Vicinity Centres (' Vicinity', ASX: VCX) today launched its results for the 12 months ended 30 June 2025 (' FY25'). FY25 financial and tactical highlights:

- Statutory net revenue after tax (' NPAT') of $1,004.6 m (FY24: $547.1 m).
- Funds From Operations (' FFO') up 1.4% to $673.8 m. Adjusted for one-off items1 and higher loss of lease from advancements, FFO was up 3.6%.
- At 14.8 cents, Vicinity provided FFO per security at the leading end of its guidance series of 14.5 to 14.8 cents per security.
- Final circulation of 6.05 cps, bringing FY25 circulation to 12.00 cps (FY24: 11.75 cps), representing a payment ratio of 95.4% of Adjusted-FFO (' AFFO').
- Ongoing execution of investment method; obtaining a premium asset, Lakeside Joondalup, with strong development potential at appealing prices and divesting non-strategic possessions at 5%+ above book values.
- Opened Chadstone's revitalised fresh food and dining precinct, The Market Pavilion, which is trading above expectations. Chadstone's total visitation in 4Q FY25 up 36% on 4Q FY24 and static centre2 sales up +4.4% over the same duration.
- Transformational advancement of Chatswood Chase to northern Sydney's fashion capital stays on track to begin opening in 2Q FY26; leasing now mainly complete.
- Comparable Net Residential Or Commercial Property Income3 (' NPI') development of +3.7%, showing strength of Vicinity's portfolio metrics and continued outperformance by the premium possession portfolio. Headline NPI up 3.3%.
- Strengthening retail sales, up 2.8% in FY25 and resilient portfolio metrics supported by higher quality asset portfolio, robust seller need and occupant remixing, amid a tightening up retail supply environment.
- Occupancy at 99.5%, renting spreads at +2.5%, typical annual escalator on brand-new leases of +4.8% and specialized and mini majors sales in 2H FY25 up 4.7% relative to 2H FY24 (1H FY25: +2.9%).
- Coupled with strong tenancy, Vicinity's specialty tenancy expense ratio (' OCR') of 14.1% highlights potential for ongoing favorable leasing tension and future rent development.
- At 26.6%, tailoring is at lower end of the 25-35% target variety, enabling financial investment in development concerns

Reflections on FY25 from CEO and Managing Director, Peter Huddle:

Strategic execution FY25 has been another important year for Vicinity. The strategic decisions taken and financial investments made this year continue to be anchored by our strong conviction that premium, fortress-style properties found in strong trade locations that are well handled by retail residential or commercial property professionals, have the prospective to provide remarkable and continual income and worth development. Our conviction continues to be strengthened by the emerging lack of retail Gross Lettable Area (' GLA') per capita in Australia4 emerging from population growth, building sector restraints and minimal significant tenant expansion. In this context, we have actually continued to perform our financial investment technique in FY25, acquiring 50% of Lakeside Joondalup in Western Australia, a premium asset with strong growth capacity at appealing rates ($ 420 million), divesting 3 non-strategic assets at a blended premium to June 2024 book worth of > 5%, and selectively investing in important, big scale retail developments. Also during the year, we advanced essential and transformational retail developments at Chadstone and Chatswood Chase, with Chadstone's reimagined fresh food and dining precinct, The marketplace Pavilion, and brand-new, 20,000 sqm office tower, One Middle Road, successfully finished in 2H FY25. We were pleased to finish last negotiations with the LVMH Group to open at Chatswood Chase in 4Q FY26. For any luxury retail precinct, the presence of LVMH's house of brand names is important. Formalising the extension of our close and effective partnership with the LVMH Group to include Chatswood Chase supports the effective reimagination of Chatswood Chase as northern Sydney's brand-new fashion capital. Maintaining our conservative and disciplined technique to managing gearing and maintaining our credit rankings continues to be a directing concept when managing and releasing capital. Importantly, we have had the ability to make significant enhancements to our possession portfolio, while at the exact same time guaranteeing gearing remains at the lower end of our 25% -35% target range, at 26.6%. Also supporting our tailoring was the 1.2%, or $175 million, uplift in total portfolio valuations in the 2nd half. We are pleased to report that for the 3rd successive six-month duration, the portfolio delivered positive net residential or commercial property appraisal growth in 2H FY25, underpinned by consistently strong income development and steady assessment metrics. On a full year basis, the total value of our portfolio increased by $349 million (1H FY25: up $174 million, 2H FY25: up $175 million). In January 2025, Vicinity established a Distribution Reinvestment Plan (' DRP') as a potential alternate source of financing and versatility for securityholders. The DRP was in operation for the FY25 interim distribution, accomplishing a 9% uptake and supplying Vicinity with $23 million of extra capital. The DRP remains in operation for the FY25 final circulation with a 1.0% discount to be used. Further details were offered to the ASX today. Operating environment and portfolio performance FY25 has actually shown to be a resistant year in terms of retail sales development, gaining from the confluence of population development, strong employment, the accumulated benefit of income tax reductions reliable 1 July 2024, Federal Government initiatives to lower the expense of living throughout FY25 (e.g., energy expense refunds), along with 2 rates of interest reductions and the probability of further rate of interest decreases in 2025. Following +2.0% retail sales5 development in 1H FY25, growth accelerated to +3.8% in 2H FY25, delivering a strong +2.8% MAT uplift for the complete year. Against this backdrop, our portfolio metrics remained favorable and continue to support existing and future year income development. Occupancy lifted to 99.5% (Jun-24: 99.3%) and we are continuing to write high quality leases; leasing spreads remained beneficial at +2.5% (FY24: +1.1%), average annual escalators on offers completed stay healthy at 4.8% (FY24: 4.8%) and the proportion of income on holdover is now at a historic low for Vicinity of 2.1% 6. At 3.7% in FY25 (FY24: 4.1%), similar NPI development continued to be driven by superior portfolio metrics delivered by our premium properties. In FY25, our premium possession portfolio7 provided 4.9% equivalent NPI development, renting spreads of +6.1%, occupancy at 99.6% and +4.3% development in mini significant and specialty retail sales in 2H FY25. Notably, improving portfolio quality and strategic occupant remixing delivered by our residential or commercial property, leasing and advancement groups have supported 18% growth in specialty sales efficiency since FY19. Together with growing sales efficiency and high portfolio tenancy, Vicinity's specialized occupancy cost ratio of 14.1% highlights prospective for continued favorable leasing stress and future lease growth. Developments and mixed-use upgrade Our willingness and our capability to purchase the vibrancy and quality of our possession portfolio stays an essential differentiator and a source of competitive advantage, particularly in the context of tightening up supply of retail floorspace and continuous capability restraints in Australia's building and construction sector. On 27 March 2025, we opened Chadstone's revitalised fresh food and dining precinct, The marketplace Pavilion, which continues to trade above expectations. After a prolonged duration of interruption from development activities, the opening of The Market Pavilion ushers in a new period for food and dining at Chadstone, reinforcing the property as Australia's premier destination for shopping, dining and home entertainment. Showcasing the favorable influence on the property more broadly, Chadstone's total visitation in 4Q FY25 was up by 36% on 4Q FY24 and likewise, static centre retail sales have positively rebounded, up 4.4% over the same period. In June 2025, we at Vicinity, and the Chadstone centre more broadly, were thrilled to formally invite Adairs' head workplace group to the One Middle Road workplace tower. Kmart is now fitting out its office and is anticipated to formally open in early 2026. With One Middle Road inhabited, Chadstone will take advantage of approximately 2,000 more office workers throughout the week who will use the possession's unrivalled shopping, dining, leisure and home entertainment amenities, all conveniently situated and housed under the one roof. The Chatswood Chase significant redevelopment is significantly progressed with major structural works now total and the new shopping mall reconfigurations taking shape. Notably, the pre-leasing is now mostly complete. Our prepare for a staged opening stay unchanged, with the redeveloped Ground and Level 2 on track to open in 2Q FY26, in time for Christmas. Following comprehensive lease negotiations and an intricate fit-out process, the Luxury precinct on Level 1 is anticipated to be open and trading by 4Q FY26. The Board has actually approved the beginning of the entertainment and way of life redevelopment of Galleria in Western Australia, which will include a total mall revitalisation and intro of an enhanced dining and home entertainment offer. As we look ahead to FY27, retail development is likely to be less transformational in nature and more concentrated on targeted, little to medium scale advancements that guarantee our possessions continue to offer an engaging proposition for our customers. From a broader mixed-use advancement viewpoint, following the NSW Government's approval of the Bankstown Rezoning Proposal in November 2024 as part of the Transport Oriented Development program, Vicinity is well placed to advance residential development adjacent to our Bankstown Central possession and the brand-new Metro station, which is because of begin services in 2026. Chatswood Chase likewise provides an exciting near-term combined usage advancement chance, with Vicinity owning 2 residential or commercial properties that are straight surrounding to the centre. Sites at both centres proposed for high density residential have actually been backed for addition in the Housing Development Authority's sped up assessment path, offering an expedited planning procedure. Both Bankstown Central and Chatswood Chase represent two of Vicinity's many strategically located and amazing possessions with possible to provide brand-new housing in high-demand metropolitan precincts. These opportunities align with government concerns, while presenting Vicinity with the chance to additional densify the location surrounding essential possessions. Vicinity continues to consider numerous operating and funding models appropriate for these mixed-use opportunities, while at the very same time, maintaining optionality in terms of how and when we unlock the finest danger changed return for Vicinity and its securityholders. Conclusion

In the context of major advancements and an active investment technique, FY26 will be another year where we remain steadfastly focused on driving strong and superior possession efficiency while we at the same time complete and provide Chatswood Chase, advance the redevelopment of Galleria, and cycle the short-term revenues impact from our strategic divestments to date. Importantly, our balance sheet remains an essential enabler of our ability to invest in our development concerns, both natural and inorganic, that will eventually deliver continual worth accretion for all our stakeholders. FY26 Earnings Guidance8

- FY26 FFO and Adjusted FFO per security expected to be within the ranges of 15.0 to 15.2 cents and 12.8 to 13.0 cents, respectively
- Vicinity expects its complete year circulation payout to be within the target variety of 95-100% of Adjusted FFO
- Adjusting for one-off items9 and lower development-related loss of lease, FY26 FFO development expected to be 2.0% - 3.5%.
- Comparable NPI development anticipated to be c. 3% in FY26. Excluding the impact of new taxes and levies, comparable NPI in FY26 would be anticipated to be c. 3.5%.
- Development-related loss of rent10 c.$ 25m in FY26 (FY27: c.$ 15m).
- Weighted average expense of debt in FY26 expected to be c. 5.0% (FY25: 5.1%).
- Maintenance capital investment and leasing incentives of c.$ 100m.
- Investment capital investment anticipated to be in the series of $400m to $450m (FY25: c.$ 350m)

* * * This document should read in conjunction with Vicinity's FY25 annual outcomes presentation and 2025 Annual Report released to the ASX today. A briefing by management elaborating on this announcement will be webcast from 10.15 am (AEST) today and can be accessed via vicinity.com.au/ financiers.
1 Transactions and turnaround of prior year provisions.
2 Excludes sellers in The Market Pavilion.
3 Comparable net residential or commercial property income growth excludes reversal of previous year provisions, deals and development effects.
4 CBRE Research, Australia.
5 Sales are reported for similar centres, which omits divestments and development-impacted centres in accordance with Shopping center Council of Australia standards. Unless otherwise stated, sales development is reported against the very same period a year previously.