Earnings call transcript: Scentre Group lifts H1 2026 guidance on strong growth
Scentre Group reported a boost in first-half 2026 earnings due to stronger operating performance, reduced interest expenses, and a record-breaking number of customer visits. The company raised its full-year guidance for funds from operations and distributions, indicating increased confidence in future growth. Scentre Group's Westfield shopping-center network experienced a record 552 million annual customer visits, up from 408 million in 2022.
The company's portfolio occupancy rate of 99.8% is the highest in over a decade. Despite a mixed retail environment, specialty sales grew 5.1% in the half and 5.4% over the past year. The company's portfolio saw a record AUD 30.3 billion in business partner sales over the same period. Scentre Group's stock closed at $3.66, slightly lower than its previous closing price.
Investors acknowledged the stronger operating performance and higher guidance, but the modest decline in the stock price suggests the update did not lead to a significant re-rating.
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