GRAINGER PLC (GRI) — Full year financial results for the twelve months ended 30 September 2025

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the GRAINGER PLC Full Year Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and we'll publish those responses where it's appropriate to do so on the Investor Meet company platform. Before we begin, we would just like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from GRAINGER PLC. Helen, good morning. Good morning, and thank you everyone for joining us this morning. I'm joined today by Rob Hudson, our CFO and Kurt Muller, our head of corporate affairs. Last week, we we presented our full year results, and, they were very strong in in terms of the growth in our earnings, in our income, and in our margin. And what we're going to do today is take you through an abbreviated presentation and then leave plenty of time for, question and answer. One of the things that, has happened to GRAINGER this year that we've actually delivered, we are The UK's leading residential REIT. So we converted to a REIT in September, and what that means is that now our, we're free from corporate tax on our income. We are the largest build to rent, investor operator in The UK. And one of our real strengths is our operational platform, which is a real barrier to entry in a business that has ...