• Strong momentum across the business, with growth in Living, Industrial and Funds Management
• Executed major pipeline restocking initiatives on capital efficient terms
• Successful capital partnering, including Harbourside JV and LIV Mirvac Fund recapitalisation

Mirvac Group reported a strong 1H26 result, with growth across its Investment, Funds and Development divisions. The company saw strong sales momentum in its Living business, with 1,304 residential exchanges (+38% YoY) and over 90% of its FY26 lot settlement target secured. Its Investment portfolio delivered positive 4.4% LFL NOI growth, with increased occupancy to ~98%. Mirvac executed major pipeline restocking initiatives, including the Blackwattle Bay (~800 apartments) and Karnup, WA (~1,500 lot MPC) projects, on capital efficient terms. The company also undertook successful capital partnering deals, including a 50% JV with Mitsubishi Estate Co. Ltd for the Harbourside project and the recapitalisation of the LIV Mirvac Fund, with Australian Retirement Trust acquiring a 48.5% interest. Mirvac's financial position remains strong, with improved headline gearing of 25.8% and $1.1bn of available liquidity. The company's Investment portfolio was repositioned towards premium Office, Sydney Industrial and Living assets, supporting NTA growth and a positive NOI and cash flow outlook.

Mirvac expects to deliver around $100m in new NOI over the next ~3 years from its committed development pipeline and Land Lease projects, supporting EBIT growth.

Mirvac is well-positioned for continued growth, with a strong development pipeline of around $28bn, new recurring income streams from its Investment and Funds Management businesses, and a robust balance sheet to fund future growth initiatives.