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First Quarter Trading Update: 19/02/26


Safestore Holdings plc

("Safestore", "the Company" or "the Group")

First quarter trading update for the period 1 November 2025 to 31 January 2026

Continued momentum with revenue growth across the Group

Frederic Vecchioli, Chief Executive Officer, commented:

“Safestore’s performance in Q1 2026 represents continued momentum from the strong results reported for FY 2025.

We continued to deliver revenue growth across all markets through active management of both rate and occupancy in our mature and stabilising like-for-like estate, as well as contributions from our newly opened stores.

New store openings remain on track, with the latest addition to our portfolio in the Paris region having opened in January 2026 and a further five stores expected to open before the end of FY 2026.”

Highlights

  • Group revenue for the quarter in CER increased 6.3% year-on-year with positive contributions from both LFL and new stores across all markets.
  • Like-for-like Group revenue for the quarter in CER up 4.2%.
  • Like-for-like closing occupancy at 77.8% of CLA (Q1 2025: 76.8%).
  • Like-for-like UK revenue for the quarter up 2.7%:
    • Like-for-like average rate up 6.4%
    • Like-for-like closing occupancy down 0.3ppts to 77.6%. Closing occupied space 2.3% lower year-on-year with the reduction focused in larger units (> 250 sq ft) reflecting the impact of partitioning programme.
  • Like-for-like Paris revenue for the quarter up 4.1% driven by both rate and occupancy growth.
  • Like-for-like Expansion Markets1 revenue for the quarter up 17.6% with continued growth from both occupancy and rate. Total revenue for Expansion Markets up 28.6% supported by new openings.
  • Three new stores opened since the start of the financial year. As described in prior announcements, we opened two sites in November 2025, in London – Wembley and in Paris – Colombes, adding a total 120,500 sq ft of MLA. In January 2026 we opened Paris – West 4 (Orgeval), a 53,000 sq ft site taking the total MLA of our new openings so far in FY 2026 to 173,500 sq ft. The remaining development pipeline remains on track.

 

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For further information, please contact:

Safestore Holdings PLC     
Frederic Vecchioli, Chief Executive Officer           via FTI Consulting
Simon Cliinton, Chief Financial Officer     
www.safestore.com
 

FTI Consulting    
Dido Laurimore
Richard Gotla
Oliver Parsons

020 3727 1000 or email [email protected]

Ends

Notes

1 – Expansion Markets comprise Spain, the Netherlands and Belgium plus income earned in relation to the associate in Germany and the joint venture in Italy.