Slide 1: FY25 Annual Results
FY25 Annual Results 20 AUGUST 2025 Vicinity Centres FY25 Annual Results | 20 August 2025
Slide 2: Welcome and Agenda
WELCOME AGENDA 04 11 PETER HUDDLE CEO and Managing Director Highlights and Financial results portfolio performance 15 23 ADRIAN CHYE Chief Financial Officer Development update Appendices and summary Vicinity Centres FY25 Annual Results | 20 August 2025 2
Slide 3: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY Vicinity Centres acknowledges the Traditional Custodians of the land and pays respect to Elders past and present. As a business that operates in many locations across the nation, we recognise and respect the cultural heritage, beliefs, and relationship with the land, which
Slide 4: Highlights and portfolio performance
Highlights and portfolio performance PE T E R HUDDLE CEO AND M A N A GI N G DIRECTOR The Galeries, NSW Vicinity Centres FY25 Annual Results | 20 August 2025 4
Slide 5: Highlights
HIGHLIGHTS Strategic execution and positive portfolio metrics support FY25 result amid tightening retail supply and strengthening shopper sentiment $1,004.6m $673.8m 12.0cps STATUTORY NET PROFIT FUNDS FROM OPERATIONS ANNUAL DISTRIBUTION FY24: $547.1m FY24: $664.6m FY24: 11.75 cps Acquired Completed
Slide 6: Our Purpose: Shaping Meaningful Places Where Communities Connect
OUR PURPOSE: SHAPING MEANINGFUL PLACES WHERE COMMUNITIES CONNECT Our vision: To prosper with our people and communities by creating Australia’s most compelling portfolio of retail-led destinations $24b AUM, across 52 shopping centres c.380m customer visits Chadstone, VIC – Dining Laneway QueensPlaza
Slide 7: Portfolio Repositioning; Actively Curating Premium Asset Portfolio Since June 2022
PORTFOLIO REPOSITIONING; ACTIVELY CURATING PREMIUM ASSET PORTFOLIO SINCE JUNE 2022 Driving superior long-term growth via developments, acquisitions, divestments and curating premium retail assets, anchored by experience VICINITY’S CAPITAL ALLOCATION SINCE JUN-221 PREMIUM RETAIL ASSETS DELIVER SUPERI
Slide 8: Retail Sales
RETAIL SALES Improving retail sales momentum throughout FY25, particularly in 2H and 4Q of FY25, supports cautiously optimistic sales outlook for FY26 MOMENTUM OF RETAIL SALES GROWTH ACCELERATED FROM 2Q FY25 ONWARDS MAT Six months • Improved rate of retail sales growth likely reflects confluence of:
Slide 9: Leasing
LEASING Positive leasing metrics reflect quality asset portfolio and tenant demand, amid tightening retail supply1 and strengthening retail sales growth STRONG METRICS REFLECT ENHANCED PORTFOLIO QUALITY AND RETAILER DEMAND Leasing statistics FY25 FY24 • Achieved a positive leasing spread of +2.5% (F
Slide 10: Specialty Occupancy Cost Ratio Supports Continued Leasing Tension and Rent Growth
SPECIALTY OCCUPANCY COST RATIO (OCR) SUPPORTS CONTINUED LEASING TENSION AND RENT GROWTH Coupled with strong occupancy, Vicinity’s OCR highlights potential for continued positive leasing tension and future rent growth Specialty occupancy costs FAVOURABLE FUNDAMENTALS SUPPORT LEASING TENSION AND SUSTA
Slide 11: Financial results
Financial results ADRIAN CHYE CHIEF FINANCIAL OFFICER QueensPlaza, QLD Vicinity Centres FY25 Annual Results | 20 August 2025 11
Slide 12: Financial Results
FINANCIAL RESULTS At 14.8 cents, Vicinity delivered FFO per security at the top end of its guidance range of 14.5 to 14.8 cents per security RESULT HEADLINES FY25 FY24 Change Change ($m) ($m) ($m) (%) • Statutory net profit after tax of $1,004.6m, comprising FFO of $673.8m and $330.8m of statutory,
Slide 13: 2H FY25 Valuations
2H FY25 VALUATIONS Consistently strong income growth underpinning uplift in retail asset valuations NET VALUATION INCREASE1 OF $175M, OR 1.2% IN 2H FY25 Valuation Capitalisation rate • Valuation gains reflects largely stable capitalisation rates and strong income growth No. of Value Change Average C
Slide 14: Capital Management
CAPITAL MANAGEMENT Diversified funding with ample liquidity to meet maturities and capital requirements PROACTIVE CAPITAL MANAGEMENT • Divested $457m of non-strategic assets1 providing an important additional funding mechanism for Debt sources (%) 11 2 7 Bank drawn Bank undrawn A/stable Vicinity’s i
Slide 15: Development update and summary
Development update and summary PE T E R HUDDLE CEO AND M A N A GI N G DIRECTOR Emporium Melbourne, VIC Vicinity Centres FY25 Annual Results | 20 August 2025 15
Slide 16: Development: Chadstone's The Market Pavilion and One Middle Road
DEVELOPMENT: CHADSTONE’S THE MARKET PAVILION AND NEW ONE MIDDLE ROAD OFFICE TOWER Opening of The Market Pavilion and relocation of Adairs’ new corporate office to One Middle Road ushers in a new era for Chadstone MELBOURNE ICONIC FRESH FOOD BRANDS FIRST TO SHOPPING CENTRE RETAILERS 66 new retailers
Slide 17: Development: Transformation of Chatswood Chase
DEVELOPMENT: TRANSFORMATION OF CHATSWOOD CHASE INTO NORTHERN SYDNEY’S FASHION CAPITAL Focus shifts to successful staged opening of Sydney’s new and unrivalled fashion capital; pre-leasing now largely complete 2Q FY26 >6% Stage 1 stabilised yield opening Under construction 4Q FY26 ~10% Stage 2 Unleve
Slide 18: Chatswood Chase to Become Northern Sydney's Luxury Fashion Capital
CHATSWOOD CHASE TO BECOME NORTHERN SYDNEY’S LUXURY FASHION CAPITAL Housing the largest and most comprehensive collection of the world’s leading luxury brands in Sydney’s most affluent catchment Note: Additional retailers secured can be found on slide 28. Vicinity Centres FY25 Annual Results | 20 Aug
Slide 19: Development: Redevelopment of Galleria Approved
DEVELOPMENT: REDEVELOPMENT OF GALLERIA APPROVED TO COMMENCE Development of a new entertainment and lifestyle precinct and complete mall revitalisation ~$120m development spend1 ~6% stabilised yield >10% Unlevered IRR 2026 Open by Christmas Artist’s impressions Vicinity Centres FY25 Annual Results |
Slide 20: Future Developments
FUTURE DEVELOPMENTS Progress made on a number of future mixed-use development opportunities during FY25 CHATSWOOD ACCEPTED FOR HOUSING DELIVERY AUTHORITY (HDA) PLANNING PATHWAY • Adjacent sites (in Havilah Street and Malvern Avenue) endorsed for inclusion into NSW State HDA fast track planning pathw
Slide 21: FY26 Earnings Guidance
FY26 EARNINGS GUIDANCE Robust income growth partially offset by asset divestments executed in FY25 FY26 EARNINGS GUIDANCE1 FY25 TO FY26 FFO PER SECURITY WATERFALL (cents per security) 15.2 15.0-15.2 cps 12.8-13.0 cps 95-100% FFO AFFO DISTRIBUTION 0.2 15.0 payout of AFFO 14.8 14.7 (0.3) • Adjusting f
Slide 22: Summary and Outlook
SUMMARY AND OUTLOOK FY25 and FY26; important years where immediate, medium and long-term strategic priorities are executed to support sustained value accretion FY25 SUMMARY • Momentum of strategic, operational and financial execution continued in 2H FY25 • Acquired and integrated 50% interest in Lak
Slide 23: Appendices
APPENDICES 24 Asset transactions summary 25 Australian retail 27 Development 28 Chatswood tenant mix 29 Direct portfolio environment (excluding luxury) 33 Assets under management 34 Financial results 37 Key dates 38 Contact details Vicinity Centres FY25 Annual Results | 20 August 2025 23
Slide 24: Asset Transactions Summary
ASSET TRANSACTIONS SUMMARY Divestments Price ($m) Settlement Premium/ (discount) to book Kurralta Central, SA 29 Feb 2024 Roxburgh Village, VIC 8 Mar 2024 Dianella Plaza, WA 8 Mar 2024 Ancillary properties Various Halls Head Central, WA 5 Jul 2024 Maddington Central, WA 8 Jul 2024 Karratha City, WA
Slide 25: Australian Macroeconomic Environment
AUSTRALIAN MACROECONOMIC ENVIRONMENT While population growth and tight employment market are providing a level of resilience, Australian households still contend with elevated living costs NATIONAL INCOME AND RETAIL SALES GROWTH VS HOUSEHOLD SAVINGS RATE1 HOUSE PRICES2 (Seasonally adjusted, %) (Quar
Slide 26: Australian Shopping Centres Are Resilient Through Cycles
AUSTRALIAN SHOPPING CENTRES ARE RESILIENT THROUGH CYCLES Emerging shortage of retail GLA per capita driven by population growth and reduced investment pipeline NATIONAL SHOPPING CENTRE DEVELOPMENT SUPPLY PIPELINE BY ASSET1 UNDERSUPPLY OF RETAIL PROPERTY EXPECTED (new developments and extensions, sqm
Slide 27: Development Pipeline
DEVELOPMENT PIPELINE Near-term development pipeline focused on premium retail assets while broader mixed-use development opportunities present option value Asset Project Est cost ($m)1 Status FY26 FY27 FY28+ Chadstone Retail – luxury/premium brand expansion ~75 Planned Chatswood Chase Retail – major
Slide 28: Chatswood Chase to Offer an Unrivalled Brand Mix
CHATSWOOD CHASE TO OFFER AN UNRIVALLED BRAND MIX IN NORTHERN SYDNEY Pre-leasing largely complete with Chatswood Chase to house a highly curated collection of best-in-class global and local retailer brands and experiences INTERNATIONAL, FLAGSHIPS AUSTRALIAN ATHLEISURE AND AUSTRALIAN BEAUTY AND AND DE
Slide 29: Direct Portfolio: Key statistics by centre type
DIRECT PORTFOLIO Key statistics by centre type Total Premium Outlet portfolio Chadstone CBDs/SC Centres1 Core2 Number of retail assets 51 1 8 8 34 Gross lettable area (000’s) (sqm) 2,302 243 322 285 1,452 Total value3 ($m) 15,266 3,535 2,520 2,533 6,678 Portfolio weighting (by value) (%) 100 23 17 1
Slide 30: Direct Portfolio: Key tenants
DIRECT PORTFOLIO Key tenants TOP 10 BRANDS BY INCOME TOP 10 TENANT GROUPS BY INCOME No. of % of No. of % of Rank Retailer Retailer type stores income1 Rank Retailer stores income1 Brands Kmart, Target, Officeworks, Bunnings, Priceline, 1 Supermarket 28 2.7 1 78 4.5 Priceline Pharmacy, Australian Ski
Slide 31: Direct Portfolio: Additional leasing disclosures
DIRECT PORTFOLIO Additional leasing disclosures LEASE EXPIRY PROFILE (By income, %) 26 14 14 14 13 11 3 2 2 0 1 1 Holdover FY26 FY27 FY28 FY29 FY30+ Majors All other retailers WEIGHTED AVERAGE LEASE EXPIRY (Years) Jun-25 Dec-24 By area 4.3 4.3 By income 3.6 3.6 Chadstone, VIC Vicinity Centres FY25 A
Slide 32: Direct Portfolio: Non-comparable centres
DIRECT PORTFOLIO Non-comparable centres for sales reporting Jun-25 Dec-24 Major changeover and Box Hill Central North, VIC Pre-development pre-development Chatswood Chase, NSW Development Development Galleria, WA Development Pre-development Major changeover and Uptown, QLD Pre-development pre-develo
Slide 33: Assets Under Management
ASSETS UNDER MANAGEMENT More than 6,300 tenants across 52 assets under management1 DIRECT PORTFOLIO ASSETS UNDER MANAGEMENT Third party/ Wholly-owned Jointly-owned Total1 Total1 co-owned Number of assets 26 25 51 1 52 Value2 ($m) 6,587 8,679 15,266 123/8,957 24,346 GLA (000, sqm) 790 1,512 2,302 26
Slide 34: FFO reconciliation to statutory net profit after tax
FINANCIAL RESULTS FFO reconciliation to statutory net profit after tax FY25 FY24 ($m) ($m) Statutory net profit after tax 1,004.6 547.1 Property revaluation (increment)/decrement for directly owned properties (395.2) 38.9 Non-distributable (gain)/loss relating to equity accounted investments (20.3)
Slide 35: Balance sheet
FINANCIAL RESULTS Balance sheet Jun-25 Jun-24 Variance ($m) ($m) ($m) Cash and cash equivalents 80.7 49.6 31.1 Investment properties (including held for sale) 15,063.8 14,958.0 105.8 Equity accounted investments 540.8 91.8 449.0 Net derivative financial instruments 248.1 94.8 153.3 Intangible assets
Slide 36: Additional debt disclosures
FINANCIAL RESULTS Additional debt disclosures Key debt statistics Jun-25 Jun-24 Fixed rate instruments Hedge rate3 (weighted average, A$m) (weighted average, %) Total debt facilities $5.9b $5.4b 4,000 4.00 Drawn debt $4.2b $4.1b 3,500 3.50 Undrawn limit $1.7b $1.4b 3,000 3.00 Weighted average cost o
Slide 37: Key Dates
KEY DATES 20 August 2025 25 August 2025 26 August 2025 27 August 2025 FY25 annual results released and Ex-distribution date for FY25 final Record date for FY25 final distribution Last date for DRP election announcement of FY25 final distribution distribution 16 September 2025 17 September 2025 6 Nov
Slide 38: Contact Details and Disclaimer
CONTACT DETAILS AND DISCLAIMER FOR FURTHER INFORMATION PLEASE CONTACT: JANE KENNY General Manager Investor Relations & Corporate Communications T +61 3 7001 4291 E jane.kenny@vicinity.com.au AUTHORISATION The Board has authorised that this document be given to ASX. DISCLAIMER This document is a pres
Slide 39: Thank you
Thank you Vicinity Centres FY25 Annual Results | 20 August 2025