EarningsQ2 2026 Earnings Report
DE:S8V Q2 2026 EPS Results
Actual EPS€0.43
Consensus EPS€0.79
Beat/MissMissed by -€0.36
One Year Ago EPS€0.82
DE:S8V Q2 2026 Revenue Results
Actual Revenue€229.61M
Expected Revenue€230.50M
Beat/MissMissed by -€892.00K
YoY Revenue Growth+2.93%
Earnings Announcement Details
QuarterQ2 2026
Date08/12/2026
TimeBefore Open
Conference CallWednesday, August 12, 2026
DE:S8V Upcoming Earnings
Shurgard Self Storage Limited's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:S8V Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
Mixed/Neutral — the call highlighted solid structural strengths (a large secured pipeline, successful ramp‑up of acquired portfolios, strong balance sheet and liquidity, targeted capital discipline and efficiency initiatives) that support medium‑term value creation. However, operational momentum in H1 was weaker than management expected, leading to a downward revision of 2026 revenue guidance, margin pressure from higher marketing and operating costs, and a decline in adjusted EPS. Management presented concrete levers (pricing, marketing, clusterization, higher hurdle rates, financing actions) to restore trajectory, but paused medium‑term targets pending improved visibility. The positives (pipeline, balance sheet, ramp‑up contributions) are meaningful but are offset by the short‑term operational and guidance setbacks, resulting in a balanced/neutral view.Company Guidance
Revenue Acceleration in H1/Q2
Q2 revenue acceleration with all-store revenue growth of +3.6% year-over-year (Q1 +3.1%); H1 property operating revenue up +3.3% to EUR 229.6m (from EUR 222.2m). Like‑for‑like (same‑store) growth improved to +2.5% in Q2 (Q1 +2.2%).
Rented Area and Portfolio Growth
Average rented square meters increased +3.4% in H1; H1 delivered 28,000 sqm (EUR 55m investment) with ~75,000 sqm expected in H2 and a secured pipeline of ~170,000 sqm to be delivered by 2028. Additional secured 95,000 sqm (EUR 240m project cost) for 2027–2028.
Pipeline Embedded Earnings
Current pipeline for 2026–2028 expected to generate ~EUR 35m additional NOI at maturity; projects approved since Feb '26 targeted to deliver 9%–10% NOI yield at maturity (100 bps increase vs prior).
Non‑same‑store (Ramping) Contribution
Non‑same‑store pool contributed EUR 4.7m of incremental revenue in H1 and was the largest contributor to NOI growth since 2021, demonstrating ramp‑up economics are already adding to profitability.
Strong Balance Sheet and Liquidity
Investment properties valued at EUR 7.27bn (vs EUR 7.12bn YE2025). EPRA NTA per share +0.7% to EUR 53.64. Net debt EUR 1.73bn with LTV 23.7% and net debt/underlying EBITDA 6.5x; EUR 70m cash plus committed liquidity (undrawn facilities) providing ~EUR 795m availability; S&P BBB+ stable rating retained.
Corporate Actions to Support EPS and Capital Discipline
Stopped scrip dividend (all dividends 100% cash since Jan '26); increased organic project hurdle by +100bps to 9%–10% NOI yield; requirement for M&A to be EPS accretive in first full year; term loan refinancing (EUR 570m at +80bps over EURIBOR) provides financing flexibility.
Operational Efficiency Initiatives
Clusterization roll‑out largely complete (UK done early Q3, France to complete by Q4) and European sales call center rollout (completion by Oct '26) expected to deliver labor cost and conversion improvements, supporting future NOI.
Lok’nStore Portfolio Progress
Former Lok'nStore portfolio reached 110,000 sqm rented by early August (guided target) with move‑in rates continuing to grow, indicating successful integration and ramp‑up.
DE:S8V Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed