Mirvac Group (MGR) H2 2026 earnings summary

Executive summary

• Statutory profit surged to $677m, up from $68m in FY25, with operating profit after tax rising 7% to $508m, reflecting strong execution and improved asset quality.

• Group EBIT rose 12% year-over-year to $826m, and operating EPS increased 7% to 12.9c.

• Strategic execution delivered growth across all business segments, with high occupancy (98%) and positive leasing spreads.

• Strategic asset disposals, capital partnering, and a share buyback of up to $200m enhanced portfolio quality and balance sheet flexibility.

• Third-party capital under management surpassed $18bn, up over 12%, with significant capital raised and new ventures launched.

Financial highlights

• EBIT grew 12% year-over-year, driven mainly by a 52% increase in development EBIT.

• Funds EBIT increased 14% as funds under management reached $18.1bn, up 12% YoY.

• Gearing reduced to 24.1%, liquidity increased to $1.6bn, and credit ratings held at A3/A-.

• NTA per security rose 3% to $2.33, and investment property valuation uplifted by $253m.

• Residential exchanges increased 15% YoY to 2,425 lots, with gross margin up to 23.9%.

Outlook and guidance

• FY27 operating EPS guidance set at 13.2–13.4c, with DPS at 9.9c, up 4.2%.

• Residential settlements targeted at 2,800–3,100, with 63% already exchanged.

• Weighted average cost of debt expected to remain at 5.7% for FY27.

• Additional $130m of recurring NOI expected from fully funded committed developments.

• Multiple drivers for future earnings growth identified, including expanded development pipeline and increased funds under management.