UNIBAIL-RODAMCO-WESTFIELD




UNIBAIL-RODAMCO-WESTFIELD N.V.
HALF YEAR 2025 FINANCIAL REPORT
JUNE 30, 2025
CONTENTS HALF YEAR 2025 FINANCIAL REPORT
I. Interim Management Board Report ..................... 3 3.1. Condensed consolidated interim statement of
II. Condensed Consolidated Interim Financial comprehensive income by segment ........................... 21
Statements as at June 30, 2025..................................... 12 NOTE 4. INVESTMENT PROPERTIES, TANGIBLE
CONDENSED CONSOLIDATED INTERIM AND INTANGIBLE ASSETS ...................................... 22
FINANCIAL STATEMENTS ...................................... 12 4.1. Investment properties ......................................... 22
Condensed consolidated interim statement of 4.2. Intangible assets .................................................. 25
comprehensive income .................................................. 13 NOTE 5. FINANCING AND FINANCIAL
Condensed consolidated interim statement of financial INSTRUMENTS ........................................................... 26
position ........................................................................... 15
Condensed consolidated interim statement of cash 5.2. Financial assets and liabilities ............................ 26
flows…………………………………………………….16 5.3. Derivatives ........................................................... 28
Condensed consolidated interim statement of changes in
NOTE 6. RISK MANAGEMENT POLICY ............... 28
equity…………………………………………………...17
6.1. Fair value hierarchy of financial assets and
III Notes to the condensed consolidated interim liabilities ...................................................................... 28
Financial Statements ..................................................... 18
NOTE 7. TAXES ........................................................... 30
NOTE 1. SIGNIFICANT EVENTS OF THE FIRST
HALF OF 2025 .............................................................. 18 NOTE 8. EMPLOYEE BENEFITS ............................. 30
1.1. Disposals and Acquisitions in the first half year 8.1. Share-based payments and share option plan .. 30
of 2025 ......................................................................... 18
NOTE 9. SHARE CAPITAL ........................................ 31
1.2. Acquisition of shares ........................................... 18
9.1. Share capital ........................................................ 31
NOTE 2. BASIS OF PREPARATION ......................... 19
NOTE 10. SUBSEQUENT EVENTS ........................... 32
2.1. Basis of accounting .............................................. 19
2.2. IFRS Accounting basis adopted ......................... 19 IV management’s Declaration ..................................... 32
2.3. Significant accounting judgements, estimates and V independent Auditors’ Review Report ................... 33
assumptions................................................................. 19
2.4. Going Concern ..................................................... 20
2.5. Impact of climate change matters on the
condensed consolidated interim financial statements
..................................................................................... 20
NOTE 3. NET RECURRING RESULT AND
SEGMENT REPORTING ............................................ 21




2
I. INTERIM MANAGEMENT BOARD REPORT


1. General information
Management of Unibail-Rodamco-Westfield N.V. (“URW NV” or “the Company”) hereby presents its interim
management board report and the condensed consolidated interim financial statements of URW NV for the period
ending June 30, 2025.

URW NV is a public limited liability company under the laws of The Netherlands. The Company was incorporated
as Unibail-Rodamco B.V., a private company with limited liability on February 14, 2018 and converted its legal
form to a public limited liability company on March 22, 2018. On the same date, the Company changed its name to
WFD Unibail-Rodamco N.V. At the Annual General Meeting held on June 9, 2020, the shareholders adopted the
name change to Unibail-Rodamco-Westfield N.V.

The Company and its subsidiaries (together referred to as “the Group”) main business objectives are to invest in
assets, primarily through the direct or indirect acquisition of real estate and to enter into cash pooling arrangements
with, to provide financing to and to furnish guarantees for the benefit of Unibail-Rodamco-Westfield SE (“URW
SE”) and other affiliated bodies of the Company. Together with URW SE, the Group forms Unibail-Rodamco-
Westfield (“URW Group”).

Accounting principles
The Group’s condensed consolidated interim financial statements for the six months period ended June 30, 2025,
have been prepared in accordance with International Financial Reporting Standards (“IFRS”), IAS 34 “Interim
Financial Reporting” as adopted by the European Union.

Certain amounts recorded in the condensed consolidated interim financial statements reflect estimates and
assumptions made by the management in the current context, including risks on inflation and interest rates, uncertain
geopolitical 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 condensed consolidated interim 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
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
condensed financial statements.




3
Scope of consolidation
The organisation chart as at June 30, 2025, is as follows:




The principal changes in the scope of consolidation since December 31, 2024, are:
The acquisition of:
• The remaining 47% stake in Westfield Wheaton in February 2025. The entity is fully consolidated since
that date. For further details reference is made to note 1.2 Acquisition of shares.
Operational reporting
URW NV operates in two regions, the US and The Netherlands and in 2 segments, shopping centres and offices.
Since activities in The Netherlands are minor compared to the US, they are reported under other region.


2. Operating Performance
Sales and footfall data in the US relate to Flagship assets as these are the core of URW NV’s activities in the US and
Regional assets are being streamlined.

Tenant sales and footfall1
US footfall
In the US, H1-2025 footfall2 increased by +3.6% supporting positive tenant sales evolution.

US tenant sales
In the US, H1-2025 tenant sales increased by +5.7%, compared to an average core inflation of 2.9% and national
sales indices of +3.4%3 over the period. This performance was mainly driven by Sport (+15.3%), Auto (+10.4%),
Fashion (+9.5%) and Luxury (+5.8%).




1
Tenant sales and 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. For tenant sales, it also excludes Department Stores for the
US.
2 US Flagships only. US Regionals and US CBD (Central Business Districts) asset (Westfield World Trade Center) at -3.3% and

-1.9% respectively for sales. US Regionals at +2.3% for footfall.
3 Based on latest national indices available (year-on-year evolution): U.S. Bureau of Labor Statistics (June).


4
Footfall and tenant sales summary4
The table below summarises the US tenant sales growth during H1-2025:

Region Tenant Sales Footfall
H1-2025 National Sales H1-2025
vs. H1-2024 Index5 vs. H1-2024
US Flagships +5.7% +3.4% +3.6%



3. Business Review H1-2025
Leasing activity6

In H1-2025, the average rent per sq. ft. on deals signed increased by +10.3% to $91/sq. ft./year ($82/sq. ft./year in
H1-2024) in the US, showing the focus on higher value leases.

Lettings / re-lettings / renewals excluding Pipeline
MGR uplift on deals
Region # of above 3 years firm
leases MGR MGR Uplift duration
signed sqm (€ Mn) € Mn % € Mn %
United States 246 71,983 64.2 6.7 12.6% 9.1 27.6%

Vacancy

Vacancy
Region June 30, 2025 % %
€ Mn % Dec. 31, 2024 June 30, 2024
United States7 74.3 7.3% 7.2% 8.6%

OCR

As a result of retailers’ strong sales performance, the H1-2025 OCR8 was at 11.8% in the US in line with 2024. OCR
for US Flagships stood at 12.4% (12.6% as at December 31, 2024).

OCR
Region
H1-2025 H1-2024
United States 11.8% 11.7%

The OCR does not fully reflect the increasing role and value of stores for retailers through increased volume of
activity, higher EBIT margins generated in store from halo effect, click & collect or return of products in store
promoted by retailers as well as brand and marketing (lower customer cost acquisition, superior brand experience
and higher customer retention).


4
Tenant sales and footfall for all centres in operation, including extensions of existing assets, but excluding deliveries of new
brownfield projects and heavy refurbishment, newly acquired assets. For tenant sales, it also excludes Department Stores for the
US.
5
Based on latest national indices available (year-on-year evolution) as at June 2025: US: U.S. Bureau of Labor Statistics.
6
H1-2024 figures are restated for disposals.
7 For US Flagships, vacancy stood at 6.3% compared to 6.2% as at December 31, 2024 and 7.4% as at June 30, 2024.

8 Occupancy Cost Ratio (“OCR”): (rental charges + service charges including marketing costs for tenants, all including VAT) /
(tenant sales over last rolling 12 months, including VAT). Excluding atypical activities.

5
Westfield brand

- Brand promotion and awareness
In H1-2025, the URW Group launched several campaigns to reinforce the Westfield brand, including the third edition
of Westfield Good Festival (involving 268 brands, partners and NGOs around sustainable retail initiatives), the first
edition of Westfield Music Tour.

The URW Group also continued to expand its global reach, attracting in H1-2025, 10 million website visitors, over
1.3 million app users and 10.5 million followers on social media. In addition, the URW Group’s customer database
expanded to 17.5 million contacts (16.8 million as at December 31, 2024), including 13.4 million loyalty members
or account holders (12.9 million as at December 31, 2024).

- Westfield licensing
The URW Group launched a licensing business in H1-2025 to drive new revenues and the international expansion
of the Westfield brand. In line with this ambition, on May 5, 2025, the URW Group announced a strategic partnership
with Cenomi Centers, the largest owner of shopping malls in the Kingdom of Saudi Arabia. The URW Group will
receive fixed and variable licensing and service fees from Cenomi Centers. 3 Flagship assets are expected to be
Westfield-branded by H2-2026 in Dammam, Jeddah and Riyadh.

Net Rental Income9

Shopping Centres Net Rental Income (“NRI”) was €237.1 Mn (+3.9%), mainly as a result of positive like-for-like
evolution, leasing activity and higher variable income, partly offset by disposals.

Net Rental Income (€ Mn)
Region
H1-2025 H1-2024 %
United States 237.1 228.2 3.9%

Like-for-like NRI increased by +6.3% (+4.2%) in the US10,


Net Rental Income (€ Mn)
Region Like-for-Like

H1-2025 H1-2024 %
United States 199.5 187.7 6.3%

Net Rental Income Like-for-Like evolution (%)

Region Renewals, Doubtful
relettings net Sales Based debtors and
of departures Rent others Total
United States 2.7% 2.9% 0.7% 6.3%

The improvement in vacancy rate or positive MGR uplifts do not simultaneously translate into incremental like-for-
like Net Rental Income due to, in particular, the time lag between the signing date and the effective date of the lease
and the potential delay between the lease end of a departing tenant and the effective date of the lease with a new
tenant.



9 This NRI includes on a proportionate basis the NRI of the joint-controlled entities, which are accounted for using the equity
method under IFRS. URW NV believes that these numbers on a proportionate basis give stakeholders a better understanding of
its underlying operations and the joint-controlled entities, as they represent a significant part of URW NV’s operations in the
US. The URW Group has structured its internal operational and financial reporting according to this proportionate format.
10 Excluding Regionals and CBD asset.


6
4. Financial Review H1-2025 Results
The Group’s condensed consolidated interim financial statements (on IFRS Accounting basis) reflect the activities
of URW America Inc, URW WEA LCC (“WEA”) and WFD Unibail-Rodamco Real Estate B.V. The table below
shows the result of the Group in recurring and non-recurring activities. This definition is utilized by URW NV’s
management to distinguish between operational (recurring) and other (non-recurring, including fair value valuations
of Investment Properties and loans) activities and does not intend to reflect IFRS nor EPRA definitions:

Consolidated Income Statement by segment H1-2025 H1-2024 2024
(€Mn) Unaudited Unaudited Audited

Non- Non-
Recurring recurring Recurring Non-recurring Recurring recurring
Result Result Result
activities (1) activities activities (1) activities (1)
activities activities

Gross rental income 166.0 - 166.0 149.9 - 149.9 320.4 - 320.4
Operating expenses and net service charges (50.4) - (50.4) (53.7) - (53.7) (108.6) - (108.6)
UNITED
STATES




Net rental income 115.7 - 115.7 96.2 - 96.2 211.8 - 211.8
SHOPPING CENTERS




Contribution of companies accounted for using the equity method 96.8 34.2 131.0 99.8 (291.9) (192.1) 205.5 (355.8) (150.3)
Gains/losses on sales of properties - (1.4) (1.4) - (1.3) (1.3) - 2.6 2.6
Valuation movements on assets - (30.0) (30.0) - (124.2) (124.2) - (19.8) (19.8)
Result Shopping Centres United States 212.4 2.7 215.2 196.0 (417.4) (221.4) 417.3 (372.9) 44.3
Gross rental income 1.0 - 1.0 1.0 - 1.0 2.1 - 2.1
Operating expenses and net service charges (0.3) - (0.3) (0.1) - (0.1) (0.2) - (0.2)
OTHER




Net rental income 0.7 - 0.7 0.9 - 0.9 1.9 - 1.9
Gains/losses on sales of properties - (0.0) (0.0) - - - - - -
Valuation movements on assets - (0.0) (0.0) - (0.5) (0.5) - (0.3) (0.3)
Impairment of Goodwill - - - - - - - - -
Result Shopping Centres The Netherlands 0.7 (0.0) 0.7 0.9 (0.5) 0.4 1.9 (0.3) 1.7
TOTAL RESULT SHOPPING CENTRES 213.1 2.7 215.8 196.9 (417.9) (221.0) 419.2 (373.2) 46.0
OFFICES & OTHERS




Gross rental income 3.3 - 3.3 1.6 - 1.6 2.9 - 2.9
Operating expenses and net service charges (1.7) - (1.7) (1.5) - (1.5) (3.0) - (3.0)
UNITED
STATES




Net rental income 1.6 - 1.6 0.1 - 0.1 (0.1) - (0.1)
Contribution of companies accounted for using the equity method 0.1 0.0 0.1 0.7 0.7 1.4 1.8 (4.2) (2.4)
Valuation movements on assets - (2.9) (2.9) - (1.0) (1.0) - (13.9) (13.9)
Result Offices other countries 1.7 (2.9) (1.1) 0.8 (0.3) 0.5 1.8 (18.1) (16.4)
TOTAL RESULT OFFICES & OTHERS 1.7 (2.9) (1.1) 0.8 (0.3) 0.5 1.8 (18.1) (16.4)
Other property services net income 0.0 - 0.0 0.2 - 0.2 4.6 - 4.6
Corporate expenses (11.2) - (11.2) (7.7) - (7.7) (25.7) - (25.7)
Acquisition and related costs - (0.2) (0.2) - (2.3) (2.3) - (1.2) (1.2)
NET OPERATING RESULT 203.5 (0.3) 203.3 190.1 (420.6) (230.5) 399.8 (389.7) 10.1
Result from non-consolidated companies 0.2 - 0.2 0.1 - 0.1 - - -
Financing result (175.0) 16.2 (158.8) (211.5) (0.8) (212.3) (388.7) (22.6) (411.3)
RESULT BEFORE TAX 28.7 15.9 44.6 (21.3) (421.4) (442.7) 11.1 (412.2) (401.1)
Income tax expenses (0.9) (30.6) (31.5) (1.1) 69.2 68.1 (1.4) 69.4 68.1
NET RESULT FOR THE PERIOD 27.8 (14.8) 13.0 (22.4) (352.2) (374.6) 9.7 (342.8) (333.1)
External non-controlling interests (10.3) 1.5 (8.8) (10.0) (39.0) (49.0) (19.5) (38.0) (57.5)
NET RESULT FOR THE PERIOD ATTRIBUTABLE TO THE HOLDERS OF THE
38.1 (16.2) 21.8 (12.3) (313.2) (325.6) 29.3 (304.8) (275.6)
STAPLED SHARES


(1) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums,
amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination
and other non-recurring items.



Financing result
Net financing costs (recurring) for URW NV totalled -€175.0 Mn. This decrease is mainly due to FX hedges put in
place to cover 2025 P&L exposure to US dollar (“USD”) and a slightly lower net debt on average over the period
partly offset by lower remuneration of the cash placement.
The URW Group’s average cost of debt for the period was 1.9% (1.9% in H1-2024).
Non-recurring financial result for URW NV amounted to €16.2 Mn (-€0.8 Mn), mainly due to the mark-to-market
of derivatives and revaluation of financial assets and liabilities.




7
5. Investments and divestment
Investments
In H1-2025, URW NV invested €30.5 Mn in capital expenditures in investment properties, compared to €54.4 Mn
in H1-2024.
The total investments breakdown is as follows:


H1-2025 H1-2024 FY-2024
(€Mn)

Shopping Centres 29.3 54.7 110.5

Offices 1.2 (0.3) 1.0

Total capital expenditures 30.5 54.4 111.5


Disposals

No disposals took place in the first half of 2025.


6. Property portfolio
95% of the value of URW NV’s portfolio was appraised by independent appraisers as at June 30, 202511.
Unless otherwise indicated, the data presented in the property portfolio are on a proportionate basis as at June 30,
2025, and comparisons are with values as at December 31, 2024.

The following table shows the breakdown for the US Shopping Centre portfolio:

Shopping Centre
portfolio by June 30, 2025 Dec. 31, 2024
category
Valuation Net Initial Potential Stabilized Valuation Net Initial Potential Stabilized
including Yield (b) Yield (c) Yield (d) including Yield (b) Yield (c) Yield (d)
transfer transfer
taxes (a) taxes (a)
€ Mn € Mn
US Flagships incl.
8,485 5.0% 5.5% 5.7% 9,517 5.0% 5.6% 5.7%
CBD asset (e)
o/w US Flagships
excl. CBD asset 7,685 5.1% 5.6% 5.8% 8,567 5.1% 5.6% 5.7%
(e)
US Regionals 453 9.4% 11.0% 10.1% 432 9.3% 10.7% 10.1%
US SC Total 8,938 5.2% 5.8% 5.9% 9,948 5.2% 5.8% 5.9%
Figures may not add up due to rounding.

(a) The sum of the Gross Marked Value (“GMV”) for the assets fully consolidated, the ownership at share of the GMV of assets jointly controlled accounted for using the
equity method and the equity values for assets not controlled by URW.

(b) Annualised contracted rent (including indexation) and other incomes for the next 12 months, net of operating expenses, divided by the asset value net of estimated
transfer taxes and transaction costs. Shopping centres under development or not controlled by URW and the Westfield trademark are not included in the calculation of
NIY.

(c) Annualised contracted rent (including indexation) and other incomes for the next 12 months, net of operating expenses + the ERV of vacant space, divided by the asset
value net of estimated transfer taxes and transaction costs. Shopping centres under development or not controlled by URW and the Westfield trademark activities are not
included in the calculation of Potential Yield.
(d) NRI year 3 in Appraisers’ Discounted Cash-Flows model, divided by the asset value net of estimated transfer taxes and transaction costs. Shopping centres under
development or not controlled by URW and the Westfield trademark are not included in the calculation of SY.

(e) The trademark is included in the valuation of the US Flagships




11 Including simplified valuation approach in H1-2025 for small regional assets.
8
Additional Valuation parameters - IFRS 13

URW NV complies with the IFRS 13 fair value measurement and the position paper 12 on IFRS 13 established by
EPRA, the representative body of the publicly listed real estate industry in Europe.

Considering the limited public data available, the complexity of real estate asset valuations, as well as the fact that
appraisers use the non-public rent rolls of the Group’s assets in their valuations, URW believes it is appropriate to
classify its assets under Level 3. In addition, unobservable inputs, including appraisers’ assumptions on growth rates
and ECR, are used by appraisers to determine the fair value of URW’s assets.

In addition to the disclosures provided above, the following tables provide quantitative data in order to assess the
fair valuation of the Group’s assets.

Shopping centres

All shopping centres are valued using the discounted cash flow and / or yield methodologies using compound
annual growth rates as determined by the appraisers.

Shopping Centres – June 30, Net Initial Rent in € Discount Exit CAGR of
2025 Yield per sqm (a) Rate (b) Capitalisation NRI (d)
Rate (c)
Max 12.4% 1,446 13.0% 12.0% 9.1%
US Min 3.4% 321 7.0% 5.0% 2.2%
Weighted average 5.2% 682 7.5% 5.7% 4.4%
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 NV and the Westfield trademark are not included in this table.

(a) Average annual rent (MGR + SBR) per asset per sqm.

(b) Rate used to calculate the net present value of future cash-flows.
(c) Rate used to capitalize the exit rent to determine the exit value of an asset.

(d) Compound Annual Growth Rate (CAGR) of NRI determined by the appraiser (10 years).


For the US, the split between Flagships and Regionals is as follows:

Shopping Centres – June 30, Net Initial Rent in € Discount Exit CAGR of
2025 Yield per sqm (a) Rate (b) Capitalisation NRI (d)
Rate (c)
Max 7.6% 1,446 8.0% 7.5% 9.1%
US Min 3.4% 358 7.0% 5.0% 2.2%
Flagships Weighted average
incl. CBD 5.0% 731 7.3% 5.5% 4.5%
US Max 12.4% 523 13.0% 12.0% 5.2%
Regionals Min 6.8% 321 10.3% 8.0% 3.1%
Weighted average 9.4% 391 11.2% 9.7% 3.7%
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 NV and the Westfield trademark are not included in this table.
(a) Average annual rent (MGR + SBR) per asset per sqm.

(b) Rate used to calculate the net present value of future cash-flows.

(c) Rate used to capitalize the exit rent to determine the exit value of an asset.
(d) Compound Annual Growth Rate (CAGR) of NRI determined by the appraiser (10 years).




12
EPRA Position Paper on IFRS 13 - Fair value measurement and illustrative disclosures, February 2013.
9
The Compound Annual Growth Rate (“CAGR”) of NRI are as follows:
CAGR of NRI determined by the
appraiser in the DCF
Valuations as at Valuations as at
Shopping Centres June 30, 2025 Dec. 31, 2024
US Flagships incl. CBD 4.5% 4.5%
US Regionals13 3.7% 3.7%
US Total 4.4% 4.5%


7. Dividends
Given the statutory results of URW NV in 2024, the Group has no obligation to pay a dividend in 2025 for the fiscal
year 2024 under the FII regime and other REIT regimes it benefits from.


8. Business Model
URW NV owns a portfolio of prime commercial properties, located in some of the largest and most prosperous cities
across the United States.

URW NV’s operations are focused on Flagship destinations (“Flagships”) in the wealthiest and most attractive
catchment areas in the United States.

URW NV’s strategy is to vertically integrate the entire chain of value creation in real estate. The combination of its
four activities of redevelopment, renovation, investment and management, provides URW NV with unique market
knowledge and expertise. This knowledge and expertise assist URW NV in dealing with markets that are cyclical in
nature and its strategy is designed to allow the Group to continue its investment programs even during economic
downturns.

Finally, URW NV is, by nature, a long term player committed to sustainable redevelopment and social responsibility
across all of its activities. Whether it be architecture, city planning, design, energy efficiency, or social responsibility,
the URW Group is recognized as a leader in the industry.


9. Environmental, Social and Corporate Governance (“ESG”)

Sustainability-linked revenues
In H1-2025, the URW Group continued to progress towards its environmental objectives, including its ambitious
SBTi-approved net-zero targets, as well as the transition to a more sustainable retail, and community impact.

For more information on URW’s Better Places roadmap, please refer to the URW SE 2024 Universal Registration
Document released in March 2025, and the Sustainability section of URW’s website (
https://www.urw.com/sustainability ).

Integration of ESG in URW’s valuations
Environmental, Social & Governance (ESG) factors are impacting investment approaches in real estate markets.
Driving forces include legislation change, availability of finance, and increasing societal awareness of ESG factors
such as climate risk.

A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an
asset-by-asset basis14 in connection with the AFREXIM ESG scorecard built by main valuation firms, international
shopping centres’ 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 EV 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 URW Group and its Better Places Net zero trajectory were integrated in
the valuation model.


13
CAGR of NRI for Regionals at June 30, 2025 not determined by external appraisers.
14 For European shopping centres.
10
The information related to the URW Group’s ESG roadmap provided during the Investor Days in October 2023 was
integrated by Appraisers in their H1-2025 valuations.

10. Related Party Transactions
The related party transactions remain unchanged compared to December 31, 2024. The related party transactions
refer to transactions with companies accounted for using the equity method, loans from URW SE, redeemable
preference shares in URW WEA LLC held by URW SE and derivatives contracts with URW SE.

All related party transactions are based on at arm’s length prices.


11. Subsequent events
On June 26, 2025, the URW Group announced it had requested and received formal approval from the Australian
Securities Exchange (ASX) to be removed from its official list 15 with the delisting to occur on August 27, 2025. For
more information, please refer to the press release “Unibail-Rodamco-Westfield to voluntarily delist from ASX”
published on June 26, 2025.

In early July 2025, $925 Mn of a new 5-year CMBS was secured by Westfield Century City at an improved coupon
of 5.27% vs. 7.129%16 previously. This transaction corresponded to the lowest fixed-rate coupon on a mall SASB
CMBS17 in 5 years, and the lowest AAA spread for a 5-year fixed rate mall SASB CMBS since 2019.


Approved by the Management Board




Schiphol, August 4, 2025




15 Pursuant to ASX Listing Rule 17.11
16 SOFR+280.1bps, using SOFR as at June 30, 2025 4.322%.
17 Single Asset Single Borrower. Commercial Mortgage-Backed Securities.


11
II. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS AT JUNE
30, 2025


CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

On August 4, 2025, the Supervisory Board approved the condensed consolidated interim financial statements of
Unibail-Rodamco-Westfield N.V. for the half-year ended June 30, 2025, and authorised the publication thereof.

The condensed consolidated interim financial statements are presented in millions of euros, rounded to the nearest
hundred thousand and, as a result, slight differences between rounded figures may exist. These statements are
reviewed, not audited, by the external auditor.




12
Condensed consolidated interim statement of comprehensive income

H1-2025 H1-2024 2024
(€Mn) Notes Unaudited Unaudited Audited
3.1 170.3 152.5 325.4
Gross rental income
Service charge income 20.4 15.3 25.8
Service charge expenses (27.7) (23.7) (41.5)
Property operating expenses (45.1) (46.9) (96.1)
Operating expenses and net service charges (52.4) (55.3) (111.7)
Net rental income 117.9 97.3 213.7

Net property services and other activities income 0.0 0.2 4.6

Share of result of companies accounted for using the equity method 131.1 (190.6) (152.6)

Corporate expenses (8.7) (6.5) (22.5)

Depreciation of tangible assets (2.6) (1.2) (3.2)

Administrative expenses (11.3) (7.8) (25.8)
Acquisition and related costs (0.2) (2.3) (1.2)

Result on disposal of investment properties and loss of control 1.1 (1.4) (1.3) 5.5

Valuation gains on assets 40.7 0.8 119.5

Valuation losses on assets (73.7) (126.6) (153.4)
Valuation movements on assets (32.9) (125.8) (34.0)
Net operating result 203.4 (230.4) 10.2

Financial income 20.3 51.3 147.8
Financial expenses (195.3) (262.8) (536.5)
Net financing costs 5.1.1 (175.0) (211.5) (388.7)

Fair value adjustments of derivatives, debt and currency effect 5.1.2 16.2 (0.7) (22.6)
44.6 (442.7) (401.1)
Result before tax
Income tax (expenses) 7 (31.5) 68.1 68.1
13.0 (374.6) (333.0)
Net result for the period
NET RESULT FOR THE PERIOD ATTRIBUTABLE TO:
21.9 (325.6) (275.5)
Owners of Unibail-Rodamco-Westfield N.V. shares
(8.8) (49.0) (57.5)
Non-controlling interests
13.0 (374.6) (333.0)
NET RESULT FOR THE PERIOD




Average numbers of shares (undiluted) 9.1.2 240,033,364 232,371,028 233,018,753
Net result of the period (Owners of Unibail-Rodamco-Westfield N.V.) 21.9 (325.6) (275.5)
Net result for the period per share (Owners of Unibail-Rodamco- 0.09 (1.40) (1.18)
Westfield N.V.) (€)


9.1.2 242,093,389 234,253,883 234,647,842
Average numbers of shares (diluted)
Net result of the period (Owners of Unibail-Rodamco-Westfield N.V.) 21.9 (325.6) (275.5)
Diluted net result per share (Owners of Unibail-Rodamco-Westfield 0.09 (1.40) (1.18)
N.V.) (€) (1)
(1) In case of a negative net result for the period, the diluted net result per share is equal to the net result for the period per share.




13
H1-2025 H1-2024 2024
Net comprehensive income (€Mn) Notes Unaudited Unaudited Audited
NET RESULT FOR THE PERIOD 13.0 (374.6) (333.0)
Foreign currency differences on translation of financial
statements of subsidiaries and net investments in these (283.3) 21.9 110.2
subsidiaries(2)
Other comprehensive income that may be subsequently
recycled to profit and loss (283.3) 21.9 110.2
OTHER COMPREHENSIVE INCOME (283.3) 21.9 110.2
TOTAL COMPREHENSIVE INCOME (270.2) (352.7) (222.8)
Total Comprehensive Income for the period attributable to:
Owners of Unibail-Rodamco-Westfield N.V. shares (307.1) (292.4) (140.4)
Non-controlling interests 36.9 (60.3) (82.4)
TOTAL COMPREHENSIVE INCOME (270.2) (352.7) (222.8)
(2) The amount is presented net of related tax effects.




14
Condensed consolidated interim statement of financial position

June 30, 2025 December 31, 2024
(€Mn) Notes Unaudited Audited
NON-CURRENT ASSETS 8,510.2 9,383.9
Investment properties 4.1.1 4,536.8 4,930.9
Investment properties at fair value 4,526.3 4,920.7
Investment properties at cost 10.5 10.2
Shares and investments in companies accounted for using the equity method 3,613.4 4,023.7
Tangible assets 11.9 15.7
Intangible assets 4.2 236.3 268.0
Financial assets 96.8 104.2
Derivatives at fair value 5.3 15.0 41.4
CURRENT ASSETS 281.5 288.3
Properties or shares held for sale - -
Inventories 19.3 12.7
Trade receivables from activity 62.7 70.6
Tax receivables 4.4 7.6
Other receivables 68.0 68.6
Cash and cash equivalents 127.1 128.8
TOTAL ASSETS 8,791.7 9,672.2
SHAREHOLDERS’ EQUITY (OWNERS OF UNIBAIL-RODAMCO-
WESTFIELD N.V. SHARES) 2,310.5 2,617.4
Share capital 9.1 120.1 119.8
Additional paid-in capital 2,241.2 2,241.2
Additional paid-in capital – B Shares 3,893.9 3,893.9
Consolidated reserves (3,985.7) (3,710.2)
Foreign currency translation reserves 17.2 346.2
Consolidated result 21.9 (275.5)
Capital securities 2.0 2.0
Equity attributable to the owners of Unibail-Rodamco-Westfield N.V. 2,310.5 2,617.4
Non-controlling interests (362.5) (399.4)
TOTAL SHAREHOLDERS’ EQUITY 1,948.0 2,217.9
NON-CURRENT LIABILITIES 6,305.8 7,036.5
Long-term commitment to non-controlling interests 391.0 445.6
Long-term bonds and borrowings 5.2.2 5,689.3 6,345.8
Long-term lease liabilities 5.2.2 2.7 3.7
Derivatives at fair value 5.3 17.5 42.7
Deferred tax liabilities 7 163.8 152.3
Non-current provisions 9.6 10.9
Guarantee deposits 8.8 7.7
Amounts due on investments 1.3 1.7
Other non-current liabilities 21.8 26.1
CURRENT LIABILITIES 537.9 417.8
Current commitment to non-controlling interests 137.1 147.7
Amounts due to suppliers and other creditors 91.9 102.6
Amounts due to suppliers 37.5 43.5
Amounts due on investments 41.6 47.2
Sundry creditors 12.8 11.9
Other current liabilities 76.0 121.4
Current borrowings and amounts due to credit institutions 5.2.2 231.5 44.6
Current lease liabilities 5.2.2 1.3 1.4
Current provisions 0.1 0.1
TOTAL LIABILITIES AND EQUITY 8,791.7 9,672.2




15
Condensed consolidated interim statement of cash flows

H1-2025 H1-2024 2024
(€Mn) Notes Unaudited Unaudited Audited
Operating activities
Net result 13.0 (374.6) (333.0)
Depreciation & provisions(1) 5.9 (6.2) (0.2)
Changes in value of property assets 32.9 125.8 34.0
Changes in fair value of derivatives, debt and currency effect 5.1.2 (16.2) 0.7 22.6
Result on disposal of investment properties and loss of control (2) 1.4 1.3 (5.5)
Share of the result of companies accounted for using the equity method (131.1) 192.0 154.5
Net financing costs 5.1.1 175.0 211.5 338.7
Income tax expenses (income) 31.5 (68.1) (68.1)
Cash flow before net financing costs and tax 112.2 81.1 191.1
Dividend received from companies accounted for using the equity 89.1 78.0 244.2
method or non-consolidated
Income tax paid (received) (0.9) (1.1) (1.4)
Change in working capital requirement (22.8) (28.6) 7.2
Total cash flow from operating activities 177.6 130.8 443.0
Investment activities
Property activities (24.8) (54.6) (112.7)
Acquisition of subsidiaries, net of cash acquired 5.2 - (1.8)
Amounts paid for works and acquisition of property assets (15.0) (35.7) (80.2)
Repayment of property financing 0.1 0.7 0.9
Increase of property financing(3) (15.1) (19.2) (31.1)
Disposal of Shares - - 1.6
Disposal of investment properties and loss of control - (0.4) (2.1)
Financial activities 5.2.1 1.1 0.4 854.8
Acquisition of financial assets (0.2) - (36.3)
Repayment of financial assets 1.3 0.4 891.1
Total cash flow from investment activities (23.7) (54.2) 742.1
Financing activities
Increase in capital 0.3 0.1 1,893.7
New borrowings and financial liabilities 288.1 230.2 292.3
Repayment of borrowings and financial liabilities (255.6) (48.7) (2,886.1)
Cash flows from derivatives 21.2 43.8 146.1
Interest paid (193.3) (282.3) (548.5)
Other financing activities - - -
Total cash flow from financing activities (140.7) (56.9) (1,102.5)
Change in cash and cash equivalents during the period 14.6 19.7 82.6
Net cash and cash equivalents at the beginning of the year 128.8 38.1 38.1
Effect of exchange rate fluctuations on cash held (16.3) 1.6 8.1
Net Cash and cash equivalents at period-end 127.1 59.4 128.8
(1) Includes straight lining of key money and lease incentives.

(2) Includes capital gains/losses on property sales, disposals of short-term investment properties and disposals of operating assets.
(3) Capital contributions from/to Joint Ventures.




16
Condensed consolidated interim statement of changes in equity

For the six months ended June 30, 2025


Equity
Additional Foreign attributable Total
Additional paid-in Consolida- Consolida- currency to the owners Non- Share-
Share paid-in capital B ted ted net translation Capital of URW NV controlling holders'
(€Mn) capital capital Shares reserves result reserve(1) securities shares interests equity
EQUITY AS AT
DECEMBER 31, 2024 119.8 2,241.2 3,893.9 (3,710.2) (275.5) 346.2 2.0 2.617.4 (399.4) 2,217.9
Net result for the period - - - - 21.9 - - 21.9 (8.8) 13.0
Other comprehensive income - - - - - (329.0) - (329.0) 45.7 (283.3)
Net comprehensive income - - - - 21.9 (329.0) - (307.1) 36.9 (270.2)
Earnings appropriation - - - (275.5) 275.5 - - - - -
Increase in capital 0.3 - - - - - - 0.3 - 0.3
Hybrid securities - - - - - - - - - -
Perpetual loan - - - - - - - - - -
Change in scope of
consolidation and other
movements - - - - - - - - - -
EQUITY AS AT JUNE 30,
2025 120.1 2,241.2 3,893.9 (3,985.7) 21.9 17.2 2.0 2,310.5 (362.5) 1,948.0
(1) The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.



For the six months ended June 30, 2024

Equity
Foreign attributabl
currency e to the
Additional Consolida- Consolid translati owners of Non- Total
Share paid-in ted ated net on Capital URW NV controllin Shareholder
(€Mn) capital capital reserves result reserve(1) securities shares g interests s' equity
EQUITY AS AT DECEMBER 31,
2023 116.1 2,243.1 (3,100.7) (609.6) 211.3 2,001.1 861.3 (319.8) 541.4
Net result for the period - - - (325.6) - - (325.6) (49.0) (374.6)
Other comprehensive income - - - - 33.2 - 33.2 (11.3) 21.9
Net comprehensive income - - - (325.6) 33.2 - (292.4) (60.3) (352.7)
Earnings appropriation - - (609.6) 609.6 - - - - -
Increase in capital 0.2 (0.1) - - - - 0.1 - 0.1
Hybrid securities - - - - - - - - -
Perpetual loan - - - - - - - - -
Change in scope of consolidation and
other movements - - (0.1) - - - (0.1) 0.7 0.5
EQUITY AS AT JUNE 30, 2024 116.3 2,243.1 (3,710.4) (325.6) 244.1 2,001.2 569.1 (379.4) 189.3
(1) The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.




17
III NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS


NOTE 1. SIGNIFICANT EVENTS OF THE FIRST HALF OF 2025

The activity of the Group is not significantly affected by seasonality.

1.1. Disposals and Acquisitions in the first half year of 2025

No disposals or acquisitions took place during the first half of 2025.


1.2. Acquisition of shares

Acquisition of shares amounted to €3.7 Mn in H1-2025 in relation to URW NV’s acquisition on February 25, 2025
of the 47% remaining stake in Westfield Wheaton, a US regional asset, increasing its interest to 100%. The asset is
now fully consolidated from this date. Discussions are ongoing with lenders on different options including an
eventual sale, refinancing or foreclosure ($234 Mn of mortgage debt not repaid at maturity in H1-2025).




18
NOTE 2. BASIS OF PREPARATION

2.1. Basis of accounting

The condensed consolidated interim financial statements for the six months ended June 30, 2024, have been prepared
in accordance with IAS 34 “Interim Financial Reporting” as endorsed by the European Union. As these are
condensed consolidated interim financial statements, they do not include all of the information required by the IFRS
Accounting Standards and must be read in relation with the Group’s annual consolidated financial statements for the
year ended December 31, 2024.

The accounting principles applied for the preparation of these half-yearly condensed consolidated interim financial
statements are in accordance with the IFRS Accounting Standards and interpretations as adopted by the European
Union as at June 30, 2025.
These can be consulted on the website http://ec.europa.eu/finance/company-reporting/ifrs-
financialstatements/index_en.htm.

The condensed consolidated interim financial statements have been prepared on a historical cost basis, except for
investment properties, equity investment, derivative financial instruments and part of commitment to non-controlling
interests held by external parties which have been measured at fair value.

2.2. IFRS Accounting 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
- 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’s accounts as at
June 30, 2025.

Standards, amendments and interpretations not mandatorily applicable as of January 1, 2025

The following text has been adopted by the EU as at June 30, 2025, but not applied in advance by the Group:
- Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and
IFRS 7); and
- Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7.

The following texts were published by the International Accounting Standards Board (“IASB”) but have not yet been
adopted by the EU:
- IFRS 18 Presentation and Disclosure in Financial Statements;
- IFRS 19 Subsidiaries without Public Accountability: Disclosures; and
- Annual Improvements Volume 11.

The measurement of the potential impacts of these texts on the consolidated accounts of URW NV is ongoing; no
significant impacts are expected.

2.3. Significant accounting judgements, 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 intangible assets.


19
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 interim financial statements.

The most significant judgements and estimates are set out in the following notes to the consolidated financial
statements as at December 31, 2024: for the valuation of investment properties, note 6 “Investment properties,
tangible assets, intangible assets and goodwill”; for provision for doubtful debtors, note 8.5.2 “Credit risk”; and for
fair value of financial instruments, note 8.6 “Fair Value of Financial Instruments per category”. Actual future
results or outcomes may differ from these estimates. The property portfolios related to the Shopping Centres and
Offices & Others 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.

2.4. Going Concern

No significant changes took place in our going concern conclusion in URW NV’s H1-2025 report compared to the
year ended December 31, 2024, reference to note 4.1.5 in URW NV’s financial result published for the year ended
December 31, 2024.

2.5. Impact of climate change matters on the condensed consolidated interim financial
statements

The potential impacts of climate change and risks have been analysed in the context of the preparation of the
condensed interim consolidated financial statements. The assumptions underlying the preparation of the condensed
interim consolidated financial statements are consistent with the announced commitments and the information
presented in the Management Board’s interim report.

URW NV has taken climate risks into consideration in the key accounting estimates presented in the Financial
Statements and specifically ESG factors have been integrated in the valuation of the Investment Property portfolio.

A significant amount of information has been made available to the appraisers in relation to several ESG KPIs on an
asset-by-asset basis in connection with a new AFREXIM ESG scorecard built by main valuation firms, international
shopping centres’ 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 EV 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 URW Group (circa €100 Mn on a proportionate basis) and its Better Places
Net zero trajectory were integrated in the valuation model.

URW NV has assessed the existence of impairment indicators for non-financial assets taking into account any
impairment indicators relating to climate change or commitments made in this respect and, if there were any, these
non-financial assets were subject to an impairment test.




20
NOTE 3. NET RECURRING RESULT AND SEGMENT REPORTING

3.1. Condensed consolidated interim statement of comprehensive income by segment

Consolidated Income Statement by segment H1-2025 H1-2024 2024
(€Mn) Unaudited Unaudited Audited

Non- Non-
Recurring recurring Recurring Non-recurring Recurring recurring
Result Result Result
activities (1) activities activities (1) activities (1)
activities activities

Gross rental income 166.0 - 166.0 149.9 - 149.9 320.4 - 320.4
Operating expenses and net service charges (50.4) - (50.4) (53.7) - (53.7) (108.6) - (108.6)
UNITED
STATES




Net rental income 115.7 - 115.7 96.2 - 96.2 211.8 - 211.8
SHOPPING CENTERS




Contribution of companies accounted for using the equity method 96.8 34.2 131.0 99.8 (291.9) (192.1) 205.5 (355.8) (150.3)
Gains/losses on sales of properties - (1.4) (1.4) - (1.3) (1.3) - 2.6 2.6
Valuation movements on assets - (30.0) (30.0) - (124.2) (124.2) - (19.8) (19.8)
Result Shopping Centres United States 212.4 2.7 215.2 196.0 (417.4) (221.4) 417.3 (372.9) 44.3
Gross rental income 1.0 - 1.0 1.0 - 1.0 2.1 - 2.1
Operating expenses and net service charges (0.3) - (0.3) (0.1) - (0.1) (0.2) - (0.2)
OTHER




Net rental income 0.7 - 0.7 0.9 - 0.9 1.9 - 1.9
Gains/losses on sales of properties - (0.0) (0.0) - - - - - -
Valuation movements on assets - (0.0) (0.0) - (0.5) (0.5) - (0.3) (0.3)
Impairment of Goodwill - - - - - - - - -
Result Shopping Centres The Netherlands 0.7 (0.0) 0.7 0.9 (0.5) 0.4 1.9 (0.3) 1.7
TOTAL RESULT SHOPPING CENTRES 213.1 2.7 215.8 196.9 (417.9) (221.0) 419.2 (373.2) 46.0
OFFICES & OTHERS




Gross rental income 3.3 - 3.3 1.6 - 1.6 2.9 - 2.9
Operating expenses and net service charges (1.7) - (1.7) (1.5) - (1.5) (3.0) - (3.0)
UNITED
STATES




Net rental income 1.6 - 1.6 0.1 - 0.1 (0.1) - (0.1)
Contribution of companies accounted for using the equity method 0.1 0.0 0.1 0.7 0.7 1.4 1.8 (4.2) (2.4)
Valuation movements on assets - (2.9) (2.9) - (1.0) (1.0) - (13.9) (13.9)
Result Offices other countries 1.7 (2.9) (1.1) 0.8 (0.3) 0.5 1.8 (18.1) (16.4)
TOTAL RESULT OFFICES & OTHERS 1.7 (2.9) (1.1) 0.8 (0.3) 0.5 1.8 (18.1) (16.4)
Other property services net income 0.0 - 0.0 0.2 - 0.2 4.6 - 4.6
Corporate expenses (11.2) - (11.2) (7.7) - (7.7) (25.7) - (25.7)
Acquisition and related costs - (0.2) (0.2) - (2.3) (2.3) - (1.2) (1.2)
NET OPERATING RESULT 203.5 (0.3) 203.3 190.1 (420.6) (230.5) 399.8 (389.7) 10.1
Result from non-consolidated companies 0.2 - 0.2 0.1 - 0.1 - - -
Financing result (175.0) 16.2 (158.8) (211.5) (0.8) (212.3) (388.7) (22.6) (411.3)
RESULT BEFORE TAX 28.7 15.9 44.6 (21.3) (421.4) (442.7) 11.1 (412.2) (401.1)
Income tax expenses (0.9) (30.6) (31.5) (1.1) 69.2 68.1 (1.4) 69.4 68.1
NET RESULT FOR THE PERIOD 27.8 (14.8) 13.0 (22.4) (352.2) (374.6) 9.7 (342.8) (333.1)
External non-controlling interests (10.3) 1.5 (8.8) (10.0) (39.0) (49.0) (19.5) (38.0) (57.5)
NET RESULT FOR THE PERIOD ATTRIBUTABLE TO THE HOLDERS OF THE
38.1 (16.2) 21.8 (12.3) (313.2) (325.6) 29.3 (304.8) (275.6)
STAPLED SHARES


(1) Non-recurring activities include valuation movements, disposals, mark-to-market and termination costs of financial instruments, bond tender premiums,
amortisation of fair value of assets and liabilities recorded for the purpose of purchase price allocation, as well as costs directly incurred during a business combination
and other non-recurring items.



This segmentation is also applied in note 4.1.1. investment properties at fair value.




21
NOTE 4. INVESTMENT PROPERTIES, TANGIBLE AND INTANGIBLE ASSETS

4.1. Investment properties

4.1.1. Investment properties at fair value: IFRS basis

(€Mn) June 30, 2025 December 31, 2024

Shopping Centres 4,486.7 4,892.1
United States 4,470.2 4,875.6
- Flagships centres 4,470.2 4,875.6
The Netherlands 16.5 16.5
Offices 39.6 28.6
United States 39.6 28.6
Total 4,526.3 4,920.7
Properties held for sale - -
Total investment properties at fair value 4,526.3 4,920.7


Shopping Properties held Total investment
(€Mn) Centres Offices Total for sale properties
December 31, 2024 4,892.1 28.6 4,920.7 - 4,920.7
Entry into scope of consolidation 187.0 18.9 205.9 - 205.9
Reclassification and transfer of
- - - - -
category
Capitalised expenses 11.3 0.2 11.4 - 11.4

Valuation movements (30.0) (2.9) (32.9) - (32.9)

Currency translation (573.7) (5.2) (578.9) - (578.9)

June 30, 2025 4,486.7 39.6 4,526.3 - 4,526.3


Valuation assumptions and sensitivity
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’s assets, the Group believes it appropriate to
classify its assets under Level 3 as per IFRS 13. In addition, unobservable inputs, including appraisers’ assumption
on growth rates and exit yields, are used by appraisers to determine the fair values of the Group’s assets.

As at June 30, 2025, 95% of URW NV’s portfolio was appraised by independent appraisers18. The fair value of the
properties in the United States are based on the valuations performed by Cushman & Wakefield and Kroll and in
The Netherlands by Jones Lang LaSalle.

The below overviews including most significant input and output parameters of the external valuations of the
investment properties and the sensitivity overviews of the fair value of investment property are presented based on
a proportional basis for the fully consolidated investment property as well as the investment property included in the
joint ventures accounted using the equity method. The total value of investment property represents €8,437,2 Mn,
this consist of the total €4,526.3 Mn presented investment property in the consolidated position excluding investment
property under construction carried at cost and €3,910.9 Mn of the proportioned share of the investment property
presented in the joint venture and associates. The Dutch assets are not significant and therefore the below table shows
only the US assets.




18 Including simplified valuation approach in H1-2025 for small regional assets.
22
Shopping centres

All shopping centres are valued using the discounted cash flow and / or yield methodologies using compound annual
growth rates as determined by the appraisers.

Net initial Rent in € Discount Exit CAGR of
Shopping Centres – June 30, 2025 yield per sqm(1) Rate(2) yield(3) NRI(4)
Max 12.4% 1,446 13.0% 12.0% 9.1%
US Min 3.4% 321 7.0% 5.0% 2.2%
Weighted average 5.2% 682 7.5% 5.7% 4.4%

Net initial Rent in € Discount Exit CAGR of
Shopping Centres – December 31, 2024 yield per sqm(1) Rate(2) yield(3) NRI(4)
Max 12.5% 1,722 13.0% 12.0% 8.8%
US Min 3.9% 362 7.0% 5.0% 2.2%
Weighted average 5.2% 803 7.5% 5.7% 4.5%


Net Initial Yield, Discount Rate and Exit Capitalization Rate weighted by Gross Market Value. 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 and the Westfield trademark are not included in this table. Assets
fully consolidated and in joint-control are included.
(1) Average annual rent (Minimum Guaranteed Rent + Sales Based Rent) per asset per sqm.

(2) Rate used to calculate the net present value of future cash flows.

(3) Rate used to capitalise the exit rent to determine the exit value of an asset.

(4) Compounded Annual Growth Rate of Net Rental Income determined by the appraiser (10 years).



For the US, the split between Flagship and Regional Shopping Centres as follows:

Net initial Rent in € Discount Exit CAGR of
Shopping Centres – June 30, 2025 yield per sqm(1) Rate(2) yield(3) NRI(4)
Max 7.6% 1,446 8.0% 7.5% 9.1%
US Flagships, incl CBD assets Min 3.4% 358 7.0% 5.0% 2.2%
Weighted average 5.0% 731 7.3% 5.5% 4.5%
Max 12.4% 523 13.0% 12.0% 5.2%
US Regionals Min 6.8% 321 10.3% 8.0% 3.1%
Weighted average 9.4% 391 11.2% 9.7% 3.7%
Net initial yield, discount rate and exit yield weighted by GMV. Vacant assets, assets considered at bid value and assets under restructuring are not included in this
table. 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 and the Westfield trademark are not included in this table. Assets fully consolidated and in joint-control are included.

(1) Average annual rent (Minimum Guaranteed Rent + Sales Based Rent) per asset per sqm.
(2) Rate used to calculate the net present value of future cash flows.

(3) Rate used to capitalise the exit rent to determine the exit value of an asset.

(4) Compounded Annual Growth Rate of NRI determined by the appraiser (10 years)



Net initial Rent in € Discount Exit CAGR of
Shopping Centres – December 31, 2024 yield per sqm(1) Rate(2) yield(3) NRI(4)
Max 7.5% 1,722 8.0% 7.5% 8.8%
US Flagships, incl CBD assets Min 3.9% 385 7.0% 5.0% 2.2%
Weighted average 5.0% 872 7.3% 5.5% 4.5%
Max 12.5% 590 13.0% 12.0% 5.2%
US Regionals Min 6.8% 362 10.0% 8.0% 3.0%
Weighted average 9.3% 450 11.1% 9.5% 3.7%
Net initial yield, discount rate and exit yield 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 and the Westfield trademark are not included in this table. Assets fully consolidated and in joint-control
are included.

(1) Average annual rent (Minimum Guaranteed Rent + Sales Based Rent) per asset per sqm.
(2) Rate used to calculate the net present value of future cash flows.
(3) Rate used to capitalise the exit rent to determine the exit value of an asset.

(4) Compounded Annual Growth Rate of NRI determined by the appraiser (10 years)




23
Based on an asset value excluding estimated transfer taxes and transaction costs, the Shopping Centre division’s Net
Initial Yield is 5.2% as at June 30, 2025 (December 31, 2024: 5.2%).
A change of +25 basis points in Net Initial Yield, the main output of the appraisal models, would result in a downward
adjustment of -€398 Mn (or -4.6%) (December 31, 2024: -€444 Mn (or -4.6%)) of the Shopping Centre portfolio
value (excluding assets under development and the trademark).

A change of +25 bps in discount rate would have a negative impact of -€165 Mn (or -1.9%) (December 31, 2024:
-€185 Mn (or -1.9%)) on the Shopping Centre portfolio value (excluding assets under development and the
trademark).

A change of +10 bps in exit capitalization rate would have a negative impact of -€87 Mn or -1.0% (December 31,
2024: -€75 Mn (or -0.8%)) on the Shopping Centre portfolio value (excluding assets under development and the
trademark).

A decrease of -5% in appraisers’ estimated rental value assumptions for the leases to be signed during the model
period would have a negative impact of -€241 Mn or -2.8% (December 31, 2024: -€342 Mn (or -3.5%)) on the
Shopping Centre portfolio value (excluding assets under development and the trademark).




24
4.2. Intangible assets


Total
(€Mn) Trademark Software intangible assets
Cost

December 31, 2024 346.0 100.6 446.7
Acquisition - - -
Currency translation (39.3) (11.4) (50.7)

June 30, 2025 306.7 89.2 395.9
Accumulated amortisation and
impairment
December 31, 2024 (84.6) (94.1) (178.7)

Amortisation - (1.3) (1.3)

Currency translation 9.6 10.8 20.4

June 30, 2025 (75.0) (84.6) (159.6)

Net book value

June 30, 2025 231.7 4.6 236.3



In response to the unprecedented challenges posed by the COVID-19 pandemic, URW NV temporarily altered its
approach to impairment testing for trademarks. Given the significant economic uncertainties and market volatility
during the pandemic, our primary focus was on immediate operational concerns and short-term financial stability.

With the stabilisation of market conditions and the gradual recovery of the global economy, the Group has reassessed
our approach to impairment testing for the Westfield trademarks. The key reasons for resuming annual impairment
testing since 2024 are as follows:

o As markets began to recover and stabilize post-pandemic, there is now a clearer and more
predictable economic environment. This allows for a more accurate assessment of the trademark’s
fair value and future cash flows.
o In accordance with IAS 36 "Impairment of Assets," trademarks with indefinite useful lives must
be tested for impairment annually. Resuming annual impairment testing ensures compliance with
this standard and enhances the reliability of our financial reporting.
o Our business operations and revenue streams have return to pre-pandemic levels, providing a more
stable basis for conducting impairment assessments. This stability helps in making more accurate
and meaningful impairment evaluations.

URW NV have conducted a thorough review and updated our impairment testing procedures to reflect the current
market conditions. URW NV made a review of the underlying assumptions used for the Westfield Trademark
valuation (Cost of Equity, annual incremental GRI, macro-economic/environmental events and qualitative KPIs of
the Westfield Trademark performance) to determine if there are any value loss indicators. URW NV found that there
are no such indicators.

Annual impairment testing aligns with best practices and regulatory requirements, providing transparency and
ensuring that our financial statements present a true and fair view of our assets. We remain committed to rigorous
and regular evaluation of our trademarks to safeguard the interests of our stakeholders.




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NOTE 5. FINANCING AND FINANCIAL INSTRUMENTS

5.1. Financing result
5.1.1. Net financing costs
(€Mn) H1-2025 H1-2024 2024
Other financial interest(1) 1.8 31.3 46.0
Amount due from derivatives 18.5 20.0 101.8
Subtotal financial income 20.3 51.3 147.8


Interest on bonds and EMTNs (53.9) (71.7) (133.4)
Interest and expenses on borrowings (100.6) (152.0) (259.3)
Interest expense on lease liabilities (0.1) (0.1) (0.2)
Interest on preference shares (16.4) (15.7) (36.9)
Other financial interest (6.9) (5.9) (9.4)
Amount due on derivatives (17.5) (17.8) (97.9)
Financial expenses before capitalisation of financial expenses (195.4) (263.2) (537.1)
Capitalised financial expenses 0.1 0.4 0.7
Subtotal net financial expenses (195.3) (262.8) (536.5)


Total net financial costs (175.0) (211.5) (388.7)
(1) The other financial interest is calculated using the effective interest method.



Cash flow from derivatives and interest paid from the condensed interim 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.


5.1.2. Fair value adjustment of derivatives, debts and currency effect


(€Mn) H1-2025 H1-2024 2024


Amortisation of debt 15.4 (0.5) (36.1)
Currency result 0.3 - -
Fair value of derivatives (0.3) 3.6 (2.4)
Fair value of preference shares 4.5 4.9 7.6
Default on interest payment - - -
ECL on financial guarantee contracts - (8.6) -
Fair value of preferred interest (3.6) - 8.2

Total financial result 16.2 (0.7) (22.6)


5.2. Financial assets and liabilities

5.2.1. Main financing transactions in the first half year of 2025

Transaction with financial institutions
For the period ended June 30, 2025, URW NV did not enter into any new loans with financial institutions.
Transaction with URW SE
For the period ended June 30, 2025, URW NV borrowed an additional €5.3 Mn from URW SE under an existing
current account facility and made no repayments to URW SE, these transactions are also considered as main
financing transactions.

In March 2025, WALP renewed a current account facility (USD 1,487.7 Mn), refinanced a loan (USD 300 Mn) and
increased the total amount in USD with 33.8 Mn to USD 1,821.5 Mn (EUR 1,554.2 Mn).

26
5.2.2. Financial debt breakdown and outstanding duration to maturity

Outstanding duration to maturity (€Mn) Current Non-current Total Total
Less than 1 1 year to 5 More than June 30, December 31,
year years 5 years 2025 2024
Bonds and notes 16.0 1,707.3 856.2 2,579.5 2,908.8
Principal debt (1) - 1,706.5 853.2 2,559.7 2,887.7
Accrued interest 25.8 - - 25.8 29.1
Issuance costs (10.0) - - (10.0) (12.6)
Amortisation of debt 0.2 0.8 2.9 4.0 4.6
Bank borrowings 211.0 1,304.4 - 1,515.5 1,473.8
Principal debt(1)(2) 202.7 1,304.4 - 1,507.1 1,475.7
Accrued interest 11.6 - - 11.6 7.3
Borrowings issue fees (3.3) - - (3.3) (5.4)
Amortisation of debt - - - - (3.8)
Other financial liabilities 4.5 1,763.1 58.3 1,825.9 2,007.9
Borrowing with URW SE - 1,763.1 58.3 1,821.4 1,984.5
Accrued interests on borrowings with
5.3 - - 5.3 24.2
URW SE
Charges and premiums on issues of borrowings
(0.7) - - (0.7) (0.9)
with URW SE (3)
Lease liabilities 1.3 2.7 - 4.0 5.0
Total financial debt 232.8 4,777.5 914.5 5,924.8 6,395.6
(1) These notes are subject to negative pledge arrangements which require the Group to comply with certain minimum financial requirements.

(2) Long-term debt includes Century City €789.2 Mn ($925.0 Mn) CMBS, refinanced in early July 2025 through a new 5-year CMBS transaction (see Note 10.
Subsequent Events).

(3) Further information relating to loans with related parties is set out in note 10 of the Interim Management Board Report.


5.2.3. Net financial debt
Net financial debt is determined as below:

Net financial debt

(€Mn) June 30, 2025 December 31, 2024
Amounts accounted for in B/S
Long-term bonds and borrowings 5,689.3 6,345.8
Current borrowings and amounts due to credit institutions 231.5 44.6
(1)
Liabilities directly associated with properties held for sale - -
Total financial liabilities 5,920.9 6,390.4
Adjustments
Amortisation of debt (4.0) (0.7)
Accrued interest / issuance fees (28.6) (41.7)
Total financial liabilities (nominal value) 5,888.3 6,348.0
Cash & cash equivalents (127.1) (128.8)
Net financial debt 5,761.1 6,219.2




27
5.3. Derivatives


Amounts recognised in the
Statement of Comprehensive
Income
Fair value Other Acquisitions
December 31, adjustments comprehensive / June 30,
(€Mn) 2024 of derivatives income Disposals 2025
Assets

Derivatives at fair value Non-Current 41.4 (25.6) (0.8) - 15.0
- Fair value 41.4 (25.6) (0.8) - 15.0

Liabilities

Derivatives at fair value Non-Current (42.7) 25.2 - - (17.5)
- Fair value (42.7) 25.2 - - (17.5)

Net (1.4) (0.4) (0.8) - (2.5)




NOTE 6. RISK MANAGEMENT POLICY

The Group’s principal financial instruments comprise cash, receivables, payable, interest bearing liabilities, other
financial liabilities, other investments and derivative financial instruments. The Group manages its exposure to key
financial risks in accordance with the Group treasury risk management policies.

The consolidated financial statements of URW N.V. for the period ended 31 December 2024 describe the financial
risks that URW N.V. is exposed to in the normal course of business, as well as the policies and processes that are in
place for managing these risks. Those risks, policies and processes remain valid and should be read in conjunction
with these interim financial statements.

6.1. Fair value hierarchy of financial assets and liabilities

IFRS 13 establishes a hierarchy of valuation techniques for financial instruments. The following categories are
identified:

• Level 1: financial instruments quoted in an active market;
• 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. Inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices).
• 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.




28
The chart below presents the fair value breakdown among the three hierarchical levels defined by IFRS 13.

Fair value measurement as at June 30, 2025
(€Mn) Total Level 1 Level 2 Level 3
Assets
Fair value through profit or loss
Derivatives 15.0 - 15.0 -
Financial assets 54.6 - - 54.6
Total 69.6 - 15.0 54.6


Liabilities
Fair value through profit or loss
Commitment to non-controlling interests 14.3 - - 14.3
Derivatives 17.5 - 17.5 -
Total 31.8 - 17.5 14.3




Fair value measurement as at December 31, 2024
(€Mn) Total Level 1 Level 2 Level 3
Assets
Fair value through profit or loss
Derivatives 41.3 - 41.3 -
Financial assets 61.6 - - 61.6
Total 102.9 - 41.3 61.6


Liabilities
Fair value through profit or loss
Commitment to non-controlling interests 21.0 - - 21.0
Derivatives 42.7 - 42.7 -
Total 63.7 - 42.7 21.0


Interest rate swaps and foreign exchange forward contracts are valued using valuation techniques, which employ the
use of market observable inputs. The most frequently applied valuation techniques include forward pricing and swap
models using present value calculations. The models incorporate various inputs including the credit quality of
counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis
spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity.
As at June 30, 2025, the market-to-market value of other derivative asset positions is net of a credit valuation
adjustment attributable to derivative counterparty default risk.

Reconciliation of fair value measurement of level 3 financial assets and liabilities

Commitment to non-
(€Mn) Financial assets
controlling interest
December 31, 2024 61.6 20.8
Fair value movements in P&L - (4.5)
Currency translation (7.0) (2.1)
June 30, 2025 54.6 14.3




29
The fair value of the commitment to non-controlling interest fair value level 3 has generally been determined through
i) a market approach using quoted market prices of similar companies and adjusted by a relevant earnings multiple
or ii) an adjusted net asset approach deriving the fair value of the equity instrument by reference to the gross market
value of the asset less the fair value of debt. As at June 30, 2025, an increment of 1% to the respective quoted market
price or the gross market value of the asset would result in an insignificant change in value.


NOTE 7. TAXES

Starting Q2 2024 the company took the view that a DTA can be recognized in relation to the losses embedded in
some of the regional assets. The deferred tax rate also increases significantly in 2024 since, based on the changed
facts and circumstances during the year 2024, URW NV may no longer be eligible to the US-Netherlands treaty
benefits. In accordance with IAS 12 rules, the negative effect of this rate increase is offset by the recognition of the
above mentioned DTA.

As per January 1, 2025, an FII can no longer directly invest in real estate located in the Netherlands. There are no
other changes applicable that impact the current structure in which the Company owns US entities that, directly or
indirectly, invest in US real estate. Therefore, the changes in the law that apply as per January 1, 2025, have no
material impact for the Company.

For the period ending June 30, 2025 no further changes relating to tax have occurred.


NOTE 8. EMPLOYEE BENEFITS

8.1. Share-based payments and share option plan

Stock option plans
There is currently one plan for Stock Options (“SO”) granted to corporate officers and employees of the Group. SO
may be exercised at any time, in one or more instalments, as from the 3rd anniversary of the date of their allocation.

For plans in 2025:

URW Group grant a performance stock options plans with performance conditions (internal for 55% and external
for 45%). The external condition compares URW's TSR (Total Shareholder Return) with the TSR of a composite
index defined by the group.

The table below shows the two external conditions:




* linear interpolation between B and C

The other criteria of this plan are identical to those of the 2024 plan.

The performance-related stock-options allocated in April 2025 were valued:
• at €5.89 (internal performance condition);
• at €4.38 Criteria 1 Relative (external performance condition on TSR); and
• at €4.68 Criteria 2 Absolute (external performance condition on TSR).

This valuation is based on an initial exercise price of €75.82, the share price at the date of allocation of €64.00, 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%.


30
84,959 SO (H1-2024: 73,465) have been allocated to employees of URW NV and its affiliates in April 2025. The
expense recorded in the condensed consolidated interim statement of comprehensive income (corporate expenses)
in relation to stock options is €287.2k (H1-2024: €534.3k).

Performance share plan

Performance shares (“PS”) are vesting on the 3 rd anniversary of the grant.

All the shares are subject to both external and internal performance conditions. The performance conditions are the
same as for the Stock-Options described above.


The awards allocated in April 2025 were valued:
• at €52.27 (internal performance condition);
• at €19.62 Criteria 1 Relative (external performance condition on TSR); and
• at €16.48 Criteria 2 Absolute (external performance condition on TSR).

This valuation is based on the share price at the date of allocation of €64.00, 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%.

72,848 PS (H1-2024: 64,346) have been allocated to employees of URW NV in April 2025. The expense recorded
in the condensed consolidated interim statement of comprehensive income (corporate expenses) in relation to
performance shares is €1,877 Mn (H1-2024: €2.03 Mn).

Retention share plan

As of March 7, 2024 the Group implemented a Retention share (“RS”) plan for employees only to the exclusion of
top executives. Retention shares are not subject to any performance conditions but to a presence condition.

Retention shares are accounted for in accordance with IFRS 2. The Retention shares allocated in April 2025 were
valued at €36.46, and a turnover assumption of 13.32% was used.

12,111 RS (H1 2024: 9,399) have been allocated to employees of URW NV in April 2025. The expense recorded in
the condensed consolidated interim statement of comprehensive income (corporate expenses) in relation to retention
shares is €442k (H1 2024: €357k).


NOTE 9. SHARE CAPITAL

9.1. Share capital

The following table reflects the share capital and average number of shares diluted and undiluted of the Group:

9.1.1. Change in share capital

Total number of
issued and paid
shares
As at December 31, 2024 239,727,862
Capital increase reserved for employees under URW Company Savings Plan 122,785
Shares granted and exercise of stock options 496,245
As at June 30, 2025 240,346,892

The authorised share capital as at June 30, 2025, amounts to €550 Mn divided over 660 million ordinary class A shares
and 440 million class B shares of €0.5 per share.




31
The issued and paid up share capital amounts to €120.1 Mn, formed by 143,248,577 ordinary A shares and 97,098,315
ordinary B shares as at June 30, 2025. All class B shares are held by URW SE. Class A and B shares are shares carrying
one vote per share and ordinary dividend rights.

The Class A shares are stapled with the shares in URW SE (stapled shares). As a consequence the stock options plans
and performance shares of URW SE will have a dilutive impact on the shares of URW NV (with a share issuance at
that time).

9.1.2. Average number of shares diluted and undiluted

H1-2025 H1-2024 2024


Average number of shares (undiluted) 240,033,364 232,371,028 233,018,753

Dilutive impact
Potential shares via stock options (1) 489,538 255,600 250,931
Attributed Performance Shares and Retention Shares (unvested) (1) 1,570,487 1,627,255 1,378,158

Average number of shares (diluted) 242,093,389 234,253,883 234,647,842
(1) Correspond only to shares or stock options and attributed performance shares which are in the money and for which the performance conditions are fulfilled.




NOTE 10. SUBSEQUENT EVENTS

On June 26, 2025, the URW Group announced it had requested and received formal approval from the Australian
Securities Exchange (ASX) to be removed from its official list 19 with the delisting to occur on August 27, 2025. For
more information, please refer to the press release “Unibail-Rodamco-Westfield to voluntarily delist from ASX”
published on June 26, 2025.

In early July 2025, $925 Mn of a new 5-year CMBS was secured by Westfield Century City at an improved coupon
of 5.27% vs. 7.129%20 previously. This transaction corresponded to the lowest fixed-rate coupon on a mall SASB
CMBS21 in 5 years, and the lowest AAA spread for a 5-year fixed rate mall SASB CMBS since 2019.


IV MANAGEMENT’S DECLARATION


In accordance with Article 5.25d of the Dutch financial markets supervision act (Wet op het Financieel Toezicht),
the members of the Management Board of Unibail-Rodamco-Westfield N.V. declare that to the best of their
knowledge, the condensed consolidated interim financial statements for the half year ended June 30, 2025, prepared
in accordance with IFRS as adopted for use in the European Union, give a true and fair view of the assets, liabilities,
financial position and profit of the year. The management report presents a fair view of the development and
performance of the business and the impact on the results and on the financial situation of the Company for the first
half year of 2025, including the principal transactions between related parties as well as a description of the main
risks and the principal uncertainties to which it is exposed for the next six months.

Signed on behalf of the Management Board by


Schiphol, August 4, 2025



Dominic Lowe Gerard Sieben


19 Pursuant to ASX Listing Rule 17.11
20 SOFR+280.1bps, using SOFR as at June 30, 2025 4.322%.
21 Single Asset Single Borrower. Commercial Mortgage-Backed Securities.


32
V INDEPENDENT AUDITORS’ REVIEW REPORT

To: the shareholders and supervisory board of Unibail-Rodamco-Westfield N.V.

Our conclusion

We have reviewed the condensed consolidated interim financial information for the 6-month period ended 30 June
2025 of Unibail-Rodamco-Westfield N.V. based in Amsterdam.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim
financial information for the 6-month period ended 30 June 2025 of Unibail-Rodamco-Westfield N.V is not
prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the
European Union.

The interim financial information comprises:

• The condensed consolidated interim statement of financial position as at 30 June 2025.
• The condensed consolidated interim statement of comprehensive income for the period from 1 January 2025 to
30 June 2025.
• The condensed consolidated interim statement of cash flows for the period from 1 January 2025 to 30 June
2025.
• The condensed consolidated interim statement of changes in equity for the period from 1 January 2025 to 30
June 2025.
• The notes comprising material accounting policy information and other explanatory information.

Basis for our conclusion

We conducted our review in accordance with Dutch law, including the Dutch Standard 2410, ‘Het beoordelen van
tussentijdse financiële informatie door de accountant van de entiteit’ (Review of interim financial information
performed by the independent auditor of the entity). A review of interim financial information in accordance with
the Dutch Standard 2410 is a limited assurance engagement. Our responsibilities under this standard are further
described in the ‘Our responsibilities for the review of the interim financial information’ section of our report.

We are independent of Unibail-Rodamco-Westfield N.V. in accordance with the Verordening inzake de
onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a
regulation with respect to independence) and other relevant independence regulations in the Netherlands.
Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code
of Ethics for Professional Accountants).

We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.

Responsibilities of management board and the supervisory board for the condensed consolidated interim
financial information

The management board is responsible for the preparation of the interim financial information in accordance with
IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union. Furthermore, management board is
responsible for such internal control as it determines is necessary to enable the preparation of the interim financial
information that are free from material misstatement, whether due to fraud or error.

The supervisory board is responsible for overseeing the company’s financial reporting process.



Our responsibilities for the review of the interim financial information

Our responsibility is to plan and perform the review in a manner that allows us to obtain sufficient and appropriate
assurance evidence for our conclusion.
33
The level of assurance obtained in a review engagement is substantially less than the level of assurance obtained in
an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do not express an audit
opinion.

We have exercised professional judgement and have maintained professional scepticism throughout the review, in
accordance with Dutch Standard 2410.

Our review included among others:

• Updating our understanding in the entity’s and its environment, including its internal control, and the
applicable financial reporting framework, in order to identify areas in the interim financial information where
material misstatements are likely to arise due to fraud or error, designing and performing procedures to
address those areas, and obtaining assurance evidence that is sufficient and appropriate to provide a basis for
our conclusion.
• Obtaining an understanding of internal control, as it relates to the preparation of the interim financial
information.
• Making inquiries of the board and others within the entity.
• Applying analytical procedures with respect to information included in the interim financial information.
• Obtaining assurance evidence that the interim financial information agrees with or reconciles to the entity’s
underlying accounting records.
• Evaluating the assurance evidence obtained.
• Considering whether there have been any changes in accounting principles or in the methods of applying them
and whether any new transactions have necessitated the application of a new accounting principle.
• Considering whether the board has identified all events that may require adjustment to or disclosure in the
interim financial information.
• Considering whether the interim financial information has been prepared in accordance with the applicable
financial reporting framework and represents the underlying transactions free from material misstatement.



Amsterdam, 4 August 2025



Deloitte Accountants B.V.




Signed on the original: J. Holland




34