Mirvac Group (MGR) Q1 2027 TU earnings summary

Executive summary

• Reaffirmed FY27 operating earnings guidance of 13.2–13.4 cpss and distribution guidance of 9.9 cpss, subject to operating conditions and key initiatives.

• Investment portfolio occupancy remained 97%, with positive leasing spreads across industrial, retail and living; residential activity moderated as expected.

• Active development progressed in line with or ahead of schedule, while residential pre-sales of ~$1.4bn and low defaults supported FY27 earnings visibility.

Financial highlights

• FY27 guidance reaffirmed at operating earnings of 13.2–13.4 cpss and distributions of 9.9 cpss.

• Residential settlements were 291 in 1Q27 versus 265 in 1Q26; residential deposits and lots exchanged totalled 429.

• Residential pre-sales on hand were ~$1.4bn, including GST and representing the stated share of total pre-sales.

Outlook and guidance

• FY27 guidance assumes 2,800–3,100 residential lot settlements, skewed to 2H27, and no material changes to the operating environment.

• Weighted average cost of debt is expected to rise from ~5.7% to 5.8%, reflecting a 0.25% cash rate increase in September.

• Residential earnings visibility is supported by pre-sales, low defaults and a ramp-up in project activations.