Big Yellow Group Plc · LSE:BYG
Big Yellow — FY2026 Earnings Presentation
46 slides from Big Yellow's earnings presentation, Mar 31, 2026
Slide 1: Results for the year ended 31 March 2026
Big Yellow Group PLC Results for the year ended 31 March 2026 Staines, London, July 2025
Slide 2: Key Financial Metrics
Key Financial Metrics BIG YELLOW GROUP FULL YEAR RESULTS CATEGORY 2026 2025 CHANGE Revenue £209.1m £204.5m 2% Store revenue £207.6m £203.1m 2% OVERVIEW Like-for-like store revenue £207.3m £203.1m 2% Store EBITDA £146.5m £143.2m 2% Cash flow from operating activities £111.5m £111.9m - (after net fina
Slide 3: Key Store Metrics
Key Store Metrics BIG YELLOW GROUP FULL YEAR RESULTS CATEGORY 2026 2025 CHANGE Number of stores 113 109 4% Store maximum lettable area (sq ft) 6,721,000 6,421,000 5% OVERVIEW Closing occupancy (sq ft) 4,985,000 5,056,000 (1%) Closing occupancy 74.2% 78.7% (4.5 ppts) Closing occupancy – like-for-like
Slide 4: Highlights
Highlights BIG YELLOW GROUP FULL YEAR RESULTS • Store revenue growth of 2%, with like-for-like store revenue also up by 2%, driven by increases in average achieved rents. • Like-for-like occupancy decrease of 1.7 ppts to 77.0% (March 2025: 78.7%), since the period end, this gap has closed to 0.6 ppt
Slide 5: Highlights
Highlights BIG YELLOW GROUP FULL YEAR RESULTS • £2 million invested in the year with 85 stores now having solar arrays. This resulted in a 13% increase in capacity in the year to 9.6 Megawatts, continuing to reduce our reliance on grid-bought electricity – energy costs now represent only 1.2% of rev
Slide 6: Operations
OPERATIONS Queensbury, London, October 2025
Slide 7: Operations Update
Operations Update BIG YELLOW GROUP FULL YEAR RESULTS • Further improvement in automation – improved operational efficiency and productivity. Reduced store headcount saving £0.3m annualised, with head office headcount held flat against continued revenue growth. £589k revenue per full-time equivalent
Slide 8: Reasons for Using Self Storage
Reasons for Using Self Storage BIG YELLOW GROUP FULL YEAR RESULTS % of customer numbers by type Reasons people used our storage who moved-in during the year 80% Travelling 5% Domestic 6% 80% Student storage 13% 12% 20% Business 12% 20% Other 12% Residential Rental Sector 17% 16% OPERATIONS % of stor
Slide 9: Customer Average Length of Stay
Customer Average Length of Stay BIG YELLOW GROUP FULL YEAR RESULTS 31 March 2026 NUMBER OF MONTHS BIG YELLOW BIG YELLOW ALL STORES LEASE-UP SAME STORES ARMADILLO ALL STORES 31 March 2025 No of Stores 12 77 24 113 109 Business Existing 19.2 39.4 40.8 37.2 37.0 OPERATIONS Vacated 8.3 13.1 16.0 13.3 13
Slide 10: Financial Review
FINANCIAL REVIEW Wembley, London, March 2026
Slide 11: Store Operating Expenses
Store Operating Expenses BIG YELLOW GROUP FULL YEAR RESULTS 31 March 31 March % OF CATEGORY 2026 2025 CHANGE COSTS IN £000 £000 YEAR • Like-for-like increase in operating expenses of 0.3%, with new stores accounting for £0.8 million of costs in year. Cost of sales 1,294 1,422 (9%) 2% • Staff costs u
Slide 12: Consolidated Income Statement
Consolidated Income Statement BIG YELLOW GROUP FULL YEAR RESULTS Year ended Year ended 31 March 31 March 2026 2025 £m £m • Revenue and like-for-like store revenue up 2%, driven by an increase in average achieved net rent, offset by fall in Revenue 209.1 204.5 average occupancy. Cost of sales (63.5)
Slide 13: Adjusted PBT Bridge
Adjusted PBT Bridge BIG YELLOW GROUP FULL YEAR RESULTS Increase in Decrease Decrease in Increase in net Increase in Increase in gross share of profit in admin other income interest payable capitalised profit of joint expenses interest venture £0.7m (£3.8m) £2.7m FINANCIAL £2.5m (£0.3m) £0.1m £117.5m
Slide 14: Cash Flow and Net Debt Movement
Cash Flow and Net Debt Movement BIG YELLOW GROUP FULL YEAR RESULTS Year ended Year ended 31 March 31 March 2026 2025 • Operating cash flow after net finance costs and pre- £m £m working capital movements broadly in line with last year. Opening net debt (388.7) (385.4) Prior year included one-off rec
Slide 15: Capital Structure
Capital Structure BIG YELLOW GROUP FULL YEAR RESULTS 31 March 2026 31 March 2025 15% 13% Net debt / Gross property assets FINANCIAL 18% 14% Net debt/ Adjusted net assets APPENDIX 29% 21% REVIEW Net debt / Market capitalisation 3.7x 3.1x Net debt to Group EBITDA ratio 6.1x 6.1x Pre-interest operating
Slide 16: Debt Facilities
Debt Facilities BIG YELLOW GROUP FULL YEAR RESULTS Drawn at Average Debt Expiry Facility 31 March interest cost 2026 Aviva loan (all fixed) September 2028 £149m £149m 3.3% FINANCIAL M&G loan (£35 million fixed at 4.5% September 2029 £120m £120m 5.9% APPENDIX plus margin, £85 million floating) REVIEW
Slide 17: Property Review
PROPERTY REVIEW 17 Slough Bath Road, February 2026
Slide 18: New Site Development
New Site Development BIG YELLOW GROUP FULL YEAR RESULTS • Opening of four new freehold stores in year in Staines, Queensbury, Wembley (all London) and Slough Bath Road – additional capacity of 0.3 million sq ft. • Four new stores due to open in 2026/27, in Staples Corner, Epsom, Kentish Town and Wap
Slide 19: Development Pipeline with Planning
Development Pipeline with Planning BIG YELLOW GROUP FULL YEAR RESULTS ANTICIPATED CAPACITY SITE PROMINENT LOCATION STATUS SQ FT Replacement for Staples Corner, Construction commenced with planned store existing leasehold North Circular Road London opening in August 2026 store, additional 18,000 PROP
Slide 20: Development Pipeline with Planning
Development Pipeline with Planning BIG YELLOW GROUP FULL YEAR RESULTS ANTICIPATED CAPACITY SITE PROMINENT LOCATION STATUS SQ FT Site acquired in May 2024. Planning consent Leamington Spa Queensway granted, construction commenced with store 54,000 opening anticipated in summer 2027 PROPERTY REVIEW Pl
Slide 21: Development Pipeline without Planning
Development Pipeline without Planning BIG YELLOW GROUP FULL YEAR RESULTS ANTICIPATED CAPACITY SITE PROMINENT LOCATION STATUS SQ FT Site acquired in April 2025. Planning Coventry Sir Henry Parkes Road 58,000 application submitted in November 2025 PROPERTY REVIEW Contracts exchanged in September 2025,
Slide 22: Summary
Summary BIG YELLOW GROUP FULL YEAR RESULTS • A resilient performance, and we believe the Company is positioned in as good a place as it can be in what is a challenging macroeconomic environment. • Effective operating cost control delivered. • Aiming to return to year-on-year occupancy growth. SUMMAR
Slide 23: Appendix
APPENDIX Staples Corner, London, August 2026
Slide 24: Our Investment Case
Our Investment Case BIG YELLOW GROUP FULL YEAR RESULTS • Resilient through the global financial crisis, the pandemic and recent geopolitical events • Flexible contract allows rental growth in an inflationary environment as demonstrated in last four years ATTRACTIVE MARKET DYNAMICS • Structural under
Slide 25: Our Portfolio
Our Portfolio BIG YELLOW GROUP FULL YEAR RESULTS KEY 89 Big Yellow stores (50 in London) 12 Big Yellow stores under development (8 in London) 24 Armadillo stores (1 in London) Outside London 66 stores and sites London 59 stores and sites APPENDIX 25 25
Slide 26: Monthly Activity
Monthly Activity BIG YELLOW GROUP FULL YEAR RESULTS APPENDIX • Q1 impacted by acceleration of demand into March 2025, and uncertainty caused by tariff announcements • Q3 occupancy loss lower than prior year, with lower move- outs. • March 2026 activity impacted by Iran war. • Since year end, have cl
Slide 27: Portfolio Summary Commentary
Portfolio Summary Commentary BIG YELLOW GROUP FULL YEAR RESULTS • Big Yellow same store occupancy 78.2%. • Occupancy loss of 71,000 sq ft (2025: gain of 27,000 sq ft). APPENDIX • Like-for-like operating cost increase of £0.2 million (0.3%). • Same store EBITDA margin 73.0% (2025: 72.9%). • Revenue g
Slide 28: Portfolio Summary
Portfolio Summary BIG YELLOW GROUP FULL YEAR RESULTS March 2026 March 2025 BIG YELLOW BIG YELLOW BIG YELLOW BIG YELLOW SAME LEASE-UP ARMADILLO TOTAL SAME LEASE-UP ARMADILLO TOTAL STORES STORES STORES STORES Number of stores 77 12 24 113 77 8 24 109 As of 31 March: Total capacity (sq ft) 4,868,000 84
Slide 29: Sustainability Update
Sustainability Update BIG YELLOW GROUP FULL YEAR RESULTS • We have made good progress towards our Scope 1&2 Science-Based Target (“SBTs”) for 2032, Our emissions this year were 1,466 tones. Well under the interim target set to track progress to 2032. • The solar retro-fit programme is projected to c
Slide 30: Sustainability Strategy Update
Sustainability Strategy Update BIG YELLOW GROUP FULL YEAR RESULTS • We continue to work towards our expanded strategy to encompass the three key pillars we believe are pivotal to maintaining a resilient and responsible business. • Our strategy reflects our commitment to reducing our environmental fo
Slide 31: Science-Based Targets
Science-Based Targets BIG YELLOW GROUP FULL YEAR RESULTS • Our Science-Based Targets are fully verified. These are as follows: − Big Yellow commits to reduce absolute Scope 1 and 2 GHG emissions 70% by FYE2032 from a FY2019-20 base year. − Big Yellow also commits to reduce Scope 3 GHG emissions from
Slide 32: SBT Trajectories And Actions
SBT Trajectories And Actions BIG YELLOW GROUP FULL YEAR RESULTS SBT absolute Scope 1&2 trajectory Scope 1&2 3,500 3,000 • We are tracking ahead of our 2032 target. With an emissions 2,500 figure of 1,466 tonnes FY26. 2,000 • The energy efficiency project is tCO2e has furthered our reduction 1,500 ef
Slide 33: Governance, ESG Investor Benchmarks, Standards and Campaigns
Governance, ESG Investor Benchmarks, Standards and Campaigns BIG YELLOW GROUP FULL YEAR RESULTS BENCHMARKS AND STANDARDS CAMPAIGNS CDP (Carbon Disclosure Project) • Official supporter of the TCFD since September 2021. • Big Yellow participated since 2012. • Big Yellow received CDP A list recognition
Slide 34: Social
Social BIG YELLOW GROUP FULL YEAR RESULTS • 14 successful 12-week work placements through our charity partners: − After completing a successful work placement in our Camberwell store, a young man from St Giles Trust has progressed to a permanent role. − After completing a successful work placement i
Slide 35: Social Marketing
Social Marketing BIG YELLOW GROUP FULL YEAR RESULTS Successful marketing engagement with our Charity Partners: APPENDIX 35 35
Slide 36: Marketing and Sales Update
Marketing and Sales Update BIG YELLOW GROUP FULL YEAR RESULTS • Continued investment in digital to drive prospect growth – key to our success with over 90% of prospects online, 67% of visits from mobile devices. • Big Yellow has market-leading brand awareness four times higher than the next nearest
Slide 37: The Importance of the Brand
The Importance of the Brand BIG YELLOW GROUP FULL YEAR RESULTS • Self storage is a consumer-facing business for both domestic and small business markets. • Done right, brand sits at the heart of a business and drives its performance. • Self storage is an immature market with 55% first time users – t
Slide 38: Research of Brand and Market Awareness
Research of Brand and Market Awareness BIG YELLOW GROUP FULL YEAR RESULTS UNPROMPTED BRAND AWARENESS • Big Yellow commissioned YouGov survey in May 2024. • Measures unprompted brand awareness. • 5,101 adults sampled. • APPENDIX Statistically selected and weighted sample that represents a sample of t
Slide 39: Track Record Since 2007-8
Track Record Since 2007-8 BIG YELLOW GROUP FULL YEAR RESULTS Revenue (£m) Occupancy and average rate 250 90% £38.00 80% £36.00 200 70% £34.00 60% CAGR - 8% £32.00 150 50% £30.00 40% £28.00 100 30% 20% £26.00 £24.00 50 10% 0% £22.00 APPENDIX 0 2008 2011 2014 2017 2020 2023 2026 2009 2010 2012 2013 20
Slide 40: Big Yellow Relative TSR Performance
Big Yellow Relative TSR Performance BIG YELLOW GROUP FULL YEAR RESULTS Big Yellow FTSE All Share FTSE 350 RE 3,000 2,500 APPENDIX 2,000 1527.2% (11.4% p.a.) 1,500 1,000 345.9% 500 (5.9% p.a.) 158.7% (3.7% p.a.) 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20
Slide 41: Big Yellow Portfolio
Wembley, March 2026 Slough Bath Road, February 2026 Queensbury, October 2025 Staines, July 2025 Slough Farnham Road, July 2024 BIG YELLOW PORTFOLIO M L A – 73,000 s q ft M L A – 8 0 , 0 0 0 s q ft M L A – 72,000 s q ft M L A – 7 0 ,0 00 s q ft M L A – 6 5 , 0 0 0 s q ft Kings Cross, June 2023 Harrow
Slide 42: Big Yellow Portfolio
Guildford Central, March 2018 Twickenham 2, April 2016 Nine Elms, April 2016 Cambridge, January 2016 Enfield, April 2015 Chester, February 2015 M L A – 5 5 , 0 0 0 s q ft M L A – 2 2 ,0 0 0 s q ft M L A – 6 4 , 0 0 0 s q ft M L A – 6 0 , 0 0 0 s q ft M L A – 6 3 ,0 0 0 s q ft M L A – 6 8 ,0 0 0 s q
Slide 43: Big Yellow Portfolio
ee eee : (; well : | Tha ts Sheffield Hillsborough, Kennington, May 2008 Merton, March 2008 Fulham, March 2008 Balham, March 2008 Barking, November 2007 October 2008 MLA - 63,000 sq f Os MLA -80,000sq MLA - 61,000 sq MLA - Ealing Southall, November 2007 Sutton, July 2007 Edmonton, October 2006 Brist
Slide 44: Big Yellow Portfolio
Finchley North, March 2003 West Norwood, January 2003 Colchester, December 2002 Bow, November 2002 Brighton, October 2002 Guildford Slyfield, June 2002 M L A – 6 2 ,0 0 0 s q ft M L A – 57,000 s q ft M L A – 57,000 s q ft M L A – 133,000 s q ft M L A – 5 9 ,00 0 s q ft M L A – 5 5 , 0 0 0 s q ft BIG
Slide 45: Armadillo Portfolio
Canterbury MLA — 35,000 sa ft Grimsby MLA — 40,000 sq ft MLA - 50,000 sq ft Stockton Central MIA - 43,000 sqft Tee a eT Daventry MLA ~ 35,000 sqft Liverpool Aintree MLA - 32,000 sqft MLA - 49.000 sq ft Newcastle Peterborough MLA - 56,000 sq ft ‘MLA - 49,000 sq ft Stockton South "Stoke MLA - 41,000 s
Slide 46: Disclaimer
Disclaimer BIG YELLOW GROUP FULL YEAR RESULTS This presentation contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking in nature and are subject to risks and uncertainties. Actual future results may differ materi