Self Storage Group — Interim / Quarterly Report 2021

May 11, 2021

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Self Storage Group ASA

First quarter 2021

11 May 2021

FINANCIALS Q1 2021

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GROUP HIGHLIGHTS – FIRST QUARTER 2021

Q1 2021 was another strong quarter with solid organic revenue- and EBITDA-growth, development of new facilities and acquisition of new properties. SSG experienced limited business impact from the COVID-19 situation, demonstrating the resilience and robustness of the business-model, and has a solid platform for further profitable growth and expansion.

• All time high revenues of NOK 76.7 million, up from NOK 70.8 million in Q1 2020
• Adjusted EBITDA¹ of NOK 45.1 million, up from NOK 41.5 million in Q1 2020
• Adjusted profit before tax of NOK 54.1 million, up from NOK 19.2 million in Q1 2020
• Strong demand with average occupancy for sites with more than 12 months of operation of 85.6% (81.6%) and average rent per m² of NOK 2 277 per year (NOK 2 303)
• Acquisition of two properties in Oslo and Sandnes
• Total value of freehold investment property of NOK 1 771 million, up from NOK 1 457 million end of December 2020
• Strong cash position of NOK 261.7 million, up from NOK 246.8 million end of December 2020
• Entered into an agreement to acquire Dit Pulterkammer Holding A/S, a Danish regional selfstorage operator with five facilities. The transaction was closed 14 April 2021 subsequent to the quarter

1) Adjusted for non-recurring costs of NOK 1.2 million in Q1 2021 and NOK 1.5 million in Q1 2020

KEY PERFORMANCE INDICATORS – FIRST QUARTER 2021

	CLA	Facilities	Occupancy	Average rent
Q1 2021	149 400 m2	116	85.6%*	2 277 NOK pr m2 *
Q1 2020	140 300 m2	113	81.6%*	2 303 NOK pr m2 *
	+9 100 m2	+3	+4.0*	-26 NOK pr m2*

Performance of facilities with comparable m2 in Q1 21 and Q1 20** -38 +5.3
Like-for-like	108 700 m2	91	87.3%	2 361 NOK pr m2

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

DEVELOPMENT IN CAPACITY, OCCUPANCY AND RENT

Occupancy for facilities Like-for-Like2) was 87.3% in Q1-21 compared to 82.0% in Q1-20 Average rent pr m²per year for facilities Like-for-Like2) was NOK 2 361 in Q1-21 compared to NOK 2 399 in Q1-20

AVERAGE OCCUPANCY1) AND RENT1) CURRENT LETTABLE AREA

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Expansions of lettable area during the year on facilities already opened, and longer filling-up phase than 12 months for some large facilities impact average occupancy

• 1) Average occupancy and rent per m² for sites with more than 12 months of operation in NOK, expansions are included
• 2) Facilities with same CLA in Q1 21 as in Q1 20 +/- 50 m²

KEY FIGURES – FIRST QUARTER 2021

(NOK million)

KEY FIGURES

	Q1 21	Q1 20	Q1 21 change Q1 20	FY 2020
Revenue	76.7	70.8	+5.9	293.3
Lease expenses	-2.2	-3.0	+0.7	-9.4
Property-related expenses	-11.1	-8.1	-3.1	-36.1
Salary and other employee benefits	-10.8	-11.0	+0.2	-40.2
Other operating expenses	-8.5	-8.7	+0.2	-32.1
EBITDA	44.0	40.0	+3.9	175.4
Adjustments1)	1.2	1.5	-0.3	1.7
Adjusted EBITDA	45.1	41.5	+3.6	177.1
Adjusted EBITDA-margin	58.8%	58.6%	62.2%	60.4%

Adjusted EBITDA development Q1 2020 vs Q1 2021

KEY FIGURES1) – Q1 2021

(NOK million)

P&L	Q1 21	Operational change	Q1 20	FY 20
Revenue	76.7	+5.9	70.8	293.3
costs2) Total operating	-31.6	-2.2	-29.3	-116.2
Adjusted EBITDA	45.1	+3.6	41.5	177.1
Adjusted EBIT	41.9	+3.5	38.4	162.7
Change in fair value of inv. property	16.3	+10.6	5.7	92.9
Change in fair value of lease property	-9.5	+5.9	-15.4	-63.0
Net finance	5.5	+14.9	-9.4	-45.1
Adjusted Pre-tax profit	54.1	+34.9	19.2	147.5
Adjusted Net profit	44.7	+29.0	15.7	114.3
area (thousands m2 Current lettable )	149.4	+9.1	140.3	148.2
Lettable area under development (thousands m2 )	34.4	+11.1	23.3	30.4
Cash flows
Net cash flows from operating activities	29.7	-6.8	36.6	176.6
Net cash flows from investing activities	-305.5	-244.0	-61.5	-263.8
Net cash flows from financing activities	291.6	+235.6	55.9	244.5
Cash and cash equivalents at beginning of the period	246.8	+158.7	88.1	88.1
Cash and cash equivalents at end of the period	261.7	+140.7	121.0	246.8

Balance sheet	31 Mar 21	31 Dec 20
ASSETS
Freehold investment property	1 771.1	1 456.5
Leasehold investment property	464.1	515.2
Property, plant and equipment	130.5	122.5
Goodwill	185.0	184.6
Financial instruments	3.2	0.0
Total non-current assets	2 555.5	2 280.5
Financial instruments	24.8	24.8
Other current assets	37.4	30.4
Cash and bank deposits	261.7	246.8
Total current assets	323.9	264.1
TOTAL ASSETS	2 879.3	2 582.4
EQUITY AND LIABILITIES
Total equity	1 209.2	1 177.9
Long-term interest-bearing debt	938.8	519.4
Long-term obligations under finance leases	440.8	487.9
Deferred tax liabilities	125.9	114.6
Other non-current liabilities	0.3	2.0
Total current liabilities	164.3	280.6
Total liabilities	1 670.2	1 404.6
TOTAL EQUITY AND LIABILITIES	2 879.3	2 582.4

1) Unaudited figures for 2021

2) Adjusted for non-recurring costs of NOK 1.2 million in Q1 2021, NOK 1.5 million in Q1 2020 and NOK 1.7 million FY 2020

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

• 46% of current lettable area in operation at the end of March 2021 was freehold
• Freehold m² has increased with 9% since December 2020
• 61 of a total of 116 facilities in operation (53%) were freehold as of March 2021
• SSG plans to accelerate growth and open 12 000-14 000 m² during 2021, mainly freehold

31.3.2021 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	68 800	34 000	102 800
Leased facilities	80 600	400	81 000
SUM	149 400	34 400	183 800

FREEHOLD INVESTMENT PROPERTY AS OF Q1 2021 -PROPERTY VALUE INCREASED BY 22% FROM DECEMBER 2020

• 130 700 m²gross area freehold property
• 16 000 m²gross area greenfield development properties
• 19 500 m²gross area land for containers
• Internal lease agreements at commercial terms are signed between OK Property and the operating companies in the Group
• Approximately 65-70% of gross area is utilized as lettable area
• External valuations conducted upon acquisition of new property, and once a year with quarterly assessment of indications of change

Gross area pr region and yield1) as of 31.12.20

Freehold portfolio Total freehold property of 1 771 MNOK

Development change in fair value over P&L

1) Net market rent divided on property value in full operation

CURRENT LETTABLE AREA OF 149 400 M²AS OF Q1 2021 – 34 400 M² IN PIPELINE1)

1) Potential lettable area of the option to acquire a neighbouring building at Billingstad is not included in the CPIs of Q1 2021

34 400 M² IN POTENTIAL LETTABLE AREA

• The potential m²is mainly in freehold facilities in Norway
• Rent income from expiring lease contracts from 8 700 m²of the 34 400 m²not yet built into self-storage units
• Plan to open 12 000-14 000 m²during 2021 (organic)

Area with other rentals	8 400	300	8 700
Sum	26 200	8 200	34 400
Expansions	15 000	1 200	16 200
New facilities	11 200	7 000	18 200
	CSS	OKM	Total SSG

Current lettable area pr region2) Lettable area under development1)

REVENUE DYNAMICS Q1 2021

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 2021

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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, FEDESSA European Self Storage Survey 2020

SUCCESS FACTORS IN SELF STORAGE

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

• 411) temperate storage facilities across Scandinavia
• One of the leading self-storage providers in the Scandinavian market
• Located in Greater-Oslo, Stavanger, Trondheim, Stockholm and Copenhagen
• 88 800 m² CLA (30 100 m² is freehold)

• Countrywide, discount-priced offering of self-serviced storage facilities in Norway
• 751) facilities located across Norway
• 46 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
• 60 600m² CLA (38 700 m² is freehold)

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

	Households	Businesses
for Reasons demand	▪ Moving ▪ Refurbishment ▪ Downsizing ▪ Need for additional storage ▪ Student storage ▪ Other	▪ ▪ ▪ ▪ ▪ ▪	Inventories Relocation Refurbishment Archived records Last mile 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

DEVELOPMENT PIPELINE

Greenfield development projects

Facility	Location	Status	Potential total CLA (approx.)	Expected1 opening	Concept
Oslo Breivollveien 25	Landmark location with unique visibility	Building permission received on 1st July 2020. Construction in progress.	5 000 m2	Q4 2021
Oslo Bjørnerudveien 10	Property south of Oslo with significant catchment area	Building permission received on May 7th 2020. Construction in progress.	2 400 m2	Q3 2021
Trondheim John Aaes vei 40	Highly visible property with easy access from main roads	Building permission received on June 6th 2020. Construction in progress	3 500 m2	H2 2021

Breivollveien - illustration Breivollveien - construction in progress John Aaes vei - illustration John Aaes vei - construction in progress

DEVELOPMENT PIPELINE

Selected conversion/expansion projects

Facility	Location	Status	Total CLA Potential	CLA in operation	Remaining CLA potential1	Concept
Oslo Hovfaret 11	Located at Skøyen, an attractive commercial hub with a significant catchment area	Self storage fit-out is constructed on three floors of this 6-floor building. Next phase is planned to open in 2021	3 300 m2	1 300 m2	2 000 m2
Oslo Østre Aker vei 101	Facility located alongside Østre Aker vei with great visibility and access	Self storage fit-out is constructed on one floor of this 4-floor building. Two new floors will open in Q2 2021	3 000 m2	1 000 m2	2 000 m2
Oslo Ulvenveien 28	Highly-visible property in a larger development area	Planning under progress. Estimated to open first phase during 2021	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 will start in 2021. Conversion will be done in phases.	8 100 m2	4 300 m2	3 800 m2

ACQUISITION OF ADAMSTUER GARASJER AS IN OSLO -NORWAY'S LARGEST SELF-STORAGE FACILITY

• Property with a potential lettable area of 8 100 m² , located close to the city centre of Oslo in a higher demographic area
• Significant catchment area and high entry barriers
• SSG has leased approximately half the property since 1993 and has 4 300 CLA in operation. The facility is operated under the City Self-Storage brand
• The largest self-storage facility in Norway
• Significant upside potential by converting parking space into self-storage
• The transaction has a property value of NOK 250 million, and was closed on 1 March 2021
• Expand freehold footprint in proven location

WITH THE ACQUISITION OF ADAMSTUEN WE FURTHER STRENGHTEN OUR FREEHOLD PIPELINE IN OSLO

TOTAL PIPELINE IN OSLO: 17 700 CLA

ACQUISITION OF PROPERTY IN SANDNES

• Property with a potential lettable area of 1 300 m² , located close to the city centre of Sandnes
• Easy access and visibility from highway E39
• The location is highly compatible with our existing portfolio in the region
• The facility will open during the summer of 2021
• The transaction has a property value of NOK 18 million, and was closed on 4 January 2021
• The facility will be operated under the City Self-Storage brand
• Expected yield on cost 8-9% when occupancy has reached 90% occupancy levels

SSG HAS A STRONG PLATFORM FOR FUTURE GROWTH

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 operation and self-service
• Opportunistic approach to expansion in Sweden and Denmark
• Looking to selectively acquire existing self storage providers in the Nordics Illustration of a greenfield project developed under the CSS brand

SUBSEQUENT EVENTS

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ACQUISITION OF DIT PULTERKAMMER CLOSED 14 APRIL 2021

Dit Pulterkammer acquisition

• Acquisition of regional player Dit Pulterkammer ("DPK") at DKK 102m (approx. NOK 139m[1]) and financed with SSG's existing bank facilities
• The acquisition of DPK represents a significant step to expand SSG's operations in Denmark
• The combined Danish operations of SSG and DPK will create a national player with presence in Copenhagen, Aarhus and Odense and the number two player in terms of number of facilities in Denmark.

[1] DKK : NOK of 1.3658 [2] Self storage rental revenue contributed approx. DKK 12.3m in 2020.

[3] Currently only Nettolager has a nationwide presence in Denmark.

Growing SSG into one of only two nationwide players in Denmark[3]

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ENTERING THE JUTLAND REGION AND AARHUS AREA WITH 5 STRATEGICALLY LOCATED FACILITIES

RATIONALE FOR ACQUIRING DIT PULTERKAMMER

1	▪ Growing SSG into the second largest[1] and one of only two national players in Denmark and significantly increasing SSG's freehold portfolio outside of Norway
2	▪ Significantly increasing SSG's scale in Denmark to enable further organic growth in the Danish market
3	▪ Clearly identified organic growth potential at three existing facilities at Kolding, Aarhus South and Aarhus West
4	▪ Synergy potential by integrating the Dit Pulterkammer facilities into SSG's existing Danish operations in particular on the marketing and IT side

PIPELINE INCLUDING SUBSEQUENT ACQUSITION OF DPK AND FACILITIES IN NORDRE FOLLO

• As of March 2021, SSG had 149 400 m²of current lettable area and 183 800 m²of total lettable area excl. the unexercised option to acquire a 3 150 m²facility in Billingstad
• The acquisition of Dit Pulterkammer will bring approx. 9 300 m²of current lettable area along with further expansion potential
• Together with the acquisition of a property in Nordre Follo closed subsequent to the quarter, SSG reaches over 200 000 m²in potential lettable area

1) Potential lettable area of the option to acquire a neighbouring building at Billingstad. Option must be exercised before 1.7.2021

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 2020 for Self Storage Group and updated risk evaluation in the interim report for Q1 2021. 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.

Self Storage Group ASA Karenslyst Allé 2

0278 Oslo Norway

Contact info:

Cecilie Brænd Hekneby (CFO) +47 992 93 826 cehe@selfstoragegroup.no

Appendix

SSG LISTED ON OSLO STOCK EXCHANGE SINCE 27.10.2017

	1)

Total number of shares: 84 328 584

As of 7 May 2021

Largest shareholders Share development last 12 months

Shareholder structure

1) Alta Lux Holdco S.a.r.l/Centerbridge Partners

DEVELOPMENT OCCUPANCY & AVERAGE RENT PER MONTH

Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Okt 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21

Development in occupancy*

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

2 000

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EBITDA-DEVELOPMENT

(NOK million)

BRIDGE Q1 2020-Q1 2021

PROFIT BEFORE TAX DEVELOPMENT

(NOK million)

BRIDGE Q1 2020-Q1 2021

FIRST QUARTER 2021 COMPREHENSIVE INCOME

(Amounts in NOK 1 000)	Note	Unaudited For the three months ended 31 March 2021	Unaudited For the three months ended 31 March 2020	Audited For the twelve months ended 31 December 2020
Revenue	3	76 674	70 817	293 348
Lease expenses	3,8	-2 243	-2 954	-9 432
Property-related expenses	3	-11 139	-8 083	-36 135
Salary and other employee benefits	3	-10 794	-11 007	-40 209
Depreciation		-3 249	-3 059	-14 476
Other operating expenses	3	-8 535	-8 757	-32 138
Operating profit before fair value adjustments		40 714	36 957	160 958
Change in fair value of freehold investment property	5	16 310	5 705	92 929
Change in fair value of leasehold investment property	5,8	-9 534	-15 443	-63 010
Operating profit after fair value adjustments		47 490	27 219	190 877
Finance income	9	16 848	129	2 603
Finance expense	7,8,9	-11 368	-9 577	-47 659
Profit before tax		52 970	17 771	145 821
Income tax expense		-9 185	-3 247	-32 853
Profit for the period		43 785	14 524	112 968

Profit and loss statement Comments

• Revenue for Q1 2021 was NOK 76.7 million, up from NOK 70.8 million in Q1 2020. The increase is related to the growth in lettable area and rentals
• Operating profit before fair value adjustments in Q1 2021 of NOK 40.7 million, an increase of NOK 3.8 million compared to Q1 2020. The growth in lettable area and rentals simultaneous with stable costs impact the figures.
• In total non-recurring items amounted to NOK 1.2 million in Q1 2021 and NOK 1.5 million in Q1 2020
• The fair value of investment property is based on external valuations for freehold investment property and value adjustment due to passage of time for leasehold investment property

31 MARCH 2021 – FINANCIAL POSITION

Financial position Comments

(Amounts in NOK 1 000)		Unaudited	Audited
			31 March 31 December
ASSETS		2021	2020
Non-current assets	Note
Freehold investment property	ട	1 771 135	1 456 522
Leasehold investment property	5.8	464 109	515 227
Property, plant and equipment	ു	130 483	122 477
Goodwill		184 981	184 628
Financial instruments		3229
Other intangible assets		1 537	1626
Total non-current assets		2 555 474	2 280 480
Current assets
nventories		1 616	1 611
Trade and other receivables		14 617	15 629
Financial instruments		24 750	24 750
Other current assets		21 148	13 162
Cash and bank deposits		261 724	246 804
Total current assets		323 855	301 956
TOTAL ASSETS		2 879 329	2 582 436

(Amounts in NOK 1 000)	Unaudited	Audited
		31 March 31 December
EQUITY AND LIABILITIES	2021	2020
Equity
ട് Issued share capital	8 432	8 432
Share premium	791 594	791 594
Currency translation reserve	355	12 839
Retained earnings	408 785	365 000
Total equity	1 209 166	1 177 865
LIABILITIES
Non-current liabilities
7 Non-current interest-bearing debt	938 830	519 429
7.8 Non-current lease liabilities	440 819	487 887
Other financial liabilities	310	2 018
Deferred tax liabilities	125 925	114 624
Total non-current liabilities	1505 884	1123 958
Current liabilities
7 Current interest-bearing debt	41 177	153 699
7.8 Current lease liabilities	43 852	49 216
Trade and other payables	17 421	15 777
Income tax payable	12 249	11 994
Other taxes and withholdings	5 668	5 862
Other current liabilities	43 912	44 065
Total current liabilities	164 279	280 613
Total liabilities	1 670 163	1404 571
TOTAL EQUITY AND LIABILITIES	2 879 329	2 582 436

• Total assets of NOK 2 879 million
• Freehold investment property increased with NOK 314.6 million and leasehold investment property decreased with NOK 51.1 million since 31 December 2020
• Cash and bank deposits increased with NOK 14.9 million since 31 December 2020, mainly due to net borrowings drawn up exceeding net outflow on acquisition of subsidiaries and investment property in Q1 2021
• Increased equity through result for the period
• Negative net interest-bearing debt was NOK 718.3 million in the balance as of 31 March 2021. Decreased obligations under financial lease with NOK 52.4 million due to acquisition of an existing leasehold agreement on the premises, lease payments in Q1 2021, and translation differences. The decrease is partly offset by two options assessed reasonably certain to exercise
• Equity ratio was 42% 31 March 2021

FIRST QUARTER 2021 – CASH FLOW

Condensed consolidated statement of cash flows

Comments
Operating activities
▪ Strong cash flow
▪ Invoicing of customers in advance – predictable and stable costs
Investing activities
▪ Acquisition of two properties with cash in Q1 2021
▪ Development of properties, additions to existing properties
and fit out new facilities and expansions
▪ Maintenance is posted as property cost
Financing activities
▪ Refinancing of all existing debt with a new bank facility loan
with Handelsbanken and Danske Bank amounting to NOK
984 million.
▪ Net of proceeds and repayments of borrowings amounting
to NOK 312 million
▪ Payment of lease liabilities and payments of lease classified as
interests amounting to NOK -16.8 million
SSG's cash position at the end of March 2021 was
NOK 261.7 million
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OUR HISTORY

1993 •First CSS site established in Norway, investment in "Safe	1998 •Selvaag Group entered into the business and CSS		2009 •OK Minilager was established by Gustav and Fabian Søbak	2016 •External investors invested in OK Minilager	2017 •SSG established
Mini Lager" in Sweden	expanded to Denmark			•OK Minilager acquired CSS	•Listed on OSE
	2017	2018	2019	2020	20212)
Private placements1)	100 MNOK 200 MNOK		250 MNOK
Acqusition of companies	(9 facilities)		(4 facilities)
		(4 facilities)
Acqusition of properties	10	11	8	9	2

1) Gross proceeds

2) As of March 2021