**SummarySafestore Holdings plc First Quarter Trading Update (Q1 2026)**
Safestore Holdings plc, the UKs largest self-storage group, reported strong performance in its first quarter trading update for the period 1 November 2025 to 31 January 2026. Key highlights include
1. **Revenue Growth**Group revenue increased by 6.3% year-on-year on a constant exchange rate (CER) basis, driven by contributions from both like-for-like (LFL) stores and new openings across all markets. LFL revenue grew by 4.2%.
2. **Occupancy and Rates**LFL closing occupancy improved to 77.8% of current lettable area (CLA), up from 76.8% in Q1 2025. Average storage rates rose by 4.8% year-on-year.
3. **Market Performance**
**UK**LFL revenue grew by 2.7%, with average rates up 6.4% despite a slight dip in occupancy due to the partitioning programme.
**Paris**LFL revenue increased by 4.1%, supported by both rate and occupancy growth.
**Expansion Markets** (Spain, Netherlands, Belgium, Germany, and Italy): LFL revenue surged by 17.6%, with total revenue up 28.6% due to new store openings.
4. **New Store Openings**Three new stores were opened during the quarter, adding 173,500 sq ft of maximum lettable area (MLA). The development pipeline remains on track, with five more stores expected to open by the end of FY 2026.
5. **CEO Commentary**Frederic Vecchioli highlighted continued momentum from FY 2025, with active management of rates and occupancy driving growth across mature and new stores.
Overall, Safestore demonstrated robust performance across its markets, with strong revenue growth, improved occupancy, and strategic expansion initiatives positioning the Group for continued success.