Full Year 2025 results January 1, 2025 to December 31, 2025

"Shurgard delivered another solid year in 2025, continuing to outperform the European self-storage industry. Our platform has expanded significantly, with +23% additional sqm versus 2023, ending the year 2025 with 1.7 million sqm (owned stores). This expansion, combined with disciplined execution, enabled our 2025 revenue to grow by c. 11% and Underlying EBITDA c. 10% versus 2024, despite inflationary pressure (wages and real estate taxes) and puts us on a strong medium-term earnings growth trajectory.

Our funding strategy, including €300 million capital raised in 2023, €1 billion of new debt during 2024 and 2025, and the offering of the scrip dividends, allowed us to support this growth while maintaining our BBB+ rating. Despite the scrip dilutionary impact, Adj. EPRA earnings increased in 2025 versus 2024 by c. 4%, Adj. EPRA earnings per share by c. 2%, and we continued to issue a dividend of €1.17 per share, resulting in a c. 4% dividend yield.

Generally, market conditions evolved as expected in 2025. Q4 showed a more competitive environment in several markets (UK, the Netherlands, France and Germany), while the Nordics continued to perform strongly. The demand stayed stable, but the pricing actions required to keep high occupancy (same store c. 89%) negatively impacted revenues and operational margins more than anticipated in Q4, flowing through to EBITDA.

Our same store revenue growth, in early 2026, moved towards stabilization with non-mature properties ramping up consistently and our guidance for 2026 reflects this with a targeted all store revenue growth up to 8% and an anticipated Adj. EPRA earnings growth up to 6%.

To further accelerate medium-term Adj. EPRA earnings per share growth, we are increasing our NOI yield on cost at maturity to 9%-10% for projects approved as of 2026 (+100bps to current requirement), and our Board has decided to stop the scrip dividend option. We remain strongly committed to our BBB+ rating and continue to focus on retaining our LTV target of below 25% (currently 23%) and meeting our revised Net debt/Underlying EBITDA medium target of 5.0x-6.0x (current actuals 6.2x), both well in line with S&P requirements.

In summary, our strategy and focus are to deliver a significant medium term EPS growth based on the following key elements:

• Leverage the size and omnichannel efficiency of our platform;

• Benefit from the non-mature stores additional NOI growth (extra footage from 2023-24-25 and pipeline 2026-2028);

• Increase by 100bp our required NOI yield on cost at maturity rate for new developments as of 2026 to 9%-10%;

• Stop the scrip dividend, full payout in cash;

• Maintain our BBB+ rating."

1. - Fiscal Year highlights
   1. - YTD December 2025 key highlights

      Consolidated IFRS Three months ended Twelve months ended (in € millions except where indicated) December, 31 % var. December, 31 % var.
      	2025	2024		2025	2024
      Real estate operating revenue	114.4	111.3	2.8%	450.9	406.5	10.9%
      Operating profit	249.1	246.2	1.2%	778.0	560.1	38.9%
      Profit for the year	191.7	178.6	7.3%	599.3	403.7	48.5%
      Earnings per share in € (basic)	1.9	1.8	4.7%	6.0	4.1	45.5%

      All store results (in € millions except where indicated)	Three months ended December, 31 2025 2024		% var.	% var. CER	Twelve months ended December, 31 2025 2024		% var.	% var. CER
      Number of stores	332	318	4.4%		332	318	4.4%
      Closing rentable sqm1	1,707	1,626	5.0%		1,707	1,626	5.0%
      Average rented sqm2	1,424	1,388	2.6%		1,409	1,296	8.8%
      Average occupancy rate3	85.0%	85.9%	-0.9pp		85.5%	86.6%	-1.1pp
      Average in-place rent (in € per sqm)4	282.7	282.6	0.0%	0.7%	281.3	276.1	1.9%	1.9%
      All store - financial performance
      Property operating revenue5	114.4	111.5	2.6%	3.4%	450.9	406.7	10.9%	10.8%
      Income from property (NOI)6	77.2	76.1	1.4%	2.0%	294.6	267.7	10.0%	9.9%
      NOI margin7	67.4%	68.2%	-0.8pp	-0.9pp	65.3%	65.8%	-0.5pp	-0.5pp
      Underlying EBITDA8	70.0	68.9	1.5%	2.0%	265.7	240.4	10.5%	10.4%
      Underlying EBITDA margin9	61.2%	61.8%	-0.7pp	-0.8pp	58.9%	59.1%	-0.2pp	-0.3pp
      Adj. EPRA earnings10	45.1	43.9	2.6%	3.5%	173.1	167.4	3.4%	3.7%
      Adj. EPRA earnings per share in € (basic)11	0.45	0.45	0.1%	0.9%	1.74	1.71	1.4%	1.7%

      • Real estate operating revenue grew by 10.9% in 2025, reaching €450.9 million, driven by:

        • Increase in rentable sqm (+5.0%) through +14 stores, as well as re-mixes and redevelopments, allowing for ramp up of average rented sqm by +8.8%; and

        • Increase of revenue per sqm through average in-place rent +1.9%.

      • Operating profit amounted to €778.0 million mainly as a result of:

        • An Underlying EBITDA of €265.7 million (+10.4%), showing the impact of portfolio expansion and economies of scale; and

        • Revaluation gains on the fair value of our investment properties of €519.5 million.

      • Underlying EBITDA margin reached 58.9%, explained by:

        • More challenging market dynamics in Q4, which flew through to Underlying EBITDA.

        • Demand remained strong, and move-outs were in line with expectations during Q4. However, more aggressive competitor pricing in parts of our network required us to adopt a similarly aggressive approach, consistent with our adaptive pricing strategy.

      • Profit for the year ended the year with €599.3 million, or 6.0€ of basic earnings per share:

        • Adjusting for the typical EPRA driven adjustments and excluding notably the impact of valuation gains on investment property and deferred taxes, this translates into Adj. EPRA earnings of €173.1 million (+3.7% vs. prior year); and

        • Despite the dilutive impact of the scrip dividends, Adj. EPRA earnings per share was 1.74€ (+1.7%).

   2. - Same store YTD December 2025 key highlights

      Same store results (in € millions except where indicated)	Three months ended December, 31 2025 2024		% var.	% var. CER	Twelve months ended December, 31 2025 2024		% var.	% var. CER
      Number of stores	251	251			251	251
      Closing rentable sqm1	1,292	1,283	0.7%		1,292	1,283	0.7%
      Average rented sqm2	1,144	1,150	-0.5%		1,145	1,146	-0.1%
      Average occupancy rate3	88.7%	89.7%	-0.9pp		89.0%	89.5%	-0.4pp
      Average in-place rent (in € per sqm)4	291.6	286.0	2.0%	2.3%	288.5	278.2	3.7%	3.5%
      Same store - financial performance
      Property operating revenue5	94.1	93.0	1.1%	1.5%	373.5	361.1	3.4%	3.2%
      Income from property (NOI)6	66.1	65.9	0.4%	0.6%	254.2	244.2	4.1%	3.8%
      NOI margin7	70.3%	70.8%	-0.5pp	-0.6pp	68.1%	67.6%	0.4pp	0.4pp

      • Our same store property operating revenue growth (representing 83% of all store revenue) grew by 3.2% for the full year and decelerated as expected and guided.

      • Our four largest markets (UK, the Netherlands, France and Germany) experienced a stronger deceleration in Q4, due to the abovementioned competitive environment, despite steady demand, while the Nordics confirmed their strong performance.

      • Same store average rented sqm remained stable compared to 2024, with 89.0% average same store occupancy, slightly below prior year, reflecting partly the increase in rentable sqm.

      • Same store average in-place rent grew by 3.5%, above inflation, demonstrating the continued success of our adaptive pricing strategy, even in competitive markets.

      • Same store NOI margin continued to improve by 0.4pp for the year 2025 vs. 2024. This reflects (i) realized synergies from our recent acquisitions, (ii) the cost benefits from our store clustering, and (iii) the overall scalability of our unique operating platform, allowing us to compensate inflationary pressure.

   3. - Update on the 2024 UK portfolio acquisition: delivering according to plan

      • Building up on our proven commercial model, we grew the average occupancy of the former Lok'nStore portfolio acquired in the UK from 67% (at acquisition date, August 2024) to 80% (or 102,000 sqm) rented as of December 2025. This means that we rented c. 17,000 additional sqm compared to takeover. We are on track to achieve c. 90% occupancy by December 2026.

      • We successfully rebranded 28 stores and upgraded them to meet our own building standards.

      • We delivered the upper range of expected synergies (c. €5 million) through operational efficiencies, the integration of the company in our UK-REIT structure, and the reduced general and administration expenses.

   4. - Portfolio expansion

      • c. 91,350 sqm of projects completed and delivered in 2025:

        • 12 developments: +59,800 sqm (€133.0 million total project costs);

        • 9 redevelopments: +13,700 sqm (€25.1 million total project costs);

        • 3 acquisitions: +17,850 sqm (€55.3 million total project costs).

      • c. 158,600 sqm from our 2026-2027 secured pipeline:

        Portfolio expansion

        (in € millions except where indicated( At closing rate December 31, 2025

        Number of Total project projects Net sqm ('000( cost /Purchase

        price

        Scheduled to open in 2026 23 102.1 229.6

        Scheduled to open in 2027 12 56.5 146.3

        Total 35 158.6 375.9

        • 7 redevelopments: +8,450 sqm in Belgium, France, UK, and Sweden;

        • 27 new developments: +141,900 sqm in UK, the Netherlands, France and Germany (20 are under construction);

        • 1 store of 8,250 sqm was acquired in 2025 and is scheduled to open in 2026 in UK.

   5. - Strong balance sheet

      Consolidated IFRS Twelve months ended (in € millions except where indicated) December, 31 % var.
      	2025	2024
      Cash and cash equivalents	56.0	142.6	-60.8%
      Investment properties (incl. IPUC)	7,123.5	6,410.5	11.1%
      Total equity attr. to equity holders of the parent	4,515.0	4,011.1	12.6%

      Balance sheet metrics	Twelve months ended December, 31 2025 2024		% var.
      Weighted average exit cap rate	5.1%	5.1%	0.0pp
      EPRA net tangible assets (NTA)/share (in €)	53.3	48.4	10.0%
      Loan-to-value (LTV)	23.2%	23.3%	-0.1pp
      Net debt/Underlying EBITDA12	6.2x	6.2x	0.0x

      • €56.0 million cash and cash equivalents, with an available revolving credit facility of €500 million (fully undrawn);

      • Investment properties (including properties under construction) +11.1%, with fully unencumbered assets and stable exit cap rate (5.1%), resulting in EPRA net tangible assets (NTA( per share of €53.3 (+10.0%);

      • The only European self-storage company with a strong investment grade rating (BBB+, stable outlook) from S&P;

      • Healthy balance sheet:

        €1,570 million diversified debt (rated euro bonds and USPPs), long-term maturities (7.2 years weighted average debt maturity - €270 million to be refinanced over the next four years) and fixed interest rates (3.33% weighted average effective interest rate), supporting growth with strong and predictable funding base;

      • Loan-to-value 23.2% (from 23.3% prior year), and our Net debt/Underlying EBITDA stable at 6.2x.
2. - Outlook 2026 and medium-term guidance (2027-2030(
   1. - 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%
      Adjusted EPRA earnings	€ million	172.0	183.5
      Adjusted EPRA earnings growth	%	1.0%	6.0%
      Adjusted EPRA earnings per share (basic)	€/share	1.70	1.81
      Adjusted EPRA earnings per share growth	%	-1.0%	4.0%
      Capital allocation
      Dividend per share	€/share	1.17	1.17
      Portfolio expansion - sqm of 2026 projects	th. Sqm	100	125
      Portfolio expansion - capex of 2026 projects	€ million	250	315
      Leverage at year-end
      Net debt/Underlying EBITDA	multiple x	6.5x	6.8x

      While 2025 results have been solid and confirmed our earnings growth trajectory, our 2026 outlook reflects our ambition to further accelerate medium-term Adj. EPRA earnings per share growth:

      • All stores revenue growth estimated to be 6.0%-8.0%, supported by larger pool of stores not yet matured and in ramp up.

      • Underlying EBITDA expected to land in a range between €278 and €289 million, reflecting our ability to compensate for cost pressure through operational excellence in our same store network, with particular cost drivers being:

        • Store payroll expenses in our same store segment are expected to grow less than inflation, with continued roll out of our clusterization model, whereby more and more stores are remotely managed (over 60% in clusters);

        • Real estate taxes are expected to grow by c. 6% for our same store pool, mainly driven by business rates increase in the UK (66% out of total foreseen increase).

      • We envisage interest expenses to grow to €57.5-59.5 million for the fiscal year.

      • Adj. EPRA earnings growth expected to land between 1.0% and 6.0% with a corresponding Adj. EPRA earnings per share growth of -1.0% to 4.0%.

      • We continue to distribute a dividend of 1.17€/share, without scrip optionality, i.e. in cash only.

      • NOI yield on cost at maturity increased by 100bps to 9%-10% for development projects approved as of 2026.

      • We plan to add 100,000 to 125,000 sqm to our portfolio, with 2026 calendar year capex estimated to be between

        €250 and €315 million.

      • Net debt/Underlying EBITDA ratio to end up between 6.5x and 6.8x.

All financial performance commentary at Constant Exchange Rate (CER), except for consolidated IFRS metrics at Actual Exchange Rate (AER) Footnotes on page 9