Highlights:

• FY26 statutory profit surged to AU$677 million, while operating profit rose 7% to AU$508 million.
• EPS increased 7% to 12.9 cents, with NTA rising 3% to AU$2.33 per stapled security.
• Mirvac announced an on-market buyback of up to AU$200 million, with the program scheduled to begin on 3 September 2026.

MGR Surges as FY26 Momentum Builds

Mirvac Group (ASX: MGR) delivered a stronger FY26 performance on 19 August 2026, with the property group posting significant gains across development, investment and funds management. Its share price stood at AU$1.872, up AU$0.132 or 7.614% on the day. The company reported AU$677 million in statutory profit, compared with AU$68 million in FY25, while operating profit increased 7% to AU$508 million. Group EBIT climbed 12% to AU$826 million, supported by stronger development earnings and improved investment property valuations.

Development Emerges as a Key Growth Engine

Development EBIT jumped 52% to AU$270 million, helped by stronger contributions from commercial and mixed-use projects as well as residential developments. Residential gross margins returned to the company’s targeted 18–22% range, while impaired residential projects were completed and settled.Mirvac also enters FY27 with a substantial development pipeline of approximately AU$27 billion and around AU$3.2 billion of future secured funds under management. Management expects pipeline activation, development stabilisation and new investment income to support its next phase of growth.

Balance Sheet Flexibility Meets Shareholder Returns

Headline gearing fell to 24.1% from 27.6%, while available liquidity increased to AU$1.6 billion. The company also initiated a buyback facility of up to AU$200 million, funded through cash and existing debt facilities. The on-market program is scheduled to run from 3 September 2026 to 2 September 2027.With improving development returns, a sizeable pipeline and additional capital flexibility, Mirvac appears positioned for another important phase of earnings growth.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

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