Chair's Address

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

Good morning everyone and welcome to the Annual General Meeting of Scentre Group Limited.

My name is Ilana Atlas, and it is my honour to be the Chair of Scentre Group.

The Company Secretary has informed me that a quorum is present, and I declare the meeting open.

Our AGM is being held as a hybrid meeting.

I am conducting the meeting from the Wesley Conference Centre in Sydney and securityholders can also participate online and ask questions on the telephone line.

On behalf of my colleagues, I acknowledge the Gadigal people of the Eora Nation as the traditional custodians of the land we are on. I recognise that people viewing the webcast of this AGM may be on different lands of different Traditional Custodians.

I pay my respects to each of their Elders, past and present, and I extend that respect to Torres Strait and Aboriginal peoples here with us today or participating online.

[Procedural matters addressed]

On stage with me this morning are my fellow non-executive Directors and I welcome them all - Carolyn Kay, Guy Russo, Julie Coates who was appointed non-executive Director in October last year and is standing for election, Mike Ihlein, who is Chair of our Audit and Finance Committee and is retiring from the Board today, Mike Wilkins AO who is standing for re-election, Margie Seale, Chair of our Risk and Sustainability Committee, Catherine Brenner Chair of our Human Resources Committee, and Craig Mitchell and Maureen McGrath our Company Secretary.

I would like to welcome Elliott Rusanow our Chief Executive Officer who will speak following my remarks.

Members of the Scentre Executive Team are with us today and I welcome them – Andrew Clarke, Chief Financial Officer; Lillian Fadel, Chief Operating Officer and John Papagiannis, Group Director of Businesses.

Other members of the Executive Team and Scentre team have joined us today in person or online and I also extend my welcome to them all.

Mr Scott Jarrett, representing the Group’s auditors EY, is here today.

[Procedural matters addressed]

The Group continues to monitor the current challenging geopolitical and macroeconomic environment and the potential business impacts this may have.

Importantly, our business has continued to perform strongly during the early part of 2026.

Our Purpose, creating extraordinary places and experiences that connect, enrich and are essential to our communities, continues to guide Scentre Group’s focus on delivering growth for securityholders in a responsible and sustainable way.

The Group delivered strong financial and operational performance in 2025 and made good progress on strategic priorities.

Funds From Operations were $1,188 million, 22.82 cents per security, up 4.9% on the previous year.

Distributions for the period were up 3.4% to 17.72 cents per security.

Our total securityholder return for the year was 28.3%.

In addition to the strong operating performance, the Group made progress on longer term initiatives to grow economic activity at our destinations.

These initiatives include ways to grow our core operating business and the unlocking of additional opportunities for growth from our strategic land holdings.

Elliott will speak in more detail about our 2025 results as well as year-to-date performance and our outlook following this morning’s release of an Operating Update.

I want to recognise Elliott and the entire Scentre team for these results.

This is the fifth consecutive year of earnings and distribution growth. The team continues to create value for all stakeholders – our communities, customers, business partners and securityholders.

Sustaining a high performing culture where talent thrives is a priority for the Board.

Pleasingly we received an employee engagement score of 96 per cent, which places us amongst the top companies globally for the fifth consecutive year.

Continuing to invest in our people and growing our talent and team capabilities is critical to the pursuit of operational excellence and growth.

As examples, at the end of 2025 we announced two senior leadership changes.

Lillian Fadel was appointed Chief Operating Officer, with her accountabilities expanded from Customer, Community and Destination to also include Asset Management, Development, Design and Construction, as well as Data and Analytics.

The role and responsibilities of our CFO Andrew Clarke were expanded to include leadership of our strategy to broaden the economic activities and usages across our land holdings as well as our long-term strategic plan.

Congratulations to you both.

Spending time with our teams in Westfield destinations is one of the most rewarding aspects of our role as Board members, offering firsthand insight into our communities, future plans, and the care our people bring to delivering the Westfield experience, every day.

In 2025, we held Board meetings at Westfield Marion and Westfield Warringah and directors visited many other destinations through the year. More visits are planned in 2026.

In February the Group published its Sustainability Report as part of our 2025 Annual Report, in line with new Australian Sustainability Reporting Standards.

The Board recognises the substantial program of work undertaken to prepare for the transition to these new reporting requirements, especially the cross-functional effort invested in establishing the governance, systems and assurance foundations needed to support the change.

Community and connection remain at the heart of our business.

In 2025, our community recognition and grants program, Westfield Local Heroes, marked its ninth anniversary.

In this time, the Group has invested more than $9.8 million into the resilience and vibrancy of the communities we serve.

Each Westfield destination is unique and our community plans and cultural calendars reflect the diverse communities we serve. This is one of the contributing factors to the growth in customer visitation to 540 million visits during 2025.

We take our responsibilities as a community destination seriously.

In early February this year, the NSW State Coroner concluded the Bondi Junction Inquest into the attack of 13 April 2024.

We again extend our deepest condolences to the families and loved ones of the victims and all those impacted.

On the second anniversary, the Governor-General announced a special Australian Bravery Decorations honours list.

We note the significance of recognising these individuals and thank them all most profoundly.

We recognise all who displayed great courage and bravery through their actions on that terrible day, including members of the public, first responders, NSW Police, our business partners, and, particularly, at this securityholders meeting of Scentre Group, our own team. We acknowledge and thank them all.

During 2025, we fully supported the careful work of the Coroner.

A summary of how the Group has supported its people throughout this period as well as safety and security initiatives introduced since the attack are outlined in our Annual Report and on our website.

The safety and security of our customers, our business partners and our team remains the highest priority of your Board.

I mentioned earlier that Mike Wilkins and Julie Coates are standing for re-election and election to the Board today.

Appointing Directors with an appropriate mix of skills, knowledge, experience and diversity aligned with the strategic direction of the Group is our objective.

Julie joined the Board in October last year.

Further information about Julie and Mike is contained in our Notice of Meeting and each of them will speak to you later in the meeting.

Mike Ihlein will today retire from the Board and as Chair of the Audit and Finance Committee and will be succeeded by Craig Mitchell in this role.

On behalf of my fellow Directors, I would like to congratulate Mike and thank him for the significant contribution he has made to our Board. He has been a Director of Scentre Group since its inception in 2014.

Mike was the inaugural Chair of the Group’s Risk and Audit Committee, which preceded the Audit and Finance Committee.

Mike is an exceptional Director. His strategic, commercial and financial acumen has been highly valued by his Board colleagues and management.

During his tenure, Mike has been instrumental in key moments of our company’s history.

From the complex transaction resulting in the formation of Scentre Group in 2014, to working closely with the management team during the pandemic, and more recently, on a seamless CEO transition to Elliott’s leadership in 2022, Mike’s advice and judgement has been a crucial element.

Mike’s professionalism, unwavering commitment to the work of the Board and legendary attention to detail will be much missed. Thank you Mike from us all.

The Board is very proud of the role Elliott and all members of our team play across Australia and New Zealand supporting customers, communities and each other.

The Group’s dedication to attracting more people, more often and for longer to our Westfield destinations is delivering long-term value and growth for you, our securityholders. Thank you to the team on behalf of us all.

To my Board colleagues, thank you for your commitment to Scentre Group, your diligence, and your good judgement.

To you, my fellow securityholders, thank you for your ongoing support of our company.

I will now pass to Elliott to share his remarks.

- ENDS -