Cityvarasto Q1 Report 2026, Summary

Cityvarasto Reports Strong Q1 2026 Growth with Strategic Expansions

Revenue Surges 19.7% as Finland's Largest Self-Storage Operator Expands Network

Cityvarasto, Finland's leading self-storage company, delivered robust first quarter 2026 results with revenue growing 19.7% year-over-year to 7.2 million euros, while adjusted EBITDA increased 1.6% to 2.2 million euros. The company continued its aggressive expansion strategy, opening new locations and completing strategic acquisitions to strengthen its market-leading position.

Network Expansion and Strategic Acquisitions

During the first quarter, Cityvarasto opened a new location in Järvenpää and carried out significant expansions at its Jyväskylä and Lahti facilities. The company also acquired the moving business of Ja-Ki Muutto Oy and launched a renewed online store. After the quarter ended, Cityvarasto acquired two additional properties in Turku and Oulu, further expanding its nationwide footprint.

As of March 31, 2026, Cityvarasto operated 77 locations with 71 open facilities across 28 cities, containing more than 14,000 rentable self-storage units. This extensive network significantly outpaces competitors, with the second-largest operator having only 16 locations and the third-largest just 11 locations.

Market Leadership and Brand Recognition

The company has established clear market dominance in Finland's self-storage sector. Cityvarasto's brand awareness has nearly doubled over the past four years, with aided awareness reaching 57% according to recent studies. More than 60% of Finns live within a 15-minute drive of a Cityvarasto location, demonstrating the company's strategic positioning.

The company's subsidiary brands also lead their respective markets: PakuOvelle operates as Finland's largest and best-known van rental company with more than 500 vans across 50+ locations, while Opiskelijamutot ranks as Finland's second-best-known moving services company, completing more than 2,400 moves in 2025.

Financial Performance and Segment Analysis

Revenue growth was driven by strong performance across both business segments. The Property business grew 15%, supported by new leased self-storage space, while Ancillary Services surged over 33%, benefiting from strong van rental performance and revenue from the newly acquired Ja-Ki muutto moving services business.

However, profitability metrics showed mixed results. Adjusted operating earnings per share declined approximately 16% to 10 cents, affected by increased depreciation from previous investments and a higher share count following the company's listing. EBITDA margins decreased moderately in both segments due to listing costs, growth investments, and integration expenses from the Ja-Ki muutto acquisition.

Growth Strategy and Market Opportunity

Chief Executive Officer Ville Stenroos outlined the company's five-pillar growth strategy: optimizing occupancy rates and rental levels at existing facilities, expanding self-storage space through property conversions, investing in new properties in growth centers, pursuing strategic acquisitions, and growing ancillary services.

The Finnish self-storage market presents significant expansion opportunities. With approximately 38 square meters of self-storage space per 1,000 inhabitants, Finland lags behind the Nordic average of 56 square meters, the UK's 82 square meters, and substantially higher levels in the United States. This gap suggests the Finnish market could grow approximately 50% larger based on Nordic benchmarks.

Property Portfolio and Development Pipeline

Cityvarasto's investment property portfolio was valued at approximately 209 million euros, with net asset value per share at 23.42 euros. The company added 2,000 square meters of rentable self-storage space during the quarter and 7,000 square meters over the past 12 months.

Looking ahead, the company estimates it can increase rentable self-storage space by more than 20,000 square meters through conversions at existing sites, representing substantial organic growth potential within the current portfolio.

Sustainability and Operational Efficiency

The company's conversion-focused growth model delivers environmental benefits, with renovation projects producing approximately 30% of the carbon footprint compared to new construction during the investment phase. Cityvarasto operates solar power plants at 15 locations and uses 100% fossil-free electricity across all facilities.

Financial Outlook and Guidance

Chief Financial Officer Matti Leinonen confirmed the company's full-year 2026 guidance remains unchanged. Revenue is projected at 29.9 to 31.2 million euros, representing 10-15% growth, while adjusted EBITDA is expected to reach 12.7 to 13.9 million euros, indicating 5-15% growth compared to 2025.

The company maintains a conservative financial position with net debt of 33.5 million euros and a loan-to-value ratio of 20.7%. For the 11th consecutive year, Cityvarasto increased its dividend, declaring 11 cents per share for 2025, though the modest level reflects the company's focus on growth investments.

Long-term Targets and Market Position

Cityvarasto continues tracking toward its medium-term financial targets through 2029. The company achieved 20.6% average annual revenue growth and maintained a strong EBITDA margin of 42.6% over the last 12 months, demonstrating the effectiveness of its growth strategy in Finland's expanding self-storage market.

With 26 years of consecutive revenue growth and a compound annual growth rate of 30.6% since 2000, Cityvarasto has established itself as an exceptional growth story in the Finnish market, well-positioned to capitalize on favorable demographic trends and increasing demand for self-storage solutions.


This summary was written by our AI Analyst Tim! If you find something that does not seem right let us know and we will correct him.

Hello, my name is Ville Stenroos and I am the Chief Executive Officer of Cityvarasto. A very warm welcome to the company's virtual presentation event for the first quarter of 2026. Cityvarasto's revenue grew by 19.7% in the first quarter of the year compared with the comparison period. Adjusted EBITDA also developed positively and grew by 1.6%. To support growth, Cityvarasto opened a new location in Järvenpää and carried out significant expansions at its locations in Jyväskylä and Lahti. In addition, the group acquired the moving business of Jäkimuttoujy and launched a renewed online store. After the end of the quarter, Cityvarasto acquired two new properties in Turku and Oulu. Cityvarasto's brand awareness has almost doubled over the past 4 years, and the company is the best-known operator in the self-storage sector in Finland. Pakkuovele is Finland's best-known van rental company, and Opiskeliamuto is the second-best-known company offering moving services in Finland. During the first quarter, the Group also carried out an extensive brand renewal, the aim of which is to further strengthen brand awareness and support the company's growth in the future. Cityvarasto's core business is the rental of self-storage units. The company is clearly the largest operator in its field in Finland. Measured by the number of locations, Cityvarasto clearly stands out from its competitors. As at March 31, 2026, the company had a total of 77 locations, while the next largest operators had considerably fewer locations. The second largest had 16, and the third largest had only 11. The extensive network of locations strengthens Cityvarasto's position as market leader and enables the company to offer its services comprehensively across Finland. At the end of the quarter, Cityvarasto had a total of 77 locations. After the end of the quarter, the company acquired 2 additional new locations. At the end of the quarter, there were 71 open locations, and Cityvarasto had at least one open location in a total of 28 cities. These locations contain more than 14,000 rentable self-storage units. Cityvarasto is Finland's best-known company focused on self-storage. More than 60% of Finns live within less than a 15-minute drive of a Cityvarasto location. Cityvarasto's locations are situated close to customers, which makes the service easily accessible across Finland. Pakuovälle is Finland's largest and best-known van rental company. The company owns more than 500 vans and operates in more than 50 localities across Finland. Opiskeliamuto operates particularly in southern Finland and carried out more than 2,400 moves in 2025. The acquisition of Yakimuto Oi's moving services business supports the growth of the group's ancillary services and strengthens the overall service offering, especially in moves related to larger renovation projects. The acquisition also adds more large trucks to the group's fleet. Ancillary services support the self-storage business by increasing visibility and enabling effective cross-selling between different services. After the end of the quarter, Cityvarasto acquired properties in Turku and Oulu. A modern self-storage location will be opened at both sites. In Ittahariu, Turku, a large property complex of 8,400 square meters was acquired from an international investor. The aim is to open a new modern self-storage location there during the end of 2026. In Kariasylta Oulu, a building of approximately 1,200 square meters was acquired from Veikkausoie. The location is expected to open to customers in early 2027. During the first quarter of the year, Cityvarasto opened a new location in the center of Järvenpää. In addition, significant expansions were carried out at the Jyväskylä Kirri and Lähti Soppenkorpi locations, and these were opened for customer use during the first quarter. Rentable self-storage space increased by a total of 2,000 square meters during the first quarter and by a total of 7,000 square meters over the past 12 months. Cityvarasto has significant organic growth potential in its current property portfolio. The company estimates that through conversions at its existing sites, it can increase rentable self-storage space by more than 20,000 square meters. Cityvarasto's self-storage units are located close to customers, which makes them easy and convenient to use in everyday life. The storage units are spacious, clean, warm, and dry. The facilities are also well-lit, which increases user comfort and safety. Security is a key part of the service. The locations have continuous camera surveillance and access control, which ensure the safe storage of customers' belongings. The self-storage units have been designed to be easy to use and highly automated, so that using the service is as smooth as possible. In addition, the service is a cost-effective and affordable alternative for customers' storage needs. Approximately 90% of customers are satisfied or very satisfied with Cityvarasto's services. Demand for self-storage is supported by several long-term megatrends. These include urbanization, the increasing amount of belongings, and the recycling of used goods. The decreasing size of homes and the increasing prevalence of remote work also increase the need for storage space. In addition, growth in the number of households, The aging of the population and general increases in wealth add to the demand for self-storage services. Population growth forecasts for the years 2025 to 2040 support market development, especially in Finland. According to the forecasts, population growth will be strongest in the Helsinki metropolitan area, where growth is estimated to be 21%. In Tampere, growth is forecast to be 19%, and in Turku, 14%. In an international comparison, Finland's largest cities are forecast to grow faster than many major European cities. This supports the long-term growth potential of the self-storage market, particularly in Finland. The self-storage sector in Finland has significant growth potential compared with international markets. In Finland, there are approximately 38 square meters of self-storage space per 1,000 inhabitants. The corresponding figure is 56 on average in the Nordic countries, 82 in the United Kingdom, and clearly even higher than this in the United States. The comparison shows that the Finnish self-storage market is still clearly smaller than more developed markets. Compared with the Nordic average, the size of the market could be approximately 50% larger than it is today. Based on aided awareness, Cityvarasto is clearly Finland's best-known operator in the self-storage sector. According to the study, Cityvarasto's aided awareness is 57%, while the awareness of the next operators remains at a clearly lower level. Cityvarasto's spontaneous awareness has also almost doubled since 2022, and aided awareness has increased from 47% to 57%. Pakuoveles' awareness has also grown strongly. Based on spontaneous awareness, the company is clearly Finland's best-known van rental company. Opiskele Ammuto in turn is Finland's second best-known company offering moving services. Cityvarasto extends the lifecycle of properties by converting existing buildings into self-storage use. The company's conversion model significantly reduces construction phase emissions compared with new construction. The carbon footprint of the renovation alternative is estimated to be approximately 30% of the carbon footprint of a corresponding new building when examining emissions during the investment phase. The locations are situated along good transport connections, which improves accessibility and supports efficient customer visits. Cityvarasto uses solar energy, and 15 locations have a solar power plant in operation. In addition, the company continuously optimizes the energy efficiency of its sites. All electricity used by Cityvarasto is fossil-free, Cityvarasto has grown strongly for 2 decades. The company's compound annual growth rate of revenue, or CAGR, has been 30.6% from 2000 to the first quarter of 2026. Over the past 10 years, revenue has grown by an average of approximately 20% per year. Cityvarasto is an exceptional company, as its revenue has grown throughout its entire 26-year history, every single year. The growth is visible both in the significant increase in the group's revenue and in the number of self-storage locations. Cityvarasto has built a nationwide network of locations and strengthened its position as Finland's leading self-storage operator. Cityvarasto's growth strategy is based on 5 key growth drivers. The first growth driver is increasing cash flow by optimizing the occupancy rates and rental levels of self-storage units. The aim is to improve the revenue and profitability of the existing network of locations. The second growth driver is increasing self-storage space at existing locations through conversions. Existing properties are developed and converted into higher-value self-storage use. The third growth driver consists of investments in new properties and new locations in growth centers. The fourth growth driver is acquisitions and various corporate arrangements, through which the group can expand its business and strengthen its market position. The fifth growth driver is growing ancillary services. Growth in ancillary services also supports the growth of the property business, for example, through visibility, customer acquisition, and cross-selling. Next, our Chief Financial Officer Matti Leinonen will go through the company's financial review. Thank you, Ville. Next, we will go through Cityvarasto's key financial figures for the first quarter of 2026. Key figures. Starting on the left with the income statement figures. Revenue for the quarter was €7.2 million, representing growth of 19.7% compared with the previous year. And adjusted EBITDA was €2.2 million, up 1.6% year-on-year. Adjusted operating earnings per share were 10 cents per share, down approximately 16% compared with the previous year. This figure was also affected by the increase in the number of shares compared with the comparison period. Then, regarding the balance sheet, the most essential points are as follows: the fair value of owned investment properties was approximately €209 million, net asset value per share was €23.42, and the net debt position was €33.5 million. All of these were in line with the situation at the end of 2025. Next, more detail on revenue and its development. Revenue for the quarter grew by approximately 20% compared with the comparison period and amounted to €7.2 million. At the segment level, the performance of both segments was very strong. The Property business grew by 15%, driven by new leased self-storage space, and the development was also positive compared with the preceding quarter, meaning the final quarter of 2025. Ancillary Services grew by more than 33%. The most significant factors there were a good start to the year in van rental operations, taking seasonality into account. Winter is not the best time for van rentals. Another factor to note was the revenue generated by the moving services business of Yaki Moto, which was acquired at the beginning of the year. Adjusted EBITDA increased at group level by just under 2% to €2.2 million, supported by revenue growth. EBITDA for the property business increased by slightly more than 3% to €1.8 million, while in ancillary services we saw a decrease of just over 6%. EBITDA margin declined moderately during the quarter compared with the comparison period in both segments. The explanatory factors, some of which are one-off or temporary, include, especially in the Property business, the costs of being a listed company, which were not yet present in the comparison period, as well as significant growth investments in the self-storage business, in line with our growth strategy. The cold start to the year also affected energy costs at our locations. Regarding Ancillary Services, we have been very satisfied with the acquisition of Jäki Mootto and the added value it brings. However, as is generally the case with business acquisitions, taking over a new business takes some time and profitability is not immediately at the expected level. This was also the case with Jäki. In connection with our previously issued profit guidance, we have already estimated that due to growth investments, it is possible that our relative profitability may temporarily decline. However, in our view, the growth investments already made, as well as those still to be made, are sensible over any slightly longer time horizon, and we expect them to support profitable growth in the future. On adjusted operating earnings per share (AEB per share). This is a key figure from which changes in the fair value of investment properties have been adjusted out, so it describes earnings more on a cash flow basis. Earnings per share were 10 cents per share, down approximately 16% compared with the comparison period. The decrease was mainly due to higher depreciation levels resulting from investments made in the previous year, as well as the increased number of shares following the listing. Next, investments. Q1 investments were very stable compared with the investment levels of previous quarters, approximately €2.5 million, and were divided fairly evenly between the segments. No new property acquisitions were completed during the period, but after the end of the period, we acquired two new locations, which Ville mentioned earlier. Regarding ancillary services, we acquired Yakimutto, approximately 40 vans, and equipment to support the moving services business. Here, as a reminder, are the investment levels from previous years. There have been no changes in the financing position compared with the year-end situation. Net debt is moderate, and the equity ratio and LTV are at strong levels, giving us a solid foundation for executing our growth strategy. Next, the development of occupancy rates in the Property business by quarter. The lighter bars show the occupancy rates of the self-storage business, and the darker bars show the occupancy rates of the commercial premises business. A longer-term positive trend can be seen in the development of occupancy rates in both businesses. For the first quarter of the year, occupancy rate development was stable, taking into account that during the quarter we brought approximately 2,000 square meters of new self-storage capacity to the market. Next, the development of rents per square meter and leaseable area. In the self-storage business, generating revenue is always a balancing act between two different components: rental levels and occupancy rate. As communicated previously, our main focus recently has been on new sales and the development of the occupancy rate. As a result, rental levels saw a moderate decline of less than 1% during the quarter. We added approximately 2,000 square meters of new leaseable self-storage space during the quarter, and the total leaseable area at the end of the period was 66,000 square meters. On the commercial premises side, rental levels increased moderately, while leaseable area correspondingly decreased slightly, due to the start of new conversion projects. The acquisitions completed after the end of the period, especially the significant acquisition made in Turku, will again increase the commercial premises area during the second quarter. In total, including the area currently under construction, we currently have approximately 120,000 square meters of leaseable space and significant potential within the existing portfolio. We estimate that from our current commercial premises area, we can convert more than 20,000 square meters into additional leaseable self-storage space in the coming years. Considering that rental levels for self-storage units are significantly higher, we see this as one of our most important growth drivers going forward. Next, as a recap, our profit guidance and profit distribution. There are no changes to the guidance. Revenue is estimated to be €29.9 to €31.2 million, representing growth of 10-15%. And adjusted EBITDA is estimated to be €12.7 to €13.9 million, representing growth of 5-15% compared with the previous year. Regarding profit distribution, the Annual General Meeting held in April decided to distribute a dividend of 11 cents per share. The dividend level is very moderate as we are focusing on our growth strategy and on carrying out the investments it requires. In any case, however, this was already the 11th consecutive year in which Cityvarasto paid an increasing dividend. Finally, as a reminder, here are our medium-term financial targets for the period ending at the end of 2026. 2029, and where we stand in relation to them after the first quarter of 2026. At the end of the period, average annual revenue growth was 20.6%, and the EBITDA margin for the last 12 months was 42.6%. Investments amounted to €10 million. The number of self-storage locations was 77, and after the two acquisitions completed in April, 79%. LTV was at a strong level, at 20.7%. Questions can be submitted through the interactive Report on our investor pages until 3 PM on the 11th of May. We aim to answer the questions during the same day. Please note that the name of the person asking the question will be mentioned in connection with the published answers. Registration is required in order to submit questions. Instructions can be found on our website. Thank you.

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