Shurgard Self Storage : First quarter 2026 results, January 1, 2026 to March 31, 2026

Regulated Information May 13, 2026, at 04:00 p.m. GMT

First quarter 2026 results, January 1, 2026 to March 31, 2026

Operational results in line with expectations - stabilizing same store revenue growth after 2025 deceleration

Real estate operating revenue (IFRS) +2.7%

All stores growth - Property operating revenue +3.1% / NOI -0.8% / Underlying EBITDA -2.1% Same store growth - revenue +1.2%, driven by in-place rent improvements

Adj. EPRA earnings -3.8% and Adj. EPRA earnings per share -6.2%:

in line with expectations for the first quarter

Strong balance sheet:

Loan-to-Value 22.7%; Net debt/Underlying EBITDA 6.2x

Marc Oursin, Shurgard Chief Executive Officer

"The main event in Q1 2026 is our same store revenue growth of +1.2% vs. last year, showing a stabilization after the 2025 deceleration, quarters on quarters, from +6.0% to +1.5% (from Q1 2025 to Q4 2025 vs the same period the year before).

This performance is based on three different groups of countries' growth profiles: (i) the Nordics (Sweden and Denmark), The Netherlands and Germany being moderately to very positive, (ii) France being stable and (iii) the UK and Belgium being negative vs. 2025. Globally our same stores revenue growth is fueled by rental rates growth (+1.3%), with a stable occupancy level of 88.1%. Meanwhile, our non same stores are ramping up as foreseen.

For convenience, we have added a like-for-like revenue growth metric (page 6) to facilitate market benchmarking.

Despite the expected additional real estate taxes, our effective cost management mitigated the impact, to deliver an Underlying EBITDA growth of -2.1%. Our earnings per share declined by 6.2% mainly due to the additional number of shares related to the scrip dividend payment in 2025, that has been stopped as of 2026.

Our pipeline will deliver c. 100,000 sqm in 2026 (c. 6% of our rentable sqm on December 31st 2025) and our balance sheet is strong with a cash position of €87 million, a fully unencumbered portfolio of c. €7 bn and our BBB+ rating from S&P.

The macro environment is now very different than the early start of the year 2026. Based on Shurgard's current performance (Q1 and start of Q2 2026), its commercial positioning and financial strengths, we expect for the time being the company to remain within the outlook range provided for the fiscal year.

I would like to take this opportunity to thank our teams for their continued support and engagement to satisfy our customers and shareholders.

Marc Oursin

Chief Executive Officer"

1. - Fiscal Year highlights
   1. - YTD March 2026 key highlights

      Consolidated IFRS Three months ended (in € millions except where indicated) March, 31 % var.
      	2026	2025
      Real estate operating revenue	114.6	111.6	2.7%
      Operating profit	54.7	55.0	-0.6%
      Profit for the year	32.6	34.0	-4.3%
      Earnings per share in € (basic)	0.32	0.34	-6.6%

      All store results Three months ended (in € millions except where indicated) March, 31 % var. % var.
      	2026	2025		CER
      Number of stores	333	318	4.7%
      Closing rentable sqm1	1,730	1,629	6.2%
      Average rented sqm2	1,430	1,393	2.6%
      Average occupancy rate3	83.1%	85.6%	-2.5pp
      Average in-place rent (in € per sqm)4	281.8	281.8	0.0%	0.4%
      All store - financial performance
      Property operating revenue5	114.6	111.6	2.7%	3.1%
      Income from property (NOI)6	63.9	64.6	-1.1%	-0.8%
      NOI margin7	55.8%	57.9%	-2.1pp	-2.2pp
      Underlying EBITDA8	56.2	57.5	-2.4%	-2.1%
      Underlying EBITDA margin9	49.0%	51.6%	-2.5pp	-2.6pp
      Adj. EPRA earnings10	34.2	35.7	-4.2%	-3.8%
      Adj. EPRA earnings per share in € (basic)11	0.34	0.36	-6.6%	-6.2%

      • Real estate operating revenue (IFRS) grew by 2.7% in the first quarter of 2026, reaching €114.6 million:

        • Property operating revenue growth at CER: +3.1%

        • Increase in rentable sqm (+6.2%) through the addition of 15 stores, as well as re-mixes and redevelopments, delivering an additional average rented sqm by +2.6%; and

        • Increase of revenue per sqm through average in-place rent +0.4%.

      • Operating profit amounted to €54.7 million mainly as a result of:

        • An Underlying EBITDA of €56.2 million (-2.1%), showing the impact of foreseen increases in our operating expenses (such as real estate taxes recognised in the first quarter of the year, €16.0 million vs €14.6 million prior year); and

        • Depreciation and amortization expenses of €1.5 million.

      • Profit for the year ended the quarter with €32.6 million, or 0.32€ of basic earnings per share:

        • Excluding the EPRA foreseen adjustments, notably the impact of deferred taxes, this translates into Adj. EPRA earnings of €34.2 million (-3.8% vs. prior year); and

        • Adj. EPRA earnings per share amounts 0.34€ (-6.2%), reflecting the residual dilutive impact of the previously issued scrip dividend and slight increase in interest expense compared to prior year.
   2. - Same store YTD March 2026 key highlights

      Same store results Three months ended (in € millions except where indicated) March, 31 % var. % var.
      	2026	2025		CER
      Number of stores	275	275
      Closing rentable sqm1	1,403	1,396	0.5%
      Average rented sqm2	1,234	1,234	0.0%
      Average occupancy rate3	88.1%	88.4%	-0.3pp
      Average in-place rent (in € per sqm)4	288.9	286.0	1.0%	1.3%
      Same store - financial performance Property operating revenue5	100.9	100.0	1.0%	1.2%
      Income from property (NOI)6	58.9	59.5	-0.9%	-0.7%
      NOI margin7	58.4%	59.5%	-1.1pp	-1.1pp

      • Our same store property operating revenue growth (representing 88% of all store revenue) grew by 1.2% for the first quarter of the year, driven by a growth of our in-place rent (in all markets except for the UK).

      • Same store average rented sqm remained stable compared to the first quarter of 2026, with 88.1% average same store occupancy, slightly below prior year, reflecting in part the increase in rentable sqm.

      • Same store average in-place rent grew by 1.3%, while same store NOI margin decreased by -1.1pp in line with anticipated cost increases, mainly in real estate taxes, and the realised revenue growth for the quarter.

   3. - Update on the 2024 UK portfolio acquisition

      In Q1 2026, we rented an additional c. 1,800 sqm on the ex-Lok'nStore portfolio, vs. an average of 3,500 sqm per quarter since acquisition. Meanwhile, we continue to optimize pricing, with a yearly move-in rate increase of +2.1% vs. Q1 2025.

      During the first quarter 2026, we added c. 5,100 rentable sqm across the portfolio with redevelopments, in addition to the Aldershot acquisition from November 2024 (c. 5,200 sqm), bringing the total rentable footage to 133,200 sqm from 122,900 sqm at acquisition date (growth of c. 8%). Based on this increased total rentable sqm, we now target to reach 80-85% occupancy by the end of the year, from 78.1% at the end Q1 2026 (based on total rentable sqm of 133,200 sqm).

      Combining the rented footage growth with pricing optimization, this acquired portfolio of 28 stores delivered a solid real estate operating revenue growth of 5.4% in Q1 2026 vs. the same quarter prior year.

   4. - Portfolio expansion

      • c. 18,100 sqm of projects completed and delivered in 2026:

        • 2 developments: +13,250 sqm (€31.3 million total project costs) with Roedelheim in Germany and Eastbourne - Lottbridge Drove in the UK;

        • 2 redevelopments: +4,850 sqm (€9.2 million total project costs) with Montigny-le-Bretonneux and Epinay in the Paris region in France;

      • c. 168,900 sqm from our 2026-2028 secured pipeline:

        Portfolio expansion

        (in € millions except where indicated( At closing rate March 31, 2026

        Number of Total project projects Net sqm ('000( cost /Purchase

        price

        Scheduled to open in 2026 19 84.2 187.6

        Scheduled to open in 2027 13 58.9 149.6

        Scheduled to open in 2028 4 25.8 53.6

        Total 36 168.9 390.8

        • 5 redevelopments: +3,600 sqm in Belgium, France, Sweden and UK;

        • 30 new developments: +157,050 sqm in Belgium, France, Germany, the Netherlands and UK (21 are under

          construction);

        • 1 store of 8,250 sqm was acquired in 2025 and is scheduled to open in 2026 in UK.

   5. - Balance sheet highlights

      Consolidated IFRS (in € millions except where indicated) (at actual exchang rates)	Three months ended March, 31 2026	Year ended December, 31 2025	% var.
      Cash and cash equivalents	86.7	56.0	55.0%
      Investment properties (incl. IPUC)	7,173.5	7,123.5	0.7%
      Total equity attr. to equity holders of the parent	4,545	4,515	0.7%
      Balance sheet metrics	Three months ended	Year ended
      (at actual exchange rates)	March, 31	December, 31	% var.
      	2026	2025
      EPRA net tangible assets (NTA)/share (in €)	53.64	53.29	0.7%
      Loan-to-value (LTV)	22.7%	23.2%	-0.5pp
      Net debt/Underlying EBITDA12	6.2x	6.2x	-0.1x

      • €86.7 million cash and cash equivalents, with an available revolving credit facility (RCF) of €230 million.

      • During the first quarter of 2026, we repaid our 2014 and 2015 USPP outstanding notes, for a total amount of €270 million. Taking advantage of the market conditions at that time, it allowed us to streamline our covenants across our financing instruments and to realize a net gain of €0.9 million.

      • Fully unencumbered portfolio of assets and aligned covenants.

      • The only European self-storage company with a strong investment grade rating (BBB+, stable outlook) from S&P.

      • In early May 2026, we entered into a new committed term loan facility with a consortium of five banks, for €570 million (maturity 3 years with extension options of max. 2 years). This will allow us to reset the RCF and ensure flexible financing of our 2026 funding needs. At the same time, we will increase our RCF to €570 million, with unchanged conditions.

2. - Outlook 2026 and medium-term guidance (2027-2030( No changes to our Outlook 2026 and medium-term guidance
   1. - Outlook 2026

      Outlook 2026 (CER)	Metric	Low outcome	High outcome
      Operational performance
      All stores Revenue growth	%	6.0%	8.0%
      Underlying EBITDA	€ million	278.0	289.0
      Net interest expenses	€ million	57.5	59.5
      Income taxes on Adj. EPRA earnings before tax	%	19.0%	19.5%
      Adjusted EPRA earnings	€ million	172.0	183.5
      Adjusted EPRA earnings growth	%	1.0%	6.0%
      Adjusted EPRA earnings per share (basic)	€/share	1.70	1.81
      Adjusted EPRA earnings per share growth	%	-1.0%	4.0%
      Capital allocation
      Dividend per share	€/share	1.17	1.17
      Portfolio expansion - sqm of 2026 projects	th. Sqm	100	125
      Portfolio expansion - capex of 2026 projects	€ million	250	315
      Leverage at year-end
      Net debt/Underlying EBITDA	multiple x	6.5x	6.8x

   2. - Medium-term guidance (2027-2030(

Medium-term guidance 2027-2030 (CER) Metric Low outcome High outcome
Operational performance
All stores Revenue growth	CAGR %	6%		8%
Underlying EBITDA growth	CAGR %	6%		8%
Adjusted EPRA earnings growth	CAGR %	6%		8%
Medium-term guidance 2027-2030 (CER)	Metric		per annum
Capital allocation
Dividend per share Portfolio expansion - sqm Portfolio expansion - capex NOI Yield on cost at maturity for (re)development	€/share th. Sqm € million %		1.17 c. 90 c. 200 9-10%
Leverage
Net debt/Underlying EBITDA (by 2030) Rating from S&P	multiple x KPI		5.0x-6.0x BBB+

All financial performance commentary at Constant Exchange Rate (CER), except for consolidated IFRS metrics at Actual Exchange Rate (AER) Footnotes on page 9