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MIRVAC GROUP — Interim / Quarterly Report 2025
Aug 14, 2025
65328_rns_2025-08-14_abb1c18d-676c-4eea-b69e-a725ac8b880e.pdf
Interim / Quarterly Report
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FY25 Additional Information
15 August 2025
FY25 Additional Information 15 August 2025
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NINE, Sydney
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Contents
30 51 79 Overview Investment Funds
31 Mirvac overview
32 Mirvac is a leading, diversified Australian property group
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33 Deep platform value
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34 Sustainability commitment 35 Our ESG performance 36 Our ESG performance
37 Our decarbonisation journey 38 Our plan to decarbonise by 2030 39 Designing for longevity
40
Financial
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41 FY25 & FY24 operating to statutory result reconciliation
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42 FY25 EBIT movement by segment 43 FY25 Investment income reconciliation by segment
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44 FFO & AFFO based on PCA guidelines
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45 Finance costs by segment 46 Progressing towards Invested Capital targets
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47 Return on Invested Capital 48 Capital management metrics & liquidity profile
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49 Debt & hedging profile 50 NTA & securities on issue reconciliation
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52 Portfolio overview
53 Total investment value 54 Key ventures
- 55 Key acquisitions & disposals
57 Portfolio details 58 Leasing details 59 Research
60 Industrial
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61 Portfolio details
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62 Leasing details 63 Research
64 Retail
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65 Portfolio details
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66 Sales by category 67 Leasing details
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68 Research
69 Build to Rent
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70 Portfolio details
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71 Committed BTR portfolio
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72 Market in Australia
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73 Research
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74 Land Lease
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75 Portfolio details
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76 Pipeline projects 77 Market in Australia 78 Research
80 Platform growth 81 Platform overview 82 Research
83 Development
84 Commercial & Mixed Use
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85 Recently completed & pipeline projects
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87 Unique offering across product types and locations
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88 Pipeline positioning 89 Masterplanned communities pipeline (key projects)
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90 Apartments pipeline (key projects) 91 Pre-sales detail
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92 FY25 acquisitions & additional pipeline projects
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93 FY26 expected major releases 94 FY25 settlements
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95 FY25 settlements detail
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96 EBIT reconciliation and gross development margin
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97 Research
98 Calendar
99 1H26 Calendar
100 Glossary & Important notice 100 Glossary 101 Important notice 29
FY25 Additional Information 15 August 2025
Overview
30
FY25 Additional Information 15 August 2025
Mirvac overview
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Net Positive Scope 1 and 2 emissions, Awarded world’s first +22% pa 5 star Unrivalled experience
9 years before target 6 Star Green Starbuilding by the GBCA under management since 2016growth in 3rd party capital Gold Star iCIRT rating 3 years in a row residential track record>50 year
Investment $10.3bn Funds $16.2bn Development ~$29bn $3.4bn
passive invested capital [10] third-party capital [5] development active invested
pipeline [6] capital [10]
$21.6bn assets under management [9]
Office Industrial Retail Living Funds Commercial Residential
& Mixed Use
101 Miller Street, SYD Aspect Industrial Estate, SYD Orion Springfield Central, BNE LIV Aston, MEL Bourke Place, MEL SEED Badgerys Creek [12] , SYD Iluma Private Estate, PER
– 28 assets [1] – 12 assets [1] – 9 assets [1] – JV & Co-investment – $12.4bn Funds – $6.8bn active – 27,761 pipeline lots [7]
– Portfolio value [2] : $5.4bn – Portfolio value [2] : $1.7bn – Portfolio value [2] : $2.3bn equity value [2] : $0.7bn under management [11] developments [6] – $19.5bn total
– NLA [3] : 688,358 sqm – NLA [3] : 665,948 sqm – NLA [3] : 314,495 sqm – 7,148 operational and – 16 funds, mandates – $9.5bn total pipeline value [6]
2,502 pipeline living and JV partners pipeline value [6] – $1.9bn pre-sales [8]
sector lots, across Build
to Rent and Land Lease [4]
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- Includes co-investment properties, but excludes properties jointly held with MWOF, IPUC and properties held for development. 2. Includes co-investment equity values, and properties being held for development, excludes IPUC and the gross up of lease liability under AASB16. 3. Excludes 80 Bay Street, Ultimo, properties held for development, IPUC and properties held in co-investments. 4. Operational lots include completed build to rent apartments and completed land lease lots, including LIV Anura and LIV Albert which completed in July 2025. 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. 5. 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 (includes GST). 9. Assets Under Management represents the total value of capital where we generate fees by providing property management services (includes Mirvac’s share). 10. Investment (passive) invested capital includes investment properties, assets held for sale, JVA, equity accounted co-investments, other financial assets, and deferred land. Development (active) invested capital typically includes inventory, IPUC, JVA less deferred land and unearned income. 11. Funds Under Management (FUM) represents the total value of assets we generate fees by providing Investment Management services, includes Mirvac share. 12. Artist impression, final design may differ.
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FY25 Additional Information 15 August 2025
Mirvac is a leading, diversified Australian property group
Queensland $1.1bn investment portfolio[2] $5.2bn total development pipeline[3] 10,229 residential pipeline lots[4]
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Western Australia
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$0.2bn investment portfolio[2] $1.3bn total development pipeline[3]
New South Wales $5.8bn investment portfolio[2] $15.1bn total development pipeline[3] 6,523 residential pipeline lots[4] Australian Capital Territory $0.3bn investment portfolio[2]
2,034 residential pipeline lots[4]
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Victoria
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$1.5bn investment portfolio[2] $7.4bn total development pipeline[3]
8,975 residential pipeline lots[4]
- Properties including co-investments but excluding IPUC. Refer to page 52 for further breakdown. 2. State investment portfolio valuations exclude co-investment equity values. Subject to rounding. 3. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 4. 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. 5. Includes external funds, developments and assets under management and excludes Mirvac investment in those managed assets and vehicles. 6. Office asset number excludes IPUC and properties that are jointly held with MWOF. 7. Living asset number includes LIV Anura, Brisbane and LIV Albert, Melbourne which both completed in July 2025.
Office[1] $5.4bn 28 Total value Assets[6] Industrial[1] $1.7bn 12 Total value Assets Retail[1] $2.3bn 9 Total value Assets Living[1] $0.7bn 36 Total value Assets[7]
Residential[3]
$19.5bn Total value CMU Development[3] $9.5bn Total value
Funds[5]
$16.2bn Total value
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FY25 Additional Information 15 August 2025
Deep platform value
50 year TRACK RECORD
RESIDENTIAL DEVELOPMENT PLATFORM
Pipeline: ~28k lots, >$19.5bn end value[1] ~$1.9bn pre-sales[2] ~8yr average vintage 18-22% target gross profit margin High repeat customers Development
INTEGRATED COMMERCIAL & MIXED USE DEVELOPMENT PLATFORM
~$100m new NOI[3] 26% average return on cost[4] $9.5bn development pipeline[1] ~$540m potential value creation[5]
$16.2BN THIRD-PARTY CAPITAL MANAGEMENT PLATFORM
Funds
Unique alignment model $1.6bn capital raised FY25[6] $12.4bn FUM, $21.6bn AUM $2.7bn future FUM secured[7]
MARKET LEADING INVESTMENT PORTFOLIO AND DEVELOPMENT INVENTORY
NTA[10] $2.26
Investment Office BTR Land Lease Industrial Retail ~8% pa long term historical return MPT portfolio 120bps long term Net positive 5.75% average cap rate[9] performance 10 year annual return to December 2024 out-performance[8] carbon scope 1 & 2
- Represents 100% expected end value/revenue (including GST), including where Mirvac is only providing development management services, subject to various factors outside Mirvac’s control. 2. Represents Mirvac’s share of total pre-sales (includes GST). 3. Includes stabilised NOI on Mirvac’s share of committed developments, assumed 50% share of Harbourside. 4. Average return on cost on projects completed between FY14-FY25. 5. Indicative estimate only and not a forecast, based on current assumptions for CMU committed development pipeline, subject to change due to planning outcomes, market conditions, leasing outcomes and other uncertainties. Includes Development EBIT and revaluation gain on Mirvac share retained of asset post completion. 6. Includes raised and committed from sell down of stakes in Highforest, Mulgoa and Cobbitty, NSW residential projects, SEED Stage 1 Industrial development and MWOF capital raise. 7. Includes future funds under management from committed developments including 55 Pitt, 7 Spencer, SEED Stage 1, Aspect South and BTR assets at 30 June 2025. 8. MPT Portfolio performance vs RIA commercial property market return over 10 years to December 2024. 9. Includes co-investments. 10. NTA excludes intangible assets, right-of-use assets, deferred tax assets and deferred tax liabilities, based on ordinary securities including EIS securities.
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FY25 Additional Information 15 August 2025
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Sustainability commitment
Mirvac reports transparently to a range of ESG performance indices on topics spanning the breadth of environment, social and governance.
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5 stars Policy, Governance & Strategy
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4 stars Direct – Real Estate
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- Mirvac reports its mandatory disclosure in accordance with the NGERS Act
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A rating
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Voluntary Annual Reporting
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2025 ESG Top Rated Companies List
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Low Risk Rating
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- Mirvac reports in accordance with the GRI standards
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- Mirvac reports in line with TCFD recommendations
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FY25 Additional Information 15 August 2025
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Our ESG performance
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Net positive
Environment
Planet positive in carbon, waste and water by 2030
Carbon Nothing Every drop Nature
emissions wasted of water
Target
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Net positive in Scope 1, 2 & 3 emissions by 2030[1] Net positive water by 2030 Zero waste to landfill by 2030
FY25 PERFORMANCE
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A positive legacy
Social
Invested $50 million to create a strong sense of belonging
Our people Connection Inclusion
Target
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$50m invested in creating a strong sense of belonging by 2025 $100m directed to the social sector by 2030
FY25 PERFORMANCE
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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
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FY25 PERFORMANCE
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18% energy intensity reductions since FY19 in Office and Retail portfolio
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Achieved 5.3 Star NABERS average energy rating across office portfolio
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Achieved 4.5 Star average NABERS Water rating across office portfolio
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74% of our investment properties have a third party verified green certification
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Submitted our emissions targets to the Science-Based Targets initiative (SBTi)
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96% construction waste and 64% operational waste diverted from landfill
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54 mature native plants preserved and protected from Highforest project for re-planting at our 55 Pitt Street, Sydney development in 2026
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Our program to electrify Mirvac’s existing office buildings[2] is underway, and we are targeting to have an all-electric office portfolio by 2030
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$13.3m in community investment in FY25
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$25.7m procured from social and Indigenous businesses in FY25, and $92.1m since FY18
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950+ employees joining 90+ volunteering activities on National Community Day 2025
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Third Reconciliation Action Plan conditionally endorsed by Reconciliation Australia
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3 x Pinnacle Foundation scholarships
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6 x social enterprises supported
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Sixth modern slavery report – 45% of finance issued under completed and will be lodged sustainable finance instruments with the Australian Attorney– 5 Gold Star iCIRT rating for third General’s Department year in a row
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Maintained high governance – 95% ESG scorecard performance, credentials, including: UN a key contributor to employee Principles for Responsible STI outcomes Investment: 5 stars for Policy Governance & Strategy and 4 stars for Direct – Real estate; Sustainalytics: low risk rating; and MSCI: A rating
Completed On track/ongoing At risk Delayed
- Refer to Net Positive Carbon By 2030: Mirvac’s Scope 3 Emissions Target and Approach and associated reports for further information, including assumptions on Scope 3 initiatives, found at www.mirvac.com/sustainability/our-performance. 2. MPT.
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FY25 Additional Information 15 August 2025
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Our ESG performance
Mirvac Net GHG Emissions[1]
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80,000 tCO2e
60,000
40,000 5.5 & 6.0: 57%
5.0: 19%
20,000 4.5: 5%
0 4.0 and Under: 19%
(20,000)
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Scope 1 Scope 2 [2] Offsets Net Scope 1 & 2 (market-based)
Energy Intensity [3] Water Intensity [3]
0.4 GJ/m2 GJ/unit 50 1,200 L/m2 kL/unit 90
40
0.35
800 60
30
0.3
20
400 30
0.25
10
0.2 0 0 0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Office & Industrial (GJ/m2) Retail (GJ/m2) Build to Rent (GJ/unit) Office & Industrial (L/m2) Retail (L/m2) Build to Rent (kL/unit)
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- What’s counted in net Scope 1 and 2 greenhouse gas emissions is detailed in our FY25 Sustainability Reporting Criteria. 2. Scope 2 emissions are location-based from FY13 to FY18 and market-based from FY19 to FY25. 3. Intensity metrics for MPT portfolio assets where a like a like comparison with prior year can be applied.
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FY25 Additional Information 15 August 2025
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Our decarbonisation journey
~~F~~ Y14 ~~FY19~~ Achieved from FY19-FY22 EMISSIONS Planet Positive – Our Reduced carbon TARGET SET: plan to reach net positive intensity by 84% carbon released Net positive 3.9MW commercial in scope 1 and Reduced carbon intensity onsite solar installed 2 emissions by 21%, while portfolio by 2030[1] grew by a third Reduced carbon
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Reduced carbon
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emissions by 80%
FY22 Reached net positive carbon in scope 1 and 2 emissions
HOW WE GOT THERE:
- Maximising energy efficiency
Building all-electric and buying 100% renewable electricity
Investing in a small amount of high-quality, nature-based carbon offsets
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FY23 FY25
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TARGET REAFFIRMED[1] :
TARGET SET:
Submitted our science-based targets to the SBTi
Net positive in scope 1, 2, and 3 emissions by 2030[1]
Key external factors identified
- Our intended scope 3 approach shared
Increasingly confident in forecasts An update on our plan published Ongoing monitoring
Commitment to sharing emissions reduction plans
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OUR KEY LEVERS OF CHANGE
In-house design Our buying Collaboration In-house
and construction power sustainability
capability expertise
Planet positive in carbon,
waste and water by 2030 [1]
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SCOPE 3 [1] :
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Boundaries
Key actions
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Embodied carbon in materials
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Electrification of Investment portfolio & pipeline
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Waste
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Recycling, diversion of waste and use of lower carbon materials
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Tenant & resident emissions
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Utilising 100% renewable electricity
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Repairs & maintenance
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Limited use of quality nature based carbon offsets
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TARGET [1]
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2030
Net positive in carbon emissions
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(SCOPE 1, 2 & 3)
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Refer to Net Positive Carbon By 2030: Mirvac’s Scope Emissions Target and associated reports for further information, including assumptions on Scope 3 initiatives, found at www.mirvac.com/sustainability/our-performance
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FY25 Additional Information 15 August 2025
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Our plan to decarbonise by 2030[1]
External factors Mirvac remains Scope 1 and 2 focused on our goal to Mirvac actions underway: existing targets decarbonise by 2030. Cat 13 to electrify, increase efficiency and achieve Mirvac minimum standards ‒ Energy efficiency Progress depends ‒ Building all-electric on several external Cat 11 ‒ Buying 100% renewable electricity factors, including the ‒ decarbonisation of Installing residential & industrial solar Australia’s electricity ‒ Green leases ‒ grid, advancements in Buying lower carbon materials low-carbon materials, ‒ Reducing waste to landfill and the availability and reliability of highExternal quality carbon offsets. Cat 2 emissions Significant changes reductions grid and supply chain in these areas may decarbonisation impact the pace and cost of their efforts. Cat 1 Other Mirvac’s estimated Scope 1-3 emissions in FY19
Internal factors
Next steps
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Converting assets to all-electric Capitalising on Australia’s
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‒ National materials supply grid decarbonisation agreements and Mirvac’s strong
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‒ progress, we’re stepping Offsets planning
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‒ up electrification and Collaborating with our supply chain renewable energy efforts
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‒ Using our in-house to cut emissions, with design capability high-quality offsets as a final step
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Mirvac’s estimated Net positive
Scope 1-3 FY30 offsetting more
residual emissions than residual
unavoidable emissions
or cost prohibitive
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Scope 1 & 2 emissions (heating and cooling kit, construction machines) Category 1 Goods and services purchased (professional services, architects) Category 2 Capital goods: embodied carbon in materials Category 11 Use of sold products (people using residential homes) Category 13 Use of leased assets (tenants in office buildings) Other Investments (buildings), waste (rubbish bin) Nature-based offsets Emissions reductions FY19 - FY30 Residual emissions Embodied carbon in materials (concrete truck, steel frame)
- Refer to Net Positive Carbon By 2030: Mirvac’s Scope 3 Emissions Target and Approach and associated reports for further information, including assumptions on Scope 3 initiatives, found at www.mirvac.com/sustainability/our-performance. Note: Future reductions in emissions are representative and illustrate the potential downward movement of total emissions.
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FY25 Additional Information 15 August 2025
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Designing for longevity — meeting customer and capital demand
Aspect Warehouse 9, SYD Highforest, SYD 55 Pitt St, SYD Harbourside Residences, SYD
Artist impression, final design may differ. Artist impression, final design may differ. Artist impression, final design may differ.
DUSTRIAL LIVING OFFICE DUSE / LIVING
N E
I XIM
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30-40% lower carbon concrete[2]
Formally registered for GBCA GREEN STAR COMMUNITIES
ALL ELECTRIC BUILDING URBAN ROOFS
6 STAR GREEN STAR CERTIFICATION
6 Star Green Star Design & As Built (v1.3) certification COMMUNITIES targeting average 7-star NatHERs rating ~5,000SQM with EV provision to of green roof cover all parking spaces will enhance biodiversity Climate Active Carbon neutral certification 6.6KW >10HA TARGETING Partnering with InfraBuild, and help reduce the solar and rainwater of forest land being utilising Sense600 which urban heat island effect for upfront embodied carbon tank to every house returned to public ownership can achieve up to >100,000 40% REDUCTION IN new native and 20-25% 42 EMBODIED CARBON drought tolerant plans 100% ALL-ELECTRIC COMMUNITY recycled content compared to other will be planted recycled water in major materials targeting 7-star NatHERs rating to houses reinforcing steel for irrigation such as concrete, and 7-star average to apartments 76 DOCKS 84% steel, tiles[3] and a dedicated recycling area landfill diversion rate achieved[1 ] RECYCLING AND REUSE 96% Operable windows reducing reliance for recycled air, Partnership established waste diverted from 96% diversion of on energy, EV with Mates on the Move landfill during demolition >230 TONNES of demolition waste construction charging provisions, to salvage and donate of old Harbourside of scrap metal recycled monthly[1] 96% diverted from landfill[4] waste[4] Rooftop gardens more than 4,300 items shopping centre[4]
6 Star Green Star Design & As Built (v1.3) certification
- Metrics have been supplied through Winnings Group. 2. Numbers above based on suppliers’ estimates, figures may change as project data is refined. 3. Percentage reductions in recycled material are indicative and based on current forecasts. Figures may change as project data is refined. 4. Mirvac target. Mirvac reserves the right to change this target in the future, as project data is refined.
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FY25 Additional Information 15 August 2025
Financial
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FY25 Additional Information 15 August 2025
FY25 & FY24 operating to statutory result reconciliation
| FY25 & FY24 operating to statutory result reconciliation | ||
|---|---|---|
| FY25 | FY24 | Variance |
| $m | $m | $m |
| Investment 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) |
| Funds Management 21 |
24 | (3) |
| Asset Management 47 |
42 | 5 |
| Management and administration expenses (35) |
(33) | (2) |
| Funds EBIT 33 |
33 | — |
| Commercial & Mixed Use 46 |
146 | (100) |
| Residential 179 |
212 | (33) |
| Management and administration expenses (47) |
(61) | 14 |
| Development EBIT 178 |
297 | (119) |
| Segment EBIT1 813 |
942 | (129) |
| Unallocated overheads (77) |
(82) | 5 |
| Group EBIT 736 |
860 | (124) |
| Net financing costs2 (224) |
(261) | 37 |
| Operatingincome tax expense (38) |
(47) | 9 |
| Operating profit after tax 474 |
552 | (78) |
| Development revaluation (loss)/gain3 (180) |
34 | (214) |
| Investment property revaluation loss (102) |
(1,107) | 1,005 |
| Other non-operatingitems4 (124) |
(284) | 160 |
| Statutory profit/(loss) attributable to stapled securityholders 68 |
(805) | 873 |
- EBIT includes share of EBIT of joint ventures and associates. 2. Includes cost of goods sold interest of $19m (June 2024: $58m) and interest revenue of $7m (June 2024: $10m), and the Group’s share of joint venture and associate net financing costs of $31m (June 2024: $16m), which is included in Share of net profit/(losses) of joint ventures and associates. 3. Relates to the fair value movement on IPUC. 4. Includes amortisation of incentives and impairment of inventory and other assets.
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FY25 Additional Information 15 August 2025
FY25 EBIT movement by segment
Operating EBIT by segment: FY24 to FY25
| Operating EBIT by segment: FY24 to FY25 | |
|---|---|
| 650 700 750 800 850 $900m Investment FY24 EBIT Unallocated overheads Funds Development FY25 EBIT ($10m) ($119m) $860m — ~~$5m~~ ~~$736m~~ 600 |
FY25 $m FY24 $m |
| Investment 602 612 Funds 33 33 Development 178 297 Unallocated overheads (77) (82) |
|
| Group EBIT 736 860 |
|
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FY25 Additional Information 15 August 2025
FY25 Investment income reconciliation by segment
Investment income summary
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$700m
$625m
$35m $617m
600
$6m
($44m) ($3m) ($2m)
500
FY24 Disposals Development Like-for-like ECL Co-investment FY25
& other movement
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$400m
$392m
$3m $2m $358m
($38m) ($1m)
300
200
FY24 Disposals Development Like-for-like ECL FY25
& other movement
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Industrial income summary
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$80m
$7m $1m $75m
$67m
60
40
FY24 Development Like-for-like FY25
& other
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Retail income summary
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$160m
$147m
130 $3m $130m
($6m)
($13m) ($1m)
100
FY24 Disposals Development Like-for-like ECL FY25
& other movement
Living income summary
$60m
$31m $54m
30
$4m
$19m
0
FY24 BTR Serenitas FY25
co-investment co-investment
43
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FY25 Additional Information 15 August 2025
FFO & AFFO based on PCA guidelines
| FY25 | FY24 |
|---|---|
| $m | $m |
| Operating profit after tax 474 |
552 |
| SaaS implementation costs 14 |
25 |
| Funds From Operations (FFO) 488 |
577 |
| Maintenance capex (61) |
(65) |
| Incentives (66) |
(74) |
| Utilisation of tax benefit — |
41 |
| Adjusted Funds From Operations (AFFO) 361 |
479 |
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FY25 Additional Information 15 August 2025
Finance costs by segment
| Finance costs by segment | ||||||
|---|---|---|---|---|---|---|
| Investment | Funds | Development | Unallocated | Group | ||
| FY25 | $m | $m | $m | $m | $m | |
| Interest expense Interest expensed through COGS1 Interest capitalised Borrowing costs amortised |
(3) — 2 — |
— — — — |
(117) (19) 75 — |
(134) — — (4) |
(254) (19) 77 (4) |
|
| Total finance costs | (1) | — | (61) | (138) | (200) | |
| Add: interest revenue | 1 | — | 3 | 3 | 7 | |
| Net finance costs (balance sheet) | — | — | (58) | (135) | (193) | |
| Deduct: net finance costs (co-investments)2 | (31) | — | — | — | (31) | |
| Net finance costs (look-through) | (31) | — | (58) | (135) | (224) | |
| FY24 | ||||||
| Interest expense | (1) | — | (112) | (157) | (270) | |
| Interest expensed through COGS | — | — | (58) | — | (58) | |
| Interest capitalised | 1 | — | 75 | — | 76 | |
| Borrowing costs amortised | — | — | — | (3) | (3) | |
| Total finance costs | — | — | (95) | (160) | (255) | |
| Add: interest revenue | 1 | — | 2 | 7 | 10 | |
| Net finance costs (balance sheet) | 1 | — | (93) | (153) | (245) | |
| Deduct: net finance costs (co-investments)2 | (16) | — | — | — | (16) | |
| Net finance costs (look-through) | (15) | — | (93) | (153) | (261) |
-
Excludes $6m COGS interest on impaired projects.
-
Represents Mirvac’s share of net finance costs in BTR, MWOF and Serenitas.
45
FY25 Additional Information 15 August 2025
Progressing towards Invested Capital targets
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----- Start of picture text -----
Long-term target FY25 Invested Capital FY24 Invested Capital
% $bn % $bn %
Investment >70% $10.3bn 75% $10.6bn 75%
Office ~40% $5.6bn 54% $6.3bn 59%
Industrial ~20% $1.7bn 17% $1.5bn 14%
Retail ~15% $2.3bn 22% $2.2bn 21%
Living ~25% $0.7bn 7% $0.6bn 6%
Development <30% $3.4bn 25% $3.5bn 25%
CMU ~40% $1.5bn 44% $1.5bn 43%
Residential ~60% $1.9bn 56% $2.0bn 57%
Portfolio management framework
1 2 3 4
Capital allocation Earnings mix Returns Capital structure
Investment (Passive [1] ) >70% Investment >60% ROIC > WACC Headline Gearing 20-30%
Development (Active [2] ) <30% Development <40% Sector Returns > Hurdles Credit Rating Moody’s/Fitch A3/A-
Distribution 60-80% (of EPS)
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- Investment invested capital includes investment properties, co-investments stakes reported on equity basis, assets held for sale, JVA and other financial assets on balance sheet. 2. Development invested capital typically includes inventory, IPUC, JVA less deferred land and unearned income.
46
FY25 Additional Information 15 August 2025
Return on Invested Capital
| Return on Invested Capital | |
|---|---|
| Group | |
| $m | |
| Profit for theyear attributable to stapled securityholders | 68 |
| Add back: | |
| Interest costs | 230 |
| Net gain on foreign exchange movements, derivatives, tax and other | (27) |
| Total return | 271 |
| Investment properties1 | 8,245 |
| Inventories | 2,372 |
| Indirect investments and other assets | 3,561 |
| Less: | |
| Fund through adjustments (deferred revenue) | (25) |
| Deferred land payable | (452) |
| Net tax asset2 | 6 |
| FY25 total invested capital | 13,707 |
| 1H25 total invested capital | 13,812 |
| FY24 total invested capital | 14,141 |
| Average invested capital3 | 13,887 |
| FY25 Return on Invested Capital | 1.9% |
-
Includes IPUC and assets held for sale.
-
Includes current tax liability and net deferred tax asset.
-
Average over the three reporting periods.
47
FY25 Additional Information 15 August 2025
Capital management metrics & liquidity profile
Capital management metrics
Liquidity profile
| 30 June 2025 | 30 June 2024 |
|---|---|
| NTA1 $2.26 |
$2.36 |
| Balance sheet gearing2 27.6% |
26.7% |
| Look through gearing 29.5% |
28.5% |
| Total interest bearing debt3 $4,309m |
$4,380m |
| Average borrowing cost4 5.4% |
5.6% |
| Average debt maturity 4.2 yrs |
4.4 yrs |
| Hedged percentage 57% |
74% |
| Average hedge maturity 3.3 yrs |
2.8 yrs |
| Moody’s / Fitch credit rating A3/A- |
A3/A- |
| Liquidity profle | |||
|---|---|---|---|
| Facility | Drawn | Available | |
| limit | amount | liquidity | |
| As at 30 June 2025 | $m | $m | $m |
| Facilities due within 12 months5 | 454 | 454 | — |
| Facilities due post 12 months5 | 4,820 | 3,855 | 965 |
| Total5 | 5,274 | 4,309 | 965 |
| Cash on hand | 236 | ||
| Total liquidity | 1,201 | ||
| Less facilities maturing <12 months5 | 454 | ||
| Funding headroom | 747 |
- NTA per stapled security excludes intangibles, right of use assets, deferred tax assets and deferred tax liabilities, based on ordinary securities including EIS securities. 2. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).
- Total interest bearing debt (at foreign exchange hedged rate).
-
WACD (including margins and line fees) represents the rate as at 30 June 2025. WACD over the 12 months to 30 June 2025 was 5.6% (5.5% for the prior corresponding period).
-
Based on hedged rate, not carrying value, subject to rounding.
48
FY25 Additional Information 15 August 2025
Debt & hedging profile
| Total amount | Amount drawn | ||
|---|---|---|---|
| Issue/source | Maturity date | $m | $m |
| USPP1 | Sep 2025 | 45 | 45 |
| Bank | Dec 2025 | 258 | 258 |
| USPP1 | Dec 2025 | 151 | 151 |
| Bank | Sep 2026 | 425 | — |
| Bank | Feb 2027 | 300 | — |
| EMTN1 | Mar 2027 | 501 | 501 |
| Bank | Aug 2027 | 200 | — |
| Bank | Sep 2027 | 425 | 400 |
| USPP1 | Sep 2027 | 249 | 249 |
| EMTN1 | Mar 2028 | 50 | 50 |
| Bank USPP1 |
Sep 2028 Sep2028 |
425 298 |
410 298 |
| MTN | Sep 2029 | 300 | 300 |
| USPP1 MTN |
Sep 2030 Mar 2031 |
179 400 |
179 400 |
| USPP1 EMTN1 EMTN1 |
Sep 2031 Dec 2031 Mar 2032 |
139 118 151 |
139 118 151 |
| USPP1 EMTN1 |
Sep 2032 Mar 2033 |
181 175 |
181 175 |
| USPP1 | Mar 2034 | 120 | 120 |
| USPP1 | Sep 2034 | 84 | 84 |
| USPP1 | Sep 2039 | 100 | 100 |
| Total | 5,274 | 4,309 |
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----- Start of picture text -----
Drawn debt maturities as at 30 June 2025
$800m
400
0
FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 FY43 FY44 FY45
Bank USPP EMTN MTN
Debt drawn sources
Bank USPP EMTN MTN
25% 36% 23% 16%
Hedging & fixed interest profile 30 June 2025 [2]
$2,500m 4.0%
3.36%
3.28%
2,000
3.22% 3.5
1,500 3.10%
3.0
1,000
2.95%
500 2.90% 2.5
0 2.0
Jun 25 Jun 26 Jun 27 Jun 28 Jun 29 Jun 30
Swaps Options Fixed Average rate (RHS)
----- End of picture text -----
-
Drawn amounts based on hedged rate not carrying value.
-
Includes bank callable swaps.
49
FY25 Additional Information 15 August 2025
NTA & securities on issue reconciliation
| Net tangible assets | $m |
|---|---|
| As at 1 July 2024 | 9,300 |
| Operating profit for the full year | 474 |
| Revaluation of investment properties | (315) |
| Securities issued during the period | — |
| Other net equity movements and non-operating items through profit and loss | (169) |
| Distributions1 | (355) |
| As at 30 June 2025 | 8,935 |
| Securities on issue | No. of securities |
| As at 30 June 2025 | 3,945,860,218 |
| NTA per stapled security2 | $2.26 |
| FY25 | FY24 | |
|---|---|---|
| Net tangible assets | $m | $m |
| Cash and Cash equivalents | 236 | 335 |
| Investment properties | 8,149 | 8,737 |
| ‒ Office |
4,350 | 4,950 |
| ‒ Industrial |
1,432 | 1,385 |
| ‒ Retail |
2,367 | 2,402 |
| Investments in joint ventures and associates | 3,099 | 2,545 |
| Assets classified as held for sale | 36 | 300 |
| Inventory | 2,372 | 2,659 |
| Other financial assets | 952 | 709 |
| Other assets | 114 | 180 |
| Total tangible assets | 14,958 | 15,465 |
| Borrowings | 4,464 | 4,424 |
| Other financial liabilities | 1,215 | 1,322 |
| Other liabilities | 344 | 419 |
| Total liabilities | 6,023 | 6,165 |
| Net tangible assets | 8,935 | 9,300 |
| Number of securities on issue | 3,945,860,218 | 3,945,860,217 |
| NTA per security2 | $2.26 | $2.36 |
- FY25 distribution is 9.0cpss with the distribution of 4.5cpss for the 6 months ending 30 June 2025, payable on 28 August 2025. 2. NTA per stapled security excludes intangibles, right of use assets, deferred tax assets and deferred tax liabilities, based on ordinary securities including EIS securities.
50
FY25 Additional Information 15 August 2025
Investment
51
FY25 Additional Information 15 August 2025
Investment: portfolio overview
| Investment portfolio | LIVING | ||||||
|---|---|---|---|---|---|---|---|
| (including co-investments) | OFFICE | INDUSTRIAL | RETAIL | BUILD TO RENT LAND LEASE |
INVESTMENT PORTFOLIO |
||
| $5.4bn | $1.7bn | $2.3bn | $0.5bn | $0.2bn | $10.1bn | ||
| Office | Industrial | Retail | Build to Rent | Land Lease | Total | ||
| Investment property valuations1 | $5,070m | $1,704m | $2,252m | — | — | $9,026m | |
| Co-investments (at equity value) | $358m | — | — | $457m | $246m | $1,061m | |
| No. of investment property assets2 | 18 | 12 | 9 | 0 | 0 | 39 | |
| No. of co-investment property assets3 | 10 | — | — | 34 | 31 | 44 | |
| Lettable area2 | 688,358 sqm | 665,948 sqm | 314,495 sqm | n/a | n/a | 1,668,801 sqm | |
| Occupancy (by area) | 95.1%2 | 99.8%2 | 98.8%2 | 95.9%5 | 100.0%5 | 97.7%6 | |
| WALE (by income)2 | 6.0 yrs | 6.1 yrs | 3.4 yrs | n/a | n/a | 5.4 yrs6 | |
| WACR | 6.11%2 | 5.33%2 | 5.74%2 | 4.30% | 5.40% | 5.75% |
-
Excludes IPUC and properties held in co-investments. Subject to rounding.
-
Excludes properties held for development, IPUC and co-investments.
Investment portfolio by sector[7]
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Office 54% Retail 22% Industrial 17% Living 7%
-
Includes operational properties held in co-investments but excludes properties that are jointly held with Mirvac directly.
-
Excludes LIV Anura, Brisbane and LIV Albert, Melbourne which completed in July 2025.
-
BTR and Land Lease occupancy is by lot, excluding lots under development.
-
Total portfolio calculation excludes co-investments.
-
Includes investment property valuations and co-investments (at equity value). Excludes IPUC.
52
FY25 Additional Information 15 August 2025
Investment: total investment value
Investment portfolio movement
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----- Start of picture text -----
$11,000m
$90m
$141m
$61m ($102m)
$10,534m
10,500
$10,087m
10,000 ($637m)
9,500
FY24 Co-investments [1] Development completions [2] Capex & incentives [3] Valuation movement [4] Disposals FY25
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-
Includes net equity contributions and share of profit excluding revaluations for FY25.
-
Practical completions at Aspect North & South, Sydney.
-
Includes straightlining of rental income and amortisation of incentives. 4. Movement includes co-investments, excludes IPUC and development completions.
53
FY25 Additional Information 15 August 2025
Investment: key ventures
| Mirvac | Mirvac | |||||||
|---|---|---|---|---|---|---|---|---|
| Total | Number of | ownership | ownership | FY25 | ||||
| assets | properties | Occupancy 1 | WACR2 | Gearing | stake | value3 | EBIT | |
| Office | ||||||||
| MWOF | ~$6.2bn | 114 | 93.5% | 6.01% | 26.3% | 8% | $358m | $25m |
| Industrial | ||||||||
| Mirvac Industrial Venture | ~$1.1bn | 3 | 100% | 5.19% | — | 51% | $548m5 | $16m |
| Living | ||||||||
| Build to Rent Venture | ~$1.7bn | 5 | 95.9% | 4.30% | 33.9% | 44% | $457m | $11m |
| Serenitas | ~$1.3bn | 31 | 100.0% | 5.40% | 49.0% | 40% | $246m | $43m |
-
Excludes IPUC/developments. MWOF occupancy by income, BTR and Land Lease occupancy is by lot, excluding LIV Anura and LIV Albert which completed in July 2025.
-
Industrial Venture excludes IPUC.
-
Represents the equity value held by Mirvac at it’s ownership percentage.
-
Includes property jointly held with Mirvac.
-
Includes development assets associated with Aspect North & South, Sydney, and SEED Stage 1, Sydney.
54
FY25 Additional Information 15 August 2025
Investment: key acquisitions & disposals
| Acquisitions FY25 | State | Sector | Acquisitionprice | Settlement date |
|---|---|---|---|---|
| — | — | — | — | — |
| Total | — | |||
| Disposals FY25 | State | Sector | Saleprice1 | Settlement date |
| 367 Collins Street, Melbourne | VIC | Office | $300m | September 2024 |
| 10-20 Bond Street, Sydney | NSW | Office | $287m | January 2025 |
| 75 George Street, Parramatta, Sydney | NSW | Office | $50m | April 2025 |
| Total | $637m |
55
- Sale price after transaction costs.
FY25 Additional Information 15 August 2025
Office
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56
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FY25 Additional Information 15 August 2025
Office: portfolio details[1]
| FY25 FY24 |
|
|---|---|
| No. of properties2 | 18 21 |
| NLA2 | 688,358 sqm 772,111 sqm |
| Portfolio valuations3 | $5,070m $5,921m |
| WACR | 6.11% 5.86% |
| Property net operating income (NOI) | $333m $367m |
| Like-for-like NOI growth | 0.7% 2.5% |
| Maintenance capex | $39m $40m |
| Incentive capex4 | $16m $22m |
| Occupancy (by area) | 95.1% 95.1% |
| NLA leased | 74,472 sqm 77,292 sqm |
| % of portfolio NLA leased | 10.8% 10.0% |
| WALE (by area)2 | 6.8 yrs 6.7 yrs |
| WALE (by income)2 | 6.0 yrs 5.9 yrs |
-
Reflects Office investment portfolio excluding MWOF equity co-investment.
-
Excludes IPUC and properties held for development.
-
Excludes co-investments equity values, IPUC, and the gross up of lease liability under AASB16. Subject to rounding.
-
Includes cash and fitout incentives.
-
By portfolio valuations, excluding IPUC, co-investment equity values, and properties being held for development.
-
By portfolio valuations including properties being held for development but excluding IPUC and co-investment equity values.
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Office geographic Office diversity Office rent
diversity [5] by grade [6] review structure [7]
Sydney 53% Premium 54% Fixed 91%
Melbourne 28% A grade 46% CPI linked 9%
Brisbane 8%
Canberra 6%
Perth 5%
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----- Start of picture text -----
24
Brisbane
3
27
Sydney 8.5
22
Melbourne
11.2
23
National
9.4
0 10 years 20 years
Mirvac office portfolio [8] JLL Market
Source: JLL Research, June 2025, Mirvac actuals 2025
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-
By income, excludes lease expiries.
-
Age represents since built or last significant refurbishment.
57
FY25 Additional Information 15 August 2025
Office: leasing details[1]
| Offce lease expiry profle: by income 60% 0 20 40 FY26 FY27 FY29 FY28 6% Vacant FY30 FY31+ 6% 4% 12% 8% 5% ~~59%~~ |
Office top10 tenants2 Percentage3 Credit ratings |
| 1 Government 18% Aaa / Aa2 / AAA / AA+ 2 Westpac 13% Aa3 / AA- 3 Commonwealth Bank 7% Aa3 / AA- 4 6% — 5 EY 5% — 6 Suncorp 4% A1 / AA- 7 Deloitte 4% — 8 AGL Energy 3% — 9 Work Club 3% — 10 PwC 2% — |
|
| Total 65% |
|
| FY25 Leasingactivity Area Leasing spread Average incentive Average WALE4 |
|
| Renewals 57,297 sqm 6.8% 30.8% 7.8 yrs New Leases 17,175 sqm 6.8% 27.8% 6.8 yrs |
|
| Total Office 74,472 sqm 6.8% 30.6% 7.6 yrs |
|
| % of Office portfolio NLA leased 10.8% |
|
-
Reflects Office investment portfolio excluding MWOF equity co-investment. 2. Excludes Mirvac tenancies.
-
Percentage of gross office portfolio income.
-
By income.
58
FY25 Additional Information 15 August 2025
Office: research
Prime CBD net effective rents ($/sqm)
Net forecast supply – addition less withdrawals
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----- Start of picture text -----
$900/sqm
+11% yoy
450
+13% yoy
-6% yoy
+2% yoy
0
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Jun
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Source: JLL Research, June 2025
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----- Start of picture text -----
30%
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----- Start of picture text -----
18.4%
15 17.1%
15.6%
9.9%
0
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Jun
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Source: JLL Research, June 2025
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----- Start of picture text -----
2.0% of existing stock
1.0
0
(1.0)
2025 2026 2027 2028
Sydney CBD net supply/withdrawals Melbourne CBD net supply/withdrawals
30 yr historical supply Syd 30 yr historical supply Mel
Source: JLL Research, June 2025, Mirvac Research calculations and forecast
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----- Start of picture text -----
$2,000
+51%
+59%
1,000 +49% +39% +36%
0
2020 2024 2020 2024 2020 2024 2020 2024 2020 2024
Sydney CBD North Sydney Melbourne CBD Brisbane CBD Perth CBD
Land Costs Construction Costs (with Incentives) Developer Margin Outgoings
Source: CBRE Research, December 2024
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59
FY25 Additional Information 15 August 2025
Industrial
60
FY25 Additional Information 15 August 2025
Industrial: portfolio details
| FY25 FY24 |
|
|---|---|
| No. of properties1 | 12 12 |
| NLA | 665,948 sqm 577,529 sqm |
| Portfolio valuations1 | $1,704m $1,450m |
| WACR Property net operating income (NOI) |
5.33% 5.46% $75m $67m |
| Like-for-like NOI growth | 1.2% 2.3% |
| Maintenance capex | $2m $8m |
| Incentive capex2 | $3m — |
| Occupancy (by area) | 99.8% 99.3% |
| NLA leased | 53,332 sqm 23,949 sqm |
| % of portfolio NLA leased | 8.0% 4.1% |
| WALE (by area) | 6.7 yrs 6.8 yrs |
| WALE (by income) | 6.1 yrs 6.1 yrs |
Industrial geographical diversity[3] Sydney 100%
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----- Start of picture text -----
Industrial rent review structure [4]
Fixed 93%
CPI linked 7%
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Industrial diversity by sub market[5]
Industrial diversity by grade
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----- Start of picture text -----
Sydney Outer
Central West 22%
Sydney Outer 86% Super Prime 34%
South West 49% Super Prime / Prime 52%
Sydney Inner Prime Secondary 14%
West 15%
Sydney North 14%
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-
Excludes IPUC and properties being held for development.
-
Includes cash and fitout incentives.
-
By portfolio valuations, excluding assets held in funds.
-
By income, excludes lease expiries.
-
Sub-market boundaries in line with JLL.
61
FY25 Additional Information 15 August 2025
Industrial: leasing details
| Industrial lease expiry profle: by income 70% 0 10 20 30 40 50 60 FY26 FY27 FY29 FY28 9% Vacant FY30 FY31+ 1% 3% 6% 15% 2% 64% |
Industrial top10 tenants Percentage1 Sector |
|---|---|
| 1 Woolworths Group 12% Retail Trade 2 Interactive 8% Information, Media & Telecommunication 3 Flexible Logistics 6% Transport, Postal & Warehousing 4 Winning Appliances 5% Retail Trade 5 Thales Australia 5% Professional, Scientific & Technical Services 6 CEVA Logistics 5% Transport, Postal & Warehousing 7 Legrand Australia 4% Professional, Scientific & Technical Services 8 De’Longhi 4% Wholesale Trade 9 Vulcan Steel 3% Wholesale Trade 10 ACFS |
|
| Total 55% |
|
| FY25 Leasingactivity Area Leasing spread Average incentive Average WALE2 |
|
| Renewals 20,180 sqm 20.9% 4.1% 4.9 yrs New Leases 33,152 sqm 54.3% 19.6% 7.6 yrs |
|
| Total Industrial 53,332 sqm 49.1% 14.5% 6.7 yrs |
|
| % of Industrial portfolio NLA leased 8.0% |
|
- Percentage of gross industrial portfolio income. 2. By income.
62
FY25 Additional Information 15 August 2025
Industrial: research
Sydney Central West vs. Melbourne West precinct vacancy
Historical industrial supply completions vs 10 year average
Greater Sydney
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----- Start of picture text -----
6%
4.26%
3
2.51%
0
Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25
Sydney Central West Melbourne West and Inner West Average
Source: SA1 Pro, June 2025
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Industrial land secured on attractive terms[1]
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----- Start of picture text -----
1,200 (000' sqm)
800
400
0
'14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30
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Outer Central West Outer South West Inner West Outer North West South Sydney North Under construction 10yr average total supply completions Source: JLL Research, June 2025
Industrial Prime average incentives by capital city
Industrial land values vs cap rate
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----- Start of picture text -----
$1,200/sqm 10%
$973/sqm
600 5
5.42%
0 0
'11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Jun
Average Sydney land values (2-5Ha) Sydney prime industrial cap rate (RHS)
Source: JLL Research, June 2025
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----- Start of picture text -----
30%
24.2%
18.6%
15
0
Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25
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Sydney Melbourne Source: JLL Research, June 2025
- Sydney includes average of Outer Central West, Outer North West and Outer South West.
63
FY25 Additional Information 15 August 2025
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----- Start of picture text -----
Broadway Sydney
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Retail
64
FY25 Additional Information 15 August 2025
Retail: portfolio details[1]
| FY25 | FY24 | |
|---|---|---|
| No. of properties1 | 9 | 9 |
| GLA2 | 314,495 sqm | 313,986 sqm |
| Portfolio valuations3 | $2,252m | $2,183m |
| WACR | 5.74% | 5.70% |
| Property net operating income (NOI) | $130m | $147m |
| Like-for-like NOI growth4 | 2.0% | 4.4% |
| Maintenance capex | $21m | $18m |
| Incentive capex5 | $10m | $6m |
| Occupancy (by area) | 98.8% | 98.0% |
| GLA leased | 31,482 sqm | 61,660 sqm |
| % of portfolio GLA leased | 9.9% | 19.4% |
| WALE (by area) | 4.2 yrs | 4.4 yrs |
| WALE (by income) | 3.4 yrs | 3.3 yrs |
| Specialty occupancy cost | 14.7% | 14.2% |
| Total comparable MAT | $2,814m | $2,733m |
| Total comparable MAT productivity6 | $11,248/sqm | $10,997/sqm |
| Total comparable MAT growth6 | 1.3% | 1.1% |
| Specialties comparable MAT productivity6 | $11,531/sqm | $11,245/sqm |
| Specialties comparable MAT growth6 | 3.2% | 2.0% |
| New leasing spreads | 7.3% | (1.6%) |
| Renewal leasing spreads | 1.6% | (0.5%) |
| Total leasing spreads | 2.8% | (0.8%) |
Retail geographic Retail diversity Retail rent diversity[7] by grade[8] review structure[9]
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Regional 48% Fixed 79% Sub Regional 27% CPI linked 16% Outlet 19% Other 5% Neighbourhood 4% CBD Retail 2%
Sydney 65% Brisbane 30% Melbourne 5%
1. Excludes IPUC.
-
Excludes 80 Bay Street, Ultimo.
-
Portfolio valuations excludes IPUC and the gross up of lease liability under AASB16.
-
Excludes COVID-19 impact.
-
Includes cash and fitout incentives.
-
In line with SCCA guidelines.
-
By portfolio valuations. Brisbane includes Sunshine Coast. Excluding IPUC.
-
By portfolio valuations as per PCA classification. Excluding IPUC.
-
By income, excludes lease expiries.
65
FY25 Additional Information 15 August 2025
Retail: sales by category
| FY25 | FY25 Comparable |
FY24 Comparable |
|
|---|---|---|---|
| Retail sales bycategory | Total MAT | MATgrowth | MATgrowth |
| Supermarkets | $932m | (0.8%) | 3.6% |
| Discount department stores | $213m | 1.3% | (1.5%) |
| Mini-majors | $542m | 1.4% | (2.9%) |
| Specialties | $898m | 3.2% | 2.0% |
| Other retail | $229m | 2.1% | (0.6%) |
| Total | $2,814m | 1.3% | 1.1% |
| FY25 | FY24 | ||
|---|---|---|---|
| FY25 | Comparable | Comparable | |
| Specialtysales bycategory | Total MAT | MATgrowth | MATgrowth |
| Food retail | $79m | 2.1% | 1.5% |
| Food catering | $248m | 1.9% | 4.6% |
| Jewellery | $28m | 12.6% | (2.5%) |
| Mobile phones | $35m | 1.2% | 34.8% |
| Homewares | $36m | 0.9% | (1.2%) |
| Retail services | $115m | 8.8% | 2.3% |
| Leisure | $24m | 1.0% | (17.7%) |
| Apparel | $260m | 3.8% | 0.0% |
| General retail | $73m | (1.6%) | 0.0% |
| Total specialties | $898m | 3.2% | 2.0% |
(Compared to same prior period)
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30%
20
10
0
(10)
(20)
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun
2022 2023 2024 2025
Total centre Total specialties Foot traffic annual growth [1]
1. New traffic counting systems installed across the portfolio Q1 FY25. 66
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FY25 Additional Information 15 August 2025
Retail: leasing details
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----- Start of picture text -----
Retail lease expiry profile: by income
30%
27%
24%
15 14% 14%
12%
8%
1%
0
Vacant FY26 FY27 FY28 FY29 FY30 FY31+
Retail lease expiry profile: by area
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----- Start of picture text -----
40% 39%
20
18%
11% 11% 11%
9%
0 1%
Vacant FY26 FY27 FY28 FY29 FY30 FY31+
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| Retail top10 tenants | Retail top10 tenants | Percentage1 | Credit ratings | |||
|---|---|---|---|---|---|---|
| 1 | Coles Group | 7% | BBB+ / Baa1 | |||
| 2 | Woolworths Group | 4% | BBB / Baa2 | |||
| 3 | Wesfarmers | 4% | A-/A3 | |||
| 4 | Volkswagen Group | 3% | BBB+/Baa1/A- | |||
| 5 | Event Cinemas | 2% | — | |||
| 6 | Aldi Food Stores | 2% | — | |||
| 7 | Virgin Active Group | 2% | — | |||
| 8 | Cotton On Group | 1% | — | |||
| 9 | Super Retail Group | 1% | — | |||
| 10 | Accent Group | 1% | — | |||
| Total | 27% | |||||
| Leasing | Average | Number of | ||||
| FY25 Leasingactivity | Area | spread | incentive | deals done | ||
| Renewals | 23,439 sqm | 1.6% | 0.3% | 127 | ||
| New Leases | 8,043 sqm | 7.3% | 11.6% | 67 | ||
| Total Retail | 31,482 sqm | 2.8% | 5.4% | 194 | ||
| % | of Retail portfolio GLA leased | 9.9% |
67
- Percentage of gross retail portfolio income.
FY25 Additional Information 15 August 2025
Retail: research
Retail supply per person continues to trend down
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----- Start of picture text -----
Greater Sydney – total retail square metres per person [1]
1.10 square metres / per person
1.00
0.90
2014 2016 2017 2019 2020 2023 2024 2025(e)
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- Refers to total Shopping Centre gross letttable area.
Source: Property Council of Australia, ABS, Mirvac Research calculation
Wages & living costs have aligned again
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----- Start of picture text -----
12%
8
Cost
of living
4 pressure 3.4%
3.4%
0
(4)
Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25
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WPI Annual Growth % Living Costs, Employee Households %
Source: ABS, March 2025
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ANZ Job Ads Index (inversed) vs Unemployment rate
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----- Start of picture text -----
0 Job Ads Index Unemployment rate 12%
100 6
117
4.3%
200 0
'85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25
Jun
ANZ Job Ads Index (LHS, inverted) AU Unemployment Rate % (RHS)
Source: ANZ-Indeed, ABS, June 2025, seasonally adjusted
Household Saving Ratio approaching 20 year average
25 Ratio
20
15
10
6.2%
5
5.2%
0
(5)
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Jun
Household Saving Ratio 20 Year Average Ratio
Source: ABS, March 2025
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68
FY25 Additional Information 15 August 2025
Build to Rent
69
FY25 Additional Information 15 August 2025
Build to Rent: portfolio details
| FY25 | FY24 |
|
|---|---|---|
| No. of completed properties | 3 | 2 |
| No. of completed apartments | 1,280 | 8061 |
| Co-investment equity value | $457m | $386m |
| WACR | 4.30% | 4.26% |
| Leased (by apartment) | 98% | 95% |
| Occupancy (by apartment) | 96% | 94% |
BTR geographic diversity[2] Operational apartments
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VIC 75%
NSW 25%
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BTR geographic diversity[2]
Pipeline apartments
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----- Start of picture text -----
VIC 56%
QLD 44%
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- FY24 restated to include LIV Indigo, Sydney display apartment. 2. By apartment.
70
FY25 Additional Information 15 August 2025
Build to Rent: LIV Mirvac is one of Australia’s leading BTR operators[1]
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----- Start of picture text -----
Australian Build to Rent market: top 10 operating peers [1]
3,000 apartments
33
LIV ANURA, BNE LIV ALBERT, MEL
OPERATING
396 units | completed July 2025 498 units | completed July 2025 ASSETS IN
2,000 AUSTRALIA
1,000
0
LIV Mirvac [2] Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9
Operating Under construction
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Note: images above are artist impressions, final design may differ.
-
Source: BDO, The state of Build to Rent, Q2 2025; Mirvac estimates.
-
Includes LIV Anura, Brisbane and LIV Albert, Melbourne, which completed in July 2025.
71
FY25 Additional Information 15 August 2025
Build to Rent: significant market scope for growth in Australia
Low penetration rate – presents material scale opportunity
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Estimated Institutional Real Estate market Australia
Share of the Australian residential dwelling market
% Housing stock BTR represents [1]
$400bn
Potential BTR market
United States: 12%
~$340bn
at 3% penetration United Kingdom: 5.4%
~$340bn, 445,000 units 300 Australia (currently): 0.4%
200
Current
BTR pipeline
100
~$30bn,
~39,300 units +40%
~$30bn
~$21bn
0
BTR @ 3% BTR BTR Office Retail Industrial
Penetration (2024) Current pipeline
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Source: ABS Total Dwellings, March 2025; BDO, The state of Build to Rent Q2 2025; MSCI All Property Dec 2024; Mirvac estimates
72
- EY Report, ABS Total Dwellings, Mirvac estimates.
FY25 Additional Information 15 August 2025
Build to Rent: research
Vacancy remains tight in the rental market
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----- Start of picture text -----
Capital city vacancy rates
6%
3
1.9%
1.7%
1.4%
0
'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Jun
Sydney Melbourne Brisbane
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Source: Cotality, June 2025. Units, 3 month moving average
Deep pool of renters with >$100k pa household income
Gross household incomes and minimum rent afforded in 2021 bracketed (assumes affordability at 35% of income) Sydney, Melbourne, Brisbane
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----- Start of picture text -----
30% 28%
24% ~42% of households >$100k pa
15 14% 14%
11%
9%
8%
0
$51,550-$77,949 $77,950-$103,949 $103,949-$129,948 $129,950-$155,949 $155,950-$207,949 >$207,950 All higher incomes
(afford rent (afford rent (afford rent (afford rent (afford rent (Rent >$1,400pw) >$130K
$347-$525pw) $526-$700pw) $701-$875pw) $876-$1050pw) $1,051-$1,400pw) (afford rent v>$875pw)
1996 2001 2006 2011 2016 2021
Source: 2021 ABS Census, not adjusted for inflation
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Rental days on market
Capital city rental days on market
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----- Start of picture text -----
45 days
30
20
15 18
16
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sydney Melbourne Brisbane
Source: Proptrack, May 2025. 3 month moving average
Significant growth in renters
Past 15 year compound average growth rate (CAGR)
4% 4% 4%
3.5%
3% 3%
2 2% 2%
1%
0.3%
0
(2) (1%) (2%) (1%)
20-29 years 30-39 years 40-49 years 50-59 years
Owned outright Owned with mortgage Rented
Source: 2021 ABS Census Sydney, Melbourne, Brisbane
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73
FY25 Additional Information 15 August 2025
Land Lease
74
FY25 Additional Information 15 August 2025
Land Lease: portfolio details
| FY25 | FY24 |
|
|---|---|---|
| No. of communities | 31 | 28 |
| No. of occupied sites | 4,974 | 4,587 |
| No. of development sites | 2,502 | 1,872 |
| Co-investment equity value | $246m | $235m |
| WACR | 5.40% | 5.42% |
| Occupancy (by lot) | 100% | 100% |
| Sales1 | 380 | 361 |
| Settlements2 | 390 | 409 |
| Average settlement price3 | ~$554,000 | ~$500,000 |
Strong WA & QLD presence Occupied sites by state
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WA 54% QLD 37% NSW 7% VIC 2%
Development sites expand exposure to east coast Development sites by state
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WA 15% QLD 64% NSW 10% VIC 11%
-
Including 38 sales at Development Service Agreement (DSA) projects (these include unconditional and conditional).
-
New home settlements includes 40 DSA related settlements.
75
- 12 month average price to 30 June 2025. Excludes GST and DSA Projects.
FY25 Additional Information 15 August 2025
Land Lease: pipeline projects
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Community Expected settlement profile (lots) [1]
facilities
Major projects State completed Pre-FY26 FY26 FY27 FY28 FY29 FY30 Post-FY30
The Anchorage Lifestyle Resort QLD 87 8
Vibe Lifestyle Village WA 306 11
Latitude 25 RV Lifestyle Community [2] QLD 269 12
Thyme Lifestyle Resort Moreton Bay QLD 168 14
Thyme Lifestyle Resort Mareeba QLD 160 15
Thyme Lifestyle Resort Evans Head NSW 142 22
The Vantage Lifestyle Resort WA 185 23
Thyme Lifestyle Resort Hervey Bay QLD 241 118
Helena Valley Lifestyle Village WA 308 72
The Outlook Lifestyle Resort WA 137 94
Lucas Lifestyle Estate VIC 106 100
Thyme Lifestyle Resort Bundaberg Springs QLD 86 117
Tuart Lakes Lifestyle Resort WA 321 156
Lakeview Springs Lifestyle Resort QLD 27 328
Thyme Lifestyle Resort Canungra QLD — 167
Thyme Lifestyle Resort Rothwell QLD — 190 +7
Thyme Lifestyle Resort Forster NSW — 161 additional
Thyme Lifestyle Resort Everleigh QLD — 220 DEVELOPMENT
Thyme Lifestyle Resort Palm Cove QLD — 361 COMMUNITIES
Thyme Lifestyle Resort Sunbury VIC — 186
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- Settlement timing and lot numbers 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. 2. Project currently under external DSA.
76
FY25 Additional Information 15 August 2025
Land Lease: Serenitas is one of Australia’s leading land lease operators
One of the largest operational portfolios in Australia[1]
12,000 homes
8,000 4,000
0
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Hometown Palm Lake Ingenia/Sun Serenitas Lifestyle Hampshire Stockland/ GemLife Lincoln AVID
Communities Halcyon Place
Operational Development (with development consent)
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77
- Source: Chadwick Property Valuers, June 2025. Excluding homes in planning without development consent.
FY25 Additional Information 15 August 2025
Land Lease: research
Number of Australians intending to retire annually
Annual average Land Lease home supply required (to 2041)
ABS Estimate
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----- Start of picture text -----
250,000 people
200,000
150,000
100,000
50,000
0
1985 1991 1997 2003 2009 2015 2021 2027 2033 2039
ABS Estimate of Retiring Persons Forecast Past 30yr average
Source: ABS, Mirvac Research, May 2024
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----- Start of picture text -----
14,000 lots 4.5% 5%
4.0%
3.5%
3.0% [1] 9,250
7,000 5,700 7,450 2.5
3,902
0 2,700 2,700 2,700 2,700 0
2041 2041 2041 2041
Estimated current supply per annum (LHS) Estimated annual supply shortfall (LHS)
Penetration rate (RHS)
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Source: Chadwick Property Valuers, 1. Estimated current land lease penetration rate, measured as no. persons Mirvac estimates, June 2025 living in a Land Lease community as a percentage of the 50-84 years population at 2021
Population aged 55+
Intergenerational review projections
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----- Start of picture text -----
53%
15.0m people
43
10.0
33
5.0
23
1.0 13
Jun 1973 Jun 1983 Jun 1993 Jun 2003 Jun 2013 Jun 2023 Jun 2033 Jun 2043 Jun 2053 Jun 2063
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Number (LHS) % of total population (RHS) Source: ABS Historical Population, Estimated Resident Population, Federal Treasury 2023 Intergenerational Report
78
FY25 Additional Information 15 August 2025
Funds
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----- Start of picture text -----
79
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FY25 Additional Information 15 August 2025
Funds: third party capital under management platform growth
Historical growth in third party capital under management[1]
$20bn
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----- Start of picture text -----
$17.1bn
$1.3bn
$0.6bn
$0.1bn $16.2bn
$15.4bn
15 ($0.3bn)
($0.9bn)
$10.4bn
10
$9.6bn
$ 9.0bn
$8.1bn
5
$2.8bn
0
FY16 FY19 FY20 FY21 FY22 FY23 FY24 New capital Capital raised Capital raised Asset Net revaluation FY25
raised in current year, in prior year, sales movement
not yet deployed deployed in
current year
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- Includes external funds, developments and assets under management, and excludes Mirvac’s investment in those managed assets and vehicles.
80
FY25 Additional Information 15 August 2025
Funds: platform overview
Third party capital under management[1]
Funds and Assets under management
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----- Start of picture text -----
$16.2bn
By vehicle type By investor domicile
Funds & Ventures 41% Overseas 54%
Joint Ventures 38% Australia 46%
Mandates 21%
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$30bn
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----- Start of picture text -----
$25.6bn
$22.2bn
$21.6bn
20
$14.4bn
$12.4bn
$12.0bn
10
0
Funds under management [2] Assets under management [3]
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FY23 FY24 FY25
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-
Includes external funds, developments and assets under management, and excludes Mirvac’s investment in those managed assets and vehicles.
-
Funds Under Management (FUM) represents the total value of assets we generate fees by providing Investment Management services, includes Mirvac share.
-
Assets Under Management (AUM) represents the total value of capital where we generate fees by providing Property Management services, includes Mirvac share.
81
FY25 Additional Information 15 August 2025
Funds: research
Superannuation assets and Super Guarantee contribution (%)
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----- Start of picture text -----
$4,000bn 12.5%
2,000 10.75
0 9.0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 [1] FY26
Assets (LHS) Super Guarantee Rates (RHS)
Source: ASFA Super Statistics, May 2025,
APRA statistics March quarter 2025 1. Superannuation assets to March 2025.
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Investors preferred style of increasing exposure
Investors preferred sectors for 2025
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----- Start of picture text -----
100%
91%
83%
50 70%
52%
43%
30%
22% 22%
0
Residential Industrial/ Office Retail Student Development Healthcare Other
Logistics accommodation
Source: ANREV Investment Intentions Survey Asia Pacific 2025
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Investors preferred locations for 2025
Expected changes of investors globally to real estate allocations in Asia Pacific over the next two years
30% 15 0 Non-listed real Joint ventures and Directly held Non-listed estate funds and club deals real estate real estate debt private REITs
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Operating platform
Mirvac capability Source: ANREV Investment Intentions Survey Asia Pacific 2025
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----- Start of picture text -----
100%
91%
83%
78%
50 70%
52% 48%
39%
35%
13%
0
Sydney Melbourne Tokyo Osaka Other Seoul Other Singapore China
Aus cities Japan cities Tier 1 cities
Mirvac capability
Source: ANREV Investment Intentions Survey Asia Pacific 2025
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82
FY25 Additional Information 15 August 2025
Development
83
FY25 Additional Information 15 August 2025
Commercial & Mixed Use
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84
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FY25 Additional Information 15 August 2025
Commercial & Mixed Use: recently completed & pipeline projects
| Commercial & Mixed Use: recently completed & pipeline projects | |||
|---|---|---|---|
| Sector Area / lots Mirvac Ownership Pre- leased1 % Estimated value on completion2 Estimated yield on cost3 |
Expected project timing4 FY25 FY26 FY27 FY28 FY29+ |
||
| Recently completed LIV Aston, Melbourne BTR 474 44% n/a n/a n/a Aspect Kemps Creek, Sydney (Building 1, 3 & 9) Industrial ~122,000 sqm 51% 100% ~$320m ~5% Waterloo Metro Quarter, Sydney (Social) Mixed-Use 70 50% n/a $43m n/a LIV Anura, Brisbane5 BTR 396 44% n/a n/a n/a LIV Albert, Melbourne5 BTR 498 44% n/a n/a n/a |
|||
| COMMERCIAL & |
|||
| MIXED USE TOTAL | |||
| PIPELINE EXPECTED | |||
| END VALUE27 | |||
| , | |||
| ~$9.5bn | |||
| Committed Waterloo Metro Quarter, Sydney (Southern Precinct) Mixed-Use 4356 50% n/a ~$170m n/a Aspect, Kemps Creek, Sydney (Building 2, 6, 7 & 8) Industrial ~91,000 sqm 51% 57% ~$370m ~6% 7 Spencer Street, Melbourne Office ~46,000 sqm 50% 16% ~$560m ~5.5% 55 Pitt Street, Sydney Office ~63,000 sqm 33% 42% ~$2.0bn >6% Harbourside, Sydney Mixed-Use ~35,000 sqm / 260 100% 18% ~$2.3bn n/a SEED Badgerys Creek, Sydney (Stage 1) Industrial ~140,000 sqm 51% 0% ~$0.7bn >6% |
|||
| Uncommitted Aspect, Kemps Creek, Sydney (Central) Industrial ~31,500 sqm 100% n/a ~$130m n/a Waterloo Metro Quarter, Sydney (Northern and Central Precinct) Mixed-Use ~36,000 sqm / 150 50% n/a n/a n/a SEED Badgerys Creek, Sydney (Stage 2) Industrial ~235,000 sqm 100% n/a ~$1.2bn n/a 90 Collins Street, Melbourne Office ~34,000 sqm 100% n/a n/a n/a |
|||
| Planning Construction |
-
% of space pre-leased, including non-binding heads of agreements. Areas are approximate, subject to rounding.
-
Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.
-
Expected yield on cost including land and interest.
-
Project timing subject to change due to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.
-
Construction completed in July 2025.
-
Lots include student accommodation rooms.
-
Includes LIV Anura, Brisbane and LIV Albert, Melbourne which completed in July 2025.
85
FY25 Additional Information 15 August 2025
Residential
86
FY25 Additional Information 15 August 2025
Residential: unique offering across product types and locations
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Residential development Optionality across states, product type and locations
~$1.9bn ~$19.5bn ~$1.9bn
capital employed expected revenue [1] pre-sales [2]
Outer ring
WA
Henley Brook NT
Middle ring ONE71 Baldivis
South Bullsbrook
QLD 2 2
Inner ring QLD WA
NSW Everleigh
Monarch Glen
Riverlands
NSW VIC Georges Cove
Green Square The Albertine Highforest NSW 1 3 SA
NINE Prince & Parade WSU Milperra Cobbitty
Harbourside Yarra’s Edge Everdene, Mulgoa
VIC The Village NSW 3 4 4
The Fabric Googong
WA QLD
Wantirna South
The Peninsula Ascot Green
VIC ACT
Waterfront
Woodlea
Olivine VIC
Smiths Lane
3 2 3
Inner Middle Outer
TAS
A
p
A
a
p
r
t
a
m
r
e
M
t
n
P
t
m
C
s
e
&
n
M
t
s
P
C
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- Expected revenue and pipeline lots 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. Excludes Harbourside development. 2. Represents Mirvac’s share of total pre-sales contract value and includes GST. Subject to rounding. Includes Harbourside development.
87
FY25 Additional Information 15 August 2025
Residential: pipeline positioning | 27,761 pipeline lots | ~$19.5bn pipeline value[1]
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Share of expected Share of expected Pipeline lots Pipeline lots by product
future revenue future revenue by structure
by product [2] by geography [2]
Pipeline lots by price point: Pipeline lots by price point:
masterplanned communities [4] apartments [4]
Masterplanned communities 57% NSW 36%
Apartments 43% VIC 29% 100% Mirvac Masterplanned communities 85%
balance sheet [3] 27% Apartments 15%
QLD 27%
<$500k 75% <$1.2m 31%
WA 8% PDA / DMA 48%
JVA 20% >$500k 25% >$1.2m 69%
JO 5%
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Note: This page excludes Harbourside development pipeline lots and future revenue, which is captured in commercial and mixed-use. Refer to page 85 for values.
-
Pipeline value and pipeline lots 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. Pipeline value ~$15.8bn adjusted for Mirvac’s share of JVA and managed funds. Includes GST.
-
Mirvac share of forecast revenue, subject to various factors outside of Mirvac’s control including planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Includes GST. 3. Includes projects on capital efficient deferred terms.
-
Price point includes GST.
88
FY25 Additional Information 15 August 2025
Residential: masterplanned communities pipeline (key projects)
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----- Start of picture text -----
Total Expected settlement profile (lots) [2]
project value
Major projects State Stage Ownership Type (incl. GST) 1 Pre-FY26 FY26 FY27 FY28 FY29 FY30 Post-FY30 Masterplanned
communities project
Georges Cove NSW Multiple stages PDA House $190m 164 15 — pipeline analysis
The Village NSW Multiple stages PDA House & Land $210m 237 141 —
The Fabric VIC Multiple stages 100% House $245m 154 86 —
Highforest NSW Multiple stages JVA House $445m — 165 — ~90%
Cobbitty NSW Multiple stages JVA House & Land $635m 184 697 — % OF TOTAL FY26
EXPECTED LOTS
Riverlands NSW Multiple stages 100% House $440m 2 310 — TO SETTLE FROM
MASTERPLANNED
Henley Brook WA Multiple stages 100% Land $305m 422 460 — COMMUNITIES
Smiths Lane VIC Multiple stages 100% & JO House & Land $1,400m 1,696 1,502 —
Googong NSW Multiple stages JVA House & Land $2,150m 3,155 877 1,040
Everleigh QLD Multiple stages 100% Land $1,100m 1,310 1,209 736
Woodlea VIC Multiple stages JVA House & Land $2,000m 5,180 1,291 1
Olivine VIC Multiple stages 100% & DMA House & Land $1,700m 1,348 1,500 1,684
Wantirna South VIC Multiple stages PDA House & Land $1,350m — 528 1,189
Monarch Glen QLD Multiple stages PDA Land $2,700m — 1,077 6,262
+5
Everdene, Mulgoa NSW Multiple stages JVA House & Land $1,200m — 1,125 74 ADDITIONAL
RESIDENTIAL
South Bullsbrook WA Multiple stages 100% Land $390m — 532 668 COMMUNITIES
SETTLING
WSU Milperra NSW Multiple stages PDA House $530m — 356 27
----- End of picture text -----
Note: PDAs are development service contracts and there is no land ownership to Mirvac.
-
Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Subject to rounding.
-
Settlement timing and lot numbers 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.
89
FY25 Additional Information 15 August 2025
Residential: apartments pipeline (key projects)
| Majorprojects State Stage Pre-sold1 % Ownership Total pipeline value (incl. GST) 2 |
Expected settlement profile (lots)3 Pre-FY26 FY26 FY27 FY28 FY29 FY30 Post-FY30 80 — 32 305 — 112 — — 98 — — 124 — — 167 — — 249 — — 192 — — 260 — 392 269 — 5 316 — 40 1,030 — 120 253 — 233 144 — 126 % OF TOTAL FY26 EXPECTED LOTS TO SETTLE FROM APARTMENTS ~10% Apartments project pipeline analysis |
|---|---|
| Ascot Green QLD Charlton House 100% PDA $143m NINE Willoughby NSW All stages 83% 100% $790m The Albertine VIC All stages 46% 100% $205m Waterfront QLD Isle 93% 100% $240m Prince and Parade VIC All stages 41% 100% $295m Highforest NSW All stages 72% JVA $400m Yarra's Edge4 VIC Trielle 67% 100% $400m Harbourside5 NSW Future stages 89% 100% $2,300m Ascot Green QLD Future stages Not released PDA $705m Yarra's Edge VIC Future stages Not released 100% $500m Green Square NSW Future stages Not released 100% $1,600m The Peninsula WA Future stages Not released 100% $710m The Fabric VIC Future stages Not released 100% $320m Waterfront QLD Future stages Not released 100% $385m |
Note: PDAs are development service contracts and there is no land ownership to Mirvac.
-
Pre-sales based on released lots. Excludes deposits. Subject to rounding.
-
Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.
-
Settlement timing and lot numbers 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. 4. Includes retail lot, expected to settle in FY27.
-
Relates to Residential build to sell lots within Mixed Use project. Pipeline value represents entire mixed use development (includes residential and commercial/retail components).
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FY25 Additional Information 15 August 2025
Residential: pre-sales detail
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Reconciliation of movement in exchanged pre-sales contracts to FY25 [1] Pre-sales by geography [1] Pre-sales by type [1]
$3,500m
$1,741m
3,000 NSW 61%
Apartments 80%
QLD 14%
MPC 20%
38% 54% VIC 25%
2,500
46%
2,000 $1,869m
62%
($1,130m)
20%
1,500 Pre-sales by buyer profile [ 1, 2] Pre-sales expected roll-off [1]
$1,258m
1,000 27%
80%
500 Owner occupier [3] 75% FY26 30%
73% Investor 21% FY27 30%
Offshore 4% FY28+ 40%
0
FY24 FY25 FY25 FY25
Pre-sales balance exchanges settlements [4] Pre-sales balance
Apartments MPC
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-
Represents Mirvac’s share of total pre-sales contract value and includes GST. Subject to rounding. Harbourside is included in the residential pre-sales value. 2. Buyer profile information approximate only and based on customer surveys.
-
Includes first home buyers.
-
Includes adjustments to prior pre-sales balance as a result of changes in Mirvac’s ownership share.
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FY25 Additional Information 15 August 2025
Residential: FY25 acquisitions & additional pipeline projects
| Project | State | Ownership | No. of lots1 | Product type | Estimated settlement commencement1 |
|---|---|---|---|---|---|
| Acquisitions / agreements | |||||
| — | — | — | — | — | — |
| Additional pipeline projects | |||||
| Henley Brook | WA | 100% | 43 | Masterplanned communities | FY28 |
| South Bullsbrook | WA | 100% | 1,200 | Masterplanned communities | FY27 |
| Total acquisitions and additional pipeline projects | 1,243 |
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- Settlement timing and lot numbers are 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.
FY25 Additional Information 15 August 2025
Residential: FY26 expected major releases
| Masterplanned communities | State | Type | Approximate lots1 |
|---|---|---|---|
| Smiths Lane | VIC | Masterplanned communities – land & house | 325 |
| Cobbitty | NSW | Masterplanned communities – land & house | 310 |
| Woodlea | VIC | Masterplanned communities – land & house | 240 |
| Everdene, Mulgoa | NSW | Masterplanned communities – land & house | 220 |
| Olivine | VIC | Masterplanned communities – land & house | 190 |
| Everleigh | QLD | Masterplanned communities – land | 180 |
| Henley Brook | WA | Masterplanned communities – land | 185 |
| Monarch Glen | QLD | Masterplanned communities – land | 150 |
| Googong | NSW | Masterplanned communities – land & house | 100 |
| South Bullsbrook | WA | Masterplanned communities – land | 50 |
| Other | Various | Masterplanned communities – land & house | ~300 |
| Masterplanned communities major releases | ~2,200 | ||
| Apartments | State | Type | Approximate lots1 |
| Highforest | NSW | Apartments | 122 |
| Harbourside | NSW | Apartments | 48 |
| Prince and Parade | VIC | Apartments | 26 |
| Apartments major releases | 196 | ||
| Total major releases | ~2,400 |
- 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.
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FY25 Additional Information 15 August 2025
Residential: FY25 settlements | 2,122 lot settlements
| Apartments Lots % |
Masterplanned communities Lots % |
Total | |
|---|---|---|---|
| Lots % |
|||
| NSW QLD VIC WA |
114 5% 213 10% 1 0% — 0% |
232 11% 405 19% 906 43% 251 12% |
346 16% 618 29% 907 43% 251 12% |
| Total | 328 15% |
1,794 85% |
2,122 100% |
| FY25 lot settlements | By product type Apartments 15% Masterplanned communities 85% Land 73% House 12% |
VIC 43% QLD 29% NSW 16% WA 12% By geography |
100% balance sh JVA 26% JO 12% PDA 11% By structure |
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By structure
100% balance sheet 51%
JVA 26%
JO 12%
PDA 11%
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Note: PDAs are development service contracts and there is no land ownership to Mirvac.
FY25 Additional Information 15 August 2025
Residential: FY25 settlements detail
| FY25 Major settlements | Product type | Ownership | Lots |
|---|---|---|---|
| Woodlea, VIC | Masterplanned communities | JVA | 421 |
| Everleigh, QLD | Masterplanned communities | 100% | 405 |
| Smiths Lane, VIC | Masterplanned communities | 100% & JO | 320 |
| Waterfront Quay, QLD | Apartments | 100% | 133 |
| Olivine, VIC | Masterplanned communities | 100% & DMA | 130 |
| Henley Brook, WA | Masterplanned communities | 100% | 113 |
| NINE, NSW | Apartments | 100% | 94 |
| Ascot Green, QLD | Apartments | PDA | 80 |
| Illuma Private Estate, WA | Masterplanned communities | 100% | 80 |
| Googong, NSW | Masterplanned communities | JVA | 77 |
| Subtotal | 1,853 | ||
| Other projects | 269 | ||
| Total | 2,122 |
FY25 settlement buyer profile by geography
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Domestic 99%
Offshore 1%
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Upgraders/empty nesters 34% Investors 39% First home buyers 27%
FY25 settlements average sales price[1]
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Apartments
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House
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Land
~$1.5m ~$630k ~$382k
Note: PDAs are development service contracts and there is no land ownership to Mirvac. 1. Inclusive of GST.
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FY25 Additional Information 15 August 2025
Residential: EBIT reconciliation and gross development margin
| FY25 | FY24 | ||
|---|---|---|---|
| Residential EBIT reconciliation | $m | $m | |
| Total revenue | A | 1,360 | 1,480 |
| Total cost of development and construction | B | (1,122) | (1,222) |
| Residential Gross Margin | C = A + B | 238 | 258 |
| Residential Gross Margin (%) | D = C / A | 17.5% | 17.4% |
| Residential Gross Margin (%) including impaired lots yet to settle1 | 14.9% | 17.4% | |
| Other expenses2 | E | (59) | (46) |
| Total costs | F = B + E | (1,181) | (1,268) |
| Residential EBIT | G = F + A | 179 | 212 |
| Residential EBIT Margin (%) | H = G / A | 13.2% | 14.3% |
- 15% Gross margin includes impact of future revenue from impaired projects expected to settle in FY26. 17.5% Gross Margin on settlements achieved in FY25. 2. Includes Sales and Marketing, Employee and Other expense.
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FY25 Additional Information 15 August 2025
Residential: research
Strong population growth
Australia – net visa arrivals vs net overseas migration 600,000 people
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300,000
0
(300,000)
Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25
Net Temporary Students Net Permanent Visa Arrivals Net NZ Arrivals Net Temporary Skilled Visas
Net Overseas Migration
Source: ABS, June 2025, Rolling annual sum
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Trading stock available
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12 Months
6
0
Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25
NSW-Sydney metro VIC-All of market SEQ-All of market WA-All of market
Source: Research4, June 2025
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Cumulative housing undersupply since 2023
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0 Houses
(100,000)
165,000
(200,000) undersupply of houses
2024 2025 2026 2027 2028 2029
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Source: ABS Building Activity 2025, NHSAC 2025
Price differential of Houses to Apartments
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120%
70
20
Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25
Greater Sydney Greater Melbourne Greater Brisbane Greater Perth
Source: PropTrack, June 2025, 75th Percentile dwellings
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FY25 Additional Information 15 August 2025
Calendar
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FY25 Additional Information 15 August 2025
1H26 Calendar
| Event | Location | Date1 |
|---|---|---|
| Private roadshow | Sydney | 18-20, 22 August 2025 |
| Private roadshow | Melbourne | 21 August 2025 |
| Macquarie Australia & New Zealand Corporate Day | Singapore/Hong Kong | 1-5 September 2025 |
| BofA 2025 Global Real Estate Conference & US NDR | New York/Boston | 8-12 September 2025 |
| Citi Australia & New Zealand Investment Conference | Sydney | 14 October 2025 |
| 1Q26 Operational update | — | 22 October 2025 |
| UBS Australasia Conference 2025 | Sydney | 10 November 2025 |
| 2025 Annual General Meeting | — | 20 November 2025 |
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- All dates are indicative and subject to change.
FY25 Additional Information 15 August 2025
Glossary
Term Meaning
| Term | Meaning |
|---|---|
| A-REIT | Australian Real Estate Investment Trust |
| AFFO | Adjusted Funds from Operations |
| AUM | Assets under management |
| BPS | Basis Points |
| BTR | Build to Rent |
| CBD | Central Business District |
| COGS | Cost of Goods Sold |
| CPSS DA |
Cents Per Stapled Security Development Application – Application from the relevant planning authority to construct, add, amend or change the structure of a property |
| DPS | Distribution Per Stapled Security |
| DMA | Development Management Agreement |
| EBIT | Earnings before interest and tax |
| EIS | Employee Incentive Scheme |
| EMTN | Euro Medium Term Note |
| EPS | Earnings Per Stapled Security |
| FFO | Funds from Operations |
| FHB | First Home Buyer |
| FIRB | Foreign Investment Review Board |
| FUM | Funds under management |
| FY | Financial Year |
| GLA | Gross Lettable Area |
| ICR | Interest Cover Ratio |
| IPUC | Investment properties under construction |
| IRR | Internal Rate of Return |
| JO | Joint Operation – A joint arrangement whereby the parties that have joint control of the arrangement have |
| rights to the assets, and obligations for the liabilities, relatingto the arrangement. | |
| JVA | Joint Ventures and Associates |
| Term | Meaning |
|---|---|
| LFL | Like-for-like |
| LTIFR | Lost Time Injury Frequency Rate |
| MAT | MovingAnnual Turnover |
| MGR | Mirvac Group ASX code |
| MPT | Mirvac Property Trust |
| MTN | Medium Term Note |
| NABERS | National Australian Built Environment Rating system – The National Australian Built Environment Rating |
| System is a multiple index performance-based rating tool that measures an existing building’s overall | |
| environmental performance during operation. In calculating Mirvac’s NABERS office portfolio average, | |
| several properties that meet the following criteria have been excluded: | |
| i. Future development – If the asset is held for future (within 4 years) redevelopment | |
| ii. Operational control – If operational control of the asset is not exercised by MPT | |
| (i.e. tenant operates the building or controls capital expenditure). | |
| iii. Less than 75% office space – If the asset comprises less than 75% of NABERS rateable | |
| office space by area. | |
| iv. Buildings with less than 2,000 sqm office space | |
| NLA | Net Lettable Area |
| NOI | Net OperatingIncome |
| NPAT | Net Profit After Tax |
| NTA | Net Tangible Assets |
| Operating | Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for specific |
| Profit | non-cash items and other significant items. |
| PCA | Property Council of Australia |
| PDA | Project Delivery Agreement. Provision of development services by Mirvac to the local land owner |
| ROIC | Return on Invested Capital |
| SQM | Square metre |
| USPP | US Private Placement |
| WACR | Weighted Average Capitalisation Rate |
| WALE | Weighted Average Lease Expiry |
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FY25 Additional Information 15 August 2025
Important notice
Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).
The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).
This Presentation is not financial advice nor a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.
To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.
An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac and which can cause possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor does it guarantee the repayment of capital from Mirvac or any particular tax treatment.
This Presentation contains certain “forward looking” statements. The words “expected”, “forecast”, “estimates”, and other similar expressions are intended to identify forward looking statements. This Presentation includes forward looking statements, opinions and estimates which are based on assumptions and contingencies which can change without notice due to factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. The Presentation also includes statements about market and industry trends which are based on interpretations of current market conditions which can also change without notice again due to factors outside of Mirvac’s control. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures. Where the term operating environment is used, it is intended to cover impacts on both Mirvac, and the broader market operating conditions and macro economic conditions.
This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 30 June 2025, which has been subject to audit by its external auditors.
This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.
The information contained in this presentation is current as at 30 June 2025, unless otherwise noted.
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REPORTING SUITE
The Investor Presentation forms part of Mirvac’s broader reporting suite in relation to Mirvac’s financial and non-financial performance for FY25. The full suite can be accessed here https://www.mirvac.com/investor-centre/results-and-announcements/reporting-suite
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2025Annual report MirvacPropertyTrust2025 Annual report 2025Property Compendium ResultsFY25 15 August 2025 FY25Fact Sheet15 AUGUST 2025
Founded in 1972, Mirvac is an Australian Securities Exchange (ASX) listed company, with an integrated asset creation and curation capability. We own and manage assets across office, retail, industrial and the living sectors in our investment and Funds portfolios, with approximately $22 billion of assets under management. Our development activities span commercial and mixed-use and residential, with a development pipeline of approximately $29 billion. We focus on delivering high-quality, innovative and sustainable real estate for our customers, while driving long-term value for our securityholders.Read more at www.mirvac.com
FY25 Fact Sheet
FY25 Results
FY25
Analyst
Toolkit15 August 2025
MGR FY25 MPT FY25 FY25 Property FY25 Analyst Toolkit
Annual Report Annual Report Compendium
Collins Place, Melbourne
Angel Place, Sydney (MWOF)
LIV Albert, Melbourne (artist impression, final design may differ)
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Thank You
CONTACT
Gavin Peacock, CFA | General Manager, Investor Relations [email protected]
AUTHORISED FOR RELEASE BY The Mirvac Group Board
MIRVAC GROUP
Level 28, 200 George Street, Sydney NSW 2000
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