• Statutory NPAT of $805.6 million, up 63.5% from prior period
• FFO per security up 1.3% to 7.66 cents
• Interim distribution of 6.20 cents per security, up 4.2% from prior period
• Continued strategic capital recycling and investment in premium assets

Vicinity Centres has reported a strong set of financial results for the first half of FY26, with statutory NPAT increasing 63.5% to $805.6 million and FFO per security up 1.3% to 7.66 cents. Net property income grew 1.1% to $468.8 million, driven by comparable NPI growth of 3.7% and reduced lost rent from development, partially offset by net income dilution from transactions. External management fees were 9.1% lower, while net corporate overheads reduced by 3.3%, reflecting Vicinity's disciplined approach to cost management. The company declared an interim distribution of 6.20 cents per security, up 4.2% from the prior period, with an AFFO payout ratio of 88.4%. Vicinity continued to selectively recycle and allocate capital, with $1.0 billion of non-strategic assets divested since the beginning of FY24 and several recent divestments executed at a blended 18.2% premium to June 2025 book values. The company's portfolio metrics remained positive, with occupancy at 99.6%, leasing spreads of +4.6%, and average annual escalators of 4.7%. Vicinity also made progress on its development pipeline, including the successful launch of the revitalised fresh food precinct at Chadstone and the first stage of the Chatswood Chase redevelopment.

Vicinity Centres expects to deliver FFO per security growth of 2-4% and AFFO per security growth of 1-3% for the full 2026 financial year.

Vicinity Centres is well-positioned to continue executing its strategy of selectively recycling capital and investing in premium assets with superior income and value growth potential. The company expects to benefit from favorable retail sector fundamentals, including population growth, increased household spending, and limited incremental retail floorspace.