What Does Mirvac Group (ASX:MGR) FY26 Reveal About Development Earnings?

Sonal Goyal

28 October 2026 12:48 AM AEDT

What Does Mirvac Group (ASX:MGR) FY26 Reveal About Development Earnings?

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Key Highlights

FY26 operating profit was AUD 508 million, compared with AUD 474 million in FY25.
Mirvac reported 2,425 residential exchanges and AUD 18.1 billion of third-party capital under management.
Statutory profit reached AUD 677 million and gearing fell to 24.1%.

At the time of writing on 27 October 2026, Mirvac Group (ASX:MGR) was trading at AUD 1.83, down 0.27% during the session. The company operates in the Australian listed property sector, with activities that include property development, investment and asset management. Its latest company presentation, dated 19 August 2026, sets out the operating and financial information discussed below. The intraday trading figure is separate from the reporting date.

Group Profit and Earnings

Mirvac Group’s FY26 results presentation dated 19 August 2026 reported statutory profit of AUD 677 million, compared with AUD 68 million in FY25. Group EBIT increased 12% to AUD 826 million, and operating profit rose 7% to AUD 508 million. Operating earnings were 12.9 cents per security compared with 12.0 cents a year earlier. The group reported distributions of 9.5 cents per security, up from 9.0 cents. Net tangible assets reached AUD 2.33 per security, while headline gearing declined to 24.1% from 27.6%.

Residential Exchanges and Margins

Mirvac recorded 2,425 residential exchanges, an increase of 15% year on year. Its residential gross margin was 23.9% excluding impaired projects, compared with a stated target-range recovery after earlier impairment-related issues. The company separately disclosed a margin of 20.1% when revenue from previously impaired projects is included. These two measures are based on different populations of projects and should not be confused. The group also described restocking its residential portfolio, with approximately 15,000 lots secured and moving through planning.

Capital Management and Managed Funds

The group reported third-party capital under management of AUD 18.1 billion, increasing 12% year on year. Total assets under management were AUD 23.7 billion. It recorded a development pipeline of approximately AUD 27 billion and an investment portfolio of around AUD 10.5 billion. Mirvac highlighted approximately AUD 3 billion of non-core asset disposals and AUD 2 billion in development completions through its portfolio reset. Such pipeline values reflect estimated future projects and are not equivalent to revenue recognised in FY26.

Investment and Development Platform

Mirvac operates across investment property, residential development, commercial development and funds management. Its investment activities include office, industrial, living and retail assets, while development activity covers housing and commercial projects. The FY26 presentation reported 98% occupancy across its investment platform, 5.3% like-for-like net operating income growth and 4.5% releasing spreads. Fees generated from managed assets sit alongside rental income and profit from completed development projects.

Risks and Performance Markers

Future financial outcomes depend on project completions and settlements, funding costs, construction expenditure, property valuations and tenancy demand. Mirvac’s development pipeline also requires planning approvals and capital. Upcoming disclosures can be reviewed for residential exchanges, project margins, third-party fund activity and investment portfolio occupancy. The FY26 release provides separate measures for statutory profit, operating earnings and development margins, which describe different parts of its reported performance.

The presentation described a reduction in office exposure and continuing investment in living and logistics. It also reported investment properties delivering 5.3% like-for-like net operating income growth, while third-party funds under management increased. These measures show activity in distinct divisions and should not be presented as equivalent to development settlements.

Key Insights

The Mirvac Group disclosures provide a record of financial performance and named operating initiatives, while the AUD 1.83 quotation reflects the separate 27 October trading session. The next company update will determine which reported programs and guidance milestones have progressed.

FAQs

Q: What was Mirvac’s FY26 operating profit?

A: AUD 508 million, up 7% from FY25.

Q: How many residential exchanges were reported?

A: 2,425, representing 15% year-on-year growth.

Q: How much third-party capital was managed?

A: AUD 18.1 billion, up 12% year on year.

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