Safestore (SAFE) Q3 2026 TU earnings summary

Executive summary

• Group revenue for Q3 2026 increased 4.1% at constant exchange rates (CER) year-over-year, with growth in both like-for-like and new stores across all markets.

• Like-for-like group revenue rose 1.9% at CER, with UK up 1.9%, Expansion Markets up 11.6%, and Paris down 2.5% due to new store overlap and lower large unit occupancy.

• One new store opened in Watford, adding 57,500 sq ft of maximum lettable area (MLA); remaining FY 2026 pipeline openings of 167,100 sq ft are on track.

Financial highlights

• Q3 2026 group revenue was £62.2m, up 4.4% year-over-year; YTD revenue reached £182.8m, up 6.0%.

• UK revenue for Q3 was £43.8m (+3.0%), Paris €13.5m (+1.4%), and Expansion Markets €8.0m (+18.6%).

• Average storage rate increased 2.3% to £30.66 per sq ft in Q3; UK rate up 4.6%, Paris down 1.3%, Expansion Markets down 0.5%.

• Revenue per available square foot (REVPAF) rose 2.1% to £28.06 in Q3; UK up 3.3%, Paris down 10.4%, Expansion Markets up 16.3%.

• Closing occupancy at 77.5% of current lettable area (CLA), down 0.9ppt year-over-year.

Outlook and guidance

• FY 2026 Adjusted Diluted EPRA EPS expected in the lower half of analyst forecast range (consensus: 41.4p, range: 39.6–42.4p).

• Pipeline remains attractive; phasing of 2027–28 UK pipeline under review due to current trading and macroeconomic conditions, but FY 2026 openings unchanged.