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MIRVAC GROUP — Annual Report 2025
Aug 14, 2025
65328_rns_2025-08-14_cfebf4be-bec9-4b89-8ddd-57fadc07e9a3.pdf
Annual Report
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FY25 Results
15 August 2025
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LIV Albert, Melbourne (artist impression, final design may differ)
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FY25 Results 15 August 2025
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Agenda
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3
Overview Campbell Hanan Group CEO & Managing Director 8 12 Financial Investment Performance Richard Seddon CEO, Investment Courtenay Smith Chief Financial Officer
18 20 25 Funds Development Summary & Guidance Scott Mosely Stuart Penklis Campbell Hanan CEO, Funds Management CEO, Development Group CEO & Managing Director
1
FY25 Results 15 August 2025
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.
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‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.
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Riverlands, Sydney
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Campbell Hanan
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Development EBIT
NTA Uplift
Delivers new
sustainable assets
New recurring
high quality
rental income
New recurring
asset & funds
management fees
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FY25 Results 15 August 2025
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Our competitive advantage Leading Australian
diversified property group
~$22bn of AUM
Unique integrated
creation expertise
Unique offering across product types and locations High-quality sustainable Investment portfolio
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Aligned capital partner with ~$16bn of third-party capital under management
Underpinned by balance sheet, culture and capability
4
FY25 Results 15 August 2025
FY25 execution provides strong visibility of growth into FY26+
Expanding Living exposure – completed our 4th and 5th BTR projects (2,174 apartments)[1] and expanded ~7,500 lot Land Lease sites (+16% YoY) with 3 new projects secured in FY25
Best in class Investment portfolio – leasing success driving strong operating metrics with new development completions in Living and Industrial driving income growth
Future development earnings visibility – Residential sales recovery (+39% on pcp) and CMU development progress, actively advancing restocking opportunities for FY29+
Successful capital partnering accelerating velocity of capital and unlocking value – across SEED Stage 1, Badgerys Creek, Residential JVs & MWOF capital raising
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NINE, Sydney
Harbourside, Sydney
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Strengthened balance sheet – execution of ~$340m disposals, capital partnering and stabilised valuations facilitate improved return on capital outlook
FY26 guidance[2] : EPS 12.8-13.0c (6.7% to 8.3% growth) | DPS 9.5c (5.6% growth)
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Represents total completed BTR Venture apartments, including LIV Anura, Brisbane and LIV Albert, Melbourne which completed in July 2025.
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Subject to no material changes to the operating environment and delivering on key initiatives.
5
FY25 Results 15 August 2025
FY25 results
FY25 Group EBIT FY25 Operating Profit FY25 EPS FY25 DPS NTA[1] Headline Gearing[2] 12.0c 9.0c 27.6% $736m $474m $2.26 FY24: $860m FY24: $552m FY24: 14.0c FY24: 10.5c FY24: $2.36 FY24: 26.7%
Cash flow resilient investments
Leaders in Living
Unique creation advantage
$10.1bn Investment portfolio[3] delivering strong operating metrics
Expanding Living sector exposure
Unlocking value in development pipeline
Occupancy improved to ~98%[4] ,
+8.6% average positive leasing spreads
Increased Industrial & Living exposure (combined EBIT up +50% YoY)
- Improved portfolio quality with ~$340m office asset disposals
2,174 operating BTR apartments (+170% YoY)[5] Stabilisation of LIV Aston, Melbourne & development completions at LIV Anura, Brisbane and LIV Albert, Melbourne[5]
390 new Land Lease settlements and 3 new Land Lease communities secured including Everleigh MPC site in QLD
New 1,200 lot MPC site in WA secured Pipeline >27,000 lots
2,122 Residential settlements
2,100 unconditional exchanges (+39% YoY)
Pre-sales increased to ~$1.9bn[6 ]
2 new Residential capital partnerships across 3 projects
Pre-leasing progress 55 Pitt St, Sydney to ~42%[7] , and capital partnering success at SEED Stage 1, Badgerys Creek
- NTA per stapled security excludes intangibles, right of use assets, deferred tax assets and deferred tax liabilities, based on ordinary securities including EIS securities. 2. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash). 3. Investment portfolio includes co-investment equity values, and properties being held for development, excludes IPUC and the gross up of lease liability under AASB16. 4. Portfolio occupancy by area, excluding co-investments. 5. LIV Anura, Brisbane and LIV Albert, Melbourne completed in July 2025. 6. Represents Mirvac’s share of total pre-sales and includes GST. 7. As at 30 June 2025. Represents Agreements for Lease (AFL) and Heads of Agreement (HoA), 34% excluding HoA.
6
FY25 Results 15 August 2025
Strong Culture, Sustainability and Governance focus
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Our People & Communities Governance
Sharp focus on transparency,
stakeholder alignment and robust
Governance framework
Shaping property
2024 Winner
leaders of the future
of inaugural "100%
Human at Work Award"
5 star
2024 policy governance
National Winner & strategy
Social Procurement Top 5
Completed
Impact Partnership Australia gender equality
(Mirvac & Green Connect) 5th year running 6th Modern
Slavery report
0% gender pay gap
on like-for-like basis Independent Boards
New partnership Deep experience
77% employee with diverse skill set
engagement [2] (+1% YoY)
Social procurement Three years in a row
spend $25.7m 47% women in senior
5 star
+$10.4m on FY24 management positions
Gold Star iCIRT rating
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Environment
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Targets[1] 2030 Net positive for carbon (Scope 1, 2 & 3) and water ZERO WASTE TO LANDFILL Net positive carbon 5.3 NABERS average energy office portfolio Scope 1 & 2 achieved FY22 16 buildings with 5 star NABERS rating or higher Sustainalytics 2025 ESG top rated companies – low risk rating
| Re-affirmed decarbonisation target and submitted science based target to SBTi Decarbonisation driven by |
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|---|---|---|
| Electrification of Investment portfolio & pipeline Electrification |
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| Recycling, diversion of waste and using lower carbon materials Procurement |
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| Utilising 100% renewable electricity and grid decarbonisation Limited use of high-quality nature based carbon offsets Renewable energy Quality offsets |
- Refer to Net Positive Carbon By 2030: Mirvac’s Scope Emissions Target and associated reports for further information, including assumptions on Scope 3 initiatives, found at www.mirvac.com/sustainability/our-performance 2. Culture Amp, 2024 Mirvac Employee engagement survey.
7
Financial Performance
Courtenay Smith Chief Financial Officer
Development EBIT NTA Uplift Delivers new sustainable assets New recurring high quality rental income New recurring asset & funds management fees t n n o a
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FY25 Results 15 August 2025
Strong execution driving FY25 result
| FY25 | FY24 | ||
|---|---|---|---|
| ($m) | ($m) | ||
| Investment Investment NOI 617 |
625 | (1%) | |
| Management and administration expenses (15) Investment EBIT 602 |
(13) 612 |
(15%) (2%) |
|
| Funds Funds Management 21 |
24 | (13%) | |
| Asset Management 47 |
42 | 12% | |
| Management and administration expenses (35) Funds EBIT 33 |
(33) 33 |
(6%) — |
|
| Development Commercial & Mixed Use 46 |
146 | (68%) | |
| Residential 179 |
212 | (16%) | |
| Management and administration expenses (47) Development EBIT 178 Segment EBIT1 813 |
(61) 297 942 |
23% (40%) (14%) |
|
| Unallocated overheads (77) |
(82) | 6% | |
| Group EBIT 736 |
860 | (14%) | |
| Net financing costs2 (224) |
(261) | (14%) | |
| Operating income tax expense (38) |
(47) | 19% | |
| Operating profit after tax 474 |
552 | (14%) | |
| Development revaluation gain/(loss)3 (180) |
34 | (629%) | |
| Investment property revaluation loss (102) |
(1,107) | 91% | |
| Other non-operating items (124) |
(284) | 56% | |
| Statutory profit/(loss) attributable to stapled securityholders 68 |
(805) | 108% |
Investment
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50% growth in Living and Industrial NOI offset by lost income on non-core disposals across Office
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Funds > Funds management EBIT impacted by lower asset valuations > Asset management EBIT growth reflects increased capex fees
Development
Commercial & Mixed Use
- Contribution from 55 Pitt St, SEED Stage 1 and Aspect Industrial projects offset by construction loss on LIV Anura
Residential
- Lower residential settlements (2,122) than FY24 (2,401)
Unallocated overheads
- Decrease reflects cost management discipline
Net finance costs
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Reduction in interest expense with lower COGS interest due to fewer residential settlements
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Revaluation
Development
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Impacted by Mirvac's share of 7 Spencer St and commercial component of Harbourside
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Investment Property > Negative revaluations across Office portfolio partially offset by positive revaluations across Industrial, Retail and Living sectors
Other non-operating items
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Includes amortisation of incentives and impairment of inventory and other assets
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EBIT includes share of EBIT of joint ventures and associates. 2. Includes cost of goods sold interest of $19m (2024: $58m) and interest revenue of $7m (2024: $10m), and the Group’s share of joint venture and associate net financing costs of $31m (2024: $16m). 3. Relates to the fair value movement on IPUC.
9
FY25 Results 15 August 2025
Strong balance sheet position and funding visibility
Active capital management initiatives supporting balance sheet
Well positioned to benefit from lower IRs and improved asset valuations
$4,309m Total drawn debt[1] (FY24: $4,380m)
- Headline gearing 27.6%[2] within our target range of 20-30%
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~$2.6bn
> ~$1.2bn of available liquidity
capital raised
Including:
> 75 George St, > Refinanced $1.8bn of debt and a $400m 6.5-year green bond issuance
~$340m
capital raised Sydney > 45% of debt facilities certified green by the Climate Bonds Initiative
from non-core > 10-20 Bond St,
asset sales Sydney
capital raised~$1.9bn Supportive hedging profile [4]
~$1.6bn ~$1.6bn $3,000m 3.5%
capital raised capital raised ~$1.3bn
total capital raised 3.36%
from capital 3.28%
3.22%
partnering [5]
3.10%
2,000 3.0
2.95%
2.90%
1,000 2.5
Including:
~$0.4bn > SEED Stage 1, Badgerys Creek
capital > Residential JVs created
released 0 2.0
FY22 FY23 FY24 FY25 Jun 25 Jun 26 Jun 27 Jun 28 Jun 29 Jun 30
Drawn capital partnering Un-drawn capital raised Asset sales Hedged debt (LHS) Average hedge rate (before margin) (RHS)
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- Total interest bearing debt (at foreign exchange hedged rate). 2. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash). 3. WACD (including margins and line fees) represents the rate as at 30 June 2025. WACD over the 12 months to 30 June 2025 was 5.6% (5.5% for the prior corresponding period). 4. Includes bank callable swaps. 5. Includes raised and committed from sell down of stakes in Highforest, Mulgoa and Cobbitty, NSW residential projects and SEED Stage 1 Industrial development.
27.6% Headline gearing[2] (FY24: 26.7%)
$1,201m Available liquidity (FY24: $1,388m)
5.4% Avg cost of debt[3] (FY24: 5.6%)
57% Hedging (FY24: 74%)
A3/AMoody’s / Fitch credit rating (unchanged)
10
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FY25 Results 15 August 2025
Improved earnings growth visibility into FY26+
~$100m
FY25 FY26 FY27 FY28+
new NOI [2]
NEW INVESTMENT INCOME [1] FROM DEVELOPMENT COMPLETIONS (Mirvac NOI share)
BTR LIV Aston LIV Anura & LIV Albert
Industrial Aspect North & South SEED Stage 1
Office 7 Spencer St 55 Pitt St, Harbourside
Land Lease Land Lease development completions ~$2.7bn
FUM GROWTH FROM DEVELOPMENT COMPLETIONS future secured
FUM [3]
Funds
DEVELOPMENT PROFITS & NTA UPLIFT FROM REVALUATIONS
55 Pitt St
7 Spencer St ~$54 0m
Aspect North & South Value cr eation [4]
SEED (Mirvac share)
Harbourside [6]
NEW RESIDENTIAL SETTLEMENTS & MARGIN RECOVERY
NSW Riverlands Mulgoa & WSU Milperra
New Masterplanned VIC Wantirna South 5 NEW ~$1.9 bn
communities
WA South Bullsbrook MPC PROJECTS Residential
(House and Land) pre-s ales [5]
QLD Monarch Glen
NSW Highforest [7] Harbourside & Green Square
New Apartments VIC The Albertine Trielle, Prince & Parade The Fabric
QLD Isle
OTHER GROWTH DRIVERS: Potential interest rate tailwinds – current WACD ~5.4% | Valuations past inflection point | Cost management discipline
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Note: All timing and outcomes depicted on this page are forecasts on current assumptions and subject to change.
- Timing indicative representation of stabilised income contribution. 2. Includes stabilised NOI on Mirvac’s share of committed developments, and assumed 50% share of Harbourside and excludes income contribution from future Land Lease community completions. 3. Includes future funds under management from committed developments including 55 Pitt, 7 Spencer, SEED Stage 1, Aspect South and BTR assets at 30 June 2025. 4. Indicative estimate only and not a forecast, based on current assumptions for CMU committed development pipeline 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. 5. Represents Mirvac’s share of total pre-sales and includes GST. 6. Earnings recognition / contribution dependent on capital strategy and structure. 7. Timing represents first home settlements in FY26 and Apartment in FY27.
11
Richard Seddon
Development EBIT NTA Uplift o
Delivers new sustainable assets
New recurring high quality rental income New recurring asset & funds management fees t n an
FY25 Results 15 August 2025
Strong execution and quality portfolio driving growth visibility
Modern, high-quality, sustainable investments that drive resilient cash flow growth
Significantly increased contribution from Living and Industrial
NOI growth outlook supported by development completions and opportunity to capture positive rent reversions
Valuations cycle entering cyclical upswing, supporting NTA outlook
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Top Tier $10.1bn Investment portfolio [1] ~98% occupied [2] +8.6% average leasing spread [3]
Modern, sustainable, premium portfolio predominately developed by Mirvac Focus on highest quality assets in most attractive markets –
deliver superior performance over time
BTR Land Lease
+6.8% +49.1% +2.8% +3.3% +10.2%
spread [4] spread [4] spread [4] spread [5] spread [5]
Modern, Prime, Core CBD Office Strategic Sydney Industrial exposure Urban Retail focus Undersupplied Living sectors
1. Investment portfolio includes co-investment equity values, and properties being held for development, excludes IPUC and the gross up of lease liability under AASB16. 2. By area, excluding co-investment. 3. Combined gross leasing spread for
investment portfolio, excluding co-investments. 4. Gross leasing spreads. 5. Net leasing spreads. 13
OFFICE DUSTRIAL RETAIL LIVING
N
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- Investment portfolio includes co-investment equity values, and properties being held for development, excludes IPUC and the gross up of lease liability under AASB16. 2. By area, excluding co-investment. 3. Combined gross leasing spread for investment portfolio, excluding co-investments. 4. Gross leasing spreads. 5. Net leasing spreads.
FY25 Results 15 August 2025
Premium Office focus delivering strong leasing success
Modern, sustainable portfolio – strong operating metrics
Office commencing cyclical upswing
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Quality modern portfolio – 54% premium, average age 9.4yrs (market 23yrs[1] ), average 5.3 star NABERS rating and 94% developed by Mirvac[2]
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Tightening incentives, vacancy and effective rent growth in Premium Core markets supported by restricted supply
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Valuations flat in 2H25, past inflection point for quality Core assets
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Strong leasing success across 74,472sqm, with 6.8% gross leasing spreads
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Return to workplace and sustainability driving tenant demand for modern, well located sustainable buildings
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95.1% occupancy[3] maintained and low capex ~0.5% pa of asset value over last 5 years
Strong leasing success reduces FY26 expiry to 4%[4]
Positive net absorption led by Premium grade demand
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200 George St, SYD Heritage Lanes, BNE 2 Riverside Quay, MEL
– ~33,000 sqm leased – ~7,000 sqm leased – ~17,000 sqm leased
– 9yr average lease term [6] – 10yr average lease term [6] – 5yr lease term
– 100% occupied – 100% occupied – 100% occupied
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400,000sqm
200,000
0
(200,000)
(400,000)
(600,000)
2020 2021 2022 2023 2024 2025
Premium A-Grade Secondary Net absorption
Source: JLL Research, June 2025 | Sydney, Melbourne, Brisbane, Perth
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- Note: This page represents Mirvac balance sheet office portfolio (excludes MWOF co-investment, LAT portfolio and IPUC). 1. Source: JLL, June 2025. 2. By portfolio valuations, reflecting property created, redeveloped or re-positioned by Mirvac, excluding car parks. 3. By area. 4. By income. 5. Asset valuations on portfolio as at 30 June 2025. 6. Blended average lease term of 2 deals by gross income.
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FICE
F
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$5.1bn Invested capital
95.1% Occupancy[3]
4% Expiry in FY26[4]
9.4 YRS Average age
100% Prime FY25 Asset valuations[5]
-4.7%
WACR
6.11% +25bps on pcp
14
FY25 Results 15 August 2025
Industrial portfolio benefiting from development completions
12% NOI growth and 49% leasing spreads
Sydney industrial dynamics remain attractive
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Leasing demand supported by resilient fundamentals, restricted supply outlook and high economic rents
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Modern 100% Sydney portfolio, 67% developed by Mirvac, 86% Prime/Super Prime grade[3]
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Market bifurcation emerging – Sydney vacancy (2.5%) and incentives more resilient – fuelling sustained capital interest
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Increased occupancy to 99.8%[1] with successful lease of strategic vacancy at 36 Gow St, Sydney
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Portfolio NOI growth outlook supported by future development completions with close proximity to the Western Sydney Airport and 17.3% under-renting
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12% NOI growth, +49.1% gross leasing spreads and development completions at Aspect, Kemps Creek
Industrial developments driving strong 12% NOI growth
Sydney vacancy tighter than other cities Market vacancy/incentive by city
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NOI contribution FY28+
$80m NOI 8% Vacancy Incentives 24%
21%
+63% NOI
INCREASE
70 6
Calibre, Eastern Creek SEED, Badgerys Creek 16.8%
15.5% 16
14% MGR portfolio
60 4 incentives [5]
NOI contribution FY24+ 8
50 2
MGR
portfolio
Switchyard, Auburn Aspect, Kemps Creek
40 0 vacancy 0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28+ Sydney Melbourne Brisbane
June 25 vacancy (LHS) June 25 market incentive (RHS) Mirvac portfolio
Source: CBRE June 2025
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$1.7bn Invested capital
99.8% Occupancy[1]
6.1 YRS
WALE[2]
86%
Prime / Super Prime[3]
+49.1% Gross leasing spreads
FY25 Asset valuations[4]
+7.0%
WACR
5.33% -13bps on pcp
- By area. 2. By income. 3. By portfolio valuations. 4. Asset valuations on portfolio as at 30 June 2025, excluding IPUC. 5. Average gross incentives on FY25 leasing deals across industrial portfolio.
15
FY25 Results 15 August 2025
Retail leasing spreads supported by catchment fundamentals
$2.3bn
Urban focused portfolio delivered strong growth
Urban catchment growth supports rental outlook
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Quality urban focused portfolio benefiting from attractive catchment metrics and urban population growth
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Restricted supply, lower interest rates, continued population and real wage growth provide supportive outlook
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Portfolio NOI growth outlook supported by growing $11,531/sqm specialty sales productivity[2] , low 14.7% occupancy cost and improved 4.7% indexation on new deals
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Improved occupancy to 98.8%[1] , 2.0% LFL NOI growth, gross leasing spreads of 2.8%, and 5.4% average incentives
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Completion of flagship ~2,900sqm Rebel development at Broadway Sydney
Specialty MAT +3.2% [2]
Compelling urban portfolio metrics
~4%Mirvac centres Personal Income +27% +15%
catchment area Spend above
population growth [4] Above national average [5] benchmark [4]
Broadway Sydney Orion Springfield CentralOrion Springfield Central
> 12 new stores introduced in FY25 > 16 new stores introduced in FY25
> $16,246/sqm Specialty sales > $600m+ MAT, +7.8% MAT growth
productivity (#2 in Australia) [6] > +9.2% leasing spreads
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Elevated specialty sales growth supports rent outlook
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Occupancy cost Specialty sales productivity
20% $12,000/sqm
$11,531/sqm
10,000
15
14.7%
8,000
10 6,000
2019 2020 2021 2022 2023 2024 2025
Specialty occupancy cost ratio (LHS) Specialty MAT sales productivity (RHS)
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- By area. 2. In line with SCCA guidelines. 3. Asset valuations on portfolio as at 30 June 2025, excluding IPUC. 4. CommBank iQ estimate June 2025. 5. CommBank iQ and ABS Census 2021. 6. SCN Big Guns Awards for annual turnover per square metre.
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Invested capital
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98.8%
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Occupancy [1]
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$11,531/ SQM
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Specialty sales [2]
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14.7%
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Occupancy cost
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+2.8%
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Gross leasing spreads
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FY25 Asset valuations[3]
+1.1%
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WACR
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5.74% +4bps on pcp
16
FY25 Results 15 August 2025
Living sector exposure increased with EBIT +184% to $54m
Expanded and scaled Living platforms with strong growth outlook
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BTR – new completions leasing well
2,174 +3.3% +1.1%
Operating Leasing Valuation
apartments [1] spreads [2] uplift [3]
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Land Lease – expanded pipeline
+11% +6% +4.4%
Average Average Valuation
settlement price [7] weekly rent uplift
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LIVING
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$0.7bn Invested capital
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Living sector FY25 EBIT
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$54m
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BTR
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Largest operating BTR portfolio in Australia
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Largest operating BTR portfolio in Australia (5 assets)[1]
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Strong leasing demand with LIV Aston, Melbourne stabilised within 7 months, and portfolio ~98% leased[4]
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Completed developments in July 2025 at LIV Anura, Brisbane; already 16% leased[5] , and LIV Albert, Melbourne; with elevated enquiry
Land Lease occupied sites increased to ~5,000 lots
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4,974 occupied sites up 18% on initial Serenitas acquisition[8]
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Occupancy 100%[9] , +10% leasing spreads[2] and 6% average rent increase
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390 settlements[10] with average settlement price $554,000[11] (+11%)[7]
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Development pipeline increased to ~2,500 lots with 3 new sites secured over FY25 including Everleigh, Brisbane
2,174
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Apartment platform [1]
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5 Operating assets[1]
BTR outlook underpinned by growing rental demand
Activation of development pipeline to support growth
Land Lease
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NOI growth driven by stabilisation of new developments and rent growth
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~3.5% rental population growth[6] & restricted supply
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Increased capital demand with resilient operating performance, supportive transaction evidence and MIT withholding tax reduced to 15%
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Activation of new home sales across 7 additional communities
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Further growth in development pipeline with additional sites in active due diligence
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Growth in over-55 population and low penetration rate in land lease sector provide strong tailwinds for sector growth[12]
~7,500
Land Lease platform sites[13]
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Recent market transaction evidence supportive of Serenitas valuations
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Includes LIV Anura, Brisbane and LIV Albert, Melbourne which both completed in July 2025. 2. Net leasing spreads. 3. Relates to valuation movement of MGR stake in BTR Venture as at 30 June 2025, including IPUC. 4. Leased by apartment number, stabilised portfolio only as at 30 June 2025 (excludes LIV Anura and LIV Albert). 5. Leased by apartment number, as at 12 August 2025. 6. Historical rental population Syd, Melb, Bris 15 year average annual growth rate, 2021 ABS Census. 7. 12 month average price to June 2025 compared to 12 months to June 2024. Excludes GST and DSA Projects. 8. 4,231 occupied sites on hand at date of Serenitas investment announcement (October 2023). 9. By number of operational sites. 10. New home settlements includes 40 Development Services Agreement (DSA) related settlements. 11. Average new home sale settlement price. Excludes GST and DSA Projects. 12. Federal Treasury 2023 Intergenerational Report, Chadwick Property Valuers. 13. Includes occupied and development sites.
31
Communities 17
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Funds
Scott Mosely
CEO, Funds Management
Development EBIT
NTA Uplift
Delivers new
sustainable assets
New recurring
high quality
rental income
New recurring
asset & funds
management fees
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33 Alfred St, Sydney
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FY25 Results 15 August 2025
Significant capital raising success in FY25 with established growth platforms
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capital raised in FY25 [7] raised in last 3 years Diverse product & vehicle offering
$1.6bn $12.8bn
Benefiting from robust capital demand for modern Living, Industrial & Premium Office Unique alignment of interest model creator and owner In-house D&C capabilities in growth sectors
MWOF MIV LIV BTR
> Successful capital raise equivalent MWOF > Broadened relationship with ART with MIV > Australia's largest operating BTR LIV BTR
> to ~$350m33 Alfred St completed – 94% leased [1] $6.2bn FUND [2] SEED Stage 1, Badgerys Creek sold into MIV END VALUE $1.7bn [3] portfolio with 5 completed assets [4] $1.8bn VENTURE [3]
> #1/#2 performing office fund over 3m/1y [8] 100% Prime > 100% Sydney Industrial fund 100% Sydney 2,174 Apartments [4]
> Low 26.3% gearing compared to peer set [8] > 100% occupancy, 5.3 yr WALE
on completed assets
Premium Office Industrial Artist impression, final design may differ Living
$16.2bn of 3rd party capital [5 ] 22% CAGR since FY16 | $2.7bn of incremental future FUM secured and underway [6]
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Future growth initiatives
> Upcoming partnership development > Upcoming development completions: > New BTR opportunity secured
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completions: Remainder of Aspect North & South > Medium term Venture target of 5,000 apartments
֢ ֢
55 Pitt St – Partnership Mitsui Fudosan SEED Stage 1, Badgerys Creek
֢ 7 Spencer St – Partnership Daibiru > Further partnering potential at Aspect
> MWOF – potential deployment of capital raising Central and SEED Stage 2, Badgerys Creek
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- Leased by income. 2. Gross assets as at 30 June 2025. 3. Represents 100% current expected end value on stabilised portfolio including committed pipeline assets, 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. 4. Includes LIV Anura, Brisbane and LIV Albert, Melbourne which both completed in July 2025. 5. Includes external funds, developments and assets under management, and excludes Mirvac’s investment in those managed assets and vehicles. 6. Includes future funds under management from committed developments including 55 Pitt, 7 Spencer, SEED Stage 1, Aspect South and BTR assets at 30 June 2025. 7. Includes raised and committed from sell down of stakes in Highforest, Mulgoa and Cobbitty, NSW residential projects, SEED Stage 1 industrial development and MWOF capital raise. 8. MSCI June 2025, peer set includes pooled wholesale office funds only.
19
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Development
Stuart Penklis
CEO, Development
Development EBIT
NTA Uplift
Delivers new
sustainable assets
New recurring
high quality
rental income
New recurring
asset & funds
management fees
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Prince & Parade, Melbourne (artist impression, final design may differ)
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FY25 Results 15 August 2025
Future earnings visibility in Commercial & Mixed Use
~$540m estimated value creation (MGR share)[1]
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Expected timing of CMU profit contribution
Progress Update FY25 FY26 FY27 FY28 FY29+
PARTNERING PRE-LEASING [2]
67% Mitsui
55 Pitt St, SYD ~42% pre-leased End value [3] : ~$2bn | >6% yield on cost
Fudosan
End value [3] : ~$0.6bn
7 Spencer St, MEL 50% Daibiru ~16% pre-leased (AFL)
~5.5% yield on cost
49% Australian End value [3] : ~$0.7bn [4]
Aspect (North & South), SYD ~82% pre-leased [4]
Retirement Trust ~6% yield on cost Future pipeline
& restocking
End value [3] : opportunities
—
Aspect Central, SYD underway
~$130m
Stage 1 – 49%
SEED Stage 1, Badgerys Creek, SYD Australian — End value [3] : ~$1.9bn | >6% yield on cost
SEED Stage 2, Badgerys Creek, SYD Retirement Trust
~$750m residential
Harbourside, SYD pre-sales [5] ~18% pre-leased End value [3] : ~$2.3bn
commercial / retail
Future BTR development opportunities
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Also adds new NOI, NTA uplift, management fees, lifts portfolio quality and sustainability credentials
- Indicative estimate only and not a forecast, based on current assumptions for CMU committed development pipeline 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. 2. Includes Agreements for Lease (AFL) and non-binding Heads of Agreement (HoA), excluding HoA 55 Pitt St is 34% pre-leased as at 30 June 2025, Aspect (North & South) is ~77% pre-leased and Harbourside 13% pre-leased. 3. Represents 100% current 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. 4. Includes completed warehouses in the estate. 5. Represents Mirvac’s share of total pre-sales and includes GST.
21
FY25 Results 15 August 2025
Positive momentum in Residential
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Unconditional exchanges up 39% on pcp to 2,100, with 279 additional conditional sales on hand
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Strong sales outcomes at Highforest, Riverlands and Harbourside, improved MPC volumes in NSW & VIC. Further exchanges at NINE in July '25
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Pre-sales balance increased to ~$1.9bn[1]
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2,122 settlements (FY24: 2,401) with defaults remaining low at ~1.2%[2]
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Successful capital partnering initiatives at Highforest (Sumitomo) and Mulgoa & Cobbitty (existing partner) in 1H25 unlocking value, recycling capital and accelerating future releases
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15% Gross Margin[3] including impact of yet to settle impaired lots across NINE, NSW and QLD apartments. FY26 margin outlook to return to normal 18-22% range excluding impaired projects. Improved delivery outcomes on upcoming NSW/VIC developments
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~10,000 MPC lots restocked in last 2 years, including new 1,200 South Bullsbrook, WA site
Positive sales and pre-sales growth over FY25
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1,200 Lots Pre-sales $2.5bn
2
800
1.5
1
400
0.5
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY19 FY20 FY21 FY22 FY23 FY24 FY25
Apartments (LHS) MPC (LHS) Conditional sales balance (LHS) Pre-sales (RHS)
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- Represents Mirvac’s share of total pre-sales and includes GST. 2. 12-month rolling default rate 30 June 2025. 3. 15% Gross margin includes impact of future revenue from impaired projects expected to settle in FY26. 17.5% Gross Margin on settlements achieved in FY25.
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~$1.9bn 2,100 ~43,000 2,122 15%
Pre-sales [1] Unconditional New leads Lot settlements Gross margins [3]
(FY24: ~$1.3bn) exchanges (FY24: ~40,000) (FY24: 2,401) (FY24: 17.4%)
(+39% on pcp)
Quay, Brisbane
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FY25 major exchanges
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Pre-sales heavily
skewed to upgraders
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| Project | Product | Lots on FY24 |
|
|---|---|---|---|
| Everleigh, QLD Cobbitty, NSW Smiths Lane, VIC Woodlea, VIC |
MPC MPC MPC MPC |
411 +102% 156 +100% 303 +55% 202 |
|
| Olivine, VIC Harbourside, NSW |
MPC Apartments |
163 156 n/a |
|
| NINE, NSW | Apartments | 125 +58% |
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Upgrader/Rightsizer 70%
Investor 21%
First Home Buyers 5%
FIRB 4%
22
Smiths Lane, VIC
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FY25 Results 15 August 2025
Well positioned for market recovery in sales activity
Attractive new project launches in FY26+
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Growth corridors Middle Ring Apartments
Actively
~7,300 lots [1] ~1,200 lots [1] ~400 lots [1] ~1,700 lots [1] converting ~$2.3bn value [2] 249 lots [1]
commercial
zoning
to living
Significant
new restocking South Bullsbrook, WA
~10,000 new MPC
lots secured in ~1,200 lots [1]
last 2 years
Australia's largest infill MPC site Stage 3 launch 1HFY26 122 apt launches 1HFY26
Monarch Glen, QLD [3] Mulgoa, NSW [3] WSU Milperra, NSW [3] Wantirna South, VIC Green Square, NSW Harbourside, NSW [3] Highforest, NSW [3]
Development optimisation initiatives driving enhanced outcomes
Technology & innovation Active procurement Design optimisation
> Panelised systems > Bulk competitive tendering > Standardisation and
& Modularisation > Direct procurement incorporation of modular in design
> Innovative construction techniques > Focus on spatial efficiency and
(including 3D printing) ease of build
Benefits include: Up to ~10% costs savings & improved IRRs
30% faster build time [4] / 60% less waste [4]
Sustainability & operating cost saving – minimum 7 star Nathers, lower energy usage
Georges Cove, NSW
1. Indicative only and subject to change, final lot number will depend on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.
2. Represents 100% current 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. Artist impression, final design may differ. 4. Illustration reflects delivery time and reduction in waste outcomes at Georges Cove, NSW prefabrication test case. 23
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FY25 Results 15 August 2025
Outlook supported by interest rate easing cycle coupled with supply constrains
Forecast apartment settlements well below history
Improving market land sales rates supported by start of rate cut cycle
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70,000 Completions Population additions 400,000
300,000
200,000
35,000
100,000
0
0 (100,000)
'18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28
Dec
Build to Sell Build to Rent Population additions (RHS)
Source: Charter Keck Cramer, March 2025 forecast, Centre for Population,
December 2024, Greater Sydney, Melbourne and Brisbane
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3,000 Lots
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Interest rate
cutting cycles
2,000
1,000
0
'12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Jun
NSW – Sydney metro VIC – All of Market SEQ – All of Market WA – All of Market
Source: Research4, June 2025
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Market fundamentals are supportive
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SUPPLY DEMAND VACANCY PRICES GOVT. POLICY INTEREST RATES
FY25-FY28 apartment 1.3% population growth [4] <2% vacancy [5] Established dwelling QLD First Home Buyer Interest rates easing [9] – affects
completions >50% below prices slowed but initiatives extended sentiment and affordability,
Net overseas migration forecast Rental growth 3-7% pa [6]
FY18 levels [1] of >1.2m people next 5 years [4] ~3% last 12 months [7] Federal Govt. particularly for FHBs
New apartment starts House to Apartment price spread “Help to Buy” scheme Unemployment at
Total Australian population to
at 2013 lows [2] now >3x longer term average [8] multi decade lows [10]
increase >1.8m next five years [4] VIC built form stamp duty
~165k cumulative housing concessions extended
shortfall between 2024-29 [3]
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- Oxford Economics June 2025 forecast; Greater Sydney, Melbourne and Brisbane. 2. ABS Attached Housing Construction Starts, March 2025. 3. ABS Building Activity 2025, NHSAC 2025. 4. Federal Budget 2025-26, released March 2025; Five year CAGR to FY29. 5. Cotality, vacancy rate for Units, June 2025. 6. Cotality, Units, Greater Sydney, Melbourne and Brisbane, ending June 2025. 7. Cotality, All dwellings, national, ending June 2025. 8. Proptrack, June 2025, national. 9. ASX futures, market pricing 18 July 2025. 10. ABS Labour Force, May 2025.
24
Campbell Hanan
o
Development EBIT NTA Uplift
Delivers new sustainable assets
t
New recurring high quality rental income New recurring asset & funds management fees
n an
FY25 Results 15 August 2025
FY26 guidance
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Henley Brook, Perth
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Mirvac is targeting[1] :
Operating EPS 12.8-13.0c (representing 6.7% to 8.3% growth) Distribution of: 9.5c (representing growth of 5.6%)
Key assumptions:
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Non-core asset sales of >$0.5bn
-
FY26 Residential settlements of 2-2,300 lots
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Execution of capital partnering initiatives across development
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Weighted average cost of debt of ~5.3%
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Subject to no material changes to the operating environment and delivering on key initiatives.
26
FY25 Results 15 August 2025
Multiple drivers of earnings growth & value creation
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Enhanced visibility of growth in FY26+ EPS and NAV growth
Investment portfolio Residential recovery Unlocking commercial Funds & Capital
> Developments driving > Improving sales activity Development pipeline partnering
~$100m of new NOI [1] > New project launches > ~$540m of potential > ~$2.7bn of FUM growth
> Capturing reversion > Partnering to unlock value value creation [2] secured and underway
opportunities > Margin improvement > Capital partnering in established aligned
vehicles [3]
> Lower capex and support already secured
> Development optimisation
incentives > Actively restocking
initiatives underway
> Cyclical upswing pipeline
Artist impression, final design may differ Artist impression, final design may differ Artist impression, final design may differ
Additional drivers of growth Valuations past inflection point Potential interest rate tailwinds – WACD ~5.4% [4] Cost management discipline
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- Includes stabilised NOI on Mirvac’s share of committed developments, and assumed 50% share of Harbourside. 2. Indicative estimate only and not a forecast, based on current assumptions for CMU committed development pipeline, 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. 3. Includes future funds under management from committed developments including 55 Pitt, 7 Spencer, SEED Stage 1, Aspect South and BTR assets at 30 June 2025. 4. WACD (including margins and line fees) represents the rate as at 30 June 2025. WACD over the 12 months to 30 June 2025 was 5.6% (5.5% for the prior corresponding period).
27
FY25 Results 15 August 2025
Important notice
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 2025, 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 2025, unless otherwise noted.
28
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Thank You
CONTACT
Gavin Peacock, CFA | General Manager, Investor Relations [email protected]
AUTHORISED FOR RELEASE BY The Mirvac Group Board
MIRVAC GROUP
Level 28, 200 George Street, Sydney NSW 2000
REPORTING SUITE
The Investor Presentation forms part of Mirvac’s broader reporting suite in relation to Mirvac’s financial and non-financial performance for FY25. The full suite can be accessed here https://www.mirvac.com/investorcentre/results-and-announcements/reporting-suite
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