Safestore Holdings Plc (LSE:SAFE) on Thursday posted a resilient operational performance for the year ended 31 October 2025, with total revenue increasing 4.9% to £234.3 million, despite ongoing inflationary cost pressures.
The self-storage group delivered like-for-like revenue growth of 3.1% across its portfolio. UK revenue rose 3.3% to £167.5 million, while Paris revenue increased 2.5% to €52.6 million. The Expansion Markets of Spain, the Netherlands and Belgium continued to outperform, recording a 27% rise in revenue to €26.2 million.
Underlying EBITDAR increased by 1.2% to £137.0 million. However, underlying profit before tax declined 4.2% to £92.9 million, reflecting higher finance costs associated with increased borrowing to support expansion. Adjusted diluted EPRA earnings per share fell 4.7% to 40.3 pence.
During the year, Safestore added 13 new stores and completed one extension, lifting its maximum lettable area by 8% to 9.3 million square feet. This marked the largest organic increase in space in the company’s recent history.
Commenting on the progress, Frederic Vecchioli said: “Safestore is now at an inflection point, where the significant investment we have made in MLA expansion is driving revenue growth and is set to translate into meaningful growth in earnings and long term value creation.”
Reflecting confidence in the outlook, the board proposed a 1% increase in the full-year dividend to 30.70 pence per share, despite the short-term decline in earnings.
Looking ahead, Safestore Holdings Plc expects to return to earnings growth in the 2026 financial year, with first-quarter trading indicating a continuation of the positive trends seen in 2025. The group remains on track to generate £35–£40 million of incremental EBITDA from non-like-for-like stores once they reach stabilisation.
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