Vicinity Centres · ASX:VCX
Vicinity Centres — Investor Day (September 2026)
103 slides from Vicinity Centres's investor day presentation, Sep 16, 2026
Slide 1: ASX Announcement: Capability Showcase and Asset Tours
For personal use only ASX Announcement 16 September 2026 Capability Showcase and Asset Tours Vicinity Centres ('Vicinity', ASX:VCX) is hosting a Capability Showcase presentation followed by a Melbourne asset tour today and Sydney asset tour tomorrow. The presentation will be webcast today from 9.00a
Slide 2: 2026 Capability Showcase
VICINITY CENTRES 2026 rsonal use only Capability Showcase Differentiated assets. Enduring value. 16-17 September 2026 Chatswood Chase, NSW
Slide 3: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY rsonal use only 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
Slide 4: Agenda
CAPABILITY SHOWCASE Agenda rsonal use only Day one – Wednesday 16 September 9.00am to 3.15pm Presentations and webcast 3.45 to 5.00pm Tour – Chadstone 5.00 to 8.00pm Refreshments and dinner Day two – Thursday 17 September 10.00 to 11.15am Tour – Chatswood Chase Chadstone, VIC – The Market Pavilion 2
Slide 5: Introduction
Introduction rsonal use only Chatswood Chase, NSW 3 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 6: Specialist expertise. Collective strength.
OUR ORGANISATIONAL CAPABILITY | REPRESENTATIVES TODAY Specialist expertise. Collective strength. rsonal use only Peter Huddle Adrian Chye Matt Parker Ross Siciliano CEO and Managing Director Chief Financial Officer Group Director Leasing General Manager Premium & Luxury Accounts Michael Whitehead Am
Slide 7: Our Investment Proposition
OUR INVESTMENT PROPOSITION Quality assets. Platform of scale. Partner of choice. Disciplined capital management. rsonal use only Compelling and increasingly Retailer and capital Disciplined Purposeful premium retail portfolio partner of choice capital management ESG program – Chadstone – Australia’s
Slide 8: Scaled nationally. Increasingly premium.
OUR ASSET PORTFOLIO Scaled nationally. Increasingly premium. rsonal use only BURANDA VILLAGE DFO BRISBANE GRAND PLAZA QUEENSPLAZA TAIGUM SQUARE2 Note: UPTOWN3 Totals may not sum due to rounding Wholly-owned Co-owned Managed only Number of shopping centres BANKSTOWN CENTRAL 10% % Portfolio value CHAT
Slide 9: Capital recycled. Portfolio premiumised.
OUR INVESTMENT STRATEGY Capital recycled. Portfolio premiumised. Own and operate a premium and differentiated retail asset portfolio capable of delivering superior income and value growth through cycles rsonal use only Vicinity’s capital allocation since Jun-22 Retail asset portfolio by centre type
Slide 10: Bought selectively. Positioned deliberately.
OUR INVESTMENT STRATEGY | ACQUISITIONS Bought selectively. Positioned deliberately. Acquisition activity since June 2022 rsonal use only Lakeside Joondalup, WA Chatswood Chase, NSW DFO Eastern Creek, NSW Uptown, QLD Acquisition price $420m $307m $351m $212m For 50% interest For 49% interest For 100%
Slide 11: All scales. National program. Accretive outcomes.
OUR INVESTMENT STRATEGY | DEVELOPMENTS All scales. National program. Accretive outcomes. Development activity since June 2022 Meaningfully accretive investment across the portfolio1 rsonal use only 34 20 $2.5b Development ~7% ~12% Projects Assets Stabilised yield2 Unlevered IRR2 cost (100%) 5 projec
Slide 12: Exited deliberately. Reinvested strategically.
OUR INVESTMENT STRATEGY | DIVESTMENTS Exited deliberately. Reinvested strategically. Divestment activity since June 2022 rsonal use only Recycling of non-strategic interests to enhance portfolio strength and fund strategic investments 16 Interests in $1.6b Total proceeds 1 10.0% Average premium ~6.0
Slide 13: Quality concentrated. Productivity lifted.
OUR INVESTMENT STRATEGY | ACCRETIVE OUTCOMES Quality concentrated. Productivity lifted. Direct portfolio Jun-22 Jun-26 Movement rsonal use only Total value $14,524m $16,585m1 +$2,061m Number of properties 59 471 (12) Average asset size2 $393m $563m3 +$170m | +43% Occupancy rate 98.3% 99.6%4 +130 bps
Slide 14: Employment tight. Savings robust.
RETAIL PROPERTY SECTOR FUNDAMENTALS Employment tight. Savings robust. Consumer and retail sales drivers rsonal use only Labour market strength underpins shopper confidence to spend Household savings act as initial buffer to rising household costs Unemployment rate and long-term average – seasonally a
Slide 15: Structural scarcity. Competitive advantage.
RETAIL PROPERTY SECTOR FUNDAMENTALS Structural scarcity. Competitive advantage. Structural underpinnings remain favourable rsonal use only Limited investment in new regional retail assets Population-led retail sales growth outpacing retail supply National shopping centre development supply pipeline
Slide 16: Clear hurdles. Disciplined allocation.
OUR CAPITAL ALLOCATION Clear hurdles. Disciplined allocation. Investment opportunities Indicative investment target returns rsonal use only Target – Acquisition focus on premium malls and outlets that leverage Vicinity’s platform Investment type Target yield unlevered IRR – Development activity to e
Slide 17: Strength maintained. Capacity preserved.
OUR BALANCE SHEET Strength maintained. Capacity preserved. Key debt metrics as at 30 June 2026 rsonal use only 26.1% Gearing1 16.1% FFO2 /net debt 4.1 times Interest cover ratio 5.0% Weighted average 5.1 years Weighted average 87% Of debt hedged cost of debt3 drawn debt maturity in FY27 $0.8b Undraw
Slide 18: Diversified book. Well hedged.
OUR BALANCE SHEET Diversified book. Well hedged. Favourable maturity and hedging profile rsonal use only Debt maturity profile Hedge maturity profile and rates Hedge rate1 ($m) (Weighted average, $m) (Weighted average, %) 7 Bank drawn 7 17 1,200 Bank undrawn 5,000 5.0 Debt 16 AMTN sources 15 EMTN 1,00
Slide 19: Outperformance sustained.
OUR INVESTMENT PERFORMANCE Outperformance sustained. Vicinity portfolio1 return vs PCA/MSCI retail sector index2 rsonal use only Performance periods ending 30 June 2026 11.0% 9.8% 8.7% 8.0% 6.5% 6.0% 1 year 3 years (% p.a.) 5 years (% p.a.) Vicinity MSCI retail sector 1. Asset level ungeared perform
Slide 20: Q&A
Q&A rsonal use only Chatswood Chase, NSW 18 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 21: Break
Break rsonal use only Chatswood Chase, NSW
Slide 22: Vicinity's integrated retail asset management model
VICINITY’S INTEGRATED RETAIL ASSET MANAGEMENT MODEL Organisational capabilities reinforce value creation rsonal use only W H O L E O F A S S E T VA L U E C R E AT I O N OPP O RT U OWTH GROWTH NI GR ES T E KS M C T Y EA LO CO CR UN IN DEMAND INCOME GROWTH INSIGHT MIX INVESTMENT STRATEGY MOMENTUM VALU
Slide 23: Case studies
Case studies rsonal use only Chadstone, VIC 21 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 24: Acquisitions
Acquisitions rsonal use only Lakeside Joondalup, WA 22 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 25: Lakeside Joondalup: Platform applied. Capability proven.
ACQUISITIONS | LAKESIDE JOONDALUP Platform applied. Capability proven. Enhancing asset performance since acquisition rsonal use only +10% VALUATION GAIN1 +8.0% NPI GROWTH1 +21% ANCILLARY +11% SPECIALTY MAT/SQM +200 bps OCCUPANCY RATE +93%NPS +49% Centre SAT Jun-26: $461.5m Jun-26: $28.5m INCOME GROW
Slide 26: Building scale in outlets
ACQUISITIONS | BUILDING SCALE IN OUTLETS Platform applied. Capability proven. rsonal use only Outlet portfolio Acquisition1 Jun-26 Movement Total value2 $0.5b $3.0b +$2.5b Number of centres 4 9 +5 Retail GLA (sqm) 151,081 314,218 +108% Occupancy rate 96.6% 99.7%3 +310 bps Specialty sales per sqm $7,
Slide 27: DFO Eastern Creek: Platform applied. Performance to strengthen.
ACQUISITIONS | DFO EASTERN CREEK Platform applied. Performance to strengthen. $351m 6.0% 30,000 sqm STRENGTHENS INCREASED EXPOSURE FUTURE VALUE CREATION rsonal use only VICINITY’S EXISTING TO WESTERN SYDNEY’S OPPORTUNITIES INCLUDING POTENTIAL Acquisition price Capitalisation rate Of outlet and tradi
Slide 28: Developments: The operating context
Developments rsonal use only The operating context Chadstone, VIC – Dining Laneway 26 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 29: Conditions shifted. Model adapted.
DEVELOPMENTS | THE OPERATING CONTEXT Conditions shifted. Model adapted. Leasing Development Construction rsonal use only – Physical retail proven essential – Limited significant retail developments across the sector – Seasoned builders of complex retail developments exited – Online augments physical
Slide 30: The Asset: Chadstone
THE ASSET rsonal use only Chadstone An evolution of scale, size and global significance Case study: The Market Pavilion and One Middle Road Chadstone, VIC – The Market Pavilion 28 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 31: Generational ownership. Aligned interests.
CHADSTONE | THE ASSET Generational ownership. Aligned interests. Evolution of Chadstone rsonal use only 1983: A new era of growth for Chadstone – acquired by Mr Gandel AC TODAY: Australia’s pre-eminent retail-led mixed-use asset $37m Acquisition price $7.26b Total value $100m MAT retail sales $2,735
Slide 32: Local depth. Global draw.
CHADSTONE | THE ASSET Local depth. Global draw. Chadstone’s catchment and customer profile rsonal use only Trade area Customer profiles 2.43m People in trade area $2b Spent by trade area residents p.a. 24% Centre sales from Trade area residents Tourists On-site workers outside trade area $992 Avg. s
Slide 33: Constant reinvestment. Enduring relevance.
CHADSTONE | THE ASSET Constant reinvestment. Enduring relevance. Last decade of investment in Chadstone rsonal use only A B B Stage 40 retail The Social Quarter Mainstream retail Entertainment-leisure expansion (2016, $586m) precinct (2023, $71m) A C C D Car Park A expansion One Middle Road Luxury m
Slide 34: Benchmarked globally.
CHADSTONE | THE ASSET Benchmarked globally. An icon of global significance rsonal use only Asia United Kingdom/Middle East ICONSIAM, Bangkok Dubai Mall ION Orchard, Singapore Westfield London The Shoppes at Marina Bay Yorkdale Shopping Centre, Toronto Westfield Stratford City Sands, Singapore La Boq
Slide 35: Unmatched scale. Unrivalled performance.
CHADSTONE | THE ASSET Unmatched scale. Unrivalled performance. An asset of local and global significance rsonal use only $1.5b Major investment $7.26b Total value 4.25% Capitalisation rate 364 Specialty stores 43 Mini majors 5 Majors 3 Supermarkets 38 Global luxury 4 Office towers 5 Star Luxury hote
Slide 36: First to market. Best in class.
CHADSTONE | THE ASSET First to market. Best in class. rsonal use only First to market brands Canada Goose Frank Green Gentle Monster Arc’teryx Golden Goose Best in class experiences Cj Hendry – Lost & Found Hello Kitty RONE – The Making of Home Louis Vuitton – Time Capsule Best in class guest servic
Slide 37: Project Planning: The Market Pavilion
PROJECT PLANNING rsonal use only The Market Pavilion Chadstone – a globally recognised asset without a food offer to match Chadstone, VIC – The Market Pavilion 35 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 38: Need identified. Opportunity quantified.
CHADSTONE | PLANNING Need identified. Opportunity quantified. Why The Market Pavilion? rsonal use only 50% Fresh food 35% Lower spend2 market share gap1 Fresh food precinct out of step with rest of centre Non-destinational food offer Chadstone was leading the market across all categories, except fre
Slide 39: Globally inspired. Locally imagined.
CHADSTONE | PLANNING Globally inspired. Locally imagined. rsonal use only 37 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 40: Artisan and everyday. Balanced by design.
CHADSTONE | PLANNING Artisan and everyday. Balanced by design. A market experience: Globally inspired, authentically Melbourne, unmistakably Chadstone rsonal use only BEST-IN-CLASS OPERATORS DESTINATION AND CONVENIENCE MARKET ATMOSPHERE – Extensive global market research – Balance artisan operators
Slide 41: High street talent. Chadstone stage.
CHADSTONE | PLANNING High street talent. Chadstone stage. Fresh food precinct: pre-development New elevated fresh food offer in Precinct anchored by pavilions rsonal use only a ‘high end’ market style environment Seating Pavilions 39 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 42: Theatre delivered. Offer elevated.
CHADSTONE | PROJECT DELIVERY Theatre delivered. Offer elevated. Food as theatre: launch and ongoing activations rsonal use only The built environment is brought to life through visible retailer preparation, activation zones and a demonstration kitchen Activation zone A: Communal seating Communal sea
Slide 43: Project Planning: One Middle Road
PROJECT PLANNING rsonal use only One Middle Road Chadstone – a city-scale destination ready for its next workplace address Chadstone, VIC – One Middle Road 41 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 44: Workers added. Weekdays transformed.
CHADSTONE | ONE MIDDLE ROAD | PLANNING Workers added. Weekdays transformed. Why One Middle Road? Average daily visitation rsonal use only Centre visits and office workers on-site The opportunity 1 Reframe perceptions 86% 82% – A consistent weekday customer base supports retail 71% 71% when visitatio
Slide 45: Scale accumulated. Demand proven.
CHADSTONE | ONE MIDDLE ROAD | PLANNING Scale accumulated. Demand proven. Scale built progressively, then anchored by One Middle Road rsonal use only A disciplined mixed-use strategy created a resilient office precinct with direct retail connectivity A COMMERCIAL PRECINCT OF SCALE 2016 Tower One 16,5
Slide 46: Weekday workforce. Weekday spend.
CHADSTONE | ONE MIDDLE ROAD | PLANNING Weekday workforce. Weekday spend. A growing weekday workforce that feeds the retail ecosystem rsonal use only Office workers create frequent visitation and incremental spend across Chadstone’s non-peak periods ~6,500 ~$12,150 ~$79m Office workers Annual spend p
Slide 47: Retail neighbours. Corporate tenants.
CHADSTONE | PLANNING Retail neighbours. Corporate tenants. The retailers and property groups who have chosen Chadstone as their office location rsonal use only Representing ~85% of office workers at Chadstone 45 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 48: Project Delivery: The Market Pavilion and One Middle Road
PROJECT DELIVERY rsonal use only The Market Pavilion and One Middle Road Chadstone – a development of size, scale and complexity Chadstone, VIC – One Middle Road 46 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 49: Tailored engagement. Curated outcome.
CHADSTONE | THE MARKET PAVILION | PROJECT DELIVERY Tailored engagement. Curated outcome. Tailored engagement and thoughtful precinct design delivered a distinctive retail mix rsonal use only 1 Reframe perceptions 2 Tailor the leasing approach 3 Create the precinct – Demonstrated how the proposition
Slide 50: Mix delivered. Vision realised.
CHADSTONE | THE MARKET PAVILION | PROJECT DELIVERY Mix delivered. Vision realised. The retailer mix that was delivered rsonal use only Brunetti Oro Flowers Vasette Mörk Chocolate Hank’s Bagelry Green Cup Canteen VIC’S Champagne & Oyster Bar Little Sister Bakery Cannoleria Maita Blakeaway 48 | Vicini
Slide 51: Multiple projects. Single execution.
CHADSTONE | PROJECT DELIVERY Multiple projects. Single execution. What was delivered rsonal use only GYM THE MARKET PAVILION The Market Pavilion One Middle Road Retail-led mixed-use Logistics hub Car park C 26,000 sqm fresh food/dining 20,000 sqm A-grade commercial Ground floor retail with a childca
Slide 52: Complexity managed. Trading protected.
CHADSTONE | PROJECT DELIVERY Complexity managed. Trading protected. Managing complexity and risk to preserve returns rsonal use only – Initial loading dock excavation – Car park C additional levels and art facade – Dining laneway is the busiest – Live centre continued to trade adjacent to, – Continu
Slide 53: Disruption contained. Ranking retained.
CHADSTONE | PROJECT DELIVERY Disruption contained. Ranking retained. Managing complexity and risk to preserve returns rsonal use only Preserving the customer and retailer experience Kept Chadstone trading through construction – Managed sensitive operational issues proactively, particularly around MA
Slide 54: Gap closed. Destination created.
CHADSTONE | PROJECT DELIVERY Gap closed. Destination created. Development completion rsonal use only Inside – a unique, destinational food precinct befitting of Chadstone – New vaulted ceilings to improve ambience – Improved sightlines to see through the precinct BEFORE AFTER DURING 52 | Vicinity Ce
Slide 55: Craft everywhere. Detail throughout.
CHADSTONE | PROJECT DELIVERY Craft everywhere. Detail throughout. rsonal use only 53 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 56: New main entry at Chadstone.
CHADSTONE | PROJECT DELIVERY New main entry at Chadstone. New chapter of integrated mixed-use. Overview rsonal use only – New front door for Chadstone – One Middle Road linked the retail to existing car park BEFORE AFTER DURING 54 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 57: Challenged environment. Built as promised.
CHADSTONE | PROJECT DELIVERY Challenged environment. Built as promised. rsonal use only 55 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 58: Opening planned. Opening executed.
CHADSTONE | PROJECT DELIVERY Opening planned. Opening executed. From development to launch – readying the precinct for opening rsonal use only CAPABILITY AND A CULTURE OF TEAM SPIRIT A DELIBERATE LAUNCH CAMPAIGN – RETAILERS AT HEART OF OPENING CAMPAIGN CUSTOMER WAYFINDING IMPLEMENTED CONTROLLED PARK
Slide 59: Momentum created. Performance sustained.
CHADSTONE | PROJECT DELIVERY Momentum created. Performance sustained. Amplify to stabilise: rsonal use only Launched the precinct and drove visitation – Launched around food, experience, destination dining and social currency, supported by PR, digital, ~4,500 Carparking spaces with direct $273m Post
Slide 60: Value Creation: stabilisation
VALUE CREATION rsonal use only The Market Pavilion and One Middle Road stabilisation Chadstone – value created in the precinct, realised across the whole asset Chadstone, VIC – One Middle Road 58 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 61: Assumptions tested. Outcomes beaten.
CHADSTONE | VALUE CREATION Assumptions tested. Outcomes beaten. Trading performance versus underwrite rsonal use only Performance and stabilisation Year 1 trade has been achieved – Static centre continued to trade throughout development phase, with majority of disruption confined to Car park C and T
Slide 62: Income layered. Yield lifted.
CHADSTONE | VALUE CREATION Income layered. Yield lifted. Project stabilisation profile – development yield Yield strengthens to 5.6% upon development stabilisation rsonal use only Stabilisation attributed to the following factors: 5.6% – Partial year contribution from anchor tenants in One Middle Ro
Slide 63: Precinct elevated. Value captured.
CHADSTONE | VALUE CREATION Precinct elevated. Value captured. Development supports whole of asset value creation Underlying growth and development rsonal use only contribution outweigh cap rate softening 8,000 85 Organic growth ~540 674 – Since Jun-22, underlying income growth has driven a ~$1 billi
Slide 64: Q&A
Q&A rsonal use only Chadstone, VIC – Dining Laneway 62 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 65: Break
Break rsonal use only Chatswood Chase, NSW
Slide 66: The Asset: Chatswood Chase
THE ASSET rsonal use only Chatswood Chase Chatswood Chase – an iconic asset in an unparalleled location Chatswood Chase, NSW 64 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 67: Exceptional location. Iconic asset.
CHATSWOOD CHASE | THE ASSET Exceptional location. Iconic asset. Evolution of Chatswood Chase rsonal use only ~$930m Recent investment1 ~$1.5b Total value2 5.00% Capitalisation rate 99.7% Occupancy3 67,541 sqm GLA +15% Foot traffic +26% Same-store +39% six-month same‑store since base year4 MAT growth
Slide 68: Decade long assembly. Whole of asset value.
CHATSWOOD CHASE | THE ASSET Decade long assembly. Whole of asset value. 2013 2026 rsonal use only Adjacent land Development scheme Post-COVID, Gained 100% ~$626m retail Potential for purchased for contemplated consolidated control development residential retail expansion demolition of full asset ret
Slide 69: Metro connected. Catchment expanded.
CHATSWOOD CHASE | THE ASSET Metro connected. Catchment expanded. Sydney Metro rsonal use only Chatswood Chase has directly benefited from the Metro’s opening, bringing the Northwest’s affluent customer base directly to the Chatswood CBD Metro – 7 mins to Macquarie The suburbs proximate to the Metro
Slide 70: Affluent catchment. Spend leaking.
CHATSWOOD CHASE | THE ASSET Affluent catchment. Spend leaking. Insights and intelligence that defined the rsonal use only positioning of the development ONE OF AUSTRALIA’S MOST AFFLUENT CATCHMENTS +46% Trade area household +25% Higher spend per 50% Luxury market 26% Residents of income above capita
Slide 71: Global exemplars. Australian first.
CHATSWOOD CHASE | THE ASSET Global exemplars. Australian first. The inspiration behind the reimagination rsonal use only ION Orchard, Singapore Landmark, Hong Kong Bal Harbour Shops, Miami JK Iguatemi, São Paulo Shopping Cidade Jardim, São Paulo 69 | Vicinity Centres 2026 Capability Showcase | 16 Se
Slide 72: Global experience. Australian execution.
CHATSWOOD CHASE | THE ASSET Global experience. Australian execution. Chatswood Chase – project team rsonal use only To deliver an offer that’s inspired by the world’s best in Australia, we needed a global team. The Chatswood Chase team has Development, Leasing, Design and Delivery experience across:
Slide 73: Demand proven. Offer curated.
CHATSWOOD CHASE | PLANNING Demand proven. Offer curated. The development vision and leasing strategy rsonal use only Proven customer demand informed a distinct, premium offer 1 – Building on proven demand 2 – Creating a differentiated destination 3 – Planning one connected offer – International prem
Slide 74: Relationships earned. Commitments secured.
CHATSWOOD CHASE | PLANNING Relationships earned. Commitments secured. Landlord of choice for luxury retailers. Relationships are anchored by proven outcomes, mutual trust and capability rsonal use only Vicinity’s proven luxury platform enabled the Chatswood Chase repositioning 1 – A proven relations
Slide 75: Luxury leasing complexity.
CHATSWOOD CHASE | PLANNING Luxury leasing complexity. Each commitment supports the next. Retailers move in packs. One brand unlocks the next. Alignment creates momentum. Deep relationships turn commitments into deals. rsonal use only Simultaneous, multi-brand negotiation Vicinity leasing discussions
Slide 76: Global names. One address.
CHATSWOOD CHASE | PLANNING Global names. One address. Luxury brands who call Chatswood Chase home rsonal use only 74 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 77: Demand sequenced. Mix strengthened.
CHATSWOOD CHASE | PROJECT DELIVERY Demand sequenced. Mix strengthened. rsonal use only Strategic sequencing turned retailer demand into a stronger mix 1 – Building retailer confidence 2 – Sequencing to create leverage 3 – Curating every level – Utilised long-standing relationships across Vicinity’s
Slide 78: Flagship quality. Flawless execution.
CHATSWOOD CHASE | PROJECT DELIVERY Flagship quality. Flawless execution. rsonal use only 76 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 79: Brief set. Wholly reimagined.
CHATSWOOD CHASE | PROJECT DELIVERY Brief set. Wholly reimagined. The development brief rsonal use only Pre-development Post-development New escalator switchback connecting multideck to Rightsized central each retail level void allowing for additional GLA Large central void limiting shop depth Diagon
Slide 80: Cost controlled. Program protected.
CHATSWOOD CHASE | PROJECT DELIVERY Cost controlled. Program protected. rsonal use only + 78 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 81: Brief executed. Elevated completely.
CHATSWOOD CHASE | PROJECT DELIVERY Brief executed. Elevated completely. Whole of asset revitalisation to capture a premium offer aligned with the customer rsonal use only 79 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 82: Readiness planned. Opening executed.
CHATSWOOD CHASE | PROJECT DELIVERY Readiness planned. Opening executed. Capability and a culture of team spirit Customer wayfinding rsonal use only Protected continuous trade and managed changing customer Preparing back of house and loading dock 80 | Vicinity Centres 2026 Capability Showcase | 16 Se
Slide 83: Retailers championed. Customers engaged.
CHATSWOOD CHASE | PROJECT DELIVERY Retailers championed. Customers engaged. Amplify to stabilise rsonal use only Targeted spend incentives, premium services and curated activations encouraged customers to explore the newly opened levels, supporting visitation, retailer performance and stabilisation
Slide 84: Base rebuilt. Growth compounding.
CHATSWOOD CHASE | VALUE CREATION Base rebuilt. Growth compounding. Stabilisation – same principle but scale of disruption and nature of the new offer determine the path to stabilisation rsonal use only Chatwood Chase Chadstone’s The Market Chatswood Chase (transformation) Pavilion (continuous elevat
Slide 85: Opened as expected. Building as underwritten.
CHATSWOOD CHASE | VALUE CREATION Opened as expected. Building as underwritten. Path to stabilisation rsonal use only 120 Initial trade post the opening of 1,250 90% of 95% of Stage 11 stabilisation stabilisation Stabilised luxury precinct (Stage 2)2 100 1,000 Retail sales ($m) 80 750 % stabilised 60
Slide 86: Common approach. Project-specific path.
CHATSWOOD CHASE | VALUE CREATION Common approach. Project-specific path. Project stabilisation profile – development yield rsonal use only 6.7% Project returns outperforming the original underwrite Forecast stabilised yield lifted to approximately 6.7% reflecting favourable leasing outcomes and impr
Slide 87: Precinct elevated. Asset revalued.
CHATSWOOD CHASE | VALUE CREATION Precinct elevated. Asset revalued. Development supports whole of asset value creation Indicative valuation journey rsonal use only Strategic acquisition 1,800 Acquisition of remaining 49% interest for $307 million1 announced in Total investment $933m October 2023, at
Slide 88: Residential Opportunity: Chatswood Chase
RESIDENTIAL OPPORTUNITY rsonal use only Chatswood Chase An affluent catchment that wants to live where it already shops Chatswood Chase, NSW 86 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 89: Land held for a decade. Now positioned for highest use.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Land held for a decade. Now positioned for its highest and best use. Why premium residential? rsonal use only 12-14 Malvern Avenue 5-7 Havilah Street Premium residential can complement and reinforce an established luxury destination Strong Chatswood CBD resi
Slide 90: Priorities aligned. Process accelerated.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Priorities aligned. Process accelerated. Unlocking the opportunity rsonal use only – Leveraging planning capability, government relationships and disciplined execution – Changing office and housing markets created a stronger residential opportunity – Housing
Slide 91: Acquired early. Optionality created.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Acquired early. Optionality created. Two adjacent residential sites rsonal use only Originally acquired to support the retail expansion of Chatswood Chase, the sites now provide an adjacent residential opportunity connected to the centre 5-7 HAVILAH STREET 1
Slide 92: Approvals first. Optionality preserved.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Approvals first. Optionality preserved. Disciplined pathway to delivery rsonal use only Build the Planning Partner/ Planning Detailed Marketing Final Construction Staged Settlement team lodgement capital approvals design and sales investment start delivery s
Slide 93: Integrated living. Enduring asset value.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Intregrated living. Enduring asset value. Attractive market fundamentals support significant residential value rsonal use only creation opportunity Meaningful incremental retail value upside Approximately 1,000 additional residents on the centre’s doorstep –
Slide 94: Landbank of opportunities. Full optionality maintained.
VICINITY PORTFOLIO | ADDITIONAL MIXED-USE OPPORTUNITIES Landbank of opportunities. Full optionality maintained. Vicinity’s portfolio provides significant mixed-use potential to strengthen its retail-led precincts and unlock additional value. rsonal use only – Compelling market fundamentals: Selected
Slide 95: Forward pipeline
Forward rsonal use only pipeline Capability and accumulated learnings applied to current and future development opportunities Chadstone, VIC 93 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 96: Guiding principles
GUIDING PRINCIPLES Aligned to strategy. Garnered from successive developments. Deployed by seasoned experts. Key development principles underpinning long-term value creation rsonal use only – Aligned to strategy to ensure any deployment of capital is determined by strategic investment portfolio outc
Slide 97: Galleria: Opening November 2026, on time and on budget.
GALLERIA | LESSONS APPLIED, DELIVERING TO PLAN Opening November 2026, on time and on budget. rsonal use only ~$130m1 Development spend ~6.25% Stabilised yield ~11.5% Unlevered IRR 1. Total project spend based on Vicinity ownership. 95 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 98: Uptown: Accelerated planning
UPTOWN | ACCELERATED PLANNING Revitalisation of Uptown anticipated to commence in early 2027. rsonal use only Artist’s impression Artist’s impression 96 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 99: Q&A
Q&A rsonal use only Chatswood Chase, NSW 97 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 100: Break
Break rsonal use only Chatswood Chase, NSW
Slide 101: Summary and key takeaways
SUMMARY AND KEY TAKEAWAYS Differentiated assets. Enduring value. Capability and portfolio differentiate Vicinity rsonal use only – Retail assets evolve and capability converts opportunity into enduring value – An owner-operator mindset drives decision-making and performance – Trusted retailer relati
Slide 102: Disclaimer
DISCLAIMER For further information please contact: rsonal use only Jane Kenny General Manager, Investor Relations & Corporate Communications T: +61 3 7001 4291 E: jane.kenny@vicinity.com.au Authorisation The Disclosure Committee has authorised that this document be given to ASX. Disclaimer This docu
Slide 103: Thank you
rsonal use only Thank you Chatswood Chase, NSW