National Storage (NSR) H1 2026 earnings summary

Executive summary

• IFRS profit for 1H FY26 was $73.7 million, with underlying earnings of $84.3 million, up 8.2% year-over-year, and underlying EPS rising 5.3% to 6.0 cps.

• Revenue for the half-year ended 31 December 2025 rose 10.8% to $211.1 million, driven by self-storage growth and increased net lettable area.

• Portfolio expanded to over 290 centres, with 19 new additions and net lettable area up 8.4%.

• A Scheme Implementation Deed was signed with Brookfield and GIC, valuing securities at $2.86 each, a 26.5% premium to the undisturbed price, subject to approvals.

• Fully-franked interim dividend of 6.0 cps declared, payable 20 February 2026.

Financial highlights

• Net profit after tax was $73.7 million, with total comprehensive income at $51.8 million.

• Total centre revenue grew 5.6% to $193.0 million; net operating cash flow increased to $110.9 million.

• Net tangible assets per stapled security increased 1.2% to $2.61; total assets reached $6.1 billion, up 7.4%.

• Gearing rose to 37.8% from 33.0% in June 2025.

• Interim dividend of 6.0c per stapled security ($84.2m) declared.

Outlook and guidance

• 43 projects expected to add approximately 402,700m² NLA, with 21 projects under construction or with DA and 210,000m² in planning.

• Implementation of the Brookfield/GIC transaction expected in Q2 2026, subject to approvals.

• Medium-term growth visibility supported by active development pipeline and recent acquisitions.