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.

• Underlying EPS rose 5.3% to 6.0 cents; fully franked dividend per stapled security increased 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 higher rates per square metre.

• Portfolio expanded to 293 centres, with 19 new additions and 1,648,300m² net lettable area (+8.4%).

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

Financial highlights

• Net profit after tax was $73.7 million, down from $87.9 million in the prior period.

• Net operating cash flow increased to $110.9 million from $100.2 million year-over-year.

• Cash and cash equivalents at period end were $77.7 million, up from $65.5 million at 30 June 2025.

• Interim dividend of 6.0c per stapled security ($84.2 million) declared, payable 20 February 2026.

• Total centre revenue grew 5.6% to $193.0 million compared to the same period last year.

Outlook and guidance

• The development pipeline remains strong, with 43 projects expected to add 402,700m² of net lettable area.

• 21 projects totaling 191,000m² NLA are under construction or with DA, with an additional 210,000m² in planning.

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