Safestore Holdings Plc reported a 6.3% increase in revenues at constant exchange rates for the first quarter, driven by a mix of like-for-like trading gains and contribution from newly opened locations across its footprint.
On a like-for-like basis, revenue rose 4.2%, with income per square foot reaching £31.66. Closing occupancy for the period was 77.8%, one percentage point higher than a year ago. That occupancy level was noted as approaching the 80% marker that the company and many investors view as a trigger for stronger organic growth.
Regional performance diverged modestly. In the UK, like-for-like revenue advanced 2.7%, a result the company attributed to higher average rates. However, occupancy in the UK eased slightly, with management pointing to a shift in unit mix driven by partitioning that increased availability of larger units.
Operations in the Paris market produced a stronger like-for-like increase of 4.1%, supported by simultaneous gains in both rates and occupancy. The group’s expansion markets delivered the most pronounced uplifts: like-for-like revenue there was up 17.6% while total revenue in those markets climbed 28.6%, outcomes the company said were boosted by new store openings.
During the quarter Safestore opened three new stores, together adding 173,000 square feet of capacity in London and Paris. Commenting on the rollout, CEO Frederic Vecchioli said: "New store openings remain on track, with the latest addition to our portfolio in the Paris region having opened in Jan 2026 and a further five stores expected to open before the end of FY26."
The reported numbers underscore a period in which both rate management and incremental capacity have contributed to revenue growth. The combination of occupancy that is moving toward the 80% level and continued additions to the estate underpins Safestore’s current top-line momentum, as reflected in the regional splits and the company’s disclosed pipeline of openings.
Investors and market participants will likely track the conversion of the new capacity and any further movement in occupancy and average rates closely, given those metrics’ direct link to revenue per square foot and overall revenue growth.