Vicinity Centres (VCX) investor relations material

Portfolio strategy and capital management

• Portfolio weighting has shifted to 67% premium assets, supported by disciplined capital recycling, targeted acquisitions and development.

• Divestments of non-strategic assets generated $1.6b at a 10% premium to book value, funding reinvestment in higher-growth opportunities.

• Chadstone is valued at $7.26b and Chatswood Chase at ~$1.5b; Chadstone’s valuation rose ~$1b since June 2022.

• Balance sheet: 26.1% gearing, $0.8b undrawn debt and A/Stable, A2/Stable credit ratings; 87% of FY27 debt is hedged.

Market Pavilion concept and activation

• The Market Pavilion is a distinctive marketplace inspired by international food markets, built around artisan operators, discovery, activity and a vibrant atmosphere.

• Specialty food, traditional market operators and dining are integrated with seating, a demonstration kitchen, food concierge and flexible programming.

• More than AUD 500m was deployed at Chadstone across The Market Pavilion, One Middle Road, placemaking works and two additional car park levels.

• One Middle Road adds to an office footprint of ~51,000 sq m, bringing weekday workers and spending into the centre.

Chadstone returns and operations

• The Market Pavilion achieved 93% of stabilized sales in FY2026; benchmarks are 95% in year one and 100% by year three.

• The Market Pavilion and One Middle Road achieved 93% of stabilized sales in year one and a 5.6% yield upon stabilization.

• Construction disrupted ~23,000 sq m and reduced visitation by ~300,000 people per month during closures and access changes; visitation rebounded after development.

• Office leasing incentives were in the early 40% range versus a 35% underwriting assumption; Kmart and Adairs signed a 12-year lease with step increases.

• Operational handover planning began more than 12 months before completion; the tracker and cross-functional retailer onboarding approach were later applied at Chatswood Chase and Galleria.