Highlights

  • Scentre Group recorded 347 million customer visits in the first half of 2026, up 3.5% on the prior comparable period.
  • Portfolio occupancy remained at 99.8% at 30 June 2026, its highest level in more than a decade.
  • The Group completed 1,401 leasing deals during the half, with average releasing spreads of +3.7%.
  • Funds from Operations reached $612 million for the six months to 30 June 2026, up 4.4%.
  • Full-year 2026 FFO guidance was upgraded to at least 23.79 cents per security, subject to no material change in conditions.

Scentre Group (ASX: SCG) owns and operates 42 Westfield destinations across Australia and New Zealand, with 37 located in Australia and five in New Zealand. Its 2026 operating and half-year updates show higher customer visitation, sustained Demand for retail space, positive leasing outcomes and growth in Funds from Operations, providing a current view of activity across the Westfield portfolio.

Customer Activity and Retail Sales Continue to Expand

For the six months to 30 June 2026, Scentre Group welcomed 347 million customer visits, an increase of 3.5% or 12 million visits from the prior comparable period. Over the 12 months to 30 June 2026, visitation reached a record 552 million across the Group’s 42 Westfield destinations.

Business partner sales also increased. Sales for the 12 months to 30 June 2026 reached $30.3 billion, while Business partner sales for the first half of 2026 were 3.7% higher than the same period in 2025. Specialty sales increased by 5.1% over the same six-month period. These figures indicate continued customer activity across the portfolio and provide an operating backdrop for leasing demand.

Occupancy and Leasing Remain Key Portfolio Measures

Portfolio occupancy stood at 99.8% at 30 June 2026, remaining at its highest level in more than a decade. Scentre Group completed 1,401 leasing deals during the first half and reported average releasing spreads of +3.7%. Rent escalations increased by 5.5% over the six months.

The Group has also continued investing in its Westfield destinations and in initiatives intended to increase the reasons for customers to visit and spend time at the centres. Westfield membership reached 5.2 million during the period, reflecting further engagement with the Group’s customer platform.

First-Half Earnings and Updated 2026 Guidance

Scentre Group reported Funds from Operations of $612 million for the six months to 30 June 2026, equivalent to 11.73 cents per security and 4.4% above the prior comparable period. Distributions were $481 million, or 9.215 cents per security, up 4.9%. Statutory profit for the period was $975 million and included an unrealised property valuation increase of $478 million.

Following the first-half operating performance, the Group upgraded its second-half 2026 FFO guidance to at least 12.06 cents per security. This would imply full-year 2026 FFO of at least 23.79 cents per security, representing growth of at least 4.25%, subject to no material change in conditions. Full-year distribution guidance was also lifted to 18.473 cents per security.

Key Insights

Scentre Group’s 2026 updates show that customer visitation, occupancy, leasing activity and earnings are moving together as key indicators of portfolio performance. Near-full occupancy and positive releasing spreads provide evidence of continuing demand for space, while higher visitation and business partner sales support the operating environment across the Westfield network. The Group’s upgraded 2026 guidance adds a financial measure to those operating trends, while future updates will remain relevant for assessing whether visitation, leasing and FFO growth are sustained through the remainder of the year.