Mirvac Group (MGR) H2 2025 earnings summary

Executive summary

• FY2025 marked a turnaround with strategic initiatives, expanded Living and Industrial exposure, successful capital partnering, and a strengthened balance sheet, providing clear growth visibility into FY2026 and beyond.

• Completed 4th and 5th Build-to-Rent (BTR) projects, expanded Land Lease sites by 16% YoY, and secured three new projects.

• Residential sales volumes recovered, up 39–40% YoY, with pre-sales increasing to $1.9 billion and 2,122 settlements.

• Capital partnering and $340 million in disposals improved return outlook and balance sheet resilience.

Financial highlights

• Group EBIT reached $736 million (down 14% YoY), operating profit was $474 million, and operating EPS was $0.12, in line with guidance.

• Distribution per security was $0.09; NTA per security stands at $2.26.

• Investment segment contributed $602 million, funds segment $33 million, and development segment $178 million.

• Statutory profit was $68 million, impacted by development devaluations and non-operating items.

• Headline gearing at 27.6% (within 20–30% target range); available liquidity of $1.2 billion.

Outlook and guidance

• FY2026 EPS guidance is $0.128–$0.13 (6.7%–8.3% growth); dividend guidance is $0.095 (5.6% growth).

• Assumes over $500 million in non-core asset sales and 2,000–2,300 residential settlements.

• Visibility of $100 million new investment income from development completions and $2.7 billion of future fund growth.

• Market fundamentals supportive: easing interest rates, low vacancy, and strong population growth.