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Vicinity Centres (VCX) investor relations material
Vicinity Centres H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Statutory net profit after tax rose to $1,004.6m, up 83.6% year-over-year, driven by property valuation gains, strong operating performance, and strategic asset acquisitions and divestments.
FFO increased 1.4% to $674M, with adjusted FFO up 3.6% after one-off items and development-related rent loss.
Portfolio repositioning continued, including the acquisition of 50% of Lakeside Joondalup for $420M and divestment of $457M in non-strategic assets.
Major developments completed at Chadstone (Market Pavilion, 1 Middle Road) and pre-leasing for Chatswood Chase largely finished, supporting future income growth.
Employee engagement improved, with a survey score of 7.8, up 0.4 from the prior year.
Financial highlights
Statutory net profit after tax was $1,004.6m, including $674M FFO and $331M from property valuation gains.
FFO per security reached 14.79c, at the top end of guidance.
Comparable NPI rose 3.7% year-over-year, led by premium assets.
Distribution per security was 12.00c, payout ratio 95.4% of AFFO.
Net tangible assets per security increased 10c to $2.40 over the year.
Outlook and guidance
FY26 FFO per security guidance: 15.0–15.2c, representing 2–3.5% growth after adjusting for one-off items and lower development-related rent loss.
Comparable NPI growth forecast at ~3% (3.5% excluding new taxes/levies); lost rent from development to decrease to $25M.
Distribution payout ratio to remain at 95–100% of AFFO.
Continued focus on premium asset development, portfolio quality, and execution of strategic priorities.
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