Safestore (SAFE) Q1 2026 TU earnings summary

Executive summary

• Group revenue for Q1 2026 increased 6.3% year-over-year at constant exchange rates, with growth across all markets and contributions from both like-for-like and new stores.

• Like-for-like group revenue rose 4.2% year-over-year, with UK up 2.7%, Paris up 4.1%, and Expansion Markets up 17.6%.

• Three new stores opened since the start of the financial year, adding 173,500 sq ft of maximum lettable area.

Financial highlights

• Total group revenue reached £61.2m, up from £56.7m, a 7.9% increase (6.3% at CER).

• Average storage rate increased 4.8% to £31.19 per sq ft.

• Revenue per available square foot (REVPAF) rose 5.5% to £28.15.

• Closing occupancy increased 3.2% to 6.56 million sq ft, representing 75.9% of current lettable area.

Outlook and guidance

• Five additional store openings are expected before the end of FY 2026, with the development pipeline on track.