National Storage (NSR) H1 2025 earnings summary

Executive summary

• IFRS profit for 1H FY25 was $87.9 million, up 11% compared to the previous half, with underlying earnings rising 2.5% to $77.9 million and EPS of 6.4 cps.

• Revenue for the half-year ended 31 December 2024 rose 9.5% to $190.5 million, driven by self-storage growth, higher rates per sqm, and new developments and acquisitions.

• Storage revenue increased 8% year-over-year, supported by REVPAM growth and acquisitions.

• Portfolio expanded to over 260 centres, with 20 acquisitions and 7 developments completed in 1H FY25.

• Market leader in Australasia with 15.8% market share by NLA, serving more than 97,000 customers.

Financial highlights

• Group REVPAM rose 3.5% to $276/m²; group rate up 8.5% to $347/m²; operating margin held steady at 66%.

• Net profit after tax was $87.9 million, up from $79.2 million in the prior period; basic EPS increased to 6.37 cents.

• Total assets increased 4.3% to $5.3 billion; investment properties valued at $5.18 billion.

• Net tangible assets per security up 0.4% to $2.53; net assets increased to $3,538.2 million.

• Gearing increased to 29.9% (from 26.6% in June 2024), within the 25-40% target range, with significant headroom.

Outlook and guidance

• FY25 underlying earnings guidance reaffirmed at a minimum of 11.8 cps and greater than $163 million.

• Distribution guidance set at 90%-100% of underlying earnings.

• Robust development pipeline with 51–52 projects, expected to add up to 453,600m² NLA.

• Over $643 million in undrawn funding available, supporting future acquisitions and developments.