Safestore Holdings Plc (LON:SAFE) has reported H1 2026 total revenue of £120.6 million, up 6.9%, with LFL revenue of £117.3 million, up 5.0%, and underlying profit before tax of £44.6 million, up 2.3%.
| H1 2026 | H1 2025 | Change(Total) | Change (CER)2 | |
| FINANCIAL METRICS | ||||
| Total Revenue (£’m) | 120.6 | 112.8 | 6.9% | 5.6% |
| LFL3 Revenue (£’m) | 117.3 | 111.9 | 5.0% | 3.5% |
| Underlying EBITDAR4 (£’m) | 67.9 | 65.5 | 3.7% | 4.3% |
| Operating Profit (£’m) | 53.3 | 112.9 | (52.8%) | |
| Underlying Profit before Tax5 (£’m) | 44.6 | 43.6 | 2.3% | |
| Statutory Profit before Tax (£’m) | 36.3 | 97.0 | (62.6%) | |
| Net cash inflows from operating activities6 (£’m) | 47.2 | 41.2 | 14.6% | |
| Adjusted Diluted EPRA EPS7 (pence) | 19.4p | 19.0p | 2.1% | |
| Interim Dividend per share (pence) | 10.2p | 10.1p | 1.0% | |
| Balance Sheet Metrics | H1 2026 | FY 2025 | ||
| EPRA Basic NTA per Share (pence) | 1,120 | 1,129 | (0.8%) | |
| Net Assets (£’m) | 2,273.6 | 2,288.4 | (0.6%) | |
| Net debt (£’m) | 1,100.8 | 1,058.6 | 3.8% | |
| Loan to Value ratio (“LTV”)8% | 29.1% | 28.1% | 1.0ppt | |
| OPERATING METRICS | H1 2026 | H1 2025 | ||
| Maximum Lettable Area (“MLA”)9 m sq ft | 9.5 | 9.1 | 4.4% | |
| Current Lettable Area (“CLA”)10 m sq ft | 8.7 | 8.6 | 1.6% | |
| Closing Occupancy11 (% of CLA) | 75.1% | 74.4% | 0.7ppt | |
| LFL Closing Occupancy (% CLA) | 77.0% | 76.6% | 0.4ppt | |
| Group REVPAF12 (£ / sq ft) | 28.11 | 26.78 | 5.0% | 3.7% |
| LFL REVPAF (£ / sq ft) | 29.08 | 27.36 | 6.3% | 5.1% |
Financial and operational progress
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Group revenue at constant exchange rates (CER) up 5.6% to £120.6 million, with 3.5% LFL growth; positive LFL growth across all geographies and increasing contribution from non-LFL stores: |
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o UK revenue +3.3% improved through the half year reaching £83.9 million, with increasing domestic occupancy, unit partitioning and higher average storage rates13 driving LFL growth of 2.4%; |
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o Paris revenue of €26.7 million, +4.6% includes LFL growth of 1.8% driven by an increase in rental rates with decreased LFL occupancy impacted by strong contribution from new stores. |
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o Expansion Markets14 total revenue of €15.4 million, +25.7%; strong growth in LFL (+16.8%) and non-LFL stores; Spain, Netherlands and Belgium all performed well; |
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o Underlying store EBITDAR increased by 5.6% to £78.9 million; inflationary cost pressures were partially offset by internal efficiencies, resulting in LFL cost of sales increase of 3.8% at CER, in line with expectations. |
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Underlying EBITDAR was £67.9 million, up 3.7%, reflecting higher administrative costs in the half. |
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Operating profit down 52.8% to £53.3 million as a result of stable Investment Property values in H1 2026 versus a fair value gain in H1 2025 (gain of £49.5 million). |
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Underlying net finance costs15 increased by £1.0 million to £14.0 million including the impact of increased borrowings to support the store expansion programme. Refinancing of October 2026-maturing USPPs secured. |
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Underlying profit before tax of £44.6 million increased by 2.3% delivering Adjusted Diluted EPRA EPS of 19.4p, up 2.1% on prior year and representing a return to earnings growth. |
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Statutory profit before tax of £36.3 million and Basic EPS of 15.3 pence declined 62.6% and 57.9% respectively reflecting the stable property values in the half versus a gain in the prior year. |
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Interim dividend per share of 10.20p, up 1.0%, in line with progressive dividend policy reflecting earnings growth whilst rebuilding of dividend cover. |
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Balance sheet remained strong with £2.3 billion of net assets. LTV ratio of 29.1% and interest cover ratio (“ICR”)16 of 3.9x; capital structure underpinned by investment property valuation of £3.5 billion. |
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Basic EPRA NTA per share of 1,120p, down 0.8% from FY 2025 due to currency exchange rates. |
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Strategy on track, with pipeline delivery being executed as planned
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Continued focus on REVPAF to optimise trading in our existing store portfolio where we see significant potential to drive further EBITDA growth from both LFL and non-LFL stores. |
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Projected incremental EBITDA from development programme unchanged with openings in FY 2024 moving from non-LFL to stabilising LFL with their growth potential remaining. Non-LFL (stores opening from FY 2025) and pipeline projected to add £30-35 million EBITDA on stabilisation. |
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Recently opened (non-LFL) stores on track to meet 10% yield-on-cost17 hurdle, with stabilised stores opened in 2016-2021 achieving between 10%-20%. |
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£33.6 million investment in store development with MLA growing by 2% or 0.2 million sq ft to 9.5 million sq ft in the half year, with the addition of 4 new stores representing a planned reduction in pace of openings from the peak in FY 2025. |
Outlook and guidance
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FY 2026 outlook: Return to earnings growth with projected EPS at the lower end of consensus18 range largely reflecting the expected impact of higher interest rates in H2 |
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o Underlying LFL cost of sales growth now expected to be at lower end of 3%-6% range; |
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o Underlying net finance costs now projected to increase by £2-£3 million as a result of higher floating interest rates; |
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o Capital expenditure for full year on new stores of £86 million; |
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o 225k sq ft of additional MLA expected in H2 2026 with a further 733k sq ft MLA in FY 2027 and beyond. |
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On track to deliver £30-£35 million of incremental EBITDA from non-LFL stores and pipeline on stabilisation, in line with expectations. |
Frederic Vecchioli, Safestore’s Chief Executive Officer, commented:
“Safestore delivered a positive performance in the first half of FY 2026, with like-for-like revenue growth across all our markets and a return to growth in underlying earnings. The interim dividend, an important part of the total return for our shareholders, is up 1% in line with our progressive dividend policy whilst rebuilding cover as our earnings grow.
Our new and recently opened stores are performing well and, together with the development pipeline of a further 17 stores, are expected to contribute an additional £30-35 million of EBITDA to the Group upon stabilisation over the coming years.
We continued to drive REVPAF and optimise trading across the like-for-like estate, which remains a key engine of profit growth for the Group, while the significant investment we have made in our expansion is now clearly translating into both revenue and earnings growth. As a result Safestore remains well positioned to deliver further growth in earnings and long-term value creation.”
