REG - Grainger PLC - Trading Update

GraingerAnnouncement

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RNS Number : 5990R  Grainger PLC  04 February 2026

4 February 2026

Grainger plc

("Grainger", the "Group", or the "Company")

 

TRADING UPDATE

Strong operational performance, strong outlook

·   Rental growth of 3.1% in line with prior guidance 1  (#_ftn1)

·   Occupancy remains high at 96.0% 2  (#_ftn2)

·   Strong demand for our product, with our new BTR asset, Seraphina, fully
let in less than 4 months

·   New scheme added to pipeline through TfL JV

·   Strong visibility on future earnings growth

 

Grainger plc, the UK's largest listed provider of private rental homes, today
provides an update on trading for the four months to the end of January 2026,
alongside its AGM which is being held today at its head office in Newcastle
upon Tyne. The Company will announce its half year results for the six-month
period ending 31 March 2026 on 14 May 2026.

( )

Helen Gordon, Chief Executive of Grainger, said:

 

"Grainger continues to perform strongly. We successfully maintained healthy
rental growth and strong levels of occupancy across the portfolio.

"We continue to see strong demand for our product, with our latest London BTR
scheme, Seraphina, being fully let in less than four months. We recently
completed our third scheme in Bristol, Glasshouse Square, which launched in
January. We commenced construction at our second scheme in Guildford with
Network Rail. We were also pleased to announce the new acquisition of a
195-home BTR scheme in Chiswick through Connected Living London, our JV with
TfL's property arm, Places for London, an addition to our committed pipeline.
This will be the first scheme to commence construction through the JV.

"Our outlook is strong and positive, with market-leading earnings growth to
come and a proven ability to deliver sustainable rental growth and high
occupancy, driven by our leading operational platform. We are confident of the
future."

Strong performance continues

Rental growth and occupancy remain strong and have tracked in line with
expectations and prior guidance.

 ·      Total like-for-like rental growth YTD:                             3.1%
 ·      PRS like-for-like rental growth YTD:                               2.8%
 ·      Regulated tenancy like-for-like rental growth YTD:                 6.2%
 ·      Occupancy in our PRS portfolio remains high (spot, as at 31        96.0%
 Jan) 3  (#_ftn3) :

 

Outlook

Our market is structurally supported, as demand continues to grow and the
undersupply of rental housing worsens as small, private landlords face
increasing headwinds and new competitor supply slows 4  (#_ftn4) . The
delivery of our committed pipeline will deliver significant earnings growth,
and we have the potential to further increase earnings from our outer pipeline
opportunities, funded through divestment of our non-core, low yielding
portfolio which provides us c.£0.5bn surplus capital to redeploy over coming
years.

Grainger operates in a unique property asset class, providing strong
sustainable long term rental growth and attractive, risk-adjusted returns for
shareholders, whilst providing an attractive solution to the homes shortage in
the UK.

-ENDS-

 

 

 

For further information:

 

Grainger plc

Helen Gordon / Rob Hudson / Kurt Mueller

London Office Tel: +44 (0) 20 7940 9500

 

Camarco (Financial PR adviser)

Ginny Pulbrook / Geoffrey Pelham-Lane

Tel: +44 (0) 20 3757 4992/4985

 1  (#_ftnref1) Total portfolio, Like-for-like rental growth, YTD

 2  (#_ftnref2) Stabilised PRS portfolio

 3  (#_ftnref3) On an income basis

 4  (#_ftnref4) Savills UK | UK Build to Rent Market Update - Q4 2025
(https://www.savills.co.uk/research_articles/229130/386427-0?utm_source=ExactTarget&utm_medium=Email&utm_term=5444081&utm_content=9965072&utm_campaign=OCM+-+Research+-++UK+Build+to+Rent+Market+Update+2025)

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