Westfield parent Scentre Group reported a large jump in profit for the year to December as customer visits increased.
Statutory profit surged 69% to A$1.78 billion. Funds from operations were up 4.6% to 22.82 cents per share, exceeding Scentre’s guidance of 22.75 cents.
“Our strategy is to grow the economic activity that occurs at each of our 42 Westfield destinations located throughout Australia and New Zealand. This strategy continues to deliver strong operating performance and continued growth in earnings,” said CEO Elliott Rusanow.
“Our focus is to attract more people to our destinations and give them reasons to stay longer when they are with us. By doing this, we continue to improve our ability to attract a broader range of businesses to partner with us at our Westfield destinations.”
Customer visits climbed 2.7% across the calendar year to reach 540 million. Visits in the first 53 days of 2026 were also up 3.1% year-over-year, the trust said.
Property revenue was $2.73 billion, rising from $2.64 billion in calendar year 2024.
Scentre’s business partners reported a record $30.0 billion in sales, up 3.6%. Sales increases were strongest in South Australia at 6.5%, and jewellery saw the largest percentage growth of any category.
Portfolio occupancy was 99.8%, said Scentre, its highest rate since 2013. Occupancy was 99.6% in 2024.
Net operating income rose 3.7% to $2.10 billion, and operating profit increased 5.7% to $1.19 billion. Distributions were up 3.4% to $923 million, or 17.72 cents per share.
For 2026, the trust expects funds from operations of at least 23.73 cents per share and distributions of 18.43 cents per share.
Scentre Group (ASX: SCG) shares were down 2.1% to $3.71 by 12:25 pm AEDT. Its market capitalisation is $19.35 billion.
