REG - Safestore Hldgs plc - Fourth quarter trading update
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RNS Number : 1790J Safestore Holdings plc 27 November 2025
27 November 2025
Safestore Holdings plc
Fourth quarter trading update for the period 1 August 2025 to 31 October 2025
Continued growth across LFL stores in all markets supported by strong
contribution from new stores
Key Measures - Total Q4 (1) Q4 Change Change YTD YTD Change Change
2025 2024 CER (2) 2025 2024 CER
Group
Revenue (£'m) 62.0 57.9 7.1% 6.1% 234.3 223.4 4.9% 5.0%
Closing Occupancy (million sq ft) (3) 6.67 6.41 4.0% 6.67 6.41 4.0%
Closing Occupancy (% of CLA) 78.1% 78.0% 0.1ppt 78.1% 78.0% 0.1ppt
MLA (million sq ft) (4) 9.28 8.59 8.0% 9.28 8.59 8.0%
CLA (million sq ft) (5) 8.54 8.22 3.9% 8.54 8.22 3.9%
Average Storage Rate (£) 30.84 29.64 4.0% 3.1% 30.20 29.85 1.2% 1.3%
REVPAF (£) (6) 28.85 28.17 2.4% 1.5% 27.47 27.77 (1.1%) (1.0%)
Key Measures - Like-For-Like (7) Q4 Q4 Change YTD YTD Change
2025 2024 CER 2025 2024 CER
Group
Revenue (£'m) 59.4 57.5 3.3% 228.7 221.9 3.1%
Closing Occupancy (million sq ft) 6.33 6.34 (0.1%) 6.33 6.34 (0.1%)
Closing Occupancy (% of CLA) 81.2% 80.0% 1.2ppt 81.2% 80.0% 1.2ppt
Average Occupancy (million sq ft) 6.41 6.39 0.4% 6.31 6.23 1.3%
CLA (million sq ft) 7.80 7.92 (1.6%) 7.80 7.92 (1.6%)
Average Storage Rate (£) 31.17 29.77 4.7% 30.58 29.90 2.3%
REVPAF (£) 30.21 28.91 4.5% 28.93 28.12 2.9%
Highlights: Q4 2025
· Group revenue for the quarter in CER increased 6.1% 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 3.3%
· Like-for-like UK revenue for the quarter up 3.4%, continuing our
improving quarter to quarter trajectory with
o robust demand from domestic customers (with increase in occupied space for
units < 250 sq ft)
o rate improvements supported by the positive impact from unit partitioning
(with temporary reduction in CLA as space held for conversion)
· Like-for-like Paris revenue for the quarter up 2.0% driven by
increased occupancy levels
· Like-for-like Expansion Markets(8) revenue for the quarter up 4.9%
with continued growth from both occupancy and rate partially offset by impact
of phasing of German JV development fee income. Total revenue for expansion
markets up 20.8% supported by new openings
· Like-for-like closing occupancy at 81.2% of CLA (FY 2024: 80.0%)
· Recently opened stores performing well, supporting Group revenue
growth
· As at the announcement date, four new stores have opened since Q3
2025. We opened 98,900 sq ft in Paris across the two sites of La Défense and
Noisy-le-Grand in Q4 2025. Following year end we opened a further 120,500 sq
ft across another two sites, in London - Wembley and in Paris - Colombes, in
November 2025. The remaining development pipeline remains on track
Frederic Vecchioli, Chief Executive Officer, commented:
"We are encouraged by our continued momentum across the business with growth
in 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.
With the opening of four new stores taking our portfolio MLA to 9.3 million sq
ft, our development programme has added 0.7 million sq ft of new MLA in the FY
2025 financial year, and a further 0.1 million sq ft so far in FY 2026, with
the remaining pipeline totalling 1.0 million sq ft on track.
We will announce our full year results on 15 January 2026 and continue to
expect to deliver in line with EPS consensus expectations(9) for FY 2025."
Trading Performance
Total Group
Revenue (millions) Q4 Q4 Change Change YTD YTD Change Change
2025 2024 CER 2025 2024 CER
Group (GBP) £62.0 £57.9 7.1% 6.1% £234.3 £223.4 4.9% 5.0%
UK (GBP) £43.8 £41.8 4.9% £167.5 £162.1 3.3%
Paris (EUR) €13.7 €13.2 3.9% €52.6 €51.3 2.5%
Expansion markets (EUR) €7.2 €6.0 20.8% €26.2 €20.6 27.0%
Average Rate Q4 Q4 Change Change YTD YTD Change Change
(per sq ft) 2025 2024 CER 2025 2024 CER
Group (GBP) £30.84 £29.64 4.0% 3.1% £30.20 £29.85 1.2% 1.3%
UK (GBP) £31.55 £29.64 6.4% £30.68 £29.94 2.5%
Paris (EUR) €41.31 €43.17 (4.3%) €41.81 €42.28 (1.1%)
Expansion markets (EUR) €24.23 €23.87 1.5% €24.30 €23.28 4.4%
REVPAF (per sq ft) Q4 Q4 Change Change YTD YTD Change Change
2025 2024 CER 2025 2024 CER
Group (GBP) £28.85 £28.17 2.4% 1.5% £27.47 £27.77 (1.1%) (1.0%)
UK (GBP) £30.77 £29.38 4.7% £29.24 £28.85 1.3%
Paris (EUR) €37.61 €39.27 (4.2%) €37.33 €39.13 (4.6%)
Expansion markets (EUR) €19.99 €20.02 (0.1%) €18.79 €18.48 1.7%
Closing Occupancy Q4 Q4 Change YTD YTD Change
(million sq ft) 2025 2024 2025 2024
Group 6.67 6.41 4.0% 6.67 6.41 4.0%
UK 4.52 4.54 (0.4%) 4.52 4.54 (0.4%)
Paris 1.19 1.09 8.4% 1.19 1.09 8.4%
Expansion markets 0.96 0.78 23.4% 0.96 0.78 23.4%
Closing Occupancy Q4 Q4 Change YTD YTD Change
(% of CLA) 2025 2024 2025 2024
Group 78.1% 78.0% 0.1ppt 78.1% 78.0% 0.1ppt
UK 79.9% 79.6% 0.3ppt 79.9% 79.6% 0.3ppt
Paris 81.2% 81.9% (0.7ppt) 81.2% 81.9% (0.7ppt)
Expansion markets 67.3% 65.5% 1.8.ppt 67.3% 65.5% 1.8.ppt
CLA (million sq ft) Q4 Q4 Change YTD YTD Change
2025 2024 2025 2024
Group 8.54 8.22 3.9% 8.54 8.22 3.9%
UK 5.66 5.70 (0.8%) 5.66 5.70 (0.8%)
Paris 1.46 1.34 9.3% 1.46 1.34 9.3%
Expansion markets 1.42 1.19 20.1% 1.42 1.19 20.1%
Like-for-like
Revenue (millions) Q4 Q4 Change YTD YTD Change
2025 2024 2025 2024
Group (GBP at CER) £59.4 £57.5 3.3% £228.7 £221.9 3.1%
UK (GBP) £42.9 £41.5 3.4% £164.8 £161.0 2.4%
Paris (EUR) €13.4 €13.2 2.0% €51.9 €51.2 1.3%
Expansion markets (EUR) €6.1 €5.8 4.9% €23.0 €20.3 13.5%
Average Rate Q4 Q4 Change YTD YTD Change
(per sq ft) 2025 2024 2025 2024
Group (GBP at CER) £31.17 £29.77 4.7% £30.58 £29.90 2.3%
UK (GBP) £31.63 £29.68 6.6% £30.71 £29.95 2.5%
Paris (EUR) €42.58 €43.34 (1.8%) €42.51 €42.33 0.4%
Expansion markets (EUR) €25.82 €24.20 6.7% €25.29 €23.44 7.9%
REVPAF (per sq ft) Q4 Q4 Change YTD YTD Change
2025 2024 2025 2024
Group (GBP at CER) £30.21 £28.91 4.5% £28.93 £28.12 2.9%
UK (GBP) £31.06 £29.50 5.3% £29.56 £28.77 2.8%
Paris (EUR) €40.39 €39.87 1.3% €39.04 €39.39 (0.9%)
Expansion markets (EUR) €24.31 €23.06 5.5% €23.00 €20.38 12.9%
Closing Occupancy Q4 Q4 Change YTD YTD Change
(million sq ft) 2025 2024 2025 2024
Group 6.33 6.34 (0.1%) 6.33 6.34 (0.1%)
UK 4.43 4.51 (1.8%) 4.43 4.51 (1.8%)
Paris 1.12 1.09 3.2% 1.12 1.09 3.2%
Expansion markets 0.79 0.74 5.8% 0.79 0.74 5.8%
Closing Occupancy Q4 Q4 Change YTD YTD Change
(% of CLA) 2025 2024 2025 2024
Group 81.2% 80.0% 1.2ppt 81.2% 80.0% 1.2ppt
UK 80.6% 80.3% 0.3ppt 80.6% 80.3% 0.3ppt
Paris 84.8% 82.7% 2.1ppt 84.8% 82.7% 2.1ppt
Expansion markets 79.7% 74.4% 5.3ppt 79.7% 74.4% 5.3ppt
CLA (million sq ft) Q4 Q4 Change YTD YTD Change
2025 2024 2025 2024
Group 7.80 7.92 (1.6%) 7.80 7.92 (1.6%)
UK 5.49 5.61 (2.1%) 5.49 5.61 (2.1%)
Paris 1.32 1.31 0.6% 1.32 1.31 0.6%
Expansion markets 0.99 1.00 (1.2%) 0.99 1.00 (1.2%)
Ends
1 - Q4 2025 is the quarter ended 31 October 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 from MLA space not yet fitted out,
space held as part of the partitioning programme, and space which is
operationally unavailable. 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 and the joint venture in Italy
9 - Based on November 2025 consensus survey with FY 2025 Adjusted Diluted EPRA
EPS projection of 40.3p 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 211 stores on
31 October 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), 34 in the Paris region, 16 in Spain, 15 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 105,000 personal and business
customers.
· As of 31 October 2025, Safestore had a maximum lettable area
("MLA") of 9.3 million sq ft (excluding the expansion pipeline stores
totalling 1.1 million sq ft) of which 6.7 million sq ft was occupied.
· Safestore employs around 850 people across the Group including in
our operations in Italy.
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