Big Yellow reports resilient first quarter as self-storage expansion gathers pace

Big Yellow Group (LSE:BYG) delivered steady first-quarter trading for the period ended 30 June 2026, reporting total revenue of £53.2 million, up 3% from a year earlier. Like-for-like store revenue increased by 2%, while occupancy across the company’s 113-store portfolio grew by 161,000 square feet, lifting like-for-like closing occupancy to 79.2%. Average achieved net rent per square foot also rose 3%, reflecting continued pricing strength across the estate.

The company is continuing to improve operational efficiency through investment in automation, solar energy and other energy-saving initiatives, alongside more targeted marketing aimed at managing rising operating costs, including higher business rates. Big Yellow is also expanding its UK footprint with a development pipeline of 12 new stores, supported by the recent acquisition of a site in Acton. Part of this expansion is being funded through the £38.4 million disposal of its Harrow industrial estate. Once completed, the development pipeline is expected to generate around £35 million in additional net operating income and further strengthen the company’s position in the UK self-storage market.

Big Yellow continues to benefit from a solid financial profile, supported by revenue growth, conservative leverage and an attractive dividend yield. However, these strengths are offset by weaker technical indicators, negative share price momentum and more inconsistent cash generation, including a recent decline in free cash flow.

More about Big Yellow Group

Big Yellow Group PLC is the UK’s largest self-storage operator, with a network of 113 stores offering a maximum lettable area of approximately 6.7 million square feet. The majority of its properties are owned on a freehold or long leasehold basis, with around three-quarters of revenue generated from London and the surrounding commuter belt, alongside major regional cities across the UK.

The company focuses on highly visible and accessible locations, supported by advanced digital systems for customer service, security and operational management. Alongside its expansion programme, Big Yellow continues to invest in sustainability initiatives and expects its pipeline of 12 additional stores to increase total capacity to around 7.6 million square feet.