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 in the 45 weeks to 9 November 2025 is 453 million, up 3.1% or 13.5 million more than the same period in 2024.

“Total annual business partner sales across the portfolio to 30 September 2025 were $29.5 billion, up $760 million compared to the same period in 2024. For the three months ended 30 September 2025, our business partners achieved total growth in sales of 3.7% with specialty sales up 4.4%.

“Demand for space from a diverse range of business partners is strong. Portfolio occupancy is 99.8% as at 30 September 2025, up 40bps on the same period in 2024. The Group recorded average specialty rent escalations of 4.4% in the 9 months to 30 September 2025 and completed 2,366 leasing deals, achieving average specialty releasing spreads of +3.0%.

“The Westfield membership program now exceeds 4.8 million members, an increase of 600,000 compared to 30 September 2024. We continue to invest in unique offers and experiences to strengthen member engagement and drive visitation.”

In October, the Group announced the recipients of the 2025 Westfield Local Heroes program. Now in its eighth year, the Westfield Local Heroes program has awarded over $9.8 million in grants to nearly 1,000 community organisations since 2018.

The Group continues to reinvest in its destinations to repurpose space and introduce new brands and experiences as part of its customer strategy.

In October, the Group opened the last stage of the $48 million (SCG share: $24 million) redevelopment of Westfield Burwood in Sydney, welcoming brands ALDI, JB Hi-Fi, Nike and Rebel.

This follows the June opening of the first stage of the $72 million (SCG share: $36 million) redevelopment at Westfield Southland in Melbourne, which included an extended family, dining and entertainment precinct. The remaining stage of the upgraded David Jones will open this month.

In July, the Group opened the new health, wellness and fitness precinct on level 1 of Westfield Bondi in Sydney featuring a global first Virgin Active social wellness club and a Rebel rCX concept store. The upgrade of the lifestyle, entertainment and dining offer at Westfield Bondi will commence later this year.

This follows the investments in Westfield Mt Gravatt and Westfield Carindale in Brisbane, and Westfield Tea Tree Plaza in Adelaide, which have led to a significant uplift in customer visitation and business partner sales.

During the period, the Group continued its active capital management strategy to diversify its sources of capital. In September, the Group issued $1.0 billion of 10-year senior notes in the Australian domestic market at a margin of 1.38%.

In October the Group issued €500 million (approximately $900 million) of 8-year senior notes at a margin of 1.295%, marking a return to the European market after several years.

Outlook

The Group reconfirms that subject to no material change in conditions, the Group’s target for FFO is 22.75 cents per security for 2025, representing 4.3% growth for the year.

Distributions are expected to grow by 3.0% to 17.72 cents per security.

Authorised by the Chief Executive Officer.