Mirvac Group · ASX:MGR
Mirvac — FY2025 Earnings Presentation
30 slides from Mirvac's earnings presentation, Aug 15, 2025
Slide 1: FY25 Results
FY25 r) ffe di ay m g n si de al f in Results o n, si es pr im st r ti (a e rn b ou el M t, b er Al 15 August 2025 LI V
Slide 2: Agenda
FY25 Results 15 August 2025 Agenda 3 Overview Campbell Hanan Group CEO & Managing Director 8 Financial 12Investment LI V An ur a & Q ua y, B r is ba ne Performance Richard Seddon | Im ag CEO, Investment e Courtenay Smith cr ed Chief Financial Officer it: To by Sc 18 20 25 ot t Funds Development Summ
Slide 3: Acknowledgement of Country
FY25 Results 15 August 2025 Acknowledgement of Country Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners and Custodians of the lands and waters of Australia, and we offer our respect to their Elders past and present. ‘Reimagining Country’, created by Riki Sa
Slide 4: Overview
Overview ey dn Sy s, nd lar ve Ri Campbell Hanan Group CEO & Managing Director R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R AT I sustainable assets SE ON AS tm Inves ent New recurring high quality rental income New recurring asset & funds management fees Fund
Slide 5: Our competitive advantage
FY25 Results 15 August 2025 Our competitive advantage Leading Australian diversified property group aders in Living ~$22bn of AUM Investment po Le ier rtf p t ol io To Unique integrated creation expertise >5 E 0Y EAR IE NC S EXPER Unique offering across product types and locations High-quality susta
Slide 6: FY25 execution provides strong visibility of growth into FY26+
FY25 Results 15 August 2025 FY25 execution provides strong visibility of growth into FY26+ N IN E, Sy dn ey Expanding Living exposure – completed our 4th and 5th BTR projects (2,174 apartments)1 and expanded ~7,500 lot Land Lease sites (+16% YoY) with 3 new projects secured in FY25 Best in class Inv
Slide 7: FY25 results
FY25 Results 15 August 2025 FY25 results ne ur bo el ,M FY25 Group EBIT FY25 Operating Profit FY25 EPS FY25 DPS NTA1 Headline Gearing2 n to $736m $474m 12.0c 9.0c $2.26 27.6% As V LI FY24: $860m FY24: $552m FY24: 14.0c FY24: 10.5c FY24: $2.36 FY24: 26.7% Cash flow Unique creation resilient investmen
Slide 8: Strong Culture, Sustainability and Governance focus
FY25 Results 15 August 2025 Strong Culture, Sustainability and Governance focus Environment Our People & Communities Governance Targets1 2030 Net positive for carbon (Scope 1, 2 & 3) and water Sharp focus on transparency, stakeholder alignment and robust ZERO WASTE TO LANDFILL Governance framework S
Slide 9: Financial Performance
Financial e an isb Br s, ne Performance La e ag r it He Courtenay Smith Chief Financial Officer R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R AT I sustainable assets SE ON AS tm Inves ent New recurring high quality rental income New recurring asset & funds man
Slide 10: Strong execution driving FY25 result
FY25 Results 15 August 2025 Strong execution driving FY25 result FY25 FY24 ($m) ($m) Investment Investment > 50% growth in Living and Industrial NOI offset by lost income on non-core disposals across Office Investment NOI 617 625 (1%) Funds Management and administration expenses (15) (13) (15%) > Fu
Slide 11: Strong balance sheet position and funding visibility
FY25 Results 15 August 2025 Strong balance sheet position and funding visibility Active capital management initiatives supporting balance sheet Well positioned to benefit from lower IRs and improved asset valuations $4,309m Total drawn debt1 (FY24: $4,380m) > Headline gearing 27.6%2 within our targe
Slide 12: Improved earnings growth visibility into FY26+
FY25 Results 15 August 2025 Improved earnings growth visibility into FY26+ NTS FY25 FY26 FY27 FY28+ ~$100m ME new NOI2 V E ST (Mirvac NOI share) NEW INVESTMENT INCOME FROM DEVELOPMENT COMPLETIONS 1 IN BTR LIV Aston LIV Anura & LIV Albert Industrial Aspect North & South SEED Stage 1 Office 7 Spencer
Slide 13: Investment
Investment ey dn Sy e, at st lE ria st Richard Seddon du In ct CEO, Investment pe As R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R AT I sustainable assets SE ON AS Inve stment New recurring high quality rental income New recurring asset & funds management fees
Slide 14: Strong execution and quality portfolio driving growth visibility
FY25 Results 15 August 2025 Strong execution and quality portfolio driving growth visibility > Modern, high-quality, sustainable investments that drive resilient cash flow growth > Significantly increased contribution from Living and Industrial > NOI growth outlook supported by development completio
Slide 15: Premium Office focus delivering strong leasing success
FY25 Results 15 August 2025 CE FI OF Premium Office focus delivering strong leasing success Modern, sustainable portfolio – strong operating metrics Office commencing cyclical upswing $5.1bn Invested capital > Quality modern portfolio – 54% premium, average age 9.4yrs (market > Tightening incentives
Slide 16: Industrial portfolio benefiting from development completions
FY25 Results 15 August 2025 AL RI IN D U S T Industrial portfolio benefiting from development completions 12% NOI growth and 49% leasing spreads Sydney industrial dynamics remain attractive $1.7bn Invested capital > Modern 100% Sydney portfolio, 67% developed by Mirvac, 86% > Leasing demand supporte
Slide 17: Retail leasing spreads supported by catchment fundamentals
FY25 Results 15 August 2025 IL TA RE Retail leasing spreads supported by catchment fundamentals Urban focused portfolio delivered strong growth Urban catchment growth supports rental outlook $2.3bn Invested capital > Quality urban focused portfolio benefiting from attractive > Restricted supply, low
Slide 18: Living sector exposure increased with EBIT +184% to $54m
FY25 Results 15 August 2025 G IN LI V Living sector exposure increased with EBIT +184% to $54m $0.7bn Expanded and scaled Living platforms with strong growth outlook Invested capital BTR – new completions leasing well Land Lease – expanded pipeline Living sector FY25 EBIT 2,174 Operating +3.3% Leasi
Slide 19: Funds
Funds ey n yd ,S St d fre Al 33 Scott Mosely CEO, Funds Management R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R AT I sustainable assets SE ON AS tm Inves ent New recurring high quality rental income New recurring asset & funds management fees Funds Ass e t m
Slide 20: Significant capital raising success in FY25 with established growth platforms
FY25 Results 15 August 2025 Significant capital raising success in FY25 with established growth platforms $1.6bn capital raised in FY25 7 $12.8bn raised in last 3 years Diverse product & vehicle offering Unique alignment of interest In-house D&C capabilities Benefiting from robust capital demand for
Slide 21: Development
Development r) ffe di ay m n sig de al Stuart Penklis f in n, sio CEO, Development es pr m ti rtis (a ne ur bo el ,M de ra Pa & ce in Pr R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R AT I sustainable assets SE ON AS tm Inves ent New recurring high quality rent
Slide 22: Future earnings visibility in Commercial & Mixed Use
FY25 Results 15 August 2025 Future earnings visibility in Commercial & Mixed Use ~$540m estimated value creation (MGR share)1 Expected timing of CMU profit contribution Progress Update FY25 FY26 FY27 FY28 FY29+ PARTNERING PRE-LEASING2 67% Mitsui CE 55 Pitt St, SYD ~42% pre-leased End value3: ~$2bn |
Slide 23: Positive momentum in Residential
FY25 Results 15 August 2025 Q ua y, B r is ba Positive momentum in Residential ne > Unconditional exchanges up 39% on pcp to 2,100, with 279 additional conditional sales on hand > Strong sales outcomes at Highforest, Riverlands and Harbourside, improved MPC volumes in NSW & VIC. Further exchanges at
Slide 24: Well positioned for market recovery in sales activity
FY25 Results 15 August 2025 Well positioned for market recovery in sales activity Attractive new project launches in FY26+ Growth corridors Middle Ring Apartments Actively converting ~7,300 lots1 ~1,200 lots1 ~400 lots1 ~1,700 lots1 ~$2.3bn value2 249 lots1 commercial zoning to living Significant ne
Slide 25: Outlook supported by interest rate easing cycle coupled with supply constrains
FY25 Results 15 August 2025 Outlook supported by interest rate easing cycle coupled with supply constrains Forecast apartment settlements well below history Improving market land sales rates supported by start of rate cut cycle 70,000 Completions Population additions 400,000 3,000 Lots 300,000 Inter
Slide 26: Summary & Guidance Outlook
Summary & ey n Syd e, id rs Guidance Outlook ou rb Ha Campbell Hanan Group CEO & Managing Director R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R AT I sustainable assets SE ON AS tm Inves ent New recurring high quality rental income New recurring asset & funds
Slide 27: FY26 guidance
FY25 Results 15 August 2025 th er FY26 guidance y Br oo k, P n le He Mirvac is targeting1: Operating EPS 12.8-13.0c (representing 6.7% to 8.3% growth) Distribution of: 9.5c (representing growth of 5.6%) Key assumptions: > Non-core asset sales of >$0.5bn > FY26 Residential settlements of 2-2,300 lots
Slide 28: Multiple drivers of earnings growth & value creation
FY25 Results 15 August 2025 Multiple drivers of earnings growth & value creation Enhanced visibility of growth in FY26+ EPS and NAV growth Investment portfolio Residential recovery Unlocking commercial Funds & Capital > Developments driving > Improving sales activity Development pipeline partnering
Slide 29: Important notice
FY25 Results 15 August 2025 Important notice Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the respon
Slide 30: Thank You
Thank You CONTACT Gavin Peacock, CFA | General Manager, Investor Relations investor.relations@mirvac.com AUTHORISED FOR RELEASE BY The Mirvac Group Board MIRVAC GROUP Level 28, 200 George Street, Sydney NSW 2000 REPORTING SUITE The Investor Presentation forms part of Mirvac’s broader reporting suite