Our strategy to grow the economic activity that occurs at each of our Westfield destinations is continuing to deliver strong operating performance and continued growth.
We execute our strategy by focusing on how we attract more people to come to our destinations and stay longer when they are with us. By doing this, we continue to improve our ability to attract a broader range of businesses to partner with us at our Westfield destinations.
Our strategy is also focused on how we better use our substantial and unique land holdings at our destinations to create additional long-term growth for the Group.
I am very proud of the entire Scentre Group team for their continued focus on bringing the Westfield experience to life each and every day.
Our 2025 results represent our fifth consecutive year of earnings and distributions growth and we expect these to continue to grow in the years ahead.
For the 12 months to 31 December 2025, Funds From Operations was $1188 million (22.82 cents per security), up 4.9 per cent on the previous year. Distributions for the period are $923 million (17.72 cents per security), up 3.4 per cent. Statutory profit for the period was $1779 million.
Attracting more people
During the year, we welcomed 540 million customer visits, an increase of 14 million, or 2.7 per cent, compared with 2024.
We hosted 4,000 community and cultural moments to foster community connection. Most events were free to attend, with many supporting community services and charity organisations, local community engagement initiatives, youth programs and Westfield Local Heroes activities. Events were tailored to the local community and included a broad range of cultural days of significance across the portfolio.
We hosted a further 21,000 exclusive and highly sought-after events to drive customer visitation. This included a partnership with Sony Music Entertainment Australia to welcome Guy Sebastian to Westfield West Lakes, Westfield Parramatta and Westfield Knox. Over 4,500 customers attended the live performances.
We have seen strong and ongoing customer appetite for music-led experiences, which extend the excitement and ability to purchase merchandise for major tours beyond the stadium.
Westfield Sydney hosted the first-ever Oasis and TWICE (K-pop band) merchandise pop-up stores. This gave customers the chance to shop exclusive products ahead of the live shows, further evolving our strategy to bring the best music and entertainment experiences into our destinations.
Our strategic partnership with TheWalt Disney Company Australia, now in its fourth year, continues to deliver popular events that appeal to multiple generations of our customers; for example, Westfield Chermside hosted a world-first Disney FROZEN Light Show.
So far in 2026, we have hosted live sites for the Australian Open through Channel 9’s Summer of Tennis and events for the 2026 Milano-Cortina Winter Olympics. We have more events and activations to come this year.
We continued to strengthen engagement with our Westfield members and were pleased to see membership grow by 11 per cent, to 5 million, during 2025. Our targeted member-led strategies translate to increased frequency of visitation and dwell time. Data shows Westfield members visit our centres significantly more often, spending more than non-members.
Evolving the retail experience
Among businesses that interact with consumers, Westfield is the place they want to be.
Across our portfolio, 45 per cent of outlets are experience-based, spanning dining, entertainment, health and wellness, fitness, beauty and education. These experiences can be consumed only onsite.
In 2025, our business partners achieved a record $30 billion of sales. This is $1 billion, or 3.6 per cent, more than in 2024, growing 4.5 per cent in thesecond half.
We continue to see strong demand for space in our Westfield destinations. Portfolio occupancy increased to 99.8 per cent at 31 December 2025, representing our highest level of occupancy since 2013.
We completed 3090 leasing deals with new specialty lease spreads of 3.2 per cent. Average specialty rent escalations were 4.5 per cent during the 12-month period.
We supported many of our partners in establishing and expand their flagship stores within our Westfield destinations.
Global youth online fashion retailer Princess Polly opened its first physical retail store in Australia, at Westfield Bondi. The new store is home to the brand’s latest fashion and immersive retail experiences.
POP MART, the popular collectible toy brand, selected Westfield Sydney as the location for its Australian flagship store. Spanning 600sqm across two levels, the store features the brand’s latest character-based entertainment and products, consistent with its other flagship locations worldwide. The store officially opened in December.
We were pleased to announce globally renowned luxury fashion and lifestyle brand ALO will open its Sydney flagship at Westfield Bondi. The 700sqm store spanning two levels, will showcase the brand’s full rangeof women, men and unisex styles.
At Westfield Sydney, Loewe and Balenciaga expanded their retail footprints to open their Australian flagship boutiques.
We also partnered with Loro Piana to bring the Italian luxury Maison to Australia. Loro Piana’s first Australian boutique opened at Westfield Sydney in February this year.
We welcomed several first-to-market experiences for our customers and communities. American soft-pretzel operator Auntie Anne’s opened its first Australian store at Westfield Parramatta.
Our strong operating performance has driven 4.8 per cent growth in net operating income on a like-for-like basis.
Optimising our Westfield destinations
By repurposing existing space, we continue to enhance the customer experience and productivity of our Westfield destinations.
During the year, we completed the expansion of Westfield Sydney, featuring a two-level Chanel boutique, Moncler and Omega.
We have taken the opportunity to downsize David Jones strategically at three of our destinations, to unlock space to introduce in-demand and highly productive stores.
The $72 million (SCG share: $36 million) redevelopment at Westfield Southland in Melbourne delivered a new family, dining and entertainment precinct, driving visitation growth of 6.5 per cent in 2025.
The $48 million (SCG share: $24 million) redevelopment at Westfield Burwood in Sydney welcomed brands ALDI, JB Hi-Fi, Nike and rebel for customers, underpinning visitation growth of 9.3 per cent in 2025.
We completed the $28 million (SCG share: $28 million) redevelopment of Level 1 at Westfield Bondi in Sydney. The repurposed space features a health, wellness and fitness precinct, including a global first Virgin Active social wellness club and rebel rCX store, contributing to visitation growth of 8.5 per cent in 2025.
Following the success of Level 1, we are excited to announce the commencement of a $240 million investment at Westfield Bondi to redevelop Level 6 into a world-leading lifestyle, entertainment and dining destination.
During 2025, we introduced about$2.2 billion of new capital into the Group through putting our assets into joint ventures, delivering on a key part of our long-term strategic plan.
Opportunities for growth
Our Westfield destinations in Australia and New Zealand are located on more than 670 hectares of land holdings, close to major transport hubs and where millions of people live and work.
By using strategically located land, we are focused on generating greater economic activity from our land holdings.
During 2025, we lodged planning proposals at a further six Westfield destinations with the potential to deliver 16,100 dwellings in the future.
Looking ahead, we remain as focused as ever on our strategy to grow the economic activity at our Westfield destinations by attracting more people, broadening the businesses that partner with us, and better using our substantial land holdings.
We are energised by the opportunity to create extraordinary places and experiences for our customers and communities in the months to come.
- This article by Elliott Rusanow, CEO, Scentre Group, was first published in SCN magazine – Big Guns 2026 edition
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