Half Year Results
10 June 2025
Agenda Introduction & highlights Half Year 2025 financial review The Safestore opportunity Q&A
Frederic Vecchioli
CEO
Simon Clinton
CFO
Frederic Vecchioli
CEO
Safestore - a strong, growing businessStrong 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 assets at a fair price across European markets
Optimising the trading performance with a focus on maximizing revenue per square foot (RevPAF)
Scalable platform - leveraging physical and digital scale to drive enquiries, revenue and expansion
High store margins and strong cash generation, underpinned by an efficient cost base
Strong, flexible capital structure with expansion funded by operating cash flow and debt
Significant EPRA NTA underpin of £11.17per share
Strong track record of value creation and shareholder returns to continue
LFL growth within existing portfolio will generate strong incremental profit and cash
Pipeline developments will generate significant additional EBITDA
Strong Record of Value CreationGroup Revenue (£m)
+7.5% CAGR
101.0
69.2
79.3
47.1 46.9
50.4
54.1
62.6
109.2
110.1
112.8
73.1
88.1
120.0
100.0
80.0
60.0
40.0
20.0
0.0
+139%
Group Underlying EBITDA (£m)
+8.6% CAGR
69.7
39.1
41.4
45.9
24.6
25.6
27.5
30.1
34.9
54.4
66.1
65.2
67.1
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
+169%
YOY
HY 2013
HY 2014
HY 2015
HY 2016
HY 2017
HY 2018
HY 2019
HY 2020
HY 2021
HY 2022
HY 2023
HY 2024
HY 2025
0.0
YOY
HY 2013HY 2014HY 2015HY 2016HY 2017HY 2018HY 2019HY 2020HY 2021HY 2022HY 2023HY 2024HY 2025
(0.4%)
7.5% 7.3% 15.7% 10.5% 5.6% 8.5% 11.1% 14.6% 9.0%
(0.8%)
3.3%
4.1% 7.4% 9.5% 15.9% 12.0% 5.9% 10.9% 18.5% 19.9% 6.9%
(3.7%) (1.5%)
Group Adjusted EPS (p)
+296%
+12.1% CAGR
22.5
23.7
21.2
18.1
19.0
13.5
14.5
10.4
12.6
4.8
6.0
7.6
9.0
25.0
20.0
15.0
10.0
5.0
0.0
Group DPS (p)
12.0
9.4
9.9
10.0 10.1
7.5
5.9
4.2
5.1
5.5
1.9
2.2
3.0
3.6
10.0
8.0
6.0
4.0
2.0
0.0
+432%
+14.9% CAGR
YOY
YOY
HY 2013HY 2014HY 2015HY 2016HY 2017HY 2018HY 2019HY 2020HY 2021HY 2022HY 2023HY 2024HY 2025
25.0% 26.7% 18.4% 15.6% 21.2% 7.1% 7.4% 24.8% 24.3%
5.3% (10.5%)(10.4%)
EBITDA and EPRA EPS adjusted for historical share based payment charges and current dilutive shares
HY 2013HY 2014HY 2015HY 2016HY 2017HY 2018HY 2019HY 2020HY 2021HY 2022HY 2023HY 2024HY 2025
H1 2025: resilient performance and steady progress15.8%
36.4%
20.0%
16.7%
21.4%
7.8%
7.3%
27.1%
25.3%
5.3%
1.0%
1.0%
Robust financial performance
+4%
Group revenue (CER)
Group LFL revenue +2.8%
UK +1.6%
Paris +0.8%
Expansion Markets +17
-1%
Group underlying EBITDA (CER)
Cost action in the UK partially mitigating inflationary pressures
Planned investment in new store development dampening profitability short-term as expected
732,900 sq ft
Additional MLA in FY2025
Strong pipeline of new and recently opened stores supporting £35m-£40m EBITDA expansion
10 stores opened in H1 25
877,600 sq ft
Additional MLA in FY2026+
4 more due by year end UK +1.6%
Development pipeline of 16 stores
Further operational and strategic progress
78%
LFL closing occupancy rate1 up
+0.6ppt
New JV with Nuveen to acquire EasyBox Italian self-storage business
+2.3%
LFL RevPAF
Strong balance sheet with NAV underpin and
shareholder returns
£1,010m
Net debt
27.4%
LTV
10.1p
Interim dividend
+1%
Ample liquidity and reducing cost of debt
1 LFL closing occupancy rate is closing occupancy (let sq ft) as a percentage of Current Lettable Area (CLA)
First half trading dynamics Encouraging momentum across the portfolioUK 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 repartitioning towards domestic use continued:
93,000 sq ft converted in H1 25; we currently have 1m sq ft of units above 250 sq ft with a target to repurpose 500,000 sq ft
Averages rate achieved for units below 100 sq ft are 73% higher than those above 200 sq ft
Domestic: Business split of occupied space now 62:38%
Growing average rates and REVPAF
New stores boosting revenue growth (+£1.1m H1 revenue contribution)
Paris delivered a robust performance
Improving rental rates offset by slight decline in occupancy
Expansion Markets achieved continued strong LFL growth and new store contribution
Maturing sites in our Expansion Markets with strong occupancy and rate growth; +17% LFL revenue growth
New stores contributed EUR1.1m in revenue
HY 2025 Financial Review Simon Clinton, CFO
7
Group LFL revenue dynamics Improving trends in UK and steady progress elsewhere
GBP at CER) Percentage of Group LFL MLA | London/SE Rest of UK 36% 34% | UK Total 70% | Paris 17% | Expansion Markets 13% | Group 100% |
Average Rental Rate (£/Sq Ft) | £36.77 £23.49 | £30.37 | £36.60 | £21.50 | £30.40 |
(0.2%) 0.8% | 0.1% | 1.9% | 8.4% | 0.8% | |
Closing Occupancy (m Sq Ft) | 2.26 2.11 | 4.37 | 1.10 | 0.74 | 6.21 |
0.4% 2.3% | 1.2% | 0.0% | 5.7% | 1.5% | |
Storage Revenue (£m) | £41.5 £24.7 1.0% 2.8% | £66.2 1.7% | £19.8 0.2% | £7.9 16.2% | £93.9 2.5% |
Ancillary Revenue (£m) | £8.3 £5.6 1.4% 1.9% | £13.9 1.6% | £2.0 7.3% | £1.7 28.6% | £17.6 4.3% |
Total LFL revenue (£m) | £49.8 £30.3 | £80.1 | £21.8 | £9.6 | £111.5 |
1.1% 2.6% | 1.6% | 0.8% | 17.0% | 2.8% |
Expansion markets revenue includes Netherlands, Belgium, Spain and JVs in Italy and Germany where applicable
Underlying income statement Revenue growth; profits dampened by rising costsH1 25 H1 24 | Change | ||
£'m £'m | % | ||
Revenue | 112.8 109.2 | 3.3% | |
Underlying costs | (47.3) (42.1) | 12.4% | |
Share of JV underlying EBITDA | 0.6 - | - | |
Underlying EBITDA | 66.1 | 67.1 | (1.5%) |
Leasehold costs | (8.0) | (7.7) | 4.0% |
Underlying EBITDA after leasehold costs | 58.1 | 59.4 | (2.2%) |
Depreciation | (0.8) | (0.7) | (14.3%) |
Share of JV finance charges | (0.7) | - | - |
Finance charges | (13.0) | (9.7) | 33.9% |
Underlying profit before tax | 43.6 | 49.0 | (11.0%) |
Current tax | (1.8) | (2.6) | (30.8%) |
Adjusted EPRA earnings | 41.8 | 46.4 | (9.9%) |
Share-based payments charge | (1.2) | (1.4) | (14.3%) |
EPRA basic earnings | 40.6 | 45.0 | (9.8%) |
Adjusted diluted EPRA EPS (p) | 19.0 | 21.2 | (10.4%) |
Revenue growth across the group:
Group revenue +4% at CER
Continued growth in UK and steady performance in Paris
Strong growth in Expansion Markets driven by both LFL and new stores
Group underlying EBITDA slightly lower, as expected:
LFL store EBITDA up £1.1m (+1.5%) with revenue growth partially offset by increase in store staff costs and UK business rates
Non LFL store EBITDA down £0.5m with costs up £2m YoY ahead
of offsetting revenue growth of £1.5m YoY
Administrative costs up £1.9m (+23%)
Underlying PBT (11%) with £3.3m increase in finance charges:
Higher borrowings to fund planned new store pipeline development
Group costs Impacted by inflation and new store developmentH1 25 H1 24 Change
£'m £'m %
Cost of sales
Volume related including bad debt
(2.4) (2.7) (11.1%)
Store employees
(12.2) (11.7) 4.3%
Marketing
(4.5) (4.4) 2.3%
Business rates
(9.2) (7.8) 17.9%
Facilities and premises insurance
(7.8) (7.7) 1.3%
Underlying LFL cost of sales (CER)
(36.1) (34.3) 5.2%
Non-LFL and developments
(2.3) (0.3)
Foreign exchange
0.2
Underlying costs of sales
(38.2) (34.6) 10.4%
Depreciation
(0.8) (0.7)
Variable lease payments
- (0.4)
Total costs of sales
(39.0) (35.7) 9.2%
Administrative expenses
Underlying administrative expenses (CER)
(9.4) (7.5) 25.3%
Foreign exchange
0.2 -
Share based payments
(1.2) (1.4)
Total administrative expenses
(10.4)
(8.9)
16.9%
Underlying cost of sales increased due to:
UK significant inflationary increases in store employment
costs and business rates with LFL cost of sales +5.2%
Non LFL and new store development added an
incremental £2.0m in H1 25 vs H1 24
Underlying administrative expenses up 25%
Primarily due to the normalisation of staff incentives and
the write-off of costs for discontinued development projects
Continued focus on cost control
Initiatives in Insurance, Call centre restructuring,
Electricity procurement
FY25 LFL cost guidance at lower end of +7-8%
Strong operating cash flowsH1 25 H1 24 | |
£'m £'m | |
Underlying EBITDA | 66.1 67.1 |
Working capital / exceptionals / other | (6.0) (6.3) |
Adjusted operating cash inflow | 60.1 60.8 |
Interest payments | (14.4) (9.0) |
Leasehold payments | (8.0) (7.7) |
Tax payments | (1.6) (3.1) |
Free cash flow (pre investing and financing activities) | 36.1 41.0 |
Investment in joint ventures and associates | (36.8) - |
Capex - investment properties | (58.0) (56.7) |
Capex - property, plant and equipment | (1.1) (1.2) |
Adjusted net cash flow after investing activities | (59.8) (16.9) |
Issues of share capital | - 0.7 |
Dividends paid | (39.5) (38.9) |
Net drawdown of borrowings | 90.0 52.4 |
Debt issuance costs | (0.3) - |
Net (decrease) in cash | (9.6) (2.7) |
Continued strong cash generation from our portfolio
£60m of operating cash inflow, stable vs H1 2024
Operating cash conversion >90%
Free cash flow (pre capex) slightly lower
Rising interest payments with additional borrowings to fund new
store capex
Capex on new stores continued
£58m invested in new stores and extensions in H1 2025
H2 2025 outstanding capex: £44m
FY 2026 and beyond new store capex: £72m
Investment in Italian JV
£37m investment
11 stores + 1 development in Italy
Additional borrowings drawn down
To fund new store programme and Italian JV
Reduction in cost of debt to 3.6%
Healthy debt profile£m
600.0
500.0
400.0
300.0
200.0
100.0
FY25
FY26
FY27
USPP
FY28
FY29 FY30 FY31
FY32
FY33
Maturity year
USPP issued Dec 2024
RCF
Net Debt of £1,011m
Well balanced spread of maturities: earliest maturity Oct 2026
58% of drawn debt at fixed rate; ample liquidity with >£100m undrawn RCF
Additional borrowings drawn down in H1 2025 to fund new
store programme and Italian JV acquisition
Reduction in average borrowing costs
Active management of new borrowing mix including taking advantage of natural GBP / Euro hedge to increase proportion of EUR debt
Closing cost of debt fell to 3.6% from 4.0% with additional
support of falling floating rates
FY 2025 interest charge now expected to be £5-6m higher than FY 2024
Strong debt metrics
Loan-to-value ratio of 27.4%
Interest cover ratio of 3.9x
Property Valuation £m (including Investment Properties under construction), before lease liabilities
Increasing property portfolio value with development pipeline driving NAV growth
Investment Property value at £3,310m, up £127m
• +£59m from capex on new stores and extensions
• +£55m property value uplift - reflecting value created from delivery of store pipeline
Same store portfolio valuation flat following £302m
increase in FY24 with consistent exit yield 5.2%
EPRA Basic NTA per share increased by 2% in the half
1,117p as at 30 April 2025
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 Italy investment projected to add £115m of average borrowings for FY 2025 (£100m added in H1 2025) versus FY 2024
Estimated £5m - £6m increase year on year at underlying finance costs
Capex Total Capex on pipeline (including H1 openings) estimated to be £291m with £175m spent to date and £116m to be spent
− £44m in H2 2025
− £48m in FY 2026 and £24m beyond Maintenance Capex of £10m per annum
Dividends Interim dividend increased 1% to 10.1p per share
Continued progressive dividend policy
The Safestore Opportunity Frederic Vecchioli, CEO
15
The Safestore 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
Stores open less than 2 years
Maturing well and growing as expected
New store pipeline
Expected to achieve growth and returns in line with the rest of the Group
Additional EBITDA opportunity
8%1
Additional expansion potential beyond current pipeline
Platform enables additional scale
Growth on-balance sheet or via JVs
3%1
4%1
6%1
8%1
FY 24 Mature LfL stores 80% of MLA
Maturing LfL stores 11% of MLA
Non LfL stores & pipeline
Italy JV Future EBITDA
Like for Like compound annual revenue growth
Mature LFL stores = stores open >5 years, Maturing LFL stores = stores open 2-5 years, Non LFL = stores open <2 financial years
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 particularly from the rental sector, decluttering, WFH, remote attic)
Business demand from SME's and large accounts
Economic cycles lead to short-term acceleration or deceleration of secular growth
Correlation to GDP - in particular business demand
Consumer confidence
Safestore's technology and digital capabilities allow us to outperform market growth
Digital marketing presence enables market share gains
Ease of website use and engagement drives enquiries
Revenue management allows us to optimize REVPAF
Number of Enquiries per Store p.a.¹
c.5% CAGR
Number of enquiries (Business & Personal) each year per store for the UK stores open in 2013 and still existing
Growing awareness - UK stores open in 2013 are receiving 72% more enquiries today
Increasing supply from low base European runway for growthSelf storage penetration growth potential across Europe is significant
0.42 sq ft/capita average across our European markets vs US at
9.4 sq ft/capita
Awareness of product will drive penetration rates higher
Limited - but growing - supply balances increasing demand over the economic cycle within our markets
Additional supply more difficult in the Key Metropolitan areas
where Safestore already has strong market positions
10 9.39
0.90
0.71
0.43
0.41
0.27
0.22
0.03
9
8
7
6
5
4
3
Self storage capacity sq ft per head*
2
1
0
Our pan-European footprint Strong foundations for future growthStore Portfolio 30.4.25
Number of stores
MLA (m sq ft)
% of Group MLA
London & South East
78
3.18
35%
Rest of UK
61
2.81
31%
UK Total
139
5.99
66%
Paris
32
1.56
17%
Expansion Markets
38
1.59
17%
Total Group
209
9.14
100%
JVs (Italy, Germany)
18
1.10
Total Group managed MLA (inc JVs)
227
10.25
Attractive pan-European portfolio with >95% sites in key metropolitan areas
UK & Paris - prime urban locations, further growth through maturing LFL
stores and new sites; highly cash generative
Expansion Markets: Netherlands, Belgium, Spain, Germany and Italy all performing strongly in less developed self storage markets
Leveraging Group scale - Safestore's pan-European platform can support Europe-wide expansion at marginal G&A cost
Strategic advantages of our portfolio
Diversified geographic portfolio provides:
Attractive new site opportunities at fair prices
Broader range of acquisition opportunities - direct and through JVs
Macro-economic spread across countries
Leveraging Property team skills - on the ground, local expertise
Our focus on major metropolitan areas gives access to deep pool of demand. Limited availability of sites = barriers to entry, protecting rates and occupancy over the long term
Early mover advantage to build scale, with efficient supporting cost structure
Establishing JVs alongside own development is an integral part of pan-European growth strategy
Our technology and in-store capabilities enable us to maximise revenue (RevPAF) to drive returnsScalable 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, national accounts) provides broad sales options and enables efficient conversion and sign ups
58% of UK contracts are e-contracts and progressing in the other countries - currently 38%
Integrating with sales teams to support RevPAF maximisation
EasyBox acquisition to be fully integrated into Safestore IT platform mid-June
Constantly improving business intelligence drives improving yield management
20 years of data (circa 2m historic contracts) combined with 'real time' demand indication provide deep insight of local market behaviours to enable more optimal pricing
In-house team of data scientists deploying latest AI models in yield management
Store teams are a key differentiator in driving RevPAF
Excellent in-store teams understand customer needs, guide purchases and drive enquiry conversion
Teams are incentivised to support RevPAF through new lets, rate and ancillary sales
Growing domestic customer mix supports average rate growth
Our centralized multi-channel model supports a steady shift towards higher mix of domestic customers
Growing pool of demand of smaller units that supports higher average rate per Sq Ft
£ / sq ftUK REVPAF
32.0
31.0
30.0
29.0
28.0
27.0
26.0
25.0
24.0
23.0
22.0
FY19 FY20 FY21 FY22 FY23 FY24 HY25 Last
12 Months
UK
€ / sq ft France REVPAF
44.0
43.0
42.0
41.0
40.0
39.0
38.0
FY19 FY20 FY21 FY22 FY23 FY24 HY25 Last
12 Months
France
Our pipeline provides a significant runway for growth Focused on metropolitan centres across UK & EuropeCurrent 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
Outstanding capex of £44m in FY 2025 and £72m in FY 2026 and beyond
Development pipeline of 1.6m MLA -including stores opened in H1 2025
Other, 7%
Broad geographic growth in pipeline MLA
61% in London and Paris
30% in Expansion Markets
South East UK, 9%
Brussels, 3% Barcelona,
5%
Randstadt (Amsterdam),
7%
Madrid, 8%
Paris, 26%
MLA as at 30.4.25
Group
UK
Paris
Expansion
Current Maximum lettable area (MLA) (m Sq Ft)
Let Square Feet (m Sq Ft)
8.61
6.38
5.89
4.44
1.43
1.12
1.29
0.82
Current Available space (m Sq Ft)
2.23
0.53
1.08
1.45
0.31
0.47
Opened in H1 2025
Future Pipeline / Extensions MLA (m Sq Ft)
0.10
0.62
0.13
0.33
0.30
0.13
Future MLA (m Sq Ft)
10.22
6.61
1.89
1.72
Available space to let including pipeline (m Sq Ft)
3.84
2.17
0.77
0.90
London -Inside M25, 35%
Our cash-on-cash track record gives confidence in future returnsFinancial Year Opening Date Cash-on-Cash Ramp-Up1
Chart includes new store developments from 2016
Chart updated to reflect natural movement of 13 stores from FY23 from non-LFL to LFL calculations
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 initial EPS dilutive impact in the early years of trading as occupancy increases
Post stabilisation stores continue to grow in line with the rest of the portfolio
Indicative figures based on current development pipeline plus FY25 non-LFL stores with £116m of future capex from H2 2025
8%1
Additional EBITDA opportunity
3%1
4%1
6%1
8%1
FY 24 Mature LfL stores 80% of MLA
Maturing LfL stores 11% of MLA
Non LfL stores & pipeline
Italy JV Future EBITDA
1. Like for Like compound annual revenue growth
SummaryIndustry 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
Good operational & strategic progress/delivery in the first half
Improving trends in the UK continue
Growth across Expansion markets
Actions on costs
Progressive dividend
FY 2025 guidance and outlook unchanged
Significant additional EBITDA opportunity from LFL growth and pipeline
appendices
H1 2025 Openings | |||
New Developments | FH/LH | MLA | Type |
Madrid - North East (Barajas) | FH | 57.2 | Conversion |
Madrid - South West (Carbanchel) | FH | 45.4 | Conversion |
London - Lea Bridge | FH | 80.9 | New Build |
Barcelona - Central 2 (Manso) | LH | 19.8 | Conversion |
Pamplona | LH | 64.5 | Conversion |
London - Walton | LH | 20.7 | Conversion |
Randstad - Amsterdam | LH | 65.4 | New Build |
Paris - North West 1 (Taverny) | LH | 54.0 | Conversion |
Paris - West 3 (Mantes Buchelay) | LH | 58.0 | New Build |
Randstad - Utrecht | LH | 50.0 | Conversion |
Extensions | |||
Paris - Pyrénées | LH | 15.4 | Extension |
Total Opened H1 2025 | 531.3 |
2026 Openings | ||||
New Developments | FH/LH | MLA | Type | Status |
Paris - Colombes | FH | 65.2 | Conversion | C, PG |
Hemel Hempstead | FH | 51.3 | New Build | C, PG |
London - Kingston | FH | 55.0 | New Build | CE, STP |
Paris - West 4 (Orgeval) | FH | 53.0 | New Build | C, UC |
Paris - West 1 (Conflans) | FH | 56.0 | New Build | C, PG |
Madrid - Perseo | FH | 18.5 | Conversion | C, PG |
Shoreham | FH | 47.1 | New Build | C, PG |
London - Watford | FH | 57.5 | New Build | C, UC |
London - Woodford | FH | 68.7 | New Build | C, UC |
Total opening in 2026 | 472.3 | |||
Opening Beyond 2026 | ||||
New Developments | FH/LH | MLA | Type | Status |
Paris - Bry-sur-Marne | FH | 58.1 | New Build | CE, STP |
London - Belvedere | FH | 53.6 | New Build | C, STP |
London - Bermondsey | FH | 50.0 | New Build | C, STP |
Barcelona - Hospitalet | FH | 64.3 | New Build | CE, STP |
Norwich | FH | 52.7 | New Build | C, STP |
London - Old Kent Road | FH | 75.6 | New Build | C, STP |
Welwyn Garden City | FH | 51.0 | New Build | CE, STP |
Total opening beyond 2026 | 405.3 |
Total Pipeline MLA (let Sq Ft- million) c. 1,079 Total Outstanding CAPEX (£'m) £116m
H2 2025 Openings | ||||
New Developments | FH/LH | MLA | Type | Status |
Brussels - Zaventem | FH | 47.4 | New Build | C, UC |
Paris - La Défense | FH | 38.9 | New Build | C, UC |
Paris - East 1 (Noisy-le-Grand) | FH | 60.0 | Conversion | C, UC |
London - Wembley | FH | 55.3 | New Build | C, UC |
Total remaining to open in 2025 | 201.6 |
C = completed, CE = contracts exchanged, STP = subject to planning, PG = planning granted, UC = under construction
UNIQUE PROPERTY PORTFOLIO
Flexible Investment ModelAverage Unexpired Lease Term (Years)
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Over 84% of group asset value is Freehold
UK Lease stability
13.9
13.7
12.1
13.3
12.5
13.1
12.5
11.8
12.7
12.4 13.2
12.5
Average Unexpired Lease Term of 12.5 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
Oct 14Oct 15Oct 16Oct 17Oct 18Oct 19Oct 20Oct 21Oct 22Oct 23Oct 24 Apr 25
Flexible store and ownership model and disciplined acquisition strategy provides attractive return on investment
Group Total at CER
LFL estate growing with opportunity for EBITDA contribution from Non-LFL storesH1 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) | (2.0) | 666.7% | ||
Total | (38.4) | (34.6) | (3.8) | 11.0% | ||
Store EBITDA LFL | 75.4 | 74.3 | 1.1 | 1.5% | ||
Non-LFL | (0.2) | 0.3 | (0.5) | (166.7%) | ||
Total | 75.2 | 74.6 | 0.6 | 0.8% | ||
Underlying Administrative Costs | (9.4) | (7.5) | (1.9) | 25.3% | ||
JV & Associate EBITDA | 0.6 | - | 0.6 | - | ||
Underlying EBITDA | 66.4 | 67.1 | (0.7) | (1.0%) | ||
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% | 5% | 80% | 100% | % of Portfolio MLA | 8% | 6% | 86% | 100% | |
LFL Portfolio (CER) | LFL Portfolio (CER) | |||||||||
Number of stores | 11 | 11 | 168 | 190 | Number of stores | 11 | 11 | 168 | 190 | |
MLA (m sq ft) | 0.49 | 0.41 | 7.34 | 8.24 | MLA (m sq ft) | 0.49 | 0.41 | 7.31 | 8.21 | |
Occupancy (m sq ft) | 0.25 | 0.30 | 5.65 | 6.21 | Occupancy (m sq ft) | 0.18 | 0.29 | 5.66 | 6.12 | |
Occupancy % | 51.8% | 73.2% | 77.0% | 75.3% | Occupancy % | 36.0% | 69.5% | 77.4% | 74.5% | |
Average rate (£ per sq ft) | 16.59 | 28.09 | 31.13 | 30.40 | Average rate (£ per sq ft) | 14.56 | 27.85 | 30.70 | 30.17 | |
Total income (£'m) | 2.5 | 5.1 | 104.0 | 111.5 | Total income (£'m) | 1.3 | 4.8 | 102.4 | 108.5 | |
Store EBITDA (£'m) | 1.1 | 3.4 | 70.9 | 75.4 | Store EBITDA (£'m) | -0.1 | 3.2 | 71.2 | 74.3 | |
Store EBITDA margin (%) | 42.4% | 67.3% | 68.2% | 67.6% | Store EBITDA margin (%) | -8.1% | 67.4% | 69.6% | 68.5% | |
Rent charge (£m) | 0.1 | 0.2 | 7.5 | 7.8 | Rent charge (£m) | 0.1 | 0.2 | 7.3 | 7.6 | |
Store categories use the following definitions: Developing: < 2 full financial years,
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Safestore Holdings plc published this content on June 10, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 10, 2025 at 08:21 UTC.
