• Delivered in line with guidance, with operating profit of $474m and distribution of $355m
• Expanded living sector exposure, with completion of new build-to-rent assets and acquisition of new land lease communities
• Maintained strong balance sheet with headline gearing of 27.6%, within target range of 20-30%

Mirvac Group (Mirvac) today released its full-year result for the financial year ended 30 June 2025. The company delivered in line with guidance, with an operating profit of $474m, representing 12.0 cents per stapled security (cpss), and a distribution of $355m, representing 9.0cpss. Key financial metrics included an operating profit after tax of $474m, operating EPS of 12.0cpss, and statutory profit of $68m. Mirvac expanded its living sector exposure, with the completion of three new build-to-rent assets in Melbourne and Brisbane, and the acquisition of three new communities in its land lease portfolio. The company's living sector EBIT increased to $54m, up 184% on FY24. Mirvac delivered a strong investment performance, including increased occupancy of 98%, 159,300sqm of leasing, and a positive average leasing spread of 8.6% across the portfolio. The company settled 2,122 residential lots and exchanged 2,100 residential lots, up 39% on FY24, with pre-sales of $1.9bn providing good visibility of future earnings. Mirvac maintained a strong balance sheet, underpinned by ~$340m in non-core asset sales and capital partnering success, with headline gearing of 27.6% within its target range of 20% to 30%. The company's CEO & Managing Director, Campbell Hanan, said Mirvac's FY25 results demonstrate the continued execution of its strategy and focus on setting the business up for a return to growth in FY26 and beyond.

Mirvac is targeting operating earnings of between 12.8cpss to 13.0cpss in FY26, reflecting growth of between 6.7% to 8.3%, and distribution of 9.5cpss, reflecting growth of 5.6%.

Market conditions are expected to improve across all sectors over the next financial year, supported by lower inflation and a further easing of interest rates. Mirvac has multiple levers for future growth, supported by more favourable market conditions, its unique development capability, and ability to attract high-quality third-party capital. The company's modern, best-in-class Investment portfolio will benefit from new development income, positive rental growth, and stabilising asset valuations. Improved returns in FY26 are also expected to be driven by capital partnering initiatives, improved residential gross margins and sales activity, and an increase in the residential release program, particularly at middle-ring projects.