Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — FY2025 Earnings Presentation
34 slides from Shurgard Self Storage's earnings presentation, Feb 26, 2026
Slide 1: Earnings Call Presentation - Full Year 2025 Results
February 26, 2026 Aldershot, United Kingdom EARNINGS CALL PRESENTATION - FULL YEAR 2025 RESULTS
Slide 2: 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 3: 1 | Full Year 2025 Results
1| FULL YEAR 2025 RESULTS
Slide 4: 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 sqm1 1,707 1,626 5.0% 5.0% 1,70
Slide 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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% 7.1% 60% 7% 5.7% 5.7% 4.8% 50% 5% 3.8% 3.2% 40% 3% 2.3% 2.1% 1.5% 30% 1% 0.2%
Slide 11: 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 12: 2 | Capital Allocation & Returns
2| CAPITAL ALLOCATION & RETURNS
Slide 13: Projects Delivered in 5 out of 7 Countries in 2025
PROJECTS DELIVERED IN 5 OUT OF 7 COUNTRIES IN 2025 12 new developments opened 4 properties acquired 9 redevelopments Stuttgart Den Haag Randstad Wangen Kerketuinen Paris Bercy Zaandam Greater Size Size Saint Émilion Size Manchester 7,000 sqm 4,400 sqm 4,400 sqm Size Bolton Project cost Project cost
Slide 14: Portfolio Expansion 2026-2027
PORTFOLIO EXPANSION 2026-2027 # Projects Country Net sqm Project cost Belgium 23 7 Redevelopments France 102,100 c. €230 2026 Germany 15 New developments Netherlands sqm million Projects 1 Acquisition Sweden UK 12 France 56,500 c. €146 2027 Germany 12 New developments Netherlands Projects UK sqm mil
Slide 15: Our Yield on Cost Track Record
OUR YIELD ON COST TRACK RECORD 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 2023 2024 3 prop. 1 prop.
Slide 16: 3 | Lok'nStore Acquisition Update
3| LOK’NSTORE ACQUISITION UPDATE
Slide 17: Update on the Lok'nStore Acquisition
UPDATE ON THE LOK’NSTORE ACQUISITION Rebranding Growing Occupancy Managing revenue 28 stores On track rebranded and adjusted to our 90% MOVE IN RATE standards Dec-26 (per sqm/year) 80% (target) 217€ Dec-25 +8% Dec-25 67% 200€ Aug-24 Dec-24 (acquisition) Added sqm since Synergies VSMove DEC-24out (19
Slide 18: 4 | Balance Sheet & Leverage
4| BALANCE SHEET & LEVERAGE
Slide 19: 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 20: 5 | Outlook 2026 & Medium-Term Guidance
5| OUTLOOK 2026 & MEDIUM-TERM GUIDANCE
Slide 21: Accelerating Adj. EPRA Earnings Per Share Growth
ACCELERATING ADJ. EPRA EARNINGS PER SHARE GROWTH 1 Increasing our investment hurdle rate • 9-10% (+100bps) for development projects approved as of 2026 onwards • No immediate impact on pipeline growth 2 Stopping the scrip dividend • Dividend will be paid 100% in cash • No more scrip optionality 3 Re
Slide 22: 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 23: 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 24: 6 | Conclusion
6| CONCLUSION
Slide 25: Conclusion
CONCLUSION Proven and resilient High-growth Solid Accelerating Business model Scalable platform Balance sheet Earnings growth o Continued demand o 250K sqm 2025-2027 expansion o BBB+ investment grade o Increased return requirements o Best-in-class yield management o Prime portfolio o Low leverage (2
Slide 26: Financial Calendar
FINANCIAL CALENDAR May 13, 2026 August 13, 2026 November 19 , 2026 Annual General Half-year 2026 Q3 2026 results Meeting & Results & Earnings Q1 2026 results Conference Call (after market) February 25, 2027 Year-End 2026 May 27, 2026 September, 2026 Results & Final dividend Half-year dividend Earnin
Slide 27: Appendices
APPENDICES
Slide 28: Consolidated IFRS P&L and Balance Sheet
CONSOLIDATED IFRS P&L AND BALANCE SHEET Profit and Loss Twelve months ended Balance sheet Twelve months ended (in € thousands except where indicated) December, 31 (in € thousands except where indicated) December, 31 2025 2024 2025 2024 Real estate operating revenue 450,853 406,503 Investment propert
Slide 29: Same Store Property Operating Revenue per Market
SAME STORE PROPERTY OPERATING REVENUE PER MARKET In € millions QTD DEC YTD DEC (at actual exchange rate) 2025 2024 % var. % var. CER 2025 2024 % var. % var. CER UK 18.1 19.2 -5.6% -0.7% 73.9 73.8 0.1% 1.3% The Netherlands 20.3 19.8 2.5% 2.5% 80.0 76.4 4.8% 4.8% France 21.9 21.8 0.6% 0.6% 86.9 84.5 2
Slide 30: Same Store Average Occupancy by Country
SAME STORE AVERAGE OCCUPANCY BY COUNTRY QTD DEC YTD DEC 2025 2024 Diff. 2025 2024 Diff. UK 87.0% 87.7% -0.7pp 87.0% 87.2% -0.1pp The Netherlands 89.3% 91.1% -1.8pp 89.9% 91.1% -1.1pp France 88.1% 89.1% -0.9pp 88.0% 88.7% -0.6pp Germany 87.2% 87.1% 0.1pp 87.1% 87.9% -0.8pp Sweden 90.3% 90.7% -0.4pp 9
Slide 31: Same Store Property Average In-Place Rent by Country
SAME STORE PROPERTY AVERAGE IN-PLACE RENT BY COUNTRY In € per sqm / year QTD DEC YTD DEC 2025 2024 % var. % var. CER 2025 2024 % var. % var. CER UK 384.3 403.5 -4.8% 0.1% 391.4 389.5 0.5% 1.7% The Netherlands 267.6 258.7 3.5% 3.5% 262.8 249.1 5.5% 5.5% France 284.7 280.1 1.6% 1.6% 281.5 272.3 3.4% 3
Slide 32: Property Valuation
PROPERTY VALUATION1 (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 valuation, excl
Slide 33: NTA, LTV, Net Debt/EBITDA, ICR Evolution Since IPO (Oct 2018)
NTA, LTV, NET DEBT/ EBITDA, ICR EVOLUTION SINCE IPO (OCT 2018) At actual exchange rate EPRA NET TANGIBLE ASSETS (NTA) per share LOAN-TO-VALUE (LTV) In € millions 23.3% 23.2% 53.29 48.43 44.07 16.9% 18.1% 17.4% 18.0% 40.67 34.58 13.9% 13.0% 25.85 27.12 28.22 2018 2019 2020 2021 2022 2023 2024 2025 20
Slide 34: 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