SCENTRE GROUP — Annual Report 2025

Mar 18, 2026

ASX Announcement

19 March 2026

Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3 2025 Annual Financial Reports

On 24 February 2026, Scentre Group released its 2025 full year results and 2025 Annual Report.

Group Trust 2 and Scentre Group Trust 3 (the Trusts), attached are the 2025 Annual Financial Reports for each of the Trusts.

The results of the Trusts are consolidated into Scentre Group’s accounts. As Scentre Group operates as a co-ordinated economic entity, reference should be made to Scentre Group’s consolidated accounts for an understanding of the results and operations of Scentre Group as a whole.

Authorised for release by the Company Secretary.

Further information

Company Secretary

+61 2 9358 7439

Investor Relations

• 61 2 9028 8792

+61 2 9358 7739

Scentre Group Limited

ABN 66 001 671 496

Scentre Management Limited ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Scentre Group Trust 1 ABN 55 191 750 378 ARSN 090 849 746

RE1 Limited RE2 Limited ABN 80 145 743 862 ABN 41 145 744 065 AFS Licence No: 380202 as responsible AFS Licence No: 380203 as responsible entity of Scentre Group Trust 2 entity of Scentre Group Trust 3 ABN 66 744 282 872 ABN 11 517 229 138 ARSN 146 934 536 ARSN 146 934 652

Level 30, 85 Castlereagh Street Sydney NSW 2000 Australia

GPO Box 4004 Sydney NSW 2001 Australia

scentregroup.com

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Creating the places more people choose to come, more often and for longer

2025 Annual Financial Report Trusts

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Scentre Group Limited ABN 66 001 671 496 Scentre Group Trust 1 – Scentre Management Limited, ABN 41 001 670 579, AFSL No. 230329 as responsible entity of Scentre Group Trust 1, ARSN 090 849 746 Scentre Group Trust 2 – RE1 Limited, ABN 80 145 743 862, AFSL No. 380202 as responsible entity of Scentre Group Trust 2, ARSN 146 934 536 Scentre Group Trust 3 – RE2 Limited, ABN 41 145 744 065, AFSL No. 380203 as responsible entity of Scentre Group Trust 3, ARSN 146 934 652

SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Directory

Scentre Group

Scentre Group Limited

ABN 66 001 671 496

Scentre Group Trust 1

ARSN 090 849 746 (responsible entity Scentre Management Limited ABN 41 001 670 579, AFS Licence No 230329)

Scentre Group Trust 2

ARSN 146 934 536 (responsible entity RE1 Limited ABN 80 145 743 862, AFS Licence No 380202)

Auditor

Ernst & Young 200 George Street Sydney NSW 2000

Investor Information

Scentre Group Level 30 85 Castlereagh Street Sydney NSW 2000

Telephone: +61 2 9358 7877 E-mail: investor@scentregroup.com Website: scentregroup.com/investors

Scentre Group Trust 3

ARSN 146 934 652 (responsible entity RE2 Limited ABN 41 145 744 065, AFS Licence No 380203)

Registered Office

Level 30 85 Castlereagh Street Sydney NSW 2000

GPO Box 4004 Sydney NSW 2001 Australia

New Zealand Office

Level 5, Office Tower 277 Broadway Newmarket, Auckland 1023

Secretaries

Maureen T McGrath Paul F Giugni

Principal Share Registry

Computershare Investor Services Pty Limited Level 4 44 Martin Place Sydney NSW 2000

GPO Box 2975 Melbourne VIC 3001

Telephone: +61 3 9946 4471 Toll Free: 1300 730 458 (Australia Only) Facsimile: +61 3 9473 2500

Contact: www.investorcentre.com/contact Website: www.computershare.com

Listing

Australian Securities Exchange – SCG

Website

scentregroup.com

Contents

Independent Auditor’s Report

Directors’ Report

Members’ Information

Directory

Financial Report

1

Scentre Group Trust 1

Contents

Contents
Statement of Comprehensive Income	2
Balance Sheet	3
Statement of Changes in Equity	4
Cash Flow Statement	5
Notes to the Financial Statements	6
Consolidated Entity Disclosure Statement	39
Directors’ Declaration	40
Independent Auditor’s Report	41
Directors’ Report	45
Members’ Information	51

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2 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Statement of Comprehensive Income

For the year ended 31 December 2025

		31 Dec 25	31 Dec 24
	Note	$million	$million
Revenue
Propertyrevenue	2(b)	637.1	626.2
		637.1	626.2
Expenses
Property expenses, outgoings and other costs		(168.6)	(172.7)
Overheads		(12.7)	(12.9)
		(181.3)	(185.6)
Share of after tax profts of equity accounted entities
Property revenue	2(b)	633.6	612.1
Property expenses, outgoings and other costs		(179.3)	(165.9)
Net interest income		0.5	0.9
Property revaluations		128.0	(45.4)
Tax expense		(8.3)	(6.3)
	6(a)	574.5	395.4
Interest income	10(a)	3.8	2.2
Financing costs	10(b)	(431.9)	(427.4)
Gain in respect of capital transactions	11	1.7	–
Propertyrevaluations		146.1	101.4
Proft before tax		750.0	512.2
Tax expense	7	(1.9)	(2.9)
Proft after tax for theyear		748.1	509.3
Other comprehensive loss
Movement in foreign currency translation reserve(i)
– Currencymovement on the translation of investment in foreign operations		(27.8)	(15.1)
Total comprehensive income for theyear		720.3	494.2
Proft after tax for the year attributable to:
– Members of Scentre Group Trust 1		731.4	499.4
– External non-controllinginterests		16.7	9.9
Proft after tax for theyear		748.1	509.3
Total comprehensive income attributable to:
– Members of Scentre Group Trust 1		703.6	484.3
– External non-controllinginterests		16.7	9.9
Total comprehensive income for theyear		720.3	494.2
(i) This may be subsequently transferred to the proft and loss.
		31 Dec 25	31 Dec 24
	Note	cents	cents
Basic and diluted earnings per unit attributable to members of Scentre Group Trust 1	9(a)	14.04	9.61

Financial Report

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Independent Auditor’s Report

Directors’ Report

Members’ Information

3

Balance Sheet

As at 31 December 2025

	31 Dec 25	31 Dec 24
	Note $million	$million
Current assets
Cash and cash equivalents	12(a) 92.8	33.0
Trade debtors	3 7.6	1.8
Receivables	3 568.1	17.2
Interest receivable	46.0	62.1
Derivative assets	15(a) 132.0	479.3
Investment properties held for sale	33 472.1	–
Other current assets	14.9	12.0
Total current assets	1,333.5	605.4
Non-current assets
Investment properties	4 7,114.0	8,613.1
Equity accounted investments	6(b) 8,174.0	8,135.2
Derivative assets	15(a) 40.0	126.5
Other non-current assets	32.2	32.5
Total non-current assets	15,360.2	16,907.3
Total assets	16,693.7	17,512.7
Current liabilities
Trade creditors	57.1	65.4
Payables and other creditors	13 1,015.9	1,034.3
Interest payable	93.2	97.3
Interest bearing liabilities
– Senior borrowings	14 804.9	2,767.2
Lease liabilities	0.2	0.2
Derivative liabilities	15(b) 58.6	56.1
Total current liabilities	2,029.9	4,020.5
Non-current liabilities
Interest bearing liabilities
– Senior borrowings	14 5,569.0	5,347.8
– Subordinated notes	14 1,550.0	900.0
Lease liabilities	8.3	8.5
Derivative liabilities	15(b) 219.5	131.9
Total non-current liabilities	7,346.8	6,388.2
Total liabilities	9,376.7	10,408.7
Net assets	7,317.0	7,104.0
Equity attributable to members of Scentre Group Trust 1
Contributed equity	16(b) 1,494.2	1,473.1
Reserves	17 (28.6)	(0.8)
Retained profts	18 5,660.0	5,448.6
Total equity attributable to members of Scentre Group Trust 1	7,125.6	6,920.9
Equity attributable to external non-controlling interests
Contributed equity	75.9	75.3
Retained profts	115.5	107.8
Total equity attributable to external non-controlling interests	191.4	183.1
Total equity	7,317.0	7,104.0

4 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Statement of Changes in Equity

For the year ended 31 December 2025

Note Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 25 Total $million Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 24 Total $million	Note Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 25 Total $million Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 24 Total $million	Note Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 25 Total $million Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 24 Total $million
Changes in equity attributable to members of Scentre Group Trust 1 Balance at the beginning of the year 1,473.1 (0.8) 5,448.6 – Proft after tax for the year(i) – – 731.4 – Other comprehensive loss(i) (ii) 17 – (27.8) – Transactions with owners in their capacity as owners – Movement in contributed equity(iii) 16(b) 21.1 – – – Distributions paid or provided for 8(b) – – (520.0)	6,920.9 1,459.0 14.3 5,387.5 731.4 – – 499.4 (27.8) – (15.1) – 21.1 14.1 – – (520.0) – – (438.3)	6,860.8 499.4 (15.1) 14.1 (438.3)
Closing balance of equity attributable to members of Scentre Group Trust 1 1,494.2 (28.6) 5,660.0	7,125.6 1,473.1 (0.8) 5,448.6	6,920.9
Changes in equity attributable to external non-controlling interests Balance at the beginning of the year 75.3 – 107.8 – Proft after tax for the year attributable to external non-controlling interests(i) – – 16.7 – Distributions paid or provided for – – (8.0) – Increase/(decrease) in external non-controlling interest 0.6 – (1.0)	183.1 74.4 – 107.8 16.7 – – 9.9 (8.0) – – (7.6) (0.4) 0.9 – (2.3)	182.2 9.9 (7.6) (1.4)
Closing balance of equity attributable to external non-controlling interests 75.9 – 115.5	191.4 75.3 – 107.8	183.1
Total equity 1,570.1 (28.6) 5,775.5	7,317.0 1,548.4 (0.8) 5,556.4	7,104.0

(i) Total comprehensive income for the year amounts to $720.3 million (31 December 2024: $494.2 million).

(ii) Movement in reserves attributable to members of Scentre Group Trust 1 comprises currency loss on the translation of investment in foreign operations of $27.8 million (31 December 2024: $15.1 million).

(iii) The movement in contributed equity pertains to the issue of units under the Distribution Reinvestment Plan (DRP).

Financial Report

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Independent Auditor’s Report

Directors’ Report

Members’ Information

5

Cash Flow Statement

For the year ended 31 December 2025

	31 Dec 25	31 Dec 24
	Note $million	$million
Cash fows from operating activities
Receipts in the course of operations (including Goods and Services Tax (GST))	714.5	711.7
Payments in the course of operations (including GST)	(218.6)	(217.9)
Dividends/distributions received from equity accounted entities	364.9	365.2
Payments of fnancing costs (excluding fnancing costs capitalised)	(399.2)	(379.5)
Interest received	3.8	2.2
GST paid	(45.4)	(46.0)
Withholdingtaxes paid	(2.0)	(2.9)
Net cash infow from operating activities	12(b) 418.0	432.8
Cash fows from investing activities
Proceeds from the sale of investment property	1,308.8	–
Proceeds from the sale of listed securities	17.2	–
Capital expenditure	(65.2)	(84.7)
Financing costs capitalised to qualifying development projects and construction in progress	(1.4)	(5.9)
Repayment of loan received from equity accounted entities	11.8	–
Investments in equity accounted entities	(37.0)	(41.5)
Payments relatingto the sale of assets	(0.4)	(0.4)
Net cash infow/(outfow) from investing activities	1,233.8	(132.5)
Cash fows from fnancing activities
Proceeds from senior borrowings	12(c) 4,169.7	2,870.0
Repayment of senior borrowings and lease liabilities	12(c) (4,752.2)	(2,183.7)
Funds paid to related entities	12(c) (1,497.9)	(1,388.5)
Proceeds from the issuance of subordinated notes	12(c) 650.0	900.0
Net proceeds from settlement of derivatives related to the repayment of senior borrowings	344.5	100.1
Distributions paid	(498.9)	(424.2)
Distributions paid by controlled entities to external non-controlling interests	(7.2)	(6.4)
Repayment of other fnancial liabilities	–	(174.0)
Net cash outfow from fnancing activities	(1,592.0)	(306.7)
Net increase/(decrease) in cash and cash equivalents held	59.8	(6.4)
Add openingcash and cash equivalents brought forward	33.0	39.4
Cash and cash equivalents at the end of theyear	12(a) 92.8	33.0

6 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Index of Notes to the Financial Statements

For the year ended 31 December 2025

Note	Description	Page
1	Basis of preparation of the Financial Report	7
Operational results, assets and liabilities
2	Segment reporting	9
3	Trade debtors and receivables	12
4	Investment properties	13
5	Details of shoppingcentre investments	15
6	Details of equityaccounted investments	16
7	Taxation	19
8	Distributions	20
9	Statutoryearnings per unit	20
Financing and capital management
10	Interest income and fnancingcosts	21
11	Gain in respect of capital transactions	22
12	Cash and cash equivalents	22
13	Payables and other creditors	23
14	Interest bearingliabilities	24
15	Derivative assets and liabilities	26
16	Contributed equity	27
17	Reserves	28
18	Retained profts	28
19	Capital and fnancial risk management	28
20	Financial covenants	29
21	Interest bearingliabilities, interest and derivatives cash fow maturityprofle	29
22	Fair value of assets and liabilities	30
Other	disclosures
23	Other material accountingpolicies	31
24	Share-based payments	32
25	Lease commitments	32
26	Capital expenditure commitments	33
27	Contingent liabilities	33
28	Parent entity	34
29	Auditor's remuneration	35
30	Related partydisclosures	36
31	Details and remuneration of KeyManagement Personnel	37
32	Details of material and signifcant entities	38
33	Events after the reportingperiod	38

Financial Report

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Independent Auditor’s Report

Directors’ Report Members’ Information

7

Notes to the Financial Statements

For the year ended 31 December 2025

Note 1 – Basis of preparation of the Financial Report

(a) Corporate information

This financial report of Scentre Group Trust 1 (SGT1) and its controlled entities (collectively the Trust) for the year ended 31 December 2025 was approved in accordance with a resolution of the Board of Directors of Scentre Management Limited as Responsible Entity of SGT1.

SGT1 is domiciled in Australia. The nature of the operations and principal activity of the Trust are described in the Directors’ Report.

(b) Accounting for the Trust

The Trust is part of Scentre Group which is a stapled entity comprising Scentre Group Limited (SGL), SGT1, Scentre Group Trust 2 (SGT2), Scentre Group Trust 3 (SGT3) and their respective controlled entities. Scentre Group was established on 30 June 2014. The securities of each of SGL, SGT1, SGT2 and SGT3 are stapled and trade as one security on the Australian Securities Exchange (ASX) under the code SCG. The stapled securities of SGL, SGT1, SGT2 and SGT3 cannot be traded separately.

(c) Going concern

This financial report has been prepared on a going concern basis. In making this assessment, the Directors have considered:

• The Trust forms part of Scentre Group and is party to Scentre Group’s cross-guarantee arrangements in respect of Scentre Group’s debt facilities and bonds; and

• Scentre Group’s ability to meet its financial obligations over the next 12 months, using cash flow sensitivity analysis and having regard to maturity of interest bearing liabilities, funding requirements, operating cash earnings and available financing facilities. At 31 December 2025, $4.7 billion (31 December 2024: $3.2 billion) of external financing facilities and intragroup facilities within Scentre Group were available to the Trust which are sufficient to cover short term liabilities.

(e) Statement of Compliance

This financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. The accounting policies adopted are consistent with those of the previous financial year.

The amendments in AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability became applicable on 1 January 2025 but did not have an impact on the consolidated financial statements of the Trust.

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Trust for the year ended 31 December 2025. The impact of these new standards or amendments to the standards and interpretations (to the extent relevant to the Trust) is as follows:

• AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments (effective 1 January 2026)

• This amends AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments to:

• (i) clarify the date of recognition and derecognition of some financial assets and liabilities;

• (ii) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion;

• (iii) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

• (iv) update the disclosures for equity instruments designated at fair value through other comprehensive income.

These amendments are not expected to have a material impact on the financial statements on application.

(d) Basis of Accounting

This financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 (Corporations Act), Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. This financial report has also been prepared on a historical cost basis, except for investment properties, investment properties within equity accounted investments, derivative financial instruments and financial assets at fair value through profit and loss.

This financial report is presented in Australian dollars.

8 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 1 – Basis of preparation of the Financial Report (continued)

(e) Statement of Compliance (continued)

• AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 (effective 1 January 2026)

• This makes minor improvements to address inconsistencies or to clarify requirements in:

• (i) AASB 1 First-time Adoption of Australian Accounting Standards – to improve consistency between AASB 1 and AASB 9 in relation to the requirements for hedge accounting, and improve the understandability of AASB 1;

• (ii) AASB 7 Financial Instruments: Disclosures – to improve consistency in the language used in AASB 7 with the language used in AASB 13 Fair Value Measurement ;

• (iii) AASB 9 Financial Instruments – to clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished and address an inconsistency between AASB 9 and AASB 15 Revenue from Contracts with Customers in relation to the term ‘transaction price’;

• (iv) AASB 10 Consolidated Financial Statements – to clarify the requirements in relation to determining de facto agents of an entity; and

• (v) AASB 107 Statement of Cash Flows – to replace the term ‘cost method’ with ‘at cost’ as the term is no longer defined in Australian Accounting Standards.

These amendments are not expected to have a material impact on the financial statements on application.

• AASB 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027)

This replaces AASB 101 Presentation of Financial Statements with a focus on updates to the income statement. The key presentation and disclosure requirements established under the new standard relate to:

• (i) the structure of the income statement with defined subtotals;

• (ii) requirement to determine the most useful structure summary for presenting expenses in the income statement;

• (iii) the disclosure of management-defined performance measures in a single note within the financial statements; and

The presentation and new disclosure requirements under the new standard are expected to have a material impact on the financial statements of the Trust on application. The Trust will apply the new standard from its mandatory effective date of 1 January 2027 and the comparative information for the financial year ending 31 December 2026 will be restated in accordance with AASB 18.

• AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective from 1 January 2028)

• This amends AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures to address an inconsistency between the requirements of AASB 10 and AASB 128 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. This amendment is not expected to have a material impact on the financial statements on application.

(f) Significant accounting judgements, estimates and assumptions

The preparation of this financial report requires management to make judgements, estimates and assumptions. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources.

Further details of judgements, estimates and assumptions applied may be found in the relevant notes to the financial statements, in particular, Note 2: Segment reporting, Note 3: Trade debtors and receivables, Note 4: Investment properties, Note 5: Details of shopping centre investments and Note 22: Fair value of assets and liabilities.

(g) Comparative information

Where applicable, certain comparative figures are restated in order to comply with the current period’s presentation of the financial statements.

(h) Rounding

In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the amounts shown in this financial report have been rounded to the nearest tenth of a million dollars, unless otherwise indicated. Amounts shown as 0.0 represent amounts less than $50,000 that have been rounded down.

• (iv) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

Financial Report

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9

Independent Auditor’s Report

Directors’ Report

Members’ Information

Directory

Note 2 – Segment Reporting

Geographic segments

The Trust has investments in a portfolio of shopping centres across Australia and New Zealand.

The Trust’s segment income and expenses as well as the details of segment assets have been prepared on a proportionate format on a geographic basis. The proportionate format presents the net income from and net assets in equity accounted properties on a gross format whereby the underlying components of net income and net assets are disclosed separately as revenues and expenses, assets and liabilities.

The proportionate format is used by management in assessing and understanding the performance and results of operations of the Trust as it allows management to observe and analyse revenue and expense results and trends on a portfolio-wide basis. The assets underlying both the consolidated and the equity accounted components of the statutory statement of comprehensive income are similar (that is, Australian and New Zealand shopping centres), all centres are under common management and therefore the drivers of their results are similar. Accordingly, management considers that the proportionate format provides a more useful way to understand the performance of the portfolio as a whole than the statutory format.

(a) Geographic segment information

The following segment information comprises the earnings and assets of the Trust’s Australian and New Zealand operations.

	Australia $million New Zealand $million 31 Dec 25 $million	Australia $million New Zealand $million 31 Dec 24 $million
Revenue Shopping centre base rent and other property income(i) Amortisation of tenant allowances Straight-lining of rent Expenses Property expenses, outgoings and other costs		1,198.4 71.9 1,270.3 (35.1) (2.3) (37.4) 5.7 (0.3) 5.4
	1,227.4 71.9 1,299.3
	(33.8) (2.3) (36.1)
	8.0 (0.5) 7.5
	1,201.6 69.1 1,270.7	1,169.0 69.3 1,238.3
		(317.8) (20.8) (338.6)
	(326.2) (21.7) (347.9)
Segment income and expenses	875.4 47.4 922.8	851.2 48.5 899.7
Investment properties held for sale Shopping centre investments Development projects and construction in progress	472.1 – 472.1	– – – 16,090.4 648.7 16,739.1 127.5 22.9 150.4
	14,696.8 610.6 15,307.4
	81.8 17.2 99.0
Segment assets (ii)	15,250.7 627.8 15,878.5	16,217.9 671.6 16,889.5
Additions to segment non-current assets duringtheyear(iii)	111.7 2.3 114.0	151.2 10.5 161.7

(i) Includes recoveries of outgoings from lessees of $111.1 million (31 December 2024: $111.9 million).

(ii) Includes equity accounted segment assets of $8,292.4 million (31 December 2024: $8,276.4 million).

(iii) Additions are net of amortisation of tenant allowances of $36.1 million (31 December 2024: $37.4 million).

10 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 2 – Segment Reporting (continued)

(b) Reconciliation of segment information

The Trust’s segment income and expenses as well as the details of segment assets have been prepared on a proportionate format. The composition of the Trust’s consolidated and equity accounted details are provided below:

	Consolidated $million Equity Accounted $million	31 Dec 25 $million	Consolidated $million Equity Accounted $million	31 Dec 24 $million
Property revenue Property expenses, outgoings and other costs Segment income and expenses Overheads Interest income Financing costs – Senior borrowings and subordinated notes coupons – Interest capitalised – Lease liabilities – Net fair value movement, foreign exchange and modifcation gain/(loss) Equity accounted net interest income Gain in respect of capital transactions Property revaluations Tax expense External non-controllinginterests	637.1 633.6	1,270.7	626.2 612.1 (172.7) (165.9)	1,238.3 (338.6)
	(168.6) (179.3)	(347.9)
	468.5 454.3	922.8	453.5 446.2	899.7
		(12.7)		(12.9) 2.2 (401.1) 5.9 (0.5) (31.7)
		3.8
		(420.0)
		1.4
		(0.5)
		(12.8)
		(431.9)		(427.4) 0.9 – 56.0 (9.2) (9.9)
		0.5
		1.7
		274.1
		(10.2)
		(16.7)
Net proft attributable to members of SGT1 (i	)	731.4		499.4

(i) Net profit attributable to members of SGT1 was $731.4 million (31 December 2024: $499.4 million). Net profit after tax for the year which includes profit attributable to external non-controlling interests of $16.7 million (31 December 2024: $9.9 million) was $748.1 million (31 December 2024: $509.3 million).

Financial Report

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Independent Auditor’s Report

Directors’ Report

Members’ Information

11

Note 2 – Segment Reporting (continued)

(b) Reconciliation of segment information (continued)

	Consolidated $million Equity Accounted $million 31 Dec 25 $million	Consolidated $million Equity Accounted $million 31 Dec 24 $million
Investment properties held for sale Shopping centre investments Development projects and construction in progress Segment assets Cash and cash equivalents Trade debtors and receivables – Trade debtors – Receivables Expected credit loss allowance – Trade debtors – Receivables Equity accounted investments Other assets	472.1 – 472.1	– – – 8,520.7 8,218.4 16,739.1 92.4 58.0 150.4
	7,058.9 8,248.5 15,307.4
	55.1 43.9 99.0
	7,586.1 8,292.4 15,878.5	8,613.1 8,276.4 16,889.5 33.0 33.3 66.3 19.7 19.3 39.0 19.6 15.7 35.3 (17.9) (16.9) (34.8) (2.4) (1.9) (4.3) 8,135.2 (8,135.2) – 712.4 3.2 715.6
	92.8 37.5 130.3
	15.3 13.0 28.3
	569.7 15.1 584.8
	(7.7) (7.2) (14.9)
	(1.6) (1.5) (3.1)
	8,174.0 (8,174.0) –
	265.1 3.5 268.6
Total assets	16,693.7 178.8 16,872.5	17,512.7 193.9 17,706.6
Interest bearing liabilities – Senior borrowings – Subordinated notes Deferred tax liabilities Other liabilities		8,115.0 – 8,115.0 900.0 – 900.0 – 50.6 50.6 1,393.7 143.3 1,537.0
	6,373.9 – 6,373.9
	1,550.0 – 1,550.0
	– 50.4 50.4
	1,452.8 128.4 1,581.2
Total liabilities	9,376.7 178.8 9,555.5	10,408.7 193.9 10,602.6
Net assets	7,317.0 – 7,317.0	7,104.0 – 7,104.0

Accounting Policies

Revenue recognition

Property revenue

The Trust derives property revenue from leasing its investment properties. This includes minimum base rents, recoveries of outgoings and percentage rent that may be earned under certain lease agreements. Anchor business partners generally have lease terms of 15 to 25 years with stepped increases throughout the term that can be fixed, linked to the consumer price index (CPI) or sales turnover based. Specialty business partners generally have lease terms of 5 to 7 years, and for larger stores 5 to 10 years. Specialty business partners generally have leases with annual contracted increases of CPI plus 2% to 3%.

Rental income from investment properties is accounted for on a straight-line basis, taking into account fixed rent payments and fixed rent increases over the term of the lease.

Under certain lease agreements, a portion of property expenses and outgoings may be recovered by the Trust from lessees. Recoveries of outgoings are recognised as income as services are provided. Monthly billings are issued to tenants three weeks in advance and are payable on the first day of the month the service is provided.

Under certain lease agreements, percentage rent may be payable by the lessee to the Trust based on turnover in excess of stipulated minimums. Contingent rental income is recognised as income in the period in which it is earned.

Tenant allowances that are classified as lease incentives are recorded as part of investment properties and amortised over the term of the lease. The amortisation is recorded against property revenue.

12 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 3 – Trade debtors and receivables

Note 3 – Trade debtors and receivables
	31 Dec 25	31 Dec 24
	Note $million	$million
Trade debtors	7.6	1.8
Receivables
– Other receivables	18.1	17.2
– Interest bearingloan receivable from related entities	30 550.0	–
Total trade debtors and receivables	575.7	19.0
(a) Components of trade debtors and receivables
Trade debtors and receivables	585.0	39.3
Expected credit loss allowance	(9.3)	(20.3)
Total trade debtors and receivables	575.7	19.0
(b) Movement in expected credit loss allowance
Balance at the beginning of the year	(20.3)	(32.1)
Decrease recognised in property expenses, outgoings and other costs	5.4	4.5
Amounts written-of	5.6	7.3
Balance at the end of theyear	(9.3)	(20.3)

Expected credit loss allowance

In determining the expected credit loss allowance, management has considered security deposits received from tenants generally in the form of bank guarantees, which can be called upon if the tenant is in default under the terms of the lease contract. Trade debtors also include GST which is fully recoverable from the relevant tax authorities where the debt is not collected and therefore the GST amount is excluded from the loss allowance.

The decrease in expected credit loss allowance reflects abatements and write-offs applied against outstanding receivables, and the reversal of the prior year’s allowance following collection of related debts and a reassessment of credit risk.

At 31 December 2025, approximately 55% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 50% of gross trade debtors. An increase or decrease of 5% in the expected credit loss rate would result in an increase or decrease in expected credit loss allowance of $0.7 million respectively. At 31 December 2024, approximately 70% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 91% of gross trade debtors. An increase or decrease of 5% in the expected credit loss rate would result in an increase or decrease in expected credit loss allowance of nil or $0.9 million respectively.

Accounting Policies

Trade debtors and receivables

Trade debtors and receivables are held to collect contractual cash flows and these contractual cash flows are solely payments of principal and interest. At initial recognition, these are measured at fair value.

Trade debtors and receivables are subsequently measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses are recognised in the statement of comprehensive income. The receivable is written off when there is no reasonable expectation of recovering the contractual cash flows such as when all legal avenues for debt recovery have been exhausted. Any gain or loss on derecognition is also recognised in the statement of comprehensive income.

In assessing for impairment, the Trust assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. For trade debtors and receivables, the Trust applies the simplified approach, which requires lifetime expected losses to be recognised from initial recognition of the receivables.

In measuring the expected credit loss, trade debtors and receivables have been grouped based on shared credit risk characteristics (e.g. size and industry) and the days past due. The expected loss rates are determined based on days past the due date and the historical credit losses experienced. Historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of customers to settle their debts.

The Trust generally considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Trust may also consider a financial asset to be in default when internal or external information indicates that the Trust is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Trust.

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Note 4 – Investment properties

Note 4 – Investment properties
	31 Dec 25	31 Dec 24
	Note $million	$million
Shopping centre investments	5 7,058.9	8,520.7
Development projects and construction in progress	55.1	92.4
Total investment properties	7,114.0	8,613.1
Movement in total investment properties
Balance at the beginning of the year	8,613.1	8,443.1
Capital expenditure	56.4	79.0
Financing costs capitalised to qualifying development projects and construction in progress	1.4	5.9
Disposal(i)	(1,366.1)	–
Amortisation of tenant allowances	(17.9)	(19.0)
Straight-lining of rent	3.9	2.7
Net revaluation increment	146.1	101.4
Investment properties reclassifed to held for sale(ii)	5 (322.9)	–
Balance at the end of theyear(iii)	7,114.0	8,613.1

(i) During the year, the Trust disposed of its 50% interest in Chermside for $1,366.1 million. The sale was completed on 31 July 2025 for 25% and on 23 December 2025 for another 25%.

(ii) On 3 February 2026, the Trust sold an interest in Westfield Sydney to Australian Retirement Trust (refer to Note 33). This has been classified as investment properties held for sale on the balance sheet at 31 December 2025.

(iii) The fair value of investment properties at the end of the year includes ground lease assets of $8.5 million (31 December 2024: $8.7 million).

Accounting Policies

Investment properties

The Trust’s investment properties include shopping centre investments, development projects and construction in progress.

Shopping centre investments

The Trust’s shopping centre investment properties represent completed centres comprising freehold and leasehold land, buildings

and leasehold improvements.

Land and buildings are considered as having the function of an investment and therefore are regarded as a composite asset, the overall value of which is influenced by many factors, the most prominent being income yield, rather than by the diminution in value of the building content due to effluxion of time. Accordingly, the buildings and all components thereof, including integral plant and equipment, are not depreciated.

Initially, shopping centre investment properties are measured at cost including transaction costs. Subsequent to initial recognition, the Trust’s portfolio of shopping centre investment properties are stated at fair value. Gains and losses arising from changes in the fair values of shopping centre investment properties are included in the statement of comprehensive income in the year in which they arise. Any gains or losses on the sale of an investment property are recognised in the statement of comprehensive income in the year of sale.

At each reporting date, the carrying value of the portfolio of shopping centre investment properties is assessed by the Directors and where the carrying value differs materially from the Directors’ assessment of fair value, an adjustment to the carrying value is recorded as appropriate.

The Directors’ assessment of fair value of each shopping centre takes into account the latest independent valuations generally prepared annually, with updates taking into account any changes in capitalisation rate, underlying income and valuations of comparable centres. In determining the fair value, the capitalisation of net income method and the discounting of future cash flows to their present value have been used, which are based upon assumptions and judgements in relation to future rental income, capitalisation rate and make reference to market evidence of transaction prices for similar properties.

The key assumptions and estimates used in determining fair value are disclosed in Note 5.

14 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 4 – Investment properties (continued)

Accounting Policies (continued)

Investment properties (continued)

Development projects and construction in progress

The Trust’s development projects and construction in progress include costs incurred for the current and future redevelopment and expansion of new and existing shopping centre investments. Development projects and construction in progress includes capitalised construction and development costs, payments and advances to contractors and where applicable, borrowing costs incurred on qualifying developments. For the year ended 31 December 2025, the weighted average rate of borrowing costs capitalised was 5.6% (31 December 2024: 5.7%).

The Directors’ assessment of fair value of each development project and construction in progress that meets the definition of an investment property, takes into account the expected costs to complete, the stage of completion, expected underlying income and yield of the developments. From time to time, during a development, the Directors may commission an independent valuation of the development project. On completion, the development projects are reclassified to shopping centre investments and an independent valuation is obtained.

Independent valuations are conducted in accordance with guidelines and valuation principles as set by the International Valuation Standards Council.

It is Scentre Group’s policy to appoint a number of qualified independent valuers and that no individual valuer is appointed to appraise an individual property for greater than three consecutive years. The following qualified independent valuers were appointed by Scentre Group to carry out property appraisals for the current financial year:

Australian shopping centres

• CBRE Valuations Pty Limited

• Colliers International Holdings (Australia) Ltd

New Zealand shopping centres

• Knight Frank NSW Valuations & Advisory Pty Ltd

• Jones Lang La Salle Limited

• Cushman & Wakefield (Valuations) Pty Ltd

• Jones Lang LaSalle Advisory Services Pty Ltd

• Knight Frank Australia Pty Ltd

• Savills Valuations Pty Ltd

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Note 5 – Details of shopping centre investments

31 Dec 25	31 Dec 24
$million	$million
Investment properties held for sale(i) 472.1	–
Consolidated Australian shopping centres 7,058.9	8,520.7
Equity accounted Australian shopping centres 7,637.9	7,569.7
Equityaccounted New Zealand shoppingcentres 610.6	648.7
15,779.5	16,739.1

(i) Investment properties held for sale on the balance sheet at 31 December 2025 comprises $322.9 million reclassified from consolidated Australian shopping centres and $149.2 million reclassified from equity accounted Australian shopping centres.

Centres that are held through controlled entities or are held directly and jointly as tenants in common and are treated as joint operations are consolidated. For joint operations, the contractual arrangements establish that the parties share all the liabilities, obligations, costs and expenses in their ownership proportion. The allocation of revenue and expenses is based on the ownership interest in the joint arrangement.

Centres that are held through a separate vehicle with joint control and are treated as a joint venture are accounted for under the equity method of accounting.

Valuation inputs

The Income Capitalisation approach and the Discounted Cash Flow approach are used to arrive at a range of valuation outcomes, from which a best estimate of fair value is derived at a point in time.

The key assumptions and estimates used in these valuation approaches include:

• forecast future income, based on the location, type and quality of the property, which are supported by the terms of any existing leases, other contracts or external evidence such as current market rents for similar properties;

• lease assumptions based on current and expected future market conditions after expiry of any current lease; and

• the capitalisation rate and discount rate derived from recent comparable market transactions.

The table below summarises some of the key inputs used in determining investment property valuations:

	31 Dec 25	31 Dec 24
Australian portfolio
Retail capitalisation rate	4.63%–7.25%	4.63%–7.25%
Weighted average capitalisation rate(i)	5.40%	5.38%
Retail discount rate	6.75%–8.00%	6.50%–8.00%
New Zealand portfolio
Retail capitalisation rate	6.25%–7.75%	6.38%–7.75%
Weighted average capitalisation rate(i)	7.01%	7.06%
Retail discount rate	8.00%–8.75%	8.00%–8.75%

(i) Weighted average capitalisation rate including non-retail assets.

16 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 5 – Details of shopping centre investments (continued)

Changes to key inputs would result in changes to the fair value of investment properties. An increase in capitalisation rate and/or discount rate would result in lower fair value, while a decrease in capitalisation rate and/or discount rate will result in higher fair value (with all other factors held constant). The weighted average capitalisation rate and discount rates adopted at 31 December 2025 have broadly remained unchanged to 31 December 2024. The capitalisation rate sensitivity analysis is detailed below.

The sensitivity of shopping centre valuations to changes in capitalisation rates is as follows:

	31 Dec 25	31 Dec 24
	$million	$million
Capitalisation rate	Increase/(decrease)
movement		in fair value
-50 bps	1,589.7	1,689.9
-25 bps	756.7	804.4
+25 bps	(690.5)	(733.8)
+50 bps	(1,323.0)	(1,406.0)

Note 6 – Details of equity accounted investments

31 Dec 25	31 Dec 24
$million	$million
(a) Share of equity accounted entities’ net proft and comprehensive income Property revenue 633.6	612.1
Property expenses, outgoings and other costs (179.3)	(165.9)
Net interest income 0.5	0.9
Financing costs charged by the Parent Entity (20.0)	(28.4)
Property revaluations 128.0	(45.4)
Tax expense (8.3)	(6.3)
Proft after tax 554.5	367.0
Interest income from equityaccounted entities 20.0	28.4
Share of after tax proft of equity accounted entities 574.5	395.4
Other comprehensive loss(i) (27.8)	(15.1)
Share of total comprehensive income of equity accounted entities 546.7	380.3

(i) Relates to the net exchange difference on translation of equity accounted foreign operations.

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Note 6 – Details of equity accounted investments (continued)

31 Dec 25	31 Dec 24
$million	$million
(b) Share of equity accounted entities’ assets and liabilities Cash and cash equivalents 37.5 Trade debtors and receivables 19.4 Other current assets 3.5	33.3 16.2 3.2
Total current assets 60.4	52.7
Investment properties – Shopping centre investments 8,248.5 – Development projects and construction in progress 43.9	8,218.4 58.0
Total non-current assets 8,292.4	8,276.4
Trade creditors (25.9) Payables and other creditors (74.6) Interest payable to the Parent Entity (0.6) Tax payable (3.1)	(28.9) (84.9) (0.9) (2.4)
Total current liabilities (104.2)	(117.1)
Lease liabilities (14.0) Interest bearing liabilities to the Parent Entity(i) (380.9) Other non-current liabilities (10.8) Deferred tax liabilities (50.4)	(14.0) (409.8) (13.1) (50.6)
Total non-current liabilities (456.1)	(487.5)
Net assets 7,792.5 Interest bearing receivables from equity accounted entities(i) 380.9 Interest receivables from equityaccounted entities 0.6	7,724.5 409.8 0.9
Investment in equity accounted entities 8,174.0	8,135.2

(i) Loans to equity accounted entities are unsecured. Interest was charged at 3.83%–5.82% (31 December 2024: 5.80%–7.23%).

(c) Details of the Trust’s share of equity accounted entities’ tax expense

31 Dec 25	31 Dec 24
$million	$million
Current tax expense (6.4)	(3.8)
Deferred tax expense (1.9)	(2.5)
(8.3)	(6.3)
The prima facie tax on proft before tax is reconciled to the income tax expense provided in the fnancial statements as follows: Proft before income tax 562.8	373.3
Less: Net Trust income not taxable for the Trust – tax payable bymembers (534.5)	(350.2)
28.3	23.1
Prima facie tax expense at 30% (8.5)	(6.9)
Tax rate diferential on New Zealand foreign income 0.6	0.5
Other (0.4)	0.1
Tax expense (8.3)	(6.3)

18 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 6 – Details of equity accounted investments (continued)

(d) Equity accounted entities economic interest

(d) Equity accounted entities economic interest
Name of investments Type of equity Balance Date	Economic interest
	31 Dec 25 31 Dec 24
Australian investments(i) Bondi Junction Trust units 31 Dec Chatswood Trust units 31 Dec Doncaster Trust units 31 Dec Fountain Gate Trust units 31 Dec Hornsby Trust units 31 Dec Knox Trust units 31 Dec Kotara Trust units 31 Dec Mt Druitt(ii) Trust units 30 Jun Mt Gravatt Trust units 31 Dec Southland(ii) Trust units 30 Jun Sydney Central Plaza(iii) Trust units 31 Dec Tea Tree Plaza(ii) Trust units 30 Jun Tuggerah Trust units 31 Dec Warringah Mall Trust units 31 Dec	50.0% 50.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 31.3% 31.3% 50.0% 50.0% 25.0% 25.0%
New Zealand investments(i) Albany Shares 31 Dec Manukau Shares 31 Dec Newmarket Shares 31 Dec Riccarton Shares 31 Dec St Lukes Shares 31 Dec	25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5%

(i) All equity accounted property partnerships, trusts and companies operate solely as retail property investors.

(ii) Notwithstanding that the financial year of these investments ends on 30 June, the consolidated financial statements have been prepared so as to include the accounts for a period coinciding with the financial year of the Parent Entity being 31 December.

(iii) On 3 February 2026, SGT1 sold a 19.9% interest in Sydney Central Plaza to Australian Retirement Trust (refer to Note 33).

(e) Capital expenditure commitments

(e) Capital expenditure commitments
	31 Dec 25	31 Dec 24
	$million	$million
Estimated capital expenditure committed at balance date but not provided for in relation
to development projects:
Due within one year	39.1	9.2
Due between one and fveyears	35.7	1.6
	74.8	10.8

(f) Contingent liabilities

As at 31 December 2025, contingent liabilities relating to the Trust’s interests in joint ventures is nil (31 December 2024: nil).

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Note 7 – Taxation

Note 7 – Taxation
	31 Dec 25	31 Dec 24
	$million	$million
Tax expense
Current	(1.9)	(2.9)
The prima facie tax on proft before tax is reconciled to the income tax expense provided in the fnancial statements as follows:
Proft before income tax	750.0	512.2
Less: Trust income not taxable for the Trust – tax payable bymembers	(750.0)	(512.2)
	–	–
Prima facie tax expense at 30%	–	–
Non-resident withholdingtax on inter-entitytransactions	(1.9)	(2.9)
Tax expense	(1.9)	(2.9)

Global Anti-Base Erosion Rules (Pillar Two)

The effective tax rate of the Trust’s taxable entities is estimated to exceed 15% in all jurisdictions in which they operate. Current tax expense recognised related to Pillar Two income taxes is nil (31 December 2024: nil).

Accounting Policies

Taxation

The Trust comprises taxable and non-taxable entities. Income tax expense is only recognised in respect of taxable entities.

(i) The Trust has elected into the Attribution Managed Investment Trust Regime. Accordingly, the Trust is not liable for Australian income tax provided that the taxable income is attributed to members. The members of the Trust are taxable on their share of the taxable income of the Trust attributed to them.

The Trust’s New Zealand resident entities are subject to New Zealand tax.

(ii) Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance date. Income taxes related to items recognised directly in equity are recognised in equity and not in tax expense.

20 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 8 – Distributions

		31 Dec 25	31 Dec 24
		$million	$million
(a)	Final distribution for the year
7.71	cents per unit(31 December 2024: 4.92 cents per unit)	402.2	255.9

Details of the full year components of distributions will be provided in the Annual Tax Statement which will be sent to members in March 2026.

Interim distribution of 5.07 cents per unit was paid on 29 August 2025. Final distribution was paid on 27 February 2026. The record date for the final distribution was 13 February 2026. A distribution reinvestment plan (DRP) was in operation for the distribution paid on 27 February 2026. Refer to Note 9(b) for the number of Scentre Group stapled securities issued under the DRP.

	31 Dec 25	31 Dec 24
	$million	$million
(b) Distributions paid during the year
Distribution in respect of the 6 months to 30 June 2025	264.1	–
Distribution in respect of the 6 months to 31 December 2024	255.9	–
Distribution in respect of the 6 months to 30 June 2024	–	232.2
Distribution in respect of the 6 months to 31 December 2023	–	206.1
	520.0	438.3

Note 9 – Statutory earnings per unit

Note 9 – Statutory earnings per unit	520.0	438.3
	31 Dec 25	31 Dec 24
	cents	cents
(a) Summary of earnings per unit attributable to members of
Scentre Group Trust 1
Basic and diluted earnings per unit	14.04	9.61

There are no potential ordinary units which are dilutive.

In calculating basic and diluted earnings per unit attributable to Scentre Group Trust 1, net profit attributable to members of Scentre Group Trust 1 of $731.4 million (31 December 2024: $499.4 million) was divided by the weighted average number of ordinary units of 5,210,220,334 (31 December 2024: 5,196,572,838).

(b) Conversions, calls, subscriptions, issues or buy-back after 31 December 2025

There have been no conversions to, calls of, subscriptions for or buy-back of units since the reporting date and before the completion of this report. On 27 February 2026, 6,559,679 Scentre Group stapled securities were issued under the DRP at $3.7998 per security. Scentre Group stapled securities issued under the DRP rank equally with existing securities on issue.

Accounting Policies

Earnings per unit

Basic earnings per unit is calculated as net profit attributable to members divided by the weighted average number of ordinary units. Diluted earnings per unit is calculated as net profit attributable to members adjusted for any profit recognised in the period in relation to dilutive potential ordinary units, divided by the weighted average number of ordinary units and dilutive potential ordinary units.

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Note 10 – Interest income and financing costs

Note 10 – Interest income and financing costs
	31 Dec 25	31 Dec 24
	Note $million	$million
(a) Interest income
Interest income
– External	3.1	2.2
– Related entities	30 0.7	–
Total interest income	3.8	2.2
(b) Financing costs
Financing costs on senior borrowings(i)	(337.3)	(381.9)
Financing costs capitalised to qualifying development projects and construction in progress	1.4	5.9
Lease liabilities interest expense	(0.5)	(0.5)
	(336.4)	(376.5)
Net fair value loss on interest rate derivatives	(18.5)	(31.1)
Net modifcationgain/(loss)on refnanced borrowingfacilities	5.7	(0.6)
Total fnancing costs (excluding coupons on subordinated notes)	(349.2)	(408.2)
Net foreign exchange gain/(loss) on interest bearing liabilities	161.8	(324.6)
Net foreign exchange gain/(loss) on derivatives relating to interest bearing liabilities	(161.8)	324.6
Subordinated notes coupons(i)	(82.7)	(19.2)
Total fnancingcosts	(431.9)	(427.4)

(i) Financing costs on senior borrowings and subordinated notes coupons comprise $425.5 million (31 December 2024: $322.9 million) of interest expense on borrowings and $1.9 million (31 December 2024: $3.6 million) of net interest income from derivatives with external counterparties. A further $15.5 million (31 December 2024: $110.5 million) of interest expense on borrowings and $19.1 million (31 December 2024: $28.7 million) of net interest income from derivatives are from transactions with related entities. Refer to Note 30 for related party transactions, which include these borrowings and derivatives arrangements.

Accounting Policies

Interest income and financing costs

Interest income is recognised in the statement of comprehensive income as it accrues using the effective interest rate method.

Financing costs include interest, amortisation of discounts or premiums relating to borrowings and other costs incurred in connection with the arrangement of borrowings (including realised interest derivative cashflows). Financing costs are expensed as incurred unless they relate to a qualifying asset. A qualifying asset is an asset which generally takes more than 12 months to get ready for its intended use or sale. In these circumstances, the financing costs are capitalised to the cost of the asset. Where funds are borrowed by the Trust for the acquisition or construction of a qualifying asset, the financing costs are capitalised.

Refer to Note 15 for other items included in financing costs.

Any accrued interest income and financing costs at balance date have been classified as either interest receivable or interest payable on the balance sheet. Interest receivable comprises interest accrued on derivative instruments, interest bearing loans receivable and short term deposits. Interest payable comprises interest accrued on interest bearing liabilities and derivative instruments. Interest receivable and payable on cross currency derivatives are presented gross and are not offset as the criteria for offsetting is not met.

22 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 11 – Gain in respect of capital transactions

Note 11 – Gain in respect of capital transactions
	31 Dec 25	31 Dec 25
	$million	$million
Consideration for the sale of investment property	1,366.1	–
Consideration for the sale of listed securities	17.2	–
Carryingvalue of assets sold	(1,381.6)	–
Gain from the disposal of assets	1.7	–

Note 12 – Cash and cash equivalents

31 Dec 25	31 Dec 24
$million	$million
(a) Components of cash and cash equivalents Cash 92.8 Bank overdrafts –	33.0 –
Total cash and cash equivalents 92.8	33.0
(b) Reconciliation of proft after tax to net cash fows from operating activities Proft after tax 748.1 Property revaluations (146.1) Diference between share of equity accounted proft and dividends/distributions received (209.6) Net fair value loss on interest rate derivatives 18.5 Net modifcation loss/(gain) on refnanced borrowing facilities (5.7) Net foreign exchange loss/(gain) on interest bearing liabilities (161.8) Net foreign exchange loss/(gain) on derivatives relating to interest bearing liabilities 161.8 Gain in respect of capital transactions (1.7) Decrease in workingcapital attributable to operatingactivities 14.5	509.3 (101.4) (30.2) 31.1 0.6 324.6 (324.6) – 23.4
Net cash fows from operatingactivities 418.0	432.8
(c) Changes in liabilities arising from fnancing activities Net liabilities at the beginning of the year 9,421.9 Proceeds from senior borrowings 4,169.7 Repayment of senior borrowings and lease liabilities (4,752.2) Funds paid to related entities (1,497.9) Proceeds from the issuance of subordinated notes 650.0 Efects of exchange rate changes and fair value movement on currency derivatives and other changes in net liabilities 318.1	9,119.8 2,870.0 (2,183.7) (1,388.5) 900.0 104.3
Net liabilities at the end of theyear(i) 8,309.6	9,421.9

(i) Net liabilities comprise interest bearing liabilities of $7,923.9 million (31 December 2024: $9,015.0 million), non-interest bearing loans payable of $960.8 million (31 December 2024: $960.8 million), interest bearing loan receivable of $550.0 million (31 December 2024: nil), lease liabilities of $8.5 million (31 December 2024: $8.7 million) and net receivables on currency derivatives hedging senior borrowings in foreign currency of $33.6 million (31 December 2024: $562.6 million).

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Note 12 – Cash and cash equivalents (continued)

Accounting Policies

Cash and cash equivalents

Cash and cash equivalents on the balance sheet comprise cash at bank and on hand and short term deposits on demand with an original maturity of 90 days or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Cash and cash equivalents are measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses (if any) are recognised in the statement of comprehensive income.

For purposes of the cash flow statement, cash and cash equivalents include cash on hand and at bank, short term deposits on demand and bank accepted bills of exchange readily converted to cash net of bank overdrafts. Bank overdrafts are carried at the principal amount.

Note 13 – Payables and other creditors

principal amount. Note 13 – Payables and other creditors
		31 Dec 25	31 Dec 24
	Note	$million	$million
Payables and other creditors		55.1	73.5
Non-interest bearingloans payable to related entities	30	960.8	960.8
		1,015.9	1,034.3

Accounting Policies

Payables and other creditors

Trade and other payables are carried at amortised cost and due to their short term nature they are not discounted. They represent liabilities for goods and services provided to the Trust prior to the end of the financial year that are unpaid and arise when the Trust becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are paid within 30 days. Loans payable to related entities are carried at amortised cost, are at call and classified as current.

24 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 14 – Interest bearing liabilities

Note 14 – Interest bearing liabilities
	31 Dec 25	31 Dec 24
	Note $million	$million
Current
Unsecured
Loans payable to related entities	30 –	997.9
Notes payable
– US$ denominated	–	1,769.3
– £ denominated	804.9	–
	804.9	2,767.2
Non-current
Unsecured
Bank loans
– A$ denominated	475.0	1,380.0
Notes payable
– A$ denominated	2,650.0	1,650.0
– US$ denominated	1,121.2	1,206.4
– HK$ denominated	236.5	82.9
– € denominated	877.3	–
– £ denominated	–	807.5
Secured
Bank loans and mortgages
– A$ denominated	209.0	221.0
	5,569.0	5,347.8
Total senior borrowings	6,373.9	8,115.0
Non-current
Unsecured
Subordinated notes
– A$ denominated	1,550.0	900.0
Total subordinated notes	1,550.0	900.0
Interest bearing liabilities
– Senior borrowings	6,373.9	8,115.0
– Subordinated notes	1,550.0	900.0
Total interest bearing liabilities	7,923.9	9,015.0

The Trust maintains a range of interest bearing liabilities. The sources of funding are spread over various counterparties to minimise credit exposure and the terms of the instruments are negotiated to achieve a balance between capital availability and the cost of debt.

The Trust consolidates Carindale Property Trust. The trust has a $230.0 million (31 December 2024: $300.0 million) floating interest rate syndicated facility. Drawings under this facility are secured by a registered mortgage over the trust’s interest in Westfield Carindale, and a fixed and floating charge over all assets and undertakings of the trust. The facility is subject to negative pledge arrangements. At 31 December 2025, the recorded fair value of Westfield Carindale is $800.3 million (31 December 2024: $779.1 million) compared to borrowings of $209.0 million (31 December 2024: $221.0 million).

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Note 14 – Interest bearing liabilities (continued)

	31 Dec 25	31 Dec 24
	$million	$million
(a) Summary of fnancing facilities
Committed fnancing facilities available to the Trust:
Financing facilities	12,585.9	12,222.6
Senior borrowings	(6,373.9)	(8,115.0)
Subordinated notes	(1,550.0)	(900.0)
Available fnancing facilities	4,662.0	3,207.6
Cash and cash equivalents	92.8	33.0
Financingresources available	4,754.8	3,240.6

These facilities comprise fixed and floating rate notes and both secured and unsecured interest only floating rate facilities. Certain facilities are also subject to negative pledge arrangements which require Scentre Group to comply with specific minimum financial and non-financial requirements. The available financing facilities above totalling $4,662.0 million (31 December 2024: $3,207.6 million) are available to the Trust and other members of Scentre Group at year end. The Trust is able to draw on these financing facilities, provided they are unutilised by other members of Scentre Group. Amounts which are denominated in foreign currencies are translated at exchange rates ruling at balance date.

		Committed	Interest	Committed	Interest
		fnancing	bearing	fnancing	bearing
		facilities	liabilities	facilities	liabilities
		31 Dec 25	31 Dec 25	31 Dec 24	31 Dec 24
	Maturity Date	$million	$million	$million	$million
(b) Financing facilities and interest
bearing liabilities, comprise:
Unsecured senior notes payable
– A$	Nov 29 to Sep 35	2,650.0	2,650.0	1,650.0	1,650.0
– US$(i)	May 30	1,121.2	1,121.2	2,975.7	2,975.7
– €(i)	Oct 33	877.3	877.3	–	–
– £(i) (ii)	Jul 26	804.9	804.9	807.5	807.5
– HK$(i)	Apr 30 to Jun 35	236.5	236.5	82.9	82.9
Total unsecured senior notes payable		5,689.9	5,689.9	5,516.1	5,516.1
Unsecured bank loan facilities available to the Trust	Nov 27 to Sep 32	5,116.0	475.0	4,508.6	1,380.0
Loans payable to related entities	At call	–	–	997.9	997.9
Secured bank loans and mortgages	May27	230.0	209.0	300.0	221.0
Total senior borrowings		11,035.9	6,373.9	11,322.6	8,115.0
Unsecured subordinated notes – A$(iii)	Sep 54 to Mar 55	1,550.0	1,550.0	900.0	900.0
Total fnancing facilities and interest bearing liabilities		12,585.9	7,923.9	12,222.6	9,015.0

(i) The US$, €, £ and HK$ denominated unsecured senior notes payables are economically hedged using cross currency swaps with the same principal values to convert into A$ payables.

(ii) £400.0 million (A$804.9 million) of the £ notes payable is due within one year of the reporting date.

(iii) A$900.0 million of subordinated notes issued in September 2024 comprise A$600.0 million floating rate notes with a non-call period of five years and A$300.0 million fixed rate reset notes with a non-call period of five years. A$650.0 million of subordinated notes issued in March 2025 comprise A$350.0 million floating rate notes with a non-call period of six and a half years and A$300.0 million fixed rate reset notes with a non-call period of six and a half years. The interest rate on the fixed rate reset notes have been swapped to a floating rate. The notes may be redeemed by the Trust at par at the end of their respective non-call periods or any coupon date thereafter.

26 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 14 – Interest bearing liabilities (continued)

Accounting Policies

Interest bearing liabilities

Interest bearing liabilities are recognised initially at the fair value of the consideration received less any directly attributable transaction costs. Subsequent to initial recognition, interest bearing liabilities are recorded at amortised cost using the effective interest rate method.

Interest bearing liabilities are classified as current liabilities where the liability has been drawn under a financing facility which expires within one year. Amounts drawn under financing facilities which expire after one year are classified as non-current, where the Trust has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. Loans payable to related entities are at call and classified as current.

Financing costs for interest bearing liabilities are recognised on an accruals basis.

The fair values of the Trust’s interest bearing liabilities as disclosed in Note 22 are determined as follows:

• Fair values of quoted notes and bonds are based on price quotations at the balance date.

• The fair values of unquoted instruments, loans from banks and other non-current financial liabilities are estimated by discounting future cash flows using rates that approximate the Trust’s borrowing rate at the balance date, for debt with similar maturity, credit risk and terms.

Note 15 – Derivative assets and liabilities

			31 Dec 25			31 Dec 24
	Current	Non-current	Total	Current	Non-current	Total
	$million	$million	$million	$million	$million	$million
(a) Derivative assets
Currency derivatives(i)	70.3	–	70.3	403.0	54.1	457.1
Interest rate derivatives	61.7	40.0	101.7	76.3	72.4	148.7
	132.0	40.0	172.0	479.3	126.5	605.8
(b) Derivative liabilities
Currency derivatives(i)	56.1	150.2	206.3	37.9	113.1	151.0
Interest rate derivatives	2.5	69.3	71.8	18.2	18.8	37.0
	58.6	219.5	278.1	56.1	131.9	188.0

(i) The currency related and interest related components of currency derivatives are part of the same contract. The net position has been classified accordingly as a derivative asset or derivative liability on the balance sheet.

The Trust’s derivatives do not meet the accounting requirements to qualify for hedge accounting treatment. Changes in fair value have been reflected in the statement of comprehensive income. At 31 December 2025, the aggregate fair value is a net payable of $106.1 million (31 December 2024: net receivable $417.8 million). The change in fair value for the year ended 31 December 2025 was a net unrealised loss of $523.9 million (31 December 2024: net unrealised gain $194.1 million). In 2025, the Trust cancelled interest rate derivatives following the sale of a 50% interest in Westfield Chermside resulting in a payment of $22.8 million (31 December 2024: nil).

The Trust presents the fair value mark to market of its derivative assets and derivative liabilities, and related interest receivable and payable, on a gross basis. These positions are subject to legally enforceable master netting arrangements, however do not meet the criteria for offsetting in the balance sheet. As at 31 December 2025, if these netting arrangements were applied, derivative assets and interest receivables of $217.4 million would be reduced by $191.6 million to the net amount of $25.8 million and derivative liabilities and interest payables of $299.5 million would be reduced by $191.6 million to the net amount of $107.9 million. As at 31 December 2024, if these netting arrangements were applied, derivative assets and interest receivables of $667.9 million would be reduced by $215.0 million to the net amount of $452.9 million and derivative liabilities and interest payables of $215.0 million would be reduced by $215.0 million to the net amount of nil.

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Note 15 – Derivative assets and liabilities (continued)

Accounting Policies

Derivative financial instruments

The Trust utilises derivative financial instruments, including forward exchange contracts, interest rate options and currency and interest rate swaps to manage the risks associated with foreign currency and interest rate fluctuations. Such derivative financial instruments are recognised at fair value.

Scentre Group has set defined policies and implemented a comprehensive hedging program to manage interest and exchange rate risks. Derivative instruments are transacted to achieve the economic outcomes in line with Scentre Group’s treasury policy and hedging program. Derivative instruments are not transacted for speculative purposes. Accounting standards require detailed compliance with documentation, designation and effectiveness parameters before a derivative financial instrument is deemed to qualify for hedge accounting treatment. Where these requirements are not met, derivative instruments are deemed not to qualify for hedge accounting and changes in fair value are recorded in the statement of comprehensive income.

Gains or losses arising from the movements in the fair value of currency derivatives which hedge net investments in foreign operations are recognised in the foreign currency translation reserve where hedge accounting requirements have been met. Where a currency derivative, or portion thereof, is deemed an ineffective hedge for accounting purposes, gains or losses thereon are recognised in the statement of comprehensive income. On disposal of a net investment in foreign operations, the cumulative gains or losses recognised previously in the foreign currency translation reserve are transferred to the statement of comprehensive income.

The fair value of derivatives has been determined with reference to market observable inputs for contracts with similar maturity profiles. The valuation is a present value calculation which incorporates interest rate curves, foreign exchange spot and forward rates, option volatilities and the credit quality of counterparties.

Note 16 – Contributed equity

rates, option volatilities and the credit quality of counterparties. Note 16 – Contributed equity
	31 Dec 25	31 Dec 24
	Number of units	Number of units
(a) Units on issue
Balance at the beginning of the year	5,201,748,202	5,190,378,339
Units issued under the DRP	14,669,210	11,369,863
Balance at the end of theyear(i)	5,216,417,412	5,201,748,202

(i) All units on issue as at the end of the year are fully paid.

Holders of Scentre Group stapled securities have the right to receive declared dividends from SGL and distributions from SGT1, SGT2 and SGT3 and, in the event of winding up SGL, SGT1, SGT2 and SGT3, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on Scentre Group stapled securities held.

Holders of Scentre Group stapled securities can vote their shares and units in accordance with the Corporations Act, either in person or by proxy, at a meeting of any of SGL, SGT1, SGT2 and SGT3 (as the case may be).

person or by proxy, at a meeting of any of SGL, SGT1, SGT2 and SGT3 (as the case may be).
	31 Dec 25	31 Dec 24
	$million	$million
(b) Amount of contributed equity attributable to members of SGT1
Balance at the beginning of the year	1,473.1	1,459.0
DRP	21.1	14.1
Balance at the end of theyear	1,494.2	1,473.1

Accounting Policies

Contributed equity

Issued and paid up capital is recognised at the fair value of the consideration received by the Trust. Any transaction costs arising from the issue of ordinary units are recognised directly in equity as a reduction of the proceeds received.

28 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 17 – Reserves

Note 17 – Reserves
	31 Dec 25	31 Dec 24
	$million	$million
Foreign currencytranslation reserve	(28.6)	(0.8)
Movement in foreign currency translation reserve
Balance at the beginning of the year	(0.8)	14.3
Foreign exchange movement
– Currencymovement on the translation of investment in foreign operations	(27.8)	(15.1)
Balance at the end of theyear	(28.6)	(0.8)

The foreign currency translation reserve is used to record net exchange differences arising from the translation of the net investments, including qualifying hedges, in foreign controlled and equity accounted entities. This may be subsequently transferred to the statement of comprehensive income.

Accounting Policies

Translation of accounts of foreign operations

The functional and presentation currency of the Trust and its Australian subsidiaries is Australian dollars. The functional currency of the New Zealand entities is New Zealand dollars. The presentation currency of the overseas entities is Australian dollars to enable the consolidated financial statements of the Trust to be reported in a common currency.

The balance sheets of foreign subsidiaries and equity accounted investments are translated at exchange rates ruling at balance date and the statement of comprehensive income of foreign subsidiaries and equity accounted investments are translated at average exchange rates for the period. Exchange differences arising on translation of the interests in foreign operations are taken directly to the foreign currency translation reserve.

Refer to Note 15 for other items included in foreign currency translation reserve.

Note 18 – Retained profits

the foreign currency translation reserve. Refer to Note 15 for other items included in foreign currency translation reserve. Note 18 – Retained profits
		31 Dec 25	31 Dec 24
	Note	$million	$million
Movement in retained profts attributable to members of Scentre Group Trust 1
Balance at the beginning of the year		5,448.6	5,387.5
Proft after tax for the year		731.4	499.4
Distributions paid	8(b)	(520.0)	(438.3)
Balance at the end of theyear		5,660.0	5,448.6

Note 19 – Capital and financial risk management

The Trust forms part of Scentre Group which is a stapled entity comprising the Trust, SGL, SGT2, SGT3 and their respective controlled entities. The stapled group operates as a single economic entity with a common Board of Directors and management team. Capital and financial risks are therefore managed from the stapled group’s perspective rather than the silos that make up the stapled group.

Refer to Note 21: Capital risk management, Note 22: Financial risk management, Note 23: Interest rate risk management, Note 24: Exchange rate risk management, Note 25: Credit risk management and Note 26: Liquidity risk management of Scentre Group’s 2025 Annual Report for details of Scentre Group’s policies in identifying, assessing and managing the capital and financial risks of the stapled group.

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Note 20 – Financial covenants

Scentre Group, of which the Trust is part, is required to comply with certain financial covenants in respect of its senior borrowing facilities and senior notes payables.

Refer to Note 27: Financial covenants of Scentre Group’s 2025 Annual Report for details of Scentre Group’s financial covenants.

Note 21 – Interest bearing liabilities, interest and derivatives cash flow maturity profile

Refer to Note 14 for the details of interest bearing liabilities and financing facilities. The maturity profiles of the principal amounts of interest bearing liabilities including aggregate future estimated nominal interest and the future estimated nominal cashflows of derivative financial instruments are set out below:

31 Dec 25	31 Dec 24
$million	$million
Senior borrowings and interest Due within one year (1,103.8) Due between one year and fve years (3,023.5) Due after fveyears (4,107.4)	(3,126.0) (3,838.2) (2,584.6)
(8,234.7)	(9,548.8)
Subordinated notes and interest (i) Due within one year (91.5) Due between one year and fve years (366.4) Due between fve years and ten years (458.0) Due after tenyears (3,283.5)	(58.0) (232.0) (289.9) (2,042.0)
(4,199.4)	(2,621.9)
Comprising: – principal amounts of current and non-current senior borrowings (6,373.9) – aggregate future estimated nominal interest of senior borrowings (1,860.8) – principal amounts of non-current subordinated notes (1,550.0) – aggregate future estimated nominal interest of subordinated notes (2,649.4)	(8,115.0) (1,433.8) (900.0) (1,721.9)
(12,434.1)	(12,170.7)
Derivatives infows/(outfows) Due within one year 76.9 Due between one year and fve years (151.7) Due after fveyears (25.5)	467.5 80.7 42.1
(100.3)	590.3

(i) Future interest cash flows have been estimated by applying the applicable contractual interest rates to the outstanding principal over the period from the reporting date to the maturity date of the subordinated notes.

The non-interest bearing loans payable to related entities disclosed in Note 13 and the contingent liabilities set out in Note 27 are not included in the amounts shown above.

30 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 22 – Fair value of assets and liabilities

Set out below is a comparison by category of carrying amounts and fair values of the Trust’s financial instruments.

Fair value hierarchy	Fair value Carrying amount
	31 Dec 25 $million 31 Dec 24 $million 31 Dec 25 $million 31 Dec 24 $million
Consolidated assets Cash and cash equivalents Trade debtors and other receivables(i) Interest bearing loan receivable(ii) Level 2 Interest receivable(i) Derivative assets(ii) Level 2 Consolidated liabilities Trade and other payables(i) Interest payable(i) Interest bearing liabilities(ii) – Fixed rate senior borrowings Level 2 – Fixed rate subordinated notes Level 2 – Floating rate senior borrowings Level 2 – Floating rate subordinated notes Level 2 Derivative liabilities(ii) Level 2	92.8 33.0 92.8 33.0 25.7 19.0 25.7 19.0 550.0 – 550.0 – 46.0 62.1 46.0 62.1 172.0 605.8 172.0 605.8 1,073.0 1,099.7 1,073.0 1,099.7 93.2 97.3 93.2 97.3 5,365.5 5,173.8 5,389.9 5,216.1 600.2 300.3 600.0 300.0 985.8 2,901.8 984.0 2,898.9 973.9 609.8 950.0 600.0 278.1 188.0 278.1 188.0

(i) These financial assets and liabilities are not subject to interest rate risk and the fair value approximates carrying amount.

(ii) These financial assets and liabilities are subject to interest rate and/or market risks, the basis of determining the fair value is set out in the fair value hierarchy below.

Determination of fair value

The Responsible Entity uses the following hierarchy for determining and disclosing the fair value of a financial instrument. The valuation techniques comprise:

Level 1: the fair value is calculated using quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: the fair value is estimated using inputs other than quoted prices that are observable, either directly (as prices) or indirectly (derived from prices).

Level 3: the fair value is estimated using inputs that are not based on observable market data.

In assessing the fair value of the Trust’s financial instruments, consideration is given to available market data and if the market for a financial instrument changes then the valuation technique applied will change accordingly.

During the year, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements.

Investment properties are considered Level 3, refer to Note 4: Investment properties and Note 5: Details of shopping centre investments for relevant fair value disclosures.

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Note 23 – Other material accounting policies

(a) Consolidation and classification

This consolidated financial report comprises the financial statements and notes to the financial statements of SGT1, and each of its controlled entities as from the date SGT1 obtained control until such time control ceased. SGT1 and its controlled entities are collectively referred to as the economic entity known as the Trust. Where entities adopt accounting policies which differ from those of SGT1, adjustments have been made so as to achieve consistency within the Trust.

In preparing the consolidated financial statements, all inter-entity transactions and balances, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered.

(i) Synchronisation of Financial Year

By an order dated 5 November 2001, made by the Australian Securities and Investments Commission (ASIC) pursuant to subsection 340(1) of the Corporations Act, the Directors of the Responsible Entity have been relieved from compliance with subsection 323D(3) of the Corporations Act insofar as that subsection requires them to ensure the financial year of the controlled entity Carindale Property Trust (CDP), coincides with the financial year of SGT1.

Notwithstanding that the financial year of CDP ends on 30 June, the consolidated financial statements have been prepared so as to include the accounts for a period coinciding with the financial year of SGT1 being 31 December.

(iii) Controlled entities

Where an entity either began or ceased to be a controlled entity during the reporting period, the results are included only from the date control commenced or up to the date control ceased. Non-controlling interests are shown as a separate item in the consolidated financial statements.

(b) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST except where the GST incurred on purchase of goods and services is not recoverable from the tax authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amounts of GST included.

The net amount of GST payable or receivable to government authorities is included as part of receivables or payables on the balance sheet.

Cash flows are included in the cash flow statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flow.

Commitments and contingent liabilities are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

(c) Recoverable amount of assets

At each reporting date, the Trust assesses whether there is any indication that an asset may be impaired. Where an indicator of impairment exists, the Trust makes an estimate of recoverable amount. Where carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

(ii) Joint arrangements

Joint operations

The Trust has significant co-ownership interests in a number of properties through unincorporated joint ventures. These interests are held directly and jointly as tenants in common. The Trust has the rights to the individual assets and obligations arising from these interests and recognises its share of the assets, liabilities, revenues and expenses of the operation.

Joint ventures

The Trust has significant co-ownership interests in a number of properties through property partnerships, trusts or companies. These joint ventures are accounted for using the equity method of accounting.

The Trust and its joint ventures use consistent accounting policies. Investments in joint ventures are carried in the consolidated balance sheet at cost plus post-acquisition changes in the Trust’s share of net assets of the joint ventures.

The consolidated statement of comprehensive income reflects the Trust’s share of the results of operations of the joint ventures.

(d) Translation of foreign currency transactions

Foreign currency transactions are converted to Australian dollars at exchange rates ruling at the date of those transactions. Amounts payable and receivable in foreign currency at balance date are translated to Australian dollars at exchange rates ruling at that date. Exchange differences arising on the settlement of or on translating amounts payable or receivable in foreign currency at rates different from those at which they were translated on initial recognition, are recognised in the statement of comprehensive income in the period in which they arise, except where hedge accounting is applied.

(e) Assets and liabilities held for sale

Non-current assets or disposal groups are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as financial assets and investment property that are carried at fair value. Assets and liabilities classified as held for sale are presented separately as current items in the balance sheet.

32 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 24 – Share-based payments

Performance Rights – Short Term Variable Remuneration (STVR) and Long Term Variable Remuneration (LTVR) issued to employees of related entities

As at 31 December 2025, there were 17,303,449 (31 December 2024: 18,207,070) performance rights held by participants in Scentre Group’s STVR/LTVR plans equating to 17,303,449 (31 December 2024: 18,207,070) Scentre Group stapled securities. A performance right is the right, for no payment, to receive Scentre Group stapled securities on vesting. Descriptions of the STVR/LTVR plans are in the Remuneration Report in Scentre Group’s 2025 Annual Report.

	31 Dec 25	31 Dec 24
	Number of	Number of
	rights	rights
Vesting profle – Performance Rights – STVR and LTVR
2025	–	7,470,896
2026	4,852,774	7,827,813
2027	7,587,188	2,908,361
2028	4,863,487	–
	17,303,449	18,207,070

Note 25 – Lease commitments

Operating lease receivables

Substantially all of the property owned and leased by the Trust is leased to third party retailers. Lease terms vary between retailers and some leases include percentage rental payments based on sales revenue.

The following is prepared on a proportionate basis which includes both consolidated and equity accounted lease receivables.

	31 Dec 25	31 Dec 24
	$million	$million
Future minimum rental revenues under non-cancellable operating property leases:
Due within one year	917.2	946.3
Due between one and two years	765.6	782.3
Due between two and three years	613.4	639.6
Due between three and four years	474.7	493.9
Due between four and fve years	342.0	356.9
Due after fveyears	740.3	876.8
	3,853.2	4,095.8

These amounts include undiscounted future lease payments to be received under non-cancellable operating leases calculated based on contracted lease terms as at the end of the year.

These amounts do not include percentage rentals which may become receivable under certain leases on the basis of retailer sales in excess of stipulated minimums and do not include recovery of outgoings.

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Note 26 – Capital expenditure commitments

Note 26 – Capital expenditure commitments
	31 Dec 25	31 Dec 24
	$million	$million
Estimated capital expenditure committed at balance date but not provided
for in relation to development projects:
Due within one year	13.6	10.0
Due between oneyear and fveyears	15.5	15.0
	29.1	25.0

Note 27 – Contingent liabilities

Note 27 – Contingent liabilities	29.1	25.0
	31 Dec 25	31 Dec 24
	$million	$million
Performance guarantees	0.3	0.3
Guaranteed borrowings of associates of the Responsible Entity	6,970.8	8,675.7
	6,971.1	8,676.0

Entities of Scentre Group have provided guarantees in respect of certain Westfield Corporation Limited joint venture operations in the United Kingdom. Under the Restructure and Merger Implementation Deed, the entities of Scentre Group and Westfield Corporation have cross indemnified each other for any claims that may be made or payment that may be required under such guarantees. On 7 June 2018, Unibail-Rodamco-Westfield acquired the entities of Westfield Corporation, including Westfield Corporation Limited.

The Trust’s obligation in respect of performance guarantees may be called on at any time dependent upon the performance or non-performance of certain third parties.

From time to time, in the normal course of business, the Trust is involved in lawsuits. The Directors believe that the ultimate outcome of such pending litigation will not materially affect the results of operations or the financial position of the Trust.

34 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 28 – Parent entity

The Parent Entity financial information is presented in accordance with the amendments to the Corporations Regulations 2001 and the Corporations Amendment Regulations 2010 (No. 6). Summary data of the Parent Entity is presented below:

31 Dec 25	31 Dec 24
$million	$million
(a) Assets Current assets 1,376.0 Non-current assets 15,256.3	622.4 16,824.4
Total assets 16,632.3	17,446.8
(b) Liabilities Current liabilities 2,375.0 Non-current liabilities 7,131.7	4,365.2 6,160.7
Total liabilities 9,506.7	10,525.9
(c) Equity Contributed equity 1,494.2 Reserves 6,355.6 Accumulated losses (724.2)	1,473.1 6,175.2 (727.4)
Total equity 7,125.6	6,920.9
(d) Comprehensive income Proft after tax for the year 523.2 Other comprehensive income 180.4	448.5 35.8
Total comprehensive income for theyear 703.6	484.3
(e) Contingent liabilities Performance guarantees – Guaranteed borrowings of associates of the Responsible Entity 6,970.8	0.0 8,675.7
Total contingent liabilities 6,970.8	8,675.7

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Note 29 – Auditor’s remuneration

Note 29 – Auditor’s remuneration
31 Dec 25	31 Dec 24
$000	$000
Amounts received or due and receivable by the auditor of the Parent Entity and any other entity in the Trust for: – Auditing the statutory fnancial report of the Parent Entity covering the Trust 769	831
– Auditing the statutory fnancial reports of any controlled entities 79	87
– Fees for assurance services that are required by legislation to be provided by the auditor –	–
– Fees for other assurance and agreed-upon-procedures services under other legislation or contractual arrangements(i) 320	304
– Fees for other non-audit services(ii) 150	–
1,318	1,222
Amounts received or due and receivable by afliates of the auditor of the Parent Entity for: – Auditing the statutory fnancial report of the Parent Entity covering the Trust 28	28
– Auditing the statutory fnancial reports of any controlled entities 112	112
– Fees for assurance services that are required by legislation to be provided by the auditor –	–
– Fees for other assurance and agreed-upon-procedures services under other legislation or contractual arrangements(i) 22	22
– Fees for other non-audit services –	–
162	162
1,480	1,384

(i) Includes assurance services such as real estate trust audits, outgoings audits and other assurance engagements.

(ii) Includes Comfort Letters issued in respect of corporate note issuances.

36 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 30 – Related party disclosures

Information required to be disclosed concerning relationships, transactions and balances with related parties of the Trust is set out in this Note unless disclosed elsewhere in this financial report.

Nature of relationship with related parties

Key Management Personnel

Refer to Note 31 for details and remuneration of Key Management Personnel (KMP).

Other Related Parties

SGL, SGT2 and SGT3 are considered to be related parties of the Trust, as their securities are stapled to the securities of SGT1 to form Scentre Group.

Transactions with related parties and their terms and conditions

Transactions with KMP

Refer to Note 31 for details and remuneration of KMP.

Transactions with Other Related Parties

(a) Charges by SGL to the Trust

During the year, charges by SGL to the Trust were as follows:

• Property management fees of $64.2 million (31 December 2024: $63.2 million);

• Manager’s service charge of $9.8 million (31 December 2024: $9.7 million);

• Reimbursement of expenses of $31.3 million (31 December 2024: $30.7 million);

• Tenancy coordination fees of $4.7 million (31 December 2024: $4.5 million); and

• Development and construction billings of $71.3 million (31 December 2024: $119.3 million).

As at 31 December 2025, amounts payable by the Trust to SGL amounted to $25.2 million (31 December 2024: $23.4 million).

(b) Loans

As at 31 December 2025, loans transacted with related entities were as follows:

• (i) A new interest bearing loan receivable from SGT2 was transacted in 2025. The outstanding balance as at 31 December 2025 was $550.0 million. The interest income for the year in respect of this loan was $0.7 million, all of which remained unpaid.

• (ii) The interest bearing loan payable to SGT2 was fully repaid in 2025 (31 December 2024: $997.9 million outstanding). The interest expense for the year in respect of this loan was $15.5 million (31 December 2024: $110.5 million).

• (iii) Non-interest bearing loan payable outstanding to SGL of $960.8 million (31 December 2024: $960.8 million).

(c) Facility fees

During the year, the Trust reimbursed SGL and SGT2 for external facility related costs incurred on its behalf totalling $19.4 million (31 December 2024: $20.4 million).

(d) Financial derivatives

As at 31 December 2025, financial derivatives transacted with SGL were as follows:

• (i) Notional principals of pay fixed interest rate swaps outstanding were A$5,200.0 million (31 December 2024: A$6,900.0 million) and notional principals of receive fixed interest rate swaps outstanding were A$2,950.0 million (31 December 2024: A$1,650.0 million). The net interest income for the year in respect of these derivatives was $72.5 million (31 December 2024: $118.8 million), of which $14.5 million net interest income (31 December 2024: $23.5 million) was unpaid.

• (ii) Notional principals of cross currency swaps outstanding were US$750.0 million, €500.0 million, £400.0 million and HK$1,231.0 million receivables and aggregate A$3,006.3 million payable (31 December 2024: US$1,850.0 million, £400.0 million and HK$400.0 million receivables and aggregate A$3,303.5 million payable). The net interest expense for the year in respect of these derivatives was the A$ equivalent of $68.7 million (31 December 2024: $105.6 million), of which $9.4 million net interest income (31 December 2024: $11.3 million) was unpaid. The foreign currency receivable exposures above are matched to the foreign currency borrowings disclosed in Note 14, therefore the statement of comprehensive income is not affected by any movements in exchange rates in relation to these net positions.

• (iii) Notional principals of callable interest rate swaps outstanding were A$2,500.0 million (31 December 2024: A$1,400.0 million). The net interest income for the year in respect of these derivatives was $15.3 million (31 December 2024: $15.5 million). The aggregate notional value of A$300.0 million of callable swaps were terminated on 12 January 2026 and 10 February 2026.

During the year, the Trust contracted foreign currency derivatives to pay net NZ$26.9 million (31 December 2024: NZ$33.7 million) to SGL in exchange for the Trust receiving A$24.6 million (31 December 2024: A$30.9 million) from SGL. The foreign currency contracts matured during the year resulting in a net realised gain being recognised in the statement of comprehensive income which was immaterial (31 December 2024: $0.1 million).

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Note 31 – Details and remuneration of Key Management Personnel

KMP are those individuals having the authority and responsibility for planning, directing and controlling the activities of the Trust, either directly or indirectly. They include non-executive Directors and senior executives who fall within those criteria.

(a) Key Management Personnel

The Trust forms part of Scentre Group. Scentre Group’s remuneration framework and philosophy and remuneration outcomes for the KMP are detailed in the Remuneration Report in Scentre Group’s 2025 Annual Report.

The Responsible Entity does not have any employees. KMP of the Trust are paid by related entities within Scentre Group.

For the year ended 31 December 2025, KMP were:

Non-Executive Directors	Position
Ilana Atlas AO	Non-executive Chair
Catherine Brenner	Non-executive Director
Julie Coates	Non-executive Director
Michael Ihlein	Non-executive Director
Carolyn Kay	Non-executive Director
Craig Mitchell	Non-executive Director
Guy Russo	Non-executive Director
Margaret Seale	Non-executive Director
Michael Wilkins AO	Non-executive Director
Executive KMP	Position
Elliott Rusanow	Managing Director and Chief Executive Ofcer
Andrew Clarke	Chief Financial Ofcer
Lillian Fadel(i)	Group Director, Customer, Community and Destination
John Papagiannis	Group Director, Businesses
Maria Stamoulis(ii)	Director, Human Resources

(i) From 1 January 2026, Lillian Fadel was appointed the Chief Operating Officer of Scentre Group.

(ii) From 1 January 2026, Maria Stamoulis ceased to be a KMP and remains a key partner to the business and member of the executive leadership team.

Julie Coates was appointed to the Board effective 1 October 2025. All other Directors and all executive KMP held office for the full year.

Michael Ihlein will retire from the Board at the conclusion of Scentre Group’s 2026 Annual General Meeting to be held on 22 April 2026.

The Board of the Responsible Entity, Scentre Management Limited, is identical to the Board of Scentre Group Limited (SGL), the parent company of Scentre Group. Scentre Management Limited is a subsidiary of SGL. If a Director ceases to be a Director of SGL for any reason, they must also resign as a Director of Scentre Management Limited.

(b) Remuneration of KMP

The non-executive Directors of the Responsible Entity receive remuneration in their capacity as Directors of the Responsible Entity. These amounts are paid directly by SGL. Other executive KMP are paid by Scentre Pty Limited, a wholly owned subsidiary of SGL.

The Manager’s service charge payable by the Trust to the Responsible Entity covers all costs in relation to the management of the Trust. The remuneration of the KMP is not set by the Trust nor is it able to be influenced by the Trust. The remuneration of the KMP is approved by the Board on the recommendation of the Human Resources Committee.

38 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 32 – Details of material and significant entities

Name of entity	31 Dec 25 – Interest	31 Dec 24 – Interest
	Benefcial (i) Consolidated or Equity accounted % Parent Entity % Trust %	Benefcial (i) Consolidated or Equity accounted % Parent Entity % Trust %
ENTITIES DOMICILED IN AUSTRALIA Parent Entity Scentre Group Trust 1 Consolidated Controlled Entities Carindale Property Trust Scentre Sub Trust G Equity Accounted Entities Bondi Junction Trust WestArt Trust ENTITIES DOMICILED IN NEW ZEALAND Equity Accounted Entities Scentre NZ Holdings Limited		100.0 100.0 100.0 66.4 66.4 100.0 100.0 100.0 100.0 – 50.0 50.0 – 50.0 50.0 – 50.0 50.0
	100.0 100.0 100.0
	66.9 66.9 100.0
	100.0 100.0 100.0
	– 50.0 50.0
	– 50.0 50.0
	– 50.0 50.0

(i) Beneficial interest in underlying controlled and equity accounted entities reflects the Parent Entity and the Trust’s ownership interest as determined under International Financial Reporting Standards (IFRS).

Note 33 – Events after the reporting period

On 3 February 2026, Scentre Group sold a 19.9% interest in Westfield Sydney to Australian Retirement Trust which was executed through the sale of units in sub-trusts. At 31 December 2025, 19.9% of the net assets held in these sub-trusts mainly comprise shopping centre investments of $863.7 million excluding ground lease assets (SGT1 share: $472.1 million) and net working capital. SGT1’s remaining interest in the sub-trusts will be accounted for under the equity method of accounting.

On 16 March 2026, Scentre Group redeemed by make-whole US$750.0 million (Trust share: US$750.0 million) of 2030 senior bonds with a margin of 4.2% by drawing on existing bank facilities.

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Consolidated Entity Disclosure Statement

As at 31 December 2025

		Country of	% of Share	Country of
Name of entity	Type of Entity	incorporation	capital held	tax residence
Carindale Property Trust	Trust	N/A	N/A	Australia
Market Street Investment Trust	Trust	N/A	N/A	Australia
Market Street Special Trust	Trust	N/A	N/A	Australia
Scentre Group Trust 1 (Parent entity)	Trust	N/A	N/A	Australia
Scentre No 4 Pty Limited	Body corporate	Australia	100%	Australia
Scentre (NZ) Trust	Trust	N/A	N/A	Australia
Scentre Property Trust	Trust	N/A	N/A	Australia
Scentre Sub Trust E	Trust	N/A	N/A	Australia
Scentre Sub Trust F	Trust	N/A	N/A	Australia
Scentre Sub Trust G	Trust	N/A	N/A	Australia
Scentre Sub Trust I	Trust	N/A	N/A	Australia
Scentre Sub Trust J	Trust	N/A	N/A	Australia
SCG1 Finance (NZ) Limited	Body corporate	New Zealand	100%	New Zealand
Southland Investment Trust	Trust	N/A	N/A	Australia

40 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Directors’ Declaration

For the year ended 31 December 2025

The Directors of Scentre Management Limited, the Responsible Entity of Scentre Group Trust 1 (Trust), declare that:

• (a) in the Directors’ opinion, there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable;

• (b) in the Directors’ opinion, the Financial Statements and notes thereto are in accordance with the Corporations Act 2001 , including:

• (i) complying with accounting standards and regulations in accordance with section 296 of the Corporations Act 2001 ;

• (ii) giving a true and fair view of the financial position as at 31 December 2025 and the performance of the consolidated entity for the year ended on that date in accordance with section 297 of the Corporations Act 2001 ;

• (iii) the International Financial Reporting Standards issued by the International Accounting Standards Board;

• (c) in the Directors’ opinion, the consolidated entity disclosure statement as at 31 December 2025 required by subsection 295(3A) of the Corporations Act 2001 is true and correct; and

• (d) they have been provided with the declarations required by section 295A of the Corporations Act 2001 .

Made on 19 March 2026 in accordance with a resolution of the Board of Directors.

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Ilana Atlas AO Chair

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Michael Ihlein Director

19 March 2026

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Independent Auditor’s Report

To the members of Scentre Group Trust 1

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Report on the audit of the financial report

Opinion

We have audited the financial report of Scentre Group Trust 1 and its controlled entities (the Trust), which comprises the consolidated balance sheet as at 31 December 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

In our opinion, the accompanying financial report of the Trust is in accordance with the Corporations Act 2001 , including:

• a. Giving a true and fair view of the consolidated financial position of the Trust as at 31 December 2025 and of its consolidated financial performance for the year ended on that date; and

• b. Complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Trust in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report.

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Independent Auditor’s Report

Shopping centre investment properties – carrying values and revaluations

Why significant

At 31 December 2025, the Trust holds economic interests in shopping centre investment properties which are carried at a fair value of $15.9 billion as disclosed in Note 2. These include shopping centres recorded directly in the consolidated balance sheet as investment properties and indirectly through equity accounted investments. Collectively, they represent 95% of total assets.

Fair values were determined by the Trust at the end of the reporting period with reference to the latest external independent property valuations and market conditions existing at the reporting date. Changes in fair value are recognised in the statement of comprehensive income.

We considered this to be a key audit matter as property valuations are based on certain assumptions, such as capitalisation rates, market rent, occupancy levels, re-leasing and capital expenditure, which are judgmental in nature. Minor changes in certain assumptions can lead to significant changes in valuations.

We draw attention to Notes 4 and 5 of the financial report which discloses the accounting policy for these assets and sensitivities to changes in the key assumptions that may impact these valuations.

How our audit addressed the key audit matter

Our audit procedures included the following for both properties held directly and through equity accounted investments:

• We inquired of the following matters with management:

• Movements in the Trust’s investment property portfolio;

• Changes in the condition of each property, including an understanding of key developments and changes to development activities; and

• Changes in the Trust’s investment property portfolio including understanding leasing activity and tenant occupancy risk.

• We assessed the effectiveness of the Trust’s relevant controls over the leasing process and associated schedule of tenancy reports, which are used as source data in the property valuations.

• On a sample basis, we performed the following procedures on the key assumptions adopted in the valuations:

• We assessed net income, lease expiry and vacancy assumptions adopted against the schedule of tenancy reports, lease expiry profile and vacancy levels of the underlying asset;

• We assessed the re-leasing and capital expenditure requirement assumptions in light of the current leasing status of the property;

• Where available, we corroborated these assumptions to supporting lease documentation or external market data; and

• Tested the mathematical accuracy of valuations.

• We involved our real estate valuation specialists to assist with:

• the assessment of capitalisation rates adopted across the portfolio; and

• the review and assessment of the property valuations for a sample of properties based on size, geographical location and other property valuation specific risk factors.

• We evaluated the suitability of the valuation methodology used by management across the portfolio. We assessed the reports of independent valuers to gain an understanding of the assumptions and estimates used and the valuation methodology applied.

• Where relevant, we assessed the reasonableness of comparable transactions utilised by the Trust in the valuation process.

• We assessed the qualifications, competence and objectivity of the external and internal valuers used by the Trust.

• We also assessed the adequacy and appropriateness of disclosures included in Notes 4 and 5 of the financial report.

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Financial Report

Information other than the financial report and auditor’s report thereon

The directors of Scentre Management Limited, the Responsible Entity of the Trust, are responsible for the other information. The other information comprises the information included in the Trust’s annual report for the year ended 31 December 2025, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors of the Responsible Entity for the financial report

The directors of the Responsible Entity are responsible for the preparation of:

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and

• The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 ; and

for such internal control as the directors determine is necessary to enable the preparation of:

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and

• The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors of the Responsible Entity are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Responsible Entity.

• Conclude on the appropriateness of the directors of the Responsible Entity’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Trust to cease to continue as a going concern.

• • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the directors of the Responsible Entity, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors of the Responsible Entity with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated to the directors of the Responsible Entity, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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Ernst & Young

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Scott Jarrett Partner

Sydney 19 March 2026

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Directors’ Report

The Directors of Scentre Management Limited (Responsible Entity), the responsible entity of Scentre Group Trust 1 (the Trust or SGT1) submit the following report for the year ended 31 December 2025 (Financial Year).

The Trust is part of Scentre Group which is a stapled entity comprising Scentre Group Limited (SGL), the Trust, Scentre Group Trust 2 (SGT2), Scentre Group Trust 3 (SGT3) and their respective controlled entities. Scentre Group operates as a single coordinated economic entity, with a common Board of Directors and management team.

1. Operating and financial review

1.1 Operating overview

Scentre Group owns and operates 42 Westfield destinations with 37 located in Australia and five in New Zealand. Westfield destinations are strategically located in close proximity to the majority of the population in Australia and New Zealand and form part of the social fabric of the communities we serve.

The Trust has a joint interest in 38 Westfield destinations, after the disposal of Chermside during the year.

During 2025, Scentre Group welcomed 540 million customer visits, an increase of 14 million or 2.7% compared to 2024. In the first 53 days of 2026, customer visitation was 79 million, an increase of 3.1% compared to the same period in 2025.

Scentre Group’s business partners achieved a record $30.0 billion of sales during 2025. This is $1.0 billion or 3.6% more than in 2024, with the second half growing by 4.5%. For the month of January 2026, business partner sales grew by 5.4% on the comparable period.

Strong demand for space in our destinations resulted in Scentre Group’s portfolio occupancy increasing to 99.8% at 31 December 2025, representing Scentre Group’s highest level of occupancy since 2013.

During 2025, average specialty rent escalations across Scentre Group’s portfolio were 4.5% and 3,090 leasing deals were completed with new specialty lease spreads of 3.2%.

1.2 2025 economic performance

Financial performance and position

The Trust’s financial result for the Financial Year was a profit of $748.1 million, an increase of 46.9% compared with 2024. This includes an unrealised property valuation increase of $274.1 million. Net property income (property revenue less property expenses, outgoings and other costs) for the Financial Year was $922.8 million, up 2.6% from 2024.

The aggregate distribution attributable to members of SGT1 for the Financial Year is $666.3 million (being 12.78 cents per unit). Basic earnings per unit for the Financial Year is 14.04 cents.

Net assets have increased from $7,104.0 million at 31 December 2024 to $7,317.0 million at 31 December 2025. The Trust’s portfolio is valued at $15.9 billion at 31 December 2025.

Capital management

As at 31 December 2025, the Trust had available financing facilities of $4.7 billion after deducting facilities utilised by its borrowings.

During the Financial Year, the Trust issued A$650 million of new subordinated notes and $2.1 billion of senior notes. The Trust also repaid $998 million of interest bearing loan payable to SGT2, and issued $550 million of new interest bearing loans to SGT2.

Development activity

Scentre Group continues to progress its $4.0 billion pipeline of future development opportunities.

During the Financial Year, Scentre Group completed the $28 million redevelopment of Level 1 at Westfield Bondi in Sydney. The repurposed space features a health, wellness and fitness precinct, including a global first Virgin Active social wellness club and rebel rCX store, contributing to visitation growth of 8.5% in 2025. Following the success of Level 1, Scentre Group will commence a $240 million investment at Westfield Bondi to redevelop Level 6 into a world-leading lifestyle, entertainment and dining destination.

The $72 million redevelopment at Westfield Southland in Melbourne delivered a new family, dining and entertainment precinct, driving visitation growth of 6.5% in 2025.

Scentre Group has taken the opportunity to strategically downsize David Jones at three of its destinations to unlock space to introduce in-demand and highly productive stores.

The Trust has a joint interest in Westfield Bondi (50%) and Westfield Southland (25%).

Scentre Group’s 42 Westfield destinations are located on more than 670 hectares of land holdings, close to major transport hubs and where millions of people live and work. During the year, Scentre Group lodged planning proposals at six Westfield destinations with the potential to deliver 16,100 dwellings.

A detailed operating and financial review for Scentre Group is contained in the Directors’ Report in Scentre Group’s 2025 Annual Report which is available at https://www.scentregroup. com/investors/annual-reporting-suite.

1.3 2026 guidance and outlook

Scentre Group’s strategy to grow the economic activity across its Westfield destinations by attracting more people to Westfield destinations, broadening businesses partners, and better utilising its substantial land holdings, is expected to continue to deliver sustainable long-term growth in earnings and distributions.

Subject to no material change in conditions, Scentre Group’s target for Funds From Operations (FFO) is at least 23.73 cents per security for 2026, representing at least 4.0% growth for the year.

Scentre Group distributions are expected to grow by 4.0% for 2026 to 18.43 cents per security.

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1.4 Events after the reporting period

On 3 February 2026, Scentre Group sold a 19.9% interest in Westfield Sydney to Australian Retirement Trust which was executed through the sale of units in sub-trusts. Following the sale, Scentre Group held an 80.1% interest and remains as the property, leasing and development manager. See Note 33 in the Financial Report for further details.

On 16 March 2026, Scentre Group redeemed by make-whole US$750.0 million (Trust share: US$750.0 million) of 2030 senior bonds with a margin of 4.2% by drawing on existing bank facilities.

No other event has occurred since the end of the year which would significantly affect the operations of the Trust.

1.5 Principal activity

The principal activity of the Trust during the Financial Year was the long term ownership of shopping centres. There was no significant change in the nature of the principal activity during the Financial Year.

1.6 Future developments

At the date of this report there is no proposed change to the principal activities of the Trust. The strategy, key drivers and outlook of Scentre Group are described in the Directors’ Report in Scentre Group’s 2025 Annual Report.

1.7 Risk

Scentre Group looks at risk from a number of perspectives: global risk trends, social and environmental risks and retail property specific risks. These risks are subject to continuous assessment and review.

As a property group involved in the design, development, management and operation of retail shopping centres, Scentre Group faces a number of operational risks which have the potential to affect the achievement of our targeted financial outcomes.

1.9 Sustainability Reporting

In accordance with s292A(2) of the Corporations Act 2001 , Scentre Group Limited prepared its Sustainability Report on a consolidated basis (which included the Trust). The Sustainability Report is included in Scentre Group’s 2025 Annual Report.

2. Distributions

For the six months ended 31 December 2024, the Trust distribution of 4.92 cents per ordinary unit formed part of the distribution of 8.60 cents per Scentre Group stapled security, paid on 28 February 2025. This distribution was an aggregate of a distribution from the Trust, SGT2, SGT3 and a dividend from SGL. The figure reported here represents that component of the aggregate Scentre Group distribution being the distribution of the Trust.

For the six months ended 30 June 2025, the Trust distribution of 5.070 cents per ordinary unit formed part of the distribution of 8.815 cents per Scentre Group stapled security, paid on 29 August 2025. This distribution was an aggregate of a distribution from the Trust and a distribution from SGT2. The figure reported here represents that component of the aggregate Scentre Group distribution being the distribution of the Trust.

For the six months ended 31 December 2025, the Trust distribution of 7.710 cents per ordinary unit formed part of the distribution of 8.905 cents per Scentre Group stapled security, paid on 27 February 2026. This distribution was an aggregate of a distribution from the Trust and a distribution from SGT2. The figure reported here represents that component of the aggregate Scentre Group distribution being the distribution of the Trust.

Scentre Group’s Distribution Reinvestment Plan (DRP) was in operation for the six-month period ended 31 December 2025. 6,559,679 Scentre Group stapled securities were issued under the DRP at $3.7998 per security on 27 February 2026. Scentre Group securities issued under the DRP rank equally with existing securities on issue.

A number of important strategic risks and how such risks are managed and monitored are outlined in Scentre Group’s 2025 Annual Report.

1.8 Environmental regulation

Environmental laws and regulations in force in the various jurisdictions in which we operate are applicable to areas of our operations and in particular to our development, construction and shopping centre management activities.

Scentre Group has in place procedures to identify and comply with such requirements including complying with the conditions of relevant authority consents and approvals and obtaining any necessary licences. Scentre Group’s compliance procedures are regularly reviewed and audited and their application closely monitored and Scentre Group’s approach to sustainability risks is outlined in Scentre Group’s 2025 Annual Report.

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3. The Directors

The Board comprises nine independent non-executive Directors and one executive Director (being the Managing Director/Chief Executive Officer (CEO)). The period of office held by each Director is set out below and their significant directorships held in other companies is set out at Section 4.

Name	Position held	Appointed
Ilana Atlas	Non-executive Director and Chair	28 May 2021 (Director)
		1 October 2023(Chair)
Catherine Brenner	Non-executive Director	1 March 2022
Julie Coates	Non-executive Director	1 October 2025
Michael Ihlein(i)	Non-executive Director	30 June 2014
Carolyn Kay	Non-executive Director	24 February2016
CraigMitchell	Non-executive Director	14 October 2024
Elliott Rusanow	ManagingDirector and CEO	1 October 2022
GuyRusso	Non-executive Director	1 September 2020
Margaret Seale	Non-executive Director	24 February2016
Michael Wilkins	Non-executive Director	8 April 2020

(i) Scentre Group was established on 30 June 2014. Mr Ihlein was appointed to Scentre Group Limited and Scentre Management Limited on 30 June 2014 (the appointment date to RE1 Limited and RE2 Limited, which formed part of the prior Westfield Retail Trust, was 21 December 2010).

Biographies of the current Board and their independence status, skills and experience and details of their membership of and attendance at Board and Committee meetings during the year can be found in Scentre Group’s 2025 Annual Report.

The Board of the Responsible Entity, Scentre Management Limited, is identical to the Board of Scentre Group Limited, the parent company of Scentre Group. If a Director ceases to be a Director of Scentre Group Limited for any reason, they must also resign as a Director of Scentre Management Limited.

Michael Ihlein will retire from the Board at the conclusion of Scentre Group’s 2026 Annual General Meeting to be held on 22 April 2026.

The names of the Directors in office and the relevant interests of each Director in Scentre Group stapled securities as at the date of this report are shown on page 48. Units in the Trust are stapled to shares in SGL and units in SGT2 and SGT3. The stapled securities trade on the ASX under the code SCG.

48 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Directors’ Report

Directors’ relevant interests

Directors’ relevant interests
Directors	Number of stapled securities
	31 Dec 2025 31 Dec 2024
Ilana Atlas	280,856 230,856
Catherine Brenner(i)	104,656 100,000
Julie Coates(ii)	– –
Michael Ihlein	48,048 48,048
Carolyn Kay	57,000 57,000
CraigMitchell	100,000 60,000
Elliott Rusanow	3,011,426 2,016,843
GuyRusso	145,000 145,000
Margaret Seale	56,750 56,750
Michael Wilkins	125,000 125,000

(i) On 27 February 2026, Catherine Brenner acquired a relevant interest in an additional 2,453 stapled securities under Scentre Group’s DRP.

(ii) On 25 February 2026, Julie Coates acquired a relevant interest in 56,000 stapled securities and on 26 February 2026, Julie Coates acquired a relevant interest in an additional 50 stapled securities.

No options were issued by the Trust during or since the end of the Financial Year and no Director or officer holds options over issued or unissued Scentre Group stapled securities or units in the Trust. None of the Directors hold debentures of Scentre Group. None of the non-executive Directors are party to or entitled to a benefit under a contract which confers a right to call for, or be delivered, interests or securities in Scentre Group.

Details of the performance rights held by the executive Key Management Personnel (KMP), including the CEO, are set out in the Remuneration Report in Scentre Group’s 2025 Annual Report.

4. Directors’ directorships of other listed companies

Details of all directorships of other listed companies held by each Director at any time in the three years immediately before 31 December 2025 are set out below.

Scentre Group comprises SGL, SGT1, SGT2 and SGT3. The responsible entity of SGT1 is Scentre Management Limited, the responsible entity of SGT2 is RE1 Limited and the responsible entity of SGT3 is RE2 Limited. Scentre Management Limited is also the responsible entity of Carindale Property Trust, a listed managed investment scheme (ASX:CDP). Each Directors’ appointment to these companies is continuing. The date of appointment is set out at Section 3.

Director	Company Date appointed Date resigned
Ilana Atlas	Origin EnergyLimited 19 February2021 Continuing
	Australia and New Zealand BankingGroup Limited 24 September 2014 21 December 2023
Catherine Brenner	Djerriwarrh Investments Limited 23 August 2024 Continuing
Julie Coates	Wesfarmers Limited 1 May2025 Continuing
	CSR Limited 2 September 2019 Delisted from the ASX on 9 July2024
Michael Ihlein	Inghams Group Limited 16 April 2020 Continuing
	Ampol Limited 1 June 2020 Continuing
	Endeavour Group Limited 18 February2026 Continuing
Carolyn Kay	National Australia Bank Limited 31 July2023 Continuing
CraigMitchell*
Elliott Rusanow*
Guy Russo	GuzmanyGomez Limited(listed 20 June 2024) 18 July2014 Continuing
	SomnoMed Limited 24 August 2020 Continuing
Margaret Seale	Westpac BankingCorporation 1 March 2019 Continuing
Michael Wilkins	QBE Insurance Group Limited 1 November 2016 Continuing
	Medibank Private Limited 25 May2017 Continuing

• No relevant directorships held in the prior three years.

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5. Indemnities and insurance premiums

Subject to the following, no indemnity was given, or insurance premium paid during or since the end of the Financial Year out of the assets of the Trust in regards to a person who is or has been an officer or auditor of the Responsible Entity. So long as the Responsible Entity acts in accordance with the Constitution and the Corporations Act 2001 , it remains indemnified out of the assets of the Trust against any losses incurred while acting as the Responsible Entity.

The Responsible Entity’s Constitution provides that a person who is or has been a Director or Secretary of the Responsible Entity may be indemnified by the Responsible Entity against liabilities incurred by the person in that capacity and for all legal costs incurred in defending or resisting (or otherwise in connection with) proceedings in which the person becomes involved because of that capacity. The indemnity does not apply to the extent that the Responsible Entity is forbidden by statute to indemnify the person or the indemnity would, if given, be made void by statute.

A related corporation of the Responsible Entity has paid premiums for directors’ and officers’ liability insurance in respect of Directors, Secretaries and Executive Officers of the Responsible Entity as permitted by the Corporations Act 2001 . The terms of the insurance policy prohibit disclosure of details of the nature of the liabilities covered by, and the amounts of the premiums payable under, that insurance policy.

In addition, each Director has entered into a Deed of Indemnity and Access which provides for indemnity against liability as a Director, except where prohibited by statute. The Deed also entitles the Director to access the Responsible Entity’s documents and records, subject to undertakings as to confidentiality.

To the extent permitted by law, the Responsible Entity has agreed to indemnify its auditor, Ernst & Young (EY), as part of the standard terms of its audit engagement against claims by third parties arising from the audit (for an unspecified amount). No payment with respect to such indemnity has been made to EY during or since the Financial Year.

6. Special rules for registered schemes

• $78.7 million in fees were paid or payable to the Responsible Entity and its associates out of the assets of the Trust during the Financial Year.

• $71.3 million of development and construction billings were paid or payable to associates of the Responsible Entity out of the assets of the Trust during the Financial Year.

• No units in the Trust were held by the Responsible Entity at the end of the Financial Year. Associates of the Responsible Entity held 11,386,340 units as at 20 February 2026.

• No withdrawals were made from the scheme during the Financial Year.

• Details of the value of the Trust’s assets as at the end of the Financial Year and the basis for the valuation are set out in Notes 2, 4, 5 and 22 to the Financial Report.

• Details of the number of units in the Trust as at the end of the Financial Year are set out in Note 16 to the Financial Report.

7. Audit

7.1 Audit and Finance Committee

As at the date of this report, the Responsible Entity had a Board Audit and Finance Committee.

Details of the activities of the Committee are outlined in the Corporate Governance Statement that is included in Scentre Group’s 2025 Annual Report.

7.2 Auditor’s fees and audit independence

Details of the amounts paid to EY, the Trust’s auditor, are set out in Note 29 to the Financial Report.

The Board is satisfied that the provision of these services by the auditor during the Financial Year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 .

50 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Directors’ Report

• 7.3 Auditor’s independence declaration to the Directors of Scentre Management Limited, the Responsible Entity of Scentre Group Trust 1

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Auditor’s independence declaration to the Directors of Scentre Management Limited, the Responsible Entity of Scentre Group Trust 1

As lead auditor for the audit of the financial report of Scentre Group Trust 1 for the financial year ended 31 December 2025, I declare to the best of my knowledge and belief, there have been:

• (a) No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;

• (b) No contraventions of any applicable code of professional conduct in relation to the audit; and

• (c) No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Scentre Group Trust 1 and the entities it controlled during the Financial Year.

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Ernst & Young

Scott Jarrett Partner

Sydney

19 March 2026

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

8. ASIC disclosures

8.1 Rounding

The Trust is of a kind referred to in the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. Accordingly, amounts in the Directors’ Report, the Financial Statements and the Notes to the Financial Statements have been rounded to the nearest tenth of a million dollars unless otherwise indicated. Amounts shown as 0.0 represent amounts less than $50,000 that have been rounded down.

8.2 Synchronisation of financial year

By an order dated 5 November 2001 made by the Australian Securities and Investments Commission, the Directors have been relieved from compliance with the requirement to ensure that the financial year of Carindale Property Trust is synchronised with the financial year of SGT1. Although the financial year of Carindale Property Trust ends on 30 June, the financial statements of SGT1 have been prepared to include accounts for Carindale Property Trust for a period coinciding with the Financial Year of SGT1.

9. ASX listing

ASX reserves the right (but without limiting its absolute discretion) to remove SGL, SGT1, SGT2 and SGT3 from the official list of ASX if any of the shares or units comprising those stapled securities cease to be stapled together, or any equity securities are issued by a Scentre Group entity which are not stapled to the equivalent securities in the other entities.

10. Corporate Governance Statement

Scentre Group is committed to ensuring that its policies and practices reflect a high standard of corporate governance. Ethical business practices and high standards of personal conduct are fundamental to the way we work as a responsible, sustainable business.

The Corporate Governance Statement for Scentre Group is available in Scentre Group’s 2025 Annual Report. During 2025, Scentre Group’s corporate governance framework was consistent with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition published in February 2019).

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

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Ilana Atlas AO Chair

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Michael Ihlein

Director

19 March 2026

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Members’ Information

As at 9 February 2026

Twenty	largest holders of stapled securities in Scentre Group*	Number of stapled securities
1	HSBC Custody Nominees (Australia) Limited	1,887,829,313
2	J P Morgan Nominees Australia Pty Limited	1,123,956,435
3	Citicorp Nominees Pty Limited	832,889,835
4	BNP Paribas Nominees Pty Ltd	588,281,250
5	BNP Paribas Noms Pty Ltd	247,833,172
6	BNP Paribas Noms (NZ) Ltd	37,318,339
7	HSBC Custody Nominees (Australia) Limited	37,038,132
8	BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd	15,839,460
9	UBS Nominees Pty Ltd	10,619,829
10	HSBC Custody Nominees (Australia) Limited	10,013,587
11	HSBC Custody Nominees (Australia) Limited – A/C 2	9,900,404
12	Netwealth Investments Limited	9,009,110
13	Argo Investments Limited	7,526,662
14	Citicorp Nominees Pty Limited <143212 NMMT Ltd A/C>	7,412,369
15	BNP Paribas Noms Pty Ltd	6,379,206
16	Mutual Trust Pty Ltd	5,098,952
17	HSBC Custody Nominees (Australia) Limited-GSCO ECA	4,687,709
18	BNP Paribas Nominees Pty Ltd	4,551,507
19	HSBC Custody Nominees (Australia) Limited	3,904,356
20	BNP Paribas Nominees Pty Ltd	3,846,499
		4,853,936,126

• Ordinary shares in Scentre Group Limited are stapled to units in Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3.

Voting rights

Scentre Group Limited – At a meeting of members, on a show of hands, every person present who is a member or representative of a member has one vote, and on a poll every member present in person or by proxy or attorney and every person who is a representative of a member has one vote for each share they hold or represent.

Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3 – At a meeting of members, on a show of hands, every person present who is a member or representative of a member has one vote, and on a poll every member present in person or by proxy or attorney and every person who is a representative of a member has one vote for each dollar value of the total interest they have in the respective trusts.

52 | SCENTRE GROUP Scentre Group Trust 1 2025 Annual Financial Report

Members’ Information

Distribution schedule

Distribution schedule
	Number of stapled	Number of	% of securities
Category	securities*	securityholders	in each category
1 – 1,000	9,763,067	24,383	0.19
1,001 – 5,000	58,705,756	23,599	1.13
5,001 – 10,000	52,924,550	7,342	1.01
10,001 – 100,000	135,713,110	5,905	2.60
100,001 and over	4,959,310,929	294	95.07
Total	5,216,417,412	61,523	100.00

As at 9 February 2026, 5,939 securityholders hold less than a marketable parcel (being 127 securities at the closing price of $3.95) of quoted securities in Scentre Group.

• There are 17,303,449 performance rights on issue under Scentre Group’s performance rights plan to a total of 83 participants. These rights may be satisfied by either the transfer of Scentre Group securities to employees or settled by way of cash payout which amount is calculated by reference to the market price of Scentre Group securities at the time of vesting. Under the stapling arrangement, in the case of the issue of securities, each of Scentre Group Limited, Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3 is required to issue securities on the vesting of a performance right.

No securities were acquired on-market during FY25. Vesting of performance rights was satisfied by the transfer of existing securities held by an employee share trust.

Substantial securityholders

The names of Scentre Group substantial securityholders and the number of ordinary stapled securities in which each has a relevant interest, as disclosed in the substantial shareholding notices given to Scentre Group, are as follows:

The Vanguard Group	524,857,282
UniSuper Limited as trustee for UniSuper and UniSuper Management Pty Limited	524,254,913
State Street	515,117,148
BlackRock Group	440,089,028

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1

Scentre Group Trust 2

Contents

Contents
Statement of Comprehensive Income	2
Balance Sheet	3
Statement of Changes in Equity	4
Cash Flow Statement	5
Notes to the Financial Statements	6
Consolidated Entity Disclosure Statement	38
Directors’ Declaration	39
Independent Auditor’s Report	40
Directors’ Report	44
Members’ Information	51

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2 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Statement of Comprehensive Income

For the year ended 31 December 2025

		31 Dec 25	31 Dec 24
	Note	$million	$million
Revenue
Propertyrevenue	2(b)	696.7	658.5
		696.7	658.5
Expenses
Property expenses, outgoings and other costs		(187.1)	(178.4)
Overheads		(7.3)	(7.6)
		(194.4)	(186.0)
Share of after tax profts of equity accounted entities
Property revenue	2(b)	624.6	603.5
Property expenses, outgoings and other costs		(175.9)	(162.6)
Net interest income		0.4	0.9
Property revaluations		124.5	(39.5)
Tax expense		(8.3)	(6.3)
	6(a)	565.3	396.0
Interest income	10(a)	19.8	113.4
Financing costs	10(b)	(186.4)	(461.5)
Propertyrevaluations		63.9	(40.6)
Proft before tax		964.9	479.8
Tax expense	7	(2.0)	(2.8)
Proft after tax for theyear		962.9	477.0
Other comprehensive loss
Movement in foreign currency translation reserve (i)
– Currencymovement on the translation of investment in foreign operations		(27.8)	(15.0)
Total comprehensive income for theyear		935.1	462.0
(i) This may subsequently be transferred to proft and loss.
		31 Dec 25	31 Dec 24
	Note	cents	cents
Basic and diluted earnings per unit	9(a)	18.48	9.18

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Balance Sheet

As at 31 December 2025

	31 Dec 25	31 Dec 24
	Note $million	$million
Current assets
Cash and cash equivalents	11(a) 187.6	31.3
Trade debtors	3 7.6	3.5
Receivables	3 20.9	1,017.7
Interest receivable	83.6	101.4
Derivative assets	14(a) 38.3	37.8
Investment properties held for sale	32 391.5	–
Other current assets	13.5	13.4
Total current assets	743.0	1,205.1
Non-current assets
Investment properties	4 9,237.2	9,472.2
Equity accounted investments	6(b) 8,234.1	8,049.9
Derivative assets	14(a) 179.6	264.9
Investment in unlisted fund	50.0	–
Other non-current assets	13.9	11.9
Total non-current assets	17,714.8	17,798.9
Total assets	18,457.8	19,004.0
Current liabilities
Trade creditors	64.1	69.5
Payables and other creditors	12 96.5	150.2
Interest payable	134.5	172.8
Interest bearing liabilities
– Senior borrowings	13 2,329.6	660.5
Lease liabilities	0.2	0.2
Derivative liabilities	14(b) 75.2	62.4
Total current liabilities	2,700.1	1,115.6
Non-current liabilities
Interest bearing liabilities
– Senior borrowings	13 2,699.7	4,127.2
– Subordinated notes	13 1,961.5	3,288.0
Lease liabilities	8.3	8.5
Derivative liabilities	14(b) 30.0	9.6
Total non-current liabilities	4,699.5	7,433.3
Total liabilities	7,399.6	8,548.9
Net assets	11,058.2	10,455.1
Equity
Contributed equity	15(b) 7,922.1	7,889.8
Reserves	16 (31.0)	(3.2)
Retained profts	17 3,167.1	2,568.5
Total equity	11,058.2	10,455.1

4 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Statement of Changes in Equity

For the year ended 31 December 2025

Note Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 25 Total $million Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 24 Total $million	Note Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 25 Total $million Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 24 Total $million	Note Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 25 Total $million Contributed Equity $million Reserves $million Retained Profts $million 31 Dec 24 Total $million
Changes in equity Balance at the beginning of the year 7,889.8 (3.2) 2,568.5 – Proft after tax for the year(i) – – 962.9 – Other comprehensive loss(i) (ii) 16 – (27.8) – Transactions with owners in their capacity as owners – Movement in contributed equity(iii) 15(b) 32.3 – – – Distributions paid or provided for 8(b) – – (364.3)	10,455.1 7,868.4 11.8 2,467.1 962.9 – – 477.0 (27.8) – (15.0) – 32.3 21.4 – – (364.3) – – (375.6)	10,347.3 477.0 (15.0) 21.4 (375.6)
Total equity 7,922.1 (31.0) 3,167.1	11,058.2 7,889.8 (3.2) 2,568.5	10,455.1

(i) Total comprehensive income for the year amounts to $935.1 million (31 December 2024: $462.0 million).

(ii) Movement in reserves comprises currency loss on the translation of investment in foreign operations of $27.8 million (31 December 2024: $15.0 million).

(iii) The movement in contributed equity pertains to the issue of units under the Distribution Reinvestment Plan (DRP).

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Cash Flow Statement

For the year ended 31 December 2025

	31 Dec 25	31 Dec 24
	Note $million	$million
Cash fows from operating activities
Receipts in the course of operations (including Goods and Services Tax (GST))	781.2	747.4
Payments in the course of operations (including GST)	(228.6)	(218.3)
Dividends/distributions received from equity accounted entities	359.2	360.1
Payments of fnancing costs (excluding fnancing costs capitalised)	(400.1)	(496.2)
Interest received	19.8	113.4
GST paid	(50.9)	(49.6)
Withholdingtaxes paid	(2.0)	(2.8)
Net cash infow from operating activities	11(b) 478.6	454.0
Cash fows from investing activities
Capital expenditure	(134.0)	(163.5)
Financing costs capitalised to qualifying development projects and construction in progress	(22.5)	(25.7)
Repayment of loan received from equity accounted entities	11.8	–
Investments in equity accounted entities	(36.3)	(39.7)
Payments relatingto the sale of assets	(0.4)	(0.4)
Net cash outfow from investing activities	(181.4)	(229.3)
Cash fows from fnancing activities
Proceeds from senior borrowings	11(c) 258.1	28.7
Repayment of senior borrowings and lease liabilities	11(c) (499.2)	(305.4)
Funds received from related entities	11(c) 1,497.9	1,389.0
Funds paid to related entities	11(c) (3.7)	(32.2)
Repayment of subordinated notes	11(c) (1,185.6)	(980.0)
Proceeds from settlement of derivatives related to the buyback of subordinated notes	128.3	23.0
Payments for settlement of derivatives related to the repayment of senior borrowings	(4.7)	–
Distributions paid	(332.0)	(354.2)
Net cash outfow from fnancing activities	(140.9)	(231.1)
Net increase/(decrease) in cash and cash equivalents held	156.3	(6.4)
Add openingcash and cash equivalents brought forward	31.3	37.7
Cash and cash equivalents at the end of the period	11(a) 187.6	31.3

6 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Index of Notes to the Financial Statements

For the year ended 31 December 2025

Note	Description	Page
1	Basis of preparation of the Financial Report	7
Operational results, assets and liabilities
2	Segment reporting	9
3	Trade debtors and receivables	12
4	Investment properties	13
5	Details of shoppingcentre investments	14
6	Details of equityaccounted investments	16
7	Taxation	18
8	Distributions	19
9	Statutoryearnings per unit	19
Financing and capital management
10	Interest income and fnancingcosts	20
11	Cash and cash equivalents	21
12	Payables and other creditors	22
13	Interest bearingliabilities	22
14	Derivative assets and liabilities	24
15	Contributed equity	26
16	Reserves	27
17	Retained profts	27
18	Capital and fnancial risk management	27
19	Financial covenants	28
20	Interest bearingliabilities, interest and derivatives cash fow maturityprofle	28
21	Fair value of assets and liabilities	29
Other disclosures
22	Other material accountingpolicies	30
23	Share-based payments	31
24	Lease commitments	31
25	Capital expenditure commitments	32
26	Contingent liabilities	32
27	Parent entity	33
28	Auditor's remuneration	34
29	Related partydisclosures	35
30	Details and remuneration of KeyManagement Personnel	36
31	Details of material and signifcant entities	37
32	Events after the reportingperiod	37

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Notes to the Financial Statements

For the year ended 31 December 2025

Note 1 – Basis of preparation of the Financial Report

(a) Corporate information

This financial report of Scentre Group Trust 2 (SGT2) and its controlled entities (collectively the Trust) for the year ended 31 December 2025 was approved in accordance with a resolution of the Board of Directors of RE1 Limited as Responsible Entity of SGT2.

SGT2 is domiciled in Australia. The nature of the operations and principal activity of the Trust are described in the Directors’ Report.

(b) Accounting for the Trust

The Trust is part of Scentre Group which is a stapled entity comprising Scentre Group Limited (SGL), Scentre Group Trust 1 (SGT1), SGT2, Scentre Group Trust 3 (SGT3) and their respective controlled entities. Scentre Group was established on 30 June 2014. The securities of each of SGL, SGT1, SGT2 and SGT3 are stapled and trade as one security on the Australian Securities Exchange (ASX) under the code SCG. The stapled securities of SGL, SGT1, SGT2 and SGT3 cannot be traded separately.

(c) Going concern

This financial report has been prepared on a going concern basis. In making this assessment, the Directors have considered:

• The Trust forms part of Scentre Group and is party to Scentre Group’s cross guarantee arrangements in respect of Scentre Group’s debt facilities and bonds; and

• Scentre Group’s ability to meet its financial obligations over the next 12 months, using cash flow sensitivity analysis and having regard to maturity of interest bearing liabilities, funding requirements, operating cash earnings and available financing facilities. At 31 December 2025, $4.6 billion (31 December 2024: $3.1 billion) of external financing facilities and intragroup facilities within Scentre Group were available to the Trust which are sufficient to cover short term liabilities.

(d) Basis of Accounting

This financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 (Corporations Act), Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. This financial report has also been prepared on a historical cost basis, except for investment properties, investment properties within equity accounted investments, derivative financial instruments and financial assets at fair value through profit and loss.

This financial report is presented in Australian dollars.

(e) Statement of Compliance

This financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. The accounting policies adopted are consistent with those of the previous financial year.

The amendments in AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability became applicable on 1 January 2025 but did not have an impact on the consolidated financial statements of the Trust.

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Trust for the year ended 31 December 2025. The impact of these new standards or amendments to the standards and interpretations (to the extent relevant to the Trust) is as follows:

• AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments (effective 1 January 2026)

• This amends AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments to:

• (i) clarify the date of recognition and derecognition of some financial assets and liabilities;

• (ii) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion;

• (iii) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

• (iv) update the disclosures for equity instruments designated at fair value through other comprehensive income.

These amendments are not expected to have a significant impact on the financial statements on application.

8 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 1 – Basis of preparation of the Financial Report (continued)

(e) Statement of Compliance (continued)

• AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 (effective 1 January 2026)

This makes minor improvements to address inconsistencies or to clarify requirements in:

• (i) AASB 1 First-time Adoption of Australian Accounting Standards – to improve consistency between AASB 1 and AASB 9 in relation to the requirements for hedge accounting, and improve the understandability of AASB 1;

• (ii) AASB 7 Financial Instruments: Disclosures – to improve consistency in the language used in AASB 7 with the language used in AASB 13 Fair Value Measurement ;

• (iii) AASB 9 Financial Instruments – to clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished and address an inconsistency between AASB 9 and AASB 15 Revenue from Contracts with Customers in relation to the term ‘transaction price’;

• (iv) AASB 10 Consolidated Financial Statements – to clarify the requirements in relation to determining de facto agents of an entity; and

• (v) AASB 107 Statement of Cash Flows – to replace the term ‘cost method’ with ‘at cost’ as the term is no longer defined in Australian Accounting Standards.

These amendments are not expected to have a significant impact on the financial statements on application.

• AASB 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027)

This replaces AASB 101 Presentation of Financial Statements with a focus on updates to the income statement. The key presentation and disclosure requirements established under the new standard relate to:

• (i) the structure of the income statement with defined subtotals;

• (ii) requirement to determine the most useful structure summary for presenting expenses in the income statement;

• (iii) the disclosure of management-defined performance measures in a single note within the financial statements; and

The presentation and new disclosure requirements under the new standard are expected to have a material impact on the financial statements of the Trust on application. The Trust will apply the new standard from its mandatory effective date of 1 January 2027 and the comparative information for the financial year ending 31 December 2026 will be restated in accordance with AASB 18.

• AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective from 1 January 2028)

This amends AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures to address an inconsistency between the requirements of AASB 10 and AASB 128 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. This amendment is not expected to have a material impact on the financial statements on application.

(f) Significant accounting judgements, estimates and assumptions

The preparation of this financial report requires management to make judgements, estimates and assumptions. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources.

Further details of judgements, estimates and assumptions applied may be found in the relevant notes to the financial statements, in particular, Note 2: Segment reporting, Note 3: Trade debtors and receivables, Note 4: Investment properties, Note 5: Details of shopping centre investments and Note 21: Fair value of assets and liabilities.

(g) Comparative information

Where applicable, certain comparative figures are restated in order to comply with the current period’s presentation of the financial statements.

(h) Rounding

In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the amounts shown in this financial report have been rounded to the nearest tenth of a million dollars, unless otherwise indicated. Amounts shown as 0.0 represent amounts less than $50,000 that have been rounded down.

• (iv) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

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Note 2 – Segment reporting

Geographic segments

The Trust has investments in a portfolio of shopping centres across Australia and New Zealand.

The Trust’s segment income and expenses as well as the details of segment assets have been prepared on a proportionate format on a geographic basis. The proportionate format presents the net income from and net assets in equity accounted properties on a gross format whereby the underlying components of net income and net assets are disclosed separately as revenues and expenses, assets and liabilities.

The proportionate format is used by management in assessing and understanding the performance and results of operations of the Trust as it allows management to observe and analyse revenue and expense results and trends on a portfolio-wide basis. The assets underlying both the consolidated and the equity accounted components of the statutory statement of comprehensive income are similar (that is, Australian and New Zealand shopping centres), all centres are under common management and therefore the drivers of their results are similar. Accordingly, management considers that the proportionate format provides a more useful way to understand the performance of the portfolio as a whole than the statutory format.

(a) Geographic segment information

The following segment information comprises the earnings and assets of the Trust’s Australian and New Zealand operations.

	Australia $million New Zealand $million 31 Dec 25 $million	Australia $million New Zealand $million 31 Dec 24 $million
Revenue Shopping centre base rent and other property income(i) Amortisation of tenant allowances Straight-lining of rent Expenses Property expenses, outgoings and other costs		1,222.4 71.9 1,294.3 (35.4) (2.3) (37.7) 5.7 (0.3) 5.4
	1,278.5 71.9 1,350.4
	(35.5) (2.3) (37.8)
	9.2 (0.5) 8.7
	1,252.2 69.1 1,321.3	1,192.7 69.3 1,262.0
		(320.2) (20.8) (341.0)
	(341.3) (21.7) (363.0)
Segment income and expenses	910.9 47.4 958.3	872.5 48.5 921.0
Investment properties held for sale Shopping centre investments Development projects and construction in progress	391.5 – 391.5	– – – 16,857.5 648.7 17,506.2 133.2 22.9 156.1
	16,885.3 610.6 17,495.9
	75.7 17.2 92.9
Segment assets (ii)	17,352.5 627.8 17,980.3	16,990.7 671.6 17,662.3
Additions to segment non-current assets duringtheyear(iii)	163.1 2.3 165.4	306.9 10.5 317.4

(i) Includes recoveries of outgoings from lessees of $112.9 million (31 December 2024: $112.8 million).

(ii) Includes equity accounted segment assets of $8,351.6 million (31 December 2024: $8,190.1 million).

(iii) Additions are net of amortisation of tenant allowances of $37.8 million (31 December 2024: $37.7 million).

10 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 2 – Segment reporting (continued)

(b) Reconciliation of segment information

The Trust’s segment income and expenses as well as the details of segment assets have been prepared on a proportionate format. The composition of the Trust’s consolidated and equity accounted details are provided below:

	Consolidated $million Equity accounted $million	31 Dec 25 $million	Consolidated $million Equity accounted $million	31 Dec 24 $million
Property revenue Property expenses, outgoings and other costs Segment income and expenses Overheads Interest income Financing costs – Senior borrowings and subordinated notes coupons – Interest capitalised – Lease liabilities – Net fair value movement, foreign exchange and modifcation gain/(loss) – Gain/(loss) on buyback of subordinated notes Equity accounted net interest income Property revaluations Tax expense	696.7 624.6	1,321.3	658.5 603.5 (178.4) (162.6)	1,262.0 (341.0)
	(187.1) (175.9)	(363.0)
	509.6 448.7	958.3	480.1 440.9	921.0
		(7.3)		(7.6) 113.4 (536.2) 25.7 (0.5) 46.8 2.7
		19.8
		(421.7)
		22.5
		(0.5)
		217.6
		(4.3)
		(186.4)		(461.5) 0.9 (80.1) (9.1)
		0.4
		188.4
		(10.3)
Netproft		962.9		477.0
Investment properties held for sale Shopping centre investments Development projects and construction in progress Segment assets Cash and cash equivalents Trade debtors and receivables – Trade debtors – Receivables Expected credit loss allowance – Trade debtors – Receivables Equity accounted investments Investment in unlisted fund Other assets	391.5 –	391.5	– – 9,373.5 8,132.7 98.7 57.4	– 17,506.2 156.1
	9,187.5 8,308.4	17,495.9
	49.7 43.2	92.9
	9,628.7 8,351.6	17,980.3	9,472.2 8,190.1 31.3 33.0 23.2 19.1 1,019.5 15.4 (19.7) (16.8) (1.8) (1.9) 8,049.9 (8,049.9) – – 429.4 3.4	17,662.3 64.3 42.3 1,034.9 (36.5) (3.7) – – 432.8
	187.6 37.3	224.9
	15.8 12.9	28.7
	22.7 14.7	37.4
	(8.2) (7.2)	(15.4)
	(1.8) (1.5)	(3.3)
	8,234.1 (8,234.1)	–
	50.0 –	50.0
	328.9 3.5	332.4
Total assets	18,457.8 177.2	18,635.0	19,004.0 192.4	19,196.4
Interest bearing liabilities – Senior borrowings – Subordinated notes(i) Deferred tax liabilities Other liabilities			4,787.7 – 3,288.0 – – 50.6 473.2 141.8	4,787.7 3,288.0 50.6 615.0
	5,029.3 –	5,029.3
	1,961.5 –	1,961.5
	– 50.4	50.4
	408.8 126.8	535.6
Total liabilities	7,399.6 177.2	7,576.8	8,548.9 192.4	8,741.3
Net assets	11,058.2 –	11,058.2	10,455.1 –	10,455.1

(i) The economically hedged value of the US$ subordinated 60-year notes was $1,794.4 million (31 December 2024: $2,798.9 million) comprising notes of $1,961.5 million (31 December 2024: $3,288.0 million) translated at the period end rate of 0.6689 (31 December 2024: 0.6217) reduced by currency gains on the hedging of subordinated notes of $167.1 million (31 December 2024: $489.1 million).

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Note 2 – Segment reporting (continued)

Accounting Policies

Revenue recognition

Property revenue

The Trust derives property revenue from leasing its investment properties. This includes minimum base rents, recoveries of outgoings and percentage rent that may be earned under certain lease agreements. Anchor business partners generally have lease terms of 15 to 25 years with stepped increases throughout the term that can be fixed, linked to the consumer price index (CPI) or sales turnover based. Specialty business partners generally have lease terms of 5 to 7 years, and for larger stores 5 to 10 years. Specialty business partners generally have leases with annual contracted increases of CPI plus 2% to 3%.

Rental income from investment properties is accounted for on a straight-line basis, taking into account fixed rent payments and fixed rent increases over the term of the lease.

Under certain lease agreements, a portion of property expenses and outgoings may be recovered by the Trust from lessees. Recoveries of outgoings are recognised as income as services are provided. Monthly billings are issued to tenants three weeks in advance and are payable on the first day of the month the service is provided.

Under certain lease agreements, percentage rent may be payable by the lessee to the Trust based on turnover in excess of stipulated minimums. Contingent rental income is recognised as income in the period in which it is earned.

Tenant allowances that are classified as lease incentives are recorded as part of investment properties and amortised over the term of the lease. The amortisation is recorded against property revenue.

12 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 3 – Trade debtors and receivables

Note 3 – Trade debtors and receivables
	31 Dec 25	31 Dec 24
	Note $million	$million
Trade debtors	7.6	3.5
Receivables
– Other receivables	20.9	19.8
– Interest bearingloans receivable from related entities	29 –	997.9
Total trade debtors and receivables	28.5	1,021.2
(a) Components of trade debtors and receivables
Trade debtors and receivables	38.5	1,042.7
Expected credit loss allowance	(10.0)	(21.5)
Total trade debtors and receivables	28.5	1,021.2
(b) Movement in expected credit loss allowance
Balance at the beginning of the year	(21.5)	(34.4)
Decrease recognised in property expenses, outgoings and other costs	5.5	4.7
Amounts written-of	6.0	8.2
Balance at the end of theyear	(10.0)	(21.5)

Expected credit loss allowance

In determining the expected credit loss allowance, management has considered security deposits received from tenants generally in the form of bank guarantees, which can be called upon if the tenant is in default under the terms of the lease contract. Trade debtors also include GST which is fully recoverable from the relevant tax authorities where the debt is not collected and therefore the GST amount is excluded from the loss allowance.

The decrease in expected credit loss allowance reflects abatements and write-offs applied against outstanding receivables, and the reversal of the prior year’s allowance following collection of related debts and a reassessment of credit risk.

At 31 December 2025, approximately 57% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 52% of gross trade debtors. An increase or decrease of 5% in the expected credit loss rate would result in an increase or decrease in expected credit loss allowance of $0.7 million respectively. At 31 December 2024, approximately 72% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 85% of gross trade debtors. An increase or decrease of 5% in the expected credit loss rate would result in an increase or decrease in expected credit loss allowance of $1.1 million respectively.

Accounting Policies

Trade debtors and receivables

Trade debtors and receivables are held to collect contractual cash flows and these contractual cash flows are solely payments of principal and interest. At initial recognition, these are measured at fair value.

Trade debtors and receivables are subsequently measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses are recognised in the statement of comprehensive income. The receivable is written off when there is no reasonable expectation of recovering the contractual cash flows such as when all legal avenues for debt recovery have been exhausted. Any gain or loss on derecognition is also recognised in the statement of comprehensive income.

In assessing for impairment, the Trust assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. For trade debtors and receivables, the Trust applies the simplified approach, which requires lifetime expected losses to be recognised from initial recognition of the receivables.

In measuring the expected credit loss, trade debtors and receivables have been grouped based on shared credit risk characteristics (e.g. size and industry) and the days past due. The expected loss rates are determined based on days past the due date and the historical credit losses experienced. Historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of customers to settle their debts.

The Trust generally considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Trust may also consider a financial asset to be in default when internal or external information indicates that the Trust is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Trust.

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Directory

Note 4 – Investment properties

Note 4 – Investment properties
	31 Dec 25	31 Dec 24
	Note $million	$million
Shopping centre investments	5 9,187.5	9,373.5
Development projects and construction in progress	49.7	98.7
Total investment properties	9,237.2	9,472.2
Movement in total investment properties
Balance at the beginning of the year	9,472.2	9,276.3
Capital expenditure	85.1	227.9
Financing costs capitalised to qualifying development projects and construction in progress	22.5	25.7
Amortisation of tenant allowances	(20.1)	(19.8)
Straight-lining of rent	5.1	2.7
Net revaluation increment/(decrement)	63.9	(40.6)
Investment properties reclassifed to held for sale(i)	5 (391.5)	–
Balance at the end of theyear(ii)	9,237.2	9,472.2

(i) On 3 February 2026, the Trust sold an interest in Westfield Sydney to Australian Retirement Trust (refer to Note 32). This has been classified as investment properties held for sale on the balance sheet at 31 December 2025.

(ii) The fair value of investment properties at the end of the year includes ground lease assets of $8.5 million (31 December 2024: $8.7 million).

Accounting Policies

Investment properties

The Trust’s investment properties include shopping centre investments, development projects and construction in progress.

Shopping centre investments

The Trust’s shopping centre investment properties represent completed centres comprising freehold and leasehold land, buildings

and leasehold improvements.

Land and buildings are considered as having the function of an investment and therefore are regarded as a composite asset, the overall value of which is influenced by many factors, the most prominent being income yield, rather than by the diminution in value of the building content due to effluxion of time. Accordingly, the buildings and all components thereof, including integral plant and equipment, are not depreciated.

Initially, shopping centre investment properties are measured at cost including transaction costs. Subsequent to initial recognition, the Trust’s portfolio of shopping centre investment properties are stated at fair value. Gains and losses arising from changes in the fair values of shopping centre investment properties are included in the statement of comprehensive income in the year in which they arise. Any gains or losses on the sale of an investment property are recognised in the statement of comprehensive income in the year of sale.

At each reporting date, the carrying value of the portfolio of shopping centre investment properties is assessed by the Directors and where the carrying value differs materially from the Directors’ assessment of fair value, an adjustment to the carrying value is recorded as appropriate.

The Directors’ assessment of fair value of each shopping centre takes into account the latest independent valuations generally prepared annually, with updates taking into account any changes in capitalisation rate, underlying income and valuations of comparable centres. In determining the fair value, the capitalisation of net income method and the discounting of future cash flows to their present value have been used, which are based upon assumptions and judgements in relation to future rental income, capitalisation rate and make reference to market evidence of transaction prices for similar properties.

The key assumptions and estimates used in determining fair value are disclosed in Note 5.

14 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 4 – Investment properties (continued)

Accounting Policies (continued)

Investment properties (continued)

Development projects and construction in progress

The Trust’s development projects and construction in progress include costs incurred for the current and future redevelopment and expansion of new and existing shopping centre investments. Development projects and construction in progress includes capitalised construction and development costs, payments and advances to contractors and where applicable, borrowing costs incurred on qualifying developments. For the year ended 31 December 2025, the weighted average rate of borrowing costs capitalised was 5.6% (31 December 2024: 5.7%).

The Directors’ assessment of fair value of each development project and construction in progress that meets the definition of an investment property, takes into account the expected costs to complete, the stage of completion, expected underlying income and yield of the developments. From time to time, during a development, the Directors may commission an independent valuation of the development project. On completion, the development projects are reclassified to shopping centre investments and an independent valuation is obtained.

Independent valuations are conducted in accordance with guidelines and valuation principles as set by the International Valuation Standards Council.

It is Scentre Group’s policy to appoint a number of qualified independent valuers and that no individual valuer is appointed to appraise an individual property for greater than three consecutive years. The following qualified independent valuers were appointed by Scentre Group to carry out property appraisals for the current financial year:

Australian shopping centres

• CBRE Valuations Pty Limited

• Colliers International Holdings (Australia) Ltd

New Zealand shopping centres

• Knight Frank NSW Valuations & Advisory Pty Ltd

• Jones Lang La Salle Limited

• Cushman & Wakefield (Valuations) Pty Ltd

• Jones Lang LaSalle Advisory Services Pty Ltd

• Knight Frank Australia Pty Ltd

• Savills Valuations Pty Ltd

Note 5 – Details of shopping centre investments

• Cushman & Wakefeld (Valuations) Pty Ltd • Jones Lang LaSalle Advisory Services Pty Ltd • Knight Frank Australia Pty Ltd • Savills Valuations Pty Ltd Note 5 – Details of shopping centre investments
31 Dec 25	31 Dec 24
$million	$million
Investment properties held for sale 391.5	–
Consolidated Australian shopping centres 9,187.5	9,373.5
Equity accounted Australian shopping centres 7,697.8	7,484.0
Equityaccounted New Zealand shoppingcentres 610.6	648.7
17,887.4	17,506.2

Centres that are held through controlled entities or are held directly and jointly as tenants in common and are treated as joint operations are consolidated. For joint operations, the contractual arrangements establish that the parties share all the liabilities, obligations, costs and expenses in their ownership proportion. The allocation of revenue and expenses is based on the ownership interest in the joint arrangement.

Centres that are held through a separate vehicle with joint control and are treated as a joint venture are accounted for under the equity method of accounting.

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Note 5 – Details of shopping centre investments (continued)

Valuation inputs

The Income Capitalisation approach and the Discounted Cash Flow approach are used to arrive at a range of valuation outcomes, from which a best estimate of fair value is derived at a point in time.

The key assumptions and estimates used in these valuation approaches include:

• forecast future income, based on the location, type and quality of the property, which are supported by the terms of any existing leases, other contracts or external evidence such as current market rents for similar properties;

• lease assumptions based on current and expected future market conditions after expiry of any current lease; and

• the capitalisation rate and discount rate derived from recent comparable market transactions.

The table below summarises some of the key inputs used in determining investment property valuations:

	31 Dec 25	31 Dec 24
Australian portfolio
Retail capitalisation rate	4.63%–7.25%	4.63%–7.25%
Weighted average capitalisation rate(i)	5.35%	5.35%
Retail discount rate	6.75%–8.00%	6.50%–8.00%
New Zealand portfolio
Retail capitalisation rate	6.25%–7.75%	6.38%–7.75%
Weighted average capitalisation rate(i)	7.01%	7.06%
Retail discount rate	8.00%–8.75%	8.00%–8.75%

(i) Weighted average capitalisation rate including non-retail assets.

Changes to key inputs would result in changes to the fair value of investment properties. An increase in capitalisation rate and/or discount rate would result in lower fair value, while a decrease in capitalisation rate and/or discount rate will result in higher fair value (with all other factors held constant). The weighted average capitalisation rate and discount rates adopted at 31 December 2025 have broadly remained unchanged to 31 December 2024. The capitalisation rate sensitivity analysis is detailed below.

The sensitivity of shopping centre valuations to changes in capitalisation rates is as follows:

The sensitivity of shopping centre valuations to changes in capitalisation rates is as follows:
	31 Dec 25	31 Dec 24
	$million	$million
Capitalisation rate	Increase/(decrease)
movement		in fair value
-50 bps	1,821.9	1,780.8
-25 bps	866.8	847.3
+25 bps	(790.3)	(772.5)
+50 bps	(1,513.7)	(1,479.7)

16 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 6 – Details of equity accounted investments

31 Dec 25	31 Dec 24
$million	$million
(a) Share of equity accounted entities’ net proft and comprehensive income Property revenue 624.6	603.5
Property expenses, outgoings and other costs (175.9)	(162.6)
Net interest income 0.4	0.9
Financing costs charged by the Parent Entity (20.0)	(28.4)
Property revaluations 124.5	(39.5)
Tax expense (8.3)	(6.3)
Proft after tax 545.3	367.6
Interest income from equityaccounted entities 20.0	28.4
Share of after tax proft of equity accounted entities 565.3	396.0
Other comprehensive loss(i) (27.8)	(15.0)
Share of total comprehensive income of equity accounted entities 537.5	381.0
(i) Relates to the net exchange diference on translation of equity accounted foreign operations.
(b) Share of equity accounted entities’ assets and liabilities
Cash and cash equivalents 37.3	33.0
Trade debtors and receivables 18.9	15.8
Other current assets 3.5	3.4
Total current assets 59.7	52.2
Investment properties
– Shopping centre investments 8,308.4	8,132.7
– Development projects and construction in progress 43.2	57.4
Total non-current assets 8,351.6	8,190.1
Trade creditors (25.3)	(28.3)
Payables and other creditors (73.6)	(84.0)
Interest payable to the Parent Entity (0.6)	(0.9)
Tax payable (3.1)	(2.4)
Total current liabilities (102.6)	(115.6)
Lease liabilities (14.0)	(14.0)
Interest bearing liabilities to the Parent Entity(i) (380.9)	(409.8)
Other non-current liabilities (10.8)	(13.1)
Deferred tax liabilities (50.4)	(50.6)
Total non-current liabilities (456.1)	(487.5)
Net assets 7,852.6	7,639.2
Interest bearing receivables from equity accounted entities(i) 380.9	409.8
Interest receivables from equityaccounted entities 0.6	0.9
Investment in equity accounted entities 8,234.1	8,049.9

(i) Loans to equity accounted entities are unsecured. Interest was charged at 3.83%–5.82%. (31 December 2024: 5.80%–7.23%).

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Note 6 – Details of equity accounted investments (continued)

31 Dec 25	31 Dec 24
$million	$million
(c) Details of the Trust’s share of equity accounted entities’ tax expense Current tax expense (6.4)	(3.8)
Deferred tax expense (1.9)	(2.5)
(8.3)	(6.3)
The prima facie tax on proft before tax is reconciled to the income tax expense provided in the fnancial statements as follows: Proft before income tax 553.6	373.9
Less: Net Trust income not taxable for the Trust – tax payable bymembers (525.4)	(350.8)
28.2	23.1
Prima facie tax expense at 30% (8.5)	(6.9)
Tax rate diferential on New Zealand foreign income 0.6	0.5
Other (0.4)	0.1
Tax expense (8.3)	(6.3)

(d) Equity accounted entities economic interest

Name of investment Type of equity Balance date	Economic interest
	31 Dec 25 31 Dec 24
Australian investments(i) Bondi Junction Trust units 31 Dec Chatswood Trust units 31 Dec Doncaster Trust units 31 Dec Fountain Gate Trust units 31 Dec Hornsby Trust units 31 Dec Knox Trust units 31 Dec Kotara Trust units 31 Dec Mt Druitt(ii) Trust units 30 Jun Mt Gravatt Trust units 31 Dec Southland(ii) Trust units 30 Jun Sydney Central Plaza Trust units 31 Dec Tea Tree Plaza(ii) Trust units 30 Jun Tuggerah Trust units 31 Dec Warringah Mall Trust units 31 Dec New Zealand investments(i) Albany Shares 31 Dec Manukau Shares 31 Dec Newmarket Shares 31 Dec Riccarton Shares 31 Dec St Lukes Shares 31 Dec	50.0% 50.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 25.0% 25.0% 50.0% 50.0% 18.8% 18.8% 50.0% 50.0% 25.0% 25.0% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5% 25.5%

(i) All equity accounted property partnership, trusts and companies operate solely as retail property investors.

(ii) Notwithstanding that the financial year of these investments ends on 30 June, the consolidated financial statements have been prepared so as to include the accounts for a period coinciding with the financial year of the Parent Entity being 31 December.

18 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 6 – Details of equity accounted investments (continued)

(e) Capital expenditure commitments

(e) Capital expenditure commitments
	31 Dec 25	31 Dec 24
	$million	$million
Estimated capital expenditure committed at balance date but not provided for
in relation to development projects:
Due within one year	39.1	9.2
Due between one and fveyears	35.7	1.6
	74.8	10.8

(f) Contingent liabilities

As at 31 December 2025, contingent liabilities relating to the Trust’s interests in joint ventures is nil (31 December 2024: nil).

Note 7 – Taxation

	31 Dec 25	31 Dec 24
	$million	$million
Tax expense
Current	(2.0)	(2.8)
The prima facie tax on proft before tax is reconciled to the income tax expense provided in the fnancial statements as follows:
Proft before income tax	964.9	479.8
Less: Trust income not taxable for the Trust – tax payable bymembers	(964.9)	(479.8)
	–	–
Prima facie tax expense at 30%	–	–
Non-resident withholdingtax on inter-entitytransactions	(2.0)	(2.8)
Tax expense	(2.0)	(2.8)

Global Anti-Base Erosion Rules (Pillar Two)

The effective tax rate of the Trust’s taxable entities is estimated to exceed 15% in all jurisdictions in which they operate. Current tax expense recognised related to Pillar Two income taxes is nil (31 December 2024: nil).

Accounting Policies

Taxation

The Trust comprises taxable and non-taxable entities. Income tax expense is only recognised in respect of taxable entities.

• (i) The Trust has elected into the Attribution Managed Investment Trust Regime. Accordingly, the Trust is not liable for Australian income tax provided that the taxable income is attributed to members. The members of the Trust are taxable on their share of the taxable income of the Trust attributed to them.

The Trust’s New Zealand resident entities are subject to New Zealand tax.

• (ii) Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance date. Income taxes related to items recognised directly in equity are recognised in equity and not in tax expense.

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Note 8 – Distributions

Note 8 – Distributions
	31 Dec 25	31 Dec 24
	$million	$million
(a) Final distribution for the year
1.195 cents per unit(31 December 2024: 3.253 cents per unit)	62.3	169.2

Details of the full year components of distribution will be provided in the Annual Tax Statements which will be sent to members in March 2026.

Interim distribution of 3.745 cents per unit was paid on 29 August 2025. Final distribution was paid on 27 February 2026. The record date for the final distribution was 13 February 2026. A distribution reinvestment plan (DRP) was in operation for the distribution paid on 27 February 2026. Refer to Note 9(b) for the number of Scentre Group stapled securities issued under the DRP.

	31 Dec 25	31 Dec 24
	$million	$million
(b) Distributions paid during the year
Distribution in respect of the 6 months to 30 June 2025	195.1	–
Distribution in respect of the 6 months to 31 December 2024	169.2	–
Distribution in respect of the 6 months to 30 June 2024	–	214.6
Distribution in respect of the 6 months to 31 December 2023	–	161.0
	364.3	375.6

Note 9 – Statutory earnings per unit

Note 9 – Statutory earnings per unit	364.3	375.6
	31 Dec 25	31 Dec 24
	cents	cents
(a) Summary of earnings per unit
Basic and diluted earnings per unit	18.48	9.18

There are no potential ordinary units which are dilutive.

In calculating basic and diluted earnings per unit, net profit of $962.9 million (31 December 2024: $477.0 million) was divided by the weighted average number of ordinary units of 5,210,220,334 (31 December 2024: 5,196,572,838).

(b) Conversions, calls, subscriptions, issues or buy-back after 31 December 2025

There have been no conversions to, calls of, subscriptions for or buy-back of units since the reporting date and before the completion of this report. On 27 February 2026, 6,559,679 Scentre Group stapled securities were issued under the DRP at $3.7998 per security. Scentre Group stapled securities issued under the DRP rank equally with existing securities on issue.

Accounting Policies

Earnings per unit

Basic earnings per unit is calculated as net profit divided by the weighted average number of ordinary units. Diluted earnings per unit is calculated as net profit adjusted for any profit recognised in the period in relation to dilutive potential ordinary units, divided by the weighted average number of ordinary units and dilutive potential ordinary units.

20 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 10 – Interest income and financing costs

Note 10 – Interest income and financing costs
	31 Dec 25	31 Dec 24
	Note $million	$million
(a) Interest income
Interest income
– External	4.3	2.6
– Related entities	29 15.5	110.8
Total interest income	19.8	113.4
(b) Financing costs
Financing costs on senior borrowings(i)	(257.5)	(242.8)
Financing costs capitalised to qualifying development projects and construction in progress	22.5	25.7
Lease liabilities interest expense	(0.5)	(0.5)
	(235.5)	(217.6)
Net fair value gain on interest rate derivatives	213.1	46.7
Net modifcationgain on refnanced borrowingfacilities	4.5	0.1
Total fnancing costs (excluding coupons on subordinated notes)	(17.9)	(170.8)
Net foreign exchange gain/(loss) on interest bearing liabilities	215.4	(536.8)
Net foreign exchange gain/(loss) on derivatives relating to interest bearing liabilities	(215.4)	536.8
Subordinated notes coupons(i)	(164.2)	(293.4)
Gain/(loss)on buyback of subordinated notes(ii)	(4.3)	2.7
Total fnancingcosts	(186.4)	(461.5)

(i) Financing costs on senior borrowings and subordinated notes coupons comprise $291.9 million (31 December 2024: $371.5 million) of interest expense on borrowings with external counterparties, $1.0 million (31 December 2024: $0.6 million) of interest expense on borrowings with related entities, and $128.8 million (31 December 2024: $164.1 million) of net interest expense from derivatives arising from transactions with related entities. Refer to Note 29 for related party transactions, which include these borrowings and derivatives arrangements.

(ii) In April 2025, US$732.1 million of outstanding subordinated notes maturing in September 2080 were repurchased at a premium to their face value. The difference between the carrying amount of the notes repurchased and the consideration paid resulted in a loss being recognised in the statement of comprehensive income.

In September 2024, US$655.9 million of outstanding subordinated notes maturing in September 2080 were repurchased at a discount to their face value. The difference between the carrying amount of the notes repurchased and the consideration paid resulted in a gain being recognised in the statement of comprehensive income.

Accounting Policies

Interest income and financing costs

Interest income is recognised in the statement of comprehensive income as it accrues using the effective interest rate method.

Financing costs include interest, amortisation of discounts or premiums relating to borrowings and other costs incurred in connection with the arrangement of borrowings (including realised interest derivative cashflows). Financing costs are expensed as incurred unless they relate to a qualifying asset. A qualifying asset is an asset which generally takes more than 12 months to get ready for its intended use or sale. In these circumstances, the financing costs are capitalised to the cost of the asset. Where funds are borrowed by the Trust for the acquisition or construction of a qualifying asset, the financing costs are capitalised.

Refer to Note 14 for other items included in financing costs.

Any accrued interest income and financing costs at balance date have been classified as either interest receivable or interest payable on the balance sheet. Interest receivable comprises interest accrued on derivative instruments and short term deposits. Interest payable comprises interest accrued on interest bearing liabilities and derivative instruments. Interest receivable and payable on cross currency derivatives are presented gross and are not offset as the criteria for offsetting is not met.

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Note 11 – Cash and cash equivalents

Note 11 – Cash and cash equivalents
31 Dec 25	31 Dec 24
$million	$million
(a) Components of cash and cash equivalents Cash 187.6 Bank overdrafts –	31.3 –
Total cash and cash equivalents 187.6	31.3
(b) Reconciliation of proft after tax to net cash fows from operating activities Proft after tax 962.9 Property revaluations (63.9) Diference between share of equity accounted proft and dividends/distributions received (206.1) Net fair value gain on interest rate derivatives (213.1) Net modifcation gain on refnanced borrowing facilities (4.5) Net foreign exchange loss/(gain) on interest bearing liabilities (215.4) Net foreign exchange loss/(gain) on derivatives relating to interest bearing liabilities 215.4 Loss/(gain) on buyback of subordinated notes 4.3 Decrease/(increase)in workingcapital attributable to operatingactivities (1.0)	477.0 40.6 (35.9) (46.7) (0.1) 536.8 (536.8) (2.7) 21.8
Net cash fows from operatingactivities 478.6	454.0
(c) Changes in liabilities arising from fnancing activities Net liabilities at the beginning of the year 6,321.8 Proceeds from senior borrowings 258.1 Repayment of senior borrowings and lease liabilities (499.2) Funds received from related entities 1,497.9 Funds paid to related entities (3.7) Repayment of subordinated notes (1,185.6) Loss/(gain) on buyback of subordinated notes 4.3 Efects of exchange rate changes and fair value movement on currency derivatives and other changes in net liabilities 230.4	6,155.6 28.7 (305.4) 1,389.0 (32.2) (980.0) (2.7) 68.8
Net liabilities at the end of theyear(i) 6,624.0	6,321.8

(i) Net liabilities comprise interest bearing liabilities of $6,990.8 million (31 December 2024: $8,075.7 million), non-interest bearing loans payable of $10.9 million (31 December 2024: $14.6 million), lease liabilities of $8.5 million (31 December 2024: $8.7 million) less interest bearing loans receivable of nil (31 December 2024: $997.9 million) and net receivables on currency derivatives hedging senior borrowings and subordinated notes in foreign currency of $386.2 million (31 December 2024: $779.3 million).

Accounting Policies

Cash and cash equivalents

Cash and cash equivalents on the balance sheet comprise cash at bank and on hand and short term deposits on demand with an original maturity of 90 days or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Cash and cash equivalents are measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses (if any) are recognised in the statement of comprehensive income.

For purposes of the cash flow statement, cash and cash equivalents include cash on hand and at bank, short term deposits on demand and bank accepted bills of exchange readily converted to cash net of bank overdrafts. Bank overdrafts are carried at the principal amount.

22 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 12 – Payables and other creditors

		31 Dec 25	31 Dec 24
	Note	$million	$million
Payables and other creditors		85.6	135.6
Non-interest bearingloans payable to related entities	29	10.9	14.6
		96.5	150.2

Accounting Policies

Payables and other creditors

Trade and other payables are carried at amortised cost and due to their short term nature they are not discounted. They represent liabilities for goods and services provided to the Trust prior to the end of the financial year that are unpaid and arise when the Trust becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are paid within 30 days. Loans payable to related entities are carried at amortised cost, are at call and classified as current.

Note 13 – Interest bearing liabilities

Note 13 – Interest bearing liabilities
	31 Dec 25	31 Dec 24
	Note $million	$million
Current
Unsecured
Loans payable to related entities	29 550.0	–
Commercial paper and uncommitted facilities
– A$ denominated	658.4	660.5
Notes payable
– US$ denominated	1,121.2	–
	2,329.6	660.5
Non-current
Unsecured
Bank loans
– A$ denominated	–	443.0
Notes payable
– € denominated	1,754.7	1,673.6
– US$ denominated	747.5	2,010.6
– HK$ denominated	197.5	–
	2,699.7	4,127.2
Total senior borrowings	5,029.3	4,787.7
Non-current
Unsecured
Subordinated notes
– US$ denominated	1,961.5	3,288.0
Total subordinated notes	1,961.5	3,288.0
Interest bearing liabilities
– Senior borrowings	5,029.3	4,787.7
– Subordinated notes	1,961.5	3,288.0
Total interest bearing liabilities	6,990.8	8,075.7

The Trust maintains a range of interest bearing liabilities. The sources of funding are spread over various counterparties to minimise credit exposure and the terms of the instruments are negotiated to achieve a balance between capital availability and the cost of debt.

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Note 13 – Interest bearing liabilities (continued)

Note 13 – Interest bearing liabilities(continued)
	31 Dec 25	31 Dec 24
	$million	$million
(a) Summary of fnancing facilities
Committed fnancing facilities available to the Trust:
Financing facilities	11,677.3	11,252.1
Senior borrowings	(5,029.3)	(4,787.7)
Subordinated notes	(1,961.5)	(3,288.0)
Bankguarantees	(45.5)	(47.8)
Available fnancing facilities	4,641.0	3,128.6
Cash and cash equivalents	187.6	31.3
Financingresources available	4,828.6	3,159.9

These facilities comprise fixed rate notes and unsecured interest only floating rate facilities. Certain facilities are also subject to negative pledge arrangements which require Scentre Group to comply with specific minimum financial and non-financial requirements. The available financing facilities above totalling $4,641.0 million (31 December 2024: $3,128.6 million) are available to the Trust and other members of Scentre Group at year end. The Trust is able to draw on these financing facilities, provided they are unutilised by other members of Scentre Group. Amounts which are denominated in foreign currencies are translated at exchange rates ruling at balance date.

		Committed	Interest	Committed	Interest
		fnancing	bearing	fnancing	bearing
		facilities	liabilities	facilities	liabilities
		31 Dec 25	31 Dec 25	31 Dec 24	31 Dec 24
	Maturity Date	$million	$million	$million	$million
(b) Financing facilities and interest
bearing liabilities, comprise:
Unsecured senior notes payable
– US$(i) (ii)	Jan 26 to Mar 27	1,868.7	1,868.7	2,010.6	2,010.6
– €(i)	Apr 28 to Mar 29	1,754.7	1,754.7	1,673.6	1,673.6
– HK$(i)	May35	197.5	197.5	–	–
Total unsecured senior notes payable		3,820.9	3,820.9	3,684.2	3,684.2
Unsecured bank loan facilities available to the Trust	Nov 27 to Sep 32	5,344.9	–	4,279.9	443.0
Unsecured commercial paper and
uncommitted facilities(iii)	Jan 26 to Jun 26	–	658.4	–	660.5
Loans payable to related entities	At call	550.0	550.0	–	–
Total senior borrowings		9,715.8	5,029.3	7,964.1	4,787.7
Unsecured subordinated notes – US$(iv)	Sep 80	1,961.5	1,961.5	3,288.0	3,288.0
Total fnancing facilities and interest bearing liabilities		11,677.3	6,990.8	11,252.1	8,075.7

(i) The US$, € and HK$ denominated unsecured senior notes payables are economically hedged using cross currency swaps with the same principal values to convert into A$ payables.

(ii) US$750.0 million (A$1,121.2 million) of the US$ notes payable was repaid on 28 January 2026.

(iii) Drawings on the Trust’s commercial paper program and uncommitted facilities are in addition to the Trust’s committed facilities and are classified as current interest bearing liabilities. These drawings may be refinanced by non-current unsecured bank loan facilities.

(iv) The US$ subordinated notes issued in September 2020 comprise US$1.3 billion with a non-call period of 10 years (31 December 2024: US$0.7 billion with a non-call period of six years and US$1.3 billion with a non-call period of 10 years). The notes may be redeemed by the Trust at par at the end of their respective non-call periods or any coupon date thereafter. The unsecured subordinated notes are economically hedged up to the end of their respective non-call periods using cross currency swaps with the same principal values to convert into A$ payables.

In April 2025, US$732.1 million subordinated notes payable maturing in September 2080 were repurchased.

24 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 13 – Interest bearing liabilities (continued)

Accounting Policies

Interest bearing liabilities

Interest bearing liabilities are recognised initially at the fair value of the consideration received less any directly attributable transaction costs. Subsequent to initial recognition, interest bearing liabilities are recorded at amortised cost using the effective interest rate method.

Interest bearing liabilities are classified as current liabilities where the liability has been drawn under a financing facility which expires within one year. Amounts drawn under financing facilities which expire after one year are classified as non-current, where the Trust has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. Loans payable to related entities are at call and classified as current.

Financing costs for interest bearing liabilities are recognised on an accruals basis.

The fair values of the Trust’s interest bearing liabilities as disclosed in Note 21 are determined as follows:

• Fair values of quoted notes and bonds are based on price quotations at balance date.

• The fair values of unquoted instruments, loans from banks and other non-current financial liabilities are estimated by discounting future cash flows using rates that approximate the Trust’s borrowing rate at the balance date, for debt with similar maturity, credit risk and terms.

Note 14 – Derivative assets and liabilities

			31 Dec 25			31 Dec 24
	Current	Non-current	Total	Current	Non-current	Total
	$million	$million	$million	$million	$million	$million
(a) Derivative assets
Currency derivatives(i)
– Subordinated notes	–	–	–	–	105.9	105.9
– Senior borrowings	–	148.0	148.0	–	128.2	128.2
Interest rate derivatives	38.3	31.6	69.9	37.8	30.8	68.6
	38.3	179.6	217.9	37.8	264.9	302.7
(b) Derivative liabilities
Currency derivatives(i)
– Subordinated notes	43.8	24.0	67.8	23.9	–	23.9
– Senior borrowings	31.4	6.0	37.4	37.6	3.5	41.1
Interest rate derivatives	–	–	–	0.9	6.1	7.0
	75.2	30.0	105.2	62.4	9.6	72.0

(i) The currency related and interest related components of currency derivatives are part of the same contract. The net position has been classified accordingly as a derivative asset or derivative liability on the balance sheet.

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Note 14 – Derivative assets and liabilities (continued)

The Trust’s derivatives do not meet the accounting requirements to qualify for hedge accounting treatment. Changes in fair value have been reflected in the statement of comprehensive income. At 31 December 2025, the aggregate fair value is a net receivable of $112.7 million (31 December 2024: $230.7 million). The change in fair value for the year ended 31 December 2025 was a net unrealised loss of $118.0 million (31 December 2024: net unrealised gain of $572.2 million). In 2025, the Trust settled currency derivatives at fair value following the buyback of US$732.1 million (31 December 2024: US$655.9 million) subordinated notes resulting in net proceeds of $128.3 million (31 December 2024: $23.0 million). In addition, the Trust cancelled interest rate derivatives following Scentre Group's sale of a 50% interest in Westfield Chermside resulting in a payment of $4.7 million (31 December 2024: nil).

The Trust presents the fair value mark to market of its derivative assets and derivative liabilities, and related interest receivable and payable, on a gross basis. These positions are subject to legally enforceable master netting arrangements, however do not meet the criteria for offsetting in the balance sheet. As at 31 December 2025, if these netting arrangements were applied, derivative assets and interest receivables of $301.5 million would be reduced by $160.0 million to the net amount of $141.5 million and derivative liabilities and interest payables of $160.0 million would be reduced by $160.0 million to the net amount of nil. As at 31 December 2024, if these netting arrangements were applied, derivative assets and interest receivables of $403.9 million would be reduced by $151.2 million to the net amount of $252.7 million and derivative liabilities and interest payables of $151.2 million would be reduced by $151.2 million to the net amount of nil.

Accounting Policies

Derivative financial instruments

The Trust utilises derivative financial instruments, including forward exchange contracts, interest rate options and currency and interest rate swaps to manage the risks associated with foreign currency and interest rate fluctuations. Such derivative financial instruments are recognised at fair value.

Scentre Group has set defined policies and implemented a comprehensive hedging program to manage interest and exchange rate risks. Derivative instruments are transacted to achieve the economic outcomes in line with Scentre Group’s treasury policy and hedging program. Derivative instruments are not transacted for speculative purposes. Accounting standards require detailed compliance with documentation, designation and effectiveness parameters before a derivative financial instrument is deemed to qualify for hedge accounting treatment. Where these requirements are not met, derivative instruments are deemed not to qualify for hedge accounting and changes in fair value are recorded in the statement of comprehensive income.

Gains or losses arising from the movements in the fair value of currency derivatives which hedge net investments in foreign operations are recognised in the foreign currency translation reserve where hedge accounting requirements have been met. Where a currency derivative, or portion thereof, is deemed an ineffective hedge for accounting purposes, gains or losses thereon are recognised in the statement of comprehensive income. On disposal of a net investment in foreign operations, the cumulative gains or losses recognised previously in the foreign currency translation reserve are transferred to the statement of comprehensive income.

The fair value of derivatives has been determined with reference to market observable inputs for contracts with similar maturity profiles. The valuation is a present value calculation which incorporates interest rate curves, foreign exchange spot and forward rates, option volatilities and the credit quality of counterparties.

26 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 15 – Contributed equity

Note 15 – Contributed equity
	31 Dec 25	31 Dec 24
	Number of units	Number of units
(a) Units on issue
Balance at the beginning of the year	5,201,748,202	5,190,378,339
Units issued under the DRP	14,669,210	11,369,863
Balance at the end of theyear(i)	5,216,417,412	5,201,748,202

(i) All units on issue at the end of the year are fully paid.

Holders of Scentre Group stapled securities have the right to receive declared dividends from SGL and distributions from SGT1, SGT2 and SGT3 and, in the event of winding up SGL, SGT1, SGT2 and SGT3, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on Scentre Group stapled securities held.

Holders of Scentre Group stapled securities can vote their shares and units in accordance with the Corporations Act, either in person or by proxy, at a meeting of any of SGL, SGT1, SGT2 and SGT3 (as the case may be).

	31 Dec 25	31 Dec 24
	$million	$million
(b) Amount of contributed equity
Balance at the beginning of the year	7,889.8	7,868.4
DRP	32.3	21.4
Balance at the end of theyear	7,922.1	7,889.8

Accounting Policies

Contributed equity

Issued and paid up capital is recognised at the fair value of the consideration received by the Trust. Any transaction costs arising from the issue of ordinary units are recognised directly in equity as a reduction of the proceeds received.

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Note 16 – Reserves

Note 16 – Reserves
	31 Dec 25	31 Dec 24
	$million	$million
Foreign currencytranslation reserve	(31.0)	(3.2)
Movement in foreign currency translation reserve
Balance at the beginning of the year	(3.2)	11.8
Foreign exchange movement
– Currencymovement on the translation of investment in foreign operations	(27.8)	(15.0)
Balance at the end of theyear	(31.0)	(3.2)

The foreign currency translation reserve is used to record net exchange differences arising from the translation of the net investments, including qualifying hedges, in foreign controlled and equity accounted entities. This may be subsequently transferred to the statement of comprehensive income.

Accounting Policies

Translation of accounts of foreign operations

The functional and presentation currency of the Trust and its Australian subsidiaries is Australian dollars. The functional currency of the New Zealand entities is New Zealand dollars. The presentation currency of the overseas entities is Australian dollars to enable the consolidated financial statements of the Trust to be reported in a common currency.

The balance sheets of foreign subsidiaries and equity accounted investments are translated at exchange rates ruling at balance date and the statement of comprehensive income of foreign subsidiaries and equity accounted investments are translated at average exchange rates for the period. Exchange differences arising on translation of the interests in foreign operations are taken directly to the foreign currency translation reserve.

Refer to Note 14 for other items included in foreign currency translation reserve.

Note 17 – Retained profits

Note 17 – Retained profits
		31 Dec 25	31 Dec 24
	Note	$million	$million
Movement in retained profts
Balance at the beginning of the year		2,568.5	2,467.1
Proft after tax for the year		962.9	477.0
Distributions paid	8(b)	(364.3)	(375.6)
Balance at the end of theyear		3,167.1	2,568.5

Note 18 – Capital and financial risk management

The Trust forms part of Scentre Group which is a stapled entity comprising the Trust, SGL, SGT1, SGT3 and their respective controlled entities. The stapled group operates as a single economic entity with a common Board of Directors and management team. Capital and financial risks are therefore managed from the stapled group’s perspective rather than the silos that make up the stapled group.

Refer to Note 21: Capital risk management, Note 22: Financial risk management, Note 23: Interest rate risk management, Note 24: Exchange rate risk management, Note 25: Credit risk management and Note 26: Liquidity risk management of Scentre Group’s 2025 Annual Report for details of Scentre Group’s policies in identifying, assessing and managing the capital and financial risks of the stapled group.

28 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 19 – Financial covenants

Scentre Group, of which the Trust is part, is required to comply with certain financial covenants in respect of its senior borrowing facilities and senior notes payables.

Refer to Note 27: Financial covenants of Scentre Group’s 2025 Annual Report for details of Scentre Group’s financial covenants.

Note 20 – Interest bearing liabilities, interest and derivatives cash flow maturity profile

Refer to Note 13 for details of interest bearing liabilities and financing facilities. The maturity profiles of the principal amounts of interest bearing liabilities including aggregate future estimated nominal interest and the future estimated nominal cashflows of derivative financial instruments are set out below:

31 Dec 25	31 Dec 24
$million	$million
Senior borrowings and interest Due within one year (2,461.3) Due between one year and fve years (2,622.4) Due after fveyears (234.0)	(827.2) (4,347.9) (0.2)
(5,317.7)	(5,175.3)
Subordinated notes and interest(i) Due within one year (100.5) Due between one year and fve years (402.4) Due between fve years and ten years (502.9) Due after tenyears (6,461.6)	(164.1) (656.8) (820.9) (10,797.6)
(7,467.4)	(12,439.4)
Comprising: – principal amounts of current and non-current senior borrowings (5,029.3) – aggregate future estimated nominal interest of senior borrowings (288.4) – principal amounts of non-current subordinated notes (1,961.5) – aggregate future estimated nominal interest of subordinated notes (5,505.9)	(4,787.7) (387.6) (3,288.0) (9,151.4)
(12,785.1)	(17,614.7)
Derivatives infows/(outfows) Due within one year (119.9) Due between one year and fve years 153.5 Due after fveyears 0.2	(165.7) 70.1 271.3
33.8	175.7

(i) Future interest cash flows have been estimated by applying the applicable contractual interest rates to the outstanding principal over the period from the reporting date to the maturity date of the subordinated notes.

The non-interest bearing loans payable to related entities disclosed in Note 12 and the contingent liabilities set out in Note 26 are not included in the amounts shown above.

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Note 21 – Fair value of assets and liabilities

Set out below is a comparison by category of carrying amounts and fair values of the Trust’s financial instruments.

Fair value hierarchy	Fair value Carrying amount
	31 Dec 25 $million 31 Dec 24 $million 31 Dec 25 $million 31 Dec 24 $million
Consolidated assets Cash and cash equivalents Trade debtors and other receivables(i) Interest bearing loan receivables(ii) Level 2 Interest receivable(i) Derivative assets(ii) Level 2 Investment in unlisted fund(ii) (iii) Level 3 Consolidated liabilities Trade and other payables(i) Interest payable(i) Interest bearing liabilities(ii) – Fixed rate senior borrowings Level 2 – Fixed rate subordinated notes Level 2 – Floating rate senior borrowings Level 2 Derivative liabilities(ii) Level 2	187.6 31.3 187.6 31.3 28.5 23.3 28.5 23.3 – 997.9 – 997.9 83.6 101.4 83.6 101.4 217.9 302.7 217.9 302.7 50.0 – 50.0 – 160.6 219.7 160.6 219.7 134.5 172.8 134.5 172.8 3,761.5 3,562.8 3,820.9 3,684.2 1,976.3 3,224.9 1,961.5 3,288.0 1,208.4 1,103.5 1,208.4 1,103.5 105.2 72.0 105.2 72.0

(i) These financial assets and liabilities are not subject to interest rate risk and the fair value approximates carrying amount.

(ii) These financial assets and liabilities are subject to interest rate and/or market risks, the basis of determining the fair value is set out in the fair value hierarchy below.

(iii) On 19 December 2025, the Trust acquired units in an unlisted fund for $50.0 million. There are no material changes to the carrying value of the investment to the end of the year.

Determination of fair value

The Responsible Entity uses the following hierarchy for determining and disclosing the fair value of a financial instrument. The valuation techniques comprise:

Level 1: the fair value is calculated using quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: the fair value is estimated using inputs other than quoted prices that are observable, either directly (as prices) or indirectly (derived from prices).

Level 3: the fair value is estimated using inputs that are not based on observable market data.

In assessing the fair value of the Trust’s financial instruments, consideration is given to available market data and if the market for a financial instrument changes then the valuation technique applied will change accordingly.

During the year, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements.

Investment properties are considered Level 3, refer to Note 4: Investment properties and Note 5: Details of shopping centre investments for relevant fair value disclosures.

30 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 22 – Other material accounting policies

(a) Consolidation and classification

This consolidated financial report comprises the financial statements and notes to the financial statements of SGT2, and each of its controlled entities as from the date SGT2 obtained control until such time control ceased. SGT2 and its controlled entities are collectively referred to as the economic entity known as the Trust. Where entities adopt accounting policies which differ from those of SGT2, adjustments have been made so as to achieve consistency within the Trust.

In preparing the consolidated financial statements, all inter-entity transactions and balances, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered.

(i) Joint arrangements

(b) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST except where the GST incurred on the purchase of goods and services is not recoverable from the tax authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amounts of GST included.

The net amount of GST payable or receivable to government authorities is included as part of receivables or payables on the balance sheet.

Cash flows are included in the cash flow statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flow.

Commitments and contingent liabilities are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

Joint operations

The Trust has significant co-ownership interests in a number of properties through unincorporated joint ventures. These interests are held directly and jointly as tenants in common. The Trust has the rights to the individual assets and obligations arising from these interests and recognises its share of the assets, liabilities, revenues and expenses of the operation.

(c) Recoverable amount of assets

At each reporting date, the Trust assesses whether there is any indication that an asset may be impaired. Where an indicator of impairment exists, the Trust makes an estimate of recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Joint ventures

The Trust has significant co-ownership interests in a number of properties through property partnerships, trusts or companies. These joint ventures are accounted for using the equity method of accounting.

The Trust and its joint ventures use consistent accounting policies. Investments in joint ventures are carried in the consolidated balance sheet at cost plus post-acquisition changes in the Trust’s share of the net assets of the joint ventures. The consolidated statement of comprehensive income reflects the Trust’s share of the results of operations of the joint ventures.

(d) Translation of foreign currency transactions

Foreign currency transactions are converted to Australian dollars at exchange rates ruling at the date of those transactions. Amounts payable and receivable in foreign currency at balance date are translated to Australian dollars at exchange rates ruling at that date. Exchange differences arising on the settlement of or on translating amounts payable or receivable in foreign currency at rates different from those at which they were translated on initial recognition, are recognised in the statement of comprehensive income in the period in which they arise, except where hedge accounting is applied.

(ii) Controlled entities

Where an entity either began or ceased to be a controlled entity during the reporting period, the results are included only from the date control commenced or up to the date control ceased. Non-controlling interests are shown as a separate item in the consolidated financial statements.

(e) Assets and liabilities held for sale

Non-current assets or disposal groups are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as financial assets and investment property that are carried at fair value. Assets and liabilities classified as held for sale are presented separately as current items in the balance sheet.

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Note 23 – Share-based payments

Performance Rights – Short Term Variable Remuneration (STVR) and Long Term Variable Remuneration (LTVR) issued to employees of related entities

As at 31 December 2025, there were 17,303,449 (31 December 2024: 18,207,070) performance rights held by participants in Scentre Group’s STVR/LTVR plans equating to 17,303,449 (31 December 2024: 18,207,070) Scentre Group stapled securities. A performance right is the right, for no payment, to receive Scentre Group stapled securities on vesting. Descriptions of the STVR/LTVR plans are in the Remuneration Report in Scentre Group’s 2025 Annual Report.

	31 Dec 25	31 Dec 24
	Number of	Number of
	rights	rights
Vesting profle – Performance Rights – STVR and LTVR
2025	–	7,470,896
2026	4,852,774	7,827,813
2027	7,587,188	2,908,361
2028	4,863,487	–
	17,303,449	18,207,070

Note 24 – Lease commitments

Operating lease receivables

Substantially all of the property owned and leased by the Trust is leased to third party retailers. Lease terms vary between retailers and some leases include percentage rental payments based on sales revenue.

The following is prepared on a proportionate basis which includes both consolidated and equity accounted lease receivables.

	31 Dec 25	31 Dec 24
	$million	$million
Future minimum rental revenues under non-cancellable operating property leases:
Due within one year	1,011.7	968.4
Due between one and two years	840.6	800.1
Due between two and three years	672.5	653.6
Due between three and four years	526.2	506.4
Due between four and fve years	388.1	373.6
Due after fveyears	872.9	981.7
	4,312.0	4,283.8

These amounts include undiscounted future lease payments to be received under non-cancellable operating leases calculated based on contracted lease terms as at the end of the year.

These amounts do not include percentage rentals which may become receivable under certain leases on the basis of retailer sales in excess of stipulated minimums and do not include recovery of outgoings.

32 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 25 – Capital expenditure commitments

Note 25 – Capital expenditure commitments
	31 Dec 25	31 Dec 24
	$million	$million
Estimated capital expenditure committed at balance date but not provided for in relation
to development projects:
Due within one year	13.6	15.8
Due between one and fveyears	15.5	15.5
	29.1	31.3

Note 26 – Contingent liabilities

Note 26 – Contingent liabilities	29.1	31.3
	31 Dec 25	31 Dec 24
	$million	$million
Performance guarantees	45.5	47.9
Guaranteed borrowings of associates of the Responsible Entity	8,244.9	8,396.1
	8,290.4	8,444.0

Entities of Scentre Group have provided guarantees in respect of certain Westfield Corporation Limited joint venture operations in the United Kingdom. Under the Restructure and Merger Implementation Deed, the entities of Scentre Group and Westfield Corporation have cross indemnified each other for any claims that may be made or payment that may be required under such guarantees. On 7 June 2018, Unibail-Rodamco-Westfield acquired the entities of Westfield Corporation, including Westfield Corporation Limited.

The Trust’s obligation in respect of performance guarantees may be called on at any time dependent upon the performance or non-performance of certain third parties.

From time to time, in the normal course of business, the Trust is involved in lawsuits. The Directors believe that the ultimate outcome of such pending litigation will not materially affect the results of operations or the financial position of the Trust.

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Note 27 – Parent entity

The Parent Entity financial information is presented in accordance with the amendments to the Corporations Regulations 2001 and the Corporations Amendment Regulations 2010 (No. 6). Summary data of the Parent Entity is presented below:

31 Dec 25	31 Dec 24
$million	$million
(a) Assets Current assets 783.3 Non-current assets 18,142.2	1,224.5 18,210.8
Total assets 18,925.5	19,435.3
(b) Liabilities Current liabilities 3,173.9 Non-current liabilities 4,693.4	1,553.2 7,427.0
Total liabilities 7,867.3	8,980.2
(c) Equity Contributed equity 7,922.1 Reserves 1,419.3 Retained profts 1,716.8	7,889.8 1,315.1 1,250.2
Total equity 11,058.2	10,455.1
(d) Comprehensive income Proft after tax for the period 830.9 Other comprehensive income/(loss) 104.2	580.3 (118.3)
Total comprehensive income for the period 935.1	462.0
(e) Contingent liabilities Performance guarantees 45.5 Guaranteed borrowings of associates of the Responsible Entity 8,244.9	47.9 8,396.1
Total contingent liabilities 8,290.4	8,444.0

34 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 28 – Auditor’s remuneration

Note 28 – Auditor’s remuneration
31 Dec 25	31 Dec 24
$000	$000
Amounts received or due and receivable by the auditor of the Parent Entity and any other entity in the Trust for: – Auditing the statutory fnancial report of the Parent Entity covering the Trust 769	831
– Auditing the statutory fnancial reports of any controlled entities –	–
– Fees for assurance services that are required by legislation to be provided by the auditor –	–
– Fees for other assurance and agreed-upon-procedures services under other legislation or contractual arrangements(i) 320	304
– Fees for other non-audit services –	–
1,089	1,135
Amounts received or due and receivable by afliates of the auditor of the Parent Entity for: – Auditing the statutory fnancial report of the Parent Entity covering the Trust 28	28
– Auditing the statutory fnancial reports of any controlled entities 112	112
– Fees for assurance services that are required by legislation to be provided by the auditor –	–
– Fees for other assurance and agreed-upon-procedures services under other legislation or contractual arrangements(i) 22	22
– Fees for other non-audit services –	–
162	162
1,251	1,297

(i) Includes assurance services such as real estate trust audits, outgoings audits and other assurance engagements.

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Note 29 – Related party disclosures

Information required to be disclosed concerning relationships, transactions and balances with related parties of the Trust is set out in this Note unless disclosed elsewhere in this financial report.

Nature of relationship with related parties

Key Management Personnel

Refer to Note 30 for details and remuneration of Key Management Personnel (KMP).

Other Related Parties

SGL, SGT1 and SGT3 are considered to be related parties of the Trust, as their securities are stapled to the securities of SGT2 to form Scentre Group.

Transactions with related parties and their terms and conditions

Transactions with KMP

Refer to Note 30 for details and remuneration of KMP.

Transactions with Other Related Parties

(a) Charges by SGL to the Trust

During the year, charges by SGL to the Trust were as follows:

• Property management fees of $66.8 million (31 December 2024: $64.5 million);

• Manager’s service charge of $4.7 million (31 December 2024: $4.8 million);

• Reimbursement of expenses of $31.9 million (31 December 2024: $30.8 million);

• Tenancy coordination fees of $5.0 million (31 December 2024: $4.8 million);

• Development and construction billings of $110.7 million (31 December 2024: $191.2 million).

As at 31 December 2025, amounts payable by the Trust to SGL amounted to $27.0 million (31 December 2024: $45.8 million).

(b) Loans

As at 31 December 2025, loans transacted with related entities were as follows:

• (i) A new interest bearing loan payable to SGT1 was transacted in 2025. The outstanding balance as at 31 December 2025 was $550.0 million. The interest expense for the year in respect of this loan was $0.7 million, all of which remained unpaid.

• (ii) The interest bearing loan provided to SGT1 was fully repaid in 2025 (31 December 2024: $997.9 million outstanding). The interest income for the year in respect of this loan was $15.5 million (31 December 2024: $110.5 million).

During 2025 and 2024, interest bearing loans provided by SGL were fully repaid. The interest expense for the year in respect of these loans by SGL was $0.3 million (31 December 2024: $0.6 million).

(c) Facility Fees

During the year, the Trust was reimbursed by SGL and SGT1 for the external facility related costs incurred on their behalf totalling $23.1 million (31 December 2024: $19.8 million). In addition, the Trust reimbursed SGL for external facility related costs incurred on its behalf totalling $0.1 million (31 December 2024: $0.5 million).

(d) Financial derivatives

As at 31 December 2025, financial derivatives transacted with SGL were as follows:

• (i) Notional principals of interest rate swaps outstanding were A$5,200.0 million (31 December 2024: A$4,300.0 million). The net interest income for the year in respect of these derivatives was $45.1 million (31 December 2024: $91.9 million), of which $5.4 million net interest income (31 December 2024: $10.5 million) was unpaid.

• (ii) Notional principals of cross currency swaps outstanding were US$2,562.1 million, €1,000.0 million and HK$1,028.0 receivables and aggregate A$5,396.1 million payable (31 December 2024: US$3,294.1 million and €1,000.0 million receivables and aggregate A$6,192.9 million payable). The net interest expense for the year in respect of these derivatives was the A$ equivalent of $178.9 million (31 December 2024: $260.4 million), of which $23.4 million net interest income (31 December 2024: $11.6 million) was unpaid. The foreign currency receivable exposures above are matched to the foreign currency senior borrowings and subordinated notes disclosed in Note 13, therefore the statement of comprehensive income is not affected by any movements in exchange rates in relation to these net positions.

• (iii) Notional principals of callable interest rate swaps outstanding were A$1,000.0 million (31 December 2024: A$300.0 million). The net interest income for the year in respect of these derivatives was $5.0 million (31 December 2024: $4.3 million).

During the year, the Trust contracted foreign currency derivatives to pay net NZ$25.8 million and US$9.2 million to SGL (31 December 2024: net NZ$33.9 million and US$17.0 million) in exchange for the Trust receiving net A$38.5 million from SGL (31 December 2024: A$56.3 million). The foreign currency contracts matured during the year resulting in a net realised gain being recognised in the statement of comprehensive income which was immaterial (31 December 2024: immaterial gain).

• (iii) Non-interest bearing loan payable outstanding to SGT3 of $10.9 million (31 December 2024: $14.6 million).

36 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 30 – Details and remuneration of Key Management Personnel

KMP are those individuals having the authority and responsibility for planning, directing and controlling the activities of the Trust, either directly or indirectly. They include non-executive Directors and senior executives who fall within those criteria.

(a) Key Management Personnel

The Trust forms part of Scentre Group. Scentre Group’s remuneration framework and philosophy and remuneration outcomes for the KMP are detailed in the Remuneration Report in Scentre Group’s 2025 Annual Report.

The Responsible Entity does not have any employees. KMP of the Trust are paid by related entities within Scentre Group.

For the year ended 31 December 2025, KMP were:

Non-Executive Directors	Position
Ilana Atlas AO	Non-executive Chair
Catherine Brenner	Non-executive Director
Julie Coates	Non-executive Director
Michael Ihlein	Non-executive Director
Carolyn Kay	Non-executive Director
Craig Mitchell	Non-executive Director
Guy Russo	Non-executive Director
Margaret Seale	Non-executive Director
Michael Wilkins AO	Non-executive Director
Executive KMP	Position
Elliott Rusanow	Managing Director and Chief Executive Ofcer
Andrew Clarke	Chief Financial Ofcer
Lillian Fadel(i)	Group Director, Customer, Community and Destination
John Papagiannis	Group Director, Businesses
Maria Stamoulis(ii)	Director, Human Resources

(i) From 1 January 2026, Lillian Fadel was appointed the Chief Operating Officer of Scentre Group.

(ii) From 1 January 2026, Maria Stamoulis ceased to be a KMP and remains a key partner to the business and member of the executive leadership team.

Julie Coates was appointed to the Board effective 1 October 2025. All other Directors and all executive KMP held office for the full year.

Michael Ilhein will retire from the Board at the conclusion of Scentre Group’s 2026 Annual General Meeting to be held on 22 April 2026.

The Board of the Responsible Entity, RE1 Limited, is identical to the Board of Scentre Group Limited (SGL), the parent company of Scentre Group. RE1 Limited is a subsidiary of SGL. If a Director ceases to be a Director of SGL for any reason, they must also resign as a Director of RE1 Limited.

(b) Remuneration of KMP

The non-executive Directors of the Responsible Entity receive remuneration in their capacity as Directors of the Responsible Entity. These amounts are paid directly by SGL. Other executive KMP are paid by Scentre Pty Limited, a wholly owned subsidiary of SGL.

The Manager’s service charge payable by the Trust to the Responsible Entity covers all costs in relation to the management of the Trust. The remuneration of the KMP is not set by the Trust nor is it able to be influenced by the Trust. The remuneration of the KMP is approved by the Board on the recommendation of the Human Resources Committee.

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Note 31 – Details of material and significant entities

Name of entity	31 Dec 25 – Interest	31 Dec 24 – Interest
	Benefcial (i) Consolidated or Equity accounted % Parent Entity % Trust %	Benefcial (i) Consolidated or Equity accounted % Parent Entity % Trust %
ENTITIES DOMICILED IN AUSTRALIA Parent Entity Scentre Group Trust 2 Consolidated Controlled Entities Sydney Investment Trust Equity Accounted Entities Bondi Junction Trust WestArt Trust ENTITIES DOMICILED IN NEW ZEALAND Equity Accounted Entities Scentre NZ Holdings Limited		100.0 100.0 100.0 100.0 100.0 100.0 – 50.0 50.0 – 50.0 50.0 – 50.0 50.0
	100.0 100.0 100.0
	100.0 100.0 100.0
	– 50.0 50.0
	– 50.0 50.0
	– 50.0 50.0

(i) Beneficial interest in underlying controlled and equity accounted entities reflects the Parent Entity and the Trust’s ownership interest as determined under International Financial Reporting Standards (IFRS).

Note 32 – Events after the reporting period

On 3 February 2026, Scentre Group sold a 19.9% interest in Westfield Sydney to Australian Retirement Trust which was executed through the sale of units in sub-trusts. At 31 December 2025, 19.9% of the net assets held in these sub-trusts mainly comprise shopping centre investments of $863.7 million excluding ground lease assets (SGT2 share: $391.5 million) and net working capital. SGT2’s remaining interest in the sub-trusts will be accounted for under the equity method of accounting.

38 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Consolidated Entity Disclosure Statement

As at 31 December 2025

		Country of	% of Share	Country of
Name of entity	Type of Entity	incorporation	capital held	tax residence
Casey Unit Trust	Trust	N/A	N/A	Australia
Karrinyup Investment Trust	Trust	N/A	N/A	Australia
New Zealand Investment Trust	Trust	N/A	N/A	Australia
Scentre Barangaroo Trust	Trust	N/A	N/A	Australia
Scentre Booragoon Trust	Trust	N/A	N/A	Australia
Scentre Eastgardens Trust	Trust	N/A	N/A	Australia
Scentre Group Trust 2 (Parent entity)	Trust	N/A	N/A	Australia
Scentre Market Street Trust	Trust	N/A	N/A	Australia
Scentre Mt Atkinson Trust	Trust	N/A	N/A	Australia
Scentre NSW Trust	Trust	N/A	N/A	Australia
Scentre QLD Trust	Trust	N/A	N/A	Australia
SydneyInvestment Trust	Trust	N/A	N/A	Australia

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Directors’ Declaration

For the year ended 31 December 2025

The Directors of RE1 Limited, the Responsible Entity of Scentre Group Trust 2 (Trust), declare that:

• (a) in the Directors’ opinion, there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable;

• (b) in the Directors’ opinion, the Financial Statements and notes thereto are in accordance with the Corporations Act 2001 , including:

• (i) complying with accounting standards and regulations in accordance with section 296 of the Corporations Act 2001 ;

• (ii) giving a true and fair view of the financial position as at 31 December 2025 and the performance of the consolidated entity for the year ended on that date in accordance with section 297 of the Corporations Act 2001 ;

• (iii) the International Financial Reporting Standards issued by the International Accounting Standards Board;

• (c) In the Directors’ opinion, the consolidated entity disclosure statement as at 31 December 2025 required by subsection 295(3A) of the Corporations Act 2001 is true and correct; and

• (d) they have been provided with the declarations required by section 295A of the Corporations Act 2001 .

Made on 19 March 2026 in accordance with a resolution of the Board of Directors.

==> picture [89 x 32] intentionally omitted <==

Ilana Atlas AO Chair

==> picture [89 x 17] intentionally omitted <==

Michael Ihlein Director

19 March 2026

40 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Independent Auditor’s Report

To the members of Scentre Group Trust 2

==> picture [81 x 83] intentionally omitted <==

Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Report on the audit of the financial report

Opinion

We have audited the financial report of Scentre Group Trust 2 and its controlled entities (the Trust), which comprises the consolidated balance sheet as at 31 December 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

In our opinion, the accompanying financial report of the Trust is in accordance with the Corporations Act 2001 , including:

• a. Giving a true and fair view of the consolidated financial position of the Trust as at 31 December 2025 and of its consolidated financial performance for the year ended on that date; and

• b. Complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Trust in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report.

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Shopping centre investment properties – carrying values and revaluations

Why significant

At 31 December 2025, the Trust holds economic interests in shopping centre investment properties which are carried at a fair value of $18.0 billion as disclosed in Note 2. These include shopping centres recorded directly in the consolidated balance sheet as investment properties and indirectly through equity accounted investments. Collectively, they represent 97% of total assets.

Fair values were determined by the Trust at the end of the reporting period with reference to the latest external independent property valuations and market conditions existing at the reporting date. Changes in fair value are recognised in the statement of comprehensive income.

We considered this to be a key audit matter as property valuations are based on certain assumptions, such as capitalisation rates, market rent, occupancy levels, re-leasing and capital expenditure, which are judgmental in nature. Minor changes in certain assumptions can lead to significant changes in valuations.

We draw attention to Notes 4 and 5 of the financial report which discloses the accounting policy for these assets and sensitivities to changes in the key assumptions that may impact these valuations.

How our audit addressed the key audit matter

Our audit procedures included the following for both properties held directly and through equity accounted investments:

• We inquired of the following matters with management: – Movements in the Trust’s investment property portfolio;

• Changes in the condition of each property, including an understanding of key developments and changes to development activities; and

• Changes in the Trust’s investment property portfolio including understanding leasing activity and tenant occupancy risk.

• We assessed the effectiveness of the Trust’s relevant controls over the leasing process and associated schedule of tenancy reports, which are used as source data in the property valuations.

• On a sample basis, we performed the following procedures on the key assumptions adopted in the valuations:

• We assessed net income, lease expiry and vacancy assumptions adopted against the schedule of tenancy reports, lease expiry profile and vacancy levels of the underlying asset;

• We assessed the re-leasing and capital expenditure requirement assumptions in light of the current leasing status of the property;

• Where available, we corroborated these assumptions to supporting lease documentation or external market data; and

• Tested the mathematical accuracy of valuations.

• We involved our real estate valuation specialists to assist with:

• the assessment of capitalisation rates adopted across the portfolio; and

• – the review and assessment of the property valuations for a sample of properties based on size, geographical location and other property valuation specific risk factors.

• We evaluated the suitability of the valuation methodology used by management across the portfolio. We assessed the reports of independent valuers to gain an understanding of the assumptions and estimates used and the valuation methodology applied.

• Where relevant, we assessed the reasonableness of comparable transactions utilised by the Trust in the valuation process.

• • We assessed the qualifications, competence and objectivity of the external and internal valuers used by the Trust.

• • We also assessed the adequacy and appropriateness of disclosures included in Notes 4 and 5 of the financial report.

42 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Independent Auditor’s Report

Information other than the financial report and auditor’s report thereon

The directors of RE1 Limited, the Responsible Entity of the Trust, are responsible for the other information. The other information comprises the information included in the Trust’s annual report for the year ended 31 December 2025, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors of the Responsible Entity for the financial report

The directors of the Responsible Entity are responsible for the preparation of:

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and

• The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 ; and

for such internal control as the directors determine is necessary to enable the preparation of:

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and

• The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors of the Responsible Entity are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Responsible Entity.

• Conclude on the appropriateness of the directors of the Responsible Entity’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Trust to cease to continue as a going concern.

• • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the directors of the Responsible Entity, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors of the Responsible Entity with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated to the directors of the Responsible Entity, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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Ernst & Young

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Scott Jarrett Partner

Sydney 19 March 2026

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

44 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Directors’ Report

The Directors of RE1 Limited (Responsible Entity), the responsible entity of Scentre Group Trust 2 (the Trust or SGT2) submit the following report for the year ended 31 December 2025 (Financial Year).

The Trust is part of Scentre Group which is a stapled entity comprising Scentre Group Limited (SGL), the Trust, Scentre Group Trust 1 (SGT1), Scentre Group Trust 3 (SGT3) and their respective controlled entities. Scentre Group operates as a single coordinated economic entity, with a common Board of Directors and management team.

1. Operating and financial review

1.1 Operating overview

Scentre Group owns and operates 42 Westfield destinations (40 jointly held by the Trust) with 37 located in Australia and five in New Zealand. Westfield destinations are strategically located in close proximity to the majority of the population in Australia and New Zealand and form part of the social fabric of the communities we serve.

During 2025, Scentre Group welcomed 540 million customer visits, an increase of 14 million or 2.7% compared to 2024. In the first 53 days of 2026, customer visitation was 79 million, an increase of 3.1% compared to the same period in 2025.

Scentre Group’s business partners achieved a record $30.0 billion of sales during 2025. This is $1.0 billion or 3.6% more than in 2024, with the second half growing by 4.5%. For the month of January 2026, business partner sales grew by 5.4% on the comparable period.

Strong demand for space in our destinations resulted in Scentre Group’s portfolio occupancy increasing to 99.8% at 31 December 2025, representing Scentre Group’s highest level of occupancy since 2013.

During 2025, average specialty rent escalations across Scentre Group’s portfolio were 4.5% and 3,090 leasing deals were completed with new specialty lease spreads of 3.2%.

1.2 2025 economic performance

Financial performance and position

The Trust’s financial result for the Financial Year was a profit of $962.9 million, an increase of 101.9% compared with 2024. This includes an unrealised property valuation increase of $188.4 million. Net property income (property revenue less property expenses, outgoings and other costs) for the Financial Year was $958.3 million, up 4.0% from 2024.

The aggregate distribution attributable to members of SGT2 for the Financial Year is $257.4 million (being 4.940 cents per unit). Basic earnings per unit for the Financial Year is 18.48 cents.

Net assets have increased from $10,455.1 million at 31 December 2024 to $11,058.2 million at 31 December 2025. The Trust’s portfolio is valued at $18.0 billion at 31 December 2025.

Capital management

As at 31 December 2025, the Trust had available financing facilities of $4.6 billion after deducting facilities utilised by its borrowings.

During the Financial Year, the Trust received $1.0 billion through the repayment of interest bearing loan receivable from SGT1. The Trust also issued $0.2 billion of senior notes.

In March 2025, the Trust completed the make-whole redemption of the remaining Non-Call 2026 Subordinated Notes totalling $1.0 billion with a margin of 4.7%.

Development activity

Scentre Group continues to progress works on its $4.0 billion pipeline of future development opportunities.

During the Financial Year, Scentre Group completed the $28 million redevelopment of Level 1 at Westfield Bondi in Sydney. The repurposed space features a health, wellness and fitness precinct, including a global first Virgin Active social wellness club and rebel rCX store, contributing to visitation growth of 8.5% in 2025. Following the success of Level 1, Scentre Group will commence a $240 million investment at Westfield Bondi to redevelop Level 6 into a world-leading lifestyle, entertainment and dining destination.

Scentre Group completed the expansion of Westfield Sydney during the year featuring a two-level CHANEL boutique, Moncler and OMEGA.

The $72 million redevelopment at Westfield Southland in Melbourne delivered a new family, dining and entertainment precinct, driving visitation growth of 6.5% in 2025.

The $48 million redevelopment at Westfield Burwood in Sydney welcomed brands ALDI, JB Hi-Fi, Nike and rebel, underpinning visitation growth of 9.3% in 2025.

Scentre Group has taken the opportunity to strategically downsize David Jones at three of its destinations to unlock space to introduce in-demand and highly productive stores.

The Trust has a joint interest in Westfield Bondi (50%), Westfield Southland (25%), Westfield Burwood (50%), and 100% interest in the Westfield Sydney development on the corner of Market and Castlereagh Streets.

Scentre Group’s 42 Westfield destinations are located on more than 670 hectares of land holdings, close to major transport hubs and where millions of people live and work. During the year, Scentre Group lodged planning proposals at six Westfield destinations with the potential to deliver 16,100 dwellings.

A detailed operating and financial review for Scentre Group is contained in the Directors’ Report in Scentre Group’s 2025 Annual Report which is available at https://www.scentregroup. com/investors/annual-reporting-suite.

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1.3 2026 guidance and outlook

Scentre Group’s strategy to grow the economic activity across its Westfield destinations by attracting more people to Westfield destinations, broadening businesses partners, and better utilising its substantial land holdings, is expected to continue to deliver sustainable long-term growth in earnings and distributions.

Subject to no material change in conditions, Scentre Group’s target for Funds From Operations (FFO) is at least 23.73 cents per security for 2026, representing at least 4.0% growth for the year.

Scentre Group distributions are expected to grow by 4.0% for 2026 to 18.43 cents per security.

1.4 Events after the reporting period

On 3 February 2026, Scentre Group sold a 19.9% interest in Westfield Sydney to Australian Retirement Trust which was executed through the sale of units in sub-trusts. Following the sale, Scentre Group held an 80.1% interest and remains as the property, leasing and development manager. See Note 32 in the Financial Report for further details.

No other event has occurred since the end of the year which would significantly affect the operations of the Trust.

1.5 Principal activity

The principal activity of the Trust during the Financial Year was the long term ownership of shopping centres. There was no significant change in the nature of the principal activity during the Financial Year.

1.6 Future developments

At the date of this report there is no proposed change to the principal activities of the Trust. The strategy, key drivers and outlook of Scentre Group are described in the Directors’ Report in Scentre Group’s 2025 Annual Report.

1.7 Risk

Scentre Group looks at risk from a number of perspectives: global risk trends, social and environmental risks and retail property specific risks. These risks are subject to continuous assessment and review.

As a property group involved in the design, development, management and operation of retail shopping centres, Scentre Group faces a number of operational risks which have the potential to affect the achievement of our targeted financial outcomes.

A number of important strategic risks and how such risks are managed and monitored are outlined in Scentre Group’s 2025 Annual Report.

1.8 Environmental regulation

Environmental laws and regulations in force in the various jurisdictions in which we operate are applicable to areas of our operations and in particular to our development, construction and shopping centre management activities.

Scentre Group has in place procedures to identify and comply with such requirements including complying with the conditions of relevant authority consents and approvals and obtaining any necessary licences. Scentre Group’s compliance procedures are regularly reviewed and audited and their application closely monitored and Scentre Group’s approach to sustainability risks is outlined in Scentre Group’s 2025 Annual Report.

1.9 Sustainability Reporting

In accordance with s292A(2) of the Corporations Act 2001 , Scentre Group Limited prepared its Sustainability Report on a consolidated basis (which included the Trust). The Sustainability Report is included in Scentre Group’s 2025 Annual Report.

2. Distributions

For the six months ended 31 December 2024, the Trust distribution of 3.253 cents per ordinary unit formed part of the distribution of 8.60 cents per Scentre Group stapled security, paid on 28 February 2025. This distribution was an aggregate of a distribution from the Trust, SGT1, SGT3 and a dividend from SGL. The figure reported here represents that component of the aggregate Scentre Group distribution being the distribution of the Trust.

For the six months ended 30 June 2025, the Trust distribution of 3.745 cents per ordinary unit formed part of the distribution of 8.815 cents per Scentre Group stapled security, paid on 29 August 2025. This distribution was an aggregate of a distribution from the Trust and a distribution from SGT1. The figure reported here represents that component of the aggregate Scentre Group distribution being the distribution of the Trust.

For the six months ended 31 December 2025, the Trust distribution of 1.195 cents per ordinary unit formed part of the distribution of 8.905 cents per Scentre Group stapled security, paid on 27 February 2026. This distribution was an aggregate of a distribution from the Trust and a distribution from SGT1. The figure reported here represents that component of the aggregate Scentre Group distribution being the distribution of the Trust.

Scentre Group’s Distribution Reinvestment Plan (DRP) was in operation for the six-month period ended 31 December 2025. 6,559,679 Scentre Group stapled securities were issued under the DRP at $3.7998 per security on 27 February 2026. Scentre Group securities issued under the DRP rank equally with existing securities on issue.

46 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Directors’ Report

3. The Directors

The Board comprises nine independent non-executive Directors and one executive Director (being the Managing Director/Chief Executive Officer (CEO)). The period of office held by each Director is set out below and their significant directorships held in other companies is set out at Section 4.

Name	Position held	Appointed
Ilana Atlas	Non-executive Director and Chair	28 May 2021 (Director)
		1 October 2023(Chair)
Catherine Brenner	Non-executive Director	1 March 2022
Julie Coates	Non-executive Director	1 October 2025
Michael Ihlein(i)	Non-executive Director	30 June 2014
Carolyn Kay	Non-executive Director	24 February2016
CraigMitchell	Non-executive Director	14 October 2024
Elliott Rusanow	ManagingDirector and CEO	1 October 2022
GuyRusso	Non-executive Director	1 September 2020
Margaret Seale	Non-executive Director	24 February2016
Michael Wilkins	Non-executive Director	8 April 2020

(i) Scentre Group was established on 30 June 2014. Mr Ihlein was appointed to Scentre Group Limited and Scentre Management Limited on 30 June 2014 (the appointment date to RE1 Limited and RE2 Limited, which formed part of the prior Westfield Retail Trust, was 21 December 2010).

Biographies of the current Board and their independence status, skills and experience and details of their membership of and attendance at Board and Committee meetings during the year can be found in Scentre Group’s 2025 Annual Report.

The Board of the Responsible Entity, RE1 Limited, is identical to the Board of Scentre Group Limited, the parent company of Scentre Group. If a Director ceases to be a Director of Scentre Group Limited for any reason, they must also resign as a Director of RE1 Limited.

Michael Ihlein will retire from the Board at the conclusion of Scentre Group’s 2026 Annual General Meeting to be held on 22 April 2026.

The names of the Directors in office and the relevant interests of each Director in Scentre Group stapled securities as at the date of this report are shown on page 47. Units in the Trust are stapled to shares in SGL and units in SGT1 and SGT3. The stapled securities trade on the ASX under the code SCG.

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Directors’ relevant interests

Directors’ relevant interests
Directors	Number of stapled securities
	31 Dec 2025 31 Dec 2024
Ilana Atlas	280,856 230,856
Catherine Brenner(i)	104,656 100,000
Julie Coates(ii)	– –
Michael Ihlein	48,048 48,048
Carolyn Kay	57,000 57,000
CraigMitchell	100,000 60,000
Elliott Rusanow	3,011,426 2,016,843
GuyRusso	145,000 145,000
Margaret Seale	56,750 56,750
Michael Wilkins	125,000 125,000

(i) On 27 February 2026, Catherine Brenner acquired a relevant interest in an additional 2,453 stapled securities under Scentre Group’s DRP.

(ii) On 25 February 2026, Julie Coates acquired a relevant interest in 56,000 stapled securities and on 26 February 2026, Julie Coates acquired a relevant interest in an additional 50 stapled securities.

No options were issued by the Trust during or since the end of the Financial Year and no Director or officer holds options over issued or unissued Scentre Group stapled securities or units in the Trust. None of the Directors hold debentures of Scentre Group.

None of the non-executive Directors are party to or entitled to a benefit under a contract which confers a right to call for, or be delivered, interests or securities in Scentre Group.

Details of the performance rights held by the executive Key Management Personnel (KMP), including the CEO, are set out in the Remuneration Report in Scentre Group’s 2025 Annual Report.

48 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Directors’ Report

4. Directors’ directorships of other listed companies

Details of all directorships of other listed companies held by each Director at any time in the three years immediately before 31 December 2025 are set out below.

Scentre Group comprises SGL, SGT1, SGT2 and SGT3. The responsible entity of SGT1 is Scentre Management Limited, the responsible entity of SGT2 is RE1 Limited and the responsible entity of SGT3 is RE2 Limited. Scentre Management Limited is also the responsible entity of Carindale Property Trust, a listed managed investment scheme (ASX:CDP). Each Directors’ appointment to these companies is continuing. The date of appointment is set out at Section 3.

Director	Company Date appointed Date resigned
Ilana Atlas	Origin EnergyLimited 19 February2021 Continuing
	Australia and New Zealand BankingGroup Limited 24 September 2014 21 December 2023
Catherine Brenner	Djerriwarrh Investments Limited 23 August 2024 Continuing
Julie Coates	Wesfarmers Limited 1 May2025 Continuing
	CSR Limited 2 September 2019 Delisted from the ASX on 9 July2024
Michael Ihlein	Inghams Group Limited 16 April 2020 Continuing
	Ampol Limited 1 June 2020 Continuing
	Endeavour Group Limited 18 February2026 Continuing
Carolyn Kay	National Australia Bank Limited 31 July2023 Continuing
CraigMitchell*
Elliott Rusanow*
Guy Russo	GuzmanyGomez Limited(listed 20 June 2024) 18 July2014 Continuing
	SomnoMed Limited 24 August 2020 Continuing
Margaret Seale	Westpac BankingCorporation 1 March 2019 Continuing
Michael Wilkins	QBE Insurance Group Limited 1 November 2016 Continuing
	Medibank Private Limited 25 May2017 Continuing

• No relevant directorships held in the prior three years.

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5. Indemnities and insurance premiums

Subject to the following, no indemnity was given, or insurance premium paid during or since the end of the Financial Year out of the assets of the Trust in regards to a person who is or has been an officer or auditor of the Responsible Entity. So long as the Responsible Entity acts in accordance with the Constitution and the Corporations Act 2001 , it remains indemnified out of the assets of the Trust against any losses incurred while acting as the Responsible Entity.

The Responsible Entity’s Constitution provides that a person who is or has been a Director or Secretary of the Responsible Entity may be indemnified by the Responsible Entity against liabilities incurred by the person in that capacity and for all legal costs incurred in defending or resisting (or otherwise in connection with) proceedings in which the person becomes involved because of that capacity. The indemnity does not apply to the extent that the Responsible Entity is forbidden by statute to indemnify the person or the indemnity would, if given, be made void by statute.

A related corporation of the Responsible Entity has paid premiums for directors’ and officers’ liability insurance in respect of Directors, Secretaries and Executive Officers of the Responsible Entity as permitted by the Corporations Act 2001 . The terms of the insurance policy prohibit disclosure of details of the nature of the liabilities covered by, and the amounts of the premiums payable under, that insurance policy.

In addition, each Director has entered into a Deed of Indemnity and Access which provides for indemnity against liability as a Director, except where prohibited by statute. The Deed also entitles the Director to access the Responsible Entity’s documents and records, subject to undertakings as to confidentiality.

To the extent permitted by law, the Responsible Entity has agreed to indemnify its auditor, Ernst & Young (EY), as part of the standard terms of its audit engagement against claims by third parties arising from the audit (for an unspecified amount). No payment with respect to such indemnity has been made to EY during or since the Financial Year.

6. Special rules for registered schemes

• $76.5 million in fees were paid and payable to the Responsible Entity and its associates out of the assets of the Trust during the Financial Year.

• $110.7 million of development and construction billings were paid or payable to associates of the Responsible Entity out of the assets of the Trust during the Financial Year.

• No units in the Trust were held by the Responsible Entity at the end of the Financial Year. Associates of the Responsible Entity held 11,386,340 units as at 20 February 2026.

• No withdrawals were made from the scheme during the Financial Year.

• Details of the value of the Trust’s assets as at the end of the Financial Year and the basis for the valuation are set out in Notes 2, 4, 5 and 21 to the Financial Report.

• Details of the number of units in the Trust as at the end of the Financial Year are set out in Note 15 to the Financial Report.

7. Audit

7.1 Audit and Finance Committee

As at the date of this report, the Responsible Entity had a Board Audit and Finance Committee.

Details of the activities of the Committee are outlined in the Corporate Governance Statement that is included in Scentre Group’s 2025 Annual Report.

7.2 Auditor’s fees and audit independence

Details of the amounts paid to EY, the Trust’s auditor, are set out in Note 28 to the Financial Report. .

The Board is satisfied that the provision of these services by the auditor during the Financial Year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 .

50 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Directors’ Report

• 7.3 Auditor’s independence declaration to the Directors of RE1 Limited, the Responsible Entity of Scentre Group Trust 2

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Auditor’s independence declaration to the Directors of RE1 Limited, the Responsible Entity of Scentre Group Trust 2

As lead auditor for the audit of the financial report of Scentre Group Trust 2 for the financial year ended 31 December 2025, I declare to the best of my knowledge and belief, there have been:

• (a) No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;

• (b) No contraventions of any applicable code of professional conduct in relation to the audit; and

• (c) No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Scentre Group Trust 2 and the entities it controlled during the Financial Year.

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Ernst & Young

Scott Jarrett Partner

Sydney 19 March 2026

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

8. ASIC disclosures

The Trust is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. Accordingly, amounts in the Directors’ Report, the Financial Statements and the Notes to the Financial Statements have been rounded to the nearest tenth of a million dollars unless otherwise indicated. Amounts shown as 0.0 represent amounts less than $50,000 that have been rounded down.

9. ASX listing

ASX reserves the right (but without limiting its absolute discretion) to remove SGL, SGT1, SGT2 and SGT3 from the official list of ASX if any of the shares or units comprising those stapled securities cease to be stapled together, or any equity securities are issued by a Scentre Group entity which are not stapled to the equivalent securities in the other entities.

10. Corporate Governance Statement

Scentre Group is committed to ensuring that its policies and practices reflect a high standard of corporate governance. Ethical business practices and high standards of personal conduct are fundamental to the way we work as a responsible, sustainable business.

The Corporate Governance Statement for Scentre Group is available in Scentre Group’s 2025 Annual Report. During 2025, Scentre Group’s corporate governance framework was consistent with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition published in February 2019).

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

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Michael Ihlein

Ilana Atlas AO Chair

Director

19 March 2026

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Members’ Information

As at 9 February 2026

Twenty	largest holders of stapled securities in Scentre Group*	Number of stapled securities
1	HSBC Custody Nominees (Australia) Limited	1,887,829,313
2	J P Morgan Nominees Australia Pty Limited	1,123,956,435
3	Citicorp Nominees Pty Limited	832,889,835
4	BNP Paribas Nominees Pty Ltd	588,281,250
5	BNP Paribas Noms Pty Ltd	247,833,172
6	BNP Paribas Noms (NZ) Ltd	37,318,339
7	HSBC Custody Nominees (Australia) Limited	37,038,132
8	BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd	15,839,460
9	UBS Nominees Pty Ltd	10,619,829
10	HSBC Custody Nominees (Australia) Limited	10,013,587
11	HSBC Custody Nominees (Australia) Limited – A/C 2	9,900,404
12	Netwealth Investments Limited	9,009,110
13	Argo Investments Limited	7,526,662
14	Citicorp Nominees Pty Limited <143212 NMMT Ltd A/C>	7,412,369
15	BNP Paribas Noms Pty Ltd	6,379,206
16	Mutual Trust Pty Ltd	5,098,952
17	HSBC Custody Nominees (Australia) Limited-GSCO ECA	4,687,709
18	BNP Paribas Nominees Pty Ltd	4,551,507
19	HSBC Custody Nominees (Australia) Limited	3,904,356
20	BNP Paribas Nominees Pty Ltd	3,846,499
		4,853,936,126

• Ordinary shares in Scentre Group Limited are stapled to units in Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3.

Voting rights

Scentre Group Limited – At a meeting of members, on a show of hands, every person present who is a member or representative of a member has one vote, and on a poll every member present in person or by proxy or attorney and every person who is a representative of a member has one vote for each share they hold or represent.

Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3 – At a meeting of members, on a show of hands, every person present who is a member or representative of a member has one vote, and on a poll every member present in person or by proxy or attorney and every person who is a representative of a member has one vote for each dollar value of the total interest they have in the respective trusts.

52 | SCENTRE GROUP Scentre Group Trust 2 2025 Annual Financial Report

Members’ Information

Distribution schedule

Distribution schedule
	Number of stapled	Number of	% of securities
Category	securities*	securityholders	in each category
1 – 1,000	9,763,067	24,383	0.19
1,001 – 5,000	58,705,756	23,599	1.13
5,001 – 10,000	52,924,550	7,342	1.01
10,001 – 100,000	135,713,110	5,905	2.60
100,001 and over	4,959,310,929	294	95.07
Total	5,216,417,412	61,523	100.00

As at 9 February 2026, 5,939 securityholders hold less than a marketable parcel (being 127 securities at the closing price of $3.95) of quoted securities in Scentre Group.

• There are 17,303,449 performance rights on issue under Scentre Group’s performance rights plan to a total of 83 participants. These rights may be satisfied by either the transfer of Scentre Group securities to employees or settled by way of cash payout which amount is calculated by reference to the market price of Scentre Group securities at the time of vesting. Under the stapling arrangement, in the case of the issue of securities, each of Scentre Group Limited, Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3 is required to issue securities on the vesting of a performance right.

No securities were acquired on-market during FY25. Vesting of performance rights was satisfied by the transfer of existing securities held by an employee share trust.

Substantial securityholders

The names of Scentre Group substantial securityholders and the number of ordinary stapled securities in which each has a relevant interest, as disclosed in the substantial shareholding notices given to Scentre Group, are as follows:

The Vanguard Group	524,857,282
UniSuper Limited as trustee for UniSuper and UniSuper Management Pty Limited	524,254,913
State Street	515,117,148
BlackRock Group	440,089,028

Contents

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Directors’ Report

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Financial Report

1

Scentre Group Trust 3

Contents

Contents
Statement of Comprehensive Income	2
Balance Sheet	3
Statement of Changes in Equity	4
Cash Flow Statement	5
Notes to the Financial Statements	6
Consolidated Entity Disclosure Statement	22
Directors’ Declaration	23
Independent Auditor’s Report	24
Directors’ Report	27
Members’ Information	32

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2 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Statement of Comprehensive Income

For the year ended 31 December 2025

		31 Dec 25	31 Dec 24
	Note	$000	$000
Revenue and other income
Propertyrelated revenue		1,771	2,531
		1,771	2,531
Expenses
Property related expenses		(726)	(917)
Overheads		(287)	(289)
		(1,013)	(1,206)
Interest income		12	136
Currency gain		–	29
Financingcosts		(1)	(1)
Proft before tax		769	1,489
Tax expense	2	(230)	(441)
Proft after tax for theyear		539	1,048
Other comprehensive loss
Movement in foreign currency translation reserve (i)
– Currencymovement on the translation of foreign operations		(14)	(81)
Total comprehensive income for theyear		525	967
(i) This may be subsequently transferred to the proft and loss.
		31 Dec 25	31 Dec 24
	Note	cents	cents
Basic and diluted earnings per unit	4(a)	0.01	0.02

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3

Balance Sheet

As at 31 December 2025

	31 Dec 25	31 Dec 24
	Note $000	$000
Current assets
Cash and cash equivalents	5(a) 331	361
Receivables	6 11,338	15,201
Tax receivable	85	–
Total current assets	11,754	15,562
Non-current assets
Plant and equipment	7 396	473
Total non-current assets	396	473
Total assets	12,150	16,035
Current liabilities
Payables and other creditors	36	23
Tax payable	–	111
Total current liabilities	36	134
Non-current liabilities
Deferred tax liabilities	48	32
Total non-current liabilities	48	32
Total liabilities	84	166
Net assets	12,066	15,869
Equity
Contributed equity	8(b) 11,208	11,167
Reserves	9 (108)	(94)
Retained profts	10 966	4,796
Total equity	12,066	15,869

4 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Statement of Changes in Equity

For the year ended 31 December 2025

Note Contributed Equity $000 Reserves $000 Retained Profts $000 31 Dec 25 Total $000 Contributed Equity $000 Reserves $000 Retained Profts $000 31 Dec 24 Total $000	Note Contributed Equity $000 Reserves $000 Retained Profts $000 31 Dec 25 Total $000 Contributed Equity $000 Reserves $000 Retained Profts $000 31 Dec 24 Total $000	Note Contributed Equity $000 Reserves $000 Retained Profts $000 31 Dec 25 Total $000 Contributed Equity $000 Reserves $000 Retained Profts $000 31 Dec 24 Total $000
Changes in equity Balance at the beginning of the year 11,167 (94) 4,796 – Proft after tax for the year – – 539 – Other comprehensive loss 9 – (14) – Transactions with owners in their capacity as owners: – Movement in contributed equity(i) 8(b) 41 – – – Distributions paid or provided for 3(b) – – (4,369)	15,869 11,133 (13) 7,226 539 – – 1,048 (14) – (81) – 41 34 – – (4,369) – – (3,478)	18,346 1,048 (81) 34 (3,478)
Total equity 11,208 (108) 966	12,066 11,167 (94) 4,796	15,869

(i) The movement in contributed equity pertains to the issue of units under the Distribution Reinvestment Plan (DRP).

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5

Cash Flow Statement

For the year ended 31 December 2025

	31 Dec 25	31 Dec 24
	Note $000	$000
Cash fows from operating activities
Receipts in the course of operations (including Goods and Services Tax (GST))	1,935	2,765
Payments in the course of operations (including GST)	(985)	(1,242)
Income and withholding taxes paid	(409)	(409)
GST paid	(103)	(149)
Payments of fnancing costs	(1)	(1)
Interest received	12	136
Net cash infow from operating activities	5(b) 449	1,100
Cash fows from investing activities
Payments for plant and equipment	–	(542)
Net cash outfow from investing activities	–	(542)
Cash fows from fnancing activities
Funds received from/(paid to) related entities	3,863	(412)
Distributions paid	(4,328)	(3,444)
Net cash outfow from fnancing activities	(465)	(3,856)
Net decrease in cash and cash equivalents held	(16)	(3,298)
Add opening cash and cash equivalents brought forward	361	3,709
Efects of exchange rate changes on cash and cash equivalents	(14)	(50)
Cash and cash equivalents at the end of theyear	5(a) 331	361

6 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Index of Notes to the Financial Statements

For the year ended 31 December 2025

Note	Description	Page
1	Basis of preparation of the Financial Report	7
Operational results, assets and liabilities
2	Taxation	9
3	Distributions	10
4	Statutoryearnings per unit	10
Financing and capital management
5	Cash and cash equivalents	11
6	Receivables	12
7	Plant and equipment	12
8	Contributed equity	13
9	Reserves	14
10	Retained profts	14
11	Capital and fnancial risk management	15
12	Financial covenants	15
13	Fair value of assets and liabilities	15
Other	disclosures
14	Other material accountingpolicies	16
15	Share-based payments	17
16	Contingent liabilities	17
17	Segment reporting	17
18	Parent entity	18
19	Auditor's remuneration	18
20	Related partydisclosures	19
21	Details and remuneration of KeyManagement Personnel	20
22	Details of material and signifcant entities	21

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Directors’ Report Members’ Information

7

Notes to the Financial Statements

For the year ended 31 December 2025

Note 1 – Basis of preparation of the Financial Report

(a) Corporate information

This financial report of Scentre Group Trust 3 (SGT3) and its controlled entities (collectively the Trust), for the year ended 31 December 2025, was approved in accordance with a resolution of the Board of Directors of RE2 Limited as Responsible Entity of SGT3.

SGT3 is domiciled in Australia. The nature of the operations and principal activity of the Trust are described in the Directors’ Report.

(b) Accounting for the Trust

The Trust is part of Scentre Group which is a stapled entity comprising Scentre Group Limited (SGL), Scentre Group Trust 1 (SGT1), Scentre Group Trust 2 (SGT2), SGT3 and their respective controlled entities. Scentre Group was established on 30 June 2014. The securities of each of SGL, SGT1, SGT2 and SGT3 are stapled and trade as one security on the Australian Securities Exchange (ASX) under the code SCG. The stapled securities of SGL, SGT1, SGT2 and SGT3 cannot be traded separately.

(c) Going concern

This financial report has been prepared on a going concern basis. In making this assessment, the Directors have considered Scentre Group’s ability to meet its financial obligations over the next 12 months, using cash flow sensitivity analysis and having regard to maturity of interest bearing liabilities, funding requirements, operating cash earnings and available financing facilities.

(d) Basis of Accounting

This financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 (Corporations Act), Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board.

(e) Statement of Compliance

This financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. The accounting policies adopted are consistent with those of the previous financial year. The amendments in AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability became applicable on 1 January 2025 but did not have an impact on the consolidated financial statements of the Trust.

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Trust for the year ended 31 December 2025. The impact of these new standards or amendments to the standards and interpretations (to the extent relevant to the Trust) is as follows:

• AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments (effective 1 January 2026)

• This amends AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments to:

• (i) clarify the date of recognition and derecognition of some financial assets and liabilities;

• (ii) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion;

• (iii) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

• (iv) update the disclosures for equity instruments designated at fair value through other comprehensive income.

These amendments are not expected to have a material impact on the financial statements on application.

This financial report has been prepared on a historical cost basis and is presented in Australian dollars.

8 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 1 – Basis of preparation of the Financial Report (continued)

(e) Statement of Compliance (continued)

• AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 (effective 1 January 2026)

• This makes minor improvements to address inconsistencies or to clarify requirements in:

• (i) AASB 1 First-time Adoption of Australian Accounting Standards – to improve consistency between AASB 1 and AASB 9 in relation to the requirements for hedge accounting, and improve the understandability of AASB 1;

• (ii) AASB 7 Financial Instruments: Disclosures – to improve consistency in the language used in AASB 7 with the language used in AASB 13 Fair Value Measurement ;

• (iii) AASB 9 Financial Instruments – to clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished and address an inconsistency between AASB 9 and AASB 15 Revenue from Contracts with Customers in relation to the term ‘transaction price’;

• (iv) AASB 10 Consolidated Financial Statements – to clarify the requirements in relation to determining de facto agents of an entity; and

• (v) AASB 107 Statement of Cash Flows – to replace the term ‘cost method’ with ‘at cost’ as the term is no longer defined in Australian Accounting Standards.

These amendments are not expected to have a material impact on the financial statements on application.

• AASB 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027)

This replaces AASB 101 Presentation of Financial Statements with a focus on updates to the income statement. The key presentation and disclosure requirements established under the new standard relate to:

• (i) the structure of the income statement with defined subtotals;

• (ii) requirement to determine the most useful structure summary for presenting expenses in the income statement;

• (iii) the disclosure of management-defined performance measures in a single note within the financial statements; and

• (iv) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

The presentation and new disclosure requirements under the new standard are expected to have a material impact on the financial statements of the Trust on application. The Trust will apply the new standard from its mandatory effective date of 1 January 2027 and the comparative information for the financial year ending 31 December 2026 will be restated in accordance with AASB 18.

(f) Significant accounting judgements, estimates and assumptions

The preparation of the financial report requires management to make judgements, estimates and assumptions. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources.

Further details of the nature of judgements, estimates and assumptions may be found in the relevant notes to the financial statements, in particular, Note 13: Fair value of assets and liabilities and Note 14: Other material accounting policies.

(g) Comparative information

Where applicable, certain comparative figures are restated in order to comply with the current period’s presentation of the financial statements.

(h) Rounding

In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the amounts shown in this financial report have been rounded to the nearest thousand dollars, unless otherwise indicated. Amounts shown as 0 represent amounts less than $500 that have been rounded down.

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Note 2 – Taxation

Note 2 – Taxation
	31 Dec 25	31 Dec 24
	$000	$000
Tax expense
Current tax expense – underlying operations	(214)	(409)
Deferred tax expense	(16)	(32)
	(230)	(441)
The prima facie tax on proft before tax is reconciled to the income tax expense provided in the fnancial statements as follows:
Proft before income tax	769	1,489
Prima facie tax expense at 30%	(231)	(447)
Other items	1	6
	(230)	(441)

Global Anti-Base Erosion Rules (Pillar Two)

The effective tax rate of the Trust’s taxable entities is estimated to exceed 15% in all jurisdictions in which they operate. Current tax expense recognised related to Pillar Two income taxes is nil (31 December 2024: nil).

Accounting Policies

Taxation

The Trust comprises taxable entities in Australia and New Zealand. SGT3 is treated as a company for Australian tax purposes.

Accounting for income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities, calculated using the tax rates and tax laws enacted or substantively enacted at the reporting date in the countries where the Trust operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the tax expense.

Deferred tax is provided on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date. Deferred tax relating to items recognised in other comprehensive income or directly in equity is recognised in other comprehensive income or directly in equity and not in the statement of comprehensive income.

The Trust has applied the exception in AASB 112 Income Taxes to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

10 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 3 – Distributions

Note 3 – Distributions
	31 Dec 25	31 Dec 24
	$000	$000
(a) Final distributions for the year
Nil(31 December 2024: 0.084 cents per unit)	–	4,369
	–	4,369

The Trust did not pay interim and final distributions for the year ended 31 December 2025. The record date for the final distribution was 13 February 2026. A distribution reinvestment plan (DRP) was in operation for the distribution paid on 27 February 2026. Refer to Note 4(b) for the number of Scentre Group stapled securities issued under the DRP.

	31 Dec 25	31 Dec 24
	$000	$000
(b) Distributions paid during the year
Distribution in respect of the 6 months to 30 June 2025	–	–
Distribution in respect of the 6 months to 31 December 2024(i)	4,369	–
Distribution in respect of the 6 months to 30 June 2024	–	–
Distribution in respect of the 6 months to 31 December 2023	–	3,478
	4,369	3,478

(i) Distributions paid by SGT3 are franked at the corporate tax rate of 30%.

Note 4 – Statutory earnings per unit

	31 Dec 25	31 Dec 24
	cents	cents
(a) Summary of earnings per unit
Basic and diluted earnings per unit	0.01	0.02

There are no potential ordinary units which are considered dilutive.

Earnings used in calculating basic and dilutive earnings per unit was $539,000 (31 December 2024: $1,048,000). Weighted average number of units used in calculating basic and dilutive earnings per unit was 5,210,220,334 (31 December 2024: 5,196,572,838).

(b) Conversions, calls, subscription, issues or buy-back after 31 December 2025

There have been no conversions to, calls of, subscriptions for or buy-back of units since the reporting date and before the completion of this report. On 27 February 2026, 6,559,679 Scentre Group stapled securities were issued under the DRP at $3.7998 per security. Scentre Group stapled securities issued under the DRP rank equally with existing securities on issue.

Accounting Policies

Earnings per unit

Basic earnings per unit is calculated as net profit attributable to members divided by the weighted average number of ordinary units. Diluted earnings per unit is calculated as net profit attributable to members adjusted for any profit recognised in the period in relation to dilutive potential ordinary units, divided by the weighted average number of ordinary units and dilutive potential ordinary units.

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Note 5 – Cash and cash equivalents

Note 5 – Cash and cash equivalents
31 Dec 25	31 Dec 24
$000	$000
(a) Components of cash and cash equivalents Cash 331	361
Bank overdrafts –	–
Total cash and cash equivalents 331	361
(b) Reconciliation of proft after tax to net cash fows from operating activities Proft after tax 539	1,048
Depreciation 77	69
Deferred tax expense 16	32
Realised foreign currency gain –	(29)
Increase in workingcapital attributable to operatingactivities (183)	(20)
Net cash fows from operatingactivities 449	1,100

Accounting Policies

Cash and cash equivalents

Cash and cash equivalents on the balance sheet comprise cash at bank and on hand and short term deposits on demand with an original maturity of 90 days or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Cash and cash equivalents are measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses (if any) are recognised in the statement of comprehensive income.

For the purposes of the cash flow statement, cash and cash equivalents include cash on hand and at bank, short term deposits on demand and bank accepted bills of exchange readily converted to cash net of bank overdrafts. Bank overdrafts are carried at the principal amount.

12 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 6 – Receivables

Note 6 – Receivables
		31	Dec 25	31 Dec 24
	Note		$000	$000
Current
Non-interest bearingloans receivable from related entities	20		11,338	15,201
			11,338	15,201

Accounting Policies

Receivables

Loans receivable from related entities are at call and generally classified as current. Loans receivable that are not expected to be realised within 12 months after the reporting period are classified as non-current.

Receivables are held to collect contractual cash flows and these contractual cash flows are solely payments of principal and interest. At initial recognition, the Trust measures these financial assets at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. These financial assets are subsequently measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses are recognised in the statement of comprehensive income.

In assessing for impairment, the Trust assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. For receivables, the Trust applies the simplified approach which requires lifetime expected losses to be recognised from initial recognition of the receivables.

In measuring the expected credit loss, receivables have been grouped based on shared credit risk characteristics (e.g. size and industry) and the days past due. The expected loss rates are determined based on days past the due date and the historical credit losses experienced. Historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability to settle the receivables.

The Trust considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Trust may also consider a financial asset to be in default when internal or external information indicates that the Trust is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Trust. A receivable is written off when there is no reasonable expectation of recovering the contractual cashflows. Any gain or loss on derecognition is recognised in the statement of comprehensive income.

Note 7 – Plant and equipment

derecognition is recognised in the statement of comprehensive income. Note 7 – Plant and equipment
	31 Dec 25	31 Dec 24
	$000	$000
Non-current
At cost	2,210	2,441
Accumulated depreciation	(1,814)	(1,968)
	396	473
Movement in plant and equipment
Balance at the beginning of the year	473	–
Additions	–	542
Depreciation expense	(77)	(69)
Balance at the end of theyear	396	473

Accounting Policies

Plant and equipment

Plant and equipment is carried at acquisition cost less depreciation and any impairment in value. Depreciation is applied over the estimated economic life using straight line method from the date of acquisition or from the time the asset is ready for use. The estimated economic life of the items in the asset is 7 years. For the year ended 31 December 2025, plant and equipment (including accumulated depreciation) of $231,000 was written off (31 December 2024: $1,266,000).

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Directory

Note 8 – Contributed equity

Note 8 – Contributed equity
	31 Dec 25	31 Dec 24
	Number of units	Number of units
(a) Number of units on issue
Balance at the beginning of the year	5,201,748,202	5,190,378,339
Units issued under the DRP	14,669,210	11,369,863
Balance at the end of theyear(i)	5,216,417,412	5,201,748,202

(i) All units on issue at the end of the year are fully paid.

Holders of Scentre Group stapled securities have the right to receive declared dividends from SGL and distributions from SGT1, SGT2 and SGT3 and, in the event of winding up of SGL, SGT1, SGT2 and SGT3, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on Scentre Group stapled securities held.

Holders of Scentre Group stapled securities can vote their shares and units in accordance with the Corporations Act, either in person or by proxy, at a meeting of any of SGL, SGT1, SGT2 and SGT3 (as the case may be).

	31 Dec 25	31 Dec 24
	$000	$000
(b) Amount of contributed equity
Balance at the beginning of the year	11,167	11,133
DRP	41	34
Balance at the end of theyear	11,208	11,167

Accounting Policies

Contributed equity

Issued and paid up capital is recognised at the fair value of the consideration received by the Trust. Any transaction costs arising on the issue of ordinary units are recognised directly in equity as a reduction of the proceeds received.

14 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 9 – Reserves

Note 9 – Reserves
	31 Dec 25	31 Dec 24
	$000	$000
Foreign currencytranslation reserve	(108)	(94)
Movement in foreign currency translation reserve
Balance at the beginning of the year	(94)	(13)
Foreign exchange movement
– Currencymovement on the translation of investment in foreign operations	(14)	(81)
Balance at the end of theyear	(108)	(94)

The foreign currency translation reserve is to record net exchange differences arising from the translation of financial statements of foreign controlled entities. This may be subsequently transferred to the statement of comprehensive income.

Accounting Policies

Translation of accounts of foreign operations

The functional and presentation currency of the Trust and its Australian subsidiaries is Australian dollars. The functional currency of the New Zealand entities is New Zealand dollars. The presentation currency of the overseas entities is Australian dollars to enable the consolidated financial statements of the Trust to be reported in a common currency.

The balance sheets of foreign subsidiaries are translated at exchange rates ruling at balance date and the statement of comprehensive income of foreign subsidiaries are translated at average exchange rates for the period. Exchange differences arising on translation of the interests in foreign operations are taken directly to the foreign currency translation reserve.

Note 10 – Retained profits

on translation of the interests in foreign operations are taken directly to the foreign currency translation reserve. Note 10 – Retained profits
31 Dec 25	31 Dec 24
$000	$000
Movement in retained profts Balance at the beginning of the year 4,796	7,226
Proft after tax for the year 539	1,048
Distributions paid (4,369)	(3,478)
Balance at the end of theyear 966	4,796

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Note 11 – Capital and financial risk management

The Trust forms part of Scentre Group which is a stapled entity comprising the Trust, SGL, SGT1, SGT2 and their respective controlled entities. The stapled group operates as a single economic entity with a common Board of Directors and management team. Capital and financial risks are therefore managed from the stapled group’s perspective rather than the silos that make up the stapled group.

Refer to Note 21: Capital risk management, Note 22: Financial risk management, Note 23: Interest rate risk management, Note 24: Exchange rate risk management, Note 25: Credit risk management and Note 26: Liquidity risk management of Scentre Group’s 2025 Annual Report for details of Scentre Group’s policies in identifying, assessing and managing the capital and financial risks of the stapled group.

Note 12 – Financial covenants

Scentre Group, of which the Trust is part, is required to comply with certain financial covenants in respect of its unsecured borrowing facilities and senior notes payables.

Refer to Note 27: Financial covenants of Scentre Group’s 2025 Annual Report for details of Scentre Group’s financial covenants.

Note 13 – Fair value of assets and liabilities

Set out below is a comparison by category of carrying amounts and fair values of the Trust’s financial instruments.

	Fair value Carrying amount
	31 Dec 25 $000 31 Dec 24 $000 31 Dec 25 $000 31 Dec 24 $000
Consolidated assets Cash and cash equivalents Receivables(i) Consolidated liabilities Payables and other creditors(i)	331 361 331 361 11,338 15,201 11,338 15,201 36 23 36 23

(i) These financial assets and liabilities are not subject to interest rate risk and the fair value approximates carrying amount.

16 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 14 – Other material accounting policies

(a) Consolidation and classification

This consolidated financial report comprises the financial statements and notes to the financial statements of SGT3, and each of its controlled entities as from the date SGT3 obtained control until such time control ceased. SGT3 and its controlled entities are collectively referred to as the economic entity known as the Trust. Where entities adopt accounting policies which differ from those of SGT3, adjustments have been made so as to achieve consistency within the Trust.

In preparing the consolidated financial statements, all inter-entity transactions and balances, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered.

(b) Translation of foreign currency transactions

Foreign currency transactions are converted to Australian dollars at exchange rates ruling at the date of those transactions. Amounts payable and receivable in foreign currency at balance date are translated to Australian dollars at exchange rates ruling at that date. Exchange differences arising from amounts payable and receivable are treated as operating revenue or expense in the period in which they arise.

(c) Revenue recognition

Revenue is recognised as services are provided and brought to account on an accruals basis.

(e) Goods and Services Tax (GST)

Revenue, expenses and assets are recognised net of the amount of GST except where the GST incurred on purchase of goods and services is not recoverable from the tax authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amounts of GST included.

The net amount of GST payable or receivable to government authorities is included as part of receivables or payables on the balance sheet.

Cash flows are included in the cash flow statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

(f) Payables and other creditors

Trade and other payables are carried at amortised cost and due to their short term nature they are not discounted. They represent liabilities for goods and services provided to the Trust prior to the end of the financial year that are unpaid and arise when the Trust becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days.

(g) Recoverable amount of assets

(d) Expenses

Expenses are brought to account on an accruals basis.

(d) Interest income and financing costs

Interest income is recognised in the statement of comprehensive income as it accrues using the effective interest rate method. Financing costs include interest, amortisation of discounts or premiums relating to borrowings and other costs incurred in connection with the arrangement of borrowings. Financing costs are expensed as incurred.

At each reporting date, the Trust assesses whether there is any indication that an asset may be impaired. Where an indicator of impairment exists, the Trust makes an estimate of recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount the asset is considered impaired and is written down to its recoverable amount.

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Note 15 – Share-based payments

Performance Rights – Short Term Variable Remuneration (STVR) and Long Term Variable Remuneration (LTVR) issued to employees of related entities

As at 31 December 2025, there were 17,303,449 (31 December 2024: 18,207,070) performance rights held by participants in Scentre Group’s STVR/LTVR plans equating to 17,303,449 (31 December 2024: 18,207,070) Scentre Group stapled securities. A performance right is the right, for no payment, to receive Scentre Group stapled securities on vesting. Descriptions of the STVR/LTVR plans are in the Remuneration Report in Scentre Group’s 2025 Annual Report.

	31 Dec 25	31 Dec 24
	Number	Number
	of rights	of rights
Vesting profle – Performance Rights – STVR and LTVR
2025	–	7,470,896
2026	4,852,774	7,827,813
2027	7,587,188	2,908,361
2028	4,863,487	–
	17,303,449	18,207,070

Note 16 – Contingent liabilities

Note 16 – Contingent liabilities	17,303,449	18,207,070
	31 Dec 25	31 Dec 24
	$000	$000
Performance guarantees	86	91
Guaranteed borrowings of associates of the Responsible Entity	14,685,700	16,471,800
	14,685,786	16,471,891

Entities of Scentre Group have provided guarantees in respect of certain Westfield Corporation Limited joint venture operations in the United Kingdom. Under the Restructure and Merger Implementation Deed, the entities of Scentre Group and Westfield Corporation have cross indemnified each other for any claims that may be made or payment that may be required under such guarantees. On 7 June 2018, Unibail-Rodamco-Westfield acquired the entities of Westfield Corporation, including Westfield Corporation Limited.

The Trust’s obligation in respect of performance guarantees may be called on at anytime dependent upon the performance or nonperformance of certain third parties.

From time to time, in the normal course of business, the Trust is involved in lawsuits. The Directors believe that the ultimate outcome of such pending litigation will not materially affect the results of operations or the financial position of the Trust.

Note 17 – Segment reporting

The Trust operates in one operating segment predominantly in Australia and earns property advertising and promotional income.

18 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 18 – Parent entity

The Parent Entity financial information is presented in accordance with the amendments to the Corporations Regulations 2001 and the Corporations Amendment Regulations 2010 (No. 6). Summary data of the Parent Entity is presented below:

Corporations Amendment Regulations 2010 (No. 6). Summary data of the Parent Entity is presented below:
31 Dec 25	31 Dec 24
$000	$000
(a) Assets Current assets 11,463	15,237
Non-current assets 396	473
Total assets 11,859	15,710
(b) Liabilities Current liabilities 36	107
Non-current liabilities 48	32
Total liabilities 84	139
(c) Equity Contributed equity 11,208	11,167
Retained profts 567	4,404
Total equity 11,775	15,571
(d) Comprehensive income Proft after tax for theyear 533	4,308
Total comprehensive income for the period 533	4,308
(e) Contingent liabilities Guaranteed borrowings of associates of the Responsible Entity 14,685,700	16,471,800
Total contingent liabilities 14,685,700	16,471,800

Note 19 – Auditor’s remuneration

	31 Dec 25	31 Dec 24
	$	$
Amounts received or due and receivable by the auditor of the Parent Entity
and any other entity in the Trust for:
– Auditing the statutory fnancial report of the Parent Entity covering the Trust	16,345	16,345
– Auditing the statutory fnancial reports of any controlled entities	–	–
– Fees for assurance services that are required by legislation to be provided by the auditor	–	–
– Fees for other assurance and agreed-upon-procedures services under other legislation
or contractual arrangements	–	–
– Fees for other non-audit services	–	–
	16,345	16,345

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Directors’ Report

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Directory

Note 20 – Related party disclosures

Information required to be disclosed concerning relationships, transactions and balances with related parties of the Trust is set out in this Note unless disclosed elsewhere in the financial report.

Nature of relationship with related parties

Key Management Personnel of the Trust

Refer to Note 21 for the details and remuneration of Key Management Personnel (KMP).

Other Related Parties

SGL, SGT1 and SGT2 are considered to be related parties of the Trust, as their securities are stapled to the securities of SGT3 to form Scentre Group.

Transactions with related parties and their terms and conditions

Transactions with KMP of the Trust

Refer to Note 21 for the details and remuneration of KMP.

Transactions with Other Related Parties

Charges by SGL to the Trust

During the year, SGL charged corporate service costs of $246,871 (31 December 2024: $250,861) to the Trust under the Corporate Services Agreement. The costs are included in overheads in the statement of comprehensive income.

Loans

As at 31 December 2025, SGT3 has non-interest bearing loans receivable from SGT2 of $10,904,533 (31 December 2024: $14,575,173) and from SGL of $433,922 (31 December 2024: $625,401).

20 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Notes to the Financial Statements

For the year ended 31 December 2025

Note 21 – Details and remuneration of Key Management Personnel

KMP are those individuals having the authority and responsibility for planning, directing and controlling the activities of the Trust, either directly or indirectly. They include non-executive Directors and senior executives who fall within those criteria.

(a) Key Management Personnel

The Trust forms part of Scentre Group. Scentre Group’s remuneration framework and philosophy and remuneration outcomes for the KMP are detailed in the Remuneration Report in Scentre Group’s 2025 Annual Report.

The Responsible Entity does not have any employees. KMP of the Trust are paid by related entities within Scentre Group.

For the year ended 31 December 2025, KMP were:

Non-Executive Directors	Position
Ilana Atlas AO	Non-executive Chair
Catherine Brenner	Non-executive Director
Julie Coates	Non-executive Director
Michael Ihlein	Non-executive Director
Carolyn Kay	Non-executive Director
Craig Mitchell	Non-executive Director
Guy Russo	Non-executive Director
Margaret Seale	Non-executive Director
Michael Wilkins AO	Non-executive Director
Executive KMP	Position
Elliott Rusanow	Managing Director and Chief Executive Ofcer
Andrew Clarke	Chief Financial Ofcer
Lillian Fadel(i)	Group Director, Customer, Community and Destination
John Papagiannis	Group Director, Businesses
Maria Stamoulis(ii)	Director, Human Resources

(i) From 1 January 2026, Lillian Fadel was appointed the Chief Operating Officer of Scentre Group.

(ii) From 1 January 2026, Maria Stamoulis ceased to be a KMP and remains a key partner to the business and member of the executive leadership team.

Julie Coates was appointed to the Board effective 1 October 2025. All other Directors and all executive KMP held office for the full year.

Michael Ihlein will retire from the Board at the conclusion of Scentre Group’s 2026 Annual General Meeting to be held on 22 April 2026.

The Board of the Responsible Entity, RE2 Limited, is identical to the Board of Scentre Group Limited (SGL), the parent company of Scentre Group. RE2 Limited is a subsidiary of SGL. If a Director ceases to be a Director of SGL for any reason, they must also resign as a Director of RE2 Limited.

(b) Remuneration of KMP

The non-executive Directors of the Responsible Entity receive remuneration in their capacity as Directors of the Responsible Entity. These amounts are paid directly by SGL. Other executive KMP are paid by Scentre Pty Limited, a wholly owned subsidiary of SGL.

The Manager’s service charge payable by the Trust to the Responsible Entity covers all costs in relation to the management of the Trust. The remuneration of the KMP is not set by the Trust nor is it able to be influenced by the Trust. The remuneration of the KMP is approved by the Board on the recommendation of the Human Resources Committee.

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21

Note 22 – Details of material and significant entities

Name of entity	31 Dec 25 – Interest 31 Dec 24 – Interest
	Benefcial (i) Benefcial (i)
	Parent Entity % Parent Entity %
ENTITIES DOMICILED IN AUSTRALIA Parent entity Scentre Group Trust 3 ENTITIES DOMICILED IN NEW ZEALAND Consolidated Controlled Entities RE(NZ)Finance Limited	100.0 100.0 100.0 100.0

(i) Beneficial interest in underlying controlled entities reflects the Parent Entity being SGT3, and the Trust’s ownership interest as determined under International Financial Reporting Standards (IFRS).

22 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Consolidated Entity Disclosure Statement

As at 31 December 2025

		Country of	% of Share	Country of
Name of entity	Type of Entity	incorporation	capital held	tax residence
RE (NZ) Finance Limited	Body corporate	New Zealand	100%	New Zealand
RE Nominee Company Pty Limited	Body corporate	Australia	100%	Australia
Scentre Group Trust 3 (Parent entity)	Trust	N/A	N/A	Australia
Scentre Sydney No 1 Pty Limited	Body corporate	Australia	100%	Australia
Scentre SydneyNo 2 PtyLimited	Bodycorporate	Australia	100%	Australia

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23

Directors’ Declaration

For the year ended 31 December 2025

The Directors of RE2 Limited, the Responsible Entity of Scentre Group Trust 3 (Trust), declare that:

• (a) in the Directors’ opinion, there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable;

• (b) in the Directors’ opinion, the Financial Statements and notes thereto are in accordance with the Corporations Act 2001 , including:

• (i) complying with accounting standards and regulations in accordance with section 296 of the Corporations Act 2001 ;

• (ii) giving a true and fair view of the financial position as at 31 December 2025 and the performance of the consolidated entity for the year ended on that date in accordance with section 297 of the Corporations Act 2001 ;

• (iii) the International Financial Reporting Standards issued by the International Accounting Standards Board;

• (c) in the Directors’ opinion, the consolidated entity disclosure statement as at 31 December 2025 required by subsection 295(3A) of the Corporations Act 2001 is true and correct; and

• (d) they have been provided with the declarations required by section 295A of the Corporations Act 2001 .

Made on 19 March 2026 in accordance with a resolution of the Board of Directors.

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Ilana Atlas AO Chair

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Michael Ihlein Director

19 March 2026

24 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Independent Auditor’s Report

To the members of Scentre Group Trust 3

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Report on the audit of the financial report

Opinion

We have audited the financial report of Scentre Group Trust 3 and its controlled entities (the Trust), which comprises the consolidated balance sheet as at 31 December 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

In our opinion, the accompanying financial report of the Trust is in accordance with the Corporations Act 2001 , including:

• a. Giving a true and fair view of the consolidated financial position of the Trust as at 31 December 2025 and of its consolidated financial performance for the year ended on that date; and

• b. Complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Trust in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. We have determined that there are no key audit matters to communicate in our report.

Information other than the financial report and auditor’s report thereon

The directors of RE2 Limited, the Responsible Entity of the Trust, are responsible for the other information. The other information comprises the information included in the Trust’s annual report for the year ended 31 December 2025, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Directory

Financial Report

Responsibilities of the directors of the Responsible Entity for the financial report

The directors of the Responsible Entity are responsible for the preparation of:

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and

• The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 ; and

for such internal control as the directors determine is necessary to enable the preparation of:

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and

• The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors of the Responsible Entity are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Responsible Entity.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Trust to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

26 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Independent Auditor’s Report

We communicate with the directors of the Responsible Entity, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors of the Responsible Entity with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated to the directors of the Responsible Entity, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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Ernst & Young

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Scott Jarrett Partner

Sydney

19 March 2026

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Financial Report

Directors’ Report

The Directors of RE2 Limited (Responsible Entity), the responsible entity of Scentre Group Trust 3 (the Trust or SGT3) submit the following report for the year ended 31 December 2025 (Financial Year).

The Trust is part of Scentre Group which is a stapled entity comprising Scentre Group Limited (SGL), Scentre Group Trust 1 (SGT1), Scentre Group Trust 2 (SGT2), the Trust and their respective controlled entities. Scentre Group operates as a single coordinated economic entity, with a common Board of Directors and management team.

1. Operating and financial review

1.1 2025 economic performance

The Trust reported a net profit after tax of $539,000. The decrease in profit after tax is primarily due to the reduction in the number of Superscreen assets held by the Trust.

As at 31 December 2025, SGT3 had net assets of $12,066,000, a decrease of $3,803,000 since 31 December 2024.

There have been no significant changes in the Trust’s state of affairs during the Financial Year.

A detailed operating and financial review for Scentre Group is contained in the Directors’ Report in Scentre Group’s 2025 Annual Report which is available at https://www.scentregroup. com/investors/annual-reporting-suite.

1.2 2026 guidance and outlook

Scentre Group’s strategy to grow the economic activity at its Westfield destinations by attracting more people to Westfield destinations, broadening the businesses that partner with us, and better utilising our substantial land holdings, is expected to continue to deliver sustainable long-term growth in earnings and distributions.

Subject to no material change in conditions, Scentre Group’s target for Funds From Operations (FFO) is 23.73 cents per security in 2026, representing at least 4.0% growth for the year.

Scentre Group’s distributions are expected to grow by 4.0% for 2026 to 18.43 cents per security.

1.3 Events after the reporting period

1.5 Future developments

At the date of this report, there is no proposed change to the operating activities of the Trust.

The strategy, key drivers and outlook of Scentre Group are described in the Directors’ Report in Scentre Group’s 2025 Annual Report.

1.6 Risk

Scentre Group looks at risk from a number of perspectives: global risk trends, social and environmental risks and retail property specific risks. These risks are subject to continuous assessment and review.

As a property group involved in the design, development, management and operation of retail shopping centres, Scentre Group faces a number of operational risks which have the potential to affect the achievement of our targeted financial outcomes.

A number of important strategic risks and how such risks are managed and monitored are outlined in Scentre Group’s 2025 Annual Report.

1.7 Environmental regulation

Environmental laws and regulations in force in the various jurisdictions in which Scentre Group operates are applicable to areas of Scentre Group’s operations and in particular to its development, construction and shopping centre management activities.

Scentre Group has in place procedures to identify and comply with such requirements including complying with the conditions of relevant authority consents and approvals and obtaining any necessary licences. Scentre Group’s compliance procedures are regularly reviewed and audited and their application closely monitored and Scentre Group’s approach to sustainability risks is outlined in Scentre Group’s 2025 Annual Report.

1.8 Sustainability Reporting

In accordance with s292A(2) of the Corporations Act 2001 , Scentre Group Limited prepared its Sustainability Report on a consolidated basis (which included the Trust). The Sustainability Report is included in Scentre Group’s 2025 Annual Report.

No event has occurred since the end of the Financial Year which would significantly affect the operations of the Trust.

1.4 Principal activity

The principal activity of the Trust during the Financial Year was the holding of interests in long term brand alliance agreements with various third parties in respect of a number of properties. These agreements provide for the licensing of space in the relevant properties for the display of advertising in consideration for the payment of licence fees.

There was no significant change in the nature of the principal activity during the Financial Year.

28 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Directors’ Report

2. Distributions

For the six months ended 31 December 2024, the Trust distribution of 0.084 cents per ordinary unit formed part of the distribution of 8.6 cents per Scentre Group stapled security, paid on 28 February 2025. This distribution was an aggregate of a distribution from the Trust, SGT1, SGT2 and a dividend from SGL. The figure reported here represents that component of the aggregate Scentre Group distribution being the distribution of the Trust.

No distribution was paid for the six months ended 30 June 2025 and 31 December 2025.

Scentre Group’s Distribution Reinvestment Plan (DRP) was in operation for the six-month period ended 31 December 2025. 6,559,679 Scentre Group stapled securities were issued under the DRP at $3.7998 per security on 27 February 2026. Scentre Group securities issued under the DRP rank equally with existing securities on issue.

3. The Directors

The Board comprises nine independent non-executive Directors and one executive Director (being the Managing Director/ Chief Executive Officer (CEO)). The period of office held by each Director is set out below and their significant directorships held in other companies is set out at Section 4.

Name	Position held	Appointed
Ilana Atlas	Non-executive Director and Chair	28 May 2021 (Director)
		1 October 2023(Chair)
Catherine Brenner	Non-executive Director	1 March 2022
Julie Coates	Non-executive Director	1 October 2025
Michael Ihlein(i)	Non-executive Director	30 June 2014
Carolyn Kay	Non-executive Director	24 February2016
CraigMitchell	Non-executive Director	14 October 2024
Elliott Rusanow	ManagingDirector and CEO	1 October 2022
GuyRusso	Non-executive Director	1 September 2020
Margaret Seale	Non-executive Director	24 February2016
Michael Wilkins	Non-executive Director	8 April 2020

(i) Scentre Group was established on 30 June 2014. Mr Ihlein was appointed to Scentre Group Limited and Scentre Management Limited on 30 June 2014 (the appointment date to RE1 Limited and RE2 Limited, which formed part of the prior Westfield Retail Trust, was 21 December 2010).

Biographies of the current Board and their independence status, skills and experience and details of their membership of and attendance at Board and Committee meetings during the year can be found in Scentre Group’s 2025 Annual Report.

The Board of the Responsible Entity, RE2 Limited, is identical to the Board of Scentre Group Limited, the parent company of Scentre Group. If a Director ceases to be a Director of Scentre Group Limited for any reason, they must also resign as a Director of RE2 Limited.

Michael Ihlein will retire from the Board at the conclusion of Scentre Group’s 2026 Annual General Meeting to be held on 22 April 2026.

The names of the Directors in office and the relevant interests of each Director in stapled securities in Scentre Group as at the date of this report are shown on page 29. Units in the Trust are stapled to shares in SGL and units in SGT1 and SGT2. The stapled securities trade on the ASX under the code SCG.

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Financial Report

Directors’ relevant interests

Directors’ relevant interests
Directors	Number of stapled securities
	31 Dec 2025 31 Dec 2024
Ilana Atlas	280,856 230,856
Catherine Brenner(i)	104,656 100,000
Julie Coates(ii)	– –
Michael Ihlein	48,048 48,048
Carolyn Kay	57,000 57,000
CraigMitchell	100,000 60,000
Elliott Rusanow	3,011,426 2,016,843
GuyRusso	145,000 145,000
Margaret Seale	56,750 56,750
Michael Wilkins	125,000 125,000

(i) On 27 February 2026, Catherine Brenner acquired a relevant interest in an additional 2,453 stapled securities under Scentre Group’s DRP.

(ii) On 25 February 2026, Julie Coates acquired a relevant interest in 56,000 stapled securities and on 26 February 2026, Julie Coates acquired a relevant interest in an additional 50 stapled securities.

No options were issued by Scentre Group Limited during or since the end of the Financial Year and no Director or officer holds options over issued or unissued Scentre Group stapled securities. None of the Directors hold debentures of Scentre Group.

None of the non-executive Directors are party to or entitled to a benefit under a contract which confers a right to call for, or be delivered, interests or securities in Scentre Group.

Details of the performance rights held by executive Key Management Personnel (KMP), including the CEO, are set out in the Remuneration Report in Scentre Group’s 2025 Annual Report.

4. Directors’ directorships of other listed companies

Details of all directorships of other listed entities held by each Director at any time in the three years immediately before 31 December 2025 are set out below.

Scentre Group comprises Scentre Group Limited (SGL), SGT1, SGT2 and SGT3. The responsible entity of SGT1 is Scentre Management Limited, the responsible entity of SGT2 is RE1 Limited and the responsible entity of SGT3 is RE2 Limited. Scentre Management Limited is also the responsible entity of Carindale Property Trust, a listed managed investment scheme (ASX: CDP). Each Director’s appointment to these companies is continuing. The date of appointment is set out at Section 3.

Director	Company Date appointed Date resigned
Ilana Atlas	Origin EnergyLimited 19 February2021 Continuing
	Australia and New Zealand BankingGroup Limited 24 September 2014 21 December 2023
Catherine Brenner	Djerriwarrh Investments Limited 23 August 2024 Continuing
Julie Coates	Wesfarmers Limited 1 May2025 Continuing
	CSR Limited 2 September 2019 Delisted from the ASX on 9 July2024
Michael Ihlein	Inghams Group Limited 16 April 2020 Continuing
	Ampol Limited 1 June 2020 Continuing
	Endeavour Group Limited 18 February2026 Continuing
Carolyn Kay	National Australia Bank Limited 31 July2023 Continuing
CraigMitchell*
Elliott Rusanow*
Guy Russo	GuzmanyGomez Limited(listed 20 June 2024) 18 July2014 Continuing
	SomnoMed Limited 24 August 2020 Continuing
Margaret Seale	Westpac BankingCorporation 1 March 2019 Continuing
Michael Wilkins	QBE Insurance Group Limited 1 November 2016 Continuing
	Medibank Private Limited 25 May2017 Continuing

• No relevant directorships held in the prior three years.

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Directors’ Report

5. Indemnities and insurance premiums

Subject to the following, no indemnity was given, or insurance premium paid during or since the end of the Financial Year out of the assets of the Trust in regards to a person who is or has been an officer or auditor of the Responsible Entity. So long as the Responsible Entity acts in accordance with the Constitution and the Corporations Act 2001 , it remains indemnified out of the assets of the Trust against any losses incurred while acting as the Responsible Entity.

The Responsible Entity’s Constitution provides that a person who is or has been a Director or Secretary of the Responsible Entity may be indemnified by the Responsible Entity against liabilities incurred by the person in that capacity and for all legal costs incurred in defending or resisting (or otherwise in connection with) proceedings in which the person becomes involved because of that capacity. The indemnity does not apply to the extent that the Responsible Entity is forbidden by statute to indemnify the person or the indemnity would, if given, be made void by statute.

A related corporation of the Responsible Entity has paid premiums for directors’ and officers’ liability insurance in respect of Directors, Secretaries and Executive Officers of the Responsible Entity as permitted by the Corporations Act 2001 . The terms of the insurance policy prohibit disclosure of details of the nature of the liabilities covered by, and the amounts of the premiums payable under, that insurance policy.

In addition, each Director has entered into a Deed of Indemnity and Access which provides for indemnity against liability as a Director, except where prohibited by statute. The Deed also entitles the Director to access the Responsible Entity’s documents and records, subject to undertakings as to confidentiality.

To the extent permitted by law, the Responsible Entity has agreed to indemnify its auditor, Ernst & Young (EY), as part of the standard terms of its audit engagement against claims by third parties arising from the audit (for an unspecified amount). No payment with respect to such indemnity has been made to EY during or since the Financial Year.

6. Special rules for registered schemes

• $246,871 in fees were paid to the Responsible Entity and its associates out of the assets of the Trust during the Financial Year.

• No units in the Trust were held by the Responsible Entity at the end of the Financial Year. Associates of the Responsible Entity held 11,386,340 units as at 20 February 2026.

• Details of units issued in the Trust during the Financial Year are set out in Note 8 to the Financial Report.

• No withdrawals were made from the scheme during the Financial Year.

• Details of the value of the Trust’s assets as at the end of the Financial Year and the basis of the valuation are set out in Note 7 and Note 13 to the Financial Report.

• Details of the number of units issued in the Trust during and as at the end of the Financial Year are set out in Note 8 to the Financial Report.

7. Audit

7.1 Audit and Finance Committee

As at the date of this report, the Responsible Entity had a Board Audit and Finance Committee.

Details of the activities of the Committee are outlined in Scentre Group’s Corporate Governance Statement that is included in Scentre Group’s 2025 Annual Report.

7.2 Auditor’s fees and audit independence

Details of the amounts paid to EY, the Trust’s auditor, are set out in Note 19 to the Financial Report.

The Board is satisfied that the provision of these services by the auditor during the Financial Year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 .

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Financial Report

• 7.3 Auditor’s independence declaration to the Directors of RE2 Limited, the Responsible Entity of Scentre Group Trust 3

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Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s independence declaration to the Directors of RE2 Limited, the Responsible Entity of Scentre Group Trust 3

As lead auditor for the audit of the financial report of Scentre Group Trust 3 for the financial year ended 31 December 2025, I declare to the best of my knowledge and belief, there have been:

• (a) No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;

• (b) No contraventions of any applicable code of professional conduct in relation to the audit; and

• (c) No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Scentre Group Trust 3 and the entities it controlled during the Financial Year.

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Ernst & Young

Scott Jarrett Partner

Sydney 19 March 2026

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

8. ASIC disclosures

The Trust is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. Accordingly, amounts in the Directors’ Report, the Financial Statements and the Notes to the Financial Statements have been rounded to the nearest thousand dollars, unless otherwise indicated. Amounts shown as 0 represent amounts less than $500 that have been rounded down.

9. ASX listing

ASX reserves the right (but without limiting its absolute discretion) to remove SGL, SGT1, SGT2 and SGT3 from the official list of ASX if any of the shares or units comprising those stapled securities cease to be stapled together, or any equity securities are issued by a Scentre Group entity which are not stapled to the equivalent securities in the other entities.

10. Corporate Governance Statement

Scentre Group is committed to ensuring that its policies and practices reflect a high standard of corporate governance. Ethical business practices and high standards of personal conduct are fundamental to the way we work as a responsible, sustainable business.

The Corporate Governance Statement for Scentre Group is available in Scentre Group’s 2025 Annual Report. During 2025, Scentre Group’s corporate governance framework was consistent with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition published in February 2019).

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

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Michael Ihlein

Ilana Atlas AO Chair 19 March 2026

Director

32 | SCENTRE GROUP Scentre Group Trust 3 2025 Annual Financial Report

Members’ Information

As at 9 February 2026

Twenty	largest holders of stapled securities in Scentre Group*	Number of stapled securities
1	HSBC Custody Nominees (Australia) Limited	1,887,829,313
2	J P Morgan Nominees Australia Pty Limited	1,123,956,435
3	Citicorp Nominees Pty Limited	832,889,835
4	BNP Paribas Nominees Pty Ltd	588,281,250
5	BNP Paribas Noms Pty Ltd	247,833,172
6	BNP Paribas Noms (NZ) Ltd	37,318,339
7	HSBC Custody Nominees (Australia) Limited	37,038,132
8	BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd	15,839,460
9	UBS Nominees Pty Ltd	10,619,829
10	HSBC Custody Nominees (Australia) Limited	10,013,587
11	HSBC Custody Nominees (Australia) Limited – A/C 2	9,900,404
12	Netwealth Investments Limited	9,009,110
13	Argo Investments Limited	7,526,662
14	Citicorp Nominees Pty Limited <143212 NMMT Ltd A/C>	7,412,369
15	BNP Paribas Noms Pty Ltd	6,379,206
16	Mutual Trust Pty Ltd	5,098,952
17	HSBC Custody Nominees (Australia) Limited-GSCO ECA	4,687,709
18	BNP Paribas Nominees Pty Ltd	4,551,507
19	HSBC Custody Nominees (Australia) Limited	3,904,356
20	BNP Paribas Nominees Pty Ltd	3,846,499
		4,853,936,126

• Ordinary shares in Scentre Group Limited are stapled to units in Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3.

Voting rights

Scentre Group Limited – At a meeting of members, on a show of hands, every person present who is a member or representative of a member has one vote, and on a poll every member present in person or by proxy or attorney and every person who is a representative of a member has one vote for each share they hold or represent.

Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3 – At a meeting of members, on a show of hands, every person present who is a member or representative of a member has one vote, and on a poll every member present in person or by proxy or attorney and every person who is a representative of a member has one vote for each dollar value of the total interest they have in the respective trusts.

Members’ Information

Directory Contents

Independent Auditor’s Report

Directors’ Report

33

Financial Report

Distribution schedule

Distribution schedule
	Number of stapled	Number of	% of securities
Category	securities*	securityholders	in each category
1 – 1,000	9,763,067	24,383	0.19
1,001 – 5,000	58,705,756	23,599	1.13
5,001 – 10,000	52,924,550	7,342	1.01
10,001 – 100,000	135,713,110	5,905	2.60
100,001 and over	4,959,310,929	294	95.07
Total	5,216,417,412	61,523	100.00

As at 9 February 2026, 5,939 securityholders hold less than a marketable parcel (being 127 securities at the closing price of $3.95) of quoted securities in Scentre Group.

• There are 17,303,449 performance rights on issue under Scentre Group’s performance rights plan to a total of 83 participants. These rights may be satisfied by either the transfer of Scentre Group securities to employees or settled by way of cash payout which amount is calculated by reference to the market price of Scentre Group securities at the time of vesting. Under the stapling arrangement, in the case of the issue of securities, each of Scentre Group Limited, Scentre Group Trust 1, Scentre Group Trust 2 and Scentre Group Trust 3 is required to issue securities on the vesting of a performance right.

No securities were acquired on-market during FY25. Vesting of performance rights was satisfied by the transfer of existing securities held by an employee share trust.

Substantial securityholders

The names of Scentre Group substantial securityholders and the number of ordinary stapled securities in which each has a relevant interest, as disclosed in the substantial shareholding notices given to Scentre Group, are as follows:

The Vanguard Group	524,857,282
UniSuper Limited as trustee for UniSuper and UniSuper Management Pty Limited	524,254,913
State Street	515,117,148
BlackRock Group	440,089,028

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scentregroup.com