Scentre Group reported a record first-half profit and lifted its 2026 financial guidance on Wednesday, citing strong retail sales and near-full occupancy across its 42 Westfield shopping centers in Australia and New Zealand.
Funds from operations (FFO) climbed 4.4% to A$612 million in the six months ended June 30, while distributions increased 4.9% to A$481 million. Statutory profit reached A$975 million, including an unrealized property revaluation gain of A$478 million. The portfolio’s valuation stood at A$33.7 billion as of June 30, with occupancy at 99.8%, the highest level in over a decade. Retailer sales rose 4.2% year-over-year to a record A$30.3 billion.
Chief Executive Elliott Rusanow said the company remains focused on "generating long-term earnings growth from the Westfield business, while extracting additional value from its land assets."
For the full year 2026, Scentre Group now expects FFO of at least 23.79 cents per security, up from prior guidance, representing growth of at least 4.25%. Distribution guidance was also raised to 18.473 cents per security, a 4.25% increase. The updated outlook reflects sustained demand and operational efficiency across its retail portfolio.
