MIRVAC GROUP — Annual Report 2024

Aug 7, 2024

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FY24 Results

8 AUGUST 2024

Highforest, Sydney (artist impression, final design may differ)

FY24 Results 8 August 2024

Agenda

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03 Overview

Campbell Hanan Group CEO & Managing Director

09 Financial Performance Courtenay Smith Chief Financial Officer

12 Investment

Richard Seddon CEO, Investment

19 Funds

Scott Mosely CEO, Funds Management

21 Development

Stuart Penklis CEO, Development

27 Summary & Guidance Campbell Hanan Group CEO & Managing Director

FY24 Results 8 August 2024

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Acknowledgement of Country

Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners and Custodians of the lands and waters of Australia, and we offer our respect to their Elders past and present.

School art project for Wongin Park Henley Brook, Noongar Country, Perth

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FY24 Results 8 August 2024

Overview Campbell Hanan Group CEO & Managing Director

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o C

Development EBIT

NTA Uplift

Delivers new sustainable assets

t U

New recurring high quality rental income

New recurring asset & funds management fees

n n a

FY24 Results 8 August 2024

Delivering on our strategic objectives in FY24

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Retain balance sheet Increase cash flow resilience Leverage integrated Expand funds Continued focus on
flexibility of Investment portfolio development capability management offering sustainability and culture
367 Collins Street, MEL Thyme Lifestyle Community, Moreton Bay QLD 55 Pitt Street, SYD [10] Aspect, SYD National Community Day
Expanded residential
~$1BN ASSETS SALESNON-CORE [1] INCREASED LIVING & INDUSTRIAL EXPOSURE development pipeline 2,401 ~$1.6BN 6 STAR
Completed LIV Aston Switchyard & ~8,400 FY24 Residential NEW CAPITAL GREEN STAR BUILDING RATING [7 ]
Serenitas development Aspect building 1 New lots secured [5] settlements PARTNERSHIPS COMMITTED [8] AT HERITAGE LANES, BRISBANE
acquisition completion industrial development
CAPITAL RELEASED completions $146M (+22%) COMMERCIAL & MIXED USE EBIT
~$0.4BN FROM PARTNERING INDUSTRIAL
MAINTAINED STRONG OPERATING METRICS ~67% ~49% ~$1BN VENTURE WITH ART [6] #2 BEST
WORK PLACE TO GIVE BACK
Sell down of Interests in Aspect (GOOD COMPANY)
HEADLINE 97.1% +3.0% ~163,000SQM 55 Pitt St, to new North & South sold BTR VENTURE [6]
capital partner down into MIV
26.7% GEARING LEVEL [2] Elevated LFL NOI FY24 leasing [4] ~$1.8BN PROGRESSED
portfolio growth [4] SOCIAL PROCUREMENT
occupancy [3 ] COMMITTED FY24+ DEVELOPMENTS GENERATE ~$66M SPEND SINCE FY18
>$90M OF FUTURE NOI [9]
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1. 367 Collins Street, Melbourne exchanged and is expected to settle in 1H25. 2. Headline gearing. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash). 3. Portfolio occupancy by area, excluding co-investments. 4. Excluding co-investments. 5. Monarch Glen, Brisbane, exchanged contract, subject to condition precedent. 6. Represents 100% expected end value / revenue (including GST), including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control, such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 7. Under the new GBCA ratings tool. 8. Includes capital raised and committed from sell down of stakes in 55 Pitt St, and Aspect North & South, Sydney. 9. Includes stabilised NOI on Mirvac’s share of committed developments. 10. Artist impression, final design may differ.

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FY24 Results 8 August 2024

FY24 results highlights

FY24 GROUP EBIT FY24 OPERATING PROFIT FY24 EPS FY24 DPS[1] FY24 STATUTORY RESULT NTA[2] GEARING[3] $860m $552m 14.0c 10.5c ($805m) $2.36 26.7% +12% on pcp (5%) on pcp (5%) on pcp flat on pcp (11%) on FY23 THIRD-PARTY CAPITAL INVESTMENT PORTFOLIO[4] DEVELOPMENT PIPELINE[5] UNDER MANAGEMENT[6] ASSETS UNDER MANAGEMENT[7] ~$11bn ~$29bn ~$15bn ~$22bn

1. Taxable income exceeded distribution income for FY24. 2. NTA per stapled security excludes intangibles, right of use assets, deferred tax assets and deferred tax liabilities, based on ordinary securities including EIS securities. 3. Headline gearing. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash). 4. Investment Portfolio includes co-investment equity values, the carrying value of assets held for sale, and properties being held for development, excludes IPUC and the gross up of lease liability under AASB16. 5. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 6. Includes external funds, developments and assets under management, and excludes Mirvac’s investment in those managed assets and vehicles. 7. Assets Under Management (AUM) represents the total value of capital where we generate fees by providing property management services (includes Mirvac’s share).

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FY24 Results 8 August 2024

Driving value for our securityholders

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UNDERPINNED BY BALANCE SHEET,
UNIQUE CREATION CULTURE AND CAPABILITY
ADVANTAGE
Unique alignment model with
deep capital partnerships
LEADERS
IN LIVING
Secure balance sheet position
Proven >50 year track record,
integrated platform
CASH FLOW Sustainability focus
RESILIENT
INVESTMENTS
Strong employee
engagement
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Note: Some images used above are artist impressions, final design may differ.

FY24 Results 8 August 2024

Progressing towards invested capital targets

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FY23 Invested Capital %	FY23 Invested Capital %	FY24 Invested Capital Long-term target % Strategy & execution $bn %	FY24 Invested Capital Long-term target % Strategy & execution $bn %
Investment 77%		~$10.6bn 75% >70%
Ofice 66%		~$6.3bn 59% ~40% Tighten focus on low capex, modern, Premium CBD assets:~$0.9bn non-core ofice disposals executed in FY241
Industrial 12%		~$1.5bn 14% ~20% Lift Industrial via development:Switchyard and first Aspect building completed in FY24, ~$2.5bn total development pipeline2
Retail 20%		~$2.2bn 21% ~15% Maintain urban growth focus:~$0.1bn non-core retail disposals, including Cooleman Court and MetCentre
Living 2%		~$0.6bn 6% ~25% Increase exposure to Living sector via BTR and Land Lease investment:Serenitas acquisition completed and pursuing growth; BTR development completions progressing and filtering selective acquisitions
Development 23%		~$3.5bn 25% <30%
	CMU 41%	~$1.5bn 43% ~40% Align with investment strategy & pursue capital eficient opportunities:Reduced ofice pipeline (~$2.8m withdrawn/deferred3);
		filtering new opportunities to align to strategy – Industrial and Living led; sold down Aspect North & South and 55 Pitt St.
	Residential 59%	~$2.0bn 57% ~60% Utilise capital eficient structures and capital partners:Restocking on capital eficient terms, exploring capital partnering to realise value and accelerate project releases
	Portfolio management framework Capital allocation Investment (Passive4) >70% Development (Active5) <30% 1 2 Earnings mix Investment >60% Development <40% 3 Returns ROIC > WACC Sector Returns > Hurdles		4 Capital structure Headline Gearing 20-30% Credit Rating Moody’s/Fitch A3/A- Distribution 60-80% (of EPS)

1. 367 Collins St, Melbourne exchanged, with settlement expected 1H25. 2. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 3. Includes ~$1.8bn identified in FY23, plus an additional ~$1bn in FY24. 4. Investment invested capital includes investment properties, co-investments stakes reported on equity basis, assets held for sale, JVA and other financial assets on balance sheet. 5. Development invested capital includes inventory, IPUC, JVA less deferred land and unearned income.

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FY24 Results 8 August 2024

Continued focus on sustainability and culture

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Sustainalytics’ 2024 ESG Top Rated Companies list and low risk rating			Recycling waste: 96% construction waste & 66% investment waste diverted from landfill			16 of our ofice assets have a 5 Star NABERs energy rating or higher			#1 AFR Property company for giving			#2 Best Australian company to give back (Good Company)			~$66M since FY18 in social procurement spend towards $100m 2030 target			87% employees proud to work at Mirvac			TOP10 Global gender equality from Equileap, 3rd year running			45% women in senior management roles			Concluded our second Reconciliation Action Plan

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Progressing ambitious Scope 3 emissions road map to reach Net Positive by 2030 [1] target
TARGET SET:
Reached net positive carbon TARGET [1]
Net positive in scope 1 in scope 1 and 2 emissions
and 2 emissions by 2030
FY14 FY19 FY21 FY22 FY23 2030
NET POSITIVE FOR
Reduced carbon intensity Reduced carbon TARGET SET:
CARBON AND WATER
by 21%, while portfolio intensity by 84% Net positive in scope 1, 2,
(SCOPE 1, 2 & 3)
grew by a third and 3 emissions by 2030 [1]
ZERO WASTE TO LANDFILL
Electrify portfolio Leverage procurement Leverage design & construction Quality, community focused carbon offsets
ELECTRIFICATION FOCUS MEETING TENANT 100% LAUNCHED 100%
DEMAND AND SUSTAINABILITY GOALS ELECTRIFICATION 4 NEW ALL-ELECTRIC CMU COMMITTED
OF INVESTMENT RESIDENTIAL PIPELINE
PURCHASE OF 100% RENEWABLE ELECTRICITY PORTFOLIO BY 2030 [2] COMMUNITIES ALL-ELECTRIC
1 Darling Island Rd, SYD The Albertine, MEL [3] LIV Anura, BNE [3]
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1. Refer to Net Positive Carbon By 2030: Mirvac’s Scope Emissions Target and associated reports for further information, including assumptions on Scope 3 initiatives, found at www.mirvac.com/sustainability/our-performance 2. Target includes Office, Retail, BTR and Industrial assets directly owned by Mirvac. 3. Artist impression, final design may differ.

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FY24 Results 8 August 2024

Financial Performance

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Courtenay Smith Chief Financial Officer

o C

Development EBIT NTA Uplift

Delivers new sustainable assets

New recurring high quality rental income New recurring asset & funds management fees t U

n

an

55 Pitt Street, Sydney (artist impression, final design may differ) 9

FY24 Results 8 August 2024

FY24 earnings drivers

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FY24 earnings drivers FY24 Results8 August 2024
FY24	FY23			Investment
($m)	($m)			> +3.0% LFL growth driving property NOI, growth in contributions from co-investment stakes across MWOF, BT
Investment Investment 625 Management and administration expenses (13) Investment EBIT 612 Funds	633 (14) 619	(1%) 7% (1%)		Serenitas, income from development completions at Switchyards and Heritage Lanes, ofset by non-core disp Funds > Funds Management EBIT driven by fees from new funds and MWOF, ofset by one-of performance fee in prio > Asset management EBIT growth reflects new funds and increased leasing activity
Funds Management 24	26	(8%)		Development
Asset Management 42	30	40%		Commercial & Mixed Use
Management and administration expenses (33)	(36)	8%		> FY24 contribution from 55 Pitt St, Sydney, Aspect North & South and BTR fee income
Funds EBIT 33	20	65%		Residential
Development				> Growth from settlements (2,401 FY24 v 2,298 FY23) and greater apartment contribution at higher price point
Commercial & Mixed Use 146	120	22%		Unallocated overheads
Residential 212	156	36%		> Reduction driven by prudent cost management initiatives
Management and administration expenses (61) Development EBIT 297 Segment EBIT1 942	(62) 214 853	2% 39% 10%		Net financing costs > Increase due to higher WACD (FY24 5.5% vs. FY23 4.7%) and average drawn debt, higher COGS interest and i of interest in co-investment vehicles
Unallocated overheads (82) Group EBIT 860 Net financing costs2 (261)	(86) 767 (162)	5% 12% (61%)		Tax > Higher due to increased active earnings partially ofset by increased net financing costs
Operating income tax expense (47)	(25)	(88%)		Revaluation
Operating profit after tax 552	580	(5%)		Development
Development revaluation gain/(loss)3 34	(42)	181%		> Driven by positive revaluations at Aspect North & South and 55 Pitt St, Sydney
Investment property revaluation loss (1,107)	(528)	(110%)		Investment Property
Other non-operating items (284)	(175)	(62%)		> Driven by negative revaluations predominantly attributed to the ofice investment portfolio
Statutory loss attributable to stapled securityholders (805)	(165)	(388%)		Other non-operating items
				> Includes loss on sale of assets, Serenitas transaction costs, JVA impairment and derivative movements

• +3.0% LFL growth driving property NOI, growth in contributions from co-investment stakes across MWOF, BTR and Serenitas, income from development completions at Switchyards and Heritage Lanes, offset by non-core disposals

• Funds Management EBIT driven by fees from new funds and MWOF, offset by one-off performance fee in prior period

• Asset management EBIT growth reflects new funds and increased leasing activity

Increase due to higher WACD (FY24 5.5% vs. FY23 4.7%) and average drawn debt, higher COGS interest and increase in share of interest in co-investment vehicles

1. EBIT includes the Group’s share of joint venture and associates EBIT. 2. Includes cost of goods sold interest of $58m (FY23: $20m) and interest revenue of $10m (FY23: $10m), and the Group’s share of joint venture and associate net financing costs of $16m (FY23: nil). 3. Relates to the fair value movement on IPUC.

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FY24 Results 8 August 2024

Solid balance sheet position & visibility

• Headline gearing at 26.7%[1] , within our target range of 20-30%

• Headroom to financial covenants

• Average borrowing cost of 5.6%[2]

• ~$1.4bn of available liquidity

• A- / A3 credit rating from Fitch and Moody’s affirmed[7]

• ~40% of debt facilities certified green by the Climate Bonds Initiative

• Refinanced ~$1.9bn of existing facilities

Key Metrics 30 June 24 30 June 23 Headline gearing1 26.7% 25.9% Total drawn debt3 $4,380m $4,440m Available liquidity $1,388m $1,352m Average borrowing cost2 5.6% 5.4% Average debt maturity 4.4 yrs 5.0 yrs Hedged debt (including caps) 74% 60% Average hedge maturity 2.8 yrs 3.4 yrs Moody’s / Fitch credit rating A3/A- A3/A-	Contributors to balance sheet p Sources > Incremental asset sales (>$0.5bn > Residential settlements (~$1.3bn > Further capital partnering initiativ > Debt facilities and liquidity Uses > 60-80% payout ratio maintained > Selective development spend

Contributors to balance sheet position in 2025: Sources

• Incremental asset sales (>$0.5bn in FY25)

• Residential settlements (~$1.3bn pre-sales[4] )

• Further capital partnering initiatives (Development)

• Net debt (at foreign exchange hedged rate) / (total tangible assets – cash). 2. WACD (including margins and line fees) represents the rate as at 30 June 2024. WACD over the 12 months to 30 June 2024 was 5.5% (4.7% for the prior corresponding period). 3. Total interest bearing debt (at foreign exchange hedged rate). 4. Represents Mirvac’s share of total pre-sales and includes GST. 5. 367 Collins St, exchanged and deposit received pre-30 June, with settlement expected in 1H25. 6. Includes capital raised and committed from sell down of stakes in 55 Pitt St, and Aspect North & South, Sydney. 7. Affirmed by Fitch in April 2024, and Moody’s in December 2023.

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Actively raising capital to maintain balance sheet flexibility
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~$2.6bn
capital raised
~$1bn
capital raised
from non-core
asset sales [5]
Including:
~$1.9bn > 60 Margaret St/
capital raised > Met Centre, Sydney
> 367 Collins St, Melbourne [5]
~$1.6bn > 40 Miller St, Sydney
capital raised > 383 La Trobe St, Melbourne
> Cooleman Court, Canberra
~$1.6bn
total capital raised
from capital
partnering [6]
~$0.4bn Including:
capital > 55 Pitt St, Sydney
released > Aspect North & South
FY22 FY23 FY24
Capital Partnering Asset sales
pression, final designm
stim ayd
Arti iffer
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FY24 Results 8 August 2024

Investment Richard Seddon CEO, Investment

Development EBIT NTA Uplift Delivers new sustainable assets o C

New recurring high quality rental income New recurring asset & funds management fees n t n U a

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Heritage Lanes, Brisbane | Image credit: Trevor Mein 12

FY24 Results 8 August 2024

Investment focused on cash flow resilient sectors with positive structural tailwinds

Mirvac portfolio quality driving consistent outperformance[1] Based on compound average annual returns

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10.0%
>170BPS OF
OUTPERFORMANCE
8.0 OVER 5, 7, 10 8.8% 8.6%
AND 15 YEARS
7.6%
6.9% 6.9%
6.0
5.7%
5.4%
4.0
3.6%
2.0
1.6%
1.4%
0
2YRS 5YRS 7YRS 10YRS 15YRS
Mirvac portfolio Benchmark
Source: RIA commercial property market return indicator as at March 2024
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CONTINUE TO INCREASE CASH FLOW
RESILIENCE OF INVESTMENT PORTFOLIO
Modern, Prime, core CBD Office Increased Industrial exposure
+3%
LFL INCOME
GROWTH [2]
Undersupplied Living sectors Urban Retail focus
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1. Excludes co-investments. 2. FY24 LFL NOI growth excluding co-investments.

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FY24 Results 8 August 2024

Premium performing strongly with low expiry risk Resilient occupancy[1] WALE[2] Elevated FY24 leasing Gross leasing spreads Sustainable portfolio High quality Asset valuations[3] WACR 95.1% 5.9 YRS ~77,300 SQM +1.2% 5.3 STAR 100% PRIME -12.5% 5.86% (FY23: 95.0%) (FY23: 5.7yrs) (FY23: ~61,700 sqm) (FY23: +3.5%) Average NABERS 48% Premium[4] (FY23: -5.6%) +56bps on pcp energy rating Modern portfolio, average age reduced to 9.3 years, with 94% developed by Mirvac[[4]] Bifurcation of tenant demand trends towards Premium-grade, core CBD, sustainable assets Delivered +2.5% LFL NOI growth, low capex, 0.4% pa of asset value over the last 5 years > Increased demand for electrified buildings supported by major corporates’ net zero targets, and NABERS electrification focus Strong leasing activity (average new lease term >7 years) resulting in low near-term expiry profile > Valuations cycle nearing completion, with more pronounced falls expected for lower quality assets TENANT SECURED TENANT RETAINED TENANTS SECURED HOA: TENANT RETAINED > Stabilisation of incentives and effective rent growth for Premium, well-located assets OPTIVER AGL GADENS & WORK CLUB ERNST & YOUNG[[6]] > Restricted medium-term supply outlook, with softening cap rates and elevated construction costs impacting development feasibilities, along with the withdrawal of older buildings 9,225 sqm | | 10yr lease term 19,303 sqm | | 8yr lease term 4,708 sqm | | 9yr avg. lease term[[5]] 25,859 sqm | | 10yr lease term Tenants continue to demand Premium space 275 Kent Street, SYD 699 Bourke Street, MEL 8 Chifley Square, SYD 200 George Street, SYD Core market rolling annual absorption by grade Modest leasing expiry in upcoming years[[2]] 300,000 sqm Expiry excluding HoApiry excluding HoAiry excluding HoAy excluding HoA excluding HoAg HoA HoA Expiry assuming HOA executedpiry assuming HOA executediry assuming HOA executedy assuming HOA executed assuming HOA executedg HOA executed HOA executed 58% 0 ~~52%~~ (300,000) ~~17%~~[[6]] 5% ~~6%~~ 5% 12% ~~6%~~ 9% (600,000) 2020 2021 2022 2023 2024 5% Premium A-Grade Secondary Vacant FY25 FY26 FY27 FY28 FY29 FY30+ Sydney, Melbourne, Brisbane, Perth | Source: JLL Research June 2024

OFFICE

• Modern portfolio, average age reduced to 9.3 years, with 94% developed by Mirvac[[4]]

• Increased demand for electrified buildings supported by major corporates’ net zero targets, and NABERS electrification focus

• Delivered +2.5% LFL NOI growth, low capex, 0.4% pa of asset value over the last 5 years

Strong leasing activity (average new lease term >7 years) resulting in low near-term expiry profile

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TENANT SECURED TENANT RETAINED TENANTS SECURED HOA: TENANT RETAINED
OPTIVER AGL GADENS & WORK CLUB ERNST & YOUNG [[6]]
9,225 sqm | | 10yr lease term 19,303 sqm | | 8yr lease term 4,708 sqm | | 9yr avg. lease term [[5]] 25,859 sqm | | 10yr lease term
275 Kent Street, SYD 699 Bourke Street, MEL 8 Chifley Square, SYD 200 George Street, SYD
Modest leasing expiry in upcoming years [[2]]
60% Expiry excluding HoApiry excluding HoAiry excluding HoAy excluding HoA excluding HoAg HoA HoA Expiry assuming HOA executedpiry assuming HOA executediry assuming HOA executedy assuming HOA executed assuming HOA executedg HOA executed HOA executed 58%
50
52%
20
17% [[6]]
10 9%
5% 6% 5% 12% 6%
0 5%
Vacant FY25 FY26 FY27 FY28 FY29 FY30+
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Note: This page represents Mirvac balance sheet office portfolio (excludes MWOF).

1. By area. 2. WALE by income, excludes IPUC and assets held for development. 3. Asset valuations on portfolio as at 30 June 2024, excluding IPUC. 4. By portfolio valuations. 5. Blended average lease term of 2 deals. 6. EY heads of agreement signed subsequent to 30 June 2024.

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FY24 Results 8 August 2024

INDUSTRIAL

100% Sydney portfolio benefiting from development completions

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Strong High occupancy[1] WALE[2] Leasing deals income growth 99.3% 6.1 YRS ~23,900 SQM +18% (FY23: 100%) (FY23: 6.6yrs) (FY23: ~80,700 sqm) FY24 NOI growth

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Gross leasing Rental upside Asset valuations[3] WACR spreads ~19% -7.2% 5.46% +14.5% under rented (FY23: +6.2%) +84bps on pcp (FY23: +14.8%)

• 100% Sydney located Prime portfolio, ~19% under-rented, 99.3% occupancy[1] , 2.3% LFL income growth

• Strong 18% NOI growth and improved portfolio quality from recent development completions at Switchyard, Auburn and Aspect Building 1, Kemps Creek with further completions at Aspect Industrial Estate and Elizabeth Enterprise, Badgerys Creek to support future NOI growth

Industrial developments driving strong 18% NOI growth

• Sydney Industrial expected to continue to outperform with restricted supply outlook due to approval delays, elevated construction costs, and economic rents

• Longer term demand supported by population growth, e-commerce, inventory management, and portfolio exposure to committed infrastructure including new 24 hour Western Sydney Airport opening 2026 and further ~$5.2bn of road upgrades in State and Federal Budget

• Cap rate expansion cycle largely offset by rent growth

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$80m NOI
+46%
INCREASE
70
NOI contribution FY28+
Elizabeth Enterprise, Badgerys Creek
Calibre, Eastern Creek Switchyard, Auburn
60
50
NOI Contribution FY24+
Aspect, Kemps Creek
40
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27+
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1. By area. 2. By income. 3. Asset valuations on portfolio as at 30 June 2024, excluding IPUC.

Sydney industrial vacancy rate remains tight, with restricted new supply outlook

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25% 5%
20 4
15 16.0% 3
2.35%
10 2
5 1
0 0
Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24
Sydney rent growth %y/y (LHS) Sydney vacancy % (RHS)
Source: SA1 Pro June 2024, JLL Research June 2024
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FY24 Results 8 August 2024

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RETAIL
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Urban focused assets proving resilient

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Stable occupancy [1 ] Leasing deals
98.0% ~61,700 SQM
(FY23: 97.5%) (FY23: ~91,000 sqm)
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Gross leasing spreads MAT growth Occupancy cost[2] Specialty sales[3] Asset valuations[4] WACR -0.8% 1.1% 14.2% $11,245/SQM +0.1% 5.70% +0.4% Ex Greenwood Plaza (FY23: 17.3%) (FY23: 13.6%) (FY23: $10,925/sqm) (FY23: -5.3%) +11bps on pcp (FY23: +0.5%)

Portfolio benefiting from attractive catchment metrics

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Portfolio benefiting from attractive catchment metrics Active management improving retail portfolio quality Retail supply falling and expected to continue to be constrained
> Greater Sydney – total Retail [7] square metres per person
+4.4% LFL Retail NOI growth supported by improved foot traffic
and resilient retail sales, despite cost of living pressures
20% Occupancy cost $12,000/sqm 1.10 square metres/person
> Urban-focused portfolio benefiting from strong catchment
growth, improved sales productivity of $11,245/sqm [3] and $11,245/sqm
modest occupancy cost of 14.2% [2]
1.06
10,000
15 1.02
14.2%
8,000
0.98
Mirvac Retail portfolio Orion Springfield Central, Brisbane
Mirvac customer Mirvac main trade area ~3.1%
spend $1,564 [5] average household income [5] Mirvac centres 10 6,000 0.94
~20% ~32% catchment area 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 2014 2016 2017 2019 2020 2023 2024 (f)
Above benchmark Above national income population growth [6]
Specialty occupancy cost Specialties comparable Source: Property Council of Australia, ABS, Centre of Population, Mirvac Research calculation
(comparable) (LHS) [2] MAT productivity (RHS) [3]
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1. By area. 2. Includes contracted COVID-19 tenant support. 3. In line with SCCA guidelines. 4. Asset valuations on portfolio as at 30 June 2024, excluding IPUC. 5. Source: CommBank iQ and ABS, June 2024. 6. ABS 2023 SA2 population. 7. Refers to total Shopping Centre gross lettable area.

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FY24 Results 8 August 2024

LIVING BTR portfolio capturing strong rental demand

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Unrivalled experience LIV apartments[1] Growing customer Strong occupancy[2] FY24 Net Low average Strong sector Resilient valuations 3 proposition re-leasing spreads[3] downtime population growth >7 YEARS 1,279 Completed ~94% +4.3% in BTR (52 years in Residential) operational properties[1] >1,100 (FY23: 72%)[2] +7.8% 23 DAYS ~3.3% PA residents (FY23: +7.9%) at LIV Indigo, SYD Population growth rate of renters[4]

• Australia's largest and most experienced BTR platform, with 1,279[1] operational apartments delivering attractive rent growth, low downtime and incentives, and positive +4.3% revaluation gain

• Sector outlook supported by restricted supply, tight east coast capital city market vacancy <2%,[5] rent growth >10%[6 ] and low sector penetration vs offshore markets

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1,279 OPERATIONAL APARTMENTS [1]
STABILISED PRE-LEASING
COMPLETED
JULY 2024
LIV Indigo, SYD LIV Munro, MEL LIV Aston, MEL
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Mirvac's committed BTR portfolio leads the domestic market[7]

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2,500 apartments
2,000
1,500
1,000
500
0
LIV Mirvac [1] Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer
1 2 3 4 5 6 7 8 9 10 11
Operating Under Construction
R
O O
AN E T
C M C M
U B
P P
V R F
| |
I L I
L L
L A A E
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L S
UN SF UN SC
6 Y 8 Y
9 2 9 2
3 5 4 5
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1. Includes LIV Aston, Melbourne which completed post 30 June 2024. 2. By apartment number, excluding display apartments, lower occupancy in FY23 reflects inclusion of LIV Munro, Melbourne which was still stabilising at that point in time. 3. Net re-leasing spread across BTR portfolio. 4. Source: ABS Census, 2006 to 2021 CAGR of renters in age cohorts 20-49yrs in Greater Sydney, Melbourne & Brisbane. 5. Source: SQM Research, Macrobond, June 2024. 6. Source : Domain Group/APM Research, Sydney/Melbourne/Brisbane Capital Cities, 3-month unit median, May 2024. 7. EY Pipeline Report (Q4-23), Franklin St, Mirvac estimates.

17

FY24 Results 8 August 2024

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LIVING Land Lease portfolio delivering strong operating metrics Occupancy[1] Communities Occupied sites Growth opportunity Settlements[2] Sales[3] Contracts on hand[4] Affordable offering 3 NEW 100% 28 4,587 1,872 409 361 215 ~$500,000 communities Development pipeline sites new homes new homes as at 30 June 2024 average settlement price[5] under contract[6]

> Successful investment into Serenitas Land Lease platform

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Successful investment into Serenitas Land Lease platform
> Performing ahead of underwrite, with 409 settlements in FY24, 1 new community acquired (203 lots [7] ), and further 3 communities (878 lots) under contract [6] NEW CLUBHOUSE AT
THYME LIFESTYLE RESORT, EVANS HEAD, NSW
> Market fundamentals remain robust, with Commonwealth Rent Assistance (CRA) increased by 10% in Federal budget
Strong momentum in Land Lease settlements Strong Western Development sites expands
Rolling 12 months settlements (including DSA projects) [2] Australia presence exposure to east coast
Occupied sites by state Development sites by state
500 settlements
16%
+9% 409 2%
12%
7%
250
4,587 56% 1,872 26%
46%
35%
0
FY22 FY23 FY24
VIC NSW WA QLD WA QLD NSW VIC
Strong long-term Ageing population Low market Government >CPI rent No incentives /
market fundamentals (~2% growth) [8] penetration (~2%) supported income annual indexation low capex leakage
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1. By number of sites. 2. New home settlements includes 81 Development Services Agreement (DSA) related settlements in FY24. 3. Including 66 DSA Projects (these include unconditional and conditional). 4. Includes 55 DSA contracts. 5. 12 month average price to June 2024. Excludes GST and DSA Projects. 6. Under unconditional contracts or conditional option agreements. 7. Spring Lakes Resort, QLD (includes 59 occupied sites and 144 development sites). 8. Source: Population Statement 2023 released Jan 2024, Centre for Population, population aged >55, 10 year CAGR to FY34.

18

FY24 Results 8 August 2024

Funds Scott Mosely CEO, Funds Management

Development EBIT NTA Uplift Delivers new sustainable assets o C

New recurring high quality rental income New recurring asset & funds management fees t U

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n n a

Collins Place, Melbourne (artist impression, final design may differ)

FY24 Results 8 August 2024

~$15.4bn established third-party platforms and partnerships

OVER ~$11BN OF NEW THIRD-PARTY CAPITAL RAISED IN LAST 2 YEARS WITH 5 NEW CAPITAL PARTNERS

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ESTABLISHED PLATFORMS FOR FUTURE GROWTH
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LIVING INDUSTRIAL OFFICE
Progressing BTR venture Growing Industrial venture with Australian Retirement Trust Expanding office partnerships
> 2 stabilised assets, 805 > Aspect North & South, Sydney MWOF
apartments, ~94% occupied interests settled alongside > Sold 50% interest in 255 George
~$1.8BN supporting the investment Switchyard, Sydney into MIV ~$6BN Street, Sydney for $363.8m [4]
VENTURE [1] thesis with Australian Retirement FUND [3] > Lowest gearing across unlisted
> LIV Aston, Melbourne Trust, taking the vehicle peer set [5] at ~23%
completed with 474 apartments to ~$1bn [1] > Maintained S&P A- credit rating
> 2 developments nearing in July 2024 VEHICLE SIZETOTAL [1] Switchyard, Sydney > Opportunity for further growth through Mirvac’s 255 George Street, Sydney > Portfolio positioned well; 100% Prime, ~90% occupancy,
completion, delivering ~$1BN ~$1.9bn uncommitted 5.3 Star NABERS, and strong
an additional 894 operational future industrial pipeline [1] FY24 leasing, with 104,100sqm
apartments into the vehicle by ~$2BN let across the portfolio [7]
the end of CY2025 NEW
PARTNERSHIP [1] 55 Pitt St, Sydney
> New aligned partnership
with Mitsui Fudosan
LIV Aston, Melbourne [2] Aspect Industrial Estate, Sydney 55 Pitt St, Sydney
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Mirvac competitive advantage

Unique alignment of interest model creator and owner

In-house D&C capabilities FUM growth visibility in growth sectors ~$2.6bn secured & underway[6]

1. Represents 100% expected end value / revenue (including GST), including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control, such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 2. Artist impression, final design may differ. 3. Gross assets as at 30 June 2024. 4. Gross sale price. 5. MSCI/Mercer Australia Core Wholesale Monthly PFI – Office. 6. Includes future third party funds under management from committed developments including 55 Pitt St, Aspect North & South and BTR assets in development. 7. Including heads of agreement.

20

FY24 Results 8 August 2024

Development Stuart Penklis CEO, Development

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Development EBIT
NTA Uplift
Delivers new
sustainable assets
New recurring
high quality
rental income
New recurring
asset & funds
management fees
n
o
t
n
C
U
a
R
C
a
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e
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v e
A
e m
v
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E
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A
S
S
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I
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S O
S O
A N
A N
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Green Square, Sydney (artist impression, final design may differ)
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FY24 Results 8 August 2024

Progressed CMU development pipeline – unlocking value & providing earnings visibility

FY24+ COMMITTED DEVELOPMENTS TO GENERATE >$90M OF RECURRING NOI[1]

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----- Start of picture text -----

LIVING INDUSTRIAL OFFICE
LIV ASTON, MELBOURNE ASPECT INDUSTRIAL ESTATE, SYDNEY 55 PITT STREET, SYDNEY
474 ESTIMATED END VALUE [2 ] ESTIMATED END VALUE [2]
APARTMENTS $0.8BN $2.0BN
COMPLETED & LEASING COMMENCED ~244,000 SQM ~63,000 SQM
WORKPLACE
JULY 2024 TOTAL ESTATE SIZE
>3,500 SQM NORTH & SOUTH PRECINCTS 67%
OF AMENITY SOLD INTO MIV FUND CAPITAL PARTNER
POOL & SPA (MGR 51% OWNERSHIP) SELL DOWN TO
MITSUI FUDOSAN
PRIVATE DINING ROOMS
PET PARK
YOGA DECK ~50%
>6%
CO-WORKING SPACE PRE-LEASED [3]
YIELD ON COST
UTILISING
TARGET COMPLETION TARGET COMPLETION
100% RENEWABLE
ENERGY [4] STAGED FROM FY24-27 FY27
TARGETING 5 STAR TARGETING MINIMUM TARGETING 6 STAR
GREEN STAR DESIGN 5 STAR GREEN STAR GREEN STAR BUILDINGS
AND AS BUILT RATINGS BUILDINGS RATINGS RATING, ALL-ELECTRIC
AND 7.5 NATHERS RATING Artist impression, final design may differ IN ITS OPERATIONS
CONTRIBUTING INVESTMENT NOI IN FY25+ DEVELOPMENT PROFITS EXPECTED OVER FY24-26 DEVELOPMENT PROFITS EXPECTED OVER FY24-27
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1. Includes stabilised NOI on Mirvac’s share of committed developments. 2. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 3. Includes Agreements for Lease (AFL) as at 31 July 2024. 4. Excludes some retail tenancies.

22

FY24 Results 8 August 2024

Utilising competitive advantage across diverse CMU development pipeline

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----- Start of picture text -----

Mixed-Use: ~$3.2bn [1] Build to Rent: ~$1.1bn [2] Office: ~$3.3bn [1] Industrial: ~$2.5bn [1]
Committed: ~$0.2bn [1] Committed: ~$1.1bn [2] Committed: ~$2.6bn [1] Committed: ~$0.6bn [1]
Status: Status: Status: Status: Status:
> North & South sold > Practical completion > 396 apartments > Construction > 498 apartments
into MIV achieved July 2024 > Partnering with topped out > Construction
> Aspect Central > Commenced QLD Government on the social underway
completes CY26 leasing across for 25% key building in FY24 > Target completion
> First building 474 apartments worker housing CY25
completed
> ~50% pre-leased [3]
Aspect Industrial Estate, LIV Aston, LIV Anura, Waterloo Metro Quarter, LIV Albert Fields,
Sydney Melbourne Brisbane Sydney Melbourne
FY 24+ FY25 FY25 FY25+ FY2 6
Status: Status: Status: Status:
> Progressed > Main construction > Demolition completed > DA process
construction and works have now and civil works underway
~8% pre-leased [4] commenced progressing > ~$1.8bn expected
> Target 5 Star Green rating. > 67% sold down to Mitsui Fudosan > 13% commercial pre-leased [4] end value [1] ~$1.3BN
Gold WELL Core > Expect initial of potential development
uplift to be realised
and Shell rating Residential launch predominately over
in 1HFY25 the next 5 years
7 Spencer Street, 55 Pitt Street, Harbourside, Elizabeth Enterprise across current secured
Melbourne Sydney Sydney Badgerys Creek, Sydney development pipeline [5]
F Y26 FY27 FY27+ FY28 +
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Note: All images above (excluding LIV Aston, LIV Albert Fields, 7 Spencer St, Melbourne and Aspect, Kemps Creek) are artist impressions only, final design may differ. Please see additional information pack for further details. 1. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 2. MGR operating as development manager. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control, such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 3. Includes Agreements for Lease (AFL) as at 31 July 2024. 4. Represents non-binding Heads of Agreement (HoA). 5. Indicative estimate only and not a forecast, based on current assumptions and subject to change due to planning outcomes, market conditions, leasing outcomes and other uncertainties. Includes Development EBIT and revaluation gain on Mirvac share retained of asset post completion.

23

FY24 Results 8 August 2024

Residential results solid with strong sales in under supplied pockets

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• 2,401 settlements (FY23: 2,298), with Green Square 97% settled. Defaults in line with long term averages at 2.3%[1]

• 17% gross margin[2] . FY24-25 margins temporarily below through-cycle target of 18-22% due to management of elevated subcontractor administrations and weather-related project delays impacting Apartment projects in NSW and QLD. Cost expectations reset and margins to return to target with new launches and expected pick up in MPC volumes over time

• 1,509 exchanges (sales), below historical levels, impacted by uncertainty around higher interest rates, less product launches and FHB activity. Improved sales momentum in 4Q24 (564), with increased project launches and MPC sales momentum in QLD/WA

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~$1.3bn 2,401 17%
Pre-sales [3] Lot settlements Gross margin [2]
Pre-sales heavily skewed FY24 major settlements
to upgraders
Project Product Lots
Upgrader/Rightsizer 68%
Investor 20% Smiths Lane, VIC MPC 380
First Home Buyers 9% Woodlea, VIC MPC 325
FIRB 3%
Green Square, NSW Apartments 307
NINE Willoughby, NSW Apartments 211
Everleigh, QLD MPC 188
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FY24 key sales highlights
203 210 198 93%
SALES SALES SALES PRE-SOLD
Everleigh, QLD Woodlea, VIC Henley Brook, WA Charlton House, QLD [4]
FIRST RELEASE
76% RELEASE FIRST 29% 53%
PRE-SOLD SOLD OUT PRE-SOLD PRE-SOLD
Highforest, NSW [4] Riverlands, NSW [4] The Albertine, VIC [4] Trielle, VIC [4 ]
Improving sales activity and strong enquiry
1,200 Unconditional exchanges Leads 16,000
12,000
800
8,000
400
4,000
0 0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2019 2020 2021 2022 2023 2024
Apartments (LHS) MPC (LHS) Leads (RHS)
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1. 12-month rolling default rate 30 June 2024. 2. FY24 Gross Margin reflects new calculation methodology, reconciliation provided in Additional Information, page 94. 3. Represents Mirvac’s share of total pre-sales and includes GST. 4. Artist impression, final design may differ.

24

FY24 Results 8 August 2024

Market fundamentals primed for recovery

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Restricted apartment supply outlook

Sydney, Melbourne & Brisbane market high density apartment completions

Market MPC land sales well below history in most states

Upside potential supported by persistent strong population growth

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60,000 apartments 500,000 Additions
400,000
300,000
40,000 200,000
100,000
0
20,000
(100,000)
(200,000)
0 (300,000)
Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Jun 28
Population Additions (LHS) Completed (RHS) Under construction (RHS) Marketed (RHS)
Source: ABS; Centre for Population; Population Statement 2023 (Dec 23), Charter Keck Cramer: Brisbane, Melbourne, Sydney (March 2024 forecast)
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----- Start of picture text -----

4,000 lots 620,000 people
520,000
3,000 420,000
320,000
2,000
220,000
1,000 120,000
20,000
0 (80,000)
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27
Jun
NSW – Sydney Metro VIC – All of market SEQ – All of market WA – All of market
Resi pop change over previous yr (4 major states) (RHS) Source: Research4; June 2024
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Market fundamentals remain positive

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SUPPLY DEMAND VACANCY PRICES GOVT. POLICY INTEREST RATES FY25-FY27 apartment completions 2.5% population growth <2% vacancy[3] Established dwelling prices QLD First Home Buyer Higher interest rates peaking – ~50% below FY18 levels[1] Net overseas migration forecast Rental growth >10%[4] +8.0% last 12 months[5] initiatives affects sentiment and affordability, New apartment starts of ~1.1m people next 5 years[2] Apartments at 55% discount Federal Govt. particularly for FHBs at 13 year low[1] to established home prices[6] “Help to Buy” scheme Unemployment at multi decade lows[7]

1. Source: Oxford Economics June 2024 forecast. 2. Source: Population Statement 2023, released January 2024, Centre for Population. 3. Source: SQM Research, June 2024, Macrobond. 4. Source: Domain Group/APM Research, Sydney/Melbourne/Brisbane Capital Cities, 3-month unit median, May 2024. 5. Source: CoreLogic Hedonic Index to end June 2024, 5 capital city aggregate. 6. Source: Domain Group/APM Research, Sydney, Melbourne, Brisbane, past 20 year spread median house to median unit, May 2024. 7. Source: ABS Labour Force, ASX Futures.

25

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FY24 Results 8 August 2024

Restocked pipeline well placed to benefit from normalisation in sales activity

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----- Start of picture text -----

~8,400 lots [1]
Monarch Glen, QLD
Opportunistically restocking development pipeline & Mulgoa, NSW
10,000 lots 200
8,000 160
6,000 120
4,000 80
2,000 40
0 0
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Apartments (LHS) MPC (LHS) Resi price index (RHS)
Source: Mirvac company data, Corelogic All Dwellings, March 2024.
----- End of picture text -----

Restocked pipeline

Multiple growth drivers

• Well positioned to benefit from increase in new launches, normalisation of sales activity and improvement in margins

• 28,000 lot restocked pipeline grown by 23% with ~8,400 new MPC lots secured in FY24 on capital efficient terms[1]

• 5 new MPC precincts to commence sales over next 18 months

Capital partnering

• Pursuing capital partnering initiatives to unlock value, repatriate capital and accelerate project release

• Harbourside APT launch 1H25

• Leverage integrated model, 52 years of development experience, Mirvac brand and commitment to quality

MIRVAC CONSTRUCTION

• Exploring opportunities with Serenitas on Mirvac land bank

• 5 Gold Star ICIRT RATING

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Upcoming new releases ready to capture pent-up demand
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----- Start of picture text -----

~260 APT | ~$2.2BN END VALUE [2] ~165 MPC, 249 APT | ~$0.8BN END VALUE [2] ~7,200 MPC LOTS ~380 LOTS | ~$0.5BN END VALUE [2] ~460 LOTS [3] | ~$0.4BN END VALUE [3] ~1,200 LOTS | ~$1.2BN END VALUE [2]
HARBOURSIDE, SYD HIGHFOREST, SYD MONARCH GLEN, BNE WSU MILPERRA, SYD THE FABRIC, MEL MULGOA, SYD
----- End of picture text -----

Note: All images are artist impressions, final design may differ.

1. Monarch Glen, Brisbane subject to condition precedent. 2. Represents 100% expected end value / revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 3. Represents balance of project lots to deliver, 100% expected end value / revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

26

FY24 Results 8 August 2024 Summary & Guidance

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Campbell Hanan Group CEO & Managing Director

o C

Development EBIT

NTA Uplift

Delivers new sustainable assets

t U

New recurring high quality rental income New recurring asset & funds management fees

n

an

27

FY24 Results 8 August 2024

FY25 guidance

Mirvac is targeting[1] : Operating EPS of 12.0-12.3c | Distribution of 9.0c

Assumes:

Non-core asset sales of >$500m

FY25 Residential settlements of 2,000-2,500

Lower Apartment margins on FY25 settlements

Execution of capital partnering initiatives across development

Weighted average cost of debt of ~5.6%

1. Subject to no material changes to the operating environment and delivering on key initiatives.

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----- Start of picture text -----

Waterfront Quay, Brisbane (artist impression, final design may differ) 28
----- End of picture text -----

FY24 Results 8 August 2024

Positioned for future earnings growth

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Olderfleet, Melbourne Investment portfolio

Resilient, modern, high-quality assets benefiting from growing tenant and capital preference for quality, modern, sustainable assets and development completions

>$90M OF FUTURE NOI FROM COMMITTED DEVELOPMENTS[4]

LIV Anura, Brisbane[3] Riverlands, Sydney[3] Funds management Residential completions and margin recovery Delivery of >28,000 residential pipeline lots into under supplied market, underpinned by ~$1.3bn pre-sales[1]

Growth opportunities with aligned capital partners in established platforms across living, industrial and office sectors where capital demand is strongest and utilising our deep operational capabilities

MAJOR PROJECT LAUNCHES OVER NEXT 18 MONTHS INCLUDING HARBOURSIDE & 5 NEW MPC RELEASES

~$2.6BN FUM GROWTH SECURED & UNDERWAY[5]

55 Pitt Street, Sydney[3] Development pipeline

Value creation and new income contribution from diversified >$10bn CMU development pipeline[2] , utilising internal design and construction platform ~$1.3 OF POTENTIAL DEVELOPMENT UPLIFT TO BE REALISED PREDOMINATELY OVER THE NEXT 5 YEARS[6]

UNDERPINNED BY BALANCE SHEET,

CULTURE AND CAPABILITY

Secure balance sheet position Proven >50 year track record, Sustainability Strong employee supported by deep capital partnerships integrated platform focus engagement

1. Represents Mirvac's share of total pre-sales and includes GST. 2. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 3. Artist impression, final design may differ. 4. Includes stabilised NOI on Mirvac’s share of committed developments. 5. Includes future third party funds under management from committed developments including 55 Pitt St, Aspect North & South and BTR assets in development. 6. Indicative estimate only and not a forecast, based on current assumptions and subject to change due to planning outcomes, market conditions, leasing outcomes and other uncertainties. Includes Development EBIT and revaluation gain on Mirvac share retained of asset post completion.

29

FY24 Results 8 August 2024

Important notice

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Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice nor a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac and which can cause possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor does it guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “expected”, “forecast”, “estimates”, and other similar expressions are intended to identify forward looking statements. This Presentation includes forward looking statements, opinions and estimates which are based on assumptions and contingencies which can change without notice due to factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. The Presentation also includes statements about market and industry trends which are based on interpretations of current market conditions which can also change without notice again due to factors outside of Mirvac’s control. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures. Where the term operating environment is used, it is intended to cover impacts on both Mirvac, and the broader market operating conditions and macro economic conditions.

This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 30 June 2024, which has been subject to audit by its external auditors.

This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

The information contained in this presentation is current as at 30 June 2024, unless otherwise noted.

30

Thank you

CONTACT

Gavin Peacock, CFA | General Manager Investor Relations investor.relations@mirvac.com

AUTHORISED FOR RELEASE BY

The Mirvac Group Board

MIRVAC GROUP

Level 28, 200 George Street, Sydney NSW 2000

‘Reimagining Country’ by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji), We are 27 Creative