Mirvac Group (MGR) H1 2026 earnings summary

Executive summary

• Delivered strong half-year performance with 10% Group EBIT growth, 5% EPS increase, and 38% YoY growth in residential exchanges, supported by robust leasing, positive valuation gains, and high occupancy of up to 98%.

• Significant capital partnering, including a 50% JV with Mitsubishi Estate at Harbourside and recapitalization of the LIV Mirvac Fund with ART acquiring a 48.5% stake.

• Major pipeline restocking with new projects: Blackwattle Bay (~800 apartments), Karnup (~1,500 homes/lots), and Hunter Street Metro (premium office, AUD 3 billion end value).

• Strategic focus on enhancing portfolio quality, reducing office allocation, and doubling premium-grade office exposure.

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

Financial highlights

• 1H26 statutory profit of AUD 319 million (up from AUD 1 million in 1H25); operating profit after tax AUD 248 million (+5% YoY); Group EBIT AUD 398 million (+10% YoY).

• EPS increased to 6.3c (+5% YoY); DPS 4.7c (+4% YoY); NTA per security AUD 2.30 (+2% from FY25).

• Investment segment contributed AUD 307 million (+2%), fund segment AUD 19 million (+38%), and development segment AUD 111 million (+37%).

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

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

Outlook and guidance

• Reaffirmed FY26 operating EPS guidance of 12.8–13.0c (6.7%-8.3% growth) and distribution of 9.5c (+5.6%), subject to stable conditions.

• Earnings growth visibility into FY26 and beyond, with AUD 100 million of future NOI in production and AUD 2.3 billion increase in funds under management expected as developments complete.

• Residential growth outlook supported by expansion from 11 to 16 MPC projects over 12–18 months and increased apartment completions.

• Key assumptions include over AUD 0.5 billion in non-core asset sales, 2,000–2,300 residential settlements, and execution of capital partnering.