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Highlights

  • Operating profit after tax increased 5% to AUD 248 million, with operating EPS of 6.3 cents per stapled security.
  • EBIT rose 10% to AUD 398 million, while statutory profit reached AUD 319 million.
  • Residential sales volumes climbed 38%, with 1,304 lots exchanged and 835 settlements completed.

Mirvac Group (ASX:MGR) has reported its interim results for the half year ended 31 December 2025, posting higher operating earnings, increase in distribution and reaffirming full-year guidance amid increased residential activity and capital partnering initiatives.

The property developer and fund manager recorded operating profit growth across its residential, investment and funds platforms. Higher residential sales volumes and leasing activity supported earnings, while the group maintained a conservative balance sheet and continued repositioning its investment portfolio.

Following the update, Mirvac shares were trading at AUD 2.04 on 18 February 2026, up 5.70% on the day. Over the past 12 months, the stock has declined 6.88%.

Financial Performance

Mirvac delivered EBIT of AUD 398 million, up from AUD 361 million in the prior corresponding period. Operating profit after tax rose to AUD 248 million, compared with AUD 236 million a year earlier.

Operating earnings per stapled security were 6.3 cents, up from 6.0 cents. Statutory profit increased to AUD 319 million from AUD 1 million in 1H25.

The group declared a half-year distribution of 4.7 cents per security, up from 4.5 cents, representing total distributions of AUD 186 million. Net tangible assets increased to AUD 2.30 per security.

Residential and Living Momentum

Residential EBIT reached AUD 110 million, supported by a 22% rise in settlements to 835 lots and increased sales activity.

Exchanges totalled 1,304 lots, up 38% year-on-year, with demand across masterplanned communities. Gross margins improved to 22.5%, while defaults remained low at 0.8%. Pre-sales stood at AUD 1.6 billion.

Mirvac significantly restocked its development pipeline, including being named preferred developer for the Blackwattle Bay precinct in Sydney and selected for a new masterplanned community in Karnup, Perth.

Investment Portfolio Performance

Investment EBIT was AUD 307 million, driven by income from recently completed developments across living and industrial assets.

Portfolio occupancy remained high at 98%, with like-for-like net operating income growth of 4.4%. Leasing spreads were positive across industrial, office, retail, build-to-rent and land lease sectors.

Mirvac recorded a AUD 120 million uplift in investment property valuations, with gains across industrial, retail and living assets.

Funds and Capital Management

Funds EBIT increased to AUD 19 million from AUD 14 million in 1H25, supported by new build-to-rent completions and valuation gains.

During the period, Mirvac entered a 50% joint venture with Mitsubishi Estate for the Harbourside development in Sydney, raising approximately AUD 1 billion in capital. The group also recapitalised its AUD 1.7 billion LIV Mirvac Build to Rent Fund, with Australian Retirement Trust acquiring a 48.5% interest from a founding investor.

The balance sheet remained stable, with headline gearing of 25.8% and available liquidity of approximately AUD 1.1 billion. Weighted average debt maturity was 4.3 years, with average borrowing costs of 5.3%. Credit ratings of A-/A3 were maintained with stable outlooks.

Outlook

Mirvac reaffirmed FY26 operating earnings guidance of 12.8 to 13.0 cents per stapled security and a distribution of 9.5 cents per security, subject to delivering 2,000 to 2,300 residential settlements and executing capital partnering initiatives.

Weighted average cost of debt is expected to be 5.4% for FY26.

Mirvac’s first-half FY26 result showed higher operating profit, increased residential volumes and steady portfolio performance. With an expanded development pipeline, active capital partnerships and reaffirmed earnings guidance, the group enters the second half with visibility across residential settlements, commercial completions and funds growth initiatives.