VICINITY CENTRES TRUST — Interim / Quarterly Report 2026

Feb 17, 2026

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FY26 Interim Results

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18 FEBRUARY 2026
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Vicinity Centres FY26 Interim Results | 18 February 2026

WELCOME

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AGENDA
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04 10 Highlights and Financial results portfolio performance

14 22 Development update Appendices and summary

PETER HUDDLE CEO and Managing Director ADRIAN CHYE Chief Financial Officer

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Vicinity Centres FY26 Interim Results | 18 February 2026

ACKNOWLEDGEMENT OF COUNTRY

Vicinity Centres acknowledges the Traditional Custodians of the land and pays respect to Elders past and present.

As a business that operates in many locations across the nation, we recognise and respect the cultural heritage, beliefs, and relationship with the land, which continue to be important to the Traditional Custodians living today.

Vicinity’s First Nation’s Artwork for Reconciliation – Emma Hollingsworth’s ‘Looking Forward’

Vicinity Centres FY26 Interim Results | 18 February 2026

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Highlights and portfolio performance

PETER HUDDLE CEO AND MANAGING DIRECTOR

Chadstone, VIC

Vicinity Centres Vicinity Centres FY26 Interim Results | 18 February 2026FY26 Interim Results | 18 February 2026

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STRATEGIC AND FINANCIAL HIGHLIGHTS

Curating a higher quality, higher growth asset portfolio and delivering operational and financial objectives, amid supportive retail sector

$351.0m

$805.6m

6.20 cps

FUNDS FROM OPERATIONS 1H FY25: $344.1m

1H FY26 DISTRIBUTION

STATUTORY NET PROFIT 1H FY25: $492.6m

1H FY25: 5.95 cps

Opened

Divesting

Uptown

$327m

WILL ACQUIRE RESIDUAL 75% INTEREST

STAGE 1 OPENING OF CHATSWOOD CHASE

OF NON-STRATEGIC ASSETS[3]

Irrevocably accepted IFM Investors’ offer for Vicinity to acquire for $212m[1] Upweighting to premium[2] assets

At 18.2% blended premium to June 2025 book values

Trading metrics exceeding

expectations

99.6%

+4.6%

+3.7%[4]

COMPARABLE NPI GROWTH[5]

PORTFOLIO OCCUPANCY Jun-25: 99.5%

LEASING SPREAD

Reflects enhanced portfolio quality 1H FY25: +4.2%

1H FY25: +3.5%

+2.6%

NTA uplift

26.3%

VALUATION UPLIFT

NET TANGIBLE ASSETS UP 11 CENTS PER SECURITY, OR 4.8% TO $2.52

GEARING Jun-25: 26.6%

Driven by both income growth and capitalisation rate compression

1. Acquisition price excludes stamp duty. Contracts are expected to be exchanged by the end of April, with the acquisition then expected to settle in June 2026, following receipt of the required Ministerial consent in relation to certain ancillary land rights.

2. Vicinity’s premium asset portfolio comprises Chadstone, Outlet Centres, CBDs and Premium shopping centres.

3. Refer to slide 23 for assets divested and expected settlement dates.

4. Excluding the impact of taxes and levies the +3.7% comparable net property income (NPI) would increase to +4.1%.

5. Comparable NPI growth excludes reversal of prior year provisions, transactions and development impacts.

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Chadstone, VIC – The Market Pavilion
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Vicinity Centres FY26 Interim Results | 18 February 2026

PORTFOLIO REPOSITIONING; ACTIVELY CURATING A PREMIUM ASSET PORTFOLIO SINCE JUNE 2022 Superior and sustained value creation via strategic developments, targeted acquisitions and timely divestments

CAPITAL ALLOCATION MODEL

VICINITY’S CAPITAL ALLOCATION SINCE JUN-22

Cumulative investment in acquisitions and developments and proceeds from divestments; driven shift in total portfolio value towards premium assets

PORTFOLIO PREMIUMISATION

RETAIL ASSET PORTFOLIO BY CENTRE TYPE

Premium assets now comprise 66% of Vicinity’s retail asset portfolio

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2.5 Premium +$2.1b
2.0
1.5 Development
1.0
0.5 Acquisitions
- Development
-0.5
Divestments
-1.0
-1.5
Core -$1.3b
-2.0
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PREMIUM ASSETS OUTPERFORM ON INCOME AND VALUE GROWTH

Validated by superior premium portfolio metrics relative to the portfolio average

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Premium portfolio weighting
51% 66%
Chadstone
City Centre
Portfolio
Portfolio Outlet Centre
Dec-25
Jun-22 Other Premium
proforma [2]
Regional
Sub Regional
Neighbourhood
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+3.8% +9.7% $16,951 PREMIUM PREMIUM LEASING PREMIUM SPECIALTY COMPARABLE NPI[1] SPREADS MAT PER SQM Total portfolio: +3.7% Total portfolio: +4.6% Total portfolio: $13,425

$543mm

$543mm 12 AVERAGE ASSET VALUE[2] FEWER RETAIL Jun-22: $393m ASSETS[3]

1. Excluding the impact of new taxes and levies, premium portfolio comparable NPI growth improves from +3.8% to +4.6%.

2. Dec-25 adjusted for the stabilised value of completed Chadstone, Chatswood Chase and Galleria developments, acquisition of Uptown and the settlement of divestments announced in FY26 to date.

3. Since Jun-22.

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Vicinity Centres FY26 Interim Results | 18 February 2026

ACQUISITION – UPTOWN

Irrevocably accepted IFM Investors’ offer for Vicinity to acquire remaining 75% of Uptown; secured for $212 million[1]

INCREASED EXPOSURE TO CBD RETAIL AND GREATER BRISBANE

• Uptown is a landmark retail asset with significant growth potential

• Uptown centrally located to benefit from $27b[2] government infrastructure investment

• Uptown already a major gateway to Brisbane’s CBD, located atop major bus interchange

• Brisbane’s projected total trade area population growth versus the CBD average[3] supports significant potential for market share and total spend growth

DEVELOPMENT PLANS FOR UPTOWN

• Acquisition paves way for rejuvenation of Uptown, to capture significant growth potential of Brisbane’s thriving CBD

• Vision: reposition Uptown with a comprehensive, large-scale retail offer, blending fashion, dining, technology, leisure and entertainment; akin to Emporium Melbourne

• Retail redevelopment from CY27 to CY29; cost expected to be c.$300-$350m

• Stabilised yield of >6.0% and Internal Rate of Return of >10.0%. Total project-related loss of rent expected to be within existing guidance of c.$15m in FY27

DISCIPLINED FUNDING STRATEGY MAINTAINED

• Acquisition funded by proceeds from asset sales announced in FY26 to date

• Net impact from acquisition and divestments announced in FY26 to date largely neutral to FY26 FFO

• Pro-forma gearing: 25.8%

• Development to be funded through a combination of further asset sales and debt

• Acquisition price excludes stamp duty. The acquisition is expected to settle in June 2026, following receipt of the required Ministerial consent in relation to certain ancillary land rights.

• State funded infrastructure projects total $27 billion, comprising the Brisbane Metro, the Cross River Rail project, redevelopment of Queen’s Wharf and Waterfront Brisbane.

• Average across strategic priority CBDs: Melbourne, Sydney and Brisbane.

• Data provided by CBRE Research, Australia.

• Representing 5-year average annual growth rate.

• 1H FY26 vs 1H FY23. 1H FY23 represents first full trading period post cessation of pandemic lockdowns.

UPTOWN’S INHERENT GROWTH POTENTIAL SUPPORTED BY PUBLIC INFRASTRUCTURE INVESTMENT IN, AND DEMOGRAPHICS OF, BRISBANE’S CBD

$27b

+3.4%

PROJECTED TOTAL TRADE AREA CURRENT INVESTMENT IN POPULATION GROWTH[4,5] INFRASTRUCTURE

AVG. CBD[3] : 2.0%

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Uptown, QLD
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VICINITY HAS A PROVEN CAPABILITY OF DELIVERING STRONG CBD RETAIL PERFORMANCE AND CREATING THRIVING RETAIL ENVIRONMENTS

Performance metrics of Vicinity's CBD asset portfolio

+26% +18% 98.8% UPLIFT IN UPLIFT IN SPECIALTY OCCUPANCY COMPARABLE NPI[6] MAT PER SQM[6] – RETAIL[7]

1. As at Dec-25.

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Vicinity Centres FY26 Interim Results | 18 February 2026

RETAIL SALES

Portfolio remixing, enhanced asset portfolio and increased shopper confidence and capacity to spend supports cautiously optimistic outlook

Portfolio sales1	MAT Dec-25 Jun-25	MAT Dec-25 Jun-25	Six Dec-25	months Jun-25	Nov/Dec-25
(Growth versus prior year)	(%)	(%)	(%)	(%)	(%)
Specialty stores	4.1	1.5	5.2	2.7	3.8
Mini majors	6.7	8.5	5.1	8.8	5.7
Specialties and mini majors Supermarkets2 Discount department stores2	4.9 1.9 3.2	3.7 1.8 1.7	5.1 1.7 2.5	4.7 2.1 4.1	4.5 2.6 2.6
Other retail3	2.6	(0.1)	5.7	0.5	6.8
Department stores	2.3	0.7	1.4	3.3	(0.8)
Totalportfolio	4.0	2.8	4.2	3.8	3.9
Food retail	6.9	7.3	6.4	7.7	4.8
Food catering Apparel & footwear	4.3 1.5	4.8 0.6	3.9 1.8	4.8 1.1	2.6 1.4
Jewellery	10.4	4.1	11.0	8.2	10.0
Leisure	11.7	11.5	10.3	13.8	8.5
Homewares	7.5	5.5	8.4	6.4	8.1
General retail	4.1	1.2	5.8	2.1	5.6
Mobile phones Retail services	5.6 4.4	0.7 5.1	8.9 3.6	1.0 5.3	9.5 2.7
Total specialties and mini majors	4.9	3.7	5.1	4.7	4.5	Emporium Melbourne, VIC

+4.2%

TOTAL PORTFOLIO RETAIL SALES GROWTH IN 1H FY26

All categories delivered sales growth, most notably across mini majors and specialty stores

+5.1%

SPECIALTY AND MINI MAJORS RETAIL SALES GROWTH IN 1H FY26 Acceleration in growth rates for most discretionary categories

+5.3%

+4.9%

PREMIUM CENTRE[4] CORE CENTRE[4] RETAIL SALES GROWTH RETAIL SALES GROWTH in 1H FY26 in 1H FY26

$13,425/sqm

SPECIALTY MAT/SQM Jun-25: $13,037/sqm

1. Sales are reported for comparable centres, which excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines.

2. Some major tenants reported 53 weeks for FY24 and has been adjusted accordingly.

3. Other retail includes cinemas, travel agents, auto accessories, lotteries and other entertainment.

4. Metric refers to retail sales growth for specialty and mini majors. Premium retail centres include Chadstone, Outlet portfolio, CBDs and Premium shopping centres. Core portfolio includes all retail assets outside of premium asset portfolio.

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Vicinity Centres FY26 Interim Results | 18 February 2026

LEASING

Strong leasing performance reflects the depth of tenant demand in a market characterised by tightening retail floorspace supply[1]

HIGHER QUALITY ASSET PORTFOLIO AND ROBUST RETAILER DEMAND UNDERPINS STRONG LEASING OUTCOMES

• Recorded a healthy leasing spread of +4.6% (1H FY25: +3.5%)

• Representing 28% of total rent transacted, Apparel & Footwear category achieved +7.2% leasing spread, primarily driven by Chadstone and Outlet Centres

• Occupancy strengthened to 99.6% (Jun-25: 99.5%)

• Holdovers as a proportion of income at 2.9%[2 ] (1H FY25: +2.9%)

• Specialty occupancy cost ratio of 14.1% provides headroom for ongoing rent growth, especially in an environment of robust retail sales growth (Jun-25: 14.1%, pre-COVID: c.15.0%)

STEADFAST FOCUS ON QUALITY LEASES SUPPORTS RESILIENT INCOME GROWTH

• Vacancy count at a record low since Vicinity’s inception in 2015

• Disciplined approach to negotiating new leases where structure, tenure and value of rent written support current and future income growth

Leasing statistics	1H FY26	1H FY25	FY25
Leasing spreads (%)	+4.6	+3.5	+2.5
Specialty occupancy cost ratio3(%)	14.1	14.1	14.1
Specialty productivity3(MAT/sqm)	13,425	12,907	13,037
Tenant retention (%)	76	76	73
WALE3,4– total portfolio (years)	3.7	3.6	3.6
Holdovers3(no. of stores) – total portfolio	237	322	234
– excluding strategically held for development or reconfiguration	191	227	154

• Average annual rent escalators on completed deals during the half remained strong at +4.7% (FY25: +4.8%)

• Improving portfolio quality and strategic tenant remixing continues to underpin enhanced sales productivity and supports future rent growth

99.6%

+4.6%

4.6 years 4.7% p.a.

OCCUPANCY RATE LEASING SPREAD Jun-25: 99.5% 1H FY25: +3.5%

LEASING SPREAD

1H FY26 LEASE 1H FY26 AVERAGE TENURE ESCALATORS 1H FY25: 4.3 years 1H FY25: 4.8%

1. Forecast supply of retail floorspace outlined on slide 25. Source: CBRE Research.

2. Excluding tenancies strategically held for development or reconfiguration.

3. At period end.

4. Weighted average lease expiry by income.

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Vicinity Centres FY26 Interim Results | 18 February 2026

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Financial results

ADRIAN CHYE CHIEF FINANCIAL OFFICER

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Queen Victoria Building and The Galeries, NSW
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Vicinity Centres Vicinity Centres FY26 Interim Results | 18 February 2026FY26 Interim Results | 18 February 2026

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FINANCIAL RESULTS

Income Statement

RESULT HEADLINES

• Statutory net profit after tax of $805.6m, comprising FFO of $351.0m and $454.6m of statutory, non-cash and other items[1]

• FFO per security up 1.3%. Adjusted for one-off items[2 ] and lower lost rent from developments, FFO per security was up 4.1%

• 1H FY26 distribution of 6.20 cps (1H FY25: 5.95 cps), represents 88.4% of AFFO[3]

DRIVERS OF PERFORMANCE

• NPI – up 1.1%, reflecting strong comparable[4] NPI growth partially offset by transaction impacts

• Comparable[4] NPI – up 3.7%, reflects continuation of strong portfolio metrics. Excluding new and increased taxes and levies, comparable NPI was up 4.1%

• External management fees – down $2.5m, due to the transition of a third party leasing mandate and divestment of co-owned assets

• Net corporate overheads – down 3.3%, driven by disciplined approach to cost management

• Net interest expense – down 2.6% primarily due to volume benefits from transaction impacts and the distribution reinvestment plan

	1H FY26	1H FY25	Change	Change
	($m)	($m)	($m)	(%)
NPI	468.8	463.5	5.3	1.1
External management fees	25.0	27.5	(2.5)	(9.1)
Net corporate overheads	(41.4)	(42.8)	1.4	(3.3)
Net interest expense	(101.4)	(104.1)	2.7	(2.6)
Funds from operations(FFO)1	351.0	344.1	6.9	2.0
Maintenance capex and lease incentives	(28.2)	(26.4)	(1.8)	6.8
Adjusted FFO(AFFO)1	322.8	317.7	5.1	1.6
Statutory netprofit after tax(NPAT)	805.6	492.6	313.0	63.5
FFO per security (cents)	7.66	7.56	0.10	1.3
AFFO per security (cents)	7.04	6.98	0.06	0.9
Distribution per security (cents)	6.20	5.95	0.25	4.2
Distributionpayout ratio3	88.4%	85.3%

1. Refer to slide 34 for definition of FFO and AFFO, and reconciliation of FFO to statutory net profit after tax. FFO and AFFO are nonIFRS measures.

2. One-off items include the impact of transactions (-$7m) and reversal of prior year waivers and provisions (1H FY25 $3m).

3. Calculated as: Total distributions declared ($285.2m/Total AFFO $322.8m). Vicinity expects its full year distribution payout ratio to be within the target range of 95%-100% of Adjusted FFO.

4. Comparable NPI growth excludes transactions, reversal of prior year waivers and provisions and development impacts.

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Vicinity Centres FY26 Interim Results | 18 February 2026

1H FY26 VALUATIONS

Highlighting strong asset performance and heightened investor demand, net valuation gain recognised across all asset segments

NET VALUATION INCREASE OF $407M, OR 2.6% TO $15.9B

• Disciplined focus on quality, long-term leasing deals, increasing occupancy and minimising income at risk underpins earnings growth resilience and valuation gains

• Chadstone, Outlets and the CBD portfolio continue to bolster portfolio income growth

• Lower capitalisation rates underpinned $279m of the net $407m net valuation gain, supported by market evidence and buoyant investor demand for retail assets

NET TANGIBLE ASSETS PER SECURITY (NTA) UP 11 CENTS OVER 1H FY26[2] , OR 4.8%, TO $2.52

NET VALUATION GAIN BY ASSET SEGMENT

Vicinity share as at December 2025

1H valuations1 No. of centres	Valuation Value ($m) Change (%)	Capitalisation rate Average (%) Change (bps)
Chadstone 1 3,590 0.8 4.25 - CBD Centres 7 2,103 1.1 5.20 8 Outlet Centres 8 2,611 2.8 5.84 10 Regional 16 5,111 3.5 6.03 19 Sub Regional 16 2,267 5.1 6.15 29 Neighbourhood 3 248 2.4 5.97 21
Total portfolio (weighted average) 51 15,929 2.6 5.50 11

Note: Figures may not sum due to rounding.

ATTRIBUTION TO NET VALUATION MOVEMENT

Net valuation movement and attribution by income and capitalisation rates ($m)

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600
400
200
0
-200
-400
-600
Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25
Cap Rate Net Income³ Net Valuation Movement
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1. Valuation movements are for the six months ended 31 December 2025. Reflects Vicinity’s ownership interest and excludes statutory accounting adjustments. Based on portfolio as at 31 December 2025.

2. Movement based on NTA as at 31 December 2025 compared to 30 June 2025.

3. Net of capital expenditure.

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Vicinity Centres FY26 Interim Results | 18 February 2026

CAPITAL MANAGEMENT

Strong, diversified funding platform providing liquidity for maturities and capital deployment

STRATEGIC BALANCE SHEET MANAGEMENT

• Sufficient liquidity to cover all FY26 debt expiries and committed development spend

• Divested $327m of non-strategic assets[1 ] providing another funding mechanism for Vicinity’s investment strategy

• Distribution Reinvestment Plan active for the FY26 interim distribution

• Vicinity continues to monitor debt capital market opportunities to increase weighted average maturity

STRONG BALANCE SHEET AND CAPITAL FLEXIBILITY MAINTAINED

Total debt facilities	$5.3b
Drawn debt	$4.3b
Undrawn limit	$1.0b
Weighted average cost of debt2	5.0%
Weighted average drawn debt maturity	3.5 years
Average proportion of hedged debt over 1H FY26	91%

26.3% 16.1% 3.8 times

GEARING[3] FFO[4] /NET DEBT INTEREST COVER RATIO

Refer to slide 36 for more debt details.

1. Refer to slide 23 for assets divested and expected settlement dates.

2. Average over 6 months ended 31 December 2025, inclusive of margin, line fees and establishment fees.

3. Net drawn debt/Total tangible assets (excluding cash and cash equivalents, intangible assets, right of use assets, investment property leaseholds and derivatives).

A/stable

DEBT SOURCES

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(%) 2 Bank drawn
12 16
Bank undrawn S&P GLOBAL
7 AMTN RATINGS
20 EMTN
15
USPP
A2/stable/stable
GBMTN
28 MOODY’S RATINGS
HKMTN
DEBT MATURITY PROFILE
($m)
1,400
1,200
222
1,000
50
800
453
600 515
927
400
655
100 492 200 500 500
200
335
200 169
0
FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
Bonds Bank drawn Bank undrawn
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A2/stable/stable

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MOODY’S RATINGS
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DEBT MATURITY PROFILE

($m)

1. FFO is based on 12 months ended 31 December 2025.

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Vicinity Centres FY26 Interim Results | 18 February 2026

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Development update and summary

PETER HUDDLE CEO AND MANAGING DIRECTOR

Chatswood Chase, NSW

Vicinity Centres Vicinity Centres FY26 Interim Results | 18 February 2026FY26 Interim Results | 18 February 2026

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SUCCESSFUL OPENING OF STAGE 1 OF THE REIMAGINED CHATSWOOD CHASE

Stage 1 opening marked the start of a new era for Chatswood Chase, as the pre-eminent fashion and luxury destination in northern Sydney

65

NEW RETAILERS Introduced

$119m +34% 2.4m TOTAL CENTRE SALES SAME-STORE SALES VISITATION October to December October to December Since opening 23 Oct

~$625m >6.0% ~10% DEVELOPMENT SPEND STABILISED YIELD UNLEVERED IRR Unchanged Unchanged Unchanged

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Eagerly anticipated Stage 2 on track to open from 4Q FY26, welcoming…

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Vicinity Centres FY26 Interim Results | 18 February 2026

COMPLETION OF CHADSTONE’S FULLY INTEGRATED 20,000SQM OFFICE TOWER Chadstone now home to >6,500 office workers across >50,000sqm on weekdays, driving continuous visitation and spending

The welcoming of Kmart and Adairs’ head office employees to Chadstone, solidifies the asset as a highly sought after retail-led, mixed-use destination

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One Middle
Road
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Hotel
Tower One
Chadstone
Chadstone
Place
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Vicinity Centres FY26 Interim Results | 18 February 2026

A CITY WITHIN A CENTRE

Chadstone is a world-class retail-led mixed-use destination , blending fashion, food, entertainment, leisure, work and stay

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The Social Quarter
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The Market Pavilion
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Dining Laneway
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Chadstone Place
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Tower One and Hotel Chadstone
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One Middle Road
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Chadstone Place – Officeworks
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Tower One – Vicinity National Office
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One Middle Road – Concierge
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Chadstone Place – Officeworks
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Hotel Chadstone – Concierge
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Vicinity Centres FY26 Interim Results | 18 February 2026

REDEVELOPMENT OF GALLERIA UNDERWAY

Transforming the asset with a new entertainment and lifestyle precinct complemented by a complete mall refresh

A new entertainment-led precinct offering a refreshed mix of leisure experiences and multiple exciting new dining destinations

A vibrant fashion precinct showcasing a curated selection of retail brands

~$120m[1] DEVELOPMENT SPEND

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~6%
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STABILISED YIELD
>10%
UNLEVERED IRR
2026
OPEN BY CHRISTMAS
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Artist’s impressions
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1. Total project spend based on Vicinity ownership.

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Vicinity Centres FY26 Interim Results | 18 February 2026

TARGETED RETAIL PROJECTS FOCUSED ON EXPANSION OF HIGH PERFORMING RETAIL PARTNERS From the recently completed UNIQLO at Emporium Melbourne to the successful repurposing of department store at Mandurah Forum

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EMPORIUM MELBOURNE – UNIQLO FLAGSHIP OPEN AND TRADING WELL
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4,500sqm
INCREASE OF +58%
UNIQLO’S
#1 FLAGSHIP
IN AUSTRALIA
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MANDURAH FORUM – CATEGORY LEADING SPORTING AND FAMILY ENTERTAINMENT
INTRODUCED
~1,300sqm
TIMEZONE
~2,000sqm
REBEL
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Vicinity Centres FY26 Interim Results | 18 February 2026

MIXED-USE DEVELOPMENT – OPPORTUNITIES

Strong alignment with government’s housing priorities, advanced mixed-use opportunities at Chatswood Chase and Bankstown Central

CHATSWOOD Havilah and Malvern Towers

480 ~3,800sqm APARTMENTS SITE AREA

BANKSTOWN 1,570 ~23,700sqm Exchange Precinct and Town Centre Precinct APARTMENTS SITE AREA

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Malvern
Havilah Tower
Tower
Chatswood
Chase
Artist’s impressions of proposed sites
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Bankstown Hospital
(under construction) Bankstown
Central
University of Western
Sydney (Bankstown)
Bankstown Metro
Station (under
construction)
Artist’s impressions of site masterplans
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20

Vicinity Centres FY26 Interim Results | 18 February 2026

STRATEGIC FOCUS AREAS AND FY26 GUIDANCE

Curating a higher quality, more resilient and differentiated retail asset portfolio in an environment of favourable retail sector fundamentals

DISCIPLINED FOCUS ON STRATEGIC EXECUTION AND DELIVERING ON OUR GROWTH

PRIORITIES

• Delivering predictable and growing income while driving sustained capital growth anchor our business decisions and investments

• Results to date continue to demonstrate our investment strategy remains fit for purpose

• Through selective acquisitions, large and small scale developments and strategic divestments, we are curating a retail-anchored asset portfolio designed for sustained growth and long-term value creation

• Notably in strategically located, premium assets, the growing shortage of retail GLA per capita bodes well for incumbent landlords of the best performing retail assets

• Disciplined approach to managing our balance sheet and preserving our credit metrics remains an important enabler of our ability to continue investing in our growth priorities

FY26 EARNINGS GUIDANCE

• Vicinity FFO and AFFO expected to be around the top end of guidance ranges of 15.0-15.2 cents and 12.8-13.0 cents, respectively

• Distribution payout ratio expected to be within the target range of 95%-100% of AFFO

• Comparable NPI growth now expected to be c.3.5% (previously c.3.0%)

• Development related loss of rent c.$25m (FY27: c.$15m)

• Weighted average cost of debt expected to be c.5.0%

• Maintenance capex and lease incentives of c.$100m

• Investment capital expenditure expected to be c.$400m

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Lakeside Joondalup, WA
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Vicinity Centres FY26 Interim Results | 18 February 2026

APPENDICES

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23 24 27 28 33
Asset transactions Australian macroeconomic Development pipeline Direct portfolio Assets under
summary environment management
34 37 38
Financial results Key dates Contact details
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Vicinity Centres FY26 Interim Results | 18 February 2026

ASSET TRANSACTIONS SUMMARY

			Premium/
Divestments	Price ($m)	Settlement	(discount) to book
Kurralta Central, SA		29 Feb 2024
Roxburgh Village, VIC		8 Mar 2024
Dianella Plaza, WA		8 Mar 2024
Ancillary properties		Various
Halls Head Central, WA		5 Jul 2024
Maddington Central, WA		8 Jul 2024
Karratha City, WA		21 Aug 2024
Mornington Central, VIC		2 Sep2024
Roselands, NSW		18 Feb 2025
Carlingford Court, NSW		1 Apr 2025
Elizabeth CityCentre, SA(50% interest)		30 Jun 2025
Reported FY24 and FY25	1,007.1		8.0%
Whitsunday Plaza, QLD		27 Feb 2026
Armidale Central, NSW		27 Feb 2026
Gympie Central, QLD		27 Feb 2026
Victoria Park Central, WA		30 Jun 2026
Ancillary Properties	43.1	Various
Announced 1H FY261	327.2		18.2%
Acquisitions
Chatswood Chase, NSW	307.0	15 Mar 2024
Lakeside Joondalup, WA	420.0	19 Aug2024
Reported FY24 and FY25	727.0
Uptown, QLD(75% interest)	212.0	June 2026
Announced 1H FY26

1. Contracts for sale exchanged but not yet settled.

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Uptown, QLD
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Vicinity Centres FY26 Interim Results | 18 February 2026

AUSTRALIAN MACROECONOMIC ENVIRONMENT

While population growth and a tight employment market are providing a level of resilience, Australian households still contend with elevated living costs

NATIONAL INCOME AND HOUSEHOLD SPENDING VS HOUSEHOLD SAVINGS RATE[1]

(Seasonally adjusted, %)

HOUSE PRICES[1,2]

(Quarterly index: Dec-15=100)

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250
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30
20
10
0
-10
-20
Sep 15 Sep 17 Sep 19 Sep 21 Sep 23 Sep 25
Household savings Household spending Gross disposable income
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200
150
100
50
Dec 15 Dec 17 Dec 19 Dec 21 Dec 23 Dec 25
Sydney Melbourne Brisbane Adelaide Perth
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JOB ADVERTISEMENTS[3]

UNEMPLOYMENT RATE[1]

(Seasonally adjusted, %) (000s)

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8 350
300
6
213 250
200
4
4.1 150
2 100
50
0 0
Dec 15 Dec 17 Dec 19 Dec 21 Dec 23 Dec 25
Unemployment rate Job advertisements
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INTERNATIONAL VISITOR ARRIVALS – SHORT AND LONG-TERM[1] (Annual, 000s)

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12,000 1,000
Pre-COVID +42% +7% yoy
800
9,000
Pre-COVID -5%
+8% yoy 600
6,000
400
3,000
200
0 0
Nov 15 Nov 17 Nov 19 Nov 21 Nov 23 Nov 25
Short-term (LHS) Long-term (RHS)
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1. Australian Bureau of Statistics.

2. Cotality.

3. Jobs and Skills Australia Internet Vacancy Index.

24

Vicinity Centres FY26 Interim Results | 18 February 2026

AUSTRALIAN SHOPPING CENTRES ARE RESILIENT THROUGH CYCLES

Growing shortage of retail GLA per capita driven by population growth and reduced investment pipeline

NATIONAL SHOPPING CENTRE DEVELOPMENT SUPPLY PIPELINE BY ASSET[1]

(new developments and extensions, sqm)

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500,000
400,000
300,000
200,000
100,000
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F
Regional Sub Regional Neighbourhood 10 Year Average
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GLA PER CAPITA AND HISTORICAL AND FORECAST CONSUMER SPENDING[1]

UNDERSUPPLY OF RETAIL PROPERTY EXPECTED

• Majority of new retail supply is expected in Neighbourhood centres – a segment where Vicinity has limited exposure, reducing potential competitive impact

• Tight planning controls preference existing retail assets or new supply on urban fringes, further constraining central supply

• GLA per capita is 0.66sqm; forecast to reduce to 0.64sqm by 2033[1] which reinforces long-term supply-demand imbalance

• Sector benefits from concentrated ownership by large institutions; underpins rational market where new supply is more measured

SHORTAGE OF RETAIL GLA PER CAPITA SUPPORTS EARNINGS RESILIENCE

• Structural undersupply of retail space to create positive price tension, supporting rent growth and increased occupancy

• Retail landlords are increasingly able to curate tenant mixes and retail offerings that maximise retail sales productivity, enhancing asset performance

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0.73 1,800
1,600
0.70
1,400
0.67
1,200
0.64 1,000
800
0.61
600
0.58
400
0.55 200
2014 2016 2018 2020 2022 2024 2026 2028 2030 2032
Consumer Spending GLA per capita (SC)
Square metres per capita Consumer Spending ($b)
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1. CBRE Research and Deloitte Access Economics.

25

Vicinity Centres FY26 Interim Results | 18 February 2026

SPECIALTY OCCUPANCY COST RATIO (OCR)

Vicinity’s OCR highlights potential for continued positive leasing tension and future rent growth

SPECIALTY OCCUPANCY COSTS

(%)

FAVOURABLE FUNDAMENTALS SUPPORT LEASING TENSION AND SUSTAINED RENT GROWTH

• Portfolio repositioning

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15.3
15.0
14.6
14.3
14.1
13.9
Premium [1,2] Core [1,3] Total
FY19 Dec-25
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• Tightening supply of retail floorspace

• Retailer demand for longer-term leases in larger store formats at equivalent or higher rent per sqm

• Specialty sales growth supporting rental growth

• Cautiously positive outlook for retail sales growth

DRIVERS OF SUSTAINED RENT GROWTH VARY ACROSS PORTFOLIO

• Chadstone : Completion of major development a catalyst for sales growth acceleration as well as highly productive luxury tenants

• Outlet Centres: Strong retailer demand and a tightly held asset category with occupancy at 99.8% in Dec-25, price tension will underpin ongoing rental growth

• CBD Centres: Strategic tenant remixing to support sales productivity and positive leasing outcomes

• Core portfolio: Increased weighting to higher performing centres and strategic tenant remixing to support improved rent growth

• Based on portfolio held at relevant reporting dates.

• Vicinity’s premium asset portfolio comprises Chadstone, Outlet Centres, CBDs and Premium shopping centres.

• Vicinity’s core asset portfolio comprises all retail assets excluding premium assets defined above.

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Vicinity Centres FY26 Interim Results | 18 February 2026

DEVELOPMENT PIPELINE

Near-term pipeline targeting premium retail assets, complemented by mixed-use opportunities that enhance longer-term option value

Asset	Project	Est cost ($m)1	Status	FY26	FY27	FY28+
Chatswood Chase	Retail – major retail development	~625	Construction
Galleria	Retail – fashion, lifestyle, entertainment and supermarket precinct	~120	Construction
Chadstone	Retail – luxury/premium brand expansion	~60	Board Approved
Uptown	Retail – retail development	~300-350	Planned
Mixed-use projects	Victoria Gardens, Bankstown Central, Chatswood Chase	TBA	DA approved/ planned
Other	Various2	~95	Various

Note: Timing, scope and cost of future projects subject to final feasibilities and approvals. Mixed-use projects are also subject to finalising ownership structure and partnering model.

1. Based on Vicinity ownership interest and based on announced transactions.

2. Includes but not limited to projects at Castle Plaza, Grand Plaza, Mandurah Forum, Eastlands, Harbour Town Premium Outlets and Chadstone.

27

Vicinity Centres FY26 Interim Results | 18 February 2026

DIRECT PORTFOLIO

Differentiated and National retail portfolio

28

Vicinity Centres FY26 Interim Results | 18 February 2026

Key statistics by centre type

DIRECT PORTFOLIO

	Total		Premium	Outlet
	**portfolio **	Chadstone	CBDs/SC1,2	Centres3	Core
Number of retail assets	51	1	9	8	33
Gross lettable area (000’s) (sqm)	2,299	247	390	285	1,377
Total value4($m)	15,929	3,590	3,768	2,611	5,959
Portfolio weighting (by value) (%)	100	23	24	16	37
Capitalisation rate (weighted average) (%)	5.50	4.25	5.23	5.84	6.29
Specialty occupancy cost (%)	14.1	14.4	16.2	12.8	13.9
Occupancy rate (%)	99.6	99.2	99.0	99.8	99.7

Note: Totals may not sum due to rounding.

1. Shopping centres (SC).

2. Premium CBDs/SC includes the CBD centres, Lakeside Joondalup and Chatswood Chase.

3. Includes DFO Brisbane business and Harbour Town Premium Outlets.

4. Reflects ownership share in investment properties and equity accounted investments.

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Harbour Town Premium Outlets, QLD
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29

Vicinity Centres FY26 Interim Results | 18 February 2026

Key tenants

DIRECT PORTFOLIO

TOP 10 BRANDS BY INCOME

			No. of	% of
Rank	Retailer	Retailer type	stores	income1
1		Supermarket	28	2.6
2		Department store	4	2.5
3		Supermarket	30	2.3
4		Discount department store	22	2.3
5		Department store	6	1.8
6		Discount department store	14	1.1
7		Discount department store	13	0.9
8		Cinema	7	0.8
9		Mini major	22	0.7
10		Mini major/specialty	24	0.7
Top 10 total2			170	15.7

TOP 10 TENANT GROUPS BY INCOME

			No. of	% of
Rank	Retailer		stores	income1	Brands
					Kmart, Target, Officeworks, Bunnings, Priceline,
1			78	4.3	Priceline Pharmacy, Australian Skin Clinics, Clear
					Skincare, Eden Laser Clinic, Silk Laser Clinics
2			43	3.3	Big W, Woolworths
3			106	2.9	Myer, Dotti, Jacqui E, Jay Jays, Just Jeans, Marcs, Portmans, sass & bide
4			41	2.8	Coles, First Choice Liquor, Liquorland, Vintage Cellars
5			4	2.5	David Jones
		2			Bvlgari, Celine, Chaumet, Dior, Fendi, Fred, Kenzo,
6			34	2.2	Loewe, Louis Vuitton, Rimowa, Sephora, Tag Heuer,
					Tiffany & Co.
					The Athlete’s Foot, Dr Martens, Glue Store, Hoka,
7			119	1.7	Hype DC, Platypus Shoes, Skechers, Stylerunner, Merrell, Nude Lucy, Saucony, Timberland, Ugg
					Australia, Vans
8			95	1.4	Connor, Johnny Bigg, Rockwear, Tarocash, YD
9			29	1.2	Calvin Klein, CK Underwear, Tommy Hilfiger, Van Heusen
10			64	1.1	Cotton On, Cotton On Kids, Cotton On Body, Rubi, Factorie, Typo, Supre
Top 10 total2			613	23.5

Note: Totals may not sum due to rounding.

1. Includes office tenancies.

2. Includes LVMH sites at Chatswood Chase that will commence in FY26.

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Vicinity Centres FY26 Interim Results | 18 February 2026

DIRECT PORTFOLIO

Additional leasing disclosures

LEASE EXPIRY PROFILE (By income, %)

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33
14 14 13 12
7
4
0 0 1 1 2
Holdover FY26 FY27 FY28 FY29 FY30+
Majors All other retailers
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WEIGHTED AVERAGE LEASE EXPIRY

(Years)

	Dec-25	Jun-25
By area	4.5	4.3
By income	3.7	3.6

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The Glen, VIC
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31

Vicinity Centres FY26 Interim Results | 18 February 2026

DIRECT PORTFOLIO

Non-comparable centres for sales reporting

	Dec-25	Jun-25
Box Hill Central North, VIC	Pre-development	Pre-development
Chatswood Chase, NSW	Development	Development
Galleria, WA	Development	Development
Uptown, QLD	Pre-development	Pre-development

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Northland, VIC
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Vicinity Centres FY26 Interim Results | 18 February 2026

ASSETS UNDER MANAGEMENT

More than 6,400 tenants across 52 assets under management[1]

DIRECT PORTFOLIO Wholly-owned Jointly-owned Total1	ASSETS UNDER MANAGEMENT
	Third party/ co-owned Total1
Number of assets 26 25 51	1 52
Value2($m) 7,007 8,921 15,929	123/9,199 25,252
GLA (000, sqm) 791 1,508 2,299 Number of tenants 2,286 4,076 6,362	26 2,325
	69 6,431
Total land area (000, sqm) 1,732 3,155 4,886

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane business and Harbour Town Premium Outlets.

2. Reflects ownership share in investment properties and equity accounted investments.

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The Strand Arcade, NSW
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Vicinity Centres FY26 Interim Results | 18 February 2026

FFO reconciliation to statutory net profit after tax

FINANCIAL RESULTS

	1H FY26	1H FY25
	($m)	($m)
Statutory net profit after tax	805.6	492.6
Property revaluation increment for directly owned properties	(422.8)	(188.4)
Non-distributable gain relating to equity accounted investments	(18.1)	(19.3)
Amortisation of incentives and leasing costs	37.2	37.4
Straight-lining of rent adjustment	(9.8)	(9.4)
Net mark-to-market movement on derivatives	12.3	(130.5)
Net foreign exchange movement on interest bearing liabilities	(62.1)	127.1
Income tax (benefit)/expense	(1.1)	0.9
Development-related preliminary planning, marketing and tenant compensation costs	6.2	7.1
Landholder duty and transaction costs	-	22.5
Software as a service implementation costs	4.7	5.1
Other non-distributable items	(1.1)	(1.0)
Funds from operations1	351.0	344.1

1. FFO and AFFO are two key metrics Vicinity uses to measure its operating performance. FFO and AFFO are widely accepted measures of real estate operating performance. Statutory net profit is adjusted for fair value movements, certain unrealised and non-cash items, amounts which are capital in nature and other items that are not considered to be in the ordinary course of business to calculate FFO. FFO is further adjusted for investment property maintenance capital and static tenant leasing costs incurred to calculate AFFO. FFO and AFFO are determined with reference to the guidelines published by the Property Council of Australia and are non IFRS measures.

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Elizabeth City Centre, SA
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34

Vicinity Centres FY26 Interim Results | 18 February 2026

FINANCIAL RESULTS Balance sheet

	Dec-25	Jun-25	Variance
	($m)	($m)	($m)
Cash and cash equivalents	55.7	80.7	(25.0)
Investment properties (including held for sale)	15,699.6	15,063.8	635.8
Equity accounted investments	562.7	540.8	21.9
Net derivative financial instruments	206.6	248.1	(41.5)
Intangible assets	171.2	171.2	-
Other assets	215.4	211.0	4.4
Borrowings	(4,469.5)	(4,458.1)	(11.4)
Other liabilities	(696.6)	(729.6)	33.0
Net assets	11,745.1	11,127.9	617.2
Securities on issue (m)	4,599.7	4,562.9
Net tangible assets per security1($)	2.52	2.40
Net asset value per security ($)	2.55	2.44

Chadstone, VIC – The Market Pavilion

1. Calculated as balance sheet net assets less intangible assets, divided by the number of stapled securities on issue at period end. Includes right of use assets.

35

Vicinity Centres FY26 Interim Results | 18 February 2026

FINANCIAL RESULTS Additional debt disclosures

Key debt statistics	Dec-25	Jun-25
Total debt facilities	$5.3b	$5.9b
Drawn debt	$4.3b	$4.2b
Undrawn limit	$1.0b	$1.7b
Weighted average cost of debt1	5.0%	5.1%
Weighted average drawn debt maturity	3.5 years	3.8 years
Average proportion of hedged debt2	91%	85%
Gearing3	26.3%	26.6%
FFO4/Net debt	16.1%	16.4%
Interest cover ratio	3.8 times	3.8 times

Fixed rate instruments	Fixed rate instruments	Fixed rate instruments	Fixed rate instruments									Hedge rate5	Hedge rate5
(weighted	average, A$m)										(weighted average, %)
4,000	89%												4.00
0 500 1,000 1,500 2,000 2,500 3,000 3,500			85%		72%		50%	31%				10%	0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
	FY26		FY27		FY28		FY29	FY30				FY31
	Fixed rate notional (lhs)				Hedge	rate excludes margin (rhs)				%	of drawn debt hedged⁶

1. Average over six months ended 31 December 2025 and 12 months ended 30 June 2025, inclusive of margin, line fees and establishment fees.

2. Average over six months ended 31 December 2025 and 12 months ended 30 June 2025.

3. Net drawn debt/Total tangible assets (excluding cash and cash equivalents, intangible assets, right of use assets, investment property leaseholds and derivatives).

4. FFO is based on 12 months ending 30 June 2025 and 31 December 2025.

5. Hedge rate excludes margin and establishment fees on fixed-rate debt, and margin, line and establishment fees on floating debt hedged with interest rate swaps.

6. Percentage of drawn debt hedged is based on 31 December 2025 drawn debt balance.

36

Vicinity Centres FY26 Interim Results | 18 February 2026

KEY DATES

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18 February 2026 23 February 2026 24 February 2026 25 February 2026
FY26 interim results released and Ex-distribution date for FY26 interim Record date for FY26 interim Last date for DRP election
announcement of FY26 interim distribution distribution
distribution
12 March 2026 19 August 2026 28 October 2026
Payment date for FY26 interim FY26 annual results released and 2026 Annual General Meeting
distribution and DRP securities issued announcement of FY26 final distribution
Note: Dates are indicative only and may be subject to change.
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Vicinity Centres FY26 Interim Results | 18 February 2026
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37

CONTACT DETAILS AND DISCLAIMER

FOR FURTHER INFORMATION PLEASE CONTACT:

JANE KENNY

General Manager Investor Relations & Corporate Communications T +61 3 7001 4291

E jane.kenny@vicinity.com.au

AUTHORISATION

The Board has authorised that this document be given to ASX.

DISCLAIMER

This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the December 2025 Half Year Financial Report lodged with the Australian Securities Exchange on 18 February 2026.

This presentation contains forward-looking statements, including statements, indications and guidance regarding future performance. The forward-looking statements are based on information available to Vicinity Centres as at the date of this presentation (18 February 2026). These forward-looking statements are not guarantees or predictions of future results or performance expressed or implied by the forward-looking statements and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from those expressed or implied by these forward-looking statements, and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), we do not undertake to update these forward-looking statements.

38

Vicinity Centres FY26 Interim Results | 18 February 2026

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Thank you

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Vicinity Centres FY26 Interim Results | 18 February 2026