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Self Storage Group ASA

Fourth quarter 2021

15 February 2021

FINANCIALS Q4 2021

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GROUP HIGHLIGHTS Q4 2021

We continued the strong and positive development for the company in the fourth quarter with solid organic revenue- and EBITDA-growth, development of new facilities and acquisition of new properties. Q4 2021's highlights include the opening of two large greenfield projects in Oslo, and an expansion of 6 500 m2 current lettable area (CLA). Demand is strong and occupancy has exceeded target level, despite winter-season.

Revenues of NOK 90.6 million, up 19% from NOK 75.9 million in Q4 2020
EBITDA of NOK 48.6 million, up 9% from NOK 44.5 million in Q4 2020
Change in fair value of freehold investment property of NOK 302.5 million (NOK 83.4 million)
Profit before tax of NOK 330.1 million, up from NOK 93.9 million in Q4 2020
Average occupancy for sites open more than 12 months of 90.2% (85.6%) in Q4 2021 with an average rent per m² of NOK 2 269 per year (NOK 2 319)
Acquisition of two properties in Norway

1) Adjusted for non-recurring items of NOK 0 million in Q4 2021 and NOK 0.3 million in Q4 2020

GROUP HIGHLIGHTS FY 2021

All time high revenues of NOK 346.1 million, up 18% from NOK 293.3 million in 2020
All time high EBITDA of NOK 202.9 million, up 16% from NOK 175.4 million in 2020
All time high profit before tax of NOK 440.6 million, up from NOK 145.8 million in 2020
Total value of freehold investment property of NOK 2 422 million as of December 2021, up from NOK 1 457 million end of December 2020
Loan to value of freehold investment property is 39% as of end December 2021, compared to 46 % as of end December 2020

1) Adjusted for non-recurring items of NOK 3.4 million FY 2021 and NOK 1.7 million FY 2020

KEY PERFORMANCE INDICATORS – FOURTH QUARTER 2021

	CLA 30.09	Facilities 31.12	Occupancy Q4	Average rent Q4
2021	171 800 m2	128	90.2%*	2 269 NOK pr m2 *
2020	148 200 m2	116	85.6%*	2 319 NOK pr m2 *
	+23 600 m2	+12	+4.6*	-50 NOK pr m2*

Performance Like-for-Like (L-f-L) facilities with comparable m² in Q4 21 and Q4 20**

* 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

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115 200

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 Q4 21 as in Q4 20 +/- 50 m2

3) Exchange rate for 2021 applied for average rent in 2020 for CSS Sweden and CSS Denmark

KEY FIGURES – FOURTH QUARTER AND FY 2021

(NOK million)

KEY FIGURES Q4

	Q4 21	Q4 20	Q4 21 change Q4 20
Revenue	90.6	75.9	+14.7
Lease expenses	-3.9	-2.1	-1.8
Property-related expenses	-14.7	-10.6	-4.0
Salary and other employee benefits	-12.6	-10.3	-2.3
Other operating expenses1)	-11.0	-8.2	-2.8
Adjusted EBITDA	48.6	44.7	+3.8
Adjusted EBITDA-margin	53.6%	58.9%

KEY FIGURES FY

	FY 2021	FY 2020	FY 2021 change FY 2020
Revenue1)	345.6	293.3	52.2
Lease expenses	-13.3	-9.4	-3.8
Property-related expenses	-44.4	-36.1	-8.3
Salary and other employee benefits1)	-44.1	-39.7	-4.4
Other operating expenses1)	-37.5	-31.0	-6.5
Adjusted EBITDA	206.3	177.1	+29.2
Adjusted EBITDA-margin	59.6%	60.4%

1) Adjustments	Q4 2020	FY 2021	FY 2020
Revenue: release of historical liability	0.0	0.5	0.0
Other operating expenses: acquisition costs	-0.3	-3.9	-1.1
Salary and other employee benefits: severance packages	0.0	0.0	-0.5
Total adjustments	-0.3	-3.4	-1.7

• Three long-term leases now classified as short-term impacts leases expense

• Extreme power prices in Q4 2021 has tripled costs to heating and electricity compared to Q4 2020

• Focus on planned maintenance, branding and organizational development to level up the scalable platform for future growth

1) Adjusted for non-recurring costs related to acquisitions, restructuring and severance packages

KEY FIGURES1) – Q4 2021

(NOK million)

P&L	Q4 21	Operational change	Q4 20	FY 20
Revenue	90.6	+14.7	75.9	293.3
Total operating costs	-42.1	-10.6	-31.5	-117.9
Adjustments2)	0.0	-0.3	0.3	1.7
Adjusted EBITDA	48.6	+3.8	44.7	177.1
Adjusted EBIT	43.8	+2.9	41.0	162.7
Change in fair value of inv. property	302.5	+219.1	83.4	92.9
Change in fair value of lease property	-12.1	+3.4	-15.5	-63.0
Net finance	-4.1	+10.6	-14.7	-45.1
Adjusted Pre-tax profit	330.1	+235.9	94.2	147.5
Adjusted Net profit	261.3	+190.6	70.8	114.3
area (thousands m2 Current lettable )	171.8	+23.6	148.2	148.2
Lettable area under development (thousands m2 )	34.9	+4.5	30.4	30.4
Cash flows
Net cash flows from operating activities	48.3	+5.7	42.6	176.6
Net cash flows from investing activities	-45.9	+82.8	-128.7	-263.8
Net cash flows from financing activities	-139.2	-240.0	100.8	244.5
Cash and cash equivalents at beginning of the period	352.0	+119.4	232.5	88.1
Cash and cash equivalents at end of the period	214.7	-32.1	246.8	246.8

Balance sheet	31 Dec 21	31 Dec 20
ASSETS
Freehold investment property	2 422.4	1 456.5
Leasehold investment property	444.3	515.2
Property, plant and equipment	162.6	122.5
Goodwill	187.3	184.6
Other non-current assets	15.5	1.6
Total non-current assets	3 232.0	2 280.5
Financial instruments	0.0	24.8
Other current assets	44.7	30.4
Cash and bank deposits	214.7	246.8
Total current assets	259.4	264.1
TOTAL ASSETS	3 491.4	2 582.4
EQUITY AND LIABILITIES
Total equity	1 803.9	1 177.9
Long-term interest-bearing debt	892.6	519.4
Long-term obligations under finance leases	422.5	487.9
Deferred tax liabilities	196.7	114.6
Other non-current liabilities	0.3	2.0
Total current liabilities	175.4	280.6
Total liabilities	1 687.5	1 404.6
TOTAL EQUITY AND LIABILITIES	3 491.4	2 582.4

1) Unaudited figures for 2021

2) Adjusted for non-recurring items of NOK 0 million in Q4 2021, NOK -0.3 million in Q4 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
53% of current lettable area in operation at the end of December 2021 was freehold
Freehold m² has increased by 44% since December 2020
SSG plans to accelerate growth and open 15 000+ m² freehold facilities during 2022

31.12.2021 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	90 800	34 800	125 600
Leased facilities	81 000	100	81 100
SUM	171 800	34 900	206 700

FREEHOLD INVESTMENT PROPERTY AS OF 31.12.2021 -PROPERTY VALUE INCREASED BY 66% FROM DECEMBER 2020

177 300 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
Yield compression in the market, completion of development properties and annual CPI-adjustment on internal leases impact figures in Q4 2021

Gross area pr region and yield1) as of 31.12.21

Freehold portfolio Total freehold property of 2 422 MNOK

Development change in fair value over P&L

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

CURRENT LETTABLE AREA OF 171 800 M²AS OF 31.12.2021 – 34 900 M² IN PIPELINE

34 900 M² IN POTENTIAL LETTABLE AREA

The potential m²is mainly in freehold facilities in Norway
Rent income from expiring lease contracts from 8 600 m²of the 34 900 m²not yet built into self-storage units
Plan to open 15 000+ m²during 2022 (organic)

Area with other rentals	8 500	100	8 600
Sum	31 200	3 700	34 900
Expansions	22 100	1 900	24 000
New facilities	9 100	1 800	10 900
	CSS	OKM	Total SSG

Current lettable area pr region2) Lettable area under development1)

REVENUE DYNAMICS Q4 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 Q4 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 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

491) 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
105 900 m² CLA (46 300 m² is freehold)

1) As of 31 December 2021
2) According to revenue

Countrywide, discount-priced offering of selfserviced storage facilities in Norway

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
65 900 m² CLA (44 500 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

A DIGITAL CUSTOMER JOURNEY

SSG's digital business model is highly scalable
In 2021, SSG strengthened the management team with the recruitment of a CMO and CTO
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
OK Minilager and City Self Storage Norway is now on one unified CRM-platform
App-based access system
Self-Service portal and Omni-channel service
Webshop for moving and storage products
SSG will continue to innovate on leading CRM platform

ACQUISISTIONS IN THE FOURTH QUARTER

Acquisition of two new properties with a CLA potential of 1 350 m²

Facility	Location	Total CLA Potential	Estimated opening	Concept
Halden Sørliveien 84	Neighbouring property to our existing facility in Halden. With this investment we will expand an existing facility, and strengthen our position as market leader in the Østfold region.	500 m2	Q1 2022
Mo i Rana Verkstedveien 1	The property has a great location in the city of Mo i Rana, with visibility from E-6. This is SSG´s 2nd freehold investment in the county of Nordland	850 m2	Q1 2022

DEVELOPMENT PIPELINE

Three large greenfield development projects opened

Facility	Location	Status	Potential total CLA	CLA in Operation 31.12.2021	Remaining CLA potential
Oslo Breivollveien 25	Landmark location with unique visibility	Fit-out on 3 of 8 floors installed in Q4. The facility opened in late December.	5 000 m2	1 750 m2	3 250 m2
Oslo Bjørnerudveien 10	Property south of Oslo with significant catchment area	Fit-out on 2 of 3 floors installed in Q4. The facility opened in late December.	2 400 m2	1 700 m2	700 m2
Trondheim John Aaes vei 40	Highly visible property with easy access from main roads	Fit-out on 2 of 3 floors installed in Q4. The facility opened in February 2022	3 500 m2	0 m2	3 500 m2

Breivollveien 25 John Aaes vei 40

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	Planning in progress. Estimated to open first phase 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 will start in 2021. Conversion will be done in phases.	8 100 m2	4 300 m2	3 800 m2 *
Asker Billingstadsletta 91	Neighbouring property to our existing facility at Nesbru in Asker	Planning and zoning has started. Estimated to open first phase in Q3 2022.	3 150 m2	N/A	3 150 m2 *
Stavanger Petroleumsveien 8	Neighbouring property to our existing facility at Forus in Stavanger	The location has a significant catchment area and easy access from main roads	1 700 m2	N/A	1 700 m2

NINE PROPERTY ACQUISITIONS SIGNED IN THE FOURTH QUARTER

Facility	Total CLA potential	Expected opening
Gardermoen - Gardermovegen	1 050 m2	Q3 2022
Vennesla - Lundevegen 10	800 m2	Q3 2022
Sarpsborg - Kampenesmosen	*	Q2 2023
Vestby – Deliveien 21	1500 m2	Q1 2023
Halden – Sørliveien 84	1 400 m2	Not decided
Trondheim – Nordslettvegen 4BC	1 550 m2 **	Q3 2022
Kristiansand – Kartheia 5	550 m2	Q2 2022
Arendal – Molandsvegen 339	850 m2	Q4 2022
Askøy – Storebotn Næringspark	1 050 m2	Q4 2022

* Acquisition of land property. CLA potential TBD

** The CLA will be developed in phases. Only a part of the CLA potential will open i 2022

A SUSTAINABLE BUSINESS MODEL

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

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
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

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 2020 for Self Storage Group and updated risk evaluation in the interim report for Q4 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.