Self Storage Group — Interim / Quarterly Report 2023

May 15, 2023

Self Storage Group ASA First Quarter 2023 – 15 May 2023

Financials Q1 2023

Self Storage Group at a glance

¹Adjusted for non-recurring revenue of NOK 3.4 million in Q1 2023 and NOK 0 million in Q1 2022 ²Adjusted for non-recurring items of NOK -2.6 million in Q1 2023 and NOK 0 million in Q1 2022 ³Facilities with same CLA in Q1 23 as in Q1 22 + / - 50 m²

Group highlights Q1 2023

The first quarter 2023 was another strong quarter for Self Storage Group (SSG) with solid organic revenue and EBITDA-growth. SSG continues to develop new facilities and opened 4 200 m² current lettable area (CLA) and three new facilities in the first quarter. The Swedish facility Gärdet was discontinued in Q1 2023 due to a lease expiration, and a net compensation of NOK 2.6 million is classified as non-recurring. While the operating business continued to show positive development in the quarter, the effects from changes in fair value of freehold investment property caused some negative non-cash movements.

• Adjusted revenues¹ of NOK 101.7 million, up 11% from NOK 92.0 million in Q1 2022
• Adjusted EBITDA² of NOK 57.2 million, up 12% from NOK 51.0 million in Q1 2022
• Like-for-Like³ occupancy in Q1 2023 is 86.8% (86.9%) with average rent per m² of NOK 2 537 per year (NOK 2 340)
• Acquisition of six properties in the quarter adding 7 230 m² in potential CLA to the portfolio
• Signing of a new bank facility agreement for 3+1+1 years at favourable terms

Key performance indicators – Q1 2023

(L-f-L)1 Like-for-Like	103	123 100m2	123 100m2	86.8%	+8% NOK pr m2 2 537
	Facilities 31.03	CLA 31.03	Mature CLA Q1	2 Occupancy Q1	2 Average rent Q1
2023	139	m2 190 000	m2 172 400	84.5%	NOK pr m2 2 512
2022	129	m2 176 200	m2 162 700	88.8%	NOK pr m2 2 322
	+10	m2 13 800	m2 +9 700	-0% -4.3%	+8% NOK pr m2 +190

¹Facilities with same CLA in Q1 23 as in Q1 22 +/- 50 m²

²Average 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 & rent

• Demand is strong, but occupancy is impacted by the slower winter-season. In addition occupancy in CSS N is impacted by an increased share of large facilities newly defined as mature, but still in lease up
• Average rent has increased in all companies in constant exchange rate comparison³

Current lettable area

Average occupancy and rent per m² per year for sites with more than 12 months of operation in NOK, expansions are included Like-for-Like=Facilities with same CLA in Q1 23 as in Q1 22 +/- 50 m² Exchange rate for Q1 2023 applied for average rent in Q1 2022 for CSS Sweden and CSS Denmark Dit Pulterkammer is included in figures for CSS D

Key figures – Q1 2023

(NOK million)

Key figures Q1	Q1 23	Q1 22
Revenue	105.1	92.0	13.2
Lease expenses	(4.4)	(3.8)	(1.0)
Property-related expences	(17.3)	(14.6)	(2.7)
Salary & other employee benefits	(14.0)	(12.8)	(1.1)
Other operating expences	(9.7)	(9.7)	0.0
EBIDTA	59.7	51.0	8.7
Adjustments1	(2.6)	0.0	(2.6)
Adjusted EBIDTA	57.2	51.0	6.1
Adjusted EBIDTA margin	54.4%	55.5%

• Revenue growth is related to increased lettable area and increased average rent. A compensation of NOK 3.4 million is defined as non-recurring.
• Lease expenses for short term contracts are impacted by high CPI-adjustments for 2023 and exchange rate effects on lease agreements in DKK and SEK
• Property-related expenses are impacted by the increased number of facilities and CLA in the portfolio and level of maintenance. NOK 0.8 million of the costs are defined as non-recurring (move-out costs Gärdet)
• The number of full time employees is stable. The increase in salary and other employee benefits are related to annual wage increases and changes in the mix of positions

Steady growth in share of freehold portfolio

• SSG's strategy is to expand its freehold facility base
• 60% of current lettable area in operation at the end of March 2023 was freehold
• SSG opened 17 300 m² CLA during 2022 and plans to accelerate development growth in 2023 with a projected addition of 20 000+ m² lettable area
• The pipeline of 38 700 m² is freehold, increasing the share of freehold facilities up till 67% when opened

Freehold investment property per 31.03.2023

Freehold portfolio

• Approx. 220 000 m²gross area freehold property + 23 000 m²gross area land for containers. Approx. 65-70% of gross area is utilized as lettable area
• External valuations are reviewed on a quarterly basis
• In 2023, the yield expansion in the property market that started in 2022 continued in 2023, resulting in a change in fair value of NOK -22.5 million for the first quarter of 2023
• SSG is considering changing the current valuation methodology to the one more commonly used by European peers. In this methodology the full cash flow from operating the facility is included in the valuation as opposed to the current methodology which uses a market rent for the property as the basis for valuation.

Total freehold property of 2 651 MNOK

Development change in fair value over P&L

¹Net market rent divided on property value in full operation

Current lettable area of 190 000m² as of 31.03.2023 – 38 700m² in pipeline

Revenue dynamics Q1 2023

Strong balance sheet provides flexibility for future growth

31.03.2023

Total assets	NOK 3 704 million
Total equity	NOK 1 827 million	Equity ratio 49%
Freehold investment property	NOK 2 651 million	Including 38 700 m2 not yet opened
Interest bearing dept	NOK 1 121 million	190 bps margin 67% fixed by interest rate swaps
Loan to value	42%	Convenant < 60%
Cash	NOK 109 million	New term loan replacing term loan of 2021 payed out in April 2023 +undrawn RCF of NOK 300 million and NOK 200 million accordion

• On 31 March 2023, SSG entered into a new bank facility agreement for 3+1+1 years with Handelsbanken, Danske Bank and Nordea (1/3 each) replacing the existing facility with two of the banks
• The agreement includes a NOK 1 236 million term loan and a NOK 300 million RCF with a 3+1+1 years term. In addition, SSG has secured an accordion option of NOK 200 million. The interest rate across all three is 3m NIBOR + 190bp margin

Strong pipeline already in the balance coupled with low LTV, predictable financial costs and solid cash-position provides a solid foundation for further profitable growth and expansion

Business development Q1 2023

Self Storage Group at a glance

Untapped potential for self-storage in Scandinavia

Source: FEDESSA European Self Storage Survey 2022 and 2020, and Inside Self-Storage (ISS)

The Scandinavian Self-storage market at a glance

Source: Company information and FEDESSA European Self Storage Survey 2022 as of June 2022

¹Number of SSG- facilities in Norway and Sweden as of June 2022

6 success factors in self-storage

Scale	Brand awareness	Customer service
Location	IT/Automation	Share of Freehold facilities

SSG consists of two distinct business concepts

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
• 115 000m² CLA (59 200 m² is freehold)

Countrywide, discount-priced offering of self-serviced storage facilities in Norway

• 89¹ facilities located across Norway
• 62 temperate storage facilities and 27 drive-in storage facilities
• 2nd largest player in Norway, behind CSS²
• Self service, open 24 hr/day and 7 days a week
• 75 000m² CLA (55 500 m² is freehold)

¹As of 31 March 2023 ²According to revenue

A large, diversified and increasingly loyal customer base securing stable income streams

Reasons for demand

Households Businesses

• Moving
• Refurbishment
• Downsizing
• Need for additional storage
• Student storage
• Other

• Inventories
• Relocation
• Refurbishment
• Archived records
• Last mile storage
• Other

¹The numbers are approximate

²Average rental time is longer than 12 months as customers who have not yet terminated the lease is not included in the average

³The data is based on customer surveys on selected facilities

⁴The Trustscore is an average for City Self-Storage and OK Minilager

A digital business model

• SSG's digital business model is highly scalable
• A fully digitalized customer journey
• An online booking platform with e-signing (BankID) and integrated credit check
• App-based access system
• Omni-channel service software
• Modern IT-infrastructure

Some of the digital solutions are currently only available in segments of the Group

SSG continues to make investments in IT

• A new ERP system has been implemented in Q4 2022 and Q1 2023

• New website for OK Minilager was launched in Q3 2022
• New website for City Self Storage Sweden was launched in Q4 2022
• New website for City Self Storage Denmark was launched in Q1 2023
• In Q1 2023, City Self Storage Sweden and Denmark have been unified on the same CRM platform as the Norwegian companies
• With all data on one platform, SSG is well positioned to utilize business insights and leverage data at scale
• SSG will continue to innovate with leading IT-systems

Development pipeline – Greenfield projects

Facility	Location	Potential total CLA (approx.)	Expected opening1	Concept
Skien Rødmyrjordet 3	Located at Rødmyr, a large commercial area in Grenland	m2 3 100	Opened in May 2023
Sarpsborg Kampenesmosen	Located east of Sarpsborg, close to road 22	m2 2 000	Q3 2023
Kristiansand Travparkveien	Located at Sørlandsparken, a large commercial area	m2 2 400	Q4 2023
Knarvik Rosslandsvegen	Located outside Knarvik, 30 minutes from Bergen	m2 1 100	Q2 2023

¹The potential lettable area will be opened in phases

Property in Rødmyrjordet 3 - Skien, under development

Development pipeline – Selected larger conversion / expansion projects

Facility	Location	Status	Remaining CLA potential1	Concept
Oslo Persveien 28	Highly-visible property in a larger development area	Estimated to open in May 2023	m2 2 500
Oslo General Birchs gate 16	Close to the city centre of Oslo with a significant catchment area	Conversion will be done in phases. First phase estimated to open in June 2023	m2 3 800
Asker Billingstadsletta 91	Neighbouring property to our existing facility at Nesbru in Asker	First phase opened in Q4 2022. Next phase planned for 2024	m2 2 100

¹The potential lettable area will be opened in phases, and only a part of the remaining potential will open in 2023

Property in Persveien 28 - Oslo, under development

Property acqusitions in the 1st Quarter

Facility	Location	Potential total CLA (approx.)1	Expected1 opening	Concept
Randers G.l. Jennumvej 3	Located at North of Randers with a significant catchment area in Denmark´s 6th largest city.	550m2	Q4 2023
Vejle Friis Hansens vej 9	Location with significant street visibility in Denmark´s 9th largest city	1 400m2	Q4 2023
Kristiansand Fidjemoen 6	Located west of Kristiansand, Norway´s 6th largest city	2 300m2	Q3 2023
Porsgrunn Moen 21	Located in Grenland, Norway´s 7th largest metro area, with easy access from E-18	500m2 1	Opened in April 2023
Askøy Storebotn 87	Located at Storebotn, 20 minutes from Bergen, Norway´s 2nd largest city.	1 050m2	Opened in April 2023
Bergen Ellerhusens vei 4	Located close to the University in Bergen, Norway´s 2nd largest city	430m2	Q3 2023

A sustainable business model

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

Greenhouse gas emissions	GHG emissions intensity	2022
GHG Scope 1 Emissions (annual tonnes CO e) 2	Direct	60.0
GHG Scope 2 Emissions (annual tonnes CO e) 2	Indirect / location based	115.0
GHG Scope 3 Emissions (annual tonnes CO e) 2	Indirect	30.3
GHG Scope 1 and 2 location based (kg CO e /CLA /year) 2		0.9

• 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.
• SSG is currently piloting solar cells on the roof of a facility
• We have a focus on working conditions for our employees, customers and other stakeholders

SSG has a strong platform for future growth

• Focus on organic growth in Greater Oslo
• Focus on larger urban areas in Norway
• Potential to enter 30+ smaller markets with population 10.000<
• Growth potential within existing medium- and small markets
• Organic growth potential in both large and small markets in Denmark and Sweden
• Opportunity for M&A in selected markets

Strategic summary

• Keep occupancy target at 90% and optimize rent levels to outpace inflation
• Continue to include sustainability as an integrated part of the business
• Lean operations, self-service and great customer experiences
• Investments in CRM, automation and digital platforms
• Strengthen our market leading position in Norway even further
• Grow our freehold portfolio in selected urban markets
• 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 2022 for Self Storage Group and updated risk evaluation in the interim report for Q1 2023.

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

	Largest shareholders as of 12	May 2023	Total number of shares: 94 678 584
	Holding	% Name	Country	Share development last 12 months
1	27 206 078	1 28.7 % The Bank of New York Mellon	United States
2	8 565 000	9.0 % FABIAN HOLDING AS	Norway	30.00
3	5 565 000	5.9 % GSS INVEST AS	Norway	25.00
4	5 085 778	5.4 % VERDIPAPIRFONDET ODIN EIENDOM	Norway	20.00 15.00
5	4 333 214	4.6 % J.P. Morgan Securities LLC	United States	10.00
6	4 134 560	4.4 % J.P. Morgan SE	Sweden	5.00 0.00
7	3 527 601	3.7 % SOLE ACTIVE AS	Norway
8	2 941 402	3.1 % SKAGEN M2 VERDIPAPIRFOND	Norway
9	2 729 686	2.9 % BNP Paribas	Luxembourg
10	2 600 000	2.7 % FIRST RISK CAPITAL AS	Norway
11	2 500 000	2.6 % VERDIPAPIRFONDET HOLBERG NORGE	Norway	Shareholder structure
12	2 388 255	2.5 % HSBC Bank Plc	United Kingdom
13	1 843 253	1.9 % Danske Invest Norge Vekst	Norway
14	1 537 133	1.6 % BNP Paribas	Luxembourg	Founders
15	1 471 476	1.6 % State Street Bank and Trust Comp	United States	14.92%
16	1 155 635	1.2 % MUSTAD INDUSTRIER AS	Norway
17	1 155 128	1.2 % The Bank of New York Mellon	Canada
18	1 016 072	1.1 % Brown Brothers Harriman & Co.	United States	Norwegian shareholders 27.55%
19	902 673	1.0 % BNP Paribas	France	International shareholders 57.53%
20	882 894	0.9 % J.P. Morgan SE	Sweden
	81 540 838	86.1 %

¹The Bank of New York Mellom is a nominee account for Alta Lux Holdco S.a.r.l/Centerbridge Partners who own 27 206 078 shares in Self Storage Group ASA

Development in occupancy & average rent per month

Development in occupancy¹

Development in average rent per year¹

EBITDA–Development

51.0 6.7 6.4 0.6 - 1.1 - 2.7 0.0 59.7 0 10 20 30 40 50 60 70 EBITDA Q1 2022 Self-storage revenue Other income Lease expenses (shortterm) Salary and other emplyee benefits Property-related expenses Other operating expenses EBITDA Q1 2023 MNOK Bridge Q1 2022 – Q1 2023 (NOK million)

Profit before tax development

(NOK million)

Bridge Q1 2022 – Q1 2023

Historical revenue and adjusted EBITDA-Development

Q1 2021 – Q1 2023

Revenue Adjusted EBITDA

First quarter 2023 – Comprehensive income

Profit and loss statement Comments

(Amounts in NOK 1 000)		Unaudited	Unaudited	Unaudited
	Note	Q1 2023	Q1 2022	Full year 2022
Revenue	3	105 131	91 952	392 161
Lease expenses	3,8	(4 403)	(3 754)	(15 538)
Property-related expenses	3	(17 292)	(14 633)	(59 134)
Salary and other employee benefits	3	(13 964)	(12 824)	(49 557)
Depreciation		(5 322)	(4 754)	(20 900)
Other operating expenses	3	(9 730)	(9 739)	(43 411)
Operating profit before fair value adjustments		54 420	46 248	203 621
Change in fair value of freehold investment property	5	(22 468)	6 148	(147 242)
Change in fair value of leasehold investment property	5,8	(13 370)	(12 404)	(49 346)
Operating profit after fair value adjustments		18 582	39 992	7 033
Finance income	9	20 465	32 575	60 245
Finance expense	7,8,9	(43 353)	(16 381)	(77 441)
Profit before tax		(4 306)	56 186	(10 163)
Income tax expense		(4 140)	(9 485)	1 612
Profit for the period		(8 446)	46 701	(8 551)

Total adjustments	2 592	-	-1 014
-------------------	-------	---	--------

• Revenue for Q1 2023 was NOK 105.1 million, up from NOK 92.0 million in Q1 2022. NOK 3.4 is attributable to a compensation received related to the discontinued leasehold at Gärdet in Sweden. The rest of the increase is related to the growth in lettable area and increased average rate.
• Operational costs in Q1 2023 are mainly impacted by the increased number of facilities and CLA in the portfolio.
• Operating profit before fair value adjustments in Q1 2023 of NOK 54.4 million, an increase of NOK 8.2 million compared to Q1 2022.
• There are NOK 2.6 million in non-recurring items in Q1 2023 and none in Q1 2022
• 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. Following yield expansion in the property market change in fair value of freehold investment property amounts to NOK - 22.5 million (non-cash) in the first quarter.

31 March 2023 – Financial position

(Amounts in NOK 1 000)		Unaudited	Audited	(Amounts in NOK 1 000)		Unaudited	Audited
Assets	Note	31 March 2023	31 December 2022	Equity and labilities	Note	31 March 2023	31 December 2022
Non-current assets				Equity
Freehold investment property	5	2 650 575	2 529 540	Issued share capital	6	9 467	9 467
Leasehold investment property	5,8	452 584	445 873	Share premium		1 082 657	1 082 657
Property, plant and equipment	8	215 059	198 999	Currency translation reserve		38 361	10 609
Goodwill		185 333	187 496	Retained earnings		696 604	705 050
Financial instruments		37 580	39 497	Total equity		1 827 089	1 807 783
Other intangible assets		3 185	3 099	Liabilities
Deferred tax assets		40	37	Non-current liabilities
Total non-current assets		3 544 356	3 638 219	Non-current interest-bearing debt	7	1 065 625	1 033 562
Current assets				Non-current lease liabilities	7,8	430 644	425 796
Inventories		1 495	1 467	Other financial liabilities		826	634
Trade and other receivables		22 872	17 620	Deferred tax liabilities		178 852	178 839
Other current assets		25 559	20 502	Total non-current liabilities		1 675 947	1 638 831
Cash and bank deposits		109 247	194 089	Current liabilities
Total current assets		159 173	233 678	Current interest-bearing debt	7	55 186	55 331
Total assets		3 703 529	3 638 219	Current lease liabilities	7,8	52 041

Trade and other payables 24 932 18 486 Income tax payable 16 308 16 040 Other taxes and withholdings 6 967 6 761 Other current liabilities 45 059 46 152 Total current liabilities 200 493 191 605 Total liabilities 1 876 440 1 830 436 Total equity and liabilities 3 703 529 3 638 219

Comments

• Total assets of NOK 3 704 million
• Freehold investment property increased with NOK 121.0 million and leasehold investment property increased with NOK 6.7 million since 31 December 2022
• Cash and bank deposits decreased with NOK 84.4 million since 31 December 2022, mainly due to acquisition of subsidiaries and investment property
• Increased equity attributable to total comprehensive income
• Interest-bearing debt less cash was NOK -1 012 million in the balance as of 31 March 2023. Obligations under financial lease increased with NOK 8.0 million due to two renegotiated lease contracts and currency differences, mostly offset by lease payments in Q1 2023.
• Equity ratio was 49% 31 March 2023

First quarter 2023 – Cash flow statement

(Amounts in NOK 1 000)	Note	Q1 2023	Q1 2022	Full year 2022
Cash flow from operating activities
Profit before tax		(4 306)	56 186	(10 163)
Income tax paid		(7 646)	(9 316)	(11 123)
Net expensed interest and fees on borrowings and leases		25 785	5 709	49 505
Depreciation		5 322	4 754	20 900
Gain/loss on disposal of property, plant and equipment		-	-	(78)
Unrealised gain/loss in foreign currency	9	11 553	(5 318)	1 598
Change in fair value of financial instruments	9	1 917	(22 346)	(25 338)
Change in fair value of freehold investment property	5	22 468	(6 148)	147 242
Change in fair value of leasehold investment property	5,8	13 370	12 404	49 346
Change in trade and other receivables		(5 252)	1 062	(176)
Change in trade and other payables		6 446	3 579	4 724
Change in other current assets		(5 177)	(6 318)	(948)
Change in other current liabilities		(16 930)	793	(19 014)
Net cash flow from operating activities		47 550	35 041	206 475
Cash flow from investing activities
Payments for freehold investment property		(81 943)	(22 183)	(176 158)
Payments for property, plant and equipment		(20 667)	(13 884)	(58 127)
Proceeds from disposal of property, plant and equipment		-	-	165
Net cash outflow on acquisition of subsidiaries		(41 210)	(24 711)	(52 745)
Net cash flow from investing activities		(143 820)	(60 778)	(286 865)
Cash flow from financing activities
Proceeds from borrowings	6	50 000	-	300 000
Repayment of borrowings	7	(12 500)	(12 300)	(149 200)
Interest paid	7	(10 187)	(6 494)	(29 606)
Payments of lease liabilities	7,9	(12 954)	(11 206)	(45 915)
Payments of interest on lease liabilities	7,8	(4 844)	(4 251)	(16 438)
Net cash flow from financing activities		9 515	(34 251)	58 841
Net change in cash and cash equivalents		(86 755)	(59 988)	(21 549)
Cash and cash equivalents at beginning of the period		194 089	214 746	214 746
Effect of foreign currency rate changes on cash and cash equivalents		1 913	(773)	892
Cash and equivalents at end of the period		109 247	153 985	194 089

Comments

Operating activities

• Strong cash flow
• Invoicing of customers in advance – predictable and stable costs

Investing activities

• Acquisition of six properties with cash in Q1 2023
• Development of properties, additions to existing properties and fit out new facilities and expansions
• Maintenance is posted as property cost

Financing activities

• Proceeds from borrowings of NOK 50.0 million
• Repayments of borrowings and interests paid amounting to NOK - 22.7 million in Q1 2023
• Payment of lease liabilities and payments of lease classified as interests amounting to NOK -17.8 million in Q1 2023

SSG's cash position at the end of March 2023 was NOK 109.2 million

Our history

1993		1998	2009		2016		2017
First CSS site established in Norway, investment in "Safe Mini Lager" in Sweden	Denmark	Selvaag Group entered into the business and CSS expanded to		OK Minilager was established by Gustav and Fabian Søbak		External investors invested in OK Minilager, OK Minilager acquired CSS	SSG established Listed on OSE
	2017	2018	2019	2020	2021	2022	YTD 2023
Private placements1	100 MNOK 200 MNOK		250 MNOK		300 MNOK
Acquisition of companies
Acquisition of properties	10	11	8	9	9	15	6