Big Yellow Group Plc · LSE:BYG
Big Yellow — FY2025 Earnings Presentation
49 slides from Big Yellow's earnings presentation, Mar 31, 2025
Slide 1: Results for the year ended 31 March 2025
Big Yellow Group PLC Results for the year ended 31 March 2025
Slide 2: Key Financial Metrics
Key Financial Metrics BIG YELLOW GROUP FULL YEAR RESULTS CATEGORY 2025 2024 CHANGE Revenue £204.5m £199.6m 2% Store revenue £203.1m £197.1m 3% OVERVIEW Like-for-like store revenue £200.7m £196.2m 2% Store EBITDA £143.2m £143.0m 0% Cash flow from operating activities £111.9m £110.1m 2% (after net fin
Slide 3: Key Store Metrics
Key Store Metrics BIG YELLOW GROUP FULL YEAR RESULTS CATEGORY 2025 2024 CHANGE Number of stores 109 109 - Store maximum lettable area (sq ft) 6,421,000 6,419,000 - OVERVIEW Closing occupancy (sq ft) 5,056,000 5,029,000 1% Closing occupancy 78.7% 78.3% 0.4 ppts Closing occupancy – like-for-like store
Slide 4: Highlights
Highlights BIG YELLOW GROUP FULL YEAR RESULTS • Store revenue growth of 3.0%, with like-for-like store revenue up by 2.3%, driven by increases in average achieved rents. • Like-for-like occupancy increase of 0.1 ppt to 79.1% (March 2024: 79.0%). Closing occupancy up 0.4 ppts. • Average achieved net
Slide 5: Highlights
Highlights BIG YELLOW GROUP FULL YEAR RESULTS • £4 million invested in the year on solar retro-fit, 78 stores now have solar with a 29% increase in capacity in the year to 8.5 Megawatts. All directly owned stores EPCs will be A+, A or B by the end of 2026. • Opened a new 65,000 sq ft freehold store
Slide 6: Operations
OPERATIONS Camberley, Surrey, January 2011
Slide 7: Operations Update
Operations Update BIG YELLOW GROUP FULL YEAR RESULTS • Further improvement in automation throughout the business, leading to improved operational efficiency and productivity. Reduced store headcount saving £0.3m annualised, with head office headcount held flat against continued revenue growth. • £55
Slide 8: Monthly Activity
Monthly Activity BIG YELLOW GROUP FULL YEAR RESULTS OPERATIONS • Prospect numbers were down 3% on prior year, but conversion rates improved, with move-ins down only 1% – focus on high quality leads. • Performance improved in Q1, however post-election and lead up to budget saw lower occupancy growth
Slide 9: Occupancy and Average Rate
Occupancy and Average Rate BIG YELLOW GROUP FULL YEAR RESULTS 90% £36.00 • 21.9% increase in average rate in last three 80% £34.00 years in a high inflationary environment with 70% flat occupancy £32.00 60% 50% £30.00 • Occupancy % calculated using current MLA, Armadillo included from 2022 40% £28.0
Slide 10: Rental Growth Analysis
Rental Growth Analysis BIG YELLOW GROUP FULL YEAR RESULTS NET RENT PER SQ FT GROWTH NET RENT PER SQ FT GROWTH AVERAGE OCCUPANCY FROM FROM IN THE YEAR APRIL 2024 TO MARCH 2025 APRIL 2023 TO MARCH 2024 75% to 85% 3.3% 5.4% 85% to 90% 5.9% 5.5% OPERATIONS Above 90% 7.8% 6.9% • For all stores closing ne
Slide 11: Financial Review
FINANCIAL REVIEW New Cross, London, February 2012
Slide 12: Store Operating Expenses
Store Operating Expenses BIG YELLOW GROUP FULL YEAR RESULTS % OF 31.03.25 31.03.24 CATEGORY CHANGE COSTS IN £000 £000 YEAR • Like-for-like increase in operating expenses down from 10% in H1 to 4% in H2, overall increase of 7% for the year. Targeting to achieve further Cost of sales 1,422 1,519 -6% 2
Slide 13: Consolidated Income Statement
Consolidated Income Statement BIG YELLOW GROUP FULL YEAR RESULTS YEAR YEAR ENDED ENDED 31.03.25 31.03.24 • Revenue up 2%, store revenue up 3%, driven by an £m £m increase in average achieved net rent, offset by slight fall in Revenue 204.5 199.6 average occupancy. Cost of sales (62.1) (56.0) • Open
Slide 14: Adjusted PBT Bridge
Adjusted PBT Bridge BIG YELLOW GROUP FULL YEAR RESULTS Net increase in Decrease operating profit Increase in in net including other interest capitalised • Operating profit impacted by operating interest income payable significant increase in operating FINANCIAL £2.5m £4.6m expenses in year, largely
Slide 15: Cash Flow and Net Debt Movement
Cash Flow and Net Debt Movement BIG YELLOW GROUP FULL YEAR RESULTS YEAR ENDED YEAR ENDED 31.03.25 31.03.24 £m £m • Operating cash flow after net finance costs and pre- Opening net debt (385.4) (486.6) working capital movements increased by 2%. Cash generated from operations 132.0 135.1 Net finance c
Slide 16: Capital Structure
Capital Structure BIG YELLOW GROUP FULL YEAR RESULTS 31.03.25 31.03.24 Net debt / Gross property assets 13% 13% • The Group’s gross property assets are £3 billion with an adjusted NAV per share of £13.56. FINANCIAL • The Group maintains a flexible structure around hedging, allowing us to pay down RC
Slide 17: Debt Facilities
Debt Facilities BIG YELLOW GROUP FULL YEAR RESULTS AVERAGE 31.03.25 DEBT EXPIRY FACILITY INTEREST DRAWN COST Aviva loan September 2028 £152.5m £152.5m 3.4% FINANCIAL M&G loan (£35 million fixed at 4.5% September 2029 £120m £120m 6.4% APPENDIX plus margin, £85 million floating) REVIEW Revolving bank
Slide 18: Property Review
PROPERTY REVIEW Staples Corner, Summer 2026 18
Slide 19: New Site Development
New Site Development BIG YELLOW GROUP FULL YEAR RESULTS • Opening of freehold store in Slough Farnham Road in year replacing a nearby leasehold, consistent with our strategy of reducing rent liabilities. It is our first net zero store, with a solar PV installation of 200kWp (our largest to date) and
Slide 20: Slough Farnham Road
Slough Farnham Road BIG YELLOW GROUP FULL YEAR RESULTS PROPERTY REVIEW 20 20
Slide 21: Development Pipeline with Planning
Development Pipeline with Planning BIG YELLOW GROUP FULL YEAR RESULTS ANTICIPATED CAPACITY SITE LOCATION STATUS SQ FT Construction commenced with store opening in Staines, Prominent location on July 2025. We are also developing 9 industrial 70,000 London the Causeway units on the site totalling 99,0
Slide 22: Development Pipeline with Planning
Development Pipeline with Planning BIG YELLOW GROUP FULL YEAR RESULTS ANTICIPATED CAPACITY SITE LOCATION STATUS SQ FT Replacement for Staples Corner, Prominent location on Construction commenced with planned store existing leasehold London the North Circular Road opening in Summer 2026. store, addit
Slide 23: Development Pipeline without Planning
Development Pipeline without Planning BIG YELLOW GROUP FULL YEAR RESULTS ANTICIPATED CAPACITY SITE LOCATION STATUS SQ FT Site acquired in June 2022. Planning PROPERTY REVIEW Prominent location on Old Kent Road, London application submitted in October 2023, 75,000 the Old Kent Road decision expected
Slide 24: Summary
Summary BIG YELLOW GROUP FULL YEAR RESULTS • A resilient performance with a return to adjusted eps growth. • Operating cost inflation continues to moderate, targeting further improvement next year. • A secure capital structure with a Net Debt to EBITDA ratio of 3.1 times providing defensive protecti
Slide 25: Appendix
APPENDIX Battersea, London, November 2020
Slide 26: Our Investment Case
Our Investment Case BIG YELLOW GROUP FULL YEAR RESULTS • Resilient through the global financial crisis, the pandemic and the recent energy crisis • Flexible contract allows rental growth in an inflationary environment as demonstrated in last three years ATTRACTIVE MARKET DYNAMICS • Structural unders
Slide 27: Our Portfolio
Our Portfolio BIG YELLOW GROUP FULL YEAR RESULTS KEY 85 Big Yellow stores (47 in London) 14 Big Yellow stores under development (9 in London) 24 Armadillo stores (1 in London) Outside London 66 stores and sites London 57 stores and sites APPENDIX 27 27
Slide 28: Portfolio Summary Commentary
Portfolio Summary Commentary BIG YELLOW GROUP FULL YEAR RESULTS • Same store occupancy 80.9%. • Occupancy gain of 27,000 sq ft (2024: loss of 59,000 sq ft). • Like-for-like operating cost inflation fell from 10% in the first half to 4% in the second half, averaging APPENDIX 7% for the year. • Same s
Slide 29: Portfolio Summary
Portfolio Summary BIG YELLOW GROUP FULL YEAR RESULTS March 2025 March 2024 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 8 24 109 77 8 24 109 As of 31 March: Total capacity (sq ft) 4,863,000 552
Slide 30: Sustainability Update
Sustainability Update BIG YELLOW GROUP FULL YEAR RESULTS • We now have our Science-Based Targets (“SBTs”) fully verified, we have made a 37% reduction against our baseline for our Scope 1 & 2 target. • The solar retro-fit programme is projected to cost £25 million, of which £16.8 million has been in
Slide 31: Sustainability Strategy Update
Sustainability Strategy Update BIG YELLOW GROUP FULL YEAR RESULTS • We have expanded out strategy to encompass the three key pillars we believe are pivotal to maintaining a resilient and responsible business. • Our strategy now reflects our commitment to reducing our environmental footprint, enhanci
Slide 32: 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 33: SBT Trajectories And Actions
SBT Trajectories And Actions BIG YELLOW GROUP FULL YEAR RESULTS SBT absolute Scope 1&2 trajectory 3500 Scope 1&2 3000 • We are tracking ahead of our 2032 target. With a 37% 2500 reduction for our baseline at Emissions (tCO2e) 2000 the end of 2025. 1500 • A new energy efficiency project SBT is being
Slide 34: Social
Social BIG YELLOW GROUP FULL YEAR RESULTS • 14 successful 12-week work placements through our charity partners: − After completing a successful extended work placement in our Gypsy Corner store, a young lady from Working Chance has progressed to a permanent role. − After completing a successful exte
Slide 35: Social Marketing
Social Marketing BIG YELLOW GROUP FULL YEAR RESULTS Successful marketing engagement with our Charity Partners: APPENDIX 35 35
Slide 36: Governance, ESG Investor Benchmarks, Standards and Campaigns
Governance, ESG Investor Benchmarks, Standards and Campaigns BIG YELLOW GROUP FULL YEAR RESULTS BENCHMARKS AND STANDARDS CDP (Carbon Disclosure Project) • Big Yellow participated since 2012. CAMPAIGNS • In discussions with CDP, appeals process expected to completed by July 2025. • Official supporter
Slide 37: 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, 62% of visits from mobile devices. • Big Yellow has market-leading brand awareness four times higher than the next nearest
Slide 38: 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 39: 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 40: 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 Domestic 80% Travelling 80% Student storage Business 20% 20% Other Residential Rental Sector % of store space occupied by customer type APPENDI
Slide 41: Customer Average Length of Stay
Customer Average Length of Stay BIG YELLOW GROUP FULL YEAR RESULTS AS AT NUMBER OF MONTHS 31/03/2025 LEASE-UP SAME STORES ARMADILLO ALL STORES ALL STORES BIG YELLOW BIG YELLOW 31/03/2024 No of Stores 8 77 24 109 109 Business Existing 12.8 38.9 41.4 37.0 37.1 APPENDIX Vacated 5.0 12.8 15.6 13.0 12.4
Slide 42: Track Record Since 2007-8
Track Record Since 2007-8 BIG YELLOW GROUP FULL YEAR RESULTS Occupancy and average rate Revenue (£m) 90% £36.00 250 80% £34.00 70% 200 £32.00 60% 50% £30.00 150 CAGR - 8% 40% £28.00 30% 100 £26.00 20% 10% £24.00 50 0% £22.00 APPENDIX 0 Occupancy (%) Average net rent (£ per sq ft) Adjusted eps (pence
Slide 43: Big Yellow Relative TSR Performance
Big Yellow Relative TSR Performance BIG YELLOW GROUP FULL YEAR RESULTS APPENDIX 43 43
Slide 44: Big Yellow Portfolio
Slough Famham Road, July 2024 Kings Cross, June 2023 Harrow, September 2022 MLA - 65,000 sqft MLA -103,000sqft MLA - 82000sq ft Kingston North, September 2022 Aberdeen, June 2022 Hove, March 2022 Hayes, January 2022 Uxbridge, June 2021 MLA - 56,000 sqft MLA - 54000 sqft MLA - 58,000 sqft MLA - 73,00
Slide 45: Big Yellow Portfolio
oS a frome tt Guildford Central, March 2018 Twickenham 2, April 2016 Nine Elms, April 2016 Cambridge, January 2016 Enfield, April 2015 MLA - 55,000 sq ft MLA - 22,000 sq ft MLA - 65,000 sq ft MLA - 69.000 sqft MLA - 60,000 sq ft —— Oxtord 2, July 2014 Gypsy Corner, April 2014 Chiswick, April 2012 Ne
Slide 46: Big Yellow Portfolio
Sheffield Hillsborough, Fulham, March 2008 Balham, March 2008 Barking, November 2007 October 2008 MLA - 60,000 sq ft MLA - 138,000 sq ft MLA - 61,000 sq ft MLA - 64,000 sq ft = Ealing Southall, November 2007 Sutton, July 2007 Edmonton, October 2006 Kingston, August 2006 Bristol Ashton Gate, July 200
Slide 47: Big Yellow Portfolio
Finchley North, March 2003 ‘MLA - 62,000 sq ft tcc New Malden, May 2002 MLA-81000sqft Dagenham, July 2001 MLA - 51,000 sq ft Milton Keynes, September 2000 MLA - 60,000sq ft = a West Norwood, January 2003 MLA - 57000sq ft Hounslow, December 2001 MLA - 54,000sq ft Wandsworth, April 2001 MLA - 72,000 s
Slide 48: Armadillo Portfolio
ee (kad a | 5 4 Canterbury Daventry Derby Dundee MLA - 35,00 MLA - 35,000 sa ft MLA - 43,000 sq ft MLA- 39.000 MLA - 34,000 sa ft Liverpool Bootle Liverpool South Macclesfield MLA- 3,000 000 sx MLA - 63,000 sq ft Peterborough Plymouth Sheffield Parkway Sheffield West Bar MLA - 50,000 sq ft cd MLA -
Slide 49: 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