Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — Investor Presentation (August 2026)
49 slides from Shurgard Self Storage's investor presentation, August 2026
Slide 1: Company presentation
Company presentation August 2026 Barking, UK THE EUROPEAN LEADER IN SELF STORAGE
Slide 2: Our purpose-driven strategy
OUR PURPOSE- DRIVEN STRATEGY Shurgard provides a storage space that satisfies households’ and businesses’ needs, for every move in life, while creating lasting value for shareholders. Our Purpose How we Where click & tick we play How we How we organize impress Where we excel The execution of our str
Slide 3: Where we play: our playing field
1| WHERE WE PLAY OUR PLAYING FIELD Our • Self-storage pure play Purpose • Pan-European presence in highly urban areas • Residential (like) customer focus Where How we • Omnichannel platform we play click & tick How we How we organize impress Where we excel
Slide 4: Creating sustainable space for life's transitions
CREATING SUSTAINABLE SPACE FOR LIFE’S TRANSITIONS RESIDENTIAL CUSTOMERS What is self- storage for our Why do they need self- storage Who are they? residential customers? and what do they rent? “My attic or basement in a remote • Life events Living close property catchment areas location” • (marriage
Slide 5: Undersupplied industry with high long-term growth perspective
UNDERSUPPLIED INDUSTRY WITH HIGH LONG-TERM GROWTH PERSPECTIVE Self Storage Capital City sq, ft. per capita1 Urbanization & Modern lifestyles • Rising urbanization and smaller living space 1.8 • Permanent need for storage solutions Growth potential 1.6 • Self storage per capita c. 15x lower than the
Slide 6: Shurgard revenue vs. the economic cycles
SHURGARD REVENUE VS. THE ECONOMIC CYCLES 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% 50% 0% 0% -5% -50% Shurgard revenue % growth House sales % growth We are showing except
Slide 7: Undisputed leader in European self-storage
UNDISPUTED LEADER IN EUROPEAN SELF- STORAGE London Stockholm 64% Other Copenhagen 59% Other 335 76 stores 36% 100% 41 stores 41% Stores 1 10 stores 7 Randstad2 76% Other 24% Countries Other 71 19% stores 47 stores 1.7M Big Seven3 Sqm of rentable space 81% Paris Other 30% 70% 69 stores €7.3B Greater
Slide 8: A unique prime portfolio
A UNIQUE PRIME PORTFOLIO Typical store characteristics 1 Rentable size # of units c. 5,200 sqm c. 800 units Average unit size Elevatored c. 6 sqm c. 4 floors (max. 25 sqm) Freehold2 (% of Purpose built sqm) 65% 92% In capital and Average years of major cities operations 95% 15 years 1 Excluding thir
Slide 9: Omnichannel platform: meeting customers where they are
OMNICHANNEL PLATFORM: MEETING CUSTOMERS WHERE THEY ARE Digital discovery Support (hybrid) c. 90% of interactions start digital; Call center c. 70% enquiries via smartphone On-site staff / walk ins Omnichannel 53% e-rental contracts 100% properties with (“from need to solution” in c. 6 minutes) perso
Slide 10: Conversion and value proposition
CONVERSION AND VALUE PROPOSITION PROSPECTS – how customers find us CUSTOMERS– conversion and value proposition Search Book Account Management Daily Property Use Comprehensive Digital Property Access1 Website Mobile App Industry- leading Fully digital process platform ✓ Book a unit in c. 6 minutes ✓
Slide 11: How we impress
2| HOW WE IMPRESS Our Purpose How we Where click & tick we play How we How we organize impress Where we OUR VALUE PROPOSITION excel • Convenience • Security • Pricing
Slide 12: Our unique selling proposition
OUR UNIQUE SELLING PROPOSITION RETAIN AND OPTIMIZE CUSTOMER UNIQUE SELLING PROPOSITION ATTRACT PROSPECTS VALUE Price • Public pricing (“price you • Existing customer rate increase (ECRI) see is price you pay”) • Individual • Yield management • Discretionary • Significant discounts • Churn management
Slide 13: Occupancy is key: we target 90%
OCCUPANCY IS KEY: WE TARGET 90% 2025 SAME STORE OCCUPANCY PER MARKET SAME STORE OCCUPANCY PER YEAR 100% 100% 95% 95% 90% 90% 85% 85% 80% 80% 75% 75% 70% 70% 65% 65% 60% 60% 55% 55% 50% 50% UK NL FR DE SE BE DK 2019 2020 2021 2022 2023 2024 2025 UK NL FR GE SE BE DK Consistently achieved 90% occupanc
Slide 14: Our commercial policy
OUR COMMERCIAL POLICY FOCUS ON RETENTION INCREASE CUSTOMER LIFETIME VALUE 7.0% 43 42 42 42 42 41 6.5% 6.3% 6.0% 6.1% 40 41 40 c. 40% c. 60% OF TOTAL 5.7% 5.6% OF TOTAL 5.6% 5.6% 5.6% 39 CUSTOMERS CUSTOMERS 5.5% 5.5% 38 38 5 MONTHS 60 MONTHS 37 AVERAGE STAY 37 5.0% AVERAGE STAY 36 36 4.5% 35 2018 201
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% 100% 300 95% +36% 8.6% 280 90% 7.0% 85% 260 5.7% 80% 4.8% 75% 240 3.2% c. 61% 3.2% 70% 2.2% 220 1.2% 65% 60% 200 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024
Slide 16: Where we excel
3| WHERE WE EXCEL Our Purpose How we Where click & tick we play How we How we organize impress Where we excel OUR COMPETENCES • Digitalized platform • Data and technology driven • Innovative
Slide 17: The platform
THE PLATFORM The growing physical The standard plug & The digital portfolio & brand play operating model platform o The right assets & locations o Same customer behavior o State-of-the art app & website o High-visibility buildings o Standardized processes in every country and o Fully digital move in
Slide 18: Scalable cost structure
SCALABLE COST STRUCTURE 5% COST OF MANAGEMENT 7% PAYROLL Action: Scalability of central costs Action: Store network clusterization OPERATING EXPENSES 7% OTHER c. 32% of our revenue 5% REAL ESTATE TAXES Action: DCM management, global contracts (IS, insurance,..) 1% UTILITIES 3% MARKETING Action: Sust
Slide 19: Technology led platform allowing cluster model
TECHNOLOGY LED PLATFORM ALLOWING CLUSTER MODEL CLUSTERIZATION EFFICIENCY GAINS 2.8 350 +78% 2.6 2.4 300 2.2 2.0 250 1.8 1.6 -27% 200 1.4 1.2 1.0 150 FTE (ASM + SM) / store Number of stores Our digital and centralized platform and density of stores allow us to do more with less. 19
Slide 20: Digitizing our platform: the digital edge
DIGITIZING OUR PLATFORM: THE DIGITAL EDGE Data analytics • Customer behaviour • Competition • Catchment areas Data gathering • Sales transactions Proprietary Pricing management • Real time occupancy data- platform and • Competition price scrapping • Dynamic board rates for prospects pricing algorith
Slide 21: Unique expansion engine delivering track record and future growth
UNIQUE EXPANSION ENGINE DELIVERING TRACK RECORDS AND FUTURE GROWTH TRACK TRACKRECORD RECORD2015 2015- - 2025 2025 eve anic d lopmen g Or t •➢ 48 stores from organic developments in 5 from organic developments countries in 5 countries 3 7 Redev •➢ 110stores from M&A &A elo m M transactions in 5 count
Slide 22: Transparent and clear path for portfolio expansion
TRANSPARENT AND CLEAR PATH FOR PORTFOLIO EXPANSION ACTUAL OPENINGS VS PIPELINE GUIDANCE 225,000 200,000 175,000 150,000 Net sqm 125,000 100,000 Secured pipeline - transparency 75,000 • 3 years visibility 50,000 • All projects disclosed have CPA1 signed/planning 25,000 filing 0 • No land banking 2019
Slide 23: Our ability to generate yield on organic and M&A
OUR ABILITY TO GENERATE YIELD BOTH ON ORGANIC AND M&A ORGANIC M&A Delivering on our promises with a strong and transparent track record. 23
Slide 24: How we organize
4| HOW WE ORGANIZE Our Purpose How we Where click & tick we play How we How we impress organize Where we excel OUR STRUCTURE • Strong governance • Integrated, process driven platform • Financial strength
Slide 25: Diverse and independent governance and ESG leadership
DIVERSE AND INDEPENDENT GOVERNANCE AND ESG LEADERSHIP FACT SHEET BOARD Registered Offices Guernsey Independence Diversity Central management and control UK UK, Shurgard Ltd with UK operations qualified as a UK 67% 44% Tax residence REIT Listing Euronext (Brussels) Independent members of the Board Fe
Slide 26: Centralized, lean and process-driven platform
CENTRALIZED, LEAN AND PROCESS- DRIVEN PLATFORM European Service Centers (Belgium) • Shared service center grouping support functions (Finance, legal, IT, etc.) and servicing all 7 countries • Lean and scalable organization • Standardized and integrated processes around our data-platform • Centralize
Slide 27: The platform as integration machine
THE PLATFORM AS INTEGRATION MACHINE The 2024 UK portfolio acquisition case study Day 1 Day 2 Week 1 CRM and website Omni channel sales Pricing models in place in place, including aligned e-rental We acquire assets and immediately plug them into our omnichannel engine 27 to boost results and achieve
Slide 28: Unique capital foundation
UNIQUE CAPITAL FOUNDATION 35% Public Storage • Shareholder since 2006 • Largest owner and operator of self-storage facilities in the world 34% • Sharing sector know-how and best practices • Public rating “A” • 1 representative in Shurgard’s Board of Directors Free float 31% New York State Common ret
Slide 29: Financing structure & liquidity
FINANCING STRUCTURE & LIQUIDITY STRONG CREDIT RATING NET DEBT/UNDERLYING EBITDA LOW LEVERAGE (LTV) 6.5x 23.7% 23.3% 23.2% 6.2x 6.2x BBB+ S&P Credit rating Stable outlook FY 2024 FY 2025 H1 2026 FY 2024 FY 2025 H1 2026 DEBT KPIs AVAILABLE LIQUIDITY €1,645 3.33% 6.9 years €70 million €795 million 100%
Slide 30: Balance sheet & portfolio value
BALANCE SHEET & PORTFOLIO VALUE At actual exchange rate June December (in € thousands) 2026 2025 Investment property 7,267,815 7,123,455 (in € millions, excluding investment properties under construction) Intangible assets 11,140 7,822 Other assets (1) 45,044 36,905 Trade and other receivables 28,54
Slide 31: How we click & tick
5| HOW WE CLICK & TICK OUR CULTURE • Result driven management and Our compensation Purpose • Flat hierarchy • Entrepreneurial spirit How we Where click & tick we play How we How we organize impress Where we excel
Slide 32: Result driven management and compensation
RESULT DRIVEN MANAGEMENT AND COMPENSATION Marc Oursin Isabel Neumann Thomas Oversberg Ammar Kharouf Carlo Swaab CEO (since 2012) CIO & COO(since 2025) CFO (since 2025) General Counsel, VP HR VP Operations (since 2026) • More than 15 years of (since 2014) • More than 30 years • 20 years of experience
Slide 33: The four pillars of people engagement
THE FOUR PILLARS OF PEOPLE ENGAGEMENT HAPPINESS TRAINING Feeling valued Shurgard Academy 1 2 TEAM SPIRIT PERSPECTIVE Collaboration Career growth 3 4 We foster entrepreneurial spirit through our four engagement pillars. 33
Slide 34: Strategy translating into numbers
6| STRATEGY TRANSLATING INTO NUMBERS
Slide 35: Unique revenue and cost management
UNIQUE REVENUE AND COST MANAGEMENT REVENUE AND OPEX NOI MARGIN in €/sqm CAGR: +3.2% 70% 370 340 68% +10pp 310 331 322 307 66% 280 288 250 266 64% 248 249 253 220 241 244 235 236 CAGR: 62% 190 +1.5% 160 60% 130 105 99 103 58% 90 91 89 88 90 89 90 94 100 87 56% 70 2014 2015 2016 2017 2018 2019 2020 20
Slide 36: Why Shurgard
7| WHY SHURGARD
Slide 37: The three pillars of our competitive advantage
THE THREE PILLARS OF OUR COMPETITIVE ADVANTAGE Proven and resilient High- growth Solid Business model Scalable platform Balance sheet o Continued demand o c. 200K sqm 2026-2028 expansion o BBB+ investment grade o Best-in-class yield management o Prime portfolio o Low leverage (24% LTV) o High occupa
Slide 38: H1 2026 results
8| H1 2026 RESULTS
Slide 39: Shurgard in short – H1 2026
SHURGARD IN SHORT – H1 2026 PORTFOLIO1 335 7 1.7 million €7.3 billion Stores Countries Sqm of rentable Portfolio value space (incl. RoU & IPUC) PERFORMANCE2 +3.3% +0.5% - 0.6% - 3.4% Property Income from Und. EBITDA Adjusted EPRA operating property (NOI) growth earnings revenue BALANCE SHEET €53.6 6
Slide 40: H1 2026 results – all store
H1 2026 RESULTS – ALL STORE All store results Three months ended Six months ended (in € millions except where indicated) June, 30 % var. % var. June, 30 % var. % var. 2026 2025 CER 2026 2025 CER Number of stores 335 321 4.4% 0.04361 335 321 4.4% Same stores 275 275 275 275 Non-same stores 60 46 60 4
Slide 41: Revenue bridge all stores
REVENUE BRIDGE ALL STORES All stores revenue growth: +3.3% 4.7 229.6 Same store H1 2026 total: 2.7 0.8 1.9 222.2 Revenue Revenue increase Revenue increase Revenue increase Revenue All Stores from stores already in from stores entering from the 2026 NSS pool All Stores H1 2025 the 2025 SS pool the 20
Slide 42: Net operating income bridge all stores
NET OPERATING INCOME BRIDGE ALL STORES All stores NOI growth: +0.5% Same store H1 2026 total: - 0.1 0.8 140.2 139.5 0.5 - 0.6 NOI NOI increase NOI increase NOI increase NOI All stores from stores already in from stores entering from the 2026 NSS pool All stores H1 2025 the 2025 SS pool the 2026 SS p
Slide 43: NOI breakdown all stores
NOI BREAKDOWN ALL STORES All stores NOI (€ millions) % of contribution to all stores NOI growth by segment 111 1 16 26 1 65 3 5 35 -11 All Store Same stores on-same stores At actual exchange rate At actual exchange rate Changing store segment definition The non- same store segment is a significant N
Slide 44: Adjusted EPRA earnings per share bridge
ADJUSTED EPRA EARNINGS PER SHARE 1 BRIDGE Adj. EPRA EPS: - 5.7% Underlying EBITDA: - 0.6% Underlying EBITDA: - 0.6% 0.82 0.01 - 0.01 0.01 0.00 0.77 - 0.03 - 0.02 Underlying EBITDA margin: - 2.1pp Adjusted EPRA NOI G&A Interest expense, net² Corporate income Other3 Issued shares Adjusted EPRA earning
Slide 45: Outlook 2026
OUTLOOK 2026 Outlook 2026 (CER) Metric Low outcome High outcome Previous guidance (Low/High) Operational performance All stores Revenue growth % 3.5% 4.5% 6.0% / 8.0% Underlying EBITDA € million 263.0 268.0 278.0 / 289.0 Net interest expenses € million 55.0 56.0 57.5 / 59.5 Income taxes on Adj. EPRA
Slide 46: Four execution levers to support EPS growth
FOUR EXECUTION LEVERS TO SUPPORT EPS GROWTH 01 CAPITAL 02 03 REVENUE 04 OPERATING FINANCING DISCIPLINE ACCELERATION EFFICIENCY End scrip dividend option as of Flexible €5 0m term loan More aggressive pricing across UK (as of July’26) and France Jan 1st, 2026 facility at EURIBOR + 85 bps, non-same st
Slide 47: Progress report on the 2024 UK portfolio acquisition
PROGRESS REPORT ON THE 2024 UK PORTFOLIO ACQUISITION Occupancy growth Revenue growth Significant uplift in sqm rented While increasing occupancy, our move- in Q2’26 (+ ,300sqm) in rate continues to grow as well MOVE IN RATE 80 - 85% (per sqm/year) 222€ Dec-26 June’26 YTD 81% (target) +6.9% Jun-26 67
Slide 48: 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 49: 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
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