**Summary**
Safestore Holdings PLC, the UKs largest self-storage group, released its fourth-quarter trading update for the period ending October 31, 2025. The company reported continued growth across its like-for-like (LFL) stores in all markets, supported by strong contributions from new store openings. Key highlights include
1. **Revenue Growth**
Total group revenue increased by 6.1% year-on-year in constant exchange rate (CER) terms, reaching £62.0 million in Q4 2025.
LFL revenue grew by 3.3% in CER terms, driven by robust demand from domestic customers and rate improvements.
2. **Occupancy and Rates**
Closing occupancy remained stable at 78.1% of current lettable area (CLA), with LFL closing occupancy improving to 81.2% (up from 80.0% in FY 2024).
Average storage rates increased by 4.0% to £30.84 per square foot, supported by space partitioning programs.
3. **Market Performance**
UK LFL revenue grew by 3.4%, with strong domestic demand and benefits from unit partitioning.
Paris LFL revenue increased by 2.0%driven by higher occupancy levels.
Expansion markets (Spain, Netherlands, Belgium, Germany, and Italy) saw LFL revenue growth of 4.9%, with total revenue up 20.8% due to new store openings.
4. **New Store Openings**
Four new stores opened since Q3 2025, adding 0.7 million sq ft of maximum lettable area (MLA) in FY 2025 and 0.1 million sq ft in FY 2026.
The development pipeline remains on track, with 1.0 million sq ft of MLA planned.
5. **Outlook**
CEO Frederic Vecchioli expressed optimism about continued momentum across all markets, driven by both LFL growth and new store openings.
The company expects to deliver in line with EPS consensus expectations for FY 2025, with full-year results scheduled for January 15, 2026.
Overall, Safestore demonstrated resilient performance in Q4 2025, with growth across all key metrics and a strong pipeline of new developments.