Slide 1: Half year results to 30 September
PELICAL Half year results to 30 September
Slide 2: Agenda
HELICAL Agenda Results Highlights and 3 Market Comment Gerald Kaye Financials 15 Tim Murphy Portfolio Highlights and 23 Sustainability Matthew Bonning-Snook Summary 31 Gerald Kaye Q&A 33 Appendices 34 Additional Analysis
Slide 3: Results Highlights and Market Comment
Results Highlights and Market Comment GERALD KAYE
Slide 4: Results highlights
HELICAL @helicalplc | Helical plc | helical.co.uk Results highlights PROFIT AFTER TAX £17.2m (2021: £22.2m) EPRA NTA PER SHARE EPRA EARNINGS TOTAL PER SHARE PROPERTY RETURN (31 MARCH 2022: 572?) -3.3% (202% 0.9) (2021: ead. 9M) PORTFOLIO NET NET RENTAL INCOME SEE-THROUGH VALUATION/SALE LOSS LOAN TO
Slide 5: Key achievements
HELICAL @helicalpic | Helical plc | helical.co.uk 5 . | Key achievements ¢ Sale of Kaleidoscope to Chinachem Group for £158.5m © Sale of 55 Bartholomew to private European investor for £16.5m © Sale of Trinity to clients of Mayfair Capital for £34.55m e Practical completion of The JJ Mack Building a
Slide 6: Market comment — Investment
HELICAL @helicalplc | Helical pic | helical.co.uk Market comment — Investment e Ultra low interest rates since 2008 now going up in response to inflation and general Government indebtedness e Bifurcation in price between the best-in-class and the rest e The best: newly developed/refurbished to best-
Slide 7: Market comment — Letting
HELICAL @helicalplc | Helical plc | helical.co.uk 7 London - 4 Qtr Take-up by Quality Source righ Frank Resear] msaft cee Now mm Rofurd mShandA sm Shand 8 —e—Toke-up Long-term Average Market comment — Letting ee e Bifurcation in tenant demand between the newly developed/ fo refurbished buildings and
Slide 8: The opportunity
HELICAL @helicalplc | Helical pic | helical.co.uk The opportunity London maintains its role as a leading World City Ongoing strong demand for best-in-class space and constrained future pipeline Strong net additions to occupied stock More space being occupied - Increase in London office based employm
Slide 9: Helical's response
HELICAL @helicalpic | Helical plc | helical.co.uk 9 Helical’s response e Recycle capital and maintain LTV between 20-35% e Central London focused e |sland or edge of block locations and good public realm e Larger floor plates as up to 5,000 sq ft market overcrowded with flex space © Carbon friendly
Slide 10: Driving value — Existing portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 10 Driving value — Existing portfolio Bi ev rrr [BW To be developed/ refurbished e Multi-let portfolio — maximise asset management and reversion ¢ Building management to the highest standard and buildings maintained in top Hl unvefurvishea condition
Slide 11: Driving value — Lettings
HELICAL @helicalplc | Helical plc | helical.co.uk Driving value a Lettings PBB otal arealet at 30.09.2022 _— © 19,642 sq ftin 4 units let in the period, delivering contracted rent of £1.2m, 2.2% above ERV_ [i vax 209 (Helical's share) EBB ctsince period ena 43 e 42,698 sq ft let since 30 September 2
Slide 12: Farringdon best-in-class rental growth
HELICAL @helicalpic | Helical plc | helical.co.uk Farringdon best-in-class rental growth | 25 Charterhouse Square . © Allletat £75.00 psf Kaleidoscope e 5!" floor £90.00 psf - large terrace on roof ¢ Average rent £86.10 psf - | - One Bartholomew ¢ 10" floor with terrace £85.00 psf e Average rent £81
Slide 13: Driving value — Capturing the reversion
HELICAL @helicalplc | Helical plc | helical.co.uk Driving value — Capturing the reversion 70 £59.7m 60 £58.0m 50 £48.7m 40 £37.0m £39.1m & £34.3m 30 20 10 0 Passing Rent ContractedRent — ContractedRent — Available Space Development Pipeline Reversionary Rent ERV Uplift Uplift - post Period endetting
Slide 14: Driving value — Future upside
HELICAL @helicalplc | Helical pic | helical.co.uk 14 Driving value — Future upside The Bower, EC1 Status Tenants across 11 floors in The Tower * Performance to date £118.6m valuation gain Fur potential £1.3m of reversionary rent have rent reviews within the next 18 * £23.7m development profit months
Slide 15: Financials
Financials TIM MURPHY
Slide 16: EPRA and IFRS profit reconciliation
HELICAL @helicalpic | Helical plc | helical.co.uk EPRA and IFRS profit rocoto 30.0 20.0 182m £0.9m (£6.0m) 10.0 10.0 (€15.1m) (01m) -20.0 NetRents Development Administration Net finance Tax/Other_ ~—- EPRAprofit. Net (loss)/gain Expenseon Financial == Tax/Other IFRS profit Tax IFRS profit after prof
Slide 17: EPRA NTA per share - Down 3.3%
HELICAL @helicalplc | Helical plc | helical.co.uk 7 EPRA NTA per share - Down3.3% 800.0 EPRA TAR -2.5% 590.0 EPRA NDV +1.5% 580.0 670.0 560.0 550.0 540.0 530.0 520.0 510.0 600.0 NTA - 31 March 2022 EPS Investment (losses)/ Expense on cancellation of Dividends Other NTA - 80 September 2022 gains loan
Slide 18: Loan to value and gearing
HELICAL @helicalplc | Helical plc | helical.co.uk Loan to value and gearing £1,400 70 1,205 £1,200 . 60 Portfolio value £1,000 50 4! 915 £800 40 LTV 626, £600 30 26.4 £400 Net Debt 20 283 242 £200 10 2023 Half Ye: Shareholders’ Funds (&m) 254 341 404 481 57 534 567 598 608 687 693 NAV Gearing (%) m7
Slide 19: Debt summary
HELICAL @helicalplc | Helical plc | helical.co.uk Debt summary e £150m of the RCF was repaid reducing amount borrowed to £250m e £400m RCF was extended to July 2026 e £400m RCF was converted into a Sustainability Linked Loan September March 2022 2022 Total facilities £539.9m £539.9m Utilised facilit
Slide 20: Interest rate swaps and hedging
20 HELICAL @helicalplc | Helical pic | helical.co.uk QING . Amount Maturity ice “0 rate Interest Rate Swaps £50.0m Jun 26 3.36% 250.0m _ Jul26 2.28% “ £50.0m Jul 26 2.39% £50.0m Jul 26 2.45% 280 £50.0m Jul 26 3.64% Total Swaps £250.0m Jul26 2.80% 200 In Joint Ventures - Fixed Rate £69.9m Jul24 *4.00
Slide 21: Loan covenant and debt cost
HELICAL @helicalplc | Helical plc | helical.co.uk Loan covenant and debt cost Covenant Threshold Oct 2022 Headroom Loan to Value <65% 34% 48% fallin value Loan to Rental Value <12.0x 7.6x 37% fallin rent Projected Net Rental Interest Cover Ratio >150% 499% 60% fall in rent Weighted average interest
Slide 22: Summary of financial position
HELICAL @helicalplc | Helical pic | helical.co.uk 22 Summary of financial NET ASSET VALUE £692.7mM (31 MARCH 2022: £687.0M) position NET DEBT CASH AND UNDRAWN FACILITIES £241.8M £293.1mM (31 MARCH 2022: £402.9M) (31 MARCH 2022: £132.3M) NAV GEARING 34.9% (31 MARCH 2022: Oe. 6%) WEIGHTED AVERAGE COST
Slide 23: Portfolio Highlights and Sustainability
Portfolio Highlights and Sustainability MATTHEW BONNING-SNOOK
Slide 24: The JJ Mack Building Charterhouse Street, EC1
HELICAL @helicalplc | Helical plc | helical.co.uk 24 The JJ Mack Building 33 Charterhouse Street, EC1 Best-in-class technologically advanced new building of 200,447 sq ft of offices and 5,511 sq ft of retail Completed 30 September on programme and budget BREEAM Outstanding, EPC A, NABERS 5* High qua
Slide 25: The JJ Mack Building — sustainability in action
HELICAL @helicalplc | Helical plc | helical.co.uk 25 The JJ Mack Building 83 Charterhouse Street, EC1 An example of sustainability in action e “Green” development facility signed with Allianz in July 2020 ¢ Targeting a 40% embodied carbon reduction against current RIBA benchmark 840kg CO2/ m2 vs 140
Slide 26: 100 New Bridge Street, EC4
HELICAL @helicalplc | Helical plc | helical.co.uk 26 100 New Bridge Street, EC4 e Acquired off market for gross consideration of c.£160m Existing 167,026 sq ft office building let to Baker McKenzie until December 2023 Planning consent due to be granted for a carbon friendly new building, retaining t
Slide 27: Asset management initiatives
HELICAL @helicalplc | Helical plc | helical.co.uk 27 Asset management initiatives The Bower, EC1 The Tower 171,432 sq ft (17 floors) | The Warehouse 122,858 sq ft (9 floors) The Studio 18,283 sq ft (4 floors) e 12!" floor let to Stenn in line with 31 March 2022 ERV ¢ 11 floors in the Tower have rent
Slide 28: Asset management initiatives - Disposals
HELICAL @helicalpic | Helical plc | helical.co.uk 28 Asset management initiatives - Disposals 55 Bartholomew, EC1 10,976 sq ft (6 floors) * Sold to a private European Investor £16.5m (NIY 4.5%). Our share £8.25m. * Sale reflected a 4.5% net initial yield and a 3% premium to 31 March 2022 book value
Slide 29: Sustainability benchmarks
@helicalplc | Helical pic | helical.co.uk 29 HELICAL Sustainability benchmarks 30 September 2022 31 March 2022 Pa Gk Bou 88/100 85/100 ¢ 5* a STANDING INVESTMENTS & GRESB 94/100 85/100 yr * Bt 4" DEVELOPMENTS Cc EPRA Gold Gold 3.5/5 3.9/5 FTSE4Good 95* Percentile 96t Percentile MSCI & AAA AAA Wepp ¢
Slide 30: Portfolio energy performance
HELICAL @helicalpic | Helical plc | helical.co.uk 30 Portfolio energy performance & BREEAM certification by value e 99% EPC A or B completed portfolio by value ¢ 87% BREEAM Outstanding or Excellent by value EPC A and 2018 BREEAM Outstanding (on track) The JJ Mack Building EPC B and 2014 BREEAM Excel
Slide 31: Summary
Summary GERALD KAYE
Slide 32: Summary
HELICAL @helicalplc | Helical pic | helical.co.uk 32 Summary e We continue to recycle capital — sales of Kaleidoscope, Trinity and 55 Bartholomew Existing portfolio is new and sustainable Asset manage to advance performance and to continually improve sustainability and energy performance e Letting T
Slide 33: Q&A
O&A
Slide 34: Appendices
Slide 35: Appendices
HELICAL Appendices Market Comment — Supporting Charts Investing with Helical Portfolio Further financial analysis 36 45 46 52
Slide 36: Market comment — London office prime yields vs debt
HELICAL @helicalplc | Helical pic | helical.co.uk 36 Market comment — Supporting Charts London Office Prime Yields vs Debt % —— City & Southbank - Prime Yield LIBOR ——SONIAS Year Swap Rate — — City Yield LTA 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1,00% Base Rate Knight Frank
Slide 37: Market comment — Components of expected total return
HELICAL @helicalplc | Helical pic | helical.co.uk 37 Market comment — Supporting Charts City & Southbank - Components of Expected Total Return % (LHS), £bn (RHS) mmm Risk-Free Rate == City & Southbank - Prime Yield Spread mmm City & Southbank - Prime Rent Forecast 3 Year Average —@—4 Qtr City & Sout
Slide 38: Market comment — Key Central London investment transactions
38 @helicalplc | Helical pic | helical.co.uk HELICAL Market comment — Supporting Charts Source: CBRE Research FIGURE 10: Key Central London Investment Transactions 25,000 === Rolling 12 month (RHS) mu £m
Slide 39: Market comment — London 4 quarter take-up by quality
HELICAL @helicalplc | Helical plc | helical.co.uk 39 Market comment — Supporting Charts Source: Knight Frank Research London - 4 Qtr Take-up by Quality msq ft meee New mmm Refurb mam S/handA meme S/handB @.Take-up Longierm Average 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00
Slide 40: Market comment — London take-up by quality
HELICAL @helicalplc | Helical pic | helical.co.uk 40 Market comment — Supporting Charts London - Take-up by Quality % share of take-up = Pre-Pandemic 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% New Souroe: Knight Frank Research = Since Pandemic Sfhand A | S/hand B
Slide 41: Market comment — Central London availability
HELICAL @helicalpic | Helical plc | helical.co.uk a Market comment — Supporting Charts ‘Souroe: CBRE Research FIGURE 5: Central London Availability Millions sq ft Mmmm Secondhand + magmmiNewCompleted mammtarlyMarketed 10-year average
Slide 42: Market comment — Medium-term pipeline is constrained
HELICAL @helicalpic | Helical plc | helical.co.uk 42 Market comment — Supporting Charts Medium-term pipeline is constrained rer Central London development space under construction T=sCompleted — MENMIU/C Let/Under Offer EEIU/C Available 10-year average take-up, new/pre-let Msaft 1990 7991 1992, 1993
Slide 43: Market comment — Peak in cyclical demand
HELICAL @helicalplc | Helical plc | helical.co.uk 43 Market comment — Supporting Charts Peak in cyclical demand Central London take-up of space over 20,000 sq ft involving 100% net addition to occupied stock, rolling 12 months 2,500,000 2,000,000 & 100.000 7,000,000 “| | | il Til | li ° ll ll 2015 2
Slide 44: Market comment — Construction starts
44 @helicalplc | Helical pic | helical.co.uk HELICAL Market comment — Supporting Charts Seuroe: CRE Research Construction starts have become more predictable - and lower Central London construction starts, rolling 12 month totals 4 i= 2] 12 10 o bs SUOHII + 2202 20 Lzoz £0 Oz0z 70 ozoz LO 6L0z 20 BL
Slide 45: Investing with Helical
HELICAL @helicalplc | Helical plc | helical.co.uk 45 Investing with Helical We create sustainable and inspiring workplaces which are technologically smart, rich in amenities and promote employee wellbeing. Applying this philosophy, we seek to maximise Shareholder returns through delivering income gr
Slide 46: Barts Square, EC1
HELICAL @helicalpic | Helical plc | helical.co.uk 46 Barts Square, EC1 Phase 1 — Residential/Retail e¢ 144 apartments and 3,194 sq ft retail ¢ Allapartments have now been sold ¢ Stem + Glory and Halfcup are open and trading from the 2 retail units ¢ Winner of Good Neighbour Award at the prestigious
Slide 47: The Warehouse and The Studio, The Bower, EC1
HELICAL @helicalplc | Helical plc | helical.co.uk 47 The Warehouse and The Studio, The Bower, EC1 Noi e 141,141 sq ft offices and 10,298 sq ft restaurants ° Allrent reviews now completed achieving 13.2% uplift ° Office tenants: Viacom Stripe Farfetch Allegis VMware Dentsu (sub-let to Pendo) ¢ BREEAM
Slide 48: The Tower, The Bower, EC1
HELICAL @helicalplc | Helical pic | helical.co.uk The Tower, The Bower, EC1 IRE i Ht * 171,432 sq ft offices: Verkada 11,327 sq ft 17 floor Incubeta 11,306 sq ft 16 floor Snowflake 9,568 sq ft 14 floor OpenPayd 10,046 sq ft 13 floor Stenn 9,572 sq ft 12 floor Infosys 30,907 sq ft 10-11, 15 floor Far
Slide 49: 25 Charterhouse Square, EC1
HELICAL 25 Charterhouse Square, ECT @helicalplc | Helical plc | helical.co.uk 49 e 42,921 sq ft over ground plus six floors ® Ground floor unit of 1,880 sq ft let to SolidNature e The 6,530 sq ft 4"" floor available to let following refurbishment © 155 year leasehold interest with 10% ground rent ¢
Slide 50: The Loom, E1
HELICAL @helicalplc | Helical pic | helical.co.uk 50 The Loom, E1 © 107,404 sq ft listed office former Victorian wool warehouse e Allunits have now been extensively refurbished © One unit of 3,495 sq ft let to ActivTrades in the period and one further unit let following the period end taking the pro
Slide 51: Sustainability
HELICAL @helicalplc | Helical pic | helical.co.uk 51 Sustainability yy J Launched in June 2020 Built for the Future sets out Helical’s long term vision and strategy Launched in April 2021 pity A guide to aid Helical’s professional teams as they a collaborate on new development schemes. Incorporating
Slide 52: Impact of market movements on our values
HELICAL @helicalplc | Helical plc | helical.co.uk 52 Impact of market movements on our values Total see-through Total see-through percentage change in portfolio change in portfolio value % Equivalent Yield 4.89% +50 bps (12.2%) (111.7) +25 bps (6.4%) (58.7) -25 bps 7.2% 65.4 -50 bps 15.2% 138.7 ERV
Slide 53: Portfolio — Summary: new lettings
HELICAL @helicalplc | Helical plc | helical.co.uk 53 Portfolio — Summary New lettings to 30 September 2022 e 19,642 sq ft to 4 tenants © 2.2% above 31 March 2022 ERV e £1.2m (Helical’s share) contracted rent (Helical's share) Rent psf* 2 ie Ube Tower The Bower, g.579 766,000 80.00 0.1% The Loom, E1
Slide 54: EPRA Performance measures
HELICAL @helicalplc | Helical plc | helical.co.uk 54 EPRA Performance measures At At 30 September 2022 31 March 2022 EPRA net tangible assets £685.6m £713.3m EPRA net reinstatement value per share 578p 602p EPRA net tangible assets per share 553p 572p EPRA net disposal value per share 559p 55 1p EPR
Slide 55: Financial highlights
HELICAL @helicalplc | Helical plc | helical.co.uk 55 Financial highlights See-through income statement September 2022 September 2021 Total property return ~Net rental income £18.2m £14.1m ~ Development property profits £0.9m £1.0m - (Loss)/gain on revaluation of investment properties (£19.6m) £29.9m
Slide 56: See-through balance sheet
HELICAL @helicalplc | Helical plc | helical.co.uk 56 See-through balance sheet 30 September 31 March 2022 Joint Ventures Total © NAVper share Total — NAV per shar £m Investment properties 7561.2 166.5 907.7 1,097.3 Land and development stock (fair value) 2.4 47 7A 10.7 Property portfolio 753.6 161.2
Slide 57: See-through income statement
HELICAL @helicalplc | Helical plc | helical.co.uk 57 See-through income statement 30 September 2022 30 September 2021 Group Joint Ventures Total £m £m £m Net rental income 18.1 O04 18.2| Development property profit 0.7 0.2 0.9) 18.8 0.3 19.1 Administration expenditure (6.5) (0.4) (6.0)| Net finance
Slide 58: Net cash flow movements
HELICAL @helicalplc | Helical pic | helical.co.uk Net cash flow movements Forecast capital expenditure Cash (used by)/generated from operations 3.0 Acquisition of investment aiGiaeity 2 (160.0) Capex (4.4) (14.1) Joint ventures 9.8 O41 Net disposal proceeds/ (costs) 186.6 (0.1) (Reduction)/increase
Slide 59: Impact of forecast capital expenditure and capital receipts
HELICAL @helicalplc | Helical plc | helical.co.uk 59 Impact of forecast capital expenditure and capital receipts Forecast Contracted Capex to Sales to Pro format 30 September 31March 31March 31March 2022 2023 2023 2023 Portfolio fair value £914.8m £5.8m = £920.6m Net debt £241.8m £5.8m = £247.6m Pro
Slide 60: Portfolio metrics (1)
HELICAL @helicalplc | Helical plc | helical.co.uk 60 Portfolio metrics (1) Valuation 30 September Change Fair Capital Vacancy 2022 (exc. Sales and Value Value Rate WAULT Purchases) Investment Portfolio em Years f London Offices: - Completed properties 747.6 82.4 1,246 23.7 5.4 (2.2) - Development pi
Slide 61: Portfolio metrics (2)
HELICAL @helicalplc | Helical plc | helical.co.uk 61 Portfolio metrics (2) Passing Contracted i C i Reversionary| Rent Rent Yi Investment Portfolio £m £m E London Offices: - Completed properties 27.1 29.8 43.1 1.9 3.6 5. 5.3 - Development pipeline 7.2 7.2 16.5 11.2 42 44 45 Total London 34.3 37.0 59
Slide 62: Portfolio metrics (3)
HELICAL @helicalple | Helical plc | helical.co.uk 62 ' ' EPRA “Topped Up” Net Initial Yield London Portfolio metrics (3) Zoi oe 2017 470 5.69 2018 451 478 Yield, % 2019 4.17 417 2020 3.89 3.97 7.00 2021 4.55 4.47 2022 4.23 4.22 Hi 2023 3.73 373 6.50 True Equivalent Yield London Total 6.00 2016 5.62
Slide 63: Lease expiries or tenant break options
HELICAL @helicalplc | Helical pic | helical.co.uk 63 Lease expiries or tenant break options Half Year to Year to Year to Year to Year to 2023 2024 2025 2026 2027 Rent Roll (%) 1.9% 34.0% 9.9% 14% 104% 424% Number of Leases 9 27 an} 4 10 31 Average Rent per Lease (£) 77,454 465,525 333,949 124,773 38
Slide 64: Rental income and rental reversion
HELICAL @helicalplc | Helical plc | helical.co.uk 64 Rental income and rental reversion NET RENTAL INCOME 47.0 45 43.4 40 38.6 298 25 229 245 20 179 14.9 6 10 5 0 2010 2011 2012 2013 2014 2015 £m 364 28.5 312 252 : 26.0 182 2018 2019 2020 2021 2022 H1 2023 34.0 81.0 716 on 595 aq 60.3 60.0 597 48.4
Slide 65: Investment portfolio key statistics
HELICAL @helicalplc | Helical plc | helical.co.uk 65 Investment portfolio key statistics See-through Total Portfolio Contracted Rent £m Rent lost at break/expiry (a) New lettings 12 Total increase in the period from asset management activities 0.1 Contracted rent reduced through disposals of London
Slide 66: Tenant make-up
HELICAL @helicalpic | Helical plc | helical.co.uk Tenant make-up cog Online retailing - Fashion 14% Flexible offices 11% Human Resources 3% Financial Products 7% IT Consultancy 8% Government/Charity 2% Food & Beverage Business Consultancy 3% 1% Software and Computer Services 15% Media Advertising/Ma
Slide 67: Top tenants
HELICAL @helicalplc | Helical plc | helical.co.uk Top 15 tenants Rank Tenant Tenant Industry Contracted Rent £m Rent Roll % 1 Baker McKenzie Legal services 7.0 19.0% 2 Farfetch Online retail 43 17% 3 WeWork Flexible offices 4.0 10.8% 4 Brilliant Basics Technolog 24 6.4% 5 VMware Technolog 2.2 5.9% 6
Slide 68: Property portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 68 Property portfolio Total vacancy rate at Total vacancy rate at Areasqft 30 September 2022 31 March 2022 investment Properties Description (NIA excluding storage) % f Completed properties The Warehouse and Studio, The Bower EC1 Multi-let office bui
Slide 69: Disclaimer
HELICAL @helicalplc | Helical plc | helical.co.uk 69 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 70: reception@helical.co.uk Hanover Square
0207 629 0113 reception@helical.co.uk 5 Hanover Square London W1S 1HO. www.helical.co.uk @helicalple PELICAL