Grainger

GRI · Main Market · Real Estate · mcap £1,201m · 166.7p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 14 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,236m
Owner’s net cash: −£1,592m
Net cash / market cap: -129%
EV ex leases: £2,813m
Revenue: £240.0m
Operating profit: £115.1m
Free cash flow after leases: £90.3m
EV / EBIT: 24.4×
FCF yield: 7.3%
Price / tangible book: 0.62×
ROCE: 3%
Net income (owners): £131.4m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 07 Sep 26in line with guidance6 figures since the last report

11-month trading update shows strong occupancy at 96%+, 3% like-for-like rental growth and on track for 35% earnings growth FY25-FY29.

BTR occupancy (spot)	96%
Like-for-like rental growth	3%
Rental homes provided	over 11,000
Non-core assets to divest	c.£850m
Net debt reduction target by end FY29	£300-350m
Investment remaining in committed pipeline	£120m

As stated by the company, unaudited. Read it →

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 14 May 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Group revenue	113.7	136.4
Net rental income	66.1	61.3
Profit on disposal of trading property	6.1	20.2
Loss on disposal of investment property	(0.9)	(0.3)
(Loss)/gain from financial interest in property assets	(0.3)	1.5
Fees and other income	2.7	4.7
Administrative expenses	(16.9)	(16.9)
Other expenses	(1.5)	(2.2)
Reversal of impairment of inventories to net realisable value	1.1	1.0
Operating profit	56.4	69.3
Net valuation (loss)/gain on investment property	(44.8)	28.2
Hedge ineffectiveness under IFRS9	(3.4)	(2.9)
Finance costs	(22.6)	(22.4)
Finance income	0.8	1.6
Share of (loss)/profit of associates after tax	(0.2)	0.4
Share of loss of joint ventures after tax	(0.8)	(0.2)
(Loss)/profit before tax	(14.6)	74.0
Tax charge for the period	(1.2)	(18.6)
(Loss)/profit for the period attributable to the owners of the Company	(15.8)	55.4
Basic (loss)/earnings per share	(2.1)p	7.5p
Diluted (loss)/earnings per share	(2.1)p	7.5p

Source ↗

	Unaudited 31 March 2026 £m	Audited 30 Sept 2025 £m
ASSETS
Non-current assets
Investment property	2,966.0	3,059.4
Property, plant and equipment	8.5	9.2
Investment in associates	15.0	15.2
Investment in joint ventures	80.7	77.5
Financial interest in property assets	43.6	48.6
Retirement benefits	6.2	6.2
Deferred tax assets	4.1	4.6
Intangible assets	3.1	2.9
Total non-current assets	3,127.2	3,223.6
Current assets
Inventories - trading property	292.1	298.6
Investment property - held for sale	144.4	64.9
Trade and other receivables	109.2	79.2
Derivative financial instruments	22.4	14.1
Current tax assets	1.8	5.6
Cash and cash equivalents	65.9	85.8
Total current assets	635.8	548.2
Total assets	3,763.0	3,771.8
LIABILITIES
Non-current liabilities
Interest-bearing loans and borrowings	1,573.7	1,515.1
Trade and other payables	5.5	5.7
Provisions for other liabilities and charges	0.7	0.7
Deferred tax liabilities	7.2	8.2
Total non-current liabilities	1,587.1	1,529.7
Current liabilities
Interest-bearing loans and borrowings	83.9	75.0
Trade and other payables	94.5	115.3
Provisions for other liabilities and charges	10.4	12.0
Total current liabilities	188.8	202.3
Total liabilities	1,775.9	1,732.0
NET ASSETS	1,987.1	2,039.8
EQUITY
Issued share capital	37.2	37.2
Share premium account	817.9	817.9
Merger reserve	20.1	20.1
Capital redemption reserve	0.3	0.3
Cash flow hedge reserve	5.0	2.7
Retained earnings	1,106.6	1,161.6
TOTAL EQUITY	1,987.1	2,039.8

Source ↗

	2026 £m	2025 £m
Cash flow from operating activities
(Loss)/profit for the period	(15.8)	55.4
Depreciation and amortisation	0.9	0.9
Net valuation loss/(gains) on investment property	44.8	(28.2)
Net finance costs	21.8	20.8
Hedge ineffectiveness under IFRS9	3.4	2.9
Share of loss/(profit) of associates and joint ventures	1.0	(0.2)
Loss on disposal of investment property	0.9	0.3
Share-based payment charge	1.3	1.2
Loss/(gain) from financial interest in property assets	0.3	(1.5)
Provisions for liabilities and charges	-	1.6
Tax charge	1.2	18.6
Cash generated from operating activities before changes in working capital	59.8	71.8
(Increase)/decrease in trade and other receivables	(2.7)	6.6
Decrease in trade and other payables	(6.9)	(0.9)
Decrease in inventories	6.5	21.0
Cash generated from operating activities	56.7	98.5
Interest paid	(24.9)	(26.0)
Interest received	0.8	1.0
Cash outflow from fire safety remediation work	(1.6)	(1.0)
Tax received/(paid)	2.8	(8.0)
Net cash inflow from operating activities	33.8	64.5
Cash flow from investing activities
Proceeds from sale of investment property	9.0	63.8
Proceeds from financial interest in property assets	4.7	5.7
Investment in joint ventures	(4.8)	(1.4)
Loans advanced to joint ventures	(1.9)	(0.9)
Loans repaid by joint ventures	2.7	-
Acquisition of investment property	(68.1)	(76.4)
Acquisition of property, plant and equipment and intangible assets	(0.5)	(0.6)
Net cash outflow from investing activities	(58.9)	(9.8)
Cash flow from financing activities
Purchase of own shares	-	(0.1)
Proceeds from new borrowings	181.4	146.0
Payment of loan costs	(0.3)	(1.9)
Cash flows relating to new derivatives/settlement of derivatives	(10.1)	(4.0)
Repayment of borrowings	(125.4)	(176.0)
Dividends paid	(40.4)	(37.0)
Net cash inflow/(outflow) from financing activities	5.2	(73.0)
Net decrease in cash and cash equivalents	(19.9)	(18.3)
Cash and cash equivalents at the beginning of the period	85.8	93.2
Cash and cash equivalents at the end of the period	65.9	74.9

Source ↗

	2025 £m	2024 £m
Group revenue	262.7	290.1
Net rental income	123.6	110.1
Profit on disposal of trading property	38.9	49.4
Loss on disposal of investment property	(1.6)	(5.8)
Gain/(loss) from financial interest in property assets	1.1	(1.3)
Fees and other income	6.1	8.1
Administrative expenses	(36.7)	(35.3)
Other expenses	(4.0)	(6.0)
Reversal of impairment/(impairment) of inventories to net realisable value	0.6	(0.1)
Operating profit	128.0	119.1
Net valuation gains/(losses) on investment property	29.5	(32.5)
Hedge ineffectiveness under IFRS 9	(8.5)	(6.6)
Finance costs	(45.4)	(41.8)
Finance income	2.7	3.0
Share of profit/(loss) of associates after tax	0.6	(0.4)
Share of loss of joint ventures after tax	(4.3)	(0.2)
Profit before tax	102.6	40.6
Tax charge	(23.6)	(9.4)
Tax credit arising from REIT conversion	123.6	-
Profit for the year attributable to the Shareholders of the Company	202.6	31.2
Basic earnings per share	27.4p	4.2p
Diluted earnings per share	27.3p	4.2p

Source ↗

	2025 £m	2024 £m
ASSETS
Non-current assets
Investment property	3,059.4	2,996.8
Property, plant and equipment	9.2	10.6
Investment in associates	15.2	14.9
Investment in joint ventures	77.5	76.4
Financial interest in property assets	48.6	57.4
Retirement benefits	6.2	6.5
Deferred tax assets	4.6	6.1
Intangible assets	2.9	1.8
Total non-current assets	3,223.6	3,170.5
Current assets
Inventories - trading property	298.6	331.6
Investment property - held for sale	64.9	31.5
Trade and other receivables	79.2	90.9
Derivative financial instruments	14.1	19.8
Current tax assets	5.6	5.2
Cash and cash equivalents	85.8	93.2
Total current assets	548.2	572.2
Total assets	3,771.8	3,742.7
LIABILITIES
Non-current liabilities
Interest-bearing loans and borrowings	1,515.1	1,592.9
Trade and other payables	5.7	6.3
Provisions for other liabilities and charges	0.7	1.0
Deferred tax liabilities	8.2	121.5
Total non-current liabilities	1,529.7	1,721.7
Current liabilities
Interest-bearing loans and borrowings	75.0	-
Trade and other payables	115.3	114.1
Provisions for other liabilities and charges	12.0	13.2
Total current liabilities	202.3	127.3
Total liabilities	1,732.0	1,849.0
NET ASSETS	2,039.8	1,893.7
EQUITY
Issued share capital	37.2	37.2
Share premium account	817.9	817.9
Merger reserve	20.1	20.1
Capital redemption reserve	0.3	0.3
Cash flow hedge reserve	2.7	4.4
Retained earnings	1,161.6	1,013.8
TOTAL EQUITY	2,039.8	1,893.7

Source ↗

	2025 £m	2024 £m
Cash flow from operating activities
Profit for the year	202.6	31.2
Depreciation and amortisation	1.7	1.5
Net valuation (gains)/losses on investment property	(29.5)	32.5
Hedge ineffectiveness under IFRS 9	8.5	6.6
Net finance costs	42.7	38.8
Share of loss of associates and joint ventures	3.7	0.6
Loss on disposal of investment property	1.6	5.8
Share-based payments charge	3.6	2.8
Gain/(loss) from financial interest in property assets	(1.1)	1.3
Provisions for liabilities and charges	1.6	4.5
Tax (credit)/charge	(100.0)	9.4
Cash generated from operating activities before changes in working capital	135.4	135.0
Decrease/(increase) in trade and other receivables	6.2	(3.8)
Increase in trade and other payables	12.9	6.9
Decrease in inventories	33.0	60.6
Cash generated from operating activities	187.5	198.7
Interest paid	(53.3)	(52.6)
Interest received	2.7	3.0
Cash outflow from fire safety remediation work	(3.1)	-
Tax paid	(11.4)	(12.5)
Net cash inflow from operating activities	122.4	136.6
Cash flow from investing activities
Proceeds from sale of investment property	85.9	90.2
Proceeds from financial interest in property assets	9.9	8.3
Dividends received from associates	0.3	0.5
Investment in joint ventures	(3.7)	-
Loans advanced to joint ventures	(1.7)	(1.4)
Acquisition of investment property	(148.4)	(261.0)
Acquisition of property, plant and equipment and intangible assets	(1.4)	(4.3)
Net cash outflow from investing activities	(59.1)	(167.7)
Cash flow from financing activities
Award of SAYE shares	-	0.1
Purchase of own shares	(0.1)	(0.1)
Proceeds from new loans and borrowings	186.0	244.0
Payment of loan costs	(2.3)	(2.8)
Cash flows relating to new derivatives / settlement of derivatives	(5.0)	(1.9)
Repayment of loans and borrowings	(191.2)	(185.0)
Dividends paid	(58.1)	(51.0)
Net cash (outflow)/inflow from financing activities	(70.7)	3.3
Net decrease in cash and cash equivalents	(7.4)	(27.8)
Cash and cash equivalents at the beginning of the year	93.2	121.0
Cash and cash equivalents at the end of the year	85.8	93.2

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	240.0	262.7	290.1
Operating profit	115.1	128.0	119.1
Share-based payments	3.7	3.6	2.8
Operating profit to net income
Finance costs	(45.6)	(45.4)	(41.8)
Profit before tax	14.0	102.6	40.6
Tax	(6.2)	(23.6)	(9.4)
Net income (owners)	131.4	202.6	31.2
Per share
EPS basic	17.8p	27.4p	4.2p
EPS diluted	17.7p	27.3p	4.2p
Dividend per share	8.4p	8.3p	7.5p

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	113.7	−17%	126.3	136.4
Operating profit	56.4	−19%	58.7	69.3
Share-based payments	1.3	+8%	2.4	1.2
Operating profit to net income
Finance costs	(22.6)	+1%	(23.0)	(22.4)
Profit before tax	(14.6)	n/m	28.6	74.0
Tax	(1.2)	−94%	(5.0)	(18.6)
Net income (owners)	(15.8)	n/m	147.2	55.4
Per share
EPS basic	(2.1p)	–	19.9p	7.5p
EPS diluted	(2.1p)	–	19.8p	7.5p
Dividend per share	2.9p	–	5.5p	2.9p

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	91.7	122.4	136.6
Interest paid	(52.2)	(53.3)	(52.6)
Tax paid	(0.6)	(11.4)	(12.5)
Investing activities
Capex (PP&E)	–	(1.4)	(4.3)
Financing activities
Dividends paid	(61.5)	(58.1)	(51.0)
Share buybacks	0.0	(0.1)	(0.1)

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	33.8	−48%	57.9	64.5
Interest paid	(24.9)	−4%	(27.3)	(26.0)
Tax paid	2.8	n/m	(3.4)	(8.0)
Financing activities
Dividends paid	(40.4)	+9%	(21.1)	(37.0)
Share buybacks	0.0	n/m	0.0	(0.1)

	31 Mar 26	30 Sep 25	30 Sep 24
Non-current assets
Other intangibles	3.1	2.9	1.8
Property, plant & equipment	8.5	9.2	10.6
Investment property	2,966.0	3,059.4	2,996.8
Associates & JVs	15.0	15.2	14.9
Non-current assets	3,127.2	3,223.6	–
Current assets
Inventories	292.1	298.6	331.6
Trade receivables	109.2	79.2	90.9
Cash	65.9	85.8	93.2
Current assets	635.8	548.2	–
Total assets	3,763.0	3,771.8	3,742.7
Current liabilities
Trade payables	94.5	115.3	114.1
Borrowings, current	83.9	75.0	0.0
Current liabilities	188.8	202.3	–
Non-current liabilities
Borrowings, non-current	1,573.7	1,515.1	1,592.9
Pension surplus / (deficit)	6.2	6.2	6.5
Non-current liabilities	1,587.1	1,529.7	–
Total liabilities	1,775.9	1,732.0	1,849.0
Equity
Total equity	1,987.1	2,039.8	1,893.7
Net cash and other figures
Net cash / (debt) ex leases	(1,524.0)	(1,463.0)	(1,453.0)
Undrawn facilities	251.0	532.0	509.0

	31 Mar 26	30 Sep 25	30 Sep 24
Non-current assets
Other intangibles	3.1	2.9	1.8
Property, plant & equipment	8.5	9.2	10.6
Investment property	2,966.0	3,059.4	2,996.8
Associates & JVs	15.0	15.2	14.9
Non-current assets	3,127.2	3,223.6	–
Current assets
Inventories	292.1	298.6	331.6
Trade receivables	109.2	79.2	90.9
Cash	65.9	85.8	93.2
Current assets	635.8	548.2	–
Total assets	3,763.0	3,771.8	3,742.7
Current liabilities
Trade payables	94.5	115.3	114.1
Borrowings, current	83.9	75.0	0.0
Current liabilities	188.8	202.3	–
Non-current liabilities
Borrowings, non-current	1,573.7	1,515.1	1,592.9
Pension surplus / (deficit)	6.2	6.2	6.5
Non-current liabilities	1,587.1	1,529.7	–
Total liabilities	1,775.9	1,732.0	1,849.0
Equity
Total equity	1,987.1	2,039.8	1,893.7
Net cash and other figures
Net cash / (debt) ex leases	(1,524.0)	(1,463.0)	(1,453.0)
Undrawn facilities	251.0	532.0	509.0

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