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Vicinity Centres (AU:VCX)
ASX:VCX
Earnings Data
Report Date
Aug 25, 2026TBA (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
0.07Last Year’s EPS
0.07Same Quarter Last Year
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominately positive operational and financial picture: record statutory profit, valuation gains, very high occupancy, record leasing spreads, strong retail sales and productivity, successful divestments at premiums, and an upgraded FY'26 NPI/guidance trajectory. Challenges identified — taxes/levies, elevated construction costs, increased security provisions, modest near-term sales seasonality and some one-off items — are meaningful but presented as manageable and largely accounted for in guidance. The balance sheet is strong, liquidity is ample and management has clear strategies to derisk developments and recycle capital, supporting confidence in execution and future returns.Company Guidance
Record Statutory Profit and Valuation Uplift
Net profit after tax of $805.6m for the 6 months (statutory net profit ~$806m), up by more than 60%. Net portfolio valuation growth of $407m (2.6% uplift) in H1 contributed to NTA per security increasing to $2.52, up 4.8% in the half.
Strong FFO and Upgraded Guidance
Funds from operations (FFO) of $351m. FFO per security up 1.3% (4.1% when adjusted for lower loss of rent and one-offs). Company upgraded FY'26 comparable NPI growth guidance to ~3.5% and is guiding FFO per security toward the top end of the ranges ($0.15–$0.152) and AFFO per security toward the top end ($0.128–$0.13).
Outstanding Leasing and Occupancy Metrics
Portfolio occupancy at 99.6% (10 bps improvement vs June 2025); strongest leasing spread since inception at +4.6%. Premium assets delivered leasing spreads of 9.7% and outlets 14%, tenant retention at 76%, average lease tenure on completed deals 4.6 years, and average annual escalators of 4.7%. Specialty occupancy cost ratio remains healthy at 14.1%.
Robust Retail Sales and Specialty Productivity
Total sales up 4.2% in H1. Specialty and mini-majors +5.1%; premium assets +5.3%; core assets +4.9%. Specialty sales productivity >$13,400/sqm; premium assets generate ~ $17,000/sqm (26% above portfolio average). Strong category growth: jewellery +11%, leisure +10.3%, athleisure +10.8%, luxury jewellery +8.1%.
Successful Asset Recycling and Strategic Acquisition
Exchanged contracts on divestments totalling $327m executed at a blended 18.2% premium to June 2025 book values (buyer yield reported as slightly over 6%). Irrevocably accepted acquisition of the residual 75% interest in Uptown for $212m; combined acquisition and announced asset sales are largely neutral to FY'26 FFO and leave pro forma gearing at ~25.8%.
Progress on Major Developments and Strong Early Trading at Chatswood
Chatswood Chase Stage 1 opened Oct 23: 2.4m visitors Oct–Dec, $119m spent in the December quarter and same-store sales growth of 34% for opened space. Stage 2 (luxury precinct) remains on track for FY'26 Q4. Other developments (Chadstone, Galleria Morley, Emporium UNIQLO, Mandurah reconfiguration) delivered meaningful sales and productivity uplifts (e.g., Mandurah ~20% uplift in sales productivity Oct–Dec).
Balance Sheet Strength and Liquidity
Gearing at the lower end of target range at 26.3% (pro forma 25.8% after Uptown and asset sales). Undrawn bank facilities of $1.0bn, modest FY'27 maturities (~$300m), investment grade ratings (S&P A stable; Moody’s A2 stable). Average hedge ratio expected ~89% for FY'26 and 85% for FY'27 and guidance to maintain a ~5% weighted average cost of debt for FY'26.
Portfolio Value Uplift Since Strategic Repositioning
Since late 2022 the portfolio strategy has driven approximately $1.8bn uplift in total asset value (stabilised basis), achieved while reducing the number of assets by 12 and navigating an environment with a ~20 bps cap rate expansion noted in commentary.
AU:VCX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AU:VCX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | AU$2.49 | AU$2.51 | +0.76% |
Aug 19, 2025 | AU$2.42 | AU$2.49 | +2.77% |
Aug 20, 2024 | AU$1.97 | AU$1.99 | +0.91% |
Feb 14, 2024 | AU$1.79 | AU$1.80 | +0.50% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Vicinity Centres (AU:VCX) report earnings?
Vicinity Centres (AU:VCX) is schdueled to report earning on Aug 25, 2026, TBA (Confirmed).
What is Vicinity Centres (AU:VCX) earnings time?
Vicinity Centres (AU:VCX) earnings time is at Aug 25, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Vicinity Centres stock?
The P/E ratio of Vicinity Centres is N/A.
What is AU:VCX EPS forecast?
AU:VCX EPS forecast for the fiscal quarter 2026 (Q4) is 0.07.