Scentre Group (SCG) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened by the Company Secretary, followed by the Chair, who acknowledged traditional custodians and outlined the hybrid format and procedural matters.

• Voting was conducted by poll, with instructions provided for in-person, online, and telephone participants.

• The Chair confirmed a quorum and introduced the board, executive team, and auditors.

Financial performance review

• 2024 saw 3.5% growth in funds from operations to AUD 1.132 billion and 3.8% growth in distributions.

• Total security return for the year was 20.9%, marking the fourth consecutive year of growth.

• Customer visits reached 526 million, up 14 million from 2023, and business partner sales hit a record AUD 29 billion.

• Occupancy increased to 99.6%, specialty rents rose 5.2%, and new lease spreads were positive 2%.

• The group maintained a single-A credit rating and ended 2024 with AUD 3.6 billion in available liquidity.

Board and executive committee updates

• Board renewal continued with the appointment of Craig Mitchell, who will transition to Chair of the Audit and Finance Committee.

• Steve McCann retired from the board in June 2024.

• The board emphasized ongoing succession planning and skills diversity.