**Summary of Safestore Holdings PLC Final Results for the Year Ended 31 October 2025**
**Financial Performance**
**Revenue Growth** Total revenue increased by 4.9% to £234.3 million, with a 5.0% growth at constant exchange rates (CER). Like-for-like (LFL) revenue grew by 3.1%, driven by positive performance across all geographies.
**Underlying EBITDAR** Increased by 1.2% to £137.0 million, with underlying store EBITDAR up 3.1% to £155.9 million. Inflationary cost pressures were partially offset by internal efficiencies.
**Operating Profit** Declined by 62.6% to £159.3 million due to lower property revaluation gains (£23.1 million in FY 2025 vs. £292.2 million in FY 2024).
**Underlying Profit Before Tax** Decreased by 4.2% to £92.9 million, impacted by higher net finance costs.
**Adjusted Diluted EPRA EPS** Fell by 4.7% to 40.3 pence, in line with consensus estimates.
**Dividend** Increased by 1.0% to 30.70 pence per share, supported by robust cash flow.
**Operational Highlights**
**Maximum Lettable Area (MLA)** Grew by 8.0% to 9.3 million sq ft, with the addition of 13 new stores and 1 extension, representing the largest organic space increase in recent history.
**Occupancy** Closing occupancy was 78.1%, with LFL closing occupancy at 81.2%, up 1.2 percentage points.
**Revenue per Available Square Foot (REVPAF):** LFL REVPAF increased by 2.9% to £28.93, reflecting strong trading performance.
**Strategic Progress**
**Investment in Growth** £80 million invested in store development, expanding MLA by 0.7 million sq ft.
**Joint Venture in Italy** Established a 50:50 joint venture with Nuveen, investing £38.9 million, with stores performing in line with expectations.
**Technology Integration** Enhanced technology-led operating model with accelerated AI integration across marketing, pricing, and sales.
**Sustainability** Achieved a 22% reduction in emissions intensity to 0.64 kgCO2e/m2, progressing towards operational net zero.
**Outlook**
**Q1 Trading** Continued LFL growth trend from FY 2025 across all markets.
**FY 2026 Guidance** Cautiously optimistic with a return to earnings growth. Expected LFL cost of sales growth of 3%-6%, underlying net finance costs to increase by £1-£2 million, and capital expenditure on new stores of £86 million.
**Pipeline** On track to deliver £35-£40 million of incremental EBITDA from non-LFL stores and pipeline upon stabilization.
**CEO Commentary**
Frederic Vecchioli, CEO, highlighted strong operational execution, investment in future growth, and the companys position at an inflection point, with significant MLA expansion driving revenue and earnings growth.
**Balance Sheet**
**Net Assets** Increased by 2.8% to £2.3 billion.
**Net Debt** Rose by 17.7% to £1,058.6 million, primarily due to store expansion funding.
**Loan-to-Value (LTV) Ratio** Increased to 28.1% from 25.1%.
**Dividend Policy**
The Board reaffirmed its commitment to a progressive dividend policy, with a 1% increase in the dividend per share to 30.70 pence.
**Conclusion**
Safestore Holdings PLC demonstrated resilience and strategic progress in FY 2025, with strong operational performance, significant investment in growth, and a focus on sustainability. The company is well-positioned for future earnings growth, supported by its expanded MLA and ongoing strategic initiatives.
| Metric | 2025 (£'m) | 2024 (£'m) | Change |
|---|---|---|---|
| Total Revenue | 234.3 | 223.4 | 4.9% |
| Underlying EBITDAR | 137.0 | 135.4 | 1.2% |
| Operating Profit | 159.3 | 425.8 | (62.6%) |
| Underlying Profit before Tax | 92.9 | 97.0 | (4.2%) |
| Net Debt | 1,058.6 | 899.5 | 17.7% |
| Loan to Value Ratio (LTV) | 28.1% | 25.1% | 3.0ppt |