Slide 1: Full year results to 31 March 2024
PELICAL Full year results to 31 March 2024
Slide 2: Agenda
HELICAL Agenda Overview 3 Gerald Kaye Financials 5 Tim Murphy Portfolio progress: 15 operational highlights Gerald Kaye 4 Hin ‘| Future potential & pipeline 24 f | =I Matthew Bonning-Snook a q Pra. Q&A 37 Appendices 38
Slide 3: Overview
Overview GERALD KAYE
Slide 4: Overview
HELICAL @helicalplc | Helical plc | helical.co.uk Overview e Asignificant capital market readjustment has occurred as investors recalibrate to the high interest rate environment e Demand for “best-in-class” space continues to drive rental growth © Good progress made against operational business obje
Slide 5: Financials
Financials TIM MURPHY
Slide 6: Financial results
HELICAL @helicalplc | Helical pic | helical.co.uk Financial results EPRA EARNINGS PER SHARE (2023: 9.4) PORTFOLIO VALUE (31 MARCH 2023: £840.4m) EPRA NTA PER SHARE (31 MARCH 2023: 493p) VALUATION CHANGE (INC SALES & PURCH: -22.6%) DIVIDEND PER SHARE (2023: 11.75) LOSS AFTER TAX (2023: £64.5m) NET AS
Slide 7: Final Dividend
HELICAL @helicalplc | Helical plc | helical.co.uk 7 Final Dividend EPRA and IFRS (loss)/profit one 8h Total Dividend 60 4.83p (2028: 11.75p) 30 £26.5m £0.4m £1.0m £4.3m (E11.1m) -30 -90 -120 -150 -180 (£188.6m) (5.6m) (£189.8m) -210 Net Rents Development Other income Administrative Netfinancecosts.
Slide 8: Investment Losses
HELICAL @helicalplc | Helical plc | helical.co.uk 8 Investment Losses i) EPRANTA per share sre Bone vey 800.0 100 New Bridge Street (44.0) 580.0 560.0 The Loom (16.9) 540.0 25 Charterhouse Square (9.9) 520.0 500.0 The JJ Mack Building (48) 480.0 The Power House (15) 460.0 440.0 Barts Square (11) 420
Slide 9: Loan to value and gearing
HELICAL @helicalplc | Helical plc | helical.co.uk 9 Loan to value and gearing £1,400 70 £1,200 60 £1,000 50 £800 40 m £600 30 Portfolio value £400 20 £200 Net debt 0 £0 i} 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Pro-forma Shareholders’ Funds (2m) 254 341 404 481 517 534 567 598 6
Slide 10: Debt summary
HELICAL @helicalplc | Helical plc | helical.co.uk 10 Debt summary Exercised option to extend the facility on The JJ Mack Building by one year to July 2025 e Post year end completed £155m (our share: £77.5m) financing for 100 New Bridge Street for a four-year term with one-year extension option e Ear
Slide 11: Interest rate hedging
HELICAL @helicalplc | Helical plc | helical.co.uk Interest rate hedging Amount Maturity Ties rate Interest Rate Swaps £50.0m Jun 26 3.51% £m Debt profile £50.0m Jul 26 2.43% £50.0m Jul 26 2.54% £50.0m Jul 26 2.60% £50.0m Jul 26 3.79% Total Swaps £250.0m Jul 26 2.97% In Joint Ventures - Fixed Rate £6
Slide 12: Loan covenant and LTV
HELICAL @helicalplc | Helical plc | helical.co.uk 12 Loan covenant and LTV en leadr Loan to Value <65% 44% 27% fallin value Loan to Rental Value <15.0x' 10.17x 32% fallin rent Projected Net Rental Interest Cover Ratio >150% 726% 79% fallin rent 1. Threshold has been extended until December 2024 to a
Slide 13: Committed and planned capital expenditure
HELICAL @helicalplc | Helical plc | helical.co.uk Committed and planned capital expenditure ment portfolio — committed site acquisitions Investment — committed Proposed Equity 100 New Bridge Street, EC4 59.4 3.0 56.4 10 King William Street, EC4 32.9 32.9 0.0 Southwark OSD, SE1 11.0 11.0 0.0 Paddingt
Slide 14: In summary
HELICAL @helicalplc | Helical plc | helical.co.uk 14 In summary e We have an investment portfolio with a True Equivalent Yield of 6.6%, post recent sales, at a time when five-year swaps and ten-year gilts are circa 4.0% e The debt on our investment portfolio is all fixed at an average cost of 2.9% t
Slide 15: Portfolio progress: operational highlights
Portfolio progress: operational highlights GERALD KAYE
Slide 16: Progress since March 2023: The JJ Mack Building
HELICAL @helicalplc | Helical plc | helical.co.uk 16 Progress since March 2023: The JJ Mack Building ¢ Significant letting progress has been made including: 79,088 sq ft let to J Sainsbury across ground to 3° floor together with 2 retail units 9" floor let to Corio Generation, a subsidiary of Macqua
Slide 17: Progress since March 2023: The Bower
HELICAL @helicalplc | Helical plc | helical.co.uk 7 Progress since March 2023: The Bower ¢ 16" floor let to existing tenant Verkada for expansion (lease extended on the 17" floor by 10 years to 2034) ® Incubeta, who previously occupied the 16" floor, have moved to the 14" floor ¢ WeWork leases on 18
Slide 18: Progress since March 2023: The Loom
HELICAL @helicalplc | Helical plc | helical.co.uk 18 Progress since March 2023: The Loom e This former Victorian wool warehouse offers 108,540 sq ft of office space e We continue to provide a flexible lease offering to actively reduce vacancy 5 new lettings, totalling 12,001 sq ft, were completed du
Slide 19: Driving value from the completed investment portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 19 Driving value from the completed investment portfolio 40 35 30 Passing rent 33.0 i . Contractedrent Disposals since year Letings post year Avaliable space and. Reversionary ent end uplift 30.6 37.2 Under Offer under offer 39.3 39.3 ERV Contracted
Slide 20: Yield and rent sensitivity - completed investment portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 20 Yield and rent sensitivity - completed investment portfolio Change in investment portfolio ERV £m -5.00% -2.50% (£69.30psf) 2.50% 5.00% -0.50% £25.2m £36.5m £47.6m £59.5m £71.6m -0.25% £1.6m £12.3m £22.8m £34.1m £45.7m True equivalent yield (6.65%
Slide 21: Progress since March 2023: Sales
HELICAL Progress since March 2023: Sales 25 Charterhouse Square © On 24 April sale completed of the 42,921 sq ft office to Ares Management for £43.5m e Proceeds utilised to pay down debt @helicalplc | Helical plc | helical.co.uk 21 Barts Square © Completed the sale of the last residential unit © Com
Slide 22: Progress since March 2023: New Bridge Street
HELICAL @helicalplc | Helical plc | helical.co.uk 22 Progress since March 2023: 100 New Bridge Street © Completed joint venture arrangements on a preferred equity basis with a vehicle led by Orion Capital Managers returning £55m of equity e £155m (our share: £77.5m) of development debt has been obta
Slide 23: Progress since March 2023: Brettenham House
HELICAL @helicalplc | Helical plc | helical.co.uk 23 Progress since March 2023: Brettenham House ¢ Working in partnership with the long leasehold S yy owner % ’ © Building originally completed in 1931. Commanding SS views of the river. A complete refurbishment to provide circa 120,000 sq ft of top q
Slide 24: Future potential & pipeline
Future potential & pipeline MATTHEW BONNING-SNOOK
Slide 25: Track record working in partnership
HELICAL @helicalplc | Helical plc | helical.co.uk 30 year track record — working in partnerstip
Slide 26: King William Street, EC4
HELICAL @helicalplc | Helical plc | helical.co.uk 26 10 King William Street, EC4 (Bank OSD) e Site drawdown date October 2024 e Planning consent for a new 140,000 sq ft building over basement, ground and seven upper floors above the new Bank Underground Station entrance Typical floorplates c.22,500
Slide 27: King William Street, EC4
HELICAL 10 King William Street, EC4 (Bank OSD) e Three non-material planning applications are close to being approved which bring significant improvements to existing consents | @helicalplc | Helical plc | helical.co.uk 27 OG AbchurchLane
Slide 28: Paddington OSD, W2
HELICAL @helicalplc | Helical plc | helical.co.uk 28 Paddington OSD, W2 © Site drawdown date January 2026* Planning permission originally granted in 2015 for a 19-storey building with 15 floors of office accommodation and 2 retail units totalling 235,215 sq ft NIA Typical office floors 15,600 sq ft
Slide 29: Paddington OSD, W2
HELICAL @helicalplc | Helical plc | helical.co.uk 29 Paddington OSD, W2 e Planning consent just received to permit terracing on each floor e Net Internal Area remains the same due to realignment of building line e Further enhancements to end of journey amenity and arrival experience being pursued =C
Slide 30: Southwark OSD, SE1
HELICAL @helicalplc | Helical plc | helical.co.uk 30 Southwark OSD, SE1 e Site drawdown date July 2025 e Planning permission granted in July 2022 for a 17-storey building of 222,264 sq ft total NIA: > 197,991 sq ft offices plus 21,722 sq ft affordable offices > 2,551 sq ft retail e Detailed feasibil
Slide 31: Southwark OSD, SE1
HELICAL @helicalplc | Helical plc | helical.co.uk 31 Southwark OSD, SE1 mama Detailed pre-application discussions with Southwark Borough Council regarding a purpose-built student accommodation scheme The proposed scheme comprises c.430 studio units, with the delivery of aseparate on-site affordable
Slide 32: Equity light focus
HELICAL Helical plc | helical.co.uk 32 Equity light focus ¢ Utilise our development expertise, track record and industry network to work with owners on an “equity light” approach, repositioning assets to provide enhanced returns on our equity invested Wi FAN gate 40 200 Alde:
Slide 33: Brettenham House
HELICAL @helicalplc | Helical plc | helical.co.uk 33 Brettenham House mam noe ma Aang
Slide 34: Helical's pipeline
HELICAL @helicalplc | Helical plc | helical.co.uk 34 [f= Predicted window of low supply —,> Helical's pipeline THE JJ MACK 21,734 sa ft | Let remaining BUILDING (excluding under offers) space 100 NEW 191,000 sq ft Complete BRIDGE STREET| offices March 2026 440,000 sqft Oran eawn Complete offices Oct
Slide 35: Development upside
HELICAL @helicalplc | Helical pic | helical.co.uk 35 Development upside e Anticipated development profits of c.£100m to be released from central business plan from existing development pipeline e Further upside potential from rental growth > 2.5% p.a generates an additional c. 65m > 5.0% p.a. genera
Slide 36: Summary
HELICAL @helicalplc | Helical plc | helical.co.uk 36 Summary e Experienced a significant readjustment of values e Proactive asset management is essential to address the vacancy e Recycling of equity is to continue once individual building and management plans complete © Deliver the identified develo
Slide 37: Q&A
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Slide 38: 100 New Bridge Street
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Slide 39: Appendices
HELICAL Appendices Sustainability 40 Portfolio 44 ——— WWawd! @Zcskc Manin: Further financial analysis 56
Slide 40: Sustainability
Sustainability
Slide 41: Sustainability benchmarks
HELICAL @helicalplc | Helical pic | helical.co.uk 41 Sustainability benchmarks 31March 2024 31 March 2023 £ > GRESB 87/100 88/100 7 Td a* 5* STANDING INVESTMENTS £ > GRESB 92/100 94/100 oe 4* 5* DEVELOPMENTS Gold Gold MSCI & AAA AAA Wcepp B B
Slide 42: Portfolio energy performance
HELICAL @helicalplc | Helical plc | helical.co.uk 42 Portfolio energy performance & BREEAM certification by value e 99% EPC A or B completed portfolio by value ¢ 89% BREEAM Outstanding or Excellent by value House The JJ Mack Building EPC A and 2018 BREEAM Outstanding 25 Charterhouse Square EPC B and
Slide 43: Sustainability of pipeline
HELICAL @helicalplc | Helical plc | helical.co.uk 43 Sustainability of pipeline e All future developments to be net zero carbon © Significant focus on energy efficiency and low carbon solutions © Biodiversity net gain in excess of planning requirements e Focus on social value, employment opportuniti
Slide 44: Portfolio
Portfolio
Slide 45: Driving value - lettings
HELICAL @helicalplc | Helical pic | helical.co.uk 45 sft 0008 Driving value — lettings PHBE otal area et at 3103.2004 535 [EB Net iettings since 31.03.2024 10 e 136,660 sq ft across 13 lettings in the year, delivering contracted rent of £7.1m, inline with | ERV Y, sve otter 46 e Four lettings post-p
Slide 46: Property portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 46 Property portfolio Areasq ft investment Properties Description (NIA excluding storage) Completed properties The Warehouse and Studio, The Bower EC1 Multi-let office building 151,439, 0.0% 0.0% The Tower, The Bower EC1 Multi-let office building 182
Slide 47: Portfolio metrics (1)
HELICAL @helicalplc | Helical plc | helical.co.uk 47 Portfolio metrics (1) Valuation 31March Change Fair Capital Vacancy 2024 (exc. Sales and Value Value Rate WAULT Purchases) Investment Portfolio em £ psf % Years London Offices: - Completed properties 561.5 85.0 982 17.6 6.6 (19.6) - Development pi
Slide 48: Portfolio metrics (2)
HELICAL @helicalplc | Helical plc | helical.co.uk 48 Portfolio metrics (2) Passing Contracted Change inERV EPRA “Topped True Equivalent Rent Rent LfL Up” NIY Yield Investment Portfolio em em % London Offices: - Completed properties 23.6 33.0 42.9 -0.7 Bil 6.5 6.9 - Development pipeline 0.0 0.0 17.8
Slide 49: Portfolio metrics (3)
HELICAL @helicalplc | Helical plc | helical.co.uk EPRA “Topped Up” Net 1 : Initial Yield London Portfolio metrics (3) ws =a 2017 470 2018 451 2019 417 2020 3.89 Yield, % 2021 4.55 2022 4.23 2023 4.01 7.00 2024 5.14 6.50 True Equivalen’ London Total 2016 5.62 6.37 2017 5.27, 5.85 6.00 2018 5.30 5.52
Slide 50: Portfolio - Summary
HELICAL @helicalplc | Helical plc | helical.co.uk 50 Portfolio — Summary New lettings to 31 March 2024 e 136,660 sq ft across 13 lettings, 1.1% above March 2023 ERV’s ¢ £7.1m (Helical’s share) contracted rent e 13,257 sq ft let post year end to 4 tenants at The JJ Mack Building and The Loom, with co
Slide 51: Investment portfolio key statistics
HELICAL @helicalplc | Helical plc | helical.co.uk 51 Investment portfolio key statistics See-through Total Portfolio Contracted Rent £m Rent lost at break/expiry (5.7) Lease expiry to allow redevelopment (7.1) New lettings 7A Contracted rent reduced through sales (0.3) Net decrease in the year (6.0)
Slide 52: Lease expiries or tenant break options
HELICAL @helicalplc | Helical plc | helical.co.uk 52 Lease expiries or tenant break options Year to Year to Year to Year to 6 27 2025 2026 202, 2028 % of rent roll 15.8 37 12.8 30.5 7A 30.1 Number of leases 20 9 ai} 13 5 19 Average rent per lease (£) 260,030 134,922 384,495 772,366 466,332 521,731
Slide 53: Tenant make-up
HELICAL @helicalplc | Helical plc | helical.co.uk Tenant make-up Consumer services 1% ‘Consumer goods oe Online retailing - Fashion Law 3% Human Resources 3% Flexible offices 3% Financial Products 16% Software and Computer Services 7% IT Consultancy N Business Consultancy 9% 1% Other 1% Food & Bever
Slide 54: Top tenants
HELICAL @helicalplc | Helical plc | helical.co.uk Top 15 tenants Rank nant Tenant Industry Contracted Rent £m 1 Farfetch Online Retail 4.3 2 J Sainsbun Retail 3.0 3 Brilliant Basics Technolog’ 24 4 VMware Technolog 2.2 5 Verkada Technolog 1.9 6 Partners Group Financial Services 1.9 7 Anomaly Marketi
Slide 55: Rental income and rental reversion
HELICAL @helicalplc | Helical plc | helical.co.uk 55 Rental income and rental reversion NET RENTAL INCOME 50 47.0 £m 45 43.4 40 . 85 312 S35 30 285 25.0 25.5 25 . : 20 179 6 149 10 5 0 2010 2011 2012 2013 2014 2016 2017 2018 2019 2020 2021 2022 2023 2024 £m 100 30 81.0 716 ont : 608 595 cag 603 60.0
Slide 56: Further financial analysis
Further financial analysis
Slide 57: Financial highlights
HELICAL @helicalplc | Helical plc | helical.co.uk 57 Financial highlights See-through income statement March 2024 March 2023 Total property return - Net rental income £25.5m £33.5m - Development property profits £0.4m £3.2m ~ Loss on revaluation of investment properties (£187.1m) (£92.8m) - (Loss)/g
Slide 58: See-through income statement
HELICAL @helicalplc | Helical plc | helical.co.uk 58 See-through income statement 31 March 2024 31 March 2023, Group Joint Ventures Total em em em Net rental income 247 0.8 25.5) Development property (loss)/profit (0.2) 0.6 0.4) 24.5 14 25.9) Administration expenditure (11.0) (0.3) (11.3) Net financ
Slide 59: See-through balance sheet
HELICAL @helicalplc | Helical plc | helical.co.uk 59 See-through balance sheet 31 March 2023, Total Total NAV per share em Investment properties 522.4 660.6 839.5 Land and development stock (fair value) 0.3 17 0.9 Property portfolio 5227 662.3 840.4 Net debt (261.6) (231.4) Other net assets/(liabili
Slide 60: Net cash flow movements
HELICAL @helicalplc | Helical plc | helical.co.uk 60 Net cash flow movements March 2024 £m Cash generated from operations 12.3 Capex (16.0) (10.5) Joint ventures 18 16.8 Net disposal proceeds - 186.6 Reduction in net borrowing = (170.0) Other cash flow movements (6.0) (2.5) Dividends paid (14.4) (13
Slide 61: EPRA Performance measures
HELICAL @helicalplc | Helical plc | helical.co.uk 61 EPRA Performance measures At At 31 March 2024 31 March 2023 EPRA net tangible assets £406.5m £613.56m EPRA net reinstatement value per share 349p 516p EPRA net tangible assets per share 331p 493p EPRA net disposal value per share 327p 490p EPRA ne
Slide 62: Disclaimer
HELICAL @helicalplc | Helical plc | helical.co.uk 62 Disclaimer Whilst we have taken all reasonable care to ensure that the information and material contained in this presentation is accurate at the time of its distribution, no representation or warranty, express or implied, is made as to its accura
Slide 63: Contact details
0207 629 0113 reception@helical.co.uk 5 Hanover Square London WIS 1HO www.helical.co.uk @helicalple PrELICAL