Mirvac Group (MGR) Q1 2026 TU earnings summary

Executive summary

• Achieved strong operational momentum in 1Q26, with significant uplift in residential sales and continued growth across living, investment, and funds management platforms.

• Entered a 50% joint venture with Mitsubishi Estate for Harbourside, unlocking ~$450m in capital and providing visibility of future earnings.

• Maintained high occupancy and positive leasing spreads across all asset classes, with robust performance in office, industrial, and retail portfolios.

Financial highlights

• Exchanged 619 residential lots, up 79% year-over-year, with 265 settlements and $1.6bn in pre-sales.

• Land lease settlements reached 86, with 143 sales, up ~60% year-over-year; average settlement price increased 12% to $619,000.

• MWOF raised ~$415m since April, including $65m in 1Q26, with gearing at ~25%.

Outlook and guidance

• Reaffirmed FY26 operating earnings per security guidance of 12.8–13.0 cents and distribution per security of 9.5 cents, assuming 2,000–2,300 residential lot settlements and successful capital partnering.

• Weighted average cost of debt expected at 5.3%.