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, exceeding guidance.

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

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

• Net Promoter Score increased by 7 points to 56, reflecting improved customer advocacy.

• Completed major redevelopments and expansions, including Westfield Sydney and Bondi, supporting long-term growth.

Financial highlights

• Net Operating Income (NOI) was AUD 2.1 billion, up 3.7% over 2024; like-for-like NOI grew 4.8%.

• FFO rose 4.9% to AUD 1.18 billion (22.82 cents per security).

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

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

• Gross rent cash collections totaled AUD 2.91 billion for the year.

Outlook and guidance

• FFO per security targeted to grow by at least 4% to over AUD 0.2373 in 2026; distributions expected to rise 4% to AUD 0.1843 per security.

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

• Guidance reflects positive momentum but factors in dilution from joint ventures, currency impacts, higher tax, and temporary rent loss from redevelopments.