Safestore (SAFE) Q3 2025 TU earnings summary

Executive summary

• Group revenue for Q3 2025 rose 5.7% year-over-year at constant exchange rates, driven by both like-for-like (LFL) stores and new store openings across all markets.

• LFL group revenue increased 3.4% year-over-year, with UK LFL revenue up 2.8%, Paris up 1.7%, and expansion markets up 13.0%.

• Recently opened stores in Brussels and Paris contributed to growth, with the development pipeline on track to deliver over 700,000 sq ft in FY 2025.

Financial highlights

• Total group revenue for Q3 2025 was £59.6m, up from £56.3m in Q3 2024; YTD revenue reached £172.4m, a 4.6% increase.

• Average storage rate for the group in Q3 2025 was £29.96 per sq ft, up 1.8% year-over-year.

• REVPAF (revenue per available square foot) for Q3 2025 was £27.48, down 0.4% year-over-year.

• Group closing occupancy was 6.74 million sq ft (78.3% of CLA), up 4.5% in area but down 1.1ppt in percentage.

Outlook and guidance

• EPS for FY 2025 is expected to be in line with consensus expectations of 40.2p per share.

• Management remains confident in ongoing trading momentum and the delivery of the development pipeline.