Safestore Holdings Plc · LSE:SAFE
Safestore — H1 2026 Earnings Presentation
34 slides from Safestore's earnings presentation, Jun 11, 2026
Slide 1: FY 2026 Half Year Results
FY 2026 Half Year Results 11 June 2026
Slide 2: Agenda
Agenda Introduction & highlights Frederic Vecchioli CEO Half Year 2026 Financial Review Simon Clinton CFO Business Update Frederic Vecchioli CEO Q&A 2
Slide 3: Achievements in H1 2026
Achievements in H1 2026 Growth in revenue and store EBITDAR across the LFL estate Non-LFL stores and pipeline on track to deliver £30-35m additional EBITDA Development deliveries on track +1.0m sq ft store pipeline secured Investment in technology to drive REVPAF and margins Confidence in our future
Slide 4: Strong Record of Value Creation
Strong Record of Value Creation Group Revenue (£m) Group Underlying EBITDAR (£m) 140.0 +123% +8.3% CAGR 80.0 +126% 120.0 70.0 +8.5% CAGR 100.0 60.0 80.0 50.0 60.0 120.6 40.0 110.1 109.2 112.8 69.7 67.1 67.9 101.0 65.2 65.5 88.1 30.0 54.4 40.0 73.1 79.3 62.6 69.2 41.4 45.9 54.1 20.0 34.9 39.1 20.0 30
Slide 5: Financial Review
Financial Review Simon Clinton, CFO
Slide 6: Underlying income statement
Underlying income statement Revenue & EBITDA growth; PBT impacted by higher interest costs HY 2026 HY 2025 Change • Total revenue growth: +6.9%, with growth in each £'m £'m % market. Supported by currency rates: +5.6% at CER Revenue 120.6 112.8 6.9% Underlying cost of sales (41.7) (38.1) 9.4% • Unde
Slide 7: H1 2026 revenue growth by store maturity
H1 2026 revenue growth by store maturity Contribution from all maturities of stores and regions Growth in all markets (+5.6% at CER) • UK mature LFL growth largest driver of growth (+2.4ppts) • Expansion Markets key contributor (+2.3ppts) to growth across all maturities • New stores in Paris contrib
Slide 8: Group LFL revenue
Group LFL revenue Occupancy and rate improvements in all markets HY 2026 Expansion HY 2026 HY 2025 LFL Group revenue +3.5% UK Paris GBP at CER) Markets Group Group LFL growth across the regions Percentage of Group LFL MLA 68% 17% 15% 100% • UK – rate supported by unit mix and asset management activi
Slide 9: Revenue and Store EBITDAR by region
Revenue and Store EBITDAR by region Cost control and operational gearing HY 2026 HY 2025 Group sales driven by improving LFL growth across the regions Underlying UK Paris Exp Total Growth UK Paris Exp Total performance (CER) Mkts (CER) vs HY Mkts (CER) 2025 Revenue from new & recently opened £’m €’m
Slide 10: Group costs
Group costs Impacted by inflation and new store development HY 2026 HY 2025 Change Underlying cost of sales well controlled given £’m £’m % inflationary pressures Cost of sales Volume related costs including bad debt (3.0) (2.4) 25.0% • Ongoing inflationary increases in business rates and Store empl
Slide 11: Operating cashflow
Operating cashflow Continued strong operating cash generation HY 2026 HY 2025 Change Operating cashflow from our portfolio £’m £’m % continues to be strong • Cash flow before investing and financing Underlying EBITDAR 67.9 65.5 3.7% activities grew 16.9% to £42.2m Working capital/exceptionals/other
Slide 12: Debt profile
Debt profile Maturities staggered across next 8 years to FY 2033 Net Debt of £1,100.8m £m • Net debt increased £42.2m (FY 2025: £1,058.6m) 600.0 RCF: 4.27% • Fixed rate debt £609m (61% of drawn debt) with average rate of 2.48% 500.0 • Floating rate debt £395m (39% of drawn debt) at with average rate
Slide 13: Significant asset base
Significant asset base Stable investment property values Property valuation movements Stable property portfolio value • LFL portfolio stable; with increased valuations in stabilising stores. • Investment Property value at £3,391.4m, up £22.7m • £47.7m of additions including developments • Values fla
Slide 14: Recent investment in MLA growth to drive long-term earnings
Recent investment in MLA growth to drive long-term earnings New store development capex and openings peaked Organic store development stepped up in FY 2023 • FY 2023-25 delivered 30 new stores / 1.4m sq ft of new space, expanding Group MLA by 19% with £222m capex Pipeline 1.0m sq ft • H1 2026: 4 sto
Slide 15: Strong value creation from new store developments
Strong value creation from new store developments Track record of achieving 10% yield on cost Projected incremental growth Yield on cost % (store EBITDA) 25.0% from non LFL and pipeline 20.0% 15.0% 10.0% 5.0% 0.0% Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 -5.0% -10.0% Number of years store is open 2016 2017 201
Slide 16: FY 2026 Outlook
FY 2026 Outlook Item Guidance Cost of Sales Underlying like-for-like Cost of Sales increase towards lower end of 3-6% range • Inflationary pressures in UK business rates and National Living Wage • Partially offset by efficiencies including store employee management and procurement Finance Costs Proj
Slide 17: Business Update
BUSINESS UPDATE Frederic Vecchioli
Slide 18: Our store portfolio continues to grow in major European cities
Our store portfolio continues to grow in major European cities Benefiting from our scale and operational know-how Safestore in the UK – market leader and strong pipeline H1 26 % • Leader by number of owned stores; more sites in London area than any other Store Portfolio Number of MLA % of increase i
Slide 19: UK - resilient demand and active asset management
UK - resilient demand and active asset management Driving rate and occupancy improvement Market dynamics remain attractive for growth • Rising awareness is driving the highest enquiry volume per store across UK Average Rate Group 34 • Portfolio growth to continue: stability in demand across regions
Slide 20: Paris - profitable growth and network expansion
Paris - profitable growth and network expansion Store footprint continues to grow Paris Average Rate Trading dynamics 46 • Robust demand with total enquiries from Paris area +1% 45 44 • Enquiries from Paris area shared with 12.5% more stores 43 €/sqft • LFL REVPAF + 0.9% - impacted by additional CLA
Slide 21: Expansion Markets – Spain, Netherlands, Belgium
Expansion Markets – Spain, Netherlands, Belgium High revenue growth, expanding margins and growing footprint Revenue momentum supported by strong demand Expansion Markets % of Group Revenue • Total revenue +25.7% (€15.4m); LFL sales +16.8% (€13.7m) 12.0% • Occupancy and rate improvements in all terr
Slide 22: New store pipeline of 1.0m sq ft
New store pipeline of 1.0m sq ft Steady, capital efficient opening programme 1.0m sq ft development pipeline = 10% uplift to HY 2026 MLA 1.0m MLA pipeline split by geography • 225k sq ft in H2 2026: 100% of land already acquired Barcelona, 7% • 325k sq ft in FY27: 84% of land already acquired • 409k
Slide 23: The Safestore opportunity
The Safestore opportunity Stabilising LFL stores (2-5 years old) • LFL revenue growth with rising occupancy and focus on maximising REVPAF • High drop through to EBITDA, leveraging fixed cost base Growth from non-LFL stores and pipeline • Non-LFL - stores open less than 2 years, maturing well and gr
Slide 24: FY 2026 outlook
FY 2026 outlook Cautiously optimistic and a return to EPS growth • Q3 LFL trading to date solid • Further benefit from partitioning programme and stabilising LFL stores • Cost headwinds easing, supported by savings initiatives • Non-LFL contribution to grow; new store P&L drag diminishing • Potentia
Slide 25: Appendices
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Slide 26: H1 2026: a steady performance
H1 2026: a steady performance Robust financial performance Further operational progress Total revenue LFL revenue LFL closing occupancy 1 Group LFL REVPAF £120.6m £117.3m 77.0% £29.08 +5.6% (CER) +3.5% (CER) +0.4 ppt +5.1% (CER) Underlying EBITDAR Adjusted Diluted EPRA EPS LFL Store EBITDAR margin L
Slide 27: New openings and Pipeline
New openings and Pipeline Total Pipeline MLA (let Sq Ft million) Total Outstanding Capex (£’m) c. 1.0m £103m FY 2026 opened since year end FH/LH MLA Development type FY 2027 Openings FH/LH MLA Type Status* London - Wembley FH 55.3 New Build Nottingham - Abbeyfield Road FH 55.0 Conversion C, PG Paris
Slide 28: Portfolio by store maturity
Portfolio by store maturity HY 2026 HY 2025 Non-LFL LFL Total Non-LFL LFL Total Stabilising Mature Total LFL Stabilising Mature Total LFL Number of stores 17 26 172 198 215 11 26 172 198 209 MLA (m sq ft) 0.85 1.11 7.50 8.61 9.47 0.52 1.11 7.50 8.61 9.14 % of Portfolio MLA 9% 12% 79% 91% 100% 6% 12%
Slide 29: Portfolio by Leasehold / Freehold
Portfolio by Leasehold / Freehold HY 2026 HY 2025 Freehold Leasehold Total Freehold Leasehold Total Total Portfolio Total Portfolio Number of stores 163 52 215 Number of stores 157 52 209 MLA (m sq ft) 7.50 1.97 9.47 MLA (m sq ft) 7.17 1.97 9.14 CLA (m sq ft) 6.83 1.89 8.72 CLA (m sq ft) 6.65 1.93 8
Slide 30: Flexible Investment Model
UNIQUE PROPERTY PORTFOLIO Flexible Investment Model 84% of group asset value is Freehold Average Unexpired Lease Term (Years) 16.0 UK Lease stability 14.0 • Average Unexpired Lease Term of 13.4 years • UK leases 8.7% of Group assets value 12.0 • All leases in England within renewal protection rights
Slide 31: JVs - Italy and Germany
JVs - Italy and Germany Performing in line, with strong opportunities for long-term expansion EasyBox Joint Venture in Italy • 50/50 JV established with Nuveen in December 2024; invested £38.9m FY 2025 • JV enables lower initial capital outlay but similar level of return as organic store investment
Slide 32: Domestic / Business customer mix
Domestic / Business customer mix FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 HY 2026 Domestic Customers Numbers (% of total) 75% 77% 78% 79% 80% 79% 79% 79% 80% 80% 80% Square feet occupied (% of total) 56% 57% 58% 60% 61% 61% 61% 61% 63% 65% 65% Square feet occupied (m) 2.
Slide 33: Strong & flexible capital structure
Strong & flexible capital structure Apr-26 Oct-25 Variance Property Valuation (£'m)* 3,391.4 3,368.7 0.7% UK (£'m) 2,301.5 2,270.8 1.4% Paris (€'m) 831.0 826.0 0.6% Expansion Markets (€'m) 429.5 422.9 1.6% Net Debt (£'m) 1,100.8 1,058.6 3.8% Net Debt excluding leases (£'m) 985.4 947.2 3.9% Net Debt
Slide 34: How Safestore wins
How Safestore wins Our differentiators The self-storage INDUSTRY Safestore’s PORTFOLIO is Safestore’s pan-European has excellent long-term hard to replicate and provides PLATFORM drives revenue growth characteristics diverse, multi-year growth maximisation and scale opportunities advantages Safestor