Scentre Group · ASX:SCG
Scentre — FY2025 Earnings Presentation
26 slides from Scentre's earnings presentation, Feb 24, 2026
Slide 1: Scentre Group Delivers 4.9% Growth in FFO to $1,188 million for 2025
ASX Announcement 24 February 2026 Scentre Group Delivers 4.9% Growth in Funds From Operations (FFO) to $1,188 million for 2025 $1,188m Scentre Group (ASX: SCG) today released its results for the 12 months to 31 December 2025 with Funds From Operations (FFO) of $1,188 million (22.82 cents per securit
Slide 2: Westfield destinations
During 2025, average specialty rent escalations were 4.5% and 3,090 leasing deals were completed with new specialty lease spreads of 3.2%. This strong operating performance has driven 4.8% growth in Net Operating Income on a like-for-like basis. The Group continues to strengthen engagement with West
Slide 3: New capital and investment management initiatives
New capital and investment management initiatives Following the successful joint venturing of assets, the Group intends to redeem by make-whole US$750 million (approximately $1.15 billion) of 2030 senior bonds with a margin of 4.2% by drawing on existing bank facilities. Scentre Group regularly revi
Slide 4: 2025 Full Year Results
K-Pop Christmas at Westfield Chermside, QLD 2025 Full Year Results
Slide 5: Highlights
Highlights Scentre Group creates the places and experiences that more people choose to come to, more often and for longer Customer and Businesses Financial Capital & Investment communities Management Annual customer visits Occupancy Net Operating Income New joint ventures 540m 99.8% +4.8% $2.2bn Gro
Slide 6: Year in Review
Year in Review Customer Experience Projects Financial Highlights – Welcomed 540 million customers in 2025, up 14 – The expansion of Westfield Sydney opened – Like-for-like Net Operating Income (NOI) growth of million or 2.7% on 2024 including the new CHANEL boutique, Moncler and +4.8% on 20241 – Inc
Slide 7: Visitation
Visitation Customer Visitation +2.7% Strategic Partnerships +14m 540m Disney’s Frozen Light Show at Westfield Chermside, QLD 526m TWICE by Live Nation merchandising at Westfield Sydney, NSW Guy Sebastian at Westfield West Lakes, SA 2024 2025 2025 Full Year Result | 4
Slide 8: Business Partner Sales
Business Partner Sales Total Portfolio Sales (MAT $bn) +$1.0bn For the 12 months to 31 December 2025 total sales were up $1.0 billion or 3.6% +3.6% on 2024 $30.0bn For the 6 months to 31 December 2025 $29.0bn total sales were up 4.5% on 2024 $28.4bn $26.7bn For the 3 months to 31 December 2025 total
Slide 9: Leasing Activity
Leasing Activity 99.8% +4.5% 3,090 Average Specialty Portfolio Occupancy1 Rent Escalations3 Leasing Deals3 +20bps2 CPI + 2% average specialty rent escalations 3,409 3,273 3,253 3,090 99.8% 2,625 1,177 +3.2% 2,566 99.6% Average Specialty 2,497 1,169 1,176 Leasing Spreads3 1,168 99.3% +3.5% in 2H 2025
Slide 10: Gross Rent Cash Collections
Gross Rent Cash Collections Gross Rent Cash Collections +$84m Net Trade Debtors $39m 12 Months to 31 December 2025 As at 31 December 2025 $193m $2,905m $186m $2,821m $2,723m $2,592m $2,258m $84m $2,058m $39m $22m $22m Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-2
Slide 11: Our destinations
42 destinations Our destinations are in close proximity to 21 million people Customer visits 540 million Business partner sales QLD 75m customer visits $30.0 billion 6 672,000 m2 of retail GLA destinations 127ha of land holdings Westfield members 5.0 million Assets under management WA NSW $51.2 bill
Slide 12: Development opportunities
Development opportunities >$4.0bn Future Retail Developments Strategic Land Holding - Target yield of 6-7% with an incremental IRR of 12-15% Masterplanning 670 hectares To date: Lodged planning proposals: 16,100 dwellings Approved planning proposals: 4,100 dwellings Westfield Warringah, NSW Westfiel
Slide 13: Operating Profit and FFO
Operating Profit and FFO 12 months to 12 months to $m 31 Dec 2025 31 Dec 2024 Growth $ Growth % Property revenue 2,731.6 2,643.8 87.8 Property expenses (excluding ECC) (645.2) (637.1) (8.1) Release of expected credit charge (ECC) 17.7 22.8 (5.1) Net Operating Income 2,104.1 2,029.5 74.6 3.7% Net Ope
Slide 14: Financial Position
Financial Position $m 31 Dec 2025 31 Dec 2024 Net Asset Value Per Security Total Assets1 34,662.2 35,223.2 $0.68 Senior Borrowings2 (10,545.9) (11,229.3) Other liabilities (1,695.5) (2,105.6) Minority interest (191.4) (183.1) Subordinated notes3 (3,344.4) (3,698.9) Net Tangible Assets4 18,885.0 18,0
Slide 15: Funding
Funding Funding Interest Cover Liquidity Senior Borrowings 3.4x $5.2bn $10.5bn Gearing1 30.4% Weighted average facility maturity1 4.3 years Subordinated notes $3.3bn FFO to Debt Interest Rate Hedged3 Weighted average interest rate2 5.6% Interest rate exposure hedged percentage3 99% 13.5% 99% Liquidi
Slide 16: Funding
Funding Available liquidity of $5.2 billion at 31 December 2025 Facility Maturity Profile1 % $bn Margin $bn Senior Bonds 4.0 AUD 14% 2.6 USD 15% 2.9 3.5 EUR 13% 2.5 3.0 GBP 4% 0.7 HKD 3% 0.5 2.5 Total 49% 9.2 Bank Facilities 2.0 Drawn 9% 1.9 1.5 Undrawn 25% 4.7 Total 34% 6.6 1.0 Total Senior Facilit
Slide 17: Interest Rate Hedging
Interest Rate Hedging Hedge Maturity Profile and Rates1,2 $bn 14.0 2.98% 99% at 2.98% 12.0 3.01% 10.0 Hedged at January 2026 8.0 99% 6.0 Hedged 82% Hedged 3.49% 82% at 3.01% Hedged at December 2026 4.0 38% 3.79% 2.0 Hedged 3.62% 17% 4% Hedged Hedged 0.0 Jan-26 Dec-26 Dec-27 Dec-28 Dec-29 Swap Payabl
Slide 18: Outlook
Outlook Subject to no material change in conditions: − The Group’s target for Funds From Operations is at least 23.73 cents per security for 2026, representing at least 4.0% growth for the year. − Distributions are expected to grow by 4.0% for 2026 to 18.43 cents per security. 2025 Full Year Result
Slide 19: Appendices
Appendices 16 Guy Sebastian at Westfield West Lakes, SA
Slide 20: Developments
Developments Active Westfield Bondi, NSW Overview Highlights Project Cost $240m (SCG Share: $240m) Introducing a reimagined dining and entertainment Commencement 2025 precinct on level 6, anchored by an upgraded Completion Progressively from Q4 2026 Event Cinemas and Kingpin, a leading entertainment
Slide 21: Profit and FFO
Profit and FFO Statutory Profit FFO Financial Reconciliation from Profit to FFO 12 months to FFO 12 months to Statement $m 31 Dec 2025 Adjustments1 31 Dec 2025 Notes 1. The Group’s measure of FFO is based upon the National A B C=A+B Association of Real Estate Investment Trusts’ (NAREIT, a US industr
Slide 22: Operating Cashflow
Operating Cashflow Cash flows from operating activities – proportionate Equity 12 Months to 12 Months to $m Consolidated Accounted 31 Dec 2025 31 Dec 2024 Receipts in the course of operations (including GST) 3,013.4 302.1 3,315.5 3,291.9 Payments in the course of operations (including GST) (978.4) (
Slide 23: Balance Sheet
Balance Sheet Balance Sheet – Proportionate1 Equity Debt $m Consolidated Accounted 31 Dec 2025 Reclassification 31 Dec 2025 1. Period end AUD/NZD exchange rate 1.1589 at 31 December A B C=A+B 2025 Cash 529.4 55.2 584.6 (584.6) - 2. Includes trade debtors and receivables, interest receivable, interes
Slide 24: Business Partner Sales
Business Partner Sales Growth over 20241 Total sales were 3.6% higher for the 12 months to December Total Portfolio 12 Months to 6 Months to 3 Months to Sales Growth by Category 31 Dec 2025 31 Dec 2025 31 Dec 2025 Specialty sales were 4.8% higher for the 12 months to December Fashion 3.6% 4.5% 4.0%
Slide 25: Property Valuations December 2025
Property Valuations 31 December 2025 AUSTRALIA (A$m) Ownership Book Value Retail Cap Rate Economic Yield AUSTRALIA (A$m) Ownership Book Value Retail Cap Rate Economic Yield Australian Capital Territory South Australia Belconnen 100% 830.0 6.25% 6.70% Marion 50% 645.0 6.00% 6.96% Woden 50% 302.2 6.25
Slide 26: Important Notice
Important Notice All amounts in Australian dollars unless otherwise specified. Scentre Group Limited ABN 66 001 671 496 The material in this release and presentation is for general information purposes only and is given in summary form. Information in this presentation is Scentre Management Limited