CEO's Address

Scentre Group Limited
Annual General Meeting
Held on Wednesday, 22 April 2026 at 10:00am

Thank you Ilana, and good morning everyone.

Our strategy is to grow the economic activity that occurs at each of our 42 Westfield destinations located throughout Australia and New Zealand.

This continues to deliver strong operating performance and growth in earnings.

We are also focused on maximising the long-term economic opportunity from the land we already own.

We believe this is a significant and competitive advantage and we are pursuing this opportunity to generate long-term value and growth for securityholders.

For the 12 months to 31 December 2025, Funds from Operations was $1,188 million, 22.82 cents per security, up 4.9% on the previous year.

Distributions for the period were $923 million, 17.72 cents per security, up 3.4%.

These results represent the Group’s fifth consecutive year of earnings and distributions growth.

During 2025, we welcomed 540 million customer visits, an increase of 14 million or 2.7% compared to 2024.

I would like to thank and commend our team for delivering these strong results.

Creating more reasons for people to spend time with us continues to unlock value for our business partners.

The more customers that visit our destinations, the more our business partners can connect and transact with those customers, efficiently and at scale.

In 2025, our business partners achieved sales of $30 billion, a record for the Group.

Portfolio occupancy increased to 99.8% as at 31 December 2025, our highest level since 2013.

We continued to strengthen engagement with our Westfield members with membership growing by 11% to 5 million during 2025.

We have a number of new initiatives planned in 2026 to create even more compelling experiences for customers and communities.

Today I am pleased to share that Westfield destinations will celebrate the world’s biggest sporting event in June and July, the FIFA World Cup 2026.

In partnership with SBS, matches will be broadcast live across Fan Zones and supported by a calendar of activity.

We are looking forward to inviting our communities to come together to support their favourite teams at and experience available only at Westfield. During 2025 we remained focused on repurposing existing space to enhance the customer experience and increase the productivity of our destinations.

During the year, we completed the expansion of Westfield Sydney featuring a two-level CHANEL boutique, Moncler and OMEGA. We have taken the opportunity to strategically downsize David Jones at three destinations to introduce in demand and highly productive stores. The redevelopment at Westfield Southland in Melbourne delivered a new family, dining and entertainment precinct, driving visitation growth of 6.5% in 2025.

The redevelopment at Westfield Burwood in Sydney welcomed brands ALDI, JB Hi-Fi, Nike and rebel, underpinning visitation growth of 9.3% in 2025. The Group completed the redevelopment of Level 1 at Westfield Bondi in Sydney.

The repurposed space features a health, wellness and fitness precinct, including a global first Virgin Active social wellness club and rebel rCX store, contributing to visitation growth of 8.5% in 2025.

Following the success of Level 1, we commenced a $240 million investment to redevelop Level 6 of the centre, into a world-leading lifestyle, entertainment and dining destination. Our vision is to expand the uses and experiences we offer at Westfield Bondi to further its position as the premium asset in Sydney.

Our 42 Westfield destinations are already the highest quality portfolio in both countries.

Our portfolio is irreplaceable.

They are located in close proximity to 21 million people and are located on more than 670 hectares of land, adjacent to major transport infrastructure.

Approximately 60% of this land is currently utilised, including for car parks.

We are working to maximise the long-term economic opportunity of this land we already own, through strategic masterplanning.

We are exploring a multitude of potential usages, including student accommodation, health, education and residential as examples.

In 2025, we lodged planning proposals at a further six Westfield destinations with the potential to deliver 16,100 dwellings in the future. This builds on zoning permissibility already received for Westfield Hornsby and Westfield Belconnen.

We aim to reduce our environmental impact by operating our Westfield destinations as efficiently as possible.

During the year we made progress on our environmental initiatives and target to achieve net zero scope 1 and 2 emissions by 2030 for wholly-owned Westfield destinations.

We exceeded our interim target of a 50% reduction in scope 1 and 2 emissions by 2025, achieving a 57% reduction across wholly-owned Westfield destinations since 2014.

This morning we released an Operating Update. Customer visitation to our 42 Westfield destinations from the beginning of this year to 19 April is 160 million, up 3.1% and representing 4.9 million more visitations than for the same period in 2025.

Total business partner sales across the portfolio for the 3 months to 31 March 2026 were $7.0 billion, up 5.0% with specialty sales up 5.3%.

In March, total business partner sales increased by 5.4%. Demand for space in Westfield destinations continues to be strong with portfolio occupancy of 99.8% at 31 March 2026, up 20bps since 31 March 2025.

Average specialty rent escalations were +5.3% in the 3 months to 31 March 2026.

The Group completed 636 leasing deals, achieving average specialty releasing spreads of +3.3%.

During 2025 we introduced approximately $2.2 billion of new capital into the Group through the joint venturing of our assets, delivering on a key part of our long-term strategic plan.

The Group continues to pursue its capital management strategy including the potential opportunities to further refinance our senior bonds and subordinated notes.

In early February, the Group settled the divestment of 19.9% of Westfield Sydney to Australian Retirement Trust, a new strategic partner, for $864 million at a capitalisation rate of 4.69%.

In March, the Group completed the redemption by make-whole of US$750 million (approximately $1.15 billion) of 2030 senior bonds.

In April, the Group successfully issued a $750 million 6-year senior note in the Australian domestic market with a credit margin of 1.20%.

During the period the Group divested its $50 million investment in the Dexus managed fund that acquired a 25% interest in Westfield Chermside in December 2025.

Our customer-focused strategy continues to deliver strong operating performance across the portfolio.

Based on the Group’s operating performance in the first quarter of 2026, the Group maintains its target for FFO to be at least 23.73 cents per security for 2026, representing at least 4.0% growth for the year.

Distributions are expected to grow by 4.0% for 2026 to 18.43 cents per security.

The Group acknowledges the current geopolitical volatility, its impact on the broader economy and in particular, the potential impact on the consumer. The Group continues to closely monitor any impact this may have on our business and outlook for 2026. On behalf of the entire Scentre team, I thank you for your support.

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