Safestore Holdings plc
("Safestore", "the Company" or "the Group")
Third quarter trading update for the period 1 May 2025 to 31 July 2025
Continued momentum across LFL stores in all markets supported by growth from opened developments
Frederic Vecchioli, Safestore's Chief Executive Officer, commented:
"We are encouraged with our continued momentum with growth coming across all markets driven by both LFL stores and our new store opening programme. In particular, we have seen a continuation of the improving trajectory in UK performance driven by robust domestic customer demand and the benefits from our space partitioning programme.
Our development pipeline remains on track with two new stores opened adding 107,400 sq ft of new space to the portfolio with over 700,000 sq ft expected to be delivered in the current financial year.
With these results and our ongoing trading, we continue to expect to be in line with EPS expectations1 for FY 2025.”
Highlights
- Group revenue for the quarter in CER increased 5.7% 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 3.4%
- Like-for-like UK revenue for the quarter up 2.8%, continuing our improving quarter to quarter trajectory, supported by robust demand from domestic customers and the positive impact from unit partitioning
- Like-for-like Paris revenue for the quarter up 1.7% driven by increased occupancy levels
- Like-for-like Expansion Markets2 revenue for the quarter up 13.0% with growth from both occupancy and rate
- Like-for-like closing occupancy at 81.8% of CLA (FY 2024: 81.4%)
- Recently opened stores performing well, supporting Group revenue growth
- Opened one new 47.4k sq ft store in Brussels, Belgium during the quarter with a further 60.0k sq ft store in Noisy, Paris opened in early Q4 2025. The remaining development pipeline remains on track
- Entered into a new 5-year term loan of €77.5m to refinance a portion of the drawn RCF with interest rates for the loan fixed through a hedging, co-terminus interest rate swap
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For further information, please contact:
Safestore Holdings PLC
Frederic Vecchioli, Chief Executive Officer via Instinctif Partners
Simon Cliinton, Chief Financial Officer
www.safestore.com
Instinctif Partners
Galyna Kulachek / Tim Pearson 0207 457 2020 or email [email protected]
