Slide 1: FY26 Interim Results
FY26 Interim Results 18 FEBRUARY 2026 Vicinity Centres FY26 Interim Results | 18 February 2026
Slide 2: Welcome and Agenda
WELCOME AGENDA 04 10 PETER HUDDLE CEO and Managing Director Highlights and Financial results portfolio performance 14 22 ADRIAN CHYE Chief Financial Officer Development update Appendices and summary Vicinity Centres FY26 Interim Results | 18 February 2026 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 P E T E R HUDDLE CEO AND M A N A G I N G DIRECTOR Chadstone, VIC Vicinity Centres Centres FY26 FY26 Interim Interim Results Results ||18 18February February2026 2026 4
Slide 5: Strategic and Financial Highlights
STRATEGIC AND FINANCIAL HIGHLIGHTS Curating a higher quality, higher growth asset portfolio and delivering operational and financial objectives, amid supportive retail sector $805.6m $351.0m 6.20 cps STATUTORY NET PROFIT FUNDS FROM OPERATIONS 1H FY26 DISTRIBUTION 1H FY25: $492.6m 1H FY25: $344.1m 1H
Slide 6: Portfolio Repositioning; Actively Curating a Premium Asset Portfolio Since June 2022
PORTFOLIO REPOSITIONING; ACTIVELY CURATING A PREMIUM ASSET PORTFOLIO SINCE JUNE 2022 Superior and sustained value creation via strategic developments, targeted acquisitions and timely divestments CAPITAL ALLOCATION MODEL PORTFOLIO PREMIUMISATION VICINITY’S CAPITAL ALLOCATION SINCE JUN-22 RETAIL ASSE
Slide 7: Acquisition – Uptown
ACQUISITION – UPTOWN Irrevocably accepted IFM Investors’ offer for Vicinity to acquire remaining 75% of Uptown; secured for $212 million1 INCREASED EXPOSURE TO CBD RETAIL AND GREATER BRISBANE UPTOWN’S INHERENT GROWTH POTENTIAL SUPPORTED BY PUBLIC • Uptown is a landmark retail asset with significant
Slide 8: Retail Sales
RETAIL SALES Portfolio remixing, enhanced asset portfolio and increased shopper confidence and capacity to spend supports cautiously optimistic outlook Portfolio sales1 Dec-25 MAT Jun-25 Six months Dec-25 Jun-25 Nov/Dec-25 +4.2% (Growth versus prior year) (%) (%) (%) (%) (%) TOTAL PORTFOLIO RETAIL S
Slide 9: Leasing
LEASING Strong leasing performance reflects the depth of tenant demand in a market characterised by tightening retail floorspace supply1 HIGHER QUALITY ASSET PORTFOLIO AND ROBUST RETAILER DEMAND UNDERPINS Leasing statistics 1H FY26 1H FY25 FY25 STRONG LEASING OUTCOMES Leasing spreads (%) +4.6 +3.5 +
Slide 10: Financial results
Financial results ADRIAN CHYE CHIEF FINANCIAL OFFICER Queen Victoria Building and The Galeries, NSW Vicinity Centres Centres FY26 FY26 Interim Interim Results Results ||18 18February February2026 2026 10
Slide 11: Financial Results
FINANCIAL RESULTS Income Statement RESULT HEADLINES 1H FY26 1H FY25 Change Change • Statutory net profit after tax of $805.6m, comprising FFO of $351.0m and $454.6m of statutory, ($m) ($m) ($m) (%) non-cash and other items1 NPI 468.8 463.5 5.3 1.1 • FFO per security up 1.3%. Adjusted for one-off ite
Slide 12: 1H FY26 Valuations
1H FY26 VALUATIONS Highlighting strong asset performance and heightened investor demand, net valuation gain recognised across all asset segments NET VALUATION INCREASE OF $407M, OR 2.6% TO $15.9B • Disciplined focus on quality, long-term leasing deals, increasing occupancy and minimising income at r
Slide 13: Capital Management
CAPITAL MANAGEMENT Strong, diversified funding platform providing liquidity for maturities and capital deployment STRATEGIC BALANCE SHEET MANAGEMENT • Sufficient liquidity to cover all FY26 debt expiries and committed development spend DEBT SOURCES (%) 12 2 16 Bank drawn A/stable Bank undrawn S&P GL
Slide 14: Development update and summary
Development update and summary P E T E R HUDDLE CEO AND M A N A G I N G DIRECTOR Chatswood Chase, NSW Vicinity Centres Centres FY26 FY26 Interim Interim Results Results ||18 18February February2026 2026 14
Slide 15: Successful Opening of Stage 1 of the Reimagined Chatswood Chase
SUCCESSFUL OPENING OF STAGE 1 OF THE REIMAGINED CHATSWOOD CHASE Stage 1 opening marked the start of a new era for Chatswood Chase, as the pre-eminent fashion and luxury destination in northern Sydney 65 $119m +34% 2.4m ~$625m >6.0% ~10% NEW RETAILERS TOTAL CENTRE SALES SAME-STORE SALES VISITATION DE
Slide 16: Completion of Chadstone's Fully Integrated 20,000sqm Office Tower
COMPLETION OF CHADSTONE’S FULLY INTEGRATED 20,000SQM OFFICE TOWER Chadstone now home to >6,500 office workers across >50,000sqm on weekdays, driving continuous visitation and spending The welcoming of Kmart and Adairs’ head office employees to Chadstone, solidifies the asset as a highly sought after
Slide 17: A City Within a Centre
A CITY WITHIN A CENTRE Chadstone is a world-class retail-led mixed-use destination, blending fashion, food, entertainment, leisure, work and stay The Social Quarter Chadstone Place Chadstone Place – Officeworks Chadstone Place – Officeworks The Market Pavilion Tower One and Hotel Chadstone Tower One
Slide 18: Redevelopment of Galleria Underway
REDEVELOPMENT OF GALLERIA UNDERWAY Transforming the asset with a new entertainment and lifestyle precinct complemented by a complete mall refresh A new entertainment-led precinct offering a refreshed mix of leisure A vibrant fashion precinct showcasing experiences and multiple exciting new dining de
Slide 19: Targeted Retail Projects Focused on Expansion of High Performing Retail Partners
TARGETED RETAIL PROJECTS FOCUSED ON EXPANSION OF HIGH PERFORMING RETAIL PARTNERS From the recently completed UNIQLO at Emporium Melbourne to the successful repurposing of department store at Mandurah Forum EMPORIUM MELBOURNE – UNIQLO FLAGSHIP OPEN AND TRADING WELL MANDURAH FORUM – CATEGORY LEADING S
Slide 20: Mixed-Use Development – Opportunities
MIXED-USE DEVELOPMENT – OPPORTUNITIES Strong alignment with government’s housing priorities, advanced mixed-use opportunities at Chatswood Chase and Bankstown Central CHATSWOOD Havilah and Malvern Towers 480 ~3,800sqm BANKSTOWN Exchange Precinct and 1,570 ~23,700sqm APARTMENTS SITE AREA Town Centre
Slide 21: Strategic Focus Areas and FY26 Guidance
STRATEGIC FOCUS AREAS AND FY26 GUIDANCE Curating a higher quality, more resilient and differentiated retail asset portfolio in an environment of favourable retail sector fundamentals DISCIPLINED FOCUS ON STRATEGIC EXECUTION AND DELIVERING ON OUR GROWTH PRIORITIES • Delivering predictable and growing
Slide 22: Appendices
APPENDICES 23 Asset transactions 24 Australian macroeconomic 27 Development pipeline 28 Direct portfolio 33 Assets under summary environment management 34 Financial results 37 Key dates 38 Contact details Vicinity Centres FY26 Interim Results | 18 February 2026 22
Slide 23: Asset Transactions Summary
ASSET TRANSACTIONS SUMMARY Premium/ Divestments Price ($m) Settlement (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 24: Australian Macroeconomic Environment
AUSTRALIAN MACROECONOMIC ENVIRONMENT While population growth and a tight employment market are providing a level of resilience, Australian households still contend with elevated living costs NATIONAL INCOME AND HOUSEHOLD SPENDING VS HOUSEHOLD SAVINGS RATE1 HOUSE PRICES1,2 (Seasonally adjusted, %) (Q
Slide 25: Australian Shopping Centres Are Resilient Through Cycles
AUSTRALIAN SHOPPING CENTRES ARE RESILIENT THROUGH CYCLES Growing 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 26: Specialty Occupancy Cost Ratio (OCR)
SPECIALTY OCCUPANCY COST RATIO (OCR) Vicinity’s OCR highlights potential for continued positive leasing tension and future rent growth SPECIALTY OCCUPANCY COSTS FAVOURABLE FUNDAMENTALS SUPPORT LEASING TENSION AND SUSTAINED RENT (%) GROWTH • Portfolio repositioning 15.3 • Tightening supply of retail
Slide 27: Development Pipeline
DEVELOPMENT PIPELINE Near-term pipeline targeting premium retail assets, complemented by mixed-use opportunities that enhance longer-term option value Asset Project Est cost ($m)1 Status FY26 FY27 FY28+ Chatswood Chase Retail – major retail development ~625 Construction Galleria Retail – fashion, li
Slide 28: Direct Portfolio
DIRECT PORTFOLIO Differentiated and National retail portfolio Vicinity Centres FY26 Interim Results | 18 February 2026 28
Slide 29: Direct Portfolio – Key statistics by centre type
DIRECT PORTFOLIO Key statistics by centre type Total Premium Outlet portfolio Chadstone CBDs/SC1,2 Centres3 Core Number of retail assets 51 1 9 8 33 Gross lettable area (000’s) (sqm) 2,299 247 390 285 1,377 Total value4 ($m) 15,929 3,590 3,768 2,611 5,959 Portfolio weighting (by value) (%) 100 23 24
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 1 Supermarket Kmart, Target, Officeworks, Bunnings, Priceline, 28 2.6 1 78 4.3 Priceline Pharmacy, Australian Ski
Slide 31: Direct Portfolio – Additional leasing disclosures
DIRECT PORTFOLIO Additional leasing disclosures LEASE EXPIRY PROFILE (By income, %) 33 14 14 13 12 7 4 2 0 0 1 1 Holdover FY26 FY27 FY28 FY29 FY30+ Majors All other retailers WEIGHTED AVERAGE LEASE EXPIRY (Years) Dec-25 Jun-25 By area 4.5 4.3 By income 3.7 3.6 The Glen, VIC Vicinity Centres FY26 Int
Slide 32: Direct Portfolio – Non-comparable centres for sales reporting
DIRECT PORTFOLIO Non-comparable centres for sales reporting Dec-25 Jun-25 Box Hill Central North, VIC Pre-development Pre-development Chatswood Chase, NSW Development Development Galleria, WA Development Development Uptown, QLD Pre-development Pre-development Northland, VIC Vicinity Centres FY26 Int
Slide 33: Assets Under Management
ASSETS UNDER MANAGEMENT More than 6,400 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 ($m) 7,007 8,921 15,929 123/9,199 25,252 GLA (000, sqm) 791 1,508 2,299 26
Slide 34: FFO reconciliation to statutory net profit after tax
FINANCIAL RESULTS FFO reconciliation to statutory net profit after tax 1H FY26 1H FY25 ($m) ($m) Statutory net profit after tax 805.6 492.6 Property revaluation increment for directly owned properties (422.8) (188.4) Non-distributable gain relating to equity accounted investments (18.1) (19.3) Amort
Slide 35: Balance sheet
FINANCIAL RESULTS Balance sheet Dec-25 Jun-25 Variance ($m) ($m) ($m) Cash and cash equivalents 55.7 80.7 (25.0) Investment properties (including held for sale) 15,699.6 15,063.8 635.8 Equity accounted investments 562.7 540.8 21.9 Net derivative financial instruments 206.6 248.1 (41.5) Intangible as
Slide 36: Additional debt disclosures
FINANCIAL RESULTS Additional debt disclosures Key debt statistics Dec-25 Jun-25 Fixed rate instruments Hedge rate5 (weighted average, A$m) (weighted average, %) Total debt facilities $5.3b $5.9b 4,000 89% 4.00 85% Drawn debt $4.3b $4.2b 3,500 3.50 Undrawn limit $1.0b $1.7b 72% 3,000 3.00 Weighted av
Slide 37: Key Dates
KEY DATES 18 February 2026 23 February 2026 24 February 2026 25 February 2026 FY26 interim results released and Ex-distribution date for FY26 interim Record date for FY26 interim Last date for DRP election announcement of FY26 interim distribution distribution distribution 12 March 2026 19 August 20
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 FY26 Interim Results | 18 February 2026