MIRVAC GROUP - Annual Report 2025

Annual report 2025

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Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

01 About this report and reporting suite 02 About Mirvac
04 FY25 highlights
06 Letters to securityholders
10 Value creation
12 Our strategy
14 Megatrends
16 Performance: Financial
18 Place: Asset creation and curation 22 People: People, culture and safety
26 Partners: Customers and stakeholders

Acknowledgement of Country

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

28 Planet: Environment and Social
34 FY25 financial and operational results 40 Risk and risk management

Artwork created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.

44 Governance
52 Remuneration report
68 Financial statements
121 Directors’ declaration

122 Independent auditor’s report

131 Securityholder information

133 Glossary

133 Directory and upcoming events

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Mirvac Group Annual Report 2025

Remuneration report

Financial report Other

Financial and operational results Risk management

Governance

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All sustainability reporting within this report has been guided by the Global Reporting Initiative (GRI) Standards. PwC has provided limited assurance over select environmental and social data within the annual reporting suite, covering the 12 months to 30 June 2025. Our FY25 GRI matrix and assurance statement is available online at http://www.mirvac.com/ sustainability/our-performance.

About this report

The FY25 Annual Report is a consolidated summary of Mirvac Group’s operations, performance, financial position, and outlook for the year ended 30 June 2025. In this report, unless otherwise stated, references to ‘Mirvac’, ‘Group’, ‘company’, ‘parent entity’, ‘we’, ‘us’ and ‘our’ refer to Mirvac Limited and its controlled entities as a whole. Mirvac Limited also includes Mirvac Property Trust and its controlled entities. References in this report to a ‘year’ relate to the financial year ended 30 June 2025. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated.

Reporting suite

This reporting suite sets out the Group’s financial and operational performance for the year ended 30 June 2025 across the following documents:

MGR FY25 Results Presentation: an overview of Mirvac’s financial and operational performance for the financial year

Mirvac’s Board acknowledges its responsibility for our FY25 Annual Report and has had oversight of its development. The Board reviewed, considered, and provided feedback during the production process and approved the Annual Report and consolidated financial statements on 15 August 2025. The Directors have the power to amend and reissue the financial statements. Our full-year financial statements can be found on pages 68 to 120.

MGR FY25 Additional Information: information supporting Mirvac’s FY25 Results Presentation
MGR FY25 Annual Report: an overview of Mirvac’s financial, operational and sustainability performance and outlook for the financial year, along with the Group’s Directors’ Report, its Remuneration Report and its detailed financial statements

Mirvac continues to align its Annual Report with the 2021 International Integrated Reporting Framework (2021) ( Framework).

Corporate Governance Statement 2025
MGR FY25 Property Compendium: a detailed summary of the Group’s investment portfolio, funds, and its commercial and residential development pipeline as at 30 June 2025
MPT FY25 Annual Report: an overview of Mirvac Property Trust for the financial year.

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Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and its controlled entities (including Mirvac Property Trust ARSN 086 780 645 and its controlled entities).

Directors’ Report and Operating and Financial Review (OFR)

The required elements of the Directors’ Report are featured on pages 48 to 51 of this report. Our financial and operational results for FY25 are covered specifically on pages 34 to 39. All financial and non-financial metrics included in this annual report have been verified through our internal verification process. The Remuneration Report on pages 52 to 66 and the financial statements have been audited by PwC.

Materiality

We have defined ‘relevant matters’ for inclusion in our FY25 Annual Report, prepared with reference to the Framework, as those matters that are material to securityholders and other providers of financial capital in making their various decisions with respect to their ongoing investment, funding, and support for Mirvac. The FY25 process to determine material ‘relevant matters’ has been:

Identifying relevant matters

We conduct an assessment of our key risks each year to identify material operational and strategic matters that could potentially impact our business over the short, medium and long term. As part of this process in FY25, we:

scanned the external environment to identify political, economic, societal, technological and environmental threats and opportunities
consulted with senior management and our Board to identify strengths, weaknesses, opportunities and threats regarding risk mitigation strategies
engaged with industry.

Evaluate and prioritise

To evaluate the material matters, our key risks were discussed with the Executive Leadership Team (ELT) and the Board in a structured workshop. Key risks and risk mitigation strategies were evaluated and prioritised based on likelihood of the material matter occurring, the impact on value creation and protection, and the velocity of each risk.

Disclose

Our key risks and risk mitigation strategies are set out on pages 40 to 43. These were reviewed and evaluated at least every quarter by our ELT and the Audit Risk & Compliance Committee, with the full Board in attendance at these meetings. We continue to evolve our Integrated Reporting processes in line with the Framework. During the financial year, this included engaging with key stakeholders on our value creation capability and materiality processes and the ‘relevant matters’ required in an Integrated Report.

Value creation Our strategy Megatrends Performance by pillar

Business overview Letters to securityholders

About Mirvac

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Mirvac:
building the
imagine nation
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Our business

We have three core business segments that drive our financial performance and underpin our urban strategy: Investment, Funds, and Development.

Investment | $10.4bn passive invested capital

$22bn of assets under management

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Office

Industrial

Retail

Living

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– 9 assets [1] – 7,148 operational and
– Portfolio value: $2.3bn [[2]] 2,502 pipeline living sector
– NLA: 314,495sqm [[3]] lots, across bulid to rent
and land lease [[4]]
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29 assets[1] – 12 assets[1]

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– Portfolio value: $5.4bn [2] – Portfolio value: $1.7bn [2] – Portfolio value: $2.3bn [[2]] 2,502 pipeline living sector
– NLA: 688,358sqm – NLA: 665,948sqm – NLA: 314,495sqm [[3]] lots, across bulid to rent
and land lease [[4]]
101 Miller Street, Sydney Aspect Industrial Estate, Sydney Orion Springfield Central, Brisbane LIV Aston, Melbourne
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Includes assets for sale and co-investment properties, but excludes IPUC and properties held for development. 2. Includes assets held for sale, properties being held for development, and co-investments based on equity value, excludes IPUC, and represents fair value (and excludes gross up of lease liability under AASB 16). Subject to rounding. 3. Excludes 80 Bay Street, Ultimo. 4. Completed apartments include LIV Indigo, LIV Munro, and completed Land Lease lots; pipeline lots are 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.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 3

Mirvac is an Australian Securities Exchange (ASX) top 100 company with an integrated asset creation and curation capability, focused in Sydney, Melbourne, Brisbane, Perth and Canberra. For more than 50 years, we have dedicated ourselves to shaping Australia’s urban landscape with purpose and passion.

We are a leader in living, with our exposure spanning the broad spectrum of housing – from apartments and masterplanned communities through to build to rent and land lease communities. We focus on optimising the performance of the assets we own and manage in our investment portfolio, which provide passive income to the Group, as well as the assets we manage on behalf of our aligned capital partners. Through our development activities, we create high-quality commercial assets and residential projects that set new benchmarks in design excellence and sustainability, while driving long-term value for our securityholders.

However, we do so much more than build physical structures or manage assets and funds; we reimagine communities, forge partnerships, create extraordinary experiences, and nurture careers.

Our imagination drives and differentiates everything we do, allowing us to envisage the possibilities of tomorrow. It fuels our vision to find innovative, sustainable and enduring ways to bring value to our customers, partners, investors and communities.

Our integrated model means we influence every stage of a project—from site acquisition, design, development and construction through to leasing, management, and long-term ownership. This unique integrated approach also ensures we maintain an appropriate balance of passive and active capital, enabling us to be agile and respond to fluctuations in the property cycle.

Key to our success are our people; their expertise, creativity, and passion allow us to deliver meaningful outcomes for all of our stakeholders. By harnessing the unique skill set of our people across each of the sectors we operate in, we will continue to create and curate outstanding urban environments and experiences for millions of Australians for many years to come.

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Funds | $16.2bn third-party capital [5] Development | $29bn development pipeline
Mirvac Wholesale
Office Fund (MWOP)
– $6.2bn
– 100% Prime-grade
Mirvac Industrial Venture
Funds – $1.8bn end value Commercial Residential
& Mixed-Use
– 100% Sydney
– ~$12.4bn Funds under – ~$6.8bn active – 27,270 pipeline lots [7]
management BTR Venture developments [6] – ~$19.1bn total
– 16 funds, mandates and – ~$9.5bn total pipeline value [6]
joint venture partners – $1.7bn end value pipeline value [6] – ~$1.9bn pre-sales [8]
– 5 completed assets
Bourke Place, Melbourne Elizabeth Enterprise, Badgerys Crk [9] Iluma Private Estate, Perth
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Includes external funds, developments and assets under management and excludes Mirvac’s investment in those managed assets and vehicles. 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. 7. Subject to change, depending on various factors outside of Mirvac’s control. 8. Represents Mirvac’s share of total pre-sales and includes GST. 9. Artist impression, final design may differ.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

FY25 financial and operational highlights

Statutory profit

$68m up 108% on FY24

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Operating profit
$474m
down 14% on FY24
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Operating earnings per stapled security 12.0c down 14% on FY24

Operating cash flow $550m up 1% on FY24

Distributions per stapled security 9.0c down 14% on FY24

Operating EBIT $736m down 14% on FY24

NTA[1] Gearing[2] 27.6% $2.26 $22bn $16.2bn assets under management third-party capital under management

Settled 2,122 residential lots

$1.9bn of residential pre-sales on hand

Improved occupancy to 98% in the investment portfolio[3]

Leased approximately

159,300sqm of office, industrial and retail space

NTA per stapled security excludes intangibles, right-of-use assets and deferred tax assets, based on ordinary securities, including EIS securities.
Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).
Build to Rent and Land Lease.
As issued by ratings agency Equifax and relates to Mirvac Constructions in NSW.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 5

Re-certified as a

Delivered Directed

Value creation Our strategy Megatrends Performance by pillar

Business overview Letters to securityholders

Chairman’s letter

Letters to our securityholders

Dear securityholders,

I am pleased to report that FY2025 (FY25) was another positive year for Mirvac, as we refined and executed against our strategy. In what continued to be a challenging operating environment, the Mirvac team delivered on the key strategic objectives we outlined at the start of the year.

This included executing capital partnering initiatives across different asset classes, growing our living sector exposure, progressing our development pipeline and maintaining a high-quality, cash-flow resilient investment portfolio. Importantly, our balance sheet remained strong, and it is a testament to the work the team has done over the past 18 months to reset the business and position Mirvac for future success.

The Group’s operating profit of $474m translated into earnings of 12.0 cents per stapled security, which was in line with guidance we provided early in the financial year. As a result of our performance, we paid an annual distribution to securityholders of 9.0 cents per stapled security, which was also in line with guidance. Our statutory profit of $68m was driven by an improvement in asset valuations across Industrial and Living, offset by lower asset valuations in Office and writedowns at select development projects.

A prudent focus on active capital management ensured the balance sheet remains in good shape, providing Mirvac with the capacity and flexibility to take advantage of future opportunities. The team refinanced $1.8bn of debt on favourable terms, issued a $400m 6.5-year green bond, completed approximately $340m of asset sales, and raised over $1.3bn through capital partnering initiatives.

These measures ensured gearing was maintained within the Group’s 20-30 per cent target range at 27.6 per cent, with strong credit ratings retained, including an A3 from Moody’s Investor Services and an A- from Fitch Ratings. Alongside this, we have liquidity of $1.2bn in undrawn debt facilities, hold significant headroom against key debt covenants, and our debt expiry profile remains well structured, with only $454m to be repaid over the next 12 months.

Board governance

The Mirvac Board is committed to ensuring that the Group’s operations, procedures and practices reflect a high standard of corporate governance by fostering a culture that values ethical behaviour, integrity and respect. In today’s world, this ensures that Mirvac is looking after the interests of all its stakeholders, including our securityholders, customers and employees.

A key focus for the Board has been to balance the overall mix of our directors’ skills and experience as we guide the Group’s strategic ambitions. Having the right skills and experience helps Mirvac respond to evolving market challenges that impact our business and the property industry, make better decisions, and take advantage of opportunities as they arise.

During the financial year, the Board and Nomination Committee undertook a review of the Board’s skills, experience and composition. The review assessed the current and future needs of the Board, taking into account the company’s strategic direction, industry trends and regulatory expectations.

The Board skills matrix, which you can view on page 49, presents the Board’s desired mix of skills and experience, alongside those currently represented by our Board Directors. While the core capabilities, skills and experience required of the Board remain broadly consistent with prior years, this year’s disclosures provide enhanced transparency and granularity.

The Board also continued its ongoing renewal and succession program with the appointment of Rosemary Hartnett as a Non-Executive Director. Rosemary has over 30 years’ experience in the Australian property and financial services sectors, working in senior roles across a number of large ASX-listed organisations. Rosemary’s appointment will further strengthen the depth and knowledge of our Board, as we continue to focus on delivering long-term value to our customers, communities and securityholders.

Health & Safety

The Board continues to support the Group in its health and safety performance culture, as well as govern the practical application of our health and safety policy. Given the nature of risks in our industry, we remain vigilant in managing health and safety for our people, contractors and the community. Throughout FY25, we continued to embed proactive major hazard exposure assessments to test and ensure robust controls are in place.

Trust in construction

Our rigorous and well-developed approach to planning, design, development, and construction ensures a very high standard of project delivery, something that Mirvac is well known for and proud of. During the financial year, our NSW Construction team achieved a 5 Gold Star iCirt rating for the third year in a row, demonstrating our commitment to safety, compliance and building durability, and giving our customers confidence in the quality of homes and workplaces we deliver.

Sustainability

The Board strongly supports Mirvac’s work in providing its stakeholders with credible, transparent and timely information on its sustainability performance. Our investors increasingly want to know how we are incorporating sustainability into our strategic decisions, risk management and financial statements.

We have a long-standing practice of reporting on our climate-related risks and opportunities and have produced an annual Climate Resilience Update for the past six years. These climate updates have outlined our continued progress towards reducing our carbon emissions, as we work towards our goal of achieving net positive carbon by 2030.

With mandatory climate reporting coming into effect this year, the team has focused on building on our existing voluntary climate-related disclosures and refining our approach. Key to this has been adapting internal processes and systems to align with new standards and engaging with industry peers and peak bodies to work towards consistent methodologies, particularly around Scope 3 emissions.

In FY25, and with oversight and support from the Board, Mirvac reaffirmed its decarbonisation goal and released a new report, Our Net Positive Carbon by 2030 update, which outlines the actions driving this transition. Ultimately, we are focused on decoupling growth in our business from emissions and ensuring our assets remain relevant, future-fit and attractive to investors and tenants alike.

Remuneration

Aligning pay outcomes with performance is a foundational principle of our remuneration framework. We achieve alignment by ensuring a financial gateway to activate the STI pool, funding STI from operating profits (to align outcomes to the results delivered), and setting long-term incentives that align to security price performance and focus management on financial results and efficient capital management.

The FY25 outcomes for the Group CEO & Managing Director and Key Management Personnel (KMP), are outlined on page 58 and reflect our principle of aligning pay outcomes to performance. While we achieved key strategic initiatives and delivered on guidance in FY25, our overall profit was lower than FY24. As a result, STI outcomes for KMP were, on average, 10 per cent lower than FY24. We delivered a total securityholder return of 14 per cent over the performance period, putting us at the 63rd percentile when compared to constituents of the comparator group. As a result, 30.4 per cent of awards issued during FY23 will vest in early FY26.

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Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 7
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In response to feedback from proxy advisors and investors, the number of performance rights allocated under the Long-Term Performance plan and Deferred Short Term Incentive plans will be determined on a face value basis, rather than on a discounted face value basis, from FY26 onwards. The KMP will be entitled to a distribution equivalent amount on any performance rights that vest only, and distribution equivalent amounts will be delivered at the end of the performance period, following performance conditions testing.

Outlook

Looking forward, the Board and I remain focused on providing close oversight of the Group’s investment decisions, with the aim of driving improved outcomes for our securityholders, customers and communities. We are very pleased with the direction of Mirvac, particularly with the strategic shift towards the living and industrial sectors.

Our in-house design, development and construction capability will continue to play an important role in the delivery of exceptional placemaking outcomes, with a focus on design efficiency and leveraging technology to enhance returns and the customer experience. We support the Group’s ambition to leverage our integrated model and deep expertise to bring more affordable product to market, with a primary lens always on our customer. Having the right policy settings from government and regulatory bodies will also help the property industry to improve productivity and deliver much-needed housing supply to all Australians.

On behalf of the Board, I would like to reiterate our strong support of the Mirvac team and thank them for their commitment during the year.

In particular, I would like to call out Campbell and the leadership team for their expertise in navigating through challenging market conditions. I am confident that we are well positioned for the expected growth in the Australian economy and the underlying demand for housing and quality workplaces.

Regards,

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Rob Sindel Chair

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Chair
Rob Sindel |
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Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

CEO & Managing Director’s letter

Letters to our securityholders

Dear securityholders,

I am pleased to report that Mirvac delivered a solid result in FY25. We delivered on what we said we would – from executing a number of capital partnering initiatives and delivering strong metrics across our Investment portfolio, to achieving our residential lot settlement target and growing our exposure to Living and Industrial – and the business is in a strong position to achieve future growth. We have a strong balance sheet, a sector-leading investment portfolio, and a clear runway to growth through the delivery of our development pipeline.

Our statutory profit of $68m was up 108 per cent on FY24, with improved asset valuations in Living and Industrial, supported by falling interest rates. This was offset by lower asset valuations in Office, along with write-downs at select development projects.

As we signalled to the market last year, the impact of increased construction costs, along with inclement weather and productivity challenges at select residential projects in Brisbane and Sydney, delivered lower earnings in FY25. This resulted in an operating profit of $474m, which reflects 12.0 cents per stapled security, in line with guidance provided.

Investment

Our strategy to reshape our Investment portfolio delivered positive metrics, including strong occupancy of 98 per cent, low capital expenditure, and positive leasing spreads across all asset classes.

In FY25, we delivered EBIT of $602m, which was down 2 per cent on FY24, largely due to the impact of over $1.3bn in non-core asset sales over the past two years. This was partly offset by income from development completions across industrial and build to rent, along with a full year’s contribution from land lease.

We have seen a positive turnaround in Office, with valuations for quality assets stabilising over the second half of the financial year. Tenant demand for well-located, quality assets with high sustainability credentials remained strong, reflected in strong leasing success and releasing spreads of more than 6 per cent over the period. Effective rents improved, and across 92 per cent of leasing deals within our portfolio, tenants either maintained or increased their space requirements. The quality of our portfolio continues to be demonstrated by high occupancy of 95.1 per cent, a 54 per cent weighting towards Premium-grade assets and an average age of 9.4 years (against a market average of 23 years).

Our Industrial portfolio is once again almost fully let at 99.8 per cent, following the successful lease of a strategic vacancy at 36 Gow Street, Sydney, which also helped to drive a strong average leasing spread of 49 per cent.

Net operating income in this part of the business increased by 12 per cent in FY25 and will continue to benefit from warehouse development completions at Aspect Industrial Estate, Sydney, and in future years, from SEED at Badgerys Creek, Sydney, which is close to the soon-to-be-opened Western Sydney International Airport.

Within Retail, we increased occupancy to 98.8 per cent, with average incentives of 5.4 per cent. Active management initiatives resulted in positive leasing spreads of 2.8 per cent, supported by robust sales growth, including speciality sales productivity of $11,531 per square metre—a Mirvac record—and low occupancy costs of 14.7 per cent. We remain optimistic about the outlook for this sector, supported by wage and population growth against a backdrop of diminished new supply, with capital demand also supporting valuation growth across the portfolio.

Our living portfolios performed extremely well in FY25, with earnings up 184 per cent on FY24, underpinned by strong market fundamentals. Our land lease portfolio has grown to approximately 5,000 occupied sites, following 390 settlements during the period, with the average settlement price up 11 per cent on FY24, along with a 10 per cent increase on re-leasing. These results reinforce our conviction in the growth of the land lease sector. In build to rent, we have grown our portfolio to approximately 2,200 apartments across five completed assets, with LIV Aston, Melbourne now stabilised, and we continue to receive strong customer interest at our recently completed projects, LIV Anura, Brisbane and LIV Albert, Melbourne. There is significant potential for continued growth in both our build to rent and land lease businesses, where we can leverage our market leadership position and our long history in living.

Funds

Our Funds business continues to benefit from strong capital demand for modern living, logistics and Premium-grade Australian office. Across the platform in FY25, we raised the equivalent of $350m in our Mirvac Wholesale Office Fund (MWOF), broadened our relationship with Australian Retirement Trust with the 49 per cent sell-down of Stage 1 at SEED, Badgerys Creek into the Mirvac Industrial Vehicle, and grew funds under management in our Build to Rent Venture following recent development completions.

Overall, we delivered Funds EBIT of $33m, driven by greater leasing activity in asset management over the financial year, offset by lower asset valuations, and it was pleasing to see signs of asset values stabilising in the second half of FY25.

Our unique alignment model and in-house asset creation capabilities in growth sectors are resonating well with domestic and offshore capital partners, and will continue to provide Mirvac with the financial flexibility to execute our development pipeline, while delivering new earnings streams and generating a higher return on our invested capital.

Development

Mirvac’s in-house design and development capability provides future income, development value creation, and funds management opportunities to the Group. In FY25, we recorded Development EBIT of $178m, with earnings from the sell-down of Stage 1 at SEED, Badgerys Creek and construction progress at 55 Pitt Street, Sydney offset by lower residential lot settlements and a construction loss at LIV Anura, Brisbane.

Our committed development pipeline plays an important role in our future growth, with around $100m in new annualised income to be created for our Investment portfolio over the coming years, while adding a further $2.7bn of funds under management. This is a strong demonstration of the value of our integrated model.

Progress across our commercial and mixeduse development pipeline during FY25 included the completion of our second and third warehouses at Aspect Industrial Estate, Sydney, which are 100 per cent leased to Winnings Group and B Dynamic respectively, with all warehouses in the estate now under construction. Within our build to rent business, the completion of LIV Aston and LIV Albert in Melbourne[1] and LIV Anura in Brisbane[1] means we now have the largest operating build to rent portfolio in Australia.

Within our residential business, we saw a strong pickup in activity, with unconditional sales up almost 40 per cent in FY25 and strong sales outcomes achieved at Highforest and Riverlands in Sydney, along with near sell-outs across the first two stages of our flagship Harbourside development in Darling Harbour, Sydney. These sales will convert to settlements over the next three years and form part of our $1.9bn of pre-sales, providing a good line of sight to future earnings. Our capital partnerships across three new residential projects will also help to unlock value, improve returns and accelerate future releases.

We settled over 2,100 residential lots, in line with guidance, with defaults remaining low at 1.2 per cent. Our gross margin was 15 per cent when adjusted for impaired apartments in Sydney and Brisbane that are yet to settle. Importantly, the financial impact of these projects has been contained to FY25, and we expect the adjusted gross margin to return to our normal range of between 18 to 22 per cent in FY26, supported by improved delivery outcomes at our upcoming Sydney and Melbourne developments.

Completed in July 2025.

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We have a healthy forward-looking residential development pipeline, with a further 1,200 lots added during the period, bringing the total number of lots secured over the past two years to 10,000. This positions us well to take advantage of a recovering residential market.

Brand

Mirvac’s brand has been built over many years and is anchored in a deep commitment to quality, care, design excellence, sustainability and customer centricity. During the financial year, we launched an updated logo and new brand positioning – building the imagine nation – which captures our ongoing commitment to imagination as the driving force in everything we do. Our new logo and tag line mark a new chapter in our 53-year history and are a celebration of the future of our business.

To strengthen brand visibility in key markets, we became a major sponsor of the GWS Giants AFL and AFLW teams and the Walk Like Giants mentoring program for schools in Greater Western Sydney. We are extremely proud to align our brand with an organisation that embodies resilience and ambition and shares our passion for community.

People & Culture

In FY25, we continued to focus on building a culture that is inclusive, performance oriented and prioritises safety, health and wellbeing, so that our people feel empowered to do their best work and deliver on our strategic objectives. We have an ambition to create a workplace where our employees feel like they belong, and a place where our people can grow and develop into the next Australian property leaders.

In line with this, we continued to roll out Mirvac Masters to our employees, which we launched last year in collaboration with the University of Sydney. The Masters program provides our employees with an academically endorsed professional development experience, deep technical learning, with the curriculum tailored to meet the evolving demands of the industry.

Our ongoing focus on our people delivered an overall engagement score of 77 per cent in FY25, which was slightly higher than last year, and a notable achievement given the challenging operating environment. This reinforces my confidence that Mirvac continues to be a great place to work.

Sustainability

Sustainability is a core driver of how we create enduring value for our customers, partners, and securityholders, helping to manage our risks, unlock opportunities and future-proof our business. We continued to advance our sustainability agenda in FY25—from deepening our approach to climate resilience and progressing towards net positive carbon, to strengthening social inclusion and maintaining transparent governance. We also released our inaugural social performance report, Force for Good, which showcases how we embed social value through the design and delivery of our places.

As regulatory expectations and our investors’ focus on ESG sharpen, we continue to see value in maintaining a strong sustainability performance, along with transparent reporting. We anticipate a refreshed approach to our disclosures in FY26, including a continued focus on decarbonisation and nature.

Outlook

Although the geopolitical environment remains uncertain, the outlook for Mirvac is positive. We expect market conditions to improve across all sectors in FY26, with a stabilisation in asset valuations, improved leasing activity, early signs of improved residential sales activity and potential for more supportive interest rate settings.

As a leader in Living, we are able to offer our customers housing options across the continuum – from apartments and house and land, to build to rent and land lease – and this means we are well placed to benefit from the continued recovery underway in the residential sector, as well as ongoing strong rental demand.

Our modern and sector-leading Investment portfolio, characterised by low capital expenditure requirements and strategic locations, is well positioned to deliver a resilient, growing income stream over the long term, supported by our committed development pipeline.

Underpinning this is our unique asset creation capability, through which we leverage our integrated design, development, and construction expertise to develop high-quality assets and homes in which our customers want to work, live, play and shop. This will continue to be a key driver of value for our securityholders.

Maintaining a robust approach to capital management will of course remain a priority. We will continue to optimise Investment portfolio performance through the sale of non-core assets and invest the proceeds into our development pipeline. Alongside thirdparty capital partners who share our vision for creating world-class assets, these initiatives will help ensure our portfolios deliver sustainable long-term returns.

I would like to thank the Mirvac team for everything they have helped us to achieve in FY25, and I would like to thank Rob and our Board members for their support and guidance.

I would especially like to thank you, our valued securityholders, for your continued support. Regards,

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Campbell Hanan CEO & Managing Director

Our strategy Megatrends Performance by pillar

Letters to securityholders

Business overview

Value creation

Our pillars for creating value

Creating value across our business helps to ensure Mirvac’s success both now and in the future.

We have identified and defined five key pillars that enable us to deliver on our strategy and allow us to maintain a healthy and resilient business. These pillars are set out below, and more detail on these can be found from pages 16 to 33.

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Pillar of value

Financial

Having diversified and appropriately balanced sources of capital, including third-party capital, equity and debt, helps us execute on our urban strategy and deliver sustainable returns to our securityholders and capital partners.

Asset creation and curation

Our asset creation and curation capability delivers places that contribute to the vibrancy of our cities and improve people’s lives.

Our employees, culture, and safety

Our people and culture are a source of competitive advantage in the delivery of our strategy and purpose.

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Customers and stakeholders

The relationships we build as a trusted partner allow us to deliver on our ambition to Reimagine Urban Life.

Sustainability

Our rigorous focus on our environmental and social impact helps guide us to deliver outcomes that are planet positive and remain a global leader in ESG.

Mirvac Group Annual Report 2025 11

Financial and operational results Risk management Governance Remuneration report Financial report Other

How we deliver value

– Sustainable returns for securityholders, above our cost of capital

– Gearing maintained within our target range

– Modern, high-quality assets and projects – Development profit

– Stable, recurring income and management fees

– High-performing and highly engaged workforce – Enviable culture

– Exceptional health and safety record

– Trusted brand – Repeat customers – Tenant retention

How we measure value

– Return on equity

Earnings per share

– Return on invested capital

Distributions per share

– Total securityholder return

– Headline gearing

Investment:

Development:

Funds Management:

Occupancy, WALE, WACR and NOI
Development EBIT, residential sales and settlements
Assets under management, and asset and funds under management profit

– Lost Time Injury Frequency Rate (LTIFR)

– Employee engagement

Talent retention
Over 40% of women in senior management roles
Net promoter scores
– Customer satisfaction

– Better project outcomes

– Lower carbon emissions

– Energy-efficient homes and assets – Thriving communities

Development EBIT o R

Social procurement spend
Water, waste and emissions performance
Community investment delivered
MSCI and Sustainalytics ratings

t U

NTA Uplift

Delivers new sustainable assets

New recurring high quality rental income

New recurring asset & funds management fees

Value creation Our strategy Megatrends Performance by pillar

Business overview Letters to securityholders

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How we
will deliver
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Deliver financial
outperformance
Maintain our integrated
creation and curation
capability, reputation for
quality, and deep expertise
in our sectors of choice
Create a competitive
advantage through our
people and culture
Create strong and enduring
relationships with our
customers, partners and
investors; be trusted by
governments and communities
Maintain a strong
focus on environmental
and social outcomes
o
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a
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n
c
t
a
r
p
l
e
r e
l e
o a
P e
l
a r
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f
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t
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P s
Pe ce
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Sectors
Living
Industrial
Premium CBD Office
Retail
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– Retain balance sheet flexibility to execute strategy and take advantage of opportunities.

– Leverage integrated development capability alongside a more selective approach towards deployment of capital.

Increase resilience of investment portfolio by

lifting exposure to high-quality, modern, assets that require less capital expenditure.

Expand funds management offering to deliver superior returns and help unlock development pipeline.
Continue a strong performance in safety, environment, social, and culture to future-proof the business.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 13

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Value creation Our strategy Megatrends Performance by pillar

Business overview Letters to securityholders

Megatrends shaping our world

Our operating environment continues to evolve, with a number of key global megatrends shaping our world and the cities we live in. While these megatrends typically unfold over time, we monitor them closely to understand their potential impact to our business, workforce, customers, and partners. This enables us to enhance our strategic response to both manage the risks and embrace the opportunities they present.

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Geopolitical and macroeconomic landscape

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Changing demographics and consumer behaviour

Technology evolution

Despite early signs of a recovery

in the cost of capital and stabilisation of commercial asset values, prolonged economic uncertainty remains, driven by heightened tensions between global powers.

Global tensions, including armed conflict and flow-on effects on crossborder trade and supply chains.
Rise of protectionist policy (for example, tariffs) and a focus on national sovereignty and self-sufficiency.
Capital continuing to look for resilient returns, with Australia remaining favoured as a relative economic safe haven.
Households and businesses remain value and cashflow-conscious.

How we’re responding:

We continue to focus on our cost base and supply chain resilience through enterprise-wide strategic procurement and other productivity measures. We are also focused on executing our capital strategy through deployment to growth sectors and lifting our exposure to high-quality, modern assets that require low capital expenditure. In addition to this, we continue to focus on being a responsible custodian and delivering strong returns for our strategic third-party capital partners, as well as being a trusted partner for governments and communities.

Our population and demographics continue to evolve, shaping the decisions everyday Australians make in their interaction with real assets.

Ageing demographic in aggregate, but cities are forecast to ‘stay young’.
Entry of Generation Beta resulting in the most generations being alive at once for the first time in human history.
Continued strength in migration, enhancing cultural influences on product trends.
Increasing adoption of the share economy and access over ownership, driving the potential shift towards generational renting and the institutionalisation of traditional rental sectors.
Mental health and isolation emerging as the biggest health risks on the planet.

How we’re responding:

We continue to execute an enterprise wide, customer-centric approach to designing and delivering products, services, and experiences that add value to our customers’ lives. This includes a strong focus on the living sectors, providing a breadth of housing solutions across the spectrum, from build to rent apartments to build to sell typologies, including land lots, apartments, town-homes and homes, and land lease product for the over 55-year-old downsizer and retiree segments.

The pace of digitisation, driven by exponential growth in Artificial Intelligence (AI) technologies, is rapidly reshaping all aspects of human life.

Growing proportion of digital natives.
Advancements in computing hardware setting the stage for more powerful AI applications.
Increasing focus on responsible application of AI and ethical considerations.
Exponential growth in demand for data storage and analytics.
Digitisation of supply chains, including growth of prefabrication methods in construction.
Increased focus on data sovereignty and cyber security.

How we’re responding

We are focused on leveraging technology to uplift digital maturity across the organisation and radically simplify our delivery model, as well as how we work. Additionally, we continuously look to enhance the digital experience for our customers, partners, and employees, and pursue opportunities for the prudent application of AI across our business.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 15

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Evolution in ESG focus

Environmental, social and governance (ESG) factors continue to inform investor and regulator preferences and influence capital flows.

Decarbonisation remains a key focus for investors and partners, with biodiversity and human capital the next frontiers for sustainability.

– Growing body of evidence supporting the flight to (and outperformance of) the most sustainable assets.

– Increased focus on measurement and mandatory reporting around climate risks and climate-related financial impacts.

– Growing investor and stakeholder demand for transparency.

How we’re responding:

Our sustainability strategy, This Changes Everything, is integrated into the way we do business. It sets out our approach to environmental and social responsibility, as well as our commitment to transparency and doing the right thing. We have set our ambitions in relation to Scope 3 emissions and investing in our communities, and have embarked on a coordinated and enterprise-wide plan to respond to reporting obligations and achieve our sustainability targets.

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Urbanisation and infrastructure

The world continues to urbanise, supported by record levels of investment into transport, supply chains and other critical infrastructure.

– Continued densification, regeneration and expansion of cities driven by high migration, supportive government policy, and the creation of new growth corridors.

– Flexible working now mainstream, further supporting workplace ‘flight to quality’.

Access and affordability the key challenges of living in cities.

– Governments supportive of development in urban infill and middle-ring locations that can leverage existing infrastructure and amenity.

How we’re responding:

We remain focused on key urban markets and creating and curating high-quality, sustainably designed assets, precincts, and communities, underpinned by our view that Australia’s capital cities will remain key drivers of economic output. As a leader in living, we have a long history of developing across the full housing spectrum in terms of product and location, providing our customers with a diverse range of housing options. We have also sharpened our focus on Premium CBD office assets to take advantage of the continued bifurcation of investor demand.

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Value creation Our strategy Megatrends Performance by pillar

Business overview Letters to securityholders

Financial Performance

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We remain focused on executing our strategy and delivering long-term value for our investors and capital partners, while maintaining financial discipline in managing risks.

Through our integrated business model, we are able to manage the entire lifecycle of a project, which ensures quality and attention to detail at every stage. The assets we create deliver stable, recurring income to the Group and superior returns. This creation capability and alignment of interest also help us to attract third-party capital to our business, providing recurring fees and supporting the execution of our development pipeline. Our development earnings, both commercial and residential, are largely reinvested into the development pipeline, with our distribution funded by income from passive investments.

Our in-house asset creation capability:

delivers NTA uplift, development profit, management fees and new, high-quality recurring income to the Group
reduces risk across supply chain and construction costs
allows us to incorporate customer feedback into front-end design, while driving sustainable outcomes from the beginning of a project’s lifecycle.

Our asset curation capability is also critical in driving superior investment performance and increasing recurring management income streams, supported by our in-house asset management team. This unique flywheel model remains a key differentiator of our business.

Portfolio management framework

Our portfolio management framework underpins how we manage our risk so that we can continue to create long-term value. We regularly review the structure of our business model to ensure our framework remains aligned with changing market dynamics. This disciplined approach enables us to optimise capital allocation, enhance resilience and deliver sustainable performance for our investors.

Capital allocation and earnings mix

We remain committed to allocating greater than 70 per cent of our capital to our investment portfolio and less than 30 per cent to our development business. This framework provides a balance of generating reliable, recurring income from our investment portfolio, while supporting our development activities. This allocation also helps us to maintain a stable stream of passive earnings of more than 60 per cent over time.

Progress on our capital allocation targets

Within our Investment portfolio, we continue to work towards our long-term sector allocation targets by increasing our exposure to the living and industrial sectors, while gradually reducing our allocation to office, where we will maintain a focus on Premiumgrade assets in core CBD locations. In FY25, this included the completion of our second and third warehouses at Aspect Industrial Estate, Sydney, the completion of LIV Aston, Melbourne[ 1] and the sale of 75 George Street, Parramatta and 10-20 Bond Street, Sydney, as part of our ongoing non-core disposal program.

	Investment	FY24	FY25	Target
	Office Industrial Retail	59% 14% 21%	54% 17% 22%	~40% ~20% ~15%
	Living	6%	7%	~25%

Within our Development business, we aim to allocate 40 per cent of our capital to Commercial & Mixed-Use and 60 per cent to Residential. We focus on mitigating our risk by progressing planning outcomes, optimising design, securing pre-sales and pre-commitments, and procuring materials and labour to maximise our financial return, while meeting and exceeding sustainability targets.

	Development	FY24	FY25	Target
	Commercial & Mixed-Use Residential	43% 57%	44% 56%	~40% ~60%

Returns

We maintain a disciplined approaching in setting and updating our return hurdles for prevailing market conditions. Both existing projects and potential opportunities are benchmarked against these hurdles to manage performance across the portfolio. This ensures capital is allocated to assets that meet or exceed return expectations.

Group ROIC and ROE in FY25 were impacted by another year of challenging conditions in the operating environment. A further softening in capitalisation rates impacted asset valuations in the investment portfolio, while development returns were impacted by key contractor insolvencies, productivity challenges and subdued residential demand.

Capital structure

We operate within a clear capital management framework, with policies in place across credit metrics, liquidity and funding diversity, which we continually measure and manage. We maintain a gearing range target of between 20 and 30 per cent and investment-grade credit ratings of A3 and

A- from Moody’s Investor Services and

Fitch Ratings respectively. We also maintain a distribution payout ratio of between 60 to 80 per cent of operating earnings per security (EPS). This strikes the right balance of providing sustainable distributions to our securityholders and investing retained earnings for the longer term.

In FY25, we accelerated the activation of our development pipeline by deepening relationships with existing aligned capital partners and introducing new capital partners, who have committed a combined $1.3bn across our development projects. This included selling down Stage 1 of SEED at Badgerys Creek in Sydney to Australian Retirement Trust and securing capital partners across three residential projects. We also refinanced $1.8bn of debt for our balance sheet, issued a $400m green bond, and refinanced $2.1bn across our managed funds and third-party capital vehicles.

Green financing

Mirvac has a Sustainable Finance Framework which sets out how we will issue and manage sustainable finance instruments on an ongoing basis. Sustainable finance instruments allow us to achieve our sustainability objectives by financing or refinancing projects and assets that fall within the eligibility criteria designed in this Framework, or by incentivising improved sustainability outcomes. In line with the group’s broader sustainability ambitions, we believe this will become a competitive advantage of gaining access to capital.

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80 Ann Street, Brisbane
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Mirvac also completed LIV Anura, Brisbane and LIV Albert, Melbourne in July 2025.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 17

Portfolio management framework

Capital allocation Investment (passive) >70% Development (active) <30% Earning Mix Investment (passive) >60% Development (active) <40% Returns ROIC >WACC Sector returns >Hurdles Capital stucture Gearing headline 20-30% Credit rating Moody's/Fitch A3/ADistribution 60-80% (of EPS)

Earnings per security (cpss) 12.0 FY24: 14.0 Distributions per security (cpss)

Return on equity

Return on invested capital

Total securityholder return

1 July 2022 to 30 June 2025.
1 July 2021 to 30 June 2024.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Asset creation and curation

Place

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As a leading Australian property group, we drive value for our securityholders through the places, precincts, and communities we create, own, and manage. We do this by leveraging our asset creation and curation expertise to deliver quality homes, workspaces, logistics facilities and retail centres that have placemaking, safety, and sustainability at their core.

Our unique integrated capability means we have full control over the lifecycle of a project and we are one of very few property companies in Australia with the ability to manage and deliver large, complex mixed-use projects end to end. Our integrated model provides significant cost efficiencies through centralised design and procurement, pipeline visibility and in-house sales and marketing.

With experienced teams working across each stage of the development, we’re also able to fast-track designs, more accurately set budgets, and align procurement programs across multiple projects.

Asset creation

Development

Integrated approach | Centralised operations | Recognised brand Our Development division spans Commercial & Mixed-Use and Residential, with a combined forward-looking pipeline of approximately $29bn.

This includes $9.5bn of commercial and mixed-use projects across industrial, build to rent, and Premium-grade office. We have a strategy to grow our industrial and build to rent exposure, which will help to improve the cash flow resilience of our investment portfolio, support development earnings, and deliver NTA and distribution growth. As an owner and manager, we also have a vested interest in the long-term success of the assets we create, helping us to attract interest from third-party capital.

Within our $19.5bn residential business, we have over 27,700 future lots across apartments and masterplanned communities, and a reputation for care and quality in everything we do. Our ability to deliver across the full spectrum of housing and across different price points is a unique point of difference, enabling us to respond to demand across multiple parts of the housing market.

Our integrated, in-house capability also allows us to offer turnkey housing and townhouse product, which is becoming increasingly important given the uncertainty around third-party builders and developers. Across our masterplanned communities, we have a strong emphasis on upfront and early amenity, including parks, schools and community facilities.

Our rigorous approach to planning, design, development, and construction ensures a high standard at all points of delivery. Our NSW Construction team has achieved a 5 Gold Star iCirt rating[1] for the past three years in a row, demonstrating our commitment safety, compliance and durability and giving our customers confidence in the quality of the product we deliver.

As issued by ratings agency Equifax.

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NINE, Sydney
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Financial report Other Mirvac Group Annual Report 2025 19

Financial and operational results Risk management Governance Remuneration report

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Cobbitty, NSW
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Leveraging our in-house design, development and construction capability

In light of the challenges we have experienced over the past few years, including cost escalation in materials and labour, a surge in subcontractor failures, and productivity challenges, we have taken a number of steps to ensure that we remain competitive into the future.

Key to this is leveraging our integrated model to further improve cost and operational efficiency, with a continued focus on:

design optimisation to drive cost efficiencies, reduce construction timeframes and minimise waste, while maintaining a high standard of quality. A strong example is the standardisation of bathroom and kitchen typologies, which has enabled streamlined construction programs and delivered substantial cost savings through strategic procurement.
leveraging our scale to procure across sectors to drive competitive tendering outcomes; for example, we have done bulk procurement deals for lifts, windows, concrete supply, and structural steel across asset classes.
preferencing tier 1 subcontractors that have the proven capability, capacity and financial security to deliver through cycles. In construction, we are using our end-to-end delivery model to engage with contractors earlier in the process to proactively identify risks and resolve design and construction challenges up front.
increasing our use of prefabrication, helping to reduce time, cost and a reliance on third parties. We continue to evolve and refine our approach, with a focus on integrating prefabricated elements earlier in the design process to fully capture their value in quality, consistency, and delivery certainty.

Within our residential business, this includes a greater utilisation of modular construction, which has the potential to significantly reduce costs and overall construction times, while maintaining quality and driving higher sustainability outcomes.

As part of ongoing journey around the use prefabrication and modular construction, we are piloting the use of volumetric modular housing at our Cobbitty project in Western Sydney. With volumetric modular housing, entire rooms or sections of a building are built off-site in a factory, then transported and assembled on-site like building blocks. These modules are typically already finished with walls, floors, ceilings, plumbing, and wiring, making the on-site construction process faster and more efficient. Our pilot at Cobbitty will allow us to better understand key considerations across design integration, onsite finishing, and certification, and will inform how we can effectively incorporate volumetric modular solutions into future projects.

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Development EBIT
$178m
FY24: $297m
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Residential sales 2,100 FY24: 1,509 Residential settlements 2,122 FY24: 2,401

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Asset creation and curation

Place

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Asset curation

Investment

Active portfolio management | Disciplined portfolio growth | Continuous quality improvement

Within our investment division, we own approximately $10.1bn[1] of well-located, high-quality assets across office, industrial, retail, and the living sectors that deliver stable, recurring income to the Group. To drive value for our securityholders, we focus on maximising performance across the portfolio through sustainability, innovation, and technology, helping us to attract top tenants and engender customer loyalty. Our integrated approach delivers a number of benefits and increased efficiencies to the Group, including streamlined procurement, in-house asset management, and resilience in investment.

Targeted ownership of the best real estate in the best markets has also helped us maintain high portfolio occupancy and a low lease expiry profile, while delivering positive leasing spreads. In office for example, our focus on Premium-grade assets in core CBD locations helped to drive gross leasing spreads of 6.8 per cent in FY25, while across our industrial portfolio we delivered gross leasing spreads of 49 per cent.

We also have a strong focus on the living sectors, which are one of the largest and most resilient real estate investment sectors globally. They generate stable income, provide diversified tenancy risk, deliver robust rental growth, and require modest capital expenditure.

Our living sector exposure provides a natural adjacency to our residential development capabilities and means we can offer our customers a full life cycle of housing options — from when they first enter the market as a renter at one of our build to rent assets, to their first home or apartment purchase, and as they head into retirement, at one of our land lease communities.

Following the completion of LIV Anura, Brisbane and LIV Albert, Melbourne in July this year, we now have five completed build to rent assets and approximately 2,200 apartments across the eastern seaboard. Within our growing land lease business, we have close to 5,000 occupied sites across 31 communities, with seven new communities to be activated over the coming 18 months.

We are well placed to benefit from the structural tailwinds supporting the living sector in Australia, including a growing population, boosted by immigration, along with an ongoing undersupply of housing.

Occupancy[2]

97.7%

FY24: 97.1%

WALE[3]

5.4 years FY24: 5.3 years

WACR[4]

5.87%

FY24: 5.76%

NOI

$617m FY24: $625m

Excludes investment properties under construction and includes co-investments.
By area, excludes co-investments.
By income, excludes co-investments.
Excludes co-investments.

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LIV Aston, Melbourne
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Other Mirvac Group Annual Report 2025 21

Financial and operational results Risk management Governance Remuneration report Financial report

Funds

Unique alignment model | Well-diversified platform | Aligned partner mindset

Attracting third-party capital is a key focus for our business. It provides us with access to the capital required to execute our large-scale development pipeline, and generates new and recurring earnings streams and a higher return on invested capital for our securityholders. In turn, we provide institutional capital with access to our asset creation and curation capability and our unique alignment model, underscored by our intention to retain an ownership interest in the assets we create.

The value of our funds platform

At 55 Pitt Street in Sydney, we have leveraged our integrated model and our rich and long-standing expertise across development, asset management and investment management to deliver value for our aligned capital partners and our securityholders.

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Asset Management

Active asset management | Value creation at asset and enterprise level

We have approximately $22bn of assets under management, which includes assets owned by Mirvac and assets that sit within our third-party funds. Our Asset Management team provides quality real estate operations, leasing services, and portfolio management to all assets under management, and supports Development with pre-leasing at our new commercial assets, as well as providing operational expertise throughout the asset creation phase.

We currently have over $16bn in third-party capital under management with domestic and international partners, which comprises separately managed accounts, clubs, co-mingled funds and joint ventures across office, industrial, build to rent and residential. We are committed to taking a considered and collaborative approach to forming long-lasting relationships with our aligned investors and partners, and to continuously engaging with them to explore investment opportunities, including through the delivery of our multisector development pipeline. Our fiduciary responsibility means that we act in the best interests of our investors, with a mindset of doing the right thing.

This is underpinned by a strong governance framework, with robust systems, reporting structures and conflict management protocols in place, and a majority independent trustee Board for our largest wholesale fund.

As we continue to grow our funds management platform, we will look to increase our exposure to the living and industrial sectors, utilising the depth of our asset creation, asset curation, and investment capabilities. This will allow us to deploy our capital effectively and accelerate our development pipeline, while delivering shared value and targeted returns for our investors and securityholders.

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Development Construction
55 Pitt Street, Sydney (artist's impression)
Funds Management Asset Management
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Third-party capital under management

To drive value for our securityholders, we focus on leveraging our scale and end-to-end capability to curate exceptional experiences for those who work in our office buildings and logistics assets, shop in our retail centres, or live in our build to rent apartments. We recognise that our assets are places for connection and social interaction, and we want to provide our tenants and customers with high-quality, sustainable, modern spaces that serve to make their experience of urban life better.

$16bn FY24: $15.4bn

Funds under management

$12bn FY24: $12bn

For detailed information on our financial performance across all sectors in FY25, see pages 34 to 39.

Asset and funds under management EBIT

$33m FY24: $33m

Assets under management

$22bn

FY24: $22bn

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

People, Culture and Safety People

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Investing in our people and culture is a top priority at Mirvac and a key driver of our ability to create value for our customers and securityholders. We know a motivated, safe and diverse workforce, along with great people leadership, supports engagement and innovation, and ultimately enhances overall business performance.

In FY25, we continued to focus on building a culture that is inclusive, performance oriented and prioritises learning, safety and wellbeing, so that our people feel empowered to do their best work and deliver on our strategic objectives.

Our people

Our ambition is to be the number one employer in the property sector—the place where people want to join, grow, and belong.

We monitor our employee engagement annually to determine how we are tracking against our core people objectives. In FY25, we recorded an overall engagement score of 77 per cent, which was slightly higher than FY24, and a notable achievement given the challenging operating environment. Our people continued to say that they are proud to work for Mirvac (88 per cent), would recommend Mirvac as a great place to work (84 per cent), and have confidence that Mirvac is committed to their safety (92 per cent). Our senior leaders are committed to elevating engagement levels in FY26 and beyond, as we continue to strengthen the organisation for sustained high performance and securityholder returns.

Our efforts to embed a people-first culture were recognised in FY25, with Mirvac named the inaugural winner of the 100% Human at Work Award at The CEO Magazine’s Executive of the Year Awards. The award acknowledges our commitment to flexibility and prioritising a culture of care, as well as our approach to gender equality and inclusion and our investment in the growth of our people.

Learning at Mirvac

A strong focus at Mirvac over the past few years has been on learning and development, so that we can continue to grow our people and retain top talent. Upskilling our people also ensures they are not only effective in their roles today, but capable and confident to sustain high performance into the future.

Our learning and development initiatives include Mirvac Masters (see box), Amplify, to grow our emerging high-potential employees, and a ‘Learn from our Experts’ series, which leverages the knowledge and experience of our own people. To further support the professional development and career aspirations of our people, we also launched LinkedIn Learning, providing opportunities for our people to learn and grow in a flexible and accessible way. Our investment in this space has had a positive impact, with Mirvac recording a learning experience score of 76 per cent in FY25, a 13 per cent increase since 2023 and one per cent above the Australian Top 10 per cent benchmark.

Impact of our focus on learning and development in FY25

91% retention of high potentials
22% of high potentials promoted or changed roles

As we look to FY26, we remain committed to enhancing the employee experience, fostering an inclusive culture, and driving high performance across the organisation, so that we can continue to deliver value to all of our stakeholders.

Belonging and inclusion

Our commitment to belonging and inclusion is underpinned by our belief that everyone at Mirvac should feel safe and that they can contribute to our success. We value diversity in all forms because it leads to better business outcomes and reflects the communities in which we operate.

Recognising that our people wear many hats alongside their professional roles – as parents, guardians and caregivers – we continued to embed policies and programs that ensure flexible working is accessible to everyone. Through our partnership with Parents At Work, our employees have access to webinars, interactive resources, coaching, podcasts and articles designed to encourage a healthy balance of career, wellbeing and family. We were pleased to see that 44 per cent of parental leave was taken by male employees in FY25, reflecting our commitment to a culture where care is shared and supported equally.

Gender equality has been a long-standing focus at Mirvac, and during the financial year we saw a solid improvement in our gender equality metrics. This included an increase in the representation of women in senior management roles to 47 per cent, up 2 per cent on last year and well ahead of our 40 per cent target. In addition, our median base gender pay gap continued to narrow, down to 15 per cent in the FY25 reporting period (from 16 per cent in the FY24 reporting period). We also strengthened our commitment to grow our representation of women in construction, with a renewed focus on attracting and retaining a strong pipeline of female talent. As a first step, we undertook a thorough assessment of our construction recruitment practices to ensure they are equitable, including reviewing job descriptions for any gender bias. In partnership with Our Watch, we have continued to focus on fostering a culture of respect, where no form of harassment or discrimination will ever be tolerated.

Building on our efforts from previous years, we continued to celebrate LGBTQ+ inclusion and increase awareness within our communities and our workplace. During the financial year, we announced three new scholarships in Property and Construction as part of our partnership with The Pinnacle Foundation, helping to unlock the full potential of those who may have endured rejection, bullying, discrimination or abuse. We were also named a Silver Tier employer in the 2025 Australian Workplace Equality Index Awards (up from Bronze Tier status last year), recognising our commitment to LGBTQ+ inclusion. We will continue to look at opportunities to build Pride allyship across the Group and ensure that all parts of the business remain LGBTQ+ inclusive.

Building respectful and trusted relationships with First Nations Peoples and communities is central to our Reconciliation Action Plan and Belonging strategy. During the financial year, we launched mandatory cultural competence training aimed at embedding a deeper understanding of our First Nations histories. Having a greater understanding empowers us to be respectful developers and include First Nations’ cultures meaningfully into the places we create (refer to page 30 for more detail).

As measured by Culture Amp.

Remuneration report Financial report Other Mirvac Group Annual Report 2025 23

Financial and operational results Risk management Governance

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Creating the next generation of property leaders

We pride ourselves on creating the best asset creators and curators in the property industry. Last year, and in collaboration with the University of Sydney, we developed our Mirvac Masters program, which provides employees with an academically endorsed professional development experience and deep technical learning. The program’s curriculum is tailored to the evolving demands of the industry and is currently available to employees across our Development, Investment, Funds and Asset Management divisions. Emulating the diversity of a traditional master’s program, it brings together participants of varying experiences, tenures and backgrounds to receive high-quality postgraduate-level learning, combining theory and practical application. Each future-focused curriculum encompasses modules on strategic, operational and financial excellence, as well as customer and sustainability practices.

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Headcount
1,651
Gender split Board representation
Our workforce at a glance
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Gender split Board representation 47% 53% 38% women men women Retention of key talent Women in senior management 91% 47%

151

QLD 42 57 1

Employment by region and gender

1,118 NSW 48 52

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WA 46 54
354
VIC [1] 43 57
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Mirvac Masters has had a notable impact on our employees, with participants reporting improvement in their skills, capabilities and overall confidence at work. We will look to continuously improve the curriculum to meet the changing needs of the industry, incorporating the feedback we receive from our employees along the way.

Includes employees based in South Australia.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

People, Culture and Safety People

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Safety and wellbeing

Our commitment to Health, Safety, and Environment (HSE) is unwavering. We prioritise the safety and wellbeing of our people and the ongoing integrity of our operations. In FY25, we continued the delivery of our HSE strategy, further embedding our focus on the prevention of major hazard events, as well as the psychological health and safety of our people.

We have continued to care for and support our people through a multi-layered support services model, with our people leaders operating as the first line of defence. External support services in the areas of safety, wellbeing, and counselling continued to be provided by our wellbeing partner, Sonder, with a further layer of expertise and care provided by Mindstar for more complex cases.

Other key initiatives included the implementation of inclusive leadership training and the continued roll out of Care for Self, Care for Others program, which, in conjunction with Australian Psychological Services, seeks to upskill our leaders to support the assessment and management of psychological health and safety in the workplace. Following the introduction of the program in FY24, which saw over 400 people leaders trained, the program became business as usual in FY25, and the content will be embedded in our people leader development program going forward.

While major hazards and operations integrity is central to our strategy, we maintained our focus on physical injury management, with a lost time injury frequency rate (LTIFR) of 1.15 in FY25 versus a target of less than 2.

Major hazards and maintaining operations integrity

We have maintained our focus on major hazard exposures across the business and building resilience to potential failure. To further strengthen our approach, in FY25 we updated the HSE due diligence and risk assessment process prior to committing to a project or capital expenditure. The process provides greater consistency, less subjectivity and a sharper focus on identified major hazard exposures which have cost or control implications and/or impediments throughout the lifecycle of the project or asset.

FY25 HSE statistics

Indicator

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

||||||||
|---|---|---|---|---|---|---|
|Fatalities|Lost|LTIFR|[2]|Workers'|Training –|
|Time Injuries|[1]|Compensation|HSE Inductions|
|Claim Count|
|FY23|0|16|1.82|[3]|14|99.6%|
|FY24|0|14|1.48|11|98%|
|FY25|0|10|1.15|14|96%|
|Target|0|N/A|<2|N/A|100%|

----- End of picture text -----

Limited assurance has been provided by PwC and data sets that have been assured are marked with a

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 25

In FY25, we also commenced the

development of a ‘Major Hazard Playbook’ which will act as the blueprint of what to know, do, and expect of others in managing major hazard exposures across the lifecycle of the business—from investment to delivery and operations. Importantly, the playbook will continue to embed and promote a sense of chronic unease and curiosity through a series of prompts at important stages of a project or asset’s lifecycle. To complement the playbook, we have also commenced a review and refresh of our existing minimum requirements and critical controls for the management of major hazards. Through the playbook, and review of Mirvac’s Minimum Requirements, we aim to enhance our resilience to major hazard events and establish a strong and consistent foundation for the management of major hazards across the business.

Innovation

Innovation is a cornerstone of our culture and we have a rich history of delivering industryleading advancements. Our internal Innovation team, Hatch by Mirvac, focuses on businesscritical projects and supports the broader innovation capability and culture at Mirvac.

A major initiative during the financial year was looking at our build to rent offering and creating the next generation of our LIV build to rent developments. This cross-disciplinary innovation project sought to enhance the appeal of build to rent to potential customers, while optimising returns to the business.

Learnings from the innovation research project will be integrated into future LIV offerings and operations. Another significant project supported enterprise-wide initiatives to unlock further productivity improvements.

Beyond driving critical innovation projects, Hatch by Mirvac provides ongoing innovation training to our employees. In FY25, Hatch by Mirvac delivered a new training program for senior leaders, focusing on fostering team environments where innovation can thrive.

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Value creation Our strategy Megatrends Performance by pillar

Business overview Letters to securityholders

Customers and stakeholders

Partners

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We recognise the importance of building and maintaining strong relationships with our stakeholders and the communities in which we operate, and we strive to understand their diverse and changing needs so that we can deliver mutually beneficial outcomes.

We also recognise that the environment we are operating in is rapidly evolving, and that the requirements of those who visit, live, work and play in our assets are diverse and constantly changing. We are committed to continuously understanding and leveraging the insights we collect through extensive customer research, so that we can meet their needs and deliver exceptional products, services, and experiences. We will also continue to focus on being open and transparent with our key stakeholders to maintain our reputation as a trusted partner.

Delivering exceptional customer experiences

At Mirvac, our customers are at the heart of everything we do. This commitment is reflected in our consistently high net promoter score results across all customer groups, along with our strong customer loyalty and a high number of repeat purchasers at our residential projects. In FY25, we launched Dimensions, a tailored recognition initiative aimed at deepening our relationship with our repeat purchasers. Through personalised communications, early access opportunities, unique partner offers and curated experiences, Dimensions reinforces our efforts to build an ongoing customer experience. We look forward to growing this offering in FY26, giving more repeat customers access to differentiated services and meaningful rewards.

Our focus on building long-term relationships has also enabled us to successfully retain major tenants at key locations, including 200 George Street, Sydney and 2 Riverside Quay, Melbourne. These outcomes highlight our role as a trusted partner, focused on delivering ongoing value and exceptional experiences.

A powerful and growing brand

We understand that exceptional customer experiences begin with data-driven insights. In FY25, we continued to enhance our customer insights program. Partnering with a leading experience management platform provider, this will enable insights to be captured across multiple channels, providing our teams with real-time feedback so that we can respond effectively to our customers' needs. This year, we also introduced a Group Customer Charter, outlining our enduring service commitments to all customers.

Our brand is a formidable asset, with a reputation cultivated over 50 years that is synonymous with quality, modern design, and customer loyalty. Our distinctive brand amplifies our market presence, instils customer confidence and drives our financial performance. Our strong residential presence, for example, helped to deliver a brand preference score of 82 per cent in FY25, demonstrating customer engagement, loyalty and advocacy.

A series of customer experience programs were also launched across our office, build to rent and retail businesses, anchored by five pillars: celebration, sustainability, art and culture, learning, and wellness. These activations helped to strengthen community connections and improve the customer and tenant experience.

FY25 also marked a pivotal moment in our brand’s evolution, with the launch of a new master brand strategy that heralds an exciting next chapter in our journey. Our brand positioning, "Building the Imagine Nation," underscores our unique expertise in exceptional urban design and customer-centric placemaking.

Measuring our customer impact

Our refreshed, modern logo embodies our integrated approach, illustrating a seamless path connecting design, development, construction and asset management.

We use Net Promoter Score (NPS) and customer satisfaction (CSAT) to measure customer experience at key moments of the customer journey and periodically for ongoing customer relationships.

Our brand aims to enhance awareness and advocacy and grow our customer base. To strengthen brand visibility in key markets, in FY25 we became a major sponsor of the GWS Giants AFL and AFLW teams and the Walk Like Giants mentoring program for schools in Greater Western Sydney. These initiatives underscore the creative force that unlocks potential and delivers value, positioning Mirvac as a company committed to shaping a brighter future.

customer relationships.
	NPS	CSAT
Residential customer	63	8.9
Build to Rent resident	31	7.5
Office tenant	39	8.3
Industrial tenant	69	8.9
Retail consumer	52	NA
Retail partner	37	8.4

Engaging with our stakeholders

Strong engagement with our stakeholders helps us look at complex problems from different angles and deliver maximum value. In FY25, we continued to strengthen our relationships with government, industry bodies, and key stakeholders to support regulatory alignment, policy development, and shared strategic goals. Our engagement efforts are guided by our values of transparency, accountability, and long-term impact.

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

Local, state and Investors and
federal government securityholders
Authorities, agencies Media
and regulatory bodies
Industry groups Customers
Communities in which
Peers we operate or intend to
undertake development
----- End of picture text -----

Mirvac Group Annual Report 2025 27

Remuneration report

Financial report Other

Financial and operational results Risk management Governance

Key highlights for government and industry in FY25

Strategic government partnerships: we collaborated with federal and state departments to ensure alignment with national priorities, such as planning reform, modern methods of construction and climate action. We are particularly proud of our partnership with the Property Council of Australia, Community Housing Industry Association and National Shelter. Together, we were able to develop a position on build to rent and affordable housing that was supported and passed as legislation by federal government.

Policy advocacy and submissions: we contributed to over 50 public consultations and policy submissions nationally, including on contributions and taxes, productivity and enabling infrastructure, advocating for evidence-based policy that supports both innovation and compliance.

Industry collaboration: we strengthened relationships with peak bodies such as the Property Council of Australia, Urban Development Institute of Australia, Green Building Council of Australia, Business Council of Australia and Shopping Centre Council, participating in working groups, roundtables and industry taskforces that address key issues, including adequate land supply and supply chain resilience, sustainability and regulatory reform.

Key highlights for stakeholder engagement in FY25

Feedback and co-design: we developed and implemented stakeholder engagement plans across all national projects and assets, incorporating environmental considerations, community priorities, planning complexities, and designing with Country principles. In alignment with our Stakeholder Engagement Framework, these plans aim to build knowledge, trust and support, strengthen our license to operate, inform decision-making through stakeholder input, and proactively manage risks and reduce objections.

Consultative forums: we implemented structured engagement methods, such as surveys, workshops, and pilot programs to gather stakeholder input and co-design new initiatives, resulting in early stakeholder buy-in on new development proposals and a shared understanding on the importance of minimising impacts on local residents.

Transparency and reporting: we engaged an independent research and insights firm to undertake stakeholder research. Despite a context of low trust in the corporate sector and property industry, stakeholders expressed high trust in Mirvac with a rating of 8.0/10.[1]

Addressing sector challenges

Housing affordability and supply

Comprehensive housing delivery: we’re one of the only developers operating across the full housing continuum—from build to rent, house and land, attached homes, over-55s living and premium apartments— enabling us to meet diverse needs and improve accessibility.
Policy leadership: we advocate for planning reform, targeted incentives, and infrastructure investment to unlock supply, lower costs and accelerate delivery—key levers in tackling Australia’s affordability crisis.

– Innovative, inclusive communities: our developments are designed with sustainability, inclusivity and livability in mind—creating places that work for both today and tomorrow.

Construction industry challenges

Sector advocacy and leadership: we advise government and industry on scaling modern methods of construction, and pushing for the policy and pipeline settings needed to improve productivity and innovation.
Driving innovation and sustainability: we’re adopting advanced technologies and sustainable practices—like off-site manufacturing and low-carbon materials—to lift quality, speed up delivery, and reduce environmental impact.

– Smart, balanced environmental policy: we advocate for practical reform of the EPBC Act and biodiversity offsets, promoting nationally consistent, environmentally sound frameworks that support responsible development.

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Suppliers

Our engagement with our suppliers is founded on mutual respect, transparency and a shared commitment to excellence, and we recognise them as key partners in delivering high-quality projects, sustainable operational outcomes, and value to our business and securityholders. We continue to focus on strengthening our engagement with all of our suppliers, including social enterprises and Indigenous businesses, and on ensuring timely payments, particularly to smaller organisations.

We recognise that our domestic suppliers may procure services and materials from outside of Australia, including from geographies that are considered to have a higher risk of modern slavery. With this in mind, we continue to ground our procurement strategy in robust governance, integrity, and internal and external collaboration aligned to our business objectives. During FY25, key modern slavery related initiatives included an expansion of due diligence efforts across our high-risk categories, Cleaning Accountability Framework certification for 275 Kent Street, Sydney, the implementation of our modern slavery remediation framework and a refreshed strategy that will carry us through FY26-28. We remain committed to continuous improvement and transparency in our efforts to identify and address modern slavery. Our sixth Modern Slavery report provides an overview of our modern slavery risks across our operations and supply chains and details our actions in response.

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Stakeholder Research Program, conducted by independent research consultants.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Sustainability

Planet

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At Mirvac, sustainability is a core driver of how we create enduring value for our customers, partners, and securityholders. Our integrated approach to Environmental, Social and Governance (ESG) performance helps us manage our risks, unlock opportunities, and future-proof our business. It also helps us to attract tenants and customers, lower the cost of capital, and build enduring stakeholder trust.

During the financial year, we advanced our sustainability agenda—from deepening climate resilience and progressing towards net positive carbon, to strengthening social inclusion and maintaining transparent governance. Our strategy, This Changes Everything, is designed to deliver measurable ESG outcomes while enhancing the resilience and performance of our assets. We align our targets with these United Nations Sustainable Development Goals:

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Our continued focus on initiatives that support our people, communities and the planet delivered strong results in FY25.

A positive
Net positive legacy Environment Social
Planet positive in carbon, Invested $50 million to create waste and water by 2030 a strong sense of belonging
Carbon Nothing Every drop Nature Our people Connection Inclusion
emissions wasted of water Target Target
Net positive in Scope 1 & 2 emissions $50m invested in creating a strong by 2030 sense of belonging by 2025
Net Positive in Scope 3[ 1] by 2030 $100m directed to the social sector Net positive water by 2030 by 2030 Zero waste to landfill by 2030 FY25 Performance FY25 Performance
– 18% energy intensity reduction across – $13.3m in community investment office and retail since FY19 – $25.7m procured from social and First
– Achieved 5.3 Star NABERS average Nations-led businesses in FY25, and energy rating across office portfolio $92.1m since FY18
– Achieved 4.5 Star average NABERS – 950+ employees joining 90+ water rating across office portfolio volunteering activities on National
– 96% construction waste and 64% Community Day 2025 operational waste diverted from landfill – Third Reconciliation Action
– 74% of our investment properties hold Plan conditionally endorsed by a third-party verified green certification Reconciliation Australia
– 54 mature native plants preserved and – 3 x Pinnacle Foundation scholarships protected from Highforest, Sydney for – 6 x social enterprises supported through replanting at our 55 Pitt Street, Sydney the Supplier Development Program development in 2026
– Submitted our emissions targets to the Science-Based Targets initiative (SBTi)

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

Shared value –
greater than the
sum of our parts
Governance
Trusted owner,
manager and developer
Procurement Finance and Capability and
Investment disclosures
Target
Using our buying power for good
Greening our finance
Active capable governance
FY25 Performance
– Sixth modern slavery report completed
and to be lodged with the Australian
Attorney-General’s Department
– Maintained high governance
credentials, including: UN Principles
for Responsible Investment: 5 stars
for Policy Governance & Strategy
and 4 stars for Direct – Real estate;
Sustainalytics: low risk rating; and
MSCI: A rating
– 45% of finance issued under
sustainable finance instruments
– 5 Gold Star iCIRT rating for the third
year in a row
– 95% internal ESG scorecard
performance, a key contributor
to employee STI outcomes
----- End of picture text -----

Completed On track/ongoing At risk Delayed

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 here.

Remuneration report Financial report Other Mirvac Group Annual Report 2025 29

Financial and operational results Risk management Governance

Planet positive: towards a net positive future

In FY25, Mirvac took meaningful strides towards our goal of becoming a net positive carbon business by 2030, reaffirming our ambitious Scope 3 emissions goal.

Our Net Positive Carbon by 2030 update outlines the actions driving this transition, which include:

building new developments to be all-electric and converting our existing office portfolio (base building services)
installing solar across residential and industrial assets
procuring lower-carbon materials to use at our development projects, including steel and concrete
investing in high-quality, nature-based offsets.

These steps are helping to decouple our growth from emissions and are aligned with our goal to ensure our assets remain relevant, future-fit, and attractive to investors and tenants alike. We are planning for the full electrification of our investment portfolio by 2030 and have five all-electric build to rent and residential apartment development projects underway, with three successfully completed in FY25.

In FY25, we took steps towards building a new approach on nature and biodiversity. We continue to leverage our integrated business to see nature positive benefits. At our Highforest residential project in Sydney, for example, we have stored over 50 mature native plants, originally harvested from the former IBM site, to be re-planted at our new office development at 55 Pitt Street, Sydney, which is expected to complete next year.

Aspect Industrial Estate, Sydney

74%

of our investment properties hold green certifications

16 x office assets rated

5 star

NABERS Energy or higher

5.3 star

NABERS average energy rating

9 x

6 Green Star office assets

4 x

First Carbon Neutral Warehouse Achieved

Sustainability highlights include:

A new benchmark in sustainable industrial development has been set at our Aspect Industrial Estate in Kemps Creek, Western Sydney.

650 kW solar PV system
EV charging infrastructure
advanced environmental monitoring systems

The recently completed 66,610 square metre facility, which is fully leased by Winnings Group, has achieved a 6 Star Green Star – Design & As Built v1.3 certified rating from the Green Building Council of Australia. It is the first industrial facility delivered by Mirvac to be certified carbon neutral for upfront embodied carbon under the Climate Active Carbon Neutral Standard.

84 per cent landfill diversion rate for non-metal materials
over 230 tonnes of scrap metal recycled monthly.

The broader estate is targeting net positive embodied carbon certification and is expected to generate over 1,700 jobs across its development lifecycle.

Located within Mirvac’s 56-hectare Aspect Estate, the site benefits from proximity to the new Western Sydney Airport and major transport corridors.

5 Green Star

office assets

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Sustainability

Planet

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Social performance: using our influence as a force for good

In FY25, we launched Force for Good, our inaugural social performance report. It showcases how we are embedding social value through the design, delivery and stewardship of our places. Our social impact efforts are anchored in three focus areas:

Our people – supporting a safe, inclusive, and diverse workforce
Connection – investing in communities and strengthening local infrastructure
Inclusion – creating access and opportunity for underrepresented groups via ethical sourcing, employment, and procurement.

By helping to build stronger, fairer communities, we’re not only enhancing wellbeing—we’re also enhancing the desirability of the places we create, customer loyalty and reputational value.

In FY25, we also expanded our supplier development partnership with Social Traders, welcoming a second cohort of six certified social enterprises. You can read more about it here.

Building trust with transparent governance

Effective governance remains critical to our ability to navigate uncertainty and act decisively on ESG opportunities and risks.

Our governance framework supports robust oversight of ESG matters, with sustainability KPIs embedded in remuneration, and crossfunctional accountability at all levels. Further detail is outlined in our:

Sowing the Seeds of Connection: Building with Country in Western Sydney

Our Industrial Development team is advancing with SEED, a large-scale industrial and logistics estate in Western Sydney’s Aerotropolis on Dharug Country. The site includes 90 hectares of enterprise zoning and 40 hectares of environmental zoning along Wianamatta Creek.

The team aims to create a sustainable, best-in-class precinct that deeply integrates cultural and environmental values, particularly by honouring the site’s connection to Country and its natural surroundings. Since the project’s inception in 2018, Mirvac has collaborated with Yerrabingin to develop a Connection with Country strategy, engaging and jointly collaborating with Dharug Elders and Custodians to embed cultural heritage within the design.

Through Walk on Country and Design Sessions, the team has cultivated meaningful relationships and gained insights into the land’s traditional history. These efforts will be reflected in the estate’s public art, architecture, landscaping, and educational initiatives, ensuring the development respects and celebrates Dharug culture and the stories of the local custodians.

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Yerrabingin and Mirvac at a Walk on Country session at SEED, Badgerys Creek, Sydney
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Modern Slavery Statement
Sustainable Finance Framework
Corporate Governance Statement

As regulatory expectations and investor focus on ESG sharpens, we continue to see value in a strong sustainability strategy. We anticipate a refreshed approach to disclosures from FY26 in line with Australian Government expectations, which will build upon our long-standing efforts to provide transparent ESG disclosures.

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National Community Day 2025
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Community Investment: FY25 Contribution

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

Donations Volunteering Donated space Sponsorships
$0.2m $0.6m $1.0m $0.7m
Social Community Total community
infrastructure events Leverage investment
$8.6m $2.0m $0.1m $13.3m
----- End of picture text -----

Limited assurance provided by PwC. Further information can be found in the FY25 ESG Analyst Toolkit assurance opinion available on our website here. All other metrics internally verified.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 31

Climate resilience update

We continue to integrate climate resilience across strategy, risk management, and capital allocation. In FY25, we:

released our Net Positive Carbon by 2030 progress update
submitted emissions targets to the Science-Based Targets initiative (SBTi)
hosted an internal executive nature workshop to deepen understanding of biodiversity-related risks and opportunities, and agree our approach to the work ahead.

We also advanced scenario planning aligned to Intergovernmental Panel on Climate Change (IPCC) science, ensuring our strategy is resilient under various climate trajectories—from disorderly transitions to a collective shift to a low-carbon economy.

Governance and strategy

Reference guide

Board’s oversight of climate-related risks and opportunities
Management’s role
Climate risk processes P31
Climate-related risks, opportunities and scenarios P32
Metrics, targets and performance P33
Greenhouse gas (GHG) emissions inventory P33

Our governance structure ensures our climate risks are actively managed. The Board oversees our sustainability strategy and risk appetite, while the ELT is accountable for implementation. Climate-related KPIs are embedded in executive remuneration, and progress is reviewed quarterly. Our Audit, Risk and Compliance Committee and HSE&S Committee provide further oversight. You can view our Board governance framework in our Corporate Governance Statement here and further information on the Board’s activities in this area during FY25 are outlined on page 49.

Risk management and scenario planning

We continue to integrate climate risk into our enterprise risk management framework, identifying both transition and physical risks. The electrification of our assets, our procurement of lower carbon materials, and scenario analysis aligned with a 2°C pathway are key components of our strategy. In FY22, we followed the recommended Task Force on Climate-related Financial Disclosures (TCFD) process, utilising science from the IPCC AR6 reports, to develop three climate-related scenarios that reflect three different levels of potential warming: Tense connections (>2.5°), Clever transitions (2.0-2.5°), and Collective choices (<1.5-2.0°).

You can read more about each of these scenarios on page 8 of our previous Building Climate Resilience report here.

TENSE CONNECTIONS (>2.5 DEGREES)

Key uncertainties the scenario tests: supply chains; global markets; international trade and relations; regional economic impacts; population changes.

CLEVER TRANSITIONS (2.0-2.5 DEGREES)

Key uncertainties the scenario tests: carbon pricing levels; technological readiness; leaps of faith in new technologies; policy support for transition; disorderly or delayed transitions.

COLLECTIVE CHOICES (1.5-2.0 DEGREES)

Key uncertainties the scenario tests: customer and societal preferences; the value of wellbeing; carbon pricing level; availability of capital; localisation.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Sustainability

Planet

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Climate-related risks & opportunities

We are committed to managing climate-related opportunities and risks to our business, while contributing to a more sustainable future. Our top ten climate-related risks and opportunities over short-, medium- and long-term timelines align with our business planning and capital allocation plans (short-term: one to two years; medium-term: five years; long-term: 10+ years).

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Category Time horizon
Transitional
Access to and cost of capital
1 Changes to the availability and cost of capital and/or investment partners, which could Short to long term
result in changes in appetite for higher ESG performance Market
Workforce availability, capability, and engagement
2 Transformation in the required skills, availability, and engagement of the workforce, Long term
which could impact the costs of labour Market
Dynamic geopolitical relationships
3 Changes to geopolitical relations and cooperation, which could lead to increased Long term
pressure on domestic resources and global security Market
Dynamic product demand
4 Changes to the demand for products and services, which could require more climate Medium term
resilient assets or new products Market
Supply chain availability
Medium
5 Changes to local and global supply chains, which could impact the availability and cost
to long term
of materials Supply chain
Increased social licence expectations
Medium
6 Changes in expectations from communities and other stakeholders, which could impact
to long term
the costs of maintaining a social licence to operate Reputation
GHG emission pricing
Medium
7 Introduction of a price on carbon, which could change the value proposition for high or
Policy and legal to long term
low carbon performing products
Changing regulation and government interventions
Medium
8 Changes in the level of oversight, intervention, incentives and partnerships with
Policy and legal to long term
governments, which could impact operations
Technology maintaining pace with requirements
Medium
9 Slower or faster pace of change and implementation of new technologies could result in
to long term
the cost and timing of smarter and higher ESG performing assets Technology
Physical
Climate-related weather impacts
Medium
10 Changes from warmer and more volatile weather patterns, which could impact planned Acute and to long term
and unplanned works to new and existing assets chronic risk
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Other Mirvac Group Annual Report 2025 33

Financial and operational results Risk management Governance Remuneration report Financial report

Metrics, targets and next steps

Since launching This Changes Everything in 2014, we have tracked emissions and water intensity, and emissions reduction.

To support our long-term goals, we set sustainability targets aligned with our ESG strategy. Accountabilities are shared across all divisions, and the Group scorecard is reviewed quarterly by the HSE&S Committee, ELT, and Board. More detail can be found on page 56.

As climate disclosure standards evolve, we are getting ready to meet Australia’s new requirements. With years of experience managing climate risks and opportunities, we are committed to advancing decarbonisation and building resilience across the sector.

Energy, GHG, water and waste[1]

				FY25
Emissions tCO2e	FY19	FY23	FY24	FY25 Source data
Scope 1
Natural Gas	4,193	7,897	8,363	7,655 148,561 GJ
Refrigerants	843	415	1,218	522 359 Kg
Diesel	1,375	1208	1,025	1,143 421,717 L
Petrol	126	83	57	46 19,849 L
LPG	81	29	49	5 3,093 L
Total Scope 1	6,618	9,632	10,711	9,371
Scope 2 (market-based)
Electricity	73,110	—	—	— 103,847,936 kWh
Total Scope 2	73,110	—	—	—
Total Scope 1 + 2		9,632	10,711	9,371
Voluntary carbon offsets		9,732	10,811	9,471
Net Scope 1 + 22		(100)	(100)	(100)
Renewable electricity %		100%	100%	100%
Renewable energy %		67%	70%	71%
Potable water usage
Retail	493,605	322,291	283,963	282,776
Office & Industrial	349,597	557,800	663,746	628,375
Build to rent		42,815	58,718	75,592
Total (kL)	841,813	922,906	1,006,427	986,744
Total waste
Construction	35,565	11,819	15,645	14,312
Investment	12,833	18,343	19,420	17,392
Total (T)	48,398	30,162	35,065	31,703
Construction			4%	96%
			Landfill	Recycled
Investment			36%	64%
			Landfill	Recycled

From FY23 the addition of five Mirvac Wholesale Office Fund (MWOF) assets resulted in an increase to Scope 1, emissions, electricity and water consumed.
Mirvac offsets 100 more tonnes of Scope 1 and Scope 2 carbon emissions than we emit, meeting our Net Positive in Scope 1 and 2 Carbon Emissions by 2030 target.

Note: Some columns may not add due to rounding.

Limited assurance has been provided by PwC. Further information can be found in the FY25 ESG Analyst Toolkit assurance opinion available on our website here.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

FY25 Financial and Operational Results

In a highly volatile and uncertain operating environment, Mirvac executed on its strategic priorities in FY25.

This included increasing our exposure to the living and industrial sectors, disposing non-core assets, securing new capital partnerships and progressing our development pipeline. We delivered an operating profit of $474m for the financial year, representing earnings of 12.0 cents per stapled security (cpss).

Key drivers of our operational result included:

high occupancy in our Investment portfolio of 97.7 per cent, driven by strong office leasing activity
approximately $0.3bn in non-core asset sales, including 10-20 Bond Street, Sydney and 75 George Street, Parramatta
390 land lease lot settlements and the acquisition of three new land lease communities
the sell down of a 49 per cent interest in Stage 1 of the SEED, industrial development at Badgerys Creek into the Mirvac Industrial Venture (MIV), deepening our relationship with our existing partner, Australian Retirement Trust
earnings contribution from key projects in our Commercial and Mixed-Use (CMU) pipeline, including Aspect Industrial Estate, 55 Pitt Street, Sydney and 7 Spencer Street, Melbourne, offset by a construction loss at LIV Anura, Brisbane
2,122 residential lot settlements and 2,100 exchanged residential lots across apartments (including the successful launch of Harbourside Residences, Sydney) and masterplanned communities, bringing pre-sales to $1.9bn
establishing the Mirvac Masterplanned Communities Venture (MMPCV) with an existing capital partner, seeded by Cobbitty and Mulgoa in Sydney, and securing Sumitomo as a partner at Highforest, Sydney.

Our operating profit was down 14.1 per cent on FY24, due to lower development earnings as a result of increased construction costs and subdued conditions in the residential market.

NTA excludes intangible assets, right-of-use assets, deferred tax assets and deferred tax liabilities.
These statements are future looking and based on our reasonable belief at the time they were made. They include possible outlooks for our operating environments, but are subject to external factors and the uncertain environment caused by the global pandemic.

Our statutory profit for the financial year was up $873m to $68m, driven by an improvement in asset valuations across our office portfolio and capitalisation rate compression in Industrial.

FY25 $m	FY24 $m	Movement $m
Investment EBIT 602	612	(10)
Funds EBIT 33	33	—
Development EBIT 178	297	(119)
Segment EBIT 813	942	(129)
Unallocated overheads (77)	(82)	5
Group operating EBIT 736	860	(124)
Operating profit after tax 474	552	(78)
Development revaluation (180)	34	(214)
Investment property revaluation (102)	(1,107)	1,005
Other non-operating items (124)	(284)	160
Statutory profit/loss attributable to stapled securityholder 68	(805)	873
Key performance metrics FY25 $m	FY24 $m	Movement $m
EPS (cpss) 12.0	14.0	(2.0)
DPS (cpss) 9.0	10.5	(1.5)
Net tangible assets1 ($ per stapled security) 2.26	2.36	(0.10)

Group Outlook[2]

We expect market conditions to improve in FY26 across all sectors, supported by lower inflation and improving economic conditions. Our modern Investment portfolio, characterised by low capital expenditure requirements and strategic locations, is well positioned to continue to deliver a resilient and stable passive income stream over the long term.

Maintaining capital efficiency remains a priority. We will continue to optimise Investment portfolio performance through the sale of non-core assets and investing the proceeds into our development pipeline. Alongside third-party capital partners who share our vision for creating world-class assets, these initiatives will help ensure our portfolios deliver sustainable long-term returns.

Subject to no material changes in conditions, the Group is targeting operating earnings in FY26 of between 12.8cpss and 13.0cpss and distribution of 9.5cpss.

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Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 35

Cash flow

The Group’s operating cash flow for FY25 was $550m, broadly in line with FY24. This was underpinned by increased cash flow from our residential settlements and successful capital partnerships at Cobbitty, Mulgoa, and Highforest, as well as the 49 per cent sell down of Stage 1, SEED at Badgerys Creek and reduced development expenditure in FY25 compared to FY24.

Capital management

Maintaining a strong capital position and balance sheet are key components of our capital management approach, ensuring we have the financial flexibility to manage through challenging market conditions. Our active approach to managing our balance sheet in FY25 saw us raise $1.3bn of thirdparty capital, execute approximately $340m in asset sales and raise or refinance $2.2bn in debt. We continue to focus on having diversified sources of capital and a maturity profile that limits the concentration of debt expiries in any one year. Key outcomes of our capital management focus in FY25:

Investing cash flow for the year was ($155m), a decrease of $281m compared to FY24, reflecting ongoing development expenditure, partially offset by approximately $0.3bn in non-core asset sales. Financing cash flow was ($494m), comprising $415m in distributions paid during the year and a net debt repayment of $72m.

and a net debt repayment of $72m.
	FY25 $m	FY24 $m	Movement $m
Operating cash flow	550	542	8
Investing cash flow	(155)	126	(281)
Financing cash flow	(494)	(455)	(39)

	FY25	FY24	Movement
Gearing - headline (%)	27.6	26.7	0.9
Gearing - look-through (%)	29.5	28.5	1.0
Liquidity ($m)	1,201	1,388	(187)
Weighted average
debt maturity (years)	4.2	4.4	(0.2)
Net debt ($m)	4,073	4,045	28
Average borrowing rate
(% per annum as at 30 June)	5.4	5.6	(0.2)
Credit rating Fitch Ratings and
Moody’s Investor Services	A-/A3	A-/A3	—

a weighted average debt maturity of 4.2 years, with $454m of drawn debt facilities due for repayment over the next 12 months
$1.2bn of cash and undrawn debt facilities as at 30 June 2025
all new or refinanced debt facilities in the period certified as green loans, in line with our sustainability philosophy. Our total debt portfolio now comprises 45 per cent of green loans
gearing within our target range of 20 to 30 per cent
A- and A3 credit ratings, with stable outlooks from Fitch Ratings and Moody’s Investor Services maintained.

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South Eveleigh, Sydney
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Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

FY25 Financial and Operational Results

Other key highlights in FY25 included:

Investment

increased occupancy to 97.7 per cent

Our Investment portfolio comprises high-quality real estate in key locations, with investments in 39 direct property assets covering the office, industrial, retail sectors, as well as investments in land lease, build to rent and other funds managed by Mirvac.

achieved positive leasing spreads of 8.6 per cent
achieved positive like-for-like net operating income growth
completed 243 leasing deals over 159,285sqm of net lettable area.[1]

In FY25, Investment delivered EBIT of $602m, down 2 per cent on FY24. This was largely due to the impact of $1.4bn in non-core asset sales over the past two years, offset by a full year of income from Serenitas and completions at LIV Aston in Melbourne and our second and third warehouses at Aspect Industrial Estate, Sydney.

In FY25, we recorded investment revaluation uplifts across Industrial (7.0 per cent), Retail (1.1 per cent) and Living (2.3 per cent), offset by a further decline in Office in the first half of the financial year (4.3 per cent), which moderated to (0.5) per cent in the second half, indicating an improved outlook.

While the global economic climate remained challenging, the portfolio’s earnings continued to be secured by a strong weighted average lease expiry (WALE) profile of 5.4 years, along with 67 per cent of revenue being derived from multinational, ASX-listed and government tenants.

government tenants.
	FY25 $m	FY24 $m	Movement $m
Net operating income	617	625	(8)
Office	358	392	(34)
Industrial	75	67	8
Retail	130	147	(17)
Living	54	19	35
Management and
administration expenses	(15)	(13)	(2)
Investment EBIT	602	612	(10)
Investment property revaluation2	(102)	(1,107)	1,005
Total Investment return	500	(495)	995
Portfolio metrics	FY25	FY24	Movement
Investment property
portfolio value3($m)	10,087	10,549	(462)
Weighted average capitalisation
rate4(%)	5.87	5.76	0.11
Occupancy4(%)	97.7	97.1	0.6
WALE5(years)	5.4	5.3	0.1
Leasing1(sqm)	159,285	162,901	(3,616)

Investments outlook[6]

Office

The office market is showing signs of stabilisation, with net absorption in all CBD markets and improving incentives in most markets. Premium CBD assets remain resilient, with signs the devaluation cycle is near the end for quality assets, supported by improved transaction volumes, particularly in Sydney. Our office portfolio, which is 100 per cent weighted to Prime-grade assets and has occupancy of 95.1 per cent, with an average age of 9.4 years, is well placed to benefit from this trend.

Industrial

Fundamentals in the industrial sector remain positive, with robust demand for industrial assets despite economic headwinds. Prime rental growth is stabilising, and capital demand has been supported by the interest rate outlook. Our Sydney-based industrial portfolio, which is 99.8 per cent occupied and has a WALE of over six years, is well positioned to benefit from a capital preference for Sydney, driven by robust occupier demand, limited supply, and tight vacancies across Sydney submarkets. Our upcoming completions at Aspect Industrial Estate, Kemps Creek are also set to further boost the Group’s recurring income stream.

Retail

Retail fundamentals continue to improve, underpinned by lower interest rates, stabilising inflation, population growth and a resilient labour market driving retail spending. Retail investment activity continues to accelerate, with low supply, improving income, lower vacancy levels and positive leasing spreads boosting the appeal of the sector. Our retail portfolio is well positioned to benefit from resilient consumer demand and low unemployment, supported by our exposure to more affluent, fastgrowing urban catchments.

Living

Australia’s ageing population, population growth (driven by migration), and undersupply of housing is driving strong housing demand and low rental vacancy rates. Our land lease and build to rent portfolios are well placed to benefit from these macroeconomic conditions. A more supportive policy environment for build to rent also recognises the important role this sector can play in addressing the housing supply shortage in Australia’s capital cities.

Excludes co-investments.
Excludes investment properties under construction (IPUC).
Includes co-investment equity values, assets held for sale and assets held for development, and excludes IPUC and gross up of lease liability under AASB 16.
By area, excluding co-investments.
By income, excluding co-investments.
These statements are future looking and based on our reasonable assumptions at the time they were made. They include possible outlooks for our operating environments, but are subject to external factors outside of Mirvac’s control.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 37

Funds

We have $16.2bn in third-party capital under management with domestic and international partners, which includes funds, mandates, and joint ventures. Key to our funds management strategy is our continued engagement with aligned capital partners to co-design high-quality investments for future mutual growth, including through the delivery of our multi-sector development pipeline.

In FY25, we delivered Funds EBIT of $33m (FY24: $33m), driven by greater leasing activity in asset management during the financial year, offset by the impact of lower asset valuations reducing fee income, and lower income as a result of asset sales.

Our $6.2bn Mirvac Wholesale Office Fund (MWOF) further executed on its capital management strategy during FY25. This included the launch of a successful capital raise, with the equivalent of approximately $350m in equity committed, the completion of a full refurbishment of 33 Alfred Street, Sydney (in which MWOF holds a 50 per cent interest), and over 84,580sqm of leasing achieved, with portfolio occupancy increasing to 93.5 per cent. MWOF recorded a positive total return of 1.3 per cent, indicating improved capital market sentiment for Prime office assets.

We continued to expand our Mirvac Industrial Venture (MIV), with our valued partner, Australian Retirement Trust, purchasing a 49 per cent interest in Stage 1, SEED at Badgerys Creek, demonstrating the benefits of our unique alignment model. Other assets within MIV continue to perform well, with development and leasing progressed at Aspect Industrial Estate, Kemps Creek, and Switchyard, Auburn remaining fully leased.

Within our Build to Rent Venture (the Venture), we reached practical completion and stabilisation at LIV Aston, Melbourne, with leasing at 98 per cent. LIV Anura, Brisbane and LIV Albert, Melbourne also reached practical completion in July 2025, taking the total number of completed units to 2,174. The Venture, which has a portfolio value of $1.7bn, is key to supporting the Group’s strategy to increase its investment in the living sector, and to grow our build to rent portfolio to at least 5,000 apartments in the medium term. Mirvac leverages its expertise across the asset life cycle and provides investment management, property management, development management and construction services to the Venture.

These statements are future looking and based on our reasonable assumptions at the time they were made. They include possible outlooks for our operating environments, but are subject to external factors outside of Mirvac’s control.

Funds outlook[ 1]

Asset Management

We have $21.6bn of assets under management, which includes assets owned by Mirvac – including direct investments managed by Investment – as well as assets that sit within our third-party funds. Our Asset Management team provides quality real estate operations, leasing services, and portfolio management to all assets under management, and supports Development with pre-leasing at our new commercial assets, as well as providing operational expertise throughout the asset creation phase.

Third-party capital under management is expected to increase as our vehicles progress their development activities and the recent softening in valuations ease and property values rise. Our quality established platforms are in sectors that are aligned with our broader Mirvac Group strategy and we see opportunities to expand these platforms further, particularly in the living sector, where we can leverage our integrated model and our more than 50 years of experience as a residential developer.

Having a separate Asset Management function ensures we can deliver best-inclass service to all of our stakeholders, with governance in place to manage any potential conflicts of interest.

Funds EBIT	FY25 $m	FY24 $m	Movement $m
Funds Management EBIT	21	24	(3)
Asset management EBIT	47	42	5
Management and
administration expenses	35	33	(2)
Funds EBIT	33	33	—

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55 Pitt Street, Sydney
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Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

FY25 Financial and Operational Results

Development

Our Development business combines our CMU and residential development activities, with a total pipeline value of approximately $29bn. Our unique in-house design and development capability provides future income, development value creation, and funds management opportunities to the Group.

Through our CMU business, we deliver world-class office, industrial, build to rent, and urban renewal projects designed to support the growth and evolution of our cities. Within our residential business, we have over 27,700 lots under control across apartments and masterplanned communities, and a reputation for care and quality in everything we do.

and a reputation for care and quality in everything we do.
	FY25 $m	FY24 $m	Movement $m
Commercial & Mixed-Use EBIT	46	146	(100)
Residential EBIT	179	212	(33)
Management and administration expenses	(47)	(61)	14
Development EBIT	178	297	(119)

Commercial & Mixed-Use development

CMU EBIT of $46m was down 69 per cent in FY25, with earnings in FY24 benefitting from the sell-down of 55 Pitt Street, Sydney and the selldown of Aspect North and Aspect South, Kemps Creek, Sydney into MIV. Development earnings in FY25 include the sell-down of Stage 1, SEED into MIV, along with development management and construction services earnings from 55 Pitt Street, Sydney and 7 Spencer Street, Melbourne. Development returns were impacted by a revaluation loss on 7 Spencer Street, Melbourne, subcontractor insolvencies and productivity challenges at LIV Anura, Brisbane, and a revaluation loss on the office and retail components at Harbourside, Sydney aligning to current fair value.

Commercial & Mixed-Use project updates

Office and Mixed-Use

Harbourside, Sydney: progressed construction, with the southern portion of the commercial podium topped out and the residential tower jump form at level 18. The commercial component (office and retail) is 18 per cent pre-leased[1] and the residential component is over 88 per cent pre-sold.[2]
55 Pitt Street, Sydney: progressed construction, with the building core now at level 28 and the structure at level 18. Pre-leasing increased to 42 per cent,[1] with positive interest for the remaining space.
7 Spencer Street, Melbourne: on track to achieve practical completion in FY26, with pre-leasing at 16 per cent.[1]
Waterloo Metro Quarter, Sydney: the social housing component within the Southern Precinct reached completion, with the student accommodation component on track to complete in 1H26.

Industrial

Aspect Industrial Estate, Kemps Creek, Sydney: completed our second and third warehouses at Aspect North, which are 100 per cent leased to Winnings and B Dynamic respectively. All warehouses across Aspect North and South are either complete and operational or under construction, with the total Aspect precinct approximately 71 per cent pre-leased.[1]
Stage 1, SEED, Badgerys Creek, Sydney: completed the sell-down into MIV. Planning has progressed, with the initial development application submitted and on exhibition.

Build to Rent

LIV Aston, Melbourne (474 apartments): reached practical completion in July 2024.
LIV Anura, Brisbane (396 apartments) and LIV Albert, Brunswick, Melbourne (498 apartments) reached practical completion in July 2025.

	FY25 $m	FY24 $m	Movement $m
Commercial & Mixed-Use EBIT	46	146	(100)
Development revaluation gain/loss	(180)	34	(214)
Total Commercial
& Mixed-Use Return	(134)	180	(314)
	FY25 $m	FY24 $m	Movement $m
Total development pipeline3	9,485	10,095	(610)
Committed development pipeline	6,745	4,534	2,211

By number of units released.

Portman on the Park, Green Square, Sydney

Includes heads of agreement and agreements for lease.
Represents 100 per cent of expected end value/revenue, subject to various factors outside of Mirvac’s control.

Remuneration report Financial report Other Mirvac Group Annual Report 2025 39

Financial and operational results Risk management Governance

Residential

Residential EBIT in FY25 of $179m was down 16 per cent on FY24, driven by a reduction in lot settlements, partially offset by the contribution from the selldown of three projects into joint venture arrangements at Highforest, Cobbitty, and Mulgoa, all in Sydney.

The main contributors to EBIT were masterplanned communities settlements at Everleigh in Brisbane; Woodlea, Smiths Lane and Olivine in Melbourne; Henley Brook and Iluma in Perth; and Googong in NSW. Overall, masterplanned communities contributed 85 per cent of total lot settlements, with the balance coming from apartments projects, including the recently completed Waterfront Quay at Newstead and Charlton House at Ascot Green in Brisbane, along with NINE in Sydney. A higher weighting towards land settlements, in addition to the contribution from project selldowns, resulted in a gross margin of 17.5 per cent.[1]

Sales activity in FY25 improved by 39 per cent on FY24, driven by the highly successful launch of Harbourside Residences in Sydney, continued strong demand for our masterplanned communities in Brisbane and Perth, and support for quality middle ring developments in Sydney, such as Highforest. Our secured pre-sales increased by 49 per cent to $1.9bn, providing good visibility of future earnings.

We released 1,932 residential lots throughout the financial year, with 70 per cent of all released lots pre-sold. This included the launch of Harbourside, subsequent stages at Highforest, Cobbitty, Menangle and Riverlands in Sydney, and ongoing releases across the portfolio of masterplanned communities. Our low default rate of 1.2 per cent was driven by masterplanned communities and is in line with historic averages.

Development outlook[ 2]

Commercial & Mixed-Use

Office & Mixed-use

The office market is stabilising, with tenants increasingly drawn to Premium-grade, welllocated, modern office buildings that offer the latest in sustainability, wellness and technology. There has been an increase in transactional activity in the office sector as sentiment improves, indicating capitalisation rates have reached an inflection point. Our secured office and mixed-use development pipeline is well placed to benefit from these trends in the medium term.

Industrial

We continue to see strong customer and capital demand for our Sydney-based industrial developments in a market with very low vacancy. This demand supports the continued roll out of our industrial development pipeline, secured on attractive terms, including Aspect Industrial Estate, Kemps Creek and SEED, Badgerys Creek.

Build to Rent

Metropolitan rental markets continue to demonstrate strong fundamentals, being well timed to match the delivery of our secured pipeline of build to rent projects into FY26. These fundamentals are supported by low unemployment rates, historically low rental vacancy, increased migration, and population growth in cities, with broader apartment supply expected to moderate.

Residential

While residential demand following two interest rate cuts has been tempered by broader global economic uncertainty and affordability challenges, underlying fundamentals remain strong.

Favourable demand drivers include continued low unemployment, stable wages and immigration, along with strong household balance sheets. This is further supported by the prospect of further interest rate cuts in the near term. An ongoing undersupply of housing also persists, with established listings below long-term benchmarks, approvals of new supply continuing to languish, commencements challenged by an elevated cost environment and rental vacancies at historical lows. We anticipate demand will remain close to long-term average levels, especially among downsizers, with strong potential for increasing investor demand and the return of first home buyers.

We continue to experience solid demand from owner-occupiers focused on high-quality, well-located product with good amenity and certainty of outcome, backed by a credible brand. Our anticipated launches and releases in FY26 include:

a new masterplanned community in Monarch Glen, Brisbane
a new masterplanned community in South Bullsbrook, Perth
a new masterplanned community in Mulgoa, Sydney
the final release of apartments at Highforest, Sydney (122 apartments).

This launch profile, complemented by a further release of approximately 1,800 masterplanned communities lots across our established markets in NSW, Vic, WA and Qld, is expected to support pre-sales and a return to normalised gross margins in the coming years, and contribute to future residential earnings.

We added approximately 1,200 lots to our pipeline, with a new masterplanned communities site secured at South Bullsbrook in Perth.

	FY25	FY24	Movement
Residential EBIT ($m)	179	212	(33)
Lots released	1,932	1,553	379
Lots exchanged	2,100	1,509	591
Lots settled	2,122	2,401	(279)
Pre-sales secured ($m)	1,869	1,258	611
Defaults (%)	1	2	(1)
Gross development margin (%)	181	17	1
Pipeline lots	27,761	28,219	(458)

Gross margins were 15 per cent when adjusted for impaired projects expected to settle in FY26.
These statements are future looking and based on our reasonable assumptions at the time they were made. They include possible outlooks for our operating environments, but are subject to external factors outside of Mirvac’s control.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Risk and risk management

Risk Governance

The Mirvac Board is responsible for ensuring the effectiveness of Mirvac’s risk management framework. This framework outlines our governance, risk appetite, accountability for risk management, and operational resilience, and is consistent with the Australian and New Zealand standard on risk management (ISO 31000:2018). The Board has charged our leadership team with the responsibility for managing risk across the Group and implementing mitigation strategies under the direction of the Group CEO & Managing Director, supported by other senior executives. Each business unit and the functions within are responsible for identifying and managing their risks. An enterprise-wide risk management system is in place to drive consistency in risk recording and reporting.

The Group Risk function is responsible for embedding the risk management framework, advising business units on risk management plans, and consolidating risk reporting to senior executives, the Audit, Risk & Compliance Committee, and the Board. A strong risk management culture is the key element underpinning the risk management framework.

FY25 continued to be characterised by uncertain operating conditions linked to external and macroeconomic and geopolitical factors. Despite inflation easing, interest rates remained comparatively high and continued to impact our business, tenants, customers, and supply chain. Capital flows in real estate remained soft, with limited transactional activity. However, sentiment is improving, and we continue to see demand from capital for well-located, modern and sustainable assets. Supply chain challenges persisted through contractor insolvency, availability of skilled labour, and inflationary cost pressures. These risks have the potential to be amplified by deepening geopolitical tension and conflict globally.

The Risk Management Policy is available on our website: https://www.mirvac.com/about/corporate governance.

Risk Management: Our Principal Risks and Opportunities

A number of the risks and opportunities we face in delivering our strategic plan are set out in the table below. They are largely related to our portfolio of assets and are typical of a property group. These are not the only risks associated with Mirvac. The risks are grouped by theme, rather than order of importance.

Related pillar of value Key risks and opportunities

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Related pillar of value Key risks and opportunities How we’re addressing them How risk has changed since FY24
INVESTMENT AND DEVELOPMENT PERFORMANCE
Our business is impacted by the We are focused on enhancing the resilience 
value of our property portfolio and performance of our investment portfolio by
A challenging operating
and our ability to deliver modern, strategically investing in sectors and locations
environment, characterised by
high-quality, sustainable assets. that drive performance and sustainable returns
increasing costs, capitalisation
This can be influenced by for securityholders. Prudent capital decisions
Performance external factors outside of our are guided by rigorous due diligence and market rate expansion and difficult capital markets, has continued to impact
direct control, including the research. Our asset management approach
financial performance. Sentiment
health of the economy and the prioritises sustainability and modernisation,
is improving, however, and we
strength of the property sector ensuring our properties remain competitive
continue to see demand from
Place and capital markets, along and future ready. By maintaining discipline in
capital for well-located, modern
with internal factors, including acquisitions and timing our market activity, we
and sustainable assets.
our investment decisions and continue to deliver sustainable returns through a
group structure. diversified, urban-focused business model.
MACRO ENVIRONMENT
Mirvac is impacted by changing We monitor a wide range of macro economic, 
domestic and international property market and capital market indicators
There is continued uncertainty
economic, geopolitical, and and use trend analysis to assess macroeconomic
Performance and volatility as interest rates
macroprudential and regulatory changes, and we are attentive to these shifts. We
remain high, productivity remains
measures, which impact access maintain a robust balance sheet and appropriate
challenged, and inflation continues
to capital, investor activity, and gearing to ensure we can respond to unforeseen
Place foreign investment. economic shocks. to impact the economy.
CAPITAL MANAGEMENT
Maintaining a diversified capital We have a portfolio and capital management 
structure to support the delivery framework that is approved and monitored by the
of stable investor returns and Board. The framework aims to address market, The cost of capital remains high,
and asset valuation movements and
maintain access to equity and credit and liquidity risks, while also meeting the
transaction activity are expected
debt funding. Group’s strategic objectives. We seek to maintain
Performance to have an impact on gearing.
an investment-grade credit rating of A-/A3 to
Access to equity and debt funding
reduce the cost of capital and diversify our
remains challenged, however,
sources of debt capital. Our target gearing ratio is
capital markets continue to provide
Place between 20 and 30 per cent. access to finance for high-quality
projects, such as those within
our development pipeline.
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Other Mirvac Group Annual Report 2025 41

Financial and operational results Risk management Governance Remuneration report

Financial report

Related pillar of value Key risks and opportunities

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Related pillar of value Key risks and opportunities How we’re addressing them How risk has changed since FY24
PRODUCTIVITY
Productivity in Australia has A core element of our risk strategy is 
not meaningfully improved in understanding new technologies and building a
Our productivity risk profile increased
the past decade and growth resilient business. We are committed to ensuring
during the reporting period. Ongoing
is behind most comparable that we have the right people, processes, and
challenges in securing skilled
nations, which continue to systems to innovate and create a competitive
construction labour and industrial
attract business investment advantage. Our innovation program, Hatch by
action—particularly in Queensland—
that drives productivity in new Mirvac, ensures that we continue to innovate in
impacted construction timelines
technologies and capabilities. a meaningful way. We also continue to invest in
and delivery costs. Additionally, the
Increased planning bureaucracy, our people, innovative construction techniques
introduction of new legislation and
a challenged industrial relations and technology to ensure that our business is
Performance heightened regulatory compliance
landscape and a shortage of continually evolving.
requirements added to the cost
skilled labour has impacted
We work closely with industry bodies to of doing business, including
Mirvac. Increased regulation
engage with government to shape and inform through increased property-related
Place and legislation have increased
public policy. expenses. In response, we are
the costs of compliance and
exploring the potential of AI to
compounded productivity risk.
enhance operational efficiency and
are actively utilising prefabrication
Partners and modular construction methods.
We also remain focused on
driving process improvements
across the business to mitigate
these pressures, while engaging
with industry partners to share
insights, adopt best practices, and
stay at the forefront of innovation.
KEY PARTNERS
Our partners play a vital role in Our partner relationships are based on delivering 
our business, and our sustained mutual benefits to all parties. Our value creation
success and the execution of our model has a focus on committed partners and There was no material change in
Performance our key partner risk profile during
development pipeline is driven enables the delivery of our strategy through
the reporting period. Access to
by engagement with targeted the partner lens. Fit-for-purpose governance
capital remains challenging in the
and strategically aligned frameworks are in place to manage our capital
current economic environment.
Place partners. It is crucial that we partnerships. Our Asset Management team
build long-term relationships that services both our Investment and Funds divisions,
are driven by trust, transparency, which removes any conflicts of interest in our
and shared values. business structure, and provides independent
service and support to both Mirvac and its third-
Partners party capital partners.
BUSINESS RESILIENCE
It is crucial that we have the We have an embedded organisational resilience 
capability and capacity to program that enables the business to effectively
There was no material change
Place effectively manage and recover manage and continue business-critical processes in our organisational resilience
from a major incident in a and operations during a business-impacting
timely and efficient manner, event. This includes breaches to our information and business continuity
management risk profile during the
and to adapt to changes in our systems and/or damage to physical assets, which
reporting period.
operating markets. could cause significant damage to our business
People
and reputation.
Partners
Planet
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Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Risk and risk management

Related pillar of value Key risks and opportunities

How we’re addressing them

How risk has changed since FY24

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CYBER RISK
Cyber security and information We have a technology and cyber security strategy 
privacy are an increasing risk and framework (aligned to the National Institute
There was no material change
for our business given the of Standards and Technology Cyber Security
in our cyber risk profile during
dynamic nature of these threats. Framework), which includes a disaster recovery
the reporting period. Cyber
Safeguarding our intellectual plan and a comprehensive cyber security incident
threats continue to become
Place property, information and response plan, to prevent and detect cyber threats
increasingly more sophisticated,
operational technology systems, and respond and recover from cyber-related
aided by artificial intelligence.
contractual agreements, incidents. This includes data governance and
The geopolitical risk landscape
and employee and customer information security frameworks to safeguard the
and increased international
Partners information is critical to ensure privacy of information in accordance with applicable conflict continue to underpin the
ongoing business continuity and privacy regulations. Cyber security frameworks are
potential threat.
the safety of our people, assets, tested frequently, and remedial action is monitored
and customers. by ELT and the Board.
SUPPLY CHAIN
With a broad range of suppliers We have well-established process and oversight 
providing an equally diverse bodies to manage key areas, such as modern
Supply chain constraints persist,
range of goods and services, slavery, worker exploitation, material import risk,
with skilled labour shortages,
our stakeholders can be directly high-risk materials, and cyber security. We are
subcontractor and developer
and indirectly impacted by the elevating our controls to identify and mitigate
insolvencies, and productivity
practices of our suppliers, and our exposure to these risks and ensure full
having the potential to impact on
the materials they are supplying. compliance with emerging legislation. Supply
Partners cost and delivery schedules.
chain disruption, geopolitical tensions, stagnating
productivity, and the impact of cost-escalation
and labour shortages in the construction industry
are actively managed through supply continuity
plans and alternative supply arrangements.
SOCIAL RESPONSIBILITY
In an Australian context of low We provide consistent, high-quality 
institutional trust, we must communication and transparent and responsible
maintain and enhance trust and reporting. We have a coordinated and consistent There was no material change in
our corporate social responsibility
reputation to retain a social stakeholder engagement framework to instil
Partners licence to operate. a considered approach to stakeholder and and stakeholder engagement risk
profile during the reporting period.
community engagement. We have committed to
proactively sharing our progress as a business to
help us earn and retain trust. We provide good
Planet earnings visibility, guidance and full disclosure
to our securityholders so they can make
informed choices.
PLANNING AND REGULATION
Our activities can be affected We have proactive and constructive 
by government policies engagements with all levels of government on
There was no material change in
in many ways; from local policy changes that may impact our business
Partners our compliance and regulatory risk
decisions regarding zoning and projects, and we ensure we are prepared to
profile during the reporting period.
and developments, right respond to changing community expectations.
through to the national position Approval timeframes are built into project delivery
on immigration. plans and are actively managed to minimise the
Planet impact on returns.
HEALTH AND SAFETY
Maintaining the health, safety We continue to pursue safety excellence 
and wellbeing of our people and to improve the overall wellbeing of our
There was no material change in
is our most important duty of employees, our suppliers, our community,
People our health and safety risk profile
care obligation and is critical and the environment. We also recognise that
during the reporting period.
to our ongoing success. We psychological health and safety and psychosocial
must safeguard the integrity hazards require a greater level of capability,
of our operations, assets, and solutions, and leadership going forward.
Partners the environment, and enable
our people to thrive in order
to deliver an enhanced safety
performance in a high-growth
Planet and complex landscape.
----- End of picture text -----

Mirvac Group Annual Report 2025 43

Financial and operational results Risk management Governance Remuneration report Financial report Other

Related pillar of value Key risks and opportunities

How we’re addressing them

How risk has changed since FY24

PEOPLE & CULTURE

People

We require an engaged, motivated, and high-performing workforce with the capability and capacity to deliver our business strategy and maintain our desired culture.

We focus on having the right culture and capabilities so that our people are engaged and enabled to deliver on our strategy. We have a range of programs aimed at creating great leaders, growing and retaining key talent, and fostering a diverse and inclusive workplace, and have been defining, measuring and curating our desired culture for some time. Our remuneration strategy is designed to attract the best talent and motivate and retain individuals, while aligning to the interests of executives, securityholders and community expectations.



High retention level of key talent, low voluntary turnover, and our overall employee engagement score continue to indicate effective talent and change management, and the prioritisation and protection of our culture.

IMPACTS OF CLIMATE CHANGE

Climate change has the potential to affect our assets and our business operations. It is vital that we respond to the implications of climate change by implementing appropriate Planet adaptation and mitigation strategies for the portfolio, as well as building resilience throughout the business.

We regularly assess our portfolio for climate risk and resilience. We anticipate a refreshed approach to disclosures from FY26, including a continued focus on decarbonisation and nature. We strive to design developments and major renovations to a high standard for green building and community certifications, as well as energy and water performance ratings.



There was no material change in our sustainability and ESG risk profile during the reporting period. We remain proactive in managing our ESG risks and we are highly focused on sustainability outcomes, particularly with respect to climate risks and disclosures.

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Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Governance

46 Board of Directors
48 Directors’ report
52 Remuneration report
67 Auditor’s independence declaration
68 Financial report
121 Directors’ declaration
122 Independent auditor’s report
131 Securityholder information 133 Glossary
133 Directory & upcoming events

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 45

Value creation Our strategy Megatrends Performance by pillar

Business overview Letters to securityholders

Board of Directors

Directors’ experience

The members of the Mirvac Board and their qualifications, experience and responsibilities are set out below:

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Rob Sindel

BEng, MBA, GAICD, FIEAust

Independent Non-Executive Chair Chair of the Nomination Committee Member of the Health, Safety, Environment & Sustainability Committee Member of the Human Resources Committee

Rob Sindel was appointed a Non-Executive Director of Mirvac in September 2020 and as Independent Non-Executive Chair in January 2023. He has 30 years’ experience in the construction industry both in Australia and the United Kingdom as well as experience operating in high-risk industries. Most recently, Rob has held roles in senior executive management and leadership, in the building industry supply chain, manufacturing, sales and marketing in business-to-business environments and strategic management.

Rob is currently the Chair of Orora Limited, and is a Member of Australian Business Community Network Foundation and the Yalari NSW Advisory Committee.

Rob is the former Managing Director and Chief Executive Officer of CSR Limited, a former Member of the UNSW Australian School of Business Advisory Council and a former Director of Boral Limited and Green Building Council of Australia.

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Campbell Hanan BEc, EMBA

Group Chief Executive Officer & Managing Director (CEO/MD) – Executive

Campbell Hanan was appointed Group Chief Executive Officer & Managing Director of Mirvac on 1 March 2023. Campbell was also appointed as a Director of the Mirvac Board on 1 March 2023.

Campbell joined Mirvac in March 2016 as the Head of Commercial Property. In October 2020, he was appointed as the Head of Integrated Investment Portfolio, and in this role he was responsible for the strategic direction and leadership of Mirvac’s commercial portfolio which included Office, Industrial, Retail and Build to Rent business units nationwide. Prior to this, Campbell was the CEO of Investa Office, a role he held since 2013. He has 30 years of experience in the property and funds management industry, 12 of which were with Investa, where he served in a number of senior positions, as well as at UBS Warburg.

Campbell is a Director of the Property Council of Australia, and a member of the Property Champions of Change and the Climate Leaders Coalition.

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Christine Bartlett BSc, MAICD

Independent Non-Executive Chair of the Human Resources Committee

Member of the Audit, Risk and Compliance Committee Member of the Nomination Committee

Christine Bartlett was appointed a Non-Executive Director of Mirvac in December 2014. Christine is an experienced Chief Executive Officer and senior executive, with extensive line management experience gained through roles with IBM, Jones Lang LaSalle and National Australia Bank Limited. Her executive career has included Australian, regional and global responsibilities based in Australia, the USA and Japan. Christine brings a commercial perspective especially in the areas of financial discipline, identifying risk, complex project management, execution of strategy, fostering innovation and taking advantage of new emerging technologies.

Christine is currently a Director of Australian Clinical Labs Limited, Reliance Worldwide Corporation Limited and TAL Life Limited. She is also the Chair of CEDA and a member of the UNSW Australian School of Business Advisory Council.

Christine is a former Director of Sigma Healthcare Limited, iCare, GBST Holdings Ltd and Director and Chair of The Smith Family.

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James Cain

BPD, B.Bldg, MBA(Exec)

Independent Non-Executive Chair of the Health, Safety, Environment & Sustainability Committee

Member of the Audit, Risk and Compliance Committee Member of the Nomination Committee

James Cain was appointed a Non-Executive Director of Mirvac in December 2023. James has a 30-year professional background in property, infrastructure, and major capital works in the public and private sectors. Over that time, he has worked as an executive, non-executive director and independent consultant.

James’ previous experience included 12 years with property and construction company Lendlease in various roles including General Manager for Victoria, Tasmania and South Australia; five years with the Victorian Government as Executive Director of Major Projects Victoria, the Victorian Government’s primary capital works agency, and 16 years at M21 Advisory, a commercial advisory consultancy he established in 2006. James has extensive non-executive experience having held the position of Chair of ISPT Pty Ltd, Chair of the Victorian Ports Corporation and Deputy Chair of the Port of Melbourne Corporation and Director of Victorian Rail Track Corporation (VicTrack).

James is currently the Chair of Snowy Hydro, a Director of Inland Rail Pty Ltd and member of the Committee of the Melbourne Cricket Club (manager of the MCG).

Mirvac Group Annual Report 2025

Remuneration report

Financial report

Financial and operational results

Risk management

Governance

Other

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Damien Frawley Independent Non-Executive

Jane Hewitt

Rosemary Hartnett BBus(Prop)

Peter Nash

BAS Land Economics, MAICD

BComm, FCA, F Fin

Independent Non-Executive Member of the Audit, Risk and Compliance Committee Member of the Human Resources Committee

Independent Non-Executive

Member of the Audit, Risk and Compliance Committee Member of the Human Resources Committee

Member of the Audit, Risk and Compliance Committee Member of the Health, Safety, Environment & Sustainability Committee

Chair of the Audit, Risk and Compliance Committee Member of the Health, Safety, Environment & Sustainability Committee Member of the Nomination Committee

Damien Frawley was appointed a Non-Executive Director of Mirvac on 1 December 2021. He is also a Non-Executive Director of Mirvac Funds Management Australia Limited, a Mirvac subsidiary company and the trustee of the Mirvac Wholesale Office Funds I and II. Damien has wide-ranging experience in investment management and asset management in real estate and infrastructure in Australia and offshore as well as public markets.

Rosemary Hartnett was appointed a Non-Executive Director of Mirvac in December 2024. Rosemary has over 30 years’ experience in the Australian property sector and extensive senior management experience in property finance.

Member of the Human Resources Committee

Jane Hewitt was appointed a Non-Executive Director of Mirvac in December 2018.

Peter Nash was appointed a Non-Executive Director of Mirvac in November 2018. Peter has worked in geographically diverse and complex operating environments providing advice on a range of topics including business strategy, risk management, business processes and regulatory change. Peter has also provided financial and commercial advice to many Government businesses at both a Federal and State level.

Jane has over 27 years’ experience in real estate development and asset management. She founded UniLodge in 1996 and pioneered the corporatisation and professional development and management of student accommodation facilities on and off university campuses in Australia and New Zealand.

Her former executive roles include senior property finance executive and fund manager roles for trading and investment banks, including Macquarie Bank, ANZ and NAB. Rosemary was also Chief Executive Officer of Housing Choices Australia.

From 2012 to 2022, Damien was the CEO of Queensland Investment Corporation (QIC), one of Australia’s leading investment managers. He led the Queensland Government-owned global institutional investment manager for nine years, retiring as CEO in 2022. Damien has over 35 years of experience in the financial services sector, with a strong focus on developing and executing strategy. Prior to his QIC role, Damien was the country head of BlackRock Australia. Damien’s career has also included roles at Merrill Lynch Investment Management, Barclays Global Investors and Citibank.

As an entrepreneur and founder, Jane has extensive operational experience and a strong track record in developing successful partnerships in real estate and business ventures. She developed UniLodge into an operation with assets of approximately $1 billion.

Rosemary is currently an independent non-executive director of Arena REIT Limited. She was previously the independent chair of ISPT Pty Ltd and a director of International Property Funds Management Pty Ltd, Fanplayr Inc, Wallara Australia Ltd and Aconex Limited.

Peter is currently the Chair of Johns Lyng Group Limited, Director of Westpac Banking Corporation, ASX Limited and the General Sir John Monash Foundation.

Peter was a Senior Partner with KPMG until September 2017, having been admitted to the partnership of KPMG Australia in 1993. He served as the National Chair of KPMG Australia from 2011 until August 2017, where he was responsible for the overall governance and strategic positioning of KPMG in Australia. In this role, Peter also served as a member of KPMG’s global and regional boards. Peter’s previous positions with KPMG included Regional Head of Audit for Asia Pacific, National Managing Partner for Audit in Australia and Head of KPMG Financial Services.

Since 2012 Jane has worked on a number of non profit ventures in housing, homelessness and youth disadvantage. She is a Director of the Beacon Foundation.

Damien is currently the Chair of Host-Plus Pty Ltd and Queensland Treasury Corporation Capital Markets and a Director of Elders Limited.

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Michelle Favelle

BBus, FGIA FCG

Company Secretary

Michelle Favelle was appointed as Company Secretary in December 2019 having joined Mirvac in February 2018 as Deputy Group Company Secretary. She has over 20 years’ corporate experience and has held a range of governance and company secretary roles in the property, financial services, media and not-for profit sectors. She holds a Bachelor of Business and is a fellow of the Governance Institute of Australia.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Directors’ report

The Directors of Mirvac Limited present their report, together with the consolidated financial report of Mirvac Group (Mirvac or Group) for the year ended 30 June 2025. Mirvac comprises Mirvac Limited (parent entity) and its controlled entities, which include Mirvac Property Trust and its controlled entities.

Principal activities

The principal continuing activities of Mirvac consist of real estate investment, third party capital management, property asset management and development across three segments: Investment, Funds, and Development.

Directors

The Directors of Mirvac in office at the date of this report, together with information on their qualifications and experience are set out on pages 46 to 47. The number of Board and Board committee meetings held and attended by Directors, of which they were members during the year ended 30 June 2025 is detailed below.

Remuneration report

The Remuneration report as required under section 300A of the Corporations Act 2001 is set out on pages 52 to 66 and forms part of the Directors’ report.

Meetings of Directors

The number of Directors’ meetings held and attended by each Director during the year ended 30 June 2025 is detailed below:

Director	Board Held Attended	Audit, Risk & Compliance Committee1 Held Attended	Health, Safety, Environment & Sustainability Committee1 Held Attended	Human Resources Committee1 Held Attended	Nomination Committee1
					Held Attended
Rob Sindel (Chair) Campbell Hanan (Group CEO/MD) Christine Bartlett James Cain Damien Frawley Rosemary Hartnett3 Jane Hewitt4 Peter Nash	10 10 10 10 10 10 10 10 102 10 6 6 7 6 10 10	— — — — 6 6 6 6 6 5 2 2 5 3 6 6	4 4 — — — — 4 4 — — — — 3 2 4 4	5 5 — — 5 5 — — 5 4 2 2 4 3 — —	5 5 — — 5 5 5 5 — — — — — — 5 5

Voluntary attendances at meetings by Directors who were not committee members are not included.
Partial attendance for one Board meeting.
Rosemary Hartnett was appointed as a Director effective 2 December 2024.
Jane Hewitt was on a Board approved medical leave of absence from 15 April 2025.

Other directorships

Details of all directorships of other listed companies held by each Director in the three years immediately before 30 June 2025 or up to the date of their resignation are as follows:

Director	Company	Date appointed	Date ceased
Rob Sindel	Boral Limited	September 2020	July 2024
	Orora Limited	March 2019	Current
Campbell Hanan	Nil
Christine Bartlett	Australian Clinical Labs Limited	August 2023	Current
	Reliance Worldwide Corporation Limited	November 2019	Current
	Sigma Healthcare Limited	March 2016	December 2023
James Cain	Nil
Damien Frawley	Elders Limited	August 2024	Current
Rosemary Hartnett	Arena REIT	August 2019	Current
Jane Hewitt	Nil
Peter Nash	ASX Limited	June 2019	Current
	Johns Lyng Group Limited	October 2017	Current
	Westpac Banking Corporation	March 2018	Current

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 49

Directors’ report

Active Governance

Board Governance

Mirvac’s Board is committed to ensuring that the Group’s operations, procedures and practices reflect a high standard of corporate governance to foster a culture that values ethical behaviour, integrity, and respect. This ensures that Mirvac is well placed to protect the interests of its stakeholders.

The Board’s annual performance review this year confirmed that both the Board and its Committees continue to operate effectively.

To further strengthen its stewardship of the Group in the year ahead, the Board will focus on Board succession planning, the execution and delivery of strategy by management, monitoring performance and financial outcomes, health and safety, organisational culture, and emerging risks such as cyber security and artificial intelligence.

During the year, we continued to focus on ensuring the overall mix of skills and experience on the Board remained appropriate and balanced to guide and drive the Group’s strategic objectives.

This included a review of the Board’s skills matrix, through which we determined that the core capabilities, skills, and experience required of the Board as a whole remain broadly consistent with previous years.

The 2025 Board Skills Matrix is presented below, with this year’s disclosures offering enhanced transparency and greater granularity regarding the Board’s collective skills and experience.

The Board values skills and perspectives beyond its composition. The Group benefits from a culturally, ethnically and age diverse workforce that provides a rich lens through which to gain deeper insights into customer needs and community expectations. This gives the Board access to broad range of viewpoints to inform strategic decision-making and cultural responsiveness across Mirvac.

Each year, our Directors are encouraged to participate in opportunities for the continuing enhancement of their knowledge and capabilities with oversight from the Nomination Committee. The Board education program during the year included a series of site visits, briefings, deep dives, and presentations from industry experts. Further details are provided below aligned to our pillars for creating value.

During the year, the Board also continued its ongoing renewal and succession planning program with the appointment of Rosemary Hartnett. Rosemary brings extensive experience across the property and finance sectors, enabling her to provide valuable insights and strategic guidance to both the Board and management. Rosemary will be standing for election at the 2025 AGM in November.

guidance to both the Board and management. Rosemary will be standing	for election at the 2025 AGM in November.
Board skills matrix	Number of Board members
	1 2 3 4 5 6 7 8
Strategy Experience in strategic planning, business model development and transformation leadership
Governance & Leadership Executive and board-level leadership with strong governance expertise, complemented by experience in international business relations
Health, Safety, Environment & Sustainability Leadership in HSE practices and sustainability, including climate risk and sustainable business practices
Construction Experience in construction project management and supply chain understanding
Property Development & Funds Management Experience in large-scale property projects, real estate investment and funds management across diverse asset classes
Customer & Stakeholder Engagement Experience in engaging with investors, government, communities and customers and brand/marketing strategy to support strategy
Technology & Data Experience with technology platforms, cybersecurity, digital risk management and data protection controls
Culture, People & Remuneration Leadership in workplace culture, people management, diversity and inclusion and remuneration frameworks
Risk & Compliance Experience in risk identification and management, as well as in developing and implementing risk and compliance frameworks for large listed entities
Finance & Capital Management Financial acumen in forecasting, financial and regulatory disclosures, capital planning, assurance and value creation

l General familiarity l Sound understanding l Significant experience

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Directors’ report

Active Governance continued

In addition to a regular program of Board meetings, briefings and site tours, our Board continued to strengthen and enhance its corporate governance practices and oversight, which are aligned with Mirvac’s five pillars for creating value. This included:

Performance

Active engagement in and oversight of the Group’s strategy planning process, including reviewing past performance and testing future strategy.
Overseeing a strategic deep dive into BTR to support long-term growth, including scale-up strategies, capital partnering, market challenges and execution planning.
Monitoring and supporting the Group’s approach to capital management, including the retention of balance sheet flexibility, asset disposal program and debt strategy.
Continued rigour around the relationship between strategy and financial performance, including via Board reporting and the monitoring of the new business pipeline, and key development project metrics.
Continued oversight of the Group’s investment decisions, including through a Board tour of land lease sites in Perth. The Board also participated in deep-dive briefings on key development projects and conducted further site visits across Sydney, Melbourne and Brisbane.
A dedicated risk workshop with the ELT to assess Mirvac’s evolving risk landscape, prioritise strategic risks and strengthen oversight of mitigation plans aligned to the Group’s strategic priorities.
Board participation in a full-scale crisis simulation exercise, testing organisational crisis response, and reinforcing Mirvac’s business resilience framework.
Endorsing a reset of the Group’s delegations framework to support effective decision making and align with the business lifecycle across origination, delivery and operationalisation.

Place

Continued focus on Mirvac’s asset creation and curation capability, with an aim of driving better outcomes for our customers, partners, securityholders, and the communities in which we operate.
Continued support for leveraging Mirvac’s integrated model to deliver development projects, including the completion of two operational BTR assets, LIV Anura in Brisbane and LIV Albert in Melbourne.
Monitoring project-specific challenges, such as site productivity, program delays and cost escalations affecting the development and construction pipeline.
Focusing on the cohesion of Mirvac’s in-house Design and Construction teams in the planning and delivery of placemaking outcomes.
Continued focus on the growth of our funds management and capital partnering business.

People

With oversight from the HRC, undertaking formal reviews of talent and succession outcomes covering employee retention, promotion rates, gender diversity, and succession pipelines across a broad range of roles.
Monitoring progress against the Group’s people strategy and cultural metrics, including actively supporting a comprehensive program aimed at improving gender equity and cultural inclusion in Construction.
Ensuring remuneration structures have been designed with a continued aim of aligning Group performance with appropriate culture, behaviours and outcomes, with oversight from the HRC.
Overseeing of enhancements to Mirvac’s learning and development programs for employees across a range of delivery formats and active Director participation in digital learning.
Continued focus on maintaining high engagement on safety, supported by Board reporting, education briefings and site visits to Mirvac’s projects, with an emphasis on health and safety processes and procedures.
Continued support and participation in programs that broaden Mirvac’s health and safety risk management framework to incorporate psychosocial risks and mental health initiatives.
Endorsing the Group’s continued investment in social infrastructure and community partnerships that support a range of important social issues, including reconciliation, inclusion, mental health and safety, and housing affordability.

Partners

Supporting the evolution of the Mirvac brand, with the launch of a new master brand strategy aimed at enhancing awareness, advocacy and growing our customer base.
Maintaining an emphasis on engagement with Government, customers and investors through enhanced Board reporting, advocacy initiatives and the review of relevant Group policy.
Supporting the sustainable growth of our funds management and capital partnering business, with continued rigour around conflicts management protocols and strengthened governance procedures.
The Board Chair and HRC Chair taking a lead role in our investor engagement program during the year.
Strategic oversight of and support for the expansion of Mirvac’s capital partnering platform, with Australian Retirement Trust’s investment growing during the year via an interest in SEED Stage 1, Badgery’s Creek in NSW.
Active engagement with the Mirvac Wholesale Office Fund trustee Board, with a continued focus on alignment and strengthening of governance initiatives, such as Board composition, independence, education and overall Board performance.
Supporting a refresh of the Group’s procurement strategies and approved the Group’s sixth Modern Slavery Statement.

Planet

With oversight from the HSE&S Committee, continuing to support initiatives to facilitate the delivery of Mirvac’s sustainability strategy, such as asset electrification, solar energy, and low-carbon procurement.
Reaffirming the Group’s target to achieve net positive in the challenging area of Scope 3 carbon emissions by 2030 and approving our Science Based Targets initiative (SBTi) commitments.
Reviewing our approach to carbon modelling, accounting and transition planning, including Scope 3 emissions forecasts, offset strategies, and the development of a carbon calculator to support low-carbon design and procurement, alongside preparations for AASB S2 sustainability reporting standards.
Continued focus on ESG governance, including alignment between ESG scorecards, sustainability outcomes, and executive remuneration.
As part of its regular program of site visits, examining a range of sustainability initiatives across Mirvac’s portfolio of projects, such as Everleigh in Greenbank, Queensland, and Highforest and Harbourside in Sydney, helping Directors to adequately consider sustainability and climate-related matters.
Continuing to support the Group’s green financing strategy.

Mirvac Group Annual Report 2025 51

Financial and operational results Risk management Governance Remuneration report Financial report Other

Directors’ report

Mirvac Group Corporate Governance Statement

Further information on our corporate governance policies and practices are contained in our 2025 Corporate Governance Statement located at www.mirvac.com/about/corporate-governance.

Mirvac’s governance arrangements and practices met the requirements of the fourth edition of the Australian Securities Exchange (ASX) Corporate Governance Council Corporate Governance Principles and Recommendations (the ASX Principles) during FY25.

Review of operations

A review of the operations of the Group during the financial year and the results of those operations are detailed in the FY25 Financial and Operational Results section on pages 34 to 39 of the report.

Significant changes in the state of affairs

Details of the state of affairs of the Group are disclosed on pages 34 to 39. Other than those matters disclosed, there were no significant changes to the state of affairs during the financial year under review that are not otherwise disclosed in this annual report.

Events occurring after the end of the year

No events have occurred since the end of the year which have significantly affected or may significantly affect Mirvac’s operations, the results of those operations, or Mirvac’s state of affairs in future years.

Distributions

Distributions paid or payable by the Group for the year ended 30 June 2025 were 9.0 cents per stapled security (2024: 10.5 cents per stapled security). Refer to note F1 in the consolidated financial statements.

Environmental regulations

Mirvac and its business operations are subject to compliance with both Commonwealth and state environment protection legislation. The Board is satisfied that adequate policies and procedures are in place to ensure Mirvac’s compliance with the applicable legislation. In addition, Mirvac is also subject to the reporting requirements of the National Greenhouse and Energy Reporting Act 2007 and Building Energy Efficiency Disclosure Act 2010. Mirvac is not aware of any incidents that have resulted in material non-compliance with environmental regulations during the financial year.

Tax governance statement

Mirvac has adopted the Board of Taxation’s Tax Transparency Code (TTC). As part of the TTC, Mirvac has published a Tax Governance Statement (TGS), which details Mirvac’s corporate structure and tax corporate governance systems. Mirvac’s TGS for the year ended 30 June 2025 can be found on Mirvac’s website at: www.mirvac.com/about/corporate-governance.

Non-audit services

From time to time, Mirvac may engage its external auditor, PricewaterhouseCoopers, to perform services additional to its statutory audit duties. Details of the amounts paid or payable to PricewaterhouseCoopers for audit and non-audit services provided during the year ended 30 June 2025 are set out in note H5 to the consolidated financial statements.

In accordance with the advice received from the Audit, Risk & Compliance Committee, the Board is satisfied that the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 and did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons:

all non-audit services were reviewed by the Audit, Risk & Compliance Committee to ensure they did not affect the impartiality and objectivity of the auditor.
none of the services undermined the general principles relating to auditor independence as set out in Accounting Professional & Ethical Standards 110 Code of Ethics for Professional Accountants, including reviewing or auditing the auditor’s own work, acting in a management or a decision-making capacity for the Group, acting as advocate for the Group or jointly sharing economic risk and rewards.

Insurance of officers

During the year, Mirvac paid a premium for an insurance policy insuring any past, present or future Director or officer of the Group against certain liabilities. In accordance with commercial practice, the insurance policy prohibits disclosure of the nature of the liabilities insured against and the amount of the premium.

Auditor’s independence declaration

A copy of the Auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 67 and forms part of the Directors’ report.

Rounding of amounts

The amounts in the consolidated financial statements have been rounded off to the nearest million (m) Australian dollars in accordance with ASIC Corporations Instrument 2016/191.

This statement is made in accordance with a resolution of the Directors.

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Campbell Hanan Director

Sydney 15 August 2025

Fraud, bribery and corruption

Mirvac has zero tolerance regarding fraud, bribery and corruption and requires all workplace participants and service providers to adhere to the highest standards of honesty and integrity in the conduct of all activities. Mirvac will uphold all laws relevant to countering bribery, fraud and corruption in the jurisdictions in which it operates.

Any allegation of a person from within or associated with Mirvac (notwithstanding the capacity in which they are acting), acting in a manner inconsistent with this statement will be treated seriously, regardless of the seniority of those involved. Disciplinary action, including dismissal, may result. Where it is believed that a criminal offence may have been committed, the police and other relevant bodies may be informed.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Remuneration Report

Message from the Human Resources Committee (HRC)

The HRC is pleased to present securityholders with the FY25 Remuneration Report. This report sets out Mirvac’s approach to remuneration for its executives, and particularly the link between Mirvac’s strategy, its remuneration framework and the alignment between business performance and remuneration outcomes for executives.

Evidence of such alignment this year includes:

no fixed pay increases for key management personnel (KMP)
average STI outcomes of 52% of maximum opportunity which are lower than last year, reflecting lower operating earnings
modest vesting of the long-term performance (LTP) plan, based on Mirvac’s Total Securityholder Return (TSR) performance relative to the S&P/ASX 200 Australian Real Estate Investment Trust Index comparator group.

People and Culture key highlights

The HRC has oversight of Mirvac’s people strategy, culture and key Human Resources practices. The HRC has for many years recognised Mirvac’s culture as a key source of competitive advantage, a differentiator for attracting and retaining the best talent in our sector, and a driver of employee, team and organisational performance.

Key highlights this year include:

improved overall engagement score of 77 per cent, reflecting our continued focus on our culture and our people
retained 91 per cent of key talent
Mirvac Masters program recognised with micro-credentials from the University of Sydney
continued to narrow our gender pay gap (on a like-for-like basis compared to last year)
female representation reached 47 per cent of senior management
continued progress of LGBTQ+ inclusion, including recognition as a Silver Employer by Pride in Diversity’s Australian Workplace Equality Index
made significant inroads in our Women in Construction program.

More information about how our People Strategy supports Mirvac’s performance can be found on pages 22-25 of this report.

FY25 Remuneration Outcomes

The FY25 outcomes for the Group CEO and KMP reflect our principle of alignment between pay and performance – with STI and LTP outcomes reflecting achievement against the results that each component is intended to drive.

30.4% LTP vesting for the FY23 award – Over the three years to 30 June 2025, TSR performance relative to the comparator group reached the 63rd percentile which resulted in partial vesting of this component of the award. During the same period, return on invested capital (ROIC) underperformed relative to the weighted average cost of capital (WACC) which resulted in nil vesting for this component of the award.

The Board considered whether it should use discretion to vary vesting for the LTP, but was satisfied that the outcome was appropriate given the alignment with securityholder outcomes.

FY25 STI outcomes for KMP below target and on average 10 per cent lower than FY24 – Notwithstanding that operating earnings met guidance, average KMP outcomes in FY25 were on average, 52 per cent of maximum STI opportunity, compared to 57 per cent in FY24.

More information about performance can be found on pages 54 and 55 for the STI and LTP respectively.

Remuneration design – investor feedback incorporated into plan design

Mirvac’s remuneration framework is an integral component of our people strategy. Aligning executive pay outcomes to performance – over both the short and long term – is a foundational principle of our remuneration framework. No changes were made to our remuneration design for FY25.

During the year the Board carefully considered feedback from investors and stakeholders. As a result, from FY26 onwards, the number of performance rights allocated under the LTP and Deferred STI plans will be determined on a face value basis (rather than on a discounted face value basis). More information on the LTP plan can be found on page 59.

Remuneration report Financial report Other Mirvac Group Annual Report 2025 53

Financial and operational results Risk management

Governance

Remuneration Report

Key Management Personnel for FY25

Key Management Personnel for FY25	Key Management Personnel for FY25
This report covers the KMP of Mirvac, who are the people responsible for determining and executing Mirvac’s strategy. This includes both
Executive KMP (the Group CEO/MD, CFO and divisional CEOs who are part of the ELT) as well as Non-Executive Directors. For FY25, the KMP were:
Non-Executive Directors	Executive KMP
Robert Sindel Chair	Campbell Hanan Group CEO & Managing Director
Christine Bartlett Non-Executive Director	Courtenay Smith CFO
James Cain Non-Executive Director	Scott Mosely CEO, Funds Management
Damien Frawley Non-Executive Director	Stuart Penklis CEO, Development
Rosemary Hartnett Non-Executive Director since 2 December 2024	Richard Seddon CEO, Investment
Jane Hewitt Non-Executive Director
Peter Nash Non-Executive Director
The information provided in this remuneration report has been audited as required by section 308(3C) of the Corporations Act 2001.
Contents
53 1FY25 Remuneration Framework
54 2FY25 Link between performance and remuneration outcomes
59 3Executive Remuneration – How it works in detail
60 4Remuneration Governance
62 5Non-Executive Director remuneration
63 6KMP statutory disclosures

FY25 Remuneration Framework

FY25 Remuneration Elements

Mirvac’s remuneration framework supports the Group’s strategy with each remuneration element having a clear purpose.

Total Fixed Pay (TFP)

Attracts and retains talented employees capable of delivering business performance

TFP is positioned around the market median for each role.
The Board considers external remuneration benchmarking data as an input so that TFP remains competitive.
When determining the relevant market for each role, Mirvac considers the companies from which it sources talent, including: > specific peers in the A-REIT index, plus Lendlease.
general industry with a similar market capitalisation.
The emphasis placed on the benchmark groups varies between business and corporate roles.

Short Term Incentive (STI)

Motivates and rewards employees for contributing to the delivery of annual business performance

The STI rewards executives for group performance and individual contribution during the year. Key elements of the STI design include:
Gateway: Group operating profit must be at least 90 per cent of plan before any STI payments are made.
STI pool funding: Subject to the gateway being met, the STI pool is funded up to a maximum of 6 per cent of operating profit.
Pool moderation: The Board has discretion to moderate the outcome based on performance and the Group’s risk framework and tolerance.
Scorecard: At the start of the year, a scorecard of objectives is agreed. At year end, the Board completes a rigorous assessment, considering quantitative and qualitative factors.
Deferral: 40 per cent of total STI is deferred as rights over Mirvac securities, half of which vest in one year and half in two years. The remaining 60 per cent is delivered as cash following the end of the financial year.
Maximum value: Possible outcomes range from 0 to 150 per cent of STI target.

Long Term Performance (LTP) Plan

Focuses executive talent on driving sustainable long-term growth – aligning the interests of executives and securityholders – LTP Awards are performance rights which vest only if specified performance conditions are met. Executives are only rewarded when performance hurdles have been achieved.
Performance is measured over a three-year period.
The LTP aligns executives to company performance through two relative measures:
Relative TSR (50 per cent) – Mirvac’s TSR performance is measured relative to a comparator group consisting of Mirvac’s primary market competitors as this is aligned to a peer group with whom we compete for capital.
Relative ROE (50 per cent of the LTP allocation)
Relative ROE is used because it is aligned to Mirvac’s strategic drivers, in particular profitability and capital efficiency. Mirvac’s ROE is compared with the entities in the same comparator group as is used for the Relative TSR. To strike a balance between relative performance and the need for absolute returns, vesting for this component will be capped at 50 per cent unless: a) ROIC exceeds WACC over the performance period; and b) gearing is within the Board approved range.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Remuneration Report

FY25 Remuneration Framework continued

FY25 Remuneration Mix

Mirvac’s executive remuneration approach is strongly performance focused. Executive remuneration at Mirvac:

is performance based and at risk: the remuneration package for the CEO/MD is 71 per cent performance-related pay
is equity focused: 54 per cent of the CEO/MD’s total remuneration is paid in equity
encourages an ownership mindset: through equity-based incentives and minimum securityholding requirements
multi-year focused: STI is deferred for up to two years and LTP performance is measured over three years.

The graphs below set out the remuneration mix for the Group CEO & Managing Director and other Executive KMP at Mirvac.

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Group CEO/MD PERFORMANCE DEPENDENT
Fixed remuneration 29% Target STI 29% Maximum LTP 42%
Cash Deferred TSR (50% of award) ROE (50% of award)
17% 12% 21% 21%
Other Executive KMP PERFORMANCE DEPENDENT
Fixed remuneration 40% Target STI 40% Maximum LTP 20%
Cash Deferred TSR (50% of ROE (50% of
24% 16% award) 10% award) 10%
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FY25 Link between performance and remuneration outcomes

Remuneration outcomes are aligned to short and long-term performance outcomes. The graphs and table below show financial performance and the CEO/MD’s remuneration outcomes over the past five years.

STI – Financial performance vs Group STI score

150% of target

FY25 STI outcomes

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100
50
0
FY21 FY22 FY23 FY24 FY25
Operating profit as % of target STI score
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FY25 operating earnings met budget and were in line with guidance. Key strategic priorities were also progressed. However, operating earnings were lower in FY25 than the prior year, resulting in a lower STI pool available to Executives and employees. Considering the performance against the group scorecard from a financial and non-financial perspective the HRC determined a Group STI score of 81.5 per cent for Executives compared to 90 per cent in the prior year. More information on the results against the FY25 scorecard can be found on pages 56 to 57.

Remuneration report Financial report Other Mirvac Group Annual Report 2025 55

Financial and operational results Risk management

Governance

Remuneration Report

FY25 Link between performance and remuneration outcomes continued

FY23 LTP – Mirvac's TSR (1 July 2022 to 30 June 2025)

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FY23 LTP – Mirvac's TSR (1 July 2022 to 30 June 2025) ROIC %
40% 8.0
WACC Threshold
6.0
20%
4.0
0 2.0 1.9%
0 (0.2%) (3.4%) (0.6%)
(20%)
(2.0)
(40%) (4.0)
Jun 22 Jun 23 Jun 24 Jun 25 FY23 FY24 FY25 3 year
MGR 25th Percentile 50th Percentile 75th Percentile average
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FY23 LTP outcomes

Mirvac’s financial and security price performance directly affects the vesting of the LTP awards. For the FY23 award 40 per cent of the LTP was subject to a relative TSR performance hurdle and 60 per cent to a ROIC performance hurdle, with the Board having overarching discretion to ensure vesting outcomes are appropriately aligned to performance.

In the performance period to 30 June 2025, Mirvac’s absolute TSR performance was at the 63rd percentile of the comparator group and as a result 76 per cent of the TSR component vested. Mirvac’s three-year average annual ROIC was less than the WACC threshold over the same period – largely impacted by valuation losses and increased cost of debt. Consequently 0 per cent of the ROIC component vested. Overall this resulted in 30.4 per cent of the maximum LTP awards vesting.

5 year history – performance and remuneration outcomes

5 year history – performance and remuneration outcomes
	FY25	FY24	FY23	FY22	FY21
CEO/MD STI as % of maximum opportunity	52	57	63	65	83
LTP vested as % of maximum opportunity	30	0	64	40	76
Profit/(loss) attributable to securityholders of Mirvac ($m)	68	(805)	(165)	906	901
Operating profit ($m)	474	552	580	596	550
Distributions paid ($m)	355	414	414	404	390
Security price	2.20	1.87	2.26	1.98	2.92
Operating EPS (cps)	12.0	14.0	14.7	15.1	14.0

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Remuneration Report

FY25 Group STI Scorecard


Our pillars of value	assessment			How we measure value created
	Having diversified and			FY24	FY25	Result v target
	appropriately balanced sources of capital, including third-party capital, equity and debt, helps us execute on	ABOVE	EPS DPS ROIC	14.0cps 10.5cps (3.4%)	12.0cps 9.0cps 1.9%	Met target – within guidance range of 12.0-12.3cps Met target – achieved 9.0cps Below target – ROIC < WACC
	our urban strategy and deliver sustainable returns	BELOW
Performance	to our securityholders
Financial	and capital partners.

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Place Asset creation and curation

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People People, culture and safety

Our asset creation and curation capability delivers places that contribute to the vibrancy of our cities and improve people’s lives. ABOVE BELOW	Investment FY24 FY25 Result v target
	Occupancy1 97.1% 97.7% Above target NOI $625m $617m At target
	Development Residential settlements 2,401 2,122 Achieved low end of guidance Residential sales 1,509 2,100 Growth on prior year EBIT $297m $178m Below target
	Funds 3rd party capital under management $15.4bn $16.2bn Growth on prior year Funds under management $12.0bn $12.4bn Growth on prior year Funds EBIT $33m $33m Above target
	1. Total portfolio calculation excludes Living
Our people and culture are a source of competitive advantage in the delivery of our strategy and purpose. ABOVE BELOW	FY24 FY25 Result v target
	Engagement 76% 77% Below target – narrowed gap to upper quartile to 4%
	Talent Retention 93% 91% Exceeded target of 90%
	LTIFR1 1.09 1.15 Exceeded target of <2.0
	% women in senior Exceeded target of >40% management 45% 47% and improvement on prior year

Employee data – excludes contractor hours/incidents.

	The relationships		NPS	FY24	FY25	Result v target
	we build as a trusted partner allow us to deliver on our	ABOVE	Office tenant Industrial tenant	+47 +36	+39 +69	Below target Exceeded target
	ambitions.		Retail consumer	+52	+52	Below target
Partners Customers and		BELOW	Retail partner BTR resident	+38 +26	+37 +31	Below target At target and
Stakeholders						improvement on prior year
			Residential customer	+57	+63	Exceeded target and
						improvement on prior year
	Our rigorous focus			FY24	FY25	Result v target
	on our environmental and social performance helps guide us to deliver outcomes that are planet positive,	ABOVE	Social Procurement Spend Community Investment	$15.3m $13.1m	$25.7m $13.3m	Above target Above target
Planet Sustainability	and remain a global leader in ESG.	BELOW	Scope 1 and 2 Carbon emissions1	Net positive	Net positive	Met target

More information about this metric is included on page 28 of this report.

Financial report Other Mirvac Group Annual Report 2025 57

Remuneration report

Financial and operational results Risk management

Governance

Remuneration Report

Strategic Priorities	Commentary
Retain balance sheet flexibility	– Continued to progress towards long-term capital allocation targets through the
– Headline gearing at 27.6% within 20 to 30% target range	sale of non-core office assets, including 10-20 Bond St and 75 George Street
– Continued to raise capital through:	– Margin impacts from under performing projects affected by weather and
> Sale of $0.3bn of non-core investments assets	productivity challenges quarantined to FY25
> Securing third party capital across residential and industrial	– DPS payout ratio at 75% – in line with policy range of 60 to 80%
projects to unlock value of the development pipeline	– Office portfolio impacted by continued headwind in capitalisation rate expansion
Productivity improvements	– Maintained Moody’s and Fitch credit ratings of A3 and A-
– Cost base further reduced from prior year –	– Entered into major capital partnerships across three residential projects
achieving target cost savings	– Refinanced $1.8bn of debt and a $400m 6.5-year green bond issuance
– Enterprise procurement strategy delivering	– Maintained liquidity of $1.2bn at 30 June 2025
targeted savings and simplified vendor partnerships	– Through prudent cost management, achieved reduction in gross cost from FY24
	– Lower overall STI pool for FY25 compared to FY24 based on lower overall
	operating profit results
	Read more about our Financial performance on pages 16 and 17.
Leverage integrated Development pipeline	– Added over 1,000 residential lots to development pipeline
– Grew the development pipeline to improve future earnings opportunity	– Progressed through RFPs across two major CMU projects
–Successful residential sales launch at Harbourside, exceeding expectation	– Advanced leasing in committed pipeline including 55 Pitt Street and Aspect
– Good progress on leasing across CMU pipeline projects	– Achieved cost reductions across a number of projects through
currently underway	efforts across design and construction efficiencies
– Continued innovation in design and construction cost efficiencies	– Investment portfolio continues to outperform expectations on occupancy
Increase resilience of Investment portfolio	and leasing in a challenging environment
– Progressed construction and leasing at Aspect, and capital	– Three new land lease development projects secured by Serenitas with additional
partnering at Badgeries Creek, increasing secured industrial	sites under due diligence
NOI and capital allocation	– Achieved practical completion at Aston in 1H25 and Anura shortly after
– Maintained strong occupancy across the portfolio	year-end, bolstering recurring income through LIV
– Secured three new developments in Serenitas	– Performance of newly completed assets continues to stabilise
–Increased Living sector exposure in BTR through	– Strong focus in development pipeline on growth sectors aligned to strategy
development completions	Read more about our Asset Creation and Curation performance on pages 18 to 21.
Expand Funds Management offering
– MWOF equity raise successfully launched with >$300m raised
Prioritise major hazard risks	– Continued unrelenting focus on safety leading to LTIFR and TRIFR scores
– Major hazard exposures now embedded into investment	substantially ahead of targets
processes and Playbooks developed and under	– Mirvac Minimum Requirements refresh gaining momentum with delivery of first phase complete
stakeholder review	– Improvement in employee engagement has narrowed the gap to our aspirational target of
People leadership	upper quartile performance to 4 percentage points – demonstrating a strong overall result
– Group People Leadership Index score of 85% –	– Inaugural winner of 100% Human at Work Award from CEO Magazine –
in the Australian top quartile	acknowledging commitment to flexibility and culture of care
Invest in learning	– Continued progress in narrowing the gender pay gap and a strengthened
– Investment in learning score up 13 per cent since 2023 –	commitment to grow representation of women in construction
1 per cent above the Australian Top 10 benchmark	– Named as silver tier employer in Australian Workplace Equality Index awards
	(up from Bronze tier status in the prior year)
	– Mirvac Masters – four curriculums now underway. Program earned micro-credentials
	from University of Sydney
	Read more about our People on pages 22 to 25.
Customer strategy	– Social enterprises supported through Supplier Development Programme
– Launched the Mirvac Customer Charter	– Average NPS increased by 6pts from the prior year to +49 whilst overall
– Increased customer feedback channels and mechanisms	customer satisfaction remained constant at 8.4/10
– Enhanced our Customer crisis response plan	– Launched Residential loyalty program (Dimensions) - recognising and rewarding
Enhancing Mirvac’s reputation and relationships – Deepened collaboration with key stakeholders to progress shared outcomes in priority policy areas – Continued to embed stakeholder-centric principles across the organisation, building trust through transparent engagement and the responsible delivery of development projects	repeat purchasers (who made up 15% of total sales in FY25) – Through strategic partnerships, developed policy positions on Build To Rent and affordable housing that shaped legislation, supporting expansion of housing types and enabling more accessible, affordable living solutions – An independent research report, based on both qualitative and quantitative research, assigned Mirvac a ‘high’ trust rating — consistent with results from the previous survey period
	Read more about our Partners on pages 26 and 27.
Decarbonisation plan	– 96% construction waste and 66% operational waste diverted from landfill
– Decarbonisation target to be net positive in Scope 1,2	– Nearly three-quarters of office portfolio with green rating or certification;
and 3 by FY30 reaffirmed. Climate update published	16 office assets rates 5 star NABERS energy or higher
in Q4 and shared with stakeholders	– Average 4.5 star NABERS water rating across portfolio
Develop third RAP	– 950+ employees joining volunteering activities
– Provisional approval from Reconciliation Australia	– Sixth modern slavery report prepared and lodged
	– 5 Gold Star ICIRT rating for third consecutive year
	Read more about Planet on pages 28 to 33.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Remuneration Report

FY25 Link between performance and remuneration outcomes continued

FY25 – Individual KMP outcomes

remunerationFixed X STI targetIndividual X Group STI score (0-150%) X Individual STI score (0-150%) = (capped at 150% of target)Individual STI award

Each Executive KMP is awarded an individual STI score between zero and 150 of their target. Scores are based on an assessment of their performance for the year against their individual objectives.

When determining executive remuneration outcomes, the Board uses its judgement and oversight to consider a range of quantitative and qualitative factors to ensure outcomes align to business performance, investor outcomes, and stakeholder expectations.

Step 3 Step 4 Step 1 Step 2 Calculated STI Assessment of Group Consider other factors affecting Apply judgement ensuring outcomes pool outcomes scorecard outcomes performance that are not reflected align to investor outcomes, stakeholder in the scorecard expectations, Mirvac Values

The following table shows the actual STI outcomes (including any deferred component) for each of the Executive KMP for FY25. The table also includes vesting outcomes for the FY23 LTP award vesting at the end of FY25.

		STI	STI	Total STI $		LTP LTP forfeited	LTP LTP forfeited
	STI max	achieved	forfeited	cash &	LTP %	achieved	% of max	Total LTP $
Executive KMP	% of TFP	% of max	% of max	deferred	of TFP	% of max	vested	(vested)1
Campbell Hanan	150	52	48	1,161,375	150	30.4	69.6	637,409
Courtenay Smith	150	53	47	751,023	50	30.4	69.6	153,747
Scott Mosely	150	52	48	603,915	50	30.4	69.6	149,903
Stuart Penklis	150	49	51	806,850	50	30.4	69.6	196,988
Richard Seddon2	150	53	47	513,858	30	40.0	60.0	77,379

Value determined based on MGR security price at 30 June 2025 multiplied by number of performance rights vesting.
LTP vested for Richard Seddon at the end of FY25 based on the achievement of individual performance conditions – awarded prior to his appointment as KMP.

FY25 Remuneration Received (Non-IFRS Information)

The following graph sets out the value of the remuneration received by Executive KMP members during the year. The graph compares the value of remuneration received to maximum remuneration opportunity. The figures in the graph are different from those shown in the accounting table on page 63 which include an apportioned accounting value for all unvested STI and LTP grants (some of which remain subject to satisfaction of performance and service conditions and may not ultimately vest). Instead, the graph shows:

Cash STI: the cash portion of any STI payments to be made in September 2025 in recognition of performance during FY25.
Deferred STI vested: the value of Deferred STI from prior years that vested during FY25 (being the number of rights that vested multiplied by the security price on the vesting date).
LTP vested: the value of performance rights whose performance period ended 30 June 2025 (being the number of performance rights vesting multiplied by the security price on 30 June 2025).

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Campbell Hanan Actual 3,173
Max 6,000
Courtenay Smith Actual 1,784
Max 2,850
Scott Mosely Actual 1,369
Max 2,340
Stuart Penklis Actual 2,118
Max 3,300
Richard Seddon Actual 1,078
Max 1,950
($'000) 0 1,000 2,000 3,000 4,000 5,000 6,000
Fixed Remuneration Cash STI Deferred STI LTP
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Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 59

Remuneration Report

Executive Remuneration – How it works in detail

Short-Term Incentives

Value	For all Executive KMP, the minimum STI outcome is nil and the maximum is 150 per cent of TFP.
Individual	Each Executive KMP agrees an individual scorecard of performance objectives at the start of the year against which their
performance	performance will be assessed. Individual performance objectives are set based on the specific responsibilities for each role
objectives	and include specific risk objectives, and an assessment by the HRC at year-end on risk leadership and risk outcomes.
Performance	When determining executive remuneration outcomes, the Board uses its judgement and oversight to consider a range of
assessment	quantitative and qualitative factors to ensure outcomes align to business performance, investor outcomes, and stakeholder
	expectations. Individual awards are proposed by the CEO/MD, endorsed by the HRC and approved by the Board.
	For the CEO/MD, the HRC proposes the STI award for Board approval.
Risk	The HRC, in determining the remuneration outcomes, makes an overall assessment of how each individual ELT member has
considerations	managed risk before approving individual STI outcomes. This is an assessment of risk culture and compliance, including
	training and open audit items, with a broad view of risk, including financial and non-financial risks, and reputation matters.
Delivery/	For Executive KMP, 60 per cent is paid as cash and 40 per cent of any STI award is deferred into performance rights
deferral	over Mirvac securities. Performance rights vest in two tranches: 50 per cent after one year and 50 per cent after two years.
	If the rights vest, entitlements are satisfied by the purchase of existing securities on-market. Executives are expected to
	retain the securities they receive until they satisfy the minimum securityholding guidelines.
Long-Term Performance Plan (LTP)
Value	The maximum LTP opportunity during FY25 was equivalent to: Group CEO/MD – 150 per cent of fixed remuneration.
	Other Executive KMP – 50 per cent of fixed remuneration.
Instrument	Awards under this plan are made in the form of performance rights. A performance right is a right to acquire one fully paid
	Mirvac security provided a specified performance hurdle is met.
Grant value/	For awards made during FY25 – the average security price for the month leading up to grant, discounted for the assumed
price	value of distributions not paid during the three-year performance period. The grant price for allocation purposes is not
	reduced based on performance conditions.
	For awards made in FY26 – the average security price for the month leading up to grant using a face (rather than
	discounted face) value basis. Distribution equivalents will be awarded to executives only on performance rights that vest,
	subject to performance conditions, at the end of the performance period.
Performance	Performance is measured over a three-year period. The FY25 grant has a performance period commencing 1 July 2024
Period	and ending 30 June 2027.
Performance	The HRC reviews the performance conditions annually to determine the appropriate hurdles based on Mirvac’s strategy
hurdles for the	and prevailing market practice. Two performance measures apply to the LTP grants made during FY25.
FY25 grant	Relative TSR (50 per cent of the LTP allocation) – Relative TSR is used because it is an objective measure of securityholder
	value creation and is widely understood and accepted by key stakeholders. Mirvac’s TSR performance is measured relative
	to a comparison group consisting of Mirvac’s primary market competitors (the S&P/ ASX 200 A-REIT) as this is aligned to the
	peer group in which we compete for capital.
	Relative ROE (50 per cent of the LTP allocation) – Relative ROE is used because it is aligned to Mirvac’s strategic drivers,
	in particular profitability and capital efficiency and rewards for outperformance against our market competitors. Mirvac’s ROE will
	be compared over the performance period with the ROE of the entities in the same comparison group as is used for the Relative
	TSR performance hurdle. ROE is calculated as Statutory Profit divided by Total Equity. To strike a balance between relative
	outperformance and the need for absolute returns with appropriate levels of gearing, vesting for this component will be capped
	at 50 per cent unless: a) ROIC exceeds WACC over the performance period; and b) gearing is within the Board approved range.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Remuneration Report

Executive Remuneration – How it works in detail continued

Long-Term Performance Plan (LTP)

Vesting schedule for the FY25 grant	The vesting schedule set out below shows the percentage of performance rights which may vest, with the Board having overarching discretion to ensure vesting outcomes are appropriately aligned to performance. Relative TSR Relative TSR Percentage of TSR-tested (percentile rank) rights to vest Below 50th Nil 50th 50% Between 50th and 75th Pro-rata between 50% and 100% 75th and above 100% Relative ROE Relative ROE Percentage of ROE-tested (percentile rank) rights to vest Below 50th Nil 50th 50% Between 50th and 75th Pro-rata between 50% and 100% 75th and above 100% Capped at 50 per cent unless: a) ROIC exceeds WACC and b) gearing is within the Board approved range.	The vesting schedule set out below shows the percentage of performance rights which may vest, with the Board having overarching discretion to ensure vesting outcomes are appropriately aligned to performance. Relative TSR Relative TSR Percentage of TSR-tested (percentile rank) rights to vest Below 50th Nil 50th 50% Between 50th and 75th Pro-rata between 50% and 100% 75th and above 100% Relative ROE Relative ROE Percentage of ROE-tested (percentile rank) rights to vest Below 50th Nil 50th 50% Between 50th and 75th Pro-rata between 50% and 100% 75th and above 100% Capped at 50 per cent unless: a) ROIC exceeds WACC and b) gearing is within the Board approved range.
		Relative ROE Percentage of ROE-tested (percentile rank) rights to vest
		Below 50th Nil
		50th 50%
		Between 50th and 75th Pro-rata between 50% and 100%
		75th and above 100%
		Capped at 50 per cent unless: a) ROIC exceeds WACC and b) gearing is within the Board approved range.

Vesting/ The performance rights will automatically exercise if and when the Board determines the performance conditions are delivery achieved. If the performance rights vest, entitlements are satisfied by either an allotment of new securities to participants or by the purchase of existing securities on-market. Any performance rights that do not vest at the end of the performance period will lapse. There is no retesting. Executive KMP members will be expected to retain the resulting securities until they satisfy the minimum securityholding guidelines.

Service agreements for Executive KMP

Each Executive KMP member, including the CEO/MD, has a formal contract, known as a service agreement. These agreements are of a continuing nature and have no fixed term of service.

There were no changes to the service agreements for Executive KMP in FY25.

The key terms of the service agreements for the CEO/MD and other Executive KMP members are summarised below.

Contract term	Notice period Employee Group Termination payment1
Group CEO/MD No fixed term Other Executive KMP No fixed term	6 months 6 months 6 months 3 months 3 months 9 months

Payable if Mirvac terminates employee with notice, for reasons other than unsatisfactory performance.

Remuneration Governance

The Board, the HRC, advisors and management work closely to apply our remuneration principles and ensure our strategy supports sustainable securityholder value.

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Board
Oversees�remuneration
Audit and Risk HRC
Four independent Non-Executive Directors
The Audit, Risk and Compliance Committee
Advises Board on remuneration strategy
provides advice to the HRC on risk and
risk culture issues or breaches Responsible for making recommendations on Executive remuneration
Approves KMP terms of employment
for consideration when determining
The HRC Charter is available on Mirvac’s website at:
Executive remuneration outcomes
https://www.mirvac.com/about/corporate-governance
Remuneration principles
Aligned to Mirvac’s Pillars of Value Aligned to our Fair, equitable and Support Mirvac’s desired Simple and
and desired business outcomes securityholders market competitive performance-based culture easily understood
----- End of picture text -----

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 61

Remuneration Report

Remuneration Governance continued

Other governance requirements

The following tables outline key governance requirements relating to executive remuneration.

Treatment	STI
on cessation	The deferred portion of an STI award is forfeited if an employee resigns or is dismissed for performance reasons prior to the
	vesting date. Unvested deferred STI awards may be retained if an employee leaves due to circumstances such as retirement,
	redundancy, mutual separation, agreed transfer to an investment partner, total and permanent disablement or death.
	LTP
	Resignation or dismissal: all unvested performance rights are forfeited. Retirement, redundancy, mutual agreement, agreed
	transfer to an investment partner, total and permanent disablement or death: the HRC determines the number of rights which
	will lapse or are retained, subject to both the original performance period and hurdles. Change of control event: the Board, in
	its absolute discretion, determines the number of performance rights that vest, if any, taking into account the performance
	from the date of grant to the event. From time-to-time, investors have suggested that, on a change of control, there ought to
	be automatic vesting (in full or pro-rated). The Board’s view is that absolute discretion empowers the Board,
	at the time of a transaction, to maximise the outcome to securityholders by using its judgment to determine how many
	(if any) performance rights vest, or in the alternative, to ensure incentives remain on foot where ongoing retention and
	incentives maximise value and/or reduce transaction risk.
Clawback	The policy gives the Board the ability to claw back incentives in the event of a material financial misstatement,
Policy	any misconduct that is, or may be, harmful to the Group, and/or gross negligence.
Hedging	Consistent with the Corporations Act 2001, participants are prohibited from hedging their unvested performance rights.
Minimum	Mirvac has adopted a minimum securityholding requirement of:
Securityholding	– 150 per cent of fixed remuneration for the CEO/MD
	– 100 per cent of fixed remuneration for other Executives

100 per cent of base fees for Non-Executive Directors.

Any purchases of Mirvac securities are subject to the Security Trading Policy. The Minimum Securityholding Policy is available on Mirvac’s website at: https://www.mirvac.com/about/corporate-governance

Executive KMP securityholdings

					Minimum	Date
	Balance	Changes	Balance		securityholding	securityholding
Executive KMP	1 July 2024	during the year	30 June 2025	Value1	requirement	to be attained
Campbell Hanan	817,600	166,004	983,604	$2,163,929	$2,250,000	Mar 28
Courtenay Smith	210,213	112,490	322,703	$709,947	$950,000	Jan 28
Scott Mosely	—	37,931	37,931	$83,448	$780,000	Nov 27
Stuart Penklis	485,901	30,658	516,559	$1,136,430	$1,100,000	Jan 28
Richard Seddon	84,843	42,476	127,319	$280,102	$650,000	Mar 28

Value as at 30 June 2025.

Security In line with the Code of Conduct, Mirvac has implemented a Security Trading Policy which covers dealings in Mirvac Trading securities by Directors and employees, as well as their respective associates. Policy

Directors and employees are only permitted to trade in Mirvac securities during designated trading windows and provided that they are not in possession of confidential price-sensitive information at that time. The policy also sets out the specific approval process to be followed prior to any dealing in Mirvac securities.

Margin loans and any form of hedging or short-term speculative dealing in Mirvac securities (including options or derivatives) are prohibited under the Security Trading Policy. The Security Trading Policy is available on Mirvac’s website at: https://www.mirvac.com/about/corporate-governance

Independent During FY25, EY provided the HRC with regulatory updates and market trend analysis. No remuneration recommendations remuneration were provided by EY or any other advisor during the year. advisors

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Remuneration Report

Non-Executive Director remuneration

Approach to Non-Executive Director fees

In contrast to Executive KMP remuneration, the remuneration of Mirvac’s Non-Executive Directors is not linked to performance. This is consistent with Non-Executive Directors being responsible for objective and independent oversight of the Group. Mirvac Limited’s Constitution provides that Non-Executive Directors may determine their own remuneration, but the total amount provided to all Directors (not including the CEO/MD and any other Executive Directors) must not exceed the sum agreed by securityholders at a general meeting. The maximum aggregate remuneration of $2.75m per annum was approved by securityholders at the 2022 AGM. Non-Executive Directors have not received any fees other than those described in this section, and do not receive bonuses or any other incentive payments or retirement benefits. The Non-Executive Directors are reimbursed for expenses properly incurred in performing their duties as a Director of Mirvac. The schedule of fees for Non-Executive Directors during FY25 is set out in the table below. The fees are annual fees, unless otherwise stated.

As disclosed in the FY24 Remuneration Report, following a benchmarking review, the Board resolved to make the following changes to Non-Executive Director fees, effective 1 July 2024.

Increase the Board Committee Chair fee from $30,000 to $40,000
Increase the Board Committee member fee from $18,000 to $22,000. This is a single fee payable to each Non-Executive Director who serves on a Committee and covers all Committee memberships.

These revised fees, in effect for FY25, are shown in the table below.

serves on a Committee and covers all Committee memberships. These revised fees, in effect for FY25, are shown in the table below.
Board/committee	$
Mirvac Limited and Mirvac Funds Limited Board Chair	480,0001
Mirvac Limited and Mirvac Funds Limited Board member	185,000
ARCC, HRC and HSE&E Chair	40,0002
Committee member	22,0003
Due Diligence Committee (per diem fee)	4,000

Chair fee covers all Board and committee responsibilities.
The ARCC, HRC and HSE&E Chair fee is in addition to the committee member fee.
The single committee fee is paid once for all committee memberships.

Minimum securityholding for Non-Executive Directors

In order to further strengthen the alignment of interests between Non-Executive Directors and securityholders, the Board established minimum Mirvac Securityholding Guidelines, which recommend Non-Executive Directors build up to a minimum securityholding level of 100 per cent of base fees. Non-Executive Directors appointed to the Mirvac Board will have three years from the date of appointment to establish their securityholding to the minimum level. In addition to this minimum securityholding requirement, a voluntary Non-Executive Director Fee Sacrifice Rights Plan is available to further encourage Directors to build an ownership stake in Mirvac.

					Minimum	Date
	Balance	Changes	Balance		securityholding	securityholding
Non-Executive KMP	1 July 2024	during the year	30 June 2025	Value1	requirement	to be attained
Robert Sindel	189,426	48,176	237,602	$591,482	$480,000	Jan 26
Christine Bartlett	127,297	—	127,297	$280,751	$185,000	Sep 24
James Cain	—	93,383	93,383	$186,976	$185,000	Dec 26
Damien Frawley	50,415	38,000	88,415	$187,070	$185,000	Dec 24
Rosemary Hartnett2	—	15,000	15,000	$32,400	$185,000	Dec 27
Jane Hewitt	110,000	—	110,000	$269,200	$185,000	Sep 24
Peter Nash	106,941	—	106,941	$262,023	$185,000	Sep 24

Value based on value of securities on acquisition date, as per the Minimum Securityholding Policy.
Rosemary Hartnett joined the Board as a Non-Executive Director on 2 December 2024.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 63

Remuneration Report

KMP statutory disclosures

Executive KMP remuneration in FY25

The following statutory table shows the total remuneration for the Executive KMP for FY24 and FY25. These disclosures are calculated in accordance with the accounting standards and accordingly differ from the information presented in the remuneration received in FY25 graphs on page 58.

FY25 graphs on page 58.
Year	Short-term benefits Cash Cash Non-cash salary1 STI2 benefits3	Post- employment Superannuation on contributions	Share based payments Other long -term benefits Value Value of Long Total Perfor- of LTP Deferred service remuner- ance rights4 STI rights4 leave5 ation related
Executive KMP Campbell Hanan FY25 FY24	1,470,068 696,825 — 1,472,601 769,500 573	29,932 27,399	756,217 477,397 639,618 466,197	24,501 3,454,940 56% 24,553 3,400,441 55%
Courtenay Smith FY25 FY24	899,561 450,614 20,545 903,841 497,610 18,835	29,932 27,399	153,091 312,348 73,940 301,372	15,334 1,881,425 49% 15,382 1,838,379 47%
Scott Mosely FY25 FY24	749,797 362,349 75 752,601 408,564 —	29,932 27,399	117,608 241,789 145,619 191,675	12,501 1,514,051 48% 12,548 1,538,406 48%
Stuart Penklis FY25 FY24	1,050,573 484,110 19,532 1,053,841 552,420 18,779	29,932 27,399	170,784 359,577 107,740 406,637	17,834 2,132,342 48% 17,883 2,184,699 49%
Richard Seddon FY25 FY24	620,068 308,315 38 622,601 340,470 —	29,932 27,399	129,024 196,387 79,535 142,086	10,335 1,294,099 49% 10,381 1,222,472 46%

Cash salary and fees includes accrued annual leave paid out as part of salary.
Cash STI relates to cash portion of STI awards accrued for the relevant year and payable in September following the end of the relevant financial year.
Non-cash benefits include salary-sacrificed benefits and related fringe benefits tax where applicable.
Valuation of rights is conducted by an independent advisor.
Long service leave relates to amounts accrued during the year.

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Remuneration Report

KMP statutory disclosures continued

KMP statutory disclosurescontinued
Non-Executive Director remuneration in FY25 Year	Short-term benefits Cash salary and fees $	Post- employment1 Super contributions Total $ $
Non-Executive KMP Robert Sindel2 FY25 FY24	480,000 452,601	— 480,000 27,399 480,000
Christine Bartlett FY25 FY24	221,525 209,910	25,475 247,000 23,090 233,000
James Cain3 FY25 FY24	247,000 115,360	— 247,000 6,557 121,917
Damien Frawley4 FY25 FY24	329,517 305,601	7,483 337,000 27,399 333,000
Rosemary Hartnett5 FY25	103,363	11,887 115,250
Jane Hewitt FY25 FY24	185,650 182,883	21,350 207,000 20,117 203,000
Peter Nash FY25 FY24	221,525 196,396	25,475 247,000 21,604 218,000
Former Non-Executive KMP James M. Millar AM6 FY25 FY24	— 106,480	— — 11,545 118,025
Samantha Mostyn AO7 FY25 FY24	— 161,185	— — 17,579 178,764
Total FY25 FY24	1,788,580 1,730,416	91,670 1,880,250 155,290 1,885,706

Relates to payments required under superannuation legislation.
Robert Sindel elected to participate in the NED Fee Sacrifice Rights Plan during FY25. 20% of FY25 fees were sacrificed into the Plan.
James Cain joined the Board as a Non-Executive Director on 1 December 2023. James Cain elected to participate in the NED Fee Sacrifice Rights Plan during FY25. 35% of FY25 fees were sacrificed into the Plan.
FY25 and FY24 remuneration for Damien Frawley is inclusive of fees for his Directorship on both the Mirvac Group and Mirvac Funds Management Australia Limited Board’s.
Rosemary Hartnett joined the Board as a Non-Executive Director on 2 December 2024.
James Millar retired from the Board on 31 December 2023.
Samantha Mostyn resigned from the board effective 3 April 2024, following the announcement of Sam’s appointment as the Governor General of Australia.

Executive KMP share right movements

The number of performance rights in Mirvac held during the year by each Executive KMP, including their personally related parties, is set out below.

Balance as at Executive KMP 1 July 2024	LTP	STI Rights vested/ Balance as at Rights Issued forfeited 30 June 2025
	Rights vested/ forfeited relating to performance period ending Rights issued 30 June 2025
Campbell Hanan 2,558,894 Courtenay Smith 694,205 Scott Mosely 531,124 Stuart Penklis 900,612 Richard Seddon 322,052	1,207,973 (953,064) 255,016 (229,885) 209,382 (224,137) 295,282 (294,540) 174,485 (87,931)	286,942 (166,004) 2,934,741 185,556 (112,490) 792,402 152,351 (37,931) 630,789 205,994 (165,158) 942,190 126,959 (20,758) 514,807

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 65

Remuneration Report

KMP statutory disclosures continued

Performance rights outstanding for Executive KMP

Details of the movement in the number and value of performance rights held by Executive KMP during the year are set out below.

			Number		Performance	Performance	Number	% of	Value ($)	Number	% of	Value ($)	Value ($)
Executive		Grant	of rights	Value ($) at		period	of rights	total	of rights	of rights	total	of	rights
KMP	Plan	date	granted	grant date	1	ended	vested	grant	vested	lapsed	grant	lapsed
Campbell	STI	31 Aug 22	59,601	114,079		31 Aug 24	59,601	100%	114,079	—	0%		—
Hanan	LTP	2 Dec 22	953,064	1,622,425		30 Jun 25	289,731	30.4%	368,248	663,333	69.6%	1,254,177
	STI	31 Aug 23	106,403	221,090		31 Aug 24	106,403	100%	221,090	—	0%		—
	STI	31 Aug 23	106,403	211,702		31 Aug 25
	LTP	30 Nov 23	1,333,423	1,758,160		30 Jun 26
	STI2	4 Sep 24	143,471	282,297		31 Aug 25
	STI3	4 Sep 24	143,471	268,336		31 Aug 26
	LTP	29 Nov 24	1,207,973	1,733,442		30 Jun 27
Total			4,053,809	6,211,531			455,735		703,417	663,333		1,254,177
Courtenay	STI	31 Aug 22	42,159	80,694		31 Aug 24	42,159	100%	80,694	—	0%		—
Smith	LTP	2 Dec 22	229,885	391,339		30 Jun 25	69,885	30.4%	88,824	160,000	69.6%	302,515
	STI	31 Aug 23	70,331	146,138		31 Aug 24	70,331	100%	146,138	—	0%		—
	STI	31 Aug 23	70,330	139,930		31 Aug 25
	LTP	30 Nov 23	281,500	371,167		30 Jun 26
	STI2	4 Sep 24	92,778	182,552		31 Aug 25
	STI3	4 Sep 24	92,778	173,524		31 Aug 26
	LTP	29 Nov 24	255,016	365,948		30 Jun 27
Total			1,134,777	1,851,292			182,375		315,656	160,000		302,515
Scott	LTP	2 Dec 22	224,137	381,554		30 Jun 25	68,137	30.4%	86,602	156,000	69.6%	294,952
Mosely	STI	31 Aug 23	37,931	78,815		31 Aug 24	37,931	100%	78,815	—	0%		—
	STI	31 Aug 23	37,930	75,467		31 Aug 25
	LTP	30 Nov 23	231,126	304,747		30 Jun 26
	STI2	4 Sep 24	76,176	149,886		31 Aug 25
	STI3	4 Sep 24	76,175	142,471		31 Aug 26
	LTP	29 Nov 24	209,382	300,463		30 Jun 27
Total			892,857	1,433,403			106,068		165,417	156,000		294,952
Stuart	STI	31 Aug 22	50,190	96,066		31 Aug 24	50,190	100%	96,066	—	0%		—
Penklis	LTP	2 Dec 22	294,540	501,403		30 Jun 25	89,540	30.4%	113,805	205,000	69.6%	387,598
	STI	31 Aug 23	114,968	238,887		31 Aug 24	114,968	100%	238,887	—	0%		—
	STI	31 Aug 23	114,967	228,741		31 Aug 25
	LTP	30 Nov 23	325,947	429,771		30 Jun 26
	STI2	4 Sep 24	102,997	202,659		31 Aug 25
	STI3	4 Sep 24	102,997	192,637		31 Aug 26
	LTP	29 Nov 24	295,282	423,729		30 Jun 27
Total			1,401,888	2,313,893			254,698		448,758	205,000		387,598
Richard	LTP	2 Dec 22	87,931	174,972		30 Jun 25	35,172	40%	69,988	52,759	60%	104,984
Seddon	STI	31 Aug 23	20,758	43,132		31 Aug 24	20,758	100%	43,132	—	0%		—
	STI	31 Aug 23	20,758	41,301		31 Aug 25
	LTP	30 Nov 23	192,605	253,956		30 Jun 26
	STI2	4 Sep 24	63,480	124,905		31 Aug 25
	STI3	4 Sep 24	63,479	118,725		31 Aug 26
	LTP	29 Nov 24	174,485	250,386		30 Jun 27
			623,496	1,007,377			55,930		113,120	52,759		104,984

The calculation of the value of performance rights uses the fair value as determined at the time of grant.
Fair value for each performance right is $1.97.
Fair value for each performance right is $1.87.

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Remuneration Report

KMP statutory disclosures continued

Grants of performance rights in FY25

The table below shows LTP grants made during FY25, subject to performance conditions over the performance period 1 July 2024 to 30 June 2027. Accounting standards require the estimated valuation of the grants be recognised over the performance period. The minimum value of the grant is nil if the vesting conditions are not met. The maximum value is based on the estimated fair value calculated at the time of the grant and amortised in accordance with the accounting standard requirements.

LTP maximum as % of fixed remuneration	Number of Fair value per Maximum Performance performance performance value ($) of measure rights granted right grant1
Campbell Hanan 150%	TSR 603,986 0.96 579,827 ROE 603,987 1.91 1,153,615
	Total 1,207,973 1,733,442
Courtenay Smith 50%	TSR 127,508 0.96 122,408 ROE 127,508 1.91 243,540
	Total 255,016 365,948
Scott Mosely 50%	TSR 104,691 0.96 100,503 ROE 104,691 1.91 199,960
	Total 209,382 300,463
Stuart Penklis 50%	TSR 147,641 0.96 141,735 ROE 147,641 1.91 281,994
	Total 295,282 423,729
Richard Seddon 50%	TSR 87,242 0.96 83,752 ROE 87,243 1.91 166,634
	Total 174,485 250,386

The value of performance rights reflects the fair value at the time of grant.

Key inputs used in valuing performance rights granted during FY25 were as follows:

Grant date	29 Nov 24	Exercise price	$nil
Performance hurdles	Relative TSR and Relative ROE	Expected life	2.59 years
Performance period start	1 Jul 24	Risk-free interest rate	4.00%
Performance period end	30 Jun 27	Volatility	27.19%
Security price at valuation date	$2.16	Dividend yield	4.86%

Additional disclosures

Other transactions with KMP

There are a number of transactions between KMP and the Group. On occasions, Directors and other KMP participate in arrangements available to directly purchase Mirvac developed residential property. These transactions are made on terms equivalent to those that prevail in arm’s length transactions and are at market rates.

As set out in the Directors’ report, a number of the Directors of Mirvac are also Directors of other companies. On occasions, the Group may purchase goods and services from or supply goods and services to these companies. These transactions are undertaken on normal commercial terms and conditions and the Director or other KMP does not directly influence these transactions.

terms and conditions and the Director or other KMP does not directly influence these transactions.
Mirvac developed property purchased by KMP ($’000)	2025	2024
Outstanding at the start of the year	—	7,477
Contract value of exchanges during the year	4,743	—
Amounts paid during the year	(237)	(6,109)
Former KMP commitments	—	(1,368)
Outstanding commiments at the end of the year	4,506	—

Other benefits

Fees paid by Mirvac for Directors’ and Officers’ liability insurance are not itemised for each Director as their disclosure would breach the terms of the policy.

Mirvac Group Annual Report 2025 67

Financial and operational results Risk management Governance Remuneration report Financial report Other

Auditor’s independence declaration

Auditor’s Independence Declaration

As lead auditor for the audit of Mirvac Limited for the year ended 30 June 2025, I declare that to the best of my knowledge and belief, there have been:

a. no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
b. no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Mirvac Limited and the entities it controlled during the period.

Voula Papageorgiou Partner PricewaterhouseCoopers

Sydney 15 August 2025

PricewaterhouseCoopers, ABN 52 780 433 757 One International Towers Sydney, Watermans Quay, BARANGAROO NSW 2000, GPO BOX 2650, SYDNEY NSW 2001 T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au Level 11, 1PSQ, 169 Macquarie Street, PARRAMATTA NSW 2150, PO Box 1155 PARRAMATTA NSW 2124 T: +61 2 9659 2476, F: +61 2 8266 9999, www.pwc.com.au

pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

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Business overview Letters to securityholders

Financial report For the year ended 30 June 2025

Consolidated financial statements

69 Consolidated statement of comprehensive income
70 Consolidated statement of financial position
71 Consolidated statement of changes in equity
72 Consolidated statement of cash flows
Notes to the consolidated financial statements
73 A Basis of preparation
B Results for the year
74 B1 Segment information 78 B2 Revenue 80 B3 Expenses 81 B4 Events occurring after the end of the year 81 B5 Income tax C Property and development assets
83 C1 Property portfolio 85 C2 Investment properties 86 C3 Investments in joint ventures and associates 88 C4 Inventories D Operating assets and liabilities
90 D1 Receivables 91 D2 Other financial assets 92 D3 Intangible assets 94 D4 Payables 94 D5 Provisions E Capital structure and risks
95 E1 Capital management 95 E2 Borrowings and liquidity 96 E3 Cash flow information 97 E4 Derivative financial instruments 98 E5 Financial risk management 101 E6 Fair value measurement of financial instruments F Equity
101 F1 Distributions 102 F2 Contributed equity 102 F3 Reserves 103 F4 Security-based payments G Group structure
105 G1 Group structure and Deed of Cross Guarantee 107 G2 Parent entity 107 G3 Joint venture acquisition and disposals H Other disclosures
108 H1 Contingent liabilities 108 H2 Commitments 108 H3 Earnings per stapled security 109 H4 Related parties 110 H5 Auditor’s remuneration I Appendices
110 I1 Property portfolio listing 113 I2 Controlled entities 115 I3 Joint venture and associate entities 116 Consolidated entity disclosure statement

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 69

Consolidated statement of comprehensive income

For the year ended 30 June 2025

		2025	2024
	Note	$m	$m
Revenue	B2	2,472	3,035
Other income
Share of net profit of joint ventures and associates	C3	198	—
Gain on sale of assets		60	—
Revaluation gain on financial instruments	B2	5	2
Total revenue and other income		2,735	3,037
Development expenses		1,575	1,867
Cost of goods sold interest	B3	25	58
Impairment of inventory and other assets		82	—
Selling and marketing expenses		32	40
Revaluation loss on investment properties	C1	315	816
Share of net losses of joint ventures and associates	C3	—	237
Impairment loss on joint ventures and associates	C3	—	42
Loss on disposal of assets		4	23
Investment property expenses and outgoings	B3	182	192
Depreciation and amortisation expenses		69	75
Employee expenses	B3	133	122
Finance costs	B3	181	197
Revaluation loss on financial instruments		14	49
Other expenses	B3	93	99
Profit/(loss) before income tax		30	(780)
Income tax (benefit)/expense	B5	(38)	25
Profit/(loss) from continuing operations attributable to stapled securityholders		68	(805)
Other comprehensive (loss)/income that may be reclassified to profit or loss
Changes in the fair value of cash flow hedges	F3	(9)	17
Share of other comprehensive losses of joint ventures and associates	C3	(5)	—
Other comprehensive (loss)/income for the year		(14)	17
Total comprehensive income/(loss) for the year attributable to stapled securityholders		54	(788)
Earnings per stapled security (EPS) attributable to stapled securityholders		Cents	Cents
Basic EPS	H3	1.7	(20.4)
Diluted EPS	H3	1.7	(20.4)

The above consolidated statement of comprehensive income (SoCI) should be read in conjunction with the accompanying notes.

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Consolidated statement of financial position

As at 30 June 2025

		2025	2024
	Note	$m	$m
Current assets
Cash and cash equivalents		236	335
Receivables	D1	408	407
Inventories	C4	1,056	1,349
Derivative financial assets	E4	57	61
Current tax asset	B5	—	30
Other assets		52	48
Assets classified as held for sale	C1	36	300
Total current assets		1,845	2,530
Non-current assets
Receivables	D1	218	12
Inventories	C4	1,316	1,310
Investment properties	C1	8,149	8,737
Investments in joint ventures and associates	C3	3,099	2,545
Derivative financial assets	E4	198	164
Other financial assets	D2	71	65
Other assets		58	95
Property, plant and equipment		4	7
Right-of-use assets		39	16
Intangible assets	D3	71	75
Deferred tax assets	B5	10	—
Total non-current assets		13,233	13,026
Total assets		15,078	15,556
Current liabilities
Payables	D4	1,058	1,149
Deferred revenue	B2	26	16
Borrowings	E2	458	181
Derivative financial liabilities	E4	60	12
Lease liabilities	E2	21	9
Provisions	D5	203	317
Current tax liability	B5	4	—
Total current liabilities		1,830	1,684
Non-current liabilities
Payables	D4	47	6
Deferred revenue	B2	—	20
Borrowings	E2	4,006	4,243
Lease liabilities	E2	59	47
Derivative financial liabilities	E4	50	155
Provisions	D5	31	10
Deferred tax liabilities	B5	—	40
Total non-current liabilities		4,193	4,521
Total liabilities		6,023	6,205
Net assets		9,055	9,351
Equity
Contributed equity	F2	7,534	7,534
Reserves	F3	47	56
Retained earnings		1,474	1,761
Total equity attributable to the stapled securityholders		9,055	9,351

The above consolidated statement of financial position (SoFP) should be read in conjunction with the accompanying notes.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 71

Consolidated statement of changes in equity

For the year ended 30 June 2025

Note	Attributable to stapled securityholders
	Contributed Retained Total equity Reserves earnings equity $m $m $m $m
Balance 30 June 2023 Loss for the year Other comprehensive income for the year	7,533 23 3,001 10,557 — — (805) (805) — 17 — 17
Total comprehensive income/(loss) for the year	— 17 (805) (788)
Transactions with owners of the Group Security-based payments Expense recognised – EEP F4 Expense recognised – LTP and STI F4 EEP securities purchased F4 LTP vested F4 STI vested F4 Legacy schemes vested F2 Distributions F1 Transfer to cash flow hedge reserve F3	— 1 — 1 — 6 — 6 — (1) — (1) — (9) — (9) — (2) — (2) 1 — — 1 — — (414) (414) — 21 (21) —
Total transactions with owners of the Group	1 16 (435) (418)
Balance 30 June 2024	7,534 56 1,761 9,351
Balance 1 July 2024 Profit for the year Other comprehensive loss for the year	7,534 56 1,761 9,351 — — 68 68 — (14) — (14)
Total comprehensive profit for the year	— (14) 68 54
Transactions with owners of the Group Security-based payments Expense recognised – EEP F4 Expense recognised – LTP and STI F4 EEP securities purchased F4 LTP vested F4 STI vested F4 Share of security based payment reserve movements of investments accounted for using the equity method Distributions F1	— 1 — 1 — 8 — 8 — (1) — (1) — (2) — (2) — (2) — (2) — 1 — 1 — — (355) (355)
Total transactions with owners of the Group	— 5 (355) (350)
Balance 30 June 2025	7,534 47 1,474 9,055

The above consolidated statement of changes in equity (SoCE) should be read in conjunction with the accompanying notes.

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Consolidated statement of cash flows

For the year ended 30 June 2025

		2025	2024
	Note	$m	$m
Cash flows from operating activities
Receipts from customers (inclusive of GST)		3,007	3,274
Payments to suppliers and employees (inclusive of GST)		(2,383)	(2,607)
Net receipts in the course of operations		624	667
Interest received		5	10
Distributions received from joint ventures and associates		152	111
Distributions received		1	1
Interest paid		(258)	(272)
Income tax refund		26	25
Net cash inflows from operating activities	E3	550	542
Cash flows from investing activities
Payments for investment properties		(351)	(423)
Proceeds from sale of investment properties		407	845
Proceeds from loans to unrelated parties		50	225
Payments of loans to unrelated parties		(49)	(144)
Payments for property, plant and equipment		(2)	(1)
Contributions to joint ventures and associates		(268)	(387)
Proceeds from joint ventures and associates		62	11
Payments for software under development		—	(1)
Payments for investments		(4)	—
Proceeds from disposal of subsidiaries, net of cash deconsolidated	G3	—	1
Net cash (outflows)/inflows from investing activities		(155)	126
Cash flows from financing activities
Proceeds from borrowings		5,249	4,830
Repayments of borrowings		(5,321)	(4,890)
Distributions paid		(415)	(387)
Principal element of lease payments		(7)	(8)
Net cash outflows from financing activities		(494)	(455)
Net (decrease)/increase in cash and cash equivalents		(99)	213
Cash and cash equivalents at the beginning of the year		335	122
Cash and cash equivalents at the end of the year		236	335

The above consolidated statement of cash flows (SoCF) should be read in conjunction with the accompanying notes.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 73

Notes to the consolidated financial statements

A Basis of preparation

Mirvac Group – stapled securities

A Mirvac Group stapled security comprises one Mirvac Limited share ‘stapled’ to one unit in Mirvac Property Trust (MPT) to create a single listed security traded on the ASX. The stapled securities cannot be traded or dealt with separately. Mirvac Limited (the deemed parent entity) and Mirvac Funds Limited (as responsible entity for MPT) have common directors and operate as Mirvac Group. Mirvac Limited and MPT have a Deed of Cooperation to recharge each other on a cost recovery basis, where permitted by law, to maintain the best interests of Mirvac as a whole.

The stapled security structure will cease to operate on the first of:

Mirvac Limited or MPT resolving by special resolution in a general meeting, and in accordance with its Constitution, to terminate the stapled security structure; or
Mirvac Limited or MPT commencing winding up.

The ASX reserves the right (but without limiting its absolute discretion) to remove entities with stapled securities from the official list if their securities cease to be stapled together, or either one or more stapled entities issue any equity securities of the same class that are not stapled.

Mirvac Limited and MPT remain separate legal entities in accordance with the Corporations Act 2001. For accounting purposes, Mirvac Limited has been deemed the parent entity of MPT.

Statement of compliance

These consolidated financial statements are general purpose financial statements. They have been prepared in accordance with Australian Accounting Standards (AAS) and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), the Corporations Act 2001 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Basis of preparation

Mirvac Group is a for-profit entity for the purposes of preparing the financial statements.

These financial statements have been prepared on a going concern basis, using historical cost conventions except for investment properties, investment properties under construction (IPUC), assets classified as held for sale, derivative financial instruments and other financial assets and financial liabilities that have been measured at fair value.

All figures in the financial statements are presented in Australian dollars (AUD) and have been rounded to the nearest million (m) dollars in accordance with ASIC Corporations Instrument 2016/191, unless otherwise indicated.

Critical accounting estimates and judgements

The preparation of financial statements requires estimation and judgement. The areas involving a higher degree of estimation or judgement are discussed in the following notes:

are discussed in the following notes:
	Note
Revenue	B2
Income tax	B5
Investment properties	C2
Investments in joint ventures and associates	C3
Inventories	C4
Intangible assets	D3
Fair value measurement of financial instruments	E6
Security-based payments	F4

Comparative information

Where necessary, comparative information has been restated to conform to the current year’s disclosures.

New and amended standards adopted by the Group

Amended standards and interpretations adopted by the Group for the year ended 30 June 2025 have not had a significant impact on the current period or any prior period and are not likely to have a significant impact in future periods. These are listed below:

AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current [AASB 101]
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback [AASB 16]
AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants [AASB 101]
AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements [AASB 7 & AASB 107]

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Notes to the consolidated financial statements

A Basis of preparation continued

New standards issued but not yet effective

AASB 18 Presentation and Disclosure in Financial Statements

AASB 18 will supersede AASB 101 Presentation of Financial Statements, introducing revised requirements for the presentation of the Consolidated Statement of Comprehensive Income. The new standard aims to enhance comparability of the financial performance across similar entities.

AASB 18 will not impact the recognition and measurement of items in the financial statements. It introduces new presentation and disclosure requirements including:

mandatory classification of income and expenses into operating, investing, and financing categories;
presentation of two newly defined subtotals: operating profit and profit before financing and income taxes;
disclosure of management-defined performance measures used in public communications, with reconciliations to the subtotals required by AASBs; and
enhanced guidance on aggregation and disaggregation principles in the primary financial statements and related notes.

AASB 18 is effective for annual reporting periods beginning on or after 1 January 2027 and Mirvac will adopt it for the year ending 30 June 2028. The Group expects AASB 18 to change the presentation of information in the primary financial statements for that year, but does not anticipate any other material impacts at this stage.

B Results for the year

This section explains the results and performance of the Group, including segmental analysis and detailed breakdowns.

B1 Segment information

The Group identifies its operating segments based on the internal reporting provided to the ELT, who are the Group’s chief operating decision makers.

The Group’s operating segments are as follows:

Investment

Passive portfolio, through which income is derived from directly owned assets, co-investment stakes in funds, and investments in joint ventures and associates alongside capital partners. The portfolio spans office, industrial, retail, build to rent and land lease.

Funds

Includes both funds management and asset management operations, earning fees from the provision of investment management, property management, leasing, and capital expenditure delivery services to the balance sheet portfolio and third-party partners.

Development

Spans commercial and mixed-use, build to rent and residential projects. Profits are derived from development of assets for institutional investors as well as the Group’s balance sheet, and through building homes and communities for residential customers.

Geographically, the Group operates in major urban areas across Australia.

During the year, the Group recognised $437m of revenue from a single external customer. This revenue represents 18 per cent of total revenue and was attributed to the Development segment.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 75

Notes to the consolidated financial statements

B Results for the year continued

Presented below are the key profit metrics, a breakdown of revenue by function and other required information for each segment: Key profit metrics

Key profit metrics
	2025	2024
	$m	$m
Investment	602	612
Funds	33	33
Development	178	297
Segment EBIT1	813	942
Unallocated overheads	(77)	(82)
Group EBIT	736	860
Net financing costs2	(224)	(261)
Operating income tax expense	(38)	(47)
Operating profit after tax	474	552
Development revaluation (loss)/gain3	(180)	34
Investment property revaluation loss	(102)	(1,107)
Other non-operating items	(124)	(284)
Statutory profit/(loss) attributable to stapled securityholders	68	(805)

EBIT includes share of EBIT of joint ventures and associates.
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), which is included in Share of net profit/losses of joint ventures and associates.
Relates to the fair value movement on IPUC.

Revenue by function		Segments	Development 2025 2024 $m $m	Unallocated 2025 2024 $m $m	Total
	Investment 2025 2024 $m $m	Funds 2025 2024 $m $m
					2025 2024 $m $m
Property rental revenue Development revenue1 Asset and funds management revenue2 Other revenue	633 694 — — — — 5 3	11 11 — — 89 78 15 16	— — 1,742 2,206 — — 5 18	— — — — — — 3 8	644 705 1,742 2,206 89 78 28 45
Total operating revenue	638 697	115 105	1,747 2,224	3 8	2,503 3,034
Share of net profit of joint ventures and associates3	128 —	— —	50 —	— —	178 —
Gain on sale of assets	— —	— —	60 —	— —	60 —
Other income	128 —	— —	110 —	— —	238 —
Total operating revenue and other income	766 697	115 105	1,857 2,224	3 8	2,741 3,034
Non-operating items	(7) —	— —	— —	1 3	(6) 3
Total statutory revenue and other income	759 697	115 105	1,857 2,224	4 11	2,735 3,037

Includes development management fees.
Investment property management revenue incurred on the Group’s investment properties of $15m (2024: $17m) has been eliminated on consolidation.
Revenue excludes non-operating items.

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Notes to the consolidated financial statements

B Results for the year continued

B Results for the yearcontinued
Segment assets and liabilities		Segments	Development 2025 2024 $m $m	Unallocated 2025 2024 $m $m	Total
	Investment 2025 2024 $m $m	Funds 2025 2024 $m $m
					2025 2024 $m $m
Assets Investment properties Inventories Assets held for sale Indirect investments1 Other assets	7,572 7,956 — — — 300 2,600 2,354 130 58	— — — — — — 35 36 51 50	577 781 2,372 2,659 36 — 660 377 479 330	— — — — — — 7 21 559 634	8,149 8,737 2,372 2,659 36 300 3,302 2,788 1,219 1,072
Total assets	10,302 10,668	86 86	4,124 4,147	566 655	15,078 15,556
Total liabilities	169 403	40 33	958 799	4,856 4,970	6,023 6,205
Net assets/(liabilities)	10,133 10,265	46 53	3,166 3,348	(4,290) (4,315)	9,055 9,351
Other segment information Share of net profits/(losses) of joint ventures and associates	149 (220)	— —	49 (17)	— —	198 (237)
Development expenses	— —	— —	1,575 1,867	— —	1,575 1,867
Investment Property expense and outgoings	181 190	1 2	— —	— —	182 192
Finance costs	1 1	— —	42 35	138 161	181 197
Depreciation and amortisation expenses	54 61	1 3	— —	14 11	69 75
Additions for investment properties and PPE	169 208	— —	169 217	2 2	340 427
Additions of investments in joint ventures and associates	226 346	— —	52 107	— —	278 453

Includes carrying value of investments in joint ventures and associates and other indirect investments.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 77

Notes to the consolidated financial statements

B Results for the year continued

Reconciliation of statutory profit to operating profit after tax

The following table shows how profit for the year attributable to stapled securityholders reconciles to operating profit after tax:

	Segments 2025 2024 Investment Funds Development Unallocated Total Total $m $m $m $m $m $m
Profit/(loss) for the year attributable to stapled securityholders	370 25 (141) (186) 68 (805)
Exclude specific non-cash items Revaluation of investment properties1 135 — 180 — 315 816 Net (gain)/loss on financial instruments (3) — — 12 9 47 Depreciation of right-of-use assets — — — 7 7 7 Straight-lining of lease revenue2 1 — — — 1 (4) Amortisation of lease incentives and leasing costs3 81 — — — 81 99 Amortisation of management rights — 1 — — 1 3 Share of net (losses)/profit of joint ventures and associates relating to movement of non-cash items4 (20) — — — (20) 370 AASB 16 Leases – net movement — — — (7) (7) (8)
Exclude other non-operating items Gain on disposal of assets 4 — — — 4 23 Restructuring expense5 — — — — — 11 Impairment of inventory and other assets — — 75 — 75 — Reversal of impairment of other assets2 — — — — — (4) Impairment of joint ventures and associates — — — — — 42 Transaction costs 1 7 6 — 14 8 Insurance proceeds2 — — — — — (33)
Tax effect Tax effect of non-operating adjustments6 — — — (74) (74) (20)
Operating profit after tax 569 33 120 (248) 474 552
Software-as-a-Service (SaaS) implementation costs — 4 — 10 14 25
Funds From Operations (FFO) 569 37 120 (238) 488 577

Includes development revaluation loss and revaluation loss on assets classified as held for sale and excludes Mirvac’s share in the joint ventures and associates revaluation of investment properties, which is included within Share of net profit of joint ventures and associates.
Included within Revenue.
Includes amortisation of lease incentives and leasing costs incurred during the period for assets classified as held for sale.
Included within Share of net profits/(losses) of joint ventures and associates.
Included within Employee expenses.
Included within Income tax expense.

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Notes to the consolidated financial statements

B Results for the year continued

B2 Revenue

The Group has three main revenue streams: property rental revenue, asset and funds management revenue and development revenue. Property rental revenue comes from holding properties as investment properties and earning rental yields over time. Asset and funds management revenue are fees earned from managed assets. Development revenue is derived from constructing and selling properties as well as managing developments for third parties and capital partners.

Revenue is measured at the fair value of the consideration received or receivable, net of returns, trade allowances and duties and taxes paid. The Group recognises revenue from the transfer of goods or services over time and at a point in time in the following revenue streams.

Property rental revenue

Lease revenue

The Group invests in properties for rental yields and capital appreciation. Rental revenue from investment properties is recognised on a straight-line basis over the lease term, net of any incentives. Modifications to the leases are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease.

Service revenue

The Group also provides services to the lessees, which primarily consist of general building management and operations in accordance with their lease agreements. Service income, representing the recovery of associated costs from the lessees, is recognised over time when the services are provided.

Asset and funds management revenue

The Group provides property management and leasing, investment funds management, and facilities management services. These services are provided on an ongoing basis and over the term of the agreements. The Investment and Funds management fees are generally calculated based upon the value of the managed assets, which is a variable consideration and recognised upon delivery of services.

Development revenue

Settlement revenue

The Group develops and sells properties comprising apartments, land lots, masterplanned communities and commercial and mixed-use properties held as inventory. Revenue is recognised when control of the property is transferred to the customer and generally occurs on settlement. The revenue is measured at the transaction price agreed under the contract.

Development management service revenue

Development management fees are received to remunerate the Group for management services, time and the risk of developing a commercial, mixed-use, build to rent or residential project. Contracts can include one or multiple performance obligations depending on the terms of the contract. Revenue is recognised as the performance obligations are satisfied. Hourly rate fees are recognised when service is provided, and fixed rate fees are recognised on a percentage of completion basis.

Construction service revenue

The Group provides construction services for commercial, build to rent, and residential buildings or a combination thereof as mixed-use on customer-owned land.

Contracts to provide construction services can include either one performance obligation or multiple performance obligations within each contract. The Group assesses each of its contracts individually and where there are separate performance obligations identified, the transaction price is allocated based on the relative standalone selling prices of the services provided. As the performance obligation(s) is/are satisfied, revenue including costs and margin is recognised over time, with progress determined in line with the building’s percentage of completion. The percentage of completion is determined by costs incurred to date as a percentage of total costs expected to be incurred to satisfy the performance obligation(s). This method best represents the passing of control of the building to the customer as it is being built. Estimates of costs, project completion and associated revenue are revised if circumstances change, with any resulting increases or decreases reflected in the consolidated SoCI.

Certain development contracts may include variable revenue, which is dependent on predetermined metrics, for example, capitalised net rental income. Variable revenue is recognised when highly probable based on historical experience, forecasts and current economic conditions.

Deferred revenue

There are instances when the Group invoices a customer or receives payment from them, but the related work is not yet completed in accordance with the performance obligations in the contract and the invoices or payments exceed the revenue recognised to date. When this is the case, the Group recognises the payments received as deferred revenue to the extent that the associated performance obligation remains unsatisfied. Deferred revenue is classified as a liability in the consolidated SoFP. The associated revenue is recognised in the consolidated SoCI when the performance obligations are satisfied. The recognition of deferred revenue is contractually based. Judgement is required in determining whether performance obligations have been satisfied for the recognition of the associated revenue. At 30 June 2025, the Group held $26m of deferred revenue (2024: $36m).

During the year, the Group recognised $16m in revenue from contracts for which deferred revenue was held at the beginning of the financial year (2024: $56m).

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 79

Notes to the consolidated financial statements

B Results for the year continued

B Results for the yearcontinued
	2025	2024
	$m	$m
Revenue
Lease revenue	469	611
Property incentive amortisation	(30)	(38)
Straight lining of lease revenue	(1)	4
Service revenue	175	89
Other property rental revenue	—	6
Total property rental revenue	613	672
Asset and funds management revenue	89	78
Settlement revenue	999	1,288
Development and construction management services revenue	743	918
Total development revenue	1,742	2,206
Interest revenue	6	10
Other revenue	22	69
Total revenue	2,472	3,035

Costs to obtain a contract

Sales commissions, incurred to obtain a contract, are capitalised and included within other assets on the consolidated SoFP and expensed when the associated settlement revenue is recognised.

when the associated settlement revenue is recognised.
	2025	2024
	$m	$m
Expensed during the period1	14	16
Incremental costs to obtain a contract
Current	4	2
Non-current	3	3
Total incremental costs to obtain a contract	7	5

No impairment loss was recognised during the year (2024: $nil).

Transaction price allocated to remaining performance obligations

The transaction price allocated to partially unsatisfied performance obligations at 30 June 2025 is set out below.

	2025	2024
	$m	$m
Within one year	848	1,120
More than one year	793	1,613
Total	1,641	2,733
Revaluation gain on financial instruments
	2025	2024
	$m	$m
Revaluation gain on cross currency derivatives	2	2
Revaluation gain on unlisted entities	3	—
Total revaluation gain on financial instruments	5	2

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Notes to the consolidated financial statements

B Results for the year continued

B3 Expenses

Development expenses

Development expenses are initially capitalised as inventory on the consolidated SoFP until the associated revenue is recognised. These expenses include the costs of acquisition and development and all other costs directly related to the specific projects, including an allocation of direct overhead expenses.

Cost of goods sold interest

Interest previously capitalised to incomplete inventory is expensed when the associated revenue is recognised. Upon completion of the project, borrowing costs and other holding charges are no longer capitalised and are expensed as incurred.

Selling and marketing expenses

Costs to promote and market projects are expensed as incurred. Direct costs incurred in obtaining a contract, such as sales commissions, are capitalised as a contract asset and included within other assets on the consolidated SoFP. These costs are expensed when the associated revenue is recognised.

Investment property expenses and outgoings

Investment property expenses relate to those costs that are required to be incurred to allow for the occupation and maintenance of investment properties in order to continue to earn rental revenue. Expenses include statutory levies, insurance and other property outgoings and are recognised on an accruals basis.

Government grants

Government grants are accounted for under AASB 120 Accounting for Government Grants and Disclosure of Government Assistance. The standard provides the option to present these amounts as income or as a reduction in expenses.

No land tax rebates were received in the current year. (2024: $nil).

Depreciation and amortisation

Depreciation on property, plant and equipment is calculated on a straight-line basis over the estimated useful life of the asset, usually between 3-15 years. Amortisation on lease incentives, software and management rights is calculated on a straight-line basis over the estimated useful life of the asset.

estimated useful life of the asset.
Profit before income tax includes the following specific expenses:	2025	2024
	$m	$m
Total investment property expenses and outgoings
Statutory levies	42	45
Insurance	5	8
Power and gas	27	29
Property maintenance	47	47
Other	61	63
Total investment property expenses and outgoings	182	192
Total employee expenses
Employee benefits expenses	124	104
Security-based payments expense	9	7
Restructuring expense	—	11
Total employee expenses	133	122
Interest and borrowing costs
Interest paid/payable	252	269
Interest on lease liabilities	2	1
Interest capitalised	(77)	(76)
Borrowing costs amortised	4	3
Total finance costs	181	197
Add: cost of goods sold interest1	25	58
Total interest and borrowing costs	206	255
Total other expenses
Compliance, consulting and professional fees	18	11
Office and administration expenses	17	19
IT infrastructure2	31	44
Transaction costs	14	8
Other expenses	13	17
Total other expenses	93	99

This interest was previously capitalised and has been expensed in the current period.
Includes employee benefits expenses $4m (2024: $7m) relating to the implementation of SaaS arrangements.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 81

Notes to the consolidated financial statements

B Results for the year continued

B4 Events occurring after the end of the year

B5 Income tax

This section includes the Group’s tax accounting policies and details of the income tax expense and deferred tax balances.

Accounting for income tax

Most of the Group’s profit is earned by Mirvac Property Trust and its sub-trusts, which are not subject to taxation, provided that the stapled securityholders of the Group are attributed the taxable income of the Mirvac Property Trust. Stapled securityholders are liable to pay tax at their effective tax rate on the amounts attributed.

Income tax expense for Mirvac Limited and its wholly owned controlled entities is calculated at the applicable tax rate (currently 30 per cent in Australia). This is recognised in the profit for the year, unless it relates to other comprehensive income or transactions recognised directly in equity.

The tax expense comprises both current and deferred tax. Broadly, current tax represents the tax expense paid or payable for the current year.

Accounting income is not always the same as taxable income, creating temporary differences. These differences usually reverse over time. Until they reverse, a deferred tax asset or liability is recognised on the consolidated SoFP. Deferred tax is not recognised on the initial recognition of goodwill. Deferred tax assets, including those arising from tax losses, are only recognised to the extent it is probable that sufficient taxable profits will be available to utilise the losses in the foreseeable future.

The Group estimates future taxable profits based on approved budgets and forecasts extending five years. Future taxable profits are influenced by a variety of general economic and business conditions, which are outside the control of the Group. A change in any of these assumptions could have an impact on the future profitability of the Group and may affect the recovery of deferred tax assets.

Mirvac Limited Tax Consolidated Group

Mirvac Limited and its wholly owned controlled entities are in a tax consolidated group. The entities in the tax consolidated group have entered into a tax sharing agreement that, in the opinion of the Directors, limits the joint and several liabilities of the wholly owned entities in the case of a default by the head entity, Mirvac Limited. Accordingly, the deferred tax assets and deferred tax liabilities are permitted to be offset in the consolidated SoFP.

The entities in the tax consolidated group are also parties to a tax funding agreement which makes provision for Mirvac Limited as head entity to be funded by its subsidiaries for any group liability payable by Mirvac Limited.

to be funded by its subsidiaries for any group liability payable by Mirvac Limited.
Income tax analysis	2025	2024
	$m	$m
Reconciliation to effective tax rate
Profit/(loss) before income tax	30	(780)
Add: Group elimination entries not subject to corporate taxation	7	40
(Less)/Add: MPT (profit)/loss not subject to taxation	(126)	696
Loss that is subject to taxation	(89)	(44)
Income tax benefit calculated at 30%	(27)	(13)
Tax effect of amounts that are not deductible/(taxable) in calculating taxable income
Non-deductible transaction costs	—	1
Non-deductible/assessable equity accounted (profit)/loss	(10)	25
Impairment of joint ventures and associates	—	12
Other non-assessable items	(1)	—
Income tax (benefit)/expense	(38)	25
Effective tax rate1	31%	30%

Effective tax rate is calculated as the income tax expense divided by the profit which is subject to taxation. The effective tax rate has been normalised by excluding non-deductible transaction costs, and non-deductible losses and impairment on equity accounted joint ventures and associates.

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Notes to the consolidated financial statements

B Results for the year continued

								2025	2024
Reconciliation of income tax (benefit)/expense to tax paid and payable								$m	$m
Income tax (benefit)/expense								(38)	25
Temporary differences
Deferred revenue								(4)	(6)
Inventories								54	44
Revaluation of derivative financial instruments								3	10
Movements in foreign exchange translation								1	—
Receivables								(14)	(3)
Right-of-use assets								(7)	2
Lease liabilities								7	(3)
Investment in JVA’s								11	3
Other temporary differences								(5)	—
Transfer from tax losses								—	(127)
Current tax expense/(benefit)								8	(55)
Opening current tax (asset)								(30)	—
Less: current tax refunded during the year								26	25
Closing tax liability/(asset)								4	(30)
								2025	2024
Unrecognised tax and capital losses								$m	$m
Unused capital losses that have not been recognised as deferred tax assets due to uncertainty of utilisation1								222	236
Potential tax benefit at 30 per cent								67	71
1. Unused capital losses can only be utilised	against capital gains.
				Recognised				Recognised
				in other	Balance			in other	Balance
			Recognised in	comprehensive	30 June	Recognised in		comprehensive	30 June
	1 July 2023		profit or loss	income	2024	profit or loss		income	2025
Movement in deferred tax		$m	$m	$m	$m		$m	$m	$m
Unrealised gain from JVAs		7	3	—	10		2	—	12
Accruals		39	(3)	—	36		(16)	—	20
Employee provisions and accruals		22	(3)	—	19		12	—	31
Deferred revenue		17	(6)	—	11		(4)	—	7
Derivative financial instruments		41	(1)	10	50		(2)	(15)	33
Impairment of loans and doubtful debts		1	—	—	1		—	—	1
PPE		5	(4)	—	1		(1)	—	—
Tax losses		127	(127)	—	—		—	—	—
Lease liabilities		19	(3)	—	16		7	—	23
Foreign exchange translation losses		29	—	2	31		1	33	65
Investments in JVAs		—	—	—	—		7	—	7
Other		8	7	—	15		(2)	—	13
Deferred tax assets		315	(137)	12	190		4	18	212
Investments in JVAs		(7)	3	—	(4)		4	—	—
Inventories1		(175)	44	—	(131)		54	—	(77)
Derivative financial instruments		(59)	11	(19)	(67)		5	(14)	(76)
Land and buildings		(1)	1	—	—		—	—	—
Prepayments		(2)	1	—	(1)		(1)	—	(2)
Receivables		(15)	(3)	—	(18)		(14)	—	(32)
Right-of-use assets		(8)	2	—	(6)		(7)	—	(13)
Other		(1)	(2)	—	(3)		1	—	(2)
Deferred tax liabilities		(268)	57	(19)	(230)		42	(14)	(202)
Net deferred tax assets/(liabilities)		47	(80)	(7)	(40)		46	4	10

Includes investment properties that are considered trading stock for tax purposes.

Deferred tax assets expected to be recovered after more than 12 months are $205m (2024: $180m).

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 83

Notes to the consolidated financial statements

C Property and development assets

This section includes investment properties, investments in joint ventures and associates and inventories. They represent the core assets of the business and drive the value of the Group.

C1 Property portfolio

Mirvac holds a property portfolio for long-term rental yields and capital appreciation. Depending on the specific arrangements for each property, they are classified as investment properties or properties held through joint ventures and associates. Refer to note I1 for a detailed listing of Mirvac’s property portfolio.

Investment properties Investment properties are properties owned by Mirvac and not occupied by the Group. Investment properties include investment properties under construction (IPUC), which will become investment properties once construction is completed. Mirvac accounts for its investment properties at fair value. Revaluation gains are recognised as Other income and revaluation losses are recognised as an expense. For the year ended 30 June 2025, $315m revaluation loss has been recognised in Profit/Loss before income tax (2024: $816m revaluation loss). Investments in joint arrangements Mirvac enters into arrangements with third parties to jointly own investment properties. If Mirvac has joint control over the activities and joint rights to the net assets of an arrangement held in a separate entity, then it is classified as a joint venture. If Mirvac has significant influence over an entity, that is neither a subsidiary nor an interest in a joint venture, then it is classified as an associate. The joint venture or associate (JVA) holds investment property at fair value. Mirvac recognises its share of the JVA’s net profit as Other income, and its share of JVA’s net loss as an expense. For further details on accounting for JVAs, refer to note C3. Mirvac also holds joint operations with third parties whereby the parties have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the financial statements under the appropriate headings. Judgements in fair value estimation Fair value is the price that would be received to sell an asset in an orderly transaction between market participants. For all investment property that is measured at fair value, the existing use of the property is considered the highest and best use. The Group assesses its property portfolio for environmental risks and incorporates sustainability initiatives, where appropriate, in determining the fair value of investment properties. The fair values of properties are calculated using a combination of market sales comparisons, discounted cash flows and capitalisation rates. To assist with calculating reliable estimates, Mirvac uses independent valuers on a rotational basis. Approximately 25 per cent of the portfolio is independently valued every six months, with management internally estimating the fair value of the remaining properties using estimation techniques by suitably qualified personnel. As at 30 June 2025, the Group undertook independent valuations covering 38 per cent of its investment property portfolio, by value, excluding IPUC. The fair values are a best estimate but may differ to the actual sales price if the properties were to be sold. The key judgements for each valuation method are explained below: Discounted cash flow (DCF): Projects a series of cash flows over the property’s life and a terminal value, discounted using a discount rate to give the present value. The projected cash flows incorporate expected rental income (based on contracts or market rates), operating costs, lease incentives, lease fees, capital expenditure, and a terminal value from selling the property. The terminal value is calculated by applying the terminal yield to the net market income. The discount rate is a market rate reflecting the risk associated with the cash flows, the nature, location and tenancy profile of the property relative to comparable investment properties and other asset classes. Capitalisation rate: The rate or yield at which the annual net income from an investment is capitalised to ascertain its capital value at a given date. The annual net income is based on contracted rents, market rents, operating costs and future income on vacant space. The capitalisation rate reflects the nature, location and tenancy profile of the property together with current market evidence and sales of comparable properties. Direct comparison approach: Utilises recent sales of comparable properties, adjusted for any differences including the nature, location, town planning/zoning, flooding and environmental impediments. Investment properties under construction: There generally is not an active market for IPUC. Due to the inherent difficulty in valuing IPUC, fair value will typically be capitalised costs to date. Where a valuation is performed, fair value is measured using the capitalisation rate, DCF or residual valuations. Capitalisation rate and DCF valuations for investment properties under construction are as described above and also consider the costs and risks of completing construction and letting the property. Residual: Estimates the value of the completed project, less the remaining development costs which include construction, finance costs and an allowance for the developer’s risk and profit. This valuation is then discounted back to the present value. Note C2 explains the key inputs and sensitivity to changes in the measurement of fair value of investment properties.

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Notes to the consolidated financial statements

C Property and development assets continued

Lease incentives

The carrying amount of investment properties includes lease incentives provided to tenants. Lease incentives are capitalised and recognised on a straight-line basis over the lease term.

Ground leases

A lease liability reflecting the leasehold arrangements of investment properties is separately disclosed in the consolidated SoFP and the carrying value of the investment properties adjusted (i.e. increased) so that the net of these two amounts equals the fair value of the investment properties. The lease liabilities are calculated as the net present value of the future lease payments discounted at the incremental borrowing rate.

At 30 June 2025, $37m of lease liabilities for ground leases has been recognised on the consolidated SoFP (2024: $37m).

Lease liabilities are subsequently measured by:

increasing the carrying amount to reflect interest on the lease liability
reducing the carrying amount to reflect the lease payments made
remeasuring the carrying amount to reflect any reassessment or lease modifications.

Some ground leases contain variable payment terms that are linked to sales generated. Variable lease payments that depend on sales are recognised in the consolidated SoCI in the period in which the condition that triggers those payments occurs.

Interest on the lease liabilities and any variable lease payments not included in the measurement of the lease liabilities are recognised in the consolidated SoCI to the period in which they relate.

Derecognition of investment properties

Investment properties are reclassified from non-current assets to current assets held for sale when they satisfy the conditions under AASB 5 Non-current Assets Held for Sale and Discontinued Operations.

For reclassification to occur, the disposal of the investment property must be highly probable with an exchanged contract and settlement pending. Once control of an investment property transfers to a purchaser, usually upon settlement, the Group will derecognise the book value of the investment property with any resultant gain or loss recognised in the consolidated SoFP.

Occasionally, the Group will reassess the status of an investment property and determine that its highest and best use may be different from its current use; for example, an office building may be better suited to redevelopment and sale as apartments. In these cases, once development commences with a view to resale, and the investment property ceases to be classified as an investment property, all or part is reclassified from Investment properties to Inventory.

						2025	2024
		Office	Industrial	Retail	Living	Total	Total
Property portfolio as at 30 June 2025	Note	$m	$m	$m	$m	$m	$m
Investment properties		3,986	1,327	2,259	—	7,572	7,956
Investment properties under construction		364	105	108	—	577	781
Total investment properties	C2	4,350	1,432	2,367	—	8,149	8,737
Investments in JVA1		1,579	570	—	1,174	3,323	2,984
Assets classified as held for sale		18	—	18	—	36	300
Total property portfolio		5,947	2,002	2,385	1,174	11,508	12,021

Represents Mirvac’s share of the JVA’s investment properties which is included within the carrying value of investments in JVA.

1. Represents Mirvac’s share of the JVA’s investment properties which is included within the carrying value of investments in JVA.
	2025	2024
Revaluation of investment properties	$m	$m
Office1	(391)	(716)
Industrial	118	(96)
Retail	(42)	(4)
Net revaluation loss from fair value adjustments	(315)	(816)

No revaluation for assets classified as held for sale in June 2025 (June 2024: $101m).

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 85

Notes to the consolidated financial statements

C Property and development assets continued

C2 Investment properties

Investment properties, including investment properties under construction, are held at fair value. Revaluation gains are recognised as Other income and revaluation losses are recognised as an expense. The fair value movements are non-cash and do not affect the Group’s distributable income.

				2025	2024
	Office	Industrial	Retail	Total	Total
Movements in investment properties	$m	$m	$m	$m	$m
Balance 1 July	4,950	1,385	2,402	8,737	9,753
Expenditure capitalised	283	25	34	342	426
Disposals	(337)	—	—	(337)	(243)
Net revaluation loss from fair value adjustments1	(391)	118	(42)	(315)	(715)
Transfer to assets classified as held for sale	(18)	—	(18)	(36)	(88)
Transfer to inventories	(76)	—	4	(72)	(101)
Transfer to joint ventures and associates	—	(89)	—	(89)	(202)
Amortisation expense	(61)	(7)	(13)	(81)	(93)
Balance 30 June	4,350	1,432	2,367	8,149	8,737

No revaluation for assets classified as held for sale in June 2025 (June 2024: $101m).

Fair value measurement and valuation basis

The basis of valuation of investment properties is fair value. Fair values are based on market values, being the price that would be received to sell an asset in an orderly transaction between market participants at the reporting date.

Investment properties are measured as Level 3 financial instruments. Refer to note E6 for explanation of the levels of fair value measurement. The following are the unobservable inputs used in determining the fair value measurement of investment properties. Movement in any of the unobservable inputs is likely to have an impact on the fair value of investment property. The higher the net market income or 10-year compound annual growth rate, the higher the fair value. The higher the capitalisation rate, terminal yield or discount rate, the lower the fair value.

The key inputs and sensitivity to changes are explained below.

Unobservable inputs Details

Capitalisation rate The rate at which net market income is capitalised to determine the value of a property.

The rate of return used to convert a monetary sum, payable or receivable in the future, into present value.

Discount rate This should reflect the opportunity cost of capital; that is, the required rate of return the capital can earn if put to other uses having regard to a similar risk profile.

The capitalisation rate used to convert income into an indication of the anticipated value of the property Terminal yield at the end of the holding period when carrying out a discounted cash flow calculation.

The rent at which a tenancy could be leased in the market, including rental growth in future years at the Market rent date of valuation. and growth rate Market rent includes gross rent and net rent. Gross rent is where outgoings are incorporated in the rent being paid. Net market rent is where the owner recovers outgoings from the tenant on a pro-rata basis.

The market rate per square metre uses recent transactional evidence of comparable properties to determine Market rate the fair value of the investment property under the direct comparison method.

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Notes to the consolidated financial statements

C Property and development assets continued

The discounted cash flow, capitalisation rate, residual valuation and direct comparison methods all use unobservable inputs in determining fair value; ranges of the inputs are included below per asset class:

fair value; ranges of the inputs are included below	per asset class:
Level 3 fair value $m	Inputs used to measure fair value
	10-year Net market compound annual Capitalisation Terminal Discount income growth rate rate yield rate $/sqm % % % %
2025 Office 4,350 Industrial 1,432 Retail 2,367	374 – 1370 3.47 – 4.00 5.63 – 7.00 5.88 – 7.13 6.63 – 7.63 184 – 497 3.25 – 3.40 5.13 – 7.00 5.50 – 7.25 6.25 – 7.63 359 – 860 3.19 – 5.00 5.25 – 8.75 5.50 – 9.00 6.50 – 10.00
Total investment properties 8,149	— — — — —
2024 Office 4,950 Industrial 1,385 Retail 2,402	350 – 1,367 3.45 – 3.95 5.25 – 8.00 5.50 – 8.25 6.50 – 8.00 170 – 480 3.27 – 3.40 5.13 – 5.75 5.38 – 6.13 6.75 – 7.43 353 – 744 2.99 – 4.10 5.00 – 8.75 5.25 – 9.00 6.50 – 10.00
Total investment properties 8,737	— — — — —

Sensitivity analysis

Due to the uncertain economic climate and the judgement required to assess the fair value of the Group’s investment properties, a sensitivity analysis was undertaken to further stress test the Group’s assessment of fair value as at 30 June 2025.

The following sensitivity analysis is based on upward and downward movements of 25 bps and 50 bps on the movement of capitalisation rates, discount rates and terminal yields per asset class compared to the capitalisation rates, discount rates and terminal yields adopted by the Group as at 30 June 2025. These are considered to be the key unobservable inputs that would be expected to have the most material impact on the fair values adopted if they moved. Valuations use a blended capitalisation rate and DCF approach whereby the current market income and the cash flow of the investment property are considered to determine the final fair value. Varying the capitalisation rates alone will only impact the valuations derived through the capitalisation method and has no impact on the DCF analysis. A change in discount rate and terminal capitalisation rate will only impact the DCF valuation. Accordingly, all three metrics need to be moved proportionately to ensure a consistent methodology when performing the sensitivity analysis.

Presented below is the outcome of the sensitivity analysis as the decrement or increment to the fair value of each asset class of the Group’s investment property portfolio (including assets classified as held for sale and office JV but excluding all other JVAs and IPUC) should the unobservable inputs increase or decrease by 25 bps or 50 bps. For example, an increase of 25 bps of the capitalisation rate, discount rate and terminal yield in the Group’s office portfolio would have resulted in a decrement of $242m in addition to the fair value presented as at 30 June 2025.

terminal yield in the Group’s office portfolio would have resulted in	a decrement of $242m in addition to the fair value presented as at 30 June 2025.
Investment properties at fair value assessed using DCF, market capitalisation and capitalisation rate	Capitalisation rate, discount rate and terminal yield movement by
	25 bps 50 bps 25 bps 50 bps $m $m $m $m
Office Industrial Retail	(242) (515) 260 542 (64) (123) 71 149 (99) (190) 108 226
Total	(405) (828) 439 917

For investment properties at fair value assessed using the direct comparison approach, a sensitivity analysis was performed. Using an increase of 5 per cent in the rate per square metre and a decrease of 5 per cent in the rate per square metre, the impact to the fair value presented as at 30 June 2025 was not material.

C3 Investments in joint ventures and associates

A joint venture is a joint arrangement where Mirvac has joint control over the activities and joint rights to the net assets. An associate is an entity over which Mirvac has significant influence, and that is neither a subsidiary nor an interest in a joint venture. Refer to note G1 for details on how Mirvac decides if it controls an entity. Refer to note I3 for the Group’s joint venture and associate entities and ownership percentages.

Mirvac initially records its investment in JVAs at cost and subsequently accounts for them using the equity method. Under the equity method, the Group’s share of the JVA’s profit or loss is added to/deducted from the carrying amount each year. Distributions received or receivable are recognised by reducing the carrying amount of the JVA.

When transactions between Mirvac and its JVAs create an unrealised gain, the Group eliminates the unrealised gain relating to Mirvac’s proportional interest in the JVA. Unrealised losses are eliminated in the same way unless there is evidence of impairment, in which case the loss is realised.

Judgement in testing for impairment of investments in JVA

At each reporting period, the Group assesses whether there is any indication that its investments in JVAs may be impaired. If any such indication exists, the Group estimates the recoverable amount of the asset. The recoverable amount is calculated as the estimated present value of future distributions to be received from the JVA and from its ultimate disposal.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 87

Notes to the consolidated financial statements

C Property and development assets continued

All JVAs are established or incorporated in Australia. The movements in the carrying amount of the JVAs are as follows:

C Property and development assetscontinued All JVAs are established or incorporated in Australia. The movements in the carrying amount of the JVAs are	as follows:
	2025	2024
Movements in the carrying amount of JVA	$m	$m
Balance 1 July	2,545	2,302
Share of profit/(losses)1	198	(237)
Share of other comprehensive losses	(5)	—
Equity acquired	234	453
Transfer from inventories	262	—
Transfer from investment properties	89	202
Business combinations2	—	2
Impairment of investment	—	(42)
Return of capital	(16)	(16)
Disposal of interest	(46)	—
Distributions received/receivable	(172)	(114)
Other movements	10	(5)
Balance 30 June	3,099	2,545

No impairment losses on JVAs in 2025 (2024: $51m).
Represents the net assets/(liabilities) (excluding inventories and investment properties which are disclosed separately) of entities that were formerly wholly owned subsidiaries and transferred to JVAs during the year.

The tables below provide summarised financial information for those JVAs that are significant to the Group.

The information presented reflects the total amounts presented in the financial statements of the relevant JVAs and not the Group’s share, unless otherwise stated. The information has been amended to reflect any unrealised gains or losses on transactions between Mirvac and its JVAs.

Summarised financial information for joint ventures and associates

Principal activities	The George Street Trust	LIV Mirvac Property Trust1	Mirvac Wholesale Office Fund	Serenitas	Mirvac (Old Treasury) Trust1	Mirvac 8 Chifley Trust1	Mirvac Locomotive Trust1	MIV Switchyards Trust	Other JVAs	Total JVAs
	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m
	Property investment	Property investment	Property investment	Property investment	Property investment	Property investment	Property investment	Property investment	Various
Accounting classification	Joint venture	Joint venture	Associate	Joint venture	Joint venture	Joint venture	Joint venture	Joint venture	Various
Summarised SoFP Cash and cash equivalents Other current assets	6 3 5 11	6 4 5 3		38 37 116 214	5 5 4 2	1 3 4 2	1 3 9 3	2 6 4 2


Total current assets	11 14	11 7	93 71	154 251	9 7	5 5	10 6	6 8
Total non-current assets	901 883	1,650 1,374	6,086 5,888	1,145 955	475 477	434 423	438 437	355 351
Total assets	912 897	1,661 1,381	6,179 5,959	1,299 1,206	484 484	439 428	448 443	361 359
Borrowings Other current liabilities	— — 12 15	— — 37 49		— — 22 194	— — 9 8	— — 4 3	— — 11 6	— — 6 16

Total current liabilities	12 15	37 49	128 80	22 194	9 8	4 3	11 6	6 16
Borrowings Other non-current liabilities	— — — —	563 439 1 —		632 518 23 —	— — — —	— — — —	— — — —	— — 6 —

Total non-current liabilities — —		564 439	1,658 1,414	655 518	— —	— —	— —	6 —
Total liabilities 12 15		601 488	1,786 1,494	677 712	9 8	4 3	11 6	12 16
Net assets 900 882		1,060 893	4,393 4,465	622 494	475 476	435 425	437 437	349 343
Group’s ownership of the JVAs in % 50 50		44 44	8 8	40 48	50 50	50 50	51 51	51 51	— —	— —
Group’s share of net assets in $m 451 442		469 395	358 359	249 235	237 238	217 213	223 223	178 175	861 374	3,243 2,654
Carrying amount in Group’s consolidated SoFP 451 442		456 386	358 359	246 235	231 231	201 196	178 184	178 175	800 337	3,099 2,545

The difference between the carrying amount and the Group’s share in the net assets of its investment is a result of eliminations due to the Group’s transactions with its investee.

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Notes to the consolidated financial statements

C Property and development assets continued

Principal activities	The George Street Trust	LIV Mirvac Property Trust	Mirvac Wholesale Office Fund	Serenitas	Mirvac (Old Treasury) Trust	Mirvac 8 Chifley Trust	Mirvac Locomotive Trust	MIV Switchyards Trust	Other JVAs	Total JVAs
	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m	2025 $m 2024 $m
	Property investment	Property investment	Property investment	Property investment	Property investment	Property investment	Property investment	Property investment	Various
Accounting classification	Joint venture	Joint venture	Associate	Joint venture	Joint venture	Joint venture	Joint venture	Joint venture	Various
Summarised SoCI Revenue Interest income Other income1	63 64 — — 17 —	46 31 — — 18 57	340 353	295 78 — 1 39 1	44 43 — — — —	32 27 — — 7 —	30 30 — — — —	20 16 — — 4 —



Total revenue and other income	80 64	64 88		334 80	44 43	39 27	30 30	24 16
Interest expense Depreciation and amortisation expenses Other expenses1	— — 3 5 16 213	19 11 1 1 26 18		40 10 2 1 183 146	— — — — 12 46	— — 3 1 7 46	— — 6 7 9 10	— — — — 4 14


Profit/(loss) from continuing operations	61 (154)	18 58	43 (1,169)	109 (77)	32 (3)	29 (20)	15 13	20 2	81 (26)	408(1,376)
Other comprehensive income that may be reclassified to profit or loss	— —	— —	9 1	(15) 1	— —	— —	— —	— —	— —	(6) 2
Total comprehensive (loss)/income	61 (154)	18 58	52 (1,168)	94 (76)	32 (3)	29 (20)	15 13	20 2	81 (26)	402 (1,374)
Distributions received/ receivable by the Group from JVAs	22 25	1 1	6 6	2 —	16 16	13 10	7 10	7 5	69 41	143 114

Other income includes revaluation gain on investment properties. Other expenses include revaluation loss on investment properties.

Capital expenditure commitments

At 30 June 2025, the Group’s share of its JVA’s capital commitments that have been approved but not yet provided for was $96m (2024: $259m).

C4 Inventories

The Group develops residential, commercial and mixed-use properties for sale in the ordinary course of business. Inventories are classified as current if they are expected to be settled within 12 months. Otherwise, they are classified as non-current.

Development projects

Development projects are valued at the lower of cost and net realisable value (NRV). Following a review and assessment of the project forecasts and new development opportunities, there were net inventory impairments recognised during the year of $79m (2024: net reversal of impairments of $2m).

Cost includes the costs of acquisition, development, interest capitalised and all other costs directly related to specific projects. An allocation of direct overhead expenses is also included.

Judgement in calculating NRV of inventories

NRV is the estimated selling price in the ordinary course of business less the estimated costs to complete and sell the development. NRV is estimated using the most reliable evidence available at the time, including expected fluctuations in selling price and estimated costs to complete and sell.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 89

Notes to the consolidated financial statements

C Property and development assets continued

The key assumptions used in the project forecasts for the Group’s NRV assessments include:

Key assumption Details of key assumption

Sales rates/volumes The rate at which lots are sold over a given period.

Sales price The price for which a given lot or asset is sold.

Sales incentives

Recognised as a percentage of the purchase price, which is allocated to either direct or indirect expenditure to induce the sale of a lot.

Settlement volumes The number of lot settlements achievable over a given period.

Cost to complete All remaining costs to complete the program of works and sell unsold stock, measured at reporting date.

The duration of a project from commencement to completion of all stages, a project program generally extends Program duration from the approval to purchase through to the final settlement of lots and may extend over many years.

Inventory represented by	Residential MPC Apartments Total $m $m $m	Commercial & Mixed-Use 2025 2024 Total Total Total $m $m $m
Current inventory Provision for impairment	283 499 782 (1) (49) (50)	349 1,131 1,388 (25) (75) (39)
Total current inventory	282 450 732	324 1,056 1,349
Non-current inventory Provision for impairment	532 574 1,106 (1) (4) (5)	215 1,321 1,323 — (5) (13)
Total non-current inventory	531 570 1,101	215 1,316 1,310
Total inventories	813 1,020 1,833	539 2,372 2,659
Movements in inventories	Residential MPC Apartments Total $m $m $m	Commercial & Mixed-Use 2025 2024 Total Total Total $m $m $m
Balance 1 July Costs incurred Settlements Provision for impairment of inventories Release of provision for impairment of inventories Inventory costs written off Transfer from/(to) investment properties Transfer to JVAs Transfer to other assets Transfer to receivables	1,056 1,154 2,210 585 328 913 (590) (462) (1,052) (18) (75) (93) 3 33 36 (1) (3) (4) — 76 76 (231) (31) (262) 9 — 9 — — —	449 2,659 3,239 289 1,202 1,047 (169) (1,221) (1,693) (18) (111) — — 36 9 — (4) (7) (4) 72 101 — (262) — — 9 — (8) (8) (37)
Balance 30 June	813 1,020 1,833	539 2,372 2,659

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Notes to the consolidated financial statements

D Operating assets and liabilities

D1 Receivables

Receivables are initially recognised at their fair value. Receivables are subsequently measured at amortised cost using the effective interest rate method, less loss allowance if required. Due to the short-term nature of current receivables, their carrying amount (less loss allowance) is assumed to be the same as their fair value.

For the majority of the non-current receivables, the carrying amount is also not significantly different to their fair value. The expected credit loss (ECL) of receivables is reviewed on an ongoing basis. The Group applies the simplified approach to measuring ECL as appropriate based on the different characteristics of each financial asset class. To measure the ECL, management has grouped together its receivables based on shared credit risk characteristics and the days past due. The Group uses judgement in making assumptions about risk of default, ECL rates and the inputs to the impairment calculation, based on the Group’s past history, existing market conditions and future looking estimates at the end of each reporting period. Receivables that are determined to be uncollectable are written off.

For loans receivable, at inception of a loan, an ECL provision is recognised which considers the following:

The historical bad debt write offs incurred for similar loan arrangements
The collateral held over the loan
The creditworthiness of the borrower.

Over the life of the loan, the risk profile is reassessed in accordance with the three-stage approach.

Stage 1 – Performing includes loans that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date. For these loans, 12-month expected credit losses are recognised and interest revenue is calculated on the gross carrying amount of the loan.
Stage 2 – Underperforming includes loans that have had a significant increase in credit risk since initial recognition but are not credit-impaired. For these loans a lifetime ECL over the life of the loan is recognised, and interest revenue is still calculated on the gross carrying amount of the asset.
Stage 3 – Non-performing consists of loans that are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flows of the loan has occurred. For these assets, a lifetime ECL is also recognised, but interest revenue is calculated on the net carrying amount (net of the ECL provision).

The consideration of the stage of the loan requires significant judgement, in particular when assessing whether there has been a significant increase in credit risk and in estimating ECL provision.

As at 30 June 2025, the Group did not have any stage 2 or stage 3 loans receivable (2024: nil).

Note	2025 Loss Gross allowance Net $m $m $m	2024
		Loss Gross allowance Net $m $m $m
Current receivables Trade receivables Contract assets1 Loans to unrelated parties Other receivables	84 (4) 80 — — — 1 — 1 327 — 327	69 (5) 64 1 — 1 10 — 10 332 — 332
Total current receivables	412 (4) 408	412 (5) 407
Non-current receivables Loans to unrelated parties Other receivables	10 — 10 208 — 208	7 — 7 5 — 5
Total non-current receivables	218 — 218	12 — 12
Total receivables	630 (4) 626	424 (5) 419

Contract assets are receivables where the right to receive payment from customers remains conditional.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 91

Notes to the consolidated financial statements

D Operating assets and liabilitiescontinued
	2025	2024
Movements in loss allowance	$m	$m
Balance 1 July	(5)	(10)
Loss allowance recognised	(2)	(3)
Loss allowance released	1	5
Amounts utilised for write-off of receivables	2	3
Balance 30 June	(4)	(5)

Ageing Not past due $m	Days past due 1 – 30 31 – 60 61 – 90 91 – 120 Over 120 Total $m $m $m $m $m $m
Trade receivables 29 Contract assets — Loans 11 Other receivables 506 Loss allowance —	36 7 2 1 9 84 — — — — — — — — — — — 11 18 1 — — 10 535 — — — — (4) (4)
Balance 30 June 2025 546	54 8 2 1 15 626
Trade receivables 51 Contract assets 1 Loans 17 Other receivables 312 Loss allowance —	6 5 2 1 4 69 — — — — — 1 — — — — — 17 10 8 6 — 1 337 — — (1) (1) (3) (5)
Balance 30 June 2024 381	16 13 7 — 2 419

The Group does not have any significant credit risk exposure to a single customer. The Group holds collateral of $87m (2024: $121m). The quantum, terms and conditions of collateral are outlined in the lease agreements. However, generally as lessor, the Group has the right to call upon the collateral if a lessee breaches their lease. Refer to note E5 for further details on the Group’s exposure to and management of credit risk.

D2 Other financial assets

Investments in unlisted entities

The Group holds units in unlisted entities that do not give Mirvac control, as explained in note G1, or significant influence, as explained in note C3. Distributions received are recognised in revenue and any changes in fair value are recognised in the gain or loss on financial instruments in the consolidated SoCI.

Fair value measurement

Other financial assets are carried at fair value. Fair value is estimated as explained in note E6.

instruments in the consolidated SoCI. Fair value measurement Other financial assets are carried at fair value. Fair value is estimated as explained in note E6.
	2025	2024
	$m	$m
Non-current
Investments in unlisted entities	71	65
Total other financial assets	71	65

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Notes to the consolidated financial statements

D Operating assets and liabilities continued

D3 Intangible assets

Mirvac’s intangible assets consist of goodwill, management rights and software.

Goodwill

The goodwill acquired in a business combination is attributable to the profitability of the acquired business, as well as benefits derived from the acquired workforce and other intangible assets that cannot be separately recognised. The goodwill is not expected to be deductible for income tax.

Management rights

Management rights are the rights to manage properties and funds and have been initially recognised at fair value as part of business combinations. Management rights relating to office are estimated to have a useful life of 10 years and are carried at cost less accumulated amortisation and impairment losses. Management rights relating to retail are considered to be open-ended and therefore have no expiry. Management considers the useful life as indefinite and the management rights are tested annually for impairment.

Software

Software consists of purchased and internally generated capitalised development costs where it is evident that these costs will generate probable future economic benefits. Software is held at cost less accumulated amortisation. Once ready for use, the Group amortises software using a straight-line method over the estimated useful life.

Costs incurred to configure or customise cloud computing software, and the ongoing fees to obtain access to the cloud provider’s application software, are recognised as an expense when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation, and the SaaS access over the contract term, the services are assessed to determine if they are distinct. Where the services are not distinct, the configuration and customisation costs incurred are capitalised on the consolidated SoFP as a prepayment and expensed over the SaaS contract term.

The breakdown of intangible assets by type and operating segment is set out below.

	Balance				Balance				Balance
	1 July		Amortis		30 June		Amortis		30 June
	2023	Additions	-ation	Transfers	2024	Additions	-ation	Transfers	2025
Carrying amounts	$m	$m	$m	$m	$m	$m	$m	$m	$m
Goodwill
Investment	36	—	—	—	36	—	—	—	36
Funds	31	—	—	—	31	—	—	—	31
Total goodwill	67	—	—	—	67	—	—	—	67
Management rights
Funds	7	—	(3)	—	4	—	(1)	—	3
Total management rights	7	—	(3)	—	4	—	(1)	—	3
Software under
development
Unallocated	2	1	—	(1)	2	—	—	(2)	—
Total software
under development	2	1	—	(1)	2	—	—	(2)	—
Software
Unallocated	2	—	(1)	1	2	—	(3)	2	1
Total software	2	—	(1)	1	2	—	(3)	2	1
Total intangible assets	78	1	(4)	—	75	—	(4)	—	71

Management rights

Management rights include property management rights for office and retail properties managed by the Group. Management rights with a finite life are amortised using the straight-line method over their useful life. For indefinite management rights, the Group tests for impairment at the reporting date. Assets are impaired if the carrying value exceeds their recoverable amount. The recoverable amount is determined using a discounted cash flow. A 9.23 per cent pre-tax discount rate and a 4 per cent growth rate have been applied to the cash flow projections.

Goodwill

Goodwill acquired in a business combination is tested annually for impairment. Goodwill is impaired if the recoverable amount, calculated as the higher of the value in use and the fair value less costs to sell, is less than its carrying amount. For the purpose of assessing impairment, assets are grouped at the lowest levels for which goodwill is monitored for internal management purposes and allocated to cash generating units (CGU). The estimation of the recoverable amount of goodwill depends on the nature of the CGU. The value in use is the discounted present value of estimated cash flows that the CGU will generate.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 93

Notes to the consolidated financial statements

D Operating assets and liabilities continued

The key assumptions used to determine the forecast cash flows in the goodwill models include:

D Operating assets and liabilitiescontinued The key assumptions used to determine the forecast cash flows in the	goodwill models include:
Key assumption Details of key assumption	Inputs used
	Investment 2025 Funds 2025 Investment 2024 Funds 2024
Net market rent The rent at which a tenancy could be leased in the market, including outgoings recovery.	Lease specific assumptions, including let up periods and incentives Not applicable Lease specific assumptions, including let up periods and incentives Not applicable
Other cash flows Fees derived from investment management and asset management services.	Cash flows from the Management & Administration expense Cash flows from Asset & Funds Management and the associated Management & Administration expense Cash flows from the Management & Administration expense Cash flows from Asset & Funds Management and the associated Management & Administration expense
Capital expenditure The amount of additional investment required to upgrade or maintain the Group’s investment properties.	Investment property assumptions based on the age and condition of the property Not applicable Investment property assumptions based on the age and condition of the property Not applicable
Growth rate The rate at which cash flows will grow over time. The growth rate has been adjusted to reflect current market conditions and does not exceed the long-term average growth rate. The cash flow projections are based on management-approved forecasts covering an initial period of five years and the subsequent five years are based on a growth rate.	3.1% – 3.7% 3.0% 3.2% – 5.1% 3.0%
Cash flow period AASB 136 Impairment of Assets recommends that cash flow projections should cover a maximum period of five years, unless a longer period can be justified. As the cash flow projections used for budgeting and forecasting are based on long-term, predictable and quantifiable leases, with renewal assumptions based on asset class and industry experience, management is comfortable that a ten year cash flow projection is appropriate.	10 years 10 years 10 years 10 years
Terminal growth rate The constant rate that cash flows are expected to grow at into perpetuity.	3.0% 3.0% 3.0% 3.0%
Pre-tax discount rate The rate of return used to convert cash flows into present value, these are specific to the risks of each of the cash flows within the Investment and Funds segments. The Investment segment uses the weighted average investment property portfolio discount rate. The Funds segment uses a price-to-earnings multiple.	7.0% 13.2% 6.9% 12.6%

Sensitivity

If the cash flow projections used in the value in use calculations increased or decreased the pre-tax discount rate by 50 bps and the terminal growth rate or growth rate were increased or decreased by 50 bps, and 100 bps respectively, the Group would have sufficient headroom and this would not result in an impairment.

Based on information available and market conditions as at 30 June 2025 and up to the date of this report, management have considered that a reasonably foreseeable change in the other assumptions used in the goodwill assessment would not result in an impairment to the value of goodwill as at 30 June 2025.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Notes to the consolidated financial statements

D Operating assets and liabilities continued

D4 Payables

Payables are measured at amortised cost. Due to the short-term nature of current payables, their carrying amount is assumed to be the same as their fair value. For the majority of non-current payables, the carrying amount is also not significantly different to their fair value.

Trade payables due more than 12 months after year end are classified as non-current.

Trade payables due more than 12 months after year end are classified as non-current.
	2025	2024
	$m	$m
Current
Trade payables	100	73
Accrued expenses	422	370
Deferred land payable	414	381
Deferred payment for units in JVA	—	60
Annual leave accrued	18	25
Other payables	104	240
Total current payables	1,058	1,149
Non-current
Deferred land payable	37	—
Other payables	10	6
Total non-current payables	47	6
Total payables	1,105	1,155

D5 Provisions

Long service leave (LSL)

Where the LSL provision is expected to be settled more than 12 months after year end, the expected future payments are discounted to present value. The corporate bond rates used to discount the expected future payments have maturities aligned to the estimated timing of future cash flows.

In calculating the LSL provision, judgement is required to estimate future wages and salaries, on-cost rates and employee service periods.

Distribution payable

A provision is made for the amount of distribution declared at or before year end but not yet paid; refer to note F1.

Warranties

The Group is obliged to rectify any defective work during the warranty period of its developments. Warranties are also known as postcompletion maintenance costs.

Movements in each class of provision during the year are set out below:

	Long service	Distribution
	leave	payable	Warranties	Other	Total
	$m	$m	$m	$m	$m
Balance 1 July 2024	22	236	16	53	327
Additional provisions	4	355	16	21	396
Payments made/amounts utilised	(3)	(413)	(7)	(66)	(489)
Balance 30 June 2025	23	178	25	8	234
Current	1	178	16	8	203
Non-current	22	—	9	—	31

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 95

Notes to the consolidated financial statements

E Capital structure and risks

This section outlines the market, credit and liquidity risks that the Group is exposed to and how it manages these risks. Capital comprises stapled securityholders’ equity and net debt.

E1 Capital management

Mirvac has a capital management framework, approved and monitored by the Board. The framework aims to address the market, credit and liquidity risks while also meeting the Group’s strategic objectives.

These objectives include:

The Group’s target allocation of capital is less than 30 per cent to development, which includes IPUC and development inventory, with the current allocation being 25 per cent.
The Group’s distribution policy is a minimum of trust taxable earnings and up to 80 per cent of operating earnings. The payout ratio for FY25 was 75 per cent.
The Group’s target credit rating is Fitch A- and Moody’s A3, which was maintained as at 30 June 2025.
The Group’s target gearing ratio is between 20 and 30 per cent and was 27.6 per cent as at 30 June 2025.

If the Group is required to change its gearing ratio, it could adjust its payout ratio, issue new equity, buy back securities, or realise capital through disposals of investment properties to repay borrowings.

The Group’s borrowings are subject to financial covenants, including but not limited to:

Leverage Ratio: borrowings must not exceed an agreed percentage of total tangible assets; and
Interest Coverage Ratio: the ratio of earnings before interest, taxes, depreciation and amortisation to interest expense must meet or exceed an agreed multiple.

The Group is required to report these covenants at each financial reporting period. As at 30 June 2025, the Group has complied with the covenants. Scenario analysis has been performed, and there is no indications that the Group will not continue to comply until the next testing period.

The Group uses derivatives to hedge its underlying exposures to changes in interest rates on its borrowings and to changes in foreign exchange rates on its foreign currency transactions.

E2 Borrowings and liquidity

The Group enters into borrowings at both fixed and floating interest rates and also uses interest rate derivatives to reduce interest rate risks. At 30 June 2025, the Group had $1,201m of cash and committed undrawn facilities available.

Drawn debt sources and expiries as at 30 June 2025

$800m

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600
400
200
0
FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 FY43 FY44
MTN USPP EMTN Bank
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Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Notes to the consolidated financial statements

E Capital structure and risks continued

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate method. Under the amortised cost method, any difference between the initial amount recognised and the redemption amount is recognised in the consolidated SoCI over the period of the borrowings using the effective interest rate method.

	2025 Total Non- carrying Total Current current amount fair value $m $m $m $m	2024
		Total Non- carrying Total Current current amount fair value $m $m $m $m
Unsecured facilities Bank loans Bonds	258 810 1,068 1,068 200 3,205 3,405 3,454	— 1,403 1,403 1,403 181 2,850 3,031 3,048
Total unsecured borrowings	458 4,015 4,473 4,522	181 4,253 4,434 4,451
Prepaid borrowing costs	— (9) (9) (9)	— (10) (10) (10)
Total borrowings	458 4,006 4,464 4,513	181 4,243 4,424 4,441
Undrawn facilities	965	1,053
Other Lease liabilities	21 59 80 80	9 47 56 56

The fair value of bank loans is considered to approximate their carrying amount. The fair value of bonds is calculated as the expected future cash flows discounted by the relevant current market rates.

The following table sets out Mirvac’s net exposure to interest rate risk by maturity periods. Exposures arise predominantly from liabilities bearing variable interest rates as the Group intends to hold fixed rate liabilities to maturity.

		2025 Fixed interest maturing in Less than 1 to 2 2 to 5 Over 5 1 year years years years Total $m $m $m $m $m		2024
	Floating interest rate $m		Floating interest rate $m	Fixed interest maturing in Less than 1 to 2 2 to 5 Over 5 1 year years years years Total $m $m $m $m $m
Unsecured facilities Bank loans Bonds Interest rate derivatives	1,068 2,109 (1,200)	— — — — 1,068 50 — 425 657 3,241 150 400 750 (100) —	1,403 2,221 (2,250)	— — — — 1,403 25 50 125 557 2,978 700 450 1,400 (300) —
Total	1,977	200 400 1,175 557 4,309	1,374	725 500 1,525 257 4,381

E3 Cash flow information

For the purpose of presentation in the consolidated SoCF, cash and cash equivalents include cash at bank and short-term deposits at call.

Reconciliation of profit to operating cash flow	2025	2024
	$m	$m
Profit/(loss) from continuing operations	68	(805)
Revaluation of investment properties	315	816
Share of net (profit)/losses of joint ventures and associates	(198)	237
JVA distributions received	152	111
Loss on disposal of assets	4	23
Net loss on revaluation of financial instruments	9	47
Impairment of inventory and other assets	82	—
Reversal of impairment of inventory and other assets	—	(2)
Impairment loss on joint ventures and associates	—	42
Depreciation and amortisation expenses	69	71
Security-based payments expense	9	7
Change in operating assets and liabilities	40	(5)
Net cash inflows from operating activities	550	542

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 97

Notes to the consolidated financial statements

E Capital structure and risks continued

Net debt reconciliation

Net debt reconciliation
	Liabilities from financing activities Current Non-current Cash lease lease Current Non-current Total and cash liabilities liabilities borrowings borrowings liabilities equivalents Total $m $m $m $m $m $m $m
Balance 1 July 2023 Net cash flow movements Other non-cash movements	(8) (56) (250) (4,226) (4,540) 122 (4,418) 8 — 651 (588) 71 213 284 (9) 9 (582) 571 (11) — (11)
Balance 30 June 2024	(9) (47) (181) (4,243) (4,480) 335 (4,145)
Net cash flow movements Other non-cash movements	7 — 136 (61) 82 (99) (17) (19) (12) (413) 298 (146) — (146)
Balance 30 June 2025	(21) (59) (458) (4,006) (4,544) 236 (4,308)

E4 Derivative financial instruments

Mirvac uses derivative financial instruments to hedge its exposure to movements in interest and foreign exchange rates and not for trading or speculative purposes. Refer to note E5 for further details of how Mirvac manages financial risk.

Hedging profile at 30 June 2025

Derivatives are classified as held for trading and accounted for at fair value through profit or loss unless they are designated as hedges. All derivative financial instruments used for hedge accounting are recognised initially at fair value and reported subsequently at fair value in the consolidated SoFP.

The chart below shows the net amount of debt subject to fixed interest rates and the maximum average fixed interest rate payable each year:

Hedging & Fixed Interest Profile 30 Jun 2025

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$2.5bn 4.00%
$2.0bn
3.50%
$1.5bn
3.00%
$1.0bn
2.50%
$0.5bn
0 2.00%
FY25 FY26 FY27 FY28 FY29 FY30
Swap Cap/Collar Fixed Average Rate [ 1]
1. Assuming collars pay cap rates
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Derivatives that qualify for hedge accounting

Mirvac’s treasury policy sets out the hedging strategy and objectives to manage exposures arising from fluctuations in interest rates and foreign currency exchange rates.

At implementation, Mirvac formally designates and documents the relationship between hedging instruments (cross currency interest rate swaps only) and the hedged items (foreign currency bonds) as well as the proposed effectiveness of the risk management objective that the hedge relationship addresses. On an ongoing basis, Mirvac documents its assessment of retrospective and prospective hedge effectiveness of all hedge relationships for changes in fair values or cash flows.

Fair value hedge

A fair value hedge is a hedge of the exposure to changes in fair value of an asset or liability (such as a bond) that is attributable to a particular risk (such as movements in interest rates).

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated SoCI, together with any changes in the fair value of the hedged asset/liability that are attributable to the hedged risk.

Cash flow hedge

A cash flow hedge is a hedge of the exposure to variability in cash flows attributable to a particular risk associated with an asset, liability or highly probable forecast transaction that could affect profit or loss.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in equity via the cash flow hedge reserve. Any gain or loss relating to the ineffective portion is recognised in the consolidated SoCI.

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Notes to the consolidated financial statements

E Capital structure and risks continued

Cost of hedging

Currency basis spread is a liquidity premium that is charged for exchanging different currencies, and the changes over time impacting the fair value of cross currency swaps. Mirvac defers the change in fair value due to currency basis spreads in the cost of hedging reserve.

All derivatives require settlement on a monthly or quarterly basis. Translation gains or losses on the net investment in foreign operations are recorded through the foreign currency translation reserve.

recorded through the foreign currency translation reserve.
	2025 Asset Liability $m $m	2024
		Asset Liability $m $m
Current Interest rate derivatives – through profit or loss Forward exchange contracts – through profit or loss Cross currency interest rate swaps – cash flow hedge	4 13 1 — 52 47	14 12 1 — 46 —
Total current derivative financial instruments	57 60	61 12
Non-current Interest rate derivatives – through profit or loss Forward exchange contracts – through profit or loss Cross currency interest rate swaps – cash flow hedges	7 25 — — 191 25	13 30 1 — 150 125
Total non-current derivative financial instruments	198 50	164 155
Total derivative financial assets/liabilities	255 110	225 167

Master netting arrangements – not currently enforceable

Agreements with derivative counterparties are based on an ISDA Master Agreement. Under the terms of these arrangements, only where certain credit events occur (such as default), may the net position owing/receivable to a single counterparty in the same currency be taken as owing and all the relevant derivative arrangements terminated. As the Group does not presently have a legally enforceable right of set-off, these amounts have not been offset in the consolidated SoFP. If a credit event had occurred, the ISDA Master Agreement would have the effect of netting, allowing a reduction to derivative assets and derivative liabilities of the same amount of $96m (2024: $128m).

E5 Financial risk management

Mirvac’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. Mirvac seeks to minimise the potential impact of these financial risks on financial performance; for example, by using derivative financial instruments to protect against interest rate and foreign exchange risk.

Financial risk management is carried out by a central treasury department (Mirvac Group Treasury) under policies approved by the Board. The Board provides overall risk management principles and policies covering specific areas. Mirvac Group Treasury identifies, evaluates, reports and manages financial risks in close cooperation with the Group’s operating units in accordance with Board policy.

The table below summarises key financial risks and how they are managed:

Risk	Definition	Exposures arising from	Management of exposures
Market risk –	The risk that the fair	– Borrowings issued at fixed	– Interest rate derivatives manage cash flow interest rate risk
interest rate	value or cash flows of	rates and variable rates	by converting floating rate borrowings to fixed or capped
	financial instruments will	– Derivatives	rates with target of 55 per cent.
	fluctuate due to changes		– Mirvac does not manage the fair value risk for debt
	in market interest rates.		instruments from interest rates, as it does not have an impact
			on the cash flows paid by the business.
			– Refer to note E2 for details on the interest rate exposure
			for borrowings.
Market risk –	The risk that the fair	– Bonds denominated in	– Cross currency interest rate swaps to convert non-Australian
foreign exchange	value of a financial	other currencies	dollar borrowings to Australian dollar exposures. These cross
	commitment, asset or liability will fluctuate due	– Receipts and payments that are denominated in	currency interest rate swaps have been designated as cash flow hedges with the movements in fair value recognised
	to changes in foreign	other currencies	while they are still in an effective hedge relationship.
	exchange rates.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 99

Notes to the consolidated financial statements

E Capital structure and risks continued

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|||||
|---|---|---|---|
|Risk|Definition|Exposures arising from|Management of exposures|
|Market risk –|The risk that the fair|– Other financial assets|– The Group is exposed to minimal price risk and so does|
|price|value of other financial|at fair value through|not manage the exposures.|
|assets at fair value|profit or loss|
|through profit or loss will|
|fluctuate due to changes|
|in the underlying share/|
|unit price.|
|Credit risk|The risk that a|– Cash and cash equivalents|– Setting credit limits and obtaining collateral as security|
|counterparty will not|– Receivables|(where appropriate).|
|make payments to|– Derivative financial assets|– Diversified trading spread across large financial institutions|
|Mirvac as they fall due.|– Other financial assets|with investment grade credit ratings.|
|– Regularly monitoring the exposure to each counterparty|
|and their credit ratings.|
|– Refer to note D1 for details on credit risk exposure on|
|receivables. The Group deems the exposure to credit risk|
|as not significant for all other classes of financial assets|
|and liabilities.|
|Liquidity risk|The risk that Mirvac|– Payables|– Regular forecasts of the Group’s liquidity requirements.|
|will not be able to|– Borrowings|Surplus funds are only invested in highly liquid instruments.|
|meet its obligations|– Derivative financial|– Availability of cash, marketable securities and committed|
|as they fall due.|liabilities|credit facilities.|
|– Ability to raise funds through issue of new securities through|
|placements or DRP.|
|– Refer to note E2 for details of liquidity risk of the Group’s|
|financing arrangements.|

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Market risk

Foreign exchange risk

The cross currency interest rate swaps (CCIRS) that are in place cover 100 per cent of the foreign denominated bonds (interest payments and redemption value) with the same maturity profiles as the bonds. This removes exposure to foreign exchange movements between foreign currencies and the Australian dollar.

Foreign currency transactions are translated into the entity’s functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from settling foreign currency transactions and from translating foreign currency monetary assets and liabilities at year end are recognised in the consolidated SoCI.

Notional amount and expiry of CCIRS

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$2,478m
$2,367m
$973m $990m $990m
$501m $472m
$404m $404m
$111m
30 June 2024 1 to 2 years 2 to 5 years Over 5 years Total
30 June 2025 30 June 2024
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100

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Notes to the consolidated financial statements

E Capital structure and risks continued

Sensitivity analysis – interest rate risk and foreign exchange risk

This sensitivity analysis shows the impact on profit/loss after tax and equity if Australian interest rates changed by 100 basis points (bps).

Given the current interest rate environment in which the Group is operating, a 100 bps movement is deemed an appropriate sensitivity to consider for 30 June 2025. The Group has borrowings and CCIRS that reference foreign interest rates and foreign exchange rates; however, these are hedge accounted in effective hedge relationships, therefore the net profit impact is nil.

Total impact on profit after tax and equity Changes in	2025 100 bps 100 bps $m $m	2024
		50 bps 50 bps $m $m
Interest rate risk1 Australian interest rates Foreign exchange risk2 Foreign interest rates Foreign exchange risk2 Foreign exchange rates	$1.9m decrease $3.0 increase — — — —	$2.5m increase $1.9m decrease — — — —

This calculation shows the impact on borrowings, cash and derivative financial instruments held as an economic hedge. It assumes that no interest is capitalised into qualifying assets as discussed in note B3. If fair value movements were excluded, operating profit would reduce if interest rates were to rise.
The Group has borrowings and CCIRS that reference foreign interest rates and foreign exchange rates; however, these are hedge accounted in effective hedge relationships, therefore the net profit impact is nil.

Effects of hedge accounting

The effects of the foreign currency-related hedging instruments on the Group’s financial position and performance are as follows:

	2025	2024
Carrying amount	$2,531m	$2,532m
Original debt amount	$2,367m	$2,478m
Original hedged amount	$2,367m	$2,478m
Maturity date	Sep 2025 – Mar 2034	Dec 2024 – Mar 2034
Hedge ratio	1:1	1:1
Change in discounted spot value of outstanding hedging instruments
since inception of the hedge	$152m	$52m
Change in value of hedged item used to determine hedge ineffectiveness	($158m)	($53m)
Weighted average hedged rate for outstanding hedging instruments against AU$1	US$0.77	US$0.78
	YEN79.82	YEN79.82
	HK$5.61	HK$5.61

Liquidity risk

Maturities of financial liabilities and derivative financial assets

Mirvac’s maturity of financial liabilities and derivative financial assets is provided in the following table. The amounts disclosed in the table are the contractual undiscounted cash flows:

	2025 Maturing in Less than 1 to 2 2 to 5 Over 5 1 year years years years Total $m $m $m $m $m	2024
		Maturing in
		Less than 1 to 2 2 to 5 Over 5 1 year years years years Total $m $m $m $m $m
Payables1 Unsecured bank loans Bonds Lease liabilities	1,084 5 42 — 1,131 246 31 835 — 1,112 382 738 1,228 1,884 4,232 7 13 22 38 80	1,165 21 5 — 1,191 57 639 780 — 1,476 307 358 1,515 1,795 3,975 9 10 7 30 56
Net settled derivatives Interest rate derivatives – floating to fixed	8 9 14 (4) 27	(16) (7) 3 — (20)
Gross settled derivatives (cross currency swaps) – Outflow – (Inflow)	516 593 658 1,106 2,873 (498) (692) (684) (1,140) (3,014)	266 536 1,235 1,177 3,214 (253) (470) (1,322) (1,157) (3,202)
	1,745 697 2,115 1,884 6,441	1,535 1,087 2,223 1,845 6,690

Includes deferred revenue.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 101

Notes to the consolidated financial statements

E Capital structure and risks continued

E6 Fair value measurement of financial instruments

Mirvac measures various financial assets and liabilities at fair value, which in some cases, may be subjective and depend on the inputs used in the calculations. The different levels of measurement are described below:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: not traded in an active market but calculated with significant inputs coming from observable market data Level 3: significant inputs to the calculation that are not based on observable market data (unobservable inputs). Mirvac holds no Level 1 financial instruments.

There were no transfers between the fair value hierarchy levels during the year.

The methods and assumptions used to estimate the fair value of Mirvac’s financial instruments are as follows:

Derivative financial instruments

Mirvac’s derivative financial instruments are classified as Level 2, as the fair values are calculated based on observable market interest rates and foreign exchange rates. The fair values of interest rate derivatives are calculated as the present value of the estimated future cash flows based on observable yield curves.

Other financial assets

Other financial assets include units in unlisted entities; refer to note D2 for further details. The carrying value of other financial assets is equal to the fair value. Other financial assets are classified as Level 3 as the fair values are not based on observable data.

Investments in unlisted entities are traded in inactive markets and the fair value is determined by the unit or share price as advised by the trustee of the unlisted entity, based on the value of the underlying assets. The unlisted entity’s assets are subject to regular external valuations using the valuation methods explained in note C1.

The following table presents a reconciliation of the carrying value of Level 3 instruments held by the Group (excluding investment properties):

Investments in unlisted funds	2025	2024
	$m	$m
Balance 1 July	65	74
Acquisitions	3	—
Net gain recognised in gain on financial instruments	3	(9)
Balance 30 June	71	65

Refer to note C2 for a reconciliation of the carrying value of investment properties, also classified as Level 3.

F Equity

This section includes details of distributions, stapled securityholders’ equity and reserves. It represents how the Group raises equity from its stapled securityholders in order to finance the Group’s activities both now and in the future.

F1 Distributions

Half yearly ordinary distributions paid/payable and distribution per security:

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10.5cpss
9.0cpss
6.0cpss
$355m $414m
4.5cpss 4.5cpss 4.5cpss paid/payable paid
$236m paid on
29 Aug 2024
$178m paid on $178m paid on $177m payable on
27 Feb 2025 29 Feb 2024 28 Aug 2025
31 December 30 June Annual
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FY25 FY24
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All distributions in the current and prior periods were unfranked. Franking credits available for future years, based on a tax rate of 30 per cent, total $32m (2024: $58m).

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Notes to the consolidated financial statements

F Equity continued

F2 Contributed equity

Mirvac’s contributed equity includes ordinary shares in Mirvac Limited and ordinary units in MPT, which are stapled to create stapled securities.

Each ordinary security entitles the holder to receive distributions when declared, to one vote at securityholders’ meetings and on polls and to a proportional share of proceeds on winding up of Mirvac.

When new securities or options are issued, the directly attributable incremental costs are deducted from equity, net of tax.

Contributed equity	2025 No. securities Securities $m $m	2024
		No. securities Securities $m $m
Mirvac Limited – ordinary shares issued MPT – ordinary units issued	3,945 2,166 3,945 5,368	3,945 2,166 3,945 5,368
Total contributed equity	7,534	7,534

The total number of stapled securities issued as listed on the ASX as at 30 June 2025 was 3,946m (2024: 3,946m), which included 1m of stapled securities issued under the LTP plan and EIS (2024: 1m). Securities issued to employees under the Mirvac employee LTP plan and EIS are accounted for as options and are recognised in the security-based payments reserve, not in contributed equity.

Movements in paid up equity	2025 Securities No. securities $m	2024
		Securities No. securities $m
Balance 1 July Legacy schemes vested	3,944,796,577 7,534 107,803 —	3,944,597,806 7,533 198,771 1
Balance 30 June	3,944,904,380 7,534	3,944,796,577 7,534

F3 Reserves

Cost of hedging reserve

The cost of hedging reserve is used to record gains or losses on derivatives that relate to the currency basis spread. Currency basis spread is the liquidity premium that is charged for exchanging different currencies, and changes over time impacting the fair value of a cross currency swap.

Cash flow hedge reserve

The cash flow hedge reserve is used to record gains or losses on derivatives that qualify as cash flow hedges and that are recognised in other comprehensive income.

Security-based payments (SBP) reserve

The SBP reserve recognises the SBP expense. Further details on SBP are explained in note F4.

Non-controlling interests (NCI) reserve

The NCI reserve was used to record the discount received on acquiring the non-controlling interest in Mirvac Real Estate Investment Trust in December 2009.

December 2009.
		Cost of	Cash flow
		hedging	hedge	SBP	NCI	Capital	Total
		reserve	reserve	reserve	reserve	reserve	reserves
	Note	$m	$m	$m	$m	$m	$m
Balance 1 July 2023		4	(14)	26	8	(1)	23
Hedging reserve movements		(7)	—	—	—	—	(7)
Cash flow hedge movements		—	24	—	—	—	24
SBP movements	F4	—	—	(5)	—	—	(5)
Transfer to cash flow hedge reserve		—	21	—	—	—	21
Balance 30 June 2024		(3)	31	21	8	(1)	56
Hedging reserve movements		2	—	—	—	—	2
Cash flow hedge movements		—	(11)	—	—	—	(11)
Share of cash flow hedge movements
of investments accounted for using
the equity method		—	(5)	—	—	—	(5)
SBP movements	F4	—	—	5	—	—	5
Balance 30 June 2025		(1)	15	26	8	(1)	47

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 103

Notes to the consolidated financial statements

F Equity continued

F4 Security-based payments

Mirvac currently operates the following SBP schemes:

Employee Exemption Plan (EEP)
Long-Term Performance Plan (LTP)
Short-Term Incentive (STI) awards.

The total of all securities issued under all employee security schemes is limited to 5 per cent of the issued securities of the stapled group in any five year period.

EEP

The EEP provides eligible employees with up to $1,000 worth of Mirvac securities at no cost. Employees cannot sell the securities for three years or until they cease employment with the Group, in which case they keep any securities already granted. Other than the restriction on selling, holders have the same rights and benefits as other securityholders.

LTP

The LTP provides senior executives with performance rights to both reward and retain as well as strengthen the alignment between the performance of the Group and the executives. The performance rights may vest based on either Mirvac’s TSR and ROIC performance over a three-year period, or more recently, Mirvac’s TSR and ROE performance over a three year period.

STI

The STI is designed to motivate and reward employees for contributing to the delivery of annual business performance. For Executive KMP, 60 per cent of any STI award is paid as cash and 40 per cent is deferred into rights. The rights vest in two equal tranches: 50 per cent of the rights vest after one year and 50 per cent after two years.

Accounting for the SBP schemes

On 4 March 2025, the Group purchased securities on market for the EEP at a stapled security price of $2.11. Similarly, on 1 March 2024 in the prior year, the Group also acquired securities for the EEP at a stapled security price of $2.19. These securities were recognised as an expense. At 30 June 2025, a total of 11m (2024: 10.3m) stapled securities have been granted to employees under the EEP.

The LTP, STI and legacy EIS are accounted for as equity-settled SBP. The fair value is estimated at grant date and recognised over the vesting period as an expense and in the SBP reserve. When the SBP vest, ordinary securities are issued and recognised as a transfer from the SBP reserve to contributed equity.

Reconciliation of rights outstanding under SBP schemes

	No. of securities
	Balance Balance 1 July Issued Vested Forfeited 30 June
LTP STI	14,627,410 11,087,824 (1,228,897) (5,232,603) 19,253,734 1,080,140 987,983 (690,323) — 1,377,800
Total rights FY24	15,707,550 12,075,807 (1,919,220) (5,232,603) 20,631,534
LTP STI	19,253,734 9,764,767 (2,784,826) (7,545,061) 18,688,614 1,377,800 1,398,282 (883,811) (144,645) 1,747,626
Total rights FY25	20,631,534 11,163,049 (3,668,637) (7,689,706) 20,436,240

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Notes to the consolidated financial statements

F Equity continued

The weighted average remaining contractual life of SBP schemes as at 30 June 2025 was 1.41 years (2024: 1.49 years). SBP expense recognised within employee benefits expenses is as follows:

within employee benefits expenses is as follows:
	2025	2024
	$000	$000
LTP	5,730	3,371
STI	2,235	2,165
EEP	1,389	1,350
Total SBP expense	9,354	6,886
The movements in the SBP reserve are as follows:
	2025	2024
	$000	$000
Balance 1 July	20,761	26,469
Total SBP expense taken to SBP reserve	9,354	6,886
LTP vested and purchased on market	(2,400)	(9,695)
STI vested	(1,802)	(1,636)
EEP purchased on market	(1,523)	(1,206)
Share of security based payment reserve movements of investments accounted for using the equity method	1,304	—
Legacy schemes	(39)	(57)
Balance 30 June	25,655	20,761

Judgement in calculating fair value of SBP

To calculate the expense for equity-settled SBP, the fair value of the equity instruments at grant date has to be estimated. The fair value is determined using the Monte Carlo simulation for the relative TSR component (key judgements and assumptions include exercise price, vesting and performance criteria, security price at grant date, volatility, distribution yield and risk-free interest rate) and a binomial tree method for the relative ROE components. These judgements and assumptions relating to fair value measurement may impact the SBP expense taken to profit or loss and reserves.

Assumptions used for the fair value of performance rights awarded during the current year are as follows:

Grant date	29 November 2024	Exercise price	$nil
Performance hurdles	Relative TSR and Relative ROE	Expected life	2.59 years
Performance period start	1 July 2024	Risk-free interest rate (per annum)	4%
Performance period end	30 June 2027	Volatility	27.19%
Security price at grant date	$2.16	Dividend/distribution yield (per annum)	4.86%

The valuation of rights is conducted by an independent advisor.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 105

Notes to the consolidated financial statements

G Group structure

This section explains how the Group is structured, the Deed of Cross Guarantee between Group companies and disclosures for the parent entity.

G1 Group structure and deed of cross guarantee

Controlled entities

The consolidated financial statements of Mirvac incorporate the assets, liabilities and results of all controlled entities. Controlled entities are all entities over which the Group has power to direct the activities of the entity and an exposure to and ability to influence its variable returns from its involvement with the entity.

Controlled entities are fully consolidated from the date control is obtained until the date that control ceases. Intra-group transactions and balances are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the assets transferred.

Refer to note I2 for Mirvac’s controlled entities.

Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. Mirvac considers all funds and trusts in which it currently has an investment, or from which it currently earns income, to be structured entities. Depending on the Group’s power to direct the activities of the entity and its exposure to and ability to influence its own returns, it may consolidate the entity. In other cases, it may sponsor or have some form of exposure to a structured entity but not consolidate it.

If Mirvac does not control a structured entity but has significant influence, it is treated as an associate.

Funds and trusts

Mirvac invests in a number of funds and trusts that invest in real estate as investment properties. The funds and trusts finance their operations through borrowings and through equity issues. The Group determines whether it controls or has significant influence over these funds and trusts as outlined above.

Closed Group

Mirvac Limited and certain wholly owned entities (collectively the Closed Group) are parties to a Deed of Cross Guarantee. The members of the Closed Group guarantee to pay any deficiency in the event that another member winds up.

Refer to note I2 for the members of the Closed Group.

Closed Group guarantee to pay any deficiency in the event that another member winds up. Refer to note I2 for the members of the Closed Group.
	2025	2024
Closed Group SoCI	$m	$m
Revenue	1,665	2,382
Other income
Share of net profit of joint ventures	32	30
Total revenue and other income	1,697	2,412
Development expenses	1,294	1,784
Cost of goods sold interest	9	48
Selling and marketing expenses	24	34
Investment properties expenses and outgoings	—	2
Depreciation and amortisation expenses	16	13
Employee expenses	161	100
Finance costs	202	233
Revaluation loss on financial instruments	12	38
Other expenses	13	89
(Loss)/profit before income tax	(34)	71
Income tax (benefit)/expense	(37)	19
Profit for the year	3	52

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G Group structurecontinued
	2025	2024
Closed Group SoFP	$m	$m
Current assets
Cash and cash equivalents	189	291
Receivables	6,032	4,703
Inventories	763	1,130
Derivative financial assets	57	61
Other assets	27	29
Total current assets	7,068	6,214
Non-current assets
Receivables	2,024	2,319
Inventories	920	914
Investment properties	4	77
Investments in joint ventures and associates	33	50
Derivative financial assets	198	164
Other financial assets	1,085	1,086
Property, plant and equipment	4	7
Right-of-use assets	55	32
Intangible assets	35	39
Deferred tax assets	10	—
Other assets	23	94
Total non-current assets	4,391	4,782
Total assets	11,459	10,996
Current liabilities
Payables	5,518	4,205
Deferred revenue	25	15
Borrowings	458	181
Lease liabilities	9	12
Derivative financial liabilities	60	12
Provisions	34	41
Current tax liabilities	107	73
Total current liabilities	6,211	4,539
Non-current liabilities
Deferred revenue	—	20
Borrowings	3,229	4,265
Derivative financial liabilities	50	155
Provisions	13	9
Lease liabilities	53	27
Deferred tax liabilities	—	38
Total non-current liabilities	3,345	4,514
Total liabilities	9,556	9,053
Net assets	1,903	1,943
Equity
Contributed equity	2,217	2,217
Reserves	36	41
Accumulated losses	(350)	(315)
Total equity	1,903	1,943

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 107

Notes to the consolidated financial statements

G Group structure continued

G2 Parent entity

The financial information for the parent entity, Mirvac Limited, is prepared on the same basis as the consolidated financial statements, except as set out below:

Tax consolidation legislation – Mirvac Limited is the head entity of a tax consolidated group as discussed in note B5. As the head entity, Mirvac Limited recognises the current tax balances and the deferred tax assets for unused tax losses and credits assumed from other members as well as its own current and deferred tax amounts.

members as well as its own current and deferred tax amounts.
	2025	2024
Parent entity	$m	$m
Current assets	8,571	7,660
Total assets	9,171	8,260
Current liabilities	6,903	5,995
Total liabilities	6,903	5,995
Equity
Contributed equity	2,166	2,166
SBP reserve	25	21
Retained earnings	77	78
Total equity	2,268	2,265
(Loss)/Profit for the year	(1)	8
Total comprehensive (loss)/profit for the year	(1)	8

The parent entity is party to the Deed of Cross Guarantee outlined in note G1 and therefore guarantees the debts of the other Closed Group members.

The parent entity is also party to a Guarantee Deed Poll, whereby it guarantees the payment of money owing to financiers and performance of other obligations by its subsidiary, Mirvac Group Finance Limited, in accordance with relevant finance documents.

At 30 June 2025, the parent entity did not provide any other guarantees in relation to the debts of its subsidiaries (2024: $nil), have any contingent liabilities (2024: $nil), or any capital commitments for the acquisition of property, plant or equipment (2024: $nil).

G3 Joint venture acquisitions and disposals

Refer to the 30 June 2024 Annual Report for details of business combinations made in the prior period.

During the year, the Group disposed of interests in four previously controlled and consolidated subsidiaries.

				MIV Elizabeth
	Cobbitty Trust	Highforest Trust	Mulgoa Trust	Enterprise 1 Trust
Principle activity	Development of	Development of	Development of	Development of seven
of the entity	masterplanned community	masterplanned community	masterplanned community	warehouses at 1669-1723
	in Cobbitty, NSW.	in West Pennant Hills,	in Mulgoa, NSW.	Elizabeth Drive, Badgerys
		NSW.		Creek NSW.
Date of unit sale	20 December 2024	13 December 2024	20 December 2024	26 June 2025
Per cent of units sold	50	50	50	49
Per cent of units owned	50	50	50	51
by Group after sale
Accounting treatment	Investment in joint venture	Investment in joint venture	Investment in joint venture	Investment in joint venture
of entity after sale
Consideration received	$167m, treated as sale	$83m, treated as sale of	$66m, treated as sale of	$85m, treated as a sale
for sale of units	of inventory in the ordinary	inventory in the ordinary	inventory and sale of other	of inventory in the ordinary
	course of business and	course of business and	assets in the ordinary	course of business and
	recognised as revenue	recognised as revenue	course of business and	recognised as revenue
	during the period.	during the period.	recognised as revenue	during the period.
			during the period.
Cash and cash	—	—	—	—
equivalents at time
of sale

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Notes to the consolidated financial statements

H Other disclosures

This section provides additional required disclosures that are not covered in the previous sections.

H1 Contingent liabilities

A contingent liability is a possible obligation that may become payable depending on a future event or a present obligation that is not probable to require payment/cannot be reliably measured. A provision is not recognised for contingent liabilities.

	2025	2024
	$m	$m
Bank guarantees and insurance bonds granted in the normal course of business	341	296
Health and safety claims	2	3
Payments for investment properties, inventory and other assets contingent on approvals	28	28
Total contingent liabilities	371	327

H2 Commitments

Capital expenditure commitments

As at 30 June 2025, capital commitments on Mirvac’s investment property portfolio were $241m (2024: $178m). There were no investment properties pledged as security by the Group (2024: nil).

Lease commitments

Lease revenue from investment properties is accounted for as operating lease revenue. The revenue from leases is recognised in the consolidated SoCI on a straight-line basis over the lease term.

The future receipts are shown as undiscounted contractual cash flows.

Future operating lease receipts as a lessor

consolidated SoCI on a straight-line basis over the lease term. The future receipts are shown as undiscounted contractual cash flows.
Future operating lease receipts as a lessor	2025	2024
	$m	$m
Within one year	404	446
Between one and five years	1,264	1,440
Later than five years	774	1,005
Total future operating lease receipts	2,442	2,891

Other commitments

Mulgoa

In the prior period, the Group exercised call options and paid deposits to acquire multiple lots in Mulgoa, NSW. Settlement on these lots is contracted to occur over time. When settlement occurs, the Group will be required to pay the outstanding purchase price (net the deposits already paid) on the lots, which is a total of $203m across the various lots.

H3 Earnings per stapled security

Basic earnings per stapled security (EPS) is calculated by dividing:

– the profit attributable to stapled securityholders

– the weighted average number of ordinary securities (WANOS) outstanding during the year.

Diluted EPS adjusts the WANOS to take into account the dilutive potential of ordinary securities from security-based payments.

	2025	2024
Profit/(Loss) attributable to stapled securityholders used to calculate basic and diluted EPS ($m)	68	(805)
WANOS used in calculating basic EPS (m)	3,945	3,945
WANOS used in calculating diluted EPS (m)	3,946	3,946
Basic and diluted EPS (cents)	1.7	(20.4)

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 109

Notes to the consolidated financial statements

H Other disclosures continued

H4 Related parties

A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

Key management personnel compensation

The Remuneration report on pages 52 to 66 provides detailed disclosures of key management personnel compensation.

The total expense is summarised below:

The total expense is summarised below:
	2025	2024
	$000	$000
Short-term employment benefits	8,881	9,143
Security-based payments	2,914	2,554
Post-employment benefits	241	292
Other long-term benefits	81	81
Total key management personnel compensation	12,117	12,070

There are no outstanding loans to directors or employees (2024: nil).

Transactions with key management personnel

From time to time key management personnel participate in arrangements available to directly purchase Mirvac developed residential property. These transactions are made on terms equivalent to those that prevail in arm’s length transactions and are at market rates. The deposits received and the amounts committed by key management personnel for Mirvac developed residential property exchanged are summarised below:

	2025	2024
Mirvac developed property purchased by key management personnel	$000	$000
Outstanding commitments at the start of the year	—	7,477
Contract value of exchanges during the year	4,743	—
Amounts paid during the year	(237)	(6,109)
Former KMP commitments	—	(1,368)
Outstanding commitments at the end of the year	4,506	—
	2025	2024
Transactions with JVAs	$000	$000
Development and construction management services revenue	329,803	430,746
Development rental guarantee	2,152	4,396
Management and service fees	39,474	19,826
Investment Management and Trustee fees	22,139	23,467
Property rental revenue	10,605	10,197
Total transactions with JVAs	404,173	488,632
	2025	2024
Loans due from JVAs and other related parties	$000	$000
Balance 1 July	4,425	4,425
Interest capitalised	—	—
Loans advanced	—	—
Loan payments received	—	—
Balance 30 June	4,425	4,425

Transactions between Mirvac and its related parties were made on commercial terms and conditions. Distributions received from JVAs were on the same terms and conditions that applied to other securityholders. Equity interests in JVAs are set out in note I3.

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Notes to the consolidated financial statements

H Other disclosures continued

H5 Auditor’s remuneration

During the year, the following fees were paid or payable for services provided by PricewaterhouseCoopers Australia (PwC) as the auditor of the Group, and by PwC’s related network firms.

the Group, and by PwC’s related network firms.
	2025	2024
	$000	$000
Audit services
Audit and review of financial reports	2,575	2,654
Other assurance services	1,223	1,084
Total audit services	3,798	3,738
Other services
Advisory services	20	15
Total other services	20	15
Total auditor’s remuneration	3,818	3,753

I Appendices

This section provides detailed listings of Mirvac’s properties and controlled entities.

I1 Property portfolio listing

This table shows details of Mirvac’s properties portfolio. Refer to notes C1 to C3 for further details.

Office	Fair value 2025 $m	Lease liability gross up 2025 $m	Book value 2025 2024 $m $m	Capitalisation rate 2025 2024 % %	Discount rate
					2025 2024 % %
1 Darling Island, Pyrmont NSW 101-103 Miller Street, North Sydney NSW (50% interest) 10-20 Bond Street, Sydney NSW (50% interest)1 2 Riverside Quay, Southbank VIC (50% interest) 23 Furzer Street, Phillip ACT 275 Kent Street, Sydney NSW (50% interest) 380 St Kilda Road, Melbourne VIC 477 Collins Street, Melbourne VIC (50% interest) 65 Pirrama Road, Pyrmont NSW 664 Collins Street. Melbourne VIC (50% interest) 699 Bourke Street, Melbourne, VIC (50% interest) 75 George St, Paramatta NSW1 80 Ann Street, Brisbane QLD (50% interest) 90 Collins Street, Melbourne VIC Locomotive Carpark, South Eveleigh NSW Riverside Quay, Southbank VIC South Eveleigh Precinct, Eveleigh NSW (33.3% interest) Various lots, 53 Walker Street & 97 Pacific Highway, North Sydney NSW	213 254 — 123 336 770 182 416 172 108 76 — 388 240 21 277 386 24	— — — — — — — — — — — — — — — — — —	213 253 254 265 — 291 123 127 336 345 770 813 182 200 416 416 172 185 108 125 76 74 — 47 388 413 240 227 21 21 277 302 386 417 24 24	6.88 6.25 6.38 6.13 — 6.25 6.25 6.00 6.75 6.25 5.63 5.25 7.00 6.25 5.63 5.50 6.88 6.38 6.88 6.25 6.75 6.25 — 8.00 5.88 5.50 6.00 5.88 7.00 7.00 6.50 6.25 6.13 5.75 6.25 6.25	7.63 7.00 7.25 7.00 — 7.00 6.88 6.63 7.25 6.75 6.75 6.50 7.50 7.13 6.75 6.63 7.13 6.88 7.00 6.75 7.00 7.13 — 8.00 6.75 6.50 6.63 6.50 8.00 8.00 7.13 6.88 7.12 6.50 — 8.00
Total investment properties	3,986	—	3,986 4,545
Investment properties under construction 55 Pitt Street, Sydney NSW (33.3% interest) 7-23 Spencer Street, Melbourne VIC (50% interest) Green Square, NSW1 Harbourside, Sydney NSW	203 143 — 18	— — — —	203 149 143 107 — 72 18 77	— — — — — — — —	— — — — — — — —
Total investment properties under construction	364	—	364 405
Total investment properties and investment properties under construction	4,350	—	4,350 4,950

Office portfolio details continues on next page

Investment property was disposed of during the year.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 111

Notes to the consolidated financial statements

I Appendices continued

I Appendicescontinued
Office	Fair value 2025 $m	Lease liability gross up 2025 $m	Book value 2025 2024 $m $m	Capitalisation rate 2025 2024 % %	Discount rate
					2025 2024 % %
Investment properties held in joint ventures and associates 200 George Street, Sydney NSW (50.1% interest) Locomotive Workshop, South Eveleigh NSW (51% Interest) 8 Chifley Square, Sydney NSW (50% interest) David Malcolm Justice Centre, 28 Barrack Street, Perth WA (50% interest) Mirvac Wholesale Office Fund property portfolio	451 178 217 238 495	— — — — —	451 442 178 185 217 211 238 238 495 472	5.50 5.25 6.50 6.00 5.75 5.50 6.00 5.88 — —	6.88 6.50 7.13 6.63 6.75 6.63 7.13 7.13 — —
Total investment properties held in joint ventures and associates	1,579	—	1,579 1,548
Assets classified as held for sale Harbourside, Sydney NSW 367 Collins Street, Melbourne VIC	18 —	— —	18 — — 300	— — — —	— — — —
Total assets classified as held for sale	18	—	18 300
Total office property portfolio	5,947	—	5,947 6,798

Industrial	Fair value 2025 $m	Lease liability gross up 2025 $m	Book value 2025 2024 $m $m	Capitalisation rate 2025 2024 % %	Discount rate
					2025 2024 % %
1-47 Percival Road, Smithfield NSW 274 Victoria Rd, Rydalmere NSW 34-38 Anzac Avenue, Smeaton Grange NSW 36 Gow Street, Padstow NSW 39 Britton Street, Smithfield NSW 39 Herbert Street, St Leonards NSW 8 Brabham Drive, Huntingwood NSW Calibre, 60 Wallgrove Road, Eastern Creek NSW (50% interest) Hoxton Distribution Park, Hoxton Park NSW (50% interest) Nexus Industry Park, Lyn Parade, Prestons NSW	76 79 79 71 47 246 35 209 226 259	— — — — — — — — — —	76 72 79 67 79 67 71 55 47 39 246 250 35 34 209 181 226 216 259 241	5.38 5.63 5.25 5.25 5.38 5.75 5.25 5.75 5.25 5.75 5.88 5.64 5.25 5.13 5.28 5.49 5.17 5.30 5.25 5.51	7.00 7.13 7.25 6.88 6.88 7.25 6.25 6.75 7.25 7.25 7.07 6.80 6.88 6.75 7.22 7.43 7.38 6.88 7.16 7.00
Total investment properties	1,327	—	1,327 1,222
Investment properties under construction SEED, 1669A Elizabeth Drive, Badgery Creek NSW (51% Interest) Aspect, 788-882 Mamre Road, Kemps Creek NSW (51% Interest)	82 23	— —	82 142 23 21	— — — —	— — — —
Total investment properties under construction	105	—	105 163
Total investment properties and investment properties under construction	1,432	—	1,432 1,385
Investment properties held in joint ventures SEED, 1669A Elizabeth Drive, Badgery Creek NSW (51% Interest) Aspect, 788-882 Mamre Road, Kemps Creek NSW (51% Interest) Switchyard, 300 Manchester Road, Auburn (51% Interest)	89 300 181	— — —	89 — 300 231 181 179	— — — — — —	— — — — — —
Total investment properties held in joint ventures	570	—	570 410
Total industrial property portfolio	2,002	—	2,002 1,795

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I Appendices continued

I Appendicescontinued
Retail	Fair value 2025 $m	Lease liability gross up 2025 $m	Book value 2025 2024 $m $m	Capitalisation rate 2025 2024 % %	Discount rate
					2025 2024 % %
80 Bay St, Glebe, Sydney NSW (50% interest) Birkenhead Point Brand Outlet, Drummoyne NSW Broadway Sydney, Broadway NSW (50% interest) East Village, Zetland NSW Greenwood Plaza, North Sydney NSW (50% interest) Kawana Shoppingworld, Buddina QLD (50% interest) Moonee Ponds Central, Moonee Ponds VIC Orion Springfield Central, Springfield QLD Rhodes Waterside, Rhodes NSW (50% interest) South Village, Kirrawee NSW	9 429 395 312 45 182 108 491 183 98	— 6 1 — — — — — — —	9 10 435 417 396 376 312 299 45 60 182 178 108 103 491 473 183 177 98 96	6.00 6.75 7.00 7.25 6.00-8.75 5.75-8.757.00 -10.00 7.00-10.00 5.25 5.00 6.50 6.50 5.50 5.75 6.50 6.75 6.50 6.50 7.25 7.25 6.25 6.25 7.50 7.50 6.25 6.25 6.75 6.75 5.50 5.50 7.00 7.00 5.75 5.75 6.75 6.75 5.75 5.75 6.75 6.75
Total investment properties	2,252	7	2,259 2,189
Investment properties under construction Harbourside, Sydney NSW Toombul, Nundah QLD	3 90	15 —	18 111 90 102	— — — — — — — —
Total investment properties under construction	93	15	108 213
Total investment properties and investment properties under construction	2,345	22	2,367 2,402
Assets classified as held for sale Harbourside, Sydney NSW	3	15	18 —	— — — —
Total assets classified as held for sale	3	15	18 —
Total retail property portfolio	2,348	37	2,385 2,402

Living	Fair value 2025 $m	Lease liability gross up 2025 $m	Book value 2025 2024 $m $m	Capitalisation rate 2025 2024 % %	Discount rate
					2025 2024 % %
Investment properties held in joint ventures LIV Mirvac Property Trust property portfolio Serenitas	731 443	— —	731 608 443 418	— — — —	— — — —
Total investment properties held in joint ventures	1,174	—	1,174 1,026
Total living property portfolio	1,174	—	1,174 1,026

Property portfolio	Fair value 2025 $m	Lease liability gross up 2025 $m	Book value
			2025 2024 $m $m
Total investment properties and investment properties under construction	8,127	22	8,149 8,737
Total investment properties held in joint ventures and associates	3,323	—	3,323 2,984
Total assets classified as held for sale	21	15	36 300
Total property portfolio	11,471	37	11,508 12,021

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 113

Notes to the consolidated financial statements

I Appendices continued

I2 Controlled entities

All entities controlled by the Group are shown below. Unless otherwise noted, they are wholly owned and were incorporated or established in Australia during the current year and prior years.

Members of the Closed Group

CN Collins Pty Ltd Hoxton Park Airport Pty Ltd Mirvac BTR Developments Pty Ltd Mirvac (Docklands) Pty Limited Mirvac (WA) Pty Limited Mirvac Capital Investments Pty Limited Mirvac Constructions (QLD) Pty Limited Mirvac Constructions (VIC) Pty Limited Mirvac Constructions (WA) Pty Limited Mirvac Constructions Pty Ltd Mirvac Design Pty Limited Mirvac Doncaster Pty Ltd Mirvac Finance Pty Ltd

Mirvac Green Square Pty Limited Mirvac Group Finance Limited Mirvac Group Funding Pty Ltd Mirvac Holdings Limited Mirvac Home Builders (VIC) Pty Limited Mirvac Homes (NSW) Pty Limited Mirvac Industrial Developments Pty Limited Mirvac International Investments Pty Ltd Mirvac Limited Mirvac McCormacks Road Pty Limited Mirvac National Developments Pty Limited Mirvac Office Developments Pty Ltd Mirvac Pacific Pty Ltd

Mirvac Projects Pty Ltd Mirvac Queensland Pty Limited Mirvac Real Estate Pty Ltd Mirvac Residential (NSW) Developments Pty Ltd

Mirvac Retail Developments Pty Ltd Mirvac Rockbank Pty Ltd Mirvac Spring Farm Pty Ltd Mirvac Treasury Ltd Mirvac Treasury No. 3 Limited Mirvac Victoria Pty Limited Mirvac Wholesale Funds Management Pty Ltd Mirvac Wholesale Industrial Developments Pty Ltd Mirvac Woolloomooloo Pty Limited

Interests in controlled entities of Mirvac not included in the Closed Group

197 Salmon Street Pty Limited Industrial Commercial Property 477 Collins Street No. 2 Trust Solutions Pty Limited 699 Bourke Street Services Pty Limited JF ASIF Pty Limited A.C.N. 087 773 859 Pty Limited JFM Hotel Trust A.C.N. 110 698 603 Pty Ltd Joynton North Pty Ltd A.C.N. 150 521 583 Pty Ltd Kirrawee South Centre Pty Ltd A.C.N. 165 515 515 Pty Ltd Kirrawee South Centre Trust ABTRC Head Trust A La Trobe Office Trust ABTRC Head Trust B Liv Opco Pty Ltd Ascot Chase Nominee Stages 3-5 Pty Ltd Magenta Shores Finance Pty Ltd Banksia Unit Trust Magenta Shores Unit Trust BL Developments Pty Ltd Magenta Unit Trust Bligh Street Office Trust Marrickville Projects Pty Limited BTR Head Company Pty Limited Mirvac (Beacon Cove) Pty Limited BTR QLD Pty Limited Mirvac (Old Treasury Development Manager) BTR Vic Head Trust A Pty Limited BTR Vic Head Trust B Mirvac (Old Treasury Hotel) Pty Limited Cobbitty Sub Trust Mirvac (Retail and Commercial) Holdings Eveleigh Commercial Holdings Pty Limited Pty Limited Eveleigh Commercial Pty Limited Mirvac (Walsh Bay) Pty Limited Eveleigh Precinct Pty Limited Mirvac 275 Kent Street Services Pty Ltd EZ Power Pty Ltd Mirvac 699 Bourke Street Trust Fast Track Bromelton Pty Limited Mirvac 90CS No.2 Trust Gainsborough Greens Pty Ltd Mirvac Advisory Pty Limited Harbourside Development Company Pty Ltd Mirvac Aero Company Pty Ltd Harbourside Office Company Pty Ltd[ 1] Mirvac Altona North Pty Ltd Harbourside Retail Company Pty Ltd[ 1] Mirvac AOP SPV Pty Limited HIR Boardwalk Tavern Pty Limited Mirvac Auburn Industrial Trust HIR Golf Club Pty Limited Mirvac Badgerys Creek Industrial Trust HIR Golf Course Pty Limited Mirvac Birkenhead Point Marina Pty Limited HIR Property Management Holdings Pty Limited Mirvac Blue Trust HIR Tavern Freehold Pty Limited Mirvac Bourke Street No. 3 Sub-Trust Home Loans by Mirvac Pty Ltd Mirvac BST Pty Limited HPAL Holdings Pty Limited Mirvac BTR Head Company A Pty Ltd Industrial Commercial Property Solutions Mirvac BTR Head Company B Pty Ltd (Constructions) Pty Limited Mirvac BTR Head SPV Pty Ltd Industrial Commercial Property Solutions Mirvac BTR Head Trust (Finance) Pty Limited Mirvac BTR Sub Company A Pty Ltd Industrial Commercial Property Solutions Mirvac BTR Sub Company B Pty Ltd (Holdings) Pty Limited Mirvac BTR Sub SPV Pty Ltd Industrial Commercial Property Solutions Mirvac BTR Sub-Trust 1 (Queensland) Pty Limited Mirvac BTR Trust Mirvac Capital Assurance Pty Ltd

Mirvac Capital Partners Pty Ltd Mirvac Capital Pty Limited Mirvac Chifley Holdings Pty Limited Mirvac Cobbitty Pty Ltd[ 1] Mirvac Commercial Finance Pty Limited Mirvac Commercial Sub SPV Pty Limited Mirvac Constructions (Homes) Pty. Limited Mirvac Constructions (SA) Pty Limited Mirvac Developments Pty Limited Mirvac Duck River Pty Ltd Mirvac Elizabeth Trust Mirvac Energy Pty Limited Mirvac ESAT Pty Limited Mirvac Funds Limited Mirvac Funds Management Australia Limited Mirvac Funds Management Limited Mirvac George Street Holdings Pty Limited Mirvac George Street Pty Limited Mirvac Green Trust Mirvac GS Commercial Trust Mirvac Harbourside Development Pty Ltd[ 1] Mirvac Harbourside Office Trust[ 1] Mirvac Harbourside Retail Trust[ 1] Mirvac Harbourside Sub-Trust Mirvac Harbourtown Pty Limited Mirvac Harold Park Pty Limited Mirvac Harold Park Trust Mirvac Hatch Pty Ltd Mirvac Highforest Pty Ltd[ 1] Mirvac Hoist Pty Ltd Mirvac Holdings (WA) Pty Limited Mirvac Homes (QLD) Pty Limited Mirvac Homes (SA) Pty Limited Mirvac Homes (VIC) Pty Limited Mirvac Homes (WA) Pty Limited Mirvac Hotel Services Pty Limited Mirvac ID (Bromelton) Pty Limited Mirvac ID (Bromelton) Sponsor Pty Limited Mirvac Industrial No. 2 Sub-Trust Mirvac Industrial Sub SPV Pty Limited Mirvac International (Middle East) No. 2 Pty Limited Mirvac Investment Manager Pty Ltd

This entity was established during the year.

114

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Notes to the consolidated financial statements

I Appendices continued

Interests in controlled entities of Mirvac not included in the Closed Group continued

Mirvac JV’s Pty Limited Mirvac Kemps Creek Trust Mirvac Kensington Pty Ltd Mirvac Kent Street Holdings Pty Limited Mirvac King Street Pty Ltd Mirvac Leader Pty Limited Mirvac Lindfield Pty Ltd Mirvac Living Investment Company Pty Ltd Mirvac Living Investment Manager Pty. Ltd. Mirvac Living Real Estate Services Pty. Ltd. Mirvac LL Investments Pty Ltd Mirvac Maker Space Pty Limited Mirvac Mandurah Pty Limited Mirvac Mulgoa Pty Ltd[ 1] Mirvac Mulgoa South Pty Ltd[ 1] Mirvac Mulgoa South Trust[ 1] Mirvac Mulgoa West Pty Ltd Mirvac Mulgoa West Trust Mirvac Newcastle Pty Limited Mirvac NIC Trust Mirvac Nike Holding Pty Limited Mirvac North Sydney Office Holdings Pty Limited Mirvac North Sydney Office Holdings Trust Mirvac Old Treasury Holdings Pty Limited Mirvac Parking Pty. Limited Mirvac Parramatta Sub-Trust No. 2 Mirvac Pennant Hills Residential Trust Mirvac Ping An Residential Developments Pty Limited Mirvac Ping An Waterloo Development Trust Mirvac Precinct 2 Pty Limited Mirvac Precinct Trust Mirvac Procurement Pty Ltd Mirvac Project Trust Mirvac Projects (Retail and Commercial) Pty Ltd

Mirvac Projects Dalley Street Pty Limited Mirvac Projects Dalley Street Trust Mirvac Projects George Street Pty Limited Mirvac Projects George Street Trust Mirvac Projects No. 2 Pty. Limited Mirvac Projects Norwest No. 2 Trust Mirvac Projects Norwest Trust Mirvac Properties Pty Ltd Mirvac Property Advisory Services Pty. Limited Mirvac Property Services Pty Limited Mirvac Property Trust Mirvac Real Estate Debt Funds Pty Limited Mirvac REIT Management Pty Ltd Mirvac Residential Communities Trust Mirvac Residential Hold Co Pty Ltd Mirvac Residential Mid Co Pty Ltd Mirvac Residential Sub Co Pty Ltd Mirvac Retail Head SPV Pty Limited Mirvac Retail Sub SPV Pty Limited Mirvac SDA Pty Limited Mirvac SDA Trust Mirvac Services Pty Limited Mirvac Showground Pty Ltd Mirvac Showground Trust Mirvac SLS Development Pty Limited Mirvac SLS Development Trust Mirvac South Australia Pty Limited Mirvac South Bullsbrook Pty Ltd[ 1] Mirvac South Bullsbrook Trust[ 1] Mirvac Spare Pty Limited Mirvac SPV 1 Pty Limited Mirvac St Leonards Pty Limited Mirvac St Leonards Trust Mirvac T6 Pty Ltd Mirvac T6 Trust

Mirvac Trademarks Pty Limited Mirvac TS Pty Limited Mirvac Ventures Pty Limited Mirvac Wholesale Office Investments Pty Limited MIV Elizabeth Enterprise 2 Trust Monarch Glen No1 Pty Ltd Monarch Glen Trust No 1 MRC Hold Trust MRC Mid Trust MRV Hillsdale Pty Limited Mulgoa East Sub Trust MWID (Brendale) Pty Limited MWID (Brendale) Unit Trust MWID (Mackay) Pty Limited Newington Homes Pty Limited Oakstand No.15 Hercules Street Pty Ltd Picket & Co Development Pty Limited Picket & Co NSW Head Trust Picket & Co Operations Pty Limited Picket & Co Property Pty Limited Picket & Co Pty Ltd Pigface Unit Trust Planned Retirement Living Pty Ltd Rovno Pty. Limited Spring Farm Finance Pty Limited Springfield Development Company Pty Limited SPV Magenta Pty Limited Suntrack Holdings Pty Limited Suntrack Property Trust Treasury Square Trust TS Triangle Pty Limited TS Triangle Trust Tucker Box Management Pty Limited Walker Investment Services II Pty Ltd WMQ Commercial Trust

This entity was established during the year.

Interests in controlled entities of MPT

10-20 Bond Street Trust

367 Collins Street No. 2 Trust 367 Collins Street Trust 380 St Kilda Road Trust 477 Collins Street No. 1 Trust Australian Office Partnership Trust Eveleigh Trust James Fielding Trust Joynton North Property Trust Joynton Properties Trust Meridian Investment Trust No. 1 Meridian Investment Trust No. 2 Meridian Investment Trust No. 3 Meridian Investment Trust No. 4 Meridian Investment Trust No. 5 Meridian Investment Trust No. 6 Mirvac 90 Collins Street Trust Mirvac Allendale Square Trust Mirvac Ann Street Trust

Mirvac Bay St Trust Mirvac Bourke Street No. 1 Sub-Trust Mirvac Broadway Sub-Trust Mirvac Capital Partners 1 Trust Mirvac Collins Street No. 1 Sub-Trust Mirvac Commercial No. 3 Sub-Trust Mirvac Commercial Trust Mirvac Group Funding No.2 Pty Limited Mirvac Group Funding No.3 Pty Limited Mirvac Hoxton Park Trust Mirvac Industrial No. 1 Sub-Trust Mirvac Kensington Trust Mirvac Kirrawee Trust No. 1 Mirvac Kirrawee Trust No. 2 Mirvac La Trobe Office Trust Mirvac Living Trust Mirvac Padstow Trust No. 1 Mirvac Parramatta Sub-Trust No. 1 Mirvac Pitt Street Trust Mirvac Property Trust No. 3

Mirvac Property Trust No. 4 Mirvac Property Trust No. 5 Mirvac Property Trust No. 6 Mirvac Property Trust No. 7 Mirvac Real Estate Investment Trust Mirvac Retail Head Trust Mirvac Retail Sub-Trust No. 1 Mirvac Retail Sub-Trust No. 2 Mirvac Retail Sub-Trust No. 3 Mirvac Retail Sub-Trust No. 4 Mirvac Rhodes Sub-Trust Mirvac Rydalmere Trust No. 1 Mirvac Rydalmere Trust No. 2 Mirvac Smail St Trust Mirvac Spencer Trust Mirvac Toombul Trust No. 1 Mirvac Toombul Trust No. 2 Old Treasury Holding Trust Springfield Regional Shopping Centre Trust Walker Sub-Trust

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 115

Notes to the consolidated financial statements

I Appendices continued

I3 Joint venture and associate entities

This table shows details of Mirvac’s interests in joint ventures and associates.

I Appendicescontinued I3 Joint venture and associate entities This table shows details of Mirvac’s interests in joint ventures and associates.
	Ownership %
	2025 2024
Barangaroo EDH Pty Ltd BuildAI Pty Ltd Cobbitty Trust1 Domaine Investments Management Pty Ltd Googong Township Pty Ltd Googong Township Unit Trust Harold Park Real Estate Trust Highforest Trust2 HPRE Pty Ltd Leakes Road Rockbank Pty Ltd Leakes Road Rockbank Unit Trust LIV Mirvac Property Trust LIV Mirvac Services Trust Mirvac (Old Treasury) Pty Limited Mirvac (Old Treasury) Trust Mirvac 8 Chifley Pty Ltd Mirvac 8 Chifley Trust Mirvac Locomotive Trust Mirvac Mattfam Real Estate Unit Trust Mirvac Wholesale Office Fund MIV Aspect North Trust MIV Aspect South Trust MIV Elizabeth Enterprise 1 Trust3 MIV Switchyards Trust Mulgoa Trust1 MVIC Finance 2 Pty Ltd Serenitas4 The George Street Trust Tucker Box Hotel Group5 WL Developer Pty Ltd WL Developer Trust	33 33 37 37 50 — 50 50 50 50 50 50 50 50 50 — 50 50 50 50 50 50 44 44 44 44 50 50 50 50 50 50 50 50 51 51 50 50 8 8 51 51 51 51 51 — 51 51 50 — 50 50 40 48 50 50 50 50 50 50 50 50

This entity became a JVA on 20 December 2024.
This entity became a JVA on 13 December 2024.
This entity became a JVA on 26 June 2025.
Comprised of Poolroom Bid Trust and Poolroom HoldCo Pty Ltd, collectively referred to as Serenitas.
This entity consisted of Tucker Box Hotel Trust and Tucker Box Hotel Company Pty Limited, which were stapled to form Tucker Box Hotel Group. On 30 April 2024, Tucker Box Hotel Trust was terminated by resolution of its trustee. Tucker Box Hotel Company Pty Limited is currently in the process of liquidation.

116

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Consolidated entity disclosure statement

This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the financial year in accordance with AASB10 Consolidated Financial Statements.

		Trustee/		Country of
		Partnership/	%	Incorporation &	Australian	Foreign
Entity Name	Entity Type	JV Partner	Ownership	Tax Residency	Resident	jurisdiction(s)
10-20 Bond Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
197 Salmon Street Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
367 Collins Street No. 2 Trust	TRUST	Not Applicable	100%	Australia	Yes	n/a
367 Collins Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
380 St Kilda Road Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
477 Collins Street No. 1 Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
477 Collins Street No. 2 Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
699 Bourke Street Services Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
A.C.N. 087 773 859 Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
A.C.N. 110 698 603 Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
A.C.N. 150 521 583 Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
A.C.N. 165 515 515 Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
ABTRC Head Trust A	Trust	Not Applicable	100%	Australia	Yes	n/a
ABTRC Head Trust B	Trust	Not Applicable	100%	Australia	Yes	n/a
Ascot Chase Nominee Stages 3-5 Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Australian Office Partnership Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Banksia Unit Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
BL Developments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Bligh Street Office Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
BTR Head Company Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
BTR QLD Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
BTR Vic Head Trust A	Trust	Not Applicable	100%	Australia	Yes	n/a
BTR Vic Head Trust B	Trust	Not Applicable	100%	Australia	Yes	n/a
CN Collins Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Cobbitty Sub Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Eveleigh Commercial Holdings Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Eveleigh Commercial Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Eveleigh Precinct Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Eveleigh Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
EZ Power Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Fast Track Bromelton Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Gainsborough Greens Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Harbourside Development Company Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Harbourside Office Company Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Harbourside Retail Company Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
HIR Boardwalk Tavern Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
HIR Golf Club Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
HIR Golf Course Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
HIR Property Management
Holdings Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
HIR Tavern Freehold Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Home Loans by Mirvac Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Hoxton Park Airport Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
HPAL Holdings Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Industrial Commercial Property Solutions
(Constructions) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Industrial Commercial Property Solutions
(Finance) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Industrial Commercial Property Solutions
(Holdings) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Industrial Commercial Property Solutions
(Queensland) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Industrial Commercial Property
Solutions Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
James Fielding Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
JF ASIF Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
JFM Hotel Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Joynton North Property Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Joynton North Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Joynton Properties Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Kirrawee South Centre Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Kirrawee South Centre Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
La Trobe Office Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Liv Opco Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Magenta Shores Finance Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Magenta Shores Unit Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Magenta Unit Trust	Trust	Not Applicable	100%	Australia	Yes	n/a

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 117

Consolidated entity disclosure statement

		Trustee/		Country of
		Partnership/	%	Incorporation &	Australian	Foreign
Entity Name	Entity Type	JV Partner	Ownership	Tax Residency	Resident	jurisdiction(s)
Marrickville Projects Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Meridian Investment Trust No. 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Meridian Investment Trust No. 2	Trust	Not Applicable	100%	Australia	Yes	n/a
Meridian Investment Trust No. 3	Trust	Not Applicable	100%	Australia	Yes	n/a
Meridian Investment Trust No. 4	Trust	Not Applicable	100%	Australia	Yes	n/a
Meridian Investment Trust No. 5	Trust	Not Applicable	100%	Australia	Yes	n/a
Meridian Investment Trust No. 6	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac (Beacon Cove) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac (Docklands) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac (Old Treasury Development
Manager) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac (Old Treasury Hotel) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac (Retail and Commercial)
Holdings Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac (WA) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac (Walsh Bay) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac 275 Kent Street Services Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac 699 Bourke Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac 90 Collins Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac 90CS No.2 Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Advisory Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Aero Company Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Allendale Square Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Altona North Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Ann Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac AOP SPV Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Auburn Industrial Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Badgerys Creek Industrial Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Bay St Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Birkenhead Point Marina Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Blue Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Bourke Street No. 1 Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Bourke Street No. 3 Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Broadway Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac BST Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac BTR Developments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac BTR Head Company A Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac BTR Head Company B Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac BTR Head SPV Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac BTR Head Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac BTR Sub Company A Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac BTR Sub Company B Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac BTR Sub SPV Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac BTR Sub-Trust 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac BTR Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Capital Assurance Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Capital Investments Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Capital Partners 1 Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Capital Partners Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Capital Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Chifley Holdings Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Cobbitty Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Collins Street No. 1 Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Commercial Finance Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Commercial No. 3 Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Commercial Sub SPV Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Commercial Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Constructions (Homes) Pty. Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Constructions (QLD) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Constructions (SA) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Constructions (VIC) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Constructions (WA) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Constructions Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Design Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Developments Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Doncaster Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Duck River Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Elizabeth Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Energy Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac ESAT Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a

118

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Consolidated entity disclosure statement

		Trustee/		Country of
		Partnership/	%	Incorporation &	Australian	Foreign
Entity Name	Entity Type	JV Partner	Ownership	Tax Residency	Resident	jurisdiction(s)
Mirvac Finance Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Funds Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Funds Management Australia Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Funds Management Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac George Street Holdings Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac George Street Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Green Square Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Green Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Group Finance Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Group Funding No.2 Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Group Funding No.3 Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Group Funding Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac GS Commercial Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Harbourside Development Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Harbourside Office Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Harbourside Retail Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Harbourside Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Harbourtown Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Harold Park Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Harold Park Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Hatch Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Highforest Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Hoist Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Holdings (WA) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Holdings Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Home Builders (VIC) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Homes (NSW) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Homes (QLD) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Homes (SA) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Homes (VIC) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Homes (WA) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Hotel Services Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Hoxton Park Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac ID (Bromelton) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac ID (Bromelton) Sponsor Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Industrial Developments Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Industrial No. 1 Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Industrial No. 2 Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Industrial Sub SPV Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac International (Middle East)
No. 2 Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac International Investments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Investment Manager Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac JV’s Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Kemps Creek Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Kensington Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Kensington Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Kent Street Holdings Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac King Street Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Kirrawee Trust No. 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Kirrawee Trust No. 2	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac La Trobe Office Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Leader Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Lindfield Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Living Investment Company Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Living Investment Manager Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Living Real Estate Services Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Living Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac LL Investments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Maker Space Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Mandurah Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac McCormacks Road Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Mulgoa Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Mulgoa South Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Mulgoa South Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Mulgoa West Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Mulgoa West Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac National Developments Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Newcastle Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 119

Consolidated entity disclosure statement

		Trustee/		Country of
		Partnership/	%	Incorporation &	Australian	Foreign
Entity Name	Entity Type	JV Partner	Ownership	Tax Residency	Resident	jurisdiction(s)
Mirvac NIC Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Nike Holding Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac North Sydney Office Holdings
Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac North Sydney Office Holdings Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Office Developments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Old Treasury Holdings Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Pacific Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Padstow Trust No. 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Parking Pty. Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Parramatta Sub-Trust No. 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Parramatta Sub-Trust No. 2	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Pennant Hills Residential Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Ping An Residential
Developments Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Ping An Waterloo Development Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Pitt Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Precinct 2 Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Precinct Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Procurement Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Project Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Projects (Retail and
Commercial) Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Projects Dalley Street Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Projects Dalley Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Projects George Street Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Projects George Street Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Projects No. 2 Pty. Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Projects Norwest No. 2 Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Projects Norwest Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Projects Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Properties Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Advisory
Services Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Services Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Trust No. 3	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Trust No. 4	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Trust No. 5	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Trust No. 6	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Property Trust No. 7	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Queensland Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Real Estate Debt Funds Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Real Estate Investment Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Real Estate Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac REIT Management Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Residential (NSW)
Developments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Residential Communities Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Residential Hold Co Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Residential Mid Co Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Residential Sub Co Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Retail Developments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Retail Head SPV Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Retail Head Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Retail Sub SPV Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Retail Sub Trust No. 4	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Retail Sub-Trust No. 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Retail Sub-Trust No. 2	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Retail Sub-Trust No. 3	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Rhodes Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Rockbank Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Rydalmere Trust No. 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Rydalmere Trust No. 2	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac SDA Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac SDA Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Services Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Showground Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Showground Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac SLS Development Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a

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Consolidated entity disclosure statement

		Trustee/		Country of
		Partnership/	%	Incorporation &	Australian	Foreign
Entity Name	Entity Type	JV Partner	Ownership	Tax Residency	Resident	jurisdiction(s)
Mirvac SLS Development Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Smail St Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac South Australia Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac South Bullsbrook Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac South Bullsbrook Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Spare Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Spencer Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Spring Farm Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac SPV 1 Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac St Leonards Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac St Leonards Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac T6 Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac T6 Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Toombul Trust No. 1	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Toombul Trust No. 2	Trust	Not Applicable	100%	Australia	Yes	n/a
Mirvac Trademarks Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Treasury Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Treasury No. 3 Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac TS Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Ventures Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Victoria Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Wholesale Funds
Management Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Wholesale Industrial
Developments Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mirvac Wholesale Office
Investments Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Wholesale Sub Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Mirvac Woolloomooloo Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
MirvacX Retail Solutions Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
MIV Elizabeth Enterprise 2 Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Monarch Glen No 1 Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Monarch Glen Trust No 1	Trust	Not Applicable	100%	Australia	Yes	n/a
MRC Hold Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
MRC Mid Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
MRV Hillsdale Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Mulgoa East Sub Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
MWID (Brendale) Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
MWID (Brendale) Unit Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
MWID (Mackay) Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Newington Homes Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Oakstand No.15 Hercules Street Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Old Treasury Holding Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Picket & Co Development Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Picket & Co NSW Head Trust	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Picket & Co Operations Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Picket & Co Property Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Picket & Co Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Pigface Unit Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Planned Retirement Living Pty Ltd	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Rovno Pty. Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Spring Farm Finance Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Springfield Development
Company Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Springfield Regional Shopping Centre Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
SPV Magenta Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Suntrack Holdings Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
Suntrack Property Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Treasury Square Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
TS Triangle Pty Limited	Body Corporate	Trustee	100%	Australia	Yes	n/a
TS Triangle Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
Tucker Box Management Pty Limited	Body Corporate	Not Applicable	100%	Australia	Yes	n/a
Walker Investment Services Ii Pty Ltd	Body Corporate	Trustee	100%	Australia	Yes	n/a
Walker Sub-Trust	Trust	Not Applicable	100%	Australia	Yes	n/a
WMQ Commercial Trust	Trust	Not Applicable	75%	Australia	Yes	n/a

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 121

Directors’ declaration

In the Directors’ opinion:

a) the financial statements and the notes set out on pages 68 to 115 are in accordance with the Corporations Act 2001, including:
i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and
ii) giving a true and fair view of the consolidated entity’s financial position at 30 June 2025 and of its performance for the financial year ended on that date;
b) the consolidated entity disclosure statement set out on pages 116 to 121 is true and correct;
c) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and
d) at the date of this declaration, there are reasonable grounds to believe that the members of the extended Closed Group identified in note I2 will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the Deed of Cross Guarantee described in note G1.

The basis of preparation note confirms that the financial statements also comply with IFRS as issued by the IASB.

The Directors have been given the declarations by the CEO & Managing Director and Chief Financial Officer required by section 295A of the Corporations Act 2001.

This declaration is made in accordance with a resolution of the Directors.

==> picture [114 x 43] intentionally omitted <==

Campbell Hanan Director

Sydney 15 August 2025

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Independent auditor’s report

To the stapled securityholders of Mirvac Limited

Report on the audit of the financial report

Our opinion

In our opinion:

The accompanying financial report of Mirvac Limited (the Company) and its controlled entities (together the Group) is in accordance with the Corporations Act 2001 , including:

a. giving a true and fair view of the Group's financial position as at 30 June 2025 and of its financial performance for the year then ended; and
b. complying with Australian Accounting Standards and the Corporations Regulations 2001 .

What we have audited

The Group’s financial report comprises:

the consolidated statement of financial position as at 30 June 2025
the consolidated statement of comprehensive income for the year then ended
the consolidated statement of changes in equity for the year then ended
the consolidated statement of cash flows for the year then ended
the notes to the consolidated financial statements, including material accounting policy information and other explanatory information
the consolidated entity disclosure statement as at 30 June 2025
the directors’ declaration.

T: +61 2 9659 2476, F: +61 2 8266 9999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

pwc.com.au

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 123

Independent auditor’s report

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Our audit approach

An audit is designed to provide reasonable assurance about whether the financial report is free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.

We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial report as a whole, taking into account the geographic and management structure of the Group, its accounting processes and controls and the industry in which it operates.

Audit Scope

Our audit focused on where the Group made subjective judgements; for example, significant accounting estimates involving assumptions and inherently uncertain future events.
The Group operates in major urban areas across Australia and has three key business units: Investment, Funds and Development.
The accounting processes are structured around a Group finance function at its head office in Sydney.
In establishing the overall approach to the group audit, we determined the type of work that needed to be performed by us, as the group auditor.

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Independent auditor’s report

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. The key audit matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Further, any commentary on the outcomes of a particular audit procedure is made in that context.

Key audit matter

How our audit addressed the key audit matter

Carrying value of inventories

(Refer to note C4)

Inventories are recognised at the lower of cost and net realisable value for each development project.

The Group’s estimate of net realisable value includes assumptions about future market and economic conditions which are inherently subject to the risk of change.

This was a key audit matter given:

The relative size of the inventories balance in the Consolidated Statement of Financial Position; and
The significant judgement and uncertainty involved in estimating net realisable value.

We evaluated the design of the Group’s relevant controls over the carrying value of inventories and assessed whether a sample of these controls operated effectively throughout the year including:

The Group’s approval process for capitalising costs relating to new development projects; and
The Group’s process for review of key assumptions used in the estimation of net realisable value across the development project portfolio.

We performed a risk assessment over the Group’s development project portfolio to determine those projects at greater risk of being carried at an amount in excess of their recoverable amount. Our risk assessment was informed by our understanding of the significant assumptions relevant to the net realisable value of each project, consideration of the results of the Group’s process for estimation of net realisable value, the stage of development progress of each project, our observations made through site visits during the year and our understanding of relevant project status.

For those projects which were assessed as being at greater risk, we performed procedures to assess the appropriateness of significant assumptions used in

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 125

Independent auditor’s report

Key audit matter

How our audit addressed the key audit matter

the Group’s estimate of net realisable value. In our audit procedures we:

Obtained the project feasibility model that the Group used to assess net realisable value and held discussions with management to develop an understanding of the basis for significant assumptions used in the model.
Assessed the appropriateness of significant assumptions by:
Comparing estimated sales price to supporting market data.
Considering the basis for other significant assumptions including whether costs to complete are consistent with the expected project completion programmes, the planned sales incentives and any allocation of costs across stages on multistage projects.
Assessed whether the carrying value was the lower of cost and net realisable value.

We also assessed the reasonableness of the Group’s disclosures against the requirements of Australian Accounting Standards.

Fair value of investment properties

(Refer to note C2)

Investment properties are recognised at fair value.

The Group’s estimate of fair value of investment properties includes assumptions about unobservable inputs including future market and economic conditions which are inherently subject to the risk of change.

At each reporting period, the Directors determine the fair value of the Group’s investment property

We evaluated the design of the Group’s relevant controls over investment property valuations and assessed whether a sample of these controls operated effectively throughout the year including:

The Group’s compliance with its policy to externally value all properties at least once in the last two years and to rotate valuation firms.
The approval of the adopted fair values for all individual properties by the Directors.

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Independent auditor’s report

Key audit matter

portfolio having regard to the Group’s valuation policy which requires all properties to be externally valued by valuation experts at least once every two years. In the period between external valuations the Directors’ valuation is supported by internal Mirvac valuation models.

Fair value of investment properties was a key audit matter because:

Investment property balances are financially significant in the Consolidated Statement of Financial Position.
The impact of changes in the fair value of investment properties can have a significant effect on the Group’s total comprehensive income for the year.
Investment property valuations are inherently subjective due to the use of unobservable inputs in the valuation methodology.
Fair values are highly sensitive to changes in key assumptions.

How our audit addressed the key audit matter

We evaluated the appropriateness of the valuation methodologies used against the requirements of Australian Accounting Standards.

We agreed the fair values of all properties to the external valuation or internal valuation model (together, the ‘valuations’) and assessed the competency, capability and objectivity of the relevant external or internal valuer.

We read recent independent property market reports to develop our understanding of the prevailing market conditions in which the Group invests.

We engaged PwC valuation experts as part of developing an understanding of the prevailing market conditions and their expected impact on the Group’s investment properties.

We met with management to discuss the specifics of the property portfolio including, amongst other things, any significant leasing activity, capital expenditure or vacancies impacting the portfolio.

We evaluated the completeness and accuracy of tenancy schedules used in the valuations on a sample basis to evaluate whether the relevant leasing information had been correctly input.

We performed a risk assessment over the Group’s investment property portfolio to determine those properties at greater risk of fair value being materially misstated. Our risk assessment was informed by our understanding of each property, consideration of the results of the Group’s estimate of fair value and our understanding of current market conditions.

For those investment property valuations which were assessed as having significant assumptions at greater risk, we performed the following procedures where appropriate, amongst others, to assess the appropriateness of those significant assumptions used in the Group’s assessment of fair value:

Financial report Other Mirvac Group Annual Report 2025 127

Financial and operational results Risk management Governance Remuneration report

Independent auditor’s report

Key audit matter

How our audit addressed the key audit matter

Obtained the valuation and held discussions with management to develop an understanding of the basis for significant assumptions used.
Assessed the appropriateness of the methodology adopted and the mathematical accuracy of the valuations.
Assessed the appropriateness of the capitalisation rate, discount rate and market rents used in the valuation by comparing them against market data for comparable properties.
Assessed the appropriateness of rental income data used in the valuation against rental income recorded in the general ledger in FY25.

We also assessed the reasonableness of the Group’s disclosures against the requirements of Australian Accounting Standards.

Recognition of developments and construction management services revenue over time

(Refer to note B2)

Development and construction management services revenue is recognised based on the satisfaction of performance obligations.

There is judgement required by the Group to determine when performance obligations are met. In particular, where revenue is recognised on a percentage of completion basis, it involves the use of forward-looking assumptions including forecast costs of completion and the date of project completion.

Revenue recognition on construction projects was a key audit matter because:

There is significant judgement in determining the amount of revenue to be recognised in the year;

We evaluated the design of the Group’s relevant controls over the recognition of development & construction management services revenue and assessed whether a sample of these controls operated effectively throughout the year, including:

The Group’s process for review of key assumptions used in the estimation of forwardlooking assumptions including forecast costs of completion and the date of project completion.

For a sample of projects we:

Obtained the relevant development agreements executed between the Group and the external customer(s) and evaluated the terms of the agreement to obtain an understanding of the performance obligations and transaction price.
Performed site visits to obtain an understanding of the overall project scope and stage of progress.

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Independent auditor’s report

Key audit matter

These revenue streams are significant to the Group’s total comprehensive income for the year; and
Changes in the assumptions used to estimate the percentage of completion on construction projects can have a significant effect on the Group’s total comprehensive income for the year.

How our audit addressed the key audit matter

We performed audit procedures over a sample of projects for which revenue was recognised in the year. In our audit procedures we:

Obtained and discussed the project feasibility model with management to develop an understanding of project status and risks and the basis of the significant assumptions used by the Group in their assessment of revenue and costs for the year.
Obtained and assessed the appropriateness of evidence used by the Group to support forecast project revenue.
Performed look-back procedures, comparing actual revenue and costs to managements estimates.
Obtained and assessed the appropriateness of evidence used by the Group to support forecast costs of completion and date of project completion.
Assessed the appropriateness of capitalisation of costs incurred to date and forecast costs to completion.

We also assessed the reasonableness of the Group’s disclosures against the requirements of Australian Accounting Standards.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report for the year ended 30 June 2025, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon through our opinion on the financial report. We have issued a separate opinion on the remuneration report.

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 129

Independent auditor’s report

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the financial report

The directors of the Company are responsible for the preparation of the financial report in accordance with Australian Accounting Standards and the Corporations Act 2001 , including giving a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our auditor's report.

130

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Independent auditor’s report

Report on the remuneration report

Our opinion on the remuneration report

We have audited the remuneration report included in pages 52 to 66 of the directors’ report for the year ended 30 June 2025.

In our opinion, the remuneration report of Mirvac Limited for the year ended 30 June 2025 complies with section 300A of the Corporations Act 2001.

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

PricewaterhouseCoopers

Voula Papageorgiou Partner

Joe Sheeran Sydney Partner 15 August 2025

Financial and operational results Risk management Governance Remuneration report Financial report Other Mirvac Group Annual Report 2025 131

Securityholder information

Managing your securityholding

Securityholders with queries concerning their holding, distribution payments or other related matters should contact Mirvac’s registry, MUFG Corporate Markets, as follows:

Mirvac information line (toll free within Australia): +61 1800 356 444

– Website: au.investorcentre.mpms.mufg.com

When contacting the registry, please quote your current address details together with your Securityholder Reference Number (SRN) or Holder Identification Number (HIN) as shown on your Issuer Sponsored or CHESS statements. The most efficient way to access your securityholding details is online at au.investorcentre.mpms.mufg.com. You will need your SRN or your HIN (this reference number is recorded in statements that you receive about your holding in Mirvac) when you log-in online.

You can do the following online at au.investorcentre.mpms.mufg.com:

elect to receive important communications by email
choose to have your distribution payments paid directly into your bank account
provide your tax file number (TFN) or Australian Business Number (ABN);
lodge your votes for securityholder meetings
Complete Tax Residency Certification (CRS/FATCA).

Managing your securityholding online is speedier, cost-effective and environmentally friendly. If it is easier for you to update your securityholding information by post, you can download the forms from au.investorcentre.mpms.mufg.com or by contacting the Mirvac information line (toll free within Australia) on +61 1800 356 444 to request the appropriate forms to be sent out to you.

The information set out below was prepared at 23 July 2025 and applies to Mirvac’s stapled securities (ASX code: MGR). As at 23 July 2025 there were 3,945,860,217 stapled securities on issue.

Substantial securityholders

As disclosed in substantial holding notices lodged with the ASX at 23 July 2025:

As at 23 July 2025 there were 3,945,860,217 stapled securities on issue. Substantial securityholders As disclosed in substantial holding notices lodged with the ASX at 23 July	2025:
			Percentage of
		Number of	issued equity1
Name	Date of change	stapled securities	%
THE VANGUARD GROUP, INC	15/11/2021	375,102,424	9.51%
BLACKROCK GROUP (BLACKROCK INC. AND SUBSIDIARIES)	28/02/2025	263,029,096	6.66%
STATE STREET CORPORATION AND SUBSIDIARIES	28/02/2025	375,182,020	9.51%
APG ASSET MANAGEMENT N.V.	27/01/2023	243,681,056	6.18%

Percentage of issued equity held as at the date notice provided.

Range of securityholders

Range of securityholders
			Percentage of
	Number	Number of	issued equity1
Range	of holders	securities	%
1 to 1,000	8,005	3,767,644	0.10
1,001 to 5,000	10,737	28,847,172	0.73
5,001 to 10,000	4,790	35,382,540	0.90
10,001 to 100,000	5,756	136,328,601	3.45
100,001 and over	237	3,741,534,260	94.82
Total number of securityholders	29,525	3,945,860,217	100.00

Percentage of issued equity held as at the date notice provided.

132

Business overview Letters to securityholders Value creation Our strategy Megatrends Performance by pillar

Securityholder information

20 largest securityholders

			Percentage of
		Number of	issued equity
Name		stapled securities	%
1.	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	1,687,168,283	42.76
2.	J P MORGAN NOMINEES AUSTRALIA PTY LIMITED	855,829,927	21.69
3.	CITICORP NOMINEES PTY LIMITED	608,601,320	15.42
4.	BNP PARIBAS NOMINEES PTY LTD	120,625,515	3.06
5.	BNP PARIBAS NOMS PTY LTD	99,282,892	2.52
6.	NATIONAL NOMINEES LIMITED	51,642,743	1.31
7.	AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED	29,350,000	0.74
8.	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	27,911,215	0.71
9.	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	25,315,306	0.64
10.	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED – A/C 2	18,858,854	0.48
11.	BNP PARIBAS NOMINEES PTY LTD	18,665,285	0.47
12.	BNP PARIBAS NOMS (NZ) LTD	17,138,645	0.43
13.	MUTUAL TRUST PTY LTD	16,224,264	0.41
14.	UBS NOMINEES PTY LTD	15,210,801	0.39
15.	ARGO INVESTMENTS LIMITED	12,500,551	0.32
16.	SOLIUM NOMINEES (AUSTRALIA) PTY LTD	11,713,336	0.30
17.	BKI INVESTMENT COMPANY LIMITED	9,250,000	0.23
18.	DJERRIWARRH INVESTMENTS LIMITED	7,116,500	0.18
19.	BNP PARIBAS NOMINEES PTY LTD	6,921,000	0.18
20.	CITICORP NOMINEES PTY LIMITED <143212 NMMT LTD A/C>	6,758,672	0.17
Total for 20 largest securityholders		3,646,085,109	92.40
Total other securityholders		299,775,108	7.60
Total stapled securities on issue		3,945,860,217	100.00

Number of securityholders holding less than a marketable parcel (being 221 securities at the closing market price of $2.26 on 23 July 2025): 1,973

Voting rights

Subject to the Constitutions of Mirvac Limited and of MPT and to any rights or restrictions for the time being attached to any class or classes of shares, units or stapled securities:

on a show of hands, each Member present in person or by proxy, attorney, or representative has one vote
on a poll, each Member has:
in the case of a resolution of Mirvac Limited, one vote for each share in Mirvac Limited held
in the case of a resolution of MPT, one vote for each whole $1.00 of unit value in MPT held.

Financial report Other Mirvac Group Annual Report 2025 133

Remuneration report

Financial and operational results

Risk management

Governance

Glossary

AASB	Australian Accounting Standards Board
ABN	Australian business number
AGM	Annual General and General Meeting
ARCC	Audit, Risk & Compliance Committee
ARSN	Australian Registered Scheme Number
ASIC ASX AUD	Australian Securities and Investments Commission Australian Securities Exchange Australian dollar
BPS	Basis points
BTR	Build to Rent
CCIRS	Cross currency interest rate swap
CEO CEO/MD CFO CGU	Chief Executive Officer Chief Executive Officer/Managing Director Chief Financial Officer Cash generating unit
CHESS	Clearing House Electronic Subregister System
CPSS	Cents per stapled security
DCF	Discounted cash flow
DRP	Dividend/distribution reinvestment plan
EBIT	Earnings before interest and taxes
EBITDA	Earnings before interest, taxes, depreciation and amortisation
ECL	Expected credit loss
EEP	Employee Exemption Plan
EIS	Employee Incentive Scheme
ELT	Executive Leadership Team
EPS	Earnings per stapled security
FFO	Funds From Operations
FY23 FY24 GLA	Year ending 30 June 2023 Year ending 30 June 2024 Gross leasable area
HIN	Holder Identification Number
HRC	Human Resources Committee
HSE	Health, safety and environment
HSE&S	Health, safety, environment and sustainability
IASB IFRS IP	International Accounting Standards Board International Financial Reporting Standards Investment properties
IPUC	Investment properties under construction
JVA	Joint ventures and associates
KMP	Key management personnel
LSL	Long service leave
LTP	Long-term Performance Plan
LTIFR MPC	Lost time injury frequency rates Masterplanned communities
MPT	Mirvac Property Trust
MTN	Medium-term notes
NABERS	National Australian Built Environment Rating System
NED	Non-Executive Directors
NOI	Net operating income
NRV	Net realisable value
PPE	Property, plant and equipment
PwC	PricewaterhouseCoopers
RAP	Reconciliation action plan
ROIC	Return on invested capital
SBP SaaS	Security-based payments Software-as-a-Service
SoCE	Statement of changes in equity
SoCI	Statement of comprehensive income
SoFP	Statement of financial position
SRN	Securityholder Reference Number
STI	Short-term incentives
TFN	Tax file number
TGS	Tax Governance Statement
TSR	Total shareholder return
TTC USPP WACC WALE	Tax Transparency Code US Private Placement Weighted average cost of capital Weighted average lease expiry

Directory & upcoming events

Registered office/Principal office

Mirvac Group (comprising Mirvac Limited ABN 92 003 280 699 and Mirvac Funds Limited ABN 70 002 561 640, AFSL 233121 as responsible entity of MPT ARSN 086 780 645)

Level 28 200 George Street Sydney NSW 2000 Telephone +61 2 9080 8000 Facsimile +61 2 9080 8111 www.mirvac.com

Securities exchange listing

Mirvac is listed on the Australian Securities Exchange (ASX code: MGR)

Directors

Rob Sindel (Chair) Campbell Hanan (CEO/MD) Christine Bartlett James Cain Damien Frawley Rosemary Hartnett Jane Hewitt Peter Nash

Company Secretary Michelle Favelle

Stapled security registry

MUFG Corporate Markets Liberty Place, Level 41 161 Castlereagh Street Sydney NSW 2000 Telephone +61 1300 554 474

Securityholder enquiries Telephone +61 1300 554 474

Correspondence should be sent to

Mirvac Group

C/- MUFG Corporate Markets Locked Bag A14 Sydney South NSW 1235

Further investor information can be located in the Investor Centre tab on Mirvac’s website at www.mirvac.com

Auditor

PricewaterhouseCoopers

One International Towers Sydney Watermans Quay Barangaroo NSW 2000

Annual General and General Meeting

Mirvac Group’s 2025 AGM will be held at 11.00am (AEDT) Thursday, 20 November 2025

Upcoming events

20 November 2025 Annual General and General Meetings

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AI assistant

MIRVAC GROUP — Annual Report 2025

65328_rns_2025-08-14_d4e0e32b-52ec-482e-8728-02998cd0b9aa.pdf

Contents

Acknowledgement of Country

About this report

Reporting suite

Directors’ Report and Operating and Financial Review (OFR)

Materiality

Identifying relevant matters

Evaluate and prioritise

Disclose

About Mirvac

Our business

Investment | $10.4bn passive invested capital

Office

Industrial

FY25 financial and operational highlights

Chairman’s letter

Letters to our securityholders

Dear securityholders,

Board governance

Health & Safety

Trust in construction

Sustainability

Remuneration

Outlook

CEO & Managing Director’s letter

Letters to our securityholders

Dear securityholders,

Investment

Funds

Development

Brand

People & Culture

Sustainability

Outlook

Our pillars for creating value

Creating value across our business helps to ensure Mirvac’s success both now and in the future.

Pillar of value

Financial

Asset creation and curation

Our employees, culture, and safety

Customers and stakeholders

How we deliver value

How we measure value

Megatrends shaping our world

Geopolitical and macroeconomic landscape

Despite early signs of a recovery

How we’re responding:

How we’re responding:

How we’re responding

Evolution in ESG focus

How we’re responding:

Urbanisation and infrastructure

How we’re responding:

Financial Performance

Portfolio management framework

Capital allocation and earnings mix

Returns

Capital structure

Green financing

Portfolio management framework

Asset creation and curation

Place

Asset creation

Development

Asset creation and curation

Place

Asset curation

Investment

97.7%

5.87%

Funds

The value of our funds platform

Asset Management

People, Culture and Safety People

Our people

Learning at Mirvac

Impact of our focus on learning and development in FY25

MIRVAC GROUP Annual Report 2025