Safestore Holdings plc (LON:SAFE) has announced its third quarter trading update for the period 1 May 2025 to 31 July 2025
Continued momentum across LFL stores in all markets supported by growth from opened developments
| Key Measures – Total | Q3 1 | Q3 | Change | Change | YTD | YTD | Change | Change | |
| 2025 | 2024 | CER 2 | 2025 | 2024 | CER | ||||
| Group | |||||||||
| Revenue (£’m) | 59.6 | 56.3 | 5.8% | 5.7% | 172.4 | 165.5 | 4.2% | 4.6% | |
| Closing Occupancy (million sq ft) 3 | 6.74 | 6.45 | 4.5% | 6.74 | 6.45 | 4.5% | |||
| Closing Occupancy (% of CLA) | 78.3% | 79.4% | (1.1ppt) | 78.3% | 79.4% | (1.1ppt) | |||
| MLA (million sq ft) 4 | 9.18 | 8.52 | 7.8% | 9.18 | 8.52 | 7.8% | |||
| CLA (million sq ft) 5 | 8.60 | 8.12 | 5.9% | 8.60 | 8.12 | 5.9% | |||
| Average Storage Rate (£) | 29.96 | 29.44 | 1.8% | 1.6% | 29.97 | 29.92 | 0.2% | 0.7% | |
| REVPAF (£) 6 | 27.48 | 27.60 | (0.4%) | (0.6%) | 27.01 | 27.63 | (2.2%) | (1.8%) | |
| Key Measures – Like-For-Like 7 | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change | |
| 2025 | 2024 | CER | 2025 | 2024 | CER | ||||
| Group | |||||||||
| Revenue (£’m) | 57.9 | 55.9 | 3.5% | 3.4% | 168.6 | 164.4 | 2.5% | 3.0% | |
| Closing Occupancy (million sq ft) | 6.48 | 6.42 | 0.9% | 6.48 | 6.42 | 0.9% | |||
| Closing Occupancy (% of CLA) | 81.8% | 81.4% | 0.4ppt | 81.8% | 81.4% | 0.4ppt | |||
| Average Occupancy (million sq ft) | 6.39 | 6.32 | 1.1% | 6.28 | 6.18 | 1.7% | |||
| MLA (million sq ft) | 8.24 | 8.21 | 0.3% | 8.24 | 8.21 | 0.3% | |||
| CLA (million sq ft) | 7.92 | 7.89 | 0.4% | 7.92 | 7.89 | 0.4% | |||
| Average Storage Rate (£) | 30.37 | 29.50 | 3.0% | 2.8% | 30.24 | 29.94 | 1.0% | 1.5% | |
| REVPAF (£) | 28.94 | 28.21 | 2.6% | 2.4% | 28.37 | 27.85 | 1.9% | 2.3% |
Highlights
· Group revenue for the quarter in CER increased 5.7% year-on-year with contribution from both LFL and new stores across all markets
· Like-for-like Group revenue for the quarter in CER up 3.4%
· Like-for-like UK revenue for the quarter up 2.8%, continuing our improving quarter to quarter trajectory, supported by robust demand from domestic customers and the positive impact from unit partitioning
· Like-for-like Paris revenue for the quarter up 1.7% driven by increased occupancy levels
· Like-for-like Expansion Markets8 revenue for the quarter up 13.0% with growth from both occupancy and rate
· Like-for-like closing occupancy at 81.8% of CLA (FY 2024: 81.4%)
· Recently opened stores performing well, supporting Group revenue growth
· Opened one new 47.4k sq ft store in Brussels, Belgium during the quarter with a further 60.0k sq ft store in Noisy, Paris opened in early Q4 2025. The remaining development pipeline remains on track
· Entered into a new 5-year term loan of €77.5m to refinance a portion of the drawn RCF with interest rates for the loan fixed through a hedging, co-terminus interest rate swap
Frederic Vecchioli, Chief Executive Officer, commented:
“We are encouraged with our continued momentum with growth coming across all markets driven by both LFL stores and our new store opening programme. In particular, we have seen a continuation of the improving trajectory in UK performance driven by robust domestic customer demand and the benefits from our space partitioning programme.
Our development pipeline remains on track with two new stores opened adding 107,400 sq ft of new space to the portfolio with over 700,000 sq ft expected to be delivered in the current financial year.
With these results and our ongoing trading, we continue to expect to be in line with EPS expectations9 for FY 2025.”
Trading Performance
Total Group
| Revenue (millions) | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change | ||
| 2025 | 2024 | CER | 2025 | 2024 | CER | |||||
| Group (GBP) | £59.6 | £56.3 | 5.8% | 5.7% | £172.4 | £165.5 | 4.2% | 4.6% | ||
| UK (GBP) | £42.5 | £40.9 | 3.9% | £123.7 | £120.4 | 2.7% | ||||
| Paris (EUR) | €13.3 | €12.9 | 3.1% | €38.8 | €38.1 | 2.0% | ||||
| Expansion markets (EUR) | €6.7 | €5.2 | 28.8% | €19.0 | €14.6 | 29.6% | ||||
| Average Rate (per sq ft) | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change | ||
| 2025 | 2024 | CER | 2025 | 2024 | CER | |||||
| Group (GBP) | £29.96 | £29.44 | 1.8% | 1.6% | £29.97 | £29.92 | 0.2% | 0.7% | ||
| UK (GBP) | £30.40 | £29.48 | 3.1% | £30.38 | £30.05 | 1.1% | ||||
| Paris (EUR) | €41.48 | €42.40 | (2.2%) | €41.98 | €41.99 | 0.0% | ||||
| Expansion markets (EUR) | €24.10 | €23.08 | 4.4% | €24.32 | €23.06 | 5.5% | ||||
| REVPAF (per sq ft) | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change | ||
| 2025 | 2024 | CER | 2025 | 2024 | CER | |||||
| Group (GBP) | £27.48 | £27.60 | (0.4%) | (0.6%) | £27.01 | £27.63 | (2.2%) | (1.8%) | ||
| UK (GBP) | £29.31 | £29.02 | 1.0% | £28.73 | £28.67 | 0.2% | ||||
| Paris (EUR) | €37.34 | €39.23 | (4.8%) | €37.22 | €39.08 | (4.7%) | ||||
| Expansion markets (EUR) | €18.57 | €17.32 | 7.2% | €18.36 | €17.91 | 2.5% | ||||
| Closing Occupancy | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| (million sq ft) | 2025 | 2024 | 2025 | 2024 | ||||||
| Group | 6.74 | 6.45 | 4.5% | 6.74 | 6.45 | 4.5% | ||||
| UK | 4.65 | 4.58 | 1.4% | 4.65 | 4.58 | 1.4% | ||||
| Paris | 1.18 | 1.10 | 7.3% | 1.18 | 1.10 | 7.3% | ||||
| Expansion markets | 0.91 | 0.77 | 18.7% | 0.91 | 0.77 | 18.7% | ||||
| Closing Occupancy (% of | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| CLA) | 2025 | 2024 | 2025 | 2024 | ||||||
| Group | 78.3% | 79.4% | (1.1ppt) | 78.3% | 79.4% | (1.1ppt) | ||||
| UK | 81.0% | 81.7% | (0.7ppt) | 81.0% | 81.7% | (0.7ppt) | ||||
| Paris | 83.3% | 83.4% | (0.1ppt) | 83.3% | 83.4% | (0.1ppt) | ||||
| Expansion markets | 63.0% | 64.4% | (1.4ppt) | 63.0% | 64.4% | (1.4ppt) | ||||
| CLA (million sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Group | 8.60 | 8.12 | 5.9% | 8.60 | 8.12 | 5.9% | ||||
| UK | 5.73 | 5.61 | 2.2% | 5.73 | 5.61 | 2.2% | ||||
| Paris | 1.42 | 1.32 | 7.4% | 1.42 | 1.32 | 7.4% | ||||
| Expansion markets | 1.45 | 1.19 | 21.3% | 1.45 | 1.19 | 21.3% | ||||
| Like-for-like | ||||||||||
| Revenue (millions) | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Group (GBP at CER) | £57.8 | £55.9 | 3.4% | £169.3 | £164.4 | 3.0% | ||||
| UK (GBP) | £41.7 | £40.6 | 2.8% | £121.9 | £119.4 | 2.0% | ||||
| Paris (EUR) | €13.1 | €12.9 | 1.7% | €38.5 | €38.1 | 1.1% | ||||
| Expansion markets (EUR) | €5.8 | €5.1 | 13.0% | €17.0 | €14.5 | 16.9% | ||||
| Average Rate (per sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Group (GBP at CER) | £30.32 | £29.50 | 2.8% | £30.38 | £29.94 | 1.5% | ||||
| UK (GBP) | £30.46 | £29.48 | 3.3% | £30.40 | £30.04 | 1.2% | ||||
| Paris (EUR) | €42.27 | €42.43 | (0.4%) | €42.48 | €42.00 | 1.1% | ||||
| Expansion markets (EUR) | €25.25 | €23.32 | 8.2% | €25.10 | €23.17 | 8.3% | ||||
| REVPAF (per sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Group (GBP at CER) | £28.90 | £28.21 | 2.4% | £28.50 | £27.85 | 2.3% | ||||
| UK (GBP) | £29.60 | £28.89 | 2.5% | £29.07 | £28.52 | 1.9% | ||||
| Paris (EUR) | €39.06 | €39.70 | (1.6%) | €38.58 | €39.23 | (1.7%) | ||||
| Expansion markets (EUR) | €22.81 | €20.43 | 11.6% | €22.57 | €19.47 | 15.9% | ||||
| Closing Occupancy | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| (million sq ft) | 2025 | 2024 | 2025 | 2024 | ||||||
| Group | 6.48 | 6.42 | 0.9% | 6.48 | 6.42 | 0.9% | ||||
| UK | 4.56 | 4.58 | (0.3%) | 4.56 | 4.58 | (0.3%) | ||||
| Paris | 1.14 | 1.10 | 3.8% | 1.14 | 1.10 | 3.8% | ||||
| Expansion markets | 0.78 | 0.75 | 4.4% | 0.78 | 0.75 | 4.4% | ||||
| Closing Occupancy (% of | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| CLA) | 2025 | 2024 | 2025 | 2024 | ||||||
| Group | 81.8% | 81.4% | 0.4ppt | 81.8% | 81.4% | 0.4ppt | ||||
| UK | 81.9% | 81.8% | 0.0ppt | 81.9% | 81.8% | 0.0ppt | ||||
| Paris | 85.3% | 84.8% | 0.6ppt | 85.3% | 84.8% | 0.6ppt | ||||
| Expansion markets | 77.1% | 74.7% | 2.3ppt | 77.1% | 74.7% | 2.3ppt | ||||
| CLA (million sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Group | 7.92 | 7.89 | 0.4% | 7.92 | 7.89 | 0.4% | ||||
| UK | 5.57 | 5.59 | (0.4%) | 5.57 | 5.59 | (0.4%) | ||||
| Paris | 1.34 | 1.30 | 3.1% | 1.34 | 1.30 | 3.1% | ||||
| Expansion markets | 1.01 | 1.00 | 1.3% | 1.01 | 1.00 | 1.3% |
Ends
1 – Q3 2025 is the quarter ended 31 July 2025
2 – CER is Constant Exchange Rate (Euro denominated results for the current period have been retranslated at the exchange rate effective for the comparative period. Euro denominated results for the comparative period are translated at the exchange rates effective in that period. This is performed in order to present the reported results for the current period on a more comparable basis)
3 – Occupancy excludes offices but includes bulk tenancy
4 – MLA is Maximum Lettable Area. Measured in square feet (“sq ft”)
5 – CLA is Current Lettable Area excludes space not yet fitted out and space which is operationally unavailable from MLA. Measured in square feet (“sq ft”)
6 – Revenue per Available Square Foot (“REVPAF”) is an alternate performance measure used by the business and is considered by management as the best KPI of economic performance of a mature self-storage asset as it is the net outcome of the occupancy/rate mix plus ancillary sales. It is calculated by dividing revenue for the period by weighted average available square feet for the same period
7 – Like‐for‐like (“LFL”) information includes only those stores which have been open throughout both the current and prior financial years, with adjustments made to remove the impact of new and closed stores, as well as corporate transactions
8 – Expansion Markets comprise Spain, the Netherlands and Belgium plus income earned in relation to the associate in Germany (previously shown in the UK segment) and the joint venture in Italy
9 – Based on May 2025 consensus survey with FY 2025 EPS projection of 40.2p per share
