Shurgard Self Storage : Company Presentation 2026

Company presentation

February 2026

THE EUROPEAN LEADER IN SELF STORAGE

Barking, UK

OUR PURPOSE-DRIVEN STRATEGY

Shurgard provides a storage space that satisfies households' and businesses' needs, for every move in life, while creating lasting value for shareholders.

Our Purpose

How we click & tick

Where we play

How we organize

How we impress

Where we excel

The execution of our strategy leads to our purpose.

2

1| WHERE WE PLAY

How we click & tick

How we organize

Our Purpose

Where we play

How we impress

OUR PLAYING FIELD

• Self-storage pure play

• Pan-European presence in highly urban areas

• Residential (like) customer focus

• Omnichannel platform

  Where we excel

  
  
  
  
  CREATING SUSTAINABLE SPACE FOR LIFE'S TRANSITIONS

  COMMERCIAL CUSTOMERS

  ~20%

  For Shurgard

  RESIDENTIAL CUSTOMERS

  ~80%

  For Shurgard

  What is self-storage for our residential customers?	Why do they need self-storage and what do they rent?	Who are they?
  "My attic or basement in a remote location"	(marriage, birth, death, divorce, mobility, hybrid working)	Living close property catchment areas Customer base: 20% repeat customers c. 67% customer base is 27-58 years.
  Our business customers have resi-type behavior

  • Short distance catchment

  • Low frequency of visits

  • Exit barrier = sticky customer

  • Average length of stay = c. 42 months

  • Life events

  • Looking for convenience, price and security

  • Average unit size = 6-7 sqm

  • Renting c. €130 - €150 per month per unit (>€5,000 contract value)

  • 10min drive: 50%

  • 20min drive: 80% (5 to 10 km radius)

  • Maximum unit size limited to 25sqm

  • We have the same commercial policy as for residential customers (no specific discounts or payment terms)

  
  
  

  Self storage is a B2C need business and Shurgard is a pure play in that industry.

  4

  
  
  

  UNDERSUPPLIED INDUSTRY WITH HIGH LONG-TERM GROWTH

  PERSPECTIVE

  Urbanization & Modern lifestyles

  • Rising urbanization and smaller living space

  • Permanent need for storage solutions

  • Self storage per capita 15x lower than the US

    Highly fragmented European Market

  • Significant consolidation opportunities

  • Business scale does matter

    Self Storage Capital City sq, ft. per capita1
    
    

    Resilient, Non-Cyclical Demand

  • Need business driven by life events

  • Low correlation to economic cycles, ensuring stable cash flows

Growth potential

0.5

0.6

1.0

1.1

1.4

1.5

1.8

Paris

Berlin

Brussels

Randstad

Copenhagen London Stockholm

1 Shurgard estimate per 31/12/2023

If 1% more of the population decides to use self storage over the next two years, there is not enough space to accommodate this demand.

5

House sales % growth

Shurgard revenue % growth

-50%

-5%

0%

0%

50%

5%

100%

10%

150%

15%

200%

20%

HOUSING MARKET UNITED KINGDOM

Shurgard revenue % growth

House sales % growth

SHURGARD REVENUE VS. THE ECONOMIC CYCLES

GDP

CPI

Shurgard revenue / sqm rented

10%

0%

-10%

-20%

18%

30%

20%

34%

40%

46%

60%

50%

CPI & GDP

EUROPE (incl. UNITED KINGDOM(

CPI & GDP UNITED KINGDOM

70%

65%

60%

50%

40%

38%

30%

20%

15%

10%

0%

-10%

-20%

Shurgard revenue / sqm rented

CPI

GDP

UNDISPUTED LEADER IN EUROPEAN SELF-STORAGE

332

Stores

London 65%

75

stores

Other 35%

Copenhagen 100%

10

Stockholm 59%

41

stores

Other 41%

7

Countries

1.7M

Sqm of rentable space

€6.9B

Randstad 1

76%

71

stores

Paris 70%

Other 24%

68

stores

Other 30%

stores

Greater

Big Seven 2

21

46

stores

Other 20%

Portfolio value

1. Randstad's main cities are: Amsterdam , The Hague, Rotterdam and Utrecht

   Brussels 50%

   stores

   Other 50%

2. Big Seven cities where Shurgard is present: Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf

3. At the end of 2025, excluding third party managed properties

Capital cities

A UNIQUE PRIME PORTFOLIO

Typical store characteristics1

Rentable size

c. 5,100 sqm

Average unit size

c. 6 sqm

(max. 25 sqm)

Freehold2 (% of sqm)

93%

In capital and major cities 95%

# of units

c. 800 units

Elevatored

c. 4 floors

Purpose built

65%

Average years of operations 15 years

1. Excluding third party managed properties

2. Freehold or long leasehold (> 80 years)

Call center

On-site staff / walk ins

OMNICHANNEL PLATFORM: MEETING CUSTOMERS WHERE THEY ARE

90% of interactions start digital; 71% enquiries via smartphone

Digital discovery

Support (hybrid(

Omnichannel

100% properties with personal digital access, using the app

Experience (App(

50% e-rental contracts

("from need to solution" in c. 6 minutes) 40% signed outside business hours

Transaction (e-rental(

PROSPECTS - how customers find us					CUSTOMERS - conversion and value proposition
Search Website Industry-leading platform Mobile centric Pricing transparency		Book Fully digital process Book a unit in c. 6 minutes E-rental penetration (as of December 31( 51% 43% 28% 2022 2023 2024			Account Management Comprehensive Mobile App High customer utilization and growing… 100% of our customers use the application Account management, customer care, and digital property access functionality	Daily Property Use Digital Property Access1 Enabling customer access and data on property utilization App-only access in testing in selected properties
	55%		53%
	50%
	45%
	40%
	35%
	30%
	25%
	20%
			2025

2| HOW WE IMPRESS

How we click & tick

Our Purpose

Where we play

How we organize

Where we excel

How we impress

OUR VALUE PROPOSITION

• Convenience

• Security

• Pricing

OUR UNIQUE SELLING PROPOSITION

Security

Convenience

Price

UNIQUE SELLING PROPOSITION

• Existing customer rate increase (ECRI(

  • Individual

  • Discretionary

• Churn management

RETAIN AND OPTIMIZE CUSTOMER VALUE

• Public pricing ("price you see is price you pay"(

• Yield management

• Significant discounts

ATTRACT PROSPECTS

BE

DE

SE

UK

NL

DK

FR

OCCUPANCY IS KEY: WE TARGET 90%

2025 SAME STORE OCCUPANCY PER MARKET		SAME STORE OCCUPANCY PER YEAR
100% 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% UK NL FR GE DK BE SE		100% 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% 2019 2020 2021 2022 2023 2024 2025

OUR COMMERCIAL POLICY

INCREASE CUSTOMER LIFETIME VALUE

c. 40%

OF TOTAL CUSTOMERS

5

MONTHS

AVERAGE STAY

c. 60%

OF TOTAL CUSTOMERS

60 MONTHS

AVERAGE STAY

FOCUS ON RETENTION
7.0%				41 42 42 5.6% 5.6% 5.5% 2022 2023 2024 Average length of stay (months)		43
					42	42
6.5%	6.3%					41
6.0%		6.1%	40			40
		5.7%	5.6%		5.6%	39
5.5%		38				38
5.0%		37				37
	36					36
4.5%						35
	2018	2019 2020	2021		2025
		Move out ratio (%)

THE OUTCOME OF OUR COMMERCIAL POLICY

SAME STORE OCCUPANCY & IN-PLACE RENT1
100%							300
95%						+36%
							280
90%
85%							260
80%
75%							240
70%
							220
65%
60%							200
	2018	2019	2020	2021	2022 2023 2024	2025
			Occupancy (%(		In-place rent (€/sqm/year(

SAME STORE REVENUE GROWTH1
			8.6%
			7.0%
				5.7%
					4.8%
		3.2%				3.2%
	2.2%
1.2%
2018	2019	2020	2021 2022	2023	2024	2025
			Revenue growth yoy (%(

1 Changing same store pool

3| WHERE WE EXCEL

How we click & tick

How we organize

Our Purpose

Where we play

How we impress

Where we excel

OUR COMPETENCES

• Digitalized platform

• Data and technology driven

• Innovative

THE PLATFORM

The growing physical portfolio & brand

• The right assets & locations

• High-visibility buildings

• Density of stores

• Brand awareness

• Expansion pipeline

  The standard plug & play operating model

  
  
  
  
  

  • Same customer behavior

  • Standardized processes in every country and store

  • On the back of a lean centralized back-office offering scalability.

The digital platform

• State-of-the art app & website

• Fully digital move in process (e-rental)

• Digital property access

• Scalability

• Data & AI with predictive pricing

Our unique platform is the cornerstone of our competitive advantage, operational excellence, and profitability. 17

SCALABLE COST STRUCTURE

Action: Scalability of central costs

5% COST OF MANAGEMENT

Action: Store network clusterization

7% PAYROLL

Action: DCM management, global contracts (IS, insurance,..)

7% OTHER

OPERATING EXPENSES

5% REAL ESTATE TAXES

c. 32% of our revenue

Action: Sustainability investments

1% UTILITIES

Action: target B2C customers and global contracts

3% REPAIR & MAINTENANCE

Action: Catchment area scalability

3% MARKETING

Continuous improvement of profitability as we grow. 18

TECHNOLOGY LED PLATFORM ALLOWING CLUSTER MODEL

CLUSTERIZATION

EFFICIENCY GAINS
2.8			+78%	350
2.6
2.4				300
2.2 2.0 1.8 1.6			-27%	250
1.4				200
1.2
1.0				150
	FTE (ASM + SM( / store	Number of stores

Integration & operational efficiency

• Integration of any new store in one day

• Operational efficiencies

• Margin improvements

Pricing management

• Dynamic board rates for prospects

• In-place rent adjustments for existing customers (ECRI)

Data analytics

• Customer behaviour

• Competition

• Catchment areas

DIGITIZING OUR PLATFORM: THE DIGITAL EDGE

Data gathering

• Sales transactions

• Real time occupancy

• Competition price scrapping

• Historical demand

• Units availability

Proprietary

data-platform and pricing algorithm

UNIQUE EXPANSION ENGINE DELIVERING TRACK RECORDS AND

FUTURE GROWTH

3

21

options for growth

TRACK RECORD 2015 - 2025

7

• 48 stores

  from organic developments in 5 countries

• 110 stores

  from M&A transactions in 5 countries

• 47 stores redeveloped in 6 countries

TRANSPARENT AND CLEAR PATH FOR PORTFOLIO EXPANSION

ACTUAL OPENINGS VS PIPELINE GUIDANCE

225,000

200,000

175,000

150,000

125,000

100,000

75,000

50,000

25,000

0

2019 2020 2021 2022 2023 2024 2025

Pipeline guidance (net sqm( Openings (net sqm(

Secured pipeline - transparency

• 3 years visibility

• All projects disclosed have CPA1 signed/planning filing

• No land banking

• Total cost of development and acquisition disclosed and used for yield and return computations

1 Conditional purchase agreement

OUR ABILITY TO GENERATE YIELD BOTH ON ORGANIC AND M&A

17.4%

17%

14%

12.7%

12.9%

11.9%

11%

9.7%

8%

7.9%

6.6%

5.1%

5%

2%

1.8%

1.4%

-1%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

3 prop. 1 prop. 2 prop. 2 prop. 2 prop. 4 prop. 6 prop. 7 prop. 4 prop. 3 prop.

2024 weighted average yield

Hurdle rate

2025 weighted average yield

ORGANIC

2025 weighted average yield

2024 weighted average yield

Hurdle rate

2015 2017 2018 2019 2020 2021 2022 2023 2024

2 deals 1 deal 2 deals 1 deal 2 deals 2 deals 5 deals 1 deals 6 deals

24 prop. 1 prop. 8 prop. 1 prop. 6 prop. 6 prop. 7 prop. 5 prop. 41 prop.

-1%

1.6%

2%

3.5%

3.6%

5%

7.3%

7.4%

8%

8.1%

8.5%

10.2%

10.5%

11%

14%

M&A

4| HOW WE ORGANIZE

How we click & tick

Our Purpose

Where we play

OUR STRUCTURE

• Strong governance

  How we organize

  Where we excel

  How we impress

• Integrated, process driven platform

• Financial strength

  
  
  

  DIVERSE AND INDEPENDENT GOVERNANCE AND ESG LEADERSHIP

  FACT SHEET

  BOARD

  
  
  

  Registered Offices Guernsey

  Independence

  Diversity
  
  
  
  

  Central management and control

UK

Tax residence UK, Shurgard Ltd with UK operations qualified as a UK REIT

Listing Euronext (Brussels)

European Regulator FSMA (Belgium)

European Support Centre

Corporate Governance

Based on European best practices, as allowed under Guernsey law, incl. CSRD and BEPS.

Brussels

67%

Independent members of the Board

ESG SECTOR LEADER

56%

Female vs. Male Directors

Financial Reporting

IFRS, as adopted by the European Union, in Euro.

CENTRALIZED, LEAN AND PROCESS-DRIVEN PLATFORM

European Service Centers (Belgium(

• • Shared service center grouping support functions (Finance, legal, IT, etc.) and servicing all 7 countries

  • Lean and scalable organization

  • Standardized and integrated processes around our data-platform

  • Centralized decision-making

    Local presence

    
    
    

  • Operations (store personnel)

  • Local HR

  • Facility management

  • Development team (4 countries)

    Optimized and standardized process-driven platform

    
    
    
    
    

    • Scripts

    • Consistent layouts, branding and standards

    • Standard processes

      THE PLATFORM AS INTEGRATION MACHINE

      The 2024 UK portfolio acquisition case study

      
      
      

      Day 1

      CRM and website in place

      Day 2

      Omni channel sales in place, including e-rental

      Week 1

      Pricing models aligned

      We acquire assets and immediately plug them into our omnichannel engine to boost results and achieve yields.

      27

      UNIQUE CAPITAL FOUNDATION
      
      

      35%

      
      
      

      34%

      Free float

      31%

      
      
      

      UNITED KINGDOM

      
      
      

      UNITED STATES

      
      
      

      AUSTRALIA

      
      
      

      FRANCE

      
      
      

      BELGIUM

      
      
      

      TOP 5 COUNTRIES SHARE IN THE IDENTIFIED FLOAT

      Public Storage

      
      
      

• Shareholder since 2006

• Largest owner and operator of self-storage facilities in the world

• Sharing sector know-how and best practices

• Public rating "A"

• 1 representative in Shurgard's Board of Directors

  
  
  

  New York State Common retirement Fund

• Shareholder since 2008

• Third largest public pension plan in the US

• 1 representative in Shurgard's Board of Directors

FINANCING STRUCTURE & LIQUIDITY

LOW LEVERAGE (LTV(

23.3% 23.2%

13.0%

FY 2023 FY 2024 FY 2025

STRONG CREDIT RATING

BBB+

S&P Credit rating

Stable outlook

NET DEBT/UNDERLYING EBITDA

6.2x 6.2x

3.1x

FY 2023 FY 2024 FY 2025

DEBT KPIs AVAILABLE LIQUIDITY

€1,570

million debt

3.33%

Avg. fixed cost of debt

7.2 years

Avg. debt maturity

€56 million million cash

€500 million

Undrawn RCF

100%

Unencumbered assets

INVESTMENT PROPERTY VALUE1

(in € millions(

7,000

6,933

6.5%

6,000

5,000

4,000

3,000

6.0%

6,179

4,910

4,353

3,758

3,102

2,710

5.5%

2,000

5.0%

1,000

0

Dec 2019

Dec 2020

Dec 2021

Dec 2022

Dec 2023

Dec 2024

Dec 2025

4.5%

1 Cushman & Wakefield valuation, excluding IPUC

Property value (in € millions( Exit cap rates (in %(

T