3rd Quarter Trading Update
Q3 revenue up 5.7% year-on-year with like-for-like growth across all markets and new store openings.
vs expectations: in line with EPS expectations
- Group revenue Q3 £59.6m (prior £56.3m)
- Like-for-like Group revenue Q3 growth (CER) 3.4%
- Like-for-like UK revenue Q3 growth 2.8%
- Like-for-like Expansion Markets revenue Q3 growth 13.0%
- Closing occupancy 81.8% of CLA (prior 81.4%)
- MLA 9.18 million sq ft (prior 8.52 million sq ft)
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| Key Measures - Total | Q3 1 | Q3 | Change | Change | YTD | YTD | Change | Change |
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | CER 2 | 2025 | 2024 | CER | |||
| Group | ||||||||
| Revenue (£'m) | 59.6 | 56.3 | 5.8% | 5.7% | 172.4 | 165.5 | 4.2% | 4.6% |
| Closing Occupancy (million sq ft) 3 | 6.74 | 6.45 | 4.5% | 6.74 | 6.45 | 4.5% | ||
| Closing Occupancy (% of CLA) | 78.3% | 79.4% | (1.1ppt) | 78.3% | 79.4% | (1.1ppt) | ||
| MLA (million sq ft) 4 | 9.18 | 8.52 | 7.8% | 9.18 | 8.52 | 7.8% | ||
| CLA (million sq ft) 5 | 8.60 | 8.12 | 5.9% | 8.60 | 8.12 | 5.9% | ||
| Average Storage Rate (£) | 29.96 | 29.44 | 1.8% | 1.6% | 29.97 | 29.92 | 0.2% | 0.7% |
| REVPAF (£) 6 | 27.48 | 27.60 | (0.4%) | (0.6%) | 27.01 | 27.63 | (2.2%) | (1.8%) |
| Key Measures - Like-For-Like 7 | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change |
| 2025 | 2024 | CER | 2025 | 2024 | CER | |||
| Group | ||||||||
| Revenue (£'m) | 57.9 | 55.9 | 3.5% | 3.4% | 168.6 | 164.4 | 2.5% | 3.0% |
| Closing Occupancy (million sq ft) | 6.48 | 6.42 | 0.9% | 6.48 | 6.42 | 0.9% | ||
| Closing Occupancy (% of CLA) | 81.8% | 81.4% | 0.4ppt | 81.8% | 81.4% | 0.4ppt | ||
| Average Occupancy (million sq ft) | 6.39 | 6.32 | 1.1% | 6.28 | 6.18 | 1.7% | ||
| MLA (million sq ft) | 8.24 | 8.21 | 0.3% | 8.24 | 8.21 | 0.3% | ||
| CLA (million sq ft) | 7.92 | 7.89 | 0.4% | 7.92 | 7.89 | 0.4% | ||
| Average Storage Rate (£) | 30.37 | 29.50 | 3.0% | 2.8% | 30.24 | 29.94 | 1.0% | 1.5% |
| REVPAF (£) | 28.94 | 28.21 | 2.6% | 2.4% | 28.37 | 27.85 | 1.9% | 2.3% |
Highlights
- Group revenue for the quarter in CER increased 5.7% year-on-year with contribution from both LFL and new stores across all markets
- Like-for-like Group revenue for the quarter in CER up 3.4%
- Like-for-like UK revenue for the quarter up 2.8%, continuing our improving quarter to quarter trajectory, supported by robust demand from domestic customers and the positive impact from unit partitioning
- Like-for-like Paris revenue for the quarter up 1.7% driven by increased occupancy levels
- Like-for-like Expansion Markets8 revenue for the quarter up 13.0% with growth from both occupancy and rate
- Like-for-like closing occupancy at 81.8% of CLA (FY 2024: 81.4%)
- Recently opened stores performing well, supporting Group revenue growth
- Opened one new 47.4k sq ft store in Brussels, Belgium during the quarter with a further 60.0k sq ft store in Noisy, Paris opened in early Q4 2025. The remaining development pipeline remains on track
- Entered into a new 5-year term loan of €77.5m to refinance a portion of the drawn RCF with interest rates for the loan fixed through a hedging, co-terminus interest rate swap
Frederic Vecchioli, Chief Executive Officer, commented:
"We are encouraged with our continued momentum with growth coming across 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.
Our development pipeline remains on track with two new stores opened adding 107,400 sq ft of new space to the portfolio with over 700,000 sq ft expected to be delivered in the current financial year.
With these results and our ongoing trading, we continue to expect to be in line with EPS expectations9 for FY 2025."
Trading Performance
Total Group
| Revenue (millions) | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change |
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | CER | 2025 | 2024 | CER | |||
| Group (GBP) | £59.6 | £56.3 | 5.8% | 5.7% | £172.4 | £165.5 | 4.2% | 4.6% |
| UK (GBP) | £42.5 | £40.9 | 3.9% | £123.7 | £120.4 | 2.7% | ||
| Paris (EUR) | €13.3 | €12.9 | 3.1% | €38.8 | €38.1 | 2.0% | ||
| Expansion markets (EUR) | €6.7 | €5.2 | 28.8% | €19.0 | €14.6 | 29.6% | ||
| Average Rate (per sq ft) | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change |
| 2025 | 2024 | CER | 2025 | 2024 | CER | |||
| Group (GBP) | £29.96 | £29.44 | 1.8% | 1.6% | £29.97 | £29.92 | 0.2% | 0.7% |
| UK (GBP) | £30.40 | £29.48 | 3.1% | £30.38 | £30.05 | 1.1% | ||
| Paris (EUR) | €41.48 | €42.40 | (2.2%) | €41.98 | €41.99 | 0.0% | ||
| Expansion markets (EUR) | €24.10 | €23.08 | 4.4% | €24.32 | €23.06 | 5.5% | ||
| REVPAF (per sq ft) | Q3 | Q3 | Change | Change | YTD | YTD | Change | Change |
| 2025 | 2024 | CER | 2025 | 2024 | CER | |||
| Group (GBP) | £27.48 | £27.60 | (0.4%) | (0.6%) | £27.01 | £27.63 | (2.2%) | (1.8%) |
| UK (GBP) | £29.31 | £29.02 | 1.0% | £28.73 | £28.67 | 0.2% | ||
| Paris (EUR) | €37.34 | €39.23 | (4.8%) | €37.22 | €39.08 | (4.7%) | ||
| Expansion markets (EUR) | €18.57 | €17.32 | 7.2% | €18.36 | €17.91 | 2.5% | ||
| Closing Occupancy | Q3 | Q3 | Change | YTD | YTD | Change | ||
| (million sq ft) | 2025 | 2024 | 2025 | 2024 | ||||
| Group | 6.74 | 6.45 | 4.5% | 6.74 | 6.45 | 4.5% | ||
| UK | 4.65 | 4.58 | 1.4% | 4.65 | 4.58 | 1.4% | ||
| Paris | 1.18 | 1.10 | 7.3% | 1.18 | 1.10 | 7.3% | ||
| Expansion markets | 0.91 | 0.77 | 18.7% | 0.91 | 0.77 | 18.7% | ||
| Closing Occupancy (% of | Q3 | Q3 | Change | YTD | YTD | Change | ||
| CLA) | 2025 | 2024 | 2025 | 2024 | ||||
| Group | 78.3% | 79.4% | (1.1ppt) | 78.3% | 79.4% | (1.1ppt) | ||
| UK | 81.0% | 81.7% | (0.7ppt) | 81.0% | 81.7% | (0.7ppt) | ||
| Paris | 83.3% | 83.4% | (0.1ppt) | 83.3% | 83.4% | (0.1ppt) | ||
| Expansion markets | 63.0% | 64.4% | (1.4ppt) | 63.0% | 64.4% | (1.4ppt) | ||
| CLA (million sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||
| 2025 | 2024 | 2025 | 2024 | |||||
| Group | 8.60 | 8.12 | 5.9% | 8.60 | 8.12 | 5.9% | ||
| UK | 5.73 | 5.61 | 2.2% | 5.73 | 5.61 | 2.2% | ||
| Paris | 1.42 | 1.32 | 7.4% | 1.42 | 1.32 | 7.4% | ||
| Expansion markets | 1.45 | 1.19 | 21.3% | 1.45 | 1.19 | 21.3% | ||
| Like-for-like | ||||||||
| Revenue (millions) | Q3 | Q3 | Change | YTD | YTD | Change | ||
| 2025 | 2024 | 2025 | 2024 | |||||
| Group (GBP at CER) | £57.8 | £55.9 | 3.4% | £169.3 | £164.4 | 3.0% | ||
| UK (GBP) | £41.7 | £40.6 | 2.8% | £121.9 | £119.4 | 2.0% | ||
| Paris (EUR) | €13.1 | €12.9 | 1.7% | €38.5 | €38.1 | 1.1% | ||
| Expansion markets (EUR) | €5.8 | €5.1 | 13.0% | €17.0 | €14.5 | 16.9% | ||
| Average Rate (per sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||
| 2025 | 2024 | 2025 | 2024 | |||||
| Group (GBP at CER) | £30.32 | £29.50 | 2.8% | £30.38 | £29.94 | 1.5% | ||
| UK (GBP) | £30.46 | £29.48 | 3.3% | £30.40 | £30.04 | 1.2% | ||
| Paris (EUR) | €42.27 | €42.43 | (0.4%) | €42.48 | €42.00 | 1.1% | ||
| Expansion markets (EUR) | €25.25 | €23.32 | 8.2% | €25.10 | €23.17 | 8.3% | ||
| REVPAF (per sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||
| 2025 | 2024 | 2025 | 2024 | |||||
| Group (GBP at CER) | £28.90 | £28.21 | 2.4% | £28.50 | £27.85 | 2.3% | ||
| UK (GBP) | £29.60 | £28.89 | 2.5% | £29.07 | £28.52 | 1.9% | ||
| Paris (EUR) | €39.06 | €39.70 | (1.6%) | €38.58 | €39.23 | (1.7%) | ||
| Expansion markets (EUR) | €22.81 | €20.43 | 11.6% | €22.57 | €19.47 | 15.9% | ||
| Closing Occupancy | Q3 | Q3 | Change | YTD | YTD | Change | ||
| (million sq ft) | 2025 | 2024 | 2025 | 2024 | ||||
| Group | 6.48 | 6.42 | 0.9% | 6.48 | 6.42 | 0.9% | ||
| UK | 4.56 | 4.58 | (0.3%) | 4.56 | 4.58 | (0.3%) | ||
| Paris | 1.14 | 1.10 | 3.8% | 1.14 | 1.10 | 3.8% | ||
| Expansion markets | 0.78 | 0.75 | 4.4% | 0.78 | 0.75 | 4.4% | ||
| Closing Occupancy (% of | Q3 | Q3 | Change | YTD | YTD | Change | ||
| CLA) | 2025 | 2024 | 2025 | 2024 | ||||
| Group | 81.8% | 81.4% | 0.4ppt | 81.8% | 81.4% | 0.4ppt | ||
| UK | 81.9% | 81.8% | 0.0ppt | 81.9% | 81.8% | 0.0ppt | ||
| Paris | 85.3% | 84.8% | 0.6ppt | 85.3% | 84.8% | 0.6ppt | ||
| Expansion markets | 77.1% | 74.7% | 2.3ppt | 77.1% | 74.7% | 2.3ppt | ||
| CLA (million sq ft) | Q3 | Q3 | Change | YTD | YTD | Change | ||
| 2025 | 2024 | 2025 | 2024 | |||||
| Group | 7.92 | 7.89 | 0.4% | 7.92 | 7.89 | 0.4% | ||
| UK | 5.57 | 5.59 | (0.4%) | 5.57 | 5.59 | (0.4%) | ||
| Paris | 1.34 | 1.30 | 3.1% | 1.34 | 1.30 | 3.1% | ||
| Expansion markets | 1.01 | 1.00 | 1.3% | 1.01 | 1.00 | 1.3% | ||
1 - Q3 2025 is the quarter ended 31 July 2025
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 space not yet fitted out and space which is operationally unavailable from MLA. Measured in square feet ("sq ft")
8 - Expansion Markets comprise Spain, the Netherlands and Belgium plus income earned in relation to the associate in Germany (previously shown in the UK segment) and the joint venture in Italy
9 - Based on May 2025 consensus survey with FY 2025 EPS projection of 40.2p per share
- Safestore is the UK's largest self-storage group with 210 stores on 31 July 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), 32 in the Paris region, 16 in Spain, 16 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.
- The Group provides storage to around 98,000 personal and business customers.
- As of 31 July 2025, Safestore had a maximum lettable area ("MLA") of 9.18 million sq ft (excluding the expansion pipeline stores) of which 6.74 million sq ft was occupied.
- Safestore employs around 800 people across the Group.
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