Mirvac Group (MGR) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees in Sydney and online, acknowledged traditional custodians, and confirmed a quorum for the meeting.

• Introduced board members, executive leadership, and external audit partner from PwC, who is available for audit-related questions.

• Outlined the agenda, including financial performance, strategy update, and voting procedures.

Financial performance review

• FY 2025 statutory profit was AUD 68 million, up 108% on FY24, while operating profit was AUD 474 million, down 14% on FY24.

• Operating earnings per stapled security were 12.0c, distributions per security were 9.0c, both down 14% on FY24.

• Operating cash flow was AUD 550 million, up 1% on FY24; operating EBIT was AUD 736 million, down 14%.

• Gearing maintained at 27.6%, within the 20%-30% target range, and strong credit ratings retained.

• Assets under management totaled AUD 22 billion, with third-party capital under management at AUD 16.2 billion.

Board and executive committee updates

• Rosemary Hartnett joined the board, bringing extensive property and funds management experience.

• Chair and Group CEO & Managing Director delivered addresses, highlighting key achievements and strategic direction.

• Board reaffirmed commitment to maintaining the right skills and experience for future growth.