Scentre Group (SCG) H2 2025 earnings summary

Executive summary

• Achieved fifth consecutive year of earnings and distribution growth, with funds from operations (FFO) up 4.9% to AUD 1.18 billion, exceeding guidance.

• Customer visitation reached a record 540 million in 2025, up 14 million from 2024 and 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 and Bondi.

Financial highlights

• Net Operating Income (NOI) rose 3.7% to AUD 2.1 billion; like-for-like NOI up 4.8%.

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

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

• Business partner sales reached AUD 30 billion, up 3.6% year-over-year.

• Gross rent cash collections totaled $2,905 million 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.