Slide 1: Strong performance, excellent earnings outlook
Originate Invest Operate Strong performance, excellent earnings outlook Half Year Financial Results To the end of March 2026 HY26 | 14 May 2026
Slide 2: Agenda
Originate Invest Operate Agenda Helen Gordon 1 Highlights Chief Executive Rob Hudson 2 Financial results Chief Financial Officer Helen Gordon 3 Business and market update Chief Executive Helen Gordon 4 Summary and Q&A Chief Executive 5 Appendix HY26 | 14 May 2026 2
Slide 3: Delivering compounding earnings growth
Originate Invest Operate Delivering compounding earnings growth Targets on track £60m EPRA earnings in FY26 (8.1p*) and £72m by FY29 (9.7p*) Resilient business Locked in growth Deleveraging High occupancy Committed pipeline Disposals in line with underpins growth valuations Rental growth underpinned
Slide 4: Strong H1 financial performance, in line with expectations
Originate Invest Operate Strong H1 financial performance, in line with expectations +7.8% +3.1% +4.0% +3.0% 290pps Net rental Total like-for-like Earnings Dividend Net tangible income rental growth* growth growth assets (NTA) (Pre tax EPRA basis) Footnote: * BTR/PRS like-for-like rental growth 2.9%
Slide 5: Continued strong operational performance
Originate Invest Operate Continued strong operational performance 96% 61% 27% 25% High occupancy Strong Rent-to-income ratio Gross-to-net in line with target customer Healthy Strong range retention customer operational affordability efficiency HY26 | 14 May 2026 5
Slide 6: Grainger, a resilient and growing business
Originate Invest Operate Grainger, a resilient and growing business Housing is a 1 Inflation linked 2 Diversified 3 Limited cost 4 Embedded 5 needs-based income, customer base & inflation margin expansion asset class underpinned by geographic exposure and earnings wage inflation spread growth Everyo
Slide 7: Strong pace of disposals continues, supporting valuations
Originate Invest Operate Strong pace of disposals continues, supporting valuations Non-core asset disposals funding deleveraging and future growth Sales Revenue Strong track record of recycling non-core assets and 300 proving valuations 274 c.£2bn of assets recycled since start of strategy (FY16), 2
Slide 8: Our disciplined capital allocation strategy delivering shareholder value
Originate Invest Operate Our disciplined capital allocation strategy delivering shareholder value CURRENT PRIORITIES FUTURE CONSIDERATIONS Priority: Committed pipeline capital expenditure Share buy backs c.£120m remaining to invest Targeting £60m EPRA earnings in FY26 and £72m by FY29 Stabilised acq
Slide 9: High quality, committed pipeline delivering significant earnings growth
Originate Invest Operate High quality, committed pipeline delivering significant earnings growth Pipeline £1.2bn total Operational Portfolio** Operational 11,291 homes,Portfolio £3.5bn Delivery Optionality to Opportunities for 11,071 homes, £3.5bn underway progress the future Regulated Build to Rent
Slide 10: Consistent execution, delivering compounding growth
Originate Invest Operate Consistent execution, delivering compounding growth Growth in net rental income EPRA Earnings growth delivered Operational leverage delivered SRTONG TRACK RECORD +14% 10-yr CAGR EBITDA margin expansion 2015 to today 56% 52% 53% 51% 52% 53% 54% £18m £14m 47% £15m £12m 4
Slide 11: 2. Financial Results
2. Financial Results Rob Hudson Chief Financial Officer Windlass Apartments, Tottenham Hale HY26 | 14 May 2026
Slide 12: Strong H1 results, in line with expectations
Originate Invest Operate Strong H1 results, in line with expectations Continuing our accelerated growth trajectory Total Net Rental Like-for-Like Occupancy Strong occupational demand Income Rental Growth continues with lease ups driving +7.8% +3.1% 95.9% NRI growth HY26: £66.1m FY25: 3.6% HY25: 96.0
Slide 13: Continuing delivery of earnings growth
Originate Invest Operate Continuing delivery of earnings growth On track to deliver EPRA Earnings guidance of £60m for FY26 and £72m for FY29 Net rental income up +7.8% in HY26 driven by Income statement HY26 HY25 Change strong demand for our product Net rental income £66.1m £61.3m +7.8% Total LfL r
Slide 14: Excellent net rental income growth, up +7.8%
Originate Invest Operate Excellent net rental income growth, up +7.8% Driven by strong lease up of new openings Mar-26 Strong occupancy and lettings Total LfL 3.1% £5.7m performance continues, with BTR LfL 2.9% like-for-like contributing £1.5m New lets 2.0% Renewals 3.3% £66.1m BTR LfL rental growth
Slide 15: Net asset values remain resilient
Originate Invest Operate Net asset values remain resilient EPRA NTA remaining resilient at 290pps despite macro-economic backdrop 9p Overall Portfolio valuation moved (1.1)% (5)p Operational BTR portfolio 298p valuation movement of (1.4)% (6)p driven by: (6)p 290p ERV growth of 1.1% Outward yield sh
Slide 16: Net debt bridge
Originate Invest Operate Net debt bridge Focus on deleveraging c.£300-£350m by FY29 Net debt increased at £1.5bn, in line with expectations Operating cash inflow Operating cash inflow £85m remained strong at £85m £40m £1,524m Delivery of £61m disposals (net £1,472m* £(90)m** £24m £(61)m*** of fees),
Slide 17: Strong and secure balance sheet
Originate Invest Operate Strong and secure balance sheet Protection against rising rates, reducing debt levels to preserve strong earnings momentum Continuing balance sheet strength HY26 Cost of debt fixed in mid 3%s Net debt £1,524m Track record of strong operating cashflows of Loan to value 40.2%
Slide 18: Excellent earnings growth from committed pipeline
Originate Invest Operate Excellent earnings growth from committed pipeline Substantial growth in medium term after full rebasing to higher rates Targeting £60m EPRA Earnings in FY26 and £72m by FY29 in line with prior guidance Like-for-like rental growth assumed at long-run average of c.3%-3.5% £72m
Slide 19: Transformative growth trajectory
Originate Invest Operate Transformative growth trajectory Net rental income growth of +7.8% driven by lease up of new schemes and continued strong rental growth Strong balance sheet with focus on deleveraging by c.£300-£350m by FY29 FY26 EPRA Earnings on track for £60m, +12% growth Continuing to tar
Slide 20: 3. Business and market update
3. Business and market update Helen Gordon Chief Executive The Kimmeridge, Oxford HY26 | 14 May 2026
Slide 21: Why Build to Rent is our target sector
Originate Invest Operate Why Build to Rent is our target sector Positive growth drivers Low risk £9.2tr residential market The fundamental purpose No Scale & liquidity 5.6m rental households and design of homes obsolescence endures BTR c2.6% of rental market Needs based asset class 97.5% avg occupan
Slide 22: Attractive growth fundamentals with low risk
Originate Invest Operate Attractive growth fundamentals with low risk Compounding – Residential rents have outperformed commercial Resilience – Rental growth underpinned by wage growth, providing inflation+ growth through cycles 200 220 CBRE Commercial Rental Value Index Grainger BTR ONS Rental Inde
Slide 23: Continued reduction in private landlords and individual Buy to Let investments
Originate Invest Operate Continued reduction in private landlords and individual Buy to Let investments Private landlord sales continue to accelerate Buy to Let mortgages in steady decline 30,000 150 25,000 200,000 net loss of properties 20,000 from the rental market from July 100 2022 to August 202
Slide 24: Sector-leading operational platform
Originate Invest Operate Sector-leading operational platform EBITDA Margin expansion 60% Cost control & £123.6m 54% Portfolio expansion 47% 10 year track record An efficient platform >3x 34% £36.1m £36.7m £37.9m 19% FY15 FY25 FY15 FY25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Slide 25: Our strong customer base & quality portfolio
Originate Invest Operate Our strong customer base & quality portfolio Age – 85% of Grainger residents aged 25+ Good affordability – Healthy customer affordability Rent as a % of gross household income 35% 33% 30% 85% English Housing Survey (private renters) Grainger BTR 38 23% 25% 36 20% 34 15% 32 1
Slide 26: Our homes are designed to insulate customers from energy cost inflation
Originate Invest Operate Our homes are designed to insulate customers from energy cost inflation EPC band distribution – Grainger portfolio is market-leading 90% 99.9% of Grainger’s 80% BTR* portfolio Grainger BTR BTR Sector Wider PRS Customers pay for their own energy 70% A-C whilst… 60% 50% …Grain
Slide 27: Demand/Supply Fundamentals
Originate Invest Operate Geographic targeting through deep research capability Investing in clusters in top cities with long term growth High demand / supply High demand / supply fundamentals and low growth potential fundamentals and high growth potential Our City Strategy London Rigorous analysis o
Slide 28: Committed pipeline delivering earnings growth
Originate Invest Operate Committed pipeline delivering earnings growth No. Targeted Income impact on Scheme / Location units launch Status stabilisation The Merrick* c.£9m p.a. 401 Early 2027 On site Southall, London NRI Alloy Apartments (The Mint)** c.£3m p.a. 179 Mid 2028 On site Guildford NRI Con
Slide 29: Broad political support for UK BTR
Originate Invest Operate Broad political support for UK BTR England’s regulatory landscape & the Renters’ Rights Act Renters Rights Act came Labour Housing Minister, A clear and certain regulatory Matt Pennycook MP: into power on 1 May “We need to support the build- environment for BTR investors to-
Slide 30: Delivering compounding earnings growth
Originate Invest Operate Delivering compounding earnings growth Targets on track £60m EPRA earnings in FY26 (8.1p*) and £72m by FY29 (9.7p*) Resilient business Locked in growth Deleveraging High occupancy Committed pipeline Disposals in line with underpins growth valuations Rental growth underpinned
Slide 31: Q&A
Originate Invest Operate Q&A HY26 | 14 May 2026 31
Slide 32: Appendix
Originate Invest Operate Appendix Contents Cluster strategy Page 33 1. Company information Partnerships Page 34 Market value balance sheet Page 35 2. Financial information EPRA Earnings Page 36 EPRA NTA Page 37 EPRA NRV, NTA, NDV Page 38 Debt facilities Page 39 Total accounting return Page 40 Portfo
Slide 33: Cluster Strategy driving performance
Originate Invest Operate Cluster Strategy driving performance Efficient gross to net maintained at 25.0% Homes Homes YORKSHIRE 1,020 NORTH EAST Newcastle 308 Leeds & Sheffield Operational 1,020 Operational 308 NORTH WEST Manchester & Liverpool 1,718 SOUTH EAST 2,169 Operational 1,718 Incl. Milton Ke
Slide 34: Public sector partnerships providing route for growth
Originate Invest Operate Public sector partnerships providing route for growth London Underground Train National Rail Infrastructure UK Government Armed Forces Operator Provider Partnered to develop 3,850 Long term partnership to co- Partnership with Network Rail homes on surplus Army land at develo
Slide 35: Market value balance sheet
Originate Invest Operate Market value balance sheet Market value balance sheet (£m) HY26 FY25 Residential – BTR/PRS 2,908 2,846 Residential – regulated tenancies 486 503 Residential – mortgages (CHARM) 44 49 Forward Funded – BTR work in progress 146 223 Development work in progress 104 93 Investment
Slide 36: EPRA Earnings
Originate Invest Operate EPRA Earnings HY26 HY25 IFRS EPRA IFRS EPRA £m Statutory Adjustments Earnings Statutory Adjustments Earnings Net rental income 66.1 - 66.1 61.3 - 61.3 Profit on disposals 5.2 (5.2) - 19.9 (19.9) - (Loss)/profit from financial interest in property assets (0.3) 2.0 1.7 1.5 0.6
Slide 37: EPRA NTA
Originate Invest Operate EPRA NTA HY26 FY25 IFRS Adj to market IFRS Adj to market EPRA NTA EPRA NTA statutory value, tax, statutory value, tax, £m balance balance balance derivatives, balance derivatives, sheet sheet sheet intangibles sheet intangibles Investment property 3,110.4 - 3,110.4 3,124.3 -
Slide 38: EPRA NRV, EPRA NTA and EPRA NDV
Originate Invest Operate EPRA NRV, EPRA NTA and EPRA NDV HY26 FY25 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV £m IFRS Equity attributable to shareholders 1,986.9 1,986.9 1,986.9 2,039.8 2,039.8 2,039.8 Diluted NAV 1,986.9 1,986.9 1,986.9 2,039.8 2,039.8 2,039.8 Include: Revaluation of oth
Slide 39: Debt facilities
Originate Invest Operate Debt facilities Balance sheet, funding and hedging: strong, secured and de-risked Facility* Lender Size Drawn Maturity Core Facilities: Corporate Bond Listed £350m £350m Apr 2028 Corporate Bond Listed £350m £350m Jul 2030 Revolving Credit Facility HSBC, NatWest, Barclays £34
Slide 40: Total Accounting Return
Originate Invest Operate Total Accounting Return Sustainable low risk 8% TAR, underpinned by: 8.0% Extremely resilient income return, underpinned by low volatility residential income and efficient operating platform 4.5% capital return Resilient rental growth driven Assuming 3.5% valuation growth, a
Slide 41: Portfolio summary
Originate Invest Operate Portfolio summary Market value Net rent Units £m £m Net yield* Residential – BTR/PRS 10,000 2,908 121 4.7% Residential – regulated tenancies** 879 486 10 2.0% Residential – mortgages (CHARM) 258 44 n/a n/a Forward Funded – BTR work in progress - 146 Development work in progr
Slide 42: Valuation summary
Originate Invest Operate Valuation summary Homes Capital Value HY26 Valuation Movement £m £m % BTR/PRS Portfolio London & SE 3,981 1,342 (17) (1.3%) Regions 6,019 1,566 (23) (1.5%) Total BTR/PRS 10,000 2,908 (40) (1.4%) Regulated tenancies Portfolio London & SE 659 433 2 0.6% Regions 220 53 1 1.0% T
Slide 43: Portfolio movements
Originate Invest Operate Portfolio movements Sep 25 Additions Disposals Transfers Valuation Mar 26 £m £m £m £m £m £m BTR/PRS London & SE 1,378 8 (27) - (17) 1,342 Regions 1,468 4 (10) 127 (23) 1,566 Total BTR/PRS 2,846 12 (37) 127 (40) 2,908 Regulated tenancies London & SE 447 1 (17) - 2 433 Regions
Slide 44: Portfolio geographical breakdown
Originate Invest Operate Portfolio geographical breakdown BTR/PRS & Regulated tenancies (HY26) BTR/PRS Regulated tenancies Region Units Market Change Net Units Market Change Net value vs FY25 yield* value vs FY25 yield* £m £m London & SE 3,981 1,342 -1.3% 4.5% 659 433 0.6% 2.0% South West 1,206 440
Slide 45: BTR/PRS portfolio
Originate Invest Operate BTR/PRS portfolio Top 20 assets by Rent (ERV) Unit mix # Asset City Postcode Units Studio / 1 bed 2 bed 3 bed Area Sq ft** 1 Clippers Quay Manchester M50 3AF 510 162 290 58 371,622 2 Glasshouse Square Bristol BS1 6AB 374 272 102 - 251,438 3 The Filaments Manchester M3 5PF 37
Slide 46: Growth in NRI and earnings
Originate Invest Operate Growth in NRI and earnings Pipeline set to grow our net rental income to £193m Committed pipeline Committed pipeline Secured Planning / Legals expected to deliver £23m of £269m £541m £354m additional net rent (from HY26) +£15m £193m Full pipeline expected to +£24m £178m deli
Slide 47: Committed pipeline schedule
Originate Invest Operate Committed pipeline schedule Targeted Est. Grainger Spend to Gross yield Committed Projects No. units launch Status investment** date** target* Forward funding / acquisition The Merrick, Southall, London 401 Early 2027 On site £156m £133m c.5.75% Alloy Apartments (The Mint),
Slide 48: Secured pipeline schedule
Originate Invest Operate Secured pipeline schedule Est. Grainger Spend to Gross yield Secured Projects No. units Targeted launch Status investment date target** Direct Development Waterloo, London 215 TBC Consent granted £130m * £18m c.5.0% Exmouth Junction, Exeter 230 TBC Acquired £60m £14m c.6.25%
Slide 49: UK Build to Rent: An active investment market
Originate Invest Operate UK Build to Rent: An active investment market Savills: Q1 2026, with £795 million deployed, has been the highest first quarter of investment since 2022 BTR investment volumes continue to grow Residential remains a highly attractive asset class globally £6,000 U.S. Latin Amer
Slide 50: EPRA NTA per share movement has proven resilient compared against REIT peers
Originate Invest Operate EPRA NTA per share movement has proven resilient compared against REIT peers in other sectors EPRA NTA (pps)* (2)% GRAINGER (12)% DIVERSIFIED (18)% INDUSTRIAL (21)% OFFICE RETAIL (43)% FY21 FY22 FY23 FY24 FY25 HY26 *Indexed at FY21 We have seen c.100bps outward yield shift o
Slide 51: Sustainability
Originate Invest Operate Sustainability Continued progress towards SBTi target delivery: Delivering positive social impact in our communities: 96% BTR/PRS portfolio with EPC ratings A-C New long-term charity partnership with LandAid Net zero asset plans in place for all long-term hold PRS Delivered
Slide 52: Future reporting dates
Originate Invest Operate Future reporting dates 2026/ 27 Trading update October 2026 Full year results 19 November 2026 AGM/Trading update 3 February 2027 Half year results 20 May 2027 HY26 | 14 May 2026 52
Slide 53: grainger plc
grainger plc