Self Storage Group ASA

First quarter 2022

10 May 2022

FINANCIALS Q1 2022

GROUP HIGHLIGHTS Q1 2022

The first quarter continued the strong and positive development for the company with solid organic revenue- and EBITDAgrowth, development of new facilities and acquisition of new properties. Demand is strong and occupancy for mature facilities is close to target level, despite the expected slower winter-season. The company has a strong pipeline and a solid foundation for further profitable growth and expansion in the Nordics.

Revenues of NOK 92.0 million, up 20% from NOK 76.7 million in Q1 2021
Adjusted EBITDA of NOK 51.0 million, up 13% from NOK 45.1 million in Q1 2021
Change in fair value of freehold investment property of NOK 6.1 million compared to NOK 16.3 million in Q1 2021 related to new properties acquired in the quarter
Adjusted profit before tax of NOK 56.2 million, up from NOK 54.1 million in Q1 2021
Average occupancy for sites with more than 12 months of operation of 88.8% (85.6%) and close to SSG's target of 90% with an average rent per m² of NOK 2 322 per year (NOK 2 277)
Acquisition of six properties in Norway in the quarter
Opening of 4 400 m² CLA and following plan of 15 000+ m² CLA in 2022

KEY PERFORMANCE INDICATORS – FIRST QUARTER 2022

	Facilities 31.03.	CLA 31.03.	Mature CLA Q1	Occupancy Q1	Average rent Q1
2022	129	176 200 m2	162 700 m2	88.8%*	2 322 NOK pr m2 *
2021	116	149 400 m2	140 400 m2	85.6%*	2 277 NOK pr m2 *
	+13	+26 800 m2	+22 300 m2	+3.2*	+45 NOK pr m2*

Performance Like-for-Like (L-f-L) facilities with comparable m² in Q1 22 and Q1 22**

* Average occupancy and rent price pr m² for the quarter for all sites with more than 12 months of operation, expansions are included

DEVELOPMENT IN CAPACITY, OCCUPANCY AND RENT

Demand is strong and occupancy has remained at high levels across all segments despite winter-season with lower move-in and move-out rates
Average rent has increased in OKM and in CSS Sweden and CSS Denmark in constant exchange rate comparison 3) , but decreased in CSS N due to expansions of lettable area during the year on facilities already opened, and more use of discounts to fill up new capacity

1) Average occupancy and rent per m2 per year for sites with more than 12 months of operation in NOK, expansions are included

2) Like-for-like=Facilities with same CLA in Q1 22 as in Q1 21 +/- 50 m2

3) Exchange rate for Q1 2022 applied for average rent in Q1 2021 for CSS Sweden and CSS Denmark

KEY FIGURES – FIRST QUARTER 2022

(NOK million)

KEY FIGURES Q1

			Q1 22 change
	Q1 22	Q1 21	Q1 21
Revenue	92.0	76.7	+15.3
Lease expenses	-3.8	-2.2	-1.5
Property-related expenses	-14.6	-11.1	-3.5
Salary and other employee benefits	-12.8	-10.8	-2.0
Other operating expenses1)	-9.7	-7.4	-2.4
Adjusted EBITDA	51.0	45.1	+5.9
Adjusted EBITDA-margin	55.5%	58.8%

Revenue up 20% since Q1 2021, NOK 5.6 million is related to DPK acquired in April 2021
Two long-term leases now classified as short-term impacts leases expense
Property related costs impacted by extreme power prices and increased costs to heating and electricity compared to Q1 2021
NOK 0.9 million of the increase in salary and other employee benefits is related to employees in DPK, while the remainder of NOK 1.1 million is related to new central positions and annual wage increases
Increased focus on planned maintenance, branding and organizational development to level up the scalable platform for future growth impacts other operating expenses

KEY FIGURES1) – Q1 2022

(NOK million)

P&L	Q1 22	Operational change	Q1 21	FY 21
Revenue	92.0	+15.3	76.7	346.1
Total operating costs	-41.0	-8.2	-32.7	-143.2
Adjustments2)	0.0	-1.2	1.2	3.4
Adjusted EBITDA	51.0	+5.9	45.1	206.3
Adjusted EBIT	46.2	+4.4	41.9	189.5
Change in fair value of inv. property	6.1	-10.2	16.3	320.0
Change in fair value of lease property	-12.4	-2.9	-9.5	-46.4
Net finance	16.2	+10.7	5.5	-19.1
Adjusted Pre-tax profit	56.2	+2.1	54.1	444.0
Adjusted Net profit	46.7	+2.0	44.7	351.3
area (thousands m2 Current lettable )	176.2	+26.8	149.4	171.8
Lettable area under development (thousands m2 )	38.1	+3.7	34.4	34.9
Cash flows
Net cash flows from operating activities	35.0	+5.3	29.7	174.3
Net cash flows from investing activities	-60.8	+244.7	-305.5	-685.3
Net cash flows from financing activities	-34.3	-325.8	291.6	479.8
Cash and cash equivalents at beginning of the period	214.7	-32.1	246.8	246.8
Cash and cash equivalents at end of the period	154.0	-107.7	261.7	214.7

Balance sheet	31 Mar 22	31 Dec 21
ASSETS
Freehold investment property	2 481.5	2 422.4
Leasehold investment property	454.0	444.3
Property, plant and equipment	171.9	162.6
Goodwill	187.4	187.3
Financial instruments	36.5	14.2
Other non-current assets	1.0	1.3
Total non-current assets	3 332.3	3 232.0
Other current assets	42.9	44.7
Cash and bank deposits	154.0	214.7
Total current assets	196.9	259.4
TOTAL ASSETS	3 529.2	3 491.4
EQUITY AND LIABILITIES
Total equity	1 840.2	1 803.9
Long-term interest-bearing debt	879.8	892.6
Long-term obligations under finance leases	434.4	422.5
Deferred tax liabilities	203.7	196.7
Other non-current liabilities	0.4	0.3
Total current liabilities	170.7	175.4
Total liabilities	1 688.9	1 687.5
TOTAL EQUITY AND LIABILITIES	3 529.2	3 491.4

1) Unaudited figures for 2022

2) Adjusted for non-recurring items of NOK 0 million in Q1 2022, NOK -1.2 million in Q1 2021 and NOK -3.4 million FY 2021

STEADY GROWTH IN SHARE OF FREEHOLD PORTFOLIO

DEVELOPMENT IN SHARE OF FREEHOLD FACILITIES SHARE OF FREEHOLD FACILITIES PER CONCEPT

SSG's strategy is to expand its freehold facility base
54% of current lettable area in operation at the end of March 2022 was freehold
Freehold m² has increased by 5% during the quarter
SSG plans to accelerate growth and open 15 000+ m² freehold facilities during 2022

31.03.2022 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	95 200	38 000	133 200
Leased facilities	81 000	100	81 100
SUM	176 200	38 100	214 300

FREEHOLD INVESTMENT PROPERTY AS OF 31.03.2022

180 600 m²gross area freehold property + 19 500 m²gross area land for containers
Approximately 65-70% of gross area is utilized as lettable area
Intra group lease agreements at commercial terms
External valuations conducted once a year with quarterly assessment of indications of change and upon acquisition of new property ³³⁹⁵²⁵

Freehold portfolio Total freehold property of 2 482 MNOK

3% 4% 5% 6% 7% 8% 0 20 000 40 000 60 000 80 000 Yield Gross area m2 Gross area pr region and yield1) as of 31.12.21

Southern Norway

Western Norway

Total gross area (m2) 2020 Total gross area (m2) 2021 Yield 2020 Yield 2021

Trøndelag and Northern Norway

Denmark

Development change in fair value over P&L

Eastern Norway ex Oslo and earlier Akershus

Oslo and earlier Akershus

CURRENT LETTABLE AREA OF 176 200 M²AS OF 31.3.2022 – 38 100 M² IN PIPELINE

38 100 M² IN POTENTIAL LETTABLE AREA

The potential m²is mainly in freehold facilities in Norway
Rent income from expiring lease contracts from 10 000 m²of the 38 100 m²not yet built into self-storage units
Plan to open 15 000+ m²during 2022 (organic)

Area with other rentals	9 900	100	10 000
Sum	31 500	6 600	38 100
Expansions	22 700	1 900	24 600
New facilities	8 800	4 700	13 500
	CSS	OKM	Total SSG

Current lettable area pr region2) Lettable area under development1)

REVENUE DYNAMICS Q1 2022

1) Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK

STRONG LINK BETWEEN REVENUE GROWTH AND ABSOLUTE GROWTH IN PRE TAX FREE CASH FLOW

High cash conversion business

BUSINESS DEVELOPMENT Q1 2022

UNTAPPED POTENTIAL FOR SELF STORAGE IN SCANDINAVIA

Scandinavia lagging in terms of self storage space per capita (sq.m.)

Significant untapped potential in the Scandinavian countries
Awareness of self storage is still low in Scandinavia
The self storage market is growing across all of Europe
Urbanization is driving growth
New building standards in Norway require less storage space

THE SCANDINAVIAN SELF STORAGE MARKET AT A GLANCE

Source: Company information and FEDESSA European Self Storage Survey 2021 as of June 2021

SSG CONSISTS OF TWO DISTINCT BUSINESS CONCEPTS

City Self-Storage OK Minilager

High-end brand providing self-storage rental and ancillary products and services in Scandinavia's larger cities

501) temperate storage facilities across Scandinavia
One of the leading self-storage providers in the Scandinavian market
Located in Greater-Oslo, Stavanger, Trondheim, Stockholm, Copenhagen and the Jutland area in Denmark
109 400 m² CLA (49 600 m² is freehold)
1) As of 31 March 2022
2) According to revenue
791) facilities located across Norway
50 temperate storage facilities and 29 drive-in storage facilities
2 nd largest player in Norway, behind CSS²
Self service, open 24 hr/day and 7 days a week
66 800 m² CLA (45 600 m² is freehold)

A LARGE, DIVERSIFIED AND INCREASINGLY LOYAL CUSTOMER BASE SECURING STABLE INCOME STREAMS

Refurbishment
Archived records
Last mile storage
Other
Refurbishment
Downsizing
Need for additional storage
Student storage
Other
1) The numbers are approximate
2) Average rental time is longer than 12 months as customers who have not yet terminated the lease is not included in the average
3) The data is based on customer surveys on selected facilities 4) The Trustscore is an average for City Self Storage and OK Minilager

A DIGITAL CUSTOMER JOURNEY

SSG's digital business model is highly scalable
A new website with new branding was launched for City Self Storage Norway in Q4 2021
A new and fully automated online booking platform with e-signing (BankID) and integrated credit check
App-based access system
Self-Service portal and Omni-channel service
Webshop for moving and storage products
A new website with new branding will be launched for OK Minilager in Q2 2022
SSG will continue to innovate with leading IT-systems

ACQUISISTIONS IN THE FOURTH QUARTER

Acquisition of 6 new properties with a CLA potential of 6 980 m²

Facility	Description	Total CLA Potential	Expected opening
Harstad Nesseveien 2B	Located in Harstad, the 2nd largest city in Troms & Finmark. SSG´s first facility in the city	680 m2	Q3 2022
Halden Sørliveien 84	The property is a section in the same building where SSG owns and operates an existing facility. The acquired property has an existing tenant	1 400 m2	Not decided
Kristiansand-Kartheia Kartheia 5	The property is located in Kartheia, close to the city center of Kristiansand	550 m2	Q3 2022
Vennesla Lundevegen 10	The property is located in Vennesla, 20 minutes from Kristiansand	800 m2	Q3 2022
Trondheim-Fossegrenda Nordslettvegen 4 B/C	The property is located in Fossegrenda, just south of Trondheim City center	1 550 m2	Q3 2022 (1)
Sarpsborg-Kampenes Kampenesmosen	Development land plot located east of Sarpsborg city centre, close to road 22.	2 000 m2	Q2 2023

DEVELOPMENT PIPELINE

Selected conversion/expansion projects

Facility	Location	Status	Total CLA Potential	CLA in operation	Remaining CLA potential1
Oslo Hovfaret 11	Located at Skøyen, an attractive commercial hub with a significant catchment area	Self storage fit-out is constructed on 4 floors of this 6-floor building. Last phase is planned to open during Q2 2022	3 300 m2	1 850 m2	1 450 m2
Oslo Persveien 28	Highly-visible property in a larger development area	Estimated to open at the end of 2022	2 500 m2	N/A	2 500 m2
Oslo General Birchs gate 16	Close to the city centre of Oslo with a significant catchment area	Planning to convert parking space into self storage has started. Conversion will be done in phases	8 100 m2	4 300 m2	3 800 m2 (1)
Asker Billingstadsletta 91	Neighbouring property to our existing facility at Nesbru in Asker	Planning and zoning has started. Estimated to open first phase in Q4 2022	3 150 m2	N/A	3 150 m2 (1)
Stavanger Petroleumsveien 8	Neighbouring property to our existing facility at Forus in Stavanger	The CLA is planned to open in Q2 2022	1 700 m2	N/A	1 700 m2

DEVELOPMENT PIPELINE

Greenfield development projects

Facility	Location	Status	Potential total CLA
Skien Rødmyrjordet 3	Central location at Rødmyr, a larger commercial area in Grenland	Building permission received. The facility is projected to open in Q2 2023	3 100 m2 (1)
Kristiansand Travparkveien	Located in Sørlandsparken, one of the largest commercial areas in Norway. Close to highway E 18.	The building permission process will start in Q2 2022. The facility is projected to open in 2023	2 400 m2
Sarpsborg Kampenesmosen	Located east of Sarpsborg city centre, close to road 22.	The building permission process will start in Q2 2022. The facility is projected to open in Q2 2023	2 000 m2
Knarvik Rosslandsvegen	Located in Knarvik, 30 minutes north of Bergen	The building permission process is initiated. The facility is projected to open in first half of 2023	1 100 m2

PERSVEIEN 28

Conversion of an office building into a modern self-storage facility

A new façade with eco-friendly materials will be constructed on the outside of the the existing façade, protecting the existing façade and resulting in reduced waste
New BlueProof roof system which is good for the environment, as it is both sustainable and contribute to flood protection
The facility is projected to open at the end of 2022 with a total CLA of 2 500 m²

SSG IS WELL POSITIONED IN AN INFLATIONARY ENVIROMENT

Benefits in the business model and the large install base

SSG´s rent levels are positioned to outpace cost inflation
A high margin business model cost inflation is less material than the benefit to the top line
Some construction / input cost sensitivity on new developments
SSG has implemented several cost saving measures on projects to partially offset delays and increased cost of fit-out
New developments, while still a significant growth driver, are only a fraction of overall business given large install base
Fit out costs where we're seeing the largest effects from inflation, have only a small impact on new project costs (ie 10- 15% of total project budget)

A SUSTAINABLE BUSINESS MODEL

SSG has a low carbon footprint – but there is still room for improvement

Greenhouse gas emissions	GHG emissions intensity	2021
GHG Scope 1 Emissions (annual tonnes CO2e)	Direct	54.1
GHG Scope 2 Emissions (annual tonnes CO2e)	Indirect/location based	84.3
GHG Scope 3 Emissions (annual tonnes CO2e)	Indirect	8.1
GHG Scope 1 and 2 location based (kg CO2e /CLA /year)		0.8

We aim to be part of the circular economy: we enable our customers to take care of their belongings instead of throwing and later buy new, thus reducing consumption
SSG converts vacant buildings into self-storage, extending the buildings life
Our greenfield projects are built according to strict Nordic building regulations
SSG has limited energy-consumption with a focus on reducing the use of electricity per square meter even further, and most of the electricity used by SSG is from electricity documented 100% renewable with 0 CO² emission
We have a focus on working conditions for our employees, customers and other stakeholders
We offer rental products for the moving process, reducing the need for each customer to acquire equipment when they are moving and storing

SSG HAS A STRONG PLATFORM FOR FUTURE GROWTH

THE MANAGEMENT TEAM

SSG has strengthened the management team with two new recruitments

SSG has a scalable platform for further growth
We continue to make investments in IT and marketing, to utilize our scale
Two new positions were recruited in the 2nd half of 2021: Chief Marketing Officer (CMO) and CIO (Chief Information Officer)
The SSG´s management group now consist of six members
An experienced team with a proven track-record in the Scandinavian markets
Founder-led company with an entrepreneurial mindset

STRATEGIC SUMMARY

Grow our freehold portfolio in selected urban markets
Focus on the larger urban areas in Norway
Occupancy target of 90%
Investments in CRM, automation and digital platforms
Continue to include sustainability as an integrated part of the business
Creating great customer experience
Lean operations and self-service
Intention to continue to grow organically in Sweden and Denmark
Looking to selectively acquire existing self-storage providers across the Nordics

Disclaimer

The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Self Storage Group ASA ("the company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which Self Storage Group is or will be operating, counterpart risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to the Annual Report for 2021 for Self Storage Group and updated risk evaluation in the interim report for Q1 2022. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Self Storage Group disclaims any and all liability in this respect.