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Self Storage Group ASA

Second quarter 2022

17 August 2022

FINANCIALS Q2 2022

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GROUP HIGHLIGHTS Q2 2022

The second quarter continued the strong and positive development for the company with solid organic revenue- and EBITDAgrowth, development of new facilities, acquisition of one new property and the opening of 4 300 m2 current lettable area (CLA). Demand is strong and occupancy for mature facilities is above target level.

All time high revenues of NOK 97.9 million, up 14% from NOK 85.9 million in Q2 2021
All time high adjusted EBITDA of NOK 59.6 million, up 9% from NOK 54.5 million in Q2 2021
Adjusted profit before tax of NOK 31.4 million, up 49% from NOK 21.0 million in Q2 2021
Average occupancy for sites with more than 12 months of operation of 90.5% (89.2%) and above SSG's target of 90% with an average rent per m² of NOK 2 326 per year (NOK 2 264)
Acquisition of one property in Norway in the quarter

GROUP HIGHLIGHTS THE FIRST HALF YEAR 2022

The first half year of 2022 shows strong and positive development for the company with solid revenue- and EBITDA-growth, development of new facilities, acquisition of seven properties and the opening of 8 700 m2 current lettable area (CLA). The company has a strong pipeline and a solid foundation for further profitable growth and expansion in the Nordics.

All time high revenues of NOK 189.8 million, up 17% from NOK 162.6 million in the first half year 2021
All time high adjusted EBITDA of NOK 110.6 million, up 11% from NOK 99.6 million in the first half year 2021
Adjusted profit before tax of NOK 87.6 million, up 16% from NOK 75.2 million in the first half year 2021
Acquisition of seven properties in Norway in the first half year
Opening of 8 700 m² CLA and following plan of 15 000+ m² CLA in 2022

KEY PERFORMANCE INDICATORS – SECOND QUARTER 2022

	Facilities 30.06.	CLA 30.06.	Mature CLA Q2	Occupancy Q2	Average rent Q2
2022	131	180 500 m2	165 600 m2	90.5%*	2 326 NOK pr m2 *
2021	124	163 300 m2	154 500 m2	89.2%*	2 264 NOK pr m2 *
	+7	+17 200 m2	+11 100 m2	+1.3%*	+62 NOK pr m2*

Performance Like-for-Like (L-f-L) facilities with comparable m² in Q2 22 and Q2 21**

* 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
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 on facilities already opened, large facilities that use more than 12 months to fill up and use of discounts to boost occupancy

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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 Q2 22 as in Q2 21 +/- 50 m²

3) Exchange rate for Q2 2022 applied for average rent in Q2 2021 for CSS Sweden and CSS Denmark

KEY FIGURES – SECOND QUARTER 2022

(NOK million)

KEY FIGURES Q2

	Q2 22	Q2 21	Q2 22 change Q2 21
Revenue	97.9	85.9	+12.0
Lease expenses	-3.8	-2.9	-0.9
Property-related expenses	-12.4	-8.5	-4.0
Salary and other employee benefits	-12.2	-10.5	-1.7
Other operating expenses	-9.8	-11.8	+2.0
EBITDA	59.6	52.2	+7.4
Adjustments1)	0.0	2.3	-2.3
Adjusted EBITDA	59.6	54.5	+5.1
Adjusted EBITDA-margin	60.9%	63.4%

Revenue up 14% since Q2 2021
Two long-term leases now classified as short-term impacts lease expense
Property related expenses impacted by the increased number of facilities and CLA in the portfolio compared with one year earlier and costs to electricity and heating following extreme price-development in the power market compared to Q2 2021
The increase in salary and other employee benefits is related to annual wage increases and new head office functions
Increased focus on planned maintenance, branding and organizational development to level up the scalable platform for future growth impacts other operating expenses

STEADY GROWTH IN SHARE OF FREEHOLD PORTFOLIO

83 500 82 000 81 900 88 500 85 000 81 000 80 200 ¹⁰ ³⁰⁰ ²¹ ⁷⁰⁰ ³⁵ ¹⁰⁰ ⁴⁹ ⁰⁰⁰ ⁶³ ²⁰⁰ ⁹⁰ ⁸⁰⁰ ¹⁰⁰ ³⁰⁰ 0 50 000 100 000 150 000 200 000 31.12.16 31.12.17 31.12.18 31.12.19 31.12.20 31.12.21 30.06.22 CLA m2 Leasehold Freehold 10%

SSG's strategy is to expand its freehold facility base
56% of current lettable area in operation at the end of June 2022 was freehold
Freehold m² has increased by 10% during the quarter
SSG plans to accelerate growth and open 15 000+ m² freehold facilities during 2022

DEVELOPMENT IN SHARE OF FREEHOLD FACILITIES SPLIT FREEHOLD/LEASEHOLD PER CONCEPT

30.06.2022 M2	Current lettable area	Under development	Total lettable area
Freehold facilities	100 300	37 200	137 500
Leased facilities	80 200	100	80 300
SUM	180 500	37 300	217 800

FREEHOLD INVESTMENT PROPERTY AS OF 30.06.2022

187 200 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 are reviewed on a quarterly basis

Freehold portfolio Total freehold property of 2 531 MNOK

Gross area pr region and yield1) as of 31.12.21

Development change in fair value over P&L

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

CURRENT LETTABLE AREA OF 180 500 M²AS OF 30.6.2022 – 37 300 M² IN PIPELINE

37 300 M² IN POTENTIAL LETTABLE AREA

The potential m²is mainly in freehold facilities in Norway
Rent income from expiring lease contracts from 12 000 m²of the 37 300 m²not yet built into self-storage units
Plan to open 15 000+ m²during 2022 (organic)

Area with other rentals	11 500	500	12 000
Sum	31 800	5 500	37 300
Expansions	22 800	1 900	24 700
New facilities	9 000	3 600	12 600
	CSS	OKM	Total SSG

Current lettable area pr region1) Lettable area under development1)

REVENUE DYNAMICS Q2 2022

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

STRONG BALANCE SHEET PROVIDES FLEXIBILITY FOR FUTURE GROWTH

30.6.2022

Total assets	NOK 3 564 million
Total equity	NOK 1 881 million Equity ratio 53%
Freehold investment property	NOK 2 531 million Including 37 300 m2 not yet opened
Interest bearing dept	170 bps margin NOK 919 million 82% fixed by interest rate swaps
Loan to value	36% Covenant <60%
Cash	NOK 114 million + Undrawn RCF of NOK 245 million

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 Q2 2022

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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

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
112 300 m² CLA (52 500 m² is freehold)

1) As of 30 June 2022
2) According to revenue

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

811) 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

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▪ 68 200 m² CLA (47 100 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
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 was launched for City Self Storage Norway in Q4 2021. A new website for OK Minilager was launched in August 2022.
SSG will continue to innovate with leading IT-systems

ONE NEW PROPERTY ACQUISITION IN THE 2ND QUARTER

Greenfield development project

Greenfield development project at Rødmyr in Skien
Central location in a larger commercial area in Norway´s 7th largest metropolitan area
The locations covers both the market in Skien and parts of Porsgrunn
Potential total CLA of 3 100 m²*
The facility is projected to open in Q2 2023 and will be operated under the City Self-Storage brand.

DEVELOPMENT PIPELINE

Selected conversion/expansion projects

Facility	Location	Status	Total CLA Potential	CLA in operation	Remaining CLA potential1
Oslo Persveien 28	Highly-visible property in a larger development area	Estimated to open in Q4 2022/ Q1 2023.	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	Permission to convert parking space into self storage is granted. Conversion will be done in phases. First phase estimated to open in Q1 2023	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 Q1 2023	3 150 m2	N/A	3 150 m2 (1)
Stavanger Petroleumsveien 8	Neighbouring property to our existing facility at Forus in Stavanger	The CLA opened in Q2 2022. A new lift serving all floors of the building is under development	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 started 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 is initiated. 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 the first half of 2023	1 100 m2

THE ACQUISITION OF THE PROPERTY IN ESBJERG MARKS THE START OF SSG`S ORGANIC GROWTH OUTSIDE OF NORWAY

The acquisition of a property in Esbjerg, Denmark, in July 2022 is the Group´s first organic growth investment outside of Norway
SSG is planning to build out the Danish footprint with additional properties, both in larger and smaller markets
Following this acquisition, SSG has 12 facilities with a current lettable area of 28 500 m² and 5 300 m² lettable area under development in the Danish market
In Q1 2023, a leasehold facility at Gärdet in Sweden with a CLA of 3 300 m²will be discontinued
SSG is planning to initiate organic growth in Sweden, based on the Group´s existing Swedish platform

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

STRATEGIC SUMMARY

Grow our freehold portfolio in selected urban markets
Focus on the larger urban areas in Norway
Continue to grow organically in Denmark, and initiate organic growth in the Swedish market
Occupancy target of 90%
Optimization of rent levels to outpace inflation
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
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 Q2 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.