VICINITY CENTRES TRUST — Interim / Quarterly Report 2026

Feb 17, 2026

Vicinity Centres Trust Financial Report for the half year ended 31 December 2025

Vicinity Centres Trust ARSN 104 931 928 comprising Vicinity Centres Trust and its Controlled Entities Responsible Entity of Vicinity Centres Trust Vicinity Centres RE Ltd ABN 88 149 781 322

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Contents

Directors’ Report ............................................................................................................................................. 3
Auditor’s Independence Declaration ................................................................................................................ 6
Statement of Comprehensive Income ............................................................................................................... 7
Balance Sheet ................................................................................................................................................. 8
Statement of Changes in Equity ........................................................................................................................ 9
Cash Flow Statement ..................................................................................................................................... 10
About This Report .......................................................................................................................................... 11
Operations .................................................................................................................................................... 13
1. Segment information .......................................................................................................................... 13
2. Revenue and income .......................................................................................................................... 13
3. Investment properties ........................................................................................................................ 14
4. Equity accounted investments ........................................................................................................... 17
Capital structure and financial risk management ............................................................................................ 18
5. Interest bearing liabilities and derivatives ........................................................................................... 18
6. Contributed equity ............................................................................................................................. 20
7. Distributions ...................................................................................................................................... 20
Other disclosures .......................................................................................................................................... 21
8. Operating cash flow reconciliation ..................................................................................................... 21
9. Other accounting matters................................................................................................................... 21
10. Events occurring after the end of the reporting period .......................................................................... 21
Directors’ Declaration .................................................................................................................................... 22
Independent Auditor’s Report ........................................................................................................................ 23

2

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Directors’ Report

The Directors of Vicinity Centres RE Ltd, the responsible entity ( RE ) of Vicinity Centres Trust ( the Trust or VCT ), present the Financial Report of Vicinity Centres Trust and its controlled entities ( VCT Group or the Trust Group ) for the half year ended 31 December 2025.

The Trust is stapled to Vicinity Limited to form the stapled group, Vicinity Centres ( the Vicinity Centres Group ), which is traded collectively on the Australian Securities Exchange ( ASX ), under the code ‘VCX’. Accordingly, the Financial Report for Vicinity Centres Trust should be read in conjunction with the Financial Report of Vicinity Centres Group available at vicinity.com.au.

Directors

The following persons were members of the Vicinity Centres RE Ltd Board from 1 July 2025 and up to the date of this report unless otherwise stated:

(i) Chairman

Trevor Gerber (Independent)

(ii) Non-executive Directors

Angus McNaughton

Dion Werbeloff

Georgina Lynch (Independent)

Janette Kendall AM (Independent)

Michael Hawker AM (Independent) (retired 31 August 2025)

Peter Kahan (Independent)

Tiffany Fuller (Independent)

Tim Hammon (Independent)

(iii) Executive Director

Peter Huddle (CEO and Managing Director)

Company Secretaries

Carolyn Reynolds

Rohan Abeyewardene

Principal activities

The principal activity of the Trust Group during the period continued to be investment in a portfolio of retail investment properties. The principal place of business of the Trust and the RE of the Trust is Level 4, Chadstone Tower One, 1341 Dandenong Road, Chadstone, Victoria 3148.

Distributions

On 18 February 2026, the Directors declared a distribution in respect of the Trust Group’s earnings for the half year ended 31 December 2025 of 6.20 cents per unit. This equates to total interim distributions of $285.2 million. The interim distribution will be settled on 12 March 2026. The Vicinity Centres Distribution Reinvestment Plan ( DRP ) will apply to the interim distribution.

On 16 September 2025, the Trust Group settled a distribution in respect of earnings for the six-months to 30 June 2025 of 6.05 cents per unit or $276.0 million in total.

3

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Review of results and operations

The review of the results and operations for the Vicinity Centres Group including further information on strategy, operations and risks is contained in the Directors’ Report in the Vicinity Centres Group Financial Report available at vicinity.com.au. The following sections relate to the results and operations of the Trust Group only and therefore do not include items and amounts relating to Vicinity Limited.

(a) Financial performance

The statutory net profit after tax of the Trust Group for the half year ended 31 December 2025 was $799.9 million, an increase of $311.2 million on the prior period (31 December 2024: net profit after tax of $488.7 million). This result was mainly driven by:

• Net property revaluation increment on directly owned properties of $428.1 million (31 December 2024: increment of $190.4 million);

• Net foreign exchange gain on interest bearing liabilities of $62.1 million (31 December 2024: loss of $127.1 million); and

• Lower landholder duty and transaction costs written off as there was no property transaction in the current period (31 December 2024: $22.5 million); offset by

• Net mark-to-market loss on derivatives of $12.3 million (31 December 2024: gain of $130.5 million).

Cash flows from operating activities for the half year were $343.2 million (31 December 2024: $324.5 million).

(b) Financial position

At 31 December 2025 the Trust Group’s net assets were $11,854.8 million, up $615.1 million from $11,239.7 million at 30 June 2025. This increase was largely due to the aforementioned property revaluation increments on directly owned investment properties and units issued under DRP of $428.1 million and $91.2 million respectively.

(c) Capital management

During the period, the following capital management activities have been completed:

• Net drawdowns in the period of $101.0 million to fund development activities at Chatswood Chase, Chadstone and Galleria, and other capital expenditure, partially offset by repayments from operating cash flows and units issued under DRP of $91.2 million;

• Repaid US$224.0 million US Private Placement notes with US$ proceeds received under the related cross currency swap in December 2025 (equivalent to $309.0 million);

• Cancelled $250.0 million of bank debt facilities; and

• Executed $100.0 million of new interest rate swaps for a 4-year tenor.

Auditor’s independence declaration

A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001 (Cth) is included immediately following the Directors’ Report.

4

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Events occurring after the end of the reporting period

Subsequent to period end, the Trust Group irrevocably accepted the co-owner’s offer to sell its 75% interest of Uptown in Brisbane, Queensland, for $212.0 million (excluding stamp duty). The contracts are expected to be exchanged by the end of April 2026, with the acquisition then expected to settle in June 2026, following receipt of the required Ministerial consent in relation to certain ancillary land rights.

Other than the matter described above, no matters have arisen since the end of the period which have significantly affected, or may significantly affect, the operations of the Trust Group, the results of those operations, or the state of affairs of the Trust Group in future financial periods.

Rounding of amounts

The Trust Group is an entity of a kind referred to in Legislative Instrument 2016/191, issued by the Australian Securities and Investments Commission ( ASIC ), relating to the “rounding off” of amounts in the Directors’ Report. Accordingly, amounts in the Directors’ Report have been rounded off to the nearest tenth of a million dollars ( $m ) in accordance with that Legislative Instrument, unless stated otherwise.

Signed in accordance with a resolution of Directors.

==> picture [80 x 43] intentionally omitted <==

Trevor Gerber Chairman 18 February 2026

5

Ernst & Young Tel: +61 3 9288 8000 8 Exhibition Street Fax: +61 3 8650 7777 Melbourne VIC 3000 Australia ey.com/au GPO Box 67 Melbourne VIC 3001

==> picture [86 x 90] intentionally omitted <==

Auditor’s Independence Declaration to the Directors of Vicinity Centres RE Ltd, the Responsible Entity (RE) of Vicinity Centres Trust (the Trust or VCT)

As lead auditor for the review of the half-year financial report of Vicinity Centres Trust for the half-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 review;

• b. No contraventions of any applicable code of professional conduct in relation to the review; and

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

This declaration is in respect of Vicinity Centres Trust and the entities it controlled during the financial period.

==> picture [168 x 66] intentionally omitted <==

Ernst & Young

==> picture [158 x 60] intentionally omitted <==

Kylie Bodenham Partner 18 February 2026

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

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Statement of Comprehensive Income

for the half year ended 31 December 2025

for the half year ended 31 December 2025
		31-Dec-25	31-Dec-24
	Note	$m	$m
Revenue and income
Property ownership revenue and income		624.4	616.8
Interest and other income		18.4	22.4
Total revenue and income	2	642.8	639.2
Share of net profit of equity accounted investments		34.6	32.0
Property revaluation increment for directly owned properties	3(b)	428.1	190.4
Direct property expenses		(212.2)	(209.5)
Borrowing costs	5(c)	(113.2)	(116.4)
Responsible entity fees		(28.9)	(27.3)
Net foreign exchange movement on interest bearing liabilities		62.1	(127.1)
Net mark-to-market movement on derivatives		(12.3)	130.5
Landholder duty and transaction costs written off on acquisition of Lakeside Joondalup		-	(22.5)
Other expenses		(1.1)	(0.6)
Net profit before tax for the half year		799.9	488.7
Income tax expense		-	-
Net income for the half year		799.9	488.7
Other comprehensive income		-	-
Total comprehensive income for the half year		799.9	488.7
Earnings per unit attributable to unitholders of the Trust Group:
Basic earnings per unit (cents)		17.45	10.74
Diluted earnings per unit (cents)		17.41	10.71

The above consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

7

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Balance Sheet

as at 31 December 2025

as at 31 December 2025
		31-Dec-25	30-Jun-25
	Note	$m	$m
Current assets
Cash and cash equivalents		47.1	62.3
Trade receivables and other assets		93.0	91.0
Investment properties classified as held for sale	3(a)	283.0	-
Derivative financial instruments		67.1	117.5
Total current assets		490.2	270.8
Non-current assets
Investment properties	3(a)	15,260.3	14,911.7
Equity accounted investments	4(a)	561.8	540.1
Derivative financial instruments		161.6	157.5
Other assets		501.8	482.6
Total non-current assets		16,485.5	16,091.9
Total assets		16,975.7	16,362.7
Current liabilities
Interest bearing liabilities	5(a)	704.1	1,076.2
Payables and other financial liabilities		214.8	229.6
Lease liabilities		2.2	2.0
Provisions		44.9	39.8
Derivative financial instruments		2.1	7.3
Total current liabilities		968.1	1,354.9
Non-current liabilities
Interest bearing liabilities	5(a)	3,765.4	3,381.9
Lease liabilities		363.2	362.4
Derivative financial instruments		20.0	19.6
Other liabilities		4.2	4.2
Total non-current liabilities		4,152.8	3,768.1
Total liabilities		5,120.9	5,123.0
Net assets		11,854.8	11,239.7
Equity
Contributed equity	6	8,674.6	8,583.4
Retained profits		3,180.2	2,656.3
Total equity		11,854.8	11,239.7

The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.

8

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Statement of Changes in Equity

for the half year ended 31 December 2025

Note	Attributable to unitholders of the Trust Contributed equity $m Retained profits $m Total $m 8,560.8 2,149.3 10,710.1 - 488.7 488.7 - 488.7 488.7 - (268.6) (268.6) 8,560.8 2,369.4 10,930.2 8,583.4 2,656.3 11,239.7 - 799.9 799.9 - 799.9 799.9 91.2 91.2 - (276.0) (276.0) 8,674.6 3,180.2 11,854.8
As at 1 July 2024 Net profit for the half year
Total comprehensive income for the half year
Transactions with unitholders in their capacity as unitholders: Distributions declared and settled during the half year 7(b)
Total equity as at 31 December 2024
As at 1 July 2025 Net profit for the half year
Total comprehensive income for the half year
Transactions with unitholders in their capacity as unitholders: Units issued under the Distribution Reinvestment Plan (DRP) Distributions declared and settled during the half year 7(b)
Total equity as at 31 December 2025

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

9

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Cash Flow Statement

for the half year ended 31 December 2025

for the half year ended 31 December 2025
		31-Dec-25	31-Dec-24
	Note	$m	$m
Cash flows from operating activities
Receipts in the course of operations		735.3	734.6
Payments in the course of operations		(312.6)	(313.0)
Distributions and dividends received from equity accounted entities		13.7	2.6
Interest received		18.6	13.6
Interest paid		(111.8)	(113.3)
Net cash inflows from operating activities	8	343.2	324.5
Cash flows from investing activities
Payments for capital expenditure on investment properties		(254.7)	(229.5)
Payment for acquisition of interest in Lakeside Joondalup including transaction costs		-	(419.2)
Payments for acquisition of other investments		-	(1.0)
Proceeds from disposal of investment properties		-	230.3
Net cash outflows from investing activities		(254.7)	(419.4)
Cash flows from financing activities
Proceeds from borrowings		553.0	815.0
Repayment of borrowings		(452.0)	(378.9)
Proceeds received from Vicinity Limited		68.2	64.0
Funds advanced to Vicinity Limited		(87.8)	(74.8)
Distributions paid to external securityholders, net of DRP		(184.8)	(268.6)
Debt establishment costs paid		(0.3)	(3.7)
Net cash (outflows)/inflows from financing activities		(103.7)	153.0
Net (decrease)/increase in cash and cash equivalents held		(15.2)	58.1
Cash and cash equivalents at the beginning of the half year		62.3	38.5
Cash and cash equivalents at the end of the half year		47.1	96.6

The above Cash Flow Statement should be read in conjunction with the accompanying notes.

10

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

About This Report

Reporting entity

The financial statements are those of the consolidated entity comprising Vicinity Centres Trust ( the Trust ) and its controlled entities (collectively ‘ the Trust Group ’). The Trust is a for-profit entity that is domiciled and operates wholly in Australia.

The Trust is stapled to Vicinity Limited ( the Company ) to form the stapled group Vicinity Centres ( the Vicinity Centres Group ). Accordingly, the financial report for Vicinity Centres Trust should be read in conjunction with the Vicinity Centres Group Financial Report available at vicinity.com.au.

Basis of preparation

The condensed consolidated financial report for the half year ended 31 December 2025 ( the Financial Report ):

• Has been prepared in accordance with the Corporations Act 2001 (Cth), AASB 134 Interim Financial Reporting and other mandatory professional reporting requirements. The accounting policies adopted are consistent with those of the previous financial year except for the impact of the new and amended accounting standards described below;

• Does not include all the notes of the type normally included in an annual financial report unless otherwise stated. Accordingly, this report is to be read in conjunction with the 30 June 2025 Financial Report and any public announcements issued by Vicinity Centres during the half year in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the Listing Rules of the ASX;

• Is presented in Australian dollars ( $ ) and rounded to the nearest tenth of a million dollars ( $m ) in accordance with Australian Securities and Investments Commission ( ASIC ) Legislative Instrument 2016/191 (unless otherwise stated);

• Has been prepared in accordance with the historical cost convention, except for certain financial assets and liabilities, and investment properties which have been recognised at fair value; and

• Was authorised for issue by the Board of Directors of Vicinity Centres RE Ltd as the responsible entity ( RE ) of the Vicinity Centres Trust on 18 February 2026.

Going concern

The Trust Group recorded a net current asset deficiency of $477.9 million (current liabilities exceed current assets) at reporting date (30 June 2025: net deficiency $1,084.1 million), predominately due to the carrying amount of interestbearing liabilities maturing within the next twelve months of $704.1 million (30 June 2025: $1,076.2 million). The Trust Group has access to undrawn facilities of $1,037.0 million (30 June 2025: $1,697.0 million) to settle these borrowings. Further information regarding the Trust Group’s available facilities is disclosed in Note 5(b).

In addition, the Trust Group has cash and cash equivalents of $47.1 million (30 June 2025: $62.3 million) and is expected to generate sufficient operating cash flows to pay its debts as and when they fall due for a period of 12 months from the date of these financial statements. Accordingly, the Financial Report has been prepared on a going concern basis.

Impact of new and amended accounting standards

New and amended standards that became effective as of 1 July 2025 did not have a material impact on the financial statements of the Trust Group as they are either not relevant to the Trust Group’s activities or require accounting which is consistent with the Trust Group’s accounting policies.

Future impact of Accounting Standards and Interpretations issued but not yet effective

The Trust Group has not adopted any standard, interpretation or amendment that has been issued but is not yet effective and these are not expected to have a material impact on the Trust Group’s financial position or performance.

The AASB issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, which will be effective for the Trust Group in the financial year ending 30 June 2028. While not expected to have a material impact on the Trust Group’s financial position or performance, AASB 18 is expected to change the presentation of certain items in the financial statements in future periods.

11

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires the Trust Group to make judgements in the application of accounting policies and estimates when developing assumptions that affect the reported amounts of certain revenues, expenses, assets and liabilities. These judgements and estimates are made considering historical experience and other reasonable and relevant factors but are inherently uncertain. Due to this inherent uncertainty, actual results may differ from these judgements and estimates.

The updates to the following significant judgements and estimates are included in the relevant notes to this half year Financial Report:

judgements and estimates. The updates to the following significant judgements and estimates are Financial Report:	included in the relevant notes to this half year
Area of judgement or estimation	Note
Valuation of investment properties	3

In respect of valuation of derivative financial instruments, there was no significant change to the judgements and estimates at 31 December 2025.

12

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Operations

1. Segment information

As described in the ‘About This Report’ section, the units in the Trust Group are stapled together with the shares of the Company and are traded jointly on the Australian Securities Exchange ( ASX ), under the ASX code ‘VCX’.

As a result of this stapled structure, management does not report the individual results of the Trust Group to the Chief Operating Decision Makers ( CODM ). Rather management reports segment results for the stapled Vicinity Centres Group. Consequently, the Trust Group is considered to have only one operating segment as represented in the Statement of Comprehensive Income and Balance Sheet.

2. Revenue and income

(a) Summary of revenue and income

A summary of the Trust Group’s total revenue and income included within the Statement of Comprehensive Income is shown below.

shown below.
	31-Dec-25	31-Dec-24
	**$m **	**$m **
Recovery of property outgoings1,2	94.8	92.1
Other property-related revenue1	40.9	41.1
Total revenue from contracts with customers	135.7	133.2
Lease rental income1,2,3	488.7	483.6
Interest and other income	18.4	22.4
Total income	507.1	506.0
Total revenue and income	642.8	639.2

1. Included within ‘Property ownership revenue and income’ in the Statement of Comprehensive Income.

2. Recovery of property outgoings includes estimated recoveries of property outgoings of gross and semi-gross deals, accounted for as revenue from contracts with customers as the income is earned. The estimate is updated half yearly based on recoveries of property outgoings of net deals in the period.

3. Lease rental income includes percentage rent income of $14.5 million (31 December 2024: $13.3 million).

13

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

3. Investment properties

The Trust Group’s investment properties represent freehold and leasehold interests in land and buildings held either to derive rental income or for capital appreciation, or both. They are initially measured at cost, including related transaction costs. Subsequently, at each reporting period, they are carried at their fair values based on the market value, being the price that would be received to sell an investment property in an orderly, arm’s length transaction between market participants at the reporting date.

Fair values for investment properties are determined by independent (external) valuers or internal valuations. These valuations include the cost of capital works in progress on development projects. As at 31 December 2025, 28 assets were independently valued and 20 assets were valued internally (30 June 2025: 23 independent valuations and 25 internal valuations).

(a) Portfolio summary

(a) Portfolio summary
Shopping centre type	31-Dec-25 30-Jun-25
	Number of properties Value $m 1 Weighted average discount rate, %1,2 Weighted average capita- lisation rate, %1,2 Number of properties Value $m1 Weighted average discount rate, %1,2 Weighted average capita- lisation rate, %1,2
Super Regional Regional Central Business Districts Outlet Centre Sub Regional3 Neighbourhood3 Planning and holding costs4 Less: Property holdings by Vicinity Limited5	1 3,590.0 6.75 4.25 1 3,535.0 6.75 4.25 15 4,655.6 7.07 6.03 15 4,292.7 7.22 6.24 7 2,102.8 6.73 5.20 7 2,069.8 6.74 5.28 8 2,611.0 7.10 5.84 8 2,533.0 7.22 5.94 14 1,986.6 7.05 6.18 15 1,991.7 7.34 6.51 3 247.6 6.68 5.97 2 128.8 6.36 5.49 - 26.6 n/a n/a - 36.4 n/a n/a - (42.3) n/a n/a - (40.1) n/a n/a
Sub-total	48 15,177.9 6.94 5.48 48 14,547.3 7.05 5.60
Add: Investment property leaseholds Less: Properties held for sale6	- 365.4 - 364.4 (4) (283.0) - -
Total investment properties	44 15,260.3 48 14,911.7

1. The discount and capitalisation rates are used in the ‘discounted cash flow’ and ‘capitalisation of net income’ valuation methods respectively. The adopted fair value is within the range calculated with reference to the two methods.

2. The discount and capitalisation rates relate to the core retail component excluding non-retail or ancillary properties.

3. Northgate was reassessed as meeting the requirements of a Neighbourhood centre and therefore reclassified from Sub Regional to Neighbourhood as at 31 December 2025.

4. Planning and holding costs relating to planned major development projects are capitalised and carried within the overall investment property balance. The status of each project is reviewed at each period end to determine if continued capitalisation of these costs remains appropriate.

5. Represents certain equipment which forms part of the individual fair values of the Trust Group’s investment properties but is held by Vicinity Limited.

6. Represents the carrying amount of Victoria Park Central, Gympie Central, Whitsunday Plaza and Armidale Central, which are classified as investment properties held for sale (current asset), as the Trust Group has entered into unconditional sale contracts as at 31 December 2025. These properties have been recorded at their fair value at balance date, which approximated the selling price net of estimated purchase price adjustments.

14

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

3. Investment properties (continued)

(b) Movements for the period

A reconciliation of the movements in investment properties for the period is shown in the table below.

	31-Dec-25	31-Dec-24
	**$m **	**$m **
Opening balance at 1 July	14,547.3	14,392.0
Capital expenditure1	231.6	218.2
Capitalised borrowing costs2	8.8	8.1
Disposals	-	(230.3)
Property revaluation increment for directly owned properties3	427.8	189.7
Amortisation of incentives and leasing costs4	(47.4)	(47.1)
Straight-lining of rent adjustment4	9.8	9.4
Closing balance at 31 December	15,177.9	14,540.0

1. Includes development and maintenance capital expenditure, lease incentives, fit-out, and other capital costs.

2. Borrowing costs incurred in the construction of qualifying assets have been capitalised at a weighted average rate of 5.0% (31 December 2024: 5.0%).

3. Excludes the property revaluation increment of $0.3 million (31 December 2024: $0.7 million increment) of investment property leaseholds held at fair value.

4. For lease arrangements where Vicinity is the lessor.

(c) Portfolio valuation

Valuation process

The Trust Group’s valuation process has not changed significantly since 30 June 2025. Further details of the Trust Group’s valuation process are provided within Note 4(c) of the 30 June 2025 Financial Report.

Significant Judgement and Estimate

The determination of an investment property valuation requires assumptions to be made which may not be based on observable market data in all instances (i.e. discount and capitalisation rates), estimating the future impact of events such as subsequent movements in interest rates, market rents and estimating the cost to complete for properties under development. This means the valuation of an investment property requires significant judgement and estimation.

Key assumptions and inputs

As the capitalisation of income and discounted cash flow ( DCF ) valuation methods include key inputs that are not based on observable market data (namely derived capitalisation and discount rates), investment property valuations are considered “Level 3” on the fair value hierarchy (refer to Note 21 in the 30 June 2025 Financial Report for further details on the fair value hierarchy).

15

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

3. Investment properties (continued)

(c) Portfolio valuation (continued)

Key assumptions and inputs (continued)

Key unobservable inputs used by the Trust Group in determining the fair value of its investment properties are summarised below. These are consistent with key inputs assessed at 30 June 2025.

Unobservable inputs	31-Dec-25 30-Jun-25 Range of inputs Weighted average inputsRange of inputs Weighted average inputsSensitivity
Capitalisation rate1 Discount rate2 Terminal yield3 Expected downtime (for tenants vacating)	4.25% – 9.00% 5.48% 4.25% – 9.00% 5.60% The higher the capitalisation rate, discount rate, terminal yield, and expected downtime due to tenants vacating, the lower the fair value. 5.25% – 10.00% 6.94% 5.25% – 10.00% 7.05% 4.50% – 7.50% 5.70% 4.50% – 7.75% 5.82% 3 to 12 months 6 months 3 to 12 months 6 months
Market rental growth rate	2.28% – 3.96% 3.22% 2.28% – 3.77% 3.23% The higher the assumed market rental growth rate, the higher the fair value.

1. The capitalisation rate is the required annual yield of net market income used to determine the value of the property. The rate is determined with regard to comparable market transactions.

2. The discount rate is a required annual total rate of return used to convert the forecast cash flow of an asset into present value terms. It should reflect the required rate of return of the property given its risk profile relative to competing uses of capital. The rate is determined with regard to comparable market transactions.

3. The terminal yield is the capitalisation rate used to convert forecast annual income into a forecast asset value at the end of the holding period when carrying out a DCF calculation. The rate is determined with regard to comparable market transactions and the expected risk inherent in the cash flows at the end of the cash flow period. Leasehold properties with tenure less than 20 years (at the end of the 10year investment horizon) have been excluded from this sensitivity for comparative reasons given the terminal value calculation can differ to take into account the finite term remaining on the leasehold at that time.

All of the above key assumptions have been taken from the 31 December 2025 external valuation reports and internal valuation assessments (where applicable). For all investment properties, the current use is considered the highest and best use.

Sensitivity analysis

The following sensitivities illustrate the impact of changes in key unobservable inputs (in isolation) on the fair value of the Trust Group’s investment properties as at 31 December 2025. Specific key unobservable inputs may impact only the capitalisation of net income method, the DCF method or both methods.

DCF method

DCF method
				10-year rental	10-year rental
31-Dec-25		Discount rate	Discount rate	growth rate	growth rate
$m	Carrying value	-0.25%	+0.25%	-0.25%	+0.25%
Actual valuation1	14,910.6
Impact on actual valuation		277.0	(262.7)	(174.4)	176.0
Resulting valuation		15,187.6	14,647.9	14,736.2	15,086.6

1. Excludes planning and holding costs, properties held for sale and investment property leaseholds, and includes property holdings by Vicinity Limited.

Capitalisation of net income method

		Capitalisation	Capitalisation
31-Dec-25		rate	rate
$m	Carrying value	-0.25%	+0.25%
Actual valuation1	14,910.6
Impact on actual valuation		725.8	(658.5)
Resulting valuation		15,636.4	14,252.1

1. Excludes planning and holding costs, properties held for sale and investment property leaseholds, and includes property holdings by Vicinity Limited.

16

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

4. Equity accounted investments

Equity accounted investments primarily consist of investment property joint ventures with strategic partners where the property ownership interest is held through a jointly owned trust rather than direct ownership into the property title. The Trust Group has contractual arrangements that establish joint control over the economic activities of these trusts, based on standard market terms.

These investments are accounted for using the equity method.

(a) Summary of equity accounted investments

The Trust Group holds the following investments that are equity accounted:

	Ownership		Carrying value	Carrying value
	31-Dec-25	30-Jun-25	31-Dec-25	30-Jun-25
	%	%	**$m **	**$m **
Joondalup Trust (Joint Venture)1	50	50	453.6	449.1
Victoria Gardens Retail Trust (Joint Venture)1	50	50	108.2	91.0
Closing balance			561.8	540.1

1. The primary asset of the joint ventures is investment property held at fair value. As such the carrying value of equity accounted investments are subject to the same significant judgement and estimate as disclosed in Note 3(c).

(b) Movements for the period

A reconciliation of the movements in equity accounted investments is shown in the table below.

	31-Dec-25	31-Dec-24
	**$m **	**$m **
Opening balance	540.1	91.4
Acquisition of interest in Lakeside Joondalup	-	441.3
Landholder duty and transaction costs written off on acquisition of Lakeside Joondalup	-	(22.5)
Additional investments made during the period	0.7	-
Share of net profit of equity accounted investments	34.6	32.0
Distributions of net income declared by equity accounted investments	(13.6)	(10.1)
Closing balance	561.8	532.1

17

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Capital structure and financial risk management

5. Interest bearing liabilities and derivatives

Interest bearing liabilities are initially recognised at fair value, net of transaction costs incurred and subsequently measured at amortised cost using the effective interest rate method. Foreign currency denominated notes are translated to AUD at the applicable exchange rate at each reporting period with the gain or loss attributable to exchange rate movements recognised in the Statement of Comprehensive Income.

(a) Summary of facilities

The following table outlines the Trust Group’s unsecured interest bearing liabilities at balance date:

	31-Dec-25	30-Jun-25
	**$m **	**$m **
Current liabilities
US Private Placement Notes (USPP)	-	342.4
GBP European Medium Term Notes (GBMTN)	704.1	733.8
Total current liabilities	704.1	1,076.2
Non-current liabilities
Bank debt	838.0	428.0
AUD Medium Term Notes (AMTN)1	1,499.7	1,499.6
HKD European Medium Term Notes (HKMTN)	123.2	123.9
USPP	440.0	448.6
EUR European Medium Term Notes (EMTN)	875.9	895.2
Deferred debt costs2	(11.4)	(13.4)
Total non-current liabilities	3,765.4	3,381.9
Total interest bearing liabilities	4,469.5	4,458.1

1. Includes $300.0 million of Green Bonds. The proceeds of Green Bonds were utilised to fund eligible green projects and assets with high sustainability rating (e.g. National Australian Built Environment Rating system energy rating of 5 stars or higher).

2. Deferred debt costs comprise the unamortised value of borrowing costs paid on establishment or refinance of debt facilities. These costs are deferred on the Balance Sheet and amortised at the effective interest rate to borrowing costs in the Statement of Comprehensive Income.

(b) Facility maturity and availability

The following table summarises the maturity profile of the Trust Group’s drawn debt and undrawn facilities:

	31-Dec-25 30-Jun-25
	Less than 1 year $m 1 to 3 years $m Greater than 3 years $m Total $m Less than 1 year $m 1 to 3 years $m Greater than 3 years $m Total **$m **
Bank debt drawn1 Capital market debt1	- 653.0 185.0 838.0 - 328.0 100.0 428.0 655.2 691.9 2,096.0 3,443.1 964.2 691.9 2,096.0 3,752.1
Total drawn debt	655.2 1,344.9 2,281.0 4,281.1 964.2 1,019.9 2,196.0 4,180.1
Undrawn facilities	- 522.0 515.0 1,037.0 125.0 572.0 1,000.0 1,697.0
Total facilities	655.2 1,866.9 2,796.0 5,318.1 1,089.2 1,591.9 3,196.0 5,877.1

1. Excludes accounting adjustments such as fair value, foreign exchange movements and deferred debt costs amounting to $188.4 million (30 June 2025: $278.0 million).

18

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

5. Interest bearing liabilities and derivatives (continued)

(c) Borrowing costs

Borrowing costs consist of interest and other costs incurred in connection with borrowing funds (such as establishment fees, legal and other fees). Borrowing costs are expensed to the Statement of Comprehensive Income using the effective interest rate method, except for borrowing costs incurred for the development of qualifying investment properties which are capitalised to the cost of the investment property during the period of development. Borrowing costs also include finance charges on lease liabilities.

finance charges on lease liabilities.
	31-Dec-25	31-Dec-24
	**$m **	**$m **
Interest and other costs on interest bearing liabilities and derivatives	106.0	108.7
Amortisation of deferred debt costs	2.3	2.1
Amortisation of face value discounts	0.6	0.6
Amortisation of fair value adjustments relating to discontinued hedge accounting	(0.9)	(0.8)
Interest charge on lease liabilities	14.0	13.9
Capitalised borrowing costs	(8.8)	(8.1)
Total borrowing costs	113.2	116.4

(d) Capital management

The Vicinity Centres Group seeks to maintain a strong and conservative capital structure with appropriate liquidity, low gearing, and a diversified debt profile (by source and tenor). The Vicinity Centres Group has long-term credit ratings of ‘A2/stable’ from Moody’s Investors Service and ‘A/stable’ from Standard & Poor’s Global Ratings.

Key metrics monitored by the Vicinity Centres Group include the gearing ratio, interest cover ratio, unencumbered total tangible assets to unsecured debt and the permitted encumbrance ratio. Refer to Note 5 of the Vicinity Centres Group 31 December 2025 half year Financial Report available at vicinity.com.au for further details of these metrics.

(e) Fair value of interest bearing liabilities

As at 31 December 2025, the Trust Group’s interest bearing liabilities had a fair value of $4,424.7 million (30 June 2025: $4,423.6 million).

The carrying amount of these interest bearing liabilities was $4,469.5 million (30 June 2025: $4,458.1 million). The difference between the carrying amount and the fair value of interest bearing liabilities is due to:

• Deferred debt costs included in the carrying amount which are not included in the fair value; and

• Movements in market discount rates on interest bearing liabilities since initial recognition. As fair value is calculated by discounting the contractual cash flows using prevailing market discount rates (with similar terms, maturity, and credit quality), any movements in these discount rates since initial recognition will give rise to differences between fair value and the carrying amount (which is carried at amortised cost).

Had the interest bearing liabilities been recognised at fair value, these would have been classified as Level 2 under the fair value hierarchy as the market discount rates used are indirectly observable.

(f) Defaults and covenants

The Trust Group had no defaults on debt obligations or breaches of lending covenants at 31 December 2025 (30 June 2025: nil).

19

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

6. Contributed equity

An ordinary stapled security of the Vicinity Centres Group comprises one share in the Company and one unit in the Trust. Ordinary stapled securities entitle the holder to participate in distributions and the proceeds on winding up of the Vicinity Centres Group (if enacted) in proportion to the number of securities held. Ordinary stapled securities are classified as equity. All ordinary securities are fully paid.

Incremental costs directly attributable to the issue of new stapled securities are shown in equity as a deduction, net of tax, from the proceeds.

tax, from the proceeds.
	31-Dec-25	31-Dec-24	31-Dec-25	31-Dec-24
	Number(m)	Number(m)	**$m **	**$m **
Total stapled securities on issue at the beginning of the half year	4,562.9	4,552.3	8,583.4	8,560.8
Stapled securities issued1	36.8	-	91.2	-
Total stapled securities on issue at the end of the half year2	4,599.7	4,552.3	8,674.6	8,560.8

1. Units issued under Vicinity Centres Group’s DRP during the period.

2. Vicinity Centres Group held 0.3 million or $0.8 million of treasury securities at 31 December 2025 (31 December 2024: 0.4 million securities or $0.7 million).

The following weighted average number of units are used in the denominator in calculating earnings per unit:

	31-Dec-25	31-Dec-24
	Number(m)	Number(m)
Weighted average number of units used as the denominator in calculating basic earnings per unit	4,584.3	4,552.3
Effect of potential dilution from performance and restricted rights	8.9	11.3
Weighted average number of units used as the denominator in calculating diluted earnings per unit	4,593.2	4,563.6

7. Distributions

(a) Interim distributions for the period

7. Distributions (a) Interim distributions for the period
	31-Dec-25	31-Dec-24	31-Dec-25	31-Dec-24
	Cents1	Cents1	**$m **	**$m **
Distributions in respect of earnings:
For six-months to 31 December 2025 (31 December 2024)	6.20	5.95	285.2	270.9
Total interim distributions for the period	6.20	5.95	285.2	270.9

1. Cents per VCX stapled security.

On 18 February 2026, the Directors declared a distribution in respect of the Trust Group’s earnings for the half year ended 31 December 2025 of 6.20 cents per unit, which equates to total interim distributions of $285.2 million. The interim distribution will be settled on 12 March 2026. The Vicinity Centres DRP will apply to the interim distribution.

(b) Distributions settled during the period

(b) Distributions settled during the period
	31-Dec-25	31-Dec-24	31-Dec-25	31-Dec-24
	Cents1	Cents1	**$m **	**$m **
Distributions settled in respect of the earnings:
For six-months to 30 June 2025 (30 June 2024)	6.05	5.90	276.0	268.6
Total distribution settled during the period	6.05	5.90	276.0	268.6

1. Cents per VCX stapled security.

20

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Other disclosures

8. Operating cash flow reconciliation

The reconciliation of net profit after tax for the half year to net cash provided by operating activities is provided below.

	31-Dec-25	31-Dec-24
	**$m **	**$m **
Net profit after tax for the half year	799.9	488.7
Exclude non-cash items and cash flows under investing and financing activities:
Amortisation of incentives and leasing costs	47.4	47.1
Straight-lining of rent adjustment	(9.8)	(9.4)
Property revaluation increment for directly owned properties	(428.1)	(190.4)
Share of net profit of equity accounted investments	(34.6)	(32.0)
Amortisation of non-cash items included in interest expense	2.0	1.9
Net foreign exchange movement on interest bearing liabilities	(62.1)	127.1
Net mark-to-market movement on derivatives	12.3	(130.5)
Landholder duty and transaction costs written off	-	22.5
Other non-cash items	0.9	0.8
Movements in working capital:
Increase in payables and other financial liabilities, and provisions	4.4	7.3
Decrease/(increase) in receivables including distributions receivable and other assets	10.9	(8.6)
Net cash inflows from operating activities	343.2	324.5

9. Other accounting matters

(a) Capital commitments

Estimated maintenance, development, and leasing capital of the Trust Group committed at reporting date but not recognised on the Balance Sheet amounted to $184.8 million (30 June 2025: $237.6 million).

10. Events occurring after the end of the reporting period

Subsequent to period end, the Trust Group irrevocably accepted the co-owner’s offer to sell its 75% interest of Uptown in Brisbane, Queensland, for $212.0 million (excluding stamp duty). The contracts are expected to be exchanged by the end of April 2026, with the acquisition then expected to settle in June 2026, following receipt of the required Ministerial consent in relation to certain ancillary land rights.

Other than the matter described above, no matters have arisen since the end of the period which have significantly affected, or may significantly affect, the operations of the Trust Group, the results of those operations, or the state of affairs of the Trust Group in future financial periods.

21

Vicinity Centres Trust | Financial report for the half year ended 31 December 2025

Directors’ Declaration

In the Directors’ opinion:

• (a) the half year financial statements and notes of Vicinity Centres Trust ( the Trust ) and its controlled entities ( the Trust Group ) set out on pages 7 to 21 are in accordance with the Corporations Act 2001 (Cth), including:

• i. complying with Australian Accounting Standards, the Corporations Regulations 2001 (Cth) and other mandatory professional reporting requirements; and

• ii. giving a true and fair view of the Trust Group’s financial position as at 31 December 2025 and of its performance, as represented by the results of its operations, changes in equity and its cash flows, for the half year ended on that date; and

• (b) there are reasonable grounds to believe that the Trust Group will be able to pay their debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors of Vicinity Centres RE Ltd.

==> picture [80 x 43] intentionally omitted <==

Trevor Gerber Chairman 18 February 2026

22

Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001

==> picture [86 x 90] intentionally omitted <==

Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au

Independent Auditor’s Review Report to the Unitholders of Vicinity Centres Trust

Conclusion

We have reviewed the accompanying half-year financial report of Vicinity Centres Trust (the “Trust”) and the entities it controlled (collectively the “Group”), which comprises the consolidated balance sheet as at 31 December 2025, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, explanatory notes and the directors’ declaration of the directors of Vicinity Centres RE Ltd, the Responsible Entity of the Trust (the “RE”).

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Group does not comply with the Corporations Act 2001 , including:

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

• b. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor’s responsibilities for the review of the half-year financial report section of our report. We are independent of the Group 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 reviews of the half-year financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Directors’ responsibilities for the half-year financial report

The directors of the RE are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the review of the half-year financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

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

23

==> picture [86 x 90] intentionally omitted <==

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

==> picture [168 x 65] intentionally omitted <==

Ernst & Young

==> picture [158 x 61] intentionally omitted <==

Kylie Bodenham Partner Melbourne 18 February 2026

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

24