Mirvac logs $508M full-year operating profit
- Mirvac recorded a 7% increase in full-year operating profit to $508 million.
- The company announced an on-market share buyback and a distribution of $376 million to investors.
- Management stated that a repositioned asset portfolio and low gearing provide a platform for future growth.
Mirvac Group (ASX:MGR) launched a share buy-back after reporting a $508 million operating profit for FY26.
This operating profit compares to the $474 million recorded in FY25, while the statutory profit reached $677 million.
“Residential sales were up 15%, supported by the activation of new projects; we settled 2,130 residential lots, and residential gross margins improved and are above our target range,” said Mirvac Group CEO and Managing Director Campbell Hanan.
Following the announcement, the Mirvac share price was unchanged at $1.74, as management stated recent portfolio repositioning will improve earnings visibility.
The company delivered EBIT of $602 million, supported by like-for-like growth of 5.3% and new income from development completions across build-to-rent and industrial, offset by the impact of $1.1 billion of non-core asset disposals over the past two years.
Operations over the past year focused on expanding third-party capital under management, which increased beyond $18 billion.
Management also executed asset sales of $500 million to maintain a low balance sheet gearing of 24.1%.
