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

- Link: https://www.directorstalkinterviews.com/safestore-q1-fy2026-revenue-up-6-3-at-cer-as-occupancy-and-rates-improve/4121240514
- Published: 2026-02-19T07:56:51+00:00
- Author: Amilia Stone

**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.

| **Key Measures – Total** | ** ** | ** ** | ** ** | ** ** | ** ** | **Q1****^(1)** | **Q1** | **Change** | **Change** | 
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | **2026** | **2025** | ** ** | **CER****^(2)** | 
| **Group** |  |  |  |  |  |  |  |  |  | 
| Revenue (£’m) |  |  |  |  |  | 61.2 | 56.7 | 7.9% | 6.3% | 
| Closing Occupancy (million sq ft) ^(3) |  |  |  |  |  | 6.56 | 6.36 | 3.2% |  | 
| Closing Occupancy (% of CLA) |  |  |  |  |  | 75.9% | 74.8% | 1.1ppt |  | 
| MLA (million sq ft) ^(4) |  |  |  |  |  | 9.45 | 8.90 | 6.2% |  | 
| CLA (million sq ft) ^(5) |  |  |  |  |  | 8.65 | 8.50 | 1.7% |  | 
| Average Storage Rate (£) |  |  |  |  |  | 31.19 | 29.76 | 4.8% | 3.3% | 
| REVPAF (£) ^(6) |  |  |  |  |  | 28.15 | 26.69 | 5.5% | 4.0% | 
|  |  |  |  |  |  |  |  |  |  | 
| **Key Measures – Like-For-Like ^(7)** | ** ** | ** ** | ** ** | ** ** | ** ** | **Q1** | **Q1** | ** ** | **Change** | 
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | **2026** | **2025** | ** ** | **CER** | 
| **Group** |  |  |  |  |  |  |  |  |  | 
| Revenue (£’m) |  |  |  |  |  | 59.7 | 56.5 |  | 4.2% | 
| Closing Occupancy (million sq ft) |  |  |  |  |  | 6.33 | 6.34 |  | (0.1%) | 
| Closing Occupancy (% of CLA) |  |  |  |  |  | 77.8% | 76.8% |  | 1.0ppt | 
| CLA (million sq ft) |  |  |  |  |  | 8.14 | 8.26 |  | (1.4%) | 
| Average Storage Rate (£) |  |  |  |  |  | 31.66 | 29.79 |  | 4.8% | 
| REVPAF (£) |  |  |  |  |  | 29.10 | 27.17 |  | 5.6% |

**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 Markets^(8) 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**

| **Revenue (millions)** | **Q1** | **Q1** | **Change** | **Change** | 
| ** ** | **2026** | **2025** | ** ** | **CER ** | 
| Group (GBP) | £61.2 | £56.7 | 7.9% | 6.3% | 
| UK (GBP) | £42.5 | £41.0 | 3.6% |  | 
| Paris (EUR) | €13.7 | €12.9 | 6.4% |  | 
| Expansion markets (EUR) | €7.7 | €6.0 | 28.6% |  | 
|  |  |  |  |  | 
| **Average Rate** | **Q1** | **Q1** | **Change** | **Change** | 
| ** (per sq ft)** | **2026** | **2025** | ** ** | **CER ** | 
| Group (GBP) | £31.19 | £29.76 | 4.8% | 3.3% | 
| UK (GBP) | £32.05 | £30.18 | 6.2% |  | 
| Paris (EUR) | €41.75 | €42.13 | (0.9%) |  | 
| Expansion markets (EUR) | €24.02 | €23.85 | 0.7% |  | 
|  |  |  |  |  | 
| **REVPAF (per sq ft)** | **Q1** | **Q1** | **Change** | **Change** | 
| ** ** | **2026** | **2025** | ** ** | **CER ** | 
| Group (GBP) | £28.15 | £26.69 | 5.5% | 4.0% | 
| UK (GBP) | £29.58 | £28.29 | 4.6% |  | 
| Paris (EUR) | €36.26 | €37.55 | (3.4%) |  | 
| Expansion markets (EUR) | €21.39 | €17.97 | 19.1% |  | 
|  |  |  |  |  | 
| **Closing Occupancy** | **Q1** | **Q1** | **Change** | ** ** | 
| ** (million sq ft)** | **2026** | **2025** | ** ** | ** ** | 
| Group | 6.56 | 6.36 | 3.2% |  | 
| UK | 4.39 | 4.45 | (1.2%) |  | 
| Paris | 1.18 | 1.11 | 6.4% |  | 
| Expansion markets | 0.99 | 0.80 | 23.6% |  | 
|  |  |  |  |  | 
| **Closing Occupancy** | **Q1** | **Q1** | **Change** | ** ** | 
| ** (% of CLA)** | **2026** | **2025** | ** ** | ** ** | 
| Group | 75.9% | 74.8% | 1.1ppt |  | 
| UK | 77.1% | 77.1% | (0.0ppt) |  | 
| Paris | 77.4% | 79.8% | (2.4ppt) |  | 
| Expansion markets | 69.3% | 59.3% | 10.0ppt |  | 
|  |  |  |  |  | 
| **Closing CLA (million sq ft)** | **Q1** | **Q1** | **Change** | ** ** | 
| ** ** | **2026** | **2025** | ** ** | ** ** | 
| Group | 8.65 | 8.50 | 1.7% |  | 
| UK | 5.70 | 5.77 | (1.2%) |  | 
| Paris | 1.52 | 1.39 | 9.6% |  | 
| Expansion markets | 1.43 | 1.35 | 5.9% |  |

**Like-for-like**

| **Revenue (millions)** | **Q1** | **Q1** | **Change** | ** ** | 
| ** ** | **2026** | **2025** | **CER  ** | ** ** | 
| Group (GBP at CER) | £58.9 | £56.5 | 4.2% |  | 
| UK (GBP) | £42.0 | £40.9 | 2.7% |  | 
| Paris (EUR) | €13.4 | €12.9 | 4.1% |  | 
| Expansion markets (EUR) | €6.9 | €5.8 | 17.6% |  | 
|  |  |  |  |  | 
| **Average Rate** | **Q1** | **Q1** | **Change** | ** ** | 
| ** (per sq ft)** | **2026** | **2025** | **CER **** ** | ** ** | 
| Group (GBP at CER) | £31.21 | £29.79 | 4.8% |  | 
| UK (GBP) | £32.14 | £30.19 | 6.4% |  | 
| Paris (EUR) | €43.12 | €42.13 | 2.4% |  | 
| Expansion markets (EUR) | €24.74 | €23.96 | 3.3% |  | 
|  |  |  |  |  | 
| **REVPAF (per sq ft)** | **Q1** | **Q1** | **Change** | ** ** | 
| ** ** | **2026** | **2025** | **CER **** ** | ** ** | 
| Group (GBP at CER) | £28.70 | £27.17 | 5.6% |  | 
| UK (GBP) | £29.78 | £28.43 | 4.8% |  | 
| Paris (EUR) | €39.15 | €37.80 | 3.6% |  | 
| Expansion markets (EUR) | €22.93 | €19.45 | 17.9% |  | 
|  |  |  |  |  | 
| **Closing Occupancy** | **Q1** | **Q1** | **Change** | ** ** | 
| ** (million sq ft)** | **2026** | **2025** | **CER **** ** | ** ** | 
| Group | 6.33 | 6.34 | (0.1%) |  | 
| UK | 4.34 | 4.44 | (2.3%) |  | 
| Paris | 1.11 | 1.11 | 0.3% |  | 
| Expansion markets | 0.88 | 0.79 | 12.2% |  | 
|  |  |  |  |  | 
| **Closing Occupancy** | **Q1** | **Q1** | **Change** | ** ** | 
| ** (% of CLA)** | **2026** | **2025** | **CER **** ** | ** ** | 
| Group | 77.8% | 76.8% | 1.0ppt |  | 
| UK | 77.6% | 77.9% | (0.3ppt) |  | 
| Paris | 81.4% | 81.4% | 0.0ppt |  | 
| Expansion markets | 74.4% | 66.0% | 8.4ppt |  | 
|  |  |  |  |  | 
| **Closing CLA (million sq ft)** | **Q1** | **Q1** | **Change** | ** ** | 
| ** ** | **2026** | **2025** | **CER  ** | ** ** | 
| Group | 8.14 | 8.26 | (1.4%) |  | 
| UK | 5.59 | 5.70 | (2.0%) |  | 
| Paris | 1.37 | 1.36 | 0.3% |  | 
| Expansion markets | 1.19 | 1.19 | (0.4%) |  |

_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_

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