• Expanding living exposure with BTR and Land Lease development completions
• Strengthened balance sheet with disposal program and capital partnering
• Best-in-class investment portfolio with strong operating metrics

Mirvac Group reported its 1H25 results, showcasing progress in setting the business up for growth. The company is expanding its living exposure through the completion of BTR and Land Lease developments, as well as securing new development sites. Mirvac has also strengthened its balance sheet by progressing its disposal program and engaging in new capital partnering initiatives, which have unlocked value in the development pipeline. The company's investment portfolio continues to deliver strong operating metrics, with high occupancy and positive releasing spreads across all sectors. Mirvac's development business has seen a recovery in residential sales, with increased exchanges and pre-sales, as well as pre-leasing progress in its commercial and mixed-use projects. The company remains focused on sustainability, with targets for net-positive carbon and water by 2030, as well as a strong culture and governance framework.

Mirvac expects to deliver approximately $100 million in new recurring net operating income from its development completions in the next 3-4 years, as well as around $650 million in value creation from its development pipeline over the same period.

Mirvac's outlook is positive, with the company well-positioned to benefit from the tightening office market, robust industrial demand in Sydney, and growing retail catchment areas. The company's development pipeline and capital partnering initiatives are expected to drive future earnings growth and NTA uplift.