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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Safestore
Safestore (SAFE) investor relations material
Safestore H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary15 Jan, 2026
Executive summary
Executed a pan-European expansion strategy, accepting short-term earnings dilution for long-term growth, and opened 13 new stores, adding 677,600 sq ft and securing a 1.1m sq ft pipeline.
Achieved robust revenue and EBITDAR growth in FY 2025, with total revenue up 5.0% at constant exchange rates and underlying EBITDAR up 1.2%.
Launched a joint venture in Italy, expanding the European footprint and diversifying growth avenues.
Investments in technology and operational efficiency supported margin stability and revenue per available square foot growth.
Transitioning from capital deployment to cash generation as store openings peak and earnings growth shifts to utilization and operational execution.
Financial highlights
Total revenue grew 4.9% year-on-year to £234.3m; like-for-like revenue up 3.1%.
Underlying EBITDA/EBITDAR rose 1.2% to £137m; store EBITDA up 3.2%.
Adjusted diluted EPS was 40.3p, slightly down due to expansion funding but in line with consensus.
Full-year dividend increased 1% to 30.7p per share.
Net debt (including leases) increased by £159m to £1.1bn due to new borrowings for expansion.
Outlook and guidance
FY 2026 outlook is cautiously optimistic, with a return to EPS growth expected as cost headwinds ease and new store dilution fades.
Like-for-like underlying costs of sales projected to rise 3%-6% year-on-year, with inflationary pressures offset by efficiency initiatives.
Finance costs expected to increase by £1–2m year-over-year due to additional debt for development.
Development CapEx for FY26 projected at £86m; progressive dividend policy to continue.
Detail the primary drivers of future EBITDA growth
What is the impact of UK unit partitioning?
What are the tangible benefits of AI investment?
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Frequently asked questions
Safestore Holdings PLC is the largest self-storage company in the UK and the second largest in Europe. The company operates approximately 190 stores, including 133 in the UK, with a concentration in London and the Southeast, and 29 in the Paris region. It has expanded into other European markets, including Spain, the Netherlands, Belgium, and Germany through joint ventures. Safestore provides storage solutions to around 90,000 personal and business customers, with its total maximum lettable area reaching over 8 million square feet. The company is headquartered in Borehamwood, UK, and its shares are listed on the London Stock Exchange.
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