Scentre Group (SCG) H1 2026 earnings summary

Executive summary

• Customer visitations reached a record 552 million, up 3.3% year-over-year, driving business partner sales to $30.3 billion and supporting record occupancy of 99.8%.

• Statutory profit after tax rose 24.6% to $975 million, driven by property revaluation gains and strong operational performance.

• Funds From Operations (FFO) for H1 2026 increased 4.4% to $612.4 million, with distributions up 4.9% to $481.3 million (9.215 cents per security).

• Major redevelopment projects are underway at Westfield Bondi, Penrith, and Tuggerah, with a significant pipeline of 25,600 dwellings in advanced planning or approved.

• Westfield membership increased 11% to 5.2 million, and customer advocacy (NPS) rose 12 points to 65.

Financial highlights

• FFO per security for H1 2026 was 11.73 cents; full-year guidance upgraded to at least 23.79 cents per security, up 4.25%.

• Distributions per security for H1 2026 were 9.215 cents; full-year guidance upgraded to 18.473 cents, up 4.25%.

• Statutory profit was $975 million, including a $478 million unrealised property revaluation gain.

• Net tangible asset backing per security rose to $3.71 from $3.62 at December 2025.

• Operating cash flow for the half year was $566.8 million, up from $472.1 million in the prior period.

Outlook and guidance

• Upgraded FFO guidance for H2 2026 to at least 12.06 cents per security, targeting full-year growth of at least 4.25%.

• Full-year distribution guidance raised to 18.473 cents per security, up 4.25% year-over-year.

• Continued confidence in earnings growth trajectory, supported by strong operating performance and capital management.