Grainger plc (GRI) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

So good morning everyone, and welcome to Granger's Half Year Results. In a time of global uncertainty, our business continues to deliver strong results, growth in earnings, and an excellent outlook. Now this shouldn't be a surprise. We are in a needs-based real estate sector. We are a resilient business in a structurally supported sector, and we continue to deliver strong growth. The agenda this morning is I will take you through the highlights and Rob will take you through the financial results and then I'll talk about our market and the drivers of growth and we'll have time for Q&A. In the first half we have delivered a strong performance and we are delivering compounding earnings growth. Our guidance is to deliver 60 million of EPRA earnings this year, and that's a 12% uplift on 2025, and 72 million, a 35% increase by full year 29, and that's after rebasing our finance costs. We are on track. This is a resilient business with a high demand for our product, high occupancy and a large and diverse customer base. Our growth is underpinned by wage inflation and our strong customer affordability. Our growth is locked in with a committed pipeline on site and we are leasing into an undersupplied market, this with improved margins. Deleveraging is a priority and we'll see us reducing net debt, targeting a 300 to 350 million reduction and targeting a net debt to EBITDA of eight times. We have a great track record of asset recycling with disposals in line with valuation and our 850 million of non-core assets support our committed pipeline and our deleveraging. So we delivered another strong financial performance in line with expectations. Our rental income was up 7.8%, our like for like was 3.1% and our earnings growth was 4%. We have increased our dividend 3% And our NTA is...