Mirvac Group

MGR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	P.l	LOCK\|Cl	LOCK\|zqL&gs

Mirvac’s Tough Times Are Behind It; Brighter Outlook for Fiscal 2026

Yingqi Tan

Aug 15, 2025

Business Strategy and Outlook

Mirvac is best known as one of Australia’s largest residential property developers. But the majority of its earnings are passive, from collecting rents, and investment and property management fees. Active income from selling developed properties is lumpy and volatile. The investment portfolio (passive) accounts for roughly three quarters of total invested capital, and development (active) a quarter. Depending on projects available in the pipeline and the property market cycle, the investment/development split varies year by year. But in general, the group allocates less than 30% of capital to development.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Mirvac Group

Mirvac’s Tough Times Are Behind It; Brighter Outlook for Fiscal 2026

Business Strategy and Outlook

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