Mirvac (ASX:MGR) Announces 1H25 Results
Financial Performance
Mirvac reported a Group EBIT of $361 million for 1H25, a 3% decrease from $372 million in 1H24. Operating profit per stapled security was 6.0 cents, down from 6.4 cents the previous year. Earnings per share remained steady at 4.5 cents, while dividends per share slightly decreased to $2.31 from $2.36 in FY24. The Net Tangible Assets (NTA) uplift stood at 26.3%, marginally lower than 26.7% in the prior period.
Development and Investment
The company advanced its living sector exposure with the completion of approximately 900 new Build-to-Rent (BTR) apartments at LIV Aston, Melbourne, and secured 209 new Land Lease settlements alongside three new Land Lease communities. Mirvac’s investment portfolio reached $10.3 billion, maintaining strong operating metrics with an occupancy rate of 96.2%. Development EBIT was reported at $81.86 million, reflecting a 6% decline from 1H24. Additionally, Mirvac established two new residential capital partnerships with Sumitomo and an existing partner, enhancing its sustainable asset portfolio.
Environment and Sustainability
Mirvac strengthened its sustainability efforts by electrifying its investment portfolio and pipeline, utilising 100% renewable electricity, and achieving net positive carbon emissions for Scope 1&2 in FY22. The energy office portfolio includes 17 buildings with a 5-star NABERS rating or higher, maintaining an average NABERS score of 5.4. The company also committed to zero waste to landfill and limited the use of nature-based carbon offsets.
Future Outlook
Mirvac is setting the business up to return to growth in FY26 and beyond by expanding its living and industrial exposure, securing development sites, and strengthening its balance sheet through asset disposals and capital redeployment towards higher returns. The company anticipates improved earnings growth visibility supported by residential sales recovery and progress in construction management unit (CMU) developments.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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