Slide 1: HY26 Results Presentation
Image placeholder – new filtered photos to be inserted HY26 RESULTS PRESENTATION 16 FEBRUARY 2026 StorageKing Storage KingEllenbrook, Mitcham, VIC WA Artist’s Artist’sImpression: Impression:Storage StorageKing KingCroydon, Carlton, NSW NSWAustralia Australia
Slide 2: Agenda
ABACUS STORAGE KING HY26 RESULTS Agenda 01 HY26 highlights & growth drivers 02 Financial metrics & capital structure 03 Portfolio & platform update 04 Outlook & guidance Steven Sewell, Evan Goodridge, Nikki Lawson, Steven Sewell, Managing Director CFO GGM Self Storage Managing Director Fund Manager
Slide 3: HY26 Business Metrics
HY26 BUSINESS METRICS Solid operational performance and further cap rate tightening TOTAL ASSETS WACR1 GEARING NET TANGIBLE ASSETS STATUTORY PROFIT $3.7bn 5.43% 31.9% $1.76ps $71.1m 2.7% on FY25 2bps on FY25 260bps on FY25 1.1% on FY25 4.8% on HY25 ESTABLISHED2 ESTABLISHED2 FUNDS FROM FFO
Slide 4: HY26 Highlights & Growth Drivers
Artist’s Impression: Storage King Mascot, NSW Australia HY26 HIGHLIGHTS & GROWTH DRIVERS Following a solid HY26 performance, ASK is assessing its management structure Organic operating strength driven Delivering on the development by our locations pipeline ASK has reached +1.5% RevPAM growth1,2, to
Slide 5: Financial Metrics & Capital Structure
Image placeholder – new filtered photos to be inserted FINANCIAL METRICS & CAPITAL STRUCTURE EVAN GOODRIDGE Storage King Avondale, QLD Storage Storage King King Prestons, NSW Australia Leppington,
Slide 6: HY26 FFO Waterfall
HY26 FFO WATERFALL Revenue grew in all store segments period-on-period 2.0 2.7 0.3 43.3 (1.0) (0.5) 0.1 1.6 41.0 (4.1) (3.3) (0.1) Leased Compulsory HY25 Established Acquisition Stabilising tenancy and Operating Net interest Tax HY26 acquired Other1 G&A FFO revenue revenue revenue fee revenue expens
Slide 7: Balance Sheet Overview
Storage King Frankston, VIC Australia BALANCE SHEET OVERVIEW Positioned to support multi-pronged, disciplined growth strategy Key metrics ($ millions) HY26 FY25 Comments Established Portfolio1 2,603.0 2,587.5 104 stores valued at $4,625/sqm (FY25: 104 stores) Acquisition Portfolio1 121.5 120.6 9 sto
Slide 8: Capital Management
CAPITAL MANAGEMENT Refinanced existing $1.25 billion unsecured debt platform, extending tenor by one year at lower margins NTA ASK total assets Funding capacity1 HY26 avg. cost of debt2 Gearing3 Debt term to maturity $1.76ps $3.7bn ~$500m 3.0% 31.9% 2.8yrs Debt expiry profile Interest rate hedging o
Slide 9: Valuation Update
Storage Artist’s King Yarraville, Impression: Storage VIC KingAustralia Mascot, NSW Australia VALUATION UPDATE Resilient property values supported by income growth and structural sector drivers $13m $3,504m $14m $52m $3,367m $58m 30 June 2025 Acquisitions Capex & other Market income Cap rate 31 Dece
Slide 10: Investment Portfolio Performance
Storage King Granville, NSW Australia Image placeholder – new filtered photos to be inserted INVESTMENT PORTFOLIO PERFORMANCE NIKKI LAWSON Storage King Avondale, QLD Artist’s Impression: Storage King Mascot, NSW Australia
Slide 11: Leveraging Our Competitive Advantages
LEVERAGING OUR COMPETITIVE ADVANTAGES Uniquely positioned for continued industry leadership, innovation and growth Strong and resilient income growth profile Irreplaceable Sector Leading Multiple Growth Leading Iconic People Portfolio Operating Metrics Levers Platform Brand Leadership scale with 200
Slide 12: HY26 Portfolio Snapshot
HY26 PORTFOLIO SNAPSHOT Acquisitions, stabilising portfolio and development sites account for 26% of total property asset value Operating / Trading Stores Segment Established Portfolio Acquisition Portfolio Stabilising Portfolio Development Sites Mature stores open since 1 July Mature stores acquire
Slide 13: Store Operating Trends by Region
STORE OPERATING TRENDS BY REGION SA and QLD are the fastest growing regions in the Established Portfolio % NLA breakdown by state2 NSW 29% 1 HY25 Established RevPAM $ HY26 Established RevPAM $ VIC 20% QLD 18% NZD 13% 389 378 WA 10% 341 337 ACT 7% 337 336 336 332 329 326 318 316 312 306 SA 3% 272 258
Slide 14: Development Pipeline
DEVELOPMENT PIPELINE Set to deliver 181 developments (adding 17% to NLA) and eight expansions (adding 3% to NLA) in the short to medium term New store projects Expansion of existing stores Spend to date2,3 Cost to complete2,3 Est. completion value NLA Cost to complete NLA $288m $292m $713m 117,900sq
Slide 15: HY26 Developments and Expansions
HY26 DEVELOPMENTS AND EXPANSIONS Next generation stores developed in-house are leasing up ahead of expectations Most recent newly developed stores Store Open Date NLA1 Occupancy Chatswood 2, NSW Dec-25 2,000 0%2 Knoxfield, VIC Sep-25 7,100 13% Leppington, NSW Jun-25 7,600 23% Darlington, SA Jun-25 6
Slide 16: ASK Developments Driving NLA Growth
ASK DEVELOPMENTS DRIVING NLA GROWTH Since FY20, ASK has designed and delivered over 117,000sqm of NLA through our market leading stores FY29 ASK developed stores Cumulative NLA of ASK new store developments (sqm) 29% of total NLA1 NLA (sqm) 250,000 HY26 ASK developed stores 200,000 17% of total NLA
Slide 17: Platform Initiatives
Image placeholder – new filtered photos to be inserted PLATFORM INITIATIVES Storage StorageKing KingClayton, Epping, VIC Storage King Carlton, NSW Australia
Slide 18: Driving Growth From Customer Experience
DRIVING GROWTH FROM CUSTOMER EXPERIENCE Our sector leading brand and superior customer experience drives the top preference scores in the industry CUSTOMER CUSTOMER #1 PREFERRED ATTRACTION EXPERIENCE BRAND IN Most recognised brand1 Strong conversion2: 25% AUSTRALIA AND NEW ZEALAND4 Most searched bra
Slide 19: Introduction of Revenue Management System
INTRODUCTION OF REVENUE MANAGEMENT SYSTEM All stores in the Established Portfolio are now using our proprietary revenue management system Revenue management system (RMS) store adoption Established Stores % of Established Portfolio All established 160 100% 110% RMS pilot stores now utilising 140 90%
Slide 20: Sustainability Highlights & Initiatives
SUSTAINABILITY HIGHLIGHTS & INITIATIVES Customer experience: 73 NPS score (FY25: 70 NPS score) Gender equality, diversity and inclusion: Whole business: 52% female (FY25: 52%) Senior management: 40% female (FY25: 28%) Net zero by 2030 scope 1 and 2 GHG1: We remain committed to the Net Zero target fo
Slide 21: Outlook & Guidance
OUTLOOK & GUIDANCE STEVEN SEWELL Storage King Dee Why, NSW Australia
Slide 22: Outlook & Guidance
Storage King St Leonards, Artist’s NSW Impression: Australia Storage King Mascot, NSW Australia OUTLOOK & GUIDANCE Outlook Underpinned by our multi-pronged growth strategy, we remain confident that ASK is well positioned to leverage our key enablers and deliver recurring income and value creation ov
Slide 23: Appendices
APPENDICES 24x STATUTORY EARNINGS RECONCILIATION SLIDE 24 FFO RECONCILIATION SLIDE 25 BALANCE SHEET ALLOCATION SLIDE 26 CAPITAL METRICS SLIDE 27 STORAGE KING NETWORK SLIDE 28 GLOSSARY SLIDE 29 IMPORTANT INFORMATION SLIDE 30 Storage King St Lukes, New Zealand
Slide 24: Statutory Earnings Reconciliation
STATUTORY EARNINGS RECONCILIATION Performance metrics ($ millions) HY26 HY25 TERM DEFINITION Statutory profit 71.1 67.8 FFO is in line with the PCA’s definition and comprises net Fair value adjustments (30.1) (34.6) profit/loss after tax attributable to stapled security holders, Depreciation on owne
Slide 25: Operating Profit and FFO Reconciliation
OPERATING PROFIT AND FFO RECONCILIATION Performance metrics ($ millions) HY26 HY25 Comments Storage revenue 110.9 106.9 Revenue comprised of $97.2m from established stores, $4.3m from acquisition stores and $9.4m from stabilising stores Leased tenancy and fee revenue (net) 6.1 6.6 Leased tenancy $2.
Slide 26: HY26 Balance Sheet Allocation
HY26 BALANCE SHEET ALLOCATION 31 December 2025 30 June 2025 $ 3.7bn 86% OPERATING Established stores Total Assets $2,603m $ 3.6bn 85% OPERATING Established stores Total Assets $2,577m Acquisition stores $122m Acquisition stores $187m STORES STORES $3.2bn Stabilising stores $486m $3.1bn Stabilising s
Slide 27: Capital Metrics
CAPITAL METRICS Capital management metrics HY26 FY25 Comments Total bank debt facilities $1,358m $1,366m Total bank debt drawn $1,244m $1,148m Term to maturity 2.8yrs 2.3yrs Term bridge facility to be refinanced with longer tenor Interest rate hedging 74% 86% Weighted average hedge maturity 2.4yrs 2
Slide 28: Storage King Network
STORAGE KING NETWORK 205 operating stores across Australia & New Zealand 1311 742 1.2 million Total land area (sqm) REGIONAL QLD Abacus Storage King owned stores LICENSED 151 3 QLD WA 23 22 SUNSHINE COAST 1 BRISBANE 14 14 14 4 GOLD COAST 8 5 Assets owned by Abacus Storage King SA 131 trading stores1
Slide 29: Glossary
GLOSSARY Term Definition Term Definition ABG Abacus Group LFL Like for like AIFRS Australian equivalents to International Financial Reporting Standards NLA Net lettable area ASK Abacus Storage King NTA Net tangible assets ASX Australian Securities Exchange NPS Net promoter score CPS Cents per staple
Slide 30: Important Information
IMPORTANT INFORMATION The information provided in this document is general, and may not be suitable for the specific purpose of any user of this document. It is not financial advice or a recommendation to acquire Abacus Storage King securities (ASX:ASK). Abacus Storage King believes that the informa