• Statutory net profit after tax of $805.6m, up from $492.6m in 1H FY25
• Funds From Operations per security up 4.1% excluding one-off items
• Comparable Net Property Income growth of 3.7%, or 4.1% excluding new and increased taxes and levies

Vicinity Centres has released its results for the six months ended 31 December 2025 (1H FY26), highlighting strong financial and strategic performance. The company reported a statutory net profit after tax of $805.6m, up from $492.6m in the prior corresponding period. Funds From Operations (FFO) per security was up 1.3%, or 4.1% when adjusted for one-off items and lower lost rent from developments. Comparable Net Property Income growth was 3.7%, or 4.1% excluding new and increased taxes and levies. Vicinity continued to execute its investment strategy, irrevocably accepting an offer to acquire IFM Investors' 75% interest in Uptown in Brisbane's CBD for $212m, and divesting $327m of non-strategic assets at an 18.2% premium to book values. Specialty and mini major sales were up 5.1%, driven by active tenant remixing and increased shopper confidence and capacity to spend. Occupancy, leasing spreads, and average annual escalators remained strong, supporting current and future income growth. Vicinity also provided updates on key developments, including the successful Stage 1 opening of Chatswood Chase and the upcoming Stage 2 opening, as well as progress on the Galleria redevelopment and potential mixed-use opportunities at Chatswood Chase and Bankstown Central.

Vicinity expects FY26 FFO and Adjusted FFO per security to be around the top end of the guidance ranges of 15.0-15.2 cents and 12.8-13.0 cents, respectively. Comparable NPI growth is expected to be around 3.5% in FY26, with development-related lost rent of around $25m. Maintenance capital expenditure and leasing incentives are expected to be around $100m, and investment capital expenditure around $400m.

Vicinity remains focused on curating a retail-anchored asset portfolio designed for sustained growth and long-term value creation. The company continues to execute its investment strategy, selectively recycling and allocating capital to fund acquisitions and developments of premium assets with superior income and value growth potential, while preserving the strength of its balance sheet and credit ratings.