the Design, Development and Construction (\u201cDD&C\u201d) business, which provides 3 types of services: design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues from DD&C business consist of fixed price contracts. URW uses the input method of calculating revenue over time, which in this case is costs incurred. Expenses comprise construction costs and related project management costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "1.1.7. Settlement agreement between PEAB and URW regarding Mall of Scandinavia Rodamco Projekt AB (RPAB), a Swedish company, was involved in an arbitration procedure with PEAB regarding claims on the development of Westfield Mall of Scandinavia. The arbitral tribunal issued its decision on June 30, 2023, which the Group challenged. PEAB was awarded SEK1.5 Bn including interest and legal costs, (corresponding to SEK1.6 Bn as at May 28, 2025, taking into account late payment interests), while RPAB was granted in its turn a very limited amount of SEK0.089 Bn on its disturbance claims. One arbitrator dissented from the majority and provided a detailed opinion supporting his position. RPAB considered that the judgment contradicts in several parts the separate arbitration award from March 2021, as well as provisions in the Arbitration Act and contained substantial procedural errors. As a result, it filed a suit against PEAB before the Svea Court of Appeal on August 7, 2023, with a request that the Final Award be set aside. On May 28, 2025, the Court of Appeal partially annulled the award issued in 2023, acknowledging certain procedural failings in the arbitration court\u2019s decision and allowed RPAB to pursue liquidated damages of SEK0.6 Bn plus interest as from 2016. However, the Court upheld the rest of the arbitration court\u2019s award and awarded PEAB \u20ac2 Mn in legal costs. On June 3, 2025, RPAB filed a request for arbitration relating to its claim for liquidated damages. On June 22, 2025, the parties (PEAB and PEAB Sverige, on the one hand, and URW, RPAB and Rodamco Handel, the owner of the asset on the other hand), reached a settlement whereby URW agreed to pay PEAB SEK1 Bn including SEK0.021 Bn already paid on June 18 for legal costs and SEK0.979 Bn paid on July 2, 2025. This agreement also stipulates that each party withdraws all its procedures, that the construction site is considered definitively settled, and that neither party has any further claims against the other, including warranty obligations. The amount of SEK0.979 Bn is recognised in the consolidated financial statements as part of the acquisition cost of the investment property for the portion related to additional project expenses (SEK0.616 Bn). This is partially offset by the reversal of an existing provision amounting to SEK0.346 Bn. The remaining SEK0.363 Bn, corresponding to late payment interest, is recorded as a non-recurring financial item. Note 9. Provisions The determination of the amount of provisions requires the use of estimates, assumptions and judgements made by management based on information available or conditions prevailing at the date of preparation of the accounts, information and situation, which may differ from subsequent actual events, as well as on the basis of estimated conditions at a given date. 2025 change
Foreign currency
(\u20ac\ue002 Mn)
Dec. 31, 2024
Allocations
Reversals used
Reversals not used
translation impact
Other movements
Dec. 31, 2025
Non-current provisions
64.9
26.4
(0.4)
(0.4)
(1.1)
(0.7)
88.7
Non-current provisions excluding
52.8
25.6
(1)
(0.4)
(0.4)
(1.1)
0.1
76.6
employee benefits
Employee benefits
12.1
0.8
\u2013
\u2013
\u2013
(0.8)
12.1
Current provisions
63.8
3.6
(4.4)
(23.1)
(0.4)
(0.4)
39.2
Total
128.7
30.0
(4.8)
(23.4)
(1.5)
(1.1)
127.9
(1) Includes a \u20ac14.1 Mn provision for tax litigation in the Netherlands .
Provisions for pension liabilities (\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Retirement allowances
8.6
9.6
Pension plans with defined benefit
(1)
2.4
2.5
Total
10.9
12.1
(1) The provision corresponds to the remaining obligation to the defined benefit contract in The Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-630": { "value": "1.1.7. Settlement agreement between PEAB and URW regarding Mall of Scandinavia Rodamco Projekt AB (RPAB), a Swedish company, was involved in an arbitration procedure with PEAB regarding claims on the development of Westfield Mall of Scandinavia. The arbitral tribunal issued its decision on June 30, 2023, which the Group challenged. PEAB was awarded SEK1.5 Bn including interest and legal costs, (corresponding to SEK1.6 Bn as at May 28, 2025, taking into account late payment interests), while RPAB was granted in its turn a very limited amount of SEK0.089 Bn on its disturbance claims. One arbitrator dissented from the majority and provided a detailed opinion supporting his position. RPAB considered that the judgment contradicts in several parts the separate arbitration award from March 2021, as well as provisions in the Arbitration Act and contained substantial procedural errors. As a result, it filed a suit against PEAB before the Svea Court of Appeal on August 7, 2023, with a request that the Final Award be set aside. On May 28, 2025, the Court of Appeal partially annulled the award issued in 2023, acknowledging certain procedural failings in the arbitration court\u2019s decision and allowed RPAB to pursue liquidated damages of SEK0.6 Bn plus interest as from 2016. However, the Court upheld the rest of the arbitration court\u2019s award and awarded PEAB \u20ac2 Mn in legal costs. On June 3, 2025, RPAB filed a request for arbitration relating to its claim for liquidated damages. On June 22, 2025, the parties (PEAB and PEAB Sverige, on the one hand, and URW, RPAB and Rodamco Handel, the owner of the asset on the other hand), reached a settlement whereby URW agreed to pay PEAB SEK1 Bn including SEK0.021 Bn already paid on June 18 for legal costs and SEK0.979 Bn paid on July 2, 2025. This agreement also stipulates that each party withdraws all its procedures, that the construction site is considered definitively settled, and that neither party has any further claims against the other, including warranty obligations. The amount of SEK0.979 Bn is recognised in the consolidated financial statements as part of the acquisition cost of the investment property for the portion related to additional project expenses (SEK0.616 Bn). This is partially offset by the reversal of an existing provision amounting to SEK0.346 Bn. The remaining SEK0.363 Bn, corresponding to late payment interest, is recorded as a non-recurring financial item. Note 9. Provisions The determination of the amount of provisions requires the use of estimates, assumptions and judgements made by management based on information available or conditions prevailing at the date of preparation of the accounts, information and situation, which may differ from subsequent actual events, as well as on the basis of estimated conditions at a given date. 2025 change
Foreign currency
(\u20ac\ue002 Mn)
Dec. 31, 2024
Allocations
Reversals used
Reversals not used
translation impact
Other movements
Dec. 31, 2025
Non-current provisions
64.9
26.4
(0.4)
(0.4)
(1.1)
(0.7)
88.7
Non-current provisions excluding
52.8
25.6
(1)
(0.4)
(0.4)
(1.1)
0.1
76.6
employee benefits
Employee benefits
12.1
0.8
\u2013
\u2013
\u2013
(0.8)
12.1
Current provisions
63.8
3.6
(4.4)
(23.1)
(0.4)
(0.4)
39.2
Total
128.7
30.0
(4.8)
(23.4)
(1.5)
(1.1)
127.9
(1) Includes a \u20ac14.1 Mn provision for tax litigation in the Netherlands 13.3. Contingent liabilities Tax audit The Group is subject to a tax audit in France which resulted in a notification of reassessments. The vast majority of reassessments under proposal are denied by the Group. An additional \u20ac1.8 Mn provision was recorded in 2025 based on the risk analysis performed by the Group and its tax advisors resulting in a total provision of \u20ac11.6 Mn. Other contingent liabilities As part of its DD&C activities, the Group may perform work on behalf of third parties, which may give rise to potential claims. As of the reporting date, the Group has received one claim, for a limited amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "Note 2. Accounting policies In accordance with EC regulation no. 1606/2002 of July 19, 2002, on the application of international accounting standards, URW has prepared its consolidated financial statements for the financial year ending December 31, 2025, under IFRS as adopted in the European Union (\u201cEU\u201d) and applicable at this date. These can be consulted on the website: http://ec.europa.eu/finance/company-reporting/ifrs-financialstatements/index_en.htm. 2.1. IFRS basis adopted The accounting principles and methods used are the same as those applied for the preparation of the annual consolidated financial statements as at December 31, 2024, except for the application of the new mandatory standards and interpretations described below. Standards, amendments and interpretations effective as of January 1, 2025 \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2025. Standards, amendments and interpretations not mandatorily applicable as of January 1, 2025 The following text has been adopted by the EU as at December 31, 2025, but not applied in advance by the Group: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7); \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7; and \u2022 Annual Improvements Volume 11. The following texts were published by the International Accounting Standards Board (\u201cIASB\u201d) but have not yet been adopted by the EU: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements; \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures; \u2022 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on August 21, 2025); and \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected except for IFRS 18. First-time Application of IFRS 18 \u2013 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 for annual reporting periods beginning on or after 1 January 2027. IFRS 18 modifies the structure of the statement of profit or loss, introduces three mandatory categories (operating, investing, financing), and establishes new presentation and disclosure requirements for certain performance measures, including Management-Defined Performance Measures (MPMs). The Group is currently assessing the implications of implementing IFRS 18, including: \u2022 The reclassification of certain income and expense items across the operating, investing and financing categories, including the reclassification of the \u201cContribution of companies accounted for under the equity method\u201d and interest income on cash balances into investing activities; \u2022 The alignment of internal performance measures with the new regulatory definitions. The Group intends to apply IFRS 18 as from 1 January 2027, in accordance with the transition requirements of the standard. Comparative information will be restated for the 2026 financial year upon first-time application. 2.2. Estimates and assumptions Certain amounts recorded in the consolidated financial statements reflect estimates and assumptions made by management in regards of complex geopolitical and macro-economic environment and difficulties in assessing their impacts and future prospects. In this context, management has taken into account these uncertainties on the basis of reliable information available at the date of the preparation of the consolidated financial statements, particularly with regards to the fair value of investment properties and financial instruments, the estimation of the provision for doubtful debtors, as well as the testing of goodwill and intangible assets. Due to inherent uncertainties associated with estimates, the Group reviews those estimates based on regularly updated information. Actual results might eventually differ from estimates made at the date of the preparation of the consolidated financial statements. The most significant judgements and estimates are set out in the following notes to the consolidated financial statements as at December 31, 2025: for the valuation of investment properties, note 5.1 \u201cInvestment properties\u201d; for the intangible assets and goodwill, notes 5.3 \u201cIntangible assets\u201d and 5.4 \u201cGoodwill\u201d; for provision for doubtful debtors, note 7.5.3 \u201cCredit risk\u201d; and for fair value of financial instruments, note 7.4 \u201cHedging instruments\u201d. Actual future results or outcomes may differ from these estimates. The property portfolios related to the Shopping Centres, Offices & Others and Convention & Exhibition (\u201cC&E\u201d) segments are valued by independent appraisers. Appraisers make their independent assessments of current and forward-looking cash flow profiles and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives), in the applied required returns or discount rates, or in the yield applied to capitalise the exit rent to determine an exit value. 2.3. Climate change and risks Climate change mitigation and adaptation are part of the priorities of the Group sustainability roadmap and form an essential component of the sustainability risks analysis. URW analyses the physical and transitional risks associated with climate change. These risks are in turn integrated into the Enterprise Risk Management framework. In October 2023, URW announced a comprehensive evolution of the Better Places roadmap setting ambitious SBTi-approved (Science Based Targets initiative) net-zero targets in terms of carbon emissions reduction and reinforcing its environmental performance objectives, with the aim to develop and operate places that provide sustainable experiences and contribute to thriving communities. Some information presented in the Chapter 5.2 \"Notes to the consolidated financial statements\" is used in the Chapter 3.2.2 \"Environmental information\" of the Sustainability Statement. 2.3.1. Group commitments to support the environmental transition of cities and retail (1) Enhanced climate commitments URW\u2019s commitments are focused on enhancing the Group\u2019s greenhouse gas (\u201cGHG\u201d) emissions reduction efforts, introducing a net-zero targe on Scopes 1 & 2 in 2030 (2) and a net-zero target on Scopes 1, 2 & 3 by 2050, all approved by the SBTi. The Group aims to reduce by -50% its Scope 1, 2 & 3 GHG emissions across its value chain by 2030, with a target to reduce emissions by 90% across Scopes 1 & 2 (2) . Growth in renewable energy production Since 2021, 100% of URW\u2019s electricity consumption has come from renewable energy sources (3) . URW will increase its renewable electricity production capacity through on-site and off-site renewable electricity projects. Benefits to URW include reducing its total carbon footprint and generating a return on investment. The Group targets 50 MWp of on-site renewable capacity by 2030 (2024: 28 MWp (4) ), with 32 MWp of projects already underway in 33 shopping centres in all countries. The Group\u2019s plan requires limited additional capitalised expenses of \u20ac28 Mn (5) per year over 5 years thanks to URW\u2019s consistent annual investment in its high-quality assets. This includes a \u20ac20 Mn (6) annual investment in energy efficiency and carbon reduction, as well as \u20ac8 Mn (7) a year on identified solar photovoltaic (\u201cPV\u201d) projects. These investments will generate significant financial savings, with full effect from 2030 onwards (\u20ac23 Mn per year and a return on investment over 8% for solar PV projects). Employee engagement and governance frameworks Sustainability is embedded in URW\u2019s business strategy, integrated into the highest levels of governance and taken into consideration in key decisions, in particular investments. The Company\u2019s corporate governance has received clear recognition, with top level specific corporate governance sub-scores from ESG (environmental, social and governance) rating agencies such as ISS-ESG (B; prime status) and Sustainalytics (Negligible risk, the lowest possible). The Group\u2019s existing short- and long-term ESG compensation incentives are aligned with the updated Better Places roadmap. Currently, 10% of the MB and Executive Committee annual Short-Term Incentive (\u201cSTI\u201d) is contingent on meeting sustainability performance goals, and every recipient of STI has at least one ESG objective. 25% of long-term incentives, received by around 20% of employees, are tied to sustainability performance. (1) Performance is reported on a Better Places scope, consistent with past performance and commitments taken in June 2023, differing from the scope expected by CSRD. All details are available in the Sustainability Statement (Chapter 3). (2) The Group GHG reduction is an absolute target, expressed independently of portfolio changes and is relative to the 2015 baseline. (3) Better Places scopes (Shopping Centres and Offices). (4) Total installed renewable energy capacity. (5) On Better places scope in Europe. (6) On a proportionate basis. (7) On a proportionate basis. 2.3.2. Impact of climate change matters on the \ufb01nancial statements The potential impacts of climate change and risks have been analysed in the context of the 2025 Group Financial Statements closing, based on the above-mentioned facts and assumptions. Integration of ESG in URW\u2019s valuations Information based on the Group\u2019s ESG roadmap (including the capex plan) have been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis (1) in connection with the AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Financing activity Sustainability-linked Loans and credit facilities In 2025, the Group renewed \u20ac1.15 Bn sustainability-linked credit facilities with an average maturity of 5.0 years while \u20ac3.35 Bn existing ones were extended by one year. As at December 31, 2025, the total credit lines featuring with green or sustainable indicators stands at \u20ac8.0 Bn, and the sustainability-linked term loans amount to \u20ac0.3 Bn. Green Bonds The Group current Green Bond framework was launched in November 2022, which will apply for all new green financing issuances going forward. The Green Financing Framework establishes clear requirements for the financing and/or refinancing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. As at December 31, 2025, the outstanding nominal value of Green Bonds amounts to \u20ac2.05 Bn. 3.1.1. Scope and methods of consolidation The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to one or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, and revenues and expenses relating to its interests in the joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method; and \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case.
(1) For European shopping centres.
3.1.2. Foreign currency translation Group companies with a functional currency different from the presentation currency The Group\u2019s consolidated financial statements are presented in euros. The financial statements of each consolidated Group company are prepared in its functional currency. The functional currency is the currency of the principal economic environment in which it operates. The results and financial position of all the Group entities that have a functional currency different from the presentation currency, the euro, are translated into the presentation currency as follows: \u2022 The assets and liabilities, including goodwill and fair value adjustments arising on consolidation, are translated into euros at the foreign exchange rate at the closing date; \u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are translated into euros at rates approximating the foreign exchange rates ruling at the dates of the transactions; \u2022 All resulting exchange rate differences are recognised in other comprehensive income (currency translation reserve); and \u2022 When a Group company is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Foreign currency transactions The Group\u2019s entities can realise operations in a foreign currency which is not their own functional currency. These transactions in foreign currencies are translated into euros at the spot exchange rate on the date of the transaction. At the closing date, monetary assets and liabilities denominated in foreign currency are translated into the functional currency at the exchange rate on that date. Foreign exchange differences arising on translation or on settlement of these transactions are recognised in the income statement account, with the exception of: \u2022 Unrealised translation results on net investments in entities in foreign currency; and \u2022 Unrealised translation results on intercompany loans that, in- substance, form part of the net investment. Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised in OCI, whereas those relating to the ineffective portion are recognised in the income statement account. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate on the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into euros at exchange rates on the dates the fair value was determined and are reported as part of the fair value gain or loss. 3.1.3. Business combinations To identify whether a transaction is a business combination, the Group notably considers whether an integrated set of activities is acquired besides the investment property. The criteria applied may include the number of property assets held by the target company, the extent of the acquired processes and, particularly, the auxiliary services provided by the acquired entity. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. Business combinations are accounted for using the acquisition method. The acquisition is recognised at the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non- controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are recorded as expenses. For the companies accounted for using the equity method, acquisition costs are capitalised in the value of the shares. At the date of acquisition and in accordance with IFRS 3 (Revised), identifiable assets and liabilities of the acquired company are valued individually at their market value regardless of their purpose, based upon current best estimates at such date. It is possible that further adjustments to initial evaluation may be recognised within 12 months of the acquisition in accordance with IFRS rules. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through net comprehensive income. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of any contingent consideration classified as liability will be recognised in the income statement. Under IFRS 3 (Revised), the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares.
4.1. Accounting principles
Segment information is presented in respect of the Group\u2019s divisions
and geographical segments, based on the Group\u2019s management and
internal reporting structure and in accordance with IFRS 8.
Contributions of affiliates are also presented according to the
Group\u2019s divisions and geographical segments.
Since the joint-controlled entities represent a significant part of the
Group\u2019s operations in the US and the UK, the Group\u2019s management
and internal reporting structure segment information is prepared in a
proportionate format, in which the joint-controlled entities are
accounted for on a proportionate basis instead of being accounted for
using the equity method under IFRS. The Group and its joint ventures
use consistent accounting policies.
Therefore, the segment information presented in this section is
prepared in a proportionate format.
Business segments
The Group presents its result by segment: Shopping Centres, Offices
& Others and C&E.
The C&E segment comprises management of exhibition venues
(Viparis), the shopping centre Les Boutiques du Palais and the
management of the hotels at Porte de Versailles.
Geographical segments
In 2025, the Group has adapted its organisational structure (and
subsequent reporting) for its Shopping Centres activity into four main
\u201cRegions\u201d:
\u2022 Southern Europe, including France, Spain and Italy;
\u2022 Central Europe, including Germany, Austria, Poland and Czech
Republic. In previous reporting, Central Europe only included
Poland and Czech Republic;
\u2022 Northern Europe, including Sweden, Denmark, The Netherlands,
and the UK; and
\u2022 The United States.
This reorganisation reflects the Group\u2019s strategic focus on Flagship
assets in the most affluent urban areas in Europe and the US and
simplifies its management structure while achieving cost and
productivity efficiencies.
Offices & Others and Convention & Exhibition will continue to be
managed separately, and the reporting remains unchanged for both
activities.
Starting from 2025, the segment reporting is presented based on this
new organisational structure. 2024 figures have been restated
accordingly.
This new segment reporting represents now the lowest level within
the Group at which the goodwill is monitored for internal
management purposes.
The following notes are presented on a proportionate basis.
4.3. Net recurring result de\ufb01nition
The income statement by segment is split between recurring and
non-recurring activities. The non-recurring result before tax consists
of the valuation movements on investment properties, fair value
adjustments on derivatives and debts, termination costs of financial
instruments on the full cancelled commitment period when the
maturity of the financial instrument is beyond the current reporting
period, bond tender premiums, currency gains/losses on revaluation
of balance sheet items, the net result on disposals, impairment of
goodwill or recognition of negative goodwill, as well as costs directly
related to a business combination, restructuring costs and other
non-recurring items.
The income tax is split between recurring result and non-recurring result.
Recurring tax is the outcome of:
\u2022 The amount of income tax effectively due on recurring income,
after deduction of any tax losses;
\u2022 Plus/minus changes in a deferred tax asset recognised on tax
losses stemming from recurring income (excluding those caused
by a change in tax rate and/or those caused by a use of such
deferred tax asset by non-recurring profits); and
\u2022 Plus/minus changes in deferred tax assets not related to tax
losses and deferred tax liabilities relating to recurring result
(excluding those caused by a change in tax rate and/or those caused
by a use of such deferred tax asset by non-recurring profits).
Revenue recognition
Accounting treatment of investment
property leases
Assets leased are recorded in the statement of financial position as
investment property assets. Gross rental revenue is recorded on a
straight-line basis over the expected term of the lease.
In the case of an Investment Property Under Construction (\u201cIPUC\u201d),
revenues are recognised once spaces are delivered to tenants on a
straight-line basis over the expected term of the lease.
According to IFRS 16, a rent relief which is not a lease modification
will be directly charged to the income statement as a reduction of the
Gross Rental Income (\u201cGRI\u201d). For rent reliefs which are considered as
a lease modification, the accounting treatment depends on whether
there is a counterpart received from the tenant or not.
Rent reliefs signed or expected to be signed, granted without any
counterpart from the tenants, are considered as a reduction of the
receivables and are charged to the income statement as a reduction
of the GRI.
Rents and key money
GRI consists of rents and similar income (e.g. occupancy
compensation, key money and parking revenues) invoiced for
Shopping Centres and Offices & Others properties over the period.
Under IFRS 16, the effects of rent-free periods, step rents, other
rents incentives and key money are spread over the expected term of
the lease.
GRI from the C&E segment includes turnover generated by the rental
of exhibition space and the provision of unavoidable associated
support services to this space.
4.4.2. Operating expenses and net service charges The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses. Ground rents paid Ground leaseholds Ground leaseholds are accounted for in accordance with IFRS 16 as described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Buildings constructed on land under a lease agreement are recognised in accordance with the accounting principles described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Ground rents correspond to variable lease payments (or straight-lining of initial payments) for properties built on land subject to leasehold or operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, and to some shopping centres, in particular in France. Service charge income and service charge expenses In line with IFRS 15, the Group presented service charge income and service charge expenses separately. URW is acting as principal. The net of charges re-invoiced to tenants relates mainly to vacant premises and caps on service charge. Property operating expenses These expenses comprise service charges due by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts, expenses relating to Property Management, and expenses related to venue sites of the C&E segment. 4.4.3. Net property services and other activities income Revenue recognition Net property services and other activities income consists of on-site property services, other property services net income and airport activities. Airport activities have been sold in 2025 described in note 1.1.3 \u201cDisposals in 2025\u201d. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term leases including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of the premises lease according to the prorata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, Property Management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their Property Management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets. Revenue recognition Property development and project management income relates to the Design, Development and Construction (\u201cDD&C\u201d) business, which provides 3 types of services: design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues from DD&C business consist of fixed price contracts. URW uses the input method of calculating revenue over time, which in this case is costs incurred. Expenses comprise construction costs and related project management costs.
5.1.1. Accounting principles
Investment properties (IAS 40 and IFRS 13)
In accordance with IAS 40, investment properties are shown at their
fair value. According to IFRS 13, the fair value is defined as the price
that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the
measurement date (i.e. an exit price). Expectations about future
improvements or modifications to be made to the property interest to
reflect its highest and best use have to be considered in the
appraisal, such as the renovation of or an extension to the property
interest.
URW complies with the IFRS 13 fair value measurement rule and the
position paper
(1)
on IFRS 13 established by the European Public Real
Estate Association (\u201cEPRA\u201d), the representative body of the publicly
listed real estate industry in Europe.
Transaction costs incurred for an asset deal are capitalised in the
value of the investment property. Capitalised expenses include
capital expenditures, eviction costs, capitalised financial interests,
external letting fees invoiced by third parties and other internal costs
related to development projects.
In accordance with IFRS 16 and IAS 40, the right-of-use assets
arising from leased property which meet the definition of an
investment property are measured at fair value.
IPUC are covered by IAS 40 and are eligible to be measured at fair
value. In accordance with the Group\u2019s investment properties
valuation method, they are measured at fair value by a qualified
independent external appraiser twice a year. As part of the
recommendations of the Royal Institution of Chartered Surveyors,
URW applies a rotation on the appraisal mandates on a regular basis;
the last rotation occurred in 2021. Projects for which the fair value is
not reliably determinable are measured at cost until such time that a
fair value measurement becomes reliable, or until 1 year before the
construction is complete.
According to the Group, a development project is eligible for a fair
value measurement once all 3 of the following criteria are fulfilled:
\u2022 All administrative authorisations needed to complete the project
are obtained;
\u2022 Construction has started and costs are committed toward the
contractor; and
\u2022 Substantial uncertainty in future rental income has been
eliminated.
If the time to delivery is less than 1 year, the project is accounted for
at fair value.
For properties measured at fair value, the market value adopted by
URW is determined on the basis of appraisals by qualified
independent external experts, who value the Group\u2019s portfolio as at
June 30 and December 31 of each year. The gross value is reduced
by disposal costs and transfer taxes
(2)
, depending on the country and
on the tax situation of the property, in order to arrive at a net market
value.
For the Shopping Centres and Offices & Others portfolios, the
independent appraisers determine the fair market value based on the
results of 2 methods: the discounted cash flow (\u201cDCF\u201d) methodology
as well as the yield methodology. Furthermore, the resulting
valuations are cross-checked against the initial yield, value per
square metre and the fair market values established through actual
market transactions.
Appraisers have been given access to all information relevant for
valuations, such as the Group\u2019s confidential rent rolls, including
information on vacancy, break options, expiry dates and lease
incentives, performance indicators (e.g. footfall and sales where
available), letting evidence and the Group\u2019s cash flow forecasts from
annually updated detailed asset business plans.
Appraisers make their independent assessments of current and
forward-looking cash flow profiles, and usually reflect risk either in
the cash flow forecasts (e.g. future rental levels, growth, investment
requirements, void periods and incentives, and rent relief), in the
applied required returns or discount rates and in the yield applied to
capitalise the exit rent to determine an exit value. A significant
amount of information has been made available to the appraisers in
relation to several ESG KPIs on an asset-by-asset basis
(3)
in
connection with a new AFREXIM ESG scorecard built by main
valuation firms, international shopping centres\u2019 landlords and
French institutions representing a diverse scope of retail market
participants. Amongst others, these KPIs are the Energy Use
Intensity on common areas, BREEAM certificate label part I and II,
climate risk studies outcomes, renewable energy on-site production
or presence of electric vehicles chargers. Appraisers have reviewed
and considered the information provided in their valuation process.
Capex to be spent in the next 5 years for the Energy Action Plan
defined by the Group were integrated in the valuation model.
(1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013.
(2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding
company would be sold.
(3) For European shopping centres.
The information relating to the Group\u2019s ESG roadmap provided
during the Investors Day in October 2023 was updated so that
appraisers could integrate it in their valuations (see 2.3.2 \u201cImpact of
climate change matters on the financial statements\u201d).
The sites of the C&E portfolio are qualified as investment property.
For the C&E portfolio, the valuation methodology adopted is mainly
based on a DCF model applied to the total net income projected over
the life of the concession, or over the life of the long-term lease
(notably the Porte de Versailles long-term lease) or leasehold if it
exists, or otherwise over a 10-year period, with an estimate of the
asset value at the end of the given time period, based either on the
residual contractual value for concessions or on capitalised cash
flows over the last year. The valuations carried out by the appraisers
took into account total net income, which comprised net rents and
ancillary services, as well as net income from car parks. The cost of
maintenance works, major repairs, refurbishments, redevelopments
and extensions, as well as concession or leasehold fees, are included
in projected cash flow figures.
The income statement for a given year (Y) records the change in
value for each property, which is determined as follows:
market value Y \u2013 [market value Y-1 + amount of works and other
costs capitalised in year Y].
Capital gains on disposals of investment properties are calculated by
comparison with their latest market value recorded in the closing
statement of financial position for the previous financial year.
Properties under construction carried at cost are subject to
impairment tests, determined on the basis of the estimated
recoverable value of the project. The recoverable value of a project is
assessed, for significant projects by a qualified independent external
appraiser and for others internally by the Development & Investment
teams, through the expected delivery date, expected development
costs, and considering a market exit capitalisation rate (\u201cECR\u201d) and
the expected net rents. When the estimated recoverable value is
lower than net book value, an impairment provision is recorded.
Properties held for sale are identified separately in the statement of
financial position according to IFRS 5.
5.2.1. Accounting principles
Under IAS 16, operating assets are valued at their historic cost, less
cumulative depreciation, and any decrease in value. Depreciation is
calculated using the \u201ccomponent accounting\u201d method, where each
asset is broken down into major components based on their useful
life. The 4 components of a property are the main structure, the
fa\u00e7ade, technical equipment, and finishing fixtures and fittings,
depreciated respectively over 60, 30, 20 and 15 years for Offices &
Others properties, and 35, 25, 20 and 15 years for Shopping Centres
assets.
If the appraisal value of a property is lower than net book value, an
impairment provision is recorded.
5.3.1. Accounting principles Intangible assets (IAS 38)/Impairment of assets (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible assets is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible asset. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions \u2013 mainly Viparis entities; and \u2022 Other intangible assets. The fully amortised airport activities in the US were disposed in December 2025. Intangible assets for PM and DD&C relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. PM contracts with Regionals and DD&C contracts are fully amortised. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment 5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting . Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting.
6.1. Accounting principles
The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d.
Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US and UK through
property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent
accounting policies.
According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the
net assets of the arrangement.
Associates are those entities not controlled by the Group, but in which it has a significant influence according to IAS 28.
To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over
the Group.
The main related party transactions relate to transactions with companies accounted for using the equity method.
7.1. Accounting principles 7.1.1. Financial instruments (IAS 32/ IFRS 7/IFRS 9/IFRS 13) Classi\ufb01cation and measurement of non- derivative \ufb01nancial assets and liabilities Financial assets Under IFRS 9, on initial recognition, a financial asset is classified and measured at amortised cost, at Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) or at Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset representing a debt instrument is measured at amortised cost if it meets both of the following conditions and is not designated as measured at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset representing a debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as measured at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group irrevocably elected to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price according to IFRS 15) is initially measured at fair value plus, for items not measured at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets for the Group: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by expected impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial assets at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at FVTPL except in the case of an irrevocable election to classify them at FVOCI that cannot be reclassified. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial liabilities Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Non-derivative financial liabilities are recognised at FVTPL. Classi\ufb01cation and measurement of \ufb01nancial derivatives The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro hedging strategy for its debt. Except for some currency derivatives, the Group has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Valuation of credit risk and derivatives The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits the measurement of fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. 7.1.2. Borrowing costs generated by construction projects (IAS 23) Borrowing costs directly attributable to the acquisition or construction of an asset are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The interest costs capitalised are calculated using the Group\u2019s weighted average costs of borrowing applied to the average value of the work completed during each quarter, unless specific financing exists for the project. In this case, the specific interest costs of the project are capitalised. Capitalisation of borrowing costs starts when the asset is qualified as an IPUC and/or as inventory and ends when the project is transferred to standing investment property at the delivery date to the tenant or earlier when the project is technically completed or when an asset is available for sale. 7.1.3. Discounting of deferred payments Long-term liabilities and receivables are discounted when this has a significant impact: \u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date; \u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and \u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. 8.1. Accounting principles 8.1.1. Income tax expenses The Group companies are taxable according to the tax rules of their country. In some countries, special tax regimes for public property companies exist. Calculation of income tax expenses is based on local rules and rates. 8.1.2. Deferred tax Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year- end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. 8.1.3. Tax regimes Different tax regimes exist in the following countries. France \u2013 SIIC regime (Soci\u00e9t\u00e9 d\u2019Investissement Immobilier Cot\u00e9e) URW elected to participate in the SIIC regime from the creation of the regime on January 1, 2003. Its French subsidiaries eligible for SIIC status have also opted for this regime. The SIIC regime is based on the concept of tax transparency, meaning that rental income and capital gains made from divestments are not subject to income tax at the level of the Group\u2019s French property companies, but upon distribution to URW\u2019s shareholders. The SIIC regime requires that URW and its SIIC subsidiaries distribute 95% of their recurring income and 100% of their dividend income received from SIIC or equivalent subsidiaries before the end of the following tax year, and 70% of their capital gains before the end of the second tax year following the year in which the gain was generated. The SIIC regime limits the dividend payment to the statutory distribution capacity and the unpaid SIIC obligation as a result of the capping mechanism is carried forward until the statutory distribution capacity is restored. The SIIC regime only applies to real estate rental activities, therefore other income generated by URW and its SIIC subsidiaries\u2019 ancillary activities remains subject to income tax. Spain \u2013 SOCIMI regime (Sociedades An\u00f3nimas Cotizadas de Inversi\u00f3n en el Mercado Inmobiliario) URW entered the SOCIMI regime in 2013 with most of its Spanish subsidiaries which own standing assets. The SOCIMI regime provides for a tax rate of 0% on recurring income provided that certain requirements \u2013 some of them related to the shareholders of URW \u2013 are fulfilled. Capital gains realised within the SOCIMI regime are taxed at 0%, and capital gains related to the period before entering into the regime are taxed at the moment of realisation. Based on the SOCIMI regime, the Company has to fulfil distribution obligations of at least 80% of its profits annually, as well as 50% of its capital gains, provided that the remaining 50% is reinvested in the real estate sector within a 3-year period. The Netherlands \u2013 FBI/FII regime (Fiscale Beleggingsinstelling/Fiscal Investment Institution) The requirements for companies to qualify for the FBI regime are partly related to their activities and their shareholding base. For the main part of the Group\u2019s Dutch real estate, following an agreement with the Dutch tax authorities, the FBI regime is not applied. URW NV, which owns the majority of the US portfolio, does apply the FBI/FII regime. An FBI/FII must distribute its income, calculated according to the rules for corporate income tax, on a yearly base. United Kingdom \u2013 United Kingdom REIT URW applies the UK REIT regime for part of its UK real estate portfolio. Based on the regime, various restrictions apply, among them the requirement that at least 75% of the REIT\u2019s net profit must be derived from the property rental business, and 75% of the REIT\u2019s assets must be used in the property rental business or be held as cash. At least 90% of the income from the property rental business must be distributed within 12 months after the end of the accounting period. There is no distribution obligation for gains arising from the disposal of real estate used in the property rental business.
United States \u2013 United States REIT
URW has elected to apply the REIT regime for the main part of its US
portfolio. Like in other REIT regimes, there\u2019s an asset test (75%)
along with various securities ownership limits, and in addition there
is a combined income test: at least 75% of the gross income must be
derived from real estate property rental or from interest on
mortgages on real estate property, whereas at least 95% of the gross
income must come from a combination of real estate\u2013related
sources and passive sources, such as dividends and interest. US law
requires the REIT to annually distribute at least 90% of its ordinary
taxable income.
The determination of the amount of provisions requires the use of estimates, assumptions and judgements made by management based on
information available or conditions prevailing at the date of preparation of the accounts, information and situation, which may differ from subsequent
actual events, as well as on the basis of estimated conditions at a given date.
Accounting principles
Under IAS 19, a company must recognise all commitments made to
its employees (i.e. current or future, formal or informal, cash
payments or payments in kind). The cost of employee benefits must
be recorded during the vesting period.
Post-employment bene\ufb01ts
Pension schemes may be defined contribution or defined benefit
schemes.
Under defined contribution schemes, the employer only pays a
contribution, with no commitment from the Group regarding the level
of benefits to be provided. The contributions paid are recorded as
expenses for the year.
Under defined benefit schemes, the employer makes a formal or
implied commitment to an amount or level of benefits and therefore
carries the medium- or long-term risk. A provision is recorded to
liabilities to cover all these pension commitments. This provision is
assessed regularly by independent actuaries using the projected unit
credit method, which takes into account demographic assumptions,
early retirements, salary increases and discount and inflation rates.
In the majority of the Group companies, pensions due under the
various compulsory retirement schemes to which employers
contribute are managed by specialist external organisations. Defined
contributions paid into these various compulsory retirement
schemes are recognised in the income statement for the period.
Provisions are recorded for retirement allowances relating to
defined benefit schemes based on the net present value of these
future allowances. According to IAS 19, the actuarial gains and
losses are accounted for in OCI. Since 2021, the Group has applied
the International Financial Reporting Interpretations Committee
(\u201cIFRIC\u201d) recommendations related to the application of IAS 19 for
the past service costs.
Long-term bene\ufb01ts
These are benefits paid to employees more than 12 months after the
end of the financial year during which the corresponding service was
provided. The same valuation method is used as for post-
employment benefits.
With the exception of the provision for retirement allowances and
long-service awards, no commitments relating to long-term or post-
employment benefits need to be accrued.
Accounting principles
Under IFRS 2, all transactions relating to share-based payments
must be recognised in the income statement. This is the case for
URW\u2019s Company Savings Plan, Stock Option Plan, Performance
Shares Plan and Retention Shares Plan.
Shares issued under the Company Savings Plan are offered at a
discount to the share price. This discount represents an employee
benefit and is recorded in the income statement for the period, with a
corresponding increase in equity.
Stock options granted to employees are stated at their fair value on
the date of allocation. As the transactions are equity-settled, share-
based payments, this value remains unchanged, even if the options
are never exercised. The value applied to the number of options
finally exercised at the end of the vesting period (estimation of the
turnover) is recorded as an expense, with a corresponding increase in
equity which is spread over the vesting period (i.e. the period during
which employees must work for the Company before they can
exercise the options granted to them).
The stock options and Performance Shares (\u201cPS\u201d), all subject to
performance conditions, and retention shares have been valued
using a Monte Carlo model.
The additional expenses incurred by the Company Savings Plan,
Stock Option Plan, Performance Shares Plan and Retention Shares
Plan are classified under personnel expenses.
Accounting principles
The Earnings per Share (\u201cEPS\u201d) indicator is calculated by dividing net
result (holders of the Stapled Shares) by the weighted average
number of ordinary shares in circulation over the period.
To calculate diluted EPS, the average number of shares in circulation
is adjusted to take into account the conversion of all potentially
dilutive ordinary shares, in particular stock options and PS during the
vesting period.
The dilutive impact is determined using the treasury stock method,
which assumes that proceeds from the exercise of options are used
to repurchase Company shares at their market value. The market
value corresponds to the average monthly share price weighted by
trading volumes. The theoretical number of shares that may be
purchased at the market value is deducted from the total number of
shares resulting from the exercise of rights. This number is then
added to the average number of shares in circulation and hence
constitutes the denominator.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "
In accordance with EC regulation no. 1606/2002 of July 19, 2002, on the application of international accounting standards, URW has prepared its
consolidated financial statements for the financial year ending December 31, 2025, under IFRS as adopted in the European Union (\u201cEU\u201d) and
applicable at this date.
These can be consulted on the website: http://ec.europa.eu/finance/company-reporting/ifrs-financialstatements/index_en.htm.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-580": { "value": "In accordance with EC regulation no. 1606/2002 of July 19, 2002, on the application of international accounting standards, URW has prepared its consolidated financial statements for the financial year ending December 31, 2025, under IFRS as adopted in the European Union (\u201cEU\u201d) and applicable at this date. These can be consulted on the website: http://ec.europa.eu/finance/company-reporting/ifrs-financialstatements/index_en.htm. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-631": { "value": "Standards, amendments and interpretations effective as of January 1, 2025 \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2025. Standards, amendments and interpretations not mandatorily applicable as of January 1, 2025 The following text has been adopted by the EU as at December 31, 2025, but not applied in advance by the Group: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7); \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7; and \u2022 Annual Improvements Volume 11. The following texts were published by the International Accounting Standards Board (\u201cIASB\u201d) but have not yet been adopted by the EU: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements; \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures; \u2022 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on August 21, 2025); and \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected except for IFRS 18. First-time Application of IFRS 18 \u2013 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 for annual reporting periods beginning on or after 1 January 2027. IFRS 18 modifies the structure of the statement of profit or loss, introduces three mandatory categories (operating, investing, financing), and establishes new presentation and disclosure requirements for certain performance measures, including Management-Defined Performance Measures (MPMs). The Group is currently assessing the implications of implementing IFRS 18, including: \u2022 The reclassification of certain income and expense items across the operating, investing and financing categories, including the reclassification of the \u201cContribution of companies accounted for under the equity method\u201d and interest income on cash balances into investing activities; \u2022 The alignment of internal performance measures with the new regulatory definitions. The Group intends to apply IFRS 18 as from 1 January 2027, in accordance with the transition requirements of the standard. Comparative information will be restated for the 2026 financial year upon first-time application. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-604": { "value": "Standards, amendments and interpretations effective as of January 1, 2025 \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. These standards, amendments and interpretations do not have a significant impact on the Group\u2019s accounts as at December 31, 2025. Standards, amendments and interpretations not mandatorily applicable as of January 1, 2025 The following text has been adopted by the EU as at December 31, 2025, but not applied in advance by the Group: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7); \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7; and \u2022 Annual Improvements Volume 11. The following texts were published by the International Accounting Standards Board (\u201cIASB\u201d) but have not yet been adopted by the EU: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements; \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures; \u2022 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on August 21, 2025); and \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency. The measurement of the potential impacts of these texts on the consolidated accounts of URW is ongoing; no significant impacts are expected except for IFRS 18. First-time Application of IFRS 18 \u2013 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 for annual reporting periods beginning on or after 1 January 2027. IFRS 18 modifies the structure of the statement of profit or loss, introduces three mandatory categories (operating, investing, financing), and establishes new presentation and disclosure requirements for certain performance measures, including Management-Defined Performance Measures (MPMs). The Group is currently assessing the implications of implementing IFRS 18, including: \u2022 The reclassification of certain income and expense items across the operating, investing and financing categories, including the reclassification of the \u201cContribution of companies accounted for under the equity method\u201d and interest income on cash balances into investing activities; \u2022 The alignment of internal performance measures with the new regulatory definitions. The Group intends to apply IFRS 18 as from 1 January 2027, in accordance with the transition requirements of the standard. Comparative information will be restated for the 2026 financial year upon first-time application. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-581": { "value": "
Standards, amendments and
interpretations not mandatorily
applicable as of January 1, 2025
The following text has been adopted by the EU as at December 31, 2025,
but not applied in advance by the Group:
\u2022 Amendments to the Classification and Measurement of Financial
Instruments (Amendments to IFRS 9 and IFRS 7);
\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments
to IFRS 9 and IFRS 7; and
\u2022 Annual Improvements Volume 11.
The following texts were published by the International Accounting
Standards Board (\u201cIASB\u201d) but have not yet been adopted by the EU:
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements;
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures;
\u2022 Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures (issued on August 21, 2025); and
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates: Translation to a Hyperinflationary Presentation Currency.
The measurement of the potential impacts of these texts on the
consolidated accounts of URW is ongoing; no significant impacts are
expected except for IFRS 18.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-555": { "value": "
First-time Application of IFRS 18 \u2013
Presentation and Disclosure
in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements will
replace IAS 1 for annual reporting periods beginning on or after
1 January 2027.
IFRS 18 modifies the structure of the statement of profit or loss,
introduces three mandatory categories (operating, investing, financing),
and establishes new presentation and disclosure requirements for
certain performance measures, including Management-Defined
Performance Measures (MPMs).
The Group is currently assessing the implications of implementing IFRS
18, including:
\u2022 The reclassification of certain income and expense items across the
operating, investing and financing categories, including the
reclassification of the \u201cContribution of companies accounted for
under the equity method\u201d and interest income on cash balances into
investing activities;
\u2022 The alignment of internal performance measures with the new
regulatory definitions.
The Group intends to apply IFRS 18 as from 1 January 2027, in
accordance with the transition requirements of the standard.
Comparative information will be restated for the 2026 financial year
upon first-time application.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-667": { "value": "
2.2. Estimates and assumptions
Certain amounts recorded in the consolidated financial statements
reflect estimates and assumptions made by management in regards of
complex geopolitical and macro-economic environment and difficulties
in assessing their impacts and future prospects. In this context,
management has taken into account these uncertainties on the basis of
reliable information available at the date of the preparation of the
consolidated financial statements, particularly with regards to the fair
value of investment properties and financial instruments, the
estimation of the provision for doubtful debtors, as well as the testing of
goodwill and intangible assets.
Due to inherent uncertainties associated with estimates, the Group
reviews those estimates based on regularly updated information.
Actual results might eventually differ from estimates made at the date
of the preparation of the consolidated financial statements.
The most significant judgements and estimates are set out in the
following notes to the consolidated financial statements as at
December 31, 2025: for the valuation of investment properties, note 5.1
\u201cInvestment properties\u201d; for the intangible assets and goodwill, notes
5.3 \u201cIntangible assets\u201d and 5.4 \u201cGoodwill\u201d; for provision for doubtful
debtors, note 7.5.3 \u201cCredit risk\u201d; and for fair value of financial
instruments, note 7.4 \u201cHedging instruments\u201d. Actual future results or
outcomes may differ from these estimates. The property portfolios
related to the Shopping Centres, Offices & Others and Convention &
Exhibition (\u201cC&E\u201d) segments are valued by independent appraisers.
Appraisers make their independent assessments of current and
forward-looking cash flow profiles and usually reflect risk either in the
cash flow forecasts (e.g. future rental levels, growth, investment
requirements, void periods and incentives), in the applied required
returns or discount rates, or in the yield applied to capitalise the exit rent
to determine an exit value.
5.1.2. Investment properties at fair value \u2013 IFRS basis
(\u20ac Mn) Dec. 31, 2025 Dec. 31, 2024
Shopping Centres
32,710.6
32,639.5
Southern Europe
14,404.2
14,030.4
Central Europe
8,454.9
7,925.8
Northern Europe
5,296.2
5,276.6
United States
4,555.3
5,406.8
Offices & Others
1,212.2
1,626.4
France
578.1
923.9
Other countries
634.1
702.5
Convention & Exhibition
2,490.4
2,442.9
Total
36,413.2
36,708.8
The variance is explained in the table below:
Total
Convention & investment Properties held
(\u20ac\ue002 Mn)
Shopping Centres
Offices & Others
Exhibition properties for sale Total
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
Acquisitions
3.6
0.6
\u2013
4.2
\u2013
4.2
Entry into scope of consolidation
465.0
39.7
\u2013
504.7
\u2013
504.7
Capitalised expenses
945.0
302.3
57.8
1,305.0
0.7
1,305.7
Disposals/exits from the scope of consolidation
(458.7)
(196.8)
\u2013
(655.5)
(34.6)
(690.1)
Reclassification and transfer of category
(278.5)
(323.2)
(58.4)
(660.1)
683.5
23.3
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
(372.0)
(609.5)
(49.1)
(1,030.5)
\u2013
(1,030.5)
Currency translation
319.2
9.1
\u2013
328.3
\u2013
328.3
Dec. 31, 2024
32,639.6
1,626.4
2,442.9
36,708.8
683.5
37,392.3
Acquisitions
2.8
\u2013
\u2013
2.8
\u2013
2.8
Entry into scope of consolidation
(1)
187.0
18.9
\u2013
205.9
\u2013
205.9
Capitalised expenses
(2)
585.8
170.0
34.7
790.5
2.7
793.3
Disposals/exits from the scope of consolidation
(3)
(610.5)
(242.3)
\u2013
(852.9)
(686.2)
(1,539.1)
Reclassification and transfer of category
(4)
(50.6)
(127.8)
7.2
(171.2)
62.7
(108.5)
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
558.7
(222.8)
5.6
341.4
\u2013
341.4
Currency translation
(5)
(602.2)
(10.0)
\u2013
(612.2)
\u2013
(612.2)
Dec. 31, 2025
32,710.6
1,212.2
2,490.4
36,413.2
62.7
36,475.9
(1) Relates to the change of consolidation method of Westfield Wheaton and the entry of the fully consolidated company. (2) Capitalised expenses mainly relate to: \u2022 Shopping centre and offices parts of Westfield Hamburg-\u00dcberseequartier in Germany; \u2022 Shopping centres in France and Central Europe; and \u2022 Convention & Exhibition sites such as the Parc des Expositions in Porte de Versailles. (3) Relates mainly to the disposals of US Airports, Trinity office tower in La D\u00e9fense, Bonaire shopping centre in Spain, Pullman Paris Montparnasse and Stadshart Zoetermeer shopping centre in The Netherlands. (4) Includes mainly part of Westfield Hamburg-\u00dcberseequartier offices and Jacques Ibert office building reclassifications to IPUC at cost as well as the revaluation of the financial lease of LAX Airport before the disposal. (5) The impact in 2025 is mainly explained by the depreciation of the US dollar compared to the euro. Valuation assumptions and sensitivity of the fully consolidated assets Considering the limited public data available, the complexity of real estate asset valuations, as well as the fact that appraisers use in their valuations the non-public rent rolls of the Group\u2019s assets, URW believes it is appropriate to classify its assets under Level 3 as per IFRS 13. In addition, unobservable inputs, including appraisers\u2019 assumption on growth rates and Exit Capitalisation Rates (\u201cECRs\u201d), are used by appraisers to determine the fair value of URW\u2019s assets. As at December 31, 2025, 98% of URW\u2019s portfolio was appraised by qualified independent external appraisers. The net outstanding balances of deferred lease incentives and key money amortised over the expected term of the lease, which corrected the appraisal value, represented -\u20ac158.2 Mn (-\u20ac197.1 Mn as at December 31, 2024). The following tables provide a number of quantitative elements used by the appraisers to assess the fair valuation of the Group\u2019s assets. Shopping Centres All shopping centres are valued using the DCF and/or yield methodologies. The table below only includes fully consolidated assets. The table for the assets accounted for using the equity method is presented in note 6.3.3 \u201cValuation assumptions and sensitivity for assets accounted for using the equity method\u201d. The table in proportionate basis is available in the \u201cManagement discussion & analysis\u201d section of the Universal Registration Document.
Rent in \u20ac Exit Capitalisation
Shopping Centres - December 31, 2025 Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
7.6%
1,011
11.0%
9.0%
19.7%
Southern Europe
Min
3.6%
131
6.4%
4.8%
2.7%
Weighted average
4.9%
582
6.9%
5.1%
4.2%
Max
9.5%
792
10.2%
9.8%
6.0%
Central Europe
Min
5.0%
158
6.9%
5.0%
1.7%
Weighted average
5.8%
427
7.5%
5.7%
2.8%
Max
6.0%
558
10.0%
9.2%
11.8%
Northern Europe
Min
2.9%
39
6.5%
5.0%
3.0%
Weighted average
5.4%
338
7.2%
5.6%
3.5%
Max
11.2%
1,402
11.8%
10.8%
6.8%
US
Min
2.9%
333
7.3%
5.0%
3.4%
Weighted average
5.1%
696
7.6%
5.6%
4.1%
Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and Exit Capitalisation Rate (\u201cECR\u201d) weighted by Gross Market Value (\u201cGMV\u201d). Vacant assets, assets considered at bid value, assets under restructuring and minor assets are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. (a) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per sqm. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years).
Rent in \u20ac Exit Capitalisation
Shopping Centres - December 31, 2024
Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
8.2%
1,004
10.5%
62.4%
19.3%
Southern Europe
Min
4.3%
158
6.7%
4.8%
2.7%
Weighted average
5.1%
571
7.2%
5.2%
4.7%
Max
8.9%
752
10.6%
9.6%
6.1%
Central Europe
Min
4.7%
159
6.6%
5.1%
1.5%
Weighted average
5.9%
412
7.6%
5.7%
2.5%
Max
9.1%
456
8.5%
7.3%
5.5%
Northern Europe
Min
4.6%
273
6.5%
5.0%
2.6%
Weighted average
5.2%
366
7.0%
5.3%
3.7%
Max
5.8%
1,722
8.0%
6.8%
8.8%
US
Min
3.9%
385
7.3%
5.0%
3.8%
Weighted average
5.0%
840
7.5%
5.5%
4.8%
Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and ECR weighted by Gross Market Value (\u201cGMV\u201d). Vacant assets, assets considered at bid value, assets under restructuring and minor assets are not included in Min. and Max. calculation. Assets under development or not controlled by URW, the airport activities and the UK asset are not included in this table. (a) Average annual rent (Minimum Guaranteed Rent (\u201cMGR\u201d) + Sales Based Rent (\u201cSBR\u201d)) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years). The tables below show the sensitivity on URW\u2019s Shopping Centre portfolio value for assets fully consolidated, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 Estimated Rental Value (\u201cERV\u201d).
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(1,564)
(4.5)%
+25 bps in DR
(562)
(1.6)%
+10 bps in ECR
(419)
(1.2)%
-5% in appraisers\u2019 ERV
(1,208)
(3.5)%
Sensitivity
Impact in \u20ac Mn
Impact in %
-25 bps in NIY
+1,720
+5.0%
-25 bps in DR
+561
+1.6%
-10 bps in ECR
+422
+1.2%
+5% in appraisers\u2019 ERV
+1,086
+3.2%
Of\ufb01ces & Others Appraisers value the Group\u2019s Offices & Others portfolio using the DCF and yield methodologies. The tables below show the sensitivity on URW\u2019s Offices & Others portfolio value for assets fully consolidated, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY.
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(73)
(6.1)%
-25 bps in NIY
+83
+6.9%
Convention & Exhibition The table shows below the sensitivity of the C&E portfolio related to the weighted average cost of capital (\u201cWACC\u201d).
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in WACC
(92.0)
(4.3)%
-25 bps in WACC
+98.5
+4.6%
5.3.2. Changes in intangible assets
Property Rights and Other intangible
Net value (\u20ac\ue002 Mn)
Management
Trademark
exhibitions assets Total
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
Acquisitions
\u2013
\u2013
\u2013
13.3
13.3
Disposals/exits from the scope of consolidation
\u2013
\u2013
\u2013
(8.7)
(8.7)
Amortisation
(0.9)
\u2013
(2.0)
(9.7)
(12.6)
Impairment/reversal
(2.3)
2.7
4.6
\u2013
5.1
Currency translation
12.8
\u2013
\u2013
0.6
13.4
Dec. 31, 2024
246.1
425.8
135.8
32.5
840.2
Acquisitions
\u2013
\u2013
\u2013
10.4
10.4
Reclassification
\u2013
\u2013
\u2013
0.8
0.8
Disposals/exits from the scope of consolidation
\u2013
\u2013
(39.0)
(1)
(0.2)
(39.2)
Amortisation
\u2013
\u2013
(2.0)
(10.6)
(12.6)
Impairment/reversal
(2)
5.7
\u2013
(25.0)
\u2013
(19.2)
Currency translation
(19.3)
\u2013
\u2013
(0.6)
(19.9)
Dec. 31, 2025
232.5
(3)
425.8
(3)
69.8
32.2
760.5
(1) The net disposal/exits variation in Rights and exhibitions activity relates to the disposal of Pullman Paris Montparnasse hotel on September 16, 2025.
(2) The net impairment variation relates to allowances in Viparis\u2019 intangible assets value partly offset by reversal in the UK and US PM activity.
(3) The total intangible assets relating to Westfield\u2019s acquisition amounts to \u20ac658.3 Mn (US and UK Property Management and the trademark).
As at December 31, 2025, the net intangible assets correspond to:
\u2022 The Property Management (PM) business in the US and the UK;
\u2022 The Westfield trademark;
\u2022 Rights and exhibitions - mainly Viparis entities; and
\u2022 Other intangible assets.
Property Management
As at December 31, 2025, impairment tests have been performed on the valuations of independent external appraisers leading to a +\u20ac1.4 Mn
reversal of impairment for PM business in the UK and to a +\u20ac4.3 Mn reversal of impairment for the US.
One of the main assumptions used to value the PM is the DR, which stands between 10.2% and 10.4%.
The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2025:
(Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
of impairment (\u20ac\ue002 Mn)
-25 bps in DR
+9.3
+4.0
+25 bps in DR
(5.0)
(5.0)
-10 bps LTGR
(0.1)
(1.1)
+10 bps LTGR
+4.0
+1.1
Trademark As at December 31, 2025, the impairment test performed was based on an independent external appraisal. The Group trademark includes the franchising business (see note 1.1.6 \u201cStrategic partnership with Cenomi Centers\u201d), leading to a trademark valuation above book net value, which justifies no impairment was recorded and no risks of impairment are expected. Rights and exhibitions As at December 31, 2025, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and a -\u20ac25.0 Mn impairment provision was recognised. The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact in the result as determined at December 31, 2025:
Impact in % (Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
 of the portfolio value of impairment(\u20ac\ue002 Mn)
+25 bps in \u201cWACC\u201d
(24.3)
(4.9)%
\u2013
-25 bps in \u201cWACC\u201d
+26.2
+5.3%
+1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-556": { "value": "2.3. Climate change and risks Climate change mitigation and adaptation are part of the priorities of the Group sustainability roadmap and form an essential component of the sustainability risks analysis. URW analyses the physical and transitional risks associated with climate change. These risks are in turn integrated into the Enterprise Risk Management framework. In October 2023, URW announced a comprehensive evolution of the Better Places roadmap setting ambitious SBTi-approved (Science Based Targets initiative) net-zero targets in terms of carbon emissions reduction and reinforcing its environmental performance objectives, with the aim to develop and operate places that provide sustainable experiences and contribute to thriving communities. Some information presented in the Chapter 5.2 \"Notes to the consolidated financial statements\" is used in the Chapter 3.2.2 \"Environmental information\" of the Sustainability Statement. 2.3.1. Group commitments to support the environmental transition of cities and retail (1) Enhanced climate commitments URW\u2019s commitments are focused on enhancing the Group\u2019s greenhouse gas (\u201cGHG\u201d) emissions reduction efforts, introducing a net-zero targe t on Scopes 1 & 2 in 2030 (2) and a net-zero target on Scopes 1, 2 & 3 by 2050, all approved by the SBTi. The Group aims to reduce by -50% its Scope 1, 2 & 3 GHG emissions across its value chain by 2030, with a target to reduce emissions by 90% across Scopes 1 & 2 (2) . Growth in renewable energy production Since 2021, 100% of URW\u2019s electricity consumption has come from renewable energy sources (3) . URW will increase its renewable electricity production capacity through on-site and off-site renewable electricity projects. Benefits to URW include reducing its total carbon footprint and generating a return on investment. The Group targets 50 MWp of on-site renewable capacity by 2030 (2024: 28 MWp (4) ), with 32 MWp of projects already underway in 33 shopping centres in all countries. The Group\u2019s plan requires limited additional capitalised expenses of \u20ac28 Mn (5) per year over 5 years thanks to URW\u2019s consistent annual investment in its high-quality assets. This includes a \u20ac20 Mn (6) annual investment in energy efficiency and carbon reduction, as well as \u20ac8 Mn (7) a year on identified solar photovoltaic (\u201cPV\u201d) projects. These investments will generate significant financial savings, with full effect from 2030 onwards (\u20ac23 Mn per year and a return on investment over 8% for solar PV projects). Employee engagement and governance frameworks Sustainability is embedded in URW\u2019s business strategy, integrated into the highest levels of governance and taken into consideration in key decisions, in particular investments. The Company\u2019s corporate governance has received clear recognition, with top level specific corporate governance sub-scores from ESG (environmental, social and governance) rating agencies such as ISS-ESG (B; prime status) and Sustainalytics (Negligible risk, the lowest possible). The Group\u2019s existing short- and long-term ESG compensation incentives are aligned with the updated Better Places roadmap. Currently, 10% of the MB and Executive Committee annual Short-Term Incentive (\u201cSTI\u201d) is contingent on meeting sustainability performance goals, and every recipient of STI has at least one ESG objective. 25% of long-term incentives, received by around 20% of employees, are tied to sustainability performance. (1) Performance is reported on a Better Places scope, consistent with past performance and commitments taken in June 2023, differing from the scope expected by CSRD. All details are available in the Sustainability Statement (Chapter 3). (2) The Group GHG reduction is an absolute target, expressed independently of portfolio changes and is relative to the 2015 baseline. (3) Better Places scopes (Shopping Centres and Offices). (4) Total installed renewable energy capacity. (5) On Better places scope in Europe. (6) On a proportionate basis. (7) On a proportionate basis. 2.3.2. Impact of climate change matters on the \ufb01nancial statements The potential impacts of climate change and risks have been analysed in the context of the 2025 Group Financial Statements closing, based on the above-mentioned facts and assumptions. Integration of ESG in URW\u2019s valuations Information based on the Group\u2019s ESG roadmap (including the capex plan) have been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis (1) in connection with the AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Financing activity Sustainability-linked Loans and credit facilities In 2025, the Group renewed \u20ac1.15 Bn sustainability-linked credit facilities with an average maturity of 5.0 years while \u20ac3.35 Bn existing ones were extended by one year. As at December 31, 2025, the total credit lines featuring with green or sustainable indicators stands at \u20ac8.0 Bn, and the sustainability-linked term loans amount to \u20ac0.3 Bn. Green Bonds The Group current Green Bond framework was launched in November 2022, which will apply for all new green financing issuances going forward. The Green Financing Framework establishes clear requirements for the financing and/or refinancing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. As at December 31, 2025, the outstanding nominal value of Green Bonds amounts to \u20ac2.05 Bn. (1) For European shopping centres. ", "dimensions": { "concept": "urw:DisclosureOfClimateChangeAndRisks", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-582": { "value": "
Financing activity
Sustainability-linked Loans and credit facilities
In 2025, the Group renewed \u20ac1.15 Bn sustainability-linked credit
facilities with an average maturity of 5.0 years while \u20ac3.35 Bn existing
ones were extended by one year.
As at December 31, 2025, the total credit lines featuring with green or
sustainable indicators stands at \u20ac8.0 Bn, and the sustainability-linked
term loans amount to \u20ac0.3 Bn.
Green Bonds
The Group current Green Bond framework was launched in November
2022, which will apply for all new green financing issuances going
forward.
The Green Financing Framework establishes clear requirements for the
financing and/or refinancing of eligible new development projects and
the regeneration of standing assets. It imposes higher standards on
energy performance and new more stringent eligibility criteria.
As at December 31, 2025, the outstanding nominal value of Green
Bonds amounts to \u20ac2.05 Bn.
7.3.2. Main \ufb01nancing transactions in 2025
Bond and Hybrid instruments:
Over the year 2025, URW proactively optimized its capital structure
through two hybrid transactions (see note 1.1.5 \u201cTender Offer Hybrid\u201d):
\u2022 In April, URW successfully re-couponed and reduced its hybrid
portfolio through:
- Full redemption of its \u20ac995 Mn NC2028 hybrid at a 7.25% coupon
via:
\u2022 Buyback of 94.4% (\u20ac939 Mn) at market value; and
\u2022 Repayment of \u20ac56 Mn at par using the \u2018minimal outstanding
amount call option\u2019;
- Financed through:
\u2022 Issuance of \u20ac815 Mn NC2030 Hybrid at a 4.875% coupon, 3.1x
oversubscribed at peak;
\u2022 \u20ac180 Mn in cash.
\u2022 In September, URW further optimized its hybrid structure through:
- Tender of \u20ac417 Mn of its \u20ac750 Mn NC2026 hybrid at a 2.875%
coupon, callable in Q2 2026;
- Full redemption of the \u20ac99.8 Mn NC2025 hybrid at 5.142% coupon,
via the \u2018minimal outstanding amount call option\u2019; and
- Financed through the issuance of \u20ac685 Mn NC2031 hybrid at a
4.75% coupon, 2.6x oversubscribed at peak.
As at end of 2025, the Group\u2019s hybrid portfolio stood at \u20ac1,833 Mn.
In addition, in November, the Group fully repaid, ahead of its June 2026
maturity, a \u20ac600 Mn senior bond with a coupon of 2.5%, above cash
remuneration conditions, further optimizing its financial expenses.
Bank debt, credit facility and short-term
paper:
In April, URW proactively repaid with its available cash a \u20ac150 Mn
short-term floating loan with an eq. 4.22% coupon and remaining
maturity of 2.3 years.
Over the year, \u20ac1.15 Bn sustainability-linked credit facilities were
signed with an average maturity of 5 years while \u20ac3.35 Bn existing ones
were extended by one year.
The Group also returned to the French and US money markets for the
first time since 2022 and 2018 respectively, to broaden access to cost-
efficient funding amid declining short-term rates and lower cash
position. It secured:
\u2022 Cumulated amount of \u20ac796 Mn over 1.3 months on average in Neu
CP, all matured over the period; and
\u2022 $100 Mn of US Commercial Papers (USCP) executed in December
2025 for 1-month.
Mortgage debt:
The Group refinanced $1.2 Bn of its US non-recourse mortgage debt at
attractive conditions through:
\u2022 $275 Mn of a new 5-year CMBS secured by Westfield Galeria at
Roseville at an improved fixed rate coupon of 5.585% (vs. 7.57%
(1)
previously), executed in March 2025;
\u2022 $925 Mn of a new 5-year CMBS secured by Westfield Century City at
an improved coupon of 5.27% (vs. 7.13%
(2)
previously), executed early
July 2025. In 2025, this transaction corresponded to the lowest fixed-
rate coupon on a mall SASB
(3)
CMBS in 5 years, and the lowest AAA
spread for a 5-year fixed rate mall SASB CMBS since 2019.
In addition, in February 2025, the Group\u2019s acquired its JV partner\u2019s
remaining 47% stake in Westfield Wheaton, increasing its interest to
100%. The $234.6 Mn mortgage debt backed by the asset was repaid in
December 2025 at a $30 Mn discount ($205 Mn cash out), reducing the
Group\u2019s debt accordingly.
(1) SOFR+325 bps, using SOFR at 4.317%.
(2) SOFR+281bps, using SOFR at 4.327%.
(3) For a Single Asset Single Borrower.
7.3.3. Financial debt breakdown and outstanding duration to maturity
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac\ue002 Mn)
Lessthan1year
1yearto5years
Morethan5years
 Dec. 31, 2025
Dec.31,2024
Bonds and EMTNs
632.1
9,291.0
8,490.9
18,414.0
22,467.5
(a) (b)
Principal debt
554.7
9,291.1
8,488.1
18,333.9
22,369.2
Accrued interest
181.8
\u2013
\u2013
181.8
225.1
Issuance costs
(52.8)
\u2013
\u2013
(52.8)
(67.1)
Bonds redemption premium
(51.3)
\u2013
\u2013
(51.3)
(62.3)
Mark-to-market of debt
(0.2)
(0.1)
2.8
2.5
2.6
Bank borrowings
379.0
2,315.6
\u2013
2,694.6
2,992.6
(b)
Principal debt
393.6
2,315.6
\u2013
2,709.2
3,009.0
Accrued interest
12.8
\u2013
\u2013
12.8
16.2
Borrowings issue fees
(32.2)
\u2013
\u2013
(32.2)
(35.3)
Accrued interest on bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Bank overdrafts and current accounts to balance out cash flow
4.7
\u2013
\u2013
4.7
6.4
Mark-to-market of debt
0.1
\u2013
\u2013
0.1
(3.8)
Other financial liabilities
85.0
32.5
891.1
1,008.6
1,120.4
(b)
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
85.1
\u2013
Accrued interest on interbank market instruments and negotiable
(0.1)
\u2013
\u2013
(0.1)
\u2013
instruments
(c)
Current accounts with non-controlling interests
\u2013
32.5
891.1
923.6
1,120.4
Lease liabilities
21.7
40.0
509.5
571.2
979.3
Total financial debt
1,117.8
11,679.1
9,891.5
22,688.4
27,559.9
(a) Includes currency impacts on debt raised in foreign currency for an amount of -\u20ac31.8 Mn as at December 31, 2025 (+\u20ac48.3 Mn as at December 31, 2024). In the financial resources, the bonds include issuances denominated in foreign currencies. (b) Includes the following debts denominated in foreign currency: $3,000.0 Mn, HKD 500.0 Mn and \u00a3500.0 Mn of bonds and EMTNs (eq. euro respectively \u20ac2,553.2 Mn, \u20ac54.7 Mn and \u20ac573.0 Mn), $1,530.3 Mn of bank borrowings (eq. euro \u20ac1,302.4 Mn) and $100.0 Mn (eq. euro \u20ac85.1 Mn) of interbank market instruments and negotiable instruments. (c) They are considered as non-current as they are financing the related assets. The variation of financial debt by flows breaks down as follows: (a)
Cash \ufb02ows Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2024
(b)
Increase
Decrease
(c)
interest
(d)
scope
(e)
translation
impact
(f)
Others
Dec. 31, 2025
Bonds and EMTNs
22,467.5
\u2013
(3,604.8)
(39.1)
\u2013
(434.0)
0.3
24.1
18,414.0
Bank borrowings
2,992.6
1,086.4
(1,407.8)
2.6
234.1
(188.0)
(29.9)
4.6
2,694.6
Other financial liabilities
1,120.4
154.0
(77.8)
(0.1)
32.3
(3.4)
\u2013
(216.7)
1,008.6
Lease liabilities
979.3
29.9
(62.1)
\u2013
(309.2)
(45.2)
\u2013
(21.5)
571.2
Total
27,559.9
1,270.3
(5,152.5)
(36.6)
(42.8)
(670.6)
(29.6)
(209.5)
22,688.4
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,339.1 Mn and decrease of -\u20ac5,216.4 Mn) mainly due to the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in the lines Financial income / Financial expenses of the consolidated statement of cash flows. (d) The variation of scope includes the acquisition of the remaining 47% stake in Westfield Wheaton. The decrease in lease liabilities is due to the disposal of the airport business (see note 1.1.3 \u201cDisposals in 2025\u201d). (e) The impact of currency translation is mainly explained by the depreciation of the US dollar compared to the euro. (f) The variation in \u201cOthers\u201d mainly reflects the \u20ac216.7 Mn decrease in current accounts with non-controlling interests, following a capital increase within the Viparis entities. It also includes the straightlining of premiums and fees on EMTNs and bank borrowings, and change in recognition of lease liabilities in application of IFRS 16. As at December 2024, the variation of financial debt by flows broke down as follows:
(a)
Cash \ufb02ows
Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2023
(b)
Increase
Decrease
(c)
interest
(d)
scope
translation
impact
(e)
Others
Dec. 31, 2024
Bonds and EMTNs
22,517.4
1,287.6
(1,617.6)
(8.8)
\u2013
261.9
1.7
25.3
22,467.5
Bank borrowings
3,045.7
129.5
(678.1)
(1.2)
314.6
88.2
\u2013
93.9
2,992.6
Other financial liabilities
1,354.9
82.1
(131.9)
\u2013
(184.7)
\u2013
\u2013
\u2013
1,120.4
Lease liabilities
977.0
11.8
(62.7)
\u2013
\u2013
23.1
\u2013
30.1
979.3
Total
27,895.1
1,511.0
(2,490.3)
(10.0)
129.9
373.2
1.7
149.3
27,559.9
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,568.7 Mn and decrease of -\u20ac2,531.4 Mn) mainly due the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in lines \u201cFinancial income\u201d/\u201cFinancial expenses\u201d of the consolidated statement of cash flows. (d) The variation of scope includes the impact on current accounts further the acquisition of complementary stake in URW Germany and the complementary debt on the acquisition of Westfield Montgomery (see note 1.2.1 Acquisitions in 2024). (e) The variation of Others includes straight-lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. Maturity of current and non-current principal debt
Current
Non-current
Less than More than Total
(\u20ac\ue002 Mn)
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
5 years Dec. 31, 2025
Bonds and EMTNs
554.7
2,908.3
1,675.5
2,361.3
2,346.0
8,488.1
18,333.9
Bank borrowings
393.6
360.0
373.9
560.4
1,021.3
\u2013
2,709.2
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
\u2013
\u2013
\u2013
85.1
Lease liabilities
21.7
16.6
9.5
7.4
6.6
509.5
571.2
Total
1,055.1
3,284.9
2,058.9
2,929.1
3,373.9
8,997.6
21,699.4
7.3.4. Characteristics of bonds and EMTNs
Amount at
Dec. 31, 2025
Issue date
Rate
Currency
(\u20ac\ue002 Mn) Maturity
November 2010
Fixed rate 4.17%
EUR
41.0
November 2030
October 2011
Fixed rate 4.1%
EUR
27.0
October 2031
November 2011
Fixed rate 4.05%
EUR
20.0
November 2031
March 2014
Fixed rate 3.08%
EUR
20.0
March 2034
April 2014
Fixed rate 3.08%
EUR
30.0
April 2034
September 2014
Fixed rate 4.75%
USD
425.5
(a)
September 2044
April 2015
Fixed rate 1.38%
EUR
655.0
April 2030
November 2015
Fixed rate 2.07%
EUR
30.0
November 2030
December 2015 Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years
EUR
70.0
December 2030
(floored at 0% capped at 4%)
March 2016
Fixed rate 1.38%
EUR
500.0
March 2026
March 2016
Float rate (Erb6M+0%, floored at 0.95%, capped at 3%)
EUR
20.0
March 2027
April 2016
Fixed rate 1.13%
EUR
500.0
April 2027
April 2016
Fixed rate 2%
EUR
500.0
April 2036
December 2016
Fixed rate HKD swapped back into EUR
HKD
54.7
November 2026
February 2017
Fixed rate 1.5%
EUR
600.0
February 2028
May 2017
Fixed rate 1.5%
EUR
500.0
May 2029
May 2017
Fixed rate 2%
EUR
500.0
May 2037
May 2018
Fixed rate 2.25%
EUR
500.0
May 2038
May 2018
Fixed rate 1.88%
EUR
900.0
January 2031
June 2018
Structured coupon linked to CMS 15 year
EUR
40.0
June 2033
September 2018
Fixed rate 4.63%
USD
425.5
(a)
September 2048
September 2018
Fixed rate 4.13%
USD
425.5
(a)
September 2028
December 2018
Fixed rate 2%
EUR
100.0
December 2033
February 2019
Fixed rate 1%
EUR
750.0
February 2027
February 2019
Fixed rate 1.75%
EUR
750.0
February 2034
March 2019
Fixed rate 2.63%
GBP
573.0
March 2029
June 2019
Fixed rate 3.5%
USD
638.3
(a)
June 2029
July 2019
Fixed rate 1.75%
EUR
500.0
July 2049
October 2019
Fixed rate 2.88%
USD
638.3
(a)
January 2027
October 2019
Fixed rate 0.88%
EUR
750.0
March 2032
April 2020
Fixed rate 2.63%
EUR
800.0
April 2030
June 2020
Fixed rate 2%
EUR
750.0
June 2032
December 2020
Fixed rate 0.63%
EUR
1,000.0
May 2027
December 2020
Fixed rate 1.38%
EUR
1,000.0
December 2031
May 2021
Fixed rate 1.38%
EUR
600.0
May 2033
May 2021
Fixed rate 0.75%
EUR
650.0
October 2028
December 2023
Fixed rate 4.13%
EUR
750.0
December 2030
September 2024
Fixed rate 3.5%
EUR
650.0
September 2029
September 2024
Fixed rate 3.88%
EUR
650.0
September 2034
Total 18,333.9
(a) Subject to covenants (see note 7.3.5 \u201cCovenants\u201d).
7.3.5. Covenants As at December 31, 2025, the LTV (1) ratio amounted to 39.0% (41.7% as at December 31, 2024). The Interest Coverage Ratio(2) (\u201cICR\u201d) for the period stood at 4.4x(3) (4.2x as at December 31, 2024). The Group\u2019s corporate debt(4) covenants levels and corresponding current ratios are set at:
Europe credit Rule 144A and Reg
facilitycovenants
S Bonds
(a)
Financial ratios Dec. 31, 2025 level covenants level
LTV
(b)
39.0%
< 60%
< 65%
ICR
4.4x
> 2x
> 1.5x
FFO
(c)
/NFD
8.9%
> 4%
n/a
Secured debt ratio
(d)
5.1%
n/a
< 45%
Unencumbered leverage ratio
(e)
2.1x
n/a
> 1.25x
(a) Corresponding to $3.0 Bn of Rule 144A Bonds and \u00a30.5 Bn of Reg S Bonds. (b) Ratio calculated based on European bank debt covenant. (c) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) recurring net financial expenses and (ii) tax on recurring operating result. (d) Secured debt/Total assets. (e) Unencumbered assets/Unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2025, 100% of the Group\u2019s credit facilities and loans: \u2022 Allow an LTV of up to 60% for the Group or the borrowing entity, as the case may be; \u2022 Require an ICR > 2x for the Group or the borrowing entity, as the case may be; \u2022 Include an FFO/NFD covenant. These require an FFO/NFD above 4% for the Group or the borrowing entity, as the case may be. Secured debt non-recourse: The non-recourse mortgage debt raised by certain entities of the Group includes financial covenants:
% of non-recourse mortgage
Covenant level range incl. this feature in such covenant
Debt Yield
(a)
covenants
5%-7%
21%
Debt to Rent
8.9x
2%
ICR covenants
1.3x-2.5x
34%
LTV covenants
55%-75%
55%
(a) Debt Yield: ratio of the net operating income to the outstanding loan amount, net of certain cash as defined in the relevant mortgage loan documentation. \u2022 Any breach under these covenants would not lead to a cross-default on the Group\u2019s borrowings; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. (1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d) / Total assets excluding \u20ac561 Mn of goodwill not justified by fee business as per the Group\u2019s European leverage covenants, including transfer taxes. The proportionate LTV ratio is 40.0%. (2) ICR: Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest). Recurring EBITDA is calculated as total recurring operating results and other income minus general expenses, excluding depreciation and amortisation. (3) Proportionate ICR of 4.1x. (4) Corresponds to unsecured debt issued by the Group, i.e. bonds (EMTN, Rule 144A and Reg S Bonds), bank debt (term loans and drawn credit facilities).
Short-term debt:
There are no financial covenants (such as LTV or ICR) in the Neu MTN, the Neu CP, the ECP and the USCP programmes of URW.
7.3.7. Net \ufb01nancial debt Net financial debt is determined as below: Net \ufb01nancial debt
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Amounts accounted for in balance sheet
Non-current bonds and borrowings
21,021.1
23,419.1
Current borrowings and amounts due to credit institutions
1,096.1
3,161.5
Total financial liabilities
22,117.2
26,580.5
Adjustments
Mark-to-market of debt
(2.6)
1.2
Current accounts with non-controlling interests
(a)
(923.6)
(1,120.4)
Impact of derivative instruments on debt raised in foreign currency
31.8
(48.3)
Accrued interests/issuance fees
(58.1)
(76.6)
Total financial liabilities (nominal value)
21,164.7
(b)
25,336.4
(b)
Cash and cash equivalents
(2,680.5)
(b)
(5,288.9)
(b)
Net financial debt
(a)
18,484.2
20,047.4
(a) Corresponds to the external financial debt and therefore excludes financing of partners. (b) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2025 for \u20ac4.7 Mn and in 2024 for \u20ac6.4 Mn. Net cash at period end
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Marketable securities
\u2013
0.4
Short-term deposit
(a)
903.7
2,756.7
Cash
1,776.8
2,531.9
Total assets
2,680.5
5,288.9
Bank overdrafts and current accounts to balance out cash flow
(4.7)
(6.4)
Total liabilities
(4.7)
(6.4)
Net cash at period end
2,675.8
(c)
5,282.5
(b
(a) Short-term deposits are denominated in euro and USD. (b) The high level of cash as at December 31, 2024, aimed to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2024, and maturing within 1 year. (c) Net cash position decreased as at December 31, 2025 compared to December 31, 2024 mainly due to the use of available cash to repay borrowings and financial liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-663": { "value": "Financing activity Sustainability-linked Loans and credit facilities In 2025, the Group renewed \u20ac1.15 Bn sustainability-linked credit facilities with an average maturity of 5.0 years while \u20ac3.35 Bn existing ones were extended by one year. As at December 31, 2025, the total credit lines featuring with green or sustainable indicators stands at \u20ac8.0 Bn, and the sustainability-linked term loans amount to \u20ac0.3 Bn. Green Bonds The Group current Green Bond framework was launched in November 2022, which will apply for all new green financing issuances going forward. The Green Financing Framework establishes clear requirements for the financing and/or refinancing of eligible new development projects and the regeneration of standing assets. It imposes higher standards on energy performance and new more stringent eligibility criteria. As at December 31, 2025, the outstanding nominal value of Green Bonds amounts to \u20ac2.05 Bn. Note 7. Financing and \ufb01nancial instruments 7.1. Accounting principles 7.1.1. Financial instruments (IAS 32/ IFRS 7/IFRS 9/IFRS 13) Classi\ufb01cation and measurement of non- derivative \ufb01nancial assets and liabilities Financial assets Under IFRS 9, on initial recognition, a financial asset is classified and measured at amortised cost, at Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) or at Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset representing a debt instrument is measured at amortised cost if it meets both of the following conditions and is not designated as measured at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset representing a debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as measured at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group irrevocably elected to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price according to IFRS 15) is initially measured at fair value plus, for items not measured at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets for the Group: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by expected impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial assets at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at FVTPL except in the case of an irrevocable election to classify them at FVOCI that cannot be reclassified. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial liabilities Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Non-derivative financial liabilities are recognised at FVTPL. Classi\ufb01cation and measurement of \ufb01nancial derivatives The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro hedging strategy for its debt. Except for some currency derivatives, the Group has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Valuation of credit risk and derivatives The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits the measurement of fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard.
7.1.3. Discounting of deferred payments
Long-term liabilities and receivables are discounted when this has a significant impact:
\u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date;
\u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and
\u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting.
7.2.2. Fair value adjustment of derivatives, debts and currency effect
(\u20ac\ue002 Mn) 2025 2024
Currency impact
(83.1)
52.8
Mark-to-market, costs of purchase and disposals of derivatives
(148.4)
36.8
Other financial assets and liabilities
(12.6)
(25.8)
Debt discounting
(0.1)
(0.1)
Total non-recurring financial result
(244.2)
63.7
7.3. Financial assets and liabilities 7.3.1. Investment in \ufb01nancial assets Investments in financial assets mainly correspond to vendor loans agreed on during asset disposals in France and Central Europe, and equity interests in unlisted investments in the US. As at December 31, 2025, investments in financial assets stand at \u20ac263.0 Mn (compared to \u20ac269.1 Mn as at December 31, 2024). This decrease is mainly driven by the disposal of shares at fair value through equity and the change of value of other financial assets at fair value. 7.3.2. Main \ufb01nancing transactions in 2025 Bond and Hybrid instruments: Over the year 2025, URW proactively optimized its capital structure through two hybrid transactions (see note 1.1.5 \u201cTender Offer Hybrid\u201d): \u2022 In April, URW successfully re-couponed and reduced its hybrid portfolio through: - Full redemption of its \u20ac995 Mn NC2028 hybrid at a 7.25% coupon via: \u2022 Buyback of 94.4% (\u20ac939 Mn) at market value; and \u2022 Repayment of \u20ac56 Mn at par using the \u2018minimal outstanding amount call option\u2019; - Financed through: \u2022 Issuance of \u20ac815 Mn NC2030 Hybrid at a 4.875% coupon, 3.1x oversubscribed at peak; \u2022 \u20ac180 Mn in cash. \u2022 In September, URW further optimized its hybrid structure through: - Tender of \u20ac417 Mn of its \u20ac750 Mn NC2026 hybrid at a 2.875% coupon, callable in Q2 2026; - Full redemption of the \u20ac99.8 Mn NC2025 hybrid at 5.142% coupon, via the \u2018minimal outstanding amount call option\u2019; and - Financed through the issuance of \u20ac685 Mn NC2031 hybrid at a 4.75% coupon, 2.6x oversubscribed at peak. As at end of 2025, the Group\u2019s hybrid portfolio stood at \u20ac1,833 Mn. In addition, in November, the Group fully repaid, ahead of its June 2026 maturity, a \u20ac600 Mn senior bond with a coupon of 2.5%, above cash remuneration conditions, further optimizing its financial expenses. Bank debt, credit facility and short-term paper: In April, URW proactively repaid with its available cash a \u20ac150 Mn short-term floating loan with an eq. 4.22% coupon and remaining maturity of 2.3 years. Over the year, \u20ac1.15 Bn sustainability-linked credit facilities were signed with an average maturity of 5 years while \u20ac3.35 Bn existing ones were extended by one year. The Group also returned to the French and US money markets for the first time since 2022 and 2018 respectively, to broaden access to cost- efficient funding amid declining short-term rates and lower cash position. It secured: \u2022 Cumulated amount of \u20ac796 Mn over 1.3 months on average in Neu CP, all matured over the period; and \u2022 $100 Mn of US Commercial Papers (USCP) executed in December 2025 for 1-month. Mortgage debt: The Group refinanced $1.2 Bn of its US non-recourse mortgage debt at attractive conditions through: \u2022 $275 Mn of a new 5-year CMBS secured by Westfield Galeria at Roseville at an improved fixed rate coupon of 5.585% (vs. 7.57%(1) previously), executed in March 2025; \u2022 $925 Mn of a new 5-year CMBS secured by Westfield Century City at an improved coupon of 5.27% (vs. 7.13%(2) previously), executed early July 2025. In 2025, this transaction corresponded to the lowest fixed- rate coupon on a mall SASB(3) CMBS in 5 years, and the lowest AAA spread for a 5-year fixed rate mall SASB CMBS since 2019. In addition, in February 2025, the Group\u2019s acquired its JV partner\u2019s remaining 47% stake in Westfield Wheaton, increasing its interest to 100%. The $234.6 Mn mortgage debt backed by the asset was repaid in December 2025 at a $30 Mn discount ($205 Mn cash out), reducing the Group\u2019s debt accordingly. (1) SOFR+325 bps, using SOFR at 4.317%. (2) SOFR+281bps, using SOFR at 4.327%. (3) For a Single Asset Single Borrower.
7.3.3. Financial debt breakdown and outstanding duration to maturity
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac\ue002 Mn)
Lessthan1year
1yearto5years
Morethan5years
 Dec. 31, 2025
Dec.31,2024
Bonds and EMTNs
632.1
9,291.0
8,490.9
18,414.0
22,467.5
(a) (b)
Principal debt
554.7
9,291.1
8,488.1
18,333.9
22,369.2
Accrued interest
181.8
\u2013
\u2013
181.8
225.1
Issuance costs
(52.8)
\u2013
\u2013
(52.8)
(67.1)
Bonds redemption premium
(51.3)
\u2013
\u2013
(51.3)
(62.3)
Mark-to-market of debt
(0.2)
(0.1)
2.8
2.5
2.6
Bank borrowings
379.0
2,315.6
\u2013
2,694.6
2,992.6
(b)
Principal debt
393.6
2,315.6
\u2013
2,709.2
3,009.0
Accrued interest
12.8
\u2013
\u2013
12.8
16.2
Borrowings issue fees
(32.2)
\u2013
\u2013
(32.2)
(35.3)
Accrued interest on bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Bank overdrafts and current accounts to balance out cash flow
4.7
\u2013
\u2013
4.7
6.4
Mark-to-market of debt
0.1
\u2013
\u2013
0.1
(3.8)
Other financial liabilities
85.0
32.5
891.1
1,008.6
1,120.4
(b)
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
85.1
\u2013
Accrued interest on interbank market instruments and negotiable
(0.1)
\u2013
\u2013
(0.1)
\u2013
instruments
(c)
Current accounts with non-controlling interests
\u2013
32.5
891.1
923.6
1,120.4
Lease liabilities
21.7
40.0
509.5
571.2
979.3
Total financial debt
1,117.8
11,679.1
9,891.5
22,688.4
27,559.9
(a) Includes currency impacts on debt raised in foreign currency for an amount of -\u20ac31.8 Mn as at December 31, 2025 (+\u20ac48.3 Mn as at December 31, 2024). In the financial
resources, the bonds include issuances denominated in foreign currencies.
(b) Includes the following debts denominated in foreign currency: $3,000.0 Mn, HKD 500.0 Mn and \u00a3500.0 Mn of bonds and EMTNs (eq. euro respectively \u20ac2,553.2 Mn, \u20ac54.7 Mn
and \u20ac573.0 Mn), $1,530.3 Mn of bank borrowings (eq. euro \u20ac1,302.4 Mn) and $100.0 Mn (eq. euro \u20ac85.1 Mn) of interbank market instruments and negotiable instruments.
(c) They are considered as non-current as they are financing the related assets.
The variation of financial debt by flows breaks down as follows: (a)
Cash \ufb02ows Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2024
(b)
Increase
Decrease
(c)
interest
(d)
scope
(e)
translation
impact
(f)
Others
Dec. 31, 2025
Bonds and EMTNs
22,467.5
\u2013
(3,604.8)
(39.1)
\u2013
(434.0)
0.3
24.1
18,414.0
Bank borrowings
2,992.6
1,086.4
(1,407.8)
2.6
234.1
(188.0)
(29.9)
4.6
2,694.6
Other financial liabilities
1,120.4
154.0
(77.8)
(0.1)
32.3
(3.4)
\u2013
(216.7)
1,008.6
Lease liabilities
979.3
29.9
(62.1)
\u2013
(309.2)
(45.2)
\u2013
(21.5)
571.2
Total
27,559.9
1,270.3
(5,152.5)
(36.6)
(42.8)
(670.6)
(29.6)
(209.5)
22,688.4
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,339.1 Mn and decrease of -\u20ac5,216.4 Mn) mainly due to the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in the lines Financial income / Financial expenses of the consolidated statement of cash flows. (d) The variation of scope includes the acquisition of the remaining 47% stake in Westfield Wheaton. The decrease in lease liabilities is due to the disposal of the airport business (see note 1.1.3 \u201cDisposals in 2025\u201d). (e) The impact of currency translation is mainly explained by the depreciation of the US dollar compared to the euro. (f) The variation in \u201cOthers\u201d mainly reflects the \u20ac216.7 Mn decrease in current accounts with non-controlling interests, following a capital increase within the Viparis entities. It also includes the straightlining of premiums and fees on EMTNs and bank borrowings, and change in recognition of lease liabilities in application of IFRS 16. As at December 2024, the variation of financial debt by flows broke down as follows:
(a)
Cash \ufb02ows
Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2023
(b)
Increase
Decrease
(c)
interest
(d)
scope
translation
impact
(e)
Others
Dec. 31, 2024
Bonds and EMTNs
22,517.4
1,287.6
(1,617.6)
(8.8)
\u2013
261.9
1.7
25.3
22,467.5
Bank borrowings
3,045.7
129.5
(678.1)
(1.2)
314.6
88.2
\u2013
93.9
2,992.6
Other financial liabilities
1,354.9
82.1
(131.9)
\u2013
(184.7)
\u2013
\u2013
\u2013
1,120.4
Lease liabilities
977.0
11.8
(62.7)
\u2013
\u2013
23.1
\u2013
30.1
979.3
Total
27,895.1
1,511.0
(2,490.3)
(10.0)
129.9
373.2
1.7
149.3
27,559.9
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,568.7 Mn and decrease of -\u20ac2,531.4 Mn) mainly due the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in lines \u201cFinancial income\u201d/\u201cFinancial expenses\u201d of the consolidated statement of cash flows. (d) The variation of scope includes the impact on current accounts further the acquisition of complementary stake in URW Germany and the complementary debt on the acquisition of Westfield Montgomery (see note 1.2.1 Acquisitions in 2024). (e) The variation of Others includes straight-lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. Maturity of current and non-current principal debt
Current
Non-current
Less than More than Total
(\u20ac\ue002 Mn)
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
5 years Dec. 31, 2025
Bonds and EMTNs
554.7
2,908.3
1,675.5
2,361.3
2,346.0
8,488.1
18,333.9
Bank borrowings
393.6
360.0
373.9
560.4
1,021.3
\u2013
2,709.2
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
\u2013
\u2013
\u2013
85.1
Lease liabilities
21.7
16.6
9.5
7.4
6.6
509.5
571.2
Total
1,055.1
3,284.9
2,058.9
2,929.1
3,373.9
8,997.6
21,699.4
7.3.4. Characteristics of bonds and EMTNs
Amount at
Dec. 31, 2025
Issue date
Rate
Currency
(\u20ac\ue002 Mn) Maturity
November 2010
Fixed rate 4.17%
EUR
41.0
November 2030
October 2011
Fixed rate 4.1%
EUR
27.0
October 2031
November 2011
Fixed rate 4.05%
EUR
20.0
November 2031
March 2014
Fixed rate 3.08%
EUR
20.0
March 2034
April 2014
Fixed rate 3.08%
EUR
30.0
April 2034
September 2014
Fixed rate 4.75%
USD
425.5
(a)
September 2044
April 2015
Fixed rate 1.38%
EUR
655.0
April 2030
November 2015
Fixed rate 2.07%
EUR
30.0
November 2030
December 2015 Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years
EUR
70.0
December 2030
(floored at 0% capped at 4%)
March 2016
Fixed rate 1.38%
EUR
500.0
March 2026
March 2016
Float rate (Erb6M+0%, floored at 0.95%, capped at 3%)
EUR
20.0
March 2027
April 2016
Fixed rate 1.13%
EUR
500.0
April 2027
April 2016
Fixed rate 2%
EUR
500.0
April 2036
December 2016
Fixed rate HKD swapped back into EUR
HKD
54.7
November 2026
February 2017
Fixed rate 1.5%
EUR
600.0
February 2028
May 2017
Fixed rate 1.5%
EUR
500.0
May 2029
May 2017
Fixed rate 2%
EUR
500.0
May 2037
May 2018
Fixed rate 2.25%
EUR
500.0
May 2038
May 2018
Fixed rate 1.88%
EUR
900.0
January 2031
June 2018
Structured coupon linked to CMS 15 year
EUR
40.0
June 2033
September 2018
Fixed rate 4.63%
USD
425.5
(a)
September 2048
September 2018
Fixed rate 4.13%
USD
425.5
(a)
September 2028
December 2018
Fixed rate 2%
EUR
100.0
December 2033
February 2019
Fixed rate 1%
EUR
750.0
February 2027
February 2019
Fixed rate 1.75%
EUR
750.0
February 2034
March 2019
Fixed rate 2.63%
GBP
573.0
March 2029
June 2019
Fixed rate 3.5%
USD
638.3
(a)
June 2029
July 2019
Fixed rate 1.75%
EUR
500.0
July 2049
October 2019
Fixed rate 2.88%
USD
638.3
(a)
January 2027
October 2019
Fixed rate 0.88%
EUR
750.0
March 2032
April 2020
Fixed rate 2.63%
EUR
800.0
April 2030
June 2020
Fixed rate 2%
EUR
750.0
June 2032
December 2020
Fixed rate 0.63%
EUR
1,000.0
May 2027
December 2020
Fixed rate 1.38%
EUR
1,000.0
December 2031
May 2021
Fixed rate 1.38%
EUR
600.0
May 2033
May 2021
Fixed rate 0.75%
EUR
650.0
October 2028
December 2023
Fixed rate 4.13%
EUR
750.0
December 2030
September 2024
Fixed rate 3.5%
EUR
650.0
September 2029
September 2024
Fixed rate 3.88%
EUR
650.0
September 2034
Total 18,333.9
(a) Subject to covenants (see note 7.3.5 \u201cCovenants\u201d). 7.3.5. Covenants As at December 31, 2025, the LTV (1) ratio amounted to 39.0% (41.7% as at December 31, 2024). The Interest Coverage Ratio(2) (\u201cICR\u201d) for the period stood at 4.4x(3) (4.2x as at December 31, 2024). The Group\u2019s corporate debt(4) covenants levels and corresponding current ratios are set at:
Europe credit Rule 144A and Reg
facilitycovenants
S Bonds
(a)
Financial ratios Dec. 31, 2025 level covenants level
LTV
(b)
39.0%
< 60%
< 65%
ICR
4.4x
> 2x
> 1.5x
FFO
(c)
/NFD
8.9%
> 4%
n/a
Secured debt ratio
(d)
5.1%
n/a
< 45%
Unencumbered leverage ratio
(e)
2.1x
n/a
> 1.25x
(a) Corresponding to $3.0 Bn of Rule 144A Bonds and \u00a30.5 Bn of Reg S Bonds. (b) Ratio calculated based on European bank debt covenant. (c) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) recurring net financial expenses and (ii) tax on recurring operating result. (d) Secured debt/Total assets. (e) Unencumbered assets/Unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2025, 100% of the Group\u2019s credit facilities and loans: \u2022 Allow an LTV of up to 60% for the Group or the borrowing entity, as the case may be; \u2022 Require an ICR > 2x for the Group or the borrowing entity, as the case may be; \u2022 Include an FFO/NFD covenant. These require an FFO/NFD above 4% for the Group or the borrowing entity, as the case may be. Secured debt non-recourse: The non-recourse mortgage debt raised by certain entities of the Group includes financial covenants:
% of non-recourse mortgage
Covenant level range incl. this feature in such covenant
Debt Yield
(a)
covenants
5%-7%
21%
Debt to Rent
8.9x
2%
ICR covenants
1.3x-2.5x
34%
LTV covenants
55%-75%
55%
(a) Debt Yield: ratio of the net operating income to the outstanding loan amount, net of certain cash as defined in the relevant mortgage loan documentation. \u2022 Any breach under these covenants would not lead to a cross-default on the Group\u2019s borrowings; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. (1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d) / Total assets excluding \u20ac561 Mn of goodwill not justified by fee business as per the Group\u2019s European leverage covenants, including transfer taxes. The proportionate LTV ratio is 40.0%. (2) ICR: Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest). Recurring EBITDA is calculated as total recurring operating results and other income minus general expenses, excluding depreciation and amortisation. (3) Proportionate ICR of 4.1x. (4) Corresponds to unsecured debt issued by the Group, i.e. bonds (EMTN, Rule 144A and Reg S Bonds), bank debt (term loans and drawn credit facilities). Short-term debt: There are no financial covenants (such as LTV or ICR) in the Neu MTN, the Neu CP, the ECP and the USCP programmes of URW. 7.3.7. Net \ufb01nancial debt Net financial debt is determined as below: Net \ufb01nancial debt
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Amounts accounted for in balance sheet
Non-current bonds and borrowings
21,021.1
23,419.1
Current borrowings and amounts due to credit institutions
1,096.1
3,161.5
Total financial liabilities
22,117.2
26,580.5
Adjustments
Mark-to-market of debt
(2.6)
1.2
Current accounts with non-controlling interests
(a)
(923.6)
(1,120.4)
Impact of derivative instruments on debt raised in foreign currency
31.8
(48.3)
Accrued interests/issuance fees
(58.1)
(76.6)
Total financial liabilities (nominal value)
21,164.7
(b)
25,336.4
(b)
Cash and cash equivalents
(2,680.5)
(b)
(5,288.9)
(b)
Net financial debt
(a)
18,484.2
20,047.4
(a) Corresponds to the external financial debt and therefore excludes financing of partners. (b) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2025 for \u20ac4.7 Mn and in 2024 for \u20ac6.4 Mn. Net cash at period end
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Marketable securities
\u2013
0.4
Short-term deposit
(a)
903.7
2,756.7
Cash
1,776.8
2,531.9
Total assets
2,680.5
5,288.9
Bank overdrafts and current accounts to balance out cash flow
(4.7)
(6.4)
Total liabilities
(4.7)
(6.4)
Net cash at period end
2,675.8
(c)
5,282.5
(b
(a) Short-term deposits are denominated in euro and USD. (b) The high level of cash as at December 31, 2024, aimed to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31, 2024, and maturing within 1 year. (c) Net cash position decreased as at December 31, 2025 compared to December 31, 2024 mainly due to the use of available cash to repay borrowings and financial liabilities.
7.4. Hedging instruments
7.4.1. Change in derivatives
2025
Amounts recognised in the
statement of comprehensive income
Fair value Other Changes in
adjustments of comprehensive scope of
(\u20ac\ue002 Mn)
Dec. 31, 2024
derivatives income
consolidation
Acquisitions
Disposals
Reallocation
Dec. 31, 2025
Assets
Derivatives at fair value
250.6
(89.8)
\u2013
\u2013
59.7
(25.1)
\u2013
195.3
non-current
\u2022
Without a hedging relationship
250.6
(89.8)
\u2013
\u2013
59.7
(25.1)
\u2013
195.3
Liabilities
Derivatives at fair value
761.7
12.9
\u2013
\u2013
138.2
(114.2)
\u2013
798.7
non-current
\u2022
Without a hedging relationship
761.7
12.9
\u2013
\u2013
138.2
(114.2)
\u2013
798.7
Net
(511.2)
(102.7)
\u2013
\u2013
(78.6)
89.0
\u2013
(603.4)
2024
Amounts recognised in the
statement of comprehensive income
Fair value Other Changes in
adjustments of comprehensive scope of
(\u20ac\ue002 Mn)
Dec. 31, 2023
derivatives income
consolidation
Acquisitions
Disposals
Reallocation
Dec. 31, 2024
Assets
Derivatives at fair value
250.7
5.6
0.0
\u2013
40.9
(46.8)
\u2013
250.6
non-current
\u2022
Without a hedging relationship
250.7
5.6
0.0
\u2013
40.9
(46.8)
\u2013
250.6
Liabilities
Derivatives at fair value
796.3
320.7
\u2013
\u2013
206.1
(561.4)
\u2013
761.7
non-current
\u2022
Without a hedging relationship
796.3
320.7
\u2013
\u2013
206.1
(561.4)
\u2013
761.7
Net
(545.6)
(315.1)
0.0
\u2013
(165.1)
514.6
\u2013
(511.2)
7.5. Risk management policy 7.5.1. Liquidity risk The following table shows the Group\u2019s contractually agreed interest payments and repayments of the non-derivative financial liabilities (excluding leases liabilities and current accounts) and the derivatives with positive and negative fair values. Amounts in foreign currency were translated at the closing rate at the reporting date. The payments of the floating rate interests have been calculated on the basis of the last interest rates published on December 31, 2025. Commercial paper has been allocated at the earliest period of redemption even if they are rolled over. All other borrowings have been allocated by date of maturity.
Carrying
amount
(a)
Less than 1 year
1 year to 5 years
More than 5 years
(\u20ac\ue002 Mn) Dec. 31, 2025
Interest
Redemption
Interest
Redemption
Interest
Redemption
Bonds, borrowings and amounts due to credit institutions
Bonds and EMTNs
(18,333.9)
(409.4)
(554.7)
(1,321.5)
(9,291.1)
(1,403.3)
(8,488.1)
Bank borrowings and other financial liabilities
(b)
(2,794.3)
(115.3)
(478.7)
(304.8)
(2,315.6)
\u2013
\u2013
Financial derivatives
Derivative financial liabilities
Derivatives without a hedging relationship
(798.7)
(4.3)
(12.3)
(39.6)
(51.4)
(432.6)
\u2013
Derivative financial assets
Derivatives without a hedging relationship
195.3
54.6
\u2013
51.0
\u2013
\u2013
\u2013
(a) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d). (b) Excludes current accounts with non-controlling interests and lease liabilities. The average maturity of the Group\u2019s debt stood at 7.0 years and at 5.7 years, with and without taking into account the undrawn credit lines(1) and cash on hand. URW\u2019s debt maturing over the next 12 months amounts to \u20ac1,033.4 Mn(2) (including \u20ac555 Mn of bonds). In any event, the next 12 months\u2019 debt repayment needs are fully covered(3) by \u20ac11.4 Bn including \u20ac2.7 Bn of cash on hand and \u20ac8.7 Bn of credit facilities. The credit facilities maturing over the next 12 months amount to \u20ac0.3 Bn. URW is considering opportunities to extend or renew part of these maturing lines. URW\u2019s long-term refinancing policy consists of diversifying the Group\u2019s expiry schedules and financial resources. Accordingly (on IFRS basis), bonds and EMTN issues represented 87% of financial nominal debt at December 31, 2025, and bank loans, mortgages and overdrafts 13%. 7.5.2. Counterparty risk Due to its use of derivatives to minimise its interest and exchange rate risk, the Group is exposed to potential counterparty defaults. The counterparty risk is the risk of replacing the derivative transactions at current market rates in the case of default. To limit counterparty risk, URW relies solely on major international banks for its hedging operations. In case of derivative termination, netting can apply as a result of existing agreements between the Group and the banks. The related amounts of derivative instruments would be \u20ac25.9 Mn for assets and \u20ac652.2 Mn for liabilities. 7.5.3. Credit risk Credit risk arises from cash and equivalents as well as credit exposures with respect to rental customers. Credit risk is managed on a Group level. The Group structures the level of credit risk it accepts by placing limits on its exposure to a single counterparty, or groups of counterparties, and to geographical and industry segments. Such risks are subject to at least an annual review, and often more frequently. The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. In the Shopping Centres segment, the risk of insolvency is spread widely across a large number of tenants. When tenants sign their lease agreements, they are typically required to provide financial guarantees, such as a deposit, first-demand guarantee or a surety bond amounting to between 3 and 6 months\u2019 rent. (1) Subject to covenants. (2) Excluding \u20ac4.7 Mn of overdraft and including a currency impact of -\u20ac6.1 Mn. (3) Subject to covenants. Payments for ancillary services provided by the C&E segment are generally received in advance, thereby reducing the risk of unpaid debt. Late payment reminders are automatically issued in respect of late payments and penalties are applied, in normalised context. Such late payments are monitored by a special \u201cdefault\u201d committee in each business segment, which decides on the pre-litigation or litigation action to be taken. According to IFRS 9, the estimated provision corresponds to the amount that the Company does not expect to recover. Although, when collecting a tenant deposit or obtaining a bank guarantee, URW partially covers the possible future losses. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. As at December 31, 2025, the gross amount of receivables amounted to \u20ac927.4 Mn and the provision for doubtful debtors to -\u20ac268.8 Mn compared with \u20ac754.2 Mn and -\u20ac266.4 Mn, respectively, at the end of December 2024. The increase of the gross receivables results from a change in accounting treatment, as advanced billing is now recorded as receivables with a corresponding entry in deferred revenue. The amount of the overdue trade receivables amounts to \u20ac353.6 Mn in 2025. 7.6. Market risk Market risks can generate losses resulting from fluctuations in interest rates, exchange rates, raw material prices and share prices. URW\u2019s risk mainly relates to (i) interest rate fluctuations on the debt it has taken out to finance its investments and maintain the cash position it requires and (ii) exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. 7.6.1. Interest rate risk management Average cost of debt The average cost of debt corresponds to the ratio between \u201crecurring financial expenses (excluding the ones on financial leases and partners\u2019 current accounts) + capitalised financial expenses (excluding non- recurring financial expenses such as mark-to-market and termination costs of financial instruments including bonds repurchased, currency impact)\u201d and \u201caverage net debt over the period\u201d. The average cost of debt as at December 31, 2025, was 2.1%, slightly increasing compared to 2024 (2.0%) due to redemption of debt with low coupon and lower cash remuneration, partly offset by the benefit of 2025 FX hedging.
Measuring interest rate risk
As at December 31, 2025, the measuring interest risk is as follows:
Financial liabilities
(\u20ac\ue002 Mn)
Fixed rate
Variable rate
(a)
Less than 1 year
938.2
100.0
1 year to 2 years
3,038.3
230.0
2 years to 3 years
1,675.5
373.9
3 years to 4 years
2,663.8
257.9
4 years to 5 years
3,367.3
\u2013
More than 5 years
8,488.1
\u2013
Total
20,171.1
961.8
(a) Including index-linked debt.
The Group does not have a micro-hedging strategy, except when both currency exchange risk and interest rate risk are hedged, which enables it not to
correlate its liquidity risk and interest rate risk management. Consequently, the maturities of the debts and hedging instruments can be dissociated
and the outstanding derivative instruments can hedge a part of the fixed rate debt maturing in the following years.
The interest cost of outstanding debt was fully hedged as at December 31, 2025, through both:
\u2022 Debt kept at a fixed rate; and
\u2022 Hedging in place as part of URW\u2019s macro hedging policy.
Over 2025, the Group continued to adjust its hedging position in view of market conditions, its current disposal and investment plans, its existing
hedging programme and debt
(1)
as well as the debt the Group expects to raise in next years.
The Group\u2019s net interest rate position
(2)
is fully hedged for 2026.
Measuring interest rate exposure
Based on the Group\u2019s budgeted debt for 2026 and hedging position over the period, if interest rates
(3)
(Euribor, SOFR) were to increase/decrease by
+/-50 Bps, the Group\u2019s recurring result in 2026 would be impacted by:
Euros (\u20ac Mn)
USD ($ Mn)
Total eq. Euros (\u20ac Mn)
-50 bps interest rate
+1.6
+8.5
+8.8
+50 bps interest rate
+14.0
+0.0
+14.0
(1) On a proportionate basis.
(2) The hedging instruments are used to hedge (i) the variable rate debt and (ii) the fixed rate debt immediately converted into variable rate debt, through the Group\u2019s macro hedging.
(3) The theoretical impact of an increase/decrease in interest rates is calculated relative to the 1-year forward interest rates as at December 31, 2025: 3M Euribor (2.067%), 1M SOFR
(3.4237%). The impact on exchange rates due to this theoretical increase/decrease in interest rates is not taken into account.
7.6.2. Management of exchange risks Measure of exposure to foreign exchange risks as at December 31, 2025 The Group is active in countries outside the Eurozone. When converted into euros, the income and value of the Group\u2019s investments may be impacted by fluctuations in exchange rates against the euro. The Group\u2019s policy objective is to apply a broadly consistent LTV (1) by currency allowing it to match part of the foreign currency asset value and income with debt and financial expenses in the same currency, thus reducing the exchange rate effects on the Group\u2019s balance sheet and earnings. Foreign exchange risk can be hedged by either matching investments in a specific currency with debt in the same currency or using derivatives to achieve the same risk management goal. Exposure sensitivity to currency exchange rate Measure of the exposure to other risks as at December 31, 2025 (\u20ac Mn)
Hedging Exposure net
Currency
Assets
Liabilities
Net exposure instruments of hedges
USD
9,545
(4,753)
4,793
\u2013
4,793
GBP
3,113
(1,381)
1,732
599
2,331
SEK
2,222
(288)
1,933
\u2013
1,933
Other
570
(117)
453
55
508
Total
15,450
(6,539)
8,911
654
9,565
Exposure sensitivity to currency exchange rate The Group\u2019s FX main exposures are in USD, GBP and SEK. A change of 10% of EUR/USD, EUR/GBP or EUR/SEK (i.e. a 10% increase (2) of EUR against the USD, GBP or SEK) would have an impact on shareholders\u2019 equity and on the recurring net result as follows:
Dec. 31, 2025 Dec. 31, 2024
Net recurring Equity gain/ Net recurring
(\u20ac\ue002 Mn) result gain/(loss) (loss)
result gain/(loss)
Equity gain/(loss)
Impact of an increase of +10% in the EUR/USD exchange
(27.3)
(435.7)
(27.9)
(432.5)
Impact of an increase of +10% in the EUR/GBP exchange
(13.9)
(211.9)
(15.8)
(152.4)
Impact of an increase of +10% in the EUR/SEK exchange
(8.5)
(175.8)
(8.1)
(174.2)
The impact on 2026 recurring net result would be fully offset by the FX hedging that the Group has put in place against EUR/USD, EUR/GBP and EUR/ SEK fluctuations. (1) On a proportionate basis. (2) Based on FX rate as at December 31, 2025. 7.7. Carrying value of \ufb01nancial instruments per category FAAC: Financial Asset at Amortised Cost FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income FAFVTPL: Financial Asset at Fair Value Through Profit or Loss FLAC: Financial Liabilities at Amortised Cost FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss
Amounts recognised in statement of \ufb01nancial position
according to IFRS 9
Categories in Fair value Fair value
Dec. 31, 2025 accordance with Carrying amount recognised recognised in
(\u20ac\ue002 Mn) IFRS 9 Dec. 31, 2025
Amortised cost
in equity pro\ufb01t and loss
Fair value
Assets
Investments in financial assets FAAC/FAFVOCI
263.0
142.3
29.2
91.5
263.0
/FAFVTPL
Derivatives at fair value
FAFVTPL
195.3
\u2013
\u2013
195.3
195.3
Trade receivables from activity
(a)
FAAC
457.4
457.4
\u2013
\u2013
457.4
Other receivables
(b)
FAAC
249.3
249.3
\u2013
\u2013
249.3
Cash and cash equivalents
FAAC/FAFVTPL
2,680.5
903.7
\u2013
1,776.8
2,680.5
3,845.5
1,752.8
29.2
2,063.6
3,845.5
Liabilities
Commitment to non-controlling interests
FLFVTPL
88.4
\u2013
\u2013
88.4
88.4
Financial debts
(c)
FLAC
22,688.5
22,688.5
\u2013
\u2013
21,370.1
Derivatives at fair value
FLFVTPL
798.7
\u2013
\u2013
798.7
798.7
Non-current amounts due on investments
FLAC
21.9
21.9
\u2013
\u2013
21.9
Other non-current liabilities
FLAC/FLFVTPL
26.4
26.4
\u2013
\u2013
26.4
Amounts due to suppliers and other current debt
(d)
FLAC
1,108.2
1,108.2
\u2013
\u2013
1,108.2
24,732.1
23,845.1
\u2013
887.0
23,413.7
(a) Excluding rent-free periods and step rents. (b) Excluding prepaid expenses, service charges due and tax receivables. (c) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac20,032.6 Mn valued at \u20ac18,714.2 Mn. (d) Excluding deferred income, service charges billed and tax liabilities.
FAAC: Financial Asset at Amortised Cost
FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income
FAFVTPL: Financial Asset at Fair Value Through Profit or Loss
FLAC: Financial Liabilities at Amortised Cost
FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss
Amounts recognised in statement of \ufb01nancial position
according to IFRS 9
Categories in Fair value Fair value
Dec. 31, 2024 accordance with Carrying amount recognised in recognised in
(\u20ac\ue002 Mn) IFRS 9 Dec. 31, 2024
Amortisedcost
equity pro\ufb01t and loss
Fairvalue
Assets
Investments in financial assets FAAC/FAFVOCI
269.1
122.0
31.2
115.9
269.1
/FAFVTPL
Derivatives at fair value
FAFVTPL
250.6
\u2013
\u2013
250.6
250.6
(a)
Trade receivables from activity
FAAC
282.3
282.3
\u2013
\u2013
282.3
(b)
Other receivables
FAAC
297.2
297.2
\u2013
\u2013
297.2
Cash and cash equivalents
FAAC/FAFVTPL
5,288.9
2,756.7
\u2013
2,532.2
5,288.9
6,388.2
3,458.2
31.2
2,898.8
6,388.2
Liabilities
Commitment to non-controlling interests
FLFVTPL
93.8
\u2013
\u2013
93.8
93.8
(c)
Financial debts
FLAC
27,559.9
27,559.9
\u2013
\u2013
25,609.2
Derivatives at fair value
FLFVTPL
761.7
\u2013
\u2013
761.7
761.7
Non-current amounts due on investments
FLAC
15.7
15.7
\u2013
\u2013
15.7
Other non-current liabilities
FLAC/FLFVTPL
29.8
29.8
\u2013
\u2013
29.8
(d)
Amounts due to suppliers and other current debt
FLAC
1,171.6
1,171.6
\u2013
\u2013
1,171.6
29,632.6
28,777.1
\u2013
855.6
27,681.8
(a) Excluding rent-free periods and step rents.
(b) Excluding prepaid expenses, service charges due and tax receivables.
(c) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac22,933.2 Mn valued at
\u20ac20,982.4 Mn.
(d) Excluding deferred income, service charges billed and tax liabilities.
\u201cTrade receivables from activity\u201d, \u201cOther receivables\u201d, \u201cCash and cash equivalents\u201d and \u201cAmounts due to suppliers and other current debt\u201d mainly
have short-term maturity. Consequently, their carrying amounts at the reporting date approximate the fair value.
7.7.1. Fair value hierarchy of \ufb01nancial assets and liabilities IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified: \u2022 Level 1: financial instruments quoted in an active market; \u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets; and \u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data.
Fair value measurement at Dec. 31, 2025
(\u20ac\ue002 Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
91.5
\u2013
\u2013
91.5
Derivatives
195.3
\u2013
195.3
\u2013
Marketable securities
\u2013
\u2013
\u2013
\u2013
Fair value through equity
Investments in financial assets
29.2
\u2013
\u2013
29.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
316.1
\u2013
195.3
120.7
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
88.4
\u2013
\u2013
88.4
Derivatives
798.7
\u2013
798.7
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
887.0
\u2013
798.7
88.4
7.7.2. Net gain/loss by category URW closely monitors its financial risk linked to its activity and the financial instruments it uses. The Group identifies and regularly evaluates its different risk exposures (liquidity, interest rates, and currency exchange rates) in order to implement the adopted strategy.
2025 Net gain/(loss)
(\u20ac\ue002 Mn) From interest
in profit and loss
in equity
Investments in financial assets
1.5
1.5
(0.3)
Hedging instruments at fair value through profit and loss
163.8
163.8
\u2013
Financial liabilities at amortised cost
(675.5)
(675.5)
\u2013
(510.1)
(510.1)
(0.3)
Capitalised expenses
63.7
Net financial expenses
(446.4)
2024 Net gain/(loss)
(\u20ac\ue002 Mn)
From interest
in profit and loss
in equity
Investments in financial assets
3.9
3.9
(6.4)
Hedging instruments at fair value through profit and loss
150.4
150.4
\u2013
Financial liabilities at amortised cost
(700.2)
(700.2)
\u2013
(545.9)
(545.9)
(6.4)
Capitalised expenses
79.9
Net financial expenses
(466.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-632": { "value": "3.1.1. Scope and methods of consolidation The scope of consolidation includes all companies controlled by URW and all companies in which the Group exercises joint control or significant influence. According to IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group considers all facts and circumstances when assessing whether it controls an investee. The control over an investee is reassessed if facts and circumstances indicate that there are changes to one or more of the elements mentioned above. The method of consolidation is determined by the type of control exercised: \u2022 Control: the companies are fully consolidated; \u2022 Joint control: the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, and revenues and expenses relating to its interests in the joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method; and \u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case. The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US and UK through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. Associates are those entities not controlled by the Group, but in which it has a significant influence according to IAS 28. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-557": { "value": "
The scope of consolidation includes all companies controlled by
URW and all companies in which the Group exercises joint control or
significant influence.
According to IFRS 10, an investor controls an investee when it is
exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through its
power over the investee.
The Group considers all facts and circumstances when assessing
whether it controls an investee. The control over an investee is
reassessed if facts and circumstances indicate that there are
changes to one or more of the elements mentioned above.
The method of consolidation is determined by the type of control
exercised:
\u2022 Control: the companies are fully consolidated;
Consequently, when non-controlling shareholders have an
agreement to sell, non-controlling interests are reclassified as debt
at the present value of the exercise price. The difference between the
latest value and the net carrying value of the non-controlling
interests is recognised as equity attributable to the holders of the
Stapled Shares. Any subsequent change in debt is also accounted for
as equity attributable to the holders of the Stapled Shares. Income
from non-controlling interests and dividends are recorded in equity
attributable to the holders of the Stapled Shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-558": { "value": "
\u2022 Joint control: the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing
control. The classification of a joint arrangement as a joint
operation or a joint venture depends upon the rights and
obligations of the parties to the arrangement:
- A joint operation is a joint arrangement whereby the parties that
have joint control of the arrangement have rights to the assets,
and obligations for the liabilities, relating to the arrangement.
Each party shall account for the assets which it has rights to,
liabilities which it has obligations for, and revenues and
expenses relating to its interests in the joint operation; and
- A joint venture is a joint arrangement whereby the parties that
have joint control of the arrangement have rights to the net
assets of the arrangement. Joint ventures are accounted for
using the equity method; and
6.1. Accounting principles The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US and UK through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. 6.3. Joint ventures According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. 6.3.1. Description of the main joint ventures accounted for using the equity method The main jointly controlled assets accounted for using the equity method are the following:
% Interest as at % Interest as at
Name of investment
Geographical area
Dec. 31, 2025 Dec. 31, 2024
Westfield Stratford City
UK
50.0%
50.0%
Cherry Park Property & ResiCo
UK
25.0%
25.0%
CGI Metropole sro
Central Europe
50.0%
50.0%
Westfield Rosny 2
France
26.0%
26.0%
Westfield CentrO
Germany
50.0%
50.0%
Paunsdorf Center
Germany
45.0%
45.0%
Westfield Culver City
US
55.0%
55.0%
Westfield Garden State Plaza
US
50.0%
50.0%
Westfield Southcenter
US
55.0%
55.0%
Westfield Topanga
US
55.0%
55.0%
Westfield UTC
US
50.0%
50.0%
Westfield Valley Fair
US
50.0%
50.0%
The significant joint ventures accounted for using the equity method are presented below: West\ufb01eld Stratford City (London, United Kingdom) Westfield Stratford City is a joint venture with Canneth Limited Partnership Inc. The partnership is governed through a business manager, which is a company jointly owned by both partners. This business manager has significant powers to conduct the business. The budget, capital expenditures and a number of major decisions relating to debt financing, and approval of any refurbishment and development, and disposals, require the approval of both partners. Therefore, under IFRS 10, Westfield Stratford City is jointly controlled by both partners. Partnerships in the United States Per the co-ownership and PM agreements with its joint venture partners, the Group is restricted from exercising control over these interests even though the Group has more than 50% ownership interest and voting rights. Major decisions require the approval of both the Group and the joint venture partners and operating and capital budgets must be approved by the management committee (both owners have equal representation on this committee). The Group therefore has joint control over the investments and they are accounted for using the equity method. West\ufb01eld CentrO (Germany) Westfield CentrO, a leading shopping centre located in Oberhausen, is jointly held by the Group and Canada Pension Plan Investment Board (\u201cCPPIB\u201d). The joint venture is governed by a board of directors with 6 members, 3 appointed by URW and 3 appointed by CPPIB. The relevant activities are the leasing, equipment, building, renovation, as well as the management, servicing and maintenance of these assets. The decision- making process for all these relevant activities requires the approval of both partners. Therefore, these companies which are joint ventures are accounted for using the equity method. 6.3.2. Consolidated \ufb01nancial position of the joint ventures The main items of the statements of financial position and income statement of joint ventures are presented in aggregate in the tables below. These items are stated in Group share including restatements for consolidation purposes. Shopping Centres and Convention & Exhibition companies
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Investment properties
6,562.9
7,110.8
Other non-current assets
5.7
8.1
Current assets
271.4
281.6
Assets held for sale
4.6
\u2013
Total assets
6,844.6
7,400.5
Restated shareholders\u2019 equity
5,149.5
5,503.1
Deferred tax liabilities
68.4
88.3
Shareholders loans
220.2
235.2
External borrowings
(1)
1,227.7
1,410.4
Other non-current liabilities
29.8
28.9
Current liabilities
149.1
134.6
Total liabilities
6,844.6
7,400.5
(1) Includes current and non-current borrowings.
(\u20ac\ue002 Mn) 2025 2024
NRI
374.3
389.8
Change in fair value of investment properties and disposals
66.7
(292.0)
Financial result
(40.7)
(49.1)
Net result
379.9
20.3
6.3.3. Valuation assumptions and sensitivity for assets accounted for using the equity method Shopping Centres All shopping centres are valued using the DCF and/or yield methodologies. The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity method. The table for the fully consolidated assets is presented in note 5.1.2 \u201cInvestment properties at fair value \u2013 IFRS basis\u201d. The table in proportionate basis is available in the \u201cManagement discussion & analysis\u201d section of the Universal Registration Document.
Exit
Rent in \u20ac Capitalisation
Shopping Centres - December 31, 2025 Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
8.9%
1,043
9.5%
7.4%
3.8%
Europe
Min
4.9%
173
6.6%
5.1%
1.8%
Weighted average
6.1%
440
7.3%
5.9%
2.4%
Max
10.0%
1,175
11.3%
10.5%
4.9%
US
Min
4.6%
401
7.0%
5.0%
2.0%
Weighted average
5.5%
787
7.6%
5.9%
3.8%
NIY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. The UK assets are included in the table. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used) . The tables below show the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets under development. The percentages below are indicative of evolutions, in the case of various evolutions, of NIY, DR, ECR and appraisers\u2019 ERV.
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(270)
(4.1)%
+25 bps in DR
(119)
(1.8)%
+10 bps in ECR
(69)
(1.1)%
-5% in appraisers\u2019 ERV
(195)
(3.0)%
Sensitivity
Impact in \u20ac Mn
Impact in %
-25 bps in NIY
+294
+4.5%
-25 bps in DR
+121
+1.9%
-10 bps in ECR
+72
+1.1%
+5% in appraisers\u2019 ERV
+189
+2.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-605": { "value": "Joint control: the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement: - A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Each party shall account for the assets which it has rights to, liabilities which it has obligations for, and revenues and expenses relating to its interests in the joint operation; and - A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method; and 6.1. Accounting principles The accounting principles are detailed in note 3.1.1 \u201cScope and methods of consolidation\u201d. Following the Westfield acquisition, the Group has significant co-ownership interest in a number of properties, mainly in the US and UK through property partnerships or trusts. These joint ventures are accounted for using the equity method. The Group and its joint ventures use consistent accounting policies. According to IFRS 11, joint ventures are those entities in which the Group has joint control established by contractual agreement and rights to the net assets of the arrangement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-606": { "value": "\u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case. Associates are those entities not controlled by the Group, but in which it has a significant influence according to IAS 28. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-559": { "value": "\u2022 Significant influence: accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but it is not control or joint control of those policies. It is presumed where an entity holds 20% or more of the voting power (directly or through subsidiaries) on an investee, unless it can be clearly demonstrated that this is not the case. 6.4. Associates Associates are those entities not controlled by the Group, but in which it has a significant influence according to IAS 28. 6.4.1. Description of the main associates accounted for using the equity method The main associates relate to the following assets: \u2022 Fonci\u00e8re Crossroads which owns the shopping centres A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon; \u2022 Zlote Tarasy complex (Warsaw); \u2022 Triangle Renan, a co-investment partnership for the development of Triangle Tower project; \u2022 Trinity office tower, accounted for using the equity method from its partial disposal in 2025; see note 1.1.3 \u201cDisposals in 2025\u201d; and \u2022 St James Quarter in Edinburgh acquired in 2025; see note 1.1.2 \u201cAcquisitions in 2025\u201d. Fonci\u00e8re Crossroads Fonci\u00e8re Crossroads, which owns a portfolio of 5 shopping centres in France (A\u00e9roville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d\u2019Or in Dijon and Confluence in Lyon), is held by a consortium of investors formed by Cr\u00e9dit Agricole Assurances, La Fran\u00e7aise and URW. The Group holds a 45.8% stake and manages the shopping centres on behalf of Fonci\u00e8re Crossroads through long-term management contracts. Fonci\u00e8re Crossroads is governed by a chairman. URW cannot be designated as the chairman as long as it manages the shopping centres. The proportion of the voting rights needed to make decisions about the relevant activities of Fonci\u00e8re Crossroads is achieved by more than one combination of the parties agreeing. As a result, URW has only a significant influence on Fonci\u00e8re Crossroads which is accounted for using the equity method. Zlote Tarasy complex The Group is the sole limited partner in a partnership which holds 100% of a holding company (Warsaw III), which owns 100% of Zlote Tarasy complex (Warsaw). In compliance with the restrictions imposed on URW by the Polish competition authorities in connection with the acquisition by the Group of the shopping centres Westfield Arkadia and Wilenska in July 2010, the management of Warsaw III and the shopping centre and parking is not performed by the Group. Consequently, the Group does not control this asset and its investment in the Zlote Tarasy complex is accounted for using the equity method.
6.4.2. Consolidated \ufb01nancial position of associates
The main items of the statements of financial position and income statement of associates are presented in aggregate in the tables below. These
items are stated in Group share, including restatements for consolidation purposes.
Shopping Centres companies
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Investment properties
2,113.7
1,856.6
Other non-current assets
183.0
35.4
Current assets
204.7
175.5
Total assets
2,501.5
2,067.4
Restated shareholders\u2019 equity
902.2
758.2
Deferred tax liabilities
133.7
123.6
Shareholders loans
565.8
480.8
External borrowings
714.1
547.6
Other non-current liabilities
92.3
93.8
Current liabilities
93.4
63.3
Total liabilities
2,501.5
2,067.4
(\u20ac\ue002 Mn) 2025 2024
NRI
110.1
104.4
Net financing cost
(35.3)
(41.0)
Change in fair value of investment properties
56.6
14.4
Fair value adjustments of derivatives and debt
(9.7)
(15.1)
Income tax expenses
(8.8)
(40.9)
Net result
108.7
15.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-607": { "value": "
Group companies with a functional
currency different from the
presentation currency
The Group\u2019s consolidated financial statements are presented in
euros. The financial statements of each consolidated Group
company are prepared in its functional currency. The functional
currency is the currency of the principal economic environment in
which it operates.
The results and financial position of all the Group entities that have a
functional currency different from the presentation currency, the
euro, are translated into the presentation currency as follows:
\u2022 The assets and liabilities, including goodwill and fair value
adjustments arising on consolidation, are translated into euros at
the foreign exchange rate at the closing date;
\u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are
translated into euros at rates approximating the foreign exchange
rates ruling at the dates of the transactions;
\u2022 All resulting exchange rate differences are recognised in other
comprehensive income (currency translation reserve); and
\u2022 When a Group company is sold, exchange differences that were
recorded in equity are recognised in the income statement as part
of the gain or loss on sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-585": { "value": "Group companies with a functional currency different from the presentation currency The Group\u2019s consolidated financial statements are presented in euros. The financial statements of each consolidated Group company are prepared in its functional currency. The functional currency is the currency of the principal economic environment in which it operates. The results and financial position of all the Group entities that have a functional currency different from the presentation currency, the euro, are translated into the presentation currency as follows: \u2022 The assets and liabilities, including goodwill and fair value adjustments arising on consolidation, are translated into euros at the foreign exchange rate at the closing date; \u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are translated into euros at rates approximating the foreign exchange rates ruling at the dates of the transactions; \u2022 All resulting exchange rate differences are recognised in other comprehensive income (currency translation reserve); and \u2022 When a Group company is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Foreign currency transactions The Group\u2019s entities can realise operations in a foreign currency which is not their own functional currency. These transactions in foreign currencies are translated into euros at the spot exchange rate on the date of the transaction. At the closing date, monetary assets and liabilities denominated in foreign currency are translated into the functional currency at the exchange rate on that date. Foreign exchange differences arising on translation or on settlement of these transactions are recognised in the income statement account, with the exception of: \u2022 Unrealised translation results on net investments in entities in foreign currency; and \u2022 Unrealised translation results on intercompany loans that, in- substance, form part of the net investment. Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised in OCI, whereas those relating to the ineffective portion are recognised in the income statement account. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate on the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into euros at exchange rates on the dates the fair value was determined and are reported as part of the fair value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-560": { "value": "Group companies with a functional currency different from the presentation currency The Group\u2019s consolidated financial statements are presented in euros. The financial statements of each consolidated Group company are prepared in its functional currency. The functional currency is the currency of the principal economic environment in which it operates. The results and financial position of all the Group entities that have a functional currency different from the presentation currency, the euro, are translated into the presentation currency as follows: \u2022 The assets and liabilities, including goodwill and fair value adjustments arising on consolidation, are translated into euros at the foreign exchange rate at the closing date; \u2022 Income and expenses and other comprehensive income (\u201cOCI\u201d) are translated into euros at rates approximating the foreign exchange rates ruling at the dates of the transactions; \u2022 All resulting exchange rate differences are recognised in other comprehensive income (currency translation reserve); and \u2022 When a Group company is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Foreign currency transactions The Group\u2019s entities can realise operations in a foreign currency which is not their own functional currency. These transactions in foreign currencies are translated into euros at the spot exchange rate on the date of the transaction. At the closing date, monetary assets and liabilities denominated in foreign currency are translated into the functional currency at the exchange rate on that date. Foreign exchange differences arising on translation or on settlement of these transactions are recognised in the income statement account, with the exception of: \u2022 Unrealised translation results on net investments in entities in foreign currency; and \u2022 Unrealised translation results on intercompany loans that, in- substance, form part of the net investment. Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised in OCI, whereas those relating to the ineffective portion are recognised in the income statement account. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate on the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into euros at exchange rates on the dates the fair value was determined and are reported as part of the fair value gain or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-664": { "value": "To identify whether a transaction is a business combination, the Group notably considers whether an integrated set of activities is acquired besides the investment property. The criteria applied may include the number of property assets held by the target company, the extent of the acquired processes and, particularly, the auxiliary services provided by the acquired entity. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. Business combinations are accounted for using the acquisition method. The acquisition is recognised at the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non- controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are recorded as expenses. For the companies accounted for using the equity method, acquisition costs are capitalised in the value of the shares. At the date of acquisition and in accordance with IFRS 3 (Revised), identifiable assets and liabilities of the acquired company are valued individually at their market value regardless of their purpose, based upon current best estimates at such date. It is possible that further adjustments to initial evaluation may be recognised within 12 months of the acquisition in accordance with IFRS rules. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through net comprehensive income. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of any contingent consideration classified as liability will be recognised in the income statement. Under IFRS 3 (Revised), the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-633": { "value": "To identify whether a transaction is a business combination, the Group notably considers whether an integrated set of activities is acquired besides the investment property. The criteria applied may include the number of property assets held by the target company, the extent of the acquired processes and, particularly, the auxiliary services provided by the acquired entity. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. Business combinations are accounted for using the acquisition method. The acquisition is recognised at the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non- controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are recorded as expenses. For the companies accounted for using the equity method, acquisition costs are capitalised in the value of the shares. At the date of acquisition and in accordance with IFRS 3 (Revised), identifiable assets and liabilities of the acquired company are valued individually at their market value regardless of their purpose, based upon current best estimates at such date. It is possible that further adjustments to initial evaluation may be recognised within 12 months of the acquisition in accordance with IFRS rules. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through net comprehensive income. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of any contingent consideration classified as liability will be recognised in the income statement. Under IFRS 3 (Revised), the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-608": { "value": "To identify whether a transaction is a business combination, the Group notably considers whether an integrated set of activities is acquired besides the investment property. The criteria applied may include the number of property assets held by the target company, the extent of the acquired processes and, particularly, the auxiliary services provided by the acquired entity. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. Business combinations are accounted for using the acquisition method. The acquisition is recognised at the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non- controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are recorded as expenses. For the companies accounted for using the equity method, acquisition costs are capitalised in the value of the shares. At the date of acquisition and in accordance with IFRS 3 (Revised), identifiable assets and liabilities of the acquired company are valued individually at their market value regardless of their purpose, based upon current best estimates at such date. It is possible that further adjustments to initial evaluation may be recognised within 12 months of the acquisition in accordance with IFRS rules. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through net comprehensive income. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of any contingent consideration classified as liability will be recognised in the income statement. Under IFRS 3 (Revised), the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. 5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting . Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-583": { "value": "
Under IFRS 3 (Revised), the acquisition of additional shares from non-
controlling shareholders is regarded as an equity transaction and
therefore no additional goodwill is recognised.
5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting . Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-660": { "value": "Under IFRS 3 (Revised), the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised.
5.4. Goodwill
5.4.1. Accounting principles
The accounting rules for business combinations comply with IFRS 3
(Revised).
Goodwill is measured as the excess of the sum of the consideration
transferred, the amount of any noncontrolling interests in the
acquiree, and the fair value of the acquirer\u2019s previously held equity
interest in the acquiree (if any) over the net of the acquisition date
amounts of the identifiable assets acquired and the liabilities
assumed. If, after reassessment, the net of the acquisition date
amounts of the identifiable assets acquired and liabilities assumed
exceeds the sum of the consideration transferred, the amount of any
non controlling interests in the acquiree and the fair value of the
acquirer\u2019s previously held interest in the acquiree (if any), the excess
is recognised immediately in profit or loss as a bargain purchase gain.
IFRS 3 (Revised) stipulates a maximum period of 12 months from the
acquisition date for the accounting of the acquisition to be finalised;
adjustments to values applied must be related to facts and
circumstances existing at the acquisition date. Therefore, beyond
this 12-month period, any earn-out adjustment must be recognised in
income for the financial year unless the additional consideration is
an equity instrument.
Where a business is acquired in stages, the previous investment is
remeasured at fair value at the date if and when the control is
transferred. Any difference between fair value and net book value of
this investment is recognised in income.
Any change in the Group\u2019s interest in an entity that results in a loss of
control is recognised as a gain/loss on disposal and the remaining
interest is remeasured at fair value with the change being recognised
in income.
A transaction that does not affect control (additional acquisition or
disposal) is accounted for as an equity transaction between the
Group share and the non-controlling interest share without an
impact on profit or loss and/or a goodwill adjustment.
Goodwill subsequent measurement
and impairment
Goodwill is carried at cost less any accumulated impairment losses.
In compliance with IAS 36, the Group performs impairment testing to
determine if there is any indication of impairment, at least once a
year or whenever there is an indication of impairment. For the
purposes of this test, assets are grouped into cash-generating units
(\u201cCGUs\u201d).
CGUs are standardised groups of assets whose continued use
generates cash inflows that are largely separate from those
generated by other asset groups.
An impairment loss must be recognised whenever the recoverable
value of the goodwill is less than its carrying amount. Impairment
losses relating to the value of goodwill cannot be reversed.
Goodwill relating to optimised value
of deferred taxes
Goodwill may arise on acquiring an asset via a share deal, where the
Group inherits the fiscal basis of the assets. It is measured using the
difference between the deferred taxes accounted for in the balance
sheet according to IAS 12, and an estimate of the effective taxes to be
paid in case of a share deal. In this case the impairment test
incorporates a comparison between the accounting value of the
goodwill and the potential tax optimisation existing at the date of
reporting .
Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting. 5.4.2. Changes in goodwill As at December 31, 2025, goodwill breaks down as follows:
Optimised value of Synergies and
Net value (\u20ac\ue002 Mn)
deferred taxes
Fee business
workforce Total
Dec. 31, 2023
175.5
119.3
550.5
845.2
Disposal
\u2013
\u2013
\u2013
\u2013
Impairment
\u2013
(33.8)
(5.5)
(39.2)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2024
175.5
85.5
545.0
806.0
Disposal
(1)
\u2013
(20.3)
\u2013
(20.3)
Impairment
(4.8)
\u2013
(154.6)
(159.5)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2025
170.6
65.2
390.4
626.2
(1) Corresponds to German Real Estate Management (REM) business disposal; see note 1.1.3 \u201cDisposals in 2025\u201d. As all the indicators and financial reporting are followed based on the new organisation structure described in note 1.1.1 \u201cNew organisational structure\u201d, the Group has reviewed the allocation of the goodwill per geographical segment and aligned it with the main \u201cRegions\u201d. Thus, the allocation of the goodwill per geographical segment breaks down as follows:
(\u20ac\ue002 Mn)
Southern Europe
Central Europe
Total
Goodwill Dec. 31, 2024
557.5
248.5
806.0
Disposal
\u2013
(20.3)
(20.3)
Impairment
(154.6)
(4.8)
(159.5)
Currency translation
\u2013
\u2013
\u2013
Goodwill Dec. 31, 2025
402.8
223.4
626.2
The Group performs an impairment test for each category of goodwill. Goodwill relating to optimised value of deferred taxes As at December 31, 2025, an additional impairment of -\u20ac4.8 Mn was recognised. Goodwill relating to fee business As at December 31, 2025, no additional impairment was recognised. Goodwill relating to synergies and workforce As at December 31, 2025, the only remaining value of goodwill resulting from the Westfield acquisition is that which is allocated to Southern Europe, the other geographical segments having been totally depreciated. The main assumptions for calculating the value in use are the WACC, LTGR and CAGR of NRI as displayed in the table below.
Southern Europe
Dec. 31, 2024
WACC before tax in %
6.86%
LTGR in %
1.82%
CAGR of NRI in %
5.20%
Dec. 31, 2025
WACC before tax in %
6.88%
LTGR in %
2.00%
CAGR of NRI in %
4.10%
An increase in the WACC, a decrease in the LTGR or a decrease in the CAGR of NRI as determined at December 31, 2025, would not necessarily result in a value in use lower than the NAV as the NAV includes investment properties which are carried at fair value. These changes would reduce the fair value of those properties and ultimately the NAV. Therefore, the impact of such changes should be viewed on a combined basis on the value in use and the NAV to appreciate the net effect on the financial statements. Based on these assumptions used for calculating the value in use, an additional impairment of -\u20ac154.6 Mn was recognised on the remaining value of the goodwill allocated to Southern Europe. A change of +25 bps in the WACC as determined at December 31, 2025, without any change in the LTGR and CAGR of NRI would lead to an additional impairment of -\u20ac83.3 Mn. A change of -10 bps in LTGR as determined at December 31, 2025, without any change in the WACC and CAGR of NRI would lead to an additional impairment of -\u20ac26.0 Mn. A change of -50 bps in the CAGR of NRI as determined at December 31, 2025, without any change in the WACC and LTGR would lead to an additional impairment of -\u20ac23.8 Mn.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-655": { "value": "Under IFRS 3 (Revised), the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. 5.3.1. Accounting principles Intangible assets (IAS 38)/Impairment of assets (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible assets is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible asset. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions \u2013 mainly Viparis entities; and \u2022 Other intangible assets. The fully amortised airport activities in the US were disposed in December 2025. Intangible assets for PM and DD&C relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. PM contracts with Regionals and DD&C contracts are fully amortised. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment . 5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting . Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-644": { "value": "Under IFRS 3 (Revised), the acquisition of additional shares from non- controlling shareholders is regarded as an equity transaction and therefore no additional goodwill is recognised. 5.3. Intangible assets 5.3.1. Accounting principles Intangible assets (IAS 38)/Impairment of assets (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible assets is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible asset. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions \u2013 mainly Viparis entities; and \u2022 Other intangible assets. The fully amortised airport activities in the US were disposed in December 2025. Intangible assets for PM and DD&C relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. PM contracts with Regionals and DD&C contracts are fully amortised. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment . 5.3.2. Changes in intangible assets
Property Rights and Other intangible
Net value (\u20ac\ue002 Mn)
Management
Trademark
exhibitions assets Total
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
Acquisitions
\u2013
\u2013
\u2013
13.3
13.3
Disposals/exits from the scope of consolidation
\u2013
\u2013
\u2013
(8.7)
(8.7)
Amortisation
(0.9)
\u2013
(2.0)
(9.7)
(12.6)
Impairment/reversal
(2.3)
2.7
4.6
\u2013
5.1
Currency translation
12.8
\u2013
\u2013
0.6
13.4
Dec. 31, 2024
246.1
425.8
135.8
32.5
840.2
Acquisitions
\u2013
\u2013
\u2013
10.4
10.4
Reclassification
\u2013
\u2013
\u2013
0.8
0.8
Disposals/exits from the scope of consolidation
\u2013
\u2013
(39.0)
(1)
(0.2)
(39.2)
Amortisation
\u2013
\u2013
(2.0)
(10.6)
(12.6)
Impairment/reversal
(2)
5.7
\u2013
(25.0)
\u2013
(19.2)
Currency translation
(19.3)
\u2013
\u2013
(0.6)
(19.9)
Dec. 31, 2025
232.5
(3)
425.8
(3)
69.8
32.2
760.5
(1) The net disposal/exits variation in Rights and exhibitions activity relates to the disposal of Pullman Paris Montparnasse hotel on September 16, 2025. (2) The net impairment variation relates to allowances in Viparis\u2019 intangible assets value partly offset by reversal in the UK and US PM activity. (3) The total intangible assets relating to Westfield\u2019s acquisition amounts to \u20ac658.3 Mn (US and UK Property Management and the trademark). As at December 31, 2025, the net intangible assets correspond to: \u2022 The Property Management (PM) business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions - mainly Viparis entities; and \u2022 Other intangible assets. Property Management As at December 31, 2025, impairment tests have been performed on the valuations of independent external appraisers leading to a +\u20ac1.4 Mn reversal of impairment for PM business in the UK and to a +\u20ac4.3 Mn reversal of impairment for the US. One of the main assumptions used to value the PM is the DR, which stands between 10.2% and 10.4%. The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2025:
(Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
of impairment (\u20ac\ue002 Mn)
-25 bps in DR
+9.3
+4.0
+25 bps in DR
(5.0)
(5.0)
-10 bps LTGR
(0.1)
(1.1)
+10 bps LTGR
+4.0
+1.1
Trademark As at December 31, 2025, the impairment test performed was based on an independent external appraisal. The Group trademark includes the franchising business (see note 1.1.6 \u201cStrategic partnership with Cenomi Centers\u201d), leading to a trademark valuation above book net value, which justifies no impairment was recorded and no risks of impairment are expected. Rights and exhibitions As at December 31, 2025, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and a -\u20ac25.0 Mn impairment provision was recognised. The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact in the result as determined at December 31, 2025:
Impact in % (Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
 of the portfolio value of impairment(\u20ac\ue002 Mn)
+25 bps in \u201cWACC\u201d
(24.3)
(4.9)%
\u2013
-25 bps in \u201cWACC\u201d
+26.2
+5.3%
+1.1
5.4. Goodwill 5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting . Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting. 5.4.2. Changes in goodwill As at December 31, 2025, goodwill breaks down as follows:
Optimised value of Synergies and
Net value (\u20ac\ue002 Mn)
deferred taxes
Fee business
workforce Total
Dec. 31, 2023
175.5
119.3
550.5
845.2
Disposal
\u2013
\u2013
\u2013
\u2013
Impairment
\u2013
(33.8)
(5.5)
(39.2)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2024
175.5
85.5
545.0
806.0
Disposal
(1)
\u2013
(20.3)
\u2013
(20.3)
Impairment
(4.8)
\u2013
(154.6)
(159.5)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2025
170.6
65.2
390.4
626.2
(1) Corresponds to German Real Estate Management (REM) business disposal; see note 1.1.3 \u201cDisposals in 2025\u201d. As all the indicators and financial reporting are followed based on the new organisation structure described in note 1.1.1 \u201cNew organisational structure\u201d, the Group has reviewed the allocation of the goodwill per geographical segment and aligned it with the main \u201cRegions\u201d. Thus, the allocation of the goodwill per geographical segment breaks down as follows:
(\u20ac\ue002 Mn)
Southern Europe
Central Europe
Total
Goodwill Dec. 31, 2024
557.5
248.5
806.0
Disposal
\u2013
(20.3)
(20.3)
Impairment
(154.6)
(4.8)
(159.5)
Currency translation
\u2013
\u2013
\u2013
Goodwill Dec. 31, 2025
402.8
223.4
626.2
The Group performs an impairment test for each category of goodwill. Goodwill relating to optimised value of deferred taxes As at December 31, 2025, an additional impairment of -\u20ac4.8 Mn was recognised. Goodwill relating to fee business As at December 31, 2025, no additional impairment was recognised. Goodwill relating to synergies and workforce As at December 31, 2025, the only remaining value of goodwill resulting from the Westfield acquisition is that which is allocated to Southern Europe, the other geographical segments having been totally depreciated. The main assumptions for calculating the value in use are the WACC, LTGR and CAGR of NRI as displayed in the table below.
Southern Europe
Dec. 31, 2024
WACC before tax in %
6.86%
LTGR in %
1.82%
CAGR of NRI in %
5.20%
Dec. 31, 2025
WACC before tax in %
6.88%
LTGR in %
2.00%
CAGR of NRI in %
4.10%
An increase in the WACC, a decrease in the LTGR or a decrease in the CAGR of NRI as determined at December 31, 2025, would not necessarily result in a value in use lower than the NAV as the NAV includes investment properties which are carried at fair value. These changes would reduce the fair value of those properties and ultimately the NAV. Therefore, the impact of such changes should be viewed on a combined basis on the value in use and the NAV to appreciate the net effect on the financial statements. Based on these assumptions used for calculating the value in use, an additional impairment of -\u20ac154.6 Mn was recognised on the remaining value of the goodwill allocated to Southern Europe. A change of +25 bps in the WACC as determined at December 31, 2025, without any change in the LTGR and CAGR of NRI would lead to an additional impairment of -\u20ac83.3 Mn. A change of -10 bps in LTGR as determined at December 31, 2025, without any change in the WACC and CAGR of NRI would lead to an additional impairment of -\u20ac26.0 Mn. A change of -50 bps in the CAGR of NRI as determined at December 31, 2025, without any change in the WACC and LTGR would lead to an additional impairment of -\u20ac23.8 Mn.
5.5. Valuation movements on assets
This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation
of fair value of assets recorded for the purpose of purchase price allocation.
(\u20ac\ue002 Mn) 2025 2024
Investment properties at fair value
341.4
(1,030.5)
Shopping Centres
558.7
(371.9)
Offices & Others
(222.8)
(609.5)
Convention & Exhibition
5.6
(49.1)
Investment properties at cost
(27.7)
(53.8)
Tangible and intangible assets
(10.9)
6.0
Total
302.8
(1,078.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-645": { "value": "Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-584": { "value": "Consequently, when non-controlling shareholders have an agreement to sell, non-controlling interests are reclassified as debt at the present value of the exercise price. The difference between the latest value and the net carrying value of the non-controlling interests is recognised as equity attributable to the holders of the Stapled Shares. Any subsequent change in debt is also accounted for as equity attributable to the holders of the Stapled Shares. Income from non-controlling interests and dividends are recorded in equity attributable to the holders of the Stapled Shares. 3.5. Non-controlling interests and commitment to purchase non-controlling interests 3.5.1. Commitment to purchase non-controlling interests As described in note 1.2.1 \u201cAcquisitions in 2024\u201d, the remaining non- controlling interests of 10.1% in URWG are classified in the line item \u201cCurrent commitment to external non-controlling interests\u201d for a total amount of \u20ac65 Mn. The convertible redeemable preference shares, included in the captions \u201cNon-current commitment to external non-controlling interests\u201d and \u201cCurrent commitment to external non-controlling interests\u201d, refer to preferred shares held by external parties. They are measured at fair value through profit or loss. 3.5.2. Net result for the period of non-controlling interests For 2025, this item comprised mainly non-controlling interests in the following entities: \u2022 C&E entities (+\u20ac28.3 Mn); \u2022 Several shopping centres and development projects in Southern Europe (+\u20ac194.9 Mn, mainly Westfield Les 4 Temps, Westfield Parly 2, Westfield Forum des Halles and Westfield Carr\u00e9 S\u00e9nart); \u2022 Several shopping centres in Central Europe (+\u20ac16.0 Mn); and \u2022 Others (-\u20ac0.2 Mn). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-561": { "value": "3.2. Consolidation of Unibail- Rodamco-West\ufb01eld N.V. After the completion of the Westfield acquisition by URW SE, Unibail- Rodamco-Westfield N.V. (\u201cURW NV\u201d) is held 60% directly by URW shareholders (Stapled Share Principle) and 40% directly by URW SE. As a result of the Stapled Share Principle and consistent with the legal set-up of the transaction and governance of URW NV, the entity and its subsidiaries are fully consolidated. The holders of the Stapled Shares are entitled to the same rights and obligations with respect to URW SE and URW NV. As a consequence, the 60% economic interest in URW NV directly held by such holders is reflected under the caption \u201cNet result for the period attributable to the holders of the Stapled Shares\u201d, which is split between: \u2022 \u201cNet result of the period attributable to the holders of the Stapled Shares analysed by amount attributable to URW SE members\u201d; and \u2022 \u201cNet result for the period attributable to the holders of the Stapled Shares analysed by amount attributable to URW NV members\u201d on the face of the consolidated statement of comprehensive income. On the face of the statement of financial position, the caption \u201cEquity attributable to the holders of the Stapled Shares\u201d is split between \u201cEquity attributable to Unibail-Rodamco-Westfield SE members\u201d and \u201cEquity attributable to Unibail-Rodamco-Westfield N.V. members\u201d. 3.3. Description of signi\ufb01cant controlled partnerships The significant controlled partnerships are presented below. Viparis and Propexpo The Viparis entities are equally held by URW SE and its partner, the CCIR (Paris-Ile-de-France Regional Chamber of Commerce and Industry). The relevant activities for these entities are the management of the C&E venues. The managing director, who holds the executive powers for the management of these relevant activities, is designated by URW SE. The chairman, who has a non-executive role, is nominated by the partner and has no casting vote. Each partner has the same number of directors in the MB. In the event of a tie vote, the directors designated by the Group have a casting vote. There is no casting vote held by other governance or supervisory bodies (shareholders\u2019 general meetings) which could call this control into question. The Group therefore considers that it has the full control of the Viparis entities and thus the Viparis entities are fully consolidated. Propexpo is a real estate company which owns part of the Viparis assets and is equally held by URW SE and CCIR. The relevant activities are the leasing, equipment, building, renovation as well as the management, servicing and maintenance of these assets. The managing director, a Group company, cannot be removed without the agreement of the Group. The executive chairman is designated by the Group, whereas the non-executive vice-president is designated by the CCIR. There is no casting vote held by other governance or supervisory bodies (shareholders\u2019 general meetings) which could question this control. The governance of both Propexpo, managed by the Group, and the Viparis entities which control the on-site property services, are defined by the shareholders\u2019 agreement between the Group and CCIR as with respect to Viparis. Propexpo is therefore fully consolidated. Unibail-Rodamco-West\ufb01eld Germany GmbH Following the acquisition on December 4, 2024, of a 38.9% stake in URW Germany GmbH (see note 1.2.2 \u201cAcquisitions in 2024\u201d), the Group has increased its stake in the company to 89.9%. CPP Investments holds a minority interest of 10.1% and has an option to sell its shares to URW SE. The governance has been updated and the Group is entitled to nominate all the members of URW Germany GmbH\u2019s SB as well as the Chief Executive Officer of the company. As a result, the Group controls URW Germany GmbH, which continues to be fully consolidated. West\ufb01eld Parly 2 shopping centre The Westfield Parly 2 shopping centre (Paris region) is held by the Group and the Abu Dhabi Investment Authority. The relevant activities are the leasing, equipment, building and renovation, as well as the management, servicing and maintenance of the Westfield Parly 2 shopping centre. The managing director of Westfield Parly 2 is a URW company, designated for an indefinite term, which holds powers in order to administer the companies and obtain the authorisations needed for their activities. There is no casting vote held by other governance or supervisory bodies (management boards, shareholders\u2019 general meetings) which could question this control. As a result, the Group controls the asset and is therefore fully consolidated. West\ufb01eld Forum des Halles shopping centre and parking As at December 31, 2024, the Westfield shopping centre and the parking Forum des Halles located in Paris are held by the Group (65%) and an insurance company, AXA (35%). The managing director is a URW company, designated for an indefinite term, which holds powers in order to administrate the company and obtain the authorisations needed for its activities and cannot be removed without the agreement of the Group. On January 6, 2025, URW sold an additional 15% stake to CDC Investissement Immobilier, on behalf of CDC. URW keeps the control over the asset and the joint venture is fully consolidated with an interest rate of 50.01% (see note 1.1.3 \u201cDisposals in 2025\u201d). West\ufb01eld Les 4 Temps shopping centre The asset is held 53.3% by the Group and 46.7% by 2 insurance companies. The managing director is a URW company, designated for an indefinite term, which holds large powers in order to administrate the company and obtain the authorisations needed for its activities and cannot be removed without the agreement of the Group. The asset is therefore fully consolidated. West\ufb01eld Shopping City S\u00fcd The asset is held 55% by the Group and 45% by Cr\u00e9dit Agricole Assurances. The managing directors are appointed by URW and cannot be removed without the agreement of the Group. They hold large powers in order to administer the company and obtain the authorisations needed for its activities. Reserved matters requiring the approval of the partner are set with high thresholds and are protective for the partner. The asset is therefore fully consolidated. West\ufb01eld Carr\u00e9 S\u00e9nart The asset is held 55% by the Group and 45% by Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances and BNP Paribas Cardif. The managing directors are selected and appointed by URW for an indefinite period. They hold large powers in order to administer the company and obtain the authorisations needed for its activities. All the decisions, including the budget, which are not reserved matters can be taken by URW without the approval of the minority shareholders. Reserved matters requiring the approval of the partner are set with high thresholds and are protective for the partner. The asset is therefore fully consolidated. West\ufb01eld \u010cern\u00fd Most The asset is held 68.67% by the Group and 31.33% by Upvest and RSJ Investments (\u201cthe Partners\u201d). In 2024, a long-term joint venture has been established, with the Partners buying 25% of the company owning the asset and having the option to acquire an additional stake of up to 24% within 2027 based on the appraisal value at that time, taking into account the benefit of the ongoing extension. URW has control over the JV by proposing all directors, appointed and recalled by the General Meeting. Reserved matters are not restrictive and aim to be protective for the minority partner. URW has a development management agreement, a Property Management agreement and an asset management agreement for a duration of 15 years. The asset is therefore fully consolidated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-562": { "value": "3.4.1. Acquisitions of subsidiaries, net of cash acquired (consolidated statement of cash \ufb02ows)
(\u20ac\ue002 Mn)\ue002 2025 2024
Acquisition price of shares
(2.6)
(33.5)
Cash and current accounts
(59.6)
(35.4)
Acquisition of subsidiaries net of cash acquired
(62.2)
(68.9)
In 2025, comprise mainly the impacts of the acquisitions of 25% stake in St James Quarter in Edinburgh and the remaining 47% stake in Westfield Wheaton (see 1.1.2 \u201cAcquisitions in 2025\u201d). 3.4.3. Disposal of shares/consolidated subsidiaries, investment properties in the consolidated statement of cash \ufb02ows
(\u20ac\ue002 Mn)\ue002 2025 2024
Net price of shares sold
584.2
313.0
Cash and current accounts
318.1
113.6
Disposal of shares/consolidated subsidiaries
(1)
902.4
426.5
Disposal of investment properties
(2)
719.1
493.7
(1) In 2025, refers mainly to the disposals of Westfield Forum des Halles, Trinity office tower, Gropius Passagen, Pullman Paris Montparnasse hotel intangible, German Real Estate Management (REM) business and US terminal commercial management airport business, described in note 1.1.3 Disposals in 2025. In 2024, refers mainly to the disposal of Westfield \u010cern\u00fd Most, Ga\u00eet\u00e9 Montparnasse Offices, Aupark and La Valentine described in note 1.2.2 Disposals in 2024. The disposal results of Westfield \u010cern\u00fd Most (2024 and 2025) and Westfield Forum des Halles (2025) are booked within the Shareholders\u2019 equity and as a result are not shown in the proceeds from disposal of shares in the Consolidated statement of comprehensive income. (2) In 2025 and 2024, the difference between the proceeds from disposal of investment properties in the consolidated statement of comprehensive income and the disposal of investment properties in the consolidated statement of cash flows corresponds to some non-cash items mainly in the US.
5.6. Amounts paid for works and acquisition of property assets
(consolidated statement of cash \ufb02ows)
In 2025, amounts paid for works and acquisition of property assets amount to \u20ac894.9 Mn. They comprise acquisitions, transaction capitalised costs,
and works and capitalised expenses, and are adjusted for the changes on amounts due on investments in the period.
The variation of financial debt by flows breaks down as follows:
(a)
Cash \ufb02ows Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2024
(b)
Increase
Decrease
(c)
interest
(d)
scope
(e)
translation
impact
(f)
Others
Dec. 31, 2025
Bonds and EMTNs
22,467.5
\u2013
(3,604.8)
(39.1)
\u2013
(434.0)
0.3
24.1
18,414.0
Bank borrowings
2,992.6
1,086.4
(1,407.8)
2.6
234.1
(188.0)
(29.9)
4.6
2,694.6
Other financial liabilities
1,120.4
154.0
(77.8)
(0.1)
32.3
(3.4)
\u2013
(216.7)
1,008.6
Lease liabilities
979.3
29.9
(62.1)
\u2013
(309.2)
(45.2)
\u2013
(21.5)
571.2
Total
27,559.9
1,270.3
(5,152.5)
(36.6)
(42.8)
(670.6)
(29.6)
(209.5)
22,688.4
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,339.1 Mn and decrease of -\u20ac5,216.4 Mn) mainly due to the variation of
guarantee deposits received.
(b) Net of bonds and EMTNs issuance costs and issuance fees.
(c) The variation of accrued interest is included in the lines Financial income / Financial expenses of the consolidated statement of cash flows.
(d) The variation of scope includes the acquisition of the remaining 47% stake in Westfield Wheaton. The decrease in lease liabilities is due to the disposal of the airport business
(see note 1.1.3 \u201cDisposals in 2025\u201d).
(e) The impact of currency translation is mainly explained by the depreciation of the US dollar compared to the euro.
(f) The variation in \u201cOthers\u201d mainly reflects the \u20ac216.7 Mn decrease in current accounts with non-controlling interests, following a capital increase within the Viparis entities. It
also includes the straightlining of premiums and fees on EMTNs and bank borrowings, and change in recognition of lease liabilities in application of IFRS 16.
As at December 2024, the variation of financial debt by flows broke down as follows:
(a)
Cash \ufb02ows
Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2023
(b)
Increase
Decrease
(c)
interest
(d)
scope
translation
impact
(e)
Others
Dec. 31, 2024
Bonds and EMTNs
22,517.4
1,287.6
(1,617.6)
(8.8)
\u2013
261.9
1.7
25.3
22,467.5
Bank borrowings
3,045.7
129.5
(678.1)
(1.2)
314.6
88.2
\u2013
93.9
2,992.6
Other financial liabilities
1,354.9
82.1
(131.9)
\u2013
(184.7)
\u2013
\u2013
\u2013
1,120.4
Lease liabilities
977.0
11.8
(62.7)
\u2013
\u2013
23.1
\u2013
30.1
979.3
Total
27,895.1
1,511.0
(2,490.3)
(10.0)
129.9
373.2
1.7
149.3
27,559.9
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,568.7 Mn and decrease of -\u20ac2,531.4 Mn) mainly due the variation of guarantee
deposits received.
(b) Net of bonds and EMTNs issuance costs and issuance fees.
(c) The variation of accrued interest is included in lines \u201cFinancial income\u201d/\u201cFinancial expenses\u201d of the consolidated statement of cash flows.
(d) The variation of scope includes the impact on current accounts further the acquisition of complementary stake in URW Germany and the complementary debt on the
acquisition of Westfield Montgomery (see note 1.2.1 Acquisitions in 2024).
(e) The variation of Others includes straight-lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16.
7.3.6. Other \ufb01nancing activities
In the consolidated statement of cash flows, \u201cOther financing activities\u201d comprise mainly costs paid on derivatives purchase and disposals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-609": { "value": "3.4.2. Result on disposal of investment properties and loss of control The result on disposal of investment properties and loss of control includes both the result on disposal of assets and the result on disposal of shares.
(\u20ac\ue002 Mn)\ue002 2025 2024
Net capital gains/losses on disposal of assets
22.4
16.6
Proceeds from disposal of assets
724.3
497.3
Carrying values of disposed assets
(701.9)
(480.7)
Net capital gains/losses on disposal of shares
97.6
(25.2)
Proceeds from disposal of shares
408.4
124.7
Carrying values of disposed shares
(290.5)
(149.9)
Exit of goodwill
(20.3)
\u2013
Net capital gains/losses on disposal of investment properties and loss of control
120.1
(8.6)
3.4.3. Disposal of shares/consolidated subsidiaries, investment properties in the consolidated statement of cash \ufb02ows
(\u20ac\ue002 Mn)\ue002 2025 2024
Net price of shares sold
584.2
313.0
Cash and current accounts
318.1
113.6
Disposal of shares/consolidated subsidiaries
(1)
902.4
426.5
Disposal of investment properties
(2)
719.1
493.7
(1) In 2025, refers mainly to the disposals of Westfield Forum des Halles, Trinity office tower, Gropius Passagen, Pullman Paris Montparnasse hotel intangible, German Real Estate Management (REM) business and US terminal commercial management airport business, described in note 1.1.3 Disposals in 2025. In 2024, refers mainly to the disposal of Westfield \u010cern\u00fd Most, Ga\u00eet\u00e9 Montparnasse Offices, Aupark and La Valentine described in note 1.2.2 Disposals in 2024. The disposal results of Westfield \u010cern\u00fd Most (2024 and 2025) and Westfield Forum des Halles (2025) are booked within the Shareholders\u2019 equity and as a result are not shown in the proceeds from disposal of shares in the Consolidated statement of comprehensive income. (2) In 2025 and 2024, the difference between the proceeds from disposal of investment properties in the consolidated statement of comprehensive income and the disposal of investment properties in the consolidated statement of cash flows corresponds to some non-cash items mainly in the US. Note 5. Investment properties, tangible and intangible assets, Goodwill 5.1. Investment properties 5.1.1. Accounting principles Investment properties (IAS 40 and IFRS 13) In accordance with IAS 40, investment properties are shown at their fair value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper(1) on IFRS 13 established by the European Public Real Estate Association (\u201cEPRA\u201d), the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of the Royal Institution of Chartered Surveyors, URW applies a rotation on the appraisal mandates on a regular basis; the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until 1 year before the construction is complete. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 Construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes(2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, and rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis(3) in connection with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of electric vehicles chargers. Appraisers have reviewed and considered the information provided in their valuation process. Capex to be spent in the next 5 years for the Energy Action Plan defined by the Group were integrated in the valuation model. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The information relating to the Group\u2019s ESG roadmap provided during the Investors Day in October 2023 was updated so that appraisers could integrate it in their valuations (see 2.3.2 \u201cImpact of climate change matters on the financial statements\u201d). The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a DCF model applied to the total net income projected over the life of the concession, or over the life of the long-term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 [market value Y-1 + amount of works and other costs capitalised in year Y]. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams, through the expected delivery date, expected development costs, and considering a market exit capitalisation rate (\u201cECR\u201d) and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5.
5.1.2. Investment properties at fair value \u2013 IFRS basis
(\u20ac Mn) Dec. 31, 2025 Dec. 31, 2024
Shopping Centres
32,710.6
32,639.5
Southern Europe
14,404.2
14,030.4
Central Europe
8,454.9
7,925.8
Northern Europe
5,296.2
5,276.6
United States
4,555.3
5,406.8
Offices & Others
1,212.2
1,626.4
France
578.1
923.9
Other countries
634.1
702.5
Convention & Exhibition
2,490.4
2,442.9
Total
36,413.2
36,708.8
The variance is explained in the table below:
Total
Convention & investment Properties held
(\u20ac\ue002 Mn)
Shopping Centres
Offices & Others
Exhibition properties for sale Total
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
Acquisitions
3.6
0.6
\u2013
4.2
\u2013
4.2
Entry into scope of consolidation
465.0
39.7
\u2013
504.7
\u2013
504.7
Capitalised expenses
945.0
302.3
57.8
1,305.0
0.7
1,305.7
Disposals/exits from the scope of consolidation
(458.7)
(196.8)
\u2013
(655.5)
(34.6)
(690.1)
Reclassification and transfer of category
(278.5)
(323.2)
(58.4)
(660.1)
683.5
23.3
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
(372.0)
(609.5)
(49.1)
(1,030.5)
\u2013
(1,030.5)
Currency translation
319.2
9.1
\u2013
328.3
\u2013
328.3
Dec. 31, 2024
32,639.6
1,626.4
2,442.9
36,708.8
683.5
37,392.3
Acquisitions
2.8
\u2013
\u2013
2.8
\u2013
2.8
Entry into scope of consolidation
(1)
187.0
18.9
\u2013
205.9
\u2013
205.9
Capitalised expenses
(2)
585.8
170.0
34.7
790.5
2.7
793.3
Disposals/exits from the scope of consolidation
(3)
(610.5)
(242.3)
\u2013
(852.9)
(686.2)
(1,539.1)
Reclassification and transfer of category
(4)
(50.6)
(127.8)
7.2
(171.2)
62.7
(108.5)
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
558.7
(222.8)
5.6
341.4
\u2013
341.4
Currency translation
(5)
(602.2)
(10.0)
\u2013
(612.2)
\u2013
(612.2)
Dec. 31, 2025
32,710.6
1,212.2
2,490.4
36,413.2
62.7
36,475.9
(1) Relates to the change of consolidation method of Westfield Wheaton and the entry of the fully consolidated company. (2) Capitalised expenses mainly relate to: \u2022 Shopping centre and offices parts of Westfield Hamburg-\u00dcberseequartier in Germany; \u2022 Shopping centres in France and Central Europe; and \u2022 Convention & Exhibition sites such as the Parc des Expositions in Porte de Versailles. (3) Relates mainly to the disposals of US Airports, Trinity office tower in La D\u00e9fense, Bonaire shopping centre in Spain, Pullman Paris Montparnasse and Stadshart Zoetermeer shopping centre in The Netherlands. (4) Includes mainly part of Westfield Hamburg-\u00dcberseequartier offices and Jacques Ibert office building reclassifications to IPUC at cost as well as the revaluation of the financial lease of LAX Airport before the disposal. (5) The impact in 2025 is mainly explained by the depreciation of the US dollar compared to the euro. Valuation assumptions and sensitivity of the fully consolidated assets Considering the limited public data available, the complexity of real estate asset valuations, as well as the fact that appraisers use in their valuations the non-public rent rolls of the Group\u2019s assets, URW believes it is appropriate to classify its assets under Level 3 as per IFRS 13. In addition, unobservable inputs, including appraisers\u2019 assumption on growth rates and Exit Capitalisation Rates (\u201cECRs\u201d), are used by appraisers to determine the fair value of URW\u2019s assets. As at December 31, 2025, 98% of URW\u2019s portfolio was appraised by qualified independent external appraisers. The net outstanding balances of deferred lease incentives and key money amortised over the expected term of the lease, which corrected the appraisal value, represented -\u20ac158.2 Mn (-\u20ac197.1 Mn as at December 31, 2024). The following tables provide a number of quantitative elements used by the appraisers to assess the fair valuation of the Group\u2019s assets.
Shopping Centres
All shopping centres are valued using the DCF and/or yield methodologies.
The table below only includes fully consolidated assets. The table for the assets accounted for using the equity method is presented in note 6.3.3
\u201cValuation assumptions and sensitivity for assets accounted for using the equity method\u201d. The table in proportionate basis is available in the
\u201cManagement discussion & analysis\u201d section of the Universal Registration Document.
Rent in \u20ac Exit Capitalisation
Shopping Centres - December 31, 2025 Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
7.6%
1,011
11.0%
9.0%
19.7%
Southern Europe
Min
3.6%
131
6.4%
4.8%
2.7%
Weighted average
4.9%
582
6.9%
5.1%
4.2%
Max
9.5%
792
10.2%
9.8%
6.0%
Central Europe
Min
5.0%
158
6.9%
5.0%
1.7%
Weighted average
5.8%
427
7.5%
5.7%
2.8%
Max
6.0%
558
10.0%
9.2%
11.8%
Northern Europe
Min
2.9%
39
6.5%
5.0%
3.0%
Weighted average
5.4%
338
7.2%
5.6%
3.5%
Max
11.2%
1,402
11.8%
10.8%
6.8%
US
Min
2.9%
333
7.3%
5.0%
3.4%
Weighted average
5.1%
696
7.6%
5.6%
4.1%
Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and Exit Capitalisation Rate (\u201cECR\u201d) weighted by Gross Market Value (\u201cGMV\u201d). Vacant assets, assets considered at bid value, assets
under restructuring and minor assets are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table.
(a) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per sqm.
(b) Rate used to calculate the net present value of future cash flows.
(c) Rate used to capitalise the exit rent to determine the exit value of an asset.
(d) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years).
Rent in \u20ac Exit Capitalisation
Shopping Centres - December 31, 2024
Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
8.2%
1,004
10.5%
62.4%
19.3%
Southern Europe
Min
4.3%
158
6.7%
4.8%
2.7%
Weighted average
5.1%
571
7.2%
5.2%
4.7%
Max
8.9%
752
10.6%
9.6%
6.1%
Central Europe
Min
4.7%
159
6.6%
5.1%
1.5%
Weighted average
5.9%
412
7.6%
5.7%
2.5%
Max
9.1%
456
8.5%
7.3%
5.5%
Northern Europe
Min
4.6%
273
6.5%
5.0%
2.6%
Weighted average
5.2%
366
7.0%
5.3%
3.7%
Max
5.8%
1,722
8.0%
6.8%
8.8%
US
Min
3.9%
385
7.3%
5.0%
3.8%
Weighted average
5.0%
840
7.5%
5.5%
4.8%
Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and ECR weighted by Gross Market Value (\u201cGMV\u201d). Vacant assets, assets considered at bid value, assets under restructuring and minor
assets are not included in Min. and Max. calculation. Assets under development or not controlled by URW, the airport activities and the UK asset are not included in this table.
(a) Average annual rent (Minimum Guaranteed Rent (\u201cMGR\u201d) + Sales Based Rent (\u201cSBR\u201d)) per asset per square meter.
(b) Rate used to calculate the net present value of future cash flows.
(c) Rate used to capitalise the exit rent to determine the exit value of an asset.
(d) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years).
The tables below show the sensitivity on URW\u2019s Shopping Centre portfolio value for assets fully consolidated, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 Estimated Rental Value (\u201cERV\u201d).
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(1,564)
(4.5)%
+25 bps in DR
(562)
(1.6)%
+10 bps in ECR
(419)
(1.2)%
-5% in appraisers\u2019 ERV
(1,208)
(3.5)%
Sensitivity
Impact in \u20ac Mn
Impact in %
-25 bps in NIY
+1,720
+5.0%
-25 bps in DR
+561
+1.6%
-10 bps in ECR
+422
+1.2%
+5% in appraisers\u2019 ERV
+1,086
+3.2%
Of\ufb01ces & Others Appraisers value the Group\u2019s Offices & Others portfolio using the DCF and yield methodologies. The tables below show the sensitivity on URW\u2019s Offices & Others portfolio value for assets fully consolidated, excluding assets under development. The percentages below are indicative of evolutions in case of various evolutions of NIY.
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(73)
(6.1)%
-25 bps in NIY
+83
+6.9%
Convention & Exhibition The table shows below the sensitivity of the C&E portfolio related to the weighted average cost of capital (\u201cWACC\u201d).
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in WACC
(92.0)
(4.3)%
-25 bps in WACC
+98.5
+4.6%
5.1.3. Investment Properties Under Construction at cost \u2013 IFRS basis
(\u20ac Mn) Dec. 31, 2025 Dec. 31, 2024
Shopping Centres
275.2
301.0
Southern Europe
205.6
216.0
Central Europe
48.1
62.0
Northern Europe
10.4
12.3
United States
11.1
10.7
Offices & Others
199.1
101.8
France
59.3
20.2
Other countries
139.8
81.6
Convention & Exhibition
\u2013
\u2013
Total
474.3
402.8
The increase is explained in the table below:
Total investment Properties held for
(\u20ac\ue002 Mn)
Gross value
Impairment
properties at cost sale Total
Dec. 31, 2023
818.7
(413.3)
405.4
9.4
414.8
Acquisitions
0.4
\u2013
0.4
\u2013
0.4
Entry into the scope of consolidation
10.8
(1.3)
9.5
\u2013
9.5
Capitalised expenses
38.6
\u2013
38.6
1.4
40.0
Disposals/exits from the scope of consolidation
(1.7)
\u2013
(1.7)
(10.8)
(12.5)
Reclassification and transfer of category
(31.0)
31.7
0.8
4.7
5.5
Write-off
(5.3)
\u2013
(5.3)
\u2013
(5.3)
Impairment/reversal
\u2013
(48.5)
(48.5)
\u2013
(48.5)
Currency translation
4.3
(0.7)
3.6
0.2
3.8
Dec. 31, 2024
834.9
(432.1)
402.8
4.9
407.7
Acquisitions
\u2013
\u2013
\u2013
(0.4)
(0.4)
Entry into the scope of consolidation
\u2013
\u2013
\u2013
\u2013
\u2013
Capitalised expenses
45.9
\u2013
45.9
0.6
46.5
Disposals/exits from the scope of consolidation
(0.1)
\u2013
(0.1)
(5.1)
(5.2)
Reclassification and transfer of category
(1)
58.8
(0.7)
58.1
29.2
87.3
Write-off
(3.6)
\u2013
(3.6)
\u2013
(3.6)
Impairment/reversal
(2)
\u2013
(24.1)
(24.1)
\u2013
(24.1)
Currency translation
(5.3)
0.6
(4.7)
\u2013
(4.7)
Dec. 31, 2025
930.6
(456.3)
474.3
29.2
503.5
(1) Includes mainly part of Westfield Hamburg-\u00dcberseequartier offices and Jacques Ibert office building reclassifications from investments properties at fair value.
(2) Impairment mainly relates to an asset in Paris region and an asset in Spain.
5.5. Valuation movements on assets This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation.
(\u20ac\ue002 Mn) 2025 2024
Investment properties at fair value
341.4
(1,030.5)
Shopping Centres
558.7
(371.9)
Offices & Others
(222.8)
(609.5)
Convention & Exhibition
5.6
(49.1)
Investment properties at cost
(27.7)
(53.8)
Tangible and intangible assets
(10.9)
6.0
Total
302.8
(1,078.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-563": { "value": "3.4.2. Result on disposal of investment properties and loss of control The result on disposal of investment properties and loss of control includes both the result on disposal of assets and the result on disposal of shares.
(\u20ac\ue002 Mn)\ue002 2025 2024
Net capital gains/losses on disposal of assets
22.4
16.6
Proceeds from disposal of assets
724.3
497.3
Carrying values of disposed assets
(701.9)
(480.7)
Net capital gains/losses on disposal of shares
97.6
(25.2)
Proceeds from disposal of shares
408.4
124.7
Carrying values of disposed shares
(290.5)
(149.9)
Exit of goodwill
(20.3)
\u2013
Net capital gains/losses on disposal of investment properties and loss of control
120.1
(8.6)
", "dimensions": { "concept": "urw:DisclosureOfResultOnDisposalOfInvestmentPropertiesAndLossOfControl", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-564": { "value": "3.6. Description of signi\ufb01cant joint operations 3.6.1. West\ufb01eld London Westfield London is jointly controlled by the Group and Commerz Real Investmentgesellschaft (\u201cCRI\u201d) since all the major decisions relating to the relevant activities of the company (leasing strategy, standard form lease agreements, operating expenses and capital expenses) require the approval of both partners. Each year, the annual budget plan comprising gross income and operating expenses, capital expenditure, rent levels projected to be achieved on review of rents under each lease, proposed new lettings and projected net income shall be approved by both partners. The arrangements between CRI and URW give equal rights to both partners in the assets and the liabilities of the partnership. Therefore, Westfield London is a joint operation company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-610": { "value": "4.1. Accounting principles Segment information is presented in respect of the Group\u2019s divisions and geographical segments, based on the Group\u2019s management and internal reporting structure and in accordance with IFRS 8. Contributions of affiliates are also presented according to the Group\u2019s divisions and geographical segments. Since the joint-controlled entities represent a significant part of the Group\u2019s operations in the US and the UK, the Group\u2019s management and internal reporting structure segment information is prepared in a proportionate format, in which the joint-controlled entities are accounted for on a proportionate basis instead of being accounted for using the equity method under IFRS. The Group and its joint ventures use consistent accounting policies. Therefore, the segment information presented in this section is prepared in a proportionate format. Business segments The Group presents its result by segment: Shopping Centres, Offices & Others and C&E. The C&E segment comprises management of exhibition venues (Viparis), the shopping centre Les Boutiques du Palais and the management of the hotels at Porte de Versailles. Geographical segments In 2025, the Group has adapted its organisational structure (and subsequent reporting) for its Shopping Centres activity into four main \u201cRegions\u201d: \u2022 Southern Europe, including France, Spain and Italy; \u2022 Central Europe, including Germany, Austria, Poland and Czech Republic. In previous reporting, Central Europe only included Poland and Czech Republic; \u2022 Northern Europe, including Sweden, Denmark, The Netherlands, and the UK; and \u2022 The United States. This reorganisation reflects the Group\u2019s strategic focus on Flagship assets in the most affluent urban areas in Europe and the US and simplifies its management structure while achieving cost and productivity efficiencies. Offices & Others and Convention & Exhibition will continue to be managed separately, and the reporting remains unchanged for both activities. Starting from 2025, the segment reporting is presented based on this new organisational structure. 2024 figures have been restated accordingly. This new segment reporting represents now the lowest level within the Group at which the goodwill is monitored for internal management purposes. The following notes are presented on a proportionate basis. 4.3. Net recurring result de\ufb01nition The income statement by segment is split between recurring and non-recurring activities. The non-recurring result before tax consists of the valuation movements on investment properties, fair value adjustments on derivatives and debts, termination costs of financial instruments on the full cancelled commitment period when the maturity of the financial instrument is beyond the current reporting period, bond tender premiums, currency gains/losses on revaluation of balance sheet items, the net result on disposals, impairment of goodwill or recognition of negative goodwill, as well as costs directly related to a business combination, restructuring costs and other non-recurring items. The income tax is split between recurring result and non-recurring result. Recurring tax is the outcome of: \u2022 The amount of income tax effectively due on recurring income, after deduction of any tax losses; \u2022 Plus/minus changes in a deferred tax asset recognised on tax losses stemming from recurring income (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits); and \u2022 Plus/minus changes in deferred tax assets not related to tax losses and deferred tax liabilities relating to recurring result (excluding those caused by a change in tax rate and/or those caused by a use of such deferred tax asset by non-recurring profits). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-586": { "value": "Business segments The Group presents its result by segment: Shopping Centres, Offices & Others and C&E. The C&E segment comprises management of exhibition venues (Viparis), the shopping centre Les Boutiques du Palais and the management of the hotels at Porte de Versailles. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProductsAndServicesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-587": { "value": "Geographical segments In 2025, the Group has adapted its organisational structure (and subsequent reporting) for its Shopping Centres activity into four main \u201cRegions\u201d: \u2022 Southern Europe, including France, Spain and Italy; \u2022 Central Europe, including Germany, Austria, Poland and Czech Republic. In previous reporting, Central Europe only included Poland and Czech Republic; \u2022 Northern Europe, including Sweden, Denmark, The Netherlands, and the UK; and \u2022 The United States. This reorganisation reflects the Group\u2019s strategic focus on Flagship assets in the most affluent urban areas in Europe and the US and simplifies its management structure while achieving cost and productivity efficiencies. Offices & Others and Convention & Exhibition will continue to be managed separately, and the reporting remains unchanged for both activities. Starting from 2025, the segment reporting is presented based on this new organisational structure. 2024 figures have been restated accordingly. This new segment reporting represents now the lowest level within the Group at which the goodwill is monitored for internal management purposes. The following notes are presented on a proportionate basis. 4.4. Net result by segment on a proportionate basis
2025 2024
Recurring Non-recurring Recurring Non-recurring
Net result by segment on a proportionate basis (\u20ac Mn) activities
activities
(1)
Result activities
activities
(1)
Result
Gross rental income\ue003
780.9
\u2013
780.9
818.5
\u2013
818.5
Operating expenses and net service charges
(82.2)
\u2013
(82.2)
(101.7)
\u2013
(101.7)
Net rental income
698.7
\u2013
698.7
716.8
\u2013
716.8
Contribution of companies accounted for using the equity method
35.2
0.8
36.0
37.8
(7.9)
29.9
Gains/losses on sales of properties
\u2013
7.5
7.5
\u2013
(8.5)
(8.5)
Valuation movements on assets
\u2013
210.7
210.7
\u2013
1.4
1.4
Impairment of goodwill
\u2013
(154.6)
(154.6)
\u2013
\u2013
\u2013
Result from operations Shopping Centres Southern Europe
733.9
64.4
798.3
754.7
(15.0)
739.6
Gross rental income\ue003
574.3
\u2013
574.3
577.4
\u2013
577.4
Operating expenses and net service charges
(55.0)
\u2013
(55.0)
(64.4)
\u2013
(64.4)
Net rental income
519.3
\u2013
519.3
513.0
\u2013
513.0
Contribution of companies accounted for using the equity method
54.3
30.1
84.3
49.2
(25.1)
24.1
Gains/losses on sales of properties
\u2013
(10.4)
(10.4)
\u2013
(35.6)
(35.6)
Valuation movements on assets
\u2013
295.7
295.7
\u2013
(403.6)
(403.6)
Impairment of goodwill
\u2013
(21.7)
(21.7)
\u2013
(45.0)
(45.0)
Result from operations Shopping Centres Central Europe
573.6
293.6
867.2
562.2
(509.3)
52.9
Gross rental income\ue003
430.8
\u2013
430.8
436.6
\u2013
436.6
Operating expenses and net service charges
(82.6)
\u2013
(82.6)
(100.4)
\u2013
(100.4)
Net rental income
348.2
\u2013
348.2
336.2
\u2013
336.2
Contribution of companies accounted for using the equity method
(0.5)
14.9
14.4
(0.1)
\u2013
(0.1)
Gains/losses on sales of properties
\u2013
(12.2)
(12.2)
\u2013
(0.7)
(0.7)
Valuation movements on assets
\u2013
47.4
47.4
\u2013
76.1
76.1
Result from operations Shopping Centres Northern Europe
347.7
50.1
397.8
336.1
75.4
411.5
Gross rental income\ue003
740.3
\u2013
740.3
745.6
\u2013
745.6
Operating expenses and net service charges
(225.6)
\u2013
(225.6)
(238.3)
\u2013
(238.3)
Net rental income
514.8
\u2013
514.8
507.3
\u2013
507.3
Gains/losses on sales of properties
\u2013
114.4
114.4
\u2013
(2.4)
(2.4)
Valuation movements on assets
\u2013
44.2
44.2
\u2013
(389.0)
(389.0)
Result from operations Shopping Centres United States
514.8
158.6
673.4
507.3
(391.4)
115.9
TOTAL RESULT FROM OPERATIONS SHOPPING CENTRES
2,170.0
566.7
2,736.7
2,160.3
(840.4)
1,320.0
Gross rental income\ue003
50.7
\u2013
50.7
82.2
\u2013
82.2
Operating expenses and net service charges
(3.2)
\u2013
(3.2)
(1.4)
\u2013
(1.4)
Net rental income
47.5
\u2013
47.5
80.9
\u2013
80.9
Contribution of companies accounted for using the equity method
4.1
(3.0)
1.1
(0.0)
(2.0)
(2.1)
Gains/losses on sales of properties
\u2013
36.4
36.4
\u2013
(14.9)
(14.9)
Valuation movements on assets
\u2013
(57.4)
(57.4)
\u2013
(139.6)
(139.6)
Result from operations Offices & Others France
51.6
(24.1)
27.6
80.8
(156.6)
(75.7)
Gross rental income\ue003
36.0
\u2013
36.0
31.4
\u2013
31.4
Operating expenses and net service charges
(16.5)
\u2013
(16.5)
(9.9)
\u2013
(9.9)
Net rental income
19.4
\u2013
19.4
21.6
\u2013
21.6
Contribution of companies accounted for using the equity method
0.0
\u2013
0.0
\u2013
\u2013
\u2013
Gains/losses on sales of properties
\u2013
1.1
1.1
\u2013
47.9
47.9
Valuation movements on assets
\u2013
(183.1)
(183.1)
\u2013
(472.1)
(472.1)
Result from operations Offices & Others Other countries
19.4
(182.0)
(162.5)
21.6
(424.2)
(402.6)
TOTAL RESULT FROM OPERATIONS OFFICES & OTHERS
71.1
(206.0)
(134.9)
102.4
(580.8)
(478.4)
(1) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as restructuring costs, costs directly incurred during a business combination, and other non-recurring items.
2025 2024
Recurring Non-recurring Recurring Non-recurring
Net result by segment on a proportionate basis (\u20ac Mn) activities
activities
(1)
Result activities
activities
(1)
Result
Gross rental income\ue003
203.9
\u2013
203.9
248.0
\u2013
248.0
Operating expenses and net service charges
(105.3)
\u2013
(105.3)
(109.3)
\u2013
(109.3)
Net rental income
98.7
\u2013
98.7
138.6
\u2013
138.6
On-site property services net income
60.1
\u2013
60.1
81.2
\u2013
81.2
Contribution of companies accounted for using the equity method
0.8
(0.8)
0.0
(1.1)
(0.6)
(1.8)
Valuation movements, depreciation, capital gains
\u2013
6.1
6.1
\u2013
(49.5)
(49.5)
TOTAL RESULT FROM OPERATIONS C&E
159.6
5.3
164.9
218.6
(50.1)
168.5
Net property development and project management income
20.6
\u2013
20.6
18.8
\u2013
18.8
Other property services net income
36.5
\u2013
36.5
35.8
\u2013
35.8
General expenses
(170.9)
\u2013
(170.9)
(179.2)
\u2013
(179.2)
Development expenses
(2.8)
\u2013
(2.8)
(4.9)
\u2013
(4.9)
Acquisition and other costs
\u2013
(14.0)
(14.0)
\u2013
(12.7)
(12.7)
NET OPERATING RESULT BEFORE DEPRECIATION AND IMPAIRMENT OF ASSETS
2,284.1
352.0
2,636.1
2,351.9
(1,484.0)
867.9
Depreciation and impairment of tangible and intangible assets\ue003
(42.8)
(10.9)
(53.7)
(41.0)
6.0
(35.0)
NET OPERATING RESULT\ue003
2,241.2
341.1
2,582.3
2,310.8
(1,477.9)
832.9
Result from non consolidated companies
2.3
(0.0)
2.3
2.6
0.0
2.6
Financing result
(487.2)
(245.0)
(732.2)
(515.2)
79.7
(435.6)
RESULT BEFORE TAX
1,756.4
96.1
1,852.5
1,798.2
(1,398.3)
399.9
Income tax expenses
(95.2)
(250.1)
(345.3)
(97.2)
(24.5)
(121.7)
NET RESULT FOR THE PERIOD
1,661.3
(154.1)
1,507.2
1,701.0
(1,422.8)
278.2
External non-controlling interests
(209.4)
(29.6)
(239.0)
(228.5)
96.5
(132.0)
NET RESULT FOR THE PERIOD ATTRIBUTABLE TO THE HOLDERS
1,451.9
(183.6)
1,268.2
1,472.5
(1,326.3)
146.2
OF THE STAPLED SHARES
(1) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums, impairment of
goodwill or recognition of negative goodwill, amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as restructuring
costs, costs directly incurred during a business combination, and other non-recurring items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-611": { "value": "Revenue recognition Accounting treatment of investment property leases Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In the case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income (\u201cGRI\u201d). For rent reliefs which are considered as a lease modification, the accounting treatment depends on whether there is a counterpart received from the tenant or not. Rent reliefs signed or expected to be signed, granted without any counterpart from the tenants, are considered as a reduction of the receivables and are charged to the income statement as a reduction of the GRI. Rents and key money GRI consists of rents and similar income (e.g. occupancy compensation, key money and parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. GRI from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space.
Revenue recognition
Net property services and other activities income consists of on-site
property services, other property services net income and airport
activities. Airport activities have been sold in 2025 described in note
1.1.3 \u201cDisposals in 2025\u201d.
Revenues are recognised in accordance with IFRS 15.
C&E\u2019s contracts consist of occupancy agreements or short-term
leases including provision of premises and services. Both provision of
premises and services form an indivisible whole and should be
combined into a single contract (and single performance obligation)
for the purposes of IFRS 15 revenue recognition.
Revenues are recognised over the duration of the premises lease
according to the prorata temporis method.
Other property services net income is recognised when the services
are provided.
Revenue recognition
Property development and project management income relates to
the Design, Development and Construction (\u201cDD&C\u201d) business,
which provides 3 types of services: design, development and
ultimately construction of a property project.
Based on the analysis of existing contracts, DD&C services are not
distinct as the customer cannot benefit from each service on its own
or together with other resources readily available to the customer,
because the services are bundled to generate a single commercial
outcome. As such, the Group takes the view that the 3 types of
contracts should be combined into a single contract (and single
performance obligation) for the purposes of IFRS 15 revenue
recognition.
Revenues from DD&C business consist of fixed price contracts. URW
uses the input method of calculating revenue over time, which in this
case is costs incurred.
Expenses comprise construction costs and related project
management costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-661": { "value": "Accounting treatment of investment property leases Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In the case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income (\u201cGRI\u201d). For rent reliefs which are considered as a lease modification, the accounting treatment depends on whether there is a counterpart received from the tenant or not. Rent reliefs signed or expected to be signed, granted without any counterpart from the tenants, are considered as a reduction of the receivables and are charged to the income statement as a reduction of the GRI. Rents and key money GRI consists of rents and similar income (e.g. occupancy compensation, key money and parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. GRI from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space.
Gross Rental Income by segments on an IFRS basis
\u20ac Mn, excluding taxes 2025 2024
Shopping Centres
2,052.9
2,079.3
Southern Europe
768.4
805.5
Central Europe
510.0
510.7
Northern Europe
340.7
350.2
United States
433.8
412.8
Offices & Others
74.4
102.0
France
48.6
79.9
Other Countries
25.8
22.1
Convention & Exhibition
201.0
245.6
Total\ue003
2,328.2
2,426.9
Minimum guaranteed rents under leases on a proportionate basis As at December 31, 2025, minimum future rents due under leases until the next possible termination date break down as follows:
Minimum future rents per year (\u20ac\ue002 Mn)
Year
Shopping Centres
Of\ufb01ces & Others
Total
2026
1,882.6
54.1
1,936.7
2027
1,532.1
50.0
1,582.1
2028
1,227.8
46.9
1,274.7
2029
952.0
42.8
994.9
2030
730.0
39.2
769.2
2031
555.8
36.2
592.0
2032
456.4
31.5
487.8
2033
367.1
27.0
394.1
2034
281.7
14.7
296.3
2035
189.4
11.7
201.2
2036
122.6
9.2
131.8
Total
8,297.4
363.4
8,660.8
Property operating expenses
These expenses comprise service charges due by the owner, works-
related expenses, litigation expenses, charges relating to doubtful
accounts, expenses relating to Property Management, and expenses
related to venue sites of the C&E segment.
5.2.2. Changes in tangible assets
Furniture and
Net value (\u20ac\ue002 Mn)
equipment
Right-of-use assets
Total
Dec. 31, 2023
70.7
42.4
113.0
Acquisitions and capitalised expenses
27.6
\u2013
27.6
Reclassification
0.9
(0.4)
0.5
Disposals/exits from the scope
\u2013
(0.1)
(0.1)
Depreciation
(20.6)
(10.1)
(30.7)
Impairment/reversal
(1)
1.9
\u2013
1.9
Currency translation
1.6
0.6
2.1
Dec. 31, 2024
82.1
32.4
114.4
Acquisitions and capitalised expenses
12.0
0.9
12.9
Reclassification
(0.8)
0.3
(0.5)
Disposals/exits from the scope
(0.9)
\u2013
(0.9)
Depreciation
(21.7)
(8.4)
(30.0)
Impairment/reversal
(1)
8.3
\u2013
8.3
Currency translation
(3.2)
(0.8)
(4.0)
Dec. 31, 2025
75.8
24.5
100.2
(1) Mainly impairment/reversal on Viparis assets according to the external appraisals. 7.3.3. Financial debt breakdown and outstanding duration to maturity
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac\ue002 Mn)
Lessthan1year
1yearto5years
Morethan5years
 Dec. 31, 2025
Dec.31,2024
Bonds and EMTNs
632.1
9,291.0
8,490.9
18,414.0
22,467.5
(a) (b)
Principal debt
554.7
9,291.1
8,488.1
18,333.9
22,369.2
Accrued interest
181.8
\u2013
\u2013
181.8
225.1
Issuance costs
(52.8)
\u2013
\u2013
(52.8)
(67.1)
Bonds redemption premium
(51.3)
\u2013
\u2013
(51.3)
(62.3)
Mark-to-market of debt
(0.2)
(0.1)
2.8
2.5
2.6
Bank borrowings
379.0
2,315.6
\u2013
2,694.6
2,992.6
(b)
Principal debt
393.6
2,315.6
\u2013
2,709.2
3,009.0
Accrued interest
12.8
\u2013
\u2013
12.8
16.2
Borrowings issue fees
(32.2)
\u2013
\u2013
(32.2)
(35.3)
Accrued interest on bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Bank overdrafts and current accounts to balance out cash flow
4.7
\u2013
\u2013
4.7
6.4
Mark-to-market of debt
0.1
\u2013
\u2013
0.1
(3.8)
Other financial liabilities
85.0
32.5
891.1
1,008.6
1,120.4
(b)
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
85.1
\u2013
Accrued interest on interbank market instruments and negotiable
(0.1)
\u2013
\u2013
(0.1)
\u2013
instruments
(c)
Current accounts with non-controlling interests
\u2013
32.5
891.1
923.6
1,120.4
Lease liabilities
21.7
40.0
509.5
571.2
979.3
Total financial debt
1,117.8
11,679.1
9,891.5
22,688.4
27,559.9
(a) Includes currency impacts on debt raised in foreign currency for an amount of -\u20ac31.8 Mn as at December 31, 2025 (+\u20ac48.3 Mn as at December 31, 2024). In the financial resources, the bonds include issuances denominated in foreign currencies. (b) Includes the following debts denominated in foreign currency: $3,000.0 Mn, HKD 500.0 Mn and \u00a3500.0 Mn of bonds and EMTNs (eq. euro respectively \u20ac2,553.2 Mn, \u20ac54.7 Mn and \u20ac573.0 Mn), $1,530.3 Mn of bank borrowings (eq. euro \u20ac1,302.4 Mn) and $100.0 Mn (eq. euro \u20ac85.1 Mn) of interbank market instruments and negotiable instruments. (c) They are considered as non-current as they are financing the related assets. The variation of financial debt by flows breaks down as follows: (a)
Cash \ufb02ows Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2024
(b)
Increase
Decrease
(c)
interest
(d)
scope
(e)
translation
impact
(f)
Others
Dec. 31, 2025
Bonds and EMTNs
22,467.5
\u2013
(3,604.8)
(39.1)
\u2013
(434.0)
0.3
24.1
18,414.0
Bank borrowings
2,992.6
1,086.4
(1,407.8)
2.6
234.1
(188.0)
(29.9)
4.6
2,694.6
Other financial liabilities
1,120.4
154.0
(77.8)
(0.1)
32.3
(3.4)
\u2013
(216.7)
1,008.6
Lease liabilities
979.3
29.9
(62.1)
\u2013
(309.2)
(45.2)
\u2013
(21.5)
571.2
Total
27,559.9
1,270.3
(5,152.5)
(36.6)
(42.8)
(670.6)
(29.6)
(209.5)
22,688.4
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,339.1 Mn and decrease of -\u20ac5,216.4 Mn) mainly due to the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in the lines Financial income / Financial expenses of the consolidated statement of cash flows. (d) The variation of scope includes the acquisition of the remaining 47% stake in Westfield Wheaton. The decrease in lease liabilities is due to the disposal of the airport business (see note 1.1.3 \u201cDisposals in 2025\u201d). (e) The impact of currency translation is mainly explained by the depreciation of the US dollar compared to the euro. (f) The variation in \u201cOthers\u201d mainly reflects the \u20ac216.7 Mn decrease in current accounts with non-controlling interests, following a capital increase within the Viparis entities. It also includes the straightlining of premiums and fees on EMTNs and bank borrowings, and change in recognition of lease liabilities in application of IFRS 16. As at December 2024, the variation of financial debt by flows broke down as follows:
(a)
Cash \ufb02ows
Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2023
(b)
Increase
Decrease
(c)
interest
(d)
scope
translation
impact
(e)
Others
Dec. 31, 2024
Bonds and EMTNs
22,517.4
1,287.6
(1,617.6)
(8.8)
\u2013
261.9
1.7
25.3
22,467.5
Bank borrowings
3,045.7
129.5
(678.1)
(1.2)
314.6
88.2
\u2013
93.9
2,992.6
Other financial liabilities
1,354.9
82.1
(131.9)
\u2013
(184.7)
\u2013
\u2013
\u2013
1,120.4
Lease liabilities
977.0
11.8
(62.7)
\u2013
\u2013
23.1
\u2013
30.1
979.3
Total
27,895.1
1,511.0
(2,490.3)
(10.0)
129.9
373.2
1.7
149.3
27,559.9
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,568.7 Mn and decrease of -\u20ac2,531.4 Mn) mainly due the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in lines \u201cFinancial income\u201d/\u201cFinancial expenses\u201d of the consolidated statement of cash flows. (d) The variation of scope includes the impact on current accounts further the acquisition of complementary stake in URW Germany and the complementary debt on the acquisition of Westfield Montgomery (see note 1.2.1 Acquisitions in 2024). (e) The variation of Others includes straight-lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. Maturity of current and non-current principal debt
Current
Non-current
Less than More than Total
(\u20ac\ue002 Mn)
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
5 years Dec. 31, 2025
Bonds and EMTNs
554.7
2,908.3
1,675.5
2,361.3
2,346.0
8,488.1
18,333.9
Bank borrowings
393.6
360.0
373.9
560.4
1,021.3
\u2013
2,709.2
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
\u2013
\u2013
\u2013
85.1
Lease liabilities
21.7
16.6
9.5
7.4
6.6
509.5
571.2
Total
1,055.1
3,284.9
2,058.9
2,929.1
3,373.9
8,997.6
21,699.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-634": { "value": "Accounting treatment of investment property leases Assets leased are recorded in the statement of financial position as investment property assets. Gross rental revenue is recorded on a straight-line basis over the expected term of the lease. In the case of an Investment Property Under Construction (\u201cIPUC\u201d), revenues are recognised once spaces are delivered to tenants on a straight-line basis over the expected term of the lease. According to IFRS 16, a rent relief which is not a lease modification will be directly charged to the income statement as a reduction of the Gross Rental Income (\u201cGRI\u201d). For rent reliefs which are considered as a lease modification, the accounting treatment depends on whether there is a counterpart received from the tenant or not. Rent reliefs signed or expected to be signed, granted without any counterpart from the tenants, are considered as a reduction of the receivables and are charged to the income statement as a reduction of the GRI. Rents and key money GRI consists of rents and similar income (e.g. occupancy compensation, key money and parking revenues) invoiced for Shopping Centres and Offices & Others properties over the period. Under IFRS 16, the effects of rent-free periods, step rents, other rents incentives and key money are spread over the expected term of the lease. GRI from the C&E segment includes turnover generated by the rental of exhibition space and the provision of unavoidable associated support services to this space. Property operating expenses These expenses comprise service charges due by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts, expenses relating to Property Management, and expenses related to venue sites of the C&E segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-646": { "value": "4.4.2. Operating expenses and net service charges The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses. Ground rents paid Ground leaseholds Ground leaseholds are accounted for in accordance with IFRS 16 as described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Buildings constructed on land under a lease agreement are recognised in accordance with the accounting principles described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Ground rents correspond to variable lease payments (or straight-lining of initial payments) for properties built on land subject to leasehold or operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, and to some shopping centres, in particular in France. Service charge income and service charge expenses In line with IFRS 15, the Group presented service charge income and service charge expenses separately. URW is acting as principal. The net of charges re-invoiced to tenants relates mainly to vacant premises and caps on service charge. Property operating expenses These expenses comprise service charges due by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts, expenses relating to Property Management, and expenses related to venue sites of the C&E segment. 4.4.3. Net property services and other activities income Revenue recognition Net property services and other activities income consists of on-site property services, other property services net income and airport activities. Airport activities have been sold in 2025 described in note 1.1.3 \u201cDisposals in 2025\u201d. Revenues are recognised in accordance with IFRS 15. C&E\u2019s contracts consist of occupancy agreements or short-term leases including provision of premises and services. Both provision of premises and services form an indivisible whole and should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. Revenues are recognised over the duration of the premises lease according to the prorata temporis method. Other property services net income is recognised when the services are provided. Revenues from other activities mainly cover: \u2022 Fees for leasing, Property Management and maintenance services provided to Offices & Others and Shopping Centres. These fees are invoiced by property service companies for their Property Management activities on behalf of owners outside the Group; and \u2022 Fees for property services received by companies in the C&E segment. Other expenses comprise charges relating to property services, general costs and depreciation charges for related fixed assets.
\u20ac Mn 2025 2024
Net property services and other activities income
80.2
99.5
On-site property services net income - Convention & Exhibition
60.1
81.2
Depreciation of tangible and intangible assets - Convention & Exhibition
(14.1)
(13.6)
Other property services net income
36.5
35.8
Depreciation of tangible and intangible assets - other property services
(2.3)
(3.8)
4.4.4. Net property development and project management income Revenue recognition Property development and project management income relates to the Design, Development and Construction (\u201cDD&C\u201d) business, which provides 3 types of services: design, development and ultimately construction of a property project. Based on the analysis of existing contracts, DD&C services are not distinct as the customer cannot benefit from each service on its own or together with other resources readily available to the customer, because the services are bundled to generate a single commercial outcome. As such, the Group takes the view that the 3 types of contracts should be combined into a single contract (and single performance obligation) for the purposes of IFRS 15 revenue recognition. 4.4.5. Administrative expenses This item comprises personnel costs, head office and Group administrative expenses, expenses relating to development projects, not capitalised, and depreciation charges relating to equipment and softwares of the Group. 4.4.6. Acquisition and other costs Acquisition and other costs amounted to -\u20ac14.0 Mn (-\u20ac12.7Mn) and mainly comprised restructuring costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-612": { "value": "4.4.2. Operating expenses and net service charges The operating expenses and net service charges are composed of ground rents paid, net service charge expenses and property operating expenses. Ground rents paid Ground leaseholds Ground leaseholds are accounted for in accordance with IFRS 16 as described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Buildings constructed on land under a lease agreement are recognised in accordance with the accounting principles described in note 5.1.1 \u201cInvestment properties \u2013 Accounting principles\u201d. Ground rents correspond to variable lease payments (or straight-lining of initial payments) for properties built on land subject to leasehold or operated under an operating contract (concession). This item mainly applies to the C&E venue of Le Bourget and Porte de Versailles in Paris, and to some shopping centres, in particular in France. Service charge income and service charge expenses In line with IFRS 15, the Group presented service charge income and service charge expenses separately. URW is acting as principal. The net of charges re-invoiced to tenants relates mainly to vacant premises and caps on service charge. Property operating expenses These expenses comprise service charges due by the owner, works- related expenses, litigation expenses, charges relating to doubtful accounts, expenses relating to Property Management, and expenses related to venue sites of the C&E segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-588": { "value": "
4.4.5. Administrative expenses
This item comprises personnel costs, head office and Group
administrative expenses, expenses relating to development projects,
not capitalised, and depreciation charges relating to equipment and
softwares of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-635": { "value": "5.1.1. Accounting principles Investment properties (IAS 40 and IFRS 13) In accordance with IAS 40, investment properties are shown at their fair value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper(1) on IFRS 13 established by the European Public Real Estate Association (\u201cEPRA\u201d), the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of the Royal Institution of Chartered Surveyors, URW applies a rotation on the appraisal mandates on a regular basis; the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until 1 year before the construction is complete. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 Construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes(2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, and rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis(3) in connection with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of electric vehicles chargers. Appraisers have reviewed and considered the information provided in their valuation process. Capex to be spent in the next 5 years for the Energy Action Plan defined by the Group were integrated in the valuation model. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The information relating to the Group\u2019s ESG roadmap provided during the Investors Day in October 2023 was updated so that appraisers could integrate it in their valuations (see 2.3.2 \u201cImpact of climate change matters on the financial statements\u201d). The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a DCF model applied to the total net income projected over the life of the concession, or over the life of the long-term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 [market value Y-1 + amount of works and other costs capitalised in year Y]. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams, through the expected delivery date, expected development costs, and considering a market exit capitalisation rate (\u201cECR\u201d) and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-647": { "value": "5.1.1. Accounting principles Investment properties (IAS 40 and IFRS 13) In accordance with IAS 40, investment properties are shown at their fair value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper(1) on IFRS 13 established by the European Public Real Estate Association (\u201cEPRA\u201d), the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of the Royal Institution of Chartered Surveyors, URW applies a rotation on the appraisal mandates on a regular basis; the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until 1 year before the construction is complete. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 Construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes(2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, and rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis(3) in connection with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of electric vehicles chargers. Appraisers have reviewed and considered the information provided in their valuation process. Capex to be spent in the next 5 years for the Energy Action Plan defined by the Group were integrated in the valuation model. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The information relating to the Group\u2019s ESG roadmap provided during the Investors Day in October 2023 was updated so that appraisers could integrate it in their valuations (see 2.3.2 \u201cImpact of climate change matters on the financial statements\u201d). The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a DCF model applied to the total net income projected over the life of the concession, or over the life of the long-term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 [market value Y-1 + amount of works and other costs capitalised in year Y]. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams, through the expected delivery date, expected development costs, and considering a market exit capitalisation rate (\u201cECR\u201d) and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-656": { "value": "5.1.1. Accounting principles Investment properties (IAS 40 and IFRS 13) In accordance with IAS 40, investment properties are shown at their fair value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper(1) on IFRS 13 established by the European Public Real Estate Association (\u201cEPRA\u201d), the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of the Royal Institution of Chartered Surveyors, URW applies a rotation on the appraisal mandates on a regular basis; the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until 1 year before the construction is complete. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 Construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes(2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, and rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis(3) in connection with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of electric vehicles chargers. Appraisers have reviewed and considered the information provided in their valuation process. Capex to be spent in the next 5 years for the Energy Action Plan defined by the Group were integrated in the valuation model. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The information relating to the Group\u2019s ESG roadmap provided during the Investors Day in October 2023 was updated so that appraisers could integrate it in their valuations (see 2.3.2 \u201cImpact of climate change matters on the financial statements\u201d). The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a DCF model applied to the total net income projected over the life of the concession, or over the life of the long-term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 [market value Y-1 + amount of works and other costs capitalised in year Y]. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams, through the expected delivery date, expected development costs, and considering a market exit capitalisation rate (\u201cECR\u201d) and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-669": { "value": "5.1.1. Accounting principles Investment properties (IAS 40 and IFRS 13) In accordance with IAS 40, investment properties are shown at their fair value. According to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Expectations about future improvements or modifications to be made to the property interest to reflect its highest and best use have to be considered in the appraisal, such as the renovation of or an extension to the property interest. URW complies with the IFRS 13 fair value measurement rule and the position paper(1) on IFRS 13 established by the European Public Real Estate Association (\u201cEPRA\u201d), the representative body of the publicly listed real estate industry in Europe. Transaction costs incurred for an asset deal are capitalised in the value of the investment property. Capitalised expenses include capital expenditures, eviction costs, capitalised financial interests, external letting fees invoiced by third parties and other internal costs related to development projects. In accordance with IFRS 16 and IAS 40, the right-of-use assets arising from leased property which meet the definition of an investment property are measured at fair value. IPUC are covered by IAS 40 and are eligible to be measured at fair value. In accordance with the Group\u2019s investment properties valuation method, they are measured at fair value by a qualified independent external appraiser twice a year. As part of the recommendations of the Royal Institution of Chartered Surveyors, URW applies a rotation on the appraisal mandates on a regular basis; the last rotation occurred in 2021. Projects for which the fair value is not reliably determinable are measured at cost until such time that a fair value measurement becomes reliable, or until 1 year before the construction is complete. According to the Group, a development project is eligible for a fair value measurement once all 3 of the following criteria are fulfilled: \u2022 All administrative authorisations needed to complete the project are obtained; \u2022 Construction has started and costs are committed toward the contractor; and \u2022 Substantial uncertainty in future rental income has been eliminated. If the time to delivery is less than 1 year, the project is accounted for at fair value. For properties measured at fair value, the market value adopted by URW is determined on the basis of appraisals by qualified independent external experts, who value the Group\u2019s portfolio as at June 30 and December 31 of each year. The gross value is reduced by disposal costs and transfer taxes(2) , depending on the country and on the tax situation of the property, in order to arrive at a net market value. For the Shopping Centres and Offices & Others portfolios, the independent appraisers determine the fair market value based on the results of 2 methods: the discounted cash flow (\u201cDCF\u201d) methodology as well as the yield methodology. Furthermore, the resulting valuations are cross-checked against the initial yield, value per square metre and the fair market values established through actual market transactions. Appraisers have been given access to all information relevant for valuations, such as the Group\u2019s confidential rent rolls, including information on vacancy, break options, expiry dates and lease incentives, performance indicators (e.g. footfall and sales where available), letting evidence and the Group\u2019s cash flow forecasts from annually updated detailed asset business plans. Appraisers make their independent assessments of current and forward-looking cash flow profiles, and usually reflect risk either in the cash flow forecasts (e.g. future rental levels, growth, investment requirements, void periods and incentives, and rent relief), in the applied required returns or discount rates and in the yield applied to capitalise the exit rent to determine an exit value. A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an asset-by-asset basis(3) in connection with a new AFREXIM ESG scorecard built by main valuation firms, international shopping centres\u2019 landlords and French institutions representing a diverse scope of retail market participants. Amongst others, these KPIs are the Energy Use Intensity on common areas, BREEAM certificate label part I and II, climate risk studies outcomes, renewable energy on-site production or presence of electric vehicles chargers. Appraisers have reviewed and considered the information provided in their valuation process. Capex to be spent in the next 5 years for the Energy Action Plan defined by the Group were integrated in the valuation model. (1) EPRA position paper on IFRS 13 \u2013 Fair value measurement and illustrative disclosures, February 2013. (2) Transfer taxes are valued on the assumption that the property is sold directly, even though the cost of these taxes would, in certain cases, be reduced if the property\u2019s holding company would be sold. (3) For European shopping centres. The information relating to the Group\u2019s ESG roadmap provided during the Investors Day in October 2023 was updated so that appraisers could integrate it in their valuations (see 2.3.2 \u201cImpact of climate change matters on the financial statements\u201d). The sites of the C&E portfolio are qualified as investment property. For the C&E portfolio, the valuation methodology adopted is mainly based on a DCF model applied to the total net income projected over the life of the concession, or over the life of the long-term lease (notably the Porte de Versailles long-term lease) or leasehold if it exists, or otherwise over a 10-year period, with an estimate of the asset value at the end of the given time period, based either on the residual contractual value for concessions or on capitalised cash flows over the last year. The valuations carried out by the appraisers took into account total net income, which comprised net rents and ancillary services, as well as net income from car parks. The cost of maintenance works, major repairs, refurbishments, redevelopments and extensions, as well as concession or leasehold fees, are included in projected cash flow figures. The income statement for a given year (Y) records the change in value for each property, which is determined as follows: market value Y \u2013 [market value Y-1 + amount of works and other costs capitalised in year Y]. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous financial year. Properties under construction carried at cost are subject to impairment tests, determined on the basis of the estimated recoverable value of the project. The recoverable value of a project is assessed, for significant projects by a qualified independent external appraiser and for others internally by the Development & Investment teams, through the expected delivery date, expected development costs, and considering a market exit capitalisation rate (\u201cECR\u201d) and the expected net rents. When the estimated recoverable value is lower than net book value, an impairment provision is recorded. Properties held for sale are identified separately in the statement of financial position according to IFRS 5. 5.1.2. Investment properties at fair value \u2013 IFRS basis
(\u20ac Mn) Dec. 31, 2025 Dec. 31, 2024
Shopping Centres
32,710.6
32,639.5
Southern Europe
14,404.2
14,030.4
Central Europe
8,454.9
7,925.8
Northern Europe
5,296.2
5,276.6
United States
4,555.3
5,406.8
Offices & Others
1,212.2
1,626.4
France
578.1
923.9
Other countries
634.1
702.5
Convention & Exhibition
2,490.4
2,442.9
Total
36,413.2
36,708.8
The variance is explained in the table below:
Total
Convention & investment Properties held
(\u20ac\ue002 Mn)
Shopping Centres
Offices & Others
Exhibition properties for sale Total
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
Acquisitions
3.6
0.6
\u2013
4.2
\u2013
4.2
Entry into scope of consolidation
465.0
39.7
\u2013
504.7
\u2013
504.7
Capitalised expenses
945.0
302.3
57.8
1,305.0
0.7
1,305.7
Disposals/exits from the scope of consolidation
(458.7)
(196.8)
\u2013
(655.5)
(34.6)
(690.1)
Reclassification and transfer of category
(278.5)
(323.2)
(58.4)
(660.1)
683.5
23.3
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
(372.0)
(609.5)
(49.1)
(1,030.5)
\u2013
(1,030.5)
Currency translation
319.2
9.1
\u2013
328.3
\u2013
328.3
Dec. 31, 2024
32,639.6
1,626.4
2,442.9
36,708.8
683.5
37,392.3
Acquisitions
2.8
\u2013
\u2013
2.8
\u2013
2.8
Entry into scope of consolidation
(1)
187.0
18.9
\u2013
205.9
\u2013
205.9
Capitalised expenses
(2)
585.8
170.0
34.7
790.5
2.7
793.3
Disposals/exits from the scope of consolidation
(3)
(610.5)
(242.3)
\u2013
(852.9)
(686.2)
(1,539.1)
Reclassification and transfer of category
(4)
(50.6)
(127.8)
7.2
(171.2)
62.7
(108.5)
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
558.7
(222.8)
5.6
341.4
\u2013
341.4
Currency translation
(5)
(602.2)
(10.0)
\u2013
(612.2)
\u2013
(612.2)
Dec. 31, 2025
32,710.6
1,212.2
2,490.4
36,413.2
62.7
36,475.9
(1) Relates to the change of consolidation method of Westfield Wheaton and the entry of the fully consolidated company.
(2) Capitalised expenses mainly relate to:
\u2022 Shopping centre and offices parts of Westfield Hamburg-\u00dcberseequartier in Germany;
\u2022 Shopping centres in France and Central Europe; and
\u2022 Convention & Exhibition sites such as the Parc des Expositions in Porte de Versailles.
(3) Relates mainly to the disposals of US Airports, Trinity office tower in La D\u00e9fense, Bonaire shopping centre in Spain, Pullman Paris Montparnasse and Stadshart Zoetermeer
shopping centre in The Netherlands.
(4) Includes mainly part of Westfield Hamburg-\u00dcberseequartier offices and Jacques Ibert office building reclassifications to IPUC at cost as well as the revaluation of the
financial lease of LAX Airport before the disposal.
(5) The impact in 2025 is mainly explained by the depreciation of the US dollar compared to the euro.
Valuation assumptions and sensitivity of the fully consolidated assets
Considering the limited public data available, the complexity of real
estate asset valuations, as well as the fact that appraisers use in their
valuations the non-public rent rolls of the Group\u2019s assets, URW believes
it is appropriate to classify its assets under Level 3 as per IFRS 13. In
addition, unobservable inputs, including appraisers\u2019 assumption on
growth rates and Exit Capitalisation Rates (\u201cECRs\u201d), are used by
appraisers to determine the fair value of URW\u2019s assets.
As at December 31, 2025, 98% of URW\u2019s portfolio was appraised by
qualified independent external appraisers.
The net outstanding balances of deferred lease incentives and key money
amortised over the expected term of the lease, which corrected the appraisal
value, represented -\u20ac158.2 Mn (-\u20ac197.1 Mn as at December 31, 2024).
The following tables provide a number of quantitative elements used by
the appraisers to assess the fair valuation of the Group\u2019s assets.
Shopping Centres All shopping centres are valued using the DCF and/or yield methodologies. The table below only includes fully consolidated assets. The table for the assets accounted for using the equity method is presented in note 6.3.3 \u201cValuation assumptions and sensitivity for assets accounted for using the equity method\u201d. The table in proportionate basis is available in the \u201cManagement discussion & analysis\u201d section of the Universal Registration Document.
Rent in \u20ac Exit Capitalisation
Shopping Centres - December 31, 2025 Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
7.6%
1,011
11.0%
9.0%
19.7%
Southern Europe
Min
3.6%
131
6.4%
4.8%
2.7%
Weighted average
4.9%
582
6.9%
5.1%
4.2%
Max
9.5%
792
10.2%
9.8%
6.0%
Central Europe
Min
5.0%
158
6.9%
5.0%
1.7%
Weighted average
5.8%
427
7.5%
5.7%
2.8%
Max
6.0%
558
10.0%
9.2%
11.8%
Northern Europe
Min
2.9%
39
6.5%
5.0%
3.0%
Weighted average
5.4%
338
7.2%
5.6%
3.5%
Max
11.2%
1,402
11.8%
10.8%
6.8%
US
Min
2.9%
333
7.3%
5.0%
3.4%
Weighted average
5.1%
696
7.6%
5.6%
4.1%
Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and Exit Capitalisation Rate (\u201cECR\u201d) weighted by Gross Market Value (\u201cGMV\u201d). Vacant assets, assets considered at bid value, assets under restructuring and minor assets are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. (a) Average annual rent (minimum guaranteed rent (\u201cMGR\u201d) + sales-based rent (\u201cSBR\u201d)) per asset per sqm. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years).
Rent in \u20ac Exit Capitalisation
Shopping Centres - December 31, 2024
Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
8.2%
1,004
10.5%
62.4%
19.3%
Southern Europe
Min
4.3%
158
6.7%
4.8%
2.7%
Weighted average
5.1%
571
7.2%
5.2%
4.7%
Max
8.9%
752
10.6%
9.6%
6.1%
Central Europe
Min
4.7%
159
6.6%
5.1%
1.5%
Weighted average
5.9%
412
7.6%
5.7%
2.5%
Max
9.1%
456
8.5%
7.3%
5.5%
Northern Europe
Min
4.6%
273
6.5%
5.0%
2.6%
Weighted average
5.2%
366
7.0%
5.3%
3.7%
Max
5.8%
1,722
8.0%
6.8%
8.8%
US
Min
3.9%
385
7.3%
5.0%
3.8%
Weighted average
5.0%
840
7.5%
5.5%
4.8%
Net Initial Yield (\u201cNIY\u201d), Discount Rate (\u201cDR\u201d) and ECR weighted by Gross Market Value (\u201cGMV\u201d). Vacant assets, assets considered at bid value, assets under restructuring and minor assets are not included in Min. and Max. calculation. Assets under development or not controlled by URW, the airport activities and the UK asset are not included in this table. (a) Average annual rent (Minimum Guaranteed Rent (\u201cMGR\u201d) + Sales Based Rent (\u201cSBR\u201d)) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) Compound annual growth rate (\u201cCAGR\u201d) of Net Rental Income (\u201cNRI\u201d) determined by the appraiser (duration of the DCF model used either 6 or 10 years).
The tables below show the sensitivity on URW\u2019s Shopping Centre portfolio value for assets fully consolidated, excluding assets under development.
The percentages below are indicative of evolutions in case of various evolutions of NIY, DR, ECR and appraisers\u2019 Estimated Rental Value (\u201cERV\u201d).
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(1,564)
(4.5)%
+25 bps in DR
(562)
(1.6)%
+10 bps in ECR
(419)
(1.2)%
-5% in appraisers\u2019 ERV
(1,208)
(3.5)%
Sensitivity
Impact in \u20ac Mn
Impact in %
-25 bps in NIY
+1,720
+5.0%
-25 bps in DR
+561
+1.6%
-10 bps in ECR
+422
+1.2%
+5% in appraisers\u2019 ERV
+1,086
+3.2%
Of\ufb01ces & Others
Appraisers value the Group\u2019s Offices & Others portfolio using the DCF and yield methodologies.
The tables below show the sensitivity on URW\u2019s Offices & Others portfolio value for assets fully consolidated, excluding assets under development.
The percentages below are indicative of evolutions in case of various evolutions of NIY.
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(73)
(6.1)%
-25 bps in NIY
+83
+6.9%
Convention & Exhibition
The table shows below the sensitivity of the C&E portfolio related to the weighted average cost of capital (\u201cWACC\u201d).
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in WACC
(92.0)
(4.3)%
-25 bps in WACC
+98.5
+4.6%
5.5. Valuation movements on assets This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation.
(\u20ac\ue002 Mn) 2025 2024
Investment properties at fair value
341.4
(1,030.5)
Shopping Centres
558.7
(371.9)
Offices & Others
(222.8)
(609.5)
Convention & Exhibition
5.6
(49.1)
Investment properties at cost
(27.7)
(53.8)
Tangible and intangible assets
(10.9)
6.0
Total
302.8
(1,078.3)
6.3.3. Valuation assumptions and sensitivity for assets accounted for using the equity method Shopping Centres All shopping centres are valued using the DCF and/or yield methodologies. The following tables provide a number of quantitative data in order to assess the fair valuation of the Group\u2019s assets accounted for using the equity method. The table for the fully consolidated assets is presented in note 5.1.2 \u201cInvestment properties at fair value \u2013 IFRS basis\u201d. The table in proportionate basis is available in the \u201cManagement discussion & analysis\u201d section of the Universal Registration Document.
Exit
Rent in \u20ac Capitalisation
Shopping Centres - December 31, 2025 Net Initial Yield
per sqm
(a)
Discount Rate
(b)
Rate
(c)
CAGR of NRI
(d)
Max
8.9%
1,043
9.5%
7.4%
3.8%
Europe
Min
4.9%
173
6.6%
5.1%
1.8%
Weighted average
6.1%
440
7.3%
5.9%
2.4%
Max
10.0%
1,175
11.3%
10.5%
4.9%
US
Min
4.6%
401
7.0%
5.0%
2.0%
Weighted average
5.5%
787
7.6%
5.9%
3.8%
NIY, DR and ECR weighted by GMV. Vacant assets, assets considered at bid value, and assets under restructuring are not included in Min. and Max. calculation. Assets under development or not controlled by URW are not included in this table. The UK assets are included in the table. (a) Average annual rent (MGR + SBR) per asset per square meter. (b) Rate used to calculate the net present value of future cash flows. (c) Rate used to capitalise the exit rent to determine the exit value of an asset. (d) CAGR of NRI determined by the appraiser (between 6 and 10 years depending on duration of DCF model used) . The tables below show the sensitivity on URW\u2019s Shopping Centre portfolio value for assets accounted for using the equity method, excluding assets under development. The percentages below are indicative of evolutions, in the case of various evolutions, of NIY, DR, ECR and appraisers\u2019 ERV.
Sensitivity
Impact in \u20ac Mn
Impact in %
+25 bps in NIY
(270)
(4.1)%
+25 bps in DR
(119)
(1.8)%
+10 bps in ECR
(69)
(1.1)%
-5% in appraisers\u2019 ERV
(195)
(3.0)%
Sensitivity
Impact in \u20ac Mn
Impact in %
-25 bps in NIY
+294
+4.5%
-25 bps in DR
+121
+1.9%
-10 bps in ECR
+72
+1.1%
+5% in appraisers\u2019 ERV
+189
+2.9%
7.2.2. Fair value adjustment of derivatives, debts and currency effect
(\u20ac\ue002 Mn) 2025 2024
Currency impact
(83.1)
52.8
Mark-to-market, costs of purchase and disposals of derivatives
(148.4)
36.8
Other financial assets and liabilities
(12.6)
(25.8)
Debt discounting
(0.1)
(0.1)
Total non-recurring financial result
(244.2)
63.7
7.7. Carrying value of \ufb01nancial instruments per category
FAAC: Financial Asset at Amortised Cost
FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income
FAFVTPL: Financial Asset at Fair Value Through Profit or Loss
FLAC: Financial Liabilities at Amortised Cost
FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss
Amounts recognised in statement of \ufb01nancial position
according to IFRS 9
Categories in Fair value Fair value
Dec. 31, 2025 accordance with Carrying amount recognised recognised in
(\u20ac\ue002 Mn) IFRS 9 Dec. 31, 2025
Amortised cost
in equity pro\ufb01t and loss
Fair value
Assets
Investments in financial assets FAAC/FAFVOCI
263.0
142.3
29.2
91.5
263.0
/FAFVTPL
Derivatives at fair value
FAFVTPL
195.3
\u2013
\u2013
195.3
195.3
Trade receivables from activity
(a)
FAAC
457.4
457.4
\u2013
\u2013
457.4
Other receivables
(b)
FAAC
249.3
249.3
\u2013
\u2013
249.3
Cash and cash equivalents
FAAC/FAFVTPL
2,680.5
903.7
\u2013
1,776.8
2,680.5
3,845.5
1,752.8
29.2
2,063.6
3,845.5
Liabilities
Commitment to non-controlling interests
FLFVTPL
88.4
\u2013
\u2013
88.4
88.4
Financial debts
(c)
FLAC
22,688.5
22,688.5
\u2013
\u2013
21,370.1
Derivatives at fair value
FLFVTPL
798.7
\u2013
\u2013
798.7
798.7
Non-current amounts due on investments
FLAC
21.9
21.9
\u2013
\u2013
21.9
Other non-current liabilities
FLAC/FLFVTPL
26.4
26.4
\u2013
\u2013
26.4
Amounts due to suppliers and other current debt
(d)
FLAC
1,108.2
1,108.2
\u2013
\u2013
1,108.2
24,732.1
23,845.1
\u2013
887.0
23,413.7
(a) Excluding rent-free periods and step rents.
(b) Excluding prepaid expenses, service charges due and tax receivables.
(c) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac20,032.6 Mn valued at
\u20ac18,714.2 Mn.
(d) Excluding deferred income, service charges billed and tax liabilities.
FAAC: Financial Asset at Amortised Cost FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income FAFVTPL: Financial Asset at Fair Value Through Profit or Loss FLAC: Financial Liabilities at Amortised Cost FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss
Amounts recognised in statement of \ufb01nancial position
according to IFRS 9
Categories in Fair value Fair value
Dec. 31, 2024 accordance with Carrying amount recognised in recognised in
(\u20ac\ue002 Mn) IFRS 9 Dec. 31, 2024
Amortisedcost
equity pro\ufb01t and loss
Fairvalue
Assets
Investments in financial assets FAAC/FAFVOCI
269.1
122.0
31.2
115.9
269.1
/FAFVTPL
Derivatives at fair value
FAFVTPL
250.6
\u2013
\u2013
250.6
250.6
(a)
Trade receivables from activity
FAAC
282.3
282.3
\u2013
\u2013
282.3
(b)
Other receivables
FAAC
297.2
297.2
\u2013
\u2013
297.2
Cash and cash equivalents
FAAC/FAFVTPL
5,288.9
2,756.7
\u2013
2,532.2
5,288.9
6,388.2
3,458.2
31.2
2,898.8
6,388.2
Liabilities
Commitment to non-controlling interests
FLFVTPL
93.8
\u2013
\u2013
93.8
93.8
(c)
Financial debts
FLAC
27,559.9
27,559.9
\u2013
\u2013
25,609.2
Derivatives at fair value
FLFVTPL
761.7
\u2013
\u2013
761.7
761.7
Non-current amounts due on investments
FLAC
15.7
15.7
\u2013
\u2013
15.7
Other non-current liabilities
FLAC/FLFVTPL
29.8
29.8
\u2013
\u2013
29.8
(d)
Amounts due to suppliers and other current debt
FLAC
1,171.6
1,171.6
\u2013
\u2013
1,171.6
29,632.6
28,777.1
\u2013
855.6
27,681.8
(a) Excluding rent-free periods and step rents. (b) Excluding prepaid expenses, service charges due and tax receivables. (c) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac22,933.2 Mn valued at \u20ac20,982.4 Mn. (d) Excluding deferred income, service charges billed and tax liabilities. \u201cTrade receivables from activity\u201d, \u201cOther receivables\u201d, \u201cCash and cash equivalents\u201d and \u201cAmounts due to suppliers and other current debt\u201d mainly have short-term maturity. Consequently, their carrying amounts at the reporting date approximate the fair value.
7.7.1. Fair value hierarchy of \ufb01nancial assets and liabilities
IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified:
\u2022 Level 1: financial instruments quoted in an active market;
\u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same
instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable
markets; and
\u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not
supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based
on available observable market data.
Fair value measurement at Dec. 31, 2025
(\u20ac\ue002 Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
91.5
\u2013
\u2013
91.5
Derivatives
195.3
\u2013
195.3
\u2013
Marketable securities
\u2013
\u2013
\u2013
\u2013
Fair value through equity
Investments in financial assets
29.2
\u2013
\u2013
29.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
316.1
\u2013
195.3
120.7
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
88.4
\u2013
\u2013
88.4
Derivatives
798.7
\u2013
798.7
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
887.0
\u2013
798.7
88.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-657": { "value": "The variance is explained in the table below:
Total
Convention & investment Properties held
(\u20ac\ue002 Mn)
Shopping Centres
Offices & Others
Exhibition properties for sale Total
Dec. 31, 2023
32,015.9
2,404.2
2,492.7
36,912.8
33.9
36,946.7
Acquisitions
3.6
0.6
\u2013
4.2
\u2013
4.2
Entry into scope of consolidation
465.0
39.7
\u2013
504.7
\u2013
504.7
Capitalised expenses
945.0
302.3
57.8
1,305.0
0.7
1,305.7
Disposals/exits from the scope of consolidation
(458.7)
(196.8)
\u2013
(655.5)
(34.6)
(690.1)
Reclassification and transfer of category
(278.5)
(323.2)
(58.4)
(660.1)
683.5
23.3
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
(372.0)
(609.5)
(49.1)
(1,030.5)
\u2013
(1,030.5)
Currency translation
319.2
9.1
\u2013
328.3
\u2013
328.3
Dec. 31, 2024
32,639.6
1,626.4
2,442.9
36,708.8
683.5
37,392.3
Acquisitions
2.8
\u2013
\u2013
2.8
\u2013
2.8
Entry into scope of consolidation
(1)
187.0
18.9
\u2013
205.9
\u2013
205.9
Capitalised expenses
(2)
585.8
170.0
34.7
790.5
2.7
793.3
Disposals/exits from the scope of consolidation
(3)
(610.5)
(242.3)
\u2013
(852.9)
(686.2)
(1,539.1)
Reclassification and transfer of category
(4)
(50.6)
(127.8)
7.2
(171.2)
62.7
(108.5)
Discounting impact
0.0
\u2013
\u2013
0.0
\u2013
0.0
Valuation movements
558.7
(222.8)
5.6
341.4
\u2013
341.4
Currency translation
(5)
(602.2)
(10.0)
\u2013
(612.2)
\u2013
(612.2)
Dec. 31, 2025
32,710.6
1,212.2
2,490.4
36,413.2
62.7
36,475.9
(1) Relates to the change of consolidation method of Westfield Wheaton and the entry of the fully consolidated company. (2) Capitalised expenses mainly relate to: \u2022 Shopping centre and offices parts of Westfield Hamburg-\u00dcberseequartier in Germany; \u2022 Shopping centres in France and Central Europe; and \u2022 Convention & Exhibition sites such as the Parc des Expositions in Porte de Versailles. (3) Relates mainly to the disposals of US Airports, Trinity office tower in La D\u00e9fense, Bonaire shopping centre in Spain, Pullman Paris Montparnasse and Stadshart Zoetermeer shopping centre in The Netherlands. (4) Includes mainly part of Westfield Hamburg-\u00dcberseequartier offices and Jacques Ibert office building reclassifications to IPUC at cost as well as the revaluation of the financial lease of LAX Airport before the disposal. (5) The impact in 2025 is mainly explained by the depreciation of the US dollar compared to the euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-665": { "value": "5.2. Tangible assets 5.2.1. Accounting principles Under IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the fa\u00e7ade, technical equipment, and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. 5.2.2. Changes in tangible assets
Furniture and
Net value (\u20ac\ue002 Mn)
equipment
Right-of-use assets
Total
Dec. 31, 2023
70.7
42.4
113.0
Acquisitions and capitalised expenses
27.6
\u2013
27.6
Reclassification
0.9
(0.4)
0.5
Disposals/exits from the scope
\u2013
(0.1)
(0.1)
Depreciation
(20.6)
(10.1)
(30.7)
Impairment/reversal
(1)
1.9
\u2013
1.9
Currency translation
1.6
0.6
2.1
Dec. 31, 2024
82.1
32.4
114.4
Acquisitions and capitalised expenses
12.0
0.9
12.9
Reclassification
(0.8)
0.3
(0.5)
Disposals/exits from the scope
(0.9)
\u2013
(0.9)
Depreciation
(21.7)
(8.4)
(30.0)
Impairment/reversal
(1)
8.3
\u2013
8.3
Currency translation
(3.2)
(0.8)
(4.0)
Dec. 31, 2025
75.8
24.5
100.2
(1) Mainly impairment/reversal on Viparis assets according to the external appraisals. 5.3. Intangible assets 5.3.1. Accounting principles Intangible assets (IAS 38)/Impairment of assets (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible assets is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible asset. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions \u2013 mainly Viparis entities; and \u2022 Other intangible assets. The fully amortised airport activities in the US were disposed in December 2025. Intangible assets for PM and DD&C relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. PM contracts with Regionals and DD&C contracts are fully amortised. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment . 5.3.2. Changes in intangible assets
Property Rights and Other intangible
Net value (\u20ac\ue002 Mn)
Management
Trademark
exhibitions assets Total
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
Acquisitions
\u2013
\u2013
\u2013
13.3
13.3
Disposals/exits from the scope of consolidation
\u2013
\u2013
\u2013
(8.7)
(8.7)
Amortisation
(0.9)
\u2013
(2.0)
(9.7)
(12.6)
Impairment/reversal
(2.3)
2.7
4.6
\u2013
5.1
Currency translation
12.8
\u2013
\u2013
0.6
13.4
Dec. 31, 2024
246.1
425.8
135.8
32.5
840.2
Acquisitions
\u2013
\u2013
\u2013
10.4
10.4
Reclassification
\u2013
\u2013
\u2013
0.8
0.8
Disposals/exits from the scope of consolidation
\u2013
\u2013
(39.0)
(1)
(0.2)
(39.2)
Amortisation
\u2013
\u2013
(2.0)
(10.6)
(12.6)
Impairment/reversal
(2)
5.7
\u2013
(25.0)
\u2013
(19.2)
Currency translation
(19.3)
\u2013
\u2013
(0.6)
(19.9)
Dec. 31, 2025
232.5
(3)
425.8
(3)
69.8
32.2
760.5
(1) The net disposal/exits variation in Rights and exhibitions activity relates to the disposal of Pullman Paris Montparnasse hotel on September 16, 2025. (2) The net impairment variation relates to allowances in Viparis\u2019 intangible assets value partly offset by reversal in the UK and US PM activity. (3) The total intangible assets relating to Westfield\u2019s acquisition amounts to \u20ac658.3 Mn (US and UK Property Management and the trademark). As at December 31, 2025, the net intangible assets correspond to: \u2022 The Property Management (PM) business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions - mainly Viparis entities; and \u2022 Other intangible assets. Property Management As at December 31, 2025, impairment tests have been performed on the valuations of independent external appraisers leading to a +\u20ac1.4 Mn reversal of impairment for PM business in the UK and to a +\u20ac4.3 Mn reversal of impairment for the US. One of the main assumptions used to value the PM is the DR, which stands between 10.2% and 10.4%. The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2025:
(Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
of impairment (\u20ac\ue002 Mn)
-25 bps in DR
+9.3
+4.0
+25 bps in DR
(5.0)
(5.0)
-10 bps LTGR
(0.1)
(1.1)
+10 bps LTGR
+4.0
+1.1
Trademark As at December 31, 2025, the impairment test performed was based on an independent external appraisal. The Group trademark includes the franchising business (see note 1.1.6 \u201cStrategic partnership with Cenomi Centers\u201d), leading to a trademark valuation above book net value, which justifies no impairment was recorded and no risks of impairment are expected. Rights and exhibitions As at December 31, 2025, impairment tests were performed on the intangible assets relating to the Viparis entities based on the valuations of independent external appraisers and a -\u20ac25.0 Mn impairment provision was recognised. The table below shows the sensitivity of the Rights and exhibitions portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and the impact in the result as determined at December 31, 2025:
Impact in % (Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
 of the portfolio value of impairment(\u20ac\ue002 Mn)
+25 bps in \u201cWACC\u201d
(24.3)
(4.9)%
\u2013
-25 bps in \u201cWACC\u201d
+26.2
+5.3%
+1.1
5.4. Goodwill 5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting.
5.4.2. Changes in goodwill
As at December 31, 2025, goodwill breaks down as follows:
Optimised value of Synergies and
Net value (\u20ac\ue002 Mn)
deferred taxes
Fee business
workforce Total
Dec. 31, 2023
175.5
119.3
550.5
845.2
Disposal
\u2013
\u2013
\u2013
\u2013
Impairment
\u2013
(33.8)
(5.5)
(39.2)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2024
175.5
85.5
545.0
806.0
Disposal
(1)
\u2013
(20.3)
\u2013
(20.3)
Impairment
(4.8)
\u2013
(154.6)
(159.5)
Currency translation
\u2013
\u2013
\u2013
\u2013
Dec. 31, 2025
170.6
65.2
390.4
626.2
(1) Corresponds to German Real Estate Management (REM) business disposal; see note 1.1.3 \u201cDisposals in 2025\u201d.
As all the indicators and financial reporting are followed based on the new organisation structure described in note 1.1.1 \u201cNew organisational
structure\u201d, the Group has reviewed the allocation of the goodwill per geographical segment and aligned it with the main \u201cRegions\u201d.
Thus, the allocation of the goodwill per geographical segment breaks down as follows:
(\u20ac\ue002 Mn)
Southern Europe
Central Europe
Total
Goodwill Dec. 31, 2024
557.5
248.5
806.0
Disposal
\u2013
(20.3)
(20.3)
Impairment
(154.6)
(4.8)
(159.5)
Currency translation
\u2013
\u2013
\u2013
Goodwill Dec. 31, 2025
402.8
223.4
626.2
The Group performs an impairment test for each category of goodwill.
Goodwill relating to optimised value
of deferred taxes
As at December 31, 2025, an additional impairment of -\u20ac4.8 Mn was
recognised.
Goodwill relating to fee business
As at December 31, 2025, no additional impairment was recognised.
Goodwill relating to synergies
and workforce
As at December 31, 2025, the only remaining value of goodwill resulting
from the Westfield acquisition is that which is allocated to Southern
Europe, the other geographical segments having been totally
depreciated.
The main assumptions for calculating the value in use are the WACC, LTGR and CAGR of NRI as displayed in the table below.
Southern Europe
Dec. 31, 2024
WACC before tax in %
6.86%
LTGR in %
1.82%
CAGR of NRI in %
5.20%
Dec. 31, 2025
WACC before tax in %
6.88%
LTGR in %
2.00%
CAGR of NRI in %
4.10%
An increase in the WACC, a decrease in the LTGR or a decrease in the
CAGR of NRI as determined at December 31, 2025, would not
necessarily result in a value in use lower than the NAV as the NAV
includes investment properties which are carried at fair value. These
changes would reduce the fair value of those properties and ultimately
the NAV.
Therefore, the impact of such changes should be viewed on a combined
basis on the value in use and the NAV to appreciate the net effect on the
financial statements.
Based on these assumptions used for calculating the value in use, an
additional impairment of -\u20ac154.6 Mn was recognised on the remaining
value of the goodwill allocated to Southern Europe.
A change of +25 bps in the WACC as determined at December 31, 2025,
without any change in the LTGR and CAGR of NRI would lead to an
additional impairment of -\u20ac83.3 Mn.
A change of -10 bps in LTGR as determined at December 31, 2025,
without any change in the WACC and CAGR of NRI would lead to an
additional impairment of -\u20ac26.0 Mn.
A change of -50 bps in the CAGR of NRI as determined at December 31,
2025, without any change in the WACC and LTGR would lead to an
additional impairment of -\u20ac23.8 Mn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-670": { "value": "5.2. Tangible assets 5.2.1. Accounting principles Under IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the fa\u00e7ade, technical equipment, and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. 5.2.2. Changes in tangible assets
Furniture and
Net value (\u20ac\ue002 Mn)
equipment
Right-of-use assets
Total
Dec. 31, 2023
70.7
42.4
113.0
Acquisitions and capitalised expenses
27.6
\u2013
27.6
Reclassification
0.9
(0.4)
0.5
Disposals/exits from the scope
\u2013
(0.1)
(0.1)
Depreciation
(20.6)
(10.1)
(30.7)
Impairment/reversal
(1)
1.9
\u2013
1.9
Currency translation
1.6
0.6
2.1
Dec. 31, 2024
82.1
32.4
114.4
Acquisitions and capitalised expenses
12.0
0.9
12.9
Reclassification
(0.8)
0.3
(0.5)
Disposals/exits from the scope
(0.9)
\u2013
(0.9)
Depreciation
(21.7)
(8.4)
(30.0)
Impairment/reversal
(1)
8.3
\u2013
8.3
Currency translation
(3.2)
(0.8)
(4.0)
Dec. 31, 2025
75.8
24.5
100.2
(1) Mainly impairment/reversal on Viparis assets according to the external appraisals. 5.5. Valuation movements on assets This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation.
(\u20ac\ue002 Mn) 2025 2024
Investment properties at fair value
341.4
(1,030.5)
Shopping Centres
558.7
(371.9)
Offices & Others
(222.8)
(609.5)
Convention & Exhibition
5.6
(49.1)
Investment properties at cost
(27.7)
(53.8)
Tangible and intangible assets
(10.9)
6.0
Total
302.8
(1,078.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-677": { "value": "5.2.1. Accounting principles Under IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the fa\u00e7ade, technical equipment, and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. 5.3.1. Accounting principles Intangible assets (IAS 38)/Impairment of assets (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible assets is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible asset. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions \u2013 mainly Viparis entities; and \u2022 Other intangible assets. The fully amortised airport activities in the US were disposed in December 2025. Intangible assets for PM and DD&C relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. PM contracts with Regionals and DD&C contracts are fully amortised. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment . 5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting .
Goodwill relating to fee business
This goodwill relates to the following activities: PM and DD&C.
Impairment tests are performed annually or when an impairment
indicator is identified and are based on valuations performed by
independent external appraisers, using the DCF method.
The values attributable to the PM business were allocated to the US,
the UK and Germany and the values attributable to the DD&C
business were allocated to the US and the UK, based on independent
external valuation.
The goodwill relating to the fee business in the US and the UK is fully
impaired.
Goodwill relating to synergies
and workforce
Goodwill relating to the Westfield Corporation acquisition has been
allocated per geographical segment as it is the lowest level within
the Group at which goodwill is monitored.
The allocation per geographical segment was performed based on
the cost and revenue synergies expected to be generated as a result
of the business combination.
The expected cost and revenue synergies were allocated to the US,
the UK, France Retail, Spain, Central Europe and the Nordics.
The amount related to the value of the workforce acquired was
allocated to the US and the UK.
The goodwill allocated to the US, the UK, Spain, Central Europe and
the Nordics is fully impaired.
Impairment test:
Since the geographical segments are the lowest level within a URW
company at which goodwill is monitored, for internal management
purposes, the impairment test is performed at geographical segment
level and, in accordance with IAS 36, for a group of CGUs.
The goodwill has been allocated to geographical segments, which
have been aligned with the new regions according to the organisation
described in note 1.1.1 New organisational structure. They are tested
for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the
geographical segment, with the recoverable value, which is
determined as the higher of the fair value less cost of disposal and its
value in use.
The recoverable value is determined on value in use based on the
DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the
MB and the SB.
The Group performs comprehensive impairment tests of the
goodwill allocated to each geographical segment at the end of
December, based on:
\u2022 The operating cash flows derived from the 5YBP exercise for
2026\u20132030 per geographical segment;
\u2022 The DR before tax per geographical segment based on a
calculation of WACC per region, which reflect the current market
assessment of the interest rates and the specific risks associated
with each geographical segment as at December 31. These DRs
were also compared with the DRs used by appraisers for the
valuation of Investment Properties as at December 31, and the
consistency between those was ensured;
\u2022 An allocation of the Group\u2019s corporate administrative expenses to
the geographical segments, as a percentage of their respective
NRI; and
\u2022 A DCF calculation for each geographical segment on a 10-year
basis, consistent with the method applied by the Group\u2019s
appraisers, and a discounted terminal value, to which a LTGR
estimated as at December 31, is applied.
A comparison has been performed for each geographical segment,
between:
\u2022 The value in use of the geographical segment at the end of
December, as determined above; and
\u2022 The NAV of the geographical segment at the end of December,
including the intangible assets and goodwill allocated, based on
the IFRS segment reporting.
URW\u2019s provision policy meets the simplified model of IFRS 9:
\u2022 The estimated losses are calculated on a homogeneous segment of
receivables;
\u2022 The rate of estimated loss reflects the best estimation of the
expected future losses on the considered client segment; URW
respects the notion of back testing (comparisons are performed with
historical rates of losses) and if needed, the rates are adjusted to take
into account any new trigger event; and
\u2022 Historical data are reviewed to better reflect the actual situation and
integrate the best estimates for the near future.
The Group applies the following rules to calculate the provision for
doubtful accounts as at December 31, 2025:
\u2022 Receivables from tenants under bankruptcy proceedings were fully
depreciated;
\u2022 Doubtful debt provisions are defined on the basis of an estimated
default rate based on a forward-looking approach. This percentage of
default may be refined by the tenant segment and position of the
shopping centre in its catchment area. Ultimately, this default is
rationalised based on recent events such as tenant bankruptcies in
2025 and also the evolution of shop closures in the past quarters; and
\u2022 This percentage was applied on the amount of receivables from
which security deposit and deferred amounts not yet due were
deducted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-636": { "value": "5.2.1. Accounting principles Under IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the fa\u00e7ade, technical equipment, and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. 5.3.1. Accounting principles Intangible assets (IAS 38)/Impairment of assets (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible assets is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible asset. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions \u2013 mainly Viparis entities; and \u2022 Other intangible assets. The fully amortised airport activities in the US were disposed in December 2025. Intangible assets for PM and DD&C relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. PM contracts with Regionals and DD&C contracts are fully amortised. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment . 5.4.1. Accounting principles The accounting rules for business combinations comply with IFRS 3 (Revised). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. IFRS 3 (Revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalised; adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognised in income for the financial year unless the additional consideration is an equity instrument. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date if and when the control is transferred. Any difference between fair value and net book value of this investment is recognised in income. Any change in the Group\u2019s interest in an entity that results in a loss of control is recognised as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognised in income. A transaction that does not affect control (additional acquisition or disposal) is accounted for as an equity transaction between the Group share and the non-controlling interest share without an impact on profit or loss and/or a goodwill adjustment. Goodwill subsequent measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment testing to determine if there is any indication of impairment, at least once a year or whenever there is an indication of impairment. For the purposes of this test, assets are grouped into cash-generating units (\u201cCGUs\u201d). CGUs are standardised groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognised whenever the recoverable value of the goodwill is less than its carrying amount. Impairment losses relating to the value of goodwill cannot be reversed. Goodwill relating to optimised value of deferred taxes Goodwill may arise on acquiring an asset via a share deal, where the Group inherits the fiscal basis of the assets. It is measured using the difference between the deferred taxes accounted for in the balance sheet according to IAS 12, and an estimate of the effective taxes to be paid in case of a share deal. In this case the impairment test incorporates a comparison between the accounting value of the goodwill and the potential tax optimisation existing at the date of reporting . Goodwill relating to fee business This goodwill relates to the following activities: PM and DD&C. Impairment tests are performed annually or when an impairment indicator is identified and are based on valuations performed by independent external appraisers, using the DCF method. The values attributable to the PM business were allocated to the US, the UK and Germany and the values attributable to the DD&C business were allocated to the US and the UK, based on independent external valuation. The goodwill relating to the fee business in the US and the UK is fully impaired. Goodwill relating to synergies and workforce Goodwill relating to the Westfield Corporation acquisition has been allocated per geographical segment as it is the lowest level within the Group at which goodwill is monitored. The allocation per geographical segment was performed based on the cost and revenue synergies expected to be generated as a result of the business combination. The expected cost and revenue synergies were allocated to the US, the UK, France Retail, Spain, Central Europe and the Nordics. The amount related to the value of the workforce acquired was allocated to the US and the UK. The goodwill allocated to the US, the UK, Spain, Central Europe and the Nordics is fully impaired. Impairment test: Since the geographical segments are the lowest level within a URW company at which goodwill is monitored, for internal management purposes, the impairment test is performed at geographical segment level and, in accordance with IAS 36, for a group of CGUs. The goodwill has been allocated to geographical segments, which have been aligned with the new regions according to the organisation described in note 1.1.1 New organisational structure. They are tested for impairment by comparing the Net Asset Value (\u201cNAV\u201d) of the geographical segment, with the recoverable value, which is determined as the higher of the fair value less cost of disposal and its value in use. The recoverable value is determined on value in use based on the DCF derived from the 5-year Business Plan (\u201c5YBP\u201d) approved by the MB and the SB. The Group performs comprehensive impairment tests of the goodwill allocated to each geographical segment at the end of December, based on: \u2022 The operating cash flows derived from the 5YBP exercise for 2026\u20132030 per geographical segment; \u2022 The DR before tax per geographical segment based on a calculation of WACC per region, which reflect the current market assessment of the interest rates and the specific risks associated with each geographical segment as at December 31. These DRs were also compared with the DRs used by appraisers for the valuation of Investment Properties as at December 31, and the consistency between those was ensured; \u2022 An allocation of the Group\u2019s corporate administrative expenses to the geographical segments, as a percentage of their respective NRI; and \u2022 A DCF calculation for each geographical segment on a 10-year basis, consistent with the method applied by the Group\u2019s appraisers, and a discounted terminal value, to which a LTGR estimated as at December 31, is applied. A comparison has been performed for each geographical segment, between: \u2022 The value in use of the geographical segment at the end of December, as determined above; and \u2022 The NAV of the geographical segment at the end of December, including the intangible assets and goodwill allocated, based on the IFRS segment reporting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-613": { "value": "5.2.1. Accounting principles Under IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the fa\u00e7ade, technical equipment, and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-589": { "value": "5.2.1. Accounting principles Under IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the fa\u00e7ade, technical equipment, and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded.
5.2.2. Changes in tangible assets
Furniture and
Net value (\u20ac\ue002 Mn)
equipment
Right-of-use assets
Total
Dec. 31, 2023
70.7
42.4
113.0
Acquisitions and capitalised expenses
27.6
\u2013
27.6
Reclassification
0.9
(0.4)
0.5
Disposals/exits from the scope
\u2013
(0.1)
(0.1)
Depreciation
(20.6)
(10.1)
(30.7)
Impairment/reversal
(1)
1.9
\u2013
1.9
Currency translation
1.6
0.6
2.1
Dec. 31, 2024
82.1
32.4
114.4
Acquisitions and capitalised expenses
12.0
0.9
12.9
Reclassification
(0.8)
0.3
(0.5)
Disposals/exits from the scope
(0.9)
\u2013
(0.9)
Depreciation
(21.7)
(8.4)
(30.0)
Impairment/reversal
(1)
8.3
\u2013
8.3
Currency translation
(3.2)
(0.8)
(4.0)
Dec. 31, 2025
75.8
24.5
100.2
(1) Mainly impairment/reversal on Viparis assets according to the external appraisals.
5.3.2. Changes in intangible assets
Property Rights and Other intangible
Net value (\u20ac\ue002 Mn)
Management
Trademark
exhibitions assets Total
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
Acquisitions
\u2013
\u2013
\u2013
13.3
13.3
Disposals/exits from the scope of consolidation
\u2013
\u2013
\u2013
(8.7)
(8.7)
Amortisation
(0.9)
\u2013
(2.0)
(9.7)
(12.6)
Impairment/reversal
(2.3)
2.7
4.6
\u2013
5.1
Currency translation
12.8
\u2013
\u2013
0.6
13.4
Dec. 31, 2024
246.1
425.8
135.8
32.5
840.2
Acquisitions
\u2013
\u2013
\u2013
10.4
10.4
Reclassification
\u2013
\u2013
\u2013
0.8
0.8
Disposals/exits from the scope of consolidation
\u2013
\u2013
(39.0)
(1)
(0.2)
(39.2)
Amortisation
\u2013
\u2013
(2.0)
(10.6)
(12.6)
Impairment/reversal
(2)
5.7
\u2013
(25.0)
\u2013
(19.2)
Currency translation
(19.3)
\u2013
\u2013
(0.6)
(19.9)
Dec. 31, 2025
232.5
(3)
425.8
(3)
69.8
32.2
760.5
(1) The net disposal/exits variation in Rights and exhibitions activity relates to the disposal of Pullman Paris Montparnasse hotel on September 16, 2025. (2) The net impairment variation relates to allowances in Viparis\u2019 intangible assets value partly offset by reversal in the UK and US PM activity. (3) The total intangible assets relating to Westfield\u2019s acquisition amounts to \u20ac658.3 Mn (US and UK Property Management and the trademark). As at December 31, 2025, the net intangible assets correspond to: \u2022 The Property Management (PM) business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions - mainly Viparis entities; and \u2022 Other intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-565": { "value": "Under IAS 16, operating assets are valued at their historic cost, less cumulative depreciation, and any decrease in value. Depreciation is calculated using the \u201ccomponent accounting\u201d method, where each asset is broken down into major components based on their useful life. The 4 components of a property are the main structure, the fa\u00e7ade, technical equipment, and finishing fixtures and fittings, depreciated respectively over 60, 30, 20 and 15 years for Offices & Others properties, and 35, 25, 20 and 15 years for Shopping Centres assets. If the appraisal value of a property is lower than net book value, an impairment provision is recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-671": { "value": "5.2.2. Changes in tangible assets
Furniture and
Net value (\u20ac\ue002 Mn)
equipment
Right-of-use assets
Total
Dec. 31, 2023
70.7
42.4
113.0
Acquisitions and capitalised expenses
27.6
\u2013
27.6
Reclassification
0.9
(0.4)
0.5
Disposals/exits from the scope
\u2013
(0.1)
(0.1)
Depreciation
(20.6)
(10.1)
(30.7)
Impairment/reversal
(1)
1.9
\u2013
1.9
Currency translation
1.6
0.6
2.1
Dec. 31, 2024
82.1
32.4
114.4
Acquisitions and capitalised expenses
12.0
0.9
12.9
Reclassification
(0.8)
0.3
(0.5)
Disposals/exits from the scope
(0.9)
\u2013
(0.9)
Depreciation
(21.7)
(8.4)
(30.0)
Impairment/reversal
(1)
8.3
\u2013
8.3
Currency translation
(3.2)
(0.8)
(4.0)
Dec. 31, 2025
75.8
24.5
100.2
(1) Mainly impairment/reversal on Viparis assets according to the external appraisals. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-662": { "value": "5.3. Intangible assets 5.3.1. Accounting principles Intangible assets (IAS 38)/Impairment of assets (IAS 36) An intangible asset is recognised when it is identifiable and separable and can be sold, transferred, licensed, rented or exchanged, either individually or as part of a contract with an attached asset or a liability, or which arises from contractual or other legal rights regardless of whether those rights are transferable or separable. After initial recognition, intangible assets are recognised at cost less any amortisation charges and impairment losses. Intangible assets with a finite life are amortised on a linear basis over the life of the asset. Intangible assets with an indefinite useful life are not amortised. The useful life of intangible assets is reviewed each year. An impairment test is carried out whenever there is an indication of impairment and, at least annually, for intangible assets with an indefinite useful life. The impairment test consists of comparing the book value with the recoverable amount of the intangible asset. The recoverable amount of an asset is the maximum between its fair value less disposal costs and its value in use. The fair value of each asset is individually determined by qualified independent external appraisers using the DCF methodology. If the appraisal value of an intangible asset is lower than net book value, an impairment is recorded. The intangible assets arise from: \u2022 The Property Management (\u201cPM\u201d) business in the US and the UK; \u2022 The DD&C business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions \u2013 mainly Viparis entities; and \u2022 Other intangible assets. The fully amortised airport activities in the US were disposed in December 2025. Intangible assets for PM and DD&C relate to the value of the customer contracts identified for these activities at the date of acquisition of Westfield. They correspond to contracts with shopping centres held through joint ventures in accordance with IFRS 11 and to contracts with local authorities. Customer contracts were separately analysed for Flagship and Regional centres as they present different features. PM contracts with Regionals and DD&C contracts are fully amortised. The useful life of the PM contracts with Flagship centres are considered indefinite since the PM contracts have no termination date and URW shall remain the sole property manager as long as it is the co-owner of the shopping centres. The incremental value of the Westfield trademark corresponds to the portion of the trademark value that is not captured in the shopping centre values. The useful life of the Westfield trademark is also considered indefinite. Consequently, all these assets are not amortised and tested for impairment . 5.3.2. Changes in intangible assets
Property Rights and Other intangible
Net value (\u20ac\ue002 Mn)
Management
Trademark
exhibitions assets Total
Dec. 31, 2023
236.5
423.2
133.1
36.9
829.6
Acquisitions
\u2013
\u2013
\u2013
13.3
13.3
Disposals/exits from the scope of consolidation
\u2013
\u2013
\u2013
(8.7)
(8.7)
Amortisation
(0.9)
\u2013
(2.0)
(9.7)
(12.6)
Impairment/reversal
(2.3)
2.7
4.6
\u2013
5.1
Currency translation
12.8
\u2013
\u2013
0.6
13.4
Dec. 31, 2024
246.1
425.8
135.8
32.5
840.2
Acquisitions
\u2013
\u2013
\u2013
10.4
10.4
Reclassification
\u2013
\u2013
\u2013
0.8
0.8
Disposals/exits from the scope of consolidation
\u2013
\u2013
(39.0)
(1)
(0.2)
(39.2)
Amortisation
\u2013
\u2013
(2.0)
(10.6)
(12.6)
Impairment/reversal
(2)
5.7
\u2013
(25.0)
\u2013
(19.2)
Currency translation
(19.3)
\u2013
\u2013
(0.6)
(19.9)
Dec. 31, 2025
232.5
(3)
425.8
(3)
69.8
32.2
760.5
(1) The net disposal/exits variation in Rights and exhibitions activity relates to the disposal of Pullman Paris Montparnasse hotel on September 16, 2025. (2) The net impairment variation relates to allowances in Viparis\u2019 intangible assets value partly offset by reversal in the UK and US PM activity. (3) The total intangible assets relating to Westfield\u2019s acquisition amounts to \u20ac658.3 Mn (US and UK Property Management and the trademark). As at December 31, 2025, the net intangible assets correspond to: \u2022 The Property Management (PM) business in the US and the UK; \u2022 The Westfield trademark; \u2022 Rights and exhibitions - mainly Viparis entities; and \u2022 Other intangible assets. Property Management As at December 31, 2025, impairment tests have been performed on the valuations of independent external appraisers leading to a +\u20ac1.4 Mn reversal of impairment for PM business in the UK and to a +\u20ac4.3 Mn reversal of impairment for the US. One of the main assumptions used to value the PM is the DR, which stands between 10.2% and 10.4%. The table below shows the sensitivity of the Property Management assets value and the impact in the result as determined at December 31, 2025:
(Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
of impairment (\u20ac\ue002 Mn)
-25 bps in DR
+9.3
+4.0
+25 bps in DR
(5.0)
(5.0)
-10 bps LTGR
(0.1)
(1.1)
+10 bps LTGR
+4.0
+1.1
Trademark
As at December 31, 2025, the impairment test performed was based on
an independent external appraisal.
The Group trademark includes the franchising business (see note 1.1.6
\u201cStrategic partnership with Cenomi Centers\u201d), leading to a trademark
valuation above book net value, which justifies no impairment was
recorded and no risks of impairment are expected.
Rights and exhibitions
As at December 31, 2025, impairment tests were performed on the
intangible assets relating to the Viparis entities based on the valuations
of independent external appraisers and a -\u20ac25.0 Mn impairment
provision was recognised.
The table below shows the sensitivity of the Rights and exhibitions
portfolio related to the weighted average cost of capital (\u201cWACC\u201d) and
the impact in the result as determined at December 31, 2025:
Impact in % (Additional)/ Reversal
Sensitivity
Impact in the value (\u20ac\ue002 Mn)
 of the portfolio value of impairment(\u20ac\ue002 Mn)
+25 bps in \u201cWACC\u201d
(24.3)
(4.9)%
\u2013
-25 bps in \u201cWACC\u201d
+26.2
+5.3%
+1.1
5.5. Valuation movements on assets This item reflects changes in market valuation of investment properties, impairment and reversal on tangible and intangible assets and amortisation of fair value of assets recorded for the purpose of purchase price allocation.
(\u20ac\ue002 Mn) 2025 2024
Investment properties at fair value
341.4
(1,030.5)
Shopping Centres
558.7
(371.9)
Offices & Others
(222.8)
(609.5)
Convention & Exhibition
5.6
(49.1)
Investment properties at cost
(27.7)
(53.8)
Tangible and intangible assets
(10.9)
6.0
Total
302.8
(1,078.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-614": { "value": "
5.3.1. Accounting principles
Intangible assets (IAS 38)/Impairment
of assets (IAS 36)
An intangible asset is recognised when it is identifiable and
separable and can be sold, transferred, licensed, rented or
exchanged, either individually or as part of a contract with an
attached asset or a liability, or which arises from contractual or other
legal rights regardless of whether those rights are transferable or
separable. After initial recognition, intangible assets are recognised
at cost less any amortisation charges and impairment losses.
Intangible assets with a finite life are amortised on a linear basis over
the life of the asset.
Intangible assets with an indefinite useful life are not amortised.
The useful life of intangible assets is reviewed each year.
An impairment test is carried out whenever there is an indication of
impairment and, at least annually, for intangible assets with an
indefinite useful life. The impairment test consists of comparing the
book value with the recoverable amount of the intangible asset. The
recoverable amount of an asset is the maximum between its fair
value less disposal costs and its value in use. The fair value of each
asset is individually determined by qualified independent external
appraisers using the DCF methodology.
If the appraisal value of an intangible asset is lower than net book
value, an impairment is recorded.
The intangible assets arise from:
\u2022 The Property Management (\u201cPM\u201d) business in the US and the UK;
\u2022 The DD&C business in the US and the UK;
\u2022 The Westfield trademark;
\u2022 Rights and exhibitions \u2013 mainly Viparis entities; and
\u2022 Other intangible assets.
The fully amortised airport activities in the US were disposed in
December 2025.
Intangible assets for PM and DD&C relate to the value of the
customer contracts identified for these activities at the date of
acquisition of Westfield. They correspond to contracts with shopping
centres held through joint ventures in accordance with IFRS 11 and to
contracts with local authorities. Customer contracts were
separately analysed for Flagship and Regional centres as they
present different features.
PM contracts with Regionals and DD&C contracts are fully
amortised.
The useful life of the PM contracts with Flagship centres are
considered indefinite since the PM contracts have no termination
date and URW shall remain the sole property manager as long as it is
the co-owner of the shopping centres.
The incremental value of the Westfield trademark corresponds to
the portion of the trademark value that is not captured in the
shopping centre values. The useful life of the Westfield trademark is
also considered indefinite. Consequently, all these assets are not
amortised and tested for impairment .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-566": { "value": "6.5. Transactions with related parties (joint ventures and associates) To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method.
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Shopping Centres and Convention & Exhibition companies
Loans
(1)
800.8
748.2
Recognised interest
41.5
51.2
Current account in debit
4.7
4.3
Current account in credit
(10.9)
(6.4)
Asset management fees invoiced and other fees
(2)
124.4
132.1
(1) Corresponds to 100% of the financing in the shopping centres investment. (2) The decrease relates mainly to the property development and project management revenue in the UK and Germany. All of these transactions are based on market prices.
11.3.3. Remuneration of the Management Board Team and the Supervisory Board
Remuneration of the Management Board
(\u20ac thousands) Paid in: 2025 2024
Fixed income
3,838
3,600
Short-term incentive
4,137
4,208
Other benefits
(1)
1,295
1,274
Total
9,270
9,082
(1) Supplementary Contribution Scheme, company car and other additional benefits.
In 2025, members of the MB were allocated a total of 172,770
Performance Stock Options, all subject to performance conditions, and
172,770 Performance Shares, all subject to performance conditions.
Regarding the 2025 performance achievements, the MB members will
receive in 2026 a total STI amounting to \u20ac4,818,800.
An indemnity of \u20ac5,053,432 will be paid to Jean-Marie Tritant in
connection with his departure.
The payment will be made after the approval of the AGM.
Remuneration of the Supervisory Board
The remuneration of the SB amounts to \u20ac929,990 for the 2025 financial
year.
Transactions involving Supervisory Board
members or Management Board members
(including loans or guarantees granted)
None.
(1) After impact of derivative instruments on debt raised in foreign currencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-615": { "value": "To the Group\u2019s knowledge, there are neither shareholders\u2019 pacts nor persons or groups of persons exercising or who could exercise control over the Group. The main related party transactions relate to transactions with companies accounted for using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-673": { "value": "7.1.1. Financial instruments (IAS 32/ IFRS 7/IFRS 9/IFRS 13) Classi\ufb01cation and measurement of non- derivative \ufb01nancial assets and liabilities Financial assets Under IFRS 9, on initial recognition, a financial asset is classified and measured at amortised cost, at Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) or at Fair Value Through Profit and Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset representing a debt instrument is measured at amortised cost if it meets both of the following conditions and is not designated as measured at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset representing a debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as measured at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group irrevocably elected to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price according to IFRS 15) is initially measured at fair value plus, for items not measured at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets for the Group: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by expected impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial assets at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at FVTPL except in the case of an irrevocable election to classify them at FVOCI that cannot be reclassified. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial liabilities Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Non-derivative financial liabilities are recognised at FVTPL. Classi\ufb01cation and measurement of \ufb01nancial derivatives The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro hedging strategy for its debt. Except for some currency derivatives, the Group has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Valuation of credit risk and derivatives The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits the measurement of fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. 7.1.3. Discounting of deferred payments Long-term liabilities and receivables are discounted when this has a significant impact: \u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date; \u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and \u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-616": { "value": "
Classi\ufb01cation and measurement of non-
derivative \ufb01nancial assets and liabilities
Financial assets
Under IFRS 9, on initial recognition, a financial asset is classified and
measured at amortised cost, at Fair Value through Other
Comprehensive Income (\u201cFVOCI\u201d) or at Fair Value Through Profit and
Loss (\u201cFVTPL\u201d). The classification of financial assets under IFRS 9 is
based on the business model in which a financial asset is managed
and its contractual cash flow characteristics.
A financial asset representing a debt instrument is measured at
amortised cost if it meets both of the following conditions and is not
designated as measured at FVTPL:
\u2022 It is held within a business model whose objective is to hold assets
to collect contractual cash flows; and
\u2022 Its contractual terms give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal
amount outstanding.
A financial asset representing a debt instrument is measured at
FVOCI if it meets both of the following conditions and is not
designated as measured at FVTPL:
\u2022 It is held within a business model whose objective is achieved by
both collecting contractual cash flows and selling financial assets;
and
\u2022 Its contractual terms give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal
amount outstanding.
On initial recognition of an equity investment that is not held for
trading, the Group irrevocably elected to present subsequent
changes in the investment\u2019s fair value in OCI. This election is made on
an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or
FVOCI as described above are measured at FVTPL. This includes all
derivative financial assets.
A financial asset (unless it is a trade receivable without a significant
financing component that is initially measured at the transaction
price according to IFRS 15) is initially measured at fair value plus, for
items not measured at FVTPL, transaction costs that are directly
attributable to its acquisition.
The following accounting policies apply to the subsequent
measurement of financial assets for the Group:
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and
losses, including any interest or dividend income, are recognised in
profit or loss.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using
the effective interest method. The amortised cost is reduced by
expected impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognised in profit or loss. Any
gain or loss on derecognition is recognised in profit or loss.
Financial assets at FVOCI
These assets are subsequently measured at fair value. Interest
income calculated using the effective interest method, foreign
exchange gains and losses and impairment are recognised in profit or
loss. Other net gains and losses are recognised in OCI. On
derecognition, gains and losses accumulated in OCI are reclassified
to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at FVTPL except in the
case of an irrevocable election to classify them at FVOCI that cannot
be reclassified.
Dividends are recognised as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI and are
never reclassified to profit or loss.
URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-618": { "value": "Financial liabilities Interest-bearing financial liabilities are initially measured at fair value, less transaction costs directly attributable to the issue, and after initial booking at amortised cost using the effective interest rate. Non-derivative financial liabilities are recognised at FVTPL. 7.1.3. Discounting of deferred payments Long-term liabilities and receivables are discounted when this has a significant impact: \u2022 Deferred payments on assets deals, share deals, acquisitions of lands have been discounted up to the payment date; \u2022 Provisions for material liabilities taken under IAS 37 are discounted over the estimated duration of the disputes they cover; and \u2022 Guarantee deposits received from tenants have not been discounted given the negligible impact of discounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-617": { "value": "
Classi\ufb01cation and measurement
of \ufb01nancial derivatives
The Group uses derivative financial instruments to hedge its
exposure to movements in interest and currency exchange rates.
All financial derivatives are recorded as financial assets or liabilities
at fair value on the statement of financial position. Fair value
variations of financial derivatives, apart from those designated as
cash flow hedges or as net investment hedges (see below), are
recognised in the income statement for the period.
URW has a macro hedging strategy for its debt. Except for some currency derivatives, the Group has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Valuation of credit risk and derivatives The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits the measurement of fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-590": { "value": "Classi\ufb01cation and measurement of \ufb01nancial derivatives The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period.
URW has a macro hedging strategy for its debt. Except for some
currency derivatives, the Group has chosen not to use the hedge
accounting proposed by IFRS 9. All such derivatives are therefore
measured at their market value and any fair value variations are
recorded in the income statement.
Changes in the fair value of forward exchange contracts that
economically hedge monetary assets and liabilities in foreign
currencies and for which no hedge accounting is applied, are
recognised in the income statement.
Valuation of credit risk and derivatives
The Group, which holds a group of financial assets or financial
liabilities, is exposed to market risks and credit risks of every single
counterparty as defined in IFRS 7. The Group applies the exception
provided by IFRS 13 (\u00a7 48), which permits the measurement of fair
value of a group of financial assets or a group of financial liabilities on
the basis of the price that would be received to sell or transfer a net
position towards a particular risk in an orderly transaction between
market participants at the measurement date under current market
conditions.
To determine the net position, the Group takes into account existing
arrangements to mitigate the credit risk exposure in the event of
default (e.g. a master netting agreement with the counterparty). The
fair value measurement takes into consideration the likelihood that
such an arrangement would be legally enforceable in the event of
default.
Valuation of derivatives takes into account the Credit Valuation
Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d).
CVA, calculated for a given counterparty, is the product of:
\u2022 The total mark-to-market the Group has with this counterparty, in
case it is positive;
\u2022 The probability of default of this counterparty over the average
maturity, weighted by the nominal of the derivatives recorded with
them. This probability of default is taken from the Bloomberg
model, based on market data and derived from the Credit Default
Swaps of the banks; and
\u2022 The loss given default following market standard.
DVA based on URW\u2019s credit risk corresponds to the loss that the
Group\u2019s counterparties may face in case of the Group\u2019s default. It is
the product of:
\u2022 The total mark-to-market the Group has with a counterparty, in
case it is negative;
\u2022 The probability of default of the Group over the average maturity,
weighted by the nominal of the total portfolio of derivatives. The
Group\u2019s probability of default is derived from the Credit Default
Swaps of URW and taken from the Bloomberg model; and
\u2022 The loss given default following market standard.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-648": { "value": "Classi\ufb01cation and measurement of \ufb01nancial derivatives The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro hedging strategy for its debt. Except for some currency derivatives, the Group has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Valuation of credit risk and derivatives The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits the measurement of fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. 7.4. Hedging instruments 7.4.1. Change in derivatives 2025
Amounts recognised in the
statement of comprehensive income
Fair value Other Changes in
adjustments of comprehensive scope of
(\u20ac\ue002 Mn)
Dec. 31, 2024
derivatives income
consolidation
Acquisitions
Disposals
Reallocation
Dec. 31, 2025
Assets
Derivatives at fair value
250.6
(89.8)
\u2013
\u2013
59.7
(25.1)
\u2013
195.3
non-current
\u2022
Without a hedging relationship
250.6
(89.8)
\u2013
\u2013
59.7
(25.1)
\u2013
195.3
Liabilities
Derivatives at fair value
761.7
12.9
\u2013
\u2013
138.2
(114.2)
\u2013
798.7
non-current
\u2022
Without a hedging relationship
761.7
12.9
\u2013
\u2013
138.2
(114.2)
\u2013
798.7
Net
(511.2)
(102.7)
\u2013
\u2013
(78.6)
89.0
\u2013
(603.4)
2024
Amounts recognised in the
statement of comprehensive income
Fair value Other Changes in
adjustments of comprehensive scope of
(\u20ac\ue002 Mn)
Dec. 31, 2023
derivatives income
consolidation
Acquisitions
Disposals
Reallocation
Dec. 31, 2024
Assets
Derivatives at fair value
250.7
5.6
0.0
\u2013
40.9
(46.8)
\u2013
250.6
non-current
\u2022
Without a hedging relationship
250.7
5.6
0.0
\u2013
40.9
(46.8)
\u2013
250.6
Liabilities
Derivatives at fair value
796.3
320.7
\u2013
\u2013
206.1
(561.4)
\u2013
761.7
non-current
\u2022
Without a hedging relationship
796.3
320.7
\u2013
\u2013
206.1
(561.4)
\u2013
761.7
Net
(545.6)
(315.1)
0.0
\u2013
(165.1)
514.6
\u2013
(511.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-637": { "value": "Classi\ufb01cation and measurement of \ufb01nancial derivatives The Group uses derivative financial instruments to hedge its exposure to movements in interest and currency exchange rates. All financial derivatives are recorded as financial assets or liabilities at fair value on the statement of financial position. Fair value variations of financial derivatives, apart from those designated as cash flow hedges or as net investment hedges (see below), are recognised in the income statement for the period. URW has a macro hedging strategy for its debt. Except for some currency derivatives, the Group has chosen not to use the hedge accounting proposed by IFRS 9. All such derivatives are therefore measured at their market value and any fair value variations are recorded in the income statement. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities in foreign currencies and for which no hedge accounting is applied, are recognised in the income statement. Valuation of credit risk and derivatives The Group, which holds a group of financial assets or financial liabilities, is exposed to market risks and credit risks of every single counterparty as defined in IFRS 7. The Group applies the exception provided by IFRS 13 (\u00a7 48), which permits the measurement of fair value of a group of financial assets or a group of financial liabilities on the basis of the price that would be received to sell or transfer a net position towards a particular risk in an orderly transaction between market participants at the measurement date under current market conditions. To determine the net position, the Group takes into account existing arrangements to mitigate the credit risk exposure in the event of default (e.g. a master netting agreement with the counterparty). The fair value measurement takes into consideration the likelihood that such an arrangement would be legally enforceable in the event of default. Valuation of derivatives takes into account the Credit Valuation Adjustment (\u201cCVA\u201d) and the Debit Valuation Adjustment (\u201cDVA\u201d). CVA, calculated for a given counterparty, is the product of: \u2022 The total mark-to-market the Group has with this counterparty, in case it is positive; \u2022 The probability of default of this counterparty over the average maturity, weighted by the nominal of the derivatives recorded with them. This probability of default is taken from the Bloomberg model, based on market data and derived from the Credit Default Swaps of the banks; and \u2022 The loss given default following market standard. DVA based on URW\u2019s credit risk corresponds to the loss that the Group\u2019s counterparties may face in case of the Group\u2019s default. It is the product of: \u2022 The total mark-to-market the Group has with a counterparty, in case it is negative; \u2022 The probability of default of the Group over the average maturity, weighted by the nominal of the total portfolio of derivatives. The Group\u2019s probability of default is derived from the Credit Default Swaps of URW and taken from the Bloomberg model; and \u2022 The loss given default following market standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-619": { "value": "
7.1.2. Borrowing costs generated by construction projects (IAS 23)
Borrowing costs directly attributable to the acquisition or construction of an asset are capitalised as part of the cost of the respective assets. All
other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds.
The interest costs capitalised are calculated using the Group\u2019s weighted average costs of borrowing applied to the average value of the work
completed during each quarter, unless specific financing exists for the project. In this case, the specific interest costs of the project are
capitalised.
Capitalisation of borrowing costs starts when the asset is qualified as an IPUC and/or as inventory and ends when the project is transferred to
standing investment property at the delivery date to the tenant or earlier when the project is technically completed or when an asset is available
for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-567": { "value": "7.1.2. Borrowing costs generated by construction projects (IAS 23) Borrowing costs directly attributable to the acquisition or construction of an asset are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The interest costs capitalised are calculated using the Group\u2019s weighted average costs of borrowing applied to the average value of the work completed during each quarter, unless specific financing exists for the project. In this case, the specific interest costs of the project are capitalised. Capitalisation of borrowing costs starts when the asset is qualified as an IPUC and/or as inventory and ends when the project is transferred to standing investment property at the delivery date to the tenant or earlier when the project is technically completed or when an asset is available for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-568": { "value": "7.2. Financing result 7.2.1. Net \ufb01nancing costs
(\u20ac\ue002 Mn) 2025 2024
Security transactions
35.9
69.8
Other financial interest
63.8
125.7
Interest income on economical hedging instruments
(a)
284.8
446.4
Subtotal financial income
384.4
641.9
Security transactions
(2.2)
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(454.8)
(490.4)
Interest and expenses on borrowings
(172.9)
(224.2)
Interest on lease liability
(61.7)
(56.7)
Interest on preferred shares
(14.0)
(12.8)
Interest on partners\u2019 advances
(38.7)
(57.7)
Other financial interest
(29.3)
(50.1)
Interest expenses on economical hedging instruments
(120.9)
(296.1)
Financial expenses before capitalisation of financial expenses
(894.5)
(1,187.9)
Capitalised financial expenses
63.7
79.9
Subtotal net financial expenses
(830.8)
(1,108.0)
Total net financial costs
(446.4)
(466.1)
(a) Includes interest income on economic hedging financial investments. Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs. 7.2.2. Fair value adjustment of derivatives, debts and currency effect
(\u20ac\ue002 Mn) 2025 2024
Currency impact
(83.1)
52.8
Mark-to-market, costs of purchase and disposals of derivatives
(148.4)
36.8
Other financial assets and liabilities
(12.6)
(25.8)
Debt discounting
(0.1)
(0.1)
Total non-recurring financial result
(244.2)
63.7
7.7.2. Net gain/loss by category
URW closely monitors its financial risk linked to its activity and the financial instruments it uses. The Group identifies and regularly evaluates its
different risk exposures (liquidity, interest rates, and currency exchange rates) in order to implement the adopted strategy.
2025 Net gain/(loss)
(\u20ac\ue002 Mn) From interest
in profit and loss
in equity
Investments in financial assets
1.5
1.5
(0.3)
Hedging instruments at fair value through profit and loss
163.8
163.8
\u2013
Financial liabilities at amortised cost
(675.5)
(675.5)
\u2013
(510.1)
(510.1)
(0.3)
Capitalised expenses
63.7
Net financial expenses
(446.4)
2024 Net gain/(loss)
(\u20ac\ue002 Mn)
From interest
in profit and loss
in equity
Investments in financial assets
3.9
3.9
(6.4)
Hedging instruments at fair value through profit and loss
150.4
150.4
\u2013
Financial liabilities at amortised cost
(700.2)
(700.2)
\u2013
(545.9)
(545.9)
(6.4)
Capitalised expenses
79.9
Net financial expenses
(466.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-591": { "value": "
7.2.1. Net \ufb01nancing costs
(\u20ac\ue002 Mn) 2025 2024
Security transactions
35.9
69.8
Other financial interest
63.8
125.7
Interest income on economical hedging instruments
(a)
284.8
446.4
Subtotal financial income
384.4
641.9
Security transactions
(2.2)
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(454.8)
(490.4)
Interest and expenses on borrowings
(172.9)
(224.2)
Interest on lease liability
(61.7)
(56.7)
Interest on preferred shares
(14.0)
(12.8)
Interest on partners\u2019 advances
(38.7)
(57.7)
Other financial interest
(29.3)
(50.1)
Interest expenses on economical hedging instruments
(120.9)
(296.1)
Financial expenses before capitalisation of financial expenses
(894.5)
(1,187.9)
Capitalised financial expenses
63.7
79.9
Subtotal net financial expenses
(830.8)
(1,108.0)
Total net financial costs
(446.4)
(466.1)
(a) Includes interest income on economic hedging financial investments.
Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received
during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-638": { "value": "7.2.1. Net \ufb01nancing costs
(\u20ac\ue002 Mn) 2025 2024
Security transactions
35.9
69.8
Other financial interest
63.8
125.7
Interest income on economical hedging instruments
(a)
284.8
446.4
Subtotal financial income
384.4
641.9
Security transactions
(2.2)
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(454.8)
(490.4)
Interest and expenses on borrowings
(172.9)
(224.2)
Interest on lease liability
(61.7)
(56.7)
Interest on preferred shares
(14.0)
(12.8)
Interest on partners\u2019 advances
(38.7)
(57.7)
Other financial interest
(29.3)
(50.1)
Interest expenses on economical hedging instruments
(120.9)
(296.1)
Financial expenses before capitalisation of financial expenses
(894.5)
(1,187.9)
Capitalised financial expenses
63.7
79.9
Subtotal net financial expenses
(830.8)
(1,108.0)
Total net financial costs
(446.4)
(466.1)
(a) Includes interest income on economic hedging financial investments. Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-649": { "value": "7.2.1. Net \ufb01nancing costs
(\u20ac\ue002 Mn) 2025 2024
Security transactions
35.9
69.8
Other financial interest
63.8
125.7
Interest income on economical hedging instruments
(a)
284.8
446.4
Subtotal financial income
384.4
641.9
Security transactions
(2.2)
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(454.8)
(490.4)
Interest and expenses on borrowings
(172.9)
(224.2)
Interest on lease liability
(61.7)
(56.7)
Interest on preferred shares
(14.0)
(12.8)
Interest on partners\u2019 advances
(38.7)
(57.7)
Other financial interest
(29.3)
(50.1)
Interest expenses on economical hedging instruments
(120.9)
(296.1)
Financial expenses before capitalisation of financial expenses
(894.5)
(1,187.9)
Capitalised financial expenses
63.7
79.9
Subtotal net financial expenses
(830.8)
(1,108.0)
Total net financial costs
(446.4)
(466.1)
(a) Includes interest income on economic hedging financial investments. Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-620": { "value": "7.2.1. Net \ufb01nancing costs
(\u20ac\ue002 Mn) 2025 2024
Security transactions
35.9
69.8
Other financial interest
63.8
125.7
Interest income on economical hedging instruments
(a)
284.8
446.4
Subtotal financial income
384.4
641.9
Security transactions
(2.2)
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(454.8)
(490.4)
Interest and expenses on borrowings
(172.9)
(224.2)
Interest on lease liability
(61.7)
(56.7)
Interest on preferred shares
(14.0)
(12.8)
Interest on partners\u2019 advances
(38.7)
(57.7)
Other financial interest
(29.3)
(50.1)
Interest expenses on economical hedging instruments
(120.9)
(296.1)
Financial expenses before capitalisation of financial expenses
(894.5)
(1,187.9)
Capitalised financial expenses
63.7
79.9
Subtotal net financial expenses
(830.8)
(1,108.0)
Total net financial costs
(446.4)
(466.1)
(a) Includes interest income on economic hedging financial investments. Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-658": { "value": "7.2.1. Net \ufb01nancing costs
(\u20ac\ue002 Mn) 2025 2024
Security transactions
35.9
69.8
Other financial interest
63.8
125.7
Interest income on economical hedging instruments
(a)
284.8
446.4
Subtotal financial income
384.4
641.9
Security transactions
(2.2)
\u2013
Interest on bonds and Euro Medium Term Notes (\u201cEMTNs\u201d)
(454.8)
(490.4)
Interest and expenses on borrowings
(172.9)
(224.2)
Interest on lease liability
(61.7)
(56.7)
Interest on preferred shares
(14.0)
(12.8)
Interest on partners\u2019 advances
(38.7)
(57.7)
Other financial interest
(29.3)
(50.1)
Interest expenses on economical hedging instruments
(120.9)
(296.1)
Financial expenses before capitalisation of financial expenses
(894.5)
(1,187.9)
Capitalised financial expenses
63.7
79.9
Subtotal net financial expenses
(830.8)
(1,108.0)
Total net financial costs
(446.4)
(466.1)
(a) Includes interest income on economic hedging financial investments. Financial income and expenses from the consolidated statement of cash flows correspond to cash amounts of financial interest paid and received during the period. They do not include any non-cash items such as accrued interest and amortisation of issuance costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-621": { "value": "
7.2.2. Fair value adjustment of derivatives, debts and currency effect
(\u20ac\ue002 Mn) 2025 2024
Currency impact
(83.1)
52.8
Mark-to-market, costs of purchase and disposals of derivatives
(148.4)
36.8
Other financial assets and liabilities
(12.6)
(25.8)
Debt discounting
(0.1)
(0.1)
Total non-recurring financial result
(244.2)
63.7
7.7. Carrying value of \ufb01nancial instruments per category FAAC: Financial Asset at Amortised Cost FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income FAFVTPL: Financial Asset at Fair Value Through Profit or Loss FLAC: Financial Liabilities at Amortised Cost FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss
Amounts recognised in statement of \ufb01nancial position
according to IFRS 9
Categories in Fair value Fair value
Dec. 31, 2025 accordance with Carrying amount recognised recognised in
(\u20ac\ue002 Mn) IFRS 9 Dec. 31, 2025
Amortised cost
in equity pro\ufb01t and loss
Fair value
Assets
Investments in financial assets FAAC/FAFVOCI
263.0
142.3
29.2
91.5
263.0
/FAFVTPL
Derivatives at fair value
FAFVTPL
195.3
\u2013
\u2013
195.3
195.3
Trade receivables from activity
(a)
FAAC
457.4
457.4
\u2013
\u2013
457.4
Other receivables
(b)
FAAC
249.3
249.3
\u2013
\u2013
249.3
Cash and cash equivalents
FAAC/FAFVTPL
2,680.5
903.7
\u2013
1,776.8
2,680.5
3,845.5
1,752.8
29.2
2,063.6
3,845.5
Liabilities
Commitment to non-controlling interests
FLFVTPL
88.4
\u2013
\u2013
88.4
88.4
Financial debts
(c)
FLAC
22,688.5
22,688.5
\u2013
\u2013
21,370.1
Derivatives at fair value
FLFVTPL
798.7
\u2013
\u2013
798.7
798.7
Non-current amounts due on investments
FLAC
21.9
21.9
\u2013
\u2013
21.9
Other non-current liabilities
FLAC/FLFVTPL
26.4
26.4
\u2013
\u2013
26.4
Amounts due to suppliers and other current debt
(d)
FLAC
1,108.2
1,108.2
\u2013
\u2013
1,108.2
24,732.1
23,845.1
\u2013
887.0
23,413.7
(a) Excluding rent-free periods and step rents. (b) Excluding prepaid expenses, service charges due and tax receivables. (c) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac20,032.6 Mn valued at \u20ac18,714.2 Mn. (d) Excluding deferred income, service charges billed and tax liabilities. FAAC: Financial Asset at Amortised Cost FAFVOCI: Financial Asset at Fair Value through Other Comprehensive Income FAFVTPL: Financial Asset at Fair Value Through Profit or Loss FLAC: Financial Liabilities at Amortised Cost FLFVTPL: Financial Liabilities at Fair Value Through Profit or Loss
Amounts recognised in statement of \ufb01nancial position
according to IFRS 9
Categories in Fair value Fair value
Dec. 31, 2024 accordance with Carrying amount recognised in recognised in
(\u20ac\ue002 Mn) IFRS 9 Dec. 31, 2024
Amortisedcost
equity pro\ufb01t and loss
Fairvalue
Assets
Investments in financial assets FAAC/FAFVOCI
269.1
122.0
31.2
115.9
269.1
/FAFVTPL
Derivatives at fair value
FAFVTPL
250.6
\u2013
\u2013
250.6
250.6
(a)
Trade receivables from activity
FAAC
282.3
282.3
\u2013
\u2013
282.3
(b)
Other receivables
FAAC
297.2
297.2
\u2013
\u2013
297.2
Cash and cash equivalents
FAAC/FAFVTPL
5,288.9
2,756.7
\u2013
2,532.2
5,288.9
6,388.2
3,458.2
31.2
2,898.8
6,388.2
Liabilities
Commitment to non-controlling interests
FLFVTPL
93.8
\u2013
\u2013
93.8
93.8
(c)
Financial debts
FLAC
27,559.9
27,559.9
\u2013
\u2013
25,609.2
Derivatives at fair value
FLFVTPL
761.7
\u2013
\u2013
761.7
761.7
Non-current amounts due on investments
FLAC
15.7
15.7
\u2013
\u2013
15.7
Other non-current liabilities
FLAC/FLFVTPL
29.8
29.8
\u2013
\u2013
29.8
(d)
Amounts due to suppliers and other current debt
FLAC
1,171.6
1,171.6
\u2013
\u2013
1,171.6
29,632.6
28,777.1
\u2013
855.6
27,681.8
(a) Excluding rent-free periods and step rents. (b) Excluding prepaid expenses, service charges due and tax receivables. (c) Financial debt is valued at market value based on market rates and spread issuers at each closing date. The amount includes a fixed rate debt for \u20ac22,933.2 Mn valued at \u20ac20,982.4 Mn. (d) Excluding deferred income, service charges billed and tax liabilities. \u201cTrade receivables from activity\u201d, \u201cOther receivables\u201d, \u201cCash and cash equivalents\u201d and \u201cAmounts due to suppliers and other current debt\u201d mainly have short-term maturity. Consequently, their carrying amounts at the reporting date approximate the fair value. 7.7.1. Fair value hierarchy of \ufb01nancial assets and liabilities IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified: \u2022 Level 1: financial instruments quoted in an active market; \u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets; and \u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data.
Fair value measurement at Dec. 31, 2025
(\u20ac\ue002 Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
91.5
\u2013
\u2013
91.5
Derivatives
195.3
\u2013
195.3
\u2013
Marketable securities
\u2013
\u2013
\u2013
\u2013
Fair value through equity
Investments in financial assets
29.2
\u2013
\u2013
29.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
316.1
\u2013
195.3
120.7
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
88.4
\u2013
\u2013
88.4
Derivatives
798.7
\u2013
798.7
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
887.0
\u2013
798.7
88.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-569": { "value": "
7.3.1. Investment in \ufb01nancial assets
Investments in financial assets mainly correspond to vendor loans
agreed on during asset disposals in France and Central Europe, and
equity interests in unlisted investments in the US.
As at December 31, 2025, investments in financial assets stand at
\u20ac263.0 Mn (compared to \u20ac269.1 Mn as at December 31, 2024). This
decrease is mainly driven by the disposal of shares at fair value through
equity and the change of value of other financial assets at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-592": { "value": "7.3.1. Investment in \ufb01nancial assets Investments in financial assets mainly correspond to vendor loans agreed on during asset disposals in France and Central Europe, and equity interests in unlisted investments in the US. As at December 31, 2025, investments in financial assets stand at \u20ac263.0 Mn (compared to \u20ac269.1 Mn as at December 31, 2024). This decrease is mainly driven by the disposal of shares at fair value through equity and the change of value of other financial assets at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-622": { "value": "Bond and Hybrid instruments: Over the year 2025, URW proactively optimized its capital structure through two hybrid transactions (see note 1.1.5 \u201cTender Offer Hybrid\u201d): \u2022 In April, URW successfully re-couponed and reduced its hybrid portfolio through: - Full redemption of its \u20ac995 Mn NC2028 hybrid at a 7.25% coupon via: \u2022 Buyback of 94.4% (\u20ac939 Mn) at market value; and \u2022 Repayment of \u20ac56 Mn at par using the \u2018minimal outstanding amount call option\u2019; - Financed through: \u2022 Issuance of \u20ac815 Mn NC2030 Hybrid at a 4.875% coupon, 3.1x oversubscribed at peak; \u2022 \u20ac180 Mn in cash. \u2022 In September, URW further optimized its hybrid structure through: - Tender of \u20ac417 Mn of its \u20ac750 Mn NC2026 hybrid at a 2.875% coupon, callable in Q2 2026; - Full redemption of the \u20ac99.8 Mn NC2025 hybrid at 5.142% coupon, via the \u2018minimal outstanding amount call option\u2019; and - Financed through the issuance of \u20ac685 Mn NC2031 hybrid at a 4.75% coupon, 2.6x oversubscribed at peak. As at end of 2025, the Group\u2019s hybrid portfolio stood at \u20ac1,833 Mn. In addition, in November, the Group fully repaid, ahead of its June 2026 maturity, a \u20ac600 Mn senior bond with a coupon of 2.5%, above cash remuneration conditions, further optimizing its financial expenses. 7.3.3. Financial debt breakdown and outstanding duration to maturity
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac\ue002 Mn)
Lessthan1year
1yearto5years
Morethan5years
 Dec. 31, 2025
Dec.31,2024
Bonds and EMTNs
632.1
9,291.0
8,490.9
18,414.0
22,467.5
(a) (b)
Principal debt
554.7
9,291.1
8,488.1
18,333.9
22,369.2
Accrued interest
181.8
\u2013
\u2013
181.8
225.1
Issuance costs
(52.8)
\u2013
\u2013
(52.8)
(67.1)
Bonds redemption premium
(51.3)
\u2013
\u2013
(51.3)
(62.3)
Mark-to-market of debt
(0.2)
(0.1)
2.8
2.5
2.6
Bank borrowings
379.0
2,315.6
\u2013
2,694.6
2,992.6
(b)
Principal debt
393.6
2,315.6
\u2013
2,709.2
3,009.0
Accrued interest
12.8
\u2013
\u2013
12.8
16.2
Borrowings issue fees
(32.2)
\u2013
\u2013
(32.2)
(35.3)
Accrued interest on bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Bank overdrafts and current accounts to balance out cash flow
4.7
\u2013
\u2013
4.7
6.4
Mark-to-market of debt
0.1
\u2013
\u2013
0.1
(3.8)
Other financial liabilities
85.0
32.5
891.1
1,008.6
1,120.4
(b)
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
85.1
\u2013
Accrued interest on interbank market instruments and negotiable
(0.1)
\u2013
\u2013
(0.1)
\u2013
instruments
(c)
Current accounts with non-controlling interests
\u2013
32.5
891.1
923.6
1,120.4
Lease liabilities
21.7
40.0
509.5
571.2
979.3
Total financial debt
1,117.8
11,679.1
9,891.5
22,688.4
27,559.9
(a) Includes currency impacts on debt raised in foreign currency for an amount of -\u20ac31.8 Mn as at December 31, 2025 (+\u20ac48.3 Mn as at December 31, 2024). In the financial resources, the bonds include issuances denominated in foreign currencies. (b) Includes the following debts denominated in foreign currency: $3,000.0 Mn, HKD 500.0 Mn and \u00a3500.0 Mn of bonds and EMTNs (eq. euro respectively \u20ac2,553.2 Mn, \u20ac54.7 Mn and \u20ac573.0 Mn), $1,530.3 Mn of bank borrowings (eq. euro \u20ac1,302.4 Mn) and $100.0 Mn (eq. euro \u20ac85.1 Mn) of interbank market instruments and negotiable instruments. (c) They are considered as non-current as they are financing the related assets. The variation of financial debt by flows breaks down as follows: (a)
Cash \ufb02ows Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2024
(b)
Increase
Decrease
(c)
interest
(d)
scope
(e)
translation
impact
(f)
Others
Dec. 31, 2025
Bonds and EMTNs
22,467.5
\u2013
(3,604.8)
(39.1)
\u2013
(434.0)
0.3
24.1
18,414.0
Bank borrowings
2,992.6
1,086.4
(1,407.8)
2.6
234.1
(188.0)
(29.9)
4.6
2,694.6
Other financial liabilities
1,120.4
154.0
(77.8)
(0.1)
32.3
(3.4)
\u2013
(216.7)
1,008.6
Lease liabilities
979.3
29.9
(62.1)
\u2013
(309.2)
(45.2)
\u2013
(21.5)
571.2
Total
27,559.9
1,270.3
(5,152.5)
(36.6)
(42.8)
(670.6)
(29.6)
(209.5)
22,688.4
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,339.1 Mn and decrease of -\u20ac5,216.4 Mn) mainly due to the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in the lines Financial income / Financial expenses of the consolidated statement of cash flows. (d) The variation of scope includes the acquisition of the remaining 47% stake in Westfield Wheaton. The decrease in lease liabilities is due to the disposal of the airport business (see note 1.1.3 \u201cDisposals in 2025\u201d). (e) The impact of currency translation is mainly explained by the depreciation of the US dollar compared to the euro. (f) The variation in \u201cOthers\u201d mainly reflects the \u20ac216.7 Mn decrease in current accounts with non-controlling interests, following a capital increase within the Viparis entities. It also includes the straightlining of premiums and fees on EMTNs and bank borrowings, and change in recognition of lease liabilities in application of IFRS 16. As at December 2024, the variation of financial debt by flows broke down as follows:
(a)
Cash \ufb02ows
Variation of Non-cash \ufb02ows
accrued Variation of Currency Fair value
(\u20ac\ue002 Mn)
Dec. 31, 2023
(b)
Increase
Decrease
(c)
interest
(d)
scope
translation
impact
(e)
Others
Dec. 31, 2024
Bonds and EMTNs
22,517.4
1,287.6
(1,617.6)
(8.8)
\u2013
261.9
1.7
25.3
22,467.5
Bank borrowings
3,045.7
129.5
(678.1)
(1.2)
314.6
88.2
\u2013
93.9
2,992.6
Other financial liabilities
1,354.9
82.1
(131.9)
\u2013
(184.7)
\u2013
\u2013
\u2013
1,120.4
Lease liabilities
977.0
11.8
(62.7)
\u2013
\u2013
23.1
\u2013
30.1
979.3
Total
27,895.1
1,511.0
(2,490.3)
(10.0)
129.9
373.2
1.7
149.3
27,559.9
(a) The cash flows differ from those in the consolidated statement of cash flows (increase of +\u20ac1,568.7 Mn and decrease of -\u20ac2,531.4 Mn) mainly due the variation of guarantee deposits received. (b) Net of bonds and EMTNs issuance costs and issuance fees. (c) The variation of accrued interest is included in lines \u201cFinancial income\u201d/\u201cFinancial expenses\u201d of the consolidated statement of cash flows. (d) The variation of scope includes the impact on current accounts further the acquisition of complementary stake in URW Germany and the complementary debt on the acquisition of Westfield Montgomery (see note 1.2.1 Acquisitions in 2024). (e) The variation of Others includes straight-lining of premiums and fees on EMTNs and bank borrowings and change in recognition of lease liabilities in application of IFRS 16. Maturity of current and non-current principal debt
Current
Non-current
Less than More than Total
(\u20ac\ue002 Mn)
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
5 years Dec. 31, 2025
Bonds and EMTNs
554.7
2,908.3
1,675.5
2,361.3
2,346.0
8,488.1
18,333.9
Bank borrowings
393.6
360.0
373.9
560.4
1,021.3
\u2013
2,709.2
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
\u2013
\u2013
\u2013
85.1
Lease liabilities
21.7
16.6
9.5
7.4
6.6
509.5
571.2
Total
1,055.1
3,284.9
2,058.9
2,929.1
3,373.9
8,997.6
21,699.4
7.3.4. Characteristics of bonds and EMTNs
Amount at
Dec. 31, 2025
Issue date
Rate
Currency
(\u20ac\ue002 Mn) Maturity
November 2010
Fixed rate 4.17%
EUR
41.0
November 2030
October 2011
Fixed rate 4.1%
EUR
27.0
October 2031
November 2011
Fixed rate 4.05%
EUR
20.0
November 2031
March 2014
Fixed rate 3.08%
EUR
20.0
March 2034
April 2014
Fixed rate 3.08%
EUR
30.0
April 2034
September 2014
Fixed rate 4.75%
USD
425.5
(a)
September 2044
April 2015
Fixed rate 1.38%
EUR
655.0
April 2030
November 2015
Fixed rate 2.07%
EUR
30.0
November 2030
December 2015 Fixed rate 2.1% during 3 years then Constant Maturity Swap 10 years
EUR
70.0
December 2030
(floored at 0% capped at 4%)
March 2016
Fixed rate 1.38%
EUR
500.0
March 2026
March 2016
Float rate (Erb6M+0%, floored at 0.95%, capped at 3%)
EUR
20.0
March 2027
April 2016
Fixed rate 1.13%
EUR
500.0
April 2027
April 2016
Fixed rate 2%
EUR
500.0
April 2036
December 2016
Fixed rate HKD swapped back into EUR
HKD
54.7
November 2026
February 2017
Fixed rate 1.5%
EUR
600.0
February 2028
May 2017
Fixed rate 1.5%
EUR
500.0
May 2029
May 2017
Fixed rate 2%
EUR
500.0
May 2037
May 2018
Fixed rate 2.25%
EUR
500.0
May 2038
May 2018
Fixed rate 1.88%
EUR
900.0
January 2031
June 2018
Structured coupon linked to CMS 15 year
EUR
40.0
June 2033
September 2018
Fixed rate 4.63%
USD
425.5
(a)
September 2048
September 2018
Fixed rate 4.13%
USD
425.5
(a)
September 2028
December 2018
Fixed rate 2%
EUR
100.0
December 2033
February 2019
Fixed rate 1%
EUR
750.0
February 2027
February 2019
Fixed rate 1.75%
EUR
750.0
February 2034
March 2019
Fixed rate 2.63%
GBP
573.0
March 2029
June 2019
Fixed rate 3.5%
USD
638.3
(a)
June 2029
July 2019
Fixed rate 1.75%
EUR
500.0
July 2049
October 2019
Fixed rate 2.88%
USD
638.3
(a)
January 2027
October 2019
Fixed rate 0.88%
EUR
750.0
March 2032
April 2020
Fixed rate 2.63%
EUR
800.0
April 2030
June 2020
Fixed rate 2%
EUR
750.0
June 2032
December 2020
Fixed rate 0.63%
EUR
1,000.0
May 2027
December 2020
Fixed rate 1.38%
EUR
1,000.0
December 2031
May 2021
Fixed rate 1.38%
EUR
600.0
May 2033
May 2021
Fixed rate 0.75%
EUR
650.0
October 2028
December 2023
Fixed rate 4.13%
EUR
750.0
December 2030
September 2024
Fixed rate 3.5%
EUR
650.0
September 2029
September 2024
Fixed rate 3.88%
EUR
650.0
September 2034
Total 18,333.9
(a) Subject to covenants (see note 7.3.5 \u201cCovenants\u201d). 7.3.5. Covenants As at December 31, 2025, the LTV (1) ratio amounted to 39.0% (41.7% as at December 31, 2024). The Interest Coverage Ratio(2) (\u201cICR\u201d) for the period stood at 4.4x(3) (4.2x as at December 31, 2024). The Group\u2019s corporate debt(4) covenants levels and corresponding current ratios are set at:
Europe credit Rule 144A and Reg
facilitycovenants
S Bonds
(a)
Financial ratios Dec. 31, 2025 level covenants level
LTV
(b)
39.0%
< 60%
< 65%
ICR
4.4x
> 2x
> 1.5x
FFO
(c)
/NFD
8.9%
> 4%
n/a
Secured debt ratio
(d)
5.1%
n/a
< 45%
Unencumbered leverage ratio
(e)
2.1x
n/a
> 1.25x
(a) Corresponding to $3.0 Bn of Rule 144A Bonds and \u00a30.5 Bn of Reg S Bonds. (b) Ratio calculated based on European bank debt covenant. (c) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) recurring net financial expenses and (ii) tax on recurring operating result. (d) Secured debt/Total assets. (e) Unencumbered assets/Unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2025, 100% of the Group\u2019s credit facilities and loans: \u2022 Allow an LTV of up to 60% for the Group or the borrowing entity, as the case may be; \u2022 Require an ICR > 2x for the Group or the borrowing entity, as the case may be; \u2022 Include an FFO/NFD covenant. These require an FFO/NFD above 4% for the Group or the borrowing entity, as the case may be. Secured debt non-recourse: The non-recourse mortgage debt raised by certain entities of the Group includes financial covenants:
% of non-recourse mortgage
Covenant level range incl. this feature in such covenant
Debt Yield
(a)
covenants
5%-7%
21%
Debt to Rent
8.9x
2%
ICR covenants
1.3x-2.5x
34%
LTV covenants
55%-75%
55%
(a) Debt Yield: ratio of the net operating income to the outstanding loan amount, net of certain cash as defined in the relevant mortgage loan documentation. \u2022 Any breach under these covenants would not lead to a cross-default on the Group\u2019s borrowings; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. (1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d) / Total assets excluding \u20ac561 Mn of goodwill not justified by fee business as per the Group\u2019s European leverage covenants, including transfer taxes. The proportionate LTV ratio is 40.0%. (2) ICR: Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest). Recurring EBITDA is calculated as total recurring operating results and other income minus general expenses, excluding depreciation and amortisation. (3) Proportionate ICR of 4.1x. (4) Corresponds to unsecured debt issued by the Group, i.e. bonds (EMTN, Rule 144A and Reg S Bonds), bank debt (term loans and drawn credit facilities). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-570": { "value": "7.3.3. Financial debt breakdown and outstanding duration to maturity
Current
Non-current
Total Total
Outstanding duration to maturity (\u20ac\ue002 Mn)
Lessthan1year
1yearto5years
Morethan5years
 Dec. 31, 2025
Dec.31,2024
Bonds and EMTNs
632.1
9,291.0
8,490.9
18,414.0
22,467.5
(a) (b)
Principal debt
554.7
9,291.1
8,488.1
18,333.9
22,369.2
Accrued interest
181.8
\u2013
\u2013
181.8
225.1
Issuance costs
(52.8)
\u2013
\u2013
(52.8)
(67.1)
Bonds redemption premium
(51.3)
\u2013
\u2013
(51.3)
(62.3)
Mark-to-market of debt
(0.2)
(0.1)
2.8
2.5
2.6
Bank borrowings
379.0
2,315.6
\u2013
2,694.6
2,992.6
(b)
Principal debt
393.6
2,315.6
\u2013
2,709.2
3,009.0
Accrued interest
12.8
\u2013
\u2013
12.8
16.2
Borrowings issue fees
(32.2)
\u2013
\u2013
(32.2)
(35.3)
Accrued interest on bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Bank overdrafts and current accounts to balance out cash flow
4.7
\u2013
\u2013
4.7
6.4
Mark-to-market of debt
0.1
\u2013
\u2013
0.1
(3.8)
Other financial liabilities
85.0
32.5
891.1
1,008.6
1,120.4
(b)
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
85.1
\u2013
Accrued interest on interbank market instruments and negotiable
(0.1)
\u2013
\u2013
(0.1)
\u2013
instruments
(c)
Current accounts with non-controlling interests
\u2013
32.5
891.1
923.6
1,120.4
Lease liabilities
21.7
40.0
509.5
571.2
979.3
Total financial debt
1,117.8
11,679.1
9,891.5
22,688.4
27,559.9
(a) Includes currency impacts on debt raised in foreign currency for an amount of -\u20ac31.8 Mn as at December 31, 2025 (+\u20ac48.3 Mn as at December 31, 2024). In the financial resources, the bonds include issuances denominated in foreign currencies. (b) Includes the following debts denominated in foreign currency: $3,000.0 Mn, HKD 500.0 Mn and \u00a3500.0 Mn of bonds and EMTNs (eq. euro respectively \u20ac2,553.2 Mn, \u20ac54.7 Mn and \u20ac573.0 Mn), $1,530.3 Mn of bank borrowings (eq. euro \u20ac1,302.4 Mn) and $100.0 Mn (eq. euro \u20ac85.1 Mn) of interbank market instruments and negotiable instruments. (c) They are considered as non-current as they are financing the related assets.
Maturity of current and non-current principal debt
Current
Non-current
Less than More than Total
(\u20ac\ue002 Mn)
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
5 years Dec. 31, 2025
Bonds and EMTNs
554.7
2,908.3
1,675.5
2,361.3
2,346.0
8,488.1
18,333.9
Bank borrowings
393.6
360.0
373.9
560.4
1,021.3
\u2013
2,709.2
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
\u2013
\u2013
\u2013
85.1
Lease liabilities
21.7
16.6
9.5
7.4
6.6
509.5
571.2
Total
1,055.1
3,284.9
2,058.9
2,929.1
3,373.9
8,997.6
21,699.4
7.3.5. Covenants
As at December 31, 2025, the LTV
(1)
ratio amounted to 39.0% (41.7% as at December 31, 2024).
The Interest Coverage Ratio
(2)
(\u201cICR\u201d) for the period stood at 4.4x
(3)
(4.2x as at December 31, 2024).
The Group\u2019s corporate debt
(4)
covenants levels and corresponding current ratios are set at:
Europe credit Rule 144A and Reg
facilitycovenants
S Bonds
(a)
Financial ratios Dec. 31, 2025 level covenants level
LTV
(b)
39.0%
< 60%
< 65%
ICR
4.4x
> 2x
> 1.5x
FFO
(c)
/NFD
8.9%
> 4%
n/a
Secured debt ratio
(d)
5.1%
n/a
< 45%
Unencumbered leverage ratio
(e)
2.1x
n/a
> 1.25x
(a) Corresponding to $3.0 Bn of Rule 144A Bonds and \u00a30.5 Bn of Reg S Bonds.
(b) Ratio calculated based on European bank debt covenant.
(c) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) recurring net financial expenses and (ii) tax on recurring operating result.
(d) Secured debt/Total assets.
(e) Unencumbered assets/Unsecured debt.
These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2025, 100% of the Group\u2019s credit
facilities and loans:
\u2022 Allow an LTV of up to 60% for the Group or the borrowing entity, as the case may be;
\u2022 Require an ICR > 2x for the Group or the borrowing entity, as the case may be;
\u2022 Include an FFO/NFD covenant. These require an FFO/NFD above 4% for the Group or the borrowing entity, as the case may be.
(1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d) / Total assets excluding \u20ac561 Mn of goodwill not justified by fee business as per the Group\u2019s European leverage
covenants, including transfer taxes. The proportionate LTV ratio is 40.0%.
(2) ICR: Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest). Recurring EBITDA is calculated as total recurring operating results and other income
minus general expenses, excluding depreciation and amortisation.
(3) Proportionate ICR of 4.1x.
(4) Corresponds to unsecured debt issued by the Group, i.e. bonds (EMTN, Rule 144A and Reg S Bonds), bank debt (term loans and drawn credit facilities).
7.5.1. Liquidity risk
The following table shows the Group\u2019s contractually agreed interest
payments and repayments of the non-derivative financial liabilities
(excluding leases liabilities and current accounts) and the derivatives
with positive and negative fair values. Amounts in foreign currency were
translated at the closing rate at the reporting date. The payments of the
floating rate interests have been calculated on the basis of the last
interest rates published on December 31, 2025.
Commercial paper has been allocated at the earliest period of
redemption even if they are rolled over. All other borrowings have been
allocated by date of maturity.
Carrying
amount
(a)
Less than 1 year
1 year to 5 years
More than 5 years
(\u20ac\ue002 Mn) Dec. 31, 2025
Interest
Redemption
Interest
Redemption
Interest
Redemption
Bonds, borrowings and amounts due to credit institutions
Bonds and EMTNs
(18,333.9)
(409.4)
(554.7)
(1,321.5)
(9,291.1)
(1,403.3)
(8,488.1)
Bank borrowings and other financial liabilities
(b)
(2,794.3)
(115.3)
(478.7)
(304.8)
(2,315.6)
\u2013
\u2013
Financial derivatives
Derivative financial liabilities
Derivatives without a hedging relationship
(798.7)
(4.3)
(12.3)
(39.6)
(51.4)
(432.6)
\u2013
Derivative financial assets
Derivatives without a hedging relationship
195.3
54.6
\u2013
51.0
\u2013
\u2013
\u2013
(a) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d).
(b) Excludes current accounts with non-controlling interests and lease liabilities.
The average maturity of the Group\u2019s debt stood at 7.0 years and at 5.7 years, with and without taking into account the undrawn credit lines
(1)
and cash
on hand.
URW\u2019s debt maturing over the next 12 months amounts to \u20ac1,033.4 Mn
(2)
(including \u20ac555 Mn of bonds).
In any event, the next 12 months\u2019 debt repayment needs are fully covered
(3)
by \u20ac11.4 Bn including \u20ac2.7 Bn of cash on hand and \u20ac8.7 Bn of credit facilities.
The credit facilities maturing over the next 12 months amount to \u20ac0.3 Bn. URW is considering opportunities to extend or renew part of these
maturing lines.
URW\u2019s long-term refinancing policy consists of diversifying the Group\u2019s expiry schedules and financial resources. Accordingly (on IFRS basis), bonds
and EMTN issues represented 87% of financial nominal debt at December 31, 2025, and bank loans, mortgages and overdrafts 13%.
(1) Subject to covenants.
(2) Excluding \u20ac4.7 Mn of overdraft and including a currency impact of -\u20ac6.1 Mn.
(3) Subject to covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-639": { "value": "Maturity of current and non-current principal debt
Current
Non-current
Less than More than Total
(\u20ac\ue002 Mn)
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
5 years Dec. 31, 2025
Bonds and EMTNs
554.7
2,908.3
1,675.5
2,361.3
2,346.0
8,488.1
18,333.9
Bank borrowings
393.6
360.0
373.9
560.4
1,021.3
\u2013
2,709.2
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
\u2013
\u2013
\u2013
85.1
Lease liabilities
21.7
16.6
9.5
7.4
6.6
509.5
571.2
Total
1,055.1
3,284.9
2,058.9
2,929.1
3,373.9
8,997.6
21,699.4
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-650": { "value": "Maturity of current and non-current principal debt
Current
Non-current
Less than More than Total
(\u20ac\ue002 Mn)
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
5 years Dec. 31, 2025
Bonds and EMTNs
554.7
2,908.3
1,675.5
2,361.3
2,346.0
8,488.1
18,333.9
Bank borrowings
393.6
360.0
373.9
560.4
1,021.3
\u2013
2,709.2
Interbank market instruments and negotiable instruments
85.1
\u2013
\u2013
\u2013
\u2013
\u2013
85.1
Lease liabilities
21.7
16.6
9.5
7.4
6.6
509.5
571.2
Total
1,055.1
3,284.9
2,058.9
2,929.1
3,373.9
8,997.6
21,699.4
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-651": { "value": "7.3.5. Covenants As at December 31, 2025, the LTV (1) ratio amounted to 39.0% (41.7% as at December 31, 2024). The Interest Coverage Ratio(2) (\u201cICR\u201d) for the period stood at 4.4x(3) (4.2x as at December 31, 2024). The Group\u2019s corporate debt(4) covenants levels and corresponding current ratios are set at:
Europe credit Rule 144A and Reg
facilitycovenants
S Bonds
(a)
Financial ratios Dec. 31, 2025 level covenants level
LTV
(b)
39.0%
< 60%
< 65%
ICR
4.4x
> 2x
> 1.5x
FFO
(c)
/NFD
8.9%
> 4%
n/a
Secured debt ratio
(d)
5.1%
n/a
< 45%
Unencumbered leverage ratio
(e)
2.1x
n/a
> 1.25x
(a) Corresponding to $3.0 Bn of Rule 144A Bonds and \u00a30.5 Bn of Reg S Bonds. (b) Ratio calculated based on European bank debt covenant. (c) Funds From Operations (\u201cFFO\u201d): on an annualised basis, the recurring EBITDA minus (i) recurring net financial expenses and (ii) tax on recurring operating result. (d) Secured debt/Total assets. (e) Unencumbered assets/Unsecured debt. These covenants are tested twice a year based on the Group\u2019s IFRS financial statements. As at December 31, 2025, 100% of the Group\u2019s credit facilities and loans: \u2022 Allow an LTV of up to 60% for the Group or the borrowing entity, as the case may be; \u2022 Require an ICR > 2x for the Group or the borrowing entity, as the case may be; \u2022 Include an FFO/NFD covenant. These require an FFO/NFD above 4% for the Group or the borrowing entity, as the case may be. Secured debt non-recourse: The non-recourse mortgage debt raised by certain entities of the Group includes financial covenants:
% of non-recourse mortgage
Covenant level range incl. this feature in such covenant
Debt Yield
(a)
covenants
5%-7%
21%
Debt to Rent
8.9x
2%
ICR covenants
1.3x-2.5x
34%
LTV covenants
55%-75%
55%
(a) Debt Yield: ratio of the net operating income to the outstanding loan amount, net of certain cash as defined in the relevant mortgage loan documentation. \u2022 Any breach under these covenants would not lead to a cross-default on the Group\u2019s borrowings; and \u2022 In any case, defaults under these loans are not expected to have a material adverse effect on the Group\u2019s finances. (1) Loan-to-Value (\u201cLTV\u201d) = Net financial debt (or \u201cnet debt\u201d) / Total assets excluding \u20ac561 Mn of goodwill not justified by fee business as per the Group\u2019s European leverage covenants, including transfer taxes. The proportionate LTV ratio is 40.0%. (2) ICR: Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest). Recurring EBITDA is calculated as total recurring operating results and other income minus general expenses, excluding depreciation and amortisation. (3) Proportionate ICR of 4.1x. (4) Corresponds to unsecured debt issued by the Group, i.e. bonds (EMTN, Rule 144A and Reg S Bonds), bank debt (term loans and drawn credit facilities). Short-term debt: There are no financial covenants (such as LTV or ICR) in the Neu MTN, the Neu CP, the ECP and the USCP programmes of URW. ", "dimensions": { "concept": "urw:DisclosureOfCovenants", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-571": { "value": "
7.3.7. Net \ufb01nancial debt
Net financial debt is determined as below:
Net \ufb01nancial debt
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Amounts accounted for in balance sheet
Non-current bonds and borrowings
21,021.1
23,419.1
Current borrowings and amounts due to credit institutions
1,096.1
3,161.5
Total financial liabilities
22,117.2
26,580.5
Adjustments
Mark-to-market of debt
(2.6)
1.2
Current accounts with non-controlling interests
(a)
(923.6)
(1,120.4)
Impact of derivative instruments on debt raised in foreign currency
31.8
(48.3)
Accrued interests/issuance fees
(58.1)
(76.6)
Total financial liabilities (nominal value)
21,164.7
(b)
25,336.4
(b)
Cash and cash equivalents
(2,680.5)
(b)
(5,288.9)
(b)
Net financial debt
(a)
18,484.2
20,047.4
(a) Corresponds to the external financial debt and therefore excludes financing of partners.
(b) Bank overdrafts and current accounts to balance out cash flow are included in the total financial liabilities, in 2025 for \u20ac4.7 Mn and in 2024 for \u20ac6.4 Mn.
Net cash at period end
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Marketable securities
\u2013
0.4
Short-term deposit
(a)
903.7
2,756.7
Cash
1,776.8
2,531.9
Total assets
2,680.5
5,288.9
Bank overdrafts and current accounts to balance out cash flow
(4.7)
(6.4)
Total liabilities
(4.7)
(6.4)
Net cash at period end
2,675.8
(c)
5,282.5
(b
(a) Short-term deposits are denominated in euro and USD.
(b) The high level of cash as at December 31, 2024, aimed to cover URW\u2019s debt repayment needs corresponding to the bonds and bank loans outstanding as at December 31,
2024, and maturing within 1 year.
(c) Net cash position decreased as at December 31, 2025 compared to December 31, 2024 mainly due to the use of available cash to repay borrowings and financial liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-674": { "value": "7.5. Risk management policy 7.5.1. Liquidity risk The following table shows the Group\u2019s contractually agreed interest payments and repayments of the non-derivative financial liabilities (excluding leases liabilities and current accounts) and the derivatives with positive and negative fair values. Amounts in foreign currency were translated at the closing rate at the reporting date. The payments of the floating rate interests have been calculated on the basis of the last interest rates published on December 31, 2025. Commercial paper has been allocated at the earliest period of redemption even if they are rolled over. All other borrowings have been allocated by date of maturity.
Carrying
amount
(a)
Less than 1 year
1 year to 5 years
More than 5 years
(\u20ac\ue002 Mn) Dec. 31, 2025
Interest
Redemption
Interest
Redemption
Interest
Redemption
Bonds, borrowings and amounts due to credit institutions
Bonds and EMTNs
(18,333.9)
(409.4)
(554.7)
(1,321.5)
(9,291.1)
(1,403.3)
(8,488.1)
Bank borrowings and other financial liabilities
(b)
(2,794.3)
(115.3)
(478.7)
(304.8)
(2,315.6)
\u2013
\u2013
Financial derivatives
Derivative financial liabilities
Derivatives without a hedging relationship
(798.7)
(4.3)
(12.3)
(39.6)
(51.4)
(432.6)
\u2013
Derivative financial assets
Derivatives without a hedging relationship
195.3
54.6
\u2013
51.0
\u2013
\u2013
\u2013
(a) Corresponds to the amount of principal debt (see note 7.3.3 \u201cFinancial debt breakdown and outstanding duration to maturity\u201d). (b) Excludes current accounts with non-controlling interests and lease liabilities. The average maturity of the Group\u2019s debt stood at 7.0 years and at 5.7 years, with and without taking into account the undrawn credit lines(1) and cash on hand. URW\u2019s debt maturing over the next 12 months amounts to \u20ac1,033.4 Mn(2) (including \u20ac555 Mn of bonds). In any event, the next 12 months\u2019 debt repayment needs are fully covered(3) by \u20ac11.4 Bn including \u20ac2.7 Bn of cash on hand and \u20ac8.7 Bn of credit facilities. The credit facilities maturing over the next 12 months amount to \u20ac0.3 Bn. URW is considering opportunities to extend or renew part of these maturing lines. URW\u2019s long-term refinancing policy consists of diversifying the Group\u2019s expiry schedules and financial resources. Accordingly (on IFRS basis), bonds and EMTN issues represented 87% of financial nominal debt at December 31, 2025, and bank loans, mortgages and overdrafts 13%. 7.5.2. Counterparty risk Due to its use of derivatives to minimise its interest and exchange rate risk, the Group is exposed to potential counterparty defaults. The counterparty risk is the risk of replacing the derivative transactions at current market rates in the case of default. To limit counterparty risk, URW relies solely on major international banks for its hedging operations. In case of derivative termination, netting can apply as a result of existing agreements between the Group and the banks. The related amounts of derivative instruments would be \u20ac25.9 Mn for assets and \u20ac652.2 Mn for liabilities. 7.5.3. Credit risk Credit risk arises from cash and equivalents as well as credit exposures with respect to rental customers. Credit risk is managed on a Group level. The Group structures the level of credit risk it accepts by placing limits on its exposure to a single counterparty, or groups of counterparties, and to geographical and industry segments. Such risks are subject to at least an annual review, and often more frequently. The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. In the Shopping Centres segment, the risk of insolvency is spread widely across a large number of tenants. When tenants sign their lease agreements, they are typically required to provide financial guarantees, such as a deposit, first-demand guarantee or a surety bond amounting to between 3 and 6 months\u2019 rent. (1) Subject to covenants. (2) Excluding \u20ac4.7 Mn of overdraft and including a currency impact of -\u20ac6.1 Mn. (3) Subject to covenants. Payments for ancillary services provided by the C&E segment are generally received in advance, thereby reducing the risk of unpaid debt. Late payment reminders are automatically issued in respect of late payments and penalties are applied, in normalised context. Such late payments are monitored by a special \u201cdefault\u201d committee in each business segment, which decides on the pre-litigation or litigation action to be taken. According to IFRS 9, the estimated provision corresponds to the amount that the Company does not expect to recover. Although, when collecting a tenant deposit or obtaining a bank guarantee, URW partially covers the possible future losses. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. As at December 31, 2025, the gross amount of receivables amounted to \u20ac927.4 Mn and the provision for doubtful debtors to -\u20ac268.8 Mn compared with \u20ac754.2 Mn and -\u20ac266.4 Mn, respectively, at the end of December 2024. The increase of the gross receivables results from a change in accounting treatment, as advanced billing is now recorded as receivables with a corresponding entry in deferred revenue. The amount of the overdue trade receivables amounts to \u20ac353.6 Mn in 2025. 7.6. Market risk Market risks can generate losses resulting from fluctuations in interest rates, exchange rates, raw material prices and share prices. URW\u2019s risk mainly relates to (i) interest rate fluctuations on the debt it has taken out to finance its investments and maintain the cash position it requires and (ii) exchange rate fluctuations due to the Group\u2019s activities in countries outside the Eurozone, in particular in the US and the UK. 7.6.1. Interest rate risk management Average cost of debt The average cost of debt corresponds to the ratio between \u201crecurring financial expenses (excluding the ones on financial leases and partners\u2019 current accounts) + capitalised financial expenses (excluding non- recurring financial expenses such as mark-to-market and termination costs of financial instruments including bonds repurchased, currency impact)\u201d and \u201caverage net debt over the period\u201d. The average cost of debt as at December 31, 2025, was 2.1%, slightly increasing compared to 2024 (2.0%) due to redemption of debt with low coupon and lower cash remuneration, partly offset by the benefit of 2025 FX hedging. Measuring interest rate risk As at December 31, 2025, the measuring interest risk is as follows:
Financial liabilities
(\u20ac\ue002 Mn)
Fixed rate
Variable rate
(a)
Less than 1 year
938.2
100.0
1 year to 2 years
3,038.3
230.0
2 years to 3 years
1,675.5
373.9
3 years to 4 years
2,663.8
257.9
4 years to 5 years
3,367.3
\u2013
More than 5 years
8,488.1
\u2013
Total
20,171.1
961.8
(a) Including index-linked debt. The Group does not have a micro-hedging strategy, except when both currency exchange risk and interest rate risk are hedged, which enables it not to correlate its liquidity risk and interest rate risk management. Consequently, the maturities of the debts and hedging instruments can be dissociated and the outstanding derivative instruments can hedge a part of the fixed rate debt maturing in the following years. The interest cost of outstanding debt was fully hedged as at December 31, 2025, through both: \u2022 Debt kept at a fixed rate; and \u2022 Hedging in place as part of URW\u2019s macro hedging policy. Over 2025, the Group continued to adjust its hedging position in view of market conditions, its current disposal and investment plans, its existing hedging programme and debt (1) as well as the debt the Group expects to raise in next years. The Group\u2019s net interest rate position (2) is fully hedged for 2026. Measuring interest rate exposure Based on the Group\u2019s budgeted debt for 2026 and hedging position over the period, if interest rates (3) (Euribor, SOFR) were to increase/decrease by +/-50 Bps, the Group\u2019s recurring result in 2026 would be impacted by:
Euros (\u20ac Mn)
USD ($ Mn)
Total eq. Euros (\u20ac Mn)
-50 bps interest rate
+1.6
+8.5
+8.8
+50 bps interest rate
+14.0
+0.0
+14.0
(1) On a proportionate basis. (2) The hedging instruments are used to hedge (i) the variable rate debt and (ii) the fixed rate debt immediately converted into variable rate debt, through the Group\u2019s macro hedging. (3) The theoretical impact of an increase/decrease in interest rates is calculated relative to the 1-year forward interest rates as at December 31, 2025: 3M Euribor (2.067%), 1M SOFR (3.4237%). The impact on exchange rates due to this theoretical increase/decrease in interest rates is not taken into account.
7.6.2. Management of exchange risks
Measure of exposure to foreign exchange risks as at December 31, 2025
The Group is active in countries outside the Eurozone. When converted into euros, the income and value of the Group\u2019s investments may be impacted
by fluctuations in exchange rates against the euro. The Group\u2019s policy objective is to apply a broadly consistent LTV
(1)
by currency allowing it to match
part of the foreign currency asset value and income with debt and financial expenses in the same currency, thus reducing the exchange rate effects on
the Group\u2019s balance sheet and earnings. Foreign exchange risk can be hedged by either matching investments in a specific currency with debt in the
same currency or using derivatives to achieve the same risk management goal.
Exposure sensitivity to currency exchange rate
Measure of the exposure to other risks as at December 31, 2025 (\u20ac Mn)
Hedging Exposure net
Currency
Assets
Liabilities
Net exposure instruments of hedges
USD
9,545
(4,753)
4,793
\u2013
4,793
GBP
3,113
(1,381)
1,732
599
2,331
SEK
2,222
(288)
1,933
\u2013
1,933
Other
570
(117)
453
55
508
Total
15,450
(6,539)
8,911
654
9,565
Exposure sensitivity to currency exchange rate
The Group\u2019s FX main exposures are in USD, GBP and SEK. A change of 10% of EUR/USD, EUR/GBP or EUR/SEK (i.e. a 10% increase
(2)
of EUR against
the USD, GBP or SEK) would have an impact on shareholders\u2019 equity and on the recurring net result as follows:
Dec. 31, 2025 Dec. 31, 2024
Net recurring Equity gain/ Net recurring
(\u20ac\ue002 Mn) result gain/(loss) (loss)
result gain/(loss)
Equity gain/(loss)
Impact of an increase of +10% in the EUR/USD exchange
(27.3)
(435.7)
(27.9)
(432.5)
Impact of an increase of +10% in the EUR/GBP exchange
(13.9)
(211.9)
(15.8)
(152.4)
Impact of an increase of +10% in the EUR/SEK exchange
(8.5)
(175.8)
(8.1)
(174.2)
The impact on 2026 recurring net result would be fully offset by the FX hedging that the Group has put in place against EUR/USD, EUR/GBP and EUR/
SEK fluctuations.
(1) On a proportionate basis.
(2) Based on FX rate as at December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-572": { "value": "
7.5.2. Counterparty risk
Due to its use of derivatives to minimise its interest and exchange rate
risk, the Group is exposed to potential counterparty defaults. The
counterparty risk is the risk of replacing the derivative transactions at
current market rates in the case of default. To limit counterparty risk,
URW relies solely on major international banks for its hedging
operations.
In case of derivative termination, netting can apply as a result of existing
agreements between the Group and the banks. The related amounts of
derivative instruments would be \u20ac25.9 Mn for assets and \u20ac652.2 Mn for
liabilities.
7.5.3. Credit risk
Credit risk arises from cash and equivalents as well as credit exposures
with respect to rental customers. Credit risk is managed on a Group
level. The Group structures the level of credit risk it accepts by placing
limits on its exposure to a single counterparty, or groups of
counterparties, and to geographical and industry segments. Such risks
are subject to at least an annual review, and often more frequently. The
Group has policies in place to ensure that rental contracts are made
with customers with an appropriate credit history.
In the Shopping Centres segment, the risk of insolvency is spread widely
across a large number of tenants.
When tenants sign their lease agreements, they are typically required to
provide financial guarantees, such as a deposit, first-demand guarantee
or a surety bond amounting to between 3 and 6 months\u2019 rent.
Payments for ancillary services provided by the C&E segment are generally received in advance, thereby reducing the risk of unpaid debt. Late payment reminders are automatically issued in respect of late payments and penalties are applied, in normalised context. Such late payments are monitored by a special \u201cdefault\u201d committee in each business segment, which decides on the pre-litigation or litigation action to be taken. According to IFRS 9, the estimated provision corresponds to the amount that the Company does not expect to recover. Although, when collecting a tenant deposit or obtaining a bank guarantee, URW partially covers the possible future losses. URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. As at December 31, 2025, the gross amount of receivables amounted to \u20ac927.4 Mn and the provision for doubtful debtors to -\u20ac268.8 Mn compared with \u20ac754.2 Mn and -\u20ac266.4 Mn, respectively, at the end of December 2024. The increase of the gross receivables results from a change in accounting treatment, as advanced billing is now recorded as receivables with a corresponding entry in deferred revenue. The amount of the overdue trade receivables amounts to \u20ac353.6 Mn in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-593": { "value": "URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-659": { "value": "URW\u2019s provision policy meets the simplified model of IFRS 9: \u2022 The estimated losses are calculated on a homogeneous segment of receivables; \u2022 The rate of estimated loss reflects the best estimation of the expected future losses on the considered client segment; URW respects the notion of back testing (comparisons are performed with historical rates of losses) and if needed, the rates are adjusted to take into account any new trigger event; and \u2022 Historical data are reviewed to better reflect the actual situation and integrate the best estimates for the near future. The Group applies the following rules to calculate the provision for doubtful accounts as at December 31, 2025: \u2022 Receivables from tenants under bankruptcy proceedings were fully depreciated; \u2022 Doubtful debt provisions are defined on the basis of an estimated default rate based on a forward-looking approach. This percentage of default may be refined by the tenant segment and position of the shopping centre in its catchment area. Ultimately, this default is rationalised based on recent events such as tenant bankruptcies in 2025 and also the evolution of shop closures in the past quarters; and \u2022 This percentage was applied on the amount of receivables from which security deposit and deferred amounts not yet due were deducted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-623": { "value": "
7.6. Market risk
Market risks can generate losses resulting from fluctuations in interest
rates, exchange rates, raw material prices and share prices. URW\u2019s risk
mainly relates to (i) interest rate fluctuations on the debt it has taken out
to finance its investments and maintain the cash position it requires and
(ii) exchange rate fluctuations due to the Group\u2019s activities in countries
outside the Eurozone, in particular in the US and the UK.
7.6.1. Interest rate risk management
Average cost of debt
The average cost of debt corresponds to the ratio between \u201crecurring
financial expenses (excluding the ones on financial leases and partners\u2019
current accounts) + capitalised financial expenses (excluding non-
recurring financial expenses such as mark-to-market and termination
costs of financial instruments including bonds repurchased, currency
impact)\u201d and \u201caverage net debt over the period\u201d.
The average cost of debt as at December 31, 2025, was 2.1%, slightly
increasing compared to 2024 (2.0%) due to redemption of debt with low
coupon and lower cash remuneration, partly offset by the benefit of
2025 FX hedging.
Measuring interest rate risk As at December 31, 2025, the measuring interest risk is as follows:
Financial liabilities
(\u20ac\ue002 Mn)
Fixed rate
Variable rate
(a)
Less than 1 year
938.2
100.0
1 year to 2 years
3,038.3
230.0
2 years to 3 years
1,675.5
373.9
3 years to 4 years
2,663.8
257.9
4 years to 5 years
3,367.3
\u2013
More than 5 years
8,488.1
\u2013
Total
20,171.1
961.8
(a) Including index-linked debt. The Group does not have a micro-hedging strategy, except when both currency exchange risk and interest rate risk are hedged, which enables it not to correlate its liquidity risk and interest rate risk management. Consequently, the maturities of the debts and hedging instruments can be dissociated and the outstanding derivative instruments can hedge a part of the fixed rate debt maturing in the following years. The interest cost of outstanding debt was fully hedged as at December 31, 2025, through both: \u2022 Debt kept at a fixed rate; and \u2022 Hedging in place as part of URW\u2019s macro hedging policy. Over 2025, the Group continued to adjust its hedging position in view of market conditions, its current disposal and investment plans, its existing hedging programme and debt (1) as well as the debt the Group expects to raise in next years. The Group\u2019s net interest rate position (2) is fully hedged for 2026. Measuring interest rate exposure Based on the Group\u2019s budgeted debt for 2026 and hedging position over the period, if interest rates (3) (Euribor, SOFR) were to increase/decrease by +/-50 Bps, the Group\u2019s recurring result in 2026 would be impacted by:
Euros (\u20ac Mn)
USD ($ Mn)
Total eq. Euros (\u20ac Mn)
-50 bps interest rate
+1.6
+8.5
+8.8
+50 bps interest rate
+14.0
+0.0
+14.0
(1) On a proportionate basis. (2) The hedging instruments are used to hedge (i) the variable rate debt and (ii) the fixed rate debt immediately converted into variable rate debt, through the Group\u2019s macro hedging. (3) The theoretical impact of an increase/decrease in interest rates is calculated relative to the 1-year forward interest rates as at December 31, 2025: 3M Euribor (2.067%), 1M SOFR (3.4237%). The impact on exchange rates due to this theoretical increase/decrease in interest rates is not taken into account. 7.6.2. Management of exchange risks Measure of exposure to foreign exchange risks as at December 31, 2025 The Group is active in countries outside the Eurozone. When converted into euros, the income and value of the Group\u2019s investments may be impacted by fluctuations in exchange rates against the euro. The Group\u2019s policy objective is to apply a broadly consistent LTV (1) by currency allowing it to match part of the foreign currency asset value and income with debt and financial expenses in the same currency, thus reducing the exchange rate effects on the Group\u2019s balance sheet and earnings. Foreign exchange risk can be hedged by either matching investments in a specific currency with debt in the same currency or using derivatives to achieve the same risk management goal. Exposure sensitivity to currency exchange rate Measure of the exposure to other risks as at December 31, 2025 (\u20ac Mn)
Hedging Exposure net
Currency
Assets
Liabilities
Net exposure instruments of hedges
USD
9,545
(4,753)
4,793
\u2013
4,793
GBP
3,113
(1,381)
1,732
599
2,331
SEK
2,222
(288)
1,933
\u2013
1,933
Other
570
(117)
453
55
508
Total
15,450
(6,539)
8,911
654
9,565
Exposure sensitivity to currency exchange rate The Group\u2019s FX main exposures are in USD, GBP and SEK. A change of 10% of EUR/USD, EUR/GBP or EUR/SEK (i.e. a 10% increase (2) of EUR against the USD, GBP or SEK) would have an impact on shareholders\u2019 equity and on the recurring net result as follows:
Dec. 31, 2025 Dec. 31, 2024
Net recurring Equity gain/ Net recurring
(\u20ac\ue002 Mn) result gain/(loss) (loss)
result gain/(loss)
Equity gain/(loss)
Impact of an increase of +10% in the EUR/USD exchange
(27.3)
(435.7)
(27.9)
(432.5)
Impact of an increase of +10% in the EUR/GBP exchange
(13.9)
(211.9)
(15.8)
(152.4)
Impact of an increase of +10% in the EUR/SEK exchange
(8.5)
(175.8)
(8.1)
(174.2)
The impact on 2026 recurring net result would be fully offset by the FX hedging that the Group has put in place against EUR/USD, EUR/GBP and EUR/ SEK fluctuations. (1) On a proportionate basis. (2) Based on FX rate as at December 31, 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-594": { "value": "7.7.1. Fair value hierarchy of \ufb01nancial assets and liabilities IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are identified: \u2022 Level 1: financial instruments quoted in an active market; \u2022 Level 2: financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets; and \u2022 Level 3: financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data.
Fair value measurement at Dec. 31, 2025
(\u20ac\ue002 Mn)
Total
Level 1
Level 2
Level 3
Assets
Fair value through profit or loss
Investments in financial assets
91.5
\u2013
\u2013
91.5
Derivatives
195.3
\u2013
195.3
\u2013
Marketable securities
\u2013
\u2013
\u2013
\u2013
Fair value through equity
Investments in financial assets
29.2
\u2013
\u2013
29.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Total
316.1
\u2013
195.3
120.7
Liabilities
Fair value through profit or loss
Commitment to non-controlling interests
88.4
\u2013
\u2013
88.4
Derivatives
798.7
\u2013
798.7
\u2013
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
Total
887.0
\u2013
798.7
88.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-573": { "value": "Note 8. Taxes 8.1. Accounting principles 8.1.1. Income tax expenses The Group companies are taxable according to the tax rules of their country. In some countries, special tax regimes for public property companies exist. Calculation of income tax expenses is based on local rules and rates. 8.1.2. Deferred tax Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year- end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. 8.1.3. Tax regimes Different tax regimes exist in the following countries. France \u2013 SIIC regime (Soci\u00e9t\u00e9 d\u2019Investissement Immobilier Cot\u00e9e) URW elected to participate in the SIIC regime from the creation of the regime on January 1, 2003. Its French subsidiaries eligible for SIIC status have also opted for this regime. The SIIC regime is based on the concept of tax transparency, meaning that rental income and capital gains made from divestments are not subject to income tax at the level of the Group\u2019s French property companies, but upon distribution to URW\u2019s shareholders. The SIIC regime requires that URW and its SIIC subsidiaries distribute 95% of their recurring income and 100% of their dividend income received from SIIC or equivalent subsidiaries before the end of the following tax year, and 70% of their capital gains before the end of the second tax year following the year in which the gain was generated. The SIIC regime limits the dividend payment to the statutory distribution capacity and the unpaid SIIC obligation as a result of the capping mechanism is carried forward until the statutory distribution capacity is restored. The SIIC regime only applies to real estate rental activities, therefore other income generated by URW and its SIIC subsidiaries\u2019 ancillary activities remains subject to income tax. Spain \u2013 SOCIMI regime (Sociedades An\u00f3nimas Cotizadas de Inversi\u00f3n en el Mercado Inmobiliario) URW entered the SOCIMI regime in 2013 with most of its Spanish subsidiaries which own standing assets. The SOCIMI regime provides for a tax rate of 0% on recurring income provided that certain requirements \u2013 some of them related to the shareholders of URW \u2013 are fulfilled. Capital gains realised within the SOCIMI regime are taxed at 0%, and capital gains related to the period before entering into the regime are taxed at the moment of realisation. Based on the SOCIMI regime, the Company has to fulfil distribution obligations of at least 80% of its profits annually, as well as 50% of its capital gains, provided that the remaining 50% is reinvested in the real estate sector within a 3-year period. The Netherlands \u2013 FBI/FII regime (Fiscale Beleggingsinstelling/Fiscal Investment Institution) The requirements for companies to qualify for the FBI regime are partly related to their activities and their shareholding base. For the main part of the Group\u2019s Dutch real estate, following an agreement with the Dutch tax authorities, the FBI regime is not applied. URW NV, which owns the majority of the US portfolio, does apply the FBI/FII regime. An FBI/FII must distribute its income, calculated according to the rules for corporate income tax, on a yearly base. United Kingdom \u2013 United Kingdom REIT URW applies the UK REIT regime for part of its UK real estate portfolio. Based on the regime, various restrictions apply, among them the requirement that at least 75% of the REIT\u2019s net profit must be derived from the property rental business, and 75% of the REIT\u2019s assets must be used in the property rental business or be held as cash. At least 90% of the income from the property rental business must be distributed within 12 months after the end of the accounting period. There is no distribution obligation for gains arising from the disposal of real estate used in the property rental business. United States \u2013 United States REIT URW has elected to apply the REIT regime for the main part of its US portfolio. Like in other REIT regimes, there\u2019s an asset test (75%) along with various securities ownership limits, and in addition there is a combined income test: at least 75% of the gross income must be derived from real estate property rental or from interest on mortgages on real estate property, whereas at least 95% of the gross income must come from a combination of real estate\u2013related sources and passive sources, such as dividends and interest. US law requires the REIT to annually distribute at least 90% of its ordinary taxable income. 8.2. Income tax expenses
(\u20ac\ue002 Mn) 2025 2024
Recurring deferred and current tax on:
\u2022
Allocation/reversal of provision concerning tax issues
(19.1)
(9.2)
\u2022
Other recurring results
(72.7)
(85.9)
Total recurring tax
(91.8)
(95.1)
Non-recurring deferred and current tax on:
\u2022
Change in fair value of investment properties and impairment of intangible assets
(223.1)
(80.4)
\u2022
Other non-recurring results
(46.6)
62.6
Total non-recurring tax
(269.7)
(17.8)
Total tax
(361.5)
(112.8)
Total tax paid
(85.6)
(121.9)
(\u20ac\ue002 Mn) 2025 2024
Current tax
(138.1)
(19.5)
Deferred tax
(223.4)
(93.3)
Total tax
(361.5)
(112.8)
Reconciliation of effective tax rate
%
2025 2024
Profit/(loss) before tax, impairment of goodwill and result of associates
1,539.6
394.6
Income tax using the average tax rate
24.7%
(379.5)
(171.3)
Tax exempt profits (including SIIC, SOCIMI and REIT regimes)
(30.2)%
464.9
304.1
Non-deductible costs
1.1%
(16.7)
(42.6)
Effect of tax provisions
12.3%
(189.5)
80.8
Effect of non-recognised tax losses
15.5%
(238.6)
(299.7)
Effect of change in tax rates
(0.9)%
13.1
0.5
Effect of currency translation in tax
(0.0)%
0.7
7.0
Other
1.0%
(15.9)
8.3
Total tax
23.5%
(361.5)
(112.8)
8.3. Deferred tax 2025 change
Currency Change in scope
(\u20ac Mn)
Dec. 31, 2024
Net variation
Reclassification
translation of consolidation Dec. 31, 2025
Deferred tax liabilities
(2,033.5)
(125.7)
(0.5)
17.0
\u2013
(2,142.7)
Deferred tax on investment properties
(1,710.5)
(223.4)
(0.5)
11.4
\u2013
(1,923.0)
Deferred tax on intangible assets
(165.5)
1.8
\u2013
(3.8)
\u2013
(167.5)
Deferred tax on leases
(157.5)
95.9
\u2013
9.4
\u2013
(52.2)
Other deferred tax
166.3
(92.5)
(7.2)
(10.8)
9.7
65.5
Tax loss carry-forward
(1)
30.4
(1.9)
(5.6)
(0.4)
\u2013
22.5
Other
(1)
(24.4)
6.4
(1.6)
(1.0)
9.7
(10.9)
Deferred tax on leases
160.3
(97.0)
\u2013
(9.4)
\u2013
53.9
Total deferred tax liabilities
(1,867.2)
(218.2)
(7.7)
6.2
9.7
(2,077.2)
Deferred tax assets
Tax loss carry-forward
4.0
(4.1)
5.9
0.4
\u2013
6.2
Other deferred tax assets
(1)
8.1
(1.2)
1.5
(0.4)
\u2013
8.0
Total deferred tax assets
12.1
(5.3)
7.4
\u2013
\u2013
14.2
(1) Deferred tax assets and liabilities within the same tax group are offset. 2024 change
Currency Change in scope
(\u20ac Mn)
Dec. 31, 2023
Net variation
Reclassification
translation
of consolidation
Dec. 31, 2024
Deferred tax liabilities
(1,951.6)
(79.8)
1.0
(2.2)
(1.0)
(2,033.5)
Deferred tax on investment properties
(1,642.3)
(68.1)
1.0
(0.1)
(1.0)
(1,710.5)
Deferred tax on intangible assets
(164.3)
(1.9)
\u2013
0.7
\u2013
(165.5)
Deferred tax on leases
(144.9)
(9.8)
\u2013
(2.8)
\u2013
(157.5)
Other deferred tax
169.7
5.5
(6.9)
0.1
(2.0)
166.3
Tax loss carry-forward
(1)
36.9
(0.6)
(6.1)
0.2
\u2013
30.4
Other
(1)
(16.3)
(2.5)
(0.8)
(2.8)
(2.0)
(24.4)
Deferred tax on leases
149.0
8.6
\u2013
2.7
\u2013
160.3
Total deferred tax liabilities
(1,781.9)
(74.3)
(5.9)
(2.1)
(3.0)
(1,867.2)
Deferred tax assets
Tax loss carry-forward
16.7
(18.4)
6.1
(0.4)
\u2013
4.0
Other deferred tax assets
(1)
7.7
(0.6)
0.8
0.2
\u2013
8.1
Total deferred tax assets
24.4
(19.0)
6.9
(0.2)
\u2013
12.1
(1) Deferred tax assets and liabilities within the same tax group are offset. Deferred tax liabilities on properties refer to: 1. Those countries where there is no REIT regime (like the SIIC regime in France) providing a tax exemption on recurring income and capital gains on property sales with an obligation to distribute part of their net result; or 2. Those countries where such tax efficient status does exist, but where the structure of URW in its current form and under current legislation would lead to tax amounts to be paid in case of capital gains on property sales. International Tax Reform \u2013 Pillar Two Model Rules Pillar 2 is a set of rules that entered into force on January 1, 2024, designed to ensure that large multinational enterprises pay a minimum level of tax (15%) on the income arising in each jurisdiction in which they operate. The new legislation provides for a general exemption for REITs subject to certain technicalities. Whereas some legislative clarifications are still expected for some REIT subsidiaries, the Group considers it has sufficient information to conclude that these REIT subsidiaries should not be subject to the minimum tax. French REIT groups have taken the view that no provision should be recognised for their REIT subsidiaries that are less than 95% owned, in light of the various discussions between the French REIT federation and the OECD and the legislative department of the French tax authorities. Consequently, the Group has not recognised any minimum tax provision in its 2025 accounts, either for its REIT activities or its non- REIT activities, for which the effective taxation rate was assessed to be above 15%. Unrecognised deferred tax assets The table below presents the tax basis on which no deferred tax assets were recognised:
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Temporary differences investment properties
\u2013
\u2013
Tax loss carry-forwards not recognised
6,746.2
5,475.1
Total unrecognised tax basis
6,746.2
5,475.1
Detail of unrecognised tax losses at the end of 2025 into \ufb01nal year of use:
(\u20ac\ue002 Mn)
2026
\u2013
2027
102.6
2028
161.2
2029
18.2
2030
139.5
Unlimited
6,324.7
Total
6,746.2
The tax losses are to a large extent related to negative financial results on French SIIC entities (\u20ac2,641.3 Mn), in addition to losses caused by impairments in some other countries (mainly the US and The Netherlands). Deferred tax assets have not been recognised because it is not probable that future taxable profit will be available against which these losses can be offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-624": { "value": "8.1.1. Income tax expenses The Group companies are taxable according to the tax rules of their country. In some countries, special tax regimes for public property companies exist. Calculation of income tax expenses is based on local rules and rates. 8.1.2. Deferred tax Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year- end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-595": { "value": "
8.1.2. Deferred tax
Deferred taxes are recognised in respect of all temporary differences
between the carrying amount and tax base of assets and liabilities at
each financial year-end.
Deferred tax assets or liabilities are calculated based on total
temporary differences and on tax losses carried forward, using the
local tax rate that will apply on the expected reversal date of the
concerned differences, if this rate has been set. Otherwise, they are
calculated using the applicable tax rate in effect at the financial year-
end date. Within a given fiscal entity or group and for a given tax rate,
debit balances are recorded to assets for the amount expected to be
recoverable over a foreseeable period. A deferred tax asset is
recognised only to the extent that it is probable that future taxable
profits will be available against which the temporary difference can
be used.
The main deferred tax liabilities relate to:
\u2022 The mark-to-market of investment properties, resulting in the
recognition of a deferred tax liability for non-tax-exempt assets; and
\u2022 The recognition of intangible assets at the acquisition date identified
on Viparis entities, particularly Viparis-Porte de Versailles and Paris
Nord Villepinte, as well as on Westfield entities.
8.2. Income tax expenses
(\u20ac\ue002 Mn) 2025 2024
Recurring deferred and current tax on:
\u2022
Allocation/reversal of provision concerning tax issues
(19.1)
(9.2)
\u2022
Other recurring results
(72.7)
(85.9)
Total recurring tax
(91.8)
(95.1)
Non-recurring deferred and current tax on:
\u2022
Change in fair value of investment properties and impairment of intangible assets
(223.1)
(80.4)
\u2022
Other non-recurring results
(46.6)
62.6
Total non-recurring tax
(269.7)
(17.8)
Total tax
(361.5)
(112.8)
Total tax paid
(85.6)
(121.9)
(\u20ac\ue002 Mn) 2025 2024
Current tax
(138.1)
(19.5)
Deferred tax
(223.4)
(93.3)
Total tax
(361.5)
(112.8)
Reconciliation of effective tax rate
%
2025 2024
Profit/(loss) before tax, impairment of goodwill and result of associates
1,539.6
394.6
Income tax using the average tax rate
24.7%
(379.5)
(171.3)
Tax exempt profits (including SIIC, SOCIMI and REIT regimes)
(30.2)%
464.9
304.1
Non-deductible costs
1.1%
(16.7)
(42.6)
Effect of tax provisions
12.3%
(189.5)
80.8
Effect of non-recognised tax losses
15.5%
(238.6)
(299.7)
Effect of change in tax rates
(0.9)%
13.1
0.5
Effect of currency translation in tax
(0.0)%
0.7
7.0
Other
1.0%
(15.9)
8.3
Total tax
23.5%
(361.5)
(112.8)
8.3. Deferred tax
2025 change
Currency Change in scope
(\u20ac Mn)
Dec. 31, 2024
Net variation
Reclassification
translation of consolidation Dec. 31, 2025
Deferred tax liabilities
(2,033.5)
(125.7)
(0.5)
17.0
\u2013
(2,142.7)
Deferred tax on investment properties
(1,710.5)
(223.4)
(0.5)
11.4
\u2013
(1,923.0)
Deferred tax on intangible assets
(165.5)
1.8
\u2013
(3.8)
\u2013
(167.5)
Deferred tax on leases
(157.5)
95.9
\u2013
9.4
\u2013
(52.2)
Other deferred tax
166.3
(92.5)
(7.2)
(10.8)
9.7
65.5
Tax loss carry-forward
(1)
30.4
(1.9)
(5.6)
(0.4)
\u2013
22.5
Other
(1)
(24.4)
6.4
(1.6)
(1.0)
9.7
(10.9)
Deferred tax on leases
160.3
(97.0)
\u2013
(9.4)
\u2013
53.9
Total deferred tax liabilities
(1,867.2)
(218.2)
(7.7)
6.2
9.7
(2,077.2)
Deferred tax assets
Tax loss carry-forward
4.0
(4.1)
5.9
0.4
\u2013
6.2
Other deferred tax assets
(1)
8.1
(1.2)
1.5
(0.4)
\u2013
8.0
Total deferred tax assets
12.1
(5.3)
7.4
\u2013
\u2013
14.2
(1) Deferred tax assets and liabilities within the same tax group are offset.
2024 change
Currency Change in scope
(\u20ac Mn)
Dec. 31, 2023
Net variation
Reclassification
translation
of consolidation
Dec. 31, 2024
Deferred tax liabilities
(1,951.6)
(79.8)
1.0
(2.2)
(1.0)
(2,033.5)
Deferred tax on investment properties
(1,642.3)
(68.1)
1.0
(0.1)
(1.0)
(1,710.5)
Deferred tax on intangible assets
(164.3)
(1.9)
\u2013
0.7
\u2013
(165.5)
Deferred tax on leases
(144.9)
(9.8)
\u2013
(2.8)
\u2013
(157.5)
Other deferred tax
169.7
5.5
(6.9)
0.1
(2.0)
166.3
Tax loss carry-forward
(1)
36.9
(0.6)
(6.1)
0.2
\u2013
30.4
Other
(1)
(16.3)
(2.5)
(0.8)
(2.8)
(2.0)
(24.4)
Deferred tax on leases
149.0
8.6
\u2013
2.7
\u2013
160.3
Total deferred tax liabilities
(1,781.9)
(74.3)
(5.9)
(2.1)
(3.0)
(1,867.2)
Deferred tax assets
Tax loss carry-forward
16.7
(18.4)
6.1
(0.4)
\u2013
4.0
Other deferred tax assets
(1)
7.7
(0.6)
0.8
0.2
\u2013
8.1
Total deferred tax assets
24.4
(19.0)
6.9
(0.2)
\u2013
12.1
(1) Deferred tax assets and liabilities within the same tax group are offset.
Deferred tax liabilities on properties refer to:
1. Those countries where there is no REIT regime (like the SIIC regime
in France) providing a tax exemption on recurring income and
capital gains on property sales with an obligation to distribute part
of their net result; or
2. Those countries where such tax efficient status does exist, but
where the structure of URW in its current form and under current
legislation would lead to tax amounts to be paid in case of capital
gains on property sales.
International Tax Reform \u2013 Pillar Two
Model Rules
Pillar 2 is a set of rules that entered into force on January 1, 2024,
designed to ensure that large multinational enterprises pay a minimum
level of tax (15%) on the income arising in each jurisdiction in which they
operate. The new legislation provides for a general exemption for REITs
subject to certain technicalities. Whereas some legislative clarifications
are still expected for some REIT subsidiaries, the Group considers it has
sufficient information to conclude that these REIT subsidiaries should
not be subject to the minimum tax.
French REIT groups have taken the view that no provision should be
recognised for their REIT subsidiaries that are less than 95% owned, in
light of the various discussions between the French REIT federation and
the OECD and the legislative department of the French tax authorities.
Consequently, the Group has not recognised any minimum tax
provision in its 2025 accounts, either for its REIT activities or its non-
REIT activities, for which the effective taxation rate was assessed to be
above 15%.
Unrecognised deferred tax assets
The table below presents the tax basis on which no deferred tax assets were recognised:
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Temporary differences investment properties
\u2013
\u2013
Tax loss carry-forwards not recognised
6,746.2
5,475.1
Total unrecognised tax basis
6,746.2
5,475.1
Detail of unrecognised tax losses at the end of 2025 into \ufb01nal year of use:
(\u20ac\ue002 Mn)
2026
\u2013
2027
102.6
2028
161.2
2029
18.2
2030
139.5
Unlimited
6,324.7
Total
6,746.2
The tax losses are to a large extent related to negative financial results on French SIIC entities (\u20ac2,641.3 Mn), in addition to losses caused by
impairments in some other countries (mainly the US and The Netherlands). Deferred tax assets have not been recognised because it is not probable
that future taxable profit will be available against which these losses can be offset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-640": { "value": "8.1.2. Deferred tax Deferred taxes are recognised in respect of all temporary differences between the carrying amount and tax base of assets and liabilities at each financial year-end. Deferred tax assets or liabilities are calculated based on total temporary differences and on tax losses carried forward, using the local tax rate that will apply on the expected reversal date of the concerned differences, if this rate has been set. Otherwise, they are calculated using the applicable tax rate in effect at the financial year- end date. Within a given fiscal entity or group and for a given tax rate, debit balances are recorded to assets for the amount expected to be recoverable over a foreseeable period. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be used. The main deferred tax liabilities relate to: \u2022 The mark-to-market of investment properties, resulting in the recognition of a deferred tax liability for non-tax-exempt assets; and \u2022 The recognition of intangible assets at the acquisition date identified on Viparis entities, particularly Viparis-Porte de Versailles and Paris Nord Villepinte, as well as on Westfield entities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-625": { "value": "International Tax Reform \u2013 Pillar Two Model Rules Pillar 2 is a set of rules that entered into force on January 1, 2024, designed to ensure that large multinational enterprises pay a minimum level of tax (15%) on the income arising in each jurisdiction in which they operate. The new legislation provides for a general exemption for REITs subject to certain technicalities. Whereas some legislative clarifications are still expected for some REIT subsidiaries, the Group considers it has sufficient information to conclude that these REIT subsidiaries should not be subject to the minimum tax. French REIT groups have taken the view that no provision should be recognised for their REIT subsidiaries that are less than 95% owned, in light of the various discussions between the French REIT federation and the OECD and the legislative department of the French tax authorities. Consequently, the Group has not recognised any minimum tax provision in its 2025 accounts, either for its REIT activities or its non- REIT activities, for which the effective taxation rate was assessed to be above 15%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-626": { "value": "The determination of the amount of provisions requires the use of estimates, assumptions and judgements made by management based on information available or conditions prevailing at the date of preparation of the accounts, information and situation, which may differ from subsequent actual events, as well as on the basis of estimated conditions at a given date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-574": { "value": "
Note 10. Other current liabilities
Other current liabilities break down as follows:
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Tax and social liabilities
461.9
412.0
Other liabilities
(1)
363.4
255.6
Total other current liabilities
825.3
667.6
(1) Mainly driven by an increase in prepaid income following a change in accounting treatment, as advanced billing is now recorded as trade receivables with a corresponding
entry in deferred revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-596": { "value": "Note 10. Other current liabilities Other current liabilities break down as follows:
(\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Tax and social liabilities
461.9
412.0
Other liabilities
(1)
363.4
255.6
Total other current liabilities
825.3
667.6
(1) Mainly driven by an increase in prepaid income following a change in accounting treatment, as advanced billing is now recorded as trade receivables with a corresponding entry in deferred revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-668": { "value": "
Note 11. Employee remuneration and bene\ufb01ts
11.1. Headcount
The average number of employees of the Group\u2019s companies breaks down as follows:
Regions 2025 2024
Southern Europe
1,044
1,092
Central Europe
315
(1)
569
Northern Europe
326
369
United States of America
307
380
Total
1,992
2,410
(1) Mainly due to disposal of German Real Estate Management (REM) business (see note 1.1.3 \u201cDisposals in 2025\u201d).
11.2. Personnel costs
(\u20ac\ue002 Mn) 2025 2024
Personnel costs
293.6
323.2
Employee benefits
(1)
24.6
23.8
Total
318.2
347.0
(1) Expenses relating to the Company Savings Plan, Performance Stock Options, Performance Shares and Retention Shares, recognised with an equivalent increase in equity.
Employee pro\ufb01t sharing Employees belonging to the UES (\u201cUnit\u00e9 \u00c9conomique et Sociale\u201d\u2013 Social and Economic Group) Unibail, comprising notably Unibail Management and Espace Expansion, and employees of URW SE, benefit from a common employee profit-sharing plan and a common profit- sharing agreement introduced in 1999. The common profit-sharing agreement was renewed in 2024. The agreement is based on the French portion of the Group Adjusted Recurring Earnings per Share (AREPS) vs the guidance provided each year to investors, and on a scorecard of Sustainability indicators for France. Employees belonging to the UES Viparis benefit from a common employee profit-sharing plan and a common profit-sharing agreement introduced in 2008. The profit-sharing agreement is renewed every 3 years. 11.3. Employee bene\ufb01ts 11.3.1. Pension plan Accounting principles Under IAS 19, a company must recognise all commitments made to its employees (i.e. current or future, formal or informal, cash payments or payments in kind). The cost of employee benefits must be recorded during the vesting period. Post-employment bene\ufb01ts Pension schemes may be defined contribution or defined benefit schemes. Under defined contribution schemes, the employer only pays a contribution, with no commitment from the Group regarding the level of benefits to be provided. The contributions paid are recorded as expenses for the year. Under defined benefit schemes, the employer makes a formal or implied commitment to an amount or level of benefits and therefore carries the medium- or long-term risk. A provision is recorded to liabilities to cover all these pension commitments. This provision is assessed regularly by independent actuaries using the projected unit credit method, which takes into account demographic assumptions, early retirements, salary increases and discount and inflation rates. In the majority of the Group companies, pensions due under the various compulsory retirement schemes to which employers contribute are managed by specialist external organisations. Defined contributions paid into these various compulsory retirement schemes are recognised in the income statement for the period. Provisions are recorded for retirement allowances relating to defined benefit schemes based on the net present value of these future allowances. According to IAS 19, the actuarial gains and losses are accounted for in OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendations related to the application of IAS 19 for the past service costs. Long-term bene\ufb01ts These are benefits paid to employees more than 12 months after the end of the financial year during which the corresponding service was provided. The same valuation method is used as for post- employment benefits. With the exception of the provision for retirement allowances and long-service awards, no commitments relating to long-term or post- employment benefits need to be accrued.
Provisions for pension liabilities (\u20ac\ue002 Mn) Dec. 31, 2025 Dec. 31, 2024
Retirement allowances
8.6
9.6
Pension plans with defined benefit
(1)
2.4
2.5
Total
10.9
12.1
(1) The provision corresponds to the remaining obligation to the defined benefit contract in The Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-675": { "value": "11.1. Headcount The average number of employees of the Group\u2019s companies breaks down as follows:
Regions 2025 2024
Southern Europe
1,044
1,092
Central Europe
315
(1)
569
Northern Europe
326
369
United States of America
307
380
Total
1,992
2,410
(1) Mainly due to disposal of German Real Estate Management (REM) business (see note 1.1.3 \u201cDisposals in 2025\u201d). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-627": { "value": "11.3.1. Pension plan Accounting principles Under IAS 19, a company must recognise all commitments made to its employees (i.e. current or future, formal or informal, cash payments or payments in kind). The cost of employee benefits must be recorded during the vesting period. Post-employment bene\ufb01ts Pension schemes may be defined contribution or defined benefit schemes. Under defined contribution schemes, the employer only pays a contribution, with no commitment from the Group regarding the level of benefits to be provided. The contributions paid are recorded as expenses for the year. Under defined benefit schemes, the employer makes a formal or implied commitment to an amount or level of benefits and therefore carries the medium- or long-term risk. A provision is recorded to liabilities to cover all these pension commitments. This provision is assessed regularly by independent actuaries using the projected unit credit method, which takes into account demographic assumptions, early retirements, salary increases and discount and inflation rates. In the majority of the Group companies, pensions due under the various compulsory retirement schemes to which employers contribute are managed by specialist external organisations. Defined contributions paid into these various compulsory retirement schemes are recognised in the income statement for the period. Provisions are recorded for retirement allowances relating to defined benefit schemes based on the net present value of these future allowances. According to IAS 19, the actuarial gains and losses are accounted for in OCI. Since 2021, the Group has applied the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) recommendations related to the application of IAS 19 for the past service costs. Long-term bene\ufb01ts These are benefits paid to employees more than 12 months after the end of the financial year during which the corresponding service was provided. The same valuation method is used as for post- employment benefits. With the exception of the provision for retirement allowances and long-service awards, no commitments relating to long-term or post- employment benefits need to be accrued.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-575": { "value": "11.3.2. Share-based payments Accounting principles Under IFRS 2, all transactions relating to share-based payments must be recognised in the income statement. This is the case for URW\u2019s Company Savings Plan, Stock Option Plan, Performance Shares Plan and Retention Shares Plan. Shares issued under the Company Savings Plan are offered at a discount to the share price. This discount represents an employee benefit and is recorded in the income statement for the period, with a corresponding increase in equity. Stock options granted to employees are stated at their fair value on the date of allocation. As the transactions are equity-settled, share- based payments, this value remains unchanged, even if the options are never exercised. The value applied to the number of options finally exercised at the end of the vesting period (estimation of the turnover) is recorded as an expense, with a corresponding increase in equity which is spread over the vesting period (i.e. the period during which employees must work for the Company before they can exercise the options granted to them). The stock options and Performance Shares (\u201cPS\u201d), all subject to performance conditions, and retention shares have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, Stock Option Plan, Performance Shares Plan and Retention Shares Plan are classified under personnel expenses. Company Savings Plan Subscription to the Company Savings Plan is offered to employees in France who have been with the Group for more than three months. The subscription period is opened once per year, after the share capital increase reserved to employees has been authorised by the Management Board, which also sets the subscription price. The subscription price is equal to the average of the opening share prices on the Eurolist of Euronext Paris over the 20 trading days preceding the decision of the Management Board, less a 30% discount. The Group also makes a top-up contribution applied exclusively to voluntary contributions (including profit-sharing), made by employees to the Group URW Fund (fund fully vested in stapled shares as from June 2018). These voluntary contributions are limited to a maximum of one quarter of the annual salary with a cap of \u20ac100,000 (for shares acquired at the discount). The total cost of subscriptions to the Company Savings Plan (employer contribution and difference between the subscription price and the share price on the date of the capital increase) amounted to \u20ac3.8 Mn in 2025 compared to \u20ac4.1 Mn in 2024. Stock Option Plans There are currently 7 plans for stock options granted to Directors and employees of the Group. The plans granted as from 2019 have a duration of 8 years (1) and may be exercised at any time, in one or more instalments, as from the third anniversary of the date of their allocation (2) . For plans until 2021: All plans are subject to both internal and external performance conditions. The external performance is assessed on the basis of the Total Shareholder Return (\u201cTSR\u201d) of URW\u2019s shares (with dividends reinvested) against a Reference Index and a Corporate Social Responsibility (\u201cCSR\u201d) external rating. These KPIs are weighted at 45% and 5% of the performance achievement, respectively. The internal performance is assessed on the basis of the attainment of URW\u2019s Adjusted Recurring Earnings per Share (\u201cAREPS\u201d) guidance communicated to investors, and on the level of achievement of the CSR agenda Better Places 2030, Group-wide. These KPIs are weighted at 45% and 5% of the performance achievement, respectively. (1) The duration was 7 years for the plans granted before 2019. (2) The exercise was possible only as from the fourth anniversary of the grant date for the plans granted before 2019.
For the plan in 2022:
The stock options are subject to:
\u2022 2 external market performance conditions for up to 45% of the stock
options granted:
- The first condition, based on a relative criterion, for up to 35% of the
stock options granted: the TSR of URW\u2019s shares must be higher
than that of the Reference Index over a period of 3 years, from
March 8, 2022, to March 8, 2025. The reference prices used in the
measurement of the TSR correspond to the average of the closing
prices of the last 90 days preceding the start and end dates of the
measurement period; and
- The second condition, based on an absolute criterion, for up to
10% of the stock options granted: the TSR of URW\u2019s shares must
be higher than 20% over a period of 3 years, from March 8, 2022,
to March 8, 2025. The reference prices used in the measurement
of the TSR correspond to the average of the closing prices of the
last 90 days preceding the start and end dates of the
measurement period.
\u2022 2 non-market performance conditions for up to 55% of the stock
options granted: AREPS growth compared with forecasts
communicated to the market for 35% of the stock options granted and
criteria based on CSR indicators for 20% of the stock options granted.
For plans from 2023:
URW Group grants Performance Stock Options (\u201cPSO\u201d) with
performance conditions (internal for 55% and external for 45%). The
external condition compares URW\u2019s TSR with the TSR of a composite
index defined by the Group.
The table below shows the 2 external conditions:
Criteria 1
Criteria 2
Performance Condition
Vesting in %
Performance Condition
Vesting in %
A
URW\u2019s TSR underperforms
0%
URW\u2019s TSR < 20%
0%
B*
URW\u2019s TSR = Index\u2019s TSR
30%
URW\u2019s TSR = 20%
30%
C*
URW\u2019s TSR \u2013 Index\u2019s TSR > 3%
100%
URW\u2019s TSR > 20%
100%
* Linear interpolation between B and C.
The other criteria of these plans are identical to those of the 2022 plan.
The PSO allocated in April 2025 were valued at:
\u2022 \u20ac5.89 (internal performance condition);
\u2022 \u20ac4.38 Criteria 1 Relative (external performance condition on TSR); and
\u2022 \u20ac4.68 Criteria 2 Absolute (external performance condition on TSR).
This valuation is based on an initial exercise price of \u20ac75.82, the share
price at the date of allocation of \u20ac64.00, a vesting period of three years,
an estimated duration of 3.7 years, a market volatility of 28.66%, a
dividend assumption, a risk-free interest rate of 1.894% and a volatility
of the reference composite index of 16.88% with a correlation reference
composite index/URW of 78.20%.
Stock options are accounted for in accordance with IFRS 2. The expense
recorded on the income statement in relation to stock options came to
\u20ac3.6 Mn in 2025 and \u20ac3.1 Mn in 2024.
The table below shows allocated stock options not exercised at the period end:
Adjusted Number Number Number Potential
subscription of options of options of options additional
Plan
Exercise period
(1)
price (\u20ac)
(2)
granted
(2)(3)
 cancelled exercised
number of shares
(3)
2018 plan (n\u00b09)
2018
from 06/03/2022 to 05/03/2025
184.55
649,255
649,255
-
-
2019 plan (n\u00b010)
2019
from 20/03/2022 to 19/03/2026
133.64
809,800
363,505
-
446,295
2020 plan (n\u00b011)
2020
from 22/03/2023 to 21/03/2027
85.08
929,559
675,654
22,709
231,196
2021 plan (n\u00b012)
2021
from 19/05/2024 to 18/05/2029
64.17
1,015,062
573,195
116,469
325,398
2022 plan (n\u00b013)
2022
from 09/03/2025 to 08/03/2030
61.64
1,226,789
609,334
129,361
488,094
2023 plan (n\u00b014)
2023
from 13/03/2026 to 13/03/2031
54.53
886,975
136,104
141
750,730
2024 plan (n\u00b015)
2024
from 07/03/2027 to 08/03/2032
64.10
548,111
67,807
173
480,131
2025 plan (n\u00b016)
2025
from 07/03/2028 to 08/03/2033
72.21
633,147
49,381
-
583,766
Total
6,698,698
3,124,235
268,853
3,305,610
(1) Under the assumption that the performance and presence conditions are satisfied. If the first day of the exercise period is a non-business day, the retained date will be the
next business day. If the end of the exercise period is a non-business day, the retained date will be the first preceding business day.
(2) Adjustments reflect distributions paid from retained earnings. In May 2024 and 2025, the Group made distributions out of premium and thus both subscription price and
number of options granted were adjusted (Note 12.3 \u201cDistribution\u201d).
(3) All the options are subject to presence and performance conditions.
The table below shows the number and weighted average exercise prices of stock options:
2025 2024
Weighted Weighted average
Number average price (\u20ac) Number price (\u20ac)
Outstanding at the beginning of the period
3,658,438
85.31
3,962,093
99.43
Allocated over the period
633,147
72.21
521,758
67.31
Adjusted over the period
(1)
133,759
84.45
158,871
93.42
Cancelled over the period
(910,031)
109.21
(925,134)
128.08
Exercised over the period
(209,703)
81.27
(59,150)
67.38
Average share price on date of exercise
\u2013
84.48
\u2013
78.59
Outstanding at the end of the period
3,305,610
73.86
3,658,438
85.31
Of which exercisable at the end of the period
1,795,418
\u2013
1,379,801
\u2013
(1) Adjustments reflect distributions paid from retained earnings. In May 2024 and 2025, the Group made distributions out of premium and thus both subscription price and
number of options granted were adjusted (Note 12.3 \u201cDistribution\u201d).
Performance Shares Plans
All the shares are subject to both external and internal performance
conditions. The performance conditions are the same as for the Stock
Option Plans described above.
The awards allocated in April 2025 were valued:
\u2022 At \u20ac52.27 (internal performance condition);
\u2022 At \u20ac19.62 Criteria 1 Relative (external performance condition on
TSR); and
\u2022 At \u20ac16.48 Criteria 2 Absolute (external performance condition on
TSR).
This valuation is based on the share price at the date of allocation of
\u20ac64.00, a vesting period of three years, a market volatility of 28.66%, a
volatility of the reference composite index of 16.16% with a correlation
reference composite index/URW of 76.45%, a dividend assumption and
a risk-free interest rate of 1.817%.
PS are accounted for in accordance with IFRS 2. The expense recorded
on the income statement in relation to PS came to \u20ac14.3 Mn in 2025 and
\u20ac14.9 Mn in 2024.
The table below shows allocated PS not acquired at the period end:
Number of Number of Number of
performance shares performance shares performance shares Potential additional
Starting date of the vesting period
(1)
allocated
(2)
cancelled acquired
number of shares
(3)
March 2023
497,080
69,920
\u2013
427,160
March 2024
441,085
52,716
\u2013
388,369
March 2025
511,495
44,591
\u2013
466,904
Total
1,449,660
167,227
\u2013
1,282,433
(1) A minimum vesting period of 3 years without any requirement to hold the shares.
(2) The Adjustments reflect distributions paid from retained earnings. In May 2024 and 2025, the Group made distributions out of premium and thus the number of options
granted were adjusted. (Note 12.3 \u201cDistribution\u201d).
(3) The acquisition of the shares is subject to presence and performance conditions.
Retention Shares Plans
As from 2023, the Group has implemented Retention Shares Plans for employees below executive level (high potentials), without performance
conditions and subject only to presence condition 3 years from the delivery date.
Retention Shares (\u201cRS\u201d) are accounted for in accordance with IFRS 2. The expense recorded on the income statement in relation to the Retention
Shares Plans amounted to \u20ac4.0 Mn in 2025 and \u20ac2.6 Mn in 2024.
The table below shows allocated RS not acquired at the period end:
Number of retention Number of retention Number of retention Potential additional
Starting date of the vesting period
(1)
shares allocated
(2)
shares cancelled shares acquired
number of shares
(3)
March 2023
141,283
28,673
580
112,030
March 2024
107,026
13,727
173
93,126
March 2025
121,652
4,790
\u2013
116,862
Total
369,961
47,190
753
322,018
(1) A minimum vesting period of 3 years without any requirement to hold the shares.
(2) The Adjustments reflect distributions paid from retained earnings. In May 2024 and 2025, the Group made distributions out of premium and thus the number of retention
shares granted were adjusted. (Note 12.3 \u201cDistribution\u201d).
(3) The acquisition of the shares is subject to presence conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-628": { "value": "Accounting principles Under IFRS 2, all transactions relating to share-based payments must be recognised in the income statement. This is the case for URW\u2019s Company Savings Plan, Stock Option Plan, Performance Shares Plan and Retention Shares Plan. Shares issued under the Company Savings Plan are offered at a discount to the share price. This discount represents an employee benefit and is recorded in the income statement for the period, with a corresponding increase in equity. Stock options granted to employees are stated at their fair value on the date of allocation. As the transactions are equity-settled, share- based payments, this value remains unchanged, even if the options are never exercised. The value applied to the number of options finally exercised at the end of the vesting period (estimation of the turnover) is recorded as an expense, with a corresponding increase in equity which is spread over the vesting period (i.e. the period during which employees must work for the Company before they can exercise the options granted to them). The stock options and Performance Shares (\u201cPS\u201d), all subject to performance conditions, and retention shares have been valued using a Monte Carlo model. The additional expenses incurred by the Company Savings Plan, Stock Option Plan, Performance Shares Plan and Retention Shares Plan are classified under personnel expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-597": { "value": "11.3.3. Remuneration of the Management Board Team and the Supervisory Board Remuneration of the Management Board
(\u20ac thousands) Paid in: 2025 2024
Fixed income
3,838
3,600
Short-term incentive
4,137
4,208
Other benefits
(1)
1,295
1,274
Total
9,270
9,082
(1) Supplementary Contribution Scheme, company car and other additional benefits. In 2025, members of the MB were allocated a total of 172,770 Performance Stock Options, all subject to performance conditions, and 172,770 Performance Shares, all subject to performance conditions. Regarding the 2025 performance achievements, the MB members will receive in 2026 a total STI amounting to \u20ac4,818,800. An indemnity of \u20ac5,053,432 will be paid to Jean-Marie Tritant in connection with his departure. The payment will be made after the approval of the AGM. Remuneration of the Supervisory Board The remuneration of the SB amounts to \u20ac929,990 for the 2025 financial year. Transactions involving Supervisory Board members or Management Board members (including loans or guarantees granted) None. (1) After impact of derivative instruments on debt raised in foreign currencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-598": { "value": "
Note 12. Share capital and distribution
12.1. Capital management
The Group\u2019s objectives when managing capital are to safeguard the
Group\u2019s ability to continue as a going concern in order to provide returns
for shareholders and benefits for other stakeholders, and to maintain an
optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may issue
new debt or buy back existing outstanding debt, adjust the amount of
dividends paid to shareholders (subject to the Group\u2019s fiscal status
under the SIIC regime in France), return capital to shareholders, issue
new shares or buy back outstanding shares, or sell assets to reduce
debt.
The Group has disclosed the debt ratio LTV, which is calculated as the
net financial nominal debt expressed as a percentage of the portfolio
valuation (including transfer taxes). As at December 31, 2025, net
financial debt stood at \u20ac18,484.2 Mn
((1))
, excluding partners\u2019 current
accounts and after taking cash surpluses into account (\u20ac2,680.5 Mn).
As at December 31, 2025, the total portfolio valuation amounts to
\u20ac47,456.1 Mn, including transfer taxes.
As at December 31, 2025, the calculated ratio amounted to 39.0%,
compared with 41.7% as at December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-629": { "value": "12.2. Number of shares Accounting principles The Earnings per Share (\u201cEPS\u201d) indicator is calculated by dividing net result (holders of the Stapled Shares) by the weighted average number of ordinary shares in circulation over the period. To calculate diluted EPS, the average number of shares in circulation is adjusted to take into account the conversion of all potentially dilutive ordinary shares, in particular stock options and PS during the vesting period. The dilutive impact is determined using the treasury stock method, which assumes that proceeds from the exercise of options are used to repurchase Company shares at their market value. The market value corresponds to the average monthly share price weighted by trading volumes. The theoretical number of shares that may be purchased at the market value is deducted from the total number of shares resulting from the exercise of rights. This number is then added to the average number of shares in circulation and hence constitutes the denominator. Average number of shares, diluted and undiluted
2025 2024
Average number of shares (undiluted)
143,126,147
139,497,322
Dilutive impact
Potential shares via stock options
(1)
768,688
250,931
Attributed Performance Shares and Retention Shares (unvested)
(1)
1,604,451
1,378,158
Average number of shares (diluted)
145,499,286
141,126,412
(1) Correspond only to shares or stock options which are in the money as well as attributed PS and RS for which the performance conditions are fulfilled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-599": { "value": "Accounting principles The Earnings per Share (\u201cEPS\u201d) indicator is calculated by dividing net result (holders of the Stapled Shares) by the weighted average number of ordinary shares in circulation over the period. To calculate diluted EPS, the average number of shares in circulation is adjusted to take into account the conversion of all potentially dilutive ordinary shares, in particular stock options and PS during the vesting period. The dilutive impact is determined using the treasury stock method, which assumes that proceeds from the exercise of options are used to repurchase Company shares at their market value. The market value corresponds to the average monthly share price weighted by trading volumes. The theoretical number of shares that may be purchased at the market value is deducted from the total number of shares resulting from the exercise of rights. This number is then added to the average number of shares in circulation and hence constitutes the denominator. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-600": { "value": "Change in share capital
Total number
of shares
As at Dec. 31, 2023
139,041,391
Capital increase reserved for employees under Company Savings Plan
108,496
Shares granted and exercise of stock options
225,660
Increase of share capital
(1)
 3,254,000
As at Dec. 31, 2024
142,629,547
Capital increase reserved for employees under Company Savings Plan
122,785
Shares granted and exercise of stock options
605,890
As at Dec. 31, 2025 143,358,222
(1) URW acquires a 38.9% stake in URW Germany JV from partner CPP Investments for 3.254 Mn URW Stapled shares Average number of shares, diluted and undiluted
2025 2024
Average number of shares (undiluted)
143,126,147
139,497,322
Dilutive impact
Potential shares via stock options
(1)
768,688
250,931
Attributed Performance Shares and Retention Shares (unvested)
(1)
1,604,451
1,378,158
Average number of shares (diluted)
145,499,286
141,126,412
(1) Correspond only to shares or stock options which are in the money as well as attributed PS and RS for which the performance conditions are fulfilled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-601": { "value": "12.3. Distribution On April 29, 2025, Unibail-Rodamco-Westfield SE\u2019s Annual General Meeting of shareholders resolved a cash distribution of \u20ac3.50 per Stapled Share, which was paid on May 12, 2025. The cash distribution amounted to \u20ac501.2 Mn and was made out of premium. On April 30, 2024, URW SE\u2019s AGM of shareholders resolved a cash distribution of \u20ac2.50 per Stapled Share, which was paid on May 16, 2024. The cash distribution amounted to \u20ac347.9 Mn and was made out of premium.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-642": { "value": "3.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-641": { "value": "2.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-576": { "value": "Note 13. Off-balance sheet commitments and contingent liabilities All significant commitments are shown below. The Group does not have any complex commitments. The amounts are disclosed under IFRS. 13.1. Commitments given
Commitments given (\u20ac Mn) Description Maturities Dec. 31, 2025 Dec. 31, 2024
1) Commitments related to the scope of the consolidated Group
13.3
13.2
Commitments for acquisitions/disposals
\u2022
Purchase undertakings and earn-out
2026 to 2040
8.8
8.8
Commitments given as part
\u2022
Warranties and bank letters of credit given in the course
2026+
4.5
4.5
of specific transactions of the ordinary business
2) Commitments related to Group financing
2,575.3
2,884.3
\u2022
Mortgages and first lien lenders
(1)
2026+
2,446.7
2,584.0
Financial guarantees given
\u2022
Guarantees relating to entities under the equity method
2026+
128.6
300.3
or not consolidated
(2)
3) Commitments related to Group operational activities
1,049.5
1,232.8
Commitments related
\u2022
Properties under construction: residual commitments
2026+
530.6
754.0
to development activities
for works contracts and forward purchase agreements
(3)
\u2022
Commitments subject to conditions precedent
2026 to 2035
204.1
178.0
Commitments related to
\u2022
Commitments for construction works
(4)
2026 to 2064
193.5
168.8
operating contracts
\u2022
Rental of premises and equipment
2026+
13.4
12.0
\u2022
Other
2026+
107.9
120.1
Total commitments given
3,638.1
4,130.4
(1) The outstanding balances at the reporting date of the debts and drawn credit lines which are secured by mortgages. The gross amount of mortgages was \u20ac2,461.8 Mn as at December 31, 2025 (\u20ac2,599.1 Mn as at December 31, 2024). (2) Corresponds mainly to guarantees provided by the Group in the US relating to associates accounted for under the equity method or entities under foreclosure, for a portion of the principal amount of the loans greater than the Group\u2019s stake. The decrease relates mainly to the change of consolidation method of Westfield Wheaton, in equity method as at December 31, 2024, and its mortgage debt repayment. (3) Comprises financial guarantees given to the City of Paris regarding the Triangle Tower project. (4) Under the 50-year lease contract to operate Porte de Versailles (Paris), amounts of \u20ac497.0 Mn for renovation works and \u20ac227.2 Mn for maintenance works have to be spent (i.e. \u20ac724.2 Mn, representing a contractual commitment of \u20ac362.1 Mn (Group share), of which \u20ac582.6 Mn has already been invested).
Commitments relating to Group \ufb01nancing
\u2022 The Group\u2019s overall hybrid portfolio amounts to \u20ac1,833 Mn as at
December 31, 2025, made of 3 hybrid bonds outstanding. Hybrid
securities are deeply subordinated perpetual instruments with a
coupon deferral option. The coupon is to be paid when a mandatory
payment event occurs, such as the approval of a dividend payment,
though the Group can suspend payments while making the minimum
required REIT distributions.
\u2022 In 2000, Westfield America Limited Partnership, Urban Shopping
Centres, L.P. and Westfield Growth, L.P. have guaranteed loans
entered into by joint ventures for a portion of the principal amount of
the loans greater than their stake in the joint ventures.
The Group as one of the General Partners of Head Acquisition, L.P.
(the general partner of Urban Shopping Centers, L.P.) has committed
to maintain and allocate to Urban\u2019s minority limited partners a certain
amount of qualified non-recourse mortgage debt.
As a result of such debt maintenance obligations, certain subsidiaries
of the Group may be required to incur non-recourse financing on some
of the assets that are held by Urban Shopping Centers, L.P. \u201cUrban\u201d,
irrespective of the Group\u2019s liquidity needs or alternative sources of
funding. This obligation applies to URW and other partners in Urban.
Failing this obligation would require the Group to indemnify Urban\u2019s
L.P. for an indefinite period \u201cto date\u201d.
Other unquanti\ufb01able commitments
given related to the scope
of the consolidated Group
\u2022 For a number of disposals, the Group granted usual representations
and warranties to the purchasers.
\u2022 The agreements in connection with joint investments with partners
may include usual clauses like (i) a lock-up period during which the
shareholders have to retain their interest in shared subsidiaries or (ii)
arrangements pursuant to which the parties can organise the exit of
the shareholders (e.g.: right of first offer, tag-along right in case the
partner sells its shares to a third party).
Other commitments given related to
Group operational activities
\u2022 The Group\u2019s 50% subsidiary SCI Propexpo has committed that the
Espace Champerret venue in Paris, France, will continue to be used as
an exhibition hall until 2066.
\u2022 In a number of countries in which the Group operates, specific tax
regimes for real estate companies exist. For many companies of the
Group, eligible for such regimes, the Group has opted to use such
regimes. Although the details of those regimes are not exactly the
same for all countries, one of the standard elements is a requirement
to distribute all/nearly all of the recurring income, a large part of the
capital gains and all dividends received from other companies that
have opted for the application of such specific regime.
URW SE\u2019s total carry forward SIIC distribution obligation stands at
\u20ac2,772.8 Mn as at December 31, 2025: it will be delayed until URW SE
has sufficient statutory results to meet this obligation. These
statutory results would not prevent URW SE from deciding to make
distributions out of its premium.
\u2022 In 2014, the City of Brussels selected Unibail-Rodamco-Westfield as
the co-developer, with its partners BESIX and CFE, of the NEO project.
BESIX has the possibility to increase its interest in the Mall of Europe
from 12.5% to 20% before the construction of the project.
CFE has an option to sell its shares in the Mall of Europe to Unibail-
Rodamco-Westfield from December 31 following the opening of the
shopping centre and during a period of one year. If the put is not
exercised, the Group has an option to buy CFE\u2019s shares in the Mall of
Europe.
BESIX has an option to sell its shares in the Mall of Europe to Unibail-
Rodamco-Westfield from the end of the second full year after the
opening of the shopping centre and lasting 38 months from such date.
Unibail-Rodamco-Westfield SE together with the parent companies
of BESIX and CFE provided guarantees to the City of Brussels with
respect of all payment obligations of the joint ventures which will
develop the project. Several counter guarantees were provided
between Unibail-Rodamco-Westfield SE, BESIX and CFE, to ensure
that each joint venture shall not bear any financial consequence
beyond its program and that the ultimate shareholder shall not bear
more than its share in each joint venture.
13.2. Commitments received
Commitments received (\u20ac Mn) Description Maturities Dec. 31, 2025 Dec. 31, 2024
1) Commitments related to the scope of the consolidated Group
0.9
0.9
Commitments for acquisitions/disposals
\u2022
Sales undertakings
2027
0.9
0.9
2) Commitments related to Group financing
8,748.2
8,589.9
Financial guarantees received
\u2022
Undrawn credit lines
(1)
2026 to 2031
8,748.2
8,589.9
3) Commitments related to Group operational activities
808.0
783.9
Other contractual commitments received
\u2022
Bank guarantees on works and others
2026+
3.1
6.8
related to operations
\u2022
Other
(2)
2026+
320.1
252.3
\u2022
Guarantees received relating to Hoguet regulation
2026 to 2030
103.4
103.4
Assets received as security, mortgage or pledge, (France)
as well as guarantees received
\u2022
Guarantees received from tenants
2026+
285.1
321.2
\u2022
Guarantees received from contractors on works
2026+
96.3
100.2
Total commitments received
9,557.1
9,374.7
(1) These agreements contain financial covenants based on the Group\u2019s IFRS financial statements. Certain credit lines are also subject to an early prepayment clause (in full or in part) in the event of a change in ownership or a series of disposals reducing portfolio assets below a given threshold. No amount is secured by mortgages as at December 31, 2025. (2) Mainly comprises counter-guarantees received from JV\u2019s partners in the Triangle Tower project and the guarantee received from Cenomi Centers regarding the licensing of shopping malls in the Kingdom of Saudi Arabia. 13.3. Contingent liabilities Tax audit The Group is subject to a tax audit in France which resulted in a notification of reassessments. The vast majority of reassessments under proposal are denied by the Group. An additional \u20ac1.8 Mn provision was recorded in 2025 based on the risk analysis performed by the Group and its tax advisors resulting in a total provision of \u20ac11.6 Mn. Other contingent liabilities As part of its DD&C activities, the Group may perform work on behalf of third parties, which may give rise to potential claims. As of the reporting date, the Group has received one claim, for a limited amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-602": { "value": "
13.1. Commitments given
Commitments given (\u20ac Mn) Description Maturities Dec. 31, 2025 Dec. 31, 2024
1) Commitments related to the scope of the consolidated Group
13.3
13.2
Commitments for acquisitions/disposals
\u2022
Purchase undertakings and earn-out
2026 to 2040
8.8
8.8
Commitments given as part
\u2022
Warranties and bank letters of credit given in the course
2026+
4.5
4.5
of specific transactions of the ordinary business
2) Commitments related to Group financing
2,575.3
2,884.3
\u2022
Mortgages and first lien lenders
(1)
2026+
2,446.7
2,584.0
Financial guarantees given
\u2022
Guarantees relating to entities under the equity method
2026+
128.6
300.3
or not consolidated
(2)
3) Commitments related to Group operational activities
1,049.5
1,232.8
Commitments related
\u2022
Properties under construction: residual commitments
2026+
530.6
754.0
to development activities
for works contracts and forward purchase agreements
(3)
\u2022
Commitments subject to conditions precedent
2026 to 2035
204.1
178.0
Commitments related to
\u2022
Commitments for construction works
(4)
2026 to 2064
193.5
168.8
operating contracts
\u2022
Rental of premises and equipment
2026+
13.4
12.0
\u2022
Other
2026+
107.9
120.1
Total commitments given
3,638.1
4,130.4
(1) The outstanding balances at the reporting date of the debts and drawn credit lines which are secured by mortgages. The gross amount of mortgages was \u20ac2,461.8 Mn as at
December 31, 2025 (\u20ac2,599.1 Mn as at December 31, 2024).
(2) Corresponds mainly to guarantees provided by the Group in the US relating to associates accounted for under the equity method or entities under foreclosure, for a portion of
the principal amount of the loans greater than the Group\u2019s stake.
The decrease relates mainly to the change of consolidation method of Westfield Wheaton, in equity method as at December 31, 2024, and its mortgage debt repayment.
(3) Comprises financial guarantees given to the City of Paris regarding the Triangle Tower project.
(4) Under the 50-year lease contract to operate Porte de Versailles (Paris), amounts of \u20ac497.0 Mn for renovation works and \u20ac227.2 Mn for maintenance works have to be spent
(i.e. \u20ac724.2 Mn, representing a contractual commitment of \u20ac362.1 Mn (Group share), of which \u20ac582.6 Mn has already been invested).
Commitments relating to Group \ufb01nancing \u2022 The Group\u2019s overall hybrid portfolio amounts to \u20ac1,833 Mn as at December 31, 2025, made of 3 hybrid bonds outstanding. Hybrid securities are deeply subordinated perpetual instruments with a coupon deferral option. The coupon is to be paid when a mandatory payment event occurs, such as the approval of a dividend payment, though the Group can suspend payments while making the minimum required REIT distributions. \u2022 In 2000, Westfield America Limited Partnership, Urban Shopping Centres, L.P. and Westfield Growth, L.P. have guaranteed loans entered into by joint ventures for a portion of the principal amount of the loans greater than their stake in the joint ventures. The Group as one of the General Partners of Head Acquisition, L.P. (the general partner of Urban Shopping Centers, L.P.) has committed to maintain and allocate to Urban\u2019s minority limited partners a certain amount of qualified non-recourse mortgage debt. As a result of such debt maintenance obligations, certain subsidiaries of the Group may be required to incur non-recourse financing on some of the assets that are held by Urban Shopping Centers, L.P. \u201cUrban\u201d, irrespective of the Group\u2019s liquidity needs or alternative sources of funding. This obligation applies to URW and other partners in Urban. Failing this obligation would require the Group to indemnify Urban\u2019s L.P. for an indefinite period \u201cto date\u201d. Other unquanti\ufb01able commitments given related to the scope of the consolidated Group \u2022 For a number of disposals, the Group granted usual representations and warranties to the purchasers. \u2022 The agreements in connection with joint investments with partners may include usual clauses like (i) a lock-up period during which the shareholders have to retain their interest in shared subsidiaries or (ii) arrangements pursuant to which the parties can organise the exit of the shareholders (e.g.: right of first offer, tag-along right in case the partner sells its shares to a third party). Other commitments given related to Group operational activities \u2022 The Group\u2019s 50% subsidiary SCI Propexpo has committed that the Espace Champerret venue in Paris, France, will continue to be used as an exhibition hall until 2066. \u2022 In a number of countries in which the Group operates, specific tax regimes for real estate companies exist. For many companies of the Group, eligible for such regimes, the Group has opted to use such regimes. Although the details of those regimes are not exactly the same for all countries, one of the standard elements is a requirement to distribute all/nearly all of the recurring income, a large part of the capital gains and all dividends received from other companies that have opted for the application of such specific regime. URW SE\u2019s total carry forward SIIC distribution obligation stands at \u20ac2,772.8 Mn as at December 31, 2025: it will be delayed until URW SE has sufficient statutory results to meet this obligation. These statutory results would not prevent URW SE from deciding to make distributions out of its premium. \u2022 In 2014, the City of Brussels selected Unibail-Rodamco-Westfield as the co-developer, with its partners BESIX and CFE, of the NEO project. BESIX has the possibility to increase its interest in the Mall of Europe from 12.5% to 20% before the construction of the project. CFE has an option to sell its shares in the Mall of Europe to Unibail- Rodamco-Westfield from December 31 following the opening of the shopping centre and during a period of one year. If the put is not exercised, the Group has an option to buy CFE\u2019s shares in the Mall of Europe. BESIX has an option to sell its shares in the Mall of Europe to Unibail- Rodamco-Westfield from the end of the second full year after the opening of the shopping centre and lasting 38 months from such date. Unibail-Rodamco-Westfield SE together with the parent companies of BESIX and CFE provided guarantees to the City of Brussels with respect of all payment obligations of the joint ventures which will develop the project. Several counter guarantees were provided between Unibail-Rodamco-Westfield SE, BESIX and CFE, to ensure that each joint venture shall not bear any financial consequence beyond its program and that the ultimate shareholder shall not bear more than its share in each joint venture.
13.2. Commitments received
Commitments received (\u20ac Mn) Description Maturities Dec. 31, 2025 Dec. 31, 2024
1) Commitments related to the scope of the consolidated Group
0.9
0.9
Commitments for acquisitions/disposals
\u2022
Sales undertakings
2027
0.9
0.9
2) Commitments related to Group financing
8,748.2
8,589.9
Financial guarantees received
\u2022
Undrawn credit lines
(1)
2026 to 2031
8,748.2
8,589.9
3) Commitments related to Group operational activities
808.0
783.9
Other contractual commitments received
\u2022
Bank guarantees on works and others
2026+
3.1
6.8
related to operations
\u2022
Other
(2)
2026+
320.1
252.3
\u2022
Guarantees received relating to Hoguet regulation
2026 to 2030
103.4
103.4
Assets received as security, mortgage or pledge, (France)
as well as guarantees received
\u2022
Guarantees received from tenants
2026+
285.1
321.2
\u2022
Guarantees received from contractors on works
2026+
96.3
100.2
Total commitments received
9,557.1
9,374.7
(1) These agreements contain financial covenants based on the Group\u2019s IFRS financial statements. Certain credit lines are also subject to an early prepayment clause (in full or in part) in
the event of a change in ownership or a series of disposals reducing portfolio assets below a given threshold. No amount is secured by mortgages as at December 31, 2025.
(2) Mainly comprises counter-guarantees received from JV\u2019s partners in the Triangle Tower project and the guarantee received from Cenomi Centers regarding the licensing of
shopping malls in the Kingdom of Saudi Arabia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-603": { "value": "
13.3. Contingent liabilities
Tax audit
The Group is subject to a tax audit in France which resulted in a notification of reassessments. The vast majority of reassessments under proposal are
denied by the Group. An additional \u20ac1.8 Mn provision was recorded in 2025 based on the risk analysis performed by the Group and its tax advisors
resulting in a total provision of \u20ac11.6 Mn.
Other contingent liabilities
As part of its DD&C activities, the Group may perform work on behalf of third parties, which may give rise to potential claims. As of the reporting date,
the Group has received one claim, for a limited amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-577": { "value": "
Note 14. Subsequent events
UnibailRodamco Westfield (\u201cURW\u201d) announces its intention to present
to the 2026 Annual General Meetings of Unibail Rodamco Westfield SE
and Unibail Rodamco Westfield N.V. a proposal for an internal
reorganization designed to simplify the Group\u2019s legal structure through
the de stapling of URW\u2019s stapled shares.
The proposed transaction would result in URW SE becoming the sole
listed entity, fully holding US assets. This simplification is expected to
streamline governance and operations, enhance transparency, and
generate recurring cost savings. The contemplated reorganisation
would maintain shareholders\u2019 existing economic rights and would not
change the Group\u2019s strategy, distribution policy, or financial objectives,
nor impact trading conditions.
Since URW NV and its subsidiaries are fully consolidated (see \u00a7 3.2
Consolidation of Unibail-Rodamco-Westfield N.V), the transaction is not
expected to have any impact on URW SE\u2019s consolidated financial
statements. After the completion of the transaction, the split of the
\u201cEquity attributable to the holders of the stapled shares\u201d and the \u201cNet
result for the period attributable to the holders of the stapled
shares\u201d between Unibail-Rodamco -Westfield SE members and
Unibail-Rodamco-Westfield N.V. members in the consolidated financial
statements will no longer apply.
Subject to shareholder approval, completion is anticipated by late Q2
2026. Additional information is available on URW Group's website.
On January 28, 2026, URW closed the sale of a 65% stake in the Bubny
land plot in Prague.
On January 30, 2026, URW closed the disposal of Palais Vest shopping
centre in Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:969500SHQITWXSIS7N89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-578": { "value": "
Note 16. Relationship with the Statutory auditors
Statutory Auditors
\u2022 KPMG Audit
- Commencement date of first term of office: AGM of May 11, 2023.
- Persons responsible: R\u00e9gis Chemouny since May 2023.
\u2022 Deloitte & Associ\u00e9s
- Deloitte & Associ\u00e9s succeeded Deloitte Marque & Gendrot which was appointed on April 28, 2005.
- Person responsible: Marjorie Blanc Lourme since May 2025 and Sylvain Durafour since May 2023.
The 6-year term of office for KPMG Audit and Deloitte & Associ\u00e9s comes to an end as at the AGM approving the 2028 accounts.
Fees of the Statutory Auditors excluding their networks for the 2025 and 2024 \ufb01nancial years
Deloitte & Associ\u00e9s
KPMG
STATUTORY AUDITORS' FEES DEC. 31, 2025 (\u20ac Mn) 2025 2024 2025 2024
Audit and half-year review of the consolidated and non-consolidated financial statements
1.8
1.7
1.3
1.3
(Parent company + controlled companies
(1)
)
Non-audit services
(2)
0.3
0.2
0.2
0.2
(Parent company + controlled companies
(1)
)
Total
2.1
1.9
1.5
1.4
(1) The controlled companies correspond to the fully consolidated companies as well as the jointly controlled companies.
(2) Relates to the non-audit services in accordance with legal and regulatory requirements and to the non-audit services provided at the request of the Company. The amounts
correspond to (i) comfort letters issued in connection with bond issuances and hybrid securities transactions and (ii) other services.
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