Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — H1 2026 Earnings Presentation
31 slides from Shurgard Self Storage's earnings presentation, Aug 12, 2026
Slide 1: Earnings Call Presentation – H1 2026 Results
August 12, 2026 Chiswick, London United Kingdom EARNINGS CALL PRESENTATION– H1 2026 RESULTS
Slide 2: Agenda
1– Highlights 2 – Business update 3 – Half year 2026 results 4 – Balance sheet & leverage 5 – Outlook 2026 6 - Conclusion 7 - Appendix
Slide 3: Highlights
1| HIGHLIGHTS
Slide 4: Highlights – Q2'26
HIGHLIGHTS – Q2’26 Property Operating Income from Solid Pipeline Outlook Revenue1 property (NOI)1 balance sheet 2026 Acceleration of Focus on cost Leveraging metrics in Secured pipeline As a result of revenue growth in management line with guidance remains a key growth slower- than- Q2’26 (+3.6% vs.
Slide 5: Shurgard in Short – H1 2026
SHURGARD IN SHORT – H1 2026 PORTFOLIO1 335 7 1.7 million €7.3 billion Stores Countries Sqm of rentable Portfolio value space (incl. RoU & IPUC) PERFORMANCE2 +3.3% +0.5% - 0.6% - 3.4% Property Income from Und. EBITDA Adjusted EPRA operating property (NOI) growth earnings revenue BALANCE SHEET €53.6 6
Slide 6: Business Update
2| BUSINESS UPDATE
Slide 7: Growth Acceleration
GROWTHACCELERATION All stores Same stores All stores Q2 2026 Q1 2026 Q2 vs. Q1 Same stores Q2 2026 Q1 2026 Q2 vs. Q1 % var. % var. Delta % var. % var. Delta CER CER CER CER CER CER All store property operating revenue by country Same store property operating revenue by country The United Kingdom 4.3
Slide 8: Portfolio Overview and Growth
PORTFOLIO OVERVIEW AND GROWTH London Stockholm Evolution of stores by segment Other 59% Other 65% Copenhagen 76 35% 100% 41% 318 332 335 store 41 254 266 275 23% 24% 18% s 10 stores 13% 10% 12% stores 87% 77% 76% 82% 90% 88% 2021 2022 2023 2024 2025 2026 Randstad2 Other 24% 76% # of Same stores # of
Slide 9: Expanded Ramp-Up Portfolio Underpins Future Earnings Growth
EXPANDED RAMP- UP PORTFOLIO UNDERPINS FUTURE EARNINGS GROWTH Criteria Segment # of stores Forecast 2022 2023 2024 2025 H1 2026 20263 • Stores developed by Shurgard in operation for more than three full years2 2 Same stores 1 234 240 244 251 275 275 • Stores acquired by Shurgard in operation for more
Slide 10: 2026 Openings to Date
2026 OPENINGS TO DATE 4 new developments opened South East Greater Frankfurt Lille Manchester Eastbourne - Rödelheim Grand- Place Altrincham Lottbridge Drove Size Size Size Size 7,200 sqm 6,600 sqm 2,700 sqm 6,200 sqm Project cost Project cost Project cost Project cost €21.1 million €10.4 million €3
Slide 11: Additional Portfolio Expansion H2 2026-2028
ADDITIONAL PORTFOLIO EXPANSION H2 2026- 2028 # Projects Country Net sqm Project cost H2 2026 UK 4 Redevelopments Germany 16 11New developments Netherlands France 75,200 sqm c. €174 million Projects 1 Acquisition Sweden Belgium 13 Germany 2027 13 New developments Netherlands 57,100 c. €143 UK Project
Slide 12: Progress Report on the 2024 UK Portfolio Acquisition
PROGRESS REPORT ON THE 2024 UK PORTFOLIO ACQUISITION Occupancy growth Revenue growth Significant uplift in sqm rented While increasing occupancy, our move- in Q2’26 (+4,300sqm) in rate continues to grow as well MOVE IN RATE 80 - 85% (per sqm/year) 222€ Dec-26 June’26 YTD 81% (target) +6.9% Jun-26 67
Slide 13: Half Year 2026 Results
3| HALF YEAR 2026 RESULTS
Slide 14: H1 2026 Results – All Store
H1 2026 RESULTS – ALL STORE All store results Three months ended Six months ended (in € millions except where indicated) June, 30 % var. % var. June, 30 % var. % var. 2026 2025 CER 2026 2025 CER Number of stores 335 321 4.4% 0.04361 335 321 4.4% Same stores 275 275 275 275 Non-same stores 60 46 60 4
Slide 15: Revenue Bridge All Stores
REVENUE BRIDGE ALL STORES All stores revenue growth: +3.3% 4.7 229.6 Same store H1 2026 total: 2.7 0.8 1.9 222.2 Revenue Revenue increase Revenue increase Revenue increase Revenue All Stores from stores already in from stores entering from the 2026 NSS pool All Stores H1 2025 the 2025 SS pool the 20
Slide 16: Net Operating Income Bridge All Stores
NET OPERATING INCOME BRIDGE ALL STORES All stores NOI growth: +0.5% Same store H1 2026 total: - 0.1 0.8 140.2 139.5 0.5 - 0.6 NOI NOI increase NOI increase NOI increase NOI All stores from stores already in from stores entering from the 2026 NSS pool All stores H1 2025 the 2025 SS pool the 2026 SS p
Slide 17: NOI Breakdown All Stores
NOI BREAKDOWN ALL STORES All stores NOI (€ millions) % of contribution to all stores NOI growth by segment 111% 17% 16% 26% 41% 65% 3% 4% 74% 5 % 35% -11% All tore ame stores on-same stores At actual exchange rate At actual exchange rate Changing store segment definition The non- same store segment
Slide 18: Adjusted EPRA Earnings Per Share Bridge
ADJUSTED EPRA EARNINGS PER SHARE 1 BRIDGE Adj. EPRA EPS: - 5.7% Underlying EBITDA: - 0.6% Underlying EBITDA: - 0.6% Underlying EBITDA margin: - 2.1pp 3 1 All figures are in €/share, and at constant exchange rate. 2 Including the effect of EPRA adjustments 3 Other: depreciation & amortization, acquis
Slide 19: Balance Sheet & Leverage
4| BALANCE SHEET & LEVERAGE
Slide 20: Balance Sheet & Portfolio Value
BALANCE SHEET & PORTFOLIO VALUE At actual exchange rate June December (in € thousands) 2026 2025 Investment property 7,267,815 7,123,455 (in € millions, excluding investment properties under construction) Intangible assets 11,140 7,822 Other assets (1) 45,044 36,905 Trade and other receivables 28,54
Slide 21: Financing Structure & Liquidity
FINANCING STRUCTURE & LIQUIDITY STRONG CREDIT RATING NET DEBT/UNDERLYING EBITDA LOW LEVERAGE (LTV) 6.5x 23.7% 23.3% 23.2% 6.2x 6.2x BBB+ S&P Credit rating Stable outlook FY 2024 FY 2025 H1 2026 FY 2024 FY 2025 H1 2026 DEBT KPIs AVAILABLE LIQUIDITY €1,645 3.33% 6.9 years €70 million €795 million 100%
Slide 22: Outlook 2026
5| OUTLOOK 2026
Slide 23: Outlook 2026
OUTLOOK 2026 Outlook 2026 (CER) Metric Low outcome High outcome Previous guidance (Low/High) Operational performance All stores Revenue growth % 3.5% 4.5% 6.0% / 8.0% Underlying EBITDA € million 263.0 268.0 278.0 / 289.0 Net interest expenses € million 55.0 56.0 57.5 / 59.5 Income taxes on Adj. EPRA
Slide 24: Four Execution Levers to Support EPS Growth
FOUR EXECUTION LEVERS TO SUPPORT EPS GROWTH 01 CAPITAL 02 03 REVENUE 04 OPERATING FINANCING DISCIPLINE ACCELERATION EFFICIENCY End scrip dividend option as of Flexible €570m term loan More aggressive pricing across UK (as of July’26) and France Jan 1st, 2026 facility at EURIBOR + 85 bps, non-same st
Slide 25: Conclusion
6| CONCLUSION
Slide 26: Conclusion
CONCLUSION H1 2026 results • Our top-line revenue growth is accelerating in key markets, although slower than we expected; • As a result of slower than anticipated growth, downward revision of guidance for the current fiscal year; • Non-same stores making significant contribution to revenue growth,
Slide 27: Financial Calendar Q4 2026 & FY2027
FINANCIAL CALENDAR Q4 2026 & FY2027 November 19 , 2026 May 13,2027 November 10 , 2027 Q3 2026 results Annual General Q3 2027 results Meeting & Q1 2027 results March 04, 2027 August 12, 2027 Year-End 2026 Half-year 2027 Results & Results & Earnings Earnings Conference Call Conference Call 27
Slide 28: Appendix
7| APPENDIX
Slide 29: Profit & Loss and Simplified Cash Flow Statement
PROFIT & LOSS AND SIMPLIFIED CASH FLOW STATEMENT Profit and Loss Six months ended Real estate operating expenses Six months ended (in € thousands except where indicated) June, 30 (in € thousands) June, 30 2026 2025 2026 2025 Real estate operating revenue 229,613 223,080 Payroll expense 27,587 25,585
Slide 30: 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 31: 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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