Vicinity Centres' H1 profit soars 63.5% YOY

Retail property giant Vicinity Centres (ASX:VCX) has delivered a robust financial performance for the first half of fiscal year 2026, headlined by a 63.5% increase in statutory net profit after tax, reaching $805.6 million.

The results, reflecting the six months ended Dec. 31, 2025, underscore a resilient retail sector bolstered by high occupancy rates and strategic portfolio refinements.

Vicinity successfully moved to acquire the remaining 75% interest in Brisbane’s Uptown CBD for $212 million, while simultaneously raising $327 million through the divestment of non-strategic assets.

The sales were achieved at an 18.2% above book value, signaling strong market demand for quality retail assets.

Occupancy climbed to 99.6%, while specialty store sales rose by 5.1%, driven by "tenant remixing" and increased shopper confidence.

Development projects also hit major milestones, including the successful Stage 1 opening of the reimagined Chatswood Chase and the full occupancy of the new One Middle Road office tower at Chadstone.

Vicinity has rewarded investors with an interim distribution of 6.20 cents per security.

The company now expects full-year earnings to hit the top end of its previous guidance, forecasting FFO per security between 15 and 15.2 cents.

At the time of reporting, Vicinity Centres' share price was $2.55.