Big Yellow Group (BYG) H2 2026 earnings summary

Executive summary

• Revenue and like-for-like store revenue increased 2% year-over-year, driven by higher average achieved rents despite a decline in average occupancy.

• Four new stores opened, adding 0.3 million sq ft (5% of opening MLA), primarily causing a 4.5 ppt decline in closing occupancy.

• Adjusted profit before tax rose 2% to £117.5m, with adjusted EPS up 2% to 59.0p; full year dividend per share increased 2% to 47.2p.

• Store EBITDA margin remained strong at 70.5%, with overall store EBITDA up £3.3m year-over-year.

• Cash flow from operating activities was £111.5m, up 3% excluding a prior year one-off receipt.

Financial highlights

• Store revenue: £209.1m (+2% YoY); store EBITDA: £146.5m (+2% YoY).

• Like-for-like store operating costs increased just 0.3%, reflecting strong cost control.

• Net debt increased to £476.7m from £388.7m, mainly due to investment in new store development.

• Gross property assets stand at £3.1bn; adjusted NAV per share is £13.70.

Outlook and guidance

• Targeting a return to year-on-year occupancy growth.

• Four new store openings planned for 2026/27; nine of twelve pipeline sites have planning consent.

• Projected like-for-like operating cost increase of 2-3% for 2026/27, with property rates expected to rise 8.5% in 2027.

• Construction capex for 2026/27 expected to be around £70m.