Slides
Page 1
FY 2025 Full Year Results 15 January 2026
Page 2
Agenda 2 Introduction & highlights 2025 Financial Review Business Update Q&A Frederic Vecchioli CEO Simon Clinton CFO Frederic Vecchioli CEO
Page 3
Achievements in FY 2025 3 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 technology to drive REVPAF and margins Confidence in our future with earnings at an inflection point
Page 4
Net debt £1,058.6m +17.7% Full Year dividend 30.7p2 +1.0% Group LFL REVPAF £28.93 +2.9% FY 2025: a steady performance 4 1. LFL closing occupancy rate is closing occupancy (let sq ft) as a percentage of Current Lettable Area (CLA) 2. Final dividend 20.6 p Robust financial performance Total revenue £234.3m +5.0% (CER) Continued portfolio growth Further operational progress LFL closing occupancy 1 81.2% +1.2 ppt Strong financial underpin Leverage ratios 28.1% LTV 4.0x ICR Additional MLA in FY 2025 +677,600 sq ft +13 new stores Additional MLA in FY 2026 416,600 sq ft +4.5% / 8 new stores LFL Store EBITDAR margin 67.6% Stable LFL revenue £228.7m +3.1% (CER) Underlying EBITDAR £137.0m +1.3% (CER) Adjusted Diluted EPRA EPS 40.3p -4.7% Closing MLA FY 2025 9.28m sq ft +8.0% Future total pipeline MLA 1.1m sq ft To FY 2027 and beyond LFL store costs increase +4.4% Lower than guidance EPRA NTA per share 1,129p + 3.5%
Page 5
Strong Record of Value Creation 5 EBITDA and EPRA EPS adjusted for historical share-based payment charges and current dilutive shares 104.8 115.4 129.9 143.9 151.8 162.3 186.8 212.5 224.2 223.4 234.3 0 50 100 150 200 250 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Group Revenue (£m) Group Adjusted EPS (p) Group Underlying EBITDAR (£m) Group DPS (p) 58.6 65.7 74.4 82.9 87.5 93.9 118.0 135.1 142.2 135.4 137.0 0 20 40 60 80 100 120 140 160 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 12.1% 13.2% 11.4% 5.5% 7.3% 25.7% 14.5% 5.3% (4.8%) 1.2% YOY 16.7 19.8 23.2 26.8 28.5 30.2 40.5 47.5 47.9 42.3 40.3 0.0 10.0 20.0 30.0 40.0 50.0 60.0 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 18.6% 17.2% 15.5% 6.3% 6.0% 34.1% 17.3% 0.8% (11.7%) (4.7%) YOY 9.7 11.7 14.0 16.3 17.5 18.6 25.1 29.8 30.1 30.4 30.7 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 20.6% 19.7% 16.4% 7.4% 6.3% 34.9% 18.7% 1.0% 1.0% 1.0% YOY +124% +8.4% CAGR +141% +9.2% CAGR +134% +8.9% CAGR +216% +12.2% CAGR 10.1% 12.6% 10.8% 5.5% 6.9% 15.1% 13.8% 5.5% (0.4%) 4.9% YOY
Page 6
2025 Financial Review Simon Clinton, CFO
Page 7
Underlying income statement Revenue & EBITDA growth; PBT impacted by higher interest costs 7 • Total revenue growth: +4.9%, with growth in each market • Underlying EBITDAR growth: +1.2% • Finance charge +£5m due to increased borrowing, financing portfolio growth • Underlying Profit before tax: -4.2% • Adjusted diluted EPS: 40.3p, in line with consensus • FY dividend per share +1% to 30.7p FY 2025 FY 2024 Change £'m £'m % Revenue 234.3 223.4 4.9% Underlying cost of sales (78.4) (72.2) 8.6% Underlying store EBITDAR 155.9 151.2 3.1% Underlying administrative costs (18.9) (15.8) 19.6% Underlying EBITDAR 137.0 135.4 1.2% Leasehold costs (16.1) (15.5) 3.9% Underlying EBITDA after leasehold costs 120.9 119.9 0.8% Depreciation (1.5) (1.5) 0.0% Net underlying finances charges (26.4) (21.4) 23.4% Net contribution from joint ventures and associates (0.1) - (100.0%) Underlying profit before tax 92.9 97.0 (4.2%) Current tax (4.4) (4.3) 2.3% Adjusted EPRA earnings 88.5 92.7 (4.5%) Adjusted diluted EPRA EPS (p) 40.3 42.3 (4.7%) Dividend per share (p) 30.7 30.4 1.0%
Page 8
FY 2025 revenue growth by store maturity Contribution from all maturities of stores and regions 8 Store maturity classifications : Non-LFL: < 2 full financial years, Stabilising LFL: 2 to 5 full financial years, Mature LFL: over 5 full financial years; growth at constant FX rates 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 growth with significant contribution from stabilising stores (10% of MLA) • Significant contribution to growth from developments with ongoing growth as stores stabilise
Page 9
9 Expansion markets revenue includes Netherlands, Belgium, Spain and management fees from joint ventures in Italy and Germany Group LFL revenue Occupancy and rate improvements in all markets FY 2025 GBP at CER) UK Paris Expansion Markets FY 2025 Group FY 2024 Group Percentage of Group LFL MLA 70% 17% 13% 100% LFL Average Rental Rate (£/Sq Ft) Growth % 30.71 36.23 21.56 30.58 29.90 2.5% 0.4% 7.9% 2.3% LFL Occupancy (% of CLA) Growth 80.6% 84.8% 79.7% 81.2% 80.0% 0.3ppt 2.1ppt 5.3ppt 1.2ppt Storage Revenue (£m) Growth % 136.5 40.3 16.3 193.1 186.3 3.2% 1.0% 15.1% 3.7% Ancillary Revenue (£m) Growth % 28.3 4.0 3.3 35.6 35.6 (1.4%) 4.8% 6.0% (0.1%) Total LFL revenue (£m) Growth % 164.8 44.3 19.6 228.7 221.9 2.4% 1.3% 13.5% 3.1% LFL Group revenue +3.1% LFL growth across the regions • UK – rate supported by mix, follows improving trajectory through FY 2025 • Paris – occupancy up 2.1ppt • Expansion Markets – strong growth in both occupancy & rate Storage revenue +3.7% Ancillary revenue stable at 16% of revenue • Industry leading levels
Page 10
10 Revenue and Store EBITDAR by region Cost control and operational gearing Group sales driven by improving LFL growth across the regions Revenue from new & recently opened stores (non-LFL) increased 3x to £5.9m • 2% of Group sales vs 0.7% of group sales FY 2024 LFL store EBITDAR margins held up despite inflationary pressure on UK cost of sales Store EBITDAR from non-LFL stores increased 4.6x • Growth in revenue in new stores • Italy management fees FY 2025 FY 2024 Underlying performance (CER) UK Paris Exp Mkts Total (CER) Growth vs FY 2024 UK Paris Exp Mkts Total (CER) £’m €’m €’m £’m % £’m €’m €’m £’m LFL 164.8 51.9 23.0 228.7 3.1% 161.0 51.2 20.1 221.9 Non-LFL 2.7 0.7 3.2 5.9 293% 1.2 0.1 0.4 1.5 Total Revenue 167.5 52.6 26.2 234.6 5.0% 162.2 51.3 20.5 223.4 LFL 109.1 39.4 14.1 154.6 2.5% 108.8 37.6 11.6 150.8 LFL EBITDAR margin 66.2% 75.9% 61.3% 67.6% 67.6% 73.4% 57.7% 68.0% Non-LFL 1.0 (0.4) 0.9 1.4 367% 0.7 0.0 (0.5) 0.4 Total Store EBITDAR 110.1 39.0 15.0 156.0 3.2% 109.5 37.6 11.1 151.2 Expansion markets revenue includes Netherlands, Belgium, Spain and management fees from joint ventures in Italy and Germany
Page 11
11 Group costs Impacted by inflation and new store development Underlying cost of sales well controlled given inflationary pressures • Significant inflationary increases in store employment costs and business rates in UK • LFL cost of sales +4.4%, below guidance • Overall underlying cost of sales + 8.6% due to an incremental £3.3m cost in non-LFL stores Continued focus on cost control with multiple savings initiatives • Staff management in Paris, UK call centre integration, insurance, utilities procurement Underlying administrative expenses up 20% • Reintroduction of variable pay • Investment in technology capabilities FY 2025 FY 2024 Change £’m £’m % Cost of sales Volume related costs including bad debt (5.7) (5.7) 0.0% Store employees (24.8) (23.8) 4.2% Marketing (9.6) (9.1) 5.5% Business rates (18.3) (16.9) 8.3% Facilities and premises insurance (15.7) (15.5) 1.3% Underlying LFL cost of sales (CER) (74.1) (71.0) 4.4% Non-LFL and developments (4.5) (1.2) Foreign exchange 0.2 - - Underlying costs of sales (78.4) (72.2) 8.6% Depreciation (1.5) (1.5) - Total costs of sales (79.9) (73.7) 8.4% Administrative expenses Underlying administrative expenses (CER) (18.9) (15.8) 19.6% Share based payments (1.1) (0.3) 266.7% Exceptional costs (0.7) - - Foreign exchange - - - Total administrative expenses (20.7) (16.1) 28.6%
Page 12
12 Operating cashflow Continued strong operating cash generation Operating cashflow from our portfolio continues to be strong • Cash flow before investing and financing activities grew 4.0% to £89.6m Capex on new stores continued • £103.2m net investment in new stores and extensions, partitioning and store improvements Investment in Italian JV • £38.9m investment: 10 stores + 2 new development in FY 2025 • Management fee of £0.8m recorded in Expansion Markets revenue Dividend • 1% increase in FY 2025 FY 2025 FY 2024 Change £’m £’m % Underlying EBITDAR 137.0 135.4 1.2% Working capital/exceptionals/other 1.5 (2.3) 165.2% Cash generated from operations 138.5 133.1 4.1% Interest payments (29.2) (25.3) 15.4% Leasehold costs (16.1) (15.5) 3.6% Tax (3.6) (6.1) (41.0%) Cash flow before investing activities 89.6 86.2 4.0% Investment in joint ventures & associates (38.9) (2.5) - Capex, net of disposals (103.2) (120.1) (14.1%) Adjusted net cash flow after investing activities (52.5) (36.4) 44.1% Issue of share capital - 0.7 - Dividends paid (66.6) (65.9) 1.1% Movement in net borrowings 105.2 110.3 (4.6%) Net cash movement (13.9) 8.7 n/a
Page 13
100.0 200.0 300.0 400.0 500.0 600.0 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 USPP RCF Term Loan 13 Debt profile Maturities staggered across next 8 years to FY 2033 Net Debt of £1,058.6m • Net debt increased £159.1m (FY 2024: £899.5m) • New €77.5m term loan at 3.40% maturity FY 2030, new €70.0m USPP 4.03% maturity FY 2032 • Fixed rate debt £615m (64% of drawn debt) at total fixed rate of 2.48% • Floating rate debt £348m (36% of drawn debt) at a rate of 4.75% Next Maturities • End October 2026: €70.0m and £35.0m USPPs; average coupon 1.74% • End May 2027: €74.1m with coupon of 2.00% Reduction in average borrowing costs • 3.46% average cost of debt at year end (vs 3.96% FY24) • lower rates on floating debt facilities • higher proportion (60%) of Euro denominated borrowings £m RCF: 4.75% 1.74% 1.38% 2.39%2.00% 2.63% 3.40% 1.42% 4.03%
Page 14
14 Significant asset base Developments continuing to add further value 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 • £33.4m gain on valuation • £110.1m additions • £47.7m FX movements EPRA Basic NTA per share up 3.5% to 1,129p Property valuation movements £m (including investment properties under construction), before lease liabilities
Page 15
Recent investment in MLA growth to drive long-term earnings New store development capex and openings peaked 15 Capex reflects development costs of stores opened in that year Projected opening schedule reflects current estimates and could be subject to change Organic store development stepped up in FY 2023 • Last 3 years have delivered 30 new stores / 1.4m sq ft of new space, expanding Group MLA by 19% • £222m of associated new store capital expenditure FY 2025 peak year of openings; steady pipeline ahead • FY 2025: +13 stores / 0.7m sq ft with MLA now at 9.28m sq ft • Total current pipeline 1.1m sq ft, growing MLA a further 12% • Total associated pipeline capex of £219m, of which £116m is outstanding Pipeline 1.1m sq ft
Page 16
16 Strong value creation from new store developments Track record of achieving 10% yield on cost Projected impact (chart on left) based on FY 2025 LFL store classifications. Differs from FY 2024 projection as FY 23 opened stores reclassified to stabilising LFL and new development projects added • EPS headwind from new developments reduces with fewer openings ahead • £35-40m of incremental EBITDA from non-LFL and pipeline stores on stabilisation • Interest cost increases as capex deployed and capitalised interest reduces -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Number of years store is open Yield on cost % (store EBITDA) 2016 2017 2018 2019 2020 2021 2022 2023 • Each year of openings follows predictable returns growth path to >10% YoC on stabilisation • Most recent openings (FY 2022 and FY 2023) on track Projected incremental growth from non LFL and pipeline
Page 17
17 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 Finance Costs Projected £1m – £2m increase year on year in underlying finance charges • Additional debt to finance development activity • Partially offset by reduction in floating rates Capex Total outstanding development capex on 1.1m sq ft pipeline estimated to be £116m • £86m in FY 2026 Dividends Continued progressive dividend policy whilst building dividend cover over medium-term
Page 18
BUSINESS UPDATE Frederic Vecchioli
Page 19
Our store portfolio continues to grow in major European cities Benefiting from our scale and operational know-how 19 Store Portfolio 31.10.25 Number of stores MLA (m sq ft) % of Group MLA FY25 % increase in MLA (sq ft) London & South East 78 3.18 34 4.2% Rest of UK 61 2.8 30 - UK Total 139 5.98 64 1.7% Paris 34 1.66 18 17.0% Expansion Markets 38 1.64 18 27.0% Total Group 211 9.28 100% +8.0% JVs (Italy, Germany) 19 1.15 +251.3% Total Group managed MLA (inc JVs) 230 10.43 +17.0% Safestore in the UK – market leader and strong pipeline • Leader by no. of owned stores; more sites in London area than any other operator • Fragmented market: top 5 c.40% share; 60% independently owned or single units • Pipeline of 14 new stores Safestore in Paris – leading position and further store growth • > 50% of stores within 5-mile radius of Paris city centre • High barriers to entry: property scale and expertise in securing new sites • Pipeline of 4 new stores Safestore’sExpansion Markets – building footprint • Spain 16 stores, Netherlands 15 stores, Belgium 7 stores • Building footprint through site development in major, population dense, cities e.g. Barcelona, Madrid, Rome, Milan • +7 new stores FY25: Spain expanding fastest with further 2 pipeline stores • 677,600 sq ft opened in FY25 (+13 new stores) • 1.1m sq ft pipeline weighted to UK (c.70% by store nos)
Page 20
UK - resilient demand and active asset management Driving rate and occupancy improvement 20 Market dynamics remain attractive for growth • Continued demand growth and rising awareness is driving the highest enquiry volume per store across Group • Portfolio growth to continue: stability in demand across regions Strategic asset reconfiguration is enhancing REVPAF • Conversion of legacy large units (>250 sq ft) into smaller, higher-yielding units • 190k sq ft completed in FY 2025 of total 500k sq ft to be converted over 2 years • Smaller unit rental rates c.60% higher than large units LFL rate growth +2.5%, LFL occupancy steady at 80.6% • Good progress on new lets for both domestic and business customers • 11 stabilising stores contributed strongly to LFL growth Automation & AI capabilities are enhancing operational efficiency and revenue generation across the Group • Data advantage: proprietary 27-year data set enables advanced pricing, marketing, and analytics capabilities most competitors cannot replicate • A balanced approach using technology to support instore staff • Technology helps drive our industry leading metrics Charts show REVPAF on MLA basis for same portfolio of mature stores excluding the impact of any extensions 25.00 26.00 27.00 28.00 29.00 30.00 31.00 32.00 33.00 FY19 FY20 FY21 FY22 FY23 FY24 FY25 £ / sq ft UK Average Rate 23.00 24.00 25.00 26.00 27.00 28.00 29.00 30.00 31.00 FY19 FY20 FY21 FY22 FY23 FY24 FY25 £ / sq ft UK REVPAF
Page 21
Paris - profitable growth and network expansion Store footprint continues to grow 21 Trading dynamics show domestic growth offset by business weakness • Robust domestic demand with LFL enquiries +1%; business LFL enquiries - 12% • Strong LFL occupancy performance +2.1ppt to 84.8%; LFL average rate +0.4% • REVPAF impacted by additional CLA (recent extensions) + dynamic pricing strategy Portfolio strategy: network density and expansion • Implementing targeted reconfiguration of large units in high-demand zones • Portfolio concentrated in Inner Paris/Petite Couronne: +17% MLA in FY 2025 • Our dense network allows store sales teams to divert/convert more enquiries balancing convenience vs. price and maximising retention • Pipeline of four further stores will grow footprint in Paris to 38 stores: • Secures long-term capacity and drives overall economic value creation • Strategic network densification – may impact LFL metrics in the short-term Charts show REVPAF on MLA basis for same portfolio of mature stores excluding the impact of any extensions 42.00 43.00 44.00 45.00 46.00 47.00 48.00 49.00 50.00 FY19 FY20 FY21 FY22 FY23 FY24 FY25 € / sq ft Paris Average Rate 38.00 39.00 40.00 41.00 42.00 43.00 44.00 FY19 FY20 FY21 FY22 FY23 FY24 FY25 € / sq ft Paris REVPAF*
Page 22
Expansion Markets – Spain, Netherlands, Belgium High revenue growth, expanding margins and growing footprint 22 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 • New capacity: non-LFL stores (largely Spain) contributed €3.2m revenue (+€2.8m) Good performance across territories • Spain (16 Stores): • Standout LFL growth of +22.9% (€7.7m) • Occupancy: established portfolio robust at 81.5% (headline occupancy 70.4%) • Benelux (22 Stores) • Netherlands: Revenue +10.1% (€9.1m); LFL Occupancy 86.1% • Belgium: Revenue +13.0% (€5.5m); LFL Occupancy 86.6% Centralised tech and marketing platforms now fully integrated, allowing high-margin growth as new capacity fills up Expansion markets moving from investment mode to contribution mode - €2.0 €4.0 €6.0 €8.0 €10.0 €12.0 Spain Netherlands Belgium JV related Expansion Markets Revenue FY24 FY25
Page 23
JVs - Italy and Germany Performing in line, with strong opportunities for long-term expansion 23 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 (10% yield on cost) • Management fee model in place: utilises Safestore’s operational expertise and central data / tech platform • Operating 12 stores (+2 FY 2025) − Located in major economic centres of Rome and Florence − Performing in line with expectations on both rate and occupancy; closing occupancy 76.8% • Market fundamentals very strong: – Multiple unpenetrated wealthy markets – 3% of UK supply density – Unique leading portfolio – benefit of first mover • Further JV development opportunities identified to expand store footprint Germany associate investment • Established with Carlyle in December 2022; Safestore owns 10% • 7 stores – performing in line with expectations; closing occupancy 86% • 5 stores in the pipeline: 3 currently under development in Bonn, Stuttgart and Dusseldorf with further development sites in Frankfurt and Munich
Page 24
New store pipeline of 1.1m sq ft Steady, capital efficient opening programme 24 London - Inside M25 38% Paris 21% South East UK 19% Barcelona 6% Madrid 2% Other 14% 1.1m MLA pipeline split by geography1.1m sq ft development pipeline = 12% uplift to FY 2025 MLA • 417k sq ft in FY26: 100% of land already acquired • 678k sq ft in FY27 and beyond: 75% of land already acquired • c.60% of pipeline MLA in London area and Paris Investment discipline and de-risked growth • Sites purchased subject to planning toeliminate regulatory risk - capital deployed only when construction is imminent, accelerating payback cycle • Prime locations: focused on supply-constrained metropolitan areas • 55k sq ft ave. size maximises returns - higher rates than oversized stores • Capital efficiency: total new store investment since FY 2023 £441 million upon completion of existing pipeline • Scale: since FY 2023, delivery of 50 stores and 2.5m sq ft of space (on completion of current pipeline) • Highly competitive unit costs: cost per store:~£9.0 million, cost per sq ft: ~£180
Page 25
25 1. EBITDA and share of profit from Italy JV 2. Mature LFL stores = stores open >5 years, Stabilising LFL stores = stores open 2-5 years, Non LFL = stores open <2 financial years 3. Chart indicative and not to scale The Safestore 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 than 2 years, maturing well and growing as expected • Pipeline - expected to achieve growth and returns in line with the rest of the Group Italy JV – steady growth Significant EBITDA growth potential from mature LFL stores • LFL revenue growth with focus on maximising REVPAF • High drop through to EBITDA, leveraging fixed cost base FY25 Stabilising LFL Non-LFL & Pipeline Italy Share of JV Profit Mature LFL Future EBITDA Additional EBITDA(1) Opportunity
Page 26
FY 2026 outlook Cautiously optimistic and a return to EPS growth 26 • 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 further JV opportunities • FY 2026 development pipeline of 417k sq ft, adding 4.5% to MLA • Strong balance sheet metrics will be maintained • Inflection point for earnings per share growth
Page 27
How Safestore wins Our differentiators 27 The self-storage INDUSTRY has excellent long-term growth characteristics Safestore’sPORTFOLIO is hard to replicate and provides diverse, multi-year growth opportunities Safestore’s pan-European PLATFORM drives revenue maximisation and scale advantages Safestore’s PEOPLE, led by a highly experienced management team, are central to creating value Safestore’s CASH FLOW AND EARNINGS are at an inflection point following an accelerated investment cycle Safestore aims to deliver compounding shareholder returns through the cycle
Page 28
Appendices
Page 29
4,171 3,685 3,867 3,911 3,464 1,320 1,243 1,110 993 830 0.97 1.09 1.13 1.19 1.29 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 0 1,000 2,000 3,000 4,000 5,000 2019/20 2021/22 2022/23 2023/24 2024/25 Group total floor area (M sq. m) Total operational CO2e (Tonnes) Location based Market based Group floor area (M sq. m) Safe, Sustainable Storage 29 1.36 1.13 0.98 0.83 0.64 Market-based emissions intensity (kgCO2e/ m2) 16% reduction in absolute market-based emissions despite growth in portfolio; 22% reduction in emissions intensity ESG • Continued progress on track toward net zero operational commitment o All Group stores powered by zero-carbon electricity o Removal of gas appliances from further 5 UK stores (incl.UK H.O.) o Lighting upgrades to high efficiency, motion-sensitive LED fitments o UK company car fleet fully transitioned to PHEV o New buildings achieving or exceeding minimum EPC standards o Solar PV installations in most new openings • Continued ESG commitment illustrated by awards of GRESB Public Disclosures “A” rating, EPRA SBPR Gold , MSCI AA, Platinum Investors in People (2024-27) • Customer satisfaction consistently very high across all countries - focus on Google reviews with all markets maintaining 4.5+/5) (22%) YoY
Page 30
Strategy for Operational Net Zero 30*PHEV = Plug-in Hybrid Electric Vehicles, BEV = Battery Electric Vehicles 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 signage and customer unit lighting) • Decommissioning of gas appliances • Voltage optimisation at selected sites • Installation of building management systems for remote monitoring and power management (business case dependent) • Installation of solar PV on new-build stores where viable • Secure certificated green electricity through PPAs and/or “high quality” tariffs • Transition of company car fleet to PHEVs* and BEVs*; introduce EV charging points • Retrofit of rooftop solar PV to selected stores (business case dependent) & Total investment c. £3m spread until 2035
Page 31
Safestore ESG Commitments 31 Safestore operational emissions include scope 1, 2 and selected scope 3 categories (electricity transmission, waste, water and business travel) MB = “Market-based” emissions, calculated using emissions factors for company specific electricity supply mix Net Zero from operations by 2035 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 0.64 Kg CO2e /m2 , 31% lower than FY 2025 target of 0.93 Kg CO2e /m2 • Our attention turns to delivery of the initiatives to meet our 2028 milestones, including emissions reductions on our journey to operational net zero by 2035
Page 32
Safestore’s operating model 32 • Defensive concentration: focus on supply-constrained European metropolises with high barriers to entry • Prime asset quality: assets concentrated in dense London/Paris markets; early market entry has secured locations that are largely irreplicable today • Deep and growing demand: combines more mature markets (faster stabilisation, high penetration) with lower- density markets delivering high growth from a small base • Centralised efficiency: core functions (e.g. IT, marketing, revenue management, construction analytics) centralised at UK HQ • Local teams: provide targeted on-the-ground expertise • Data advantage: proprietary 27-year dataset (>2 million historic leases) powers machine-learning algorithms for superior price and occupancy optimisation • AI deployment: integrated AI across marketing (Customer Value Models), predictive pricing, and site selection reduces risk and optimises spend • Flexible customer journey: unified tech platform enables fully automated rentals, yet 60% of customers prefer a hybrid "remote but human-assisted" process • Value of human interaction: staffed interactions drive superior REVPAF compared to the 8% spontaneous automated adoption • Ancillary revenue: consultative sales approach ensures industry-leading ancillary sales contribution of 16%. • Yield management: revenue strategy prioritises Revenue per Available Square Foot (REVPAF) balancing occupancy, rate, and ancillaries to maximise cash flow • Industry-leading hurdle rate of return: strong track record of >10% yield on cost • Funding: combination of strong operating cash flow and debt Scalable AI integrated platformPrime portfolio in high-barrier markets Operating model optimises yields Financial focus on maximising REVPAF and returns
Page 33
MLA pipeline sq ft 33*120.5k sq ft / 2 stores already delivered in FY 2026 to date 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 - - 1.15 Pipeline MLA within managed JVs (m Sq Ft) 0.31 - - 0.31 Total future MLA including pipeline and managed JVs (m Sq Ft) 11.83 6.76 1.89 3.18 Unoccupied space as at 31 Oct 2025 Group UK Paris Exp Mkts Current unoccupied space (m Sq Ft) 2.62 1.46 0.48 0.68 Future Pipeline / Extensions MLA (m Sq Ft) 1.09 0.78 0.23 0.08 Unoccupied space including pipeline (m Sq Ft) 3.71 2.24 0.71 0.76
Page 34
Stores opened FY25 34 C = completed, CE = contracts exchanged, STP = subject to planning, PG = planning granted, UC = under construction 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 Défense FH 38.9 New Build Pamplona FH 64.5 Conversion Madrid - North East (Barajas) FH 57.2 Conversion Madrid - South West (Carbanchel) FH 45.4 Conversion Barcelona - Central 2 (Manso) LH 19.8 Conversion Randstad - Amsterdam FH 65.4 New Build Randstad - Utrecht FH 50.0 Conversion Brussels - Zaventem FH 47.4 New Build Extensions Paris - Pyrénées LH 15.4 Extension Total openings and extensions in 2025 677.6
Page 35
Store Pipeline 35 C = completed, CE = contracts exchanged, STP = subject to planning, PG = planning granted, UC = under construction 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 London – Wembley FH 55.3 New Build Paris – Colombes FH 65.2 New Build Total opened in 2026 120.5 Remaining FY 2026 openings FH/LH MLA Type Status* Paris – West 4 (Orgeval) FH 53.0 New Build C, UC London – Woodford FH 68.7 New Build C, UC London – Watford FH 57.5 New Build C, UC Hemel Hempstead FH 51.3 New Build C, UC Shoreham FH 47.1 New Build C, UC Madrid – Perseo FH 18.5 Conversion C, UC Total remaining openings in 2026 296.1 FY 2027 and beyond openings FH/L H MLA Type Status* London - Old Kent Road FH 75.6 New Build C, STP London – Belvedere FH 53.6 New Build C, STP London – Bermondsey FH 50.0 New Build C, STP London - Kingston FH 55.0 New Build C, PG Woking FH 55.0 New Build CE, STP Norwich FH 52.7 New Build C, STP Nottingham – Abbeyfield Road FH 55.0 Conversion CE, PG Swindon FH 52.0 New Build CE, PG Welwyn Garden City FH 51.0 New Build CE, PG Paris - Bry-sur-Marne FH 58.1 New Build C, UC Paris – West 1 (Conflans) FH 56.0 New Build C, PG Barcelona – Hospitalet FH 64.3 New Build CE, STP Total FY 2027 and beyond openings 678.3
Page 36
Portfolio by store maturity 36 Store categories use the following definitions: Non LFL: < 2 full financial years, Stabilising: 2 to 5 full financial years, Mature: over 5 full financial years 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% 4% 10% 85% 96% 100% CLA (m sq ft) 0.74 0.81 6.99 7.80 8.54 0.30 0.81 7.12 7.92 8.22 Occupancy (m sq ft) 0.33 0.62 5.72 6.33 6.67 0.07 0.54 5.80 6.34 6.41 Occupancy % 45.0% 76.1% 81.8% 81.2% 78.1% 24.4% 66.7% 81.5% 80.0% 78.0% Average rate (£ per sq ft) 18.99 23.23 31.32 30.58 30.23 14.25 23.06 30.48 29.90 29.85 Total income (£'m) 5.90 16.1 212.7 228.7 234.6 1.5 13.3 208.6 221.9 223.4 Store EBITDAR (£'m) 1.4 9.7 144.9 154.6 156.0 0.4 7.4 143.5 150.8 151.2 Store EBITDAR margin (%) 23.7% 60.6% 68.1% 67.6% 66.6% 26.6% 55.8% 68.8% 68.0% 67.6%
Page 37
Portfolio by Leasehold / Freehold 37 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 8.22 LFL Portfolio (CER) LFL Portfolio (CER) Number of stores 140 49 189 Number of stores 141 49 190 CLA (m sq ft) 5.96 1.83 7.80 CLA (m sq ft) 6.07 1.86 7.92 Occupancy (m sq ft) 4.82 1.51 6.33 Occupancy (m sq ft) 4.81 1.53 6.34 Occupancy % 80.9% 82.2% 81.2% Occupancy % 79.3% 82.1% 80.0% Average rate (£ per sq ft) 28.80 36.34 30.58 Average rate (£ per sq ft) 28.13 35.60 29.90 Total income (£'m) 166.1 62.6 228.7 Total income (£'m) 160.7 61.2 221.9 Store EBITDAR (£'m) 110.2 44.4 154.6 Store EBITDAR (£'m) 107.8 43.1 150.8 Store EBITDAR margin (%) 66.3% 70.9% 67.6% Store EBITDAR margin (%) 67.1% 70.4% 68.0% Rent charge (£m) 15.4 15.4 Rent charge (£m) 15.1 15.1
Page 38
Flexible Investment Model 38 13.1 12.5 11.8 12.7 12.4 13.2 13.6 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Oct '19 Oct '20 Oct '21 Oct '22 Oct '23 Oct '24 Oct '25 Average Unexpired Lease Term (Years) Flexible store and ownership model and disciplined acquisition strategy provides attractive return on investment Over 84% of group asset value is Freehold UK Lease stability • Average Unexpired Lease Term of 13.6 years • UK leases 8.7% of Group assets value • All leases in England within renewal protection rights of the Landlord and Tenant Act One freehold purchase in H1 2025 • Plymouth store at c 5.5% initial yield FR lease regularly renewed: • FR leases 6.2% of Group assets value • “Commercial Property” ownership • All leases within the protection of the Commercial Leases legislation UNIQUE PROPERTY PORTFOLIO
Page 39
Domestic / Business customer mix 39 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 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 2.6 2.9 3.3 3.6 3.9 3.9 4.2 4.5 Average length of stay (months) 22.3 22.3 21.9 21.7 21.9 21.2 21.2 20.9 20.6 19.5 Business Customers Numbers (% of total) 25% 24% 24% 23% 20% 21% 20% 20% 18% 18% Square feet occupied (% of total) 45% 45% 44% 42% 40% 39% 38% 37% 34% 33% Square feet occupied (m) 1.8 2 2.1 2.1 2.2 2.3 2.4 2.3 2.2 2.2 Average length of stay (months) 30.3 30.6 30.8 30.7 30.7 28.7 28 26.7 26.8 26.6
Page 40
40 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 to underlying EBITDAR 7.7x 6.6x 16.7% LTV 28.1% 25.1% 300 bps Debt Capacity (£'m) 152.2 144.3 7.9 Weighted average debt maturity (years) 3.8 4.2 (0.4) Effective interest rate 3.46% 3.96% (50bps) Interest Cover Ratio 4.0x 4.3x (0.3x)
Page 41
Delivering for shareholders 41 9.7 11.7 14.0 16.3 17.5 18.6 25.1 29.8 30.1 30.4 30.7 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Group DPS (p) 20.6% 19.7% 16.4% 7.4% 6.3% 34.9% 18.7% 1.0% 1.0% 1.0% YOY