Mirvac Group

Eight CRROs are listed (p. 78). The seven judged material each have an impact assessment (pp. 80–86), with the mid-warming scenario as the base case.

Time horizons (p. 77): short-term 0–2 years (short-term financial planning period); medium-term 2–10 years (valuation horizon of investment property and strategic asset planning); long-term 10+ years, extending to at least 2050. CRRO 5 is not currently considered a material risk to capital access and will be monitored (p. 78).

Mirvac describes an integrated platform spanning the full property lifecycle (p. 75): Develop (create new assets), Build (deliver assets), Own (hold assets) and Manage (maximize asset values). Climate considerations are listed for each stage, for example physical risk assessments in site selection and feasibility (Develop), supply chain engagement on lower-carbon materials (Build), adaptation planning through strategic asset planning cycles (Own) and 100% renewable electricity for the managed portfolio (Manage).

CRROs are not expected to change the business model but are expected to influence strategy, asset performance and customer outcomes over time (p. 77).

Where CRROs sit, by business activity (pp. 80–86):

• Customer preference opportunity: investment portfolio and residential products.
• Sustainable materials cost: development, and asset upgrades in investments.
• Carbon offsets cost: whole of business.
• Regulations: investments (NABERS, Green Star, WELL Building Standard) and development.
• Physical risk to assets: investments (flood, storm, hail, bushfire) and development.
• Physical risk to people: development (outdoor work); investments limited, as costs are mostly recoverable from tenants.
• Supply chain disruption: development.

Strategy (p. 74). The sustainability strategy, This Changes Everything (developed in 2014), has five pillars: embodied carbon reduction; all-electric products and electrifying the office portfolio; solar and 100% renewable electricity; customer collaboration; and high-quality offsets for residual emissions.

Transition plan (p. 87). The goal is net positive across Scope 1, 2 and 3 emissions by 2030, with absolute emissions reduction as the primary lever and offsets for residual emissions only. The report says the target is a net outcome, not a commitment to specific gross reductions by a fixed date. Net positive Scope 1 and 2 is already achieved for assets under the NGERS operational control boundary. For Scope 3 the plan lists renewables and electrification (100% renewable electricity for the managed portfolio, an all-electric office portfolio targeted by 2030, residential and industrial solar), design and procurement (carbon content of materials, lower-carbon products, recycled content, retaining structural elements, waste reduction) and offsets.

Dependencies (pp. 75, 87–88). Grid decarbonization, low-carbon material availability, supplier capability, customer behavior, and the cost and integrity of high-quality offsets.

Resourcing (p. 89). Mirvac's share of capital deployed on office electrification in FY26 was $4m. Other climate-related expenditure is not separately identified.

Current effects (p. 79). Mirvac did not identify any material impact on the Group's financial statements for the year ended 30 June 2026 arising solely from CRROs, or any matter with a significant risk of a material adjustment to carrying amounts within the next annual reporting period. For six of the seven material CRROs the pages (pp. 80–86) report no material current-year impact or, for physical risk to assets, no significant asset damage; several say the effect cannot be reliably isolated. For carbon offsets, Mirvac retired 9,337 offsets at a cost of $0.3m (p. 82).

Anticipated effects (pp. 79–86). Qualitative only. Examples: costs of lower-carbon materials expected to rise over the medium to long term; offset costs expected to increase once Scope 3 is in the net positive target; greater physical damage to assets possible over the medium and long term. For each material CRRO the report says the impact cannot be reliably quantified or estimated.

Basis (p. 79). A key judgment sets the criteria for qualitative disclosure: whether impacts can be isolated from other drivers, availability of reliable data, and reliance on external factors outside Mirvac's control.

Line items. Each CRRO page lists the financial statement items potentially affected under financial performance, financial position and cash flows (for example investment properties, inventories, revenue, payments to suppliers and employees).

Three scenarios apply IPCC AR6 science and are aligned to SSP and NGFS scenarios (p. 76). Analysis was first completed across the portfolio in FY23 and refined in FY26 to add property-specific assumptions.

The p. 76 table gives the rationale for each scenario and key assumptions on climate policy, macroeconomic trends, national and regional variables, energy usage and mix, and technology. Each CRRO page (pp. 80–86) assesses resilience under the lower and higher warming scenarios, with the capacity to adjust or adapt.

Resilience (p. 79). Mirvac expects its strategy and business model to remain resilient under both the lower and higher warming scenarios. Capacity to adapt rests on its ability to design, construct, manage, upgrade and reposition the portfolio, including asset upgrades, portfolio reallocation and adaptive reuse. Uncertainties listed: timing and severity of physical impacts, model and data limits, policy, market responses and technology.