• Delivered strong financial and operational performance, with portfolio premiumisation and strategic acquisitions
• Opened stage 1 of the reimagined Chatswood Chase, with stage 2 on track for 4Q FY26
• Completed Chadstone's fully integrated 20,000sqm office tower, solidifying its status as a retail-led, mixed-use destination

Vicinity Centres delivered a strong set of financial and operational results for the first half of FY26, demonstrating the success of its strategic focus on curating a higher quality, higher growth asset portfolio. The company reported a statutory net profit after tax of $805.6 million, comprising $351.0 million in funds from operations (FFO) and $454.6 million in statutory, non-cash and other items. FFO per security was up 1.3%, and adjusted for one-off items and lower lost rent from developments, FFO per security was up 4.1%. The company also declared a 1H FY26 distribution of 6.20 cents per security, representing 88.4% of adjusted FFO. Key highlights include a 3.7% increase in comparable net property income, driven by strong portfolio metrics, and a 4.6% leasing spread, reflecting robust tenant demand. The company also recorded a 2.6% valuation uplift across its portfolio, with lower capitalisation rates underpinning $279 million of the $407 million net valuation gain. Vicinity continued to actively reposition its portfolio, completing the opening of stage 1 of the reimagined Chatswood Chase and the fully integrated 20,000sqm office tower at Chadstone. These developments have further strengthened Vicinity's premium asset portfolio and solidified Chadstone's status as a world-class, retail-led mixed-use destination. The company also announced the redevelopment of Galleria, which will transform the asset with a new entertainment and lifestyle precinct.Looking ahead, Vicinity remains well-positioned to deliver sustainable growth, with a strong balance sheet, disciplined capital management, and a focus on curating a premium, high-quality portfolio that can generate superior and resilient returns for securityholders.

Vicinity expects the Uptown acquisition and associated redevelopment to deliver a stabilised yield of over 6.0% and an internal rate of return of over 10.0%, with total project-related lost rent expected to be within the existing guidance of around $15 million in FY27.

Vicinity remains cautiously optimistic about the retail sector's outlook, with portfolio remixing, enhanced asset quality, and increased shopper confidence and capacity to spend supporting the company's performance. The company will continue to focus on curating a premium, high-quality portfolio that can generate superior and resilient returns for securityholders.