Grainger Plc · LSE:GRI
Grainger — Shareholder Meeting (February 2025)
13 slides from Grainger's shareholder meeting presentation, Feb 5, 2025
Slide 1: Excellent performance, accelerating growth
Excellent performance, accelerating growth AGM 5 February 2025 Covering FY24 Financial Year
Slide 2: Continuing accelerated growth
Originate Invest Operate Continuing accelerated growth +14% +6.3% +21% £274m growth in net like-for-like EPRA disposals of rental income rental growth Earnings non-core growth assets 1,236 97.4% 25.0% c.400 Homes added* High occupancy Highly efficient Transactions Gross to Net Grainger Plc | www.gra
Slide 3: Strategic, self-funded growth continues at pace
Originate Invest Operate Strategic, self-funded growth continues at pace £274m £270m £468m disposals Disposals of non-core assets in FY24 Invested in BTR pipeline in FY24 £582m investment in FY23 and FY24 FY15 FY24 Post pipeline £32m £110m £191m Net rental income Net rental income Net rental income
Slide 4: Portfolio expansion
Originate Invest Operate Portfolio expansion Adding 1,236* new homes this year, delivering c.£15m** of additional net rental income The Copper Works, Cardiff Millwrights Place, Bristol The Astley, Manchester Forward Fund Forward Fund Stabilised acquisition 307 homes 231 homes 135 homes Launched Feb’
Slide 5: Delivering on our ambitions
Originate Invest Operate Delivering on our ambitions Growth in net rental income EPRA Earnings growth delivered Operational leverage delivered +15% 9-yr CAGR EBITDA margin expansion 2015 to today 52% 53% 52% 53% 54% 51% £18m £14m 47% £15m £12m 43% £40m £48m £28m 34% £(1)m 19% £(39)m £110m £44m £40m
Slide 6: Substantial opportunity for growth
Originate Invest Operate Substantial opportunity for growth EPRA Earnings set to grow by c.50% over medium term OPERATIONAL PORTFOLIO* BTR PIPELINE 11,069 homes, £3.4bn 4,730 homes, £1.4bn Regulated Build to Rent Portfolio** Committed Secured Planning/ Tenancies Legals £648m £2,781m £481m 1,330 home
Slide 7: Transformative growth in NRI and earnings
Originate Invest Operate Transformative growth in NRI and earnings Pipeline set to grow our net rental income to £191m Committed pipeline Secured Planning / Legals Committed pipeline to £481m £541m £379m deliver £38m of additional net rent +£20m £191m Full pipeline will deliver +£23m £171m substanti
Slide 8: The UK's leading responsible landlord
Originate Invest Operate The UK’s leading responsible landlord Healthy customer affordability High customer satisfaction A great place to work 28% 9/10 Grainger customer average Grainger customers “really like Recognised as a Top Employer affordability ratio their Grainger home” and a leader in Equa
Slide 9: Growing demand and shrinking supply of rental homes
Originate Invest Operate Growing demand and shrinking supply of rental homes Positive long-term outlook for rental demand Rental demand forecast to grow 20% Cumulative increase in number of BTR/PRS households 20% growth in renters predicted by 2031 1,300 Strongest demand in Grainger cluster location
Slide 10: Cluster Strategy driving performance
Originate Invest Operate Cluster Strategy driving performance Operational efficiencies improving further with gross to net down to 25.0% YORKSHIRE 1,035 NORTH EAST Newcastle 344 Leeds & Sheffield Operational 1,035 Operational 344 NORTH WEST Manchester & Liverpool 1,900 SOUTH EAST Incl. Milton Keynes
Slide 11: Portfolio expansion in FY25
Originate Invest Operate Portfolio expansion in FY25 Adding c.800 new homes, delivering c.£13m of additional net rental income Windlass (Ph.2), Tottenham Hale, London Glasshouse Square, Redcliff Quarter, Bristol Forward Purchase Forward Fund 65 homes 468 homes Launched Oct’24 Launching late 2025 NRI
Slide 12: Grainger's compelling investment case
Originate Invest Operate Grainger’s compelling investment case FY26 EPRA Earnings to grow to £60m 1 Compounding earnings growth and by c.50% over medium term 8% sustainable Total Accounting 2 Attractive, low risk total return Return 3 Secure, strong and flexible balance sheet Cost of debt fixed in m
Slide 13: Grainger continuing to deliver
Originate Invest Operate Grainger continuing to deliver Another excellent performance Strong market fundamentals Strong positive outlook on earnings and returns Set to deliver continued accelerated growth Millwrights Place, Bristol 13