National Storage Reit · ASX:NSR
National Storage Reit — H1 FY2026 Earnings Presentation
33 slides from National Storage Reit's earnings presentation, Feb 11, 2026
Slide 1: 1H FY26 Results
1H FY26 RESULTS 1
Slide 2: Centre images
Helensvale, QLD Marion, SA Salisbury, QLD Wangara, WA Upper Coomera, QLD Campbellfield, VIC 2 Caroline Springs, VIC Manukau, NZ Epping, VIC
Slide 3: Agenda
AGENDA PAGE SECTION 04 FINANCIAL HIGHLIGHTS 13 FINANCIAL RESULTS 17 DEVELOPMENTS & ACQUISITIONS 22 GLOSSARY & DISCLAIMER 24 APPENDICES 3
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS 4
Slide 5: 1H FY26 Highlights
1H FY26 HIGHLIGHTS IFRS profit $73.7 million (EPS 5.27 cents) | Underlying EPS 6.0 cents FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS CAPITAL STRENGTH Underlying Underlying Total Net Lettable Operating Total Weighted Average Earnings(1)(3) EPS(1)(3) Centres Area Margin(4) Assets(2) Primary Cap Rate $
Slide 6: Australian Centres and New Zealand Centres Reportable Group
REPORTABLE GROUP Core Portfolio Occupancy 84.9% # Assets Occupancy Rate REVPAM NLA CORE 84.9% $389.7 $328.7 117 662,900 Occupancy: 80%+ (-1.0%) (+5.4%) (+5.4%) AUSTRALIAN CENTRES CORE PLUS 78.0% $318.7 $249.1 Occupancy: 70 - 80% 63 301,100 (+2.0%) (+1.7%) (+4.2%) VALUE ADD 73.3% $316.0 $229.9 17 76,
Slide 7: Portfolio Snapshot
PORTFOLIO SNAPSHOT Embedded growth potential from existing built NLA Development Capital Operating Assets Group Let-Up Acquisitions Wine Ark Total & Expansions Partnerships Assets 228 23 13 11 16 2 293 NLA – Total (m2) 1,200,000 163,200 60,500 91,000 132,600 980 1,648,300 NLA - Average Centre (m2) 5
Slide 8: Revenue Growth Drivers
REVENUE GROWTH DRIVERS Delivering strong NLA growth (1) Highlights Total Built NLA 2,000,000 1,750,000 1,500,000 Total Built 1H FY26 Acquisition & NLA Development Spend 1,250,000 1,648,300m2 $437m(2) NLA (m2) 1,000,000 750,000 % 500,000 Operating Projects Under 250,000 Margin(3) Construction(4) - 68
Slide 9: Operational Metrics
OPERATIONAL METRICS Sustained REVPAM growth Reportable REVPAM $286.0/m2 (+5.3%) Reportable Group REVPAM ▪ Strong growth in occupancy and average rate 300 ▪ Broad-based growth across major jurisdictions 9.4% CAGR since 286.0 June 2020 266.4 269.6 270.2 271.7 Reportable Occupancy 81.7% (+0.9%) 250 264
Slide 10: Growing Occupancy
GROWING OCCUPANCY Marketing campaign has driven strong enquiry levels Marketing and promotional initiatives have generated a Enquiry Trends (5-week average) strong growth in enquiries ▪ Since launching in April 2025, the Make Space TV ads & campaign, in conjunction with other marketing efforts, stre
Slide 11: Exceptional Profile of Growth and Returns
EXCEPTIONAL PROFILE OF GROWTH AND RETURNS Track record of delivering securityholder returns Total Securityholder Returns since IPO (1) Total Revenue (2) 450 500 400 350 NSR: 427% CAGR 19% 300 400 +427% Total growth (1) 250 $m 200 150 100 300 50 0 ASX 200: 225% CY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Slide 12: Transaction Update
TRANSACTION UPDATE NSR has entered into a Scheme Implementation Deed with Brookfield and GIC Consortium NSR entered into a Scheme Implementation Deed with the Brookfield and GIC Consortium on 8 December 2025(1) ▪ NSR securityholders will receive a total value of $2.86 per NSR stapled security(2) ▪ I
Slide 13: Financial Results
FINANCIAL RESULTS 13
Slide 14: Profit and Loss for the Half Year Ended 31 December 2025
PROFIT AND LOSS FOR THE HALF YEAR ENDED 31 DECEMBER 2025 Underlying Earnings growth of 8.2% $ Million Dec 25 Dec 24 % Change ▪ Operating profit and margin impacted by: Total Centre Total Centre Revenue 193.0 182.7 5.6% ▪ Disciplined approach to Employee Costs Revenue Cost of goods sold (3.8) (3.3) 1
Slide 15: Balance Sheet as at 31 December 2025
BALANCE SHEET AS AT 31 DECEMBER 2025 Capacity to fund further growth $ Million Dec 25 Jun 25 % Change ▪ NTA per security increased by 3 cents (1.2%) to $2.61 Cash 77.7 65.5 18.6% per stapled security (June 2025 : $2.58) (1) Investment Properties 5,649.0 5,318.3 6.2% ▪ Value of Investment Properties
Slide 16: Capital Management
CAPITAL MANAGEMENT Investment grade balance sheet Debt Maturity Profile (1)(2)(3) ▪ Successfully executed $500m of additional debt facilities with relationship banks in January 2026 to maintain $ 1200m appropriate undrawn committed headroom $ 1000m $ 800m ▪ Baa2 rating placed on Review for Downgrade
Slide 17: Developments & Acquisitions
DEVELOPMENTS & ACQUISITIONS 17
Slide 18: Developments Completed
DEVELOPMENTS COMPLETED 11 developments and expansions completed in 1H FY26(1) 11 centre developments and expansions completed in 1H FY26, adding 99,000m2 of NLA (average 9,000m2 per centre) Delivered strong valuation uplift against cost: - Total Development Costs: $322m - Typical 40% - 50% value upl
Slide 19: Developments Under Construction & Pipeline
DEVELOPMENTS UNDER CONSTRUCTION & PIPELINE 21 projects totalling 191,000m2 of additional NLA under construction or with DA Sustainable development pipeline Development Pipeline Under Concept Design 191,000m2 of NLA under construction or with DA Construction(1) & Planning Total Projects # 21 22 43 2
Slide 20: Acquisitions
ACQUISITIONS NSR has acquired 474,700m2 since FY20 Acquisition Track Record 18 acquisitions settled in 1H FY26 for $200m ▪ 12 established operating storage centres 35 474,700 ▪ 1 newly completed self-storage centre 419,300 28 366,700 ▪ 5 new development sites, backfilling the development pipeline 3
Slide 21: Thank You
THANK YOU invest@nationalstorage.com.au nationalstorage.com.au 21
Slide 22: Glossary
SOUPSETRAAI N T IA OBNI LAI TLYUUPPDDAAT ET E GLOSSARY Key terms referred to in this presentation Term Definition Term Definition AI Artificial Intelligence Operating Assets ASX Australian Securities Exchange • Reportable 228 centres as at 31 December 2025, Group comprised of centres not in categori
Slide 23: Disclaimer
DISCLAIMER This presentation has been prepared by National direct or indirect loss or damage which may be These forward-looking statements are not or any change in the events, conditions or Storage REIT (“NSR”) comprising National Storage suffered through the use, or reliance on, anything guarantees
Slide 24: Appendix: Strategy
APPENDIX: STRATEGY 24
Slide 25: NSR Vision & Mission
NSR VISION & MISSION Our Vision Our Mission To be a world leader in the provision of United as one team, we commit to consistently and innovative and sustainable self-storage solutions responsibly deliver on our four pillars of strategic growth ORGANIC ACQUISITIONS, TECHNOLOGY GROWTH DEVELOPMENTS SU
Slide 26: Innovation & Automation
INNOVATION & AUTOMATION Targeted AI solutions across key focus areas CUSTOMER CUSTOMER CUSTOMER SOFTWARE SECURITY ANALYTICS INTERACTION ENGAGEMENT SEGMENTATION DEVELOPMENT AI-led Utilising machine AI-driven threat Machine learning AI-enabled AI-assisted coding automated learning detection for insigh
Slide 27: Sustainability Framework
SUSTAINABILITY FRAMEWORK FOUR PILLARS APPROACH TO SUSTAINABILITY STRATEGY ENVIRONMENT PEOPLE GOVERNANCE ▪ Sustainability is a core ▪ Environmentally ▪ Talent attraction ▪ Trust & transparency pillar of NSR’s strategy efficient operations and retention ▪ Responding to ▪ Economic ▪ Sustainable ▪ Emplo
Slide 28: People
PEOPLE Fostering wellbeing and professional growth, enhancing the employment experience, and playing an active role in the community VALUE PROPOSITION WELLBEING COMMUNITY ▪ Leadership capability ▪ Benefits for employees ▪ Longstanding and collaboration, and families commitment to driving excellence
Slide 29: Sustainability
SOUPSETRAAI N T IA OBNI LAI TLYUUPPDDAAT ET E SUSTAINABILITY Selected highlights from 2025 Sustainability Report Lowering emissions per m2 of NLA ENVIRONMENT PEOPLE GOVERNANCE 10,000 28.2 9,000 26.3 8,000 Scope 1 & 2 emissions – TCO2e 24.3 7,000 6,000 21.0 19.6 5,000 4,000 ▪ 151 solar systems operat
Slide 30: Appendix: Portfolio Metrics
APPENDIX: PORTFOLIO METRICS 30
Slide 31: Portfolio – December 2025
PORTFOLIO – DECEMBER 2025 Australia & New Zealand’s largest owner / operator of self storage 293 Total Centres 21 Developments Under Construction 31
Slide 32: Portfolio Metrics
PORTFOLIO METRICS FY23 slide 30-Jun-25 31-Dec-25 Capital Capital AUST NZ TOTAL AUST NZ TOTAL Partnerships Partnerships Freehold Centres 215 36 12 263 226 40 16 282 Leasehold Centres 11 0 0 11 11 0 0 11 Total Centres 226 36 12 274 237 40 16 293 Freehold NLA (m2) 1,160,800 200,800 101,900 1,463,500 1,
Slide 33: invest@nationalstorage.com.au nationalstorage.com.au
invest@nationalstorage.com.au nationalstorage.com.au 33
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