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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.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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