REG - Safestore Hldgs plc - 3rd Quarter Trading Update
04/09/2025 07:00
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RNS Number : 9318X Safestore Holdings plc 04 September 2025
4 September 2025
Safestore Holdings plc
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
Key Measures - Total Q3 (1) Q3 Change Change YTD YTD Change Change
2025 2024 CER (2) 2025 2024 CER
Group
Revenue (£'m) 59.6 56.3 5.8% 5.7% 172.4 165.5 4.2% 4.6%
Closing Occupancy (million sq ft) (3) 6.74 6.45 4.5% 6.74 6.45 4.5%
Closing Occupancy (% of CLA) 78.3% 79.4% (1.1ppt) 78.3% 79.4% (1.1ppt)
MLA (million sq ft) (4) 9.18 8.52 7.8% 9.18 8.52 7.8%
CLA (million sq ft) (5) 8.60 8.12 5.9% 8.60 8.12 5.9%
Average Storage Rate (£) 29.96 29.44 1.8% 1.6% 29.97 29.92 0.2% 0.7%
REVPAF (£) (6) 27.48 27.60 (0.4%) (0.6%) 27.01 27.63 (2.2%) (1.8%)
Key Measures - Like-For-Like (7) Q3 Q3 Change Change YTD YTD Change Change
2025 2024 CER 2025 2024 CER
Group
Revenue (£'m) 57.9 55.9 3.5% 3.4% 168.6 164.4 2.5% 3.0%
Closing Occupancy (million sq ft) 6.48 6.42 0.9% 6.48 6.42 0.9%
Closing Occupancy (% of CLA) 81.8% 81.4% 0.4ppt 81.8% 81.4% 0.4ppt
Average Occupancy (million sq ft) 6.39 6.32 1.1% 6.28 6.18 1.7%
MLA (million sq ft) 8.24 8.21 0.3% 8.24 8.21 0.3%
CLA (million sq ft) 7.92 7.89 0.4% 7.92 7.89 0.4%
Average Storage Rate (£) 30.37 29.50 3.0% 2.8% 30.24 29.94 1.0% 1.5%
REVPAF (£) 28.94 28.21 2.6% 2.4% 28.37 27.85 1.9% 2.3%
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 Markets(8) 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
Frederic Vecchioli, 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 expectations(9) for FY 2025."
Trading Performance
Total Group
Revenue (millions) Q3 Q3 Change Change YTD YTD Change Change
2025 2024 CER 2025 2024 CER
Group (GBP) £59.6 £56.3 5.8% 5.7% £172.4 £165.5 4.2% 4.6%
UK (GBP) £42.5 £40.9 3.9% £123.7 £120.4 2.7%
Paris (EUR) €13.3 €12.9 3.1% €38.8 €38.1 2.0%
Expansion markets (EUR) €6.7 €5.2 28.8% €19.0 €14.6 29.6%
Average Rate (per sq ft) Q3 Q3 Change Change YTD YTD Change Change
2025 2024 CER 2025 2024 CER
Group (GBP) £29.96 £29.44 1.8% 1.6% £29.97 £29.92 0.2% 0.7%
UK (GBP) £30.40 £29.48 3.1% £30.38 £30.05 1.1%
Paris (EUR) €41.48 €42.40 (2.2%) €41.98 €41.99 0.0%
Expansion markets (EUR) €24.10 €23.08 4.4% €24.32 €23.06 5.5%
REVPAF (per sq ft) Q3 Q3 Change Change YTD YTD Change Change
2025 2024 CER 2025 2024 CER
Group (GBP) £27.48 £27.60 (0.4%) (0.6%) £27.01 £27.63 (2.2%) (1.8%)
UK (GBP) £29.31 £29.02 1.0% £28.73 £28.67 0.2%
Paris (EUR) €37.34 €39.23 (4.8%) €37.22 €39.08 (4.7%)
Expansion markets (EUR) €18.57 €17.32 7.2% €18.36 €17.91 2.5%
Closing Occupancy Q3 Q3 Change YTD YTD Change
(million sq ft) 2025 2024 2025 2024
Group 6.74 6.45 4.5% 6.74 6.45 4.5%
UK 4.65 4.58 1.4% 4.65 4.58 1.4%
Paris 1.18 1.10 7.3% 1.18 1.10 7.3%
Expansion markets 0.91 0.77 18.7% 0.91 0.77 18.7%
Closing Occupancy (% of Q3 Q3 Change YTD YTD Change
CLA) 2025 2024 2025 2024
Group 78.3% 79.4% (1.1ppt) 78.3% 79.4% (1.1ppt)
UK 81.0% 81.7% (0.7ppt) 81.0% 81.7% (0.7ppt)
Paris 83.3% 83.4% (0.1ppt) 83.3% 83.4% (0.1ppt)
Expansion markets 63.0% 64.4% (1.4ppt) 63.0% 64.4% (1.4ppt)
CLA (million sq ft) Q3 Q3 Change YTD YTD Change
2025 2024 2025 2024
Group 8.60 8.12 5.9% 8.60 8.12 5.9%
UK 5.73 5.61 2.2% 5.73 5.61 2.2%
Paris 1.42 1.32 7.4% 1.42 1.32 7.4%
Expansion markets 1.45 1.19 21.3% 1.45 1.19 21.3%
Like-for-like
Revenue (millions) Q3 Q3 Change YTD YTD Change
2025 2024 2025 2024
Group (GBP at CER) £57.8 £55.9 3.4% £169.3 £164.4 3.0%
UK (GBP) £41.7 £40.6 2.8% £121.9 £119.4 2.0%
Paris (EUR) €13.1 €12.9 1.7% €38.5 €38.1 1.1%
Expansion markets (EUR) €5.8 €5.1 13.0% €17.0 €14.5 16.9%
Average Rate (per sq ft) Q3 Q3 Change YTD YTD Change
2025 2024 2025 2024
Group (GBP at CER) £30.32 £29.50 2.8% £30.38 £29.94 1.5%
UK (GBP) £30.46 £29.48 3.3% £30.40 £30.04 1.2%
Paris (EUR) €42.27 €42.43 (0.4%) €42.48 €42.00 1.1%
Expansion markets (EUR) €25.25 €23.32 8.2% €25.10 €23.17 8.3%
REVPAF (per sq ft) Q3 Q3 Change YTD YTD Change
2025 2024 2025 2024
Group (GBP at CER) £28.90 £28.21 2.4% £28.50 £27.85 2.3%
UK (GBP) £29.60 £28.89 2.5% £29.07 £28.52 1.9%
Paris (EUR) €39.06 €39.70 (1.6%) €38.58 €39.23 (1.7%)
Expansion markets (EUR) €22.81 €20.43 11.6% €22.57 €19.47 15.9%
Closing Occupancy Q3 Q3 Change YTD YTD Change
(million sq ft) 2025 2024 2025 2024
Group 6.48 6.42 0.9% 6.48 6.42 0.9%
UK 4.56 4.58 (0.3%) 4.56 4.58 (0.3%)
Paris 1.14 1.10 3.8% 1.14 1.10 3.8%
Expansion markets 0.78 0.75 4.4% 0.78 0.75 4.4%
Closing Occupancy (% of Q3 Q3 Change YTD YTD Change
CLA) 2025 2024 2025 2024
Group 81.8% 81.4% 0.4ppt 81.8% 81.4% 0.4ppt
UK 81.9% 81.8% 0.0ppt 81.9% 81.8% 0.0ppt
Paris 85.3% 84.8% 0.6ppt 85.3% 84.8% 0.6ppt
Expansion markets 77.1% 74.7% 2.3ppt 77.1% 74.7% 2.3ppt
CLA (million sq ft) Q3 Q3 Change YTD YTD Change
2025 2024 2025 2024
Group 7.92 7.89 0.4% 7.92 7.89 0.4%
UK 5.57 5.59 (0.4%) 5.57 5.59 (0.4%)
Paris 1.34 1.30 3.1% 1.34 1.30 3.1%
Expansion markets 1.01 1.00 1.3% 1.01 1.00 1.3%
Ends
1 - Q3 2025 is the quarter ended 31 July 2025
2 - CER is Constant Exchange Rate (Euro denominated results for the current
period have been retranslated at the exchange rate effective for the
comparative period. Euro denominated results for the comparative period are
translated at the exchange rates effective in that period. This is performed
in order to present the reported results for the current period on a more
comparable basis)
3 - Occupancy excludes offices but includes bulk tenancy
4 - MLA is Maximum Lettable Area. Measured in square feet ("sq ft")
5 - CLA is Current Lettable Area excludes space not yet fitted out and space
which is operationally unavailable from MLA. Measured in square feet ("sq ft")
6 - Revenue per Available Square Foot ("REVPAF") is an alternate performance
measure used by the business and is considered by management as the best KPI
of economic performance of a mature self-storage asset as it is the net
outcome of the occupancy/rate mix plus ancillary sales. It is calculated by
dividing revenue for the period by weighted average available square feet for
the same period
7 - Like‐for‐like ("LFL") information includes only those stores which
have been open throughout both the current and prior financial years, with
adjustments made to remove the impact of new and closed stores, as well as
corporate transactions
8 - Expansion Markets comprise Spain, the Netherlands and Belgium plus income
earned in relation to the associate in Germany (previously shown in the UK
segment) and the joint venture in Italy
9 - Based on May 2025 consensus survey with FY 2025 EPS projection of 40.2p
per share
Notes to Editors
For further information, please contact:
Safestore Holdings PLC
Frederic Vecchioli, Chief Executive Officer 020 8732 1500
Simon Clinton, Chief Financial Officer www.safestore.com (http://www.safestore.com)
Instinctif Partners
Galyna Kulachek 020 7457 2020
Tim Pearson Safestore@Instinctif.com (mailto:Safestore@Instinctif.com)
· Safestore is the UK's largest self-storage group with 210 stores on 31
July 2025; comprising 139 in the UK (including 78 in London and the South East
with the remainder in key metropolitan areas such as Manchester, Birmingham,
Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 32
in the Paris region, 16 in Spain, 16 in the Netherlands and seven in Belgium.
In addition, the Group operates seven stores in Germany under a Joint Venture
agreement with Carlyle and 12 stores in Italy under a Joint Venture agreement
with Nuveen.
· Safestore was founded in the UK in 1998. It acquired the French
business "Une Pièce en Plus" ("UPP") in 2004 which was founded in 1998 by the
current Safestore Group CEO Frederic Vecchioli.
· Safestore has been listed on the London Stock Exchange since 2007. It
entered the FTSE 250 index in October 2015.
· The Group provides storage to around 98,000 personal and business
customers.
· As of 31 July 2025, Safestore had a maximum lettable area ("MLA") of
9.18 million sq ft (excluding the expansion pipeline stores) of which 6.74
million sq ft was occupied.
· Safestore employs around 800 people across the Group.
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