Scentre Group (SCG) H2 2025 earnings summary

Executive summary

• Achieved fifth consecutive year of earnings and distribution growth, with FFO up 4.9% to AUD 1.18 billion ($1,188 million), exceeding guidance.

• Customer visitation reached 540 million in 2025, up 2.7% year-over-year, the highest since 2019.

• Portfolio occupancy reached 99.8%, the highest since 2013.

• Membership base grew 11% to 5 million, driving higher visitation and spend.

• Completed major redevelopments and expansions, including Westfield Sydney, Southland, Burwood, and Bondi.

Financial highlights

• Like-for-like Net Operating Income (NOI) grew 4.8% year-over-year to AUD 2.1 billion.

• FFO rose 4.9% to AUD 1.18 billion ($1,188 million, 22.82 cents per security).

• Distribution increased 3.4% to AUD 923 million (17.72 cents per security).

• Business partner sales hit a record AUD 30 billion, up 3.6% year-over-year.

• Gross rent cash collections totaled AUD 2.905 billion for the year.

Outlook and guidance

• FFO per security targeted to grow by at least 4% to over AUD 0.2373 (23.73 cents) in 2026.

• Distributions expected to grow by 4% to AUD 0.1843 (18.43 cents) per security in 2026.

• Like-for-like NOI growth expected around 4% in 2026; weighted average cost of debt forecast to decline to 5.4%.

• No material new joint ventures or asset sales assumed in 2026 guidance.

• Guidance subject to no material change in conditions and potential headwinds from FX, tax, and redevelopment rent loss.