Safestore Holdings Plc · LSE:SAFE
Safestore — Investor Day (October 2026)
51 slides from Safestore's investor day presentation, Oct 15, 2026
Slide 1: Investor Day
Investor Day 15.10.2026
Slide 2: Agenda
Agenda Investor Day, 15 October 2026 01 Where Safestore is in its journey Two phases of growth delivered: the third is about the returns 02 The market we operate in Penetration, demand drivers, resilience and supply 03 Driving like-for-like performance Data drives the demand and pricing, and our peo
Slide 3: From investment to returns
From investment to returns The investment phase is substantially complete. The returns phase is beginning. The core estate is highly productive, uniquely located and impossible to replicate Recent earnings growth understates the economics because investment preceded lease-up The incremental capital
Slide 4: Why earnings have lagged, and why that changes
Why earnings have lagged, and why that changes The business model is sound. Temporary factors obscured its value in 2022–26, and they now reverse 2022–26: what obscured the underlying value From here: what changes (i) Occupancy normalised post-COVID (i) Occupancy driven by underlying performance (ii
Slide 5: How we create value
How we create value Four convictions behind every capital and operating decision since 2013 Objective: maximise total shareholder return per share over the medium term, sustainably. Value is created asset by asset: the price paid for each store against the free cash flow it generates. Local expertis
Slide 6: Our value engine
Our value engine Our invested estate drives medium term growth ; partnerships add accretive optionality beyond 1 2 3 Fixed-cost 4 5 Strategic urban Superior demand Internal operating Capital efficiency footprint monetisation reinvestment loop leverage Active in high-barrier More value per square Rev
Slide 7: Long-term self-storage demand growth
Long-term self-storage demand growth Thirteen years of UK and France enquiries: a structural trend, a cyclical overlay, and the share we win illustrative continuation — not a forecast 250 O UT S ID E O UR C O NT R O L recovery The macro cycle Actual less enquiry trend headwind today UK + France enqu
Slide 8: Where Safestore is in its journey
01 Where Safestore is in its journey Two phases of growth delivered: the third is about the returns 8
Slide 9: A singular strategy driving three phases of growth
A singular strategy driving three phases of growth Fix the operating model, apply it to more space, generate the returns +479% 2.5x 4.1x +80% total shareholder return since 2013, against group revenue, FY2013 to FY2026E adjusted earnings per share, FY2013 to increase in lettable space since FY2016,
Slide 10: Phase 2 - Building the platform
Phase 2 - Building the platform One central platform, five new markets +66% 102 5 lettable space, FY2016-25 stores added: new markets added; G&A held at c. 8% of revenue with top (5.6m to 9.5m sq ft) 54 opened, 48 acquired line growth from developments to come What we did The outcome • Pricing, digi
Slide 11: 2017-25 - the sole independent pan-European platform of scale
2017-25 - the sole independent pan-European platform of scale 236 stores across seven markets: Leader in London and Paris, the two deepest storage markets in Europe 236 236 +2 9 21 11
Slide 12: Phase 2 - GAV anchored in freehold assets and prime metros
Phase 2 - GAV anchored in freehold assets and prime metros £3.3bn of property value by tenure and geography(1) Renewable leaseholds ~91% £173m · 24% This portfolio cannot be Dense, wealthy, hard-to-enter locations: the same stores in the same places could not be assembled again, so the value is rebu
Slide 13: Phase 2 - Group revenue track record
Phase 2 - Group revenue track record Compounding at 7.5% a year since 2013 245 234 224 223 213 187 162 152 144 130 115 98 105 96 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E Revenue Revenue Years Growth CAGR at start (£m) at end (£m) FY2013-16 96.1 115.4 +20.1% 6.3% FY2016-
Slide 14: Phase 3 - Extracting further value from the platform
Phase 3 - Extracting further value from the platform The stores, platform and teams are in place Where the last five years went Where the next five years go Capital deployed into new stores and land Capital intensity falls as the pipeline completes MLA grown ahead of earnings Earnings grow ahead of
Slide 15: Phase 3 - Recent accelerated developments drive long-term earnings
Phase 3 - Recent accelerated developments drive long-term earnings Capex and openings have peaked, pipeline lower and flatter New store openings and pipeline Opened Pipeline Maximum lettable area added, '000 sq ft Pipeline: 0.73m sq ft · 13 projects · +8% MLA 1.4m sq ft 3 projects 4 projects 5 proje
Slide 16: Phase 3 – Partnerships: Leveraging the operating platform
Phase 3 – Partnerships: Leveraging the operating platform to deliver double-digit returns How it works What it adds What it earns • We develop or acquire, then manage • Scale in each market without our capital • £2m of fee income in FY2026E, growing with the vehicle • We co-invest alongside the part
Slide 17: Delivering exceptional shareholder returns
Delivering exceptional shareholder returns Total shareholder return, dividends reinvested, indexed to 2 September 2013 +479% Safestore · 14.3% a year (CAGR) +219% Big Yellow · 9.3% a year (CAGR) +134% FTSE 250 · 6.7% a year (CAGR) +60% FTSE EPRA NAREIT · 3.7% a year (CAGR) 250% of the 2013 market ca
Slide 18: The market we operate in
02 The market we operate in Penetration, demand drivers, resilience and supply 18
Slide 19: Three drivers of enquiry growth
Three drivers of enquiry growth A structural trend, a cyclical overlay, and the share we win Under-penetration: new users Macro: tailwind or headwind Market share: digital platform 1 2 3 STRUCTURAL, LONG TERM CYCLICAL, SHORT TERM SAFESTORE-SPECIFIC, IN OUR CONTROL Consumer confidence Business needs
Slide 20: A product most people do not yet understand
A product most people do not yet understand Awareness, not supply, is the constraint: greater understanding generates new demand 71% 44% 22% | 12% 4% of Europeans have a low lever of of UK adults have never heard of it or awareness in Paris, and in the rest of of Europeans use self-storage; understa
Slide 21: Supply: thin in our markets, hardest to add where we trade
Supply: thin in our markets, hardest to add where we trade Space per person varies widely; in big cities, land and planning keep supply scarce Self-storage space per person, sq ft, 2025 Big cities: high barriers to entry UK 0.94 London lost 18% of its industrial land between 2001 and 2020. Land cost
Slide 22: Demand: many drivers, some counter-cyclical
Demand: many drivers, some counter-cyclical Life events bring customers in any economy; the macro sets the pace of growth Why people store: UK customers Where we trade: cities of renters 26.6% 21.7% 14.0% 60% 1 in 2 2 in 3 have no room at home are moving home face an important life of our business i
Slide 23: From market to strategy
From market to strategy Broad demand, low awareness, scarce city supply Where we locate How we win the enquiry How we adapt by country Because supply is thin and hardest to add in the Because 90% of enquiries start online, mostly from Because each market is at a different stage of big cities searche
Slide 24: Winning enquiry capture
Winning enquiry capture Whilst fewer people are searching, we are the most visible 2 Our impression 4 Enquiries from our 5 Enquiries that 1 Searches in the market 3 Clicks on our ads share sites become lets Down Held Slightly up Held Slightly up The macro pullback: fewer Top-of-page presence on our
Slide 25: Winning the online enquiry: six moving parts
Winning the online enquiry: six moving parts Every pound of search spend is a bet on who is searching, what they are worth and what competitors are doing 90% 52.6% Google Double-digit of our enquiries originate online UK awareness of self-storage in 2026, and where almost every search for storage co
Slide 26: Scale wins the enquiry
Scale wins the enquiry Relevance and data are key: more observations buy a better customer at a lower cost A small operator Safestore's platform Signal or noise: the arithmetic A few stores' history; decisions made Millions of searches, enquiries and lets, captured the same way To prove that a chang
Slide 27: Driving like-for-like performance
03 Driving like-for-like performance Data drives the demand and pricing, and our people drive the conversion 27
Slide 28: Technology, AI and analytics
Technology, AI and analytics The same decisions, more frequently and fully measured AI & DIGITAL EDGE SCALE 236 stores + DATA >2 million lets → Across marketing, pricing & development The decision FY2013 Today Pricing Manual and store-led, reviewed periodically c.10,000 price points by store and uni
Slide 29: Advantages of scale
Advantages of scale One platform, one cost, driving the deepest market and customer understanding One platform One data layer 90% c.5% website, booking, CRM and pricing built once and 2m+ lets, 650,000 price changes, 800+ of group enquiries generated online of revenue buys all of it then deployed in
Slide 30: Why storage pricing is hard: six coupled decisions
Why storage pricing is hard: six coupled decisions Every move impacts churn, the customer mix and the sitting rate 01 02 03 No customer knows their stay, or how Churn is the lever, and the hardest to 125,000 sitting customers, each with its they will react to price forecast own rate decision A two-m
Slide 31: Pricing - art and science, compounding
Pricing - art and science, compounding Fifteen times more pricing decisions a year than in 2016 WHY PRICING IS HARD ART × SCIENCE AND IT COMPOUNDS List-price moves a year, all stores: the same decisions, fifteen times c.10,000 The art: local judgement 28 years of trading and 236 trading store teams
Slide 32: Store teams: the sales multiplier
Store teams: the sales multiplier Technology finds the customer; the store team wins the let and the ancillaries 3-4% Up to 50% Platinum of store revenue: the cost of one team member, of base pay in sales bonuses: new lets, rate and Investors in People, highest level: 2021 and 2024 easily lost if au
Slide 33: Rate and occupancy working together
Rate and occupancy working together Store teams that sell and serve out-earn an occupancy led strategy London: REVPAF, £ per sq ft per year Paris: REVPAF, € per sq ft per year Central, inner and outer London, like-for-like sub-markets – adjusted for mix Achieved rate × occupancy × ancillary income –
Slide 34: Barcelona cannibalisation: capacity doubled in one city
Barcelona cannibalisation: capacity doubled in one city The four original stores gave up 7% of their let space, and charge 24% more “Like-for-like occupancy in Barcelona has initially been diluted by the new Central Barcelona stores having opened in close proximity” “Once the absorption phase has be
Slide 35: Paris initial cannibalisation: existing stores gave up under 2%
Paris initial cannibalisation: existing stores gave up under 2% The new stores added 15,100 sq m, so the five clusters let 13,300 sq m more than before Paris let space, square metres at 30 September 2026 7,619 3,257 15,112 −1.8% let space at the existing stores across all five clusters, against the
Slide 36: Paris trades as one network, not as thirty-six stores
Paris trades as one network, not as thirty-six stores Where the suburban stores find their customers: inside Paris, past a nearer Safestore store Inside Paris Suburban Opened since 2021 Circle size: space let A price sensitive customer in the 11th who needs 10 square metres is not choosing between u
Slide 37: Driving value in the store estate and the pipeline
04 Driving value in the store estate and the pipeline How we allocate capital, what past investment earns today, what the pipeline adds, and the bridge from revenue to earnings 37
Slide 38: How we allocate capital
How we allocate capital Capital allocation decisions continually assessed for their returns to drive EPS growth 1 Development 2 Capital recycling 3 Capital-light JV 4 Shareholder returns • Targeting a stabilised yield • A future option, we would • Used to enter new markets • Progressive dividend, wi
Slide 39: Yield on cost by investment vintage
Yield on cost by investment vintage Well-located, low-maintenance stores that earn more every year they trade Yield on cost 21.8% Increasing as the store matures 14.8% 11.4% 7.0% 4.8% 0.4% FY2025-26 FY2023-24 FY2022 FY2020-21 FY2016-19 Pre-2016 FY2025-26 FY2023-24 FY2022 FY2020-21 FY2016-19 Pre-2016
Slide 40: The phased pipeline: £113m, earning >10% at maturity
The phased pipeline: £113m, earning >10% at maturity Ten UK schemes inside the thirteen-project pipeline, delivery timing to be kept under review 10 schemes £113m £203 £12.6m opening FY2027 to FY2030 of total investment across the ten schemes investment per sq ft of MLA, 0.55m sq ft in of store EBIT
Slide 41: Building blocks of earnings
Building blocks of earnings Operating leverage and clear path for revenue increases delivering earnings growth Revenue Cost of Sales Store EBITDA G&A Interest Earnings Centralised Fixed Rate Grows through Mature LFL processes, cost Increases as historic operating leverage less Increases through Matu
Slide 42: 2.6m sq ft of new stores opened since FY2016
2.6m sq ft of new stores opened since FY2016 54 store developments opened in ten years(1): 28% of today's lettable area, and 1.6m sq ft of it already let Space opened in the five markets, cumulative (line), and space let at each year end (bars, by store stage) sq ft 3.0m B Y M AR K E T , 3 0 S E P T
Slide 43: The building blocks of revenue growth
The building blocks of revenue growth What each part of the estate earns today, and where the group gets to in FY2031 £243m group revenue(1) in FY2026E Mature Stabilising Recently opened Pipeline opened to FY2021, >5 years opened FY2022-24 opened FY2025-26 13 projects, opening FY2027-30 £219m £18m £
Slide 44: EBITDA from development programme
EBITDA from development programme 58-store development programme(1) already delivering £10m of EBITDA, with further growth to come, including £30-35m from non- LFL and pipeline stores Annualised store EBITDA of the 58 stores, by opening cohort (£m) £3m £4m £7m £11m £19m £28m £34m £40m £47m £54m £59m
Slide 45: Disciplined cost management
Disciplined cost management Inflation absorbed through procurement, the staffing model and energy savings Store payroll Property taxes Facilities Overheads • Since 2023 store employment costs • UK property taxes increased 45% • Investment in solar panels to • Held flat in real terms: falling as a /
Slide 46: Strong balance sheet
Strong balance sheet Higher interest costs already in the numbers Floating rate debt Financing Debt refinancing • £380m of floating rate debt, split between • 61% of drawn debt fixed, blended cost • £500m of long term debt, split between EUR EUR and GBP 3.18%, weighted maturity 3.3 years and GBP, to
Slide 47: Translating revenue into earnings
Translating revenue into earnings £m unless stated 4% case 6% case 8% case Total store revenue 335 362 391 Total store EBITDA before rent 229 255 284 Rent, G&A, depreciation, tax and share of joint venture profit (44) (44) (44) Net finance costs (51) (51) (51) Adjusted EPRA earnings 134 160 189 Adju
Slide 48: 7.5% annualised revenue growth since 2013
7.5% annualised revenue growth since 2013 The platform has reliably delivered strong revenue growth Total stores revenue growth a year: delivered (navy) and the three cases (orange) 11.9% 10.0% 9.6% 8.3% 7.5% 6.6% 6.3% 4.8% 2.5% FY2013-16 FY2016-19 FY2019-22 FY2022-24 FY2024-26E FY2013-26E 4% case 6
Slide 49: The acceleration case
The acceleration case More supportive macro conditions would lead to accelerating earnings Increased domestic and business activities lift enquiries, occupancy and pricing power More positive macro simultaneously Operating leverage tailwinds Store costs are largely fixed - drop through to earnings a
Slide 50: Well positioned to capture material growth
Well positioned to capture material growth Built the leading independent pan-European self storage platform, focused on supply-constrained metro areas Proven operating model reliably captures growing demand, maximises revenue and drives significant operating leverage Fully invested, focused on drivi
Slide 51: Thank you | Q&A
Thank you | Q&A