Mirvac Group (MGR) H2 2025 earnings summary

Executive summary

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

• Completed multiple Build-to-Rent projects, expanded Land Lease sites, and secured new residential and capital partnerships.

• Residential sales recovered, with pre-sales increasing to $1.9bn and 2,122 settlements.

• Significant capital partnering and $340m in non-core asset sales bolstered the balance sheet.

• Strong investment performance with 98% occupancy and positive leasing spreads across all sectors.

Financial highlights

• Group EBIT reached $736m (down 14% YoY), operating profit was $474m, and statutory profit was $68m, a turnaround from a $805m loss in FY24.

• Operating EPS was 12.0c, DPS was 9.0c, and NTA per security was $2.26.

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

• Negative revaluations in Office offset by gains in Industrial, Retail, and Living sectors.

• Headline gearing at 27.6%, with $1.2bn liquidity and average cost of debt at 5.4%.

Outlook and guidance

• FY2026 EPS guidance is 12.8–13.0c (6.7%–8.3% growth), DPS guidance is 9.5c (5.6% growth).

• Expects over $500m in asset sales and 2,000–2,300 residential settlements in FY2026.

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

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

• Anticipates improved returns from capital partnering, higher residential margins, and increased sales activity.