Safestore Q1 FY2026 revenue up 6.3% at CER as occupancy and rates improve

Safestore Holdings plc (LON:SAFE) has announced its first quarter trading update for the period 1 November 2025 to 31 January 2026

“Continued momentum with revenue growth across the Group”

Safestore today announces its first quarter trading update for three months to 31 January 2026.

Highlights: Q1 2026

·     Group revenue for the quarter in CER increased 6.3% year-on-year with positive contributions from both LFL and new stores across all markets.

·     Like-for-like Group revenue for the quarter in CER up 4.2%.

·     Like-for-like closing occupancy at 77.8% of CLA (Q1 2025: 76.8%).

·     Like-for-like UK revenue for the quarter up 2.7%:

o  Like-for-like average rate up 6.4%

o  Like-for-like closing occupancy down 0.3ppts to 77.6%. Closing occupied space 2.3% lower year-on-year with the reduction focused in larger units (> 250 sq ft) reflecting the impact of partitioning programme.

·     Like-for-like Paris revenue for the quarter up 4.1% driven by both rate and occupancy growth.

·     Like-for-like Expansion Markets⁸ revenue for the quarter up 17.6% with continued growth from both occupancy and rate. Total revenue for Expansion Markets up 28.6% supported by new openings.

·     Three new stores opened since the start of the financial year. As described in prior announcements, we opened two sites in November 2025, in London – Wembley and in Paris – Colombes, adding a total 120,500 sq ft of MLA. In January 2026 we opened Paris – West 4 (Orgeval), a 53,000 sq ft site taking the total MLA of our new openings so far in FY 2026 to 173,500 sq ft. The remaining development pipeline remains on track.

Frederic Vecchioli, Chief Executive Officer, commented:

“Safestore’s performance in Q1 2026 represents continued momentum from the strong results reported for FY 2025.

We continued to deliver revenue growth across all markets through active management of both rate and occupancy in our mature and stabilising like-for-like estate, as well as contributions from our newly opened stores.

New store openings remain on track, with the latest addition to our portfolio in the Paris region having opened in January 2026 and a further five stores expected to open before the end of FY 2026.” 

Trading Performance

Total Group

Like-for-like

1 – Q1 2026 is the quarter ended 31 January 2026

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 from MLA space not yet fitted out, space held as part of the partitioning programme, and space which is operationally unavailable. 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 and the joint venture in Italy