Shurgard Self Storage Ltd

Ladies and gentlemen, welcome to the SureGuard H1 2026 results earning call. For the first part of the conference call, participants will be in listen-only mode. During the questions and answering session, participants will be able to ask questions by dialing the pound key 5 on the telephone keypad, by clicking the raise your hand button on the player, or by writing their questions in the chat box. I'll now hand over the conference to Caroline Thierry-Ferry at SureGuard.

Please go ahead. Good morning, everyone. Thank you for joining us for the Chagat H1-2026 results. I'm here with Marc Orsan and Thomas Oversberg. Before we begin, we want to remind you that all statements other than statements of historical fact included in this code are forward-looking statements. Forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected by the statements. This risk and other factors could adversely affect our business and future results that are described in our earnings reviews and in our publicly reported information. You can find our press release as well as a replay of this webcast on our website at sherriab.eu. With that, I will now turn the call over to Mark.

Thank you, Caroline, and good morning all. Thomas and I will present you the different sections of the deck, and I propose to go to page 4. to start with the key highlights of the first semester 26. So, first on the revenue side, we have seen an acceleration in Q2 with 3.6% versus last year, additional, while Q1 delivered plus 3.1% versus last year, supported by stronger momentum in key markets as the UK and Germany. In addition, our like-for-like in Q2 grew by plus 2.5%, while Q1 was 2.2, so a slight improvement. However, this acceleration has been slower than anticipated. Second, regarding the income from properties or NOI, we continue to focus on cost management and Q2 26 achieved a growth of 1.6% versus last year, while Q1 was negative versus last year. Thirdly, our balance sheet is strong with a low average of 6.5 times the debt over underlying EBITDA an LTV below 24%, and €70 million cash plus our on-ground RCF of €570 million. Fourth, our secure pipeline is a real growth engine for the future. We have 170,000 square meters that will be delivered by 2028, and these new properties will fuel our NOI growth with an additional €35 million at maturity. And fifth, regarding the Outlook 26, The slower than anticipated revenue growth led us to revise downward our targets for the year. But, looking ahead, we are focusing on filling up our new properties and leveraging our pricing power and customer retention for ourselves to drive the revenues up during H226 and strengthening our position for 2027. So on that, let's go to page 7 with our business update section. Talking about growth acceleration, Q2 has seen a good momentum for the UK and Germany, while the Nordics and the Netherlands continue to deliver very solid performances. France and Belgium are flat for different reasons. France is impacted by our more aggressive pricing, but occupancy starts to increase, while for Belgium, a couple of stores are defending their market share, which is a competitor in a ramp-up phase. Interestingly, The UK is combining two positive levers, one related to the accelerated ramp up of our long-term stores, in particular the former local store, and the revenue growth in June and July and also early August for our central. And I propose we go to the next page dedicated to an overview of our portfolio and importance of growth. As a reminder, so we are on page eight. Thank you. So, as a reminder, you will find on the right side of the page how our portfolio is well spread across Europe with prime cities. This is what you see on the map. In addition to this strong foundation, the left side of the page shows how the growth of our platform footprint has driven rented square meters over the years and in turn, revenue. Meaning, SureGuard has a significant embedded growth potential based on our recent openings and current secured pipeline. I will not go to the details of page nine, but what you need to understand and remember is the importance of the share of properties in ramp up in our portfolio that will contribute to our future earnings growth. With 29 additional morsels just for the year 26. Let's go to page 10. So page 10, is showing some pictures of the new properties that we opened in H1 and two major redevelopments we did. Those are again demonstrating the benefit of being the owners of our buildings and creating density of properties in prime areas. H1-26 has seen the delivery of 28,000 square liters representing €55 million of investment and H2 will be very busy and will deliver another 75,000 square meter or close to 75% of the whole year 26 commitment. Let's go to page 11 to have an overview on our portfolio expansion. So we have secured today another 95,000 square meter or 240 million euros of project costs to be delivered in 27 and 28. Mainly three countries will benefit from this footprint growth, Germany, the UK and Netherlands. Globally, our current pipeline for the years 26, 27 and 28 will generate 35 million euros of additional NOI at maturity. And I would say that in addition, I would like to mention that all projects approved since February 26 will deliver a return at maturity of 9 to 10% NOI yield, increased by 100 basis points versus previous regular rate, and we see the NOI growth even further. So let's get to page 12. We have a couple of good news regarding the former Lok & So portfolio performance in Q2 and early Q3 26. We have reached 110,000 square meters rented early August, which is our guided target. Meanwhile, the moving rate continues to grow. And on this, I turn to Thomas.