Safestore trims FY EPS outlook despite Q3 revenue growth
By Iain Gilbert
Date: Thursday 03 Sep 2026
(Sharecast News) - Self storage firm Safestore trimmed its full-year earnings guidance on Thursday, even as it reported solid third‑quarter trading, with group revenues up 4.4% year‑on‑year at £62.2m, supported by contributions from both like‑for‑like and new stores across all markets.
Safestore said like‑for‑like 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, like‑for‑like revenues fell 2.5%, reflecting the expected shift of new customer enquiries to non‑like‑for‑like stores, reduced occupancy in larger units as partitioning progressed and a subdued economic backdrop.
Expansion markets delivered a strong performance, with like‑for‑like revenue up 11.6% on growth in both occupancy and rate. Like‑for‑like 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 full‑year 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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