17 November 2025

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

Results for the Six Months ended 30 September 2025

Financial metrics	Six months ended  30 September 2025	Six months ended 30 September 2024	Change
Revenue	£105.1 million	£103.0 million	2%
Store revenue (1)	£104.5 million	£102.2 million	2%
Like-for-like store revenue (1,2)	£104.5 million	£102.2 million	2%
Store EBITDA (1)	£74.3 million	£70.9 million	5%
Adjusted profit before tax (1)	£59.6 million	£54.9 million	9%
EPRA earnings per share (1)	30.0 pence	28.0 pence	7%
Interim dividend per share	23.8 pence	22.6 pence	5%
Profit before tax	£74.8 million	£145.8 million	(49%)
Cash flow from operating activities (after net finance costs and pre-working capital movements)(3)	£56.9 million	£53.5 million	6%
Basic earnings per share	38.0 pence	74.6 pence	(49%)
Store metrics Store Maximum Lettable Area ("MLA") (1)	6,490,000	6,421,000	1.1%
Closing occupancy (sq ft) (1)	5,028,000	5,168,000	(2.7%)
Occupancy change in the period (sq ft) (1)	(28,000)	139,000	(167,000 sq ft)
Closing occupancy (1)	77.5%	80.5%	(3.0 ppts)
Occupancy - like-for-like stores (1,2)	78.2%	80.5%	(2.3 ppts)
Average achieved net rent per sq ft (1)	£35.78	£34.36	4%
Closing net rent per sq ft (1)	£36.10	£34.77	4%

(1) See note 20 for glossary of terms

(2) Excluding Staines (opened July 2025)

(3) See reconciliation in Financial Review

 

Highlights

·     Store revenue growth for the period was 2%, with like-for-like store revenue also up by 2%, driven by rental growth.  Since the period end we have seen some improvement in year-on-year occupancy performance

·     Like-for-like occupancy down 2.3 ppts from same time last year to 78.2% (September 2024: 80.5%), although this has now closed to 1.6 ppts

·     Average achieved net rent per sq ft increased by 4% period on period, closing net rent up by 4% from September 2024

·     Store EBITDA was up 5% in the period, with like-for-like store operating costs down 2% compared to the same period last year

·     Adjusted profit before tax up 9% to £59.6 million, with EPRA earnings per share up 7%,

·     Statutory profit before tax of £74.8 million compared to £145.8 million in the prior period following the lower revaluation gain in the period

·     Cash flow from operating activities (after net finance costs and pre-working capital movements) increased by 6% to £56.9 million

·     Interim dividend of 23.8 pence per share declared, an increase of 5% from the prior period

·     Opened new 70,000 sq ft freehold store in Staines, London on 29 July and 72,000 sq ft freehold store in Queensbury, London on 28 October.

·     Acquired freehold property in Coventry and exchanged contracts to acquire freehold property in Bethnal Green, London, taking the pipeline at 30 September to 13 development sites and one replacement store of approximately 1.0 million sq ft (16% of current MLA), of which ten are in London or within close proximity.  1.5 million sq ft of fully built vacant space is currently available for future growth

·     Planning consent granted for our proposed store in Leamington Spa; we now have nine of our 13 pipeline stores with planning 

 
Commenting, Nicholas Vetch CBE, Executive Chairman, said:

"These are pleasing results given the significant external and macro challenges of recent years. We have achieved positive metrics in respect of four of the five key components of earnings being average rate growth, control of operating costs, interest expense and external growth through new store openings. The fifth element is occupancy growth, which is currently our core focus, where we have seen a modest improvement in recent weeks.

We have opened new stores in Staines and Queensbury which are now contributing to revenue growth, and we expect will in relatively short order start to contribute to earnings growth. There are a further seven in construction and we intend to build out the remainder when planning and vacant possession is achieved.

We remain confident in our strategy and business model, with a high quality freehold portfolio in prime locations.  Should there be a sustainable pick-up in economic activity in the UK, our experience is that it starts in London and the South East, where our focus remains."

- Ends -

 

ABOUT US

Big Yellow is the UK's brand leader in self storage and operates from a platform of 111 stores.  We have a pipeline of 1.0 million sq ft comprising 13 proposed self storage facilities.  The current maximum lettable area of the existing platform is 6.5 million sq ft.  When fully built out the portfolio will provide approximately 7.5 million sq ft of flexible storage space.  99% of our stores and sites by value are held freehold and long leasehold, with the remaining 1% short leasehold.  Currently by revenue 75% of our stores are in London and its commuter towns, with the balance in larger regional conurbations.

Our stores utilise state of the art technology for our digital and operating platforms including security, and we focus on locating our stores in high profile, accessible, main road locations.  We also focus on providing excellent customer service, a highly engaged employee culture, and with significant and increasing investment in sustainability. 

For further information, please contact:

 

Big Yellow Group PLC                                                                                                                         +44 (0)1276 477811

Nicholas Vetch CBE, Executive Chairman

Jim Gibson, Chief Executive Officer

John Trotman, Chief Financial Officer

 

Sodali & Co                                                                                                                                             +44 (0)20 7250 1446

Ben Foster

Victoria Heslop        

 

CHAIRMAN'S STATEMENT

 

Big Yellow Group PLC, the UK's brand leader in self storage, is pleased to announce its results for the six months ended 30 September 2025.

As communicated in our last update to the market, we saw some softening in demand earlier in the year.  That subsequently stabilised and since the period end we have seen a modest improvement in occupancy performance. 

Our focus on the costs we can control continues to deliver results, and we are pleased to have achieved a 2% saving in our operating costs compared to the same period last year.  Our investment in solar and the roll out of energy efficiency initiatives in our stores helped contribute to lower utilities costs and we have delivered reductions in repairs and maintenance expenditure through good cost control.  Additionally, the indexed increase in property rates of 1.7% was significantly lower than in the previous year.  Property rates represent 36% of our store operating expenses.  We have partially offset the impact of higher employers' national insurance and the rise in the national living wage with lower store headcount through continued automation.  In the second half of the financial year, we intend to invest these operating cost savings into additional digital marketing spend to drive demand and occupancy.

Adjusted profit before tax was up 9% as we saw the benefit of operating cost savings, combined with lower net interest expense, flowing through to the bottom line.  Our higher average debt levels, as we invest in our store pipeline, were more than offset by lower average borrowing costs following the fall in interest rates in May and August this year.

Since the start of the financial year, we have opened two stores, acquired a site in Coventry, exchanged contracts to acquire a freehold site in Bethnal Green and secured planning consent for a store in Leamington Spa.  Of our thirteen proposed new stores, nine have planning permission secured and will deliver a further 0.7 million sq ft over the next two to three years upon opening.  There is a clear opportunity to generate significant NOI growth from our pipeline of stores, which we intend to realise.

Financial results

Revenue for the period was £105.1 million (2024: £103.0 million), an increase of 2%, with like-for-like store revenue also up 2% driven by an increase in average achieved net rent, offset by a decline in average occupancy.  Store EBITDA was £74.3 million, an increase of 5% from the prior period (2024: £70.9 million), and the EBITDA margin increased to 71.1% (2024: 69.3%).

The Group made an adjusted profit before tax in the period of £59.6 million, up 9% from £54.9 million for the same period last year (see note 6).  Adjusted diluted EPRA earnings per share were 30.0 pence, an increase of 7% (2024: 28.0 pence). 

The Group's cash flow from operating activities (after net finance costs and pre-working capital movements) increased by 6% to £56.9 million for the period (2024: £53.5 million). 

The Group's statutory profit before tax for the period was £74.8 million, a decrease from £145.8 million for the same period last year, as a result of the lower revaluation surplus in the period.

Dividends

The Board has approved an interim dividend of 23.8 pence per share, an increase of 5% on the prior period (2024: 22.6 pence).  This first half dividend has all been declared as Property Income Distribution ("PID").   

Development pipeline

We have continued to add to the pipeline in the period, and as previously announced, we were pleased to have acquired a site in Coventry in April, increasing our presence in the Midlands.  We have also exchanged contracts on an inner-city London site in Bethnal Green.  Opportunities to acquire sites in these high quality locations are rare, and this will be the first new purpose-built self storage centre in Bethnal Green; other pipeline inner-city stores include Kentish Town, Wapping and West Kensington.   

We have been successful in achieving planning consent for our new store in Leamington Spa in the period, and now have planning consent on nine of our 13 development sites. 

Since the last year end we have opened our new freehold stores in Staines and Queensbury, both in London, with a combined MLA of 142,000 sq ft; early trading has been encouraging.  We are opening two more stores this financial year in Slough (Bath Road) and Wembley, London.  We are on site at a further five locations, with Leamington Spa and Newcastle to start construction in the first half of 2026.

The projected net operating income of the increase in our total capacity (including the recently opened stores at Staines and Queensbury) of 1.1 million sq ft when stabilised, at today's prices, is £36 million representing an approximate 17.1% return on the incremental capital to be deployed.   If we include the replacement store at Staples Corner, due to open in Summer 2026, the proforma net operating income increases to £40 million, a return of approximately 8.6% on the total development cost of approximately £465 million, including land already acquired.  The total cost to complete is £224 million.  Included in this is the cost to complete of sites without planning, which amounts to approximately £80 million, with a total development cost of £104 million, including the recently contracted Bethnal Green acquisition. 

Capital structure

Net debt was £439.5 million at 30 September 2025 (2024: £359.5 million), giving the Group available committed liquidity of £131.2 million.  The increase in net debt arises from the significant investment we've made in capital expenditure over the past 12 months, which has only partially been funded by post-dividend operating cash flow.  As previously reported, the Group has industrial estates at Harrow and Staines.  We intend to sell these in 2026 once practical completion has been achieved at Staines, which is expected in the next few months.

The Group's interest cover for the period (expressed as the ratio of cash generated from operations pre-working capital movements against interest paid) was 6.3 times (2024: 5.7 times), with the Group's net debt to EBITDA ratio now 3.3x (2024: 2.9x).

Approximately 42% of our debt is fixed, with the balance floating, in line with our hedging policy, and our current average cost of debt is 4.8% (2024: 5.1%). 

Outlook

These are pleasing results given the significant external and macro challenges of recent years. We have achieved positive metrics in respect of four of the five key components of earnings being average rate growth, control of operating costs, interest expense and external growth through new store openings. The fifth element is occupancy growth, which is currently our core focus, where we have seen a modest improvement in recent weeks.

It should be noted that full year earnings growth will be impacted from a one-off receipt of £4 million in the prior year in respect of insurance proceeds from the Cheadle Fire, of which £3 million was received in the second half.  Operating cost inflation has ameliorated this year, although we will have to see what the forthcoming UK Government's Budget brings later this month.  Going forward we will see a slow reduction in capitalised interest as new stores open, but we expect this to be more than offset by growth in EBITDA as the new stores lease-up.  

We have opened new stores in Staines and Queensbury which are now contributing to revenue growth, and we expect will in relatively short order start to contribute to earnings growth. There are a further seven in construction and we intend to build out the remainder when planning and vacant possession is achieved.

A significant advantage of our low level of indebtedness is that we can carry a reasonable proportion of our debt as variable.  When interest rates started rising in 2022, Big Yellow's cost of debt reverted to the mean rapidly.  More recently, rates have fallen, and any further cuts will provide a tailwind to our earnings.

We remain confident in our strategy and business model, with a high quality freehold portfolio in prime locations.  Should there be a sustainable pick-up in economic activity in the UK, our experience is that it starts in London and the South East, where our focus remains.

 

Nicholas Vetch CBE                         

Executive Chairman          
17 November 2025

 

BUSINESS AND FINANCIAL REVIEW

Store occupancy

At the period end, we had a portfolio of 110 open and trading stores, with a current maximum lettable area of 6.5 million sq ft (2024: 109 stores, MLA of 6.4 million sq ft).  Our 72,000 sq ft store at Queensbury opened at the end of October.

Like-for-like occupancy was down 2.3 ppts from the same time last year.  Like-for-like store revenue growth for the half year was 2%, driven by improvements in average achieved net rent per sq ft. 

Occupancy across all stores decreased by 28,000 sq ft over the six months compared to a gain of 139,000 sq ft in the same period last year.  Demand from domestic customers was particularly impacted in April and May due to elevated levels of macroeconomic uncertainty and the acceleration of housing related demand into March prior to the stamp duty changes from the start of April.  Whilst this trend stabilised from July onwards, in line with the overall housing market, this meant that occupancy from domestic customers was down 17,000 sq ft for the first half (2024: up 143,000 sq ft).  Business demand was also impacted by this uncertainty, before improving from May; business occupancy dropped by 39,000 sq ft (2024: down 36,000 sq ft).  Student occupancy rose by 28,000 sq ft (2024: up 32,000 sq ft).

Our third quarter is historically the weakest trading quarter where we typically see a loss in occupancy with a return to growth in the fourth quarter.  In the current year we have lost 25,000 sq ft (0.4% of maximum lettable area "MLA") since the end of September, compared to a loss of 78,000 sq ft (1.2% of MLA) at the same stage last year.  The like-for-like gap in occupancy is now down to 1.6 ppts compared to 2.3 ppts at 30 September. 

At 30 September, the 77 Big Yellow same stores were 79.7% occupied compared to 83.0% at the same time last year.  The 9 lease-up Big Yellow stores added 27,000 sq ft of occupancy in the past six months to reach closing occupancy of 61.6%.  The Armadillo stores, representing 10.5% of the Group's store revenue, had closing occupancy of 76.4% (2024: 77.2%).  Overall store occupancy was 77.5% (2024: 80.5%), reflecting the increase in capacity from the new Staines store.

Rental growth

We continue to manage pricing dynamically, taking account of room availability, customer demand and local competition, with our pricing model reducing promotions and increasing asking prices where individual units are in scarce supply.

We continue to price competitively to win new customers and increase rents to in-place customers on a range dependent on what they are paying relative to the current asking price, and on average these were at levels slightly ahead of wage inflation.  It must be remembered that some 60% of our customers move-out within six months and therefore do not receive any price increases.

New customers over the year paid on average 3% more than move-ins for the same period last year, and 3% less than customers moving out over the period. 

The average achieved net rent per sq ft increased by 4% compared to the prior period, with closing net rent up 3% compared to 31 March 2025 and 4% from 30 September 2024.  The table below shows the change in net rent per sq ft for the portfolio by average occupancy over the year (on a non-weighted basis). 

Average occupancy in the six months	Net rent per sq ft growth from 1 April to 30 September 2025	Net rent per sq ft growth from 1 April to 30 September 2024
75% to 85%	2.9%	1.6%
85 to 90%	3.4%	4.1%
Above 90%	4.0%	5.0%

Length of stay

At 30 September 2025 the average length of stay for existing customers was 32.1 months (September 2024: 30.4 months).  For all customers, including those who have moved out of the business throughout the life of the portfolio, the average length of stay was 9.0 months (September 2024: 8.9 months).  

38% of our customers by occupied space have been storing with us for over two years (2024: 38%), and a further 17% of customers have been in the business for between one and two years (2024: 16%).   For these 55% of customers that have stayed for more than one year, the average length of stay is 55 months.

Revenue

Total revenue for the six-month period was £105.1 million, an increase of £2.1 million (2%) from £103.0 million in the same period last year with store revenue also up 2%.  Like-for-like store revenue (see glossary in note 20) was £104.5 million, an increase of 2% from the 2024 figure of £102.2 million.  

Revenue growth for the period in our London stores was 1%, our South East commuter stores 2%, and our regional stores 3%.

Included in store revenue is other storage related income, from the sale of packing materials, enhanced liability service ("ELS"), and storage related charges.  This amounted to £12.3 million in the period, an increase of 1% compared to the same period last year.

The other revenue earned is tenant income on sites where we have not started development. 

Operating costs

Cost of sales comprises principally direct store operating costs, including store staff salaries, utilities, business rates, insurance, a full allocation of the central marketing budget, and repairs and maintenance. 

The table below shows the breakdown of store operating costs compared to the same period last year:

Category	Period ended 30 September 2025 £000	Period ended 30 September 2024 £000	Change	% of store operating costs in period
Cost of sales (ELS and packing materials)	706	791	(11%)	2%
Staff costs	7,617	7,749	(2%)	26%
General & admin	674	882	(24%)	2%
Utilities	1,056	1,401	(25%)	4%
Property rates	10,747	10,493	2%	36%
Marketing	3,964	3,681	8%	13%
Repairs and maintenance	2,824	3,110	(9%)	10%
Insurance	1,614	1,767	(9%)	5%
Computer costs	639	578	11%	2%
Total before non-recurring items	29,841	30,452	(2%)
Non-recurring items	(679)	(359)	89%
Total per portfolio summary	29,162	30,093	(3%)

Store operating costs have decreased by £0.9 million (3%).  The non-recurring items in both periods relate principally to refunds and the release of provisions following the conclusion of property rates appeals at certain stores. 

Store operating costs before these non-recurring items have decreased by £0.6 million (2%) compared to the same period last year.  The additional operating expense from our store opening in Staines accounted for £0.1 million in the period.   The remaining decrease is £0.7 million (2%), with commentary below:

-     Cost of sales has reduced from a combination of lower packing material sales and lower purchase costs.

-      General and admin expenses have reduced by £0.2 million (24%) due to a reduction in the bad debt expense.

-      Staff costs have reduced by £0.1 million (2%).   The average salary increase from 1 April was 3.2% (including a higher increase to those at the lower end of the pay scale reflecting the rise in the national living wage), and we also had to absorb the increase in employers' national insurance.  These increases have been more than offset by continued savings on headcount, as we drive efficiencies into the stores through automation, and a lower bonus payout.

-     Utilities have reduced by £0.3 million (25%) compared to the prior period, from a combination of a lower contracted energy price, our investment in solar and the roll-out of an energy efficiency programme across our stores. 

-      Property rates have increased by £0.3 million (2%), in line with the inflation applied to the multiplier based off the CPI print to September 2024.  

-    Marketing has increased by £0.3 million (8%) as we have put additional investment in the PPC budget over recent months to drive additional prospects in a softer demand environment.  The spend represents 3.8% of revenue for the first six months. 

-     The repairs and maintenance expense has reduced by £0.3 million (9%) due to savings we have made across a number of cost lines.

-     Our insurance expense has fallen by £0.2 million (9%) principally due to lower customer insurance claims in the period.

-   Computer costs have increased by £0.1 million (11%), which reflects additional investment in systems to drive automation across the business.

As previously guided, we anticipate like-for-like store operating expenses to increase by 2-3% for the full year.

The table below reconciles store operating costs per the portfolio summary to cost of sales in the income statement:

	Period ended 30 September 2025 £000	Period ended 30 September 2024 £000
Direct store operating costs per portfolio summary (excluding rent)	29,162	30,093
Rent included in cost of sales (total rent payable is included in portfolio summary)	779	853
Depreciation charged to cost of sales	257	267
Head office operational management costs charged to cost of sales	902	893
Cost of sales per income statement	31,100	32,106

Store EBITDA

Store EBITDA for the period was £74.3 million, an increase of £3.4 million (5%) from £70.9 million for the period ended 30 September 2024 (see Portfolio Summary).  The overall EBITDA margin for all stores during the period was 71.1%, up from 69.3% in 2024. 

All stores are currently trading profitably at the Store EBITDA level, with the exception of Staines (opened July 2025) and Queensbury (opened October 2025). 

Administrative expenses

Administrative expenses are flat period-on-period, excluding the £0.4 million increase in the non-cash share-based payment charges in the period.

Other income

In February 2022 the Group experienced a fire at our Cheadle store, which resulted in a total loss to the store. We had insurance cover in place for both our fit-out and four years loss of income.  The loss of income booked during the first six months of the preceding financial year was £1.0 million which is included in other income.   This claim was fully settled in the second half of last year, so there have been no further receipts in this financial year.

Interest expense on bank borrowings

Interest on bank borrowings during the period was £11.6 million, £0.6 million lower than the same period last year, with higher average debt levels more than offset by lower average borrowing costs following the fall in interest rates.

Interest capitalised in the period amounted to £5.5 million (2024: £3.2 million), arising on the Group's construction programme, with nine sites under construction during the period. 
Profit before tax

The Group's statutory profit before tax for the period was £74.8 million, compared to £145.8 million for the same period last year.  The decrease in profitability is due to a lower revaluation gain in the period compared to the prior period, which also contained the profit on the disposal of the land adjacent to our Battersea store.

After adjusting for the revaluation movement of investment properties and other matters shown in the table below, the Group made an adjusted profit before tax in the period of £59.6 million, up 9% from £54.9 million in 2024.

 

Profit before tax analysis	Six months ended 30 September 2025 £m	Six months ended 30 September 2024 £m
Profit before tax	74.8	145.8
Gain on revaluation of investment properties	(15.3)	(82.2)
Gain on disposal of non-current asset	-	(8.8)
Change in fair value of interest rate derivatives	0.1	0.1
Adjusted profit before tax	59.6	54.9
Tax	(0.6)	(0.1)
Adjusted profit after tax	59.0	54.8

The movement in the adjusted profit before tax from the prior year is shown in the table below:

Movement in adjusted profit before tax	£m
Adjusted profit before tax for the six months to 30 September 2024	54.9
Increase in gross profit	3.2
Increase in administrative expenses	(0.4)
Decrease in other operating income	(1.0)
Decrease in net interest payable	0.6
Increase in capitalised interest	2.3
Adjusted profit before tax for the six months to 30 September 2025	59.6

Diluted EPRA earnings per share was 30.0 pence (2024: 28.0 pence), an increase of 7% from the prior period. 

Taxation

The Group is a Real Estate Investment Trust ("REIT").  We benefit from a zero-tax rate on our qualifying self storage earnings.  We only pay corporation tax on the profits attributable to our residual business, comprising primarily of the sale of packing materials and insurance, and management fees earned by the Group.  

There is a £1.0 million tax charge in the residual business for the period ended 30 September 2025, partly offset by an adjustment to the prior year tax estimate of £0.5 million (six months to 30 September 2024: £0.7 million, partly offset in the income statement by an adjustment to the prior year tax estimate of £0.6 million). 

Dividends

REIT regulatory requirements determine the level of Property Income Distribution ("PID") payable by the Group.  A PID of 23.8 pence per share is proposed as the total interim dividend, an increase of 5% from the same period last year. 

The interim dividend will be paid on 23 January 2026.  The ex-dividend date is 2 January 2026, and the record date is 5 January 2026.

Cash flow

Cash flows from operating activities (after net finance costs and pre-working capital movements) have increased by 6% to £56.9 million for the period (2024: £53.5 million).  These operating cash flows are after the ongoing maintenance costs of the stores, which for this first half were on average approximately £25,000 per store.  The Group's net debt has increased over the period to £439.5 million (March 2025: £388.7 million), with significant investment in new store development in the period.

There are distortive working capital items in the prior period, as a result of VAT on the sale of the land at Battersea, and therefore the summary cash flow below sets out the free cash flow pre-working capital movements

	Six months ended 30 September 2025 £m	Six months ended 30 September 2024 £m
Cash generated from operations pre-working capital movements	68.6	65.5
Net finance costs	(10.8)	(11.4)
Interest on obligations under lease liabilities	(0.3)	(0.3)
Other operating income received	-	1.0
Tax	(0.6)	(1.3)
Cash flow from operating activities pre-working capital movements	56.9	53.5
Working capital movements	1.0	6.6
Cash flow from operating activities	57.9	60.1
Capital expenditure	(60.8)	(20.6)
Investment in joint venture	(1.0)	-
Disposal of non-current asset	-	30.6
Cash flow after investing activities	(3.9)	70.1
Dividends	(46.3)	(44.1)
Payment of finance lease liabilities	(0.6)	(0.9)
Issue of share capital	-	0.7
Increase/(decrease) in borrowings	49.3	(29.6)
Net cash outflow	(1.5)	(3.8)

£3.9 million of the capital expenditure in the period related to the acquisition of Coventry and the deposit paid on the acquisition of Bethnal Green, with the balance of £56.9 million principally construction capital expenditure on our development programme.

The capital expenditure forecast for the remainder of the financial year (excluding any new site acquisitions) is approximately £41 million, which principally relates to construction costs on our development sites. 

The £1.0 million investment in joint venture is as a result of increasing our stake in Doncaster Security Operations Centre Limited ("DSOC"), from 34% to 74% (see note 9d for further information).

The Group's interest cover for the period (expressed as the ratio of cash generated from operations pre-working capital movements against interest paid) improved to 6.3 times (2024: 5.7 times).  This is calculated per below:

	30 September 2025 £000	30 September 2024 £000
Cash generated from operations pre working capital movements (see note 17)	68,600	65,489
Interest paid per cash flow statement	(10,912)	(11,439)
Interest cover	6.3x	5.7x

 

Balance sheet

Investment property

For the period ended 30 September 2024, the investment properties were carried at Directors' valuation.  Further to the Group's announcement on 13 October 2025, the Directors considered it appropriate to commission an external valuation of the assets at 30 September 2025.  They therefore instructed Jones Lang Lasalle ("JLL") to value the portfolio. 

This external valuation has resulted in an investment property asset value of £3,073.7 million, comprising £2,817.6 million (91%) for freehold (including nine long leaseholds) property, £22.3 million (1%) for the short leasehold open stores and £233.8 million (8%) for the freehold investment properties under construction.

Investment property

The open store portfolio has increased in value by £11.3 million.  This increase in value arises largely from improvements in the net rents achieved at the stores.  The weighted average exit capitalisation rate used in the valuations was 5.2% in the current period, compared to 5.2% at 31 March 2025.  As can be seen in the table below, the Group's pipeline stores are currently held in the balance sheet at below historic cost.    

Analysis of property portfolio	Revaluation movement in the period £m	Value 30 September 2025 £m	Historic cost 30 September 2025 £m	Cumulative revaluation 30 September 2025 £m
Investment property	11.3	2,839.9	1,131.7	1,708.2
Investment property under construction	4.1	233.8	260.0	(26.2)
Investment property total	15.4	3,073.7	1,391.7	1,682.0

The table below provides a further breakdown of the open store valuations:

	Mature		Lease-up		Armadillo
	Freehold	Leasehold		Freehold		Largely Freehold		Total
Number of stores	73	4		9		24		110
MLA capacity (sq ft)	4,621,000	244,000		623,000		1,002,000		6,490,000
Valuation at 30 September 2025 (£m)	2,276.8	18.1		300.9		181.8		2,777.6
Value per sq ft	£493	£74		£483		£181		£428
Net initial year one NOI yield	4.9%	16.6%		3.6%		6.0%		4.9%

The total store valuation in this table differs to the balance sheet due to the non-self storage investment property that the Group owns, such as the Harrow Industrial Scheme.  The net initial year one NOI yield is 4.9% (March 2025: 5.0%).   Note 14 contains more detail on the assumptions underpinning the valuations. 

Current development pipeline - with planning

Site	Prominent Location	Status	Anticipated capacity
Slough Bath Road	Bath Road	Construction commenced with a view to opening in February 2026.	94,000 sq ft
Wembley, London	Towers Business Park	Construction commenced with a view to opening in March 2026.	73,000 sq ft
Epsom, London	East Street	Construction commenced with a view to opening in spring 2026.	59,000 sq ft
Staples Corner, London	North Circular Road	Construction commenced with a view to opening in summer 2026.	Replacement for existing leasehold store, additional 18,000 sq ft
Kentish Town, London	Regis Road	Construction commenced with a view to opening in summer 2026.	70,000 sq ft
Wapping, London	The Highway, adjacent to existing Big Yellow	Construction commenced with a view to opening in late 2026.	Additional 95,000 sq ft
West Kensington, London	Hammersmith Road	Demolition of existing building commenced, with a view to opening in winter 2028.	176,000 sq ft
Leamington Spa	Queensway	Planning consent granted in August, demolition to commence early 2026, with a view to opening in summer 2027.	55,000 sq ft
Newcastle	Scotswood Road	Vacant possession anticipated early 2026, with demolition commencing thereafter, with a view to opening in summer 2027.	60,000 sq ft

Current development pipeline - without planning

Old Kent Road, London	Old Kent Road	Site acquired in June 2022.  Planning application submitted in October 2023, decision expected early 2026.	79,000 sq ft
Leicester	Belgrave Gate, Central Leicester	Site acquired in June 2023.  Planning application submitted November 2024, decision anticipated in December 2025.	58,000 sq ft
Coventry	Sir Henry Parkes Road	Site acquired in April 2025.  Planning application to be submitted in December 2025.	58,000 sq ft
Bethnal Green	Hollybush Gardens	Contracts exchanged in September 2025, with deferred completion in March 2027.	68,000 sq ft
Total - all sites			963,000 sq ft

Financing and treasury

Our financing policy is to fund our current needs through a mix of debt, equity, and cash flow to allow us to build out, and add to, our development pipeline and achieve our strategic growth objectives, which we believe improve returns for shareholders.  We aim to ensure that there are sufficient medium-term facilities in place to finance our committed development programme, secured against the freehold portfolio, with debt serviced by our strong operational cash flows.  We maintain a keen watch on medium and long-term rates and the Group's policy in respect of interest rates is to maintain a balance between flexibility and hedging of interest rate risk.

The table below shows the Group's debt position at 30 September 2025: 

Debt	Expiry	Facility	Drawn	Cost
Aviva loan	September 2028	£150.7m	£150.7m	3.3%
M&G loan (£35 million fixed at 4.5%, £85 million floating)	September 2029	£120m	£120m	6.1%
Revolving bank facility (Lloyds, HSBC and Barclays, 100% floating)	December 2028	£300m	£176m	5.2%
Total	Average term 3.3 years	£570.7m	£446.7m	4.8%

Subsequent to the period end, the expiry of the bank facility was extended by a year to December 2028, with the second "plus-one" option taken up.  The Group was comfortably in compliance with its banking covenants at 30 September 2025 and is forecast to be for the period covered by the going concern statement. 

The Group's key financial ratios are shown in the table below:

Ratio	30 September 2025	30 September 2024
Net debt to gross property assets	14%	12%
Net debt to adjusted net assets	16%	13%
Net debt to market capitalisation	23%	14%
Net debt to Group EBITDA ratio1	3.3x	2.9x
Cash generated from operations pre-working capital movements against interest paid	6.3x	5.7x

¹ Annualising the Group EBITDA for the six months to 30 September

Net asset value

The Group's investment properties have been valued after deducting notional weighted average purchaser's cost of 6.8% on the net value, as if they were sold directly as property assets. The valuation is an asset valuation which is entirely linked to the operating performance of the business. The assets would have to be sold with the benefit of operational contracts, employment contracts and customer contracts, which would be very difficult to achieve except in a corporate structure.  This would result in a reduction in the assumed Stamp Duty Land Tax but an increase in other transaction costs reflecting additional due diligence resulting in a reduced notional purchaser's cost of 2.75% of gross value.  All the significant sized transactions that have been concluded in the UK in recent years were completed in a corporate structure, and hence, in the view of the Directors, is the most appropriate way to consider the net asset value of the company.  

The Group's adjusted net asset value per share is 1,367.0 pence, up 1% from 1,355.6 pence per share at 31 March 2025, and up 1% from 1,348.0 pence at 30 September 2024 (see note 13). 

 

		Six months ended 30 September 2025
		Net assets £m	Shares million	Pence per share
	Basic NAV	2,594.8	195.9	1,324.7
	Share and save as you earn schemes	1.3	2.6	(17.1)
	Diluted NAV	2,596.1	198.5	1,307.6
	Fair value of derivatives	1.4	-	0.7
	Intangible assets	(1.4)	-	(0.7)
	EPRA NTA	2,596.1	198.5	1,307.6
	Valuation methodology assumption (see note 14)	118.0	-	59.4
	Adjusted NAV	2,714.1	198.5	1,367.0

 

 

Jim Gibson                                                            John Trotman

Chief Executive Officer                                     Chief Financial Officer

17 November 2025

PORTFOLIO SUMMARY

	September 2025				September 2024
	Big Yellow Same Store	Big Yellow Lease-up	Armadillo	Total	Big Yellow Same Store	Big Yellow Lease-up	Armadillo	Total
Number of stores(1)	77	9	24	110	77	8	24	109
At 30 September:
Total capacity (sq ft)	4,865,000	623,000	1,002,000	6,490,000	4,860,000	553,000	1,008,000	6,421,000
Occupied space (sq ft)	3,878,000	384,000	766,000	5,028,000	4,035,000	355,000	778,000	5,168,000
Percentage occupied	79.7%	61.6%	76.4%	77.5%	83.0%	64.2%	77.2%	80.5%
Net rent per sq ft	£38.59	£34.21	£24.46	£36.10	£37.14	£32.65	£23.46	£34.77
For the period:
REVPAF(2)	£35.38	£24.79	£21.87	£32.32	£34.98	£22.68	£21.11	£31.74
Average occupancy	80.6%	63.7%	77.3%	78.6%	83.5%	60.6%	78.2%	80.7%
Average annual net rent psf	£38.21	£34.02	£24.29	£35.78	£36.69	£32.52	£23.22	£34.36
	£000	£000	£000	£000	£000	£000	£000	£000
Self storage income	75,133	6,335	9,441	90,909	74,648	5,457	9,159	89,264
Other storage related income (2)	9,869	899	1,522	12,290	9,838	818	1,464	12,120
Ancillary store rental Income	1,295	10	28	1,333	743	13	37	793
Total store revenue	86,297	7,244	10,991	104,532	85,229	6,288	10,660	102,177
Direct store operating costs (excluding depreciation)	(21,933)	(2,900)	(4,329)	(29,162)	(23,004)	(2,897)	(4,192)	(30,093)
Short and long leasehold rent(3)	(956)	-	(114)	(1,070)	(1,148)	-	(84)	(1,232)
Store EBITDA(2)	63,408	4,344	6,548	74,300	61,077	3,391	6,384	70,852
Store EBITDA margin	73.5%	60.0%	59.6%	71.1%	71.7%	53.9%	59.9%	69.3%
Deemed cost	£m	£m	£m	£m
To 30 September 2025	749.0	206.0	146.5	1,101.5
Capex to complete	-	0.4	-	0.4
Total	749.0	206.4	146.5	1,101.9

(1)   We changed the presentation of the portfolio summary at the prior year end, to show same stores and lease-up stores, rather than established and developing stores, and represented the comparative information accordingly.  This new approach is consistent with other listed self storage businesses.  The Big Yellow same stores are those that have reached 85% occupancy during a previous financial year.  Should a store move categories in a year, we re-present the comparative information so the store is in the same category in both periods.  The comparative half year information above has also been represented on this basis.

(2)   See glossary in note 20.

(3)   Rent under IFRS 16 for five short leasehold properties accounted for as investment properties under IAS 40. 

The table below reconciles Store EBITDA to gross profit in the income statement:

	Period ended 30 September 2025 £000			Period ended 30 September 2024 £000
	Store EBITDA	Reconciling items	Per income statement	Store EBITDA	Reconciling items	Per income statement
Store revenue/Revenue(4)	104,532	611	105,143	102,177	782	102,959
Cost of sales(5)	(29,162)	(1,938)	(31,100)	(30,093)	(2,013)	(32,106)
Rent(6)	(1,070)	1,070	-	(1,232)	1,232	-
	74,300	(257)	74,043	70,852	1	70,853

(4)        See note 2 of the interim statement, reconciling items are non-storage income.

(5)        See reconciliation in cost of sales section in Business and Financial Review.

(6)        The rent shown above is the cost associated with leasehold stores, only part of which is recognised within gross profit in line with finance lease accounting principles.  The amount included in gross profit is shown in the reconciling items in cost of sales.

RESPONSIBILITY STATEMENT

 

We confirm that to the best of our knowledge:

-       the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK;

-       the interim management report includes a fair review of the information required by:

a)    DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

b)    DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

 

By order of the Board

 

                                                               

 

Jim Gibson                                                            John Trotman

Chief Executive Officer                                     Chief Financial Officer

 

17 November 2025