Mirvac Group on Wednesday reported a 7% rise in operating profit to A$508 million for the fiscal year ended June 30, 2026, while statutory profit jumped to A$677 million from A$68 million a year earlier.
Group earnings before interest and tax increased 12% to A$826 million, with earnings per stapled security up 7% to 12.9 cents. The company declared a distribution of 9.5 cents per stapled security, a 6% increase. Headline gearing fell to 24.1% from 27.6%, and net tangible assets per stapled security rose 3% to A$2.33.
Development earnings before interest and tax surged 52% to A$270 million, lifting development returns to 8% from 5% in FY25. The group’s investment portfolio, valued at approximately A$10.5 billion, delivered stable earnings of A$602 million. Funds management income rose 5% to A$22 million, while asset management income declined 6% to A$44 million. Third-party capital under management reached A$18.1 billion, with A$14.8 billion raised over the past four years.
Residential performance improved, with exchanges up 15% to 2,425 lots and gross margins recovering to 23.9% from 14.9%, excluding impaired projects. Defaults remained low at 0.3%, with buyer composition split evenly between upgraders, investors and first-home buyers. New leads increased 12% to about 48,200.
The premium office portfolio, valued at A$5.0 billion, reported 96.2% occupancy and like-for-like growth of 4.3%. The industrial portfolio, valued at A$2.0 billion, saw net operating income rise 13% year-over-year, with occupancy at 99.2%. The retail portfolio, valued at A$2.2 billion, maintained 99.0% occupancy and like-for-like growth of 4.5%.
Mirvac raised A$7 billion over the past five years, including A$2 billion in FY26, and initiated an on-market share buyback facility of up to A$200 million. The group’s future development pipeline totals about 26,000 lots, with committed commercial and mixed-use projects valued at approximately A$5 billion.
For FY27, Mirvac guided to operating earnings per stapled security of 13.2 to 13.4 cents, a distribution of 9.9 cents, and development returns exceeding 10%. The company expects to stabilize A$130 million in new recurring net operating income from development completions and targets 2,800 to 3,100 residential lot settlements.
