Scentre Group Operating Update

Scentre Group (ASX: SCG) today announced an operating update.

Scentre Group Chief Executive Officer Elliott Rusanow said: “Customer visitation to our 42 Westfield destinations from the beginning of this year to 19 April is 160 million, up 3.1% or 4.9 million more than the same period in 2025.

“Our strategy to grow the economic activity that occurs at each of our destinations continues to deliver, with customer visitation growing across all regions.”

Operations

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%.

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%.

Works have continued to progress on the Group’s $240 million redevelopment to elevate Westfield Bondi as a world leading lifestyle, entertainment and dining destination.

Capital management

In early February the Group settled the divestment of 19.9% of Westfield Sydney to Australian Retirement Trust (ART), 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.

Outlook

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.

Authorised by the Board.