GRAINGER PLC - Half year financial results for the six months ended 31 March 2025 63i5p

Grainger plc (LSE:GRI), the UK’s largest listed residential landlord, reported robust half-year financial results, underpinned by strong operational performance and accelerated growth in its purpose-built build-to-rent (BTR) portfolio. Net rental income rose 15%, earnings increased 23%, and the dividend advanced 12%, reflecting resilient demand, efficient cost control, and strategic asset recycling. With over 11,000 homes in operation and a committed pipeline of 5,000 fully funded units, Grainger forecasts 50% earnings growth by FY29 and 25% by FY26. Occupancy remains high at 96%, gross-to-net margins have improved to 25%, and customer retention stands at a healthy 62%, ed by a scalable operating platform and technology-driven efficiencies. The company benefits from inflation-linked rental growth and is well-positioned within a structurally undersupplied rental market. Grainger is progressing toward REIT conversion by FY26, with minimal refinancing needs until 2029, over £200m in annual cash flow, and significant optionality from £1.1bn in low-yielding non-core asset sales. Management highlights long-term value creation through disciplined capital recycling, margin expansion, and sustainable 8%+ total ing returns—with current share price metrics implying an 11% return. Backed by strong fundamentals, low volatility, and a favourable regulatory outlook, Grainger offers investors compelling exposure to the UK’s high-growth BTR sector. 2p1l12