Vicinity Centres (' Vicinity', ASX: VCX) today released its outcomes for the 12 months ended 30 June 2025 (' FY25'). FY25 monetary and strategic 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 greater loss of rent from advancements, FFO was up 3.6%.
- At 14.8 cents, Vicinity provided FFO per security on top end of its guidance series of 14.5 to 14.8 cents per security.
- Final distribution of 6.05 cps, bringing FY25 distribution to 12.00 cps (FY24: 11.75 cps), representing a payment ratio of 95.4% of Adjusted-FFO (' AFFO').
- Ongoing execution of investment strategy; acquiring a premium asset, Lakeside Joondalup, with strong development potential at appealing pricing and divesting non-strategic properties at 5%+ above book values.
- Opened Chadstone's revitalised fresh food and dining precinct, The marketplace 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 exact same duration.
- Transformational advancement of Chatswood Chase to northern Sydney's fashion capital stays on track to start opening in 2Q FY26; leasing now mostly total.
- Comparable Net Residential Or Commercial Property Income3 (' NPI') development of +3.7%, reflecting strength of Vicinity's portfolio metrics and continued outperformance by the premium property portfolio. Headline NPI up 3.3%.
- Strengthening retail sales, up 2.8% in FY25 and durable portfolio metrics supported by higher quality possession portfolio, robust seller demand and occupant remixing, amidst a tightening retail supply environment.
- Occupancy at 99.5%, renting spreads at +2.5%, typical annual escalator on new leases of +4.8% and specialty and mini majors sales in 2H FY25 up 4.7% relative to 2H FY24 (1H FY25: +2.9%).
- Coupled with strong occupancy, Vicinity's specialty tenancy expense ratio (' OCR') of 14.1% highlights possible for continued favorable leasing stress and future lease development.
- At 26.6%, tailoring is at lower end of the 25-35% target range, allowing 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 choices taken and financial investments made this year continue to be anchored by our strong conviction that premium, fortress-style possessions found in strong trade areas that are well managed by retail residential or commercial property specialists, have the possible to provide exceptional and continual income and worth growth. Our conviction continues to be reinforced by the emerging shortage of retail Gross Lettable Area (' GLA') per capita in Australia4 emerging from population development, construction sector restrictions and restricted significant occupant growth. In this context, we have continued to perform our financial investment strategy in FY25, acquiring 50% of Lakeside Joondalup in Western Australia, a premium property with strong development capacity at attractive pricing ($ 420 million), divesting 3 non-strategic properties at a mixed premium to June 2024 book worth of > 5%, and selectively buying essential, large scale retail advancements. Also during the year, we advanced important 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 workplace tower, One Middle Road, successfully completed in 2H FY25. We were pleased to complete final negotiations with the LVMH Group to open at Chatswood Chase in 4Q FY26. For any high-end retail precinct, the presence of LVMH's home of brands is crucial. 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 new fashion capital. Maintaining our conservative and disciplined technique to handling tailoring and retaining our credit scores continues to be a directing principle when handling and deploying capital. Importantly, we have had the ability to make significant enhancements to our possession portfolio, while at the exact same time making sure tailoring remains at the lower end of our 25% -35% target range, at 26.6%. Also supporting our gearing was the 1.2%, or $175 million, uplift in overall portfolio assessments in the second half. We are delighted to report that for the third successive six-month duration, the portfolio provided positive net residential or commercial property assessment development in 2H FY25, underpinned by consistently strong earnings growth and stable evaluation metrics. On a full year basis, the overall value of our portfolio increased by $349 million (1H FY25: up $174 million, 2H FY25: up $175 million). In January 2025, Vicinity developed a Distribution Reinvestment Plan (' DRP') as a possible alternate source of financing and flexibility for securityholders. The DRP was in operation for the FY25 interim distribution, accomplishing a 9% uptake and offering Vicinity with $23 million of extra capital. The DRP stays in operation for the FY25 last circulation with a 1.0% discount rate to be applied. Further information were offered to the ASX today. Operating environment and portfolio performance FY25 has actually shown to be a resilient year in terms of retail sales development, taking advantage of the confluence of population growth, strong employment, the built up benefit of earnings tax decreases effective 1 July 2024, Federal Government initiatives to lower the cost of living throughout FY25 (e.g., energy expense refunds), along with 2 rate of interest decreases and the probability of further interest rate decreases in 2025. Following +2.0% retail sales5 development in 1H FY25, development sped up to +3.8% in 2H FY25, delivering a solid +2.8% MAT uplift for the complete year. Against this backdrop, our portfolio metrics remained positive and continue to support existing and future year earnings growth. Occupancy lifted to 99.5% (Jun-24: 99.3%) and we are continuing to compose high quality leases; leasing spreads remained favourable at +2.5% (FY24: +1.1%), typical yearly escalators on offers finished remain healthy at 4.8% (FY24: 4.8%) and the proportion of earnings 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 delivered 4.9% similar NPI growth, leasing spreads of +6.1%, tenancy at 99.6% and +4.3% growth in mini major and specialty retail sales in 2H FY25. Notably, improving portfolio quality and tactical renter remixing provided by our residential or commercial property, leasing and development teams have actually supported 18% development in specialized sales productivity given that FY19. Together with growing sales productivity and high portfolio occupancy, Vicinity's specialty tenancy expense ratio of 14.1% highlights possible for ongoing positive leasing tension and future lease growth. Developments and mixed-use update Our willingness and our ability to purchase the vibrancy and quality of our possession portfolio stays an essential differentiator and a source of competitive benefit, especially in the context of tightening supply of retail floorspace and continuous capability restrictions 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 an extended duration of interruption from development activities, the opening of The Market Pavilion introduce a brand-new period for food and dining at Chadstone, enhancing the asset as Australia's premier location for shopping, dining and home entertainment. Showcasing the positive influence on the possession more broadly, Chadstone's overall visitation in 4Q FY25 was up by 36% on 4Q FY24 and likewise, fixed centre retail sales have positively rebounded, up 4.4% over the same duration. In June 2025, we at Vicinity, and the Chadstone centre more broadly, were delighted to formally welcome Adairs' head workplace team to the One Middle Road workplace tower. Kmart is now fitting out its office and is expected to officially open in early 2026. With One Middle Road occupied, Chadstone will gain from approximately 2,000 more office employees throughout the week who will make use of the asset's unique shopping, dining, leisure and entertainment facilities, all easily situated and housed under the one roofing system. The Chatswood Chase significant redevelopment is substantially progressed with major structural works now total and the brand-new mall reconfigurations taking shape. Notably, the pre-leasing is now mainly complete. Our plans for a staged opening remain unchanged, with the redeveloped Ground and Level 2 on track to open in 2Q FY26, in time for Christmas. Following extensive lease settlements 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 authorized the commencement of the home entertainment and lifestyle redevelopment of Galleria in Western Australia, which will include a complete shopping center revitalisation and introduction of an enhanced dining and entertainment offer. As we look ahead to FY27, retail advancement is most likely to be less transformational in nature and more focused on targeted, small to medium scale developments that guarantee our assets continue to supply a compelling proposal for our consumers. From a wider mixed-use development 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 positioned to advance residential development nearby to our Bankstown Central property and the brand-new Metro station, which is because of start services in 2026. Chatswood Chase likewise provides an interesting near-term combined use development opportunity, with Vicinity owning two residential or commercial properties that are straight surrounding to the centre. Sites at both centres proposed for high density property have actually been backed for addition in the Housing Development Authority's accelerated assessment path, supplying a sped up planning procedure. Both Bankstown Central and Chatswood Chase represent two of Vicinity's a lot of strategically situated and exciting possessions with potential to provide new housing in high-demand metropolitan precincts. These opportunities align with federal government concerns, while providing Vicinity with the opportunity to more densify the area surrounding key assets. Vicinity continues to consider different operating and funding models proper for these mixed-use chances, while at the very same time, maintaining optionality in terms of how and when we unlock the best risk 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 asset performance while we concurrently complete and provide Chatswood Chase, advance the redevelopment of Galleria, and cycle the short-term incomes impact from our tactical divestments to date. Importantly, our balance sheet stays an essential enabler of our ability to buy our growth priorities, both natural and inorganic, that will eventually provide sustained worth accretion for all our stakeholders. FY26 Earnings Guidance8

- FY26 FFO and Adjusted FFO per security expected to be within the series of 15.0 to 15.2 cents and 12.8 to 13.0 cents, respectively
- Vicinity anticipates its full 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 rent, FY26 FFO development anticipated to be 2.0% - 3.5%.
- Comparable NPI development expected to be c. 3% in FY26. Excluding the effect of new taxes and levies, similar NPI in FY26 would be anticipated to be c. 3.5%.
- Development-related loss of rent10 c.$ 25m in FY26 (FY27: c.$ 15m).
- Weighted typical expense of debt in FY26 expected to be c. 5.0% (FY25: 5.1%).
- Maintenance capital expenditure and leasing rewards of c.$ 100m.
- Investment capital expenditure anticipated to be in the series of $400m to $450m (FY25: c.$ 350m)

* * * This document must read in conjunction with Vicinity's FY25 annual outcomes discussion and 2025 Annual Report launched to the ASX today. A rundown 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 retailers in The Market Pavilion.
3 Comparable net residential or commercial property income growth excludes reversal of previous year provisions, transactions and advancement effects.
4 CBRE Research, Australia.
5 Sales are reported for similar centres, which leaves out divestments and development-impacted centres in accordance with Shopping Centre Council of Australia guidelines. Unless otherwise specified, sales development is reported against the very same period a year previously.