Big Yellow Group (BYG) H2 2025 earnings summary

Executive summary

• Achieved resilient performance with adjusted EPS growth and moderating operating cost inflation year-over-year.

• Maintained a secure capital structure, with a Net Debt to EBITDA ratio of 3.1x and strong cash flow cover.

• Continued investment in sustainability, digital platforms, and customer experience, with high NPS and low staff turnover.

• Development pipeline of 14 stores (1.0m sq ft, 16% of current MLA), mainly in London, with nine under construction.

• Confidence in the business model, proven resilient through multiple economic cycles.

Financial highlights

• Revenue increased 2% to £204.5m; store revenue up 3% to £203.1m year-over-year.

• Store EBITDA flat at £143.2m; adjusted profit before tax up 8% to £115.6m.

• Adjusted EPS rose 3% to 57.8p; full year dividend per share up 3% to 46.4p.

• Cash flow from operating activities up 2% to £111.9m.

• Gain on disposal of land at Battersea for £30.9m; open store portfolio value up 3%.

Outlook and guidance

• Targeting further improvement in operating cost inflation in the coming year.

• Expecting capital expenditure of approximately £100m (excluding new site acquisitions) for FY26.

• Pipeline of 14 stores (1.0m sq ft) to drive future growth, with 1.4m sq ft of fully built vacant space available.