Mirvac Group (MGR) Q3 2026 TU earnings summary

Executive summary

• Achieved strong operational momentum in 3Q26, with resilient performance across investment, funds, and residential segments.

• Residential sales and settlements grew significantly year-over-year, with robust pre-sales, new project launches, and pipeline activation.

• Investment portfolio maintained high occupancy and positive leasing spreads, supported by new completions and income from recent developments.

• Funds platform saw continued capital raising success, reflecting ongoing demand for quality real estate.

• Construction and development projects remain on schedule, with proactive risk management amid global uncertainties.

Financial highlights

• Over 1,896 residential sales FYTD (+28% YoY), with 592 sales in the third quarter (+12% YoY); pre-sales up 13% to ~$1.8bn.

• 428 land lease sales FYTD (+42% YoY), including 130 in the third quarter (+27% YoY).

• Investment portfolio occupancy at ~97%, with >90,000 sqm of leasing and positive spreads of +6.8%.

• Retail sales up 4.1% YoY, specialties up 6.3%, and retail occupancy at 98.8%; specialty sales productivity at $12,302/sqm.

• Issued $300m 10-year MTN at 133bps margin and entered into $300m of interest rate caps.

Outlook and guidance

• FY26 guidance reiterated: Operating EPS 12.8-13.0c (6.7%-8.3% growth), distribution of 9.5c (5.6% growth).

• Targeting >$0.5bn in non-core asset sales and 2,000-2,300 residential settlements.

• Weighted average cost of debt expected at ~5.4%.