Abacus Storage King (ASK) H1 2026 earnings summary

Executive summary

• Delivered solid operational and financial performance in HY26, with statutory net profit after tax rising to $71.1 million, continued RevPAM growth, and sector-leading operating metrics, supported by strong demand in Australia and New Zealand.

• Portfolio expanded to 149 self-storage properties valued at $3.5 billion, with 130 owned trading stores and a robust development pipeline.

• Net tangible assets per security increased to $1.76, up from $1.74 at June last year.

• Distribution of 3.1 cents per security for the half year, with 25% as a fully franked dividend, to be paid in February 2026.

• Early-stage discussions commenced on potential internalization of management function to enhance operational efficiency.

Financial highlights

• Statutory profit rose 4.8% year-over-year to $71.1 million; FFO for HY26 was $41 million or 3.12 cents per security, down from $43.3 million in HY25.

• Total revenue for the half-year was $122.6 million, up from $118.9 million year-over-year.

• Operating margin held steady at 61% despite higher land taxes and statutory expenses.

• Total assets increased to $3.7 billion, up 2.7% on FY25.

• Gearing at 31.9%, within the 25%-40% target range, with $500 million funding capacity.

Outlook and guidance

• Affirmed FY26 distribution guidance of 6.20 cents per security, with payout ratio expected at 90–100% of FFO.

• Expect positive second half skew, with full-year payout ratio closer to the midpoint of the 90%-100% range.

• Full-year cost of debt expected to rise by 50 basis points to around 3.5% reported, or 4.5% including capitalized interest.

• Development pipeline remains robust, with 18 sites set to deliver an additional 17%–20% net lettable area in the short to medium term.

• Management anticipates continued inflationary and high interest rate pressures through FY26 but considers the business well positioned.