Safestore (SAFE) Q4 2025 TU earnings summary

Executive summary

• Group revenue for Q4 2025 rose 7.1% year-over-year (6.1% at constant exchange rates), driven by growth in all markets and strong contributions from new store openings.

• Like-for-like revenue increased 3.3% at constant exchange rates, with the UK up 3.4%, Paris up 2.0%, and expansion markets up 4.9%.

• Four new stores opened since Q3 2025, adding 0.7 million sq ft of new MLA in FY 2025 and 0.1 million sq ft in FY 2026, with a further 1.0 million sq ft in the development pipeline.

• Management expects to deliver full-year results in line with consensus EPS expectations for FY 2025.

Financial highlights

• Q4 2025 group revenue: £62.0m (up 7.1% year-over-year); YTD revenue: £234.3m (up 4.9%).

• Q4 closing occupancy: 6.67 million sq ft (up 4.0%); closing occupancy as % of CLA: 78.1%.

• Average storage rate for Q4: £30.84 per sq ft (up 4.0%); REVPAF: £28.85 per sq ft (up 2.4%).

• Like-for-like Q4 revenue: £59.4m (up 3.3%); like-for-like closing occupancy: 6.33 million sq ft (flat year-over-year).

Outlook and guidance

• Full-year results to be announced on 15 January 2026; management expects to meet consensus EPS expectations for FY 2025.

• Development pipeline of 1.0 million sq ft remains on track.