GRAINGER PLC - Half year financial results for the six months ended 31 March 2026

Grainger plc delivered a strong half-year investor update, highlighting resilient company performance, accelerating earnings growth, and disciplined capital allocation within the UK build-to-rent sector. The FTSE-listed residential landlord reported rental income growth of 7.8%, EPRA earnings growth of 4%, and maintained high occupancy levels of 96%, supported by structural housing undersupply, strong tenant affordability, and robust customer retention. Management reaffirmed guidance for £60 million EPRA earnings in FY2026, representing 12% annual growth, with a further 35% increase targeted by FY2029 driven by rental growth, EBITDA margin expansion, and a committed development pipeline. Grainger also outlined a clear deleveraging strategy, targeting £300–350 million of debt reduction through non-core asset disposals while maintaining a conservative balance sheet and progressive dividend policy. The company emphasized operational efficiencies through technology and AI integration, enabling scalable growth and margin improvement toward 60%+ EBITDA margins. With strong demand fundamentals, inflation-linked rental income, and a growing build-to-rent portfolio across key UK cities including London, Manchester, and Bristol, Grainger remains well positioned to deliver long-term shareholder value, sustainable revenue growth, and resilient cash generation despite higher interest rate conditions and broader macroeconomic uncertainty.