Unibail Rodamco Westfield : URW – Corporate Governance Roadshow Presentation – Mars & Avril 2024 (en anglais)

URW TEAM

• - David Zeitoun, Group General Counsel

• - Marie Caulliez, Senior Corporate Legal Counsel

• - Clément Jeannin, Group Director of Sustainability

• - Séverine Kerjean, Supervisory Board Secretary

• - Gonzague Montigny, Head of Investor Relations

• - Cyrille Vanoye, Group Director of Compensation & Benefits

• 01. FY-2023 OVERVIEW AND 2024 GUIDANCE

• 02. ESG

• 03. GOVERNANCE

• 04. AGM RESOLUTIONS

All questions are welcome.

Please send us any topic you want to discuss in advance.

01

FY-2023 OVERVIEW AND 2024 GUIDANCE

2023: strong operational performance across all activities

Strong operations across Shopping Centres, Offices and Convention & Exhibition supported by dynamic leasing activity and indexation

2023 AREPS at €9.62/share, above guidance

Continued deleveraging with 11 transactions secured in 2023 for €1.0 Bn(1), leading to €5.1 Bn(1) net debt reduction since 2021

Comprehensive evolution of Better Places roadmap

1st-of-its-kind hybrid exchange followed by a successful green bond issuance

Proposed cash distribution(2) of €2.50/share(3)

• 1. On an IFRS basis, including disposals and foreclosures completed or secured by February 8, 2024

• 2. Equity repayment, pursuant to article 112-1 of the French General Tax Code

• 3. Subject to approval by Annual General Meeting of Unibail-Rodamco-Westfield SE to be held on April 30, 2024

Westfield Days, Westfield Mall of Scandinavia, Oct. 2023

2023 Financial Highlights

Proposed cash distribution in 2024 based on 2023 performance

STRONG OPERATING PERFORMANCE

DISCIPLINED CAPITAL ALLOCATION

WITH TIGHT CAPEX CONTROL

CASH DISTRIBUTION(1)

€2.50 PER SHARE

COMMITMENT ON DELEVERAGING PLANSTRONG ACCESS TO FINANCING & LIQUIDITY POSITION

• 1. Equity repayment, pursuant to article 112-1 of the French General Tax Code. The premium distribution will not be subject to French withholding tax as it would qualify as an equity repayment. It is advisable to check with your local tax advisor how this equity repayment would be treated in your country of tax residency.

• 2. Subject to approval by Annual General Meeting of Unibail-Rodamco-Westfield SE to be held on April 30, 2024

PAID IN ONE INSTALLMENT

ON MAY 16, 2024(2)

2023 FULL YEAR RESULTS

• 1. Assuming no revaluation and stable FX rates

• 2. Secured disposals as at February 8, 2024

• 3. Based on 2023 earnings

• 4. Based on a distribution of €2.50 per share per year

• 5. Assuming no revaluation on capex

Illustrative deleveraging trajectory(1) over 2024-26 before disposals

45.6%

41.8%

2023 IFRS LTV incl.

hybrid

-30 bps

Disposals secured (2)

NB: Figures may not add up due to rounding

Proforma IFRS LTV evolution over 2024-26(1)

IFRS LTV

IFRS LTV Incl. hybrid

+250 bps

+220 bps

-840 bps

2024-26 Earnings (3)

2024-26 Distributions(4)

41.6%

37.9%

2024-26 Capex

2026 IFRS LTV incl.

hybrid

This guidance does not include major disposals in the US in the context of the radical reduction of its financial exposure. The Group assumes no major deterioration of the macro-economic and geopolitical environment

• - Slight increase of cost of debt with full year effect of 2023 financings and lower expected cash remuneration

  Guidance for 2024

  Main Assumptions

• - Consistent operating performance supported by retailers' demand for premium space

• - Growing revenues from large-scale deliveries, 2024 Olympic and Paralympic Games' positive impact for C&E and expanding retail media

• - Ongoing cost discipline

• - Impact of 2023 and 2024 disposals as part of the Group's ongoing deleveraging plan

• - Full year impact of the hybrid cost following Perp-NC23 exchange

02

ESG