Scentre Group (SCG) H1 2025 earnings summary

Executive summary

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

• Strategic initiatives and redevelopments at 42 destinations in Australia and New Zealand drove strong performance, increased customer advocacy (NPS up 6 points to 53), and continued earnings growth.

• Business partner sales reached $13.8 billion, up 2.9% year-over-year, and specialty sales grew 3.9%.

• Westfield membership grew to 4.7 million, up 0.6 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.

• Funds from operations (FFO) for H1 2025 were $587 million, up 3.2% year-over-year.

• Distributions per security rose 2.5% to 8.815 cents, totaling $459 million.

• Statutory profit after tax was $782 million, including a $177 million unrealized property revaluation gain.

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

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% year-over-year.

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