Big Yellow Group (BYG) H2 2026 earnings summary

Executive summary

• Revenue grew 2% year-over-year to £209.1m, with like-for-like store revenue also up 2% driven by higher average rents.

• Adjusted profit before tax increased 2% to £117.5m; adjusted EPS rose 2% to 59.0p.

• Statutory profit before tax fell 38% to £126.2m due to a lower revaluation surplus.

• Four new stores opened, expanding capacity by 0.3m sq ft (5% of opening MLA); total store count now 113.

• Dividend increased 2% to 47.2p per share, in line with adjusted EPS growth.

Financial highlights

• Store EBITDA rose £3.3m to £146.5m, maintaining a 70.5% margin.

• Cash flow from operating activities was £111.5m, up 3% excluding a prior year one-off receipt.

• Net debt increased to £476.7m (from £388.7m), with interest cover at 6.1x.

• Adjusted NAV per share rose 1% to 1,370.4p.

• Store occupancy declined to 74.2% (from 78.7%), mainly due to new store openings.

Outlook and guidance

• Management expects continued resilience despite macroeconomic headwinds and plans to focus on quality, location, and capital discipline.

• Underlying store operating cost inflation is expected at 2-3% for the year ahead.

• Construction capital expenditure is expected to decrease as pipeline stores open.