• Successful execution of capital initiatives, including a 50% joint venture agreement with Mitsubishi Estate Co. Ltd for Harbourside in Sydney
• Continued growth and momentum across Living, with strong residential sales and positive leasing activity in build-to-rent and land lease portfolios
• Solid performance across investment portfolio, maintaining high occupancy and positive leasing spreads

Mirvac Group (Mirvac) has released an operational update for the first quarter of the 2026 financial year (1Q26), showcasing strong momentum across the business. Key highlights include the successful execution of capital initiatives, such as entering into a 50% joint venture agreement with Mitsubishi Estate Co. Ltd (MEC) for the delivery of Harbourside in Sydney, which will return approximately $450 million of capital. The Group also reported continued growth and momentum across its Living business, with a significant uplift in residential sales, positive leasing activity in its build-to-rent and land lease portfolios, and further expansion of its land lease portfolio. Mirvac's investment portfolio also performed well, maintaining high occupancy of 97% and achieving positive leasing spreads across all asset classes, including a 9% increase in its land lease portfolio. The Mirvac Wholesale Office Fund (MWOF) also continued to attract new capital, raising a further $65 million during the quarter. Mirvac's Group CEO & Managing Director, Campbell Hanan, expressed confidence in the Group's ability to execute on its objectives and maintain the strong momentum into the 2026 financial year.

Mirvac has reaffirmed guidance of operating earnings per security of between 12.8 to 13.0 cents in FY26 and distribution per security of 9.5 cents, subject to key assumptions. These include achieving between 2,000 to 2,300 residential lot settlements and executing capital partnering initiatives at key development projects, with the weighted average cost of debt expected to be 5.3%.

Mirvac's Group CEO & Managing Director, Campbell Hanan, stated that the Group is 'well positioned to execute on its objectives and continue the strong momentum into 2026', with market fundamentals improving and the business well-placed to benefit from the federal government's new first-home buyer guarantee scheme.