Safestore Holdings plc
("Safestore", "the Company" or "the Group")
Group revenue up 4.1% at CER; continued UK and Expansion Market growth, with total revenue in France up 1.4% as new Paris stores build occupancy
Frederic Vecchioli, Chief Executive Officer, commented:
“We have delivered further like-for-like growth in the UK and continued strong growth across our Expansion Markets this quarter.
In Paris, we are trading through the expected initial overlap with our own new stores: Non-LFL stores contributed €500k of revenue growth in the quarter, resulting in a total French revenue increase of 1.4%.
Taken together, along with the subdued market backdrops, we expect FY 2026 Adjusted Diluted EPRA EPS to be in the lower half of the range of analyst forecasts.
Our pipeline remains among the most attractive in the sector. With a significant proportion of our planned expansion in the UK now delivered and progressing through its occupancy ramp-up phase, we are reviewing the phasing of the remaining store developments aligned with our disciplined capital allocation policy, in the context of the current macroeconomic and interest rate environment. FY 2026 openings remain unchanged.”
Highlights
- Group revenue for the quarter in CER increased 4.1% year on year with contribution from both LFL and new stores across all markets
- Like-for-like Group revenue for the quarter in CER up 1.9%
- Like-for-like UK revenue for the quarter up 1.9%, supported by continued demand from Domestic customers and the positive impact from unit partitioning
- Like-for-like Paris revenue for the quarter down 2.5%, reflecting the expected transfer of enquiries from new customers to our non-LFL stores together with reduced occupancy in large units as our selective unit partitioning programme progresses and a subdued economic backdrop
- Like-for-like Expansion Markets1 revenue for the quarter up 11.6% with growth from both occupancy and rate
- Like-for-like closing occupancy at 79.6% of CLA (Q3 2025: 80.4%)
- One new store opened in the quarter in Watford adding 57,500 sq ft of MLA to the portfolio. The remaining FY 2026 pipeline openings, totalling 167,100 sq ft, are proceeding in line with expectations
- Given current trading conditions, we are reviewing the phasing of the 2027–28 UK pipeline in line with our disciplined capital allocation; the pipeline itself is unchanged
- Projected Adjusted Diluted EPRA EPS for FY 2026 expected to be in the lower half of the range of analyst forecasts2
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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
020 3727 1000 or email [email protected]
