Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — Investor Presentation (March 2026)
51 slides from Shurgard Self Storage's investor presentation, March 2026
Slide 1: The European Leader in Self Storage
Company presentation March 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 stra
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 Urbanization & Modern lifestyles Self Storage Capital City sq, ft. per capita1 • Rising urbanization and smaller living space • Permanent need for storage solutions Growth potential 1.8 • Self storage per capita 15x lower than the US 1.5
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 60% 70% 65% 20% 200% 50% 46% 60% 50% 15% 150% Shurgard revenue % growth 40% House sales % growth 34% 38% 40% 30% 10% 100% 30% 18% 20% 20% 15% 10% 5% 50% 10% 0% 0% 0
Slide 7: Undisputed Leader in European Self-Storage
UNDISPUTED LEADER IN EUROPEAN SELF-STORAGE London Stockholm 332 65% Other 59% Other 75 35% Copenhagen 41% stores 100% 41 10 stores Stores stores 7 Randstad 1 Other 24% Countries 76% Other 71 20% stores 46 1.7M Big Seven 2 stores Sqm of rentable space 80% Other Paris 30% 70% 68 €6.9B stores Greater B
Slide 8: A Unique Prime Portfolio
A UNIQUE PRIME PORTFOLIO Typical store characteristics1 Rentable size # of units c. 5,100 sqm c. 800 units Average unit size Elevatored c. 6 sqm c. 4 floors (max. 25 sqm) Freehold2 (% of sqm) Purpose built 93% 65% In capital and Average years of major cities operations 95% 15 years 1 Excluding third
Slide 9: Omnichannel Platform: Meeting Customers Where They Are
OMNICHANNEL PLATFORM: MEETING CUSTOMERS WHERE THEY ARE Digital discovery Support (hybrid) 90% of interactions start digital; Call center 71% enquiries via smartphone On-site staff / walk ins Omnichannel 50% e-rental contracts 100% properties with personal (“from need to solution” in c. 6 minutes) di
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 Convenience • Chur
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 c. 60% 6.5% 6.3% 41 6.1% 6.0% 40 40 c. 40% OF TOTAL 5.7% 5.6% OF TOTAL 5.6% 5.6% 39 CUSTOMERS 5.6% CUSTOMERS 5.5% 5.5% 38 37 38 37 5 MONTHS AVERAGE STAY 60 MONTHS 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 SAME STORE OCCUPANCY & IN-PLACE RENT1 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 202
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 store o Fully digital m
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 • Real time occupancy Pricing management data-platform and • Competition price scrapping • Dynamic board rates for prospects pricing algorithm
Slide 21: Unique Expansion Engine Delivering Track Records and Future Growth
UNIQUE EXPANSION ENGINE DELIVERING TRACK RECORDS AND FUTURE GROWTH TRACK TRACKRECORD RECORD2015 2015--2025 2025 • 48 stores from organic developments in 5 from organic developments 7 countries in 5 countries 3 • 110 stores from M&A transactions in 5 countries from M&A transactions in 5 countries •
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 Secured pipeline - transparency 100,000 75,000 • 3 years visibility 50,000 • All projects disclosed have CPA1 signed/planning filing 25,000 • No land banking 0 • To
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 14% 17.4% 17% 11% 10.5% 10.2% 14% 12.7% 12.9% 11.9% 8.5% 8.1% 11% 8% 7.4% 7.3% 9.7% 7.9% 8% 6.6% 5% 5.1% 3.6% 3.5% 5% 2% 1.6% 1.8% 1.4% 2% -1% -1% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2017 2018 2019 2020 2021 2022 20
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 67% 56% Tax residence UK, Shurgard Ltd with UK operations qualified as a UK 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 • Centralized
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 LOW LEVERAGE (LTV) STRONG CREDIT RATING NET DEBT/UNDERLYING EBITDA 23.3% 23.2% 6.2x 6.2x 13.0% BBB+ 3.1x S&P Credit rating Stable outlook FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 DEBT KPIs AVAILABLE LIQUIDITY €1,570 3.33% 7.2 years €56 million €500 million 100%
Slide 30: Investment Property Value
INVESTMENT PROPERTY VALUE1 (in € millions) 6.5% 6,933 7,000 6,179 6,000 6.0% 4,910 5,000 4,353 4,000 3,758 5.5% 3,102 3,000 2,710 2,000 5.0% 1,000 0 4.5% Dec Dec Dec Dec Dec Dec Dec 2019 2020 2021 2022 2023 2024 2025 Property value (in € millions) Exit cap rates (in %) 1 Cushman & Wakefield valuatio
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 experienc
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: Performance Highlights
HIGHLIGHTS PORTFOLIO1 Delivering earnings 348 7 1.8 million Stores Countries Sqm of rentable space Strong Balance PERFORMANCE2 Sheet +10.9% +0.4pp +10.4% +1.7% Real estate Same store NOI Und. EBITDA Adjusted EPRA operating margin growth earnings per revenue improvement share Strong operational perfo
Slide 36: 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 37: Medium-Term Guidance (2027-2030)
MEDIUM-TERM GUIDANCE (2027-2030) Medium-term guidance 2027-2030 (CER) Metric Low outcome High outcome Operational performance All stores Revenue growth CAGR % 6% 8% Underlying EBITDA growth CAGR % 6% 8% Adjusted EPRA earnings growth CAGR % 6% 8% Medium-term guidance 2027-2030 (CER) Metric per annum
Slide 38: Why Shurgard
7| WHY SHURGARD
Slide 39: 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 250K sqm 2025-2027 expansion o BBB+ investment grade o Best-in-class yield management o Prime portfolio o Low leverage (23% LTV) o High occupancy
Slide 40: Appendices
8| APPENDICES
Slide 41: 2025 Results – All Store
2025 RESULTS – ALL STORE All store results Three months ended Twelve months ended (in € millions except where indicated) December, 31 % var. % var. December, 31 % var. % var. 2025 2024 CER 2025 2024 CER Number of stores 332 318 4.4% 0.044 332 318 4.4% Closing rentable sqm 1 1,707 1,626 5.0% 5.0% 1,7
Slide 42: All Store Operational Performance
ALL STORE OPERATIONAL PERFORMANCE TOTAL COMPANY STORES NUMBERS1 ALL STORE REVENUE TREND1 350 1.80 #stores revenue growth 332 CAGR 10.7% 451 CAGR 6.9% 318 1.70 1.71 407 300 1.60 358 1.63 275 331 266 1.50 300 254 251 250 240 244 234 228 1.40 1.39 1.34 1.30 200 1.28 1.20 150 1.10 2021 2022 2023 2024 20
Slide 43: Net Operating Income All Stores
NET OPERATING INCOME ALL STORES1 NOI growth: +9.9% 17.3 294.6 9.3 268.0 NOI margin: 65.3% NOI margin: 65.8% NOI NOI Same store Non-same store NOI NOI (YTD 2024 Dec 2024) (YTD2025 Dec 2025) 1 All figures are in € million except where indicated, and at constant exchange rate. All stores NOI growth mai
Slide 44: NOI Growth Composition All Stores (332)
NOI GROWTH COMPOSITION ALL STORES (332) At constant exchange rate (in € millions except where indicated) Changing same store pool 29.2 26.1 26.6 21.4 19.5 65% Non-Same Store segment 10.1 9.8 35% Same Store segment 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 All Store 10.1 9
Slide 45: 2025 Results – Same Store
2025 RESULTS – SAME STORE Same store results Three months ended Twelve months ended (in € millions except where indicated) December, 31 % var. % var. December, 31 % var. % var. 2025 2024 CER 2025 2024 CER Number of stores 251 251 0.0% 251 251 Closing rentable sqm1 1,292 1,283 0.7% 0.7% 1,292 1,283 0
Slide 46: Net Operating Income Same Stores
NET OPERATING INCOME SAME STORES1 Same store NOI growth: +3.8% 8.1 1.4 254.2 244.8 -0.2 NOI margin: 68.1% NOI margin: 67.6% NOI NOI Same store Same store Same store NOI NOI (YTD Dec 2024) rented sqm in-place rent margin improvement (YTD Dec 2025) 2024 2025 1 All figures are in € million except where
Slide 47: Confirmed Same Store Revenue Growth Normalization
CONFIRMED SAME STORE REVENUE GROWTH NORMALIZATION Variances calculated on data at constant exchange rate Changing same store pool Pre-covid Covid Post-Covid High-inflation Normalization 15% 100% 13% 90% 11% 80% 8.6% 70% 9% 7.0% 60% 7% 5.7% 5.7% 4.8% 50% 5% 3.8% 3.2% 40% 3% 2.2% 2.1% 1.2% 1.5% 30% 1%
Slide 48: Adjusted EPRA Earnings per Share – In Line with Consensus
ADJUSTED EPRA EARNINGS PER SHARE1 – IN LINE WITH CONSENSUS Adj. EPRA EPS growth: +1.7% Underlying EBITDA: +10.4% 0.27 -0.01 0.05 1.74 1.71 -0.21 -0.04 -0.03 Und. EBITDA Margin: -0.3pp Adjusted EPRA NOI G&A Interest expense, net Corporate income Other² Issued shares Adjusted EPRA Adjusted EPRA earnin
Slide 49: Outlook 2026
OUTLOOK 2026 Outlook 2026 (CER) Metric Low outcome High outcome Operational performance All stores Revenue growth % 6.0% 8.0% Underlying EBITDA € million 278.0 289.0 Net interest expenses € million 57.5 59.5 Income taxes on Adj. EPRA earnings before tax % 19.0% 19.5% Same store payroll expenses to g
Slide 50: 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 51: 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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