Scentre Group Stock Earnings Reports

Scentre Group reported its 2025 full-year results showing continued operational strength and disciplined capital management. Funds from operations (FFO) rose 4.9% to $1.18 billion ($0.2282 per security), marking the fifth consecutive year of earnings and distribution growth. Visitor numbers reached 540 million (highest since 2019) and Westfield membership grew 11% to 5 million, supporting record business partner sales of $30 billion (+3.6% year-on-year). Portfolio metrics were robust: occupancy 99.8%, average specialty lease term 6.8 years, specialty rents +4.5%, and positive new lease spreads (3.2% for the year, 3.5% H2). Scentre continues to prioritise experiential activations (Disney, Sony Music, Live Nation) to drive dwell time and sales. Redevelopment and repurposing remain core to the strategy — notable projects include completed redevelopments at Westfield Sydney, Southland, Burwood and Bondi (Level 1) and a newly announced $240m redevelopment of Level 6 at Westfield Bondi for lifestyle/entertainment/dining. The Group is actively progressing rezoning/planning proposals across six Westfield sites that could potentially deliver 16,000+ dwellings, reframing its large (670 ha) landholdings around transport hubs as broader mixed‑use economic nodes (residential, student, health, education). On capital management, Scentre refinanced ~$2.4bn of notes, issued senior notes domestically and in Europe, increased hedge coverage (99% Jan 2026), and achieved a 2025 weighted average interest rate of 5.6% (targeting ~5.4% in 2026). The Group has $5.2bn liquidity and plans to redeem USD 750m of 2030 senior bonds and to gradually increase its stake in Carindale Property Trust under creep provisions. Guidance for 2026: FFO targeted to grow at least 4% to >$0.2373 per security and distributions targeted to grow 4% to $0.1843 per security, with like-for-like NOI guidance circa +4%. Operating and leasing capex was $167m in 2025 with expected ~A$170m in 2026 and redevelopment capex guidance ~A$250–300m.