Grainger PLC (CHIX:GRIl)

Half Year 2026 Grainger PLC Earnings Call Transcript

May 14, 2026 / 08:00 AM GMT

Release Date Price: £1.56 (+0.42%)

Transcript

Key Points

Positve

Grainger PLC (GRGTF) reported strong financial performance with rental income up by 7.8% and like-for-like rental growth at 3.1%.
The company is on track to deliver 60 million of EPRA earnings this year, a 12% increase from 2025, and aims for a 35% increase by 2029.
High occupancy rates maintained at 96% with strong customer retention at 61%, indicating robust demand for their rental properties.
Grainger PLC (GRGTF) has a committed pipeline of 775 homes, which will drive future earnings growth and margin expansion.
The company has a strong operational platform with a focus on cost efficiency, maintaining overheads flat and achieving a 25% gross to net margin.

Negative

EPRA NTA decreased by 2.7% to 290p per share, reflecting valuation challenges in the current market environment.
Interest costs increased due to refinancing, impacting short-term financial performance.
Sales profits were lower in the first half at 5.2 million, reflecting the phasing of regulated sales.
The company faces challenges in the build-to-rent sector due to higher construction costs and market viability issues.
There is uncertainty regarding future interest rates and potential impacts on leverage targets and financial flexibility.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GRI.L - Grainger PLC
Half Year 2026 Grainger PLC Earnings Call
May 14, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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So good morning everyone, and welcome to Grainger's Half Year Results.

In a time of global uncertainty, our business continues to deliver strong results, growth in earnings, and an excellent outlook.

Now this shouldn't be a surprise, we are in a needs-based real estate sector. We are a resilient business in a structurally supported sector and we continue to deliver strong growth.

The agenda this morning is I will take you through the highlights and Rob will take you through the financial results and then I'll talk about our market and the drivers of growth and we'll have time for Q&A.

In the first half, we have delivered a strong performance and we are delivering compounding earnings growth.

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