Slide 1: 1H26 Results
r) ffe di 1H26 ay m n sig de al in n ,f sio es pr im st r ti (a Results ey dn , Sy B ay tl e at kw ac Bl 18 February 2026
Slide 2: Agenda
Agenda 1H26 Results 18 February 2026 Ha rb ou rs id e, Sy Overview Financial Investment dn ey (a Performance rtis Campbell Hanan Richard Seddon ti m pr Group CEO & Managing Director CEO, Investment es Courtenay Smith si on Chief Financial Officer ,f in 3 11 al de si gn 8 m ay di ffe r) Funds Develop
Slide 3: Acknowledgement of Country
1H26 Results 18 February 2026 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
Slide 4: Overview
1H26 Results 18 February 2026 Overview ) erre d s ihffe ye gao nm iitgon ps Cdae al f in n, Campbell Hanan pr e ss io m Group CEO & Managing Director r tis ti (a ey dn , Sy et t re t tS Pi 55 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 asset
Slide 5: Strong momentum across the business in 1H26
1H26 Results 18 February 2026 Strong momentum across the business in 1H26 Strong sales momentum Quality Investment portfolio Executed major pipeline Successful capital partnering across Living delivering strong results restocking initiatives ֜ Harbourside – 50% JV with ֜ 1,304 Residential exchanges
Slide 6: 1H26 results – execution against strategy
1H26 Results 18 February 2026 1H26 results – execution against strategy 1H26 Statutory Profit 1H26 Group EBIT 1H26 Operating Profit 1H26 EPS 1H26 DPS NTA1 Headline Gearing2 $319m 1H25: $1m | ⬆>100% $398m 1H25: $361m | ⬆+10% $248m 1H25: $236m | ⬆+5% 6.3c 1H25: 6.0c | ⬆+5% 4.7c 1H25: 4.5c | ⬆+4% $2.30
Slide 7: Improved earnings growth visibility into FY26+
1H26 Results 18 February 2026 Improved earnings growth visibility into FY26+ Investment Funds Development ~$100m new NOI ~$2.3bn 5 new 1 Commercial Residential & Mixed Use over the next ~3 years future secured FUM 3 activated MPC from committed projects over the 7 new +4.4% development pipeline next
Slide 8: Strong Culture, Sustainability and Governance focus
1H26 Results 18 February 2026 Strong Culture, Sustainability and Governance focus Environment Our People & Communities Governance Targets1 2030 Net positive for carbon (Scope 1, 2 & 3) and water SOCIAL PROCUREMENT achieved our 2018 public goal to spend Sharp focus on transparency, stakeholder alignm
Slide 9: Financial Performance
1H26 Results 18 February 2026 Financial e enr bha reis sg, Bo oen atin aLp Performance a gCe rit He Courtenay Smith Chief Financial Officer R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R AT I sustainable assets SE ON AS Inve stment New recurring high quality re
Slide 10: Strong execution driving 1H26 result
1H26 Results 18 February 2026 Strong execution driving 1H26 result INVESTMENT 1H26 1H25 ֜ 15% growth in Living and Industrial NOI from development completions and positive LFL growth, ($m) ($m) partially offset by lost income on non-core disposals across Office INVESTMENT Investment NOI 315 309 2% F
Slide 11: Strong balance sheet position and funding visibility
1H26 Results 18 February 2026 Strong balance sheet position and funding visibility ֜ Improved headline gearing of 25.8%2 (FY25: 27.6%), remains comfortably within our target range of 20-30% ֜ Refinanced $1.3bn of debt on favourable terms $3,820m Total drawn debt1 ֜ Restocking initiatives undertaken
Slide 12: Investment
1H26 Results 18 February 2026 Investment ) erre d s ihffe ye gao nm iitgon ps Cdae al f in n, Richard Seddon pr e ss io m CEO, Investment r ti s ti (a nd s la en ue , Q ve Co m al r tP so Re y le st fe Li e ym Th R S E T C E AT I O AS elopment N Dev Development EBIT NTA Uplift Delivers new T C U R A
Slide 13: Strong execution and quality portfolio driving growth visibility
1H26 Results 18 February 2026 Strong execution and quality portfolio driving growth visibility ֜ High-quality, modern, sustainable Investment portfolio benefiting from repositioning towards Premium Office, Sydney Industrial and Living ֜ Positive NOI growth and cash flow outlook supported by reversio
Slide 14: Premium Office portfolio delivering positive LFL growth
1H26 Results 18 February 2026 Premium Office portfolio delivering positive LFL growth FI CE OF ֜ High quality, modern, (~9yr average age), 59% Premium1, sustainable portfolio resonating with occupier demand ֜ Strong operating metrics, +2.4% LFL growth, 95% occupied2 and just 12% expiry next 2.5 year
Slide 15: Industrial developments driving strong NOI growth
1H26 Results 18 February 2026 Industrial developments driving strong NOI growth RI AL IN D U S T ֜ 78% increase in NOI over the past 7.5 years4 with a further ~66,700 sqm to complete 2H26 ֜ Portfolio occupancy 99%1, LFL growth of +12.5%, leasing spreads of +11.1% (8% incentives) and valuations +3.3%
Slide 16: Retail portfolio in high growth catchments performing well
1H26 Results 18 February 2026 Retail portfolio in high growth catchments performing well TA IL RE ֜ High occupancy 99%1, LFL growth of +4.5%, +4.1% leasing spreads supporting a valuation gain of +2.5%3 ֜ Rent growth supported by strong sales growth (+3.3% Total Centre MAT and +5.7% Specialties MAT)
Slide 17: Living sector exposure continues to expand with EBIT +15%
1H26 Results 18 February 2026 Living sector exposure continues to expand with EBIT +15% IN G LI V ֜ Scaled Living platforms with strong growth outlook ֜ BTR EBIT growth underpinned by recent completion of LIV Anura and Albert ֜ Land lease experiencing strong settlement growth +21%, 7,685 lot platfor
Slide 18: Funds
1H26 Results 18 February 2026 Funds e uh renr bso g eole ,nM tcieo lpa CPa r ke u Bo 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 rec
Slide 19: Established platforms with significant growth potential
1H26 Results 18 February 2026 Established platforms with significant growth potential ~$2.3bn of incremental future FUM secured and underway5 Benefiting from robust capital demand for modern Living, Industrial & Premium Office $17bn 3rd Party Capital under management 1 $13.9bn raised in last 3.5 yea
Slide 20: Development
1H26 Results 18 February 2026 Development ) erre d s ihffe ye gao nm iit on g aeps a l Cd in ,f Stuart Penklis pr es sio n m CEO, Development r t ist i (a ey dn Sy e, d en er Ev 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
Slide 21: Restocking the next wave of value creation opportunities
1H26 Results 18 February 2026 Restocking the next wave of value creation opportunities Blackwattle Bay, Sydney 3 Hunter St Metro, Sydney 2 Karnup, Perth 4 (former Fish Markets site) ֜ ~70k sqm of Premium office ֜ ~1,400 homes, ~800 Mirvac apartments ֜ ~1,500 lot masterplanned community ֜ ~2034 poten
Slide 22: Future earnings visibility in Commercial & Mixed Use
1H26 Results 18 February 2026 Future earnings visibility in Commercial & Mixed Use Expected timing of CMU profit contribution1 Progress Update FY25 FY26 FY27 FY28 FY29+ PARTNERING PRE-LEASING2 67% Mitsui CE 55 Pitt St, SYD ~40% pre-leased End value3: ~$2bn | >6% yield on cost FI Fudosan OF ~24% pre-
Slide 23: Strong momentum across Residential
1H26 Results 18 February 2026 Ch ar lto n Ho Strong momentum across Residential us e, B r is ba ne ֜ Unconditional exchanges up 38% on pcp to 1,304, and 357 additional conditional sales on hand (FY25: 279) ֜ Activating pipeline – Strong sales outcomes at Riverlands and Harbourside, improved MPC volu
Slide 24: Significant restocking success across all segments
1H26 Results 18 February 2026 Significant restocking success across all segments Growth corridors Middle Ring Inner Ring Apartments >11,000 new MPC lots secured in last 2 years2 Artist impression, final design may differ Artist impression, final design may differ Artist impression, final design may
Slide 25: Well positioned for ramp up in project settlements into FY27
1H26 Results 18 February 2026 Well positioned for ramp up in project settlements into FY27 FY25 FY26 FY27 FY28+ VIC – Woodlea, Smiths Lane, Olivine NSW – Cobbitty & Googong QLD – Everleigh Established masterplanned communities WA – Henley Brook Riverlands, NSW Highforest, NSW Everdene Mulgoa, NSW 5
Slide 26: Summary & Guidance
1H26 Results 18 February 2026 Summary ) erre d s ihffe ye gao nm iit on g aeps & Guidance a l Cd in n ,f s io es pr t im r tis (a ey dn Campbell Hanan B ay , Sy tl e Group CEO & Managing Director kw at ac Bl 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 s
Slide 27: Multiple drivers of earnings growth & value creation
1H26 Results 18 February 2026 Multiple drivers of earnings growth & value creation EPS and NAV growth FY26+ Enhanced visibility of growth in ~$100m New NOI income1 ~$28bn Pipeline2 ~$2.3bn New FUM secured3 Investment portfolio Development pipeline Funds & Capital partnering ֜ Quality of real estate
Slide 28: FY26 guidance
1H26 Results 18 February 2026 FY26 guidance 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 ֜ Execution of capital p
Slide 29: Important notice
1H26 Results 18 February 2026 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 resp
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