Key Highlights

  • Mirvac Group reported FY26 operating profit after tax of $508 million, up 7% from $474 million in FY25, while operating Earnings increased to 12.9 cents per stapled security from 12.0 cents.
  • FY26 distribution rose 6% to $376 million, or 9.5 cents per stapled security, while statutory profit increased to $677 million from $68 million.
  • Headline gearing declined to 24.1% from 27.6%, with approximately $1.6 billion in available Liquidity and Debt Maturity extending to 4.4 years.
  • Residential sales increased 15% to 2,425 lots and residential EBIT rose to $233 million, although pre-sales were lower than FY25 and average borrowing costs increased to 5.7%.

Mirvac Group (ASX:MGR) shares are up 9.01% over the past month, trading at AUD 1.88, after the group reported higher FY26 profit, distributions and residential earnings alongside reduced gearing.

What's Driving the Move

Operating profit after tax for the year to 30 June 2026 reached $508 million, up from $474 million, with operating earnings per security rising to 12.9 cents from 12.0 cents. Statutory profit jumped to $677 million from $68 million, while net tangible assets rose to $2.33 per security.

The Investment portfolio delivered EBIT of $602 million, with like-for-like income up 5.3% and occupancy steady at 98%. Residential EBIT increased to $233 million from $179 million, with exchanged sales up 15% to 2,425 lots. Funds EBIT rose to $36 million, with third-party Capital under management above $18 billion.

Balance Sheet Improves

Headline gearing declined to 24.1% from 27.6%, within Mirvac's 20–30% target range. Available liquidity stood at approximately $1.6 billion, and debt maturity extended to 4.4 years.

Is MGR Worth Watching?

For FY27, Mirvac guides to operating earnings of 13.2–13.4 cents per security and a distribution of 9.9 cents, assuming 2,800–3,100 residential lot settlements.