• Strong residential sales growth, with quarterly sales of 530 lots, up 76% on prior period
• Secured capital partnerships for major developments at SEED, Badgerys Creek and Harbourside, Sydney
• Maintained high occupancy across investment portfolio, with positive leasing outcomes

Mirvac Group (ASX: MGR) released its operational update for the third quarter of the 2025 financial year, highlighting continued positive momentum across the business. Key highlights include:- Executed on capital initiatives to strengthen the balance sheet, including signing heads of agreement for the sell-down of a 49% interest in Stage 1 of the SEED industrial development at Badgerys Creek, and entering exclusive due diligence for the sell-down of up to 50% interest in Harbourside, Sydney.- Saw strong residential sales growth, with quarterly sales of 530 lots, up 76% on the prior corresponding period, and residential pre-sales increasing to ~$2.1 billion. The company also made progress on pre-leasing across its commercial and mixed-use development projects.- Continued to grow its living sector exposure, exchanging a conditional contract for the sale of a site within the Everleigh masterplanned community in Brisbane to its land lease platform, and nearing completion of its fourth operational build-to-rent asset, LIV Anura in Brisbane.- Maintained high occupancy across its investment portfolio, with 96.2% occupancy overall. This included strong leasing outcomes in the office portfolio, such as a major long-term lease renewal with EY, and the successful stabilization of the LIV Aston build-to-rent asset in Melbourne.- Reaffirmed its FY25 guidance to deliver earnings of 12.0-12.3 cents per stapled security and distributions of 9.0 cents per stapled security, subject to the completion of core strategic priorities.

Mirvac has reaffirmed operating earnings per security guidance of 12.0-12.3 cents in FY25 and distribution per security of 9.0 cents, subject to the completion of core strategic priorities. These include achieving between 2,000 and 2,500 residential lot settlements and finalizing capital partnerships at key development projects, with the weighted average cost of debt expected to be 5.6%.

Mirvac continues to execute on its strategic objectives for FY25 and is ready to take advantage of any pickup in market activity, with supportive government housing policy and a positive outlook for interest rates. The company has a strong balance sheet position and good visibility of future earnings.