Mirvac Group (MGR) H1 2026 earnings summary

Executive summary

• Operating profit after tax rose 5% year-over-year to $248m, with statutory profit at $319m, driven by asset revaluations, strong development, and high occupancy of 98%, supported by robust residential sales and major pipeline restocking.

• Group EBIT increased 10% to $398m, with EPS up 5% to 6.3cpss, and significant capital partnering including a 50% JV with Mitsubishi Estate at Harbourside and recapitalisation of the LIV Mirvac BTR Fund.

• Strategic focus on enhancing portfolio quality, reducing office allocation, and doubling premium-grade office exposure, with sector-leading occupancy and positive leasing spreads across all asset classes.

• Strong momentum in the living sector, with one of the largest operational BTR portfolios in Australia, 38% growth in residential exchanges, and a 50% increase in land lease sales.

• Major restocking initiatives executed, including Blackwattle Bay (~800 apartments), Karnup WA (~1,500 lots), and Hunter St Metro East, supporting future growth.

Financial highlights

• Operating profit after tax was $248m (+5% YoY); statutory profit $319m; EBIT $398m (+10% YoY); revenue $1,301m (up from $1,131m); EPS 6.3c (+5% YoY); DPS 4.7c (+4% YoY); NTA per security $2.30 (+2%).

• Investment segment EBIT $307m (+2%), Funds $19m (+38%), Development $111m (+37%), Residential $110m (+9%).

• Investment property valuation uplift of $120m, with gains across industrial, retail, and living sectors.

• Gearing reduced to 25.8%, with interest cover above 3.5x, average cost of debt at 5.3%, and $1.1bn available liquidity.

• Operating cash flow increased by $99m to $396m, and investing cash inflows rose by $400m to $162m.

Outlook and guidance

• Reaffirmed FY26 operating EPS guidance of 12.8–13.0c and distribution of 9.5c, assuming 2,000–2,300 residential settlements, >$0.5bn non-core asset sales, and successful capital partnering.

• Earnings growth visibility into FY26 and beyond, with ~$100m new NOI expected over next 3 years and $2.3bn new FUM secured.

• Residential growth outlook supported by expansion from 11 to 16 MPC projects and increased apartment completions.