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Grainger (GRI) investor relations material
Grainger H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary20 Nov, 2025
Executive summary
Achieved 12% growth in net rental income and EPRA earnings year-over-year, with like-for-like rental growth of 3.6%.
Dividend per share increased by 10% to GBP 0.83 (8.3p), reflecting strong financial performance.
Achieved REIT status in September, now the UK's leading residential REIT, with a scalable operational platform and expected GBP 15m tax savings in FY26.
Maintained high occupancy at 98.1% and strong customer retention, underpinned by a sector-leading operational platform.
Portfolio optimization through sales of non-core assets, recycling GBP 1.9 billion since strategy inception.
Financial highlights
Net rental income rose to GBP 123.6m in FY25 from GBP 110.1m in FY24 (+12%).
EPRA earnings increased to GBP 53.7m (7.3p per share), up 12% year-over-year.
Adjusted earnings remained stable at GBP 91.0m.
EPRA NTA per share held steady at 298p.
Operating cashflow was strong at GBP 205m.
Outlook and guidance
Targeting EPRA earnings of GBP 60m in FY26 and GBP 72m by FY29, a 50% increase from FY24.
Rental growth forecasted to continue at 3%-3.5% annually.
Dividend policy to distribute at least 80% of EPRA earnings, with mid-single-digit growth expected.
Plan to reduce net debt by GBP 300-350 million by FY29, supported by strong operating cashflows and disposals.
EBITDA margin expected to exceed 60% by FY29.
Impact of lower rates on deleveraging plan?
Future growth funding beyond non-core assets?
Balancing occupancy, rental growth, and incentives?
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Frequently asked questions
Grainger plc is a residential property investment and development company focused on the ownership, management, and development of rental homes in the United Kingdom. The company primarily operates in the private rented sector (PRS), offering a range of housing solutions, including build-to-rent properties. Grainger is involved in the acquisition, development, and management of residential communities, emphasizing long-term income generation through high-quality rental housing and professional property management services. The company is headquartered in Newcastle upon Tyne, United Kingdom, and its shares are listed on the LSE.
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