Scentre Group (SCG) H1 2025 earnings summary

Executive summary

• Customer visitations reached 340 million, up 3.0% year-over-year, with portfolio occupancy at 99.7%, the highest since 2017.

• Funds From Operations (FFO) for H1 2025 reached $587 million, up 3.2% year-over-year, with distributions of $459 million, up 2.5%.

• Statutory profit for the period was $782 million, including a $177 million unrealised property valuation increase.

• Business partner sales reached a record $29.3 billion in the 12 months to June 2025, up $719 million year-over-year.

• Major redevelopments completed at Westfield Bondi, Southland, and Sydney, with further residential development approvals at key sites.

Financial highlights

• Net operating income grew 3.7% to $1,043 million in H1 2025.

• Distributions per security rose 2.5% to 8.815 cents.

• Basic earnings per stapled security doubled to 15.04 cents from 7.79 cents year-over-year.

• Net tangible asset backing per security rose to $3.54.

• Gross rent cash collections for the half were $1,200 million.

Outlook and guidance

• FFO target for 2025 reconfirmed at 22.75 cents per security, representing 4.3% growth.

• Full-year distribution guidance upgraded to 17.72 cents per security, up 3%.

• H2 2025 distribution guidance upgraded to 8.905 cents per security, up 3.5%.

• Strategy focuses on attracting more visitors and unlocking long-term growth from strategic land holdings.