Paris, Amsterdam, July 27, 2023
Press release

              UNIBAIL-RODAMCO-WESTFIELD REPORTS H1-2023 EARNINGS
   H1-2023 AREPS up +6.6% year-on-year driven by Shopping Centres and Offices
             performance and reduced general and financial expenses
    Operational performance and further debt reduction leading to improved
                          Net debt to EBITDA at 9.4x
  Successful exchange offer of the PERP-NC23 hybrid, a first of its kind by a
    corporate issuer, with a 92% participation rate, confirming debt market
                                  confidence

Westfield Rise, URW's retail media agency in Europe drives new revenue growth
with +14% in net margin vs. H1-2022
H1-2023 in review:

  * Shopping Centre Net Rental Income at EUR1,059 Mn up +8.5%(1) on a like-for-
    like basis, including +4.5% of indexation impact
  * Tenant sales up +9% and footfall up +7% vs. H1-2022
  * High rent collection at 96%
  * Shopping Centre occupancy improved by 20 bps vs. FY-2022 with vacancy at
    6.3%

* EUR219 Mn of Minimum Guaranteed Rent (MGR) signed (+11% vs. H1-2022), with an

    uplift of +12.5% on top of indexed passing rents, including +17.6% on long-
    term deals

* Offices & Others Net Rental Income of EUR41 Mn, up +17.1% on a like-for-like

    basis, driven by leasing progress of Trinity at prime rent level for La
    Défense market
  * EBITDA at EUR1,157 Mn, back to pre-COVID levels on a like-for-like basis

* Further asset disposals(2) secured in the US and Europe increasing the total

    IFRS net debt reduction since 2021 to EUR4.7 Bn at Group level (from EUR4.2 Bn),
    with ongoing active discussions in Europe and on US Regional assets
  * H1-2023 IFRS Net Financial Debt reduced to EUR20.5 Bn with reduced cost of
    debt at 1.8%
  * More than 36 months of liquidity secured with EUR11.9 Bn(3), including EUR3.8 Bn
    of cash on hand
  * 2023 AREPS at the upper end of full-year guidance of EUR9.30 to EUR9.50,
    reflecting strong underlying operational performance

Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, said:
"URW delivered very solid financial results in H1-2023 that demonstrate the strength of our assets and the quality of our operations and teams.
During the half, we signed a record number of leases with an increasing
proportion of long-term deals and saw a 12.5% uplift in rents.
Our sales continue to outperform the market thanks to the location of our assets, the quality of our customer base and our diversified retail mix. ?
We are excited by the success of Westfield Rise, our European retail media agency, which saw a +14% increase in net margin, driven by increased footfall and higher average revenue per visit.?
Our successful hybrid exchange offer, accepted by over 90% of holders, confirms the confidence of the debt market in URW as does the confirmation of our credit ratings by S&P and Moody's.
We also made further deleveraging progress in 2023 in a constrained investment market, securing a EUR0.5 Bn contribution to IFRS net debt reduction taking the
total amount since 2021 to EUR4.7 Bn.
Our performance in the first half builds on the strong platform we established in 2022, and we are confident this momentum will continue throughout 2023 and our AREPS will be at the upper end of our full-year guidance."
+-----------------------+-------------+-------------+------+-------------------+
| | | | | Like-for-like | | | H1-2023 | H1-2022 |Growth| growth(4) | +-----------------------+-------------+-------------+------+-------------------+
|Net Rental Income (in EUR| | | | |
|Mn) | 1,152 | 1,139 |+1.1% | +8.2%(5) | +-----------------------+-------------+-------------+------+-------------------+
|Shopping Centres | 1,059 | 1,036 |+2.2% | +8.5%(6) | +-----------------------+-------------+-------------+------+-------------------+
|Offices & Others | 41 | 36 |+15.6%| +17.1% | +-----------------------+-------------+-------------+------+-------------------+
|Convention & Exhibition| 52 | 68 |-23.0%| n.m. | +-----------------------+-------------+-------------+------+-------------------+
| | +-----------------------+-------------+-------------+------+-------------------+
|EBITDA (in EUR Mn) | 1,157 | 1,139 |+1.6% | |
+-----------------------+-------------+-------------+------+-------------------+
|Recurring net result| | | | | |(in EUR Mn) | 757 | 711 |+6.5% | |
+-----------------------+-------------+-------------+------+-------------------+
|Recurring EPS (in EUR) | 5.45 | 5.12 |+6.3% | |
+-----------------------+-------------+-------------+------+-------------------+
|Adjusted Recurring EPS| | | | | |(in EUR) | 5.28 | 4.95 |+6.6% | |
+-----------------------+-------------+-------------+------+-------------------+
| | +-----------------------+-------------+-------------+------+-------------------+
| | | | | Like-for-like | | |June 30, 2023|Dec. 31, 2022|Growth| growth | +-----------------------+-------------+-------------+------+-------------------+
|Proportionate portfolio| | | | | |valuation | | | | | |(in EUR Mn) | 51,029 | 52,250 |-2.3% | -2.2% |
+-----------------------+-------------+-------------+------+-------------------+
|EPRA Net Reinstatement| | | | | |Value | | | | | |(in EUR per stapled| | | | |
|share) | 150.70 | 155.70 |-3.2% | | +-----------------------+-------------+-------------+------+-------------------+
Figures may not add up due to rounding
H1-2023 AREPS: EUR5.28
Reported AREPS amounted to EUR5.28, up +6.6% compared to H1-2022, mainly driven by
the strong operational performance in retail and offices, and supported by reduced general and financial expenses. AREPS was partly offset by disposals and
lower C&E activity due to seasonality effects.
OPERATING PERFORMANCE
Shopping Centres
Like-for-like shopping centre NRI(6) was up by +8.5% for the Group, and by +12.5% in Continental Europe, +9.4% in the UK and up +1.4% for US Flagships. US Regional and CBD assets were down -9.8%(7). This overall increase is mainly due to the positive impact of indexation in Continental Europe (+6.7%) where all rents are indexed on a yearly basis, positive leasing activity contribution and higher variable income.
H1-2023 tenant sales(8) were up +9.2% compared to H1-2022, including +11.8% in Continental Europe, +6.8% in the UK and +4.6% in the US(9). Sales continued to outperform footfall, reflecting the productive nature of visitors to URW's centres. Footfall(10) was up +7.3%, including +8.2% in Continental Europe, +9.2% in the UK and +2.7% in the US(9).
In H1-2023, European tenant sales were up +10.9% compared to H1-2022, above core
inflation of 5.7% and national sales indices of 2.6%(11), demonstrating that URW
centres continue to gain market share. H1-2023 saw a strong increase in the performance of social and experience-led activities, with Fitness-related tenant
sales up +35.7%, Entertainment up +22.4% and F&B up +17.1%, while Health & Beauty and Fashion continued to perform strongly, up +17.7% and +9.7%
respectively.
In the US, Flagships tenant sales(12) were up +4.6% in H1-2023, performing above
the US National Sales index, which was up 4.3%(11). As in Europe, US Flagships growth was also driven by the performance of experience-led sectors, including Entertainment (+91.4% vs. H1-2022), F&B (+20.6%), Fitness (+10.9%) and Health & Beauty (+9.0%). Fashion sales decreased slightly by -2.0% and Luxury by -6.8% but both remained above 2019 levels (+14.0% and +87.9% respectively).
Rent collection(13) amounted to 96% for H1-2023 (vs. 96% and 95% initially reported in H1-2022 and in Q1-2023 respectively), both in Europe and in the US. Net of bankruptcies, H1-2023 rent collection stands at 97% in Europe and for the
Group. URW continued to collect 2022 rents, leading to an improvement of 2022
rent collection from 97% to 98% between FY-2022 and H1-2023.
Bankruptcies increased in H1-2023 to 211 stores returning to a normalised level as government support and rent relief provided during the COVID period came to an end. More than a quarter of stores affected were in France. 84% of units affected saw their tenant still in place and 5% were relet, limiting the impact of bankruptcies on H1-2023 vacancy.

In  terms of  leasing activity,  the Group  signed 1,180 leases  for EUR219  Mn of
MGR(14)  (+11% compared to H1-2022) during H1-2023 with an MGR uplift of +12.5%

(vs. +2.6% in H1-2022) reflecting the effectiveness of the Group's leasing strategy and the strong appeal for URW assets. The proportion of long-term deals
signed also increased from 74% of MGR signed in H1-2022 to 78% in H1-2023. The MGR uplift for leases longer than 36 months came to +17.6% for the Group, on top
of indexed passing rents, with Continental Europe at +6.5%, the UK at +20.1% and
the US at +38.8%.
On a like-for-like basis, Sales Based Rents (SBR)(15) increased in total by +8.5% in H1-2023 vs. H1-2022 thanks to strong retailers' sales performance

including  inflation, with +EUR10.0 Mn  in Continental Europe, -EUR0.4  Mn in the UK
and  -EUR5.7 Mn in the US due to  high SBR settlement in H1-2022 and conversion of

SBR to MGR in the UK and in the US.
Vacancy for Shopping Centres at Group level decreased to 6.3% at H1-2023, down from 6.5% at FY-2022 and 6.9% at H1-2022, thanks to the Group's proactive leasing approach.
In Continental Europe, vacancy was at 3.6%, below the 3.8% in Q1-2023 due to good leasing activity but up from 3.1% in December 2022. This was due to the normalised level of bankruptcies, and to the expiry of short-term deals in Germany and Austria which relied more on these deals during COVID.
In the UK, vacancy decreased from 9.4% in December 2022 to 8.5% in June 2023
thanks to strong leasing activity.
In the US, vacancy reduced to 9.9% in June 2023 from 10.4% in December 2022,
with vacancy decreasing by -30 bps to 7.9% for US Flagships, close to pre-COVID level of 2019 (7.7%).
Retail Media & other income
Revenue from Retail Media & other income(16) increased from EUR50.4 Mn in H1-2022
to EUR55.6 Mn in H1-2023, driven by the launch of Westfield Rise in Europe, an in-
house media, brand experience and data partnerships agency. Total Westfield Rise
activity in Europe amounted to EUR19.6 Mn in net margin at 100% in H1-2023, up
+14% compared to H1-2022.
Offices & Others
Office NRI increased by +15.6% at Group level (+17.1% on a like-for-like basis),
driven by the leasing progress at Trinity in La Défense and the delivery of Gaîté Montparnasse offices, partly offset by 2022 and H1-2023 disposals, currency effects and assets in pipeline.
Three new leases (Teamwill, IRI and Axway) were signed for Trinity in H1-2023.
Trinity is now 85% let, at an average rent of c. EUR568/sqm, with lease incentives
below the market average. In addition,
1,400 sqm(17) were leased at Westfield Hamburg-Überseequartier offices, bringing
the letting(17) of the office component to be delivered in 2024 to 34%.
Convention & Exhibition

H1-2023 confirmed  the strong  recovery of  the C&E  activity observed in 2022.
During  the period, Viparis hosted 305 events compared to 272 events in H1-2022

and 386 events in H1-2019.

Convention  & Exhibition recurring  NOI in the  first half amounted  to EUR71.1 Mn
compared  to EUR94.5 Mn in H1-2022 and  EUR87.6 Mn in H1-2019, reflecting the change

in seasonality patterns for events organised following COVID disruption. Restated from the French State contribution received in 2022 and from triennial shows (held in 2018 and 2022), the NOI was up +5.2% compared to H1-2022.
As at June 30, 2023, signed and pre-booked events in Viparis venues for 2023
amounted to 95% of its expected 2023 rental income.
DISPOSALS
In 2023 year-to-date, the Group secured further asset disposals in the US and Europe, reaching

$1.6  Bn (EUR1.4 Bn)  in total proceeds  in the US,  and completing EUR3.3 Bn of its
EUR4.0  Bn  European  asset  disposal  programme,  corresponding to total disposal

proceeds of EUR4.7 Bn since 2021.
In Europe, URW completed the sale of the "V" office building located in Versailles, France at EUR95 Mn, in line with the last unaffected appraisal value,
with a double-digit IRR and a net initial yield of 5.7%.
On July 11, 2023, the Group signed an agreement for the sale of Novotel Lyon Confluence in France.
The Group is in active discussions in relation to several European assets in a constrained investment market.
In the US, the Group also continued to streamline its US Regional portfolio. On February 1, 2023, the Group completed the sale of its ground lease for Westfield
North County located in Escondido, California, for $57 Mn (at 100%, URW share 55%). On May 25, 2023, the Group announced the sale of Westfield Brandon, located in Brandon, Florida for $220 Mn (URW share 100%) reflecting a 10.0% net initial yield and a 4.4% discount to the last unaffected appraisal.
Since the end of H1-2023, the Group has sold the Westfield Mission Valley shopping centres in San Diego, California for a sale price of $290 Mn (at 100%,
URW share 42%). The transaction value reflects a combined initial yield of 8.5%
on the in-place NOI and a 12% discount to the last unaffected appraisal.
The Group has started the process which will lead to the planned sale or foreclosure of 2 of its US assets, respectively Westfield Valencia Town Center, with a debt amount of $195 Mn at 100% ($97.5 Mn URW share) as at June 30, 2023,
and San Francisco Centre with a debt amount of $558 Mn at 100% ($340 Mn URW share). The book value at URW share of these assets was close to or below their debt amounts as at June 30, 2023 at respectively $106 Mn and $301 Mn.
Including these disposals and planned foreclosures, the total amount of net debt
reduction stands at EUR0.5 Bn on an IFRS basis and EUR0.9 Bn on a proportionate
basis.
The Group is highly focused on its deleveraging plan, securing the remaining EUR0.7 Bn of its European disposal programme by the end of the year and further
streamlining of US Regional portfolio. Once completed, it will pursue a disciplined asset rotation policy.
The radical reduction of the Group's US financial exposure remains its path forward. URW's operational performance, in particular in the US, as well as its controlled cost of debt, ample liquidity position and capex control give it flexibility on when it executes this plan.
DELIVERIES & PIPELINE
As a result of deliveries in H1-2023 and project cost evolution on some of the committed projects, the Total Investment Cost (TIC)(18) of URW's development pipeline remained stable compared to December 31, 2022 at EUR3.1 Bn.
The Group delivered 2 projects in May 2023: a 19,360 sqm extension to Garbera shopping centre in San Sebastian, Spain and the completion of Westfield Les 4
Temps renovation project of the centre's main plaza "La Clairière".
Committed projects amount to EUR2.4 Bn, of which EUR1.4 Bn has already been
invested. The main projects are the mixed used development in Hamburg (Westfield
Hamburg-Überseequartier), the office project of Lightwell in Paris La Défense, the residential project of Coppermaker Square, and the Triangle project in Paris.
In H2-2023, URW plans to deliver Coppermaker Square Retail (a 7,437 sqm leisure development adjacent to Westfield Stratford City), and the restructuring of the former El Corte Inglés unit, located in the extension area of Westfield Parquesur, with more than 14,954 sqm to extend Inditex brands. The average pre- letting(19) of these projects stands at 83%.
VALUATION
The proportionate Gross Market Value (GMV) of the Group's assets as at June 30, 2023, decreased by -2.3% to EUR51.0 Bn from EUR52.2 Bn as at December 31, 2022,

mainly  as a result of  a like-for-like portfolio revaluation  of -EUR1,019 Mn and
disposals  (-EUR343 Mn), partly offset by Capex, Acquisitions and Transfers (+EUR574
Mn).  Like-for-like  shopping  centres  valuations  were down -1.9% for H1-2023

including a yield impact of -4.8% and a rent impact of +2.9% as appraisers increased their assumption of discount and exit cap rates.
The EPRA Net Reinstatement Value per share came to EUR150.70 as at June 30, 2023,
down from EUR155.70 (-3.2%) compared to December 31, 2022, mainly driven by the
revaluation of investment properties, and partly offset by the retained recurring results.
FINANCIAL RESOURCES
As at June 30, 2023, the Group's IFRS net financial debt decreased to EUR20.5 Bn
from EUR20.7 Bn as at December 31, 2022.
The Loan-to-Value (LTV) ratio increased from 41.2% to 41.9% and 41.7% pro-forma for the receipt of the proceeds from the additional disposals secured to date or
planned foreclosures(20).
On a proportionate basis, the LTV would be almost stable compared to FY-2022 at 43.0% pro-forma for the secured disposals and planned foreclosures.
Net debt/EBITDA(21) ratio decreased to 9.4x (vs. 9.6x in FY-2022), the Interest Coverage Ratio (ICR) increased to 4.4x (vs. 4.2x in FY-2022), and Funds from Operations to Net Financial Debt (FFO/NFD) ratio improved to 8.3% (vs. 7.6% in FY-2022).
Over H1-2023, URW raised EUR653 Mn (EUR721 Mn on a proportionate basis) of medium to
long-term funds in the mortgage and bank markets (including credit facility renewals), further strengthening its liquidity position.
On June 26, 2023, the Group successfully completed an any-and-all par-for-par Exchange Offer on its EUR1.25 Bn hybrid Perp-NC23 notes ("Old Notes") into a
combination of (i) new Euro denominated Perp-NC28 hybrid notes with a coupon of 7.25% ("New Notes") and (ii) a cash amount when applicable.
The first of its kind by a corporate issuer, the Exchange Offer had a participation rate of 92%, corresponding to EUR1.15 Bn of Old Notes exchanged on
July 3, 2023 into EUR995 Mn New Notes and EUR155 Mn of cash paid (the Cash Amount).
Accordingly, the Group's overall hybrid portfolio will decrease to EUR1,845 Mn
(corresponding to a reduction of 7.76%).

The  Group's liquidity  position reached  EUR11.9 Bn  (EUR12.0 Bn on a proportionate
basis)  including cash on  hand of EUR3.8  Bn (EUR4.0 Bn  on a proportionate basis),

allowing the Group to fully secure its debt maturities for more than the next 36 months.
The Group's average debt maturity(22) stood at 8.0 years.
The Group's average cost of debt decreased from 2.0% to 1.8%, representing a blended average cost of 1.3% for Euro denominated debt and 3.9% for USD and GBP denominated debt, as a result of improved cash remuneration on its increasing cash position and a stable cost of gross debt thanks to hedges in place.
ESG
URW is on track to meet its Better Places 2030 targets, including reducing carbon emissions across its value chain by 50% between 2015 and 2030. The Group is committed to contributing to global carbon neutrality and will present a step-change update to its plan in H2-2023, with a view to establishing new commitments.
In H1-2023, the Group pursued the implementation of its renewable energy infrastructure strategy with the delivery of photovoltaic plants at Centrum Cerny Most in Czech Republic. The Group's total installed capacity of on-site renewable energy stands at 17 MW, well above the 2025 target set in 2016 of 6.9
MW.
In April 2023, the Group launched the first edition of Westfield Good Festival throughout the 22 European Westfield malls, enabling retailers to display their sustainability initiatives and visitors to access information on sustainability and circularity.
2023 GUIDANCE
In view of the H1-2023 strong operating performance dynamic, the deleveraging progress in line with guidance, the controlled cost of debt, the reduced general
expenses and the visibility on the terms of the hybrid, 2023 AREPS will be at the upper end of the Group's guidance(23) of EUR9.30 to EUR9.50.
FINANCIAL SCHEDULE
The next financial events on the Group's calendar will be:
October 10, 2023: Sustainability Investor Event
October 26, 2023: Q3 trading update
February 8, 2024: FY-2023 results
For further information, please contact:
Investor Relations
Meriem Delfi
+33 7 63 45 59 77
investor.relations@urw.com (mailto:investor.relations@urw.com)
Gonzague Montigny
+33 6 10 95 85 84
investor.relations@urw.com (mailto:investor.relations@urw.com)
Media Relations
UK/Global:
Cornelia Schnepf - Finelk
+44 7387 108 998
Cornelia.Schnepf@finelk.eu
(https://www.globenewswire.com/Tracker?data=N609seyjF9VnqFTXgE6VSs_XYSA5N3RHX5y-
jr_BpVKTXt7D5fmOzKhfOEe4--RgOj5feGnoYf-N0ug-nFwAdLuCVRwmPtx9QbAFOhxyZGZ5NrWiJXKS
Qt0Hg7H5cn7f)
France:
Sonia Fellmann - PLEAD
+33 6 27 84 91 30
Sonia.Fellmann@plead.fr (mailto:Sonia.Fellmann@plead.fr)
United States:
Molly Morse - Kekst CNC
+ 1 212 521 4826
Molly.Morse@kekstcnc.com (mailto:Molly.Morse@kekstcnc.com)
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.
The Group operates 75 shopping centres in 12 countries, including 39 which carry
the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a EUR3 Bn development pipeline of mainly mixed-use
assets. Currently, its EUR51 Bn portfolio is 87% in retail, 6% in offices, 5% in
convention and exhibition venues, and 2% in services (as at June 30, 2023).
URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the
Group's Better Places 2030 agenda, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.
URW's stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor's and from a Baa2 rating from Moody's.
For more information, please visit www.urw.com (http://www.urw.com)
--------------------------------------------------------------------------------
(1) Shopping Centres Lfl NRI excluding airports.
(2) Include disposals completed or secured since January 2023 and planned
foreclosures.
(3) On an IFRS basis, including EUR8.0 Bn of undrawn credit facilities.
(4) Like-for-like NRI: Net Rental Income excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields or redevelopment of an asset when operations are stopped to enable works), all other changes resulting in any change to square metres and currency exchange rate differences in the periods analysed.
(5) Group Lfl NRI including airports.
(6) Shopping Centres Lfl NRI excluding airports.
(7) Excluding airports.
(8) Tenant sales for all centres (except The Netherlands) in operation, including extensions of existing assets, but excluding deliveries of new brownfield projects, newly acquired assets and assets under heavy refurbishment (Ursynów, Les Ateliers Gaîté, CNIT, Gropius Passagen and Garbera) or works in the surrounding area (Fisketorvet), excluding El Corte Inglés sales from Westfield Parquesur and La Vaguada, excluding Zlote Tarasy as this centre is not
managed by URW, excluding Carrousel du Louvre and excluding Auto category for Europe and Department Stores for the US. In addition, sales have been restated from the disposals which occurred during the semester.
(9) Flagships only.
(10) Footfall for all centres in operation, including extensions of existing assets, but excluding deliveries of new brownfield projects, newly acquired assets and assets under heavy refurbishment (Ursynów, Les Ateliers Gaîté, CNIT, Gropius Passagen and Garbera) or works in the surrounding area (Fisketorvet), excluding Carrousel du Louvre and excluding Zlote Tarasy as this centre is not managed by URW, and excluding in the US, the centres for which no comparable data of the previous year is available. In addition, footfall has been restated from the disposals which occurred during the semester.
(11) As at May 2023, for further details, please refer to the appendix to this Press Release.
(12) US Regionals at +1.3%.
(13) Retail only, assets at 100%. MGR + CAM in the US.
(14) All letting figures exclude deals Â