Safestore (LSE:SAFE) began its new financial year with solid trading, reporting group revenue of £61.2 million for the quarter ended 31 January 2026, up 6.3% at constant exchange rates. Growth was supported by a combination of like-for-like gains and income from recently opened stores. Closing occupancy improved slightly to 75.9% of current lettable area, while revenue per available square foot also advanced, signalling steady demand across its core markets.
On a like-for-like basis, revenue rose 4.2% at constant currency, underpinned by pricing strength as the average storage rate increased 4.8%. Occupied space on a like-for-like basis remained broadly stable. In the UK, revenue growth was modest and occupancy in larger units dipped due to an ongoing partitioning initiative aimed at optimising unit mix. In contrast, Paris and the group’s expansion markets outperformed, with the latter delivering a 17.6% increase in like-for-like revenue and a marked rise in occupancy levels.
The company continued to expand its footprint, opening three new facilities in Wembley, Colombes and Orgeval during the period, adding 173,500 square feet of maximum lettable area. A further five stores are scheduled to open before the financial year-end. Management highlighted that the quarter’s performance builds on last year’s momentum and reinforces the strategic importance of continental Europe, where newer markets are contributing an increasing share of growth and strengthening Safestore’s competitive position in the self-storage sector.
From a financial standpoint, Safestore benefits from a solid balance sheet and improving cash flow generation, although reported earnings and free cash flow have shown some volatility. Technical indicators remain constructive but suggest the shares may be approaching overbought territory. Valuation appears broadly reasonable, supported by a dividend yield that remains attractive to income-oriented investors.
More about Safestore Holdings
Safestore Holdings is the UK’s largest self-storage operator, with 214 stores as of 31 January 2026 across the UK, Paris, Spain, the Netherlands and Belgium, alongside joint ventures in Germany and Italy. Established in 1998 and listed on the London Stock Exchange since 2007, the group serves approximately 105,000 personal and business customers, offering 9.5 million square feet of maximum lettable area, of which 6.6 million square feet is occupied.
The company maintains a strong presence in London and the South East, major regional UK cities, and the Paris region, while continuing to build scale in key continental European markets. Employing around 850 staff, Safestore has been a constituent of the FTSE 250 index since 2015, underscoring its standing as a leading European self-storage provider.
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