Mirvac lifts FY26 earnings 7%

Mirvac Group has delivered a 7% increase in FY26 operating profit to $508 million, with improved residential development performance, portfolio income growth and a strengthened funds platform supporting earnings.

The result, for the year ended 30 June 2026, was in line with guidance and lifted operating earnings per stapled security to 12.9 cents, while the group's distribution increased 6% to $376 million, or 9.5 cents per stapled security.

Statutory profit rose sharply to $677 million from $68 million a year earlier, while headline gearing fell to 24.1% from 27.6%, within Mirvac's target range.

Mirvac Group chief executive officer and managing director Cambell Hanan, said the result reflected progress made in repositioning the business over the past three years.

"FY26 was a year of execution, with earnings growth of 7%," Hanan said.

"Our results today reflect the work we have done over the past three years to reset the business, improve asset quality and drive higher returns."

The groups development business delivered a 52% increase in EBT, with 2130 residential lot settlements and 2425 lots exchanged, up 15% on FY25. Residential gross margins improved to 24% above Mirvac's target range.

The investment portfolio maintained 98% occupancy, while like-for-like income increased 5.3% and valuations rose to 3.1%.

Hanan said the group's repositioned portfolio was supporting stronger operating performance, with around $130 million of new investment income expected form committed and recently completed developments.

Mirvac's funds platform also expanded, with third-party capital under management increasing more than 12% to over $18 billion.

"Our funds business has reached a meaningful inflection point," Hanan said.

The group announced an on-market share buy-back of up to $200 million, citing confidence in the value embedded in the business and its strengthened balance sheet.

For FY27, Mirvac expects to operating earnings of between 13.2 and 13.4 cents per stapled security and a distribution of 9.9 cents, assuming 2800 to 3100 residential lot settlements.

"We enter FY27 with a visible pathway to sustained earnings and NTA growth, and while market conditions remain uncertain, we believe the actions we have taken over recent years position us well to continue delivering value to our securityholders," Hanan said.