Vincent Rouget
CEO & Chairman of Administration Board
Good morning, and a heat welcome to URW’s Full Yr 2025 outcomes, my first as CEO. I’ll take you thru some key highlights and share some insights on our key priorities. Fabrice will cowl our financials, after which we are going to each be accessible for questions. 2025 was one other massive 12 months for URW with many achievements and a very good begin to our Platform for Development marketing strategy, together with a 2025 AREPS steering at EUR 9.58 per share. We’re reporting a powerful efficiency throughout our marketing strategy priorities, engaging progress — natural progress, disciplined capital allocation and substantial deleveraging.
First, the important thing basis is our robust retail operational efficiency. Footfall and tenant gross sales are up, leasing exercise is powerful and emptiness is right down to a document low. We additionally made crucial strategic inroads in getting ready for a shiny future via 2 capital-light initiatives, a brand new franchising enterprise, an trade first in flagship retail globally and the acquisition of a 25% stake in St. James Quarter in Edinburgh. This demonstrates the numerous progress potential of the Westfield ecosystem of efficiency with high mall house owners.
We additionally had profitable deliveries with Westfield Hamburg-Uberseequartier and Westfield Cerny Most in Czech Republic. Second, on