Vicinity Centres
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Vicinity Centres (VCX) investor relations material

Vicinity Centres H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary18 Feb, 2026

Executive summary

  • Statutory net profit after tax for 1H FY26 was AUD 805.6 million, up over 60% year-over-year, driven by strong portfolio performance, FFO growth, and significant property revaluation gains.

  • FFO increased to AUD 351 million, with FFO per security up 1.3% and adjusted FFO per security up 4.1% year-over-year.

  • Distribution per security was 6.20 cents, up 4.2%, representing an 88.4% payout of AFFO.

  • Portfolio repositioning continued, with premium assets now comprising 66% of the retail asset portfolio.

  • Retail sales growth was strong across all categories, with specialty and mini majors up 5.1% and jewelry leading at 11%.

Financial highlights

  • Comparable net property income (NPI) grew 3.7% year-over-year, with portfolio occupancy at 99.6% and a record leasing spread of +4.6%.

  • Net property valuation gain of AUD 407 million (2.6%) recognized, lifting NTA per security by 4.8% to AUD 2.52.

  • Gearing reduced to 26.3%, with strong liquidity and AUD 1 billion undrawn debt.

  • Net interest expense fell by AUD 2.7 million due to lower debt volume.

  • FFO/Net debt: 16.1%; Interest cover ratio: 3.8x; weighted average debt maturity: 3.5 years; 91% of debt hedged.

Outlook and guidance

  • Upgraded FY26 comparable NPI growth guidance to 3.5%, with FFO and AFFO per security expected at the top end of guidance: 15.0–15.2 cents and 12.8–13.0 cents, respectively.

  • Full-year distribution payout ratio expected within 95%-100% of adjusted AFFO.

  • Weighted average cost of debt guided at 5% for FY26.

  • Cautiously optimistic sector outlook, supported by strong employment but tempered by higher interest rates and geopolitical uncertainty.

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H2 202619 Aug, 2026
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Frequently asked questions

Vicinity Centres is an Australian real estate investment trust (REIT) specializing in the ownership, management, and development of retail properties. The company’s portfolio includes shopping centers across Australia, ranging from regional malls to urban retail complexes. Vicinity Centres focuses on enhancing the retail experience through property upgrades, tenant mix optimization, and the integration of digital services. The company is headquartered in Melbourne, Victoria, and its shares are listed on the Australian Securities Exchange.

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