Safestore posts higher Q1 revenue as European expansion drives growth

Safestore Holdings ( (GB:SAFE) ) has shared an announcement.

Safestore reported a solid start to its new financial year, with group revenue for the quarter to 31 January 2026 rising 6.3% at constant exchange rates to £61.2m, driven by both like-for-like growth and contributions from new stores. The company continued to optimise its estate, with group closing occupancy edging up to 75.9% of current lettable area and revenue per available square foot also improving, underscoring resilient demand across core markets.

Like-for-like revenue increased 4.2% at constant exchange rates, supported by higher pricing as the average storage rate climbed 4.8%, even though like-for-like occupied space was broadly flat. The UK saw modest revenue growth and lower occupancy in larger units due to an ongoing partitioning programme, while Paris and the group’s expansion markets delivered stronger growth, with the latter posting a 17.6% like-for-like revenue increase and sharply higher occupancy.

Safestore broadened its network further, opening three new stores in Wembley, Colombes and Orgeval since the start of the financial year and adding 173,500 sq ft of maximum lettable area, with a further five sites scheduled to open by year-end. Management said the performance reflects continued momentum following last year’s strong results and highlights the strategic importance of continental Europe, where expansion markets are increasingly driving growth and enhancing the group’s competitive position in self-storage.

The most recent analyst rating on (GB:SAFE) stock is a Hold with a £8.70 price target. To see the full list of analyst forecasts on Safestore Holdings stock, see the GB:SAFE Stock Forecast page.

Spark’s Take on GB:SAFE Stock

According to Spark, TipRanks’ AI Analyst, GB:SAFE is a Neutral.

The score is driven mainly by solid balance-sheet positioning and recovering cash flow, offset by volatility in reported earnings and uneven free-cash-flow reliability. Technicals are positive but appear overbought, while valuation is fair with a supportive dividend.

To see Spark’s full report on GB:SAFE stock, click here.

More about Safestore Holdings

Safestore Holdings is the UK’s largest self-storage group, operating 214 stores as of 31 January 2026 across the UK, Paris, Spain, the Netherlands and Belgium, with joint ventures in Germany and Italy. Founded in 1998 and listed on the London Stock Exchange since 2007, the company serves around 105,000 personal and business customers with 9.5 million sq ft of maximum lettable space, of which 6.6 million sq ft is occupied.

The group has a strong presence in London and the South East alongside major UK cities, and a sizeable footprint in the Paris region and key continental European markets. Safestore employs around 850 people and has been a constituent of the FTSE 250 index since 2015, underlining its status as a leading player in the European self‑storage sector.

Average Trading Volume: 461,460

Technical Sentiment Signal: Buy

Current Market Cap: £1.74B

See more data about SAFE stock on TipRanks’ Stock Analysis page.