Grainger PLC (LSE:GRI)

Full Year 2025 Grainger PLC Earnings Call Transcript

Nov 20, 2025 / 08:30 AM GMT

Release Date Price: £1.8 (-4.35%)

Transcript

Key Points

Positve

Grainger PLC (GRGTF) achieved a 12% growth in net rental income and a 10% increase in dividends, showcasing strong financial performance.
The company has maintained high occupancy rates at 98.1%, indicating strong demand for its properties.
Grainger PLC (GRGTF) successfully converted to a REIT, which will save approximately £15 million in corporation tax in FY26.
The company has a clear capital allocation strategy, focusing on maximizing shareholder returns and reducing debt.
Grainger PLC (GRGTF) has a robust pipeline with over 11,000 homes and a future pipeline valued at £1.3 billion, ensuring continued growth.

Negative

Interest costs have increased due to lower levels of capitalized interest and slightly higher average interest rates.
Sales profits were lower at £37 million, reflecting a reduction in the regulated portfolio size.
The company faces a challenging regulatory environment, although the Renters' Rights Bill provides some clarity.
There is a potential risk of rising finance costs as low-rate hedging rolls off, which could impact earnings growth.
The market for residential assets has seen some outward yield movements, particularly in regional portfolios.

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

GRI.L - Grainger PLC
Full Year 2025 Grainger PLC Earnings Call
Nov 20, 2025 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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So good morning everyone, and welcome to Granger's full year results.

Once again, we have delivered an excellent performance as we continue to deliver strong growth in our earnings, in our income and in our margin.

With high occupancy and a ranger product which continues to deliver for customers and shareholders.

So the agenda this morning is that I will take you through the highlights, Rob will take you through the financial results, including our compelling growth to come and our conversion to REIT status, and then I'll go through our investment case, the strength of our market, and give you a quick insight into one of our new openings, and I will explain how we're well positioned for the changes to renting that

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