Slide 1: Continuing to deliver compelling earnings growth
Originate Invest Operate Continuing to deliver compelling earnings growth Full Year Financial Results To the end of September 2025 FY25 | Published on 20 November 2025
Slide 2: Agenda
Originate Invest Operate Agenda Helen Gordon 1 Highlights Chief Executive Rob Hudson 2 Financial results Chief Financial Officer Helen Gordon 3 Market and business update Chief Executive Helen Gordon 4 Summary and Q&A Chief Executive 5 Appendix FY25 | 20 November 2025 2
Slide 3: Grainger is the UK's leading residential REIT
Originate Invest Operate Grainger is the UK’s leading residential REIT Rental growth closely tracks wage growth 9 UK Wage inflation (ONS) 8.0% 8 Build to Rent investor-operator 7 Grainger Rental Growth (BTR, like-for-like) 6.3% 6 4.8% 5 % y/y 4 3.4% 3.4% 3.0% 3 2.5% 2 Sector leading portfolio 1 0.3%
Slide 4: Delivering compelling low risk earnings growth
Originate Invest Operate Delivering compelling low risk earnings growth Continuing to target £60m EPRA earnings in FY26 (8.1p*) and £72m by FY29 (9.7p*) Sustainable rental Strong underlying Delivering earnings growth outlook market fundamentals growth Rental growth expected to Growing demand, constr
Slide 5: Outstanding financial performance
Originate Invest Operate Outstanding financial performance +12% +3.6% +12% +10% 298pps Net rental Like-for-like Earnings Dividend Net tangible income rental growth growth growth assets (NTA) (Pre tax EPRA basis) FY25 | 20 November 2025 5
Slide 6: Operational excellence
Originate Invest Operate Operational excellence 98.1% 61% 28% 25% High occupancy Strong Good customer Efficient customer affordability gross-to-net retention FY25 | 20 November 2025 6
Slide 7: Capital recycling underpins future growth
Originate Invest Operate Capital recycling underpins future growth Focus remains on continuing our non-core asset recycling strategy 300 Sales Revenue Strong track record of recycling non-core assets and 274 proving valuations 250 212 209 193 188 194 200 175 c.£1.9bn of assets recycled since start o
Slide 8: Our capital allocation strategy will drive returns
Originate Invest Operate Our capital allocation strategy will drive returns Committed pipeline capital Deleveraging CURRENT PRIORITIES expenditure Reduce net debt by c.£300m-£350m by c.£130m remaining to invest FY29 Continuing to target our guidance of £60m Manage finance costs in higher rate EPRA e
Slide 9: Strong committed pipeline delivering significant earnings growth in medium term
Originate Invest Operate Strong committed pipeline delivering significant earnings growth in medium term Pipeline Operational Portfolio** £1.3bn total Operational 11,078 homes,Portfolio £3.5bn Delivery Optionality Opportunities for 11,071 homes, £3.5bn underway to progress the future Regulated Build
Slide 10: Consistent delivery, momentum continuing
Originate Invest Operate Consistent delivery, momentum continuing 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 47% £14m £15m £12m 43% £40m £48
Slide 11: Strong performance and clear focus to drive returns
Originate Invest Operate Strong performance and clear focus to drive returns Operational highlights Key focus Successful conversion to REIT Maintain occupancy and rental growth 98.1% occupancy achieved Continuing to target earnings growth from Committed Pipeline which will increase earnings* to Robu
Slide 12: 2. Financial Results
2. Financial Results Rob Hudson Chief Financial Officer
Slide 13: Excellent results and strong outlook
Originate Invest Operate Excellent results and strong outlook Continuing our accelerated growth trajectory Like-for-Like Total Net Rental EPRA Successful conversion to REIT Rental Growth Income Earnings* +3.6% +12% +12% Strong disposals programme Mar-25: 4.4% FY25: £123.6m Focus on driving efficienc
Slide 14: Continuing delivery of earnings growth
Originate Invest Operate Continuing delivery of earnings growth EPRA Earnings up +12%; delivering an EPRA EPS of 7.3pps Net rental income up +12% in FY25 FY25 FY24 Change driven by strong occupancy and lease Net rental income £123.6m £110.1m +12% up of pipeline Mortgage income (CHARM) £4.3m £4.6m To
Slide 15: Excellent net rental income growth, up +12%
Originate Invest Operate Excellent net rental income growth, up +12% Driven by strong occupancy and lease up of new openings Strong occupancy and £17.7m lettings performance Sep-25 Mar-25 continues, with like-for-like Total LfL 3.6% 4.4% contributing £2.1m BTR/PRS LfL 3.4% 4.2% £123.6m New lets 1.8%
Slide 16: Net asset values remain robust, backed up by disposals
Originate Invest Operate Net asset values remain robust, backed up by disposals Portfolio valuation grew; EPRA NTA remaining strong at 298pps Overall Portfolio valuation up 18p 0.7% Operational BTR/PRS portfolio valuation growth of 1.1% driven 1p by: (11)p ERV growth of 3.2% 298p (8)p 298p Small out
Slide 17: Net debt broadly flat
Originate Invest Operate Net debt broadly flat Self funded investment with a focus on deleveraging over the medium term Net debt broadly flat in FY25, reflecting investment Operating cash inflow matched by disposals £205m Operating cash inflow £58m £1,463m remained strong at £205m £1,453m £(174)m* S
Slide 18: 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 FY25 Cost of debt fixed in mid 3%s Net debt £1,463m Loan to value 38.4% Track record of strong operating cashflows of
Slide 19: Successful conversion to REIT status achieved
Originate Invest Operate Successful conversion to REIT status achieved Tax efficient business with growing dividends Converted to a REIT in Transformation into an income focussed residential investment business September 2025 c.£15m tax saving in the first year FY26 and growing thereafter More tax-e
Slide 20: 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 21: Transformative growth trajectory
Originate Invest Operate Transformative growth trajectory Net rental income growth of 12% driven by lease up of new schemes and continued strong rental growth EPRA Earnings up 12% demonstrating the operational leverage and compounding growth in our business model c.£15m tax savings following success
Slide 22: 3. Delivering shareholder value
3. Delivering shareholder value Helen Gordon Chief Executive
Slide 23: The compelling investment case for Grainger
Originate Invest Operate The compelling investment case for Grainger 1. Low risk asset class with resilient growth UK faces a housing Housing supply has shortage of been falling for 4 2. Strong market fundamentals with supply 4.3 million homes* years** shortage and growing demand 3. Strong customer
Slide 24: Residential: a low-risk investment with sustainable growth
Originate Invest Operate Residential: a low-risk investment with sustainable growth 200 Residential is low-yielding because it is low risk Residential rents 180 Index, Jan-05=100 Consistent year on year rental growth 160 Above inflation rental growth 140 120 Resilient capital values, underpinned by
Slide 25: Our market fundamentals are strong
Originate Invest Operate Our market fundamentals are strong Supply shortage Growing rental population An estimated 4.3m homes shortage* v. UK rental Upward revision to household growth forecasts market of 5.6m households +10% increase in households (2.4m) in 10yrs to BTR only 2.5% with majority of r
Slide 26: Strong customer base
Originate Invest Operate Strong customer base UK rental affordability healthiest among mid-high earners Grainger customer’s average salary: £38k UK rental market: Percentage of income spent on rent vs individual earnings 50% Grainger Market breakdown Grainger average household income: £62k 40% Avera
Slide 27: Certain regulatory outlook with no rent controls
Originate Invest Operate Certain regulatory outlook with no rent controls Renters’ Rights Act Renters’ Rights Act will raise Change Relevance for Grainger rental standards, consistent Abolition of ‘No Fault Powers will remain to evict tenants on non payment of rent and anti social with our business
Slide 28: Operational excellence – from instinct to insight
Originate Invest Operate Operational excellence – from instinct to insight A strong and satisfied customer base Customer Insight Data Analysis Delivering great service AI-driven sentiment analysis informs our sector- Grainger’s Net Promoter Score: +42 leading operational platform Data-led customer b
Slide 29: Case study: Performance versus Original Underwriting
Originate Invest Operate Case study: Performance versus Original Underwriting Fortunes Dock cluster at Canning Town, London Seraphina Apartments Gross Yield on cost* The economic resilience of our assets Current average reversionary market rent c.7.0% c.£60 differential £2,750 Argo (134 homes) 2,611
Slide 30: Grainger's shareholder value creation model
Originate Invest Operate Grainger’s shareholder value creation model Investing in Build to Rent homes Targeting £72m 1 Low risk asset class with structural drivers EPRA earnings* by 2 Inflation+ Rental Growth FY29 (Grainger BTR like-for-like: +4.1% 7yr CAGR) 3 Sector-leading, scalable platform 8%+ T
Slide 31: Q&A
Originate Invest Operate Q&A FY25 | 20 November 2025 31
Slide 32: Appendix
Originate Invest Operate Appendix Contents Geographic target research Page 33 1. Company information Cluster strategy Page 34 Partnerships Page 35 BTR product Page 36 Market value balance sheet Page 37 2. Financial information EPRA Earnings Page 38 EPRA NTA Page 39 EPRA NRV, NTA, NDV Page 40 Debt fa
Slide 33: Geographic targeting through deep research capability
Originate Invest Operate Geographic targeting through deep research capability Leading to long term outperformance High demand / supply Our City Strategy High demand / supply fundamentals and low fundamentals and growth potential high growth potential Rigorous analysis of key investment fundamentals
Slide 34: Cluster Strategy driving performance
Originate Invest Operate Cluster Strategy driving performance Efficient gross to net maintained at 25.0% Homes Homes YORKSHIRE 1,022 NORTH EAST Newcastle 327 Leeds & Sheffield Operational 1,022 Operational 327 NORTH WEST Manchester & Liverpool 1,785 SOUTH EAST 2,607 Operational 1,785 Incl. Milton Ke
Slide 35: 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 36: High-quality BTR product which renters love
Originate Invest Operate High-quality BTR product which renters love Overview of our product Take a tour of one of our most recent developments c.150-500 homes in a single site 3+ assets in any one location driving efficiencies, cluster strategy Located in key cities with highest demand across UK ,
Slide 37: Market value balance sheet
Originate Invest Operate Market value balance sheet Market value balance sheet (£m) FY25 FY24 Residential – BTR/PRS 2,846 2,708 Residential – regulated tenancies 503 591 Residential – mortgages (CHARM) 49 57 Forward Funded – BTR work in progress 223 266 Development work in progress 93 84 Investment
Slide 38: EPRA Earnings
Originate Invest Operate EPRA Earnings FY25 FY24 Adjusted EPRA Adjusted EPRA £m Adjustments Adjustments Earnings Earnings Earnings Earnings Net rental income 123.6 - 123.6 110.1 - 110.1 Profit from sales 37.3 (37.3) - 43.6 (43.6) - Mortgage income (CHARM) 4.3 - 4.3 4.6 - 4.6 Management fees 6.1 - 6.
Slide 39: EPRA NTA
Originate Invest Operate EPRA NTA FY25 FY24 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 3,124.3 - 3,124.3 3,028.3 -
Slide 40: EPRA NRV, EPRA NTA and EPRA NDV
Originate Invest Operate EPRA NRV, EPRA NTA and EPRA NDV FY25 FY24 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV £m IFRS Equity attributable to shareholders 2,039.8 2,039.8 2,039.8 1,893.7 1,893.7 1,893.7 Diluted NAV 2,039.8 2,039.8 2,039.8 1,893.7 1,893.7 1,893.7 Include: Revaluation of oth
Slide 41: 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 £39
Slide 42: 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 43: Portfolio summary
Originate Invest Operate Portfolio summary Market value Net Rent Units £m £m Net yield* Residential – BTR/PRS 9,720 2,846 119 4.5% Residential – regulated tenancies** 924 503 10 2.1% Residential – mortgages (CHARM) 280 49 n/a n/a Forward Funded – BTR work in progress - 223 - - Development work in pr
Slide 44: Valuation summary
Originate Invest Operate Valuation summary Homes Capital Value FY25 Valuation Movement £m £m % BTR/PRS Portfolio London & SE 4,011 1,378 7 0.5% Regions 5,709 1,468 24 1.6% Total BTR/PRS 9,720 2,846 31 1.1% Regulated tenancies Portfolio London & SE 680 447 (3) (0.7)% Regions 244 56 0 (0.1)% Total reg
Slide 45: Portfolio movements
Originate Invest Operate Portfolio movements Sep 24 Additions Disposals Transfers Valuation Sep 25 £m £m £m £m £m £m BTR/PRS London & SE 1,277 33 (72) 133 7 1,378 Regions 1,431 6 (10) 17 24 1,468 Total BTR/PRS 2,708 39 (82) 150 31 2,846 Regulated tenancies London & SE 512 2 (64) - (3) 447 Regions 79
Slide 46: Portfolio geographical breakdown
Originate Invest Operate Portfolio geographical breakdown BTR/PRS & Regulated tenancies (FY25) BTR/PRS Regulated tenancies Region Units Market Change Net Units Market Change Net value vs FY24 yield* value vs FY24 yield* £m £m London & SE 4,011 1,378 0.6% 4.3% 680 447 (0.5)% 2.0% South West 831 316 (
Slide 47: PRS portfolio
Originate Invest Operate 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 The Filaments Manchester M3 5PF 376 98 235 43* 246,416 3 The Silver Yard Birmingham B4 6GF 375 1
Slide 48: Transformative growth in NRI and earnings
Originate Invest Operate Transformative 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 £24m of £343m £541m £393m additional net rent (from FY25) +£16m £193m Full pipeline expected to +
Slide 49: Committed pipeline schedule
Originate Invest Operate Committed pipeline schedule No. Targeted Est. Grainger Spend to Gross yield Committed Projects units launch Status investment*** date*** target** Forward funding / acquisition Glasshouse Square, Redcliff Quarter, Bristol* 374 Nov 2025 On site £112m £112m c.6.0% Merrick Place
Slide 50: 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* £16m c.5.0% Exmouth Junction, Exeter 230 TBC Acquired £60m £13m c.6.25%
Slide 51: A disciplined approach to our future growth
Originate Invest Operate A disciplined approach to our future growth An improving outlook for development Yields Stable Entering a window of worsening supply Rents Increasing A significant pipeline for optionality Construction costs Stable £541m of developments secured with planning permission grant
Slide 52: Sustainability
Originate Invest Operate Sustainability Following SBTi validation of Grainger's Further action towards SBTi target delivery: decarbonisation targets in FY25 we have made 96% BTR/PRS portfolio with EPC ratings A-C strong progress: Net zero asset plans in place for all long-term hold PRS Achieved 24%
Slide 53: Future reporting dates
Originate Invest Operate Future reporting dates 2026 AGM & Trading update 4 February Half year results 14 May Trading update October Full year results 19 November 53
Slide 54: grainger plc
grainger plc