Grainger (GRI) Company presentation summary

Market position and growth opportunity

• Largest listed residential landlord in the UK, specializing in Build to Rent (BTR) assets.

• BTR is a fast-growing segment, currently only 2.6% of the 5.6 million UK rental households.

• Projected increase of over 500,000 private renters by 2036 and a 10% rise in households by 2032.

• Structural undersupply with an estimated 4.3 million home shortage, while private landlords exit the market.

• BTR investment volumes are rising, reflecting strong demand and opportunity.

Portfolio and operational excellence

• Operational portfolio includes 11,291 rental homes valued at £3.5bn, with a pipeline of 4,471 homes worth £1.3bn.

• Sector-leading operational platform with full-service capabilities in marketing, leasing, property, and facilities management.

• Net Promoter Score of +42, with high resident satisfaction and trust in the brand.

• Modern, efficient assets with an average age of 4.5 years, diversified across UK regions.

• 85% of residents are aged 25+, with a diverse employment base and average household income of £62k.

Financial performance and outlook

• Track record of strong operating cash flow, around £200m+ per annum.

• Rental growth averages 3.0–3.5%, underpinned by wage inflation and resilient through cycles.

• EBITDA margin expansion projected to exceed 60% by 2029.

• Net rental income expected to grow from £124m in 2024 to £178m post-pipeline.

• EPS guidance targets 9.7p by FY29, up from 7.3p in FY25, with a progressive dividend policy.