Scentre Group (SCG) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened with housekeeping and procedural instructions for both in-person and online participants, including voting and Q&A processes.

• Acknowledgement of traditional custodians and apologies from the CEO, who provided a pre-recorded address due to medical absence.

Financial performance review

• Achieved 3.5% growth in funds from operations and 3.8% growth in distributions for 2024, with a total security return of 20.9%.

• Customer visits reached 526 million, up 14 million from 2023, and business partner sales hit a record AUD 29 billion.

• Occupancy rose to 99.6%, specialty rents increased by 5.2%, and new lease spreads were positive 2%.

• Available liquidity at year-end was AUD 3.6 billion, and the group maintained a single-A credit rating.

• Targeted 4.3% FFO growth and 2.5% distribution growth for 2025.

Board and executive committee updates

• Board renewal continued with the appointment of Craig Mitchell, who brings property and finance expertise and will transition to Audit and Finance Committee Chair.

• Steve McCann retired in June 2024; Mike Ihlein is standing for re-election to facilitate committee transition.

• Directors and executive team members were introduced, with a focus on board succession and diversity.