Slides
Page 1
Vicinity Centres FY26 Interim Results | 18 February 2026 FY26 Interim Results 18 FEBRUARY 2026 For personal use only
Page 2
Vicinity Centres FY26 Interim Results | 18 February 2026 2 AGENDA 04 Highlights and portfolio performance 10 Financial results 14 Development update and summary 22 Appendices PETER HUDDLE CEO and Managing Director ADRIAN CHYE Chief Financial Officer WELCOMEFor personal use only
Page 3
Vicinity Centres FY26 Interim Results | 18 February 2026 Vicinity Centres acknowledges the Traditional Custodians of the land and pays respect to Elders past and present. As a business that operates in many locations across the nation, we recognise and respect the cultural heritage, beliefs, and relationship with the land, which continue to be important to the Traditional Custodians living today. 3 ACKNOWLEDGEMENT OF COUNTRY Vicinity’s First Nation’s Artwork for Reconciliation – Emma Hollingsworth’s ‘Looking Forward’ For personal use only
Page 4
Vicinity Centres FY26 Interim Results | 18 February 2026 P E T E R H UDDLE CEO A ND M A N A G I N G DIRECTOR Highlights and portfolio performance Vicinity Centres FY26 Interim Results | 18 February 2026 4 Chadstone, VIC For personal use only
Page 5
Vicinity Centres FY26 Interim Results | 18 February 2026 5 1. Acquisition price excludes stamp duty. Contracts are expected to be exchanged by the end of April, with the acquisition then expected to settle in June 2026, following receipt of the required Ministerial consent in relation to certain ancillary land rights. 2. Vicinity’s premium asset portfolio comprises Chadstone, Outlet Centres, CBDs and Premium shopping centres. 3. Refer to slide 23 for assets divested and expected settlement dates. 4. Excluding the impact of taxes and levies the +3.7% comparable net property income (NPI) would increase to +4.1%. 5. Comparable NPI growth excludes reversal of prior year provisions, transactions and development impacts. STRATEGIC AND FINANCIAL HIGHLIGHTS Curating a higher quality, higher growth asset portfolio and delivering operational and financial objectives, amid supportive retail sector $805.6m STATUTORY NET PROFIT 1H FY25: $492.6m Opened STAGE 1 OPENING OF CHATSWOOD CHASE Trading metrics exceeding expectations Uptown WILL ACQUIRE RESIDUAL 75% INTEREST Irrevocably accepted IFM Investors’ offer for Vicinity to acquire for $212m1 Upweighting to premium2 assets +3.7%4 COMPARABLE NPI GROWTH5 Reflects enhanced portfolio quality 1H FY25: +4.2% 99.6% PORTFOLIO OCCUPANCY Jun-25: 99.5% $351.0m FUNDS FROM OPERATIONS 1H FY25: $344.1m 26.3% GEARING Jun-25: 26.6% NTA uplift NET TANGIBLE ASSETS UP 11 CENTS PER SECURITY, OR 4.8% TO $2.52 +4.6% LEASING SPREAD 1H FY25: +3.5% 6.20 cps 1H FY26 DISTRIBUTION 1H FY25: 5.95 cps +2.6% VALUATION UPLIFT Driven by both income growth and capitalisation rate compression Divesting $327m OF NON-STRATEGIC ASSETS3 At 18.2% blended premium to June 2025 book values Chadstone, VIC – The Market Pavilion For personal use only
Page 6
Vicinity Centres FY26 Interim Results | 18 February 2026 Chadstone City Centre Outlet Centre Other Premium Regional Sub Regional Neighbourhood -2.0 -1.5 -1.0 -0.5 - 0.5 1.0 1.5 2.0 2.5 1. Excluding the impact of new taxes and levies, premium portfolio comparable NPI growth improves from +3.8% to +4.6%. 2. Dec-25 adjusted for the stabilised value of completed Chadstone, Chatswood Chase and Galleria developments, acquisition of Uptown and the settlement of divestments announced in FY26 to date. 3. Since Jun-22. PORTFOLIO REPOSITIONING; ACTIVELY CURATING A PREMIUM ASSET PORTFOLIO SINCE JUNE 2022 Superior and sustained value creation via strategic developments, targeted acquisitions and timely divestments Portfolio Jun-22 Portfolio Dec-25 proforma2 RETAIL ASSET PORTFOLIO BY CENTRE TYPE Premium assets now comprise 66% of Vicinity’s retail asset portfolio +9.7% PREMIUM LEASING SPREADS Total portfolio: +4.6% +3.8% PREMIUM COMPARABLE NPI1 Total portfolio: +3.7% 51% Premium portfolio weighting 66% VICINITY’S CAPITAL ALLOCATION SINCE JUN-22 Cumulative investment in acquisitions and developments and proceeds from divestments; driven shift in total portfolio value towards premium assets Development Divestments Development Acquisitions PREMIUM ASSETS OUTPERFORM ON INCOME AND VALUE GROWTH Validated by superior premium portfolio metrics relative to the portfolio average Core -$1.3b Premium +$2.1b PORTFOLIO PREMIUMISATION $16,951 PREMIUM SPECIALTY MAT PER SQM Total portfolio: $13,425 CAPITAL ALLOCATION MODEL 6 12 FEWER RETAIL ASSETS3 $543m AVERAGE ASSET VALUE2 Jun-22: $393m For personal use only
Page 7
Vicinity Centres FY26 Interim Results | 18 February 2026 7 1. Acquisition price excludes stamp duty. The acquisition is expected to settle in June 2026, following receipt of the required Ministerial consent in relation to certain ancillary land rights. 2. State funded infrastructure projects total $27 billion, comprising the Brisbane Metro, the Cross River Rail project, redevelopment of Queen’s Wharf and Waterfront Brisbane. 3. Average across strategic priority CBDs: Melbourne, Sydney and Brisbane. 4. Data provided by CBRE Research, Australia. 5. Representing 5-year average annual growth rate. 6. 1H FY26 vs 1H FY23. 1H FY23 represents first full trading period post cessation of pandemic lockdowns. 7. As at Dec-25. ACQUISITION – UPTOWN Irrevocably accepted IFM Investors’ offer for Vicinity to acquire remaining 75% of Uptown; secured for $212 million1 INCREASED EXPOSURE TO CBD RETAIL AND GREATER BRISBANE • Uptown is a landmark retail asset with significant growth potential • Uptown centrally located to benefit from $27b2 government infrastructure investment • Uptown already a major gateway to Brisbane’s CBD, located atop major bus interchange • Brisbane’s projected total trade area population growth versus the CBD average3 supports significant potential for market share and total spend growth DEVELOPMENT PLANS FOR UPTOWN • Acquisition paves way for rejuvenation of Uptown, to capture significant growth potential of Brisbane’s thriving CBD • Vision: reposition Uptown with a comprehensive, large-scale retail offer, blending fashion, dining, technology, leisure and entertainment; akin to Emporium Melbourne • Retail redevelopment from CY27 to CY29; cost expected to be c.$300-$350m • Stabilised yield of >6.0% and Internal Rate of Return of >10.0%. Total project-related loss of rent expected to be within existing guidance of c.$15m in FY27 DISCIPLINED FUNDING STRATEGY MAINTAINED • Acquisition funded by proceeds from asset sales announced in FY26 to date • Net impact from acquisition and divestments announced in FY26 to date largely neutral to FY26 FFO • Pro-forma gearing: 25.8% • Development to be funded through a combination of further asset sales and debt Uptown, QLD +26% UPLIFT IN COMPARABLE NPI6 +18% UPLIFT IN SPECIALTY MAT PER SQM6 VICINITY HAS A PROVEN CAPABILITY OF DELIVERING STRONG CBD RETAIL PERFORMANCE AND CREATING THRIVING RETAIL ENVIRONMENTS Performance metrics of Vicinity's CBD asset portfolio 98.8% OCCUPANCY – RETAIL7 UPTOWN’S INHERENT GROWTH POTENTIAL SUPPORTED BY PUBLIC INFRASTRUCTURE INVESTMENT IN, AND DEMOGRAPHICS OF, BRISBANE’S CBD +3.4% PROJECTED TOTAL TRADE AREA POPULATION GROWTH4,5 AVG. CBD3: 2.0% $27b CURRENT INVESTMENT IN INFRASTRUCTURE For personal use only
Page 8
Vicinity Centres FY26 Interim Results | 18 February 2026 8 1. Sales are reported for comparable centres, which excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines. 2. Some major tenants reported 53 weeks for FY24 and has been adjusted accordingly. 3. Other retail includes cinemas, travel agents, auto accessories, lotteries and other entertainment. 4. Metric refers to retail sales growth for specialty and mini majors. Premium retail centres include Chadstone, Outlet portfolio, CBDs and Premium shopping centres. Core portfolio includes all retail assets outside of premium asset portfolio. RETAIL SALES Portfolio remixing, enhanced asset portfolio and increased shopper confidence and capacity to spend supports cautiously optimistic outlook $13,425/sqm SPECIALTY MAT/SQM Jun-25: $13,037/sqm +4.9% CORE CENTRE4 RETAIL SALES GROWTH in 1H FY26 +5.3% PREMIUM CENTRE4 RETAIL SALES GROWTH in 1H FY26 +4.2% TOTAL PORTFOLIO RETAIL SALES GROWTH IN 1H FY26 All categories delivered sales growth, most notably across mini majors and specialty stores Emporium Melbourne, VIC +5.1% SPECIALTY AND MINI MAJORS RETAIL SALES GROWTH IN 1H FY26 Acceleration in growth rates for most discretionary categories Portfolio sales1 (Growth versus prior year) MAT Six months Nov/Dec-25 (%) Dec-25 (%) Jun-25 (%) Dec-25 (%) Jun-25 (%) Specialty stores 4.1 1.5 5.2 2.7 3.8 Mini majors 6.7 8.5 5.1 8.8 5.7 Specialties and mini majors 4.9 3.7 5.1 4.7 4.5 Supermarkets2 1.9 1.8 1.7 2.1 2.6 Discount department stores2 3.2 1.7 2.5 4.1 2.6 Other retail3 2.6 (0.1) 5.7 0.5 6.8 Department stores 2.3 0.7 1.4 3.3 (0.8) Total portfolio 4.0 2.8 4.2 3.8 3.9 Food retail 6.9 7.3 6.4 7.7 4.8 Food catering 4.3 4.8 3.9 4.8 2.6 Apparel & footwear 1.5 0.6 1.8 1.1 1.4 Jewellery 10.4 4.1 11.0 8.2 10.0 Leisure 11.7 11.5 10.3 13.8 8.5 Homewares 7.5 5.5 8.4 6.4 8.1 General retail 4.1 1.2 5.8 2.1 5.6 Mobile phones 5.6 0.7 8.9 1.0 9.5 Retail services 4.4 5.1 3.6 5.3 2.7 Total specialties and mini majors 4.9 3.7 5.1 4.7 4.5 For personal use only
Page 9
Vicinity Centres FY26 Interim Results | 18 February 2026 9 1. Forecast supply of retail floorspace outlined on slide 25. Source: CBRE Research. 2. Excluding tenancies strategically held for development or reconfiguration. 3. At period end. 4. Weighted average lease expiry by income. LEASING Strong leasing performance reflects the depth of tenant demand in a market characterised by tightening retail floorspace supply1 HIGHER QUALITY ASSET PORTFOLIO AND ROBUST RETAILER DEMAND UNDERPINS STRONG LEASING OUTCOMES • Recorded a healthy leasing spread of +4.6% (1H FY25: +3.5%) • Representing 28% of total rent transacted, Apparel & Footwear category achieved +7.2% leasing spread, primarily driven by Chadstone and Outlet Centres • Occupancy strengthened to 99.6% (Jun-25: 99.5%) • Holdovers as a proportion of income at 2.9%2 (1H FY25: +2.9%) • Specialty occupancy cost ratio of 14.1% provides headroom for ongoing rent growth, especially in an environment of robust retail sales growth (Jun-25: 14.1%, pre-COVID: c.15.0%) STEADFAST FOCUS ON QUALITY LEASES SUPPORTS RESILIENT INCOME GROWTH • Vacancy count at a record low since Vicinity’s inception in 2015 • Disciplined approach to negotiating new leases where structure, tenure and value of rent written support current and future income growth • Average annual rent escalators on completed deals during the half remained strong at +4.7% (FY25: +4.8%) • Improving portfolio quality and strategic tenant remixing continues to underpin enhanced sales productivity and supports future rent growth Leasing statistics 1H FY26 1H FY25 FY25 Leasing spreads (%) +4.6 +3.5 +2.5 Specialty occupancy cost ratio3 (%) 14.1 14.1 14.1 Specialty productivity3 (MAT/sqm) 13,425 12,907 13,037 Tenant retention (%) 76 76 73 WALE3,4 – total portfolio (years) 3.7 3.6 3.6 Holdovers3 (no. of stores) – total portfolio 237 322 234 – excluding strategically held for development or reconfiguration 191 227 154 99.6% OCCUPANCY RATE Jun-25: 99.5% +4.6% LEASING SPREAD 1H FY25: +3.5% 4.6 years 1H FY26 LEASE TENURE 1H FY25: 4.3 years 4.7% p.a. 1H FY26 AVERAGE ESCALATORS 1H FY25: 4.8% For personal use only
Page 10
Vicinity Centres FY26 Interim Results | 18 February 2026 A D R I A N C H Y E CHIEF FINANCIAL OFFICER Financial results Vicinity Centres FY26 Interim Results | 18 February 2026 10 Queen Victoria Building and The Galeries, NSW For personal use only
Page 11
Vicinity Centres FY26 Interim Results | 18 February 2026 11 RESULT HEADLINES • Statutory net profit after tax of $805.6m, comprising FFO of $351.0m and $454.6m of statutory, non-cash and other items1 • FFO per security up 1.3%. Adjusted for one-off items2 and lower lost rent from developments, FFO per security was up 4.1% • 1H FY26 distribution of 6.20 cps (1H FY25: 5.95 cps), represents 88.4% of AFFO3 DRIVERS OF PERFORMANCE • NPI – up 1.1%, reflecting strong comparable4 NPI growth partially offset by transaction impacts • Comparable4 NPI – up 3.7%, reflects continuation of strong portfolio metrics. Excluding new and increased taxes and levies, comparable NPI was up 4.1% • External management fees – down $2.5m, due to the transition of a third party leasing mandate and divestment of co-owned assets • Net corporate overheads – down 3.3%, driven by disciplined approach to cost management • Net interest expense – down 2.6% primarily due to volume benefits from transaction impacts and the distribution reinvestment plan 1. Refer to slide 34 for definition of FFO and AFFO, and reconciliation of FFO to statutory net profit after tax. FFO and AFFO are non- IFRS measures. 2. One-off items include the impact of transactions (-$7m) and reversal of prior year waivers and provisions (1H FY25 $3m). 3. Calculated as: Total distributions declared ($285.2m/Total AFFO $322.8m). Vicinity expects its full year distribution payout ratio to be within the target range of 95%-100% of Adjusted FFO. 4. Comparable NPI growth excludes transactions, reversal of prior year waivers and provisions and development impacts. FINANCIAL RESULTS Income Statement 1H FY26 ($m) 1H FY25 ($m) Change ($m) Change (%) NPI 468.8 463.5 5.3 1.1 External management fees 25.0 27.5 (2.5) (9.1) Net corporate overheads (41.4) (42.8) 1.4 (3.3) Net interest expense (101.4) (104.1) 2.7 (2.6) Funds from operations (FFO)1 351.0 344.1 6.9 2.0 Maintenance capex and lease incentives (28.2) (26.4) (1.8) 6.8 Adjusted FFO (AFFO)1 322.8 317.7 5.1 1.6 Statutory net profit after tax (NPAT) 805.6 492.6 313.0 63.5 FFO per security (cents) 7.66 7.56 0.10 1.3 AFFO per security (cents) 7.04 6.98 0.06 0.9 Distribution per security (cents) 6.20 5.95 0.25 4.2 Distribution payout ratio3 88.4% 85.3% For personal use only
Page 12
Vicinity Centres FY26 Interim Results | 18 February 2026 12 NET VALUATION INCREASE OF $407M, OR 2.6% TO $15.9B • Disciplined focus on quality, long-term leasing deals, increasing occupancy and minimising income at risk underpins earnings growth resilience and valuation gains • Chadstone, Outlets and the CBD portfolio continue to bolster portfolio income growth • Lower capitalisation rates underpinned $279m of the net $407m net valuation gain, supported by market evidence and buoyant investor demand for retail assets NET TANGIBLE ASSETS PER SECURITY (NTA) UP 11 CENTS OVER 1H FY262, OR 4.8%, TO $2.52 Note: Figures may not sum due to rounding. 1. Valuation movements are for the six months ended 31 December 2025. Reflects Vicinity’s ownership interest and excludes statutory accounting adjustments. Based on portfolio as at 31 December 2025. 2. Movement based on NTA as at 31 December 2025 compared to 30 June 2025. 3. Net of capital expenditure. 1H FY26 VALUATIONS Valuation Capitalisation rate 1H valuations1 No. of centres Value ($m) Change (%) Average (%) Change (bps) Chadstone 1 3,590 0.8 4.25 - CBD Centres 7 2,103 1.1 5.20 8 Outlet Centres 8 2,611 2.8 5.84 10 Regional 16 5,111 3.5 6.03 19 Sub Regional 16 2,267 5.1 6.15 29 Neighbourhood 3 248 2.4 5.97 21 Total portfolio (weighted average) 51 15,929 2.6 5.50 11 Highlighting strong asset performance and heightened investor demand, net valuation gain recognised across all asset segments ATTRIBUTION TO NET VALUATION MOVEMENT Net valuation movement and attribution by income and capitalisation rates ($m) NET VALUATION GAIN BY ASSET SEGMENT Vicinity share as at December 2025 -600 -400 -200 0 200 400 600 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Cap Rate Net Income³ Net Valuation Movement For personal use only
Page 13
Vicinity Centres FY26 Interim Results | 18 February 2026 13 STRATEGIC BALANCE SHEET MANAGEMENT • Sufficient liquidity to cover all FY26 debt expiries and committed development spend • Divested $327m of non-strategic assets1 providing another funding mechanism for Vicinity’s investment strategy • Distribution Reinvestment Plan active for the FY26 interim distribution • Vicinity continues to monitor debt capital market opportunities to increase weighted average maturity STRONG BALANCE SHEET AND CAPITAL FLEXIBILITY MAINTAINED CAPITAL MANAGEMENT Strong, diversified funding platform providing liquidity for maturities and capital deployment 26.3% GEARING3 Refer to slide 36 for more debt details. 1. Refer to slide 23 for assets divested and expected settlement dates. 2. Average over 6 months ended 31 December 2025, inclusive of margin, line fees and establishment fees. 3. Net drawn debt/Total tangible assets (excluding cash and cash equivalents, intangible assets, right of use assets, investment property leaseholds and derivatives). 4. FFO is based on 12 months ended 31 December 2025. 16.1% FFO4/NET DEBT 3.8 times INTEREST COVER RATIO A/stable S&P GLOBAL RATINGS A2/stable MOODY’S RATINGS DEBT SOURCES (%) Total debt facilities $5.3b Drawn debt $4.3b Undrawn limit $1.0b Weighted average cost of debt2 5.0% Weighted average drawn debt maturity 3.5 years Average proportion of hedged debt over 1H FY26 91% 16 20 28 15 7 12 2 Bank drawn Bank undrawn AMTN EMTN USPP GBMTN HKMTN 655 200 492 927 169 500 500 453 335 50 100 222 515 200 0 200 400 600 800 1,000 1,200 1,400 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 Bonds Bank drawn Bank undrawn DEBT MATURITY PROFILE ($m) For personal use only
Page 14
Vicinity Centres FY26 Interim Results | 18 February 2026 P E T E R H UDDLE CEO A ND M A N A G I N G DIRECTOR Development update and summary Vicinity Centres FY26 Interim Results | 18 February 2026 14 Chatswood Chase, NSW For personal use only
Page 15
Vicinity Centres FY26 Interim Results | 18 February 2026 15 SUCCESSFUL OPENING OF STAGE 1 OF THE REIMAGINED CHATSWOOD CHASE Stage 1 opening marked the start of a new era for Chatswood Chase, as the pre-eminent fashion and luxury destination in northern Sydney 2.4m VISITATION Since opening 23 Oct 65 NEW RETAILERS Introduced ~$625m DEVELOPMENT SPEND Unchanged >6.0% STABILISED YIELD Unchanged ~10% UNLEVERED IRR Unchanged $119m TOTAL CENTRE SALES October to December +34% SAME-STORE SALES October to December Eagerly anticipated Stage 2 on track to open from 4Q FY26, welcoming… For personal use only
Page 16
Vicinity Centres FY26 Interim Results | 18 February 2026 COMPLETION OF CHADSTONE’S FULLY INTEGRATED 20,000SQM OFFICE TOWER Chadstone now home to >6,500 office workers across >50,000sqm on weekdays, driving continuous visitation and spending Tower One Hotel Chadstone One Middle Road Chadstone Place 16 The welcoming of Kmart and Adairs’ head office employees to Chadstone, solidifies the asset as a highly sought after retail-led, mixed-use destination For personal use only
Page 17
Vicinity Centres FY26 Interim Results | 18 February 2026 A CITY WITHIN A CENTRE Chadstone is a world-class retail-led mixed-use destination, blending fashion, food, entertainment, leisure, work and stay Chadstone Place Tower One and Hotel Chadstone One Middle Road Chadstone Place – Officeworks Chadstone Place – Officeworks Tower One – Vicinity National Office Hotel Chadstone – Concierge One Middle Road – Concierge One Middle Road – ConciergeDining Laneway The Market Pavilion The Social Quarter 17 For personal use only
Page 18
Vicinity Centres FY26 Interim Results | 18 February 2026 18 REDEVELOPMENT OF GALLERIA UNDERWAY Transforming the asset with a new entertainment and lifestyle precinct complemented by a complete mall refresh 1. Total project spend based on Vicinity ownership. ~$120m1 DEVELOPMENT SPEND ~6% STABILISED YIELD >10% UNLEVERED IRR 2026 OPEN BY CHRISTMAS A new entertainment-led precinct offering a refreshed mix of leisure experiences and multiple exciting new dining destinations A vibrant fashion precinct showcasing a curated selection of retail brands Artist’s impressions For personal use only
Page 19
Vicinity Centres FY26 Interim Results | 18 February 2026 19 TARGETED RETAIL PROJECTS FOCUSED ON EXPANSION OF HIGH PERFORMING RETAIL PARTNERS From the recently completed UNIQLO at Emporium Melbourne to the successful repurposing of department store at Mandurah Forum >4,500sqm INCREASE OF +58% UNIQLO’S #1 FLAGSHIP IN AUSTRALIA EMPORIUM MELBOURNE – UNIQLO FLAGSHIP OPEN AND TRADING WELL MANDURAH FORUM – CATEGORY LEADING SPORTING AND FAMILY ENTERTAINMENT INTRODUCED ~1,300sqm TIMEZONE ~2,000sqm REBEL For personal use only
Page 20
Vicinity Centres FY26 Interim Results | 18 February 2026 20 MIXED-USE DEVELOPMENT – OPPORTUNITIES Strong alignment with government’s housing priorities, advanced mixed-use opportunities at Chatswood Chase and Bankstown Central CHATSWOOD Havilah and Malvern Towers 480 APARTMENTS ~3,800sqm SITE AREA 1,570 APARTMENTS BANKSTOWN Exchange Precinct and Town Centre Precinct ~23,700sqm SITE AREA University of Western Sydney (Bankstown) Bankstown Hospital (under construction) Bankstown Central Bankstown Metro Station (under construction) Artist’s impressions of site masterplans Havilah Tower Malvern Tower Chatswood Chase Artist’s impressions of proposed sites For personal use only
Page 21
Vicinity Centres FY26 Interim Results | 18 February 2026 DISCIPLINED FOCUS ON STRATEGIC EXECUTION AND DELIVERING ON OUR GROWTH PRIORITIES • Delivering predictable and growing income while driving sustained capital growth anchor our business decisions and investments • Results to date continue to demonstrate our investment strategy remains fit for purpose • Through selective acquisitions, large and small scale developments and strategic divestments, we are curating a retail-anchored asset portfolio designed for sustained growth and long-term value creation • Notably in strategically located, premium assets, the growing shortage of retail GLA per capita bodes well for incumbent landlords of the best performing retail assets • Disciplined approach to managing our balance sheet and preserving our credit metrics remains an important enabler of our ability to continue investing in our growth priorities FY26 EARNINGS GUIDANCE • Vicinity FFO and AFFO expected to be around the top end of guidance ranges of 15.0-15.2 cents and 12.8-13.0 cents, respectively • Distribution payout ratio expected to be within the target range of 95%-100% of AFFO • Comparable NPI growth now expected to be c.3.5% (previously c.3.0%) • Development related loss of rent c.$25m (FY27: c.$15m) • Weighted average cost of debt expected to be c.5.0% • Maintenance capex and lease incentives of c.$100m • Investment capital expenditure expected to be c.$400m 21 STRATEGIC FOCUS AREAS AND FY26 GUIDANCE Curating a higher quality, more resilient and differentiated retail asset portfolio in an environment of favourable retail sector fundamentals Lakeside Joondalup, WA For personal use only
Page 22
Vicinity Centres FY26 Interim Results | 18 February 2026 Vicinity Centres FY26 Interim Results | 18 February 2026 22 24 Australian macroeconomic environment 27 Development pipeline 28 Direct portfolio 34 Financial results 37 Key dates 38 Contact details APPENDICES 23 Asset transactions summary 33 Assets under management For personal use only
Page 23
Vicinity Centres FY26 Interim Results | 18 February 2026 23 ASSET TRANSACTIONS SUMMARY Divestments Price ($m) Settlement Premium/ (discount) to book Kurralta Central, SA 29 Feb 2024 Roxburgh Village, VIC 8 Mar 2024 Dianella Plaza, WA 8 Mar 2024 Ancillary properties Various Halls Head Central, WA 5 Jul 2024 Maddington Central, WA 8 Jul 2024 Karratha City, WA 21 Aug 2024 Mornington Central, VIC 2 Sep 2024 Roselands, NSW 18 Feb 2025 Carlingford Court, NSW 1 Apr 2025 Elizabeth City Centre, SA (50% interest) 30 Jun 2025 Reported FY24 and FY25 1,007.1 8.0% Whitsunday Plaza, QLD 27 Feb 2026 Armidale Central, NSW 27 Feb 2026 Gympie Central, QLD 27 Feb 2026 Victoria Park Central, WA 30 Jun 2026 Ancillary Properties 43.1 Various Announced 1H FY261 327.2 18.2% Acquisitions Chatswood Chase, NSW 307.0 15 Mar 2024 Lakeside Joondalup, WA 420.0 19 Aug 2024 Reported FY24 and FY25 727.0 Uptown, QLD (75% interest) 212.0 June 2026 Announced 1H FY26 Uptown, QLD 1. Contracts for sale exchanged but not yet settled.For personal use only
Page 24
Vicinity Centres FY26 Interim Results | 18 February 2026 -20 -10 0 10 20 30 Sep 15 Sep 17 Sep 19 Sep 21 Sep 23 Sep 25 Household savings Household spending Gross disposable income 4.1 213 0 50 100 150 200 250 300 350 0 2 4 6 8 Dec 15 Dec 17 Dec 19 Dec 21 Dec 23 Dec 25 Unemployment rate Job advertisements 0 200 400 600 800 1,000 0 3,000 6,000 9,000 12,000 Nov 15 Nov 17 Nov 19 Nov 21 Nov 23 Nov 25 Short-term (LHS) Long-term (RHS) 50 100 150 200 250 Dec 15 Dec 17 Dec 19 Dec 21 Dec 23 Dec 25 Sydney Melbourne Brisbane Adelaide Perth 1. Australian Bureau of Statistics. 2. Cotality. 3. Jobs and Skills Australia Internet Vacancy Index. AUSTRALIAN MACROECONOMIC ENVIRONMENT While population growth and a tight employment market are providing a level of resilience, Australian households still contend with elevated living costs NATIONAL INCOME AND HOUSEHOLD SPENDING VS HOUSEHOLD SAVINGS RATE1 (Seasonally adjusted, %) HOUSE PRICES1,2 (Quarterly index: Dec-15=100) UNEMPLOYMENT RATE1 (Seasonally adjusted, %) JOB ADVERTISEMENTS3 (000s) INTERNATIONAL VISITOR ARRIVALS – SHORT AND LONG-TERM1 (Annual, 000s) Pre-COVID -5% Pre-COVID +42% +8% yoy +7% yoy 24 For personal use only
Page 25
Vicinity Centres FY26 Interim Results | 18 February 2026 25 AUSTRALIAN SHOPPING CENTRES ARE RESILIENT THROUGH CYCLES Growing shortage of retail GLA per capita driven by population growth and reduced investment pipeline UNDERSUPPLY OF RETAIL PROPERTY EXPECTED • Majority of new retail supply is expected in Neighbourhood centres – a segment where Vicinity has limited exposure, reducing potential competitive impact • Tight planning controls preference existing retail assets or new supply on urban fringes, further constraining central supply • GLA per capita is 0.66sqm; forecast to reduce to 0.64sqm by 20331 which reinforces long-term supply-demand imbalance • Sector benefits from concentrated ownership by large institutions; underpins rational market where new supply is more measured SHORTAGE OF RETAIL GLA PER CAPITA SUPPORTS EARNINGS RESILIENCE • Structural undersupply of retail space to create positive price tension, supporting rent growth and increased occupancy • Retail landlords are increasingly able to curate tenant mixes and retail offerings that maximise retail sales productivity, enhancing asset performance NATIONAL SHOPPING CENTRE DEVELOPMENT SUPPLY PIPELINE BY ASSET1 (new developments and extensions, sqm) GLA PER CAPITA AND HISTORICAL AND FORECAST CONSUMER SPENDING1 1. CBRE Research and Deloitte Access Economics. 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0.55 0.58 0.61 0.64 0.67 0.70 0.73 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 Consumer Spending ($b) Square metres per capita Consumer Spending GLA per capita (SC) 0 100,000 200,000 300,000 400,000 500,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F Regional Sub Regional Neighbourhood 10 Year Average For personal use only
Page 26
Vicinity Centres FY26 Interim Results | 18 February 2026 26 FAVOURABLE FUNDAMENTALS SUPPORT LEASING TENSION AND SUSTAINED RENT GROWTH • Portfolio repositioning • Tightening supply of retail floorspace • Retailer demand for longer-term leases in larger store formats at equivalent or higher rent per sqm • Specialty sales growth supporting rental growth • Cautiously positive outlook for retail sales growth DRIVERS OF SUSTAINED RENT GROWTH VARY ACROSS PORTFOLIO • Chadstone: Completion of major development a catalyst for sales growth acceleration as well as highly productive luxury tenants • Outlet Centres: Strong retailer demand and a tightly held asset category with occupancy at 99.8% in Dec-25, price tension will underpin ongoing rental growth • CBD Centres: Strategic tenant remixing to support sales productivity and positive leasing outcomes • Core portfolio: Increased weighting to higher performing centres and strategic tenant remixing to support improved rent growth SPECIALTY OCCUPANCY COST RATIO (OCR) Vicinity’s OCR highlights potential for continued positive leasing tension and future rent growth SPECIALTY OCCUPANCY COSTS (%) 15.3 14.6 15.0 14.3 13.9 14.1 FY19 Dec-25 Premium1,2 Core1,3 Total 1. Based on portfolio held at relevant reporting dates. 2. Vicinity’s premium asset portfolio comprises Chadstone, Outlet Centres, CBDs and Premium shopping centres. 3. Vicinity’s core asset portfolio comprises all retail assets excluding premium assets defined above. For personal use only
Page 27
Vicinity Centres FY26 Interim Results | 18 February 2026 Note: Timing, scope and cost of future projects subject to final feasibilities and approvals. Mixed-use projects are also subject to finalising ownership structure and partnering model. 1. Based on Vicinity ownership interest and based on announced transactions. 2. Includes but not limited to projects at Castle Plaza, Grand Plaza, Mandurah Forum, Eastlands, Harbour Town Premium Outlets and Chadstone. DEVELOPMENT PIPELINE Near-term pipeline targeting premium retail assets, complemented by mixed-use opportunities that enhance longer-term option value Asset Project Est cost ($m)1 Status FY26 FY27 FY28+ Chatswood Chase Retail – major retail development ~625 Construction Galleria Retail – fashion, lifestyle, entertainment and supermarket precinct ~120 Construction Chadstone Retail – luxury/premium brand expansion ~60 Board Approved Uptown Retail – retail development ~300-350 Planned Mixed-use projects Victoria Gardens, Bankstown Central, Chatswood Chase TBA DA approved/ planned Other Various2 ~95 Various 27 For personal use only
Page 28
Vicinity Centres FY26 Interim Results | 18 February 2026 DIRECT PORTFOLIO Differentiated and National retail portfolio 28 For personal use only
Page 29
Vicinity Centres FY26 Interim Results | 18 February 2026 29 Note: Totals may not sum due to rounding. 1. Shopping centres (SC). 2. Premium CBDs/SC includes the CBD centres, Lakeside Joondalup and Chatswood Chase. 3. Includes DFO Brisbane business and Harbour Town Premium Outlets. 4. Reflects ownership share in investment properties and equity accounted investments. DIRECT PORTFOLIO Key statistics by centre type Total portfolio Chadstone Premium CBDs/SC1,2 Outlet Centres3 Core Number of retail assets 51 1 9 8 33 Gross lettable area (000’s) (sqm) 2,299 247 390 285 1,377 Total value4 ($m) 15,929 3,590 3,768 2,611 5,959 Portfolio weighting (by value) (%) 100 23 24 16 37 Capitalisation rate (weighted average) (%) 5.50 4.25 5.23 5.84 6.29 Specialty occupancy cost (%) 14.1 14.4 16.2 12.8 13.9 Occupancy rate (%) 99.6 99.2 99.0 99.8 99.7 Harbour Town Premium Outlets, QLD For personal use only
Page 30
Vicinity Centres FY26 Interim Results | 18 February 2026 TOP 10 TENANT GROUPS BY INCOME Rank Retailer No. of stores % of income1 Brands 1 78 4.3 Kmart, Target, Officeworks, Bunnings, Priceline, Priceline Pharmacy, Australian Skin Clinics, Clear Skincare, Eden Laser Clinic, Silk Laser Clinics 2 43 3.3 Big W, Woolworths 3 106 2.9 Myer, Dotti, Jacqui E, Jay Jays, Just Jeans, Marcs, Portmans, sass & bide 4 41 2.8 Coles, First Choice Liquor, Liquorland, Vintage Cellars 5 4 2.5 David Jones 6 34 2.2 Bvlgari, Celine, Chaumet, Dior, Fendi, Fred, Kenzo, Loewe, Louis Vuitton, Rimowa, Sephora, Tag Heuer, Tiffany & Co. 7 119 1.7 The Athlete’s Foot, Dr Martens, Glue Store, Hoka, Hype DC, Platypus Shoes, Skechers, Stylerunner, Merrell, Nude Lucy, Saucony, Timberland, Ugg Australia, Vans 8 95 1.4 Connor, Johnny Bigg, Rockwear, Tarocash, YD 9 29 1.2 Calvin Klein, CK Underwear, Tommy Hilfiger, Van Heusen 10 64 1.1 Cotton On, Cotton On Kids, Cotton On Body, Rubi, Factorie, Typo, Supre Top 10 total2 613 23.5 TOP 10 BRANDS BY INCOME Rank Retailer Retailer type No. of stores % of income1 1 Supermarket 28 2.6 2 Department store 4 2.5 3 Supermarket 30 2.3 4 Discount department store 22 2.3 5 Department store 6 1.8 6 Discount department store 14 1.1 7 Discount department store 13 0.9 8 Cinema 7 0.8 9 Mini major 22 0.7 10 Mini major/specialty 24 0.7 Top 10 total2 170 15.7 30 Note: Totals may not sum due to rounding. 1. Includes office tenancies. 2. Includes LVMH sites at Chatswood Chase that will commence in FY26. DIRECT PORTFOLIO Key tenants 2 For personal use only
Page 31
Vicinity Centres FY26 Interim Results | 18 February 2026 31 DIRECT PORTFOLIO Additional leasing disclosures 0 0 1 1 2 12 4 7 14 14 13 33 Holdover FY26 FY27 FY28 FY29 FY30+ Majors All other retailers Dec-25 Jun-25 By area 4.5 4.3 By income 3.7 3.6 LEASE EXPIRY PROFILE (By income, %) WEIGHTED AVERAGE LEASE EXPIRY (Years) The Glen, VIC For personal use only
Page 32
Vicinity Centres FY26 Interim Results | 18 February 2026 32 DIRECT PORTFOLIO Non-comparable centres for sales reporting Dec-25 Jun-25 Box Hill Central North, VIC Pre-development Pre-development Chatswood Chase, NSW Development Development Galleria, WA Development Development Uptown, QLD Pre-development Pre-development Northland, VIC For personal use only
Page 33
Vicinity Centres FY26 Interim Results | 18 February 2026 33 Note: Totals may not sum due to rounding. 1. Includes DFO Brisbane business and Harbour Town Premium Outlets. 2. Reflects ownership share in investment properties and equity accounted investments. ASSETS UNDER MANAGEMENT More than 6,400 tenants across 52 assets under management1 DIRECT PORTFOLIO ASSETS UNDER MANAGEMENT Wholly-owned Jointly-owned Total1 Third party/ co-owned Total1 Number of assets 26 25 51 1 52 Value2 ($m) 7,007 8,921 15,929 123/9,199 25,252 GLA (000, sqm) 791 1,508 2,299 26 2,325 Number of tenants 2,286 4,076 6,362 69 6,431 Total land area (000, sqm) 1,732 3,155 4,886 The Strand Arcade, NSW For personal use only
Page 34
Vicinity Centres FY26 Interim Results | 18 February 2026 34 1. FFO and AFFO are two key metrics Vicinity uses to measure its operating performance. FFO and AFFO are widely accepted measures of real estate operating performance. Statutory net profit is adjusted for fair value movements, certain unrealised and non-cash items, amounts which are capital in nature and other items that are not considered to be in the ordinary course of business to calculate FFO. FFO is further adjusted for investment property maintenance capital and static tenant leasing costs incurred to calculate AFFO. FFO and AFFO are determined with reference to the guidelines published by the Property Council of Australia and are non IFRS measures. FINANCIAL RESULTS FFO reconciliation to statutory net profit after tax 1H FY26 ($m) 1H FY25 ($m) Statutory net profit after tax 805.6 492.6 Property revaluation increment for directly owned properties (422.8) (188.4) Non-distributable gain relating to equity accounted investments (18.1) (19.3) Amortisation of incentives and leasing costs 37.2 37.4 Straight-lining of rent adjustment (9.8) (9.4) Net mark-to-market movement on derivatives 12.3 (130.5) Net foreign exchange movement on interest bearing liabilities (62.1) 127.1 Income tax (benefit)/expense (1.1) 0.9 Development-related preliminary planning, marketing and tenant compensation costs 6.2 7.1 Landholder duty and transaction costs - 22.5 Software as a service implementation costs 4.7 5.1 Other non-distributable items (1.1) (1.0) Funds from operations1 351.0 344.1 Elizabeth City Centre, SA For personal use only
Page 35
Vicinity Centres FY26 Interim Results | 18 February 2026 35 1. Calculated as balance sheet net assets less intangible assets, divided by the number of stapled securities on issue at period end. Includes right of use assets. FINANCIAL RESULTS Balance sheet Dec-25 ($m) Jun-25 ($m) Variance ($m) Cash and cash equivalents 55.7 80.7 (25.0) Investment properties (including held for sale) 15,699.6 15,063.8 635.8 Equity accounted investments 562.7 540.8 21.9 Net derivative financial instruments 206.6 248.1 (41.5) Intangible assets 171.2 171.2 - Other assets 215.4 211.0 4.4 Borrowings (4,469.5) (4,458.1) (11.4) Other liabilities (696.6) (729.6) 33.0 Net assets 11,745.1 11,127.9 617.2 Securities on issue (m) 4,599.7 4,562.9 Net tangible assets per security1 ($) 2.52 2.40 Net asset value per security ($) 2.55 2.44 Chadstone, VIC – The Market Pavilion For personal use only
Page 36
Vicinity Centres FY26 Interim Results | 18 February 2026 36 1. Average over six months ended 31 December 2025 and 12 months ended 30 June 2025, inclusive of margin, line fees and establishment fees. 2. Average over six months ended 31 December 2025 and 12 months ended 30 June 2025. 3. Net drawn debt/Total tangible assets (excluding cash and cash equivalents, intangible assets, right of use assets, investment property leaseholds and derivatives). 4. FFO is based on 12 months ending 30 June 2025 and 31 December 2025. 5. Hedge rate excludes margin and establishment fees on fixed-rate debt, and margin, line and establishment fees on floating debt hedged with interest rate swaps. 6. Percentage of drawn debt hedged is based on 31 December 2025 drawn debt balance. FINANCIAL RESULTS Additional debt disclosures Key debt statistics Dec-25 Jun-25 Total debt facilities $5.3b $5.9b Drawn debt $4.3b $4.2b Undrawn limit $1.0b $1.7b Weighted average cost of debt1 5.0% 5.1% Weighted average drawn debt maturity 3.5 years 3.8 years Average proportion of hedged debt2 91% 85% Gearing3 26.3% 26.6% FFO4/Net debt 16.1% 16.4% Interest cover ratio 3.8 times 3.8 times 89% 85% 72% 50% 31% 10% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY26 FY27 FY28 FY29 FY30 FY31 Fixed rate instruments (weighted average, A$m) Fixed rate notional (lhs) Hedge rate excludes margin (rhs) % of drawn debt hedged⁶ Hedge rate5 (weighted average, %) For personal use only
Page 37
Vicinity Centres FY26 Interim Results | 18 February 2026 Vicinity Centres FY26 Interim Results | 18 February 2026 18 February 2026 FY26 interim results released and announcement of FY26 interim distribution 23 February 2026 Ex-distribution date for FY26 interim distribution 24 February 2026 Record date for FY26 interim distribution 25 February 2026 Last date for DRP election 12 March 2026 Payment date for FY26 interim distribution and DRP securities issued 19 August 2026 FY26 annual results released and announcement of FY26 final distribution KEY DATES 37 Note: Dates are indicative only and may be subject to change. To edit background: Right click > format background > Picture or texture, browse to insert image 28 October 2026 2026 Annual General Meeting For personal use only
Page 38
Vicinity Centres FY26 Interim Results | 18 February 2026 FOR FURTHER INFORMATION PLEASE CONTACT: AUTHORISATION The Board has authorised that this document be given to ASX. DISCLAIMER This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the December 2025 Half Year Financial Report lodged with the Australian Securities Exchange on 18 February 2026. This presentation contains forward-looking statements, including statements, indications and guidance regarding future performance. The forward-looking statements are based on information available to Vicinity Centres as at the date of this presentation (18 February 2026). These forward-looking statements are not guarantees or predictions of future results or performance expressed or implied by the forward-looking statements and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from those expressed or implied by these forward-looking statements, and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), we do not undertake to update these forward-looking statements. 38 JANE KENNY General Manager Investor Relations & Corporate Communications T +61 3 7001 4291 E jane.kenny@vicinity.com.au CONTACT DETAILS AND DISCLAIMERFor personal use only
Page 39
Vicinity Centres FY26 Interim Results | 18 February 2026 Thank you For personal use only