2025 Annual Trust Report for SGT1, SGT2 and SGT3

2025 Annual Financial Report Trusts

Scentre Group Limited ABN 66 001 671 496

Scentre Group Trust 1 - Scentre Management Limited, ABN 41 001 670 579,

AFSL No. 230329 as responsible entity of Scentre Group Trust 1, ARSN 090 849 746

Scentre Group Trust 2 - RE1 Limited, ABN 80 145 743 862,

AFSL No. 380202 as responsible entity of Scentre Group Trust 2, ARSN 146 934 536

Scentre Group Trust 3 - RE2 Limited, ABN 41 145 744 065,

AFSL No. 380203 as responsible entity of Scentre Group Trust 3, ARSN 146 934 652

SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Scentre Group

Scentre Group Limited

ABN 66 001 671 496

Scentre Group Trust 1

ARSN 090 849 746

(responsible entity Scentre Management Limited ABN 41 001 670 579, AFS Licence No 230329)

Scentre Group Trust 2

ARSN 146 934 536

(responsible entity RE1 Limited

ABN 80 145 743 862, AFS Licence No 380202)

Scentre Group Trust 3

ARSN 146 934 652

(responsible entity RE2 Limited

ABN 41 145 744 065, AFS Licence No 380203)

Registered Office

Level 30

85 Castlereagh Street

Sydney NSW 2000

GPO Box 4004

Sydney NSW 2001 Australia

New Zealand Office

Level 5, Office Tower 277 Broadway

Newmarket, Auckland 1023

Secretaries

Maureen T McGrath Paul F Giugni

Auditor

Ernst & Young

200 George Street

Sydney NSW 2000

Investor Information

Scentre Group Level 30

85 Castlereagh Street

Sydney NSW 2000

Telephone: +61 2 9358 7877

E-mail: investor@scentregroup.com Website: scentregroup.com/investors

Principal Share Registry

Computershare Investor Services Pty Limited Level 4

44 Martin Place

Sydney NSW 2000

GPO Box 2975

Melbourne VIC 3001

Telephone: +61 3 9946 4471

Toll Free: 1300 730 458 (Australia Only)

Facsimile: +61 3 9473 2500

Contact: https://www.investorcentre.com/contact Website: https://www.computershare.com

Listing

Australian Securities Exchange - SCG

Website

scentregroup.com

Directory

Contents

Financial Report

Independent Auditor's Report

Directors' Report

Members' Information

1

Scsntrs Group ľrust 1

Statement of Comprehensive Income 2

Balance Sheet 3

Statement of Changes in Equity 4

Cash Flow Statement 5

Notes to the Financial Statements 6

Consolidated Entity Disclosure Statement 39

Directors' Declaration 40

Independent Auditor's Report Directors' Report

Members' Information

41

45

51

For the year ended 31 December 2025

Note

31 Dec 25

$million

31 Dec 24

$million

(i) This may be subsequently transferred to the profit and loss.

Note

31 Dec 25

cents

31 Dec 24

cents

As at 31 December 2025

Note

31 Dec 25

$million

31 Dec 24

$million

For the year ended 31 December 2025

Note

Contributed

Retained

31 Dec 25

Contributed

Retained

31 Dec 24

1. Total comprehensive income for the year amounts to $720.3 million (31 December 2024: $494.2 million).

2. Movement in reserves attributable to members of Scentre Group Trust 1 comprises currency loss on the translation of investment in foreign operations of

   $27.8 million (31 December 2024: $15.1 million).

3. The movement in contributed equity pertains to the issue of units under the Distribution Reinvestment Plan (DRP).

For the year ended 31 December 2025

Note

31 Dec 25

$million

31 Dec 24

$million

6 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

For the year ended 31 December 2025

Note Description Page

1. Basis of preparation of the Financial Report 7

   Operational results, assets and liabilities

2. Segment reporting 9

3. Trade debtors and receivables 12

4. Investment properties 13

5. Details of shopping centre investments 15

6. Details of equity accounted investments 16

7. Taxation 19

8. Distributions 20

9. Statutory earnings per unit 20

   Financing and capital management

10. Interest income and financing costs 21

11. Gain in respect of capital transactions 22

12. Cash and cash equivalents 22

13. Payables and other creditors 23

14. Interest bearing liabilities 24

15. Derivative assets and liabilities 26

16. Contributed equity 27

17. Reserves 28

18. Retained profits 28

19. Capital and financial risk management 28

20. Financial covenants 29

21. Interest bearing liabilities, interest and derivatives cash flow maturity profile 29

22. Fair value of assets and liabilities 30

    Other disclosures

23. Other material accounting policies 31

24. Share-based payments 32

25. Lease commitments 32

26. Capital expenditure commitments 33

27. Contingent liabilities 33

28. Parent entity 34

29. Auditor's remuneration 35

30. Related party disclosures 36

31. Details and remuneration of Key Management Personnel 37

32. Details of material and significant entities 38

33. Events after the reporting period 38

Directory Contents

Financial Report

Independent Auditor's Report Directors' Report Members' Information 7

For the year ended 31 December 2025

Note 1 - Basis of preparation of the Financial Report

1. Corporate information

   This financial report of Scentre Group Trust 1 (SGT1) and its controlled entities (collectively the Trust) for the year ended 31 December 2025 was approved in accordance with a resolution of the Board of Directors of Scentre Management Limited as Responsible Entity of SGT1.

   SGT1 is domiciled in Australia. The nature of the operations and principal activity of the Trust are described in the Directors' Report.

2. Accounting for the Trust

   The Trust is part of Scentre Group which is a stapled entity comprising Scentre Group Limited (SGL), SGT1, Scentre Group Trust 2 (SGT2), Scentre Group Trust 3 (SGT3) and their respective controlled entities. Scentre Group was established on 30 June 2014. The securities of each of SGL, SGT1, SGT2 and SGT3 are stapled and trade as one security on the Australian Securities Exchange (ASX) under the code SCG. The stapled securities of SGL, SGT1, SGT2 and SGT3 cannot be traded separately.

3. Going concern

   This financial report has been prepared on a going concern basis. In making this assessment, the Directors have considered:

   • The Trust forms part of Scentre Group and is party to Scentre Group's cross-guarantee arrangements in respect of Scentre Group's debt facilities and bonds; and

   • Scentre Group's ability to meet its financial obligations over the next 12 months, using cash flow sensitivity analysis and having regard to maturity of interest bearing liabilities, funding requirements, operating cash earnings and available financing facilities. At 31 December 2025,

     $4.7 billion (31 December 2024: $3.2 billion) of external financing facilities and intragroup facilities within Scentre Group were available to the Trust which are sufficient to cover short term liabilities.

4. Basis of Accounting

   This financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 (Corporations Act), Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. This financial report has also been prepared on a historical cost basis, except for investment properties, investment properties within equity accounted investments, derivative financial instruments and financial assets at fair value through profit and loss.

   This financial report is presented in Australian dollars.

5. Statement of Compliance

This financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. The accounting policies adopted are consistent with those of the previous financial year.

The amendments in AASB 2023-5 Amendments to Australian Accounting Standards - Lack of Exchangeability became applicable on 1 January 2025 but did not have an impact on the consolidated financial statements of the Trust.

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Trust for the year ended

31 December 2025. The impact of these new standards or amendments to the standards and interpretations (to the extent relevant to the Trust) is as follows:

- AASB 2024-2 Amendments to Australian Accounting Standards - Classification and Measurement of Financial Instruments (effective 1 January 2026)

This amends AASB 7 Financial Instruments: Disclosures

and AASB 9 Financial Instruments to:

1. clarify the date of recognition and derecognition of some financial assets and liabilities;

2. clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion;

3. add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

4. update the disclosures for equity instruments designated at fair value through other comprehensive income.

These amendments are not expected to have a material impact on the financial statements on application.

For the year ended 31 December 2025

Note 1 - Basis of preparation of the Financial Report (continued)

1. Statement of Compliance (continued)

   • AASB 2024-3 Amendments to Australian Accounting Standards - Annual Improvements Volume 11 (effective 1 January 2026)

     This makes minor improvements to address inconsistencies or to clarify requirements in:

     1. AASB 1 First-time Adoption of Australian Accounting Standards - to improve consistency between AASB 1 and AASB 9 in relation to the requirements for hedge accounting, and improve the understandability of AASB 1;

     2. AASB 7 Financial Instruments: Disclosures - to improve consistency in the language used in AASB 7 with the language used in AASB 13 Fair Value Measurement;

     3. AASB 9 Financial Instruments - to clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished and address an inconsistency between AASB 9 and AASB 15 Revenue from Contracts with Customers in relation to the term 'transaction price';

     4. AASB 10 Consolidated Financial Statements -

        to clarify the requirements in relation to determining de facto agents of an entity; and

     5. AASB 107 Statement of Cash Flows - to replace the term 'cost method' with 'at cost' as the term is no longer defined in Australian Accounting Standards.

        These amendments are not expected to have a material impact on the financial statements on application.

   • AASB 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027)

     This replaces AASB 101 Presentation of Financial Statements with a focus on updates to the income statement. The key presentation and disclosure requirements established under the new standard relate to:

     1. the structure of the income statement with defined subtotals;

     2. requirement to determine the most useful structure summary for presenting expenses in the income statement;

     3. the disclosure of management-defined performance measures in a single note within the financial statements; and

     4. enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

        The presentation and new disclosure requirements under the new standard are expected to have a material impact on the financial statements of the Trust on application.

        The Trust will apply the new standard from its mandatory effective date of 1 January 2027 and the comparative information for the financial year ending 31 December 2026 will be restated in accordance with AASB 18.

   • AASB 2014-10 Amendments to Australian Accounting Standards - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective from 1 January 2028)

   This amends AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures to address an inconsistency between the requirements of AASB 10 and AASB 128 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. This amendment is not expected to have a material impact on the financial statements

   on application.

2. Significant accounting judgements, estimates and assumptions

   The preparation of this financial report requires management to make judgements, estimates and assumptions. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and various other factors it believes

   to be reasonable under the circumstances, the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources.

   Further details of judgements, estimates and assumptions applied may be found in the relevant notes to the financial statements, in particular, Note 2: Segment reporting, Note 3: Trade debtors and receivables, Note 4: Investment properties, Note 5: Details of shopping centre investments and Note 22: Fair value of assets and liabilities.

3. Comparative information

   Where applicable, certain comparative figures are restated in order to comply with the current period's presentation of the financial statements.

4. Rounding

In accordance with ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191, the amounts shown in this financial report have been rounded to the nearest tenth of a million dollars, unless otherwise indicated. Amounts shown as 0.0 represent amounts less than $50,000 that have been rounded down.

Note 2 - Segment Reporting

The Trust has investments in a portfolio of shopping centres across Australia and New Zealand.

The Trust's segment income and expenses as well as the details of segment assets have been prepared on a proportionate format on a geographic basis. The proportionate format presents the net income from and net assets in equity accounted properties on a gross format whereby the underlying components of net income and net assets are disclosed separately as revenues and expenses, assets and liabilities.

The proportionate format is used by management in assessing and understanding the performance and results of operations of the Trust as it allows management to observe and analyse revenue and expense results and trends on a portfolio-wide basis.

The assets underlying both the consolidated and the equity accounted components of the statutory statement of comprehensive income are similar (that is, Australian and New Zealand shopping centres), all centres are under common management and therefore the drivers of their results are similar. Accordingly, management considers that the proportionate format provides a more useful way to understand the performance of the portfolio as a whole than the statutory format.

1. Geographic segment information

   The following segment information comprises the earnings and assets of the Trust's Australian and New Zealand operations.

   Australia

   $million

   New Zealand

   $million

   31 Dec 25

   $million

   Australia

   $million

   New Zealand

   $million

   31 Dec 24

   $million

   Revenue
   Shopping centre base rent and other
   	1,227.4	71.9	1,299.3	1,198.4	71.9	1,270.3
   property income (i)
   Amortisation of tenant allowances	(33.8)	(2.3)	(36.1)	(35.1)	(2.3)	(37.4)
   Straight-lining of rent	8.0	(0.5)	7.5	5.7	(0.3)	5.4
   	1,201.6	69.1	1,270.7	1,169.0	69.3	1,238.3
   Expenses
   Property expenses, outgoings
   	(326.2)	(21.7)	(347.9)	(317.8)	(20.8)	(338.6)
   and other costs
   Segment income and expenses	875.4	47.4	922.8	851.2	48.5	899.7
   Investment properties held for sale	472.1	-	472.1	-	-	-
   Shopping centre investments	14,696.8	610.6	15,307.4	16,090.4	648.7	16,739.1
   Development projects and construction in progress	81.8	17.2	99.0	127.5	22.9	150.4
   Segment assets (ii)	15,250.7	627.8	15,878.5	16,217.9	671.6	16,889.5
   Additions to segment non-current assets during the year (iii)	111.7	2.3	114.0	151.2	10.5	161.7

   1. Includes recoveries of outgoings from lessees of $111.1 million (31 December 2024: $111.9 million).

   2. Includes equity accounted segment assets of $8,292.4 million (31 December 2024: $8,276.4 million).

   3. Additions are net of amortisation of tenant allowances of $36.1 million (31 December 2024: $37.4 million).

      Notess to thse Financial Statesmesnts

      For the year ended 31 December 2025

      Note 2 - Segment Reporting (continued)

2. Reconciliation of segment information

   The Trust's segment income and expenses as well as the details of segment assets have been prepared on a proportionate format. The composition of the Trust's consolidated and equity accounted details are provided below:

   Consolidated

   $million

   Equity Accounted

   $million

   31 Dec 25

   $million

   Consolidated

   $million

   Equity Accounted

   $million

   31 Dec 24

   $million

   Property revenue Property expenses, outgoings and other costs	637.1 (168.6)	633.6 (179.3)	1,270.7 (347.9)	626.2 (172.7)	612.1 (165.9)	1,238.3 (338.6)
   Segment income and expenses	468.5	454.3	922.8	453.5	446.2	899.7
   Overheads			(12.7)			(12.9)
   Interest income			3.8			2.2
   Financing costs
   - Senior borrowings and subordinated notes coupons			(420.0)			(401.1)
   - Interest capitalised			1.4			5.9
   - Lease liabilities			(0.5)			(0.5)
   - Net fair value movement, foreign exchange and modification gain/(loss)			(12.8)			(31.7)
   			(431.9)			(427.4)
   Equity accounted net interest income			0.5			0.9
   Gain in respect of capital transactions			1.7			-
   Property revaluations			274.1			56.0
   Tax expense			(10.2)			(9.2)
   External non-controlling interests			(16.7)			(9.9)
   Net profit attributable to members of SGT1 (i)	731.4			499.4

   1. Net profit attributable to members of SGT1 was $731.4 million (31 December 2024: $499.4 million). Net profit after tax for the year which includes profit attributable to external non-controlling interests of $16.7 million (31 December 2024: $9.9 million) was $748.1 million (31 December 2024: $509.3 million).

      Note 2 - Segment Reporting (continued)

      (b) Reconciliation of segment information (continued)

      Consolidated

      $million

      Equity Accounted

      $million

      31 Dec 25

      $million

      Consolidated

      $million

      Equity Accounted

      $million

      31 Dec 24

      $million

      Investment properties held for sale Shopping centre investments Development projects and construction in progress	472.1 7,058.9 55.1	-8,248.5 43.9	472.1 15,307.4 99.0	-8,520.7 92.4	-8,218.4 58.0	-16,739.1 150.4
      Segment assets	7,586.1	8,292.4	15,878.5	8,613.1	8,276.4	16,889.5
      Cash and cash equivalents	92.8	37.5	130.3	33.0	33.3	66.3
      Trade debtors and receivables
      - Trade debtors	15.3	13.0	28.3	19.7	19.3	39.0
      - Receivables	569.7	15.1	584.8	19.6	15.7	35.3
      Expected credit loss allowance
      - Trade debtors	(7.7)	(7.2)	(14.9)	(17.9)	(16.9)	(34.8)
      - Receivables	(1.6)	(1.5)	(3.1)	(2.4)	(1.9)	(4.3)
      Equity accounted investments	8,174.0	(8,174.0)	-	8,135.2	(8,135.2)	-
      Other assets	265.1	3.5	268.6	712.4	3.2	715.6
      Total assets	16,693.7	178.8	16,872.5	17,512.7	193.9	17,706.6
      Interest bearing liabilities
      - Senior borrowings	6,373.9	-	6,373.9	8,115.0	-	8,115.0
      - Subordinated notes	1,550.0	-	1,550.0	900.0	-	900.0
      Deferred tax liabilities	-	50.4	50.4	-	50.6	50.6
      Other liabilities	1,452.8	128.4	1,581.2	1,393.7	143.3	1,537.0
      Total liabilities	9,376.7	178.8	9,555.5	10,408.7	193.9	10,602.6
      Net assets	7,317.0	-	7,317.0	7,104.0	-	7,104.0

      Accounting Policies Revenue recognition Property revenue

      The Trust derives property revenue from leasing its investment properties. This includes minimum base rents, recoveries of outgoings and percentage rent that may be earned under certain lease agreements. Anchor business partners generally have lease terms of 15 to 25 years with stepped increases throughout the term that can be fixed, linked to the consumer price index (CPI) or sales turnover based. Specialty business partners generally have lease terms of 5 to 7 years, and for larger stores 5 to 10 years. Specialty business partners generally have leases with annual contracted increases of CPI plus 2% to 3%.

      Rental income from investment properties is accounted for on a straight-line basis, taking into account fixed rent payments and fixed rent increases over the term of the lease.

      Under certain lease agreements, a portion of property expenses and outgoings may be recovered by the Trust from lessees. Recoveries of outgoings are recognised as income as services are provided. Monthly billings are issued to tenants three weeks in advance and are payable on the first day of the month the service is provided.

      Under certain lease agreements, percentage rent may be payable by the lessee to the Trust based on turnover in excess of stipulated minimums. Contingent rental income is recognised as income in the period in which it is earned.

      Tenant allowances that are classified as lease incentives are recorded as part of investment properties and amortised over the term of the lease. The amortisation is recorded against property revenue.

      Notess to thse Financial Statesmesnts

      For the year ended 31 December 2025

      Note 3 - ľrade debtors and receivables

      Note

      31 Dec 25

      $million

      31 Dec 24

      $million

      Trade debtors		7.6	1.8
      Receivables
      - Other receivables		18.1	17.2
      - Interest bearing loan receivable from related entities	30	550.0	-
      Total trade debtors and receivables		575.7	19.0
      (a) Components of trade debtors and receivables
      Trade debtors and receivables		585.0	39.3
      Expected credit loss allowance		(9.3)	(20.3)
      Total trade debtors and receivables		575.7	19.0
      (b) Movement in expected credit loss allowance
      Balance at the beginning of the year		(20.3)	(32.1)
      Decrease recognised in property expenses, outgoings and other costs		5.4	4.5
      Amounts written-off		5.6	7.3
      Balance at the end of the year		(9.3)	(20.3)

      Expected credit loss allowance

      In determining the expected credit loss allowance, management has considered security deposits received from tenants generally in the form of bank guarantees, which can be called upon if the tenant is in default under the terms of the lease contract. Trade debtors also include GST which is fully recoverable from the relevant tax authorities where the debt is not collected and therefore the GST amount is excluded from the loss allowance.

      The decrease in expected credit loss allowance reflects abatements and write-offs applied against outstanding receivables, and the reversal of the prior year's allowance following collection of related debts and a reassessment of credit risk.

      At 31 December 2025, approximately 55% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 50% of gross trade debtors. An increase or decrease of 5% in the expected credit loss rate would result in an increase or decrease in expected credit loss allowance of $0.7 million respectively. At 31 December 2024, approximately 70% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 91% of gross trade debtors. An increase or decrease of 5% in the expected credit loss rate would result in an increase or decrease in expected credit loss allowance of nil or $0.9 million respectively.

      Accounting Policies

      Trade debtors and receivables

      Trade debtors and receivables are held to collect contractual cash flows and these contractual cash flows are solely payments of principal and interest. At initial recognition, these are measured at fair value.

      Trade debtors and receivables are subsequently measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses are recognised in the statement of comprehensive income. The receivable is written off when there is no reasonable expectation of recovering the contractual cash flows such as when all legal avenues for debt recovery have been exhausted. Any gain or loss on derecognition is also recognised in the statement of comprehensive income.

      In assessing for impairment, the Trust assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. For trade debtors and receivables, the Trust applies the simplified approach, which requires lifetime expected losses to be recognised from initial recognition of the receivables.

      In measuring the expected credit loss, trade debtors and receivables have been grouped based on shared credit risk characteristics (e.g. size and industry) and the days past due. The expected loss rates are determined based on days past the due date and

      the historical credit losses experienced. Historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of customers to settle their debts.

      The Trust generally considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Trust may also consider a financial asset to be in default when internal or external information indicates that the Trust is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Trust.

      Note 4 - Investment properties

      Note

      31 Dec 25

      $million

      31 Dec 24

      $million

      Shopping centre investments Development projects and construction in progress	5	7,058.9 55.1	8,520.7 92.4
      Total investment properties		7,114.0	8,613.1
      Movement in total investment properties
      Balance at the beginning of the year		8,613.1	8,443.1
      Capital expenditure		56.4	79.0
      Financing costs capitalised to qualifying development projects and construction in progress		1.4	5.9
      Disposal (i)		(1,366.1)	-
      Amortisation of tenant allowances		(17.9)	(19.0)
      Straight-lining of rent		3.9	2.7
      Net revaluation increment		146.1	101.4
      Investment properties reclassified to held for sale (ii)	5	(322.9)	-
      Balance at the end of the year (iii)		7,114.0	8,613.1

      1. During the year, the Trust disposed of its 50% interest in Chermside for $1,366.1 million. The sale was completed on 31 July 2025 for 25% and on 23 December 2025 for another 25%.

      2. On 3 February 2026, the Trust sold an interest in Westfield Sydney to Australian Retirement Trust (refer to Note 33). This has been classified as investment properties held for sale on the balance sheet at 31 December 2025.

      3. The fair value of investment properties at the end of the year includes ground lease assets of $8.5 million (31 December 2024: $8.7 million).

      Accounting Policies

      Investment properties

      The Trust's investment properties include shopping centre investments, development projects and construction in progress.

      Shopping centre investments

      The Trust's shopping centre investment properties represent completed centres comprising freehold and leasehold land, buildings and leasehold improvements.

      Land and buildings are considered as having the function of an investment and therefore are regarded as a composite asset, the overall value of which is influenced by many factors, the most prominent being income yield, rather than by the diminution in value of the building content due to effluxion of time. Accordingly, the buildings and all components thereof, including integral plant and equipment, are not depreciated.

      Initially, shopping centre investment properties are measured at cost including transaction costs. Subsequent to initial recognition, the Trust's portfolio of shopping centre investment properties are stated at fair value. Gains and losses arising from changes in the fair values of shopping centre investment properties are included in the statement of comprehensive income in the year in which they arise. Any gains or losses on the sale of an investment property are recognised in the statement of comprehensive income in the year of sale.

      At each reporting date, the carrying value of the portfolio of shopping centre investment properties is assessed by the Directors and where the carrying value differs materially from the Directors' assessment of fair value, an adjustment to the carrying value is recorded as appropriate.

      The Directors' assessment of fair value of each shopping centre takes into account the latest independent valuations generally prepared annually, with updates taking into account any changes in capitalisation rate, underlying income and valuations of comparable centres. In determining the fair value, the capitalisation of net income method and the discounting of future cash flows to their present value have been used, which are based upon assumptions and judgements in relation to future rental income, capitalisation rate and make reference to market evidence of transaction prices for similar properties.

      The key assumptions and estimates used in determining fair value are disclosed in Note 5.

      Notes to the Financial Statements

      For the year ended 31 December 2025

      Note 4 - Investment properties (continued)

      Accounting Policies (continued)

      Investment properties (continued)

      Development projects and construction in progress

      The Trust's development projects and construction in progress include costs incurred for the current and future redevelopment and expansion of new and existing shopping centre investments. Development projects and construction in progress includes capitalised construction and development costs, payments and advances to contractors and where applicable, borrowing costs incurred on qualifying developments. For the year ended 31 December 2025, the weighted average rate of borrowing costs capitalised was 5.6% (31 December 2024: 5.7%).

      The Directors' assessment of fair value of each development project and construction in progress that meets the definition of an investment property, takes into account the expected costs to complete, the stage of completion, expected underlying income and yield of the developments. From time to time, during a development, the Directors may commission an independent valuation of the development project. On completion, the development projects are reclassified to shopping centre investments and an independent valuation is obtained.

      Independent valuations are conducted in accordance with guidelines and valuation principles as set by the International Valuation Standards Council.

      It is Scentre Group's policy to appoint a number of qualified independent valuers and that no individual valuer is appointed to appraise an individual property for greater than three consecutive years. The following qualified independent valuers were appointed by Scentre Group to carry out property appraisals for the current financial year:

      Australian shopping centres New Zealand shopping centres

      • CBRE Valuations Pty Limited • Knight Frank NSW Valuations & Advisory Pty Ltd

      • Colliers International Holdings (Australia) Ltd • Jones Lang La Salle Limited

      • Cushman & Wakefield (Valuations) Pty Ltd

      • Jones Lang LaSalle Advisory Services Pty Ltd

      • Knight Frank Australia Pty Ltd

      • Savills Valuations Pty Ltd

        Note 5 - Details of shopping centre investments

        31 Dec 25

        $million

        31 Dec 24

        $million

        Investment properties held for sale (i)	472.1	-
        Consolidated Australian shopping centres	7,058.9	8,520.7
        Equity accounted Australian shopping centres	7,637.9	7,569.7
        Equity accounted New Zealand shopping centres	610.6	648.7
        	15,779.5	16,739.1

        1. Investment properties held for sale on the balance sheet at 31 December 2025 comprises $322.9 million reclassified from consolidated Australian shopping centres and $149.2 million reclassified from equity accounted Australian shopping centres.

        Centres that are held through controlled entities or are held directly and jointly as tenants in common and are treated as joint operations are consolidated. For joint operations, the contractual arrangements establish that the parties share all the liabilities, obligations, costs and expenses in their ownership proportion. The allocation of revenue and expenses is based on the ownership interest in the joint arrangement.

        Centres that are held through a separate vehicle with joint control and are treated as a joint venture are accounted for under the equity method of accounting.

        Valuation inputs

        The Income Capitalisation approach and the Discounted Cash Flow approach are used to arrive at a range of valuation outcomes, from which a best estimate of fair value is derived at a point in time.

        The key assumptions and estimates used in these valuation approaches include:

      • forecast future income, based on the location, type and quality of the property, which are supported by the terms of any existing leases, other contracts or external evidence such as current market rents for similar properties;

      • lease assumptions based on current and expected future market conditions after expiry of any current lease; and

      • the capitalisation rate and discount rate derived from recent comparable market transactions.

      The table below summarises some of the key inputs used in determining investment property valuations:

      31 Dec 25 31 Dec 24

      Australian portfolio
      Retail capitalisation rate	4.63%-7.25%	4.63%-7.25%
      Weighted average capitalisation rate (i)	5.40%	5.38%
      Retail discount rate	6.75%-8.00%	6.50%-8.00%
      New Zealand portfolio
      Retail capitalisation rate	6.25%-7.75%	6.38%-7.75%
      Weighted average capitalisation rate (i)	7.01%	7.06%
      Retail discount rate	8.00%-8.75%	8.00%-8.75%

      (i) Weighted average capitalisation rate including non-retail assets.

      Notes to the Financial Statements

      For the year ended 31 December 2025

      Note 5 - Details of shopping centre investments (continued)

      Changes to key inputs would result in changes to the fair value of investment properties. An increase in capitalisation rate and/or discount rate would result in lower fair value, while a decrease in capitalisation rate and/or discount rate will result in higher fair value (with all other factors held constant). The weighted average capitalisation rate and discount rates adopted at 31 December 2025 have broadly remained unchanged to 31 December 2024. The capitalisation rate sensitivity analysis is detailed below.

      The sensitivity of shopping centre valuations to changes in capitalisation rates is as follows:

      31 Dec 25

      $million

      31 Dec 24

      $million

      Capitalisation rate

      movement

      Increase/(decrease)

      in fair value

      -50 bps	1,589.7	1,689.9
      -25 bps	756.7	804.4
      +25 bps	(690.5)	(733.8)
      +50 bps	(1,323.0)	(1,406.0)

      Note 6 - Details of equity accounted investments

      31 Dec 25

      $million

      31 Dec 24

      $million

      (a) Share of equity accounted entities' net profit and comprehensive income
      Property revenue	633.6	612.1
      Property expenses, outgoings and other costs	(179.3)	(165.9)
      Net interest income	0.5	0.9
      Financing costs charged by the Parent Entity	(20.0)	(28.4)
      Property revaluations	128.0	(45.4)
      Tax expense	(8.3)	(6.3)
      Profit after tax	554.5	367.0
      Interest income from equity accounted entities	20.0	28.4
      Share of after tax profit of equity accounted entities	574.5	395.4
      Other comprehensive loss (i)	(27.8)	(15.1)
      Share of total comprehensive income of equity accounted entities	546.7	380.3

      1. Relates to the net exchange difference on translation of equity accounted foreign operations.

      Note 6 - Details of equity accounted investments (continued)

      31 Dec 25

      $million

      31 Dec 24

      $million

      (b) Share of equity accounted entities' assets and liabilities Cash and cash equivalents Trade debtors and receivables Other current assets	37.5 19.4 3.5	33.3 16.2 3.2
      Total current assets	60.4	52.7
      Investment properties
      - Shopping centre investments	8,248.5	8,218.4
      - Development projects and construction in progress	43.9	58.0
      Total non-current assets	8,292.4	8,276.4
      Trade creditors	(25.9)	(28.9)
      Payables and other creditors	(74.6)	(84.9)
      Interest payable to the Parent Entity	(0.6)	(0.9)
      Tax payable	(3.1)	(2.4)
      Total current liabilities	(104.2)	(117.1)
      Lease liabilities	(14.0)	(14.0)
      Interest bearing liabilities to the Parent Entity (i)	(380.9)	(409.8)
      Other non-current liabilities	(10.8)	(13.1)
      Deferred tax liabilities	(50.4)	(50.6)
      Total non-current liabilities	(456.1)	(487.5)
      Net assets	7,792.5	7,724.5
      Interest bearing receivables from equity accounted entities (i)	380.9	409.8
      Interest receivables from equity accounted entities	0.6	0.9
      Investment in equity accounted entities	8,174.0	8,135.2

      1. Loans to equity accounted entities are unsecured. Interest was charged at 3.83%-5.82% (31 December 2024: 5.80%-7.23%).

3. Details of the Trust's share of equity accounted entities' tax expense

   	31 Dec 25 $million	31 Dec 24 $million
   Current tax expense Deferred tax expense	(6.4) (1.9)	(3.8) (2.5)
   	(8.3)	(6.3)
   The prima facie tax on profit before tax is reconciled to the income tax expense provided in the financial statements as follows: Profit before income tax Less: Net Trust income not taxable for the Trust - tax payable by members	562.8 (534.5)	373.3 (350.2)
   	28.3	23.1
   Prima facie tax expense at 30%	(8.5)	(6.9)
   Tax rate differential on New Zealand foreign income	0.6	0.5
   Other	(0.4)	0.1
   Tax expense	(8.3)	(6.3)

   Notes to the Financial Statements

   For the year ended 31 December 2025

   Note 6 - Details of equity accounted investments (continued)

4. Equity accounted entities economic interest

   Economic interest

   Name of investments Type of equity Balance Date 31 Dec 25 31 Dec 24

   Australian investments (i)
   Bondi Junction	Trust units	31 Dec	50.0%	50.0%
   Chatswood	Trust units	31 Dec	50.0%	50.0%
   Doncaster	Trust units	31 Dec	25.0%	25.0%
   Fountain Gate	Trust units	31 Dec	50.0%	50.0%
   Hornsby	Trust units	31 Dec	50.0%	50.0%
   Knox	Trust units	31 Dec	25.0%	25.0%
   Kotara	Trust units	31 Dec	50.0%	50.0%
   Mt Druitt (ii)	Trust units	30 Jun	25.0%	25.0%
   Mt Gravatt	Trust units	31 Dec	50.0%	50.0%
   Southland (ii)	Trust units	30 Jun	25.0%	25.0%
   Sydney Central Plaza (iii)	Trust units	31 Dec	50.0%	50.0%
   Tea Tree Plaza (ii)	Trust units	30 Jun	31.3%	31.3%
   Tuggerah	Trust units	31 Dec	50.0%	50.0%
   Warringah Mall	Trust units	31 Dec	25.0%	25.0%
   New Zealand investments (i)
   Albany	Shares	31 Dec	25.5%	25.5%
   Manukau	Shares	31 Dec	25.5%	25.5%
   Newmarket	Shares	31 Dec	25.5%	25.5%
   Riccarton	Shares	31 Dec	25.5%	25.5%
   St Lukes	Shares	31 Dec	25.5%	25.5%

   1. All equity accounted property partnerships, trusts and companies operate solely as retail property investors.

   2. Notwithstanding that the financial year of these investments ends on 30 June, the consolidated financial statements have been prepared so as to include the accounts for a period coinciding with the financial year of the Parent Entity being 31 December.

   3. On 3 February 2026, SGT1 sold a 19.9% interest in Sydney Central Plaza to Australian Retirement Trust (refer to Note 33).

5. Capital expenditure commitments

   31 Dec 25

   $million

   31 Dec 24

   $million

   Estimated capital expenditure committed at balance date but not provided for in relation to development projects: Due within one year Due between one and five years	39.1 35.7	9.2 1.6
   	74.8	10.8

6. Contingent liabilities

As at 31 December 2025, contingent liabilities relating to the Trust's interests in joint ventures is nil (31 December 2024: nil).

Note 7 - ľaxation

31 Dec 25

$million

31 Dec 24

$million

Global Anti-Base Erosion Rules (Pillar Two)

The effective tax rate of the Trust's taxable entities is estimated to exceed 15% in all jurisdictions in which they operate. Current tax expense recognised related to Pillar Two income taxes is nil (31 December 2024: nil).

Taxation

The Trust comprises taxable and non-taxable entities. Income tax expense is only recognised in respect of taxable entities.

1. The Trust has elected into the Attribution Managed Investment Trust Regime. Accordingly, the Trust is not liable for Australian income tax provided that the taxable income is attributed to members. The members of the Trust are taxable on their share of the taxable income of the Trust attributed to them.

   The Trust's New Zealand resident entities are subject to New Zealand tax.

2. Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance date. Income taxes related to items recognised directly in equity are recognised in equity and not in tax expense.

For the year ended 31 December 2025

Note 8 - Distributions

31 Dec 25

$million

31 Dec 24

$million

Details of the full year components of distributions will be provided in the Annual Tax Statement which will be sent to members in March 2026.

Interim distribution of 5.07 cents per unit was paid on 29 August 2025. Final distribution was paid on 27 February 2026. The record date for the final distribution was 13 February 2026. A distribution reinvestment plan (DRP) was in operation for the distribution paid on 27 February 2026. Refer to Note 9(b) for the number of Scentre Group stapled securities issued under the DRP.

31 Dec 25

$million

31 Dec 24

$million

Note 9 - Statutory earnings per unit

31 Dec 25

cents

31 Dec 24

cents

There are no potential ordinary units which are dilutive.

In calculating basic and diluted earnings per unit attributable to Scentre Group Trust 1, net profit attributable to members of Scentre Group Trust 1 of $731.4 million (31 December 2024: $499.4 million) was divided by the weighted average number of ordinary units of 5,210,220,334 (31 December 2024: 5,196,572,838).

There have been no conversions to, calls of, subscriptions for or buy-back of units since the reporting date and before the completion of this report. On 27 February 2026, 6,559,679 Scentre Group stapled securities were issued under the DRP at $3.7998 per security. Scentre Group stapled securities issued under the DRP rank equally with existing securities on issue.

Earnings per unit

Basic earnings per unit is calculated as net profit attributable to members divided by the weighted average number of ordinary units. Diluted earnings per unit is calculated as net profit attributable to members adjusted for any profit recognised in the period in relation to dilutive potential ordinary units, divided by the weighted average number of ordinary units and dilutive potential ordinary units.

Note 10 - Interest income and financing costs

Note

31 Dec 25

$million

31 Dec 24

$million

1. Financing costs on senior borrowings and subordinated notes coupons comprise $425.5 million (31 December 2024: $322.9 million) of interest expense on borrowings and $1.9 million (31 December 2024: $3.6 million) of net interest income from derivatives with external counterparties. A further $15.5 million

(31 December 2024: $110.5 million) of interest expense on borrowings and $19.1 million (31 December 2024: $28.7 million) of net interest income from derivatives are from transactions with related entities. Refer to Note 30 for related party transactions, which include these borrowings and derivatives arrangements.

Interest income and financing costs

Interest income is recognised in the statement of comprehensive income as it accrues using the effective interest rate method.

Financing costs include interest, amortisation of discounts or premiums relating to borrowings and other costs incurred in connection with the arrangement of borrowings (including realised interest derivative cashflows). Financing costs are expensed as incurred unless they relate to a qualifying asset. A qualifying asset is an asset which generally takes more than 12 months to get ready for its intended use or sale. In these circumstances, the financing costs are capitalised to the cost of the asset. Where funds are borrowed by the Trust for the acquisition or construction of a qualifying asset, the financing costs are capitalised.

Refer to Note 15 for other items included in financing costs.

Any accrued interest income and financing costs at balance date have been classified as either interest receivable or interest payable on the balance sheet. Interest receivable comprises interest accrued on derivative instruments, interest bearing loans receivable and short term deposits. Interest payable comprises interest accrued on interest bearing liabilities and derivative instruments. Interest receivable and payable on cross currency derivatives are presented gross and are not offset as the criteria for offsetting is not met.

For the year ended 31 December 2025

Note 11 - Gain in respect of capital transactions

31 Dec 25

$million

31 Dec 25

$million

Note 12 - Cash and cash equivalents

31 Dec 25

$million

31 Dec 24

$million

1. Net liabilities comprise interest bearing liabilities of $7,923.9 million (31 December 2024: $9,015.0 million), non-interest bearing loans payable of

$960.8 million (31 December 2024: $960.8 million), interest bearing loan receivable of $550.0 million (31 December 2024: nil), lease liabilities of

$8.5 million (31 December 2024: $8.7 million) and net receivables on currency derivatives hedging senior borrowings in foreign currency of $33.6 million (31 December 2024: $562.6 million).

Note 12 - Cash and cash equivalents (continued)

Cash and cash equivalents

Cash and cash equivalents on the balance sheet comprise cash at bank and on hand and short term deposits on demand with an original maturity of 90 days or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Cash and cash equivalents are measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses (if any) are recognised in the statement of comprehensive income.

For purposes of the cash flow statement, cash and cash equivalents include cash on hand and at bank, short term deposits on demand and bank accepted bills of exchange readily converted to cash net of bank overdrafts. Bank overdrafts are carried at the principal amount.

Note 13 - Payables and other creditors

Note

31 Dec 25

$million

31 Dec 24

$million

Payables and other creditors

Trade and other payables are carried at amortised cost and due to their short term nature they are not discounted. They represent liabilities for goods and services provided to the Trust prior to the end of the financial year that are unpaid and arise when the Trust becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are paid within 30 days. Loans payable to related entities are carried at amortised cost, are at call and classified as current.

For the year ended 31 December 2025

Note 14 - Interest bearing liabilities

Note

31 Dec 25

$million

31 Dec 24

$million

The Trust maintains a range of interest bearing liabilities. The sources of funding are spread over various counterparties to minimise credit exposure and the terms of the instruments are negotiated to achieve a balance between capital availability and the cost of debt.

The Trust consolidates Carindale Property Trust. The trust has a $230.0 million (31 December 2024: $300.0 million) floating interest rate syndicated facility. Drawings under this facility are secured by a registered mortgage over the trust's interest in Westfield Carindale, and a fixed and floating charge over all assets and undertakings of the trust. The facility is subject to negative pledge arrangements. At 31 December 2025, the recorded fair value of Westfield Carindale is $800.3 million (31 December 2024:

$779.1 million) compared to borrowings of $209.0 million (31 December 2024: $221.0 million).

Note 14 - Interest bearing liabilities (continued)

31 Dec 25

$million

31 Dec 24

$million

These facilities comprise fixed and floating rate notes and both secured and unsecured interest only floating rate facilities. Certain facilities are also subject to negative pledge arrangements which require Scentre Group to comply with specific minimum financial and non-financial requirements. The available financing facilities above totalling $4,662.0 million (31 December 2024:

$3,207.6 million) are available to the Trust and other members of Scentre Group at year end. The Trust is able to draw on these financing facilities, provided they are unutilised by other members of Scentre Group. Amounts which are denominated in foreign currencies are translated at exchange rates ruling at balance date.

Maturity Date

Committed financing facilities 31 Dec 25

$million

Interest bearing liabilities 31 Dec 25

$million

Committed financing facilities 31 Dec 24

$million

Interest bearing liabilities 31 Dec 24

$million

1. The US$, €, £ and HK$ denominated unsecured senior notes payables are economically hedged using cross currency swaps with the same principal values to convert into A$ payables.

2. £400.0 million (A$804.9 million) of the £ notes payable is due within one year of the reporting date.

3. A$900.0 million of subordinated notes issued in September 2024 comprise A$600.0 million floating rate notes with a non-call period of five years and A$300.0 million fixed rate reset notes with a non-call period of five years. A$650.0 million of subordinated notes issued in March 2025 comprise

A$350.0 million floating rate notes with a non-call period of six and a half years and A$300.0 million fixed rate reset notes with a non-call period of six and a half years. The interest rate on the fixed rate reset notes have been swapped to a floating rate. The notes may be redeemed by the Trust at par at the end of their respective non-call periods or any coupon date thereafter.

For the year ended 31 December 2025

Note 14 - Interest bearing liabilities (continued)

Interest bearing liabilities

Interest bearing liabilities are recognised initially at the fair value of the consideration received less any directly attributable transaction costs. Subsequent to initial recognition, interest bearing liabilities are recorded at amortised cost using the effective interest rate method.

Interest bearing liabilities are classified as current liabilities where the liability has been drawn under a financing facility which expires within one year. Amounts drawn under financing facilities which expire after one year are classified as non-current, where the Trust has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. Loans payable to related entities are at call and classified as current.

Financing costs for interest bearing liabilities are recognised on an accruals basis.

The fair values of the Trust's interest bearing liabilities as disclosed in Note 22 are determined as follows:

• Fair values of quoted notes and bonds are based on price quotations at the balance date.

• The fair values of unquoted instruments, loans from banks and other non-current financial liabilities are estimated by discounting future cash flows using rates that approximate the Trust's borrowing rate at the balance date, for debt with similar maturity,

credit risk and terms.

Note 15 - Derivative assets and liabilities

Current

$million

Non-current

$million

31 Dec 25

Total

$million

Current

$million

Non-current

$million

31 Dec 24

Total

$million

(i) The currency related and interest related components of currency derivatives are part of the same contract. The net position has been classified accordingly as a derivative asset or derivative liability on the balance sheet.

The Trust's derivatives do not meet the accounting requirements to qualify for hedge accounting treatment. Changes in fair value have been reflected in the statement of comprehensive income. At 31 December 2025, the aggregate fair value is a net payable of

$106.1 million (31 December 2024: net receivable $417.8 million). The change in fair value for the year ended 31 December 2025 was a net unrealised loss of $523.9 million (31 December 2024: net unrealised gain $194.1 million). In 2025, the Trust cancelled interest rate derivatives following the sale of a 50% interest in Westfield Chermside resulting in a payment of $22.8 million (31 December 2024: nil).

The Trust presents the fair value mark to market of its derivative assets and derivative liabilities, and related interest receivable and payable, on a gross basis. These positions are subject to legally enforceable master netting arrangements, however do not meet the criteria for offsetting in the balance sheet. As at 31 December 2025, if these netting arrangements were applied, derivative assets and interest receivables of $217.4 million would be reduced by $191.6 million to the net amount of $25.8 million and derivative liabilities and interest payables of $299.5 million would be reduced by $191.6 million to the net amount of $107.9 million. As at

31 December 2024, if these netting arrangements were applied, derivative assets and interest receivables of $667.9 million would be reduced by $215.0 million to the net amount of $452.9 million and derivative liabilities and interest payables of $215.0 million would be reduced by $215.0 million to the net amount of nil.

Note 15 - Derivative assets and liabilities (continued)

Derivative financial instruments

The Trust utilises derivative financial instruments, including forward exchange contracts, interest rate options and currency and interest rate swaps to manage the risks associated with foreign currency and interest rate fluctuations. Such derivative financial instruments are recognised at fair value.

Scentre Group has set defined policies and implemented a comprehensive hedging program to manage interest and exchange rate risks. Derivative instruments are transacted to achieve the economic outcomes in line with Scentre Group's treasury policy and hedging program. Derivative instruments are not transacted for speculative purposes. Accounting standards require detailed compliance with documentation, designation and effectiveness parameters before a derivative financial instrument is deemed to

qualify for hedge accounting treatment. Where these requirements are not met, derivative instruments are deemed not to qualify for hedge accounting and changes in fair value are recorded in the statement of comprehensive income.

Gains or losses arising from the movements in the fair value of currency derivatives which hedge net investments in foreign operations are recognised in the foreign currency translation reserve where hedge accounting requirements have been met. Where a currency derivative, or portion thereof, is deemed an ineffective hedge for accounting purposes, gains or losses thereon are recognised in the statement of comprehensive income. On disposal of a net investment in foreign operations, the cumulative gains or losses recognised previously in the foreign currency translation reserve are transferred to the statement of comprehensive income.

The fair value of derivatives has been determined with reference to market observable inputs for contracts with similar maturity profiles. The valuation is a present value calculation which incorporates interest rate curves, foreign exchange spot and forward rates, option volatilities and the credit quality of counterparties.

Note 16 - Contributed equity

31 Dec 25

Number of units

31 Dec 24

Number of units

(i) All units on issue as at the end of the year are fully paid.

Holders of Scentre Group stapled securities have the right to receive declared dividends from SGL and distributions from SGT1, SGT2 and SGT3 and, in the event of winding up SGL, SGT1, SGT2 and SGT3, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on Scentre Group stapled securities held.

Holders of Scentre Group stapled securities can vote their shares and units in accordance with the Corporations Act, either in person or by proxy, at a meeting of any of SGL, SGT1, SGT2 and SGT3 (as the case may be).

31 Dec 25

$million

31 Dec 24

$million

Contributed equity

Issued and paid up capital is recognised at the fair value of the consideration received by the Trust. Any transaction costs arising from the issue of ordinary units are recognised directly in equity as a reduction of the proceeds received.

For the year ended 31 December 2025

Note 17 - Reserves

31 Dec 25

$million

31 Dec 24

$million

The foreign currency translation reserve is used to record net exchange differences arising from the translation of the net investments, including qualifying hedges, in foreign controlled and equity accounted entities. This may be subsequently transferred to the statement of comprehensive income.

Translation of accounts of foreign operations

The functional and presentation currency of the Trust and its Australian subsidiaries is Australian dollars. The functional currency of the New Zealand entities is New Zealand dollars. The presentation currency of the overseas entities is Australian dollars to enable the consolidated financial statements of the Trust to be reported in a common currency.

The balance sheets of foreign subsidiaries and equity accounted investments are translated at exchange rates ruling at balance date and the statement of comprehensive income of foreign subsidiaries and equity accounted investments are translated at average exchange rates for the period. Exchange differences arising on translation of the interests in foreign operations are taken directly to the foreign currency translation reserve.

Refer to Note 15 for other items included in foreign currency translation reserve.

Note 18 - Retained profits

Note

31 Dec 25

$million

31 Dec 24

$million

Note 19 - Capital and financial risk management

The Trust forms part of Scentre Group which is a stapled entity comprising the Trust, SGL, SGT2, SGT3 and their respective controlled entities. The stapled group operates as a single economic entity with a common Board of Directors and management team. Capital and financial risks are therefore managed from the stapled group's perspective rather than the silos that make up the stapled group.

Refer to Note 21: Capital risk management, Note 22: Financial risk management, Note 23: Interest rate risk management, Note 24: Exchange rate risk management, Note 25: Credit risk management and Note 26: Liquidity risk management of Scentre Group's 2025 Annual Report for details of Scentre Group's policies in identifying, assessing and managing the capital and financial risks of the stapled group.