MIRVAC GROUP — Interim / Quarterly Report 2024

Oct 24, 2023

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25 October 2023

MIRVAC 1Q24 OPERATIONAL UPDATE

Mirvac Group (Mirvac) [ASX: MGR] today released an operational update for the first quarter of the 2024 financial year (1Q24).

Mirvac’s Group CEO & Managing Director, Campbell Hanan, said: “It has been a busy start to the new financial year, with great progress made against our key strategic objectives. This includes executing on our asset disposal program, which supported the entry into a binding contract to jointly acquire the Serenitas land lease platform. The transaction marks a significant first step into land lease communities and expands our residential customer offering in a deeply undersupplied market.

“Our Investment portfolio continued to perform well over the first quarter, with high occupancy levels and good leasing activity across all sectors, and the quality enhanced by the completion of Switchyard, non-core asset sales, and increased exposure to living sectors.

“Residential sales activity remained subdued for first-home buyers, however, leads and enquiry levels were elevated, most notably at our newly released apartment projects in Melbourne. Upgrader and downsizers remained the most resilient and we saw a modest pickup in pre-sales to ~$1.9bn. A restricted supply outlook, our pipeline of shovel ready projects, and our strong brand and reputation, position us well to take advantage of the pickup in overseas migration currently underway over time.

“Subject to no material change in the operating environment, we have maintained operating EPS guidance of 14.0-14.3cpss and DPS guidance of 10.5cpss for FY24.”

1Q24 Operational Highlights

• expanded into the land lease communities sector, with the entry into binding contracts to acquire the ~$1bn[1] Serenitas platform. Mirvac will acquire a ~47.5%[2] interest alongside partners Pacific Equity Partner Secure Assets[3] and Tasman Capital Partners[4,5]

• progressed our ~$1.2bn asset disposal program with exchange for sale[6] of 60 Margaret Street, Sydney[5 ]

• • maintained high occupancy of 96.5%[7] across our Investment portfolio, with ~44,500sqm of space leased[8] , and a further ~39,500sqm of Investment portfolio office space under heads of agreements

• selectively progressed developments, with the completion of Switchyard, Sydney (~98% leased[9] ), and demolition now complete at our ~$2.1bn[10] Harbourside mixed-use precinct

• achieved 262 residential sales over the quarter, with pre-sales increasing to ~$1.9bn[11] and leads further strengthening to the highest level in over 12 months, above our 10-year average

• settled 192 residential lots in the quarter, with defaults remaining low at 0.5%[12]

• continue to actively maintain a prudent capital position via asset sales, residential settlements, and selective deployment into development projects

• Heritage Lanes, Brisbane, achieved the world’s first 6 Star Green Star Buildings certified rating, a new sustainability benchmark from the Green Building Council of Australia

• released our FY23 Sustainability Report and our fifth climate resilience report, Building Climate Resilience, in line with the Task Force on Climate-related Financial Disclosures (TCFD).

• Enterprise value of ~$1,010m (100% basis), excluding transaction costs and completion adjustments.

• Subject to completion adjustments and final bank valuations supporting acquisition debt facilities.

• Funds advised by PEP.

• Existing investor in Serenitas platform.

• Transaction occurred post 30 September 2023.

• Subject to remaining landowner consent.

• By area, excluding BTR, IPUC, assets held for sale (60 Margaret St, Sydney and 367 Collins St, Melbourne) and held for development.

• Excludes BTR leasing.

• Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Switchyard is ~96% pre-leased.

• Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions,

• 12-month rolling default rate 30 September 2023.

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construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land. 11. Represents Mirvac’s share of total pre-sales and includes GST.

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Investment

Office

• sold 60 Margaret Street and MetCentre, Sydney[1] for $388.6m (on a 50% basis), in line with reported June 2023 book value[2] , with settlement expected by the end of October 2023

• occupancy reduced to 94.7%[3] , with a further ~39,500sqm of new leasing deals under heads of agreements (excluding developments). Prime market CBD vacancy remained elevated at 15.9% and 16.1% in Sydney and Melbourne[4] respectively

• WALE of 5.6 years[5] , with a modest lease expiry of 4.1% over the remainder of FY24[5]

• executed 17 leasing deals across ~11,500sqm, with gross leasing spreads of +4.1% and improving lease tenure, with average WALE of new lease deals increasing to 6.0 years[5] .

Industrial

• maintained high occupancy of 98.8%[3] and a WALE of 6.6 years[5] , with lease expiry of ~3% over the remainder of FY24[5]

• achieved gross leasing spreads of +15.9% across ~9,750sqm of leasing deals

• achieved practical completion at Switchyard, Sydney, ~98% leased[6]

• continued strong fundamentals across the sector with 0.96% vacancy in Sydney[7] .

Retail

• grew total centre MAT portfolio sales by +8.4% on 1Q23, with positive foot traffic growth of +12.9%

• executed 68 leasing deals across ~23,300sqm, while maintaining positive gross releasing spreads of +1.0% on renewals (-0.4% across all deals)

• productivity remained elevated at $11,218/sqm on occupancy costs of 13.7%, with our urban focused centres benefiting from the pickup in tourism, return of students, and broader population growth in major cities.

Build to Rent

• improved portfolio occupancy of 78.4%[8] (FY23: 71.9%[9] ) across 805 operational apartments at LIV Indigo, Sydney (97% occupied[8] ) and LIV Munro, Melbourne (68% leased[8] , FY23: 62%[9] )

• positive market fundamentals remain, with tight east coast residential vacancy of 1.1%[10] , rent growth of >19%[11] , positive overseas migration, and restricted future supply. Penetration rates remain low, with completed and mooted BTR supply just 0.4% of total housing stock[12] .

Funds

• extended our relationship with leading Japanese real estate company, Daibiru, through their investment in the Mirvac Wholesale Office Fund (MWOF)

• MWOF continues to perform solidly, with the fund outperforming the benchmark over the 2, 3, and 5 year periods, a high credit rating reaffirmed, and ~$600m of debt successfully raised.

• Subject to remaining landowner consent.

• Transaction occurred post 30 September 2023.

• By area, excluding IPUC, assets held for sale (60 Margaret St, Sydney and 367 Collins St, Melbourne) and for development.

• Source: JLL Research, September 2023.

• By income, excluding IPUC and assets held for development, as at 30 September 2023.

• Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Switchyard is ~96% pre-leased.

• Source: SA1, September 2023.

• By apartment number, as at 30 September 2023, excludes display apartments.

• By apartment number, as at 30 June 2023, excludes display apartments.

• Source SQM Research September 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne & Brisbane.

• Source: Domain Group/APM Research August 2023, Sydney/Melbourne/Brisbane Capital Cities, 3-month unit median.

• 12 Source: Urbis Apartment Essentials Aug 2023, ABS, EY Build to Rent Housing report 2022.

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Development

Commercial & Mixed Use

• progressed our ~$1.2bn[1] BTR development pipeline, with LIV Anura, Brisbane (396 apartments), LIV Aston, Melbourne (474 apartments) and LIV Albert Fields, Melbourne (498 apartments) all under construction

• progressed construction at Aspect Industrial Estate, Kemps Creek, expected to be our first carbon neutral embodied carbon development, which is currently ~64% pre-leased and has firm tenant engagement on the remaining space

• commenced early works at our Harbourside mixed-use precinct. The residential component is expected to be launched to market 2H24, with completion expected in 2027

• progressed civil works at 55 Pitt Street, Sydney, with ~20% of space pre-leased, including agreements for lease and heads of agreements.

Residential

• settled 192 residential lots during the quarter, with defaults remaining low at 0.5%[2] . Major settlements were driven by masterplanned communities projects, including Smiths Lane, VIC, Everleigh, QLD, and Woodlea, VIC

• commenced first settlements at Sydney apartment projects, NINE and The Langlee, in late September, while first settlements at Green Square are expected to commence in 2Q24

• exchanged 262 lots, with owner-occupiers continuing to drive demand, along with 45% upgraders or right-sizers and predominantly domestic buyers (96%); leads at the highest levels in the past 12 months

• released over 490 lots, including two new apartment projects in Melbourne, The Albertine and Prince & Parade, each achieving solid interest and sales to date

• pre-sales increased to ~$1.9bn[3] , with continued encouraging sales rates across established apartment precincts with Green Square, Sydney, Isle at Waterfront and Charlton House Ascot Green in Brisbane all ~92% pre-sold, and Trielle Yarra’s Edge, Melbourne ~29% pre-sold.

Further information on Mirvac’s 1Q24 operational performance is contained in the Mirvac Group 1Q24 presentation, which was released to the market today and is available on the group website www.mirvac.com

For more information, please contact:

Media enquiries: Investor enquiries: Kate Lander Gavin Peacock, CFA General Manager, Communications General Manager, Investor Relations +61 2 9080 8243 +61 2 8247 1208

About Mirvac

Founded in 1972, Mirvac is an Australian Securities Exchange (ASX) top 100 company. We own and manage assets across office, retail, industrial and build to rent in our investment portfolio, with ~$26 billion of assets under management. Our integrated design and construction capability spans commercial, mixed-use and residential, and our ~$29 billion development pipeline enables us to deliver innovative and high-quality property for our customers, while driving long-term value for our securityholders.

1. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

2. 12-month rolling default rate 30 September 2023.

3. Represents Mirvac’s share of total pre-sales and includes GST.

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25 October 2023 1Q24 Operational Update

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Switchyard, Sydney

MIRVAC 1Q24 OPERATIONAL UPDATE

Executing on our strategic objectives

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Expanded living sectors exposure Progressed development pipeline Maintained balance sheet flexibility Continued leadership in sustainability
Green Square, Sydney
The Outlook at Albany, Western Australia Switchyard, Sydney (artist impression, final design may differ) 60 Margaret Street and MetCentre, Sydney Heritage Lanes - 80 Ann Street, Brisbane
Completed Switchyard Residential pre-sales $388.6m [4] disposal of 60 Margaret Street Achieved world's first 6 Star Green Star Buildings
~$1bn [1] Serenitas land lease transaction [2,3]
industrial development increased to ~$1.9bn & MetCentre, Sydney [3,5] rating at Heritage Lanes, Brisbane
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FY24 GUIDANCE

Subject to no material changes to the operating environment, Mirvac is targeting:

Operating EPS of Distribution of 14.0-14.3c 10.5c

1. Enterprise value of ~$1,010m (100% basis), excluding transaction costs and completion adjustments. 2. Entered into binding contracts to jointly acquire the platform with Pacific Equity Partner Secure Assets and Tasman Capital Partners. 3. Transaction occurred post 30 September 2023. 4. Represents a 50% basis. 5. Settlement expected to complete by the end of October 2023.

25 OCTOBER 2023 2

MIRVAC 1Q24 OPERATIONAL UPDATE

Maintained robust Investment portfolio performance

	Ofice	Industrial	Retail	Build to Rent	Total1
Occupancy2	94.7%	98.8%	97.5%	78.4%3	96.5%
WALE4	5.6 yrs	6.6 yrs	3.1 yrs	n/a	5.1 yrs
NLA leased	11,488sqm	9,754sqm	23,258sqm	n/a	44,500sqm
No. of lease deals	17	2	68	n/a	87
Gross re-leasing spreads	+4.1%	+15.9%	-0.4%	+8.8%5

1. BTR excluded from total Investments calculations, as at 30 September 2023.

2. By area, excluding assets held for sale (60 Margaret St, Sydney and 367 Collins St, Melbourne), IPUC and assets held for development, as at 30 September 2023.

3. By apartment number, excluding display apartments, as at 30 September 2023.

4. By income, excluding IPUC and assets held for development, as at 30 September 2023.

LIV Munro, Melbourne

1. Net re-leasing spreads.

25 OCTOBER 2023 3

MIRVAC 1Q24 OPERATIONAL UPDATE

Sustainable, modern, resilient Office portfolio

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Modern, sustainable Premium office buildings
continue to attract strong tenant demand
94.7% Sydney & Melbourne Absorption - 3 years 99%
Occupancy [1] Prime grade [4]
(1Q23: 96.3%) 250,000 sqm
200,000
150,000
5.3 star
5.6 yrs 100,000 Average NABERS
energy rating [3]
WALE [2]
(1Q23: 6.2yrs) 50,000
0
(50,000) 11.1 yrs
+4.1% Average
(100,000) portfolio age
Gross re-leasing spreads
(150,000)
~11,500sqm (200,000)
Leasing deals (250,000)
(1Q23: ~13,700sqm)
(300,000)
Premium A Grade Secondary
~39,500sqm Source: Source: JLL, by grade and CBD, 3 years to September 2023Sydney Melbourne
Newly signed HoA leasing
(office investment portfolio)
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MIRVAC'S PRIME OFFICE PORTFOLIO REMAINS BEST IN CLASS

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Heritage Lanes, Brisbane
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Achieved world's first 6 Star Green Star Buildings certified rating from the Green Building Council of Australia All-electric operations[5]

Platinum core and Shell WELL certification target

Smart building with integrated communication network

1. By area, excluding assets held for sale (60 Margaret St, Sydney and 367 Collins St, Melbourne), IPUC and assets held for development, as at 30 September 2023.

2. By income, excluding IPUC, assets held for development, as at 30 September 2023.

3. Average for Mirvac office assets (excluding MWOF assets).

4. By portfolio valuations, as at 30 June 2023, excluding IPUC, co-investment equity values, and properties being held for development.

5. Excludes 3 retail tenancies.

25 OCTOBER 2023 4

MIRVAC 1Q24 OPERATIONAL UPDATE

100% Sydney Industrial portfolio benefiting from tight conditions

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Sydney Industrial portfolio well placed to benefit from strong
market rent growth
98.8%
4.00% 45%
Occupancy [1]
(1Q23: 100%)
40
35
3.00
6.6 yrs 30
WALE [2]
(1Q23: 6.5yrs) 25
2.00
20
+15.9% 15
Gross re-leasing spreads
1.00
(1Q23: 4.7%) 10
5
~9,800sqm 0.00 0
Leasing deals
(1Q23: ~21,100sqm)
Vacancy (%) (LHS) Net rent (%y/y growth) (RHS)
Source: JLL Research Sept 2023, SA1 Sept 2023
Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23
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COMPLETED SWITCHYARD, SYDNEY ~72,000 SQM STATE OF THE ART INDUSTRIAL DEVELOPMENT

Switchyard, Sydney

Leased on completion: 98%[3]

Benefiting from $16.8bn of road upgrades, including Westconnex Superior ‘last mile’ location, with access to >3.7m people within a 40 minute drive

High quality architectural design, and best-in-class amenity offering

Sustainable estate: targeting 5 Star Green Star Australian sustainability rating and certification, solar panels EV charging, recycled rainwater, SMART building initiatives

1. By area, as at 30 September 2023.

2. By income, as at 30 September 2023.

3. Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Switchyard is ~96% pre-leased.

25 OCTOBER 2023 5

MIRVAC 1Q24 OPERATIONAL UPDATE

Urban Retail portfolio seeing resumption of students, tourists and CBD workers

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7.5% Occupancy1 (1Q23: 97.5%) 300sqm easing deals2	Retail Sales bycategory 1Q24 Comparable MAT 1Q24 Comparable MATgrowth
	Supermarkets $1,018m 7.6% Discount department stores $210m 1.6% Mini-majors $581m 1.9% Specialties $916m 11.2% Other retail $230m 27.9%
	Total $2,955m 8.4%

97.5%

~23,300sqm Leasing deals[2] (1Q23: ~21,600sqm)

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URBAN BASED PORTFOLIO TO BENEFIT FROM POPULATION GROWTH
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-0.4%

Gross re-leasing spreads (1Q23: -1.9%)

8.4%

MAT growth (1Q23: 12.6%)

$11,037/sqm

Australia – Net Visa Arrivals vs Net Overseas Migration Rolling annual

600,000 Number of people

500,000 400,000 300,000 200,000 100,000 0 (100,000)

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(200,000)

Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23

Specialty sales

Net Temporary Student Visa Arrivals Net Permanent Visa Arrivals Net Temporary Skilled and Work Visa Arrivals Net NZ Arrivals Net Overseas Migration

Source: ABS

1. By area, as at 30 September 2023.

2. Leasing deals FYTD 30 September 2023.

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Birkenhead Point Brand Outlet and Marina, Sydney
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25 OCTOBER 2023 6
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MIRVAC 1Q24 OPERATIONAL UPDATE

BTR presents a material scale opportunity in Australia

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Institutional Real Estate Market Australia
ROBUST UNDERLYING MARKET FUNDAMENTALS SUPPORT
LIV Munro $300bn UPCOMING DEVELOPMENTS
~$290bn
~68%
Leased [1] 250
Current low
Market rent growth [4] market penetration
~$1.2bn
1.1%
LIV Indigo 200 0.4% Mirvac BTR pipeline
Residential >19%
assets under construction [6]
~97% market at 3% penetration Potential BTR vacancy [3] known potential [5]
Occupancy [1] ~$290bn 350,000 units 150
Current BTR
pipeline ~$35bn
LIV Indigo ~47,000 units 100
+8.8%
Net re-leasing spreads [2] 50
~$35bn
0.0
BTR BTR Office Retail Industrial
@ 3% Current
Penetration Pipeline
Source: EY, ABS, Urbis, MSCI All Property, Mirvac estimates
1. By apartment number, excluding display apartments, as at 30 September 2023.
2. Net re-leasing spreads.
3. Source: SQM Research September 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne & Brisbane.
4. Source: Domain Group/APM Research August 2023, Sydney/Melbourne/Brisbane Capital Cities, 3-month unit median.
5. Source: Urbis Apartment Essentials Aug 2023, ABS, EY Build to Rent Housing report 2022.
6. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control
such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. LIV Munro, Melbourne 25 OCTOBER 2023 7
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MIRVAC 1Q24 OPERATIONAL UPDATE

Accelerated exposure to Land Lease via Serenitas transaction

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• Execution of documents to acquire the Serenitas Land Lease platform in partnership with PEP[1] and Tasman[2] for an enterprise value of approximately $1,010 million[3] (100% basis)

• Mirvac to acquire ~47.5%[4] stake, alongside funds advised by PEP (~47.5%[4] ) and balance by Tasman via acquisition vehicle

• ~$300m initial investment, with ~$240m[4] funded by Mirvac on settlement and $60m[5] deferred 12 months, target settlement by 3Q24

• Scalable platform with 27 communities over 6,200 sites, including 4,200 operational sites (5.4% portfolio WACR) and over 2,000 development sites (98% DA approved)

• Experienced management team with strong track record and established platform

• Affordable mid-market product offering – average sale price ~$460,000[6] , ~20% discount to local median house price[7]

Above EPS

hurdle Accretive returns from FY25

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ATTRACTIVE PORTFOLIO WITH EAST COAST GROWTH OPPORTUNITIES
27 QLD
Communities 1.5m age 55+
Growth 3.2% [9]
~6,200 48%
NSW
Over 4,200 operating West Coast [11]
development sites& over 2,000 [8,10] 52% 2.4m age 55+
Growth 2.5% [9]
East Coast [11]
~98% VIC
Development sites
DA approved 1.8m age 55+
Growth 2.8% [9]
4 PORTFOLIO SUMMARY [8]
WA
Greenfield 4,000 Number of sites
development projectsrecently acquired 3,0002,000 3,03120% 2,279 offering significant growth opportunityUnder-represented in VIC & NSW Growth 3.4%0.7m age 55+ [9]
37%
1,000 80% 554 392
63% 49% 78%
0 51% 22%
WA QLD NSW VIC
Occupied Sites Sites to be Developed
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1. Funds advised by Pacific Equity Partners Secure Assets (PEP). 2. Tasman Capital Partners (Tasman) - existing investor in Serenitas platform. 3. Excluding transaction costs and completion adjustments. 4. Subject to completion adjustments and final bank valuations supporting acquisition debt facilities. 5. Final deferred consideration subject to Tasman exercising its 12-month option to increase its combined investment in Serenitas to up to 19.99%. 6. YTD August 2023. Excludes GST. Excludes 2 projects currently under external development service agreements. 7. For Development projects. Local median house price (Corelogic Data Oct 22) vs forecast new Land Lease sales pricing. 8. As at 31 August 2023. 9. ABS data. CAGR from 2016 to 2021. 10. Includes 2 projects currently under external development service agreements. 11. By number of sites.

25 OCTOBER 2023 8

MIRVAC 1Q24 OPERATIONAL UPDATE

Funds Management – strong momentum underway across multiple sectors

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BTR VENTURE PROGRESSING NEW INDUSTRIAL VENTURE CAPITAL PARTNERING
$1.8bn
VENTURE [1]
55 Pitt Street, Sydney [2]
> Commenced discussions with capital partners on 55 Pitt Street, Sydney
~$0.4bn Switchyard, Sydney
SEED ASSET [1]
MWOF CONTINUES TO PERFORM
~$7.2bn
FUND [3]
LIV Albert Fields, Melbourne [2] Aspect, Kemps Creek, Sydney [2] Quay Quarter Tower, Sydney | Photo: Adam Mørk
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• 2 operational assets

• 3 developments underway

• Capital exploring new opportunities to expand the pipeline, to reach medium term target of 5,000 apartments

• Switchyard, Sydney completion and fully settled in MIV

• Aspect North, Sydney targeted to be sold into the venture in FY24

• The fund has outperformed the benchmark over 2, 3, and 5 year periods

• Credit rating reaffirmed

• ~$600m of debt successfully raised

• Daibiru invested into the fund

• These values are 100% of completion end value.

• Artist impression, final design may differ.

• Gross assets as at 30 September 2023.

25 OCTOBER 2023 9

MIRVAC 1Q24 OPERATIONAL UPDATE

Progressing our development pipeline

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MIXED USE / OFFICE INDUSTRIAL BUILD TO RENT
Harbourside, Sydney [1] Switchyard, Sydney LIV Anura, Brisbane [1] LIV Aston, Melbourne [1]
~$1.2bn
BTR DEVELOPMENTS
UNDERWAY [4]
~$2.1bn ~98%
END VALUE [2] PRE-LEASED [3] 396 474
APARTMENTS APARTMENTS
> Demolition of the centre complete, awaiting next stage approvals > Construction progressing > Construction has topped out
> Practical completion achieved
> Expect Residential launch in 2H24 > Target completion mid 2024 > Target completion mid 2024
55 Pitt St, Sydney [1] Aspect, Kemps Creek, Sydney LIV Albert Fields, Melbourne [1]
~64% ~$0.7bn
~$2.0bn PRE-LEASED [3] END VALUE [2] APARTMENTS498
END VALUE [2]
>~20% pre-leased [3] > Construction progressing
> Construction commenced
> Progressing civil works > Completion of first warehouse expected 1H24
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1. Images are artist impressions only, final design may differ. 2. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land. 3. Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Aspect is ~64% and Switchyard is ~96% pre-leased. 4. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

25 OCTOBER 2023 10

MIRVAC 1Q24 OPERATIONAL UPDATE

Residential well placed for under supplied market

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• 262 lots exchanged in Q1. Market conditions remain subdued, impacted by rising interest rates, fewer product launches and lower first-home buyer activity

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New residential leads improving
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16,000 leads
12,000
8,000
4,000
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24
Apartments MPC
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• Leads remain elevated, above 10-year average

• Pre-sales balance increased modestly to ~$1.9bn[1]

• 192 settlements, including first settlements at NINE, Willoughby and The Langlee, Waverley commenced in early September, with Green Square expected to commence in the December quarter.

• Good early sales momentum at recently launched Melbourne apartment projects - Prince & Parade, The Albertine, Trielle (with ~30% repeat customer sales rate)

Population additions vs capital city unit supply

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70,000 Apartments People 400,000
> Defaults remain low at 0.5% [2] 350,000
60,000
> Flexible launch program in place ready to take advantage 50,000 300,000250,000
of pickup in activity 40,000 200,000
150,000
30,000
100,000
20,000 50,000
10,000 0
>40% >2.5% -50,000
1.1% 0
Residential Discount between apartment and Total Australian Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 -100,000
15+ population
vacancy [3] established growth [5] Completed (LHS) Under Construction (LHS) Marketed (LHS) Population Additions (RHS)
house price [4]
Source: [1] ABS; Centre for Population; Population Estimate 2022 (Dec 22),
Budget 2023-24 Projection (May 23) NSW, QLD, VIC
2Charter Keck Cramer: Brisbane, Melbourne, Sydney (June 2023)
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FIRST SETTLEMENTS COMMENCED
NINE, Willoughby The Langlee, Waverley
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APARTMENTS IN ESTABLISHED PRECINCTS SELLING WELL
Underlying market fundamentals remain supportive
29%
92%
92% PRE-SOLD PRE-SOLD
PRE-SOLD
Trielle Yarra’s Edge, VIC
92%
PRE-SOLD
Green Square, NSW Ascot Green, QLD Waterfront Isle, QLD
Note: All images are artist impressions, final design may differ.
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1. Represents Mirvac’s share of total pre-sales and includes GST. 2. 12-month rolling default rate as at 30 September 2023. 3. Source: SQM Research September 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne & Brisbane. 4. Source: Domain, Greater Sydney, 3 month median to June 2023. 5. Source: ABS, year on year change to September 2023.

25 OCTOBER 2023 11

MIRVAC 1Q24 OPERATIONAL UPDATE

Thank you

Contact

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

Authorised for release by

The Mirvac Group Continuous Disclosure Committee

Mirvac Group

Level 28, 200 George Street, Sydney NSW 2000

IMPORTANT NOTICE

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This document has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$). This document is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this document and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. Mirvac Funds Limited is entitled to receive ongoing fees in connection with the authorised services provided under its Australian Financial Services licence to Mirvac Property Trust. Mirvac directors and employees do not receive specific payments of commissions for the authorised services provided under Mirvac Funds Limited’s Australian Financial Services licence. The information contained in this document is current as at 30 September 2023, unless otherwise noted.

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