National Storage (NSR) AGM 2025 summary

Opening remarks and agenda

• Acknowledged traditional custodians and welcomed attendees to the 2025 AGM, held as a hybrid meeting with both in-person and virtual participation options.

• Outlined procedures for questions, comments, and voting, including use of the Computershare platform and polling for all resolutions.

• Introduced board members, executive team, company secretaries, and external representatives from auditors and share registry.

Financial performance review

• Market capitalization exceeded $3.2 billion, with total assets at $5.8 billion and over 330% total returns since IPO.

• FY25 gross revenue rose 10.4% to $392 million; underlying earnings grew 6% to $265 million.

• IFRS profit reached $236.1 million for FY25, with underlying earnings of $164.0 million, up 6.4% year-on-year.

• Underlying EPS increased by 5.3% to 11.9 cents; NTA per stapled security rose 2.4% to $2.58.

• FY25 total return was 7.2%, and group revenue reached $277.3 million, up 1%.

Strategic initiatives and plans

• Focused on four pillars: organic growth, acquisitions/developments, technology/automation, and sustainability.

• 14 development and expansion projects completed in FY25, adding 98,000m² of NLA; 28 acquisitions settled totaling $303 million.

• National Storage Ventures Fund established, deploying $498 million across 16 assets, with $280 million proceeds used to repay debt.

• Q1 FY26 saw 9 acquisitions ($82 million) and 5 new developments adding 41,850m² of NLA.

• Pipeline includes 49 projects in various stages, totaling 458,000m² of additional NLA.