• Strong execution driving FY25 result, with new recurring high-quality rental income and development EBIT
• Expanding Living sector exposure, with 2,174 operating BTR apartments and 3 new Land Lease communities secured
• Strengthened balance sheet, with ~$340m disposals and capital partnering

Mirvac Group reported its FY25 results, showcasing strong execution across its Investment, Funds, and Development segments. The company's Investment portfolio delivered robust operating metrics, with new development completions in Living and Industrial driving income growth. Mirvac expanded its Living sector exposure, completing 2,174 BTR apartments and securing 3 new Land Lease communities, including a 1,200-lot site in Western Australia. The company also strengthened its balance sheet through the execution of ~$340m in asset disposals and successful capital partnering initiatives, which facilitated improved return on capital outlook. Mirvac's Development segment saw a recovery in residential sales, with 2,122 settlements and 2,100 unconditional exchanges, up 39% year-on-year. The company also made progress on its commercial and mixed-use developments, including 55 Pitt Street, SEED Stage 1, and Aspect Industrial projects. Mirvac's focus on sustainability, governance, and culture remained strong, with the company achieving net positive carbon, maintaining a 5-star governance rating, and improving employee engagement to 77%. The company provided FY26 guidance, forecasting earnings per share growth of 6.7% to 8.3% and dividend per share growth of 5.6%.

FY26 guidance: EPS 12.8-13.0c (6.7% to 8.3% growth), DPS 9.5c (5.6% growth). Subject to no material changes to the operating environment and delivering on key initiatives.