Grainger plc (GRI) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen. Welcome to the Granger PLC Half-Year Results Investor Presentation. Throughout today's recorded meeting, attendees will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab. Please submit your questions at any time. Just press send after you've typed in your question. Before we begin, we'd like to submit the following poll. I'm sure the company would be most grateful for your participation. I'd now like to hand over to CEO Helen Gordon. Helen, good afternoon. Good afternoon, everyone, and thank you for joining. I'm joined here by Rob Hudson, our CFO, and Kurt Mueller, our head of corporate affairs. Grainger delivered a strong set of results last week, really strong performance, excellent earnings outlook. And this is really driven from the fact that in a time of global uncertainty, we are a needs-based asset class. We are actually – everyone needs somewhere to live. So I'm going to start by just talking about how we're on track for our 60 million of earnings this year. And that'll be a 12% increase and then on track for a 35% increase to full year 29. So we're delivering compounding earnings growth. And it's really around the three elements, three strong elements to our business. It's a resilient business. In a country with a housing shortage, we have very high occupancy. We have rental growth, which is underpinned by wage inflation, a large and diverse customer base and really good rent to income affordability ratios. We've also got locked in growth. We've got a committed pipeline, which is on site construction cost fix. And that's going to be delivering another 14 million of rent. And we're leasing into an undersupplied market. And that undersupply is growing as more people ...