Big Yellow Group (BYG) H1 2026 earnings summary

Executive summary

• Revenue grew 2% year-over-year to £105.1 million, with like-for-like store revenue also up 2% driven by rental growth.

• Adjusted profit before tax rose 9% to £59.6 million, and adjusted/EPRA earnings per share increased 7% to 30.0p.

• Statutory profit before tax fell to £74.8 million from £145.8 million due to a lower revaluation gain.

• Interim dividend increased 5% to 23.8p per share.

• Opened two new stores in London, expanding the development pipeline to 13 sites with significant future capacity.

Financial highlights

• Store EBITDA increased 5% to £74.3 million, with EBITDA margin improving to 71.1% from 69.3%.

• Cash flow from operating activities up 6% to £56.9 million.

• Net debt increased to £439.5 million, reflecting investment in new stores.

• Adjusted NAV per share up 1% to 1,367.0p.

• Net debt to group EBITDA ratio at 3.3x; interest cover improved to 6.3x.

Outlook and guidance

• Digital marketing investment increased to drive demand amid subdued market conditions.

• Like-for-like store operating expenses expected to rise 2-3% for the full year.

• Pipeline of 13 development sites and one replacement store, with 1.0 million sq ft in development.

• Two further store openings planned this financial year, with several more under construction.

• Management expects full-year earnings growth to be impacted by the absence of a one-off insurance receipt from the prior year.