Vicinity Centres (VCX) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by the Chairman, acknowledging traditional custodians and outlining the agenda, including financial review, CEO address, Q&A, and formal business items.

• Hybrid meeting format enabled both in-person and online participation, with clear instructions for engagement and voting.

• Notice of meeting and voting procedures were confirmed, with all resolutions to be decided by poll.

Financial performance review

• Statutory net profit reached $1,004.6m for FY25, up from $547.1m in FY24, with FFO at AUD 674 million, up AUD 9 million from prior year.

• Asset portfolio shifted from 51% premium in June 2022 to 66% in June 2025, reflecting strategic acquisitions and divestments.

• Major asset sales raised close to AUD 460 million in H1 FY2025, exceeding the AUD 250 million target, and AUD 1 billion divested since FY2024.

• Comparable net property income grew by 3.7%, led by premium assets, and portfolio occupancy improved to 99.5% as of June 2025.

• Gearing reduced to 26.6% from 27.2% in June 2024, with a AUD 349 million increase in asset valuations.

Board and executive committee updates

• Board composition discussed, including the Chairman, CEO and Managing Director, seven other directors, recent retirement and re-elections, with directors presenting their credentials and commitment to governance.

• Succession planning, tenure, and diversity were debated, with emphasis on value and contribution over fixed terms or quotas.