• Operating profit up 5% to $248m, or 6.3 cents per stapled security
• Significant restocking of development pipeline, with ~2,300 lots secured
• Successful capital partnering initiatives and growth in funds platform

Mirvac Group has released its interim results for the half year ended 31 December 2025, reporting strong growth across the business. The company delivered an operating profit of $248m, or 6.3 cents per stapled security, representing a 5% increase on the prior year. Mirvac remains on track to deliver operating earnings of between 12.8cpss to 13.0cpss in FY26 and a distribution of 9.5cpss, subject to key assumptions.Key highlights include a 10% increase in EBIT to $398m, a 5% rise in operating profit after tax to $248m, and a statutory profit of $319m. Mirvac also maintained a strong balance sheet position, with headline gearing of 25.8% and substantial available liquidity.The company delivered strong growth and momentum across its living business, with a 38% increase in residential sales, a 22% rise in settlements, and significant pipeline restocking. Mirvac also made progress in its commercial development pipeline, with projects such as Harbourside in Sydney and 55 Pitt Street in Sydney advancing. Mirvac's integrated asset creation capability has enabled the company to attract high-quality third-party capital, including securing Mitsubishi Real Estate as a joint venture partner at Harbourside and Australian Retirement Trust as an investor in the LIV Mirvac Build to Rent Fund.The company's investment portfolio continued to perform well, with high occupancy of 98%, positive leasing spreads, and strong like-for-like growth of 4.4%. Mirvac's funds business also delivered a strong result, with growth in assets under management and improved asset valuations.Looking ahead, Mirvac has reaffirmed its FY26 guidance and highlighted a robust outlook, with confidence in the company's ability to achieve its strategic objectives and deliver future earnings growth.

Mirvac has reaffirmed operating earnings guidance of between 12.8cpss to 13.0cpss in FY26 and distribution of 9.5cpss, 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 5.4%.

The strong momentum in the first half of the financial year ensures the business is in good shape, and Mirvac is well positioned to achieve its strategic objectives for FY26. The company has reshaped its investment portfolio towards quality, well-located assets, and has secured a number of significant development opportunities, providing excellent visibility of future earnings. The return of gross margins and sales volumes in the residential and land lease businesses also give near-term confidence of earnings growth. Attracting high-quality, third-party capital to invest alongside Mirvac will enhance the capital efficiency of the business and boost returns through compounding fee streams.