Big Yellow Group Plc · LSE:BYG
Big Yellow — H1 FY2026 Earnings Presentation
48 slides from Big Yellow's earnings presentation, November 2025
Slide 1: Results for the Six Months ended 30 September 2025
Big Yellow Group PLC Results for the Six Months ended 30 September 2025 Staines, July 2025
Slide 2: Key Financial Metrics
Key Financial Metrics BIG YELLOW GROUP HALF YEAR RESULTS Six Months Six Months Ended Ended CHANGE 30.09.25 30.09.24 Revenue £105.1 million £103.0 million 2% Store revenue £104.5 million £102.2 million 2% HIGHLIGHTS Like-for-like store revenue £104.5 million £102.2 million 2% Store EBITDA £74.3 milli
Slide 3: Key Store Metrics
Key Store Metrics BIG YELLOW GROUP HALF YEAR RESULTS Six Months Six Months Ended Ended CHANGE 30.09.25 30.09.24 Number of stores 110 109 1% Store maximum lettable area (sq ft) 6,490,000 6,421,000 1.1% HIGHLIGHTS Closing occupancy (sq ft) 5,028,000 5,168,000 (2.7%) Occupancy change in the period (sq
Slide 4: First Half Highlights
First Half Highlights BIG YELLOW GROUP HALF YEAR RESULTS • Store revenue growth for the period was 2%, with like-for-like store revenue also up by 2%, driven by rental growth. Since the period end we have seen some improvement in year-on-year occupancy performance. • Like-for-like occupancy down 2.3
Slide 5: Highlights - Investment in New Capacity
Highlights - Investment in New Capacity BIG YELLOW GROUP HALF YEAR RESULTS • Opened new 70,000 sq ft freehold store in Staines, London in July and 72,000 sq ft freehold store in Queensbury, London on 28 October. • Acquired freehold property in Coventry and exchanged contract to acquire freehold prop
Slide 6: Operations
OPERATIONS BIG YELLOW GROUP Queensbury, London, October 2025 HALF YEAR RESULTS OPERATIONS 66
Slide 7: Operations Update
Operations Update BIG YELLOW GROUP HALF YEAR RESULTS • Like-for-like store operating costs down 2% compared to the same period last year. • Store EBITDA margin increased to 71.1% from 69.3% for the same period last year. • Continued improvement in automation resulting in improved efficiency and prod
Slide 8: Monthly Activity
Monthly Activity BIG YELLOW GROUP HALF YEAR RESULTS OPERATIONS • April and May impacted by macroeconomic uncertainty and acceleration of housing related demand into March 2025 prior to stamp duty changes. • Trading stabilised from July onwards, in line with improvements in the housing market. In qua
Slide 9: Rental Growth Analysis
Rental Growth Analysis BIG YELLOW GROUP HALF YEAR RESULTS NET RENT PER SQ FT GROWTH NET RENT PER SQ FT GROWTH AVERAGE OCCUPANCY FROM FROM IN THE SIX MONTHS 1 APRIL TO 30 SEPTEMBER 2025 1 APRIL TO 30 SEPTEMBER 2024 75% to 85% 2.9% 1.6% 85% to 90% 3.4% 4.1% OPERATIONS Above 90% 4.0% 5.0% • Table shows
Slide 10: Financial Review
FINANCIAL REVIEW Harrow, London, September 2022
Slide 11: Store Operating Expenses
Store Operating Expenses BIG YELLOW GROUP HALF YEAR RESULTS PERIOD PERIOD % OF STORE ENDED ENDED OPERATING • Pre non-recurring items, store operating costs have decreased by 2%. CATEGORY CHANGE 30.09.25 30.09.24 COSTS IN • Cost of sales reduced from lower packing material sales and lower £000 £000 P
Slide 12: Consolidated Income Statement
Consolidated Income Statement BIG YELLOW GROUP HALF YEAR RESULTS SIX MONTHS SIX MONTHS ENDED ENDED 30.09.25 30.09.24 £000 £000 Revenue 105.1 103.0 • Revenue up 2%, driven by an increase in average achieved net rent, offset by decline in average occupancy. Cost of sales (31.1) (32.1) FINANCIAL Admin
Slide 13: Adjusted PBT Bridge
Adjusted PBT Bridge BIG YELLOW GROUP HALF YEAR RESULTS FINANCIAL APPENDIX REVIEW Non-recurring items, gains on non-current assets and revaluation movements are not included in adjusted profit 13 13
Slide 14: Cash Flow and Net Debt Movement
Cash Flow and Net Debt Movement BIG YELLOW GROUP HALF YEAR RESULTS 30.09.25 30.09.24 £m £m Opening net debt (388.7) (385.4) Cash generated from operations 68.6 65.5 • Operating cash flow after net finance costs and pre-working FINANCIAL Net finance costs (10.8) (11.4) capital movements increased by
Slide 15: Capital Structure
Capital Structure BIG YELLOW GROUP HALF YEAR RESULTS Debt has increased with investment in new stores but remains at relatively low levels. 30.09.25 30.09.24 FINANCIAL Net debt to gross property assets 14% 12% APPENDIX Net debt to adjusted net assets 16% 13% REVIEW Net debt to market capitalization
Slide 16: Valuations and NAV per share
Valuations and NAV per share BIG YELLOW GROUP HALF YEAR RESULTS Revaluation Value 30 September Historic cost 30 Total revaluation 30 movement in period 2025 September 2025 September 2025 £m £m £m £m Investment property 11.3 2,839.9 1,131.7 1,708.2 Investment property under construction 4.1 233.8 260
Slide 17: Debt Facilities
Debt Facilities BIG YELLOW GROUP HALF YEAR RESULTS AVERAGE 30.09.25 DEBT EXPIRY FACILITY INTEREST DRAWN COST Aviva loan September 2028 £150.7m £150.7m 3.3% FINANCIAL M&G loan (£35 million fixed at 4.5%, £85 September 2029 £120m £120m 6.1% million floating) APPENDIX Revolving bank facility (Lloyds, H
Slide 18: Property Review
PROPERTY REVIEW Staples Corner, Summer 2026 18
Slide 19: New Site Development
New Site Development BIG YELLOW GROUP HALF YEAR RESULTS • Opening of 70,000 sq ft freehold store in Staines (London) in July and 72,000 sq ft freehold store in Queensbury (London) in October. • Acquired a site in Coventry in April to develop a 58,000 sq ft store and exchanged contracts to acquire a
Slide 20: Development Pipeline with Planning
Development Pipeline with Planning BIG YELLOW GROUP HALF YEAR RESULTS ANTICIPATED CAPACITY SITE PROMINENT LOCATION STATUS SQ FT Construction commenced with a view to opening in Slough Bath Road 94,000 February 2026. PROPERTY REVIEW Construction commenced with a view to opening in Wembley, Towers Bus
Slide 21: Development Pipeline with Planning
Development Pipeline with Planning BIG YELLOW GROUP HALF YEAR RESULTS ANTICIPATED CAPACITY SITE PROMINENT LOCATION STATUS SQ FT Wapping, The Highway, adjacent Construction commenced with store opening in Additional London to existing Big Yellow. late 2026. 95,000 PROPERTY REVIEW West Kensington, Dem
Slide 22: Current Development Pipeline without Planning
Current Development Pipeline without Planning BIG YELLOW GROUP HALF YEAR RESULTS ANTICIPATED CAPACITY SITE PROMINENT LOCATION STATUS SQ FT Site acquired in June 2022. Planning PROPERTY REVIEW Old Kent Road, London Old Kent Road application submitted in October 2023, 79,000 decision expected early 20
Slide 23: Summary
Summary BIG YELLOW GROUP HALF YEAR RESULTS • We will continue to innovate and invest in our people and culture, our brands, operating platform and sustainability. • We are building out our pipeline which is an important driver of external growth over the medium term. • We have an opportunity to addi
Slide 24: Appendix
APPENDIX Slough, July 2024
Slide 25: Our Investment Case
Our Investment Case BIG YELLOW GROUP HALF YEAR RESULTS • Resilient through the global financial crisis, the pandemic and the recent energy crisis • Flexible contract allows rental growth in an inflationary environment as demonstrated in last three years ATTRACTIVE MARKET DYNAMICS • Structural unders
Slide 26: Our Portfolio
Our Portfolio BIG YELLOW GROUP HALF YEAR RESULTS KEY 87 Big Yellow stores (49 in London) 13 Big Yellow stores under development (8 in London) 24 Armadillo stores (1 in London) Outside London 66 65 stores and sites London 58 stores and sites APPENDIX 26 26
Slide 27: Portfolio Summary Commentary
Portfolio Summary Commentary BIG YELLOW GROUP HALF YEAR RESULTS • Occupancy loss in the period of 28,000 sq ft (2024: gain of 139,000 sq ft). • Closing net rent up 4% to £36.10 compared to 30 September 2024, average rate up 4%. APPENDIX • Like-for-like store revenue up 2%. • Store EBITDA margin 71.1
Slide 28: Portfolio Summary
Portfolio Summary BIG YELLOW GROUP HALF YEAR RESULTS SEPTEMBER 2025 SEPTEMBER 2024 BIG YELLOW BIG YELLOW BIG YELLOW BIG YELLOW ARMADILLO TOTAL ARMADILLO TOTAL SAME STORE LEASE-UP SAME STORE LEASE-UP Number of stores 77 9 24 110 77 8 24 109 At 30 September: Total capacity (Sq ft) 4,865,000 623,000 1,
Slide 29: Sustainability Update
Sustainability Update BIG YELLOW GROUP HALF YEAR RESULTS • We now have our Science-Based Targets (“SBTs”) fully verified; In FY25 we made a 37% reduction against our baseline for our Scope 1 & 2 target. • A total of 82 stores currently have solar on their roofs. The revenue generated in the year to
Slide 30: Sustainability Strategy update
Sustainability Strategy update BIG YELLOW GROUP HALF YEAR RESULTS • We have expanded out strategy to encompass the three key pillars we believe are pivotal to maintaining a resilient and responsible business. • Our strategy now reflects our commitment to reducing our environmental footprint, enhanci
Slide 31: Science-Based Targets
Science-Based Targets BIG YELLOW GROUP HALF YEAR RESULTS • Our Science-Based Targets are fully verified. These are as follows: − Big Yellow commits to reduce absolute Scope 1 and 2 GHG emissions 70% by FYE2032 from a FY2019-20 base year. − Big Yellow also commits to reduce Scope 3 GHG emissions from
Slide 32: SBT Trajectories and Actions
SBT Trajectories and Actions BIG YELLOW GROUP HALF YEAR RESULTS SBT absolute Scope 1&2 trajectory 3500 Scope 1&2 3000 • We are tracking ahead of our 2032 2500 target. With a 37% reduction for our Emissions (tCO2e) 2000 baseline at the end of 2025. 1500 • A new energy efficiency project is being pilo
Slide 33: Social
Social BIG YELLOW GROUP HALF YEAR RESULTS • 7 successful 12-week work placements through our charity partners: − Back Up Trust – Watford − Working Chance – Slough − St Giles Trust – Finchley North − St Giles Trust – Camberwell (Potentially permanent position – subject to interview ) − St Giles Trust
Slide 34: Social Marketing
Social Marketing BIG YELLOW GROUP HALF YEAR RESULTS Successful marketing engagement with our Charity Partners APPENDIX 34 34
Slide 35: Governance, ESG Investor Benchmarks, Standards and Campaigns
Governance, ESG Investor Benchmarks, Standards and Campaigns BIG YELLOW GROUP HALF YEAR RESULTS BENCHMARKS AND STANDARDS CDP (Carbon Disclosure Project) • Big Yellow participated since 2012. CAMPAIGNS • Big Yellow awarded a B in 2025 and inclusion to the A-List Supplier Engagement • Official support
Slide 36: Marketing and Sales Update
Marketing and Sales Update BIG YELLOW GROUP HALF YEAR RESULTS • Continued investment in digital to drive prospect growth – key to our success with over 90% of prospects online, 66% of visits from mobile devices. • Big Yellow has market-leading brand awareness four times higher than the next nearest
Slide 37: The Importance of the Brand
The Importance of the Brand BIG YELLOW GROUP HALF YEAR RESULTS • Self-storage is a consumer-facing business for both domestic and small business markets. • Done right, brand sits at the heart of a business and drives its performance. • Self-storage is an immature market with 55% first time users – t
Slide 38: Research of Brand and Market Awareness
Research of Brand and Market Awareness BIG YELLOW GROUP HALF YEAR RESULTS UNPROMPTED BRAND AWARENESS • Big Yellow commissioned YouGov survey in May 2024. • Measures unprompted brand awareness. • 5,101 adults sampled. • Statistically selected and weighted sample that represents a APPENDIX sample of t
Slide 39: Reasons for Using Self Storage
Reasons for Using Self Storage BIG YELLOW GROUP HALF YEAR RESULTS % of customer numbers by type Reasons people used our storage who moved-in during the year 81% Travelling Domestic 81% Student storage 19% Business 19% Other Residential Rental Sector % of store space occupied by customer type APPENDI
Slide 40: Customer Average Length of Stay
Customer Average Length of Stay BIG YELLOW GROUP HALF YEAR RESULTS AS AT NUMBER OF MONTHS 30/09/2025 LEASE UP SAME ARMADILLO ALL STORES ALL STORES BIG YELLOW BIG YELLOW 30/09/2024 No of Stores 9 77 24 110 109 Business Existing 19.2 39.6 41.9 37.7 36.7 APPENDIX Vacated 8.0 12.9 15.8 13.2 12.9 Total 1
Slide 41: Track Record Since 2007-8
Track Record Since 2007-8 BIG YELLOW GROUP HALF YEAR RESULTS Occupancy and average rate Revenue (£m) 90% £36.00 250 80% £34.00 70% 200 £32.00 60% 50% £30.00 150 CAGR - 8% 40% £28.00 30% 100 £26.00 20% 10% £24.00 50 0% £22.00 APPENDIX 0 Occupancy (%) Average net rent (£ per sq ft) Adjusted eps (pence
Slide 42: Big Yellow Relative TSR Performance
Big Yellow Relative TSR Performance BIG YELLOW GROUP HALF YEAR RESULTS Big Yellow FTSE All Share FTSE 350 RE 3,000 2,500 2,000 APPENDIX 1728.7% (12.1% p.a.) 1,500 1,000 500 309.3% (5.7% p.a.) 181.9% (4.2% p.a.) 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: Datastream as
Slide 43: Big Yellow Portfolio
Queensbury, October 2025 MLA -72,000 sq # x jin: Harrow, September 2022 MLA ~82,000 sq ft Uxbridge, June 2021 Battersea, November 2020 MLA -53,0005q # MLA -69,000 sq f Kingston North, Soptember 2022 MLA ~56,000sqft Bracknell, September 2020 MLA - sqft ru Aberdeen, June 2022 MLA ~54,000sq Camberwell,
Slide 44: Big Yellow Portfolio
ine. Guildford Central,March 2018 Twickenham 2, April 2016 Nine Elms, April 2016 Cambridge, January 2016 Enfield, April 2015 Chester, February 2015 MLA =55,000sq MLA -22,0005q 4 MLA -64,000 sq ft MLA ~60,00059 MLA - 63,0059 MLA ~68,0005q # Oxford 2, July 2014 Gypsy Corner, April 2014 Chiswick, April
Slide 45: Big Yellow Portfolio
= a | i = i Recewue fa onl = ur Sheffield Hillsborough, Kennington, May 2008 Merton, March 2008 Fulham, March 2008 Balham, March 2008 Barking, November 2007 October 2008MLA -63,000sq% MLA-66,000sq tt MLA -80,0005q MLA ~ 137,000 sq MLA - 61,000 sq ft MLA ~64,000sq t Ealing Southall, November 2007 Sut
Slide 46: Big Yellow Portfolio
eet rie Finchley North, March 2003 MLA -62,000eqf it New Malden, May 2002 MLA - 81,000 sq tt Dagenham, July 2001 MLA 51,000 sq a) Milton Keynes, September 2000 MLA - 60,000 sq MLA -37,0005q & Wandsworth, April 2001 MLA -71,000 sq tt Cheltenham, April 2000 MLA =50,000 sq ft L = 4 West Norwood, Januar
Slide 47: Armadillo Portfolio
ee (kad a | 5 4 Canterbury Daventry Derby Dundee MLA - 35,00 MLA - 35,000 sa ft MLA - 43,000 sq ft MLA- 39.000 MLA - 34,000 sa ft Liverpool Bootle Liverpool South Macclesfield MLA- 3,000 000 sx MLA - 63,000 sq ft Peterborough Plymouth Sheffield Parkway Sheffield West Bar MLA - 50,000 sq ft cd MLA -
Slide 48: Disclaimer
Disclaimer BIG YELLOW GROUP HALF YEAR RESULTS This presentation contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking in nature and are subject to risks and uncertainties. Actual future results may differ materi