Key highlights

  • Scentre Group reported funds from operations of $612 million, up 4.4%, for the six months to 30 June 2026.
  • Distributions were $481 million, or 9.215 cents per security, up 4.9%.
  • Full-year FFO guidance was upgraded to at least 23.79 cents per security, and the distribution to 18.473 cents.

Scentre Group (ASX:SCG) released results for the six months to 30 June 2026 on 25 August 2026. The document provided is a half-year result rather than a full-year annual report. It covered funds from operations, distributions, property valuations and upgraded guidance for the second half.

About Scentre Group

Scentre Group owns and operates Westfield shopping centres in Australia and New Zealand. The company says it operates 42 Westfield destinations and is looking to create additional value from its land holdings.

First-half results

Funds from operations (FFO) were $612 million, or 11.73 cents per security, up 4.4%. Distributions were $481 million, or 9.215 cents per security, up 4.9%. Statutory profit was $975 million and included an unrealised property valuation increase of $478 million. The portfolio was valued at $33.7 billion at 30 June 2026.

Customer visitation

So far this year, the centres welcomed 347 million customer visitations, up 3.5% or 12 million on the prior comparable period. Over the past 12 months there were 552 million visits to its 42 Westfield destinations, which the company described as a record.

Upgraded guidance

Second-half FFO guidance was upgraded to at least 12.06 cents per security, at least 4.5% growth on the prior corresponding period, equal to full-year Earnings of at least 23.79 cents per security, growth of at least 4.25%. Distribution guidance for the second half was upgraded to 9.258 cents per security, equal to a full-year distribution of 18.473 cents per security, growth of 4.25%. The guidance is subject to no material change in conditions.

Risks to consider

Statutory profit includes a large unrealised valuation gain of $478 million that can reverse if property values fall. Guidance is expressly subject to no material change in conditions.

Retail landlord earnings depend on tenant sales, leasing, interest rates and consumer spending. Redevelopment and land value initiatives require Capital and planning approvals.

Catalysts to watch

Items to watch include delivery of second-half FFO of at least 12.06 cents per security, the full-year distribution of 18.473 cents, customer visitation trends, valuation movements across the $33.7 billion portfolio, and progress on land holdings.