Vicinity Centres (VCX) Q3 2025 earnings summary

Executive summary

• 3Q FY25 saw robust retailer and shopper confidence, with portfolio retail sales up 2.4% year-over-year, led by specialties and mini majors at 3.1%.

• Grand opening of The Market Pavilion at Chadstone attracted 107k visitors on the first Saturday, surpassing major 2024 shopping events.

• Occupancy remained stable at 99.4%, and year-to-date leasing spreads were +3.5%, reflecting resilient retailer demand.

• Vicinity expects FY25 FFO and AFFO per security to be at the top end of guidance, driven by strong portfolio metrics.

Financial highlights

• Total portfolio retail sales increased 2.4% in 3Q FY25 compared to the same quarter last year.

• Specialties and mini majors sales rose 3.1% year-over-year; Leisure, Jewellery, Retail Services, and Homewares outperformed.

• Proforma gearing at 27.5%, at the lower end of the target range, supporting investment capacity.

• FY25 FFO per security expected at 14.5–14.8 cents; AFFO per security at 12.3–12.6 cents.

• Full-year distribution payout anticipated at the lower end of the 95–100% AFFO target range.

Outlook and guidance

• FY25 FFO and AFFO per security now expected to be at the top end of guidance, assuming no material economic deterioration.

• Full-year distribution payout expected at the lower end of the 95–100% AFFO range.