REG - Safestore Hldgs plc - First Quarter Trading Update

Safestore HoldingsAnnouncement

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RNS Number : 5749T  Safestore Holdings plc  19 February 2026

 

 

 

19 February 2026

 

Safestore Holdings plc

("Safestore" 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"

 

Safestore today announces its first quarter trading update for three months to
31 January 2026.

 

 Key Measures - Total                                       Q1(1)  Q1     Change  Change
                                                            2026   2025           CER(2)
 Group
 Revenue (£'m)                                              61.2   56.7   7.9%    6.3%
 Closing Occupancy (million sq ft) (3)                      6.56   6.36   3.2%
 Closing Occupancy (% of CLA)                               75.9%  74.8%  1.1ppt
 MLA (million sq ft) (4)                                    9.45   8.90   6.2%
 CLA (million sq ft) (5)                                    8.65   8.50   1.7%
 Average Storage Rate (£)                                   31.19  29.76  4.8%    3.3%
 REVPAF (£) (6)                                             28.15  26.69  5.5%    4.0%

 Key Measures - Like-For-Like (7)                           Q1     Q1             Change
                                                            2026   2025           CER
 Group
 Revenue (£'m)                                              59.7   56.5           4.2%
 Closing Occupancy (million sq ft)                          6.33   6.34           (0.1%)
 Closing Occupancy (% of CLA)                               77.8%  76.8%          1.0ppt
 CLA (million sq ft)                                        8.14   8.26           (1.4%)
 Average Storage Rate (£)                                   31.66  29.79          4.8%
 REVPAF (£)                                                 29.10  27.17          5.6%

 

 

Highlights: Q1 2026

·     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%:

o  Like-for-like average rate up 6.4%

o  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 Markets(8) 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.

 

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."

 

 

 

 

Trading Performance

 

Total Group

 

 Revenue (millions)           Q1        Q1        Change    Change
                              2026      2025                CER
 Group (GBP)                  £61.2     £56.7     7.9%      6.3%
 UK (GBP)                     £42.5     £41.0     3.6%
 Paris (EUR)                  €13.7     €12.9     6.4%
 Expansion markets (EUR)      €7.7      €6.0      28.6%

 Average Rate                 Q1        Q1        Change    Change
  (per sq ft)                 2026      2025                CER
 Group (GBP)                  £31.19    £29.76    4.8%      3.3%
 UK (GBP)                     £32.05    £30.18    6.2%
 Paris (EUR)                  €41.75    €42.13    (0.9%)
 Expansion markets (EUR)      €24.02    €23.85    0.7%

 REVPAF (per sq ft)           Q1        Q1        Change    Change
                              2026      2025                CER
 Group (GBP)                  £28.15    £26.69    5.5%      4.0%
 UK (GBP)                     £29.58    £28.29    4.6%
 Paris (EUR)                  €36.26    €37.55    (3.4%)
 Expansion markets (EUR)      €21.39    €17.97    19.1%

 Closing Occupancy            Q1        Q1        Change
  (million sq ft)             2026      2025
 Group                        6.56      6.36      3.2%
 UK                           4.39      4.45      (1.2%)
 Paris                        1.18      1.11      6.4%
 Expansion markets            0.99      0.80      23.6%

 Closing Occupancy            Q1        Q1        Change
  (% of CLA)                  2026      2025
 Group                        75.9%     74.8%     1.1ppt
 UK                           77.1%     77.1%     (0.0ppt)
 Paris                        77.4%     79.8%     (2.4ppt)
 Expansion markets            69.3%     59.3%     10.0ppt

 Closing CLA (million sq ft)  Q1        Q1        Change
                              2026      2025
 Group                        8.65      8.50      1.7%
 UK                           5.70      5.77      (1.2%)
 Paris                        1.52      1.39      9.6%
 Expansion markets            1.43      1.35      5.9%

 

 

Like-for-like

 

 Revenue (millions)           Q1        Q1        Change
                              2026      2025      CER
 Group (GBP at CER)           £58.9     £56.5     4.2%
 UK (GBP)                     £42.0     £40.9     2.7%
 Paris (EUR)                  €13.4     €12.9     4.1%
 Expansion markets (EUR)      €6.9      €5.8      17.6%

 Average Rate                 Q1        Q1        Change
  (per sq ft)                 2026      2025      CER
 Group (GBP at CER)           £31.21    £29.79    4.8%
 UK (GBP)                     £32.14    £30.19    6.4%
 Paris (EUR)                  €43.12    €42.13    2.4%
 Expansion markets (EUR)      €24.74    €23.96    3.3%

 REVPAF (per sq ft)           Q1        Q1        Change
                              2026      2025      CER
 Group (GBP at CER)           £28.70    £27.17    5.6%
 UK (GBP)                     £29.78    £28.43    4.8%
 Paris (EUR)                  €39.15    €37.80    3.6%
 Expansion markets (EUR)      €22.93    €19.45    17.9%

 Closing Occupancy            Q1        Q1        Change
  (million sq ft)             2026      2025      CER
 Group                        6.33      6.34      (0.1%)
 UK                           4.34      4.44      (2.3%)
 Paris                        1.11      1.11      0.3%
 Expansion markets            0.88      0.79      12.2%

 Closing Occupancy            Q1        Q1        Change
  (% of CLA)                  2026      2025      CER
 Group                        77.8%     76.8%     1.0ppt
 UK                           77.6%     77.9%     (0.3ppt)
 Paris                        81.4%     81.4%     0.0ppt
 Expansion markets            74.4%     66.0%     8.4ppt

 Closing CLA (million sq ft)  Q1        Q1        Change
                              2026      2025      CER
 Group                        8.14      8.26      (1.4%)
 UK                           5.59      5.70      (2.0%)
 Paris                        1.37      1.36      0.3%
 Expansion markets            1.19      1.19      (0.4%)

 

 

 

 

 

1 - Q1 2026 is the quarter ended 31 January 2026

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

 

 

 

 

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)

 FTI Consulting
 Dido Laurimore                               020 3727 1000
 Richard Gotla

 

 

·       Safestore is the UK's largest self-storage group with 214
stores on 31 January 2026; comprising 140 in the UK (including 79 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), 36 in the Paris region, 16 in Spain, 15 in the
Netherlands and seven in Belgium. In addition, the Group operates eight 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 January 2026, Safestore had a maximum lettable area
("MLA") of 9.5 million sq ft of which 6.6 million sq ft was occupied.

 

·       Safestore employs around 850 people across the Group including
in our operations in Italy.

 

Ends

 

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