Fourth quarter trading update
Summary by AI BETAClose X
27 November 2025
Safestore Holdings plc
Fourth quarter trading update for the period 1 August 2025 to 31 October 2025
Continued growth across LFL stores in all markets supported by strong contribution from new stores
|
Key Measures - Total |
Q4 1 |
Q4 |
Change |
Change |
|
YTD |
YTD |
Change |
Change |
|
|
2025 |
2024 |
|
CER 2 |
|
2025 |
2024 |
|
CER |
|
Group |
|
|
|
|
|
|
|
|
|
|
Revenue (£'m) |
62.0 |
57.9 |
7.1% |
6.1% |
|
234.3 |
223.4 |
4.9% |
5.0% |
|
Closing Occupancy (million sq ft) 3 |
6.67 |
6.41 |
4.0% |
|
|
6.67 |
6.41 |
4.0% |
|
|
Closing Occupancy (% of CLA) |
78.1% |
78.0% |
0.1ppt |
|
|
78.1% |
78.0% |
0.1ppt |
|
|
MLA (million sq ft) 4 |
9.28 |
8.59 |
8.0% |
|
|
9.28 |
8.59 |
8.0% |
|
|
CLA (million sq ft) 5 |
8.54 |
8.22 |
3.9% |
|
|
8.54 |
8.22 |
3.9% |
|
|
Average Storage Rate (£) |
30.84 |
29.64 |
4.0% |
3.1% |
|
30.20 |
29.85 |
1.2% |
1.3% |
|
REVPAF (£) 6 |
28.85 |
28.17 |
2.4% |
1.5% |
|
27.47 |
27.77 |
(1.1%) |
(1.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
Key Measures - Like-For-Like 7 |
Q4 |
Q4 |
|
Change |
|
YTD |
YTD |
|
Change |
|
|
2025 |
2024 |
|
CER |
|
2025 |
2024 |
|
CER |
|
Group |
|
|
|
|
|
|
|
|
|
|
Revenue (£'m) |
59.4 |
57.5 |
|
3.3% |
|
228.7 |
221.9 |
|
3.1% |
|
Closing Occupancy (million sq ft) |
6.33 |
6.34 |
|
(0.1%) |
|
6.33 |
6.34 |
|
(0.1%) |
|
Closing Occupancy (% of CLA) |
81.2% |
80.0% |
|
1.2ppt |
|
81.2% |
80.0% |
|
1.2ppt |
|
Average Occupancy (million sq ft) |
6.41 |
6.39 |
|
0.4% |
|
6.31 |
6.23 |
|
1.3% |
|
CLA (million sq ft) |
7.80 |
7.92 |
|
(1.6%) |
|
7.80 |
7.92 |
|
(1.6%) |
|
Average Storage Rate (£) |
31.17 |
29.77 |
|
4.7% |
|
30.58 |
29.90 |
|
2.3% |
|
REVPAF (£) |
30.21 |
28.91 |
|
4.5% |
|
28.93 |
28.12 |
|
2.9% |
Highlights: Q4 2025
· Group revenue for the quarter in CER increased 6.1% 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 3.3%
· Like-for-like UK revenue for the quarter up 3.4%, continuing our improving quarter to quarter trajectory with
o robust demand from domestic customers (with increase in occupied space for units < 250 sq ft)
o rate improvements supported by the positive impact from unit partitioning (with temporary reduction in CLA as space held for conversion)
· Like-for-like Paris revenue for the quarter up 2.0% driven by increased occupancy levels
· Like-for-like Expansion Markets8 revenue for the quarter up 4.9% with continued growth from both occupancy and rate partially offset by impact of phasing of German JV development fee income. Total revenue for expansion markets up 20.8% supported by new openings
· Like-for-like closing occupancy at 81.2% of CLA (FY 2024: 80.0%)
· Recently opened stores performing well, supporting Group revenue growth
· As at the announcement date, four new stores have opened since Q3 2025. We opened 98,900 sq ft in Paris across the two sites of La Défense and Noisy-le-Grand in Q4 2025. Following year end we opened a further 120,500 sq ft across another two sites, in London - Wembley and in Paris - Colombes, in November 2025. The remaining development pipeline remains on track
Frederic Vecchioli, Chief Executive Officer, commented:
"We are encouraged by our continued momentum across the business with growth in all markets, driven by both LFL stores and our new store opening programme. In particular, we have seen a continuation of the improving trajectory in UK performance driven by robust domestic customer demand and the benefits from our space partitioning programme.
With the opening of four new stores taking our portfolio MLA to 9.3 million sq ft, our development programme has added 0.7 million sq ft of new MLA in the FY 2025 financial year, and a further 0.1 million sq ft so far in FY 2026, with the remaining pipeline totalling 1.0 million sq ft on track.
We will announce our full year results on 15 January 2026 and continue to expect to deliver in line with EPS consensus expectations9 for FY 2025."
Trading Performance
Total Group
|
Revenue (millions) |
Q4 |
Q4 |
Change |
Change |
YTD |
YTD |
Change |
Change |
|
||||||||||||||||
|
|
2025 |
2024 |
|
CER |
2025 |
2024 |
|
CER |
|
||||||||||||||||
|
Group (GBP) |
£62.0 |
£57.9 |
7.1% |
6.1% |
£234.3 |
£223.4 |
4.9% |
5.0% |
|
||||||||||||||||
|
UK (GBP) |
£43.8 |
£41.8 |
4.9% |
|
£167.5 |
£162.1 |
3.3% |
|
|
||||||||||||||||
|
Paris (EUR) |
€13.7 |
€13.2 |
3.9% |
|
€52.6 |
€51.3 |
2.5% |
|
|
||||||||||||||||
|
Expansion markets (EUR) |
€7.2 |
€6.0 |
20.8% |
|
€26.2 |
€20.6 |
27.0% |
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Average Rate |
Q4 |
Q4 |
Change |
Change |
YTD |
YTD |
Change |
Change |
|
||||||||||||||||
|
(per sq ft) |
2025 |
2024 |
|
CER |
2025 |
2024 |
|
CER |
|
||||||||||||||||
|
Group (GBP) |
£30.84 |
£29.64 |
4.0% |
3.1% |
£30.20 |
£29.85 |
1.2% |
1.3% |
|
||||||||||||||||
|
UK (GBP) |
£31.55 |
£29.64 |
6.4% |
|
£30.68 |
£29.94 |
2.5% |
|
|
||||||||||||||||
|
Paris (EUR) |
€41.31 |
€43.17 |
(4.3%) |
|
€41.81 |
€42.28 |
(1.1%) |
|
|
||||||||||||||||
|
Expansion markets (EUR) |
€24.23 |
€23.87 |
1.5% |
|
€24.30 |
€23.28 |
4.4% |
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
REVPAF (per sq ft) |
Q4 |
Q4 |
Change |
Change |
YTD |
YTD |
Change |
Change |
|
||||||||||||||||
|
|
2025 |
2024 |
|
CER |
2025 |
2024 |
|
CER |
|
||||||||||||||||
|
Group (GBP) |
£28.85 |
£28.17 |
2.4% |
1.5% |
£27.47 |
£27.77 |
(1.1%) |
(1.0%) |
|
||||||||||||||||
|
UK (GBP) |
£30.77 |
£29.38 |
4.7% |
|
£29.24 |
£28.85 |
1.3% |
|
|
||||||||||||||||
|
Paris (EUR) |
€37.61 |
€39.27 |
(4.2%) |
|
€37.33 |
€39.13 |
(4.6%) |
|
|
||||||||||||||||
|
Expansion markets (EUR) |
€19.99 |
€20.02 |
(0.1%) |
|
€18.79 |
€18.48 |
1.7% |
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Closing Occupancy |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|
||||||||||||||||
|
(million sq ft) |
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|
||||||||||||||||
|
Group |
6.67 |
6.41 |
4.0% |
|
6.67 |
6.41 |
4.0% |
|
|
||||||||||||||||
|
UK |
4.52 |
4.54 |
(0.4%) |
|
4.52 |
4.54 |
(0.4%) |
|
|
||||||||||||||||
|
Paris |
1.19 |
1.09 |
8.4% |
|
1.19 |
1.09 |
8.4% |
|
|
||||||||||||||||
|
Expansion markets |
0.96 |
0.78 |
23.4% |
|
0.96 |
0.78 |
23.4% |
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Closing Occupancy |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|
||||||||||||||||
|
(% of CLA) |
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|
||||||||||||||||
|
Group |
78.1% |
78.0% |
0.1ppt |
|
78.1% |
78.0% |
0.1ppt |
|
|
||||||||||||||||
|
UK |
79.9% |
79.6% |
0.3ppt |
|
79.9% |
79.6% |
0.3ppt |
|
|
||||||||||||||||
|
Paris |
81.2% |
81.9% |
(0.7ppt) |
|
81.2% |
81.9% |
(0.7ppt) |
|
|
||||||||||||||||
|
Expansion markets |
67.3% |
65.5% |
1.8.ppt |
|
67.3% |
65.5% |
1.8.ppt |
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
CLA (million sq ft) |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|
||||||||||||||||
|
|
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|
||||||||||||||||
|
Group |
8.54 |
8.22 |
3.9% |
|
8.54 |
8.22 |
3.9% |
|
|
||||||||||||||||
|
UK |
5.66 |
5.70 |
(0.8%) |
|
5.66 |
5.70 |
(0.8%) |
|
|
||||||||||||||||
|
Paris |
1.46 |
1.34 |
9.3% |
|
1.46 |
1.34 |
9.3% |
|
|
||||||||||||||||
|
Expansion markets |
1.42 |
1.19 |
20.1% |
|
1.42 |
1.19 |
20.1% |
|
|
||||||||||||||||
|
Like-for-like
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Revenue (millions) |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|||||||||||||||||
|
|
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|||||||||||||||||
|
Group (GBP at CER) |
£59.4 |
£57.5 |
3.3% |
|
£228.7 |
£221.9 |
3.1% |
|
|||||||||||||||||
|
UK (GBP) |
£42.9 |
£41.5 |
3.4% |
|
£164.8 |
£161.0 |
2.4% |
|
|||||||||||||||||
|
Paris (EUR) |
€13.4 |
€13.2 |
2.0% |
|
€51.9 |
€51.2 |
1.3% |
|
|||||||||||||||||
|
Expansion markets (EUR) |
€6.1 |
€5.8 |
4.9% |
|
€23.0 |
€20.3 |
13.5% |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Average Rate |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|||||||||||||||||
|
(per sq ft) |
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|||||||||||||||||
|
Group (GBP at CER) |
£31.17 |
£29.77 |
4.7% |
|
£30.58 |
£29.90 |
2.3% |
|
|||||||||||||||||
|
UK (GBP) |
£31.63 |
£29.68 |
6.6% |
|
£30.71 |
£29.95 |
2.5% |
|
|||||||||||||||||
|
Paris (EUR) |
€42.58 |
€43.34 |
(1.8%) |
|
€42.51 |
€42.33 |
0.4% |
|
|||||||||||||||||
|
Expansion markets (EUR) |
€25.82 |
€24.20 |
6.7% |
|
€25.29 |
€23.44 |
7.9% |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
REVPAF (per sq ft) |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|||||||||||||||||
|
|
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|||||||||||||||||
|
Group (GBP at CER) |
£30.21 |
£28.91 |
4.5% |
|
£28.93 |
£28.12 |
2.9% |
|
|||||||||||||||||
|
UK (GBP) |
£31.06 |
£29.50 |
5.3% |
|
£29.56 |
£28.77 |
2.8% |
|
|||||||||||||||||
|
Paris (EUR) |
€40.39 |
€39.87 |
1.3% |
|
€39.04 |
€39.39 |
(0.9%) |
|
|||||||||||||||||
|
Expansion markets (EUR) |
€24.31 |
€23.06 |
5.5% |
|
€23.00 |
€20.38 |
12.9% |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Closing Occupancy |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|||||||||||||||||
|
(million sq ft) |
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|||||||||||||||||
|
Group |
6.33 |
6.34 |
(0.1%) |
|
6.33 |
6.34 |
(0.1%) |
|
|||||||||||||||||
|
UK |
4.43 |
4.51 |
(1.8%) |
|
4.43 |
4.51 |
(1.8%) |
|
|||||||||||||||||
|
Paris |
1.12 |
1.09 |
3.2% |
|
1.12 |
1.09 |
3.2% |
|
|||||||||||||||||
|
Expansion markets |
0.79 |
0.74 |
5.8% |
|
0.79 |
0.74 |
5.8% |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Closing Occupancy |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|||||||||||||||||
|
(% of CLA) |
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|||||||||||||||||
|
Group |
81.2% |
80.0% |
1.2ppt |
|
81.2% |
80.0% |
1.2ppt |
|
|||||||||||||||||
|
UK |
80.6% |
80.3% |
0.3ppt |
|
80.6% |
80.3% |
0.3ppt |
|
|||||||||||||||||
|
Paris |
84.8% |
82.7% |
2.1ppt |
|
84.8% |
82.7% |
2.1ppt |
|
|||||||||||||||||
|
Expansion markets |
79.7% |
74.4% |
5.3ppt |
|
79.7% |
74.4% |
5.3ppt |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
CLA (million sq ft) |
Q4 |
Q4 |
Change |
|
YTD |
YTD |
Change |
|
|||||||||||||||||
|
|
2025 |
2024 |
|
|
2025 |
2024 |
|
|
|||||||||||||||||
|
Group |
7.80 |
7.92 |
(1.6%) |
|
7.80 |
7.92 |
(1.6%) |
|
|||||||||||||||||
|
UK |
5.49 |
5.61 |
(2.1%) |
|
5.49 |
5.61 |
(2.1%) |
|
|||||||||||||||||
|
Paris |
1.32 |
1.31 |
0.6% |
|
1.32 |
1.31 |
0.6% |
|
|||||||||||||||||
|
Expansion markets |
0.99 |
1.00 |
(1.2%) |
|
0.99 |
1.00 |
(1.2%) |
|
|||||||||||||||||
Ends
1 - Q4 2025 is the quarter ended 31 October 2025
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
9 - Based on November 2025 consensus survey with FY 2025 Adjusted Diluted EPRA EPS projection of 40.3p per share
Notes to Editors
For further information, please contact:
|
Safestore Holdings PLC |
|
|
Frederic Vecchioli, Chief Executive Officer |
020 8732 1500 |
|
Simon Clinton, Chief Financial Officer |
|
|
|
|
|
Instinctif Partners |
|
|
Galyna Kulachek |
020 7457 2020 |
|
Tim Pearson |
· Safestore is the UK's largest self-storage group with 211 stores on 31 October 2025; comprising 139 in the UK (including 78 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 34 in the Paris region, 16 in Spain, 15 in the Netherlands and seven in Belgium. In addition, the Group operates seven stores in Germany under a Joint Venture agreement with Carlyle and 12 stores in Italy under a Joint Venture agreement with Nuveen.
· Safestore was founded in the UK in 1998. It acquired the French business "Une Pièce en Plus" ("UPP") in 2004 which was founded in 1998 by the current Safestore Group CEO Frederic Vecchioli.
· Safestore has been listed on the London Stock Exchange since 2007. It entered the FTSE 250 index in October 2015.
· The Group provides storage to around 105,000 personal and business customers.
· As of 31 October 2025, Safestore had a maximum lettable area ("MLA") of 9.3 million sq ft (excluding the expansion pipeline stores totalling 1.1 million sq ft) of which 6.7 million sq ft was occupied.
· Safestore employs around 850 people across the Group including in our operations in Italy.
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