Grainger plc (GRI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

So good morning everyone and welcome to Grainger's full year results. Once again we have delivered an excellent performance as we continue to deliver strong growth in our earnings, in our income and in our margin. With high occupancy and a Grainger product which continues to deliver for customers and shareholders. So the agenda this morning is that I will take you through the highlights. Rob will take you through the financial results, including our compelling growth to come and our conversion to REIT status. And then I'll go through our investment case, the strength of our market, and give you a quick insight into one of our new openings. And I will explain how we're well positioned for the changes to renting that are due to come in from next May and how we are driving shareholder value. We'll then have time for Q&A with members of the senior leadership team. So I'm pleased to tell you that Grainger is now the UK's leading residential REIT. Feels quite good to say that. We are a built-to-rent investor operator with a sector-leading portfolio of high-quality homes in the best location. Our fully integrated operational platform enhanced by technology is capable of scaling and this operational platform gives us a real competitive advantage in a sector with high customer interface and where operational excellence is a barrier to entry. Our investment case of a real estate asset class that delivers inflation linking returns is proven. As you can see here, consistently tracking wage growth and as is our proven strategy. We continue to deliver earnings growth to our shareholders and great homes to our customers. So looking at our earnings growth, we continue to target 60 million of earnings in full year 26 and 72 million by full year 29. And that's a 50% growth from full y...