Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — YTD Sep 2025 Earnings Presentation
64 slides from Shurgard Self Storage's earnings presentation, Nov 10, 2025
Slide 1: Execution of Shurgard's Winning Strategy
YTD Sep 2025 results EXECUTION OFSHURGARD’SWINNING STRATEGY
Slide 2: Execution of Our Winning Strategy
EXECUTION OF OUR WINNING STRATEGY 1| Prime portfolio in the right 2| Outperforming 3| Unmatched footage growth geographies same store growth with secured pipeline 5| Compelling 2025 outlook 6| Shurgard’s convincing 4| Unique capital foundation and medium- term guidance investment case HOW WE ARE DIF
Slide 3: Prime Portfolio in the Right Geographies
1| PRIME PORTFOLIO IN THE RIGHT GEOGRAPHIES 3
Slide 4: Undersupplied Industry with High Growth Perspective
UNDERSUPPLIED INDUSTRY WITH HIGH GROWTH PERSPECTIVE Self storage sq ft. per capita in Self storage area (sq ft. per capita)2 our 7 markets versus the US 1 Self Storage Capital City sq ft. per capita c. 15x Growth potential 1.8 1.5 1.4 9.4 1.1 1.0 0.6 0.5 0.5 Paris Berlin Brussels Randstad Copenhagen
Slide 5: Operating in Right Cities with Scale
OPERATING IN RIGHT CITIES WITH SCALE Population in major cities in Europe (in mio habitants) 340 stores3 Stockholm Copenhagen 63% Other Other 100% 37% 89 45% 39 London stores 10 stores 55% stores Stockholm Other Randstad 1 24% 76% Other 70 20% stores Copenhagen 45 London stores Amsterdam Berlin Big
Slide 6: Unique Prime Portfolio
UNIQUEPRIME PORTFOLIO… Our well diversified portfolio Our standard building characteristics 2 Rentable size # of units 340 stores across 7 countries c. 5,100 sqm c. 800 units 1.7M sqm of rentable space Average unit size Elevatored Gross Asset Value c. 6 sqm Up to 4 floors (max. 25 sqm) Germany 15% F
Slide 7: Outperforming Same Store Growth
2| OUTPERFORMING SAME STORE GROWTH
Slide 8: Revenue Management
2.1 | REVENUE MANAGEMENT =
Slide 9: Shurgard Is a B2C Need Business
SHURGARD IS A B2C NEED BUSINESS RESIDENTIAL CUSTOMERS What is self storage for our Why do they need self Where are they? residential customers? storage? “My attic or basement in a remote • Life events Close property catchment areas location” • (marriage, birth, death, divorce, • 10min drive: 50% ~80
Slide 10: Our Unique Data Driven Commercial Policy
OUR UNIQUE DATA DRIVEN COMMERCIAL POLICY… RETAIN AND OPTIMIZE CUSTOMER UNIQUE SELLING PROPOSITION ATTRACT PROSPECTS VALUE Price • Existing customer rate • Public pricing (“price you increase (ECRI) see is price you pay”) • Individual • Yield management • Discretionary • Significant discounts Conveni
Slide 11: Our Optimized Digital Platform Provides...
OUR OPTIMIZED DIGITAL PLATFORM PROVIDES… PROSPECTS CUSTOMERS Finding a Space Lease Execution Account Management Daily Property Use Website Comprehensive Digital Property Access1 ~50% Digital Rental Mobile App of move-ins Agreement E-rental penetration (as of December 31) 60% 50% High customer utiliz
Slide 12: Execution of Our Commercial Policy
EXECUTION OF OUR COMMERCIAL POLICY... FOCUS ON RETENTION1 INCREASE CUSTOMER LIFETIME VALUE2 1 ~40% ~60% OF TOTAL OF TOTAL CUSTOMERS CUSTOMERS 5 MONTHS AVERAGE STAY 60 MONTHS AVERAGE STAY 1 1 1 e t rati era e en t sta m nt s 1 Same store (changing pool) 2 All stores …RESULTS IN INCREASING LIFETIME VA
Slide 13: Why Is Same Store Definition the Relevant KPI?
WHY IS SAME STORE DEFINITION THE RELEVANT KPI? cc anc 1 Like for like Same store Mature and stabilized properties 1 ame st res n same st res 1 1 IT’S A TRANSPARENT AND PREDICTABLE VIEW OF THE COMPANY PERFORMANCE 13
Slide 14: Occupancy Is Key: We Target 90%
OCCUPANCY IS KEY: WE TARGET 90% 2024 SAME STORE OCCUPANCY PER MARKET1 SAME STORE OCCUPANCY PER YEAR1 1 1 R 1 Average occupancy CONSISTENTLY ACHIEVED 90% OCCUPANCY ACROSS YEARS AND MARKETS 14
Slide 15: The Outcome of Our Commercial Policy
THE OUTCOME OF OUR COMMERCIAL POLICY - PLACE RENT 1 SAME STORE OCCUPANCY & IN SAME STORE REVENUE GROWTH1 c. 86% 1 1 +33% c. 61% 1 1 1 1 1 1 cc anc n ace rent s m ear Re en e r t 1 Same store (changing pool) HIGH OCCUPANCY, LESS MOVE OUTS, LONGER LENGTH OF STAY& RATE INCREASES DRIVING REVENUE GROWTH
Slide 16: We Consistently Outperform the Economic Cycle
WE CONSISTENTLY OUTPERFORM THE ECONOMIC CYCLE CPI & GDP CPI & GDP HOUSING MARKET EUROPE (incl. UNITED KINGDOM) UNITED KINGDOM UNITED KINGDOM 20% 200% 15% 150% Shurgard revenue % growth House sales % growth 10% 100% 5% 1 1 5% 50% 0% 0% 1 1 - 19% -5% -50% r ard re en e s m rented r ard re en e s m ren
Slide 17: Cost Management
2.2| COST MANAGEMENT
Slide 18: Our Scalable Cost Structure
OUR SCALABLE COST STRUCTURE... 5% COST OF MANAGEMENT Action: Scalability of central costs 5% REAL ESTATE TAXES OPERATING EXPENSES c. 32% of our revenue 7% OTHER 1% UTILITIES Action: Sustainability investments 3% REPAIR & 8% PAYROLL MAINTENANCE 3% MARKETING Action: Store network clusterization Action
Slide 19: Efficiency Gains Through New Operating Model
EFFICIENCY GAINS THROUGH NEW OPERATING MODEL CLUSTERIZATION EFFICIENCY GAINS +70% 1 1 -27% 1 1 1 1 1 1 1 1 1 1 1 st re m er st res 55% OF STORES ALREADY IN CLUSTERS, WITH ALL MARKETS TO BE COMPLETED BY END 2026 19
Slide 20: Other Scalability Levers
OTHER SCALABILITY LEVERS… COST OF MANAGEMENT (5%) MARKETING (3%) UTILITIES (1%) Scalable platform lowering Increased store density allowing LED, solar and BMS 1 cost of management’s us to mitigate Google price to mitigate weight on our revenue increases price pressure as re en e ar etin as re en e t
Slide 21: Net Operating Income
2.3| NET OPERATING INCOME
Slide 22: Revenue and Cost Management
REVENUE AND COST MANAGEMENT… REVENUE AND OPEX NOI MARGIN in s m CAGR: +3.1% 1 1 +10pp 1 1 1 CAGR: +1.2% 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ame st re re en e er s m rented ame st re er s m rented mar in same st res At constant exchange rates Excluding leasehold expense Same store (changing pool) … D
Slide 23: Unmatched Footage Growth with Secured Pipeline
3| UNMATCHED FOOTAGE GROWTH OF OUR PLATFORM WITH SECURED PIPELINE
Slide 24: Our Expansion Transparency
OUR EXPANSION TRANSPARENCY… • Secured pipeline: • 3 years visibility ACTUAL OPENINGS VS PIPELINE GUIDANCE • All projects with minimum CPA signed/ 250,000 planning filing 225,000 • No land banking 200,000 175,000 150,000 125,000 • Hurdle rate 8% - 9% on total cost 1: 100,000 • Organic development: 75
Slide 25: Using Our Unique Combination for Footage Growth
USING OUR UNIQUE COMBINATION FOR FOOTAGE GROWTH… TRACK RECORD 2015 - 2024 • 36 stores from organic developments in 5 countries 3 7 • 106 stores from M&A transactions in 5 countries • 38 stores redeveloped in 6 countries 21 options for growth … ENSURES A WELL DIVERSIFIED EXPANSION AT TARGET HURDLE RA
Slide 26: Our Yield on Cost Track Record
OUR YIELD ON COST TRACK RECORD ORGANIC M&A 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 dea s dea 1 dea dea s 1 dea dea s dea s dea s 1 dea r 1 r r r r r r r r r r 1 r r 1 r r r r r era e ie d rd e rate nti era e ie d rd e rate nti CONSISTENTLY DELIVERING ABOVE GUIDANCE 26
Slide 27: Our Future Growth
OUR FUTURE GROWTH 1 1 1 1 8- 9% hurdle 1 1 rate1 1 1 1 1 1 1 m t ta i e ine as ri r ear 1 Hurdle rate for projects approved as of 2023 A = actual, F = forecast, G = guidance INCREASING THE SIZE OF THE COMPANY BY 50% OVER 6 YEARS BY INVESTING c. €1.9 billion (2024 - 2029) 27
Slide 28: Unique Capital Foundation
4| UNIQUE CAPITAL FOUNDATION
Slide 29: Our Unique Capital Foundation
OUR UNIQUE CAPITAL FOUNDATION… EQUITY DEBT 1 7.4 years 35% €1,570m Weighted average debt debt 3.29% maturity (USPP & rated EUR bond) Weighted average effective 34% interest rate No encumbered assets Free float 31% BBB+ Stable outlook Credit rating by S&P €139.8m €6.7 billion TOP 5 COUNTRIES SHARE IN
Slide 30: Successful and Diverse Capital Market Strategy
SUCCESSFUL AND DIVERSE CAPITAL MARKET STRATEGY PROVIDING FLEXIBILITY IN FINANCING THE CAPITAL STRUCTURE 2018: €575 MILLION 2021: €300 MILLION 2023: €300 MILLION IPO GREEN NOTE CAPITAL RAISE In November 2023, Shurgard launched a share capital increase in Initial public offering of Shurgard on Euronex
Slide 31: Compelling 2025 Outlook and Medium-Term Guidance
5| COMPELLING 2025 OUTLOOK AND MEDIUM-TERM GUIDANCE
Slide 32: Compelling 2025 Outlook and Medium-Term Guidance
COMPELLING 2025 OUTLOOK AND MEDIUM-TERM GUIDANCE… Outlook 2025 Medium- term guidance • All store revenue and NOI growth: c. 11% • All store revenue and NOI growth: c. 8% • Improvement of Underlying EBITDA margin: +0.5pp • Double- digit underlying EBITDA growth p.a., except in 2026 (mid-single)2 • Ad
Slide 33: Shurgard's Convincing Investment Case
6| SHURGARD’SCONVINCING INVESTMENT CASE
Slide 34: Shurgard's Convincing Investment Case
SHURGARD’S CONVINCING INVESTMENT CASE… 1| Prime portfolio in the right geographies VERY ATTRACTIVE 5 - YEAR PERSPECTIVES 1 (2029 vs. 2024) 2| Outperforming same store growth • c. +25% square meters • c. +50% all store revenue 3| Unmatched footage growth of our • c. +55% underlying EBITDA platform wi
Slide 35: YTD September 2025 Results
7| YTD SEPTEMBER 2025 RESULTS
Slide 36: YTD Sep 2025 Results – Underlying EBITDA: +13.7%
YTD SEP 2025 RESULTS – UNDERLYINGEBITDA: +13.7% All store results Three months ended Nine months ended in mi i ns exce t ere indicated September, 30 % var. % var. September, 30 % var. % var. 2025 2024 CER 2025 2024 CER All store - operational performance Number of stores 323 315 2.5% 0.0254 323 315
Slide 37: YTD Sep 2025 Results – Same Store: +3.9% Revenue Growth
YTD SEP 2025 RESULTS – SAME STORE:+3.9% REVENUE GROWTH Same store results Three months ended Nine months ended in mi i ns exce t ere indicated September, 30 % var. % var. September, 30 % var. % var. 2025 2024 CER 2025 2024 CER Same store - operational performance Number of stores 251 251 0.0% 251 25
Slide 38: Operational Performance
Berlin Wilmersdorf, DE OPERATIONAL PERFORMANCE 1 TOTAL COMPANY STORES NUMBERS SAME STORE OCCUPANCY & RATES 1 1 1 1 1 1 1 1 1 1 1 1 11 1 a st res same st res Renta e s m a st res in mi i n s m ame st re ame st re a era e cc anc in ace rent s m ear 1 Owned stores. SAME STORE (83% OF ALL STORES REVENUE
Slide 39: Financial Performance – Net Operating Income All Stores
FINANCIAL PERFORMANCE– NET OPERATING INCOME ALL STORES1 NOI growth: +13.0% NOI margin: 64.6% NOI margin: 65.0% NOI NOI (YTD Sep 2024) (YTD Sep 2025) 1 i res are in mi i n exce t ere indicated, and at c nstant exc an e rate STRONG PORTFOLIO GROWTH DRIVES NOI PERFORMANCEYTD SEPTEMBER 2025 39
Slide 40: Financial Performance – Adjusted EPRA Earnings per Share
FINANCIAL PERFORMANCE– ADJUSTED EPRA EARNINGS PER SHARE1 Underlying EBITDA: +13.7% EPS growth: +2.0% Adjusted EPRA Adjusted EPRA earnings per share earnings per share (YTD Sep 2024) (YTD Sep 2025) 1 i res are in , and at c nstant exc an e rate 2 Other: depreciation & amortization, acquisition costs
Slide 41: Portfolio Expansion
PORTFOLIO EXPANSION # Projects Country Net sqm Project cost Belgium 8 Redevelopments France 24 2025 13 New developments Germany 97,250 €220.9 Netherlands sqm million Projects 3 Acquisitions Sweden UK Belgium 19 France 2026 5 Redevelopments Germany 86,900 €208 .9 14 New developments Netherlands sqm m
Slide 42: 11 Projects Completed in 2025
11PROJECTS COMPLETED IN 2025 Randstad Heerenveen, NL Cologne Lövenich, DE Stuttgart Wangen, DE Randstad Beverwijk, NL 5 new stores opened Opening Opening Opening Opening January 2025 April 2025 April 2025 April 2025 Size Size Size Size 5 600 sqm Project cost 6,200 sqm Project cost €16.2 million 7,00
Slide 43: Successful Integration of 2024 UK Acquisition
SUCCESSFUL INTEGRATION OF 2024 UK ACQUISITION Wellingborough, UK 2% 80 % Rate increases at CAGR to stabilization 28 in 2029-2030 all store average occupancy rate stores rebranded Peterborough, UK and on track to 90% adjusted occupancy by to our standards ec ’ €4 to €5 50% million estimated synergies
Slide 44: Strong Financial Foundation
STRONG FINANCIAL FOUNDATION LOW LEVERAGE (LTV) DIVERSE FINANCING MIX1 STRONG CREDIT RATING 23.3% 23.0% HEALTHY 13.0% BBB+ BALANCE S&P Credit rating SHEET Stable outlook FY 2023 FY 2024 YTD 2025 DEBT KPI’S NET DEBT/UNDERLYING EBITDA AVAILABLE LIQUIDITY 6.2x 5.9x Avg. cost of debt Cash available SOLID
Slide 45: 2025 Outlook: Guidance Confirmed
2025 OUTLOOK: GUIDANCE CONFIRMED Outlook 2025 (at CER 1) All store revenue and NOI growth: c. 11% Improvement of Underlying EBITDA margin: +0.5pp Adj. EPRA Earnings effective tax rate: c. 18.5% Net interest expenses: c. €50 million Sqm of network expansion: c. 90,000 sqm, €200 million Dividend: €1.1
Slide 46: Delivering Strong, Predictable Growth
DELIVERING STRONG, PREDICTABLE GROWTH… All stores Same store 2025- 27 secured pipeline +8 stores +3.9% revenue growth +14.2% rentable sqm (vs. 2024) +13.6% revenue growth +4.0% rate increases c. 230,100 sqm or +2.5% rate increases +0.7pp NOI margin improvement c. €547.6M total project cost UK acquis
Slide 47: Appendices
APPENDICES
Slide 48: Store Portfolio Segmentation
STORE PORTFOLIO SEGMENTATION STORE PORTFOLIO SEGMENTATION # OF STORES ✓ Stores developed by Shurgard in operation for 2020 2021 2022 2023 2024 YTD 2025 more than three full years as of January, 1st Same-stores ✓ Stores acquired by Shurgard in operation for more than one full yearas of January, 1st 2
Slide 49: Same Store Property Operating Revenue per Market
SAME STORE PROPERTY OPERATING REVENUE PER MARKET In € millions QTD Sep YTD Sep (at actual exchange rate) 2025 2024 % var. % var.CER 2025 2024 % var. % var.CER UK 18.4 18.9 -2.6% -0.1% 55.8 54.7 2.0% 1.9% The Netherlands 20.1 19.6 2.7% 2.7% 59.7 56.6 5.6% 5.6% France 21.9 21.5 1.9% 1.9% 64.9 62.7 3.6
Slide 50: Same Store Average Occupancy by Country
SAME STORE AVERAGE OCCUPANCY BY COUNTRY QTD Sep YTD Sep 2025 2024 Diff. 2025 2024 Diff. UK 87.6% 88.6% -1.0pp 87.1% 87.1% 0.0pp The Netherlands 90.3% 91.6% -1.3pp 90.2% 91.1% -0.9pp France 88.7% 89.4% -0.7pp 88.0% 88.6% -0.5pp Germany 87.0% 87.6% -0.7pp 87.0% 88.1% -1.1pp Sweden 91.0% 90.8% 0.2pp 90
Slide 51: Same Store Property Average In-Place Rent by Country
SAME STORE PROPERTY AVERAGE IN- PLACE RENT BY COUNTRY In € per sqm / year QTD Sep YTD Sep 2025 2024 % var. % var. CER 2025 2024 % var. % var. CER UK 386.0 390.6 -1.2% 1.4% 393.5 384.4 2.4% 2.3% The Netherlands 263.0 253.7 3.7% 3.7% 261.0 245.8 6.2% 6.2% France 282.0 275.1 2.5% 2.5% 280.3 269.7 4.0%
Slide 52: All Store Revenue Growth: 2019 to 2025 Actuals
ALL STORE REVENUE GROWTH: 2019 TO 2025 ACTUALS t re : arter r t t re 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 t re 1 1 1 11 1 1 11 1 1 1 1 1 1 1 t re 11 1 1 1 Revenue excluding other income, at year-on-year constant exchange rates 52
Slide 53: Same Store Revenue Growth: 2019 to 2025 Actuals
SAME STORE REVENUE GROWTH: 2019 TO2025 ACTUALS ame t re ame t re : arter r t 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ame t re 1 1 1 1 1 ame t re 1 Revenue excluding other income, changing same store definition, at year-on-year constant exchange rates 53
Slide 54: Quarterly Occupancy and In-Place Rent Growth
QUARTERLY OCCUPANCY AND IN PLACE-RENT GROWTH Variances calculated on data at constant exchange rate Changing same store pool 1 1 1 1 1 1 1 1 1 1 1 1 1 ar s m rented ar era e n ace rent ar Re en e cc anc 54
Slide 55: NTA, LTV, Net Debt/EBITDA, ICR Evolution Since IPO
NTA, LTV, NET DEBT/ EBITDA, ICR EVOLUTION SINCE IPO (OCT 2018) At actual exchange rate n mi i ns 1 1 1 1 1 1 +139% versus 2018 (CAGR 13%) +9.1pp versus 2018 1 1 1 1 1 1 +3.4x versus 2018 - 2.0x versus 2018 1 Underlying EBITDA TTM 55
Slide 56: Property Valuation
PROPERTY VALUATION1 in ‘ , , ,1 , , , 1 , , , ,1 , , , ,1 , 1 , , , 1 , , 1, ec n ec n ec n ec n ec n ec n ec n 1 1 1 1 1 1 Cushman & Wakefield valuation, excluding IPUC 56
Slide 57: Attractive & Resilient Business Model
ATTRACTIVE & RESILIENT BUSINESS MODEL Low break- even occupancy and high margins Economics of a typical Shurgard store Track record of strong and resilient cash flow ‘ generation 1,200 Revenue 1. Resilient revenue 900 - Granular and diversified customer base: ~700 customers per store1 600 Profit - C
Slide 58: Key Patterns: Same Across Countries
KEY PATTERNS: SAME ACROSS COUNTRIES What is self storage Why do they need self storage? Where are they? for our customers? “My attic or basement in a remote location” • Life events (birth, death, divorce, mobility) Close property catchment areas • Short distance catchment combined with • 10min drive
Slide 59: We Consistently Outperform the Economic Cycle
WE CONSISTENTLY OUTPERFORM THE ECONOMIC CYCLE CPI & GDP CPI & GDP EUROPE (incl. GERMANY) GERMANY 70% 70% 67% 60% 60% 50% 50% 41% 40% 40% 31% 31% 30% 30% 20% 16% 20% 9% 10% 10% 0% 0% -10% -10% -20% -20% Shurgard revenue / sqm rented CPI GDP Shurgard revenue / sqm rented CPI GDP 59
Slide 60: Top Operators in Europe
TOP 18 OPERATORS IN EUROPE Size (in thousands sqm) 2,000 L 1,800 1,600 1,400 2X 1,200 L 1,000 L 800 600 400 200 0 All companies are at group level including pipeline Based on Shurgard estimates L = listed company 60
Slide 61: Market Consolidation: Our Targeted Approach
MARKET CONSOLIDATION: OUR TARGETED APPROACH LEVER 1 LEVER 2 LEVER 3 Note: All data presented are 2015 – Present Unique & Disciplined 2023 2024 …tar etin a ra mented mar et it m ti e rt nities M&A Strategy… achievements achievements FOCUS AREA “ ” 106 ACQUIRED STORES Large & 5 STORES 42 STORES Small
Slide 62: Sustainability at the Core of Our Buildings Lifecycle
SUSTAINABILITY AT THE CORE OF OUR BUILDINGS LIFECYCLE Other Investments ISO 14001 aligned EMS, Building Management Systems (BMS): sensors, c m ters, … Customer safety Lobbies protection Access control Improved CCTV Access via App Reduce electricity and gas consumption LED lighting Heating optimizati
Slide 63: Footnotes
FOOTNOTES 1 Closing rentable sqm is calculated as the sum of available sqm (in thousands) for customer storage use at our stores, as of the reporting date. 2 Average rented sqm is calculated as the sum of sqm (in thousands) rented by customers, for the reporting period. 3 Average occupancy rate is p
Slide 64: Legal Disclaimer
LEGAL DISCLAIMER All statements in this presentation, other than statements of historical facts, are forward-looking statements. These statements are based on the current expectations and views of future events and developments of the management of Shurgard and are naturally subject to uncertainty a
Shurgard Self Storage — YTD Sep 2025 Earnings Presentation on 6ix