Safestore trims FY EPS outlook despite Q3 revenue growth

(Sharecast News) - Self storage firm Safestore trimmed its full-year earnings guidance on Thursday, even as it reported solid thirdquarter trading, with group revenues up 4.4% yearonyear at £62.2m, supported by contributions from both likeforlike and new stores across all markets.

Safestore said likeforlike group revenue rose 1.9% to £60m, with the UK also posting a 1.9% increase, helped by continued domestic demand and the positive impact of unit partitioning. In France, however, likeforlike revenues fell 2.5%, reflecting the expected shift of new customer enquiries to nonlikeforlike stores, reduced occupancy in larger units as partitioning progressed and a subdued economic backdrop.

Expansion markets delivered a strong performance, with likeforlike revenue up 11.6% on growth in both occupancy and rate. Likeforlike closing occupancy stood at 79.6% of current lettable area, down slightly from 80.4% a year earlier.

However, Safestore also cautioned that it now expects adjusted diluted EPRA earnings per share for the 2026 financial year to be in the lower half of analysts' forecast range, reflecting current trading conditions.

The FTSE 250-listed company opened one new store in Watford during the quarter, adding 57,500 square feet of maximum lettable area to its portfolio, with the group noting that its remaining fullyear 2026 pipeline, totalling 167,100 square feet, remains on track.

Safestore added that its performance continued to demonstrate resilience, with growth across core markets and steady progress on its expansion strategy.

As of 1000 BST, Safestore shares were down 1.31% at 567.45p.

Reporting by Iain Gilbert at Sharecast.com

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