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August 12 , 2026 SHURGARD SELF - STORAGE SHURGARD SELF - STORAGE First month's rent Chiswick , London United Kingdom EARNINGS CALL PRESENTATION – H1 2026 RESULTS -
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1 – Highlights 2 – Business update 3 – Half year 2026 results 4 – Balance sheet & leverage 5 – Outlook 2026 6 - Conclusion 7 - Appendix
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HIGHLIGHTS1|
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HIGHLIGHTS – Q2’26 4 Looking ahead, we focus on ( i ) maturing new stores, (ii) customer retention and pricing power, and (iii) driving revenue growth through H2 2026, while strengthening our position for 2027. Property Operating Revenue 1 Acceleration of revenue growth in Q2’26 (+3.6% vs. LY) vs. Q1’26 (+3.1% vs. LY) supported by stronger momentum in several major markets, however slower than anticipated Income from property (NOI) 1 Focus on cost management resulted in improved profitability, with NOI growing +1.6% in Q2’26 vs. a decline in Q1’26, both compared to the prior year Outlook 2026 As a result of slower- than- anticipated growth, downward revision of guidance for the current fiscal year. Solid balance sheet Leveraging metrics in line with guidance with 23.7% LTV and 6.5x Net debt /underlying EBITDA; with undrawn €570m RCF and €70m available cash Pipeline Secured pipeline remains a key growth engine, with 170,500 additional sqm to be delivered by 2028, expected to generate around €35 million additional annual NOI at maturity 1 At CER vs. same period the prior year
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SHURGARD IN SHORT – H1 2026 5 PORTFOLIO 1 335 Stores 7 Countries 1.7 million Sqm of rentable space +3.3% Property operating revenue - 3.4% Adjusted EPRA earnings +0.5% Income from property (NOI) €53.6 EPRA net tangible assets (NTA) / share 6.5x/23.7% Net Debt to Underlying EBITDA/LTV BBB+ S&P credit rating PERFORMANCE 2 BALANCE SHEET 1 Excluding 16 properties under management contract 2 vs H1 2025, at CER - 0.6% Und. EBITDA growth €7.3 billion Portfolio value (incl. RoU & IPUC) Largest pan - European platform supported by a strong balance sheet.
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BUSINESS UPDATE2|
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GROWTH ACCELERATION 7 All stores property operating revenue growth accelerating in our key markets, including UK & Germany. Same stores occupancy contributing again to revenue growth in Q2 2026. All stores Same stores Q2 2026 Q1 2026 Q2 vs. Q1 % var. % var. Delta CER CER CER All store property operating revenue by country The United Kingdom 4.3% 3.4% +0.8pp The Netherlands 4.3% 4.7% -0.4pp France 0.2% 0.2% +0.0pp Germany 5.6% 4.5% +1.0pp Sweden 6.4% 5.2% +1.2pp Belgium -0.7% -0.7% -0.1pp Denmark 6.1% 3.7% +2.4pp Total 3.6% 3.1% +0.5pp Number of stores 335 333 All stores Q2 2026 Q1 2026 Q2 vs. Q1 % var. % var. Delta CER CER CER Same store property operating revenue by country The United Kingdom -0.5% -1.3% +0.9pp The Netherlands 2.5% 2.9% -0.4pp France 0.0% 0.2% -0.2pp Germany 2.2% 2.0% +0.2pp Sweden 5.0% 4.1% +0.9pp Belgium -0.7% -0.7% -0.1pp Denmark 6.1% 3.7% +2.4pp Total 1.5% 1.2% +0.3pp Number of stores 275 275 Same stores
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Other 35% London 65% Other 19% Big Seven 3 81% PORTFOLIO OVERVIEW AND GROWTH Well spread and prime portfolio, with significant embedded growth potential from recent openings. 8 Other 50% Greater Brussels 50% Other 30% Paris 70% Other 24% Randstad 2 76% Other 41% Stockholm 59% Copenhagen 100% Capital cities 21 stores 10stores 71 stores 41 stores 76 store s 1 At the end of June 2026, excluding third party managed properties 2 Randstad’s main cities are: Amsterdam, The Hague, Rotterdam and Utrecht 3 Big Seven cities where Shurgard is present: Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf 47 stores 69 store s 90% 88% 87% 77% 76% 82% 10% 12% 13% 23% 24% 18% 254 266 275 318 332 335 2021 2022 2023 2024 2025 2026 # of Same stores # of Non-same stores Evolution of stores by segment # Stores All store rented sqm
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EXPANDED RAMP - UP PORTFOLIO UNDERPINS FUTURE EARNINGS GROWTH 9 Since 2024, we have doubled the number of stores in ramp - up, contributing already significantly to our (future) earnings growth. 1 Including redevelopments of same stores 2 As of January 1st of the current financial year 3 Including the 2026 pipeline. Our non-same store portfolio stands at 60 stores as of June 2026, with 1 store opened in July and 12 additional openings expected by year-end. Criteria Segment 2022 2023 2024 2025 H1 2026 Forecast 2026 3 • Stores developed by Shurgard in operation for more than three full years2 • Stores acquired by Shurgard in operation for more than one full year2 318 318All stores that have been open and trading throughout both the current and comparative period. Like-for-like stores 240 252 265 274 60 73 All stores 266 275 318 332 335 348 • All other stores Non-same stores 32 35 74 81 # of stores Same stores 1 234 240 244 251 275 275 +9 new +43 new +14 new +16 new +13 new +6 matured +4 matured +7 matured +24 matured
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4 new developments opened 2026 OPENINGS TO DATE January Paris Montigny - le - Bretonneux Size 3,700 sqm Project cost €5.5 million 2026 3 redevelopments Frankfurt Rödelheim Size 7,200 sqm Project cost €21.1 million 27,700 sqm delivered so far in 2026, for a total investment of c. €55 million Paris Epinay Size 1,200 sqm Project cost €3.6 million April South East Eastbourne - Lottbridge Drove Size 6,6 00 sqm Project cost €10.4 million May Other minor redevelopments Size 6 00 sqm Project cost €0.2 million Lille Grand - Place Size 2,700 sqm Project cost €3.2 million July Greater Manchester Altrincham Size 6,200 sqm Project cost €10.4 million 10
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ADDITIONAL PORTFOLIO EXPANSION H2 2026 - 2028 11 Strong pipeline, with c. 170,500 sqm already secured for H2 2026 - 2028, with attractive yields, expected to deliver c. €35 million NOI at maturity. # Projects Country Net sqm Project cost 2027 Germany Netherlands UK France 57,100 sqm c. €143 million 13 Projects 13 New developments H2 2026 UK Germany Netherlands France Sweden Belgium 75,200 sqm c. €174 million 16 Projects 4 Redevelopments 11 New developments 1 Acquisition Total of 35 Projects ( 4 Redevelopments, 30 New developments & 1 Acquisition) 170,500 sqm c. €412 million 2028 UK Germany Belgium 38,200 sqm c. €95 million 6 Projects 6 New developments
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PROGRESS REPORT ON THE 2024 UK PORTFOLIO ACQUISITION 12 Occupancy growth Significant uplift in sqm rented in Q2’26 (+4,300sqm) 67% Aug-24 (acquisition) 81% Jun-26 80 - 85% Dec-26 (target) Revenue growth While increasing occupancy, our move- in rate continues to grow as well MOVE IN RATE (per sqm/year) We rented an additional 4,300 sqm this quarter, a sizable uplift vs. Q1 2026 (+ c. 1,800 sqm), ending at an occupancy of 81.3%. Close to reaching the 110,000sqm target announced at acquisition. 207€ June’25 YTD 222€ June’26 YTD +6.9% Enlarged perimeter, with c. 5,000 sqm added to the portfolio Aug-24 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 SQM Rented at month end 82,315 91,661 97,083 98,055 102,037 102,151 103,962 108,306 SQM Rentable at month end 122,858 128,061 128,061 128,061 128,061 128,061 133,193 133,193 Occupancy 67.0% 71.6% 75.8% 76.6% 79.7% 79.8% 78.1% 81.3% Additional sqm rented over the quarter +9,346 sqm +5,422 sqm +972 sqm +3,983 sqm +114 sqm +1,812 sqm +4,344 sqm
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HALF YEAR 2026 RESULTS3|
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(in € millions except where indicated) % var. % var. % 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 46 Closing rentable sqm1 1,743 1,643 6.1% 6.1% 1,743 1,643 6.1% Average rented sqm2 1,459 1,402 4.0% 4.0% 1,444 1,397 3.4% Average occupancy rate3 84.1% 85.5% -1.4pp -143.7% 83.6% 85.5% -1.9pp Average in-place rent (in € per sqm per year)4 277.6 279.8 -0.8% -0.4% 279.7 280.9 -0.4% 0.0% All store - financial performance Property operating revenue5 115.0 111.5 3.2% 3.6% 229.6 223.1 2.9% 3.3% Income from property (NOI)6 76.3 75.4 1.2% 1.6% 140.2 140.0 0.2% 0.5% NOI margin7 66.3% 67.6% -1.3pp -1.3pp 61.1% 62.7% -1.7pp -1.7pp Underlying EBITDA8 67.8 67.6 0.3% 0.7% 124.0 125.1 -0.9% -0.6% Underlying EBITDA margin9 58.9% 60.6% -1.7pp -1.7pp 54.0% 56.1% -2.1pp -2.1pp Adj. EPRA earnings10 43.5 45.1 -3.6% -2.9% 77.7 80.9 -4.0% -3.4% Adj. EPRA earnings per share in € (basic)11 0.43 0.46 -5.7% -5.0% 0.77 0.82 -6.2% -5.7% June, 30 June, 30 All store results Three months ended Six months ended H1 2026 RESULTS – ALL STORE 14 At constant exchange rate. 1-11 See appendices. Delivering 3.3% top - line growth, resulting in an NOI growth of 0.5%, despite costs increase.
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0.8 4.7 229.6 222.2 1.9 Revenue All Stores H1 2025 Revenue increase from stores already in the 2025 SS pool Revenue increase from stores entering the 2026 SS pool Revenue increase from the 2026 NSS pool Revenue All Stores H1 2026 REVENUE BRIDGE ALL STORES 15 All figures are in € million except where indicated, and at constant exchange rate. While revenue growth (+3.3%) fueled by the non - same stores ramp - up. The same store segment continues to be an important growth engine. Same store H1 2026 total: 2.7 All stores revenue growth: +3.3 %
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NET OPERATING INCOME BRIDGE ALL STORES 16 All figures are in € million except where indicated, and at constant exchange rate. All stores NOI growth (+0.5%) mainly driven by portfolio expansion. 139.5 - 0.6 0.5 0.8 140.2 NOI All stores H1 2025 NOI increase from stores already in the 2025 SS pool NOI increase from stores entering the 2026 SS pool NOI increase from the 2026 NSS pool NOI All stores H1 2026 Same store H1 2026 total: - 0.1 All stores NOI growth: +0.5 %
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% of contribution to all stores NOI growth by segment NOI BREAKDOWN ALL STORES 17 The non - same store segment is a significant NOI growth engine. All stores NOI (€ millions) 3% 4% 74% 5 % 35% -11% 17% 16% 26% 41% 65% 111% ame stores on-same stores All tore At actual exchange rate At actual exchange rate Changing store segment definition
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ADJUSTED EPRA EARNINGS PER SHARE 1 BRIDGE 18 Adjusted EPRA per share still impacted by the remaining dilutive impact of the discontinued scrip dividend and the higher cost of debt vs H1 2025. 1 All figures are in €/share, and at constant exchange rate. 2 Including the effect of EPRA adjustments 3 Other: depreciation & amortization, acquisition costs & dead deals, non-recurring expenses, non-controlling interests, other operating revenue, royalties. Underlying EBITDA: - 0.6% Adj. EPRA EPS: - 5.7 % Underlying EBITDA: - 0.6% Underlying EBITDA margin: - 2.1pp 3
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BALANCE SHEET & LEVERAGE4|
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BALANCE SHEET & PORTFOLIO VALUE 20 Sustained portfolio value growth, in a stable exit cap rates environment, with moderately growing debt. (in € millions, excluding investment properties under construction) At actual exchange rate June December (in € thousands) 2026 2025 Investment property 7,267,815 7,123,455 Intangible assets 11,140 7,822 Other assets (1) 45,044 36,905 Trade and other receivables 28,549 51,759 Cash and cash equivalents 70,185 55,958 TOTAL ASSETS 7,422,732 7,275,900 Equity 4,546,230 4,525,219 Debt 1,784,601 1,700,636 Deferred and current income tax liabilities 900,678 890,325 Trade and other payables and deferred revenue 191,224 159,721 TOTAL LIABILITIES 7,422,732 7,275,900 Net debt / Underlying EBITDA 6.5x 6.2x LTV (2) 23.7% 23.2% EPRA NTA (€) /share (3)(4) 53.64 53.29 Exit Capitalization Rate 5.2% 5.1% (1) Consists mainly of other current assets (mainly prepayments) (2) LTV vs Investment Property (3) Represents an EPRA NTA/share increase of 0.7%. (4) Number of shares as at June 30, 2026: 100,972,323.
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23.3% 23.2% 23.7% FY 2024 FY 2025 H1 2026 FINANCING STRUCTURE & LIQUIDITY 21 LOW LEVERAGE (LTV) STRONG CREDIT RATING DEBT KPIs AVAILABLE LIQUIDITY NET DEBT/UNDERLYING EBITDA BBB+ S&P Credit rating Stable outlook Avg. fixed cost of debt 3.33% Avg. debt maturity 6.9 years million cash €70 million TLF 2 & RCF 3 €795 million million debt 1 €1,645 100% Unencumbered assets Healthy financial foundations drive our disciplined capital allocation. 6.2x 6.2x 6.5x FY 2024 FY 2025 H1 2026 1 Excl. lease of c. €150 million 2 TLF = Term Loan Facility 3 RCF = Revolving credit facility
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OUTLOOK 20265|
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OUTLOOK 2026 23 Based on our H1 2026 results, we revised our operational guidance downwards. 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 earnings before tax % 18.5% 19.0% 19.0% / 19.5% Adjusted EPRA earnings € million 166.0 (-4.1%) 170.0 (-1.8%) 172.0 (+1.0%) / 183.5 (+6.0%) Adjusted EPRA earnings per share (basic) €/share 1.64 (-5.7%) 1.68 (-3.4%) 1.70 (-1.0%) / 1.81 (+4.0%) Capital allocation Dividend per share €/share 1.17 1.17 1.17 Portfolio expansion - sqm of 2026 projects th. Sqm 100 110 100 / 125 Portfolio expansion - capex of 2026 projects € million 215 250 250 / 315 Leverage at year-end Net debt/Underlying EBITDA multiple x 6.5x 6.8x 6.5x-6.8x • Considering the current operating environment, we are not reaffirming our medium-term guidance and will revisit when market conditions allow for a more meaningful assessment. • We maintain our LTV target of 25% and below and Net debt/Underlying EBITDA at 5.0x-6.0x, and our commitment to our BBB+ S&P rating. • We continue to distribute a cash dividend of 1.17€/share per year, without scrip optionality. • We continue to see attractive long-term opportunities across our markets and we remain focused on (i) executing our development pipeline and the delivery of the expected €35 million additional NOI, (ii) driving operational excellence and (iii) allocating capital in a disciplined manner. Medium - term guidance
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FOUR EXECUTION LEVERS TO SUPPORT EPS GROWTH Actions implemented to support EPS growth from H2 2026 onward. 01 CAPITAL DISCIPLINE End scrip dividend option as of Jan 1st, 2026 Increase hurdle rate from 8- 9% to 9-10% for future projects as of Feb 2026 Require M&A accretion from the first full year EXPECTED IMPACT Share count → H2’26 & FY27 * EBITDA → 2027 + medium term 02 FINANCING Flexible €570m term loan facility at EURIBOR + 85 bps, since March 2026 EXPECTED IMPACT Cost of debt → 2026 - 2027 * 03 REVENUE ACCELERATION More aggressive pricing across non-same stores (c. 20% of platform), since Q1’26 Same-store occupancy push with increased advertising since Q2’26 European Sales Call Center rollout, starting March 2026 EXPECTED IMPACT EBITDA → H2 2026 - 2027 * 04 OPERATING EFFICIENCY UK (as of July’26) and France (as of Q4’26) clusterization plans to reduce labor cost EXPECTED IMPACT EBITDA → H2 2026 - 2027 * * First full year impact 24
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CONCLUSION6|
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CONCLUSION 26 We are positioning the company well for the future. • 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, with +20.5% property operating revenue in H1 2026 vs. LY; H1 2026 results • We focus on our revenue growth: non-mature stores ramp-up, customer retention and pricing dynamics; • We continue focusing on our cost optimization plan; • We have a strong pipeline that will deliver at maturity c. €35 million additional OI. • We have a strong balance sheet and low leverage, supported by a BBB+ rating; H2 2026 and 2027
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FINANCIAL CALENDAR Q4 2026 & FY2027 27 November 10 , 2027 Q3 2027 results May 13, 2027 Annual General Meeting & Q1 2027 results March 04, 2027 Year-End 2026 Results & Earnings Conference Call November 19 , 2026 Q3 2026 results August 12, 2027 Half-year 2027 Results & Earnings Conference Call
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APPENDIX7|
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29 PROFIT & LOSS AND SIMPLIFIED CASH FLOW STATEMENT Profit and Loss (in € thousands except where indicated) 2026 2025 Real estate operating revenue 229,613 223,080 Real estate operating expense (89,402) (83,131) Net income from real estate operations 140,210 139,949 General, administrative and other expenses (17,261) (15,829) Of which depreciation and amortization expense (3,070) (3,245) Royalty fee expense (2,256) (2,197) Other expenses, net (953) (1,594) Operating profit before property related adjustments 119,740 120,328 Valuation gain from investment property and investment property under construction and gain (loss) on disposal 4,537 338,401 Operating profit 124,277 458,730 Finance costs (25,730) (26,978) Finance income 936 1,680 Profit before tax 99,483 433,432 Income tax expense (31,554) (80,549) Profit for the period 67,930 352,884 Attributable to: Non-controlling interests 853 739 Equity holders of the parent 67,076 352,145 Earnings per share in €, attributable to ordinary equity holders of the parent: Basic, profit for the year 0.66 3.57 Diluted, profit for the year 0.66 3.56 Six months ended June, 30 Cash flow overview (in € thousands except where indicated) 2026 2025 Cash and cash equivalents as of January 1 55,958 142,575 Cash flows from operating activities 125,257 96,414 Cash flows from investing activities (92,613) (132,160) Cash flows from financing activities (17,911) 43,578 Net increase (decrease) in cash and cash equivalents 14,733 7,832 Effect of exchange rate fluctuation (506) (1,166) Cash and cash equivalents at the end of the period 70,185 149,241 Six months ended June, 30 Real estate operating expenses (in € thousands) 2026 2025 Payroll expense 27,587 25,585 Real estate and other taxes 20,286 18,729 Repairs and maintenance 7,736 7,578 Marketing expense 8,211 7,154 Utility expense 3,482 3,718 Doubtful debt expense 3,836 3,942 Cost of insurance and merchandise sales 1,811 2,026 Other operating expensese1 16,454 14,398 Real estate operating expense 89,402 83,131 June, 30 Six months ended 1 Other operating expenses mainly include travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses, property lease expenses and call center expenses.
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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 presented in % and is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting periods. 4 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue, divided by the average rented sqm for the reporting period. 5 Property operating revenue represents our revenue from operating our properties, and comprises our rental revenue, fee income from customer goods insurance and ancillary revenue. 6 Income from property (NOI) is calculated as property operating revenue less real estate operating expense for the reporting period. 7 NOI margin is calculated as income from property (NOI) divided by property operating revenue for the reporting period. 8 Underlying EBITDA is calculated as EBITDA excluding (i) valuation gain (loss) from investment property and investment property under construction and gain (loss) on disposal, (ii) acquisition and dead deals costs (iii) cease-use lease expense and (iv) other items that management considers as not being representative of the Group’s operating performance of the period. 9 Underlying EBITDA margin is calculated as underlying EBITDA divided by property operating revenue for the reporting period. 10 Adjusted EPRA earnings is calculated as EPRA earnings adjusted for (i) deferred tax expenses on items other than the revaluation of investment property and (ii) special items (‘one-offs’) that are significant and arise from events or transactions distinct from regular operating activities. 11 Adjusted EPRA earnings per share in euros (basic) is calculated as adjusted EPRA earnings divided by the weighted average number of outstanding shares. FOOTNOTES 30
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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 and changes in circumstances. All forward- looking statements speak only as of the date of this presentation. Forward-looking statements include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “estimates”, “likely”, “foresees” and words of similar import. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of Shurgard. These statements are subject to risks and uncertainties about Shurgard and are dependent on many factors, some of which are out of hurgard’s control. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Use of alternative performance measures The information contained in this presentation includes alternative performance measures (also known as non- GAAP measures). The descriptions of the alternative performance measures are available on https://corporate.shurgard.eu/resources/alternative-performance-measures 31