Safestore Holdings Plc · LSE:SAFE
Safestore — H1 2025 Earnings Presentation
33 slides from Safestore's earnings presentation, Jun 10, 2025
Slide 1: Half Year Results
Half Year Results 10 June 2025
Slide 2: Agenda
Agenda Introduction & highlights Frederic Vecchioli CEO Half Year 2025 financial review Simon Clinton CFO The Safestore opportunity Frederic Vecchioli CEO Q&A 2
Slide 3: Safestore – a strong, growing business
Safestore – a strong, growing business • Strong market fundamentals: limited supply and increasing demand for self storage in all markets • Growth: a leading, high-quality portfolio in primarily metropolitan markets with a strong pipeline of new sites • Attractive business model • Investing in asset
Slide 4: Strong Record of Value Creation
Strong Record of Value Creation Group Revenue (£m) Group Underlying EBITDA (£m) +139% +169% 120.0 80.0 +7.5% CAGR +8.6% CAGR 100.0 70.0 60.0 80.0 50.0 60.0 112.8 101.0 110.1 109.2 40.0 88.1 65.2 69.7 67.1 66.1 40.0 73.1 79.3 30.0 62.6 69.2 54.4 50.4 54.1 41.4 45.9 20.0 47.1 46.9 20.0 34.9 39.1 25.6
Slide 5: H1 2025: resilient performance and steady progress
H1 2025: resilient performance and steady progress Robust financial performance Further operational and strategic progress +4% • Group LFL revenue +2.8% • UK +1.6% 78% +2.3% Group • Paris +0.8% LFL closing LFL RevPAF revenue (CER) occupancy rate1 up • Expansion Markets +17% +0.6ppt -1% • Cost action
Slide 6: First half trading dynamics
First half trading dynamics Encouraging momentum across the portfolio UK growth led by healthy domestic demand • LFL revenue on a steadily improving trajectory • Led by increased domestic demand with enquiries up 2.1% LFL YoY and occupied domestic space up 6.6% LFL • Delivery of large unit repartiti
Slide 7: HY 2025 Financial Review
HY 2025 Financial Review Simon Clinton, CFO 7
Slide 8: Group LFL revenue dynamics
Group LFL revenue dynamics Improving trends in UK and steady progress elsewhere Expansion GBP at CER) London/SE Rest of UK UK Total Paris Group Markets Percentage of Group LFL MLA 36% 34% 70% 17% 13% 100% £36.77 £23.49 £30.37 £36.60 £21.50 £30.40 Average Rental Rate (£/Sq Ft) (0.2%) 0.8% 0.1% 1.9% 8
Slide 9: Underlying income statement
Underlying income statement Revenue growth; profits dampened by rising costs H1 25 H1 24 Change Revenue growth across the group: £’m £’m % • Group revenue +4% at CER Revenue 112.8 109.2 3.3% • Continued growth in UK and steady performance in Paris Underlying costs (47.3) (42.1) 12.4% • Strong growth
Slide 10: Group costs
Group costs Impacted by inflation and new store development H1 25 H1 24 Change £’m £’m % Underlying cost of sales increased due to: Cost of sales Volume related including bad debt (2.4) (2.7) (11.1%) • UK significant inflationary increases in store employment Store employees (12.2) (11.7) 4.3% costs
Slide 11: Strong operating cash flows
Strong operating cash flows H1 25 H1 24 Continued strong cash generation from our portfolio £’m £’m • £60m of operating cash inflow, stable vs H1 2024 Underlying EBITDA 66.1 67.1 • Operating cash conversion >90% Working capital / exceptionals / other (6.0) (6.3) Adjusted operating cash inflow 60.1 6
Slide 12: Healthy debt profile
Healthy debt profile £m Net Debt of £1,011m 600.0 • Well balanced spread of maturities: earliest maturity Oct 2026 500.0 • 58% of drawn debt at fixed rate; ample liquidity with >£100m undrawn RCF 400.0 • Additional borrowings drawn down in H1 2025 to fund new store programme and Italian JV acquisiti
Slide 13: Significant asset base with developments adding further value
Significant asset base with developments adding further value Property Valuation £m (including Investment Properties Increasing property portfolio value with under construction), before lease liabilities development pipeline driving NAV growth • Investment Property value at £3,310m, up £127m • +£59m
Slide 14: FY25 Outlook maintained
FY25 Outlook maintained Item Guidance Operating Costs Like-for-like Cost of Sales costs to be at lower end of guidance at 7%-8% (H1 2025 LFL operating costs +5.2% YoY) Rise due to inflationary pressures on Store Staff Costs, Business Rates and Energy costs Finance Costs Development pipeline plus Ita
Slide 15: The Safestore Opportunity
The Safestore Opportunity Frederic Vecchioli, CEO 15
Slide 16: The Safestore opportunity
The Safestore opportunity Additional EBITDA opportunity Significant EBITDA growth potential from LFL stores • Stores open for 2 years or more • LFL revenue growth with focus on maximising REVPAF • High drop through to EBITDA, leveraging fixed cost base Growth from non LFL stores 8%1 8%1 • Stores ope
Slide 17: Growing demand for self-storage
Growing demand for self-storage Drivers similar across all our geographies Number of Enquiries per Store p.a.¹ Long term key driver is awareness growth, which is driven by supply increase • Very low domestic customer penetration • Multiple drivers of consumer demand (life events, house/flat moves pa
Slide 18: Increasing supply from low base
Increasing supply from low base European runway for growth Self storage penetration growth potential across Europe is Self storage capacity sq ft per head* significant 10 9.39 • 0.42 sq ft/capita average across our European markets vs US at 9 9.4 sq ft/capita 8 • Awareness of product will drive pene
Slide 19: Our pan-European footprint
Our pan-European footprint Strong foundations for future growth Attractive pan-European portfolio with >95% sites in key Store Portfolio Number of stores MLA (m sq ft) % of Group MLA metropolitan areas 30.4.25 • UK & Paris – prime urban locations, further growth through maturing LFL London & South E
Slide 20: Our technology and in-store capabilities enable us to maximise revenue (RevPAF)
Our technology and in-store capabilities enable us to maximise revenue (RevPAF) to drive returns Scalable pan-European digital platform to capture and convert enquires • New website and digital platform optimised along with SEO to drive enquiries • Multi-channel customer management (online, instore,
Slide 21: Our RevPAF is growing
Our RevPAF is growing Improving the utilisation of available space at carefully managed rates £ / sq ft UK REVPAF France REVPAF € / sq ft 32.0 44.0 31.0 30.0 43.0 29.0 42.0 28.0 27.0 41.0 26.0 40.0 25.0 24.0 39.0 23.0 22.0 38.0 FY19 FY20 FY21 FY22 FY23 FY24 HY25 Last FY19 FY20 FY21 FY22 FY23 FY24 HY
Slide 22: Our pipeline provides a significant runway for growth
Our pipeline provides a significant runway for growth Focused on metropolitan centres across UK & Europe Current development programme • 13% growth in MLA (+1.1m sq ft) from end H1 2025 • Of which 201k in H2 2025 and 878k in FY 2026 Development pipeline of 1.6m MLA – including stores opened in H1 20
Slide 23: Our cash-on-cash track record gives confidence in future returns
Our cash-on-cash track record gives confidence in future returns Financial Year Opening Date Cash-on-Cash Ramp-Up1 Pipeline and current non-LFL stores2,3 projected to deliver incremental £35-40m of EBITDA on stabilisation ● Strongly accretive returns on ramp-up of stores and stabilisation, following
Slide 24: The Safestore opportunity
The Safestore opportunity 8%1 Additional EBITDA opportunity 8% 8%11 6%1 4%1 3%1 FY 24 Mature LfL stores Maturing LfL stores Non LfL stores Italy JV Future EBITDA 80% of MLA 11% of MLA & pipeline 1. Like for Like compound annual revenue growth 2. Mature LFL stores = stores open >5 years, Maturing LFL
Slide 25: Summary
Summary • Industry leading operating model in a growing market with strong fundamentals • Established pan-European portfolio with leading presence in key metropolitan areas • Strong, flexible capital structure with significant asset value underpin • LTV of 27.4% and EPRA NTA of £11.17 per share • Go
Slide 26: appendices
appendices
Slide 27: Store Pipeline
Store Pipeline Total Pipeline MLA (let Sq Ft- million) Total Outstanding CAPEX (£’m) c. 1,079 £116m H1 2025 Openings 2026 Openings New Developments FH/LH MLA Type New Developments FH/LH MLA Type Status Madrid - North East (Barajas) FH 57.2 Conversion Paris - Colombes FH 65.2 Conversion C, PG Madrid
Slide 28: 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 12.5 years • UK leases 8.7% of Group assets value 12.0 • All leases in England within renewal protection r
Slide 29: LFL estate growing with opportunity for EBITDA contribution from Non-LFL stores
LFL estate growing with opportunity for EBITDA contribution from Non-LFL stores Group Total at CER H1 2025 H1 2024 Movement £'m £'m £'m % Revenue LFL 111.5 108.6 2.9 2.7% Non-LFL 2.1 0.6 1.5 250.0% Total 113.6 109.2 4.4 4.0% Underlying Cost of Sales LFL (36.1) (34.3) (1.8) 5.2% Non-LFL (2.3) (0.3) (
Slide 30: Portfolio by store maturity
Portfolio by store maturity HY 2025 HY 2024 Developing Established Mature Total Developing Established Mature Total Total Portfolio Total Portfolio Number of stores 30 11 168 209 Number of stores 17 11 164 192 MLA (m sq ft) 1.38 0.41 7.34 9.14 MLA (m sq ft) 0.64 0.47 7.12 8.23 % of Portfolio MLA 15%
Slide 31: Portfolio by Leasehold / Freehold
Portfolio by Leasehold / Freehold HY 2025 HY 2024 Freehold Leasehold Total Freehold Leasehold Total Total Portfolio Total Portfolio Number of stores 157 52 209 Number of stores 140 52 192 MLA (m sq ft) 7.17 1.97 9.14 MLA (m sq ft) 6.26 1.97 8.23 LFL Portfolio (CER) LFL Portfolio (CER) Number of stor
Slide 32: Domestic / Business Customer
Domestic / Business Customer FY FY FY FY FY FY FY FY FY H1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personal Customers Numbers (% of total) 75% 76% 76% 77% 80% 79% 80% 80% 82% 81% Square feet occupied (% of total) 55% 55% 56% 58% 60% 61% 62% 63% 66% 65% Square feet occupied (m) 2.2 2.5 2.6
Slide 33: Delivering for shareholders
Delivering for shareholders 33