CHIEF EXECUTIVE OFFICER’S ADDRESS

SCENTRE GROUP LIMITED

ANNUAL GENERAL MEETING

HELD ON WEDNESDAY, 9 APRIL 2025 AT 10:00AM

Good morning everyone.

Unfortunately I am unable to attend today’s Annual General Meeting as I have sustained a neck injury that requires immediate surgery to rectify.

I expect to make a full and swift recovery.

I apologise that I cannot be with you today and have pre-recorded this speech for you.

I echo the Chair’s condolence statement on behalf of the entire Scentre Group team to everyone affected by the devastating attack at Westfield Bondi almost one year ago.

I commend and thank the New South Wales Police, emergency first responders, our team members, business partners and members of the public for their brave and courageous actions on that terrible day.

I also thank the community for their ongoing support in the days, weeks and months following this tragedy.

This coming weekend, we will observe the one year anniversary alongside the New South Wales Government, Waverley Council and the broader community including NSW Police and first responders.

From tomorrow until the 16th of April, Oxford Street Mall in Bondi Junction will be the primary place for community reflection.

Two large commemorative display boards will be installed so that people may visit and reflect in their own time.

Westfield Bondi will observe the anniversary on Sunday the 13th of April in a respectful and sensitive way.

Our digital screens will acknowledge the anniversary and the strength of the community found in their support of one another in the aftermath of the attack.

A large floral arrangement will be in place within the centre, situated on level 4 near Zara.

Our Concierge desks will all have black ribbons available to members of the community.

We will have additional team members working on the day to support our customers, business partners and community.

Lifeline representatives will be onsite and available to talk to anyone who wishes to be in the centre.

On behalf of the Scentre Group team, I would like to thank our community for their continued support of our Westfield Bondi team and for each other during this difficult period.

As the Chair also acknowledged, later this month, the NSW Coroner will begin the Bondi Junction Inquest in relation to the events of the 13th of April 2024.

We expect a thorough exploration of what occurred on that day.

This may include learnings to improve security arrangements in crowded places such as our destinations.

The safety of our customers, business partners, and community, as well as our team is our highest priority.

Our security approach is created in partnership with law enforcement and government agencies.

To continuously improve, we invest in all aspects of security - capability, processes and preparedness.

We heightened security across all Westfield destinations following the terrorist attacks on the 7th of October 2023. This was further enhanced post the Bondi attack.

Last year, we introduced additional personal protective equipment, including vests, for all security officers in every Westfield destination.

Body worn team safety cameras have been rolled out across every Westfield destination in Australia and New Zealand.

We will continue to invest in these security initiatives across our destinations.

2024 was a difficult year and one which highlighted the important role each of our 42 Westfield destinations play throughout Australia and New Zealand for their communities.

They each represent the heart of each community they serve.

Our results have been enabled by the efforts and dedication of our team who are creating extraordinary places and experiences that connect and enrich the community.

I would like to thank our team for the results that we achieved in 2024.

Our focus is to have more people spend more of their time at our 42 destinations.

The more people that come, the more often they come, and the longer they stay, provides our business partners more opportunities to interact with those customers.

It is because of this that we are able to continue to grow our income the business generates for our securityholders.

The Group’s results for 2024 represent the fourth consecutive year that our Funds from Operations and Distributions per security have increased – and we are expecting that this will continue into 2025.

For 2024, the Group was able to deliver growth in Funds from Operations of 3.5% to $1.132 billion or 21.82 cents per security.

In 2024, we welcomed 526 million customer visits, an increase of 14 million compared to 2023.

Our business welcomes on average 10 million visitors each and every week.

And we have continued to see customer visitations increase in the early part of 2025.

In the first 13 weeks of this year we have welcomed over 130 million visits – an increase of 3.0% or 4 million more visits than compared to the same 13 weeks in 2024.

We continue to grow our Westfield membership program, which now has more than 4.5 million members, an increase of nearly 700,000 over 2023.

Our membership program is one of the many ways in which we are able to provide more reasons for people to spend more of their time with us because it facilitates a better understanding of our members, their interests and their behaviours.

Another key driver of increased customer visitation has been our continued focus on activating our destinations.

This includes partnerships with leading brands including Disney and Live Nation as well as a program of local and community-based events.

During 2024 we commenced a new strategic partnership with the Australian and New Zealand Olympic and Paralympic Teams.

The Olympics partnership created the opportunity for customers to watch the competitions overseas, with fellow fans locally within our destinations that transformed into the “local games village”.

We will continue to focus on such initiatives to further drive customer visitations to us.

By doing so, we are able to create and curate the places where businesses, brands and people want to connect with each other.

As a result, our business partners achieved a record level of sales for 2024, increasing to $29 billion. This is $544 million more than in 2023.

Total business partner sales have continued to grow at a similar rate in the early part of 2025.

For January and February of 2025, total business partner sales are 2.5% higher compared to the same period in 2024.

We continue to see strong demand from businesses to partner with us in our destinations.

Occupancy increased to 99.6% at 31 December 2024, compared to 99.2% at the end of 2023.

Specialty rents increased by 5.2% and new lease spreads were positive 2.0% for the year.

We are focussed on increasing this level of occupancy even further in 2025, as well as reducing the time it takes from when a store closes to when a new one opens.

The productivity of our business partners, facilitated by our focus on driving customer visitations, and an increasing scarcity of available space underpins our earnings growth outlook.

We continue to progress our $4.0 billion pipeline of future development opportunities to enhance our destinations.

During the year the Group completed works at Westfield Tea Tree Plaza in Adelaide and Westfield Mt Gravatt in Brisbane with visitation up 8.6% and 6.7% respectively since opening.

We also commenced projects at Westfield Southland in Melbourne and Westfield Burwood in Sydney.

Works began on the staged redevelopment of Westfield Bondi in Sydney where we will introduce a new Virgin Active lifestyle fitness offer on level 1 alongside a new rebel rCX concept store.

We look forward to both opening this year.

Planning is also well advanced for the lifestyle, dining and entertainment redevelopment on level 6 at Bondi.

The expansion of Westfield Sydney on the corner of Market and Castlereagh Streets in Sydney’s CBD continues. New luxury brands will progressively open from the second quarter of 2025.

Importantly, we are able to undertake these investment works while growing earnings and distributions at the same time.

The Group’s 42 Westfield destinations are located on more than 670 hectares of land holdings, close to where millions of people live and work, as well as existing and planned transport infrastructure.

We see this as a tremendous long term growth opportunity, additional to the growth we are focussed on generating from our operating business today.

Our sites and portfolio of strategic land holdings have the potential to make a significant contribution to residential housing supply across Australia and New Zealand.

We are focussed on how we can create substantial long term growth and are exploring densification opportunities at many of our destinations.

Last month the NSW Housing Delivery Authority recommended that Westfield Warringah be declared a state significant development with the potential to create up to 1,500 residential dwellings.

This is a significant opportunity for our business and gives us the option to use an accelerated planning process to deliver growth.

It is also recognition by government of the value in locating additional housing supply close to existing urban centres and transport infrastructure.

The HDA recommendation for Westfield Warringah follows rezoning approvals received at Westfield Hornsby in Sydney and Westfield Belconnen in Canberra.

We continue to collaboratively participate in state and local planning processes to secure similar opportunities across many of our destinations during 2025 and beyond.

We are focussed on growing shareholder wealth in a long term sustainable way.

In 2020, during the early part of the Pandemic, we made the decision to not issue new share equity and thereby not dilute our existing shareholders.

This was a unique decision amongst our peers, many of whom did issue significant amounts of new share equity.

Rather, we introduced a new form of capital into our business through the issuance of subordinated notes.

At that time, the notes were relatively expensive but they helped strengthen our balance sheet position as well as preserve the existing shareholder base.

Since the end of the Pandemic, we have undertaken a number of capital management initiatives that we will continue to do in order to refinance the subordinated notes that we issued in 2020.

The result is a net reduction in our interest expense as the refinancings are being completed at a significantly lower cost.

In September 2024, the Group completed a tender offer for approximately $900 million of 2026 subordinated notes, which was funded through the issuance of new subordinated notes at a lower cost.

Last month, the Group effectively refinanced the remaining $1.0 billion of the 2026 Subordinated Notes with a new issuance at a much lower cost.

In November of 2024, the Group also issued $1.25 billion of senior notes, extending the weighted average maturity of our debt.

We will continue to work on many capital initiatives that are expected to further reduce our funding costs in the future.

At 31 December 2024, the Group had available liquidity of $3.6 billion and we continue to maintain our ‘single A’ credit rating.

During 2024, the Group successfully established two external trusts to become joint venture owners at two of our destinations.

In June last year, the $310 million Tea Tree Opportunity Trust purchased a 50% share in Westfield Tea Tree Plaza in Adelaide.

In September the $175 million West Lakes Opportunity Trust acquired a 50% share in Westfield West Lakes also in Adelaide.

Both of these transactions facilitated the introduction of new third party capital to co-own these destinations alongside the Group.

Our strong operating performance and focus on operational excellence has set the Group up for continued growth in earnings and distributions.

Subject to no material change in conditions, the Group’s target for Funds from Operations is 22.75 cents per security for 2025, representing 4.3% growth for the year.

Distributions are expected to grow by 2.5% for 2025 to 17.63 cents per security.

On behalf of the Scentre team, I thank you for your support.

-ENDS-