Shurgard Self Storage (SHUR) investor relations material

Strategic positioning and market overview

• Operates as a pure-play self-storage provider with a pan-European presence, focusing on highly urbanized areas and residential customers, who account for 80% of the client base.

• Addresses life events and convenience needs, with average unit size of 6-7 sqm and average contract value exceeding €5,000.

• European self-storage market is highly fragmented, with significant consolidation opportunities and per capita supply much lower than in the US.

• Demonstrates resilient, non-cyclical demand, with low correlation to economic cycles and stable cash flows.

Operational excellence and digital platform

• Operates 332 stores across 7 countries, with 1.7 million sqm of rentable space and a €6.9B portfolio value.

• Omnichannel platform enables 90% of customer interactions to start digitally, with 53% e-rental penetration and 100% digital property access.

• High occupancy rates targeted at 90%, with consistent achievement across years and markets.

• Data-driven commercial policy and dynamic pricing optimize customer value and retention.

Financial performance and growth

• Delivered double-digit topline growth in 2025, with property operating revenue up 10.9% and underlying EBITDA up 10.4%.

• NOI margin for all stores at 65.3% in 2025, with same store NOI margin improving by 0.4pp to 68.1%.

• Adjusted EPRA earnings per share grew 1.7% to €1.74, in line with consensus.

• Expansion driven by organic development, M&A, and redevelopment, targeting 90,000 sqm additional footage annually.