The Mirvac Group (ASX: MGR) share price is on investors' radar today after the release of its third quarter FY26 operational update, showcasing a 28% year-on-year lift in residential sales and reaffirming the company's full-year guidance.
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What did Mirvac report?
- 1,896 residential sales recorded year to date (YTD), up 28% on the same period last year
- Residential pre-sales grew 13% since 1H26, reaching around $1.8 billion
- Strong portfolio occupancy maintained at approximately 97%, with over 90,000 sqm of leasing achieved
- Operating earnings per security (EPS) guidance reiterated at 12.8–13.0 cents (6.7% to 8.3% growth)
- Distribution guidance reaffirmed at 9.5 cents (up 5.6%)
- Mirvac Wholesale Office Fund raised a further ~$200 million, totalling ~$630 million in 12 months
What else do investors need to know?
Mirvac's Living business saw continuing momentum, including 592 sales in the latest quarter and strong performance at new projects in Queensland and Western Australia. Land lease communities achieved 428 sales YTD, up 42% year-on-year, reflecting ongoing demand across key regions.
In the investment portfolio, leasing spreads improved to +6.8%, while the company welcomed new income from completed developments like Aspect North & South in Sydney, now about 98% leased. Mirvac also progressed a number of major development milestones, including approvals for a 1,750-home project at Wantirna South, Victoria, and secured contracts for Sydney's Blackwattle Bay precinct.
What's next for Mirvac?
Mirvac has reiterated its full-year FY26 guidance, with expectations for continued growth in operating EPS and distributions, subject to market conditions. The group highlights secured pipeline opportunities and ongoing progress in major projects, underpinning its outlook.
Management flagged a proactive approach to managing macroeconomic and supply chain risks, noting construction timelines remain on track and sales fundamentals are broadly solid, especially in the key NSW, Queensland, and WA markets. Focus remains on delivering on targets, unlocking new opportunities, and ensuring balance sheet strength.
Mirvac share price snapshot
Over the past 12 months, Mirvac Group shares have declined 20%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 11% over the same period.
