Highlights

  • Scentre Group reported first half 2026 funds from operations of AUD 612.4 million, an increase of 4.4% year on year.
  • Distributions increased 4.9% to AUD 481.3 million, equivalent to 9.215 cents per security during the first half reporting period overall.
  • Westfield portfolio occupancy reached 99.8%, its highest level since 2013, while like for like net property income increased 3.7% overall.
  • Scentre upgraded its full year 2026 funds from operations and distribution guidance following stronger retail trading across its shopping centres.

Scentre Group, Australia's largest listed retail property trust and owner of the Westfield Brand shopping centres, delivered a solid H1 FY26 result on 25 August 2026. Funds From Operations (FFO) for the six months to 30 June 2026 rose 4.4% to $612.4 million, while distributions grew 4.9% to $481.3 million, equating to 9.215 cents per security. Management followed the result with upgraded full-year guidance for both FFO and distributions.

Operational Strength Across the Portfolio

Scentre Group's portfolio of 42 Westfield living centres achieved occupancy of 99.8% — the highest rate since 2013 — reflecting strong retailer Demand for prime Westfield locations. Comparable net property income (NPI) grew 3.7% over the half, while retail sales productivity remained among the highest of any retail REIT globally. Property Revenue for the half was $1.092 billion, with total revenue of $1.204 billion. Net Operating Income of $1.014 billion reflected disciplined cost management alongside consistent income growth.

Valuation and Balance Sheet

Statutory profit reached $975 million for the half, significantly ahead of the prior period, primarily driven by $478 million in unrealised property Revaluation gains across the portfolio. This lifted economic Net Asset Value (NAV) per security to $4.43, up from $4.40 at December 2025. Total Assets stood at $34.3 billion with gearing remaining within prudent limits, supported by a strong Capital Structure and investment-grade Credit ratings.

Upgraded Guidance and Outlook

Following the first half result, Scentre Group's management upgraded its full-year 2026 guidance for both FFO and distribution growth, citing continued confidence in retailer demand, occupancy sustainability, and income trajectory. Full-year 2025 FFO was $1,188 million (22.82 cents per security), representing the fifth consecutive year of Earnings and distribution growth. With full-year distributions forecast at approximately 18.4 cents per security based on broker consensus, Scentre Group offers investors consistent income growth anchored by its irreplaceable portfolio of premium Westfield destinations.

Stock Price Information

On 6 November 2026, Scentre Group (ASX:SCG) shares recorded a change in price. For current pricing, refer to the ASX website or your broker platform.