• Continued momentum across the business with strong residential sales, leasing, and funds growth
• Progressing major commercial and mixed-use developments, with projects on track
• Reiterated FY26 guidance with 6.7% to 8.3% growth in operating EPS

Mirvac Group (ASX: MGR) released its 3Q26 operational update, reporting continued momentum across its business. The company achieved strong residential sales activity, with 1,896 sales FYTD (+28% YoY) and 592 sales in the quarter (+12% YoY). Residential pre-sales also increased 13% to ~$1.8 billion. Mirvac's investment portfolio remained resilient, with high occupancy of ≥97% and positive leasing spreads. The company also saw growth in its funds platform, with Mirvac Wholesale Office Fund raising an additional ~$200 million. Mirvac is progressing its commercial and mixed-use development pipeline, with projects such as Aspect North & South, 55 Pitt Street, and Blackwattle Bay on track. The company is monitoring the potential impacts of the conflict in the Middle East and is proactively managing the risks. Mirvac has reiterated its FY26 guidance, targeting operating EPS growth of 6.7% to 8.3% and a distribution of 9.5 cents per share.

Mirvac is targeting operating EPS of 12.8-13.0 cents (representing 6.7% to 8.3% growth) and a distribution of 9.5 cents (representing growth of 5.6%) in FY26. Key assumptions include non-core asset sales of ~$0.5 billion, FY26 Residential settlements of 2,000-2,300 lots, execution of capital partnering initiatives across development, and a weighted average cost of debt of ≤5.4%.

Mirvac has good visibility of earnings for the remainder of the financial year and remains on track to achieve its FY26 guidance. The company is closely monitoring the potential impacts of the conflict in the Middle East and is proactively managing the risks, with a focus on protecting liquidity, active supply chain management, and selective capital deployment.