Big Yellow Group (BYG) Q1 2026 TU earnings summary

Executive summary

• Revenue for the quarter ended 30 June 2025 increased by 3% year-over-year to £51.5 million.

• Store revenue rose 3% to £51.1 million, with average net rent per sq ft up 5% year-over-year.

• Occupancy increased by 0.7 percentage points sequentially but declined 2.4 points year-over-year to 79.4%.

• Cost control measures and automation led to stable operating expenses for the quarter.

• CEO noted softening demand early in the quarter due to macroeconomic uncertainty, but demand improved later.

Financial highlights

• Total revenue reached £51.5 million, up from £50.2 million in the same quarter last year.

• Store revenue was £51.1 million, up from £49.5 million year-over-year.

• Average achieved net rent per sq ft increased 5% to £35.67.

• Closing net achieved rent per sq ft rose 5% to £35.75.

• Like-for-like store operating expenses were flat year-over-year for the quarter.

Outlook and guidance

• Full-year like-for-like store operating expenses expected to rise by 2% to 3%.

• Falling short-term interest rates would benefit the group due to £223 million in floating rate debt.

• Four new stores expected to open by March 2026, with further expansion planned through 2028.