Safestore (SAFE) investor relations material

Strategic shift and platform

• Investment phase substantially complete; focus shifts to returns, with potential for more than £100m of additional EBITDA and materially lower incremental capital needs.

• Three growth phases delivered: FY2013–FY2026E revenue 2.5x and adjusted EPS 4.1x; total shareholder return 479% versus 219% for the closest peer.

• Platform spans 236 stores across seven markets, with 9.5m sq ft of lettable area; 54 stores opened and 48 acquired in FY2016–25.

• 95%+ of the estate is in dense metros and 84% of portfolio value is in main metros; 91% of value is in freehold and long-leasehold assets, including French renewable leaseholds.

Demand and operating model

• UK and France enquiries grew at a 5.3% annual trend against 2% category growth; enquiries rose 80% and lettable area 45% since 2013.

• 90% of enquiries originate online; 55% of UK new customers are first-time self-storage users, and 60% of UK contracts are signed digitally.

• Pricing draws on 2m+ lets, 650,000 measured price changes and 800+ tracked competitor stores; c.10,000 price points are reviewed across seven countries.

• Mix-adjusted REVPAF was £37 per sq ft in London versus £30 for a peer, and €37 in Paris versus €28, despite lower occupancy in both markets.

Estate growth and pipeline

• The 2.7m sq ft of unlet space is already built; stores typically reach 36% of final space let after one year, 64% after two and 72% after three, rising to 85–90% at maturity.

• Committed pipeline totals 0.73m sq ft across 13 projects, representing 8% further MLA growth and £74m of outstanding capex; 4 stores opened in H1 FY2026 and 4 more in H2.

• Ten UK pipeline schemes represent £113m investment and 0.55m sq ft; projected stabilised store EBITDA is £12.6m annually, a 11.2% yield on cost.

• Development programme EBITDA is projected to reach £63m by FY2034, including £30–35m from non-LFL and pipeline stores; £10m is already delivered by stabilising LFL stores.