Mirvac lifts 1H FY26 operating profit 5% to A$248m on 10% EBIT growth and strong living, funds and development momentum
Summary:
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Group EBIT rose 10% to A$398 million and operating profit after tax increased 5% to A$248 million, or 6.3 cents per stapled security, while statutory profit jumped to A$319 million from A$1 million a year earlier.
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Living delivered a strong rebound, with residential exchanges up 38% to 1,304 lots, settlements up 22% to 835 lots, and land‑lease sales and settlements up 50% and 21% respectively, alongside significant pipeline restocking at Blackwattle Bay (Sydney) and Karnup (Perth).
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Investment EBIT edged up to A$307 million, supported by 4.4% like‑for‑like NOI growth, 98% portfolio occupancy, positive leasing spreads across all sectors and a A$120 million valuation uplift led by industrial, retail and living assets.
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Mirvac accelerated capital partnering, sealing a 50% JV with Mitsubishi Estate on Harbourside, recapitalising the LIV Mirvac build‑to‑rent fund with ART and raising A$432 million in its wholesale office fund, which now has gearing around 26%.
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The balance sheet remains solid with headline gearing of 25.8%, about A$1.1 billion of liquidity and average borrowing costs of 5.3%; Mirvac reaffirmed FY26 guidance for operating EPS of 12.8–13.0 cpss and a 9.5 cpss distribution, assuming 2,000–2,300 residential settlements and successful capital partnering.