MIRVAC GROUP - Interim / Quarterly Report 2023

REIMAGINE URBAN LIFE 09 FEBRUARY 2023

1H23 Results

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1H23 RESULTS Reimagine Urban Life

Acknowledgement of Country

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

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

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Reimagine Urban Life

1H23 RESULTS

Agenda

Overview Susan Lloyd-Hurwitz | CEO & Managing Director

Financial Performance Courtenay Smith | Chief Financial Officer

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12 Integrated Investment Portfolio Campbell Hanan | Head of Integrated Investment Portfolio

Funds Management 17 Scott Mosely | Head of Funds Management

Development 20 Stuart Penklis | Head of Development Summary & Guidance 28 Susan Lloyd-Hurwitz | CEO & Managing Director

Isle Waterfront Newstead, Brisbane (artist impression, final design may differ)

9 FEBRUARY 2023 | 02

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1H23 RESULTS
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Reimagine Urban Life
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Overview

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Susan Lloyd-Hurwitz | CEO & Managing Director
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ASSET CREATION
Development
Recurring income
funds distributions and
future developments
Development EBIT
ASSET CURATION
NTA Uplift
Integrated Investment
Portfolio
New recurring high
quality rental income
Delivers new assets
Capital Partnerships
drives asset & funds
management fee income
Mirvac head office, Sydney
9 FEBRUARY 2023 | 03
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Reimagine Urban Life

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1H23 RESULTS
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1H23 results remain on track for full year

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1H23 Operating Profit 1H23 DPS
$305m 5.2¢
+3% on pcp +2% on pcp
1H23 Statutory Profit External Assets and FUM
$215m $17.9bn
(62%) on pcp +75% on FY22
NTA [1] 1H23 EPS Gearing [2]
$2.79 7.7¢ 24.5%
unchanged on FY22 +3% on pcp 3.2% higher than FY22
1. NTA per stapled security excludes intangibles, right of use assets and deferred tax assets, based on ordinary securities including EIS securities.
2. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).
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1H23 RESULTS

Delivering on our strategy and creating value for our stakeholders

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5 key pillars ENABLE US TO CREATE VALUE FOR OUR STAKEHOLDERS, EXECUTE OUR STRATEGY, AND MAINTAIN A HEALTHY AND RESILIENT BUSINESS

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PEOPLE People, culture & safety

PERFORMANCE Financial

PLACE Asset creation & curation

PARTNERS Customers & stakeholders

PLANET Sustainability

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79% employee engagement with highly motivated workforce
93% proud to work at Mirvac
Turnover : stabilised at pre‑pandemic levels (<15%)
Maintained zero like‑for‑like gender pay gap for last 7 years
Strong safety performance with LTIFR[1] (1.3) below target (2.0) and a significant reduction in critical incidents/near misses (CIFR[2] 0.13)
Improved Investment portfolio occupancy to 97.6% (~107,000sqm leased)
Delivered strong outperformance across portfolio and MWOF portfolios
Significant value creation unlocked with disposal of 34 Waterloo Road development site
Residential pre‑sales increased to ~$1.7bn,[3] successful launch at Isle Waterfront Newstead 63% pre‑sold
Progressed $1.3bn disposal program with ~$445m[4] of asset sales and 60 Margaret Street/MetCentre, Sydney in exclusive DD
Successful completion of 490 Build to Rent units at LIV Munro, Melbourne, 32%[5] leased
Commenced development at ~$745m[6] Industrial project at Aspect, Kemps Creek (~64% pre‑leased[7] ) and progressed Switchyard, Auburn (~76% pre‑leased[7] ) ahead of expected 2H23 completion
Acquisition of remaining 49% stake of Switchyard, Auburn
Commencing demolition at Harbourside, Sydney mixed use development site[9]
Awarded Australia’s first 5 Gold star iCIRT rating for construction in NSW
Released new Net Positive Carbon plan, targeting net positive scope 3 emissions by 2030
Successful integration of MWOF, expanding external AUM to ~$18bn
Committed to Science Based Target Initiative (SBTi), and applied for certification as B‑Corp[8]
Progressing capital partnering initiatives across BTR platform and industrial developments
and industrial developments > Achieved 5 star UN Principles for
Further utilisation of prefab initiatives Responsible Investment (PRI) ratings reducing waste, improving safety and and named Top‑Rated ESG Performer delivering cost and time savings by Sustainalytics
Third Modern Slavery Statement released

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Isle Waterfront Newstead, QLD
Image is artist impression, final design may differ LIV Munro, VIC Collins Place, VIC
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Lost time injury frequency rates. 2. Critical incident frequency rate. 3. Represents Mirvac’s share of total pre‑sales and includes GST. 4. Net sales price, includes exchange of Stanhope Gardens, Expected to settle in 2H23. 5. As at 31/1/23, 18% leased as at 31/12/22. 6. Represents 100% expected end value, excluding the sale of any undeveloped land, 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. 7. Including non‑binding heads of agreements (excluding heads of agreements Switchyard is ~60% and Aspect is ~47% pre‑leased). 8. A global designation, demonstrating high social and environmental performance and public transparency to balance profit and purpose. 9. Demolition to commence 2H23.

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1H23 RESULTS

Setting new ambitious goals for sustainability

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Reached net positive carbon
in scope 1 and 2 emissions
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FY14 Planet Positive – Our plan to reach net positive TARGET SET: carbon released FY21 Net positive Reduced carbon intensity in scope 1 and 2 by 21%, while portfolio emissions by 2030 grew by a third Reduced carbon intensity by 84% 3.9MW commercial onsite solar installed FY19 Reduced carbon emissions by 80%

How we got there: Maximising energy efficiency Building all-electric and buying 100% renewable electricity

Net positive Reduced carbon intensity in scope 1 and 2 by 21%, while portfolio emissions by 2030 grew by a third FY19 Our key levers for change

Investing in a small amount of high-quality, community focussed carbon offsets

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FY22
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In-house design and Our buying Collaboration In-house
construction capability power sustainability expertise
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2030 NET POSITIVE FOR CARBON (SCOPE 1, 2 & 3) AND WATER

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FY23
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Target set:

Net positive in scope 1, 2, and 3 emissions by 2030

Our scope 3 approach shared

Commitment to Science Based Targets initiative

ZERO WASTE TO LANDFILL

Scope 3 boundaries include:

Our actions

Our impact areas

Lower carbon materials

Embodied carbon in materials

Divert 100% waste from landfill by 2030

Waste

100% renewable electricity

Tenant & resident emissions

Customer & supplier partnerships
Repairs & maintenance
High quality offsets
25% recycled content
All electric

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1H23 RESULTS

Well positioned to navigate through challenging conditions

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Unique Integrated
Capability
Effective Capital
Management
NAVIGATING
CHALLENGING
CONDITIONS
Strong
Corporate Culture
Leading
Portfolio Quality
275 Kent Street, Sydney
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Integrated Capability

Unique Tier 1 developer, scale and in‑house design and construction capabilities
Award‑winning brand
50 year track record of development
Focus on quality and upfront amenity
Owner/developer/manager = aligned interests

Effective Capital Management

Disciplined capital management and investment framework
Modest gearing
Focused and disciplined asset sales program
Broad capital partnership relationships
Capital‑efficient development pipeline

Strong Culture and Engagement

Highly experienced, capable leadership team
High employee engagement, attraction and retention
Market‑leading sustainability and governance initiatives

Portfolio Quality

Best in class modern, prime, sustainable investment portfolio
Limited expiry/capex leakage
Consistent track‑record of investment portfolio outperformance
Well bought residential sites with attractive embedded margins

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1H23 RESULTS
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Financial Performance

Courtenay Smith | Chief Financial Officer

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LIV Munro, Melbourne

Reimagine Urban Life

1H23 RESULTS

1H23 earnings drivers

	1H23	1H22
	($m)	($m)
Investment
Integrated Investment Portfolio NOI	327	275	19%
Asset & funds management EBIT	29	16	81%
Management & administration expenses	(21)	(21)
Investment EBIT	335	270	24%
Development Commercial & Mixed Use Residential	58 36	73 89	(21%) (60%)
Development EBIT	94	162	(42%)
Segment EBIT1	429	432	(1%)
Unallocated overheads	(42)	(41)	2%
Group EBIT	387	391	(1%)
Net financing costs Operating income tax expense	(68) (14)	(62) (32)	10% (56%)
Operating profit after tax	305	297	3%
Development revaluation2 Investment property revaluation Other non‑operating items	(19) 35 (106)	48 260 (40)	(140%) (87%) 165%
Statutory profit attributable to stapled securityholders	215	565	(62%)
AFFO	285	286	(<1%)

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Investment

Property NOI driven by +3.5% LFL NOI growth, recovery from COVID and positive impact of development completions at 80 Ann Street, Brisbane and Locomotive Workshop, Sydney
Asset and funds management EBIT growth driven by addition of MWOF to FUM and performance fee on Switchyard, Auburn

Commercial & Mixed Use

34 Waterloo Road, Sydney value creation realised on disposal, 1H22 included contributions from 80 Ann Street, Brisbane and Locomotive Workshop, Sydney

Residential

Lower settlements due to weather and labour availability related delays impacting completion schedules in 1H23, compared to elevated settlements volumes in 1H22

Unallocated overheads

Modest increase associated with higher insurance expenses

Net financing costs

Increase due to higher floating interest rates

Development revaluation

Impacted by negative revaluation of LIV Albert Fields, Melbourne due to planning outcomes, partially offset by positive revaluation at LIV Munro, Melbourne Other non-operating items

One‑off costs associated with MWOF transition and selling costs on asset sales

EBIT includes share of net operating profit of joint ventures and associates.
Relates to the fair value movement on IPUC.

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Reimagine Urban Life

1H23 RESULTS

Strong balance sheet to provide resilience through cycle

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24.5%[1] gearing at the middle of our 20‑30% target range
Interest cover ratio >5x provides significant headroom

Gearing at the middle of target range[ 1]

60%

$1.2bn liquidity available
Average borrowing cost 4.8%[2 ] at 31 December 2022
Average debt maturity of 5.3 yrs
Only $250m of drawn debt due for repayment in next 12 months

40 20

53% hedged in line with target
A3/A‑ credit ratings with stable outlook from Moody’s and Fitch
Diversified debt sources
Utilising our Sustainability Finance Framework, all financing undertaken during the period was certified green by the Climate Bonds Initiative (CBI) taking total green debt facilities to $2bn

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0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 1H23
Gearing Target range Covenant limit
Limited debt maturities
$900m
450
0
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 FY43
USPP EMTN MTN Bank
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Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).
WACD (including margins and line fees) as at 31 December 2022. WACD over the 6 months to 31 December 2022 was 4.5%.

9 FEBRUARY 2023 | 10

Reimagine Urban Life

1H23 RESULTS

Lifting capital allocation to higher returning modern assets

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Maintaining 20% / 80% Active / Passive capital allocation target
Increasing capital allocation to BTR, Industrial and modern commercial and mixed use assets with superior total return outlook
Pro‑actively accelerated portfolio repositioning towards prime, modern, sustainable resilient assets
Sold $820m of assets in FY22 at an average of 25% premium to book value
Strong progress on FY23 ~$1.3bn disposal program with ~$445m realised around book value including Allendale Square, Perth, 189 Grey Street, Brisbane and Stanhope Gardens, Sydney[1] , with 60 Margaret Street and MetCentre in Sydney in exclusive DD with a prospective buyer
Re‑invest into new Industrial and BTR projects and co‑investment stake in prime MWOF
Selective roll out of development pipeline utilising capital efficient structures, introducing aligned capital partners and supported by balance sheet capacity, retained earnings and proceeds from disposals of older, lower return assets

Optimising portfolio with non-core asset sales

Asset	Sector	Status
Allendale Square, Perth	Ofice	Settled 1H23
189 Grey Street, Brisbane	Ofice	Settled 1H23
Stanhope Village, Sydney	Retail	Exchanged 1H231
60 Margaret Street, Sydney	Ofice	Exclusive DD5
MetCentre, Sydney	Retail	Exclusive DD5
367 Collins Street, Melbourne	Ofice	On‑market

~$35BN TOTAL ASSETS UNDER MANAGEMENT

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OFFICE 60%
$7.9bn of office assets, 87% SYD/MEL [3] ,
98% Prime grade [3] , WACR 5.05%
INDUSTRIAL 12%
$1.7bn of SYD industrial assets, WACR 4.33%
$13.4bn
RETAIL 22%
PASSIVE INVESTED
CAPITAL [2] $2.9bn urban portfolio, 71% SYD/MEL [3] , WACR 5.35%
BUILD TO RENT 6%
$0.8bn, 100% SYD/MEL/BRIS [3] , WACR 4.05%
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RESIDENTIAL Passive capital 84% Office 93%
DEVELOPMENT 78% Active capital 16% Retail 5%
$2.0bn [4] invested capital Industrial 2%
in residential
~24,500 pipeline lots with
$2.6bn an average vintage of 9 years $16.0bn $17.9bn
ACTIVE INVESTED TOTAL INVESTED EXTERNAL ASSETS
CAPITAL [6] COMMERCIAL CAPITAL AND FUNDS UNDER
& MIXED USE 22% MANAGEMENT
84% SYD
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Sale of Stanhope Gardens, Sydney has exchanged with settlement expected 2H23. 2. Invested capital includes investment properties, IPUC, assets held for sale, JVA, deferred land and other financial assets on balance sheet. 3. By portfolio value, includes IPUC, assets held for development and assets held for sale. 4. Invested capital includes inventories, valued at the lower of cost and net realisable value and JVA, less deferred land payments and fund through adjustments. 5. Assets are adjoined, and expected to be disposed of together. 6. Active invested capital includes deferred land and unearned income

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1H23 RESULTS Reimagine Urban Life

Integrated Investment Portfolio

Campbell Hanan | Head of Integrated Investment Portfolio

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ASSET CREATION
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Development Recurring income funds distributions and future developments

Development EBIT NTA Uplift

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ASSET CURATION Integrated Investment Portfolio

Delivers new assets

New recurring high quality rental income Capital Partnerships drives asset & funds management fee income

9 FEBRUARY 2023 | 12

80 Ann Street, Brisbane

Reimagine Urban Life

1H23 RESULTS

Market leading portfolio quality driving outperformance

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Office portfolio quality further improved driving outperformance

Strong NOI growth of 13% on pcp to $205m, driven by completion of new developments, leasing performance and 3.5% LFL growth
Net valuations largely stable[1] , with portfolio capitalisation rates flat at 5.05% due to asset sales
Modern portfolio with average age of 10.3 years, 98% Prime and 84% developed by Mirvac[2]
Occupancy improved to 96.3%[3] , with ~24,300 sqm of leasing, 5.5% leasing spreads and 29.2% incentives, vacancy predominately in older buildings. WALE 6.0 years[4]
Low capex, 0.24% pa of asset value over the last 4.5 years
Average office NABERS rating of 5.3 Stars
180bp outperformance[5] of Mirvac office portfolio vs office market benchmark over last 1, 3, 5 and 15 years

Tenant and capital demand becoming increasingly selective

Bifurcation of tenant and capital demand pronounced
Cap rate expansion in the market starting to play out, led by lower quality assets
Pre‑commitment enquiry has improved with continued focus on quality of amenity and layout and upgrading tenancies, however, decision making remains slow
Solid face rent growth together with marginally higher incentives have led to modest effective rent growth, expected to remain until vacancy tightens
Limited new development starts underway with rising construction costs and selective pre‑commitment activity
Excludes development revaluation.
By portfolio valuations.
By area, excludes IPUC & assets held for development.
By income, excludes IPUC & assets held for development.
As at December 2022.
Core markets: Sydney CBD, Melbourne CBD, Brisbane CBD, Perth CBD.

Mirvac portfolio vs market benchmark

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12.0%
10.0 10.8 11.1
9.8
8.0
8.9
8.4 8.3
6.0 7.9 7.6
6.6
6.0
4.0
2.0
0
1YR 3YRS 5YRS 10YRS 15YRS
Mirvac office portfolio Benchmark
Source: RIA commercial property market return indicator as at September 2022
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Prime office driving Australian CBD[6] market recovery Rolling annual absorption by grade

300,000 sqm

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0
(300,000)
(600,000)
Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
2019 2020 2021 2022
Premium A-grade Secondary
Source: JLL
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9 FEBRUARY 2023 | 13

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1H23 RESULTS

100% Sydney Industrial portfolio outperforming supported by strong market fundamentals

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Well-located, high-quality modern industrial portfolio to further benefit from development completions

100% Sydney located portfolio[1] benefiting from strong occupier demand, tight market vacancy and restricted future supply
LFL NOI up 4.5% to $28m. Future NOI to benefit from development completions at Switchyard, Auburn and Aspect, Kemps Creek and 17% of expiry[2] in the next 18 months expected to benefit from positive rental reversion
~200bp of outperformance of Mirvac industrial portfolio vs industrial benchmark over 1, 3, and 10 years[3]
High occupancy of 100%[4] maintained and WALE of 6.4 years[2] , with ~40,900 sqm leased on ~9% releasing spreads
Net valuation gains of $41m[5] up 2.6%, with market rental growth offsetting 15bp of cap rate expansion to 4.33%
Construction progressing at Switchyard, Auburn (14ha infill location) ~76% pre‑leased[6] with expected end value of ~$345m[7] in FY23. Commenced construction at Aspect, Kemps Creek (56ha) with ~64% pre‑leased[6] , potential end value ~$745m[7]
Acquisition of remaining 49% of Switchyard provides opportunity to introduce aligned long‑term capital partner for both Aspect and Switchyard developments now 100% owned with process already underway

Market fundamentals remains strong underpinned by structural demand and restricted supply

Tight Sydney industrial vacancy rate at 0.5%[8] persistent positive demand outlook
Strong >20% market rent growth in Sydney[9] , expected to moderate but underpinned by e‑commerce, inventory management, investment into supply chains, and increased focus on transport costs
Cap rate expansion is being offset by rent growth. Capital demand remains firm for quality, well‑located, modern industrial assets
By portfolio valuations, excluding assets held in funds. 2. By income. 3. Source: RIA commercial property market return indicator as at September 2022. 4. By area. 5. Excludes development revaluation. Subject to rounding. 6. Including non‑binding heads of agreements (excluding heads of agreements Switchyard is ~60% and Aspect is ~47% pre‑leased). 7. Represents 100% expected end value, excluding the sale of any undeveloped land, 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. 8. Source: SA1 Dec 2022. 9. Source: JLL.

Mirvac industrial outperformance

Mirvac portfolio vs market benchmark

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20.0%
20.1
17.4 17.4
15.5
14.2
10.0 13.5 13.3
11.2
0
1 YRS 3 YRS 5 YRS 10 YRS
Mirvac industrial portfolio Benchmark
Source: RIA commercial property market return indicator as at September 2022.
Sydney vacancy at lows driving strong rent growth
Vacancy Net rental growth
4% 25%
20
3
15
2
10
1
5
0 0
Vacancy (LHS) Net rents (y/y growth) (RHS)
Source: SA1, December 2022, JLL
Sep 19Nov 19Jan 20Mar 20May 20Jul 20Sep 20Nov 20Jan 21Mar 21May 21Jul 21Sep 21Nov 21Jan 22Mar 22May 22Jul 22Sep 22Nov 22
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1H23 RESULTS

Strong 1H supports ongoing confidence in retail resilience

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Solid portfolio performance

Sales rates above pre‑COVID levels across portfolio ex CBD assets (5% of portfolio[1] )
Positive LFL NOI growth of 1.6%[2 ] and average rent review of 4.0%
Leasing activity stable with ~41,800 sqm leased across 189 deals and releasing spreads of ‑1.5%
Cash collections improved to 95% with $5m collection of previously written off debt
Comparable specialty sales productivity of $10,428/sqm[3] and specialty occupancy costs of 14.1% (13.1% ex CBD)
Valuations flat with exception of CBD assets, where foot traffic remains well below pre‑COVID levels

Retail well placed to benefit from resumption of tourist and student arrivals

Retail sales remain resilient, MAT +4.2% (including CBD assets) above pre‑COVID levels despite the macroeconomic conditions
Capital demand remains for quality assets as evidenced by disposal of Stanhope Village, Sydney at 2% premium to book value[4]
Portfolio is well placed in strong urban catchments and the return of tourists and students is expected to further support our traffic and sales performance
By portfolio valuations.
Excluding COVID‑19 impact.
In line with SCCA guidelines, adjusted productivity for tenant closures during COVID‑19 impacted period.
Exchanged not yet settled. Premium net of incentives and rental guarantees.

Monthly sales growth % (compared to 2019)

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15%
10
8.9%
5 7.2%
0 1.2%
(5) (0.8%)
(10)
(15)
(20)
(25)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022
Total Centre Total Specialties Total Centre ex CBD Total Specialties ex CBD
Note: ex South Village Shopping Centre and Kawana Shoppingworld (not comparable).
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Total visa arrivals to Australia

Number of people per month

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2,500,000 people
2,000,000
1,500,000
1,000,000
500,000
0
Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022
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Note: December 2022 is provisional estimate. Source: Australian Bureau of Statistics, Overseas Arrivals and Departures, Australia.

9 FEBRUARY 2023 | 15

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1H23 RESULTS

BTR developments completing into favourable environment

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Maintaining operational resilience

LIV Indigo, Sydney, high occupancy of 95% and 5.9% leasing spreads
LIV Munro, Melbourne, 490 apartments completed mid‑November; 32% leased[1] ahead of budget. Stabilisation expected over next 12 months

Capital partnering program progressing well

Capital partnering program advanced with two parties in exclusive due diligence
Facilitate capital efficient expansion of portfolio with medium‑term goal of ~5,000 apartments
Strong capital demand supported by resilience of cash flow streams, high occupancy, low downtime, low capex, favourable rent growth outlook, historical valuation resilience in offshore markets, and highly sustainable buildings meeting a structural shift in customer appetite

Favourable macro conditions persist

Australian capital city residential market vacancy 1.11%[4]
Accelerating recovery in market rent growth underway >10% YoY across major capital cities[5]
BTR provides an affordability solution with elevated time required to save a deposit to buy a house
Forecast future apartment supply significantly below trend in major capital cities, despite historically low vacancy rates
Strong forecast growth (~0.9m people) in key renter cohort (21‑40 year olds) over next 10 years[7]
Net overseas migration levels forecast to return to pre‑pandemic levels in FY23[7]
Leased as at 31/1/23. 18% leased as at 31/12/22. 2. All dwellings. 3. 8 Capital City, 12‑month median, seasonally adjusted. 4. Source: SQM Research, Macrobond, Dec 2022 all dwellings, seasonally adjusted, Sydney/Melbourne/Brisbane. 5. Source: CoreLogic, 3‑month median unit rent, Sydney/Melbourne/ Brisbane, Dec 22. 6. Cumulative forecast growth in population from FY23 to FY33. 7. Source: Centre for Population, 2022 Population Statement.

Target market population forecast to exhibit strong growth

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4,200,000 people +18% [6]
+6% [6]
3,800,000
3,400,000
3,000,000
21-30 31-40
Age Group
FY23 FY33
Source: Centre for Population, 2022 Population Statement
Combined capital city rental market
Vacancy % Rent Growth %
3 12
2 6
1 0
0 (6)
Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22
National vacancy rate [2 ] (LHS) Annual rent growth – units [3 ] (RHS)
Source: CoreLogic, SQM Research, Macrobond, December 2022
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Combined capital city rental market

9 FEBRUARY 2023 | 16

1H23 RESULTS Reimagine Urban Life

Funds Management

Scott Mosely | Head of Funds Management

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9 FEBRUARY 2023 | 17
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Quay Quarter Tower, Sydney | Photo by Adam Mørk

Reimagine Urban Life

1H23 RESULTS

Acceleration of funds management strategy

BENEFITS OF FUNDS MANAGEMENT STRATEGY EXPANSION

Diversifies Accelerates Co-invest Improves Unique Alignment Utilises In-house AUM Scale Capital Sources Development Opportunities ROIC of Interest Model D&C Capabilities & Synergies

Successful integration of MWOF over the half, which lifts total external AUM to ~$18bn, growth of 28% pa since FY15[2]
Further opportunities for growth, including:
BTR capital partnership program, which is well advanced with two parties in exclusive DD and expected to complete in 2H23
Exploring introducing capital partners to Sydney Industrial developments at Aspect (Northern Precinct), Kemps Creek and Switchyard, Auburn projects (both now 100% owned)
Organic expansion through Mirvac’s existing development pipeline projects, with an additional potential ~$5bn identified[1]

Continued growth in external AUM

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$24 billion
~28% $17.9
16 PA CAGR
SINCE FY15 [2]
8 $7.7 $8.7 $9.4 $9.9 $10.2 MWOF
$5.8 $6.3
$2.8
0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 1H23
External assets under management For illustrative purposes, represents 50% of CMU development pipeline, potentially sold to capital partners
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1 ~$5bn Future potential organic external AUM growth from development pipeline

~$5bn assumes 50% capital partnership on current commercial & mixed use development pipeline assets with 100% Mirvac ownership.
pa growth since FY15.

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1H23 RESULTS

MWOF integration expands external AUM to ~$18bn

Successfully completed the transition of management of AMP Capital Wholesale Office Fund to Mirvac at the end of September, now known as Mirvac Wholesale Office Fund (MWOF)
Over 50 employees transitioned to Mirvac across property and funds management
Investor endorsed governance model established
MWOF assets valued at $7.9bn at 31 December 2022
MWOF is the best performing Australian wholesale office fund over 1, 2, 3 and 5 years
Best‑in‑class office portfolio, modern, sustainable (5.2 Star NABERS rating), 100% Prime grade
Broadens sources of capital and relationships with over 40 new investors
Positive engagement with potential new fund entrants
Co‑investment opportunity – ~$500m of liquidity expected to be provided in 2H23 re‑investing into modern premium assets

MWOF total returns vs benchmark

Geographic Sub sector diversification[3] diversification[3]

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12.0% 11.3 11.7
10.1 10.9 10.4 10.8 10.8
9.4
8.5 8.9 8.7
8.0
6.8
4.6
4.0
0
1 Year 2 Year 3 Year 5 Year 7 Year 10 Year Since
Inception
Mirvac Wholesale Office Fund (after fees) [2] MSCI/Mercer – Office (after fees)
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NSW: 63% VIC: 37% A Grade: 54% Premium: 46%
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At 31 December 2022. 2. Mirvac, MSCI/Mercer 31 December 2022. 3. By gross asset value, as at 31 December 2022.

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MIRVAC WHOLESALE OFFICE FUND OVERVIEW [ 1]
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Angel Place, Sydney
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Fund Gross Assets: $7.9bn
No. of assets: 11
Prime grade assets including interests in:
> Quay Quarter (Syd)
> Collins Place (Mel)
> 255 George Street (Syd)
> Brookfield Place (Syd)
> Angel Place (Syd)
> South Eveleigh (Syd)
WALE (by income) 5.5 years
NABERS rating 5.2 star average
Gearing 21%
Other MGR to provide up to $500m
liquidity/ co-investment
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Collins Place, Melbourne
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1H23 RESULTS
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Reimagine Urban Life
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Development Stuart Penklis | Head of Development

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

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1H23 RESULTS

Commercial & Mixed Use Development

Stuart Penklis | Head of Development

ASSET CREATION

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Development Recurring income funds distributions and future developments

Development EBIT ASSET CURATION NTA Uplift Integrated Investment Portfolio

Delivers new assets

New recurring high quality rental income

Capital Partnerships drives asset & funds management fee income

Switchyard Industrial Estate, Sydney (artist impression, final design may differ)

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1H23 RESULTS

Selective commitment of capital towards ~$12.5bn pipeline

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Completed 490 apartment LIV Munro BTR development with active leasing underway and unlocked significant development value through the disposal of 34 Waterloo Road, Sydney > Selective commitment of future capital into developments in light of current market conditions, utilisation of flexible capital efficient structures, partners and pre‑leasing > Active developments concentrated in BTR and Industrial which are supported by strong market fundamentals
Development pipeline provides flywheel benefits of future income, modernisation of portfolio, development value creation, NTA uplift, and funds management opportunities
Construction costs remain elevated, but managed through our integrated design and construction capabilities. Signs of moderation starting to emerge

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~$5.9bn1 Industrial: ~$2.4bn1 Mixed Use: ~$3.0bn1 Build to Rent: ~$1.2bn1
Office:
Committed: $0bn Committed: ~$1.2bn [1] Committed: $0.2bn [1,2] Committed: ~$0.7bn [1]
Size ~72,000 sqm Size 396 apartments
End Value [1] ~$345m Potential Completion CY24
Potential Completion FY23+ Status
Status Construction commenced
Construction underway,
Switchyard, Auburn, Sydney ~76% pre-leased [3] LIV Anura, Brisbane
Size ~211,000 sqm Size 474 apartments
End Value [1] ~$745m Potential Completion CY24
Potential Completion FY24+ Status
Construction commenced
EMBODIED CARBON DEVELOPMENTFIRST NET POSITIVE StatusConcept plan and initial DA Harbourside, Sydney Waterloo Metro Quarter, Sydney
55 Pitt Street, Sydney 7 Spencer Street, Melbourne Aspect, Kemps Creek, Sydney approved. ~64% pre-leased [3] Size [4] ~27,000 sqm office , Size ~37,000 sqm commercial/ LIV Aston, Melbourne
~7,000 sqm retail and retail, 150 residential
Size ~62,000 sqm Size ~45,500 sqm Size ~370,200 sqm ~300 residential apartments apartments, social housing, Size 498 apartments
End Value [1] ~$1.9bn End Value [1] ~$630m End Value [1] ~$1.3bn End Value [1] ~$2.1bn student accommodation Potential Completion CY25
Potential Completion CY26+ Potential Completion FY26+ Potential Completion CY24+ Potential Completion CY26+ End Value [1] ~$960m Status
Status Status Status Status Potential Completion CY24+ Demolition completed, construction expected to commence 2H23.
Demolition complete DA approved and Zoning achieved, Demolition to commence 2H23 Status
and civil works underway early works underway Elizabeth Enterprise, and initial DA lodged Construction to commence on
Badgery’s Creek, Sydney the Southern Precinct in 2H23. LIV Albert Fields, Melbourne
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Note: All images are artist impressions, final design may differ.

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. 2. Waterloo Metro Quarter, Sydney (Southern Precinct). 3. Including non‑binding heads of agreement (excluding heads of agreements Switchyard is ~60% and Aspect is ~47% pre‑leased). 4. Subject to final DA.

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1H23 RESULTS

LIV Munro – our first BTR community in Melbourne

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PLACE Asset creation & curation
> Fund through agreement with PDG, leveraging Mirvac’s integrated delivery model
> Designed by Bates Smart, LIV Munro forms part of a mixed‑use precinct incorporating hospitality and retail stores, a boutique
hotel, community hub, public library and 49 affordable housing apartments
> All apartments enjoy the benefit of a private open balcony maximising natural ventilation
> Well located – adjacent to iconic Queen Victoria Market, welcoming ~10 million visitors per year
PERFORMANCE Financial
> >4.5% forecast yield on cost
> 32% leased [1] ahead of target
> Group procurement of lifts, bathroom pods, steel, fixtures and fittings, and materials helped to minimise cost escalation
> Low capex, opex and incentive leakage and high occupancy forecast to deliver robust cash flows to investors
> Target 7‑8% unlevered IRR
> Planned capital partnering to lift returns, accelerate scale of platform and lighten balance sheet capital requirements
PEOPLE People, culture & safety
> Maintained Mirvac’s high standard of safety
> LTIFR below company target
> Onsite Resident Services team of 8 people, including maintenance, 7 days a week.
PARTNERS Customers & stakeholders
> Exclusive DD with two capital partners to co‑invest in Mirvac BTR portfolio and future developments
> To date, resident average age is 29 years, with students being 25% of residents
> 70% of those who have converted to leases were delivered through direct channels including website and social media
PLANET Sustainability
> On track to achieve a 5 star Green Star design and as‑built rating
> Achieved 8.1 star NatHERS rating – highest in Victoria for a building of this scale with 70kW rooftop solar PV system (~300m2)
> Procurement of 100% renewable electricity
> Highly efficient fixtures and appliances
> Rainwater tank for landscaping irrigation
> Waste reduction – utilisation of prefabricated bathroom pods and steel roof crown, with 95% of construction waste recycled
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LIV MUNRO
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Photography by James Horan

Size
490 apartments
Estimated end value2
$361m
Target unlevered IRR
7‑8%
Target yield on cost
>4.5% forecast stabilised yield
on cost
Status
Mirvac ownership 100%
Target rents
$530‑$1,306 per week3
Sustainability
8.1 star NatHERS rating
Amenity
> Health and wellness floor
> Dining and entertaining areas
> Multimedia rooms
> Co‑working space and
meeting rooms
> Podcast studio
> Landscaped rooftop terrace
> App to digitally support
convenient living and
additional services
> No bonds
> Onsite Resident Services team
including maintenance
> Option to paint, personalise
your home

STRONG BTR MARKET FUNDAMENTALS

~14% YOY MARKET RENT GROWTH IN GREATER MELBOURNE[4] 1.4% MARKET VACANCY IN GREATER MELBOURNE[5]

As at 31/1/23, 18% leased as at 31/12/22. 2. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 3. Excluding car parking and/or furnishing. 4. Source: CoreLogic, 3‑month median unit rent, Dec 22. 5. Source: SQM Research, Dec 22 all dwellings, seasonally adjusted.

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1H23 RESULTS
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Residential Development Stuart Penklis | Head of Development

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Trielle, Yarra’s Edge, Melbourne (artist impression, final design may differ)

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1H23 RESULTS

Residential sales have moderated from peak levels

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807 lot settlements, impacted by weather and COVID‑19‑related delays affecting construction programs with a 2H23 skew expected. Monitoring closely and at this stage retain >2,500 lot settlement guidance for FY23
845 lot sales, impacted by, uncertainty over rising interest rates, fewer project launches and lower first home buyer (FHB) activity
Defaults remain low at 3.2%[1] (0.1% excluding Voyager, VIC) with zero defaults FYTD
28% gross margin, above through‑cycle target of 18‑22%, reflecting significant skew to MPC land settlements. This is expected to normalise in 2H23 as more apartments settle
Cost pressures remain a challenge and differ by State. Being managed by forward planning, utilisation of modular construction, and internal design and construction capability
Persistent owner‑occupier apartment interest (owner‑occupiers 72% of total pre‑sales), attracted to relative affordability, build quality and brand reputation
Restricted supply, sustainability focus, delivery certainty, and upfront investment in infrastructure driving a preference for Mirvac product
Pre‑sales balance increased to ~$1.7bn (1H22: ~$1.5bn, 1H21: ~$0.9bn)[2 ] supported by apartment launches

1H23 major settlements

28% GROSS MARGIN

1H23 major settlements
Project	Product	Lots
Woodlea, VIC	MPC	245
Googong, NSW	MPC	137
Smiths Lane, VIC	MPC	115
Everleigh, QLD	MPC	67
Pavilions, NSW	Apartments	39

12‑month rolling default rate 31 December 2022.

1H23 key sales highlights

1H23 key sales highlights
State Exchanges MPC Woodlea VIC 274 Googong NSW 97 Everleigh QLD 47	State Exchanges Apartments Waterfront Isle QLD 86 Green Square NSW 34 Charlton House, ~$1.7bn PRE-SALES2
Smiths Lane VIC 42 Olivine VIC 34	Ascot Green QLD 31

845 LOT SALES

Sales normalising to pre-COVID levels

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1,200 lots
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800
400
0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
FY19 FY20 FY21 FY22 FY23
Mirvac exchanges
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Represents Mirvac’s share of total pre‑sales and includes GST.

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1H23 RESULTS

Market fundamentals supported by under-supply

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Uncertainty over interest rates is expected to weigh on buyer sentiment until there is more clarity on where rates will peak. Despite this, many underlying residential fundamentals are sound:

Unemployment at close to 50‑year low
Rental market vacancy at <2%[1] and rents rising at >10% pa[2]
Resumption of population growth underway, with immigration accelerating
Acute apartment under‑supply continues with private developers halting projects. Forecast market apartment completions in FY24‑27 are 50% lower than 2017/18 levels[3]
Mirvac’s balance sheet strength, investment into upfront amenity, and quality project pipeline is well placed to benefit from recovery in activity

Relative affordability supporting apartment demand

While established house prices are moderating after sharp rises over the last 2 years:

Apartment’s relative affordability (vs established detached housing) remains attractive with price differential ~30% higher than historical levels[5]
Continued demand persists for premium, well‑located, larger and higher spec apartments from upgrader and rightsizer buyers
Reputation and track record of delivery is increasingly important to customers
Source: SQM Research, Macrobond, Dec 22, all dwellings, national, seasonally adjusted.
Source: CoreLogic, 3‑month median unit rent, Dec 22, Sydney/Melbourne/Brisbane.
Source: BIS Oxford Economics, Dec 22 forecast, high density units in Sydney, Melbourne and Brisbane.
6‑month median.

High density completions vs net population additions Sydney, Melbourne & Brisbane

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250,000 people 55,000 apartments
200,000 50,000
150,000
45,000
100,000
40,000
50,000
35,000
0
30,000
(50,000)
(100,000) 25,000
(150,000) 20,000
Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27
Actual completions (RHS) Forecast completions (RHS) Net population additions (LHS)
Source: BIS Oxford Economics (Dec 2022 forecast), Australian Government Centre for Population
2022 Population Statement, Australian Bureau of Statistics Regional Population 2021
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[4]

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80%
60
40
20
0
Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22
Sydney Melbourne Brisbane Long term average
Source: CoreLogic, December 2022
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Source: CoreLogic, December 2022.

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1H23 RESULTS

Well placed to capture demand in under supplied market

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POTENTIAL LAUNCHES OVER NEXT 12 MONTHS [1]
Masterplanned Communities
330 LOTS [ 1] 456 LOTS [ 1] 200 LOTS [ 1] 235 LOTS [ 1]
Smiths Lane, VIC [ 2] Woodlea, VIC Cobbitty, NSW [ 2] Olivine, VIC [ 2]
Apartments
168 LOTS [ 1] 110 LOTS [ 1] 202 LOTS [ 1] 191 LOTS [ 1] 88 LOTS [ 1]
STAGE 2 TRIELLE
699 Park Street, VIC [ 2] 31 Queens Road, VIC [ 2] NINE Willoughby, NSW [ 2] Yarra’s Edge, VIC [ 2] The Fabric, VIC [ 2]
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Subject to change depending on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.
Image is artist impression, final design may differ.

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1H23 RESULTS

Summary & Guidance

Susan Lloyd-Hurwitz | CEO & Managing Director

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Ador Burswood, Perth (artist impression, final design may differ).

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1H23 RESULTS

FY23 guidance & outlook

FY23 guidance[1]

Subject to no material changes to the market and delivery conditions, the group is targeting:

Operating EPS of at least 15.5 cpss (2.6% growth)

Distribution of at least 10.5 cpss (2.9% growth)

Residential settlements of >2,500 lots

2H23 outlook

Investments

Impact of the $1.3bn non‑core divestments

MWOF co‑investment: ~$500m

Residential

Settlement target remains on track, however completions skewed to Q4 > Gross margin higher than through the cycle targets due to skew towards MPC

Commercial & Mixed Use

Commenced process to introduce capital partner into Industrial Pipeline

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Operating EPS and DPS

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16.0 cents
FY23 OPERATING
at least 15.5 EPS GUIDANCE
15.1
at least 2.6%
14.0 14.0
growth on FY22
12.0
at least 10.5
10.2
10.0 9.9
8.0
FY21 EPS FY22 EPS FY23 EPS FY21 DPS FY22 DPS FY23 DPS
Guidance Guidance
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Assumes weighted average cost of debt of ~5% over FY23.

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1H23 RESULTS

Positioned for medium term earnings growth

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Multiple levers to drive growth over time

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INVESTMENT PORTFOLIO
Resilient modern high quality assets benefiting from growing tenant and capital
preference for quality, modern, sustainable assets and development completions
FUNDS MANAGEMENT
Expanded ~$18bn [ 1] platform (28% pa growth [2] )
~$5bn organic growth opportunity [3]
RESIDENTIAL COMPLETIONS
Delivery of residential pipeline into under supplied
market, underpinned by ~$1.7bn pre-sales [4]
DEVELOPMENT PIPELINE
Value creation from diversified ~$12.5bn CMU development pipeline [5]
utilising internal design and construction platform
UNDERPINNED BY BALANCE SHEET, CULTURE AND CAPABILITY
Robust balance sheet position Proven 50 year track record, Sustainability Strong employee
with modest leverage integrated platform leadership engagement
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1. External AUM.

2. pa growth since FY15

~$5bn assumes 50% capital partnership on current commercial & mixed use development pipeline wholly owned by Mirvac.
Represents Mirvac's share of total pre‑sales and includes GST.
Represents 100% expected end value, subject to various factors outside Mirvac’s control, such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

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1H23 RESULTS

Important notice

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

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

This Presentation is not financial advice 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 Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

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

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

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

This Presentation also includes certain non‑IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non‑cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 31 December 2022, which has been subject to review by its external auditors.

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

The information contained in this presentation is current as at 31 December 2022, unless otherwise noted.

9 FEBRUARY 2023 | 31

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1H23 RESULTS Reimagine Urban Life

Thank you

Contact

Gavin Peacock, CFA | General Manager Investor Relations [email protected]

Authorised for release by The Mirvac Group Board Mirvac Group Level 28, 200 George Street, Sydney NSW 2000

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AI assistant

MIRVAC GROUP — Interim / Quarterly Report 2023

65328_rns_2023-02-08_313608ed-eb66-4435-80e8-184272040a21.pdf

Agenda

Overview

1H23 results remain on track for full year

Delivering on our strategy and creating value for our stakeholders

Setting new ambitious goals for sustainability

Our actions

Our impact areas

Well positioned to navigate through challenging conditions

Integrated Capability

Effective Capital Management

Strong Culture and Engagement

Portfolio Quality

Financial Performance

1H23 earnings drivers

Investment

Commercial & Mixed Use

Residential

Unallocated overheads

Net financing costs

Development revaluation

Strong balance sheet to provide resilience through cycle

Gearing at the middle of target range[ 1]

Lifting capital allocation to higher returning modern assets

~$35BN TOTAL ASSETS UNDER MANAGEMENT

Integrated Investment Portfolio

Market leading portfolio quality driving outperformance

Office portfolio quality further improved driving outperformance

Tenant and capital demand becoming increasingly selective

100% Sydney Industrial portfolio outperforming supported by strong market fundamentals

Mirvac industrial outperformance

Strong 1H supports ongoing confidence in retail resilience

Solid portfolio performance

Retail well placed to benefit from resumption of tourist and student arrivals

Monthly sales growth % (compared to 2019)

Total visa arrivals to Australia

BTR developments completing into favourable environment

Maintaining operational resilience

Capital partnering program progressing well

Favourable macro conditions persist

Target market population forecast to exhibit strong growth

Combined capital city rental market

Funds Management

Acceleration of funds management strategy

BENEFITS OF FUNDS MANAGEMENT STRATEGY EXPANSION

Continued growth in external AUM

MWOF integration expands external AUM to ~$18bn

Commercial & Mixed Use Development

Selective commitment of capital towards ~$12.5bn pipeline

LIV Munro – our first BTR community in Melbourne

Residential sales have moderated from peak levels

1H23 key sales highlights

Sales normalising to pre-COVID levels

Market fundamentals supported by under-supply

Relative affordability supporting apartment demand

Well placed to capture demand in under supplied market

Summary & Guidance

FY23 guidance & outlook

FY23 guidance[1]

2H23 outlook

Investments

Residential

Commercial & Mixed Use

Operating EPS and DPS

Positioned for medium term earnings growth

Multiple levers to drive growth over time

1. External AUM.

2. pa growth since FY15

Important notice

Thank you

Contact

More from MIRVAC GROUP

MIRVAC GROUP Interim / Quarterly Report 2023