Slides
Page 1
18 February 2026 1H26 Results Blackwattle Bay, Sydney (artist impression, final design may differ) For personal use only
Page 2
Harbourside, Sydney (artist impression, final design may differ) Agenda Overview Campbell Hanan Group CEO & Managing Director 3 Financial Performance Courtenay Smith Chief Financial Officer 8 Investment Richard Seddon CEO, Investment 11 Funds Scott Mosely CEO, Funds Management 17 Development Stuart Penklis CEO, Development 19 Summary & Guidance Campbell Hanan Group CEO & Managing Director 25 1H26 Results 18 February 2026 1 For personal use only
Page 3
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 Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative. Acknowledgement of Country 2 1H26 Results 18 February 2026 For personal use only
Page 4
Caption goes here 1H26 Results 18 February 2026 Campbell Hanan Group CEO & Managing Director Overview Funds Investment Development New recurring high quality rental income Development EBIT NTA Uplift Delivers new sustainable assets New recurring asset & funds management fees Asset management ASSE T C U R ATI ON ASSE T C R E ATI ON 55 Pitt Street, Sydney (artist impression, final design may differ) 1H26 Results 18 February 2026For personal use only
Page 5
Strong momentum across the business in 1H26 Aspect, SydneyHarbourside, Sydney 7 Hunter Street Metro East, Sydney 7 LIV Albert, Melbourne 1. 22.5% Gross Margin excludes impact of impaired projects. 17.3% Gross margin includes impacted revenue from previously impaired projects. 2. Excluding co-investments. 3. By area, stabilised portfolio excluding co-investments. 4. Contract award is expected in 2H26. 5. Preferred developer, expected to execute contract in 2H26. 6. Exchanged contract with Sydney Metro – subject to conditions precedent. 7. Image is artist impression, final design may differ. Strong sales momentum across Living ֜1,304 Residential exchanges +38% YoY ֜Over 90% of FY26 target lot settlements secured ֜Increased margins to 22.5%1 ֜253 Land Lease settlements +21% YoY Quality Investment portfolio delivering strong results ֜Positive +4.4% LFL NOI growth2 ֜Increased occupancy to ~98%3 ֜Recognising new Investment income as Industrial and Living developments stabilise Executed major pipeline restocking initiatives On capital efficient terms ֜Blackwattle Bay (former Fish Market site)4: ~800 apartments ֜Karnup, WA: ~1,500 lot MPC5 ֜Hunter St Metro East6: PDA with Sydney Metro Successful capital partnering ֜Harbourside – 50% JV with Mitsubishi Estate Co. Ltd (MEC) ֜LIV Mirvac Fund, our flagship BTR vehicle recapitalised, with Australian Retirement Trust (ART) acquiring 48.5% interest ֜MWOF ~$430m equivalent capital raising completed 4 1H26 Results 18 February 2026For personal use only
Page 6
1. 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). 3. Investment portfolio includes co-investment equity values, and excludes IPUC and the gross up of lease liability under AASB16. 4. By area, stabilised portfolio excluding co-investments. 5. Represents 100% current expected end value on stabilised portfolio including committed pipeline assets, 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. 6. Leased by apartment number, as at 16 February 2026. 7. Ocean Grove settled 1H26, Charlemont to settle 2H26. 8. Contract award is expected in 2H26. 9. Represents 100% current expected end value / revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 10. Exchanged contract with Sydney Metro – subject to conditions precedent. 11. Preferred developer, expected to execute contract in 2H26. 12. Combined gross leasing spread for Investment portfolio, excluding co-investments. 13. Excluding co-investments. 1H26 Group EBIT 1H25: $361m | ⬆+10% $398m 1H26 Statutory Profit 1H25: $1m | ⬆>100% $319m 1H25: $236m | ⬆+5% $248m 1H26 Operating Profit 1H25: 6.0c | ⬆+5% 6.3c 1H26 EPS 1H25: 4.5c | ⬆+4% 4.7c 1H26 DPS FY25: $2.26 | ⬆+2% $2.30 NTA1 FY25: 27.6% | -2% 25.8% Headline Gearing2 Leaders in Living Cash flow resilient investments Unique creation advantage ֜Repositioned investment portfolio ֢Increased Industrial and Living EBIT, up 15% ֢Refined Office exposure down to 51%, (~60% premium) ~$300m disposal of 23 Furzer St, Canberra ֜Delivered strong portfolio operating metrics, ~98% occupied4, with +3.9% leasing spreads12, +4.4% LFL NOI growth13 ֜Positive revaluation gains across all sectors, including Industrial and Living up >3% ֜Residential sales momentum continued, with 1,304 exchanges (+38% YoY) ֜Enhancing returns through partnering, Harbourside JV with MEC ֜Significant pipeline restocking, including ~$3bn9 Hunter Street Metro East commercial tower10 ֜New pre-leasing at 7 Spencer St, 55 Pitt St & Aspect Industrial Estate ֜~$1.7bn5 LIV Mirvac Fund recapitalised, with ART – 2 new BTR opportunities in exclusive due diligence 2,174 operational apartments, LIV Anura already 76% leased6 ֜Expanded Land Lease pipeline with 2 new acquired7 and 5,230 operational sites ֜Expanded residential pipeline – ~1,500 MPC site in WA11 and Blackwattle Bay, ~800 apartments8 1H26 results – execution against strategy Unlocking value within development pipelineExpanding Living sector exposure ~$10bn repositioned modern premium Investment portfolio3 5 1H26 Results 18 February 2026For personal use only
Page 7
Improved earnings growth visibility into FY26+ 1. Includes Mirvac’s share of NOI from committed developments and assets under stabilisation; excludes income from future land lease community completions. 2. Excluding co-investments. 3. Includes future funds under management from committed developments including 55 Pitt, 7 Spencer, Harbourside, SEED Stage 1 and Aspect South at 31 December 2025. 4. 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. 5. Represents Mirvac’s share of total pre -sales and includes GST. Investment Funds Development future secured FUM3 from committed development pipeline ~$2.3bn over the next ~3 years ~$100m new NOI 1 Land Lease projects supporting EBIT growth 7 new 1H26 LFL NOI growth2 +4.4% Established growth platforms 3 Restocked pipeline to deliver next wave of value creation for FY28+New NOI & organic LFL growth Enhanced return on equity ~$28bn Development pipeline4 Commercial & Mixed Use Residential Residential pre-sales5 ~$1.6bn activated MPC projects over the next 12-18 months 5 new Artist impressions, final designs may differ. 6 1H26 Results 18 February 2026 For personal use only
Page 8
Strong Culture, Sustainability and Governance focus 1. 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 2. Culture Amp, 2025 Mirvac Employee engagement survey. Environment Electrification of Investment portfolio & pipeline Recycling, diversion of waste and using lower carbon materials Utilising 100% renewable electricity and grid decarbonisation Limited use of high-quality nature based carbon offsets Scope 1 & 2 achieved FY22 Net positive carbon Sustainalytics 2025 ESG top rated companies – low risk rating 2030 Re-affirmed decarbonisation target and submitted science based target to SBTi Electrification Procurement Renewable energy Quality offsets Decarbonisation driven by Targets1 Our People & Communities Completed 6th Modern Slavery report Governance Three years in a row Gold Star iCIRT rating 5 star 15 buildings with 5 star NABERS rating or higher 5.3 NABERS average energy office portfolio Net positive for carbon (Scope 1, 2 & 3) and water ZERO WASTE TO LANDFILL Sharp focus on transparency, stakeholder alignment and robust Governance framework Independent Boards Deep experience with diverse skill set 4 & 5 Star ratings 2025 Australian HR Institute (AHRI) Awards Best Learning & Development Strategy for Mirvac Masters #1 Best Workplace to Give Back in the 2025 at the GoodCompany Awards ongoing partnership in 2026 TOP 5 AUSTRALIA gender equality 5th year running 47% women in senior management positions 0% gender pay gap on like-for- like basis TOP QUARTILE IN AUSTRALIA 81% EMPLOYEE ENGAGEMENT (+4% YOY) 2 achieved our 2018 public goal to spendSOCIAL PROCUREMENT by 2030, five years ahead of target$100M Launched integrated brand campaign 7 1H26 Results 18 February 2026For personal use only
Page 9
Caption goes here 1H26 Results 18 February 2026 Courtenay Smith Chief Financial Officer Financial Performance Funds Investment Development New recurring high quality rental income Development EBIT NTA Uplift Delivers new sustainable assets New recurring asset & funds management fees Asset management ASSE T C U R ATI ON ASSE T C R E ATI ON Heritage Lanes, Brisbane 1H26 Results 18 February 2026For personal use only
Page 10
Strong execution driving 1H26 result 1H26 ($m) 1H25 ($m) INVESTMENT Investment NOI 315 309 2% Management and administration expenses (8) (7) 14% Investment EBIT 307 302 2% FUNDS Funds Management 11 10 10% Asset Management 23 21 10% Management and administration expenses (15) (17) (12%) Funds EBIT 19 14 38% DEVELOPMENT Commercial & Mixed Use 27 8 238% Residential 110 101 9% Management and administration expenses (26) (28) (7%) Development EBIT 111 81 37% Segment EBIT1 437 397 10% Unallocated overheads (39) (36) 8% Group EBIT 398 361 10% Net financing costs2 (129) (110) 17% Operating income tax expense (21) (15) 40% Operating profit after tax 248 236 5% Development revaluation gain/(loss)3 8 (33) 124% Investment property revaluation gain/(loss) 120 (139) 186% Other non-operating items (57) (63) (10%) Statutory profit attributable to stapled securityholders 319 1 1. EBIT includes share of EBIT of joint ventures and associates. 2. Includes cost of goods sold interest of $20m (December 2024: $7m), interest revenue of $3m (December 2024: $3m), and the Group’s share of JVA net financing costs of $18m (December 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. INVESTMENT ֜15% growth in Living and Industrial NOI from development completions and positive LFL growth, partially offset by lost income on non-core disposals across Office FUNDS ֜Funds management EBIT benefited from new Living FUM ֜Asset management EBIT growth reflects increased leasing fees DEVELOPMENT Commercial & Mixed Use ֜Contribution from 55 Pitt St, 7 Spencer St and Aspect Industrial projects and development management fees Residential ֜Increased residential settlements (835) than 1H25 (685) at higher average sales price and Harbourside contribution UNALLOCATED OVERHEADS ֜Overall management and admin expenses stable at a group level NET FINANCE COSTS ֜Lower gross interest expense due to reduced debt levels and cost of debt, offset by less capitalised interest REVALUATION Development ֜Positive contribution from Aspect Industrial Estate Investment Property ֜Positive revaluations across all sectors, led by Living and Industrial up 3% Other non-operating items ֜Includes movements in derivatives, amortisation of incentives and other costs 9 1H26 Results 18 February 2026 For personal use only
Page 11
Strong balance sheet position and funding visibility 1. Total interest bearing debt (at foreign exchange hedged rate). 2. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash). 1H26 look through gearing 28.9%. 3. WACD (including margins and line fees) represents the rate as at 31 December 2025. WACD over the 12 months to 31 December 2025 was 5.3% (5.7% for the prior corresponding period). ֜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 ֜Restocking initiatives undertaken on capital efficient terms $3,820m Total drawn debt1 (FY25: $4,309m) 25.8% Headline gearing2 (FY25: 27.6%) $1,126m Available liquidity (FY25: $1,201m) 5.3% Avg cost of debt3 (FY25: 5.4%) 59% Hedging (FY25: 57%) A3/A- Moody’s / Fitch credit rating (unchanged) Funding future growth – multiple sources of capital Capital Partnerships ֜~$300m office asset sale achieved FYTD Non-core disposals Existing available facilities Retained Earnings ֜New partnership at Harbourside with Mitsubishi Estate, providing funding certainty, unlocking ~$1.0bn of capital and improving IRR and ROIC ֜~$1.1bn of available liquidity ֜Payout policy 60-80% operating EPS Strong track record of execution Capital raised $1.8bn 0.6 1.2 FY22 FY23 FY24 FY25 1H26 0 $0.6bn $1.5bn $1.6bn $1.0bn $1.3bn Asset disposals $1bn 0.5 2H21 FY22 FY23 FY24 FY25 1H26 0 $0.1bn $0.8bn $0.5bn $0.7bn $0.6bn $0.3bn ~$3bn asset disposals last 5 years ~$6bn of capital raised last 5 years 1H26 Results 18 February 2026 10 For personal use only
Page 12
Caption goes here 1H26 Results 18 February 2026 Thyme Lifestyle Resort Palm Cove, Queensland (artist impression, final design may differ) Richard Seddon CEO, Investment Investment Investment Funds New recurring asset & funds management fees Asset management ASSE T C U R ATI ON Development Development EBIT NTA Uplift Delivers new sustainable assets ASSE T C R E ATI ON New recurring high quality rental income 1H26 Results 18 February 2026For personal use only
Page 13
Strong execution and quality portfolio driving growth visibility 1. Investment portfolio includes co-investment equity values, and excludes IPUC and the gross up of lease liability under AASB16. 2. By area, stabilised portfolio excluding co-investments. 3. Combined gross leasing spread for Investment portfolio, excluding co-investments. 4. Stabilised portfolio, excluding co-investments and IPUC as at 31 December 2025. 5. Includes Mirvac’s share of NOI from committed developments and assets under stabilisation; excludes income from future land lease community completions. 6. Gross leasing spreads. 7. Net leasing spreads. ~$100m of new income from upcoming committed development completions5 ֜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 reversion capture, low office expiry and upcoming development completions ֜Positive asset valuations, supporting NTA growth INDUSTRIAL RETAIL LIVING Modern, Prime, Core CBD Office Strategic Sydney Industrial exposure Urban Retail focus Undersupplied Living sectors OFFICE BTR Land Lease +3.7% spread7 +10.6% spread7 +3.6% growth +2.4% growth +4.1% spread6 +2.5% growth4 +11.1% spread6 +3.3% growth4 +2.9% spread6 +0.1% growth4 Leasing spreads Valuation growth Top Tier ~$10bn Investment portfolio1 Strong portfolio metrics occupied2 ~98% average leasing spread3 +3.9% LFL NOI growth4 +4.4% valuation growth4 +1.5% 1H26 Results 18 February 2026 12 For personal use only
Page 14
Premium Office portfolio delivering positive LFL growth Note: This page represents Mirvac balance sheet office portfolio (excludes MWOF co-investment, LAT portfolio and IPUC). 1. By portfolio valuations. 2. By area. 3. By income assuming HoA executed. 4. Asset valuations on portfolio as at 31 December 2025. OFFICE $4.7bn Invested capital 95.2% Occupancy2 5.3 Star NABERS 100% Prime 2% 4% 6% Expiry3 2H26 / FY27 / FY28 +0.1% 1H26 asset valuations4 6.08% WACR -2bps on pcp Strong leasing success removing forward expiry risk Expiry excluding HoAExpiry assuming HoA executed3 70% 60 50 0 20 10 Vacant 2H26 FY27 FY28 FY30 FY31+FY29 6% 2% 12% 4% 6% 9% 6% 69% 59% 7% ֜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 years3 ֜Office market recovery continues underpinned by positive net absorption, effective rent growth and restricted supply outlook 1H26 Results 18 February 2026 13 For personal use only
Page 15
Industrial developments driving strong NOI growth $1.8bn Invested 99.3% Occupancy1 5.6yrs WALE6 +11.1% Gross leasing spreads 87% Prime / Super Prime7 +3.3% 1H26 asset valuations2 5.30% WACR INDUSTRIAL 1. By area, stabilised portfolio. 2. Asset valuations on stabilised portfolio as at 31 December 2025. 3. Source: SA1, December 2025. 4. Assumes 1H26 NOI annualised. 5. Leased by area, including HoA for Aspect North and South Estates and buildings still under construction. 6. By income. 7. By portfolio valuations. Industrial developments driving strong 14% NOI growth (YoY) $80m NOI 40 50 60 70 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28+ +78% NOI INCREASE4 ~8% pa growth since FY184 NOI contribution FY28+ SEED, Badgerys Creek Aspect, Kemps Creek NOI contribution FY24+ 91% leased5 1H26 NOI annualised DA achieved in Feb '26 ֜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%2 ֜Outlook supported by secured development pipeline, low vacancy of 3.6%3 and restricted supply Switchyard, Auburn Calibre, Eastern Creek -9bps on pcp 1H26 Results 18 February 2026 14 For personal use only
Page 16
$2.3bn Invested capital 98.9% Occupancy1 $12,166/sqm Specialty sales2 +5.7% Specialty MAT growth 14.5% Occupancy cost +2.5% 1H26 asset valuations3 5.67% WACR -11bps on pcp 1. By area. 2. In line with SCCA guidelines. 3. Asset valuations on portfolio as at 31 December 2025. 4. CommBank iQ and ABS, June 2025. RETAIL Elevated specialty sales growth and modest occupancy cost supports rent outlook Occupancy cost 20% $12,166/sqm 14.5% Specialty sales productivity $14,000/sqm 8,000 10,000 10 6,000 12,000 15 2020 2021 2022 2023 2024 2025 2Q26 Specialty MAT sales productivity (RHS)Specialty occupancy cost ratio (LHS) Retail portfolio in high growth catchments performing well ֜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) and low 14.5% occupancy costs ֜Outlook supported by 3-4% portfolio catchment population growth4, resilient consumer demand and tight future supply 1H26 Results 18 February 2026 15 For personal use only
Page 17
Living sector exposure continues to expand with EBIT +15% 1. Net leasing spreads. 2. Relates to valuation movement of MGR stake in LIV Mirvac as at 31 December 2025. 3. Leased by apartment number, rolling 12 month stabilised portfolio only as at 31 December 2025 (excludes LIV Anura and LIV Albert). 4. Leased by apartment number, as at 16 February 2026. 5. New home settlements includes 13 Development Services Agreement (DSA) related settlements. 6. Sales include refundable expressions of interests (EOIs). 7. Average new home sale settlement price. Excludes GST and DSA Projects. 8. 12-month average price to December 2025 compared to 12 months to December 2024. Excludes GST and DSA Projects. 9. Ocean Grove settled 1H26, Charlemont to settle 2H26. 10. Excluding Charlemont which is expected to settle in 2H26. 11. Includes occupied and development sites. 12. Rolling 12 month stabilised portfolio. LIVING $0.8bn Invested capital $30m Living sector 1H26 EBIT 2,174 Apartment platform 5 Operating assets Build to Rent 32 Communities 7,685 Land Lease platform sites11 Land Lease (+15% on pcp) New completions leasing well Strong sales and settlement growth 2,174 Operating apartments +3.7% Leasing spreads1 +3.6% Valuation uplift2 5,230 Occupied sites +10.6% Leasing spreads1 +2.4% Valuation uplift One of the largest operating platforms in Australia Land Lease occupied sites increased to >5,000 lots 100% occupancy +4.3% average weekly rent growth (YoY%) 298 sales6 (+50% YoY) 253 settlements5 (+21% YoY) 2 new sites acquired9 over 1H26, pipeline of ~2,500 lots10 $616,500 average settlement price7 (+14% YoY)8 LIV Anura, Brisbane 76% leased in just 7 months4 95.1% leased3 +6% LFL NOI growth12 2 new opportunities in exclusive DD ֜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 platform up +23% since acquisition Build to Rent Land Lease 1H26 Results 18 February 2026 16 For personal use only
Page 18
Caption goes here 1H26 Results 18 February 2026 Bourke Place, Melbourne Scott Mosely CEO, Funds Management Funds Funds Investment New recurring high quality rental income New recurring asset & funds management fees Asset management ASSE T C U R ATI ON Development Development EBIT NTA Uplift Delivers new sustainable assets ASSE T C R E ATI ON 1H26 Results 18 February 2026For personal use only
Page 19
Premium Office IndustrialLiving 100% Sydney $1.7bn End value2 100% Prime $6.4bn Fund3 2,174 Apartments $1.7bn Fund2 MWOF ֜Successful capital raise equivalent to ~$430m ֜1 performing office fund over 3m/1y4 ֜Low 26.1% gearing vs peers4 MIV ֜Venture with ART grown to $1.7bn in the last 3 years ֜100% Sydney, 6.3 yr WALE on completed assets LIV Mirvac Fund ֜Australia's largest integrated BTR portfolio, with 5 completed assets ֜Fund recapitalised – ART's 48.5% stake sets up the fund to facilitate growth Future growth initiatives ֜Medium term LIV Mirvac Fund target of 5,000 apartments ֜2 New BTR opportunities in exclusive due diligence ֜Residential development capital partnering opportunities across broader development pipeline Future growth initiatives ֜MWOF – investment capacity ֜Upcoming partnership development completions: ֢55 Pitt St – Mitsui Fudosan ֢7 Spencer St – Daibiru ֜Capital partnering potential across refreshed development pipeline Future growth initiatives ֜Upcoming MIV development completions: ֢Remainder of Aspect South, Kemps Creek ֢SEED Stage 1, Badgerys Creek ֜Further partnering potential at Aspect Central, Kemps Creek and SEED Stage 2, Badgerys Creek Benefiting from robust capital demand for modern Living, Industrial & Premium Office Established platforms with significant growth potential 1. Includes external funds, developments and assets under management, and excludes Mirvac’s investment in those managed assets and vehicles. 2. Represents 100% current expected end value on stabilised portfolio including committed pipeline assets, 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. 3. Gross assets as at 31 December 2025. 4. MSCI December 2025, peer set includes pooled wholesale office funds only. 5. Includes future funds under management from committed developments including 55 Pitt, 7 Spencer, Harbourside, SEED Stage 1 and Aspect South at 31 December 2025. $17bn 3rd Party Capital under management 1 $13.9bn raised in last 3.5 years ~$2.3bn of incremental future FUM secured and underway5 In-house D&C capabilities in high demand growth sectorsUnique alignment of interest model creator and owner Strong governance and fiduciary mindset 18 1H26 Results 18 February 2026For personal use only
Page 20
Caption goes here 1H26 Results 18 February 2026 Stuart Penklis CEO, Development Development Development Development EBIT NTA Uplift Delivers new sustainable assets Funds Investment New recurring high quality rental income New recurring asset & funds management fees Asset management ASSE T C U R ATI ON ASSE T C R E ATI ON Everdene, Sydney (artist impression, final design may differ) 1H26 Results 18 February 2026For personal use only
Page 21
Restocking the next wave of value creation opportunities Executed significant restocking initiatives: 100% aligned with strategy & capabilities Capital efficient structure Attractive above hurdle returns Capital partnering potential Blackwattle Bay, Sydney3 (former Fish Markets site) Karnup, Perth4Hunter St Metro, Sydney2 ֜~1,400 homes, ~800 Mirvac apartments ֜First settlements expected 2030, ~$2.5bn end value1 ֜PDA3 with Infrastructure NSW ֜Premier inner-ring location, supported by planned new Metro station in 2032 ֜Deep Mirvac precinct experience with Harold Park, Harbourside ֜~1,500 lot masterplanned community across ~155 hectares, first launch targeted for CY275 ֜PDA4 with Development WA ֜High growth location, South West Perth corridor near Henderson Defence precinct, ~10,000 new jobs to be created associated with AUKUS commitment ֜~70k sqm of Premium office ֜~2034 potential completion, ~$3bn end value1, >6% yield on cost ֜PDA2 with Sydney Metro ֜Premium Sydney core CBD location ֜Delivery into supply restricted core office market Artist impression, final design may differ Artist impression, final design may differ Artist impression, final design may differ 1. Represents 100% current expected end value / revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 2. Exchanged PDA with Sydney Metro – subject to conditions precedent. 3. Contract award is expected in 2H26. 4. Mirvac is preferred developer, expected to execute contract in 2H26. 5. Indicative only and subject to change, final lot number and release timing 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. 20 1H26 Results 18 February 2026For personal use only
Page 22
Future earnings visibility in Commercial & Mixed Use 1. Indicative estimate only, based on current assumptions for CMU development pipeline subject to change due to planning outcomes, market conditions, leasing outcomes and other uncertainties. 2. Includes Agreements for Lease (AFL) and non -binding Heads of Agreement (HoA), as at 13 February 2026, excluding HoA Aspect (North & South) is ~84% pre -leased and Harbourside 13% pre-leased. 3. Represents 100% current expected end value, 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. Includes completed warehouses in the estate. 5. Represents Mirvac’s share of total pre-sales and includes GST. Also adds new NOI, NTA uplift, management fees, lifts portfolio quality and sustainability credentials Expected timing of CMU profit contribution1 Progress Update FY25 FY26 FY27 FY28 FY29+ PARTNERING PRE-LEASING2 55 Pitt St, SYD 67% Mitsui Fudosan ~40% pre-leased End value3: ~$2bn | >6% yield on cost Future pipeline & restocking opportunities including Hunter Street & potential Industrial re-zoning at Menangle 7 Spencer St, MEL 50% Daibiru ~24% pre-leased ~60% including tenant in advanced DD End value3: ~$0.6bn ~5.5% yield on cost Aspect (North & South), SYD 49% ART ~91% pre-leased4 End value3: ~$0.7bn4 ~6% yield on cost Aspect Central, SYD — End value3: ~$0.1bn SEED Stage 1, Badgerys Creek, SYD SEED Stage 2, Badgerys Creek, SYD Stage 1 – 49% ART — Harbourside, SYD 50% JV with MEC ~$460m residential pre-sales5 ~22% pre-leased commercial / retail End value3: ~$0.7bn OFFICE INDUSTRIAL M IXED USE / LIVING Future BTR development opportunities End value3: ~$2bn | >6% yield on cost 21 1H26 Results 18 February 2026 For personal use only
Page 23
Strong momentum across Residential Positive sales and leads growth over 1H26 2,500 Lots Leads 30,000 10,000 0 2,000 20,000 1,000 1,500 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1 H2 FY26 500 Apartments (LHS) MPC (LHS) Leads (RHS) 1. Represents Mirvac’s share of total pre-sales and includes GST. 2. 12-month rolling default rate 31 December 2025. 3. 17.3% Gross margin includes impacted revenue from previously impaired projects. 22.5% Gross Margin excludes impact of impaired projects. ֜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 volumes in VIC (+99%) and NSW (+141%) supported by strong first two releases at Everdene Mulgoa with 75 sales ֜2Q26 leads strongest in 4 years, with conversion rates up +27% ֜Increased MPC market share across all states, supported by build quality and upfront amenity ֜Owner occupiers driving volumes, supported by equity appreciation from resilient house price growth ֜Successful capital partnering at Harbourside (with MEC) improves Mirvac IRR, provides funding certainty and unlocks value with majority of profits to be realised on settlement. Further partnering initiatives expected in 2H26 and onwards to enhance project velocity and returns ֜835 settlements up 22% (1H25: 685), with 2H26 skew expected, with >90% of FY26 target sales already secured and defaults remaining low at ~0.8%2 ֜Gross margins recovered to 22.5%3 Everdene Mulgoa, NSW Pre-sales heavily skewed to upgraders Upgrader/Rightsizer 69% Investor 19% First Home Buyers 7% FIRB 5% 1H26 major exchanges Project Product Lots on 1H25 Smiths Lane, VIC MPC 274 +151% Cobbitty, NSW MPC 162 +145% Woodlea, VIC MPC 159 +106% Olivine, VIC MPC 127 +31% Googong, NSW MPC 84 +250% NINE, NSW Apartments 49 +32% ~26,000 New leads (1H25: ~24,000) ⬆ +9% on pcp 1,304 Unconditional exchanges (1H25: 947) ⬆+38% on pcp 835 Lot settlements (1H25: 685) ⬆ +22% on pcp 22.5% Gross margins 3 (1H25: 19.4%) ~$1.6bn Pre-sales1 (1H25: ~$1.9bn) Charlton House, Brisbane 22 1H26 Results 18 February 2026 For personal use only
Page 24
Everdene Mulgoa, NSW ~1,200 lots1 1H26 release Kindira Monarch Glen, QLD ~7,300 lots1 2H26 release1 Darling Bullsbrook, WA ~1,200 lots1 2H26 release1 Karnup, WA3 ~1,500 lots1 CY27 release1 WSU Milperra, NSW ~400 lots1 FY27 release1 Wantirna South, VIC ~1,700 lots1 FY27 release1 Green Square, NSW Actively converting commercial zoning to living, ~1,300 apartments in new town centre Blackwattle Bay, NSW9 ~800 apartments1 Middle Ring Growth corridors Significant restocking success across all segments Inner Ring Apartments Market fundamentals remain supportive SUPPLY DEMAND VACANCY PRICES GOVT. POLICY INTEREST RATES ~165k cumulative housing shortfall between 2024-294 Total Australian population to increase >1.7m next five years5 <2% vacancy6 rental growth 3-8% pa7 Established dwelling prices +13.3% nationally in the last 12 months8 Streamlining approval process Futures anticipating modest hikes in CY26 >11,000 new MPC lots secured in last 2 years2 1. Indicative only and subject to change, final lot number and release timing 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. 2. Includes Karnup, WA. 3. Preferred developer, expected to execute contract in 2H26. 4. ABS Building Activity 2025, NHSAC 2025. 5. Centre for Population Statement 2025, released January 2026. 6. Cotality, vacancy rate for Units, December 2025. 7. Cotality, Units, Greater Sydney, Melbourne and Brisbane, ending December 2025. 8. Cotality, 3 month median, National All Dwelling, January 2026. 9. Contract award is expected in 2H26. Artist impression, final design may differ Artist impression, final design may differ Artist impression, final design may differ 23 1H26 Results 18 February 2026 For personal use only
Page 25
Well positioned for ramp up in project settlements into FY27 Note: All images are artist impressions, final design may differ. Note: Chart above reflects current expected settlement timing, 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. VIC – Woodlea, Smiths Lane, Olivine NSW – Cobbitty & Googong QLD – Everleigh WA – Henley Brook The Albertine, VIC Isle, QLD Highforest, NSW Prince & Parade, VIC Trielle, VIC Harbourside, NSW Green Square, NSW Riverlands, NSW Highforest, NSW Everdene Mulgoa, NSW Darling Bullsbrook, WA Kindira Monarch Glen, QLD WSU Milperra, NSW Wantirna South, VIC Karnup, WA1 FY25 FY26 FY27 FY28+ New masterplanned community settlements New major apartment settlements Established masterplanned communities 5 New MPCs activated over next 12-18 months 4 Apartments settling in FY27 1. Preferred developer, expected to execute contract in 2H26. 24 1H26 Results 18 February 2026 For personal use only
Page 26
Caption goes here 1H26 Results 18 February 2026 Campbell Hanan Group CEO & Managing Director Summary & Guidance Funds Investment Development New recurring high quality rental income Development EBIT NTA Uplift Delivers new sustainable assets New recurring asset & funds management fees Asset management ASSE T C U R ATI ON ASSE T C R E ATI ON Blackwattle Bay, Sydney (artist impression, final design may differ) 1H26 Results 18 February 2026For personal use only
Page 27
1. Includes Mirvac’s share of NOI from committed developments and assets under stabilisation; excludes income from future land lease community completions. 2. Represents 100% current 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. 3. Includes future funds under management from committed developments including 55 Pitt, 7 Spencer, Harbourside, SEED Stage 1, and Aspect South at 31 December 2025. Multiple drivers of earnings growth & value creation Development pipeline Increased Development EBIT Funds & Capital partnering Expansion in FUM Investment portfolio Pipeline2 ~$28bn New NOI income1 ~$100m Outlook Progress Future Catalysts New FUM secured3 ~$2.3bn Additional drivers of growth Cost management discipline Valuations past inflection point ֜Quality of real estate key driver of future returns ֜Living sector demand/supply imbalance ֜Demand for modern, premium, well located assets ֜Capital Increasingly selective ֜Preference for Living, Industrial and modern Office ֜Reshaped high quality portfolio ֜Improved operating metrics ֜Improved Residential sales activity ֜Restocked pipeline & pre-leasing success ֜Recovery in residential margins ֜3 established growth platforms with strong capital raising success ֜~$1bn of capital raised in 1H26 ֜Further organic LFL growth ֜~$100m of new NOI from developments1 ֜Activating 7 new Land Lease projects ֜Material step up in project launches ֜Partnering enhancing development returns ֜NTA growth supported by project completions ֜~$2.3bn FUM growth3 secured & underway ֜New partnering opportunities across restocked pipeline Growing Investment cash flow EPS and NAV growth Enhanced visibility of growth in FY26+ 1H26 Results 18 February 2026 26 For personal use only
Page 28
FY26 guidance 1. Subject to no material changes to the operating environment and delivering on key initiatives. 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 >$0.5bn ֜FY26 Residential settlements of 2-2,300 lots ֜Execution of capital partnering initiatives across development ֜Weighted average cost of debt of ~5.4% 27 1H26 Results 18 February 2026For personal use only
Page 29
Important notice Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$). 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 31 December 2025, which has been subject to review by its external auditors. This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only. The information contained in this presentation is current as at 31 December 2025, unless otherwise noted. 28 1H26 Results 18 February 2026 For personal use only
Page 30
mirvac.com REPORTING SUITE The Investor Presentation forms part of Mirvac’s broader reporting suite in relation to Mirvac’s financial and non-financial performance for 1H26. The full suite can be accessed here https://www.mirvac.com/investor-centre/results-and-announcements/reporting-suite 1H26 Mirvac Group Interim Report LIV Albert, VIC MGR 1H26 Interim Report 1H26 Mirvac Property Trust LIV Anura (artist impression, final design may differ) MPT 1H26 Interim Report 1H26 Mirvac Property Compendium Heritage Lanes – 80 Ann Street, Brisbane 1H26 Property Compendium 18 February 2026 1H26 Results Blackwattle Bay, Sydney (artist impression, final design may differ) 1H26 Results 1H26 Fact Sheet 1H26 Fact Sheet 18 FEBRUARY 2026 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, with approximately $23 billion of assets under management. Our development activities span commercial and mixed-use and residential, with a development pipeline of approximately $28 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 Kindira, Monarch Glen, QLD Note: Fact sheet to be read in conjunction with 1H26 Results Presentation and 1H26 Property Compendium. 1. Includes co-investment equity values, but excludes IPUC and the gross up of lease liability under AASB16. 2. By portfolio valuations, excluding IPUC and co-investment equity values. 3. Includes external funds, developments and assets under management, and excludes Mirvac’s investment in those managed assets and vehicles. 4. Represents 100% expected end value, including where Mirvac is only providing development management services, subject to various factors outside Mirvac’s control. Includes GST. 5. Subject to change depending on various factors outside of Mirvac’s control. 6. Total operating revenue from continuing operations and other income. 7. NTA per stapled security excludes intangibles, right of use assets, deferred tax assets and deferred tax liabilities, based on ordinary securities including EIS securities. 8. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash). 9. WACD (including margins and line fees) represents the rate as at 31 December 2025. WACD over the 12 months to 31 December 2025 was 5.3% (5.7% for the prior corresponding period). Commercial & Mixed Use ~$7bn development pipeline 4 ~$28bn total development pipeline 4 Funds & Ventures ~$6.9bn Other Mandates ~$3.5bn Joint Ventures ~$6.6bn Total 3rd party capital $17.0bn under management 3 FUNDS DEVELOPMENT Office $5.1bn total value 1 Retail $2.3bn total value 1 Industrial $1.8bn total value 1 Living $0.8bn total value 1 Sydney: 57% Melbourne: 30% Brisbane: 8% Perth: 5% Sydney: 100% Sydney: 65% Brisbane: 30% Melbourne: 5% Geographic diversification 2 Geographic diversification 2 Geographic diversification 2 Geographic diversification QLD: 39% WA: 31% VIC: 21% NSW: 9% By lots (incl. committed pipeline) Residential ~$21bn development pipeline 4 27,329 pipeline lots 5 QLD: 37% VIC: 32% NSW: 24% WA: 7% By pipeline lots Office: 60% Industrial: 24% Mixed Use: 16% By sector Commited pipeline ~$23bn Assets Under Management INVESTMENT 1H26 Invested Capital Passive 76% Active 24% Financial Results 1H26 $m 1H25 $m Operating revenue 6 1,511 1,284 – Investment 307 302 – Funds 19 14 – Development 111 81 – Unallocated overheads (39) (36) Group EBIT 398 361 Operating profit after tax 248 236 Statutory profit after tax 319 1 Key Metrics 1H26 1H25 Operating EPS 6.3c 6.0c DPS 4.7c 4.5c Passive capital 76% 75% NTA per security 7 $2.30 $2.31 Capital Management 1H26 FY25 Balance sheet gearing 8 25.8% 27.6% Look through gearing 28.9% 29.5% Average borrowing cost 9 5.3% 5.4% Average debt maturity 4.3 yrs 4.2 yrs Undrawn facilities plus cash $1,126m $1,201m Hedged percentage 59% 57% Moody’s / Fitch credit rating A3/A- A3/A- 1H26 Analyst Toolkit 18 FEBRUARY 2026 1H26 Analyst Toolkit 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 Thank You For personal use only