Safestore Holdings Plc · LSE:SAFE
Safestore — FY2025 Earnings Presentation
41 slides from Safestore's earnings presentation, Jan 15, 2026
Slide 1: FY 2025 Full Year Results
FY 2025 Full Year Results 15 January 2026
Slide 2: Agenda
Agenda Introduction & highlights Frederic Vecchioli CEO 2025 Financial Review Simon Clinton CFO Business Update Frederic Vecchioli CEO Q&A 2
Slide 3: Achievements in FY 2025
Achievements in FY 2025 Growth in revenue and store EBITDAR across the LFL estate Non-LFL stores and pipeline on track to deliver £35-40m additional EBITDA Peak development year delivered successfully +677,600 sq ft (+8% MLA) and launched JV in Italy +1.1m sq ft store pipeline secured Investment in
Slide 4: FY 2025: a steady performance
FY 2025: a steady performance Robust financial performance Further operational progress Total revenue LFL revenue LFL closing occupancy 1 Group LFL REVPAF £234.3m £228.7m 81.2% £28.93 +5.0% (CER) +3.1% (CER) +1.2 ppt +2.9% Underlying EBITDAR Adjusted Diluted EPRA EPS LFL Store EBITDAR margin LFL sto
Slide 5: Strong Record of Value Creation
Strong Record of Value Creation Group Revenue (£m) Group Underlying EBITDAR (£m) 250 +124% 160 +134% +8.4% CAGR +8.9% CAGR 140 200 120 150 100 234.3 80 212.5 224.2 223.4 135.1 142.2 135.4 137.0 100 186.8 60 118.0 151.8 162.3 93.9 129.9 143.9 82.9 87.5 115.4 40 74.4 50 104.8 58.6 65.7 20 0 0 FY 2015
Slide 6: 2025 Financial Review
2025 Financial Review Simon Clinton, CFO
Slide 7: Underlying income statement
Underlying income statement Revenue & EBITDA growth; PBT impacted by higher interest costs FY 2025 FY 2024 Change • Total revenue growth: +4.9%, with growth in each £'m £'m % market Revenue 234.3 223.4 4.9% • Underlying EBITDAR growth: +1.2% Underlying cost of sales (78.4) (72.2) 8.6% Underlying sto
Slide 8: FY 2025 revenue growth by store maturity
FY 2025 revenue growth by store maturity Contribution from all maturities of stores and regions Growth in all markets • UK mature LFL growth largest driver of growth • Expansion Markets key contributor to growth notwithstanding only 11% of MLA Growth spread across store maturities • Improving LFL gr
Slide 9: Group LFL revenue
Group LFL revenue Occupancy and rate improvements in all markets LFL Group revenue +3.1% FY 2025 Expansion FY 2025 FY 2024 UK Paris GBP at CER) Markets Group Group LFL growth across the regions Percentage of Group LFL MLA 70% 17% 13% 100% • UK – rate supported by mix, follows improving trajectory th
Slide 10: Revenue and Store EBITDAR by region
Revenue and Store EBITDAR by region Cost control and operational gearing FY 2025 FY 2024 Group sales driven by improving LFL growth across the regions Underlying UK Paris Exp Total Growth UK Paris Exp Total performance (CER) Mkts (CER) vs FY Mkts (CER) 2024 Revenue from new & recently opened £’m €’m
Slide 11: Group costs
Group costs Impacted by inflation and new store development FY 2025 FY 2024 Change Underlying cost of sales well controlled given £’m £’m % inflationary pressures Cost of sales Volume related costs including bad debt (5.7) (5.7) 0.0% • Significant inflationary increases in store employment Store emp
Slide 12: Operating cashflow
Operating cashflow Continued strong operating cash generation FY 2025 FY 2024 Change Operating cashflow from our portfolio £’m £’m % continues to be strong • Cash flow before investing and financing Underlying EBITDAR 137.0 135.4 1.2% activities grew 4.0% to £89.6m Working capital/exceptionals/other
Slide 13: Debt profile
Debt profile Maturities staggered across next 8 years to FY 2033 Net Debt of £1,058.6m £m • Net debt increased £159.1m (FY 2024: £899.5m) 600.0 • New €77.5m term loan at 3.40% maturity FY 2030, new RCF: 4.75% €70.0m USPP 4.03% maturity FY 2032 500.0 • Fixed rate debt £615m (64% of drawn debt) at tot
Slide 14: Significant asset base
Significant asset base Developments continuing to add further value Property valuation movements Increasing property portfolio value with development pipeline driving growth • LFL portfolio stable; value created through new store development • Investment Property value at £3,368.7m, up £185.2m • £33
Slide 15: Recent investment in MLA growth to drive long-term earnings
Recent investment in MLA growth to drive long-term earnings New store development capex and openings peaked Organic store development stepped up in FY 2023 • Last 3 years have delivered 30 new stores / 1.4m sq Pipeline ft of new space, expanding Group MLA by 19% 1.1m sq ft • £222m of associated new
Slide 16: Strong value creation from new store developments
Strong value creation from new store developments Track record of achieving 10% yield on cost Projected incremental growth Yield on cost % (store EBITDA) 25.0% from non LFL and pipeline 20.0% 15.0% 10.0% 5.0% 0.0% Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 -5.0% -10.0% Number of years store is open 2016 2017 201
Slide 17: FY 2026 Outlook
FY 2026 Outlook Item Guidance Cost of Sales Underlying like-for-like Cost of Sales increase 3-6% • Inflationary pressures in business rates and UK National Living Wage • Partially offset by efficiencies including using Group scale on energy and insurance procurement and call centre integration Finan
Slide 18: Business Update
BUSINESS UPDATE Frederic Vecchioli
Slide 19: Our store portfolio continues to grow in major European cities
Our store portfolio continues to grow in major European cities Benefiting from our scale and operational know-how Safestore in the UK – market leader and strong pipeline FY25 % Store Portfolio Number of MLA % of • Leader by no. of owned stores; more sites in London area than any other increase in 31
Slide 20: UK - resilient demand and active asset management
UK - resilient demand and active asset management Driving rate and occupancy improvement Market dynamics remain attractive for growth UK Average Rate £ / sq ft • Continued demand growth and rising awareness is driving the highest enquiry 33.00 volume per store across Group 32.00 • Portfolio growth t
Slide 21: Paris - profitable growth and network expansion
Paris - profitable growth and network expansion Store footprint continues to grow Trading dynamics show domestic growth offset by business weakness € / sq ft Paris Average Rate • Robust domestic demand with LFL enquiries +1%; business LFL enquiries - 50.00 49.00 12% 48.00 • Strong LFL occupancy perf
Slide 22: Expansion Markets – Spain, Netherlands, Belgium
Expansion Markets – Spain, Netherlands, Belgium High revenue growth, expanding margins and growing footprint Revenue momentum supported by strong demand • Total revenue +27.0% (€26.2m); LFL sales +13.5% (€23.0m) • Occupancy and rate improvements in all territories Expansion Markets Revenue • New cap
Slide 23: JVs - Italy and Germany
JVs - Italy and Germany Performing in line, with strong opportunities for long-term expansion EasyBox Joint Venture in Italy • 50/50 JV established with Nuveen in December 2024; invested £38.9m FY 2025 • JV enables lower initial capital outlay but similar level of return as organic store investment
Slide 24: New store pipeline of 1.1m sq ft
New store pipeline of 1.1m sq ft Steady, capital efficient opening programme 1.1m sq ft development pipeline = 12% uplift to FY 2025 MLA 1.1m MLA pipeline split by geography • 417k sq ft in FY26: 100% of land already acquired London - Inside M25 • 678k sq ft in FY27 and beyond: 75% of land already a
Slide 25: The Safestore opportunity
The Safestore opportunity Additional EBITDA(1) Opportunity Stabilising LFL stores (2-5 years old) • LFL revenue growth with rising occupancy and focus on maximising REVPAF • High drop through to EBITDA, leveraging fixed cost base Growth from non-LFL stores and pipeline • Non-LFL - stores open less t
Slide 26: FY 2026 outlook
FY 2026 outlook Cautiously optimistic and a return to EPS growth • Q1 LFL trading to date solid • Further benefit from partitioning programme and stabilising LFL stores • Cost headwinds easing, driven by savings initiatives • Non-LFL contribution to grow; new store P&L drag diminishing • Potential f
Slide 27: How Safestore wins
How Safestore wins Our differentiators The self-storage INDUSTRY Safestore’s PORTFOLIO is Safestore’s pan-European has excellent long-term hard to replicate and provides PLATFORM drives revenue growth characteristics diverse, multi-year growth maximisation and scale opportunities advantages Safestor
Slide 28: Appendices
Appendices
Slide 29: Safe, Sustainable Storage
Safe, Sustainable Storage 16% reduction in absolute market-based emissions despite growth in portfolio; 22% reduction in emissions intensity Location based Market based Group floor area (M sq. m) ESG 5,000 1.40 1.29 • Continued progress on track toward net zero operational commitment 1.19 o All Grou
Slide 30: Strategy for Operational Net Zero
Strategy for Operational Net Zero We will achieve operational carbon net zero by 2035, through: a) reducing & optimising what we use & b) using only zero carbon energy • Completion of lighting efficiency programme (external • Installation of solar PV on new-build stores where viable signage and cust
Slide 31: Safestore ESG Commitments
Safestore ESG Commitments Sustainability targets and KPIs This table outlines the targets we set ourselves in each of the four ‘pillar’ areas of our Sustainability strategy in 2019 We have met all our near-term targets for FY 2025 • A specific highlight - operational carbon emissions intensity now 0
Slide 32: Safestore's operating model
Safestore’s operating model Prime portfolio in high-barrier markets Scalable AI integrated platform • Defensive concentration: focus on supply-constrained • Centralised efficiency: core functions (e.g. IT, marketing, European metropolises with high barriers to entry revenue management, construction
Slide 33: MLA pipeline sq ft
MLA pipeline sq ft Maximum lettable area ("MLA") as at 31 Oct 2025 Group UK Paris Exp Mkts Current MLA (m Sq Ft) 9.28 5.98 1.66 1.64 Future Pipeline / Extensions MLA (m Sq Ft) 1.09 0.78 0.23 0.08 Future MLA including pipeline (m Sq Ft) 10.37 6.76 1.89 1.72 MLA within managed JVs (m Sq Ft) 1.15 - - 1
Slide 34: Stores opened FY25
Stores opened FY25 FY 2025 Stores Opened FH/LH MLA sq ft Type London – Lea Bridge FH 80.9 New Build London – Walton FH 20.7 Conversion Paris – East 1 (Noisy-le-Grand) FH 60.0 Conversion Paris – West 3 (Mantes Buchelay) FH 58.0 New Build Paris – North West 1 (Taverny) FH 54.0 Conversion Paris - La Dé
Slide 35: Store Pipeline
Store Pipeline Total Pipeline MLA (let Sq Ft million) inc opened since year end c. 1.1m Total Outstanding CAPEX (£’m) £116m FY 2026 opened since year end FH/LH MLA Development type FY 2027 and beyond FH/L London – Wembley FH 55.3 New Build openings H MLA Type Status* Paris – Colombes FH 65.2 New Bui
Slide 36: Portfolio by store maturity
Portfolio by store maturity FY 2025 FY 2024 Non-LFL LFL Total Non-LFL LFL Total Stabilising Mature Total LFL Stabilising Mature Total LFL Number of stores 22 22 167 189 211 9 22 168 190 199 MLA (m sq ft) 1.04 0.90 7.34 8.24 9.28 0.36 0.90 7.33 8.23 8.59 % of Portfolio MLA 11.3% 9.7% 79.0% 88.7% 100%
Slide 37: Portfolio by Leasehold / Freehold
Portfolio by Leasehold / Freehold FY 2025 FY 2024 Freehold Leasehold Total Freehold Leasehold Total Total Portfolio Total Portfolio Number of stores 159 52 211 Number of stores 148 51 199 MLA (m sq ft) 7.32 1.97 9.28 MLA (m sq ft) 6.69 1.90 8.59 CLA (m sq ft) 6.65 1.89 8.54 CLA (m sq ft) 6.33 1.89 8
Slide 38: Flexible Investment Model
UNIQUE PROPERTY PORTFOLIO Flexible Investment Model Over 84% of group asset value is Freehold Average Unexpired Lease Term (Years) 16.0 UK Lease stability 14.0 • Average Unexpired Lease Term of 13.6 years • UK leases 8.7% of Group assets value 12.0 • All leases in England within renewal protection r
Slide 39: Domestic / Business customer mix
Domestic / Business customer mix FY FY FY FY FY FY FY FY FY FY 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Domestic Customers Numbers (% of total) 75% 76% 76% 77% 80% 79% 80% 80% 82% 82% Square feet occupied (% of total) 55% 55% 56% 58% 60% 61% 62% 63% 66% 67% Square feet occupied (m) 2.2 2.5
Slide 40: Strong & flexible capital structure
Strong & flexible capital structure Oct-25 Oct-24 Variance Property Valuation (£'m) 3,245.9 3,052.8 6.3% UK (£'m) 2,186.0 2,144.5 1.9% Paris (€'m) 788.9 747.0 5.6% Expansion Markets (€'m) 417.1 334.9 24.5% Net Debt (£'m) 1,058.6 899.5 17.7% Net Debt excluding leases (£'m) 947.2 798.9 18.6% Net Debt
Slide 41: Delivering for shareholders
Delivering for shareholders Group DPS (p) 35.0 30.0 25.0 20.0 15.0 29.8 30.1 30.4 30.7 25.1 10.0 17.5 18.6 16.3 14.0 5.0 9.7 11.7 0.0 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 YOY 20.6% 19.7% 16.4% 7.4% 6.3% 34.9% 18.7% 1.0% 1.0% 1.0% 41