Unibail-Rodamco-Westfield SE ($URW)

All right. Good morning, dear shareholders, ladies and gentlemen, in my capacity as Chairman of the Supervisory Board, I'd like to welcome you here to this 2026 AGM of Unibail-Rodamco-Westfield. This is the first time we're holding it at our own headquarters. So -- well, we are telling participants that there is simultaneous translation. You have headsets, should you require a headset, English translation, please ask our grand staff now. All right. So I have with me Mr. Vincent Rouget, who is Chairman of the Executive of the Executive Board and the Mrs. Zetu who's Council of our company. I'd like to welcome the other members of the Supervisory Board, the other members of the Management Board and members of the Executive Committee. And they are in the room, and they will be there as well to take questions if you have any questions for them. I would like to welcome Vincent Rouget, who has been the Chairman of the Management Board since the beginning of the year, and I would like to attribute to his predecessor [indiscernible], who revived the group's growth in particularly challenging environment. And together with the Supervisory Board, I'd like to congratulate the company on the strong operational performance last year, in all its businesses, and this goes to show the robustness, the resilience of its business lines and its portfolio at large. And this reflects the first combined positive effects of the group's transformation and its road map for 2025, 2028, entitled platform for growth that was presented back in May of last year and the ecosystem of the group's performance and it's the strengthening of its balance sheet because we increase the valuation of the portfolio. But there were also disposals to the tune of EUR 2.2 billion, and that certainly will contribute to strengthening our position in a volatile environment and challenging context. And so in this context, we've decided to propose this year a dividend of EUR 4.5 per share for the year 2025. So that's almost 30% up compared to last year. And I'm also happy to note that the group is opening a a new chapter and it's moving confidently with its new Platform for Growth Road Map in what you know is a complex and volatile environment -- on the strength of its business model, the quality of its implementation and the resilience of its operation platform, we have good medium-term visibility. And that momentum enabled us to commit as early as February of this year for a projected payout or distribution in 2027 for the year 2026, a 22% increase to EUR 5.5 per share and Vincent Rouget, who chairs the Management Board will provide details on the performance of the group, but also the challenges. Now in keeping with the regulations, I will now officially call to order the AGM of the company as convened by the Board and propose to appoint the following. The scrutiny will be performed by Rock Investment, represented here by Mr. Anthony Mark and the URW Fund represented here by [indiscernible]. And for those of you attending the AGM annually, you recognize Mr. David Zeitoun, who will be the Secretary of the AGM. And I would like to tell you about the presence of the statutory auditors, represented here by Mrs. [indiscernible], Mr. [indiscernible] will present the conclusions of their reports. So to have real-time accounting of the votes on the resolutions. We'll have electronic voting. Mr. David Zeitoun will review the terms of the notice for the meeting and the availability of the documents.

All right. So the notices were issued in line with applicable rules and regulations. The Board of Directors has not received any request to add to the agenda. All the information and documents required by were made available to the website, in line again with legal rules and provisions. Regarding the agenda, you can take a look at the notice, which was made available at the entrance of the room, it was also available on their website and then the 2025 universal registration document was also available online and in paper. You have on the desk, the documents there that will certify the validity, not just the notice, but the actual deliberations. And you will find on the website under the AGM section the presentation of this meeting as is being displayed on screen. Litan, AGM is being broadcast on live, but you will also be able to find it on the website again, subject to the conditions, legal provisions applicable to such replay. And then Rafael Peru, Judicial Officer, will be appointed for the regularity of the meeting and the rules and regulations for the meeting are also posted at the entrance of the room. There was a special electronic mailbox that you could use to sent questions in writing. We have received such for such questions. The formats [indiscernible] because of the general or technical nature of the questions, shareholders are requested to look at the Q&A on the company's website dedicated to the 2026 AGM. Regarding the quorum, we have 144, 141 shares for the -- this is the first call of the AGM. So the quorum we need is 1/5 of voting shares. So that's 28,843,229 shares. So that includes the mail votes. And then the quorum required for the extraordinary AGM, that's 1/4 of the voting shares, 36,54,036 shares. And all told, we have 79.2% of the voting shares at this point.

All right. Well, thank you, David, for these clarifications. As indicated in the notice of this meeting, it will no longer be possible to sign the attendance sheet after 10:45 a.m. and shareholders arriving after that time will not be able to take part in the vote. And now I'll give the floor to Vincent Rouget, who is Chairman of the Management Board, and he'll tell you about the performance for 2026.

Thank you, Jacques. Good morning, ladies and gentlemen, dear shareholders, before we go through all the details of the year 2025 and sharing with you our strategy for the year, our strategic priorities in my capacity as Chairman of the Management Board, I would like to thank all the teams of our group throughout the regions where we operate throughout the year. And thanks to their hard work, we had excellent performance in 2025, but also very promising trajectory for the first quarter. And this performance enables us to be confident for the 2025-2028 road map. And this is why we decided to look forward to a significant increase in the payout to EUR 5.5 per share. So this was a very successful year for URW. There were a number of achievements and of course, the execution of our road map platform for growth. 2 exceeds EUR 8 per share. And we're delivering good performance along with the organic growth and significant deing.ksalance of shopping centers with an increase in footfall and sales, the strength of our leasing activity and vacancy which is the 2 rental pressure through our portfolio. And we've also made strategic strides to prepare for the future, which will not have much impact on the balance sheet. franchise business, and that's in the shopping center business and also of a 25% stake in Starter, iconic business from Edinburgh. And this shows the significant growth potential of Westfield, which is, of course, reflects our competitive edge and our operational capabilities. We've also delivered a significant project. The retail spare that Hamburg [indiscernible] and the expansion of [indiscernible] in the Czech Republic. And finally, in terms of debt, we had EUR 2.2 billion in divestment of either completed or secured since the beginning of 2025 and reduced the debt ratio, the LTV going to value issue. We've met our commitments regarding earnings and distribution for 2025, thanks to these. But also refinancing operations and hedging operations. Finally, our platform for growth road map aims to generate sound and sustainable growth through our unique portfolio of urban investment property, as shown by our '25 results and with the completion of our -- well, because of the disposal of nonstrategic assets, we now have a very diversified homogenous portfolios centered on high-level shopping malls that are exclusively focused on flagship properties and our balance sheet has strengthened because the debt-to-equity ratio is at its lowest since 2019, and we will certainly achieve the ratio to [ 40% ] by 2028. So this positive momentum gives us more flexibility to unlock our growth potential in keeping with our road map. Now if we focus more specifically on the operational performance of shopping centers in 2025, we've seen a continuous improvement of our key indicators across all the regions. These key indicators are in green, particularly tenant sales and that outperform national indices as well as correlation and you'll have the numbers for Q1 in 2026. These are already up 5%. Vacancy rates were down 20 basis points to reach a historic low, and this is because of strong leasing activity, which continued in Q1 of this year, and we signed as many upwards of EUR 400 million in guaranteed minimum rents with average uplift of 11%, above the index rents for the long-term leases, and that is in line with the lines with the levels of 2024. And we will certainly continue this momentum in '26, leasing up our space is, of course, our priority. And we're pleased to see that the strategy has been successful in. Again here, and I'd like to thank our leasing teams since the beginning of 2026 in spite of a very volatile environment. And so with our platform, our Road Map Platform for Growth, we have a simple, clear plan based on our performance ecosystem where we have a clear opportunity to increase footfall in our properties, but also to continue to boost the sales of our retail partners, but also intensify rental pressure, reduce vacancies and consolidate market shares and gain market share through our competitiveness, and this will enable us to have a growth on a constant basis and develop low capital-intensive opportunities for the group. Now how can one increase the footfall of our investment properties and how can we boost retail tenant sales? Well, this of course, is based on attracting the most desirable concept for our flagship properties because we are a profitable growth platform for these brands. You may remember that the flagship stores are a key driver of customer acquisition for these retailers, and these stores are located in city centers on major road such as the [indiscernible]. And today, these flagship stores are more and more present in the Westfield Centers and they're a key pillar of our [indiscernible] proposition. So we offer premium locations with outstanding footfall and, of course, profitable growth. And so in 2025, we presented a very concrete example. The [indiscernible] deal in Paris compared to the [indiscernible] in Paris, now footfall is more or less identical 65 million people per year. And the sales per square meter is also maybe even higher at the [indiscernible], but the rents at [indiscernible] is significantly lower and more competitive than that of the [indiscernible] as you can see on the slide. And this mechanically translates into better profitability for the brands present in the flagship stores in the [indiscernible]. Now you say [indiscernible] have a different value proposition, so you cannot exactly compare the two. But if you pay twice as much rent, this is because you have a flagship store in a very prestigious place for the brands. That's what is known as media value, but at the very least, in the retail business, this exclusive -- or near exclusive positioning of the group in flagship assets puts it in a very desirable enviable market segment, making it different from all other shopping areas. And -- but of course, on these flagship stores, the sales to rent ratio is not the only criteria here, there's additional value that is, in fact, reinforced by the fact that the -- we are the single owners because many lease operators have a joint property. And so this, we can have a better customer experience and a more visibility on footfall. And we have a belief that Unibail-Rodamco Westfield flagship retail is the future of e-commerce. In this respect, we are also at the forefront of data and artificial intelligence, and we discussed this in last year's AGM. And this is a result of 4 years' investment in technology as well as the group's structural position and the size of our flagship portfolio. And we had a specialized start-up called DJEs, which converts video feeds from our shopping store in segmented data, so we can better analyze and understand customer journeys and footfall in the flagship assets in anonymized fashion in line with the DP regulations. And that enabled us to monitor these, the performance both leasing but also asset management. And so we can measure such things as balance rate or footfall for each store almost in real time, which is very valuable. So these indicators of course, strengthen our exchanges with retailers. And we can improve decision-making based on the data and informed decisions. And on the right-hand side, you can see some anonymous data, which illustrates these indicators for a fashion retailer for several of these items, you can see the sort of questions raised by such data. Some of them are highlighted on the slide. But we're looking at a huge volume of data that needs to be processed basically in real time. And that's, of course, the major role of artificial intelligence to take the full potential of this technology, not just for decision-making, but also for improving performance of our retailer partners and the use of this technology with this data enables us better to manage our assets and our competitive vision. That is our second priority for the year 2026 after leasing, of course. Regarding sustainable development now, URW has made significant headway in 2025 and is recognized amongst the 100 most sustainable companies in the world as recognized by Corporate Knights and Time magazine. And we also have a -- one of the highlights was the cultural partnership [indiscernible]. We bring reproductions of iconic works on the [indiscernible] shopping malls in France. And so we facilitate access to culture and strengthen the link with our communities. URW is on track to achieve its objectives for the road map known as better places, but you'll find more detail -- much more detail on 2025 performance in the Universal registration document which was published back in March. I'd like to add that better basis is a central strategic pillar for the group, indeed, a key pillar of our long-term competitive edge. And then with a portfolio of EUR 45 billion worth of assets and tenants up with 9 million visits per year. We have good visibility and a possibility to have an effect on our local communities. We can also play a role in today's society, especially at a time when digitalization has strong effects on social ties. And we're in a position on our own scale to reinvent living together community life in our own way and in line with our mission statement. But over and beyond the leasing of our spaces, innovation, data, the third strategic pillar is simplifying the structure of the group. And we've already made, again, significant headway in 2025 because we have now 4 regions instead of 11 countries. We disposed of nonstrategic businesses, and we also delisted Australian CDIs. And indeed, to this spending to your approval, the destapling of URW stable shares that will generate costs and efficiency gains. But it is tax neutral and this preserves, of course, the economic rights of the shareholders. But we're also reducing the number of subsidiaries. In 2026, we are focused on keeping our costs under control. I mean we have the pleasure of holding this AGM at our own headquarters, but that's the case in point for savings. They're also a wage restrain, as you can see, at Management Board level. And we are committed to developing simplicity, agility throughout the group for all our teams and all business lines. This is essential if we are to free up our own resources so that we can focus our time and energy on generating growth on developing our competitive edge and indeed on developing artificial intelligence and creating more impact. Before we move on to the dividends and the outlook for 2026, I'm delighted to welcome on the Management Board, Kathleen Veles as Chief Investment Officer. She joins -- and Sofie, Fabric, Sylvain, myself, of course, we're excited to lead the group in this new direction. This established on the road map. And her appointment was welcomed by the markets. We have 3 clear priorities for 2026. You have them up on the slide, and we covered this before. In 2025, we delivered attractive growth on the like-for-like basis, keeping our costs under control and managing our investment properties, and we propose to continue this strategy in 2026 and through out -- through to 2028. Let's look at the dividend for 2025. So we secured EUR 2.2 billion in divestments, as announced in the 2025 Investment Day -- Investor Day, rather, because of the strong financial performance, we offer a cash dividend of EUR 4.5 per share for the year 2025. This is almost 30% up compared to 2024. And this is a payout -- distribution ratio of 47%. Let's look at the outlook for 2026 now. During Investor Day, we announced an AREPS figure of at least EUR 9.5 per share then in 2026 to reflect the effects of our divestments of our disposals. We raised the forecast now to anywhere between EUR 9.5 and EUR 9.3 per share. And so there would be an operational growth of 5%, supported by strong operational performance in the retail business and that we do not foresee any degradation of the macroeconomic geopolitical environment, however. And finally, in line with our commitment to deliver attractive returns to shareholders, we propose to have a dividend of EUR 5.5 per share for the year 2026. So this would be paid in 2027, that reflects our confidence in the group's outlook. As we said earlier, this would be a distribution ratio of about 60%, and that will be 22% up compared to the 2025 and in line with the trajectory that we announced on Investor Day. The distribution ratio in '27, '28, should be anywhere between 60% and 70%, and that, of course, increases -- I mean, ensures an increase in the distribution per share of by 2028, but this is also in line with our LTV reduction trajectory. And finally, instead of being a dividend, this will be a reimbursement of capital contribution, and we will continue this until such time as we can completely reduce our debt. Now it's about EUR 2.5 billion at end 2025. A few words now about the reasons why I'm really excited to be at the head of this company and very confident in the fact that we can deliver long-term sustainable growth. Our assets, our know-how, our brand are an ecosystem of performance. It's a powerful competitive advantage. We have a sound, profitable and cash-generating business model model. And more specifically, I'd like to refer to the strategic position of our plan, our EBITDA margin of 63%. EBITDA per employee stands at more than EUR 1 million. We have attractive sustainable growth. And the cash flow conversion conversion stands at about 75% of EBITDA based on our trajectory looking to 2028. And beyond the Property business, you'll find few companies or indeed industries with that kind of numbers, whether in the S&P 500 or the major European stocking indices. And to that end, my colleagues on the Board and I are committed to unlocking the potential of our company through platform for growth and become leaders in the industry. This will enable us to generate attractive growth and returns for our shareholders. to continue to expand our addressable market, especially with the low capital businesses and create value for all stakeholders. Thank you for your presence, and thank you for your attention.

Well, thank you, Vincent, for this presentation, and I would like to welcome our new member, David. Thank you also would just tell us how governance operates in the company?

Well, yes, Vincent Rouget told you about the membership of the Management Board subject to the renewal of Fabrice Mouchel, the appointment of Kathleen [indiscernible]. We have -- we'll have 9 new members at the end of this AGM, if you agree, we'll have 44% women, 56% men from the 4 nationalities, the independence ratio about at 76%. We have various profile with different horizons. The Management Board has 2 Specialized Committee, a Supervisory Committee, a Governance Committee, an Appointment and Compensation committee with an independence ratio of 67%. Okay. We will continue with the appointments -- compensation, yes, we decided to keep these compensation under control and index it on long-term performance. Vincent Rouget was -- is 25% below that of his predecessor. And the variable long-term bonus is upwards of our policy at 180% of the fixed revenue. And 25% is based on performance of our platform for growth EBITDA on net debt to EBITDA and the total amount of return to shareholders between [ '25 and '28 ], inclusive [indiscernible] condition were treated in keeping with the strict abidance to the [indiscernible] compensation. Because of the circumstances of his departure, we're looking at bonus upwards of the [indiscernible] code for 2025, 2026. All these details are in the universal registration document.

Well, thank you, David, for these details. And now I'll give the floor to [indiscernible], who represents the auditors and he gave us a summary of the group's performance.

Yes, ladies and gentlemen, on behalf of the auditors, I would like to show the reports established for the ordinary and extraordinary part of this Annual General Meeting. All the reports were made available by our -- by the company, and you will find them regarding the related party agreements in the universal registration document. This is available on the company's website, in line with the customers of this AGM. I'll go through the highlights of this report. The fundamental purpose of our mission is to arrive at reasonable resolutions on the fairness and actuality of the numbers with no significant anomalies. We, of course, assessed the amount through sampling both in the annual and the consolidated financial statements. There was also some internal auditing. We looked at the estimates that were used by the company the presentation of the accounts in general, and our reports on the accounts also include a specific part describing the key items of the audit, any risk of significant anomalies, which based to our own judgment are the most significant. Anyway, regarding the annual financial statements and that needs to be voted on in the first resolution. Our report is to be found on Page 44 of the universal registration document. And we have no reservations on these accounts. In the third part, the key items of the audits are assessing the redeemable shares and receivables, consolidation of the financial debt and derivatives. In financial instruments, we also went through the specific checks as provided by rules and regulations, especially on the Supervisory Board and corporate governance. Regarding the consolidated financial statements, and that's Resolution #2. Our report is to be found on Page 438 of the universal registration document. And we have an opinion without reservations on the consolidated accounts and the Annex is for the accounts for 2025. And in the third part of this report, remind the key items of the audits that produced are opinioned. We identified the following key items; valuation of the investment property portfolio, including investment properties under construction, either held directly or within joint ventures. Secondly, the recoverable amounts of intangible assets within indefinite useful life and goodwill related to the acquisition of Westfield. And we also, in our report, we said that we went through the specific checks as provided by rules of regulations on financial accounts. Then we'll have a summary on the special report on related party agreements. You'll find the full version on Page 449 of the universal registration document, which is Resolution #5. In the first part of that report, we tell you that we were told that there were no new such convention, such agreement for the year 2025 or regarding 2026, and we were told of one existing related party agreement that had been approved in the previous AGM and whose performance continued for the year 2025. Now regarding our the report on Resolutions 21 to 23 of the AGM. There are no specific observations for all these resolutions, we will produce additional reports if necessary, as these authorizations are used by the Management Board. Thank you for your attention.

All right. Well, thank you, Mr. Gemini. Now then I suggest we have a Q&A session that will enable shareholders to make comments or raise ask questions.

Good morning, ladies and gentlemen. I'm an individual shareholder. I only attend AGM. So I didn't get the information elsewhere, but what's the connection with Mr. Rouget and Unibail and where was he before he became CEO and Chairman of the management Board and well, what is his seniority and what is background?

It's true. We could have gone through Vincent's resume. I mean he joined us a few years back, but he can introduce himself.

Yes, I joined URW exactly 3 years ago. That was June 1, 2023, after the 2023 AGM. Before that, I spent 16 years with Leon Bressler, the former CEO of Unibail, who was CEO of Unibail, working with him in a Property Investment Fund, and European Fund. I was working with him and looked at all investment and asset management of the portfolio in Western Europe, not including England, Ireland or Scandinavian countries. We were managing about EUR 10 billion in equity over 15 years in Europe.

Right then, he is now mature, and he is well familiar with the property business.

Good morning, and congratulations, and many things. I'm also an individual shareholder we told that the dividend would not be a dividend as such, but rather reimbursement of equity. What does it mean in tax terms. It's a fair question. I can answer in simple terms. But if you need any clarifications. I'll give the floor to Fabrice Mouchel, our Chief Financial Officer.

This means that when you receive that dividend, it is not taxable -- because we are reimbursing the money you provided the company. So your -- the tax base and the entry ticket will be lower. So -- but they it means that when if you sell back your shares, you may have a capital day against tax, but as a dividend, you will not be paying income tax to the French. At least under the French tax system.

I come here from [indiscernible]. I live next to [indiscernible]. Can you tell us about the stores there, and when will work begin?

What work are you referring to in [indiscernible] is one of the finest properties on the parking lots -- on the parking lots, we are looking at a few months' worth of renovation and consolidation of parking areas on that site, but there are other development projects. We are restructuring the wings and we're extending the concept. I mean, there will be a Zara flagship store. And so the mall will certainly develop over the next few years. We are working hard on this. This is one asset where we've been working hard to attract the right concepts, the right flagship stores with a view to consolidate or indeed reinforce our footfall. It's a very competitive side in the Paris area. So we need to keep this asset at its best. And we expect book to be completed by end 2026.

Good morning, sir. My name is Jean Richard. I'm also an individual shareholder. I'd like to know, I heard, I was told and not often, but once or twice I was told that Unibail was a stakeholder in the triangles, [indiscernible] Is that true?

And the answer is yes.

And what's your stake in this? And what will they be in this 2 or 3 -- we were not told.

Yes, go ahead.

This is true, and we are proud to be shareholders in this project, we have 30% of that project alongside with AXA, our institutional partner, they have 70%. The tower is being built as we speak. We've working -- well, on the -- well, we've achieved the topping yard. So the structure, the the skin has been completed, and the teams working on the site are now finishing the inside work and architecture. This is a joint project. You have 90,000 square meters of commercial space, about 70,000 square meters office space and 20,000 square meters for other users. So there will be a hotel with more than 100 rooms. There will be an event area, panoramic space with an American partner who has a venue at One Vanderbilt. And so this is very successful in New York, but we certainly expect lots of footfall, lots of interest because it has got -- well, there will be an amazing view from that side. Anyway, we have leasing or rather pre-leasing of the office space. Many brands have shown an interest. Many prospects have been visiting, so we are very confident as to the future of this project and our ability to lease the space. We are historically at [indiscernible]. We were very successful there. Latest that was delivered during the COVID period in 2021 with the Trinity Tower that had not been -- was not least when we delivered it. But now in a matter of 2 years, it was fully leased after completion at a much higher rental values than the average at [indiscernible] because of the unequaled qualities of this place. And we'll have equal quality, indeed, outstanding quality at the [indiscernible] and of course, it has its unique architecture and no 2 levels are identical. And so on the first floor, you have spaces of all of one piece, 400,000 square meters. And then at the top, you have smaller spaces, about 1,000 square meters with breathtaking views on the Eiffel Tower in Paris. And so we will have various offers in what has been a rather challenging market, the office space business.

Yes, sir, to the left, to my right.

Good morning I was a historic shareholder. I was a shareholder of Unibail-Rodamco-Westfield. I was witnessed to the merger with Westfield. But as a shareholder, I didn't look into the details of all that, but you can see that you're refocusing your business on shopping centers and giving up on other businesses. And the question I had, it seemed to me that Unibail was looking at services, what well, we do have an office space in significant office space business in our portfolio. We're one of the big players in the Paris area. We have EUR 2 billion worth of assets. Now well, the total balance sheet is EUR 49 billion. So indeed, the vast majority is on retail space, not just in Europe but also in the United States, but we do have significant exposure in the office space building, [indiscernible] we have 50%, and that is, of course, significant in the Paris area and certainly carries the economic development of the Paris area. We're very proud to be involved in that. And we've been investing indeed, we are renovating in the restructuring for Phase 2 of the [indiscernible]. You can see it from the Beltway. And so we will be investing there. Now the office space portfolio used to be -- well, was a significant source of deleveraging, we've been disposing of these sites over the past few years. But that was part of our policy to focus to new, more profitable assets develop the profitable assets and deliver outstanding goods. But then when we -- the fruition, we divest and then invest in new projects. So we're still committed to the Office Space business. We have our own recognized know-how, but capital allocation will rotate in such a way as to recoup our investments in these businesses. The -- I mean, this is still significant, but it is now a minority business. Outside the Paris area and outside France, you have multi use, especially in the United States.

Yes, that's a good point. in Hamburg, for instance, you have different uses, multiuse. You have not just retail. I mean you have 100,000 square meters in retail, and this has been very successful ever since the opening in April 2025. We have about 100,000 square meters also Office Space and we are completing that. 45,000 square meters in hotels, lots of residential property was sold to third-party developers. But you can see, you have multi users. And this is essential if you want to have these locations that draw lots of footfall and with, of course, retail offshoots, which is, of course, important for us as operators in this business.

And the person at the back of the room.

I'm also an individual shareholder. And I also have a question about one specific project because there's very little information is Unibail involved in constructing [indiscernible] that's where the sporting complex, [indiscernible] is located. You also have shops. We don't have much information about that at all.

Good morning, and thank you for this question. I can confirm that we are minority shareholder in that Aqua Bulva project and in the renovation of that site.

So can you give us some details?

Well, the project is underway. We've got all the permits and alongside with our partner, we are finalizing the concept. We are now talking to companies that might join and deciding on the best time to launch what is a beautiful multiuse project.

You have a significant portion of office space, but also residential property and then ground level retail space and then there's a leisure business and a beautiful movie theater. So if I properly understood your explanations about the services sector, you champion projects you take part in the construction building, and then you dispose them to reposition yourself and other assets that are similar or different. So if I got this right, you first champion, the Trinity project and you sold it. And as for the [indiscernible] high-rise, you said you had a 25% stake with AXA. Besides the lady has just asked a question about the Ballard reconstruction project. It shows that you partially are involved in this operation. I'd like to understand what the point is of being involved in a project with a 25% stake? Is it because it's too heavy for the company's shoulders? Or am I wrong in thinking this and it's not a perfectly logical financial setup because we have indeed seen that a lot of players in the services sectors are playing musical chairs. I'm calling this the service -- the musical chairs and the services sectors.

Mr. Rouget.

We do indeed own 30% of the Triangle project. And I think it's an outstanding example of the model that we want to implement going forward. I mean by that, that originally launched projects, we have teams that can harness this expertise that can produce highly attractive products that can think of and design very attractive projects. We have had a new partner in the very start of the project in 2021. Just as the permission was about to expire the permission to launch the construction works. The project was launched. It could not be launched at the time for the Unibail-Rodamco-Westfield balance sheet because of our project to deleverage the group and to cut our debt further. Despite that, the group found or created the right conditions with the support of our partner to launch this beautiful project and complete it. In our approach in our strategic road map, a platform for growth, this is what we mean when we say a disciplined capital allocation going forward. Because if we were to launch all these developments at 100%, well, the reality is that today, they are 100% financed with debt. Our objective is, however, to deleverage in order to be, again, strategically flexible at group level in order to to acquire targets in the best -- at the best time when market contents are right. So it's part of our strategy. We want to find the right partners. For example, the [indiscernible] project, the disposal of the 15% took place when there was no permission for these projects. It was a legacy project and our partner bought a 49% stake, secure the permission and got from authorities, a change of destination, change of purpose for this part of the neighborhood. It's been designated as a hybrid use. Yes. And many financial partners see the expertise we have to put together a project. And we charge fees, we keep track of the development. As I was saying in my short presentation, this activity requires less capital, but generates more growth at group level, and this helps us generate sustainable organic growth.

Mr. [indiscernible]. In your presentation, you mentioned the [indiscernible] Project. Maybe you can give our listeners a reminder of the fact that we do take initiative.

Mr. Rouget.

Yes, we have the opportunity to take a 25% stake in the share capital of SynJames quarter, which is the iconic asset in the historical center of Edinburgh. It was delivered and developed in the midst of COVID on the basis of very attractive investments. In this project, we partner up with our existing partners on other assets in England. APG, a Dutch fund, that approached us because they are familiar with the group's expertise. They know that we can generate value with these assets. So we're going to reposition this asset under the Westfield brand sometime in 2026. It's really part of our performance ecosystem that we referred to with [indiscernible]. It's really our ability to secure sustainable organic growth. It also contributes to the global prestige of the brand -- the Westfield brand.

Then are there any other questions? At the back of the [indiscernible]. I can see the gentleman there on the right.

Good morning. My name is Kip Ko. I'm an individual shareholder. I have 3 short questions. The share price is in the region of EUR 100. A few years back, it was above EUR 200. What is our reassessed net asset? And what is the turnover of buildings? That's my first question. Then you are proposing the appointment of a new director, [indiscernible]? The sum of Mr. [indiscernible], could you maybe give us more details?

He's 26. He graduated when he was 23.

I'd like to know more about this phenomenon. He seems to have achieved a lot over 3 years. Third question, you are appointing yet another man in the Board. You have appointed women, is that to offset the appointment of the gentleman? Or is it really about acquiring new competencies?

Would you like to start, Jack?

Well, I'll start with the last question, if I may, Jacques Richier. We have a new director who's right there. She's attending the meeting. We are delighted that Carol has joined us. As mentioned in relation to governance, what's really important for us is to have diverse profiles that will give a different perspective on the different issues. Carol developed a great brand. I don't know if we can promote it or advertisers here. [indiscernible] Usually, we have the perspective of what we call retailers. So this is what this lady gives us. This brand is now present in France, but also in the United States, [indiscernible] and it's interesting for us. As this is the perspective of one potential partner for Unibail in our shopping centers. And Carol joined us for these very reasons because we were trying to strengthen our knowledge at the level of the Supervisory Board. Our knowledge in the retail industry, which is evolving extremely fast. It's quite Schumpeterian some brands go on to other brands are created. So you need to be in contact with people who experienced this on a daily basis. As regards [indiscernible] is here. So you can meet the at first hand, this phenomenon, as you said, in just a few moments. As you've said, Jule has broad experience and call it, I would also say natural experience. You mentioned his family background. So he was really immersed in an entrepreneurial context. It does have international experience in operations, but also as an executive. He is accustomed to Board meetings, but also has had a number of responsibilities for a number of topics. He has worked in many different areas, a lot in technology, also a lot in innovation. We also wanted to increase our expertise in this. Earlier on, Vincent said that we work a lot on data-related issues on how to use it, but also on AI -- we also wanted to beef up this expertise. Besides, we haven't mentioned it yet, but I suppose we can, I suppose, Vincent give a reminder to answer, but you need to bear in mind this figure, 32%, 32% of our, let's call them, consumers are customers of the GenZ customers. Well, I suppose you can easily understand that I'm not one of them. When you look at the membership of the Supervisory Board, it's quite important to understand this. Just like Carol brings with her this knowledge of retail. It's important to have someone who represents this generation. 32% today, is the generation that will determine the way we will evolve our shopping centers and our offer. With [indiscernible], we have the expertise I've just mentioned, especially in relation to technology and innovation, but also the perspective of that specific generation and their expectations and how we can meet them. So that's my attempt to answer your question about our 2 directors. Now Vincent Rouget.

About the reassessed net asset. The standards have changed, especially under EPRA, the European Association of listed companies. That brings together institutional investors and companies in this industry. So that's the net tangible assets, the NTA, which is in the region of EUR 113, EUR 113 which is almost a liquidation asset that does not take into account the the group's valuation. It's quite interesting because we've signed a first franchise agreement in the Kingdom of Saudi Arabia. It's a new activity, as we announced during our Investor Day, we believe that we could generate between EUR 30 million and EUR 50 million in EBITDA per annum between [indiscernible]. So this really yields a lot of value potentially for the group. So we see this as a net liquidation asset that can over -- maybe undervalues the number of assets, excluding tax aspects. There are 2 other metrics, EUR 113 million and EUR 143 million. If I'm correct, which are based on going concern approaches, which are not liquidity assets. Where -- when you buy a group share, you don't pay a registration fee. So there's no reason to deduct them from the asset valuation. So -- the brand is valued. Also, there are unrealized assets. For example, the highly competitive financing cost that the group can benefit from with very interesting rates, 2.1% to 3%. It's very much more interesting than the market currently. It can also be factored in the net reassessed assets, lease approaches. So just to give you a ballpark figure. Of course, it remains lower than the historical high. But our feeling as a management team is that the share price could be potentially reassessing that. So we are not currently fully valued correctly. So we believe that this will improve over time as we improve our distributions, our payouts and as we gradually deleverage.

Thank you, Jacques Richier, thank you, Vincent Rouget. Well, you asked 3 questions in one. So I suggest we now I suppose just we now end the Q&A session. I would like to thank our shareholders for their questions and for the interest they have expressed and shown for that company. Over to David Zeitoun is going to inform the general meeting of the number of shareholders participating in the vote prior to the vote on the resolutions.

As the signing of the attendance sheet is now over, I can inform you that 4,074 shareholders are present or represented to have voted by post. They hold a total of -- A total of 114, 064,933 shares, that is 79.72% shares of the voting rights. The chrome has, therefore, been met, and the meeting may value to deliberate. Dear members of the board, you will be invited to certify the accuracy of the attendance sheet prepared by OPTEVA or register. Jacques Richier.

Right. Well, under our provision, we shall now proceed to the vote on resolutions. As is customary, the title of the resolutions will be projected on the screen to being French. Maybe a quick reminder on how to use the electronic voting devices. Of course, -- before we begin the voting process, please ensure that your device is turned on and that the number of shares you hold is correctly displayed on the screen. Once voting opens for each resolution, simply press the button corresponding to your choice. The green key 1, to what to vote in favor. The yellow key 2 to abstain, the red key 3 to vote against. You may change your selection as long as the hour glass icon appears on the screen for approximately 10 seconds. For the duration of the road, please turn off your mobile phones for connection issues. Finally kindly return your device to the host as you exit.

Very well. I now propose that we begin the voting on the resolutions. First resolution, approval of the statutory financial statements for the year ended on December 31, 2025. The vote is now open. [Voting]

The resolution is approved. Second resolution, approval of the consolidated financial statements for the year ended December 31, 2025. The vote is now open. [Voting]

The vote is closed. The resolution is approved. Third resolution, allocation of net income for the year ended on December 31, 2025. The vote is now open. [Voting]

The vote is closed. The resolution is approved. Fourth resolution, distribution of an amount deducted from the additional paid-in capital account. The vote is now open. [Voting]

The vote is closed. The resolution is approved. Fifth resolution, approval of the statutory special report on related party agreements governed by Articles L225-88 of the French Commercial Code. The vote is open. [Voting]

The vote is closed. The resolution is approved. Sixth resolution, approval of the total remuneration and benefits of any kind paid during the financial year ended on December 31 2025, or granted in respect of the same financial year to Mr. Jean-Marie Tritant as Chairman of the Management Board. Vote is open. [Voting]

The vote is closed. And the resolution is approved. Seventh resolution, approval of the total remuneration and benefits of any kind during the financial year ended on December 31, 2025. all granted in respect of the same financial year to Mr. Fabrice Mouchel as member of the Management Board. The vote is open. [Voting]

The vote is closed. And the resolution is approved. Eighth resolution. The approval of the total remuneration and benefits of any kind bet during the financial year ended on December 31, 2025, or granted in respect of the same financial year to Mr. Vincent Rouget, as member of the Management Board. The vote is open. [Voting]

The vote is closed. The resolution is approved. Ninth resolution, approval of the total remuneration and benefits of any kind [indiscernible] during the financial year ended on December 31, 2025, or grant in respect of the same financial year to Mrs. Anne-Sophie Sancerre as member of the Management Board. The vote is open. [Voting]

The vote is closed. The resolution is approved. Tenth resolution, approval of the total remuneration and benefits of any kind are during the financial year ended on December 31, 2025, or grant in respect of the same financial year to Mr. Sylvain Montcouquiol as member of the Management Board. The vote is open. [Voting]

The vote is closed. The resolution is approved. 11th resolution, approval of the total remuneration and benefits of any kind during the financial year ended on December 31, 2025 or granted in respect of the same financial year to Mr. Jacques Richier as Chairman of the Supervisory Board. The vote is open. [Voting]

The vote is closed. The resolution is approved. 12th resolution, approval of the information relating to the remuneration of the corporate office as mentioned in Article L22/10/9 of the French Commercial Code for the year ended on December 31, 2025. The vote is open. [Voting]

The vote is closed. The resolution is approved. 13th resolution, approval of the remuneration policy for the Chairman of the Management Board. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 14th resolution, approve all of the remuneration policy for the members of the Management Board other than the Chairman. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 15th resolution, approval of the remuneration policy for the members of the Supervisory Board. The vote is open. [Voting]

The vote is closed. The resolution is approved. 16th resolution, renewal of the term of office of Mr. Jacques Richier as member of the Supervisory Board. the vote is open. [Voting]

The vote is closed. The resolution is approved. 17th resolution, renewal of the term of office of Mr. Roderick Munsters as member of the Supervisory Board. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 18th resolution, ratification of the cooptation of Mr. Ju Niel as member of the Supervisory Board. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 19th resolution appointed Ms. Carol Benari as member of the Supervisory Board. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 20th resolution, authorization granted to the Management Board to enable the company to purchase its shares in accordance with article L22/10/62 of the French Commercial Code. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 21st resolution, authorization granted to the Management Board to reduce the share capital by cancellation of shares bought by the company in accordance with Article L22/10/62 of the French Commercial Code. The vote is open. [Voting]

The vote is closed and the resolution is approved. Resolution 22nd resolution. Delegation of authority granted to the Management Board to decide on the issuance of ordinary shares and/or securities giving access to the share capital of the company or one of the subsidiaries and/or debt securities, without preemptive subscription rights for the benefit of one or more specifically designated persons suspended during a public tender offer. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 23rd resolution, delegation of authority granted to the Management Board to increase the share capital by issuing ordinary shares and/or securities giving access to share capital of the company reserved for participants in the company's savings plan, the [indiscernible] without preemptive subscription rights in accordance with Articles L333/[indiscernible] of the French labor code. The vote is open. [Voting]

The vote is closed. The resolution is approved. 24th resolution, amendments to articles 12 and 18 of the Articles of Association to comply with changes introduced under France's Attractiveness Act and the Cree #2026, The vote is open. [Voting]

The vote is closed. And the resolution is approved. 25th resolution, amendments to the Articles of Association in order to terminate the stapled share principles as a consequence of the streamlining of URW Group's legal structure through an internal reorganization. The vote is open. [Voting]

The vote is closed. And the resolution is approved. 26th resolution, adoption of the text of the new Articles of Association of the company following the termination of the stapled share principle. The vote is open. [Voting]

The vote is closed. The resolution is approved. The last resolution, 27th resolution, powers for formalities. The vote is open. [Voting]

The vote is closed. Well, you caught me off guard. It was a bit long and tedious, but it's over.

Thank you, David. Thank you for managing the different votes and resolutions. Now dear shareholders, I'd like to thank you for your participation in this vote. Again, I'd like to thank you on behalf of Carol, Carol Benari for her election. Also on behalf of Roderick Munsters and also my personal capacity for renewing your trust in us. And to conclude this meeting, I would like to once again express my gratitude to our shareholders for their continued support over all these years. And throughout this redeployment of gave us the necessary trust. They supported us when things were more challenging, and we're also delighted to share the better times with them. Also, I'd like to congratulate Jean-Marie Tritant for his work, the party played in the transition that occurred smoothly and the transition at the end of 2025 with Vincent Rouget. Also on behalf of all the shareholders, but on behalf of the Supervisory Board as well, that is present here. I would like to congratulate Vincent Rouget for his new position for the work is done and also other members of the Management Board who are attending as well as all of the group's employees for the outstanding work in 2025 and which is the result of that constant commitment and total dedication, which has enabled us to present these 2025 results and the outlook for 2026. I personally believe that an effective well-performing company is also about a great team, which is what we are fortunate enough to have. Ladies and gentlemen, thank you very much for attending this general meeting. Thank you for your trust. Have a lovely day. Thank you.