Cls Holdings Plc · LSE:CLI
Cls — H1 2026 Earnings Presentation
32 slides from Cls's earnings presentation, Aug 12, 2026
Slide 1: CLS Holdings plc Half Year Results 2026
CLS Holdings plc Half Year Results 2026
Slide 2: Contents
Contents 03 Overview Fredrik Widlund Chief Executive Officer 05 Financial Review Patrick Symons Chief Financial Officer Patrick Symons Chief Financial Officer Fredrik Widlund Chief Executive Officer Patrick Symons Chief Financial Officer 14 Portfolio & Outlook Fredrik Widlund Chief Executive Officer
Slide 3: Near-term earnings pressure as outlined in updated guidance
Overview Near-term earnings pressure as outlined in updated guidance 4 August 2026 Trading Update H1 2026 • The disposal programme is reducing near-term income • While leasing activity is steady, it is slower than expected 2.7p • The tenant at Spring Gardens will no longer seek to extend their EPRA
Slide 4: Progressing our four strategic priorities
Overview Progressing our four strategic priorities Strategic priority Progress to date Reduce vacancy and improve 57 transactions securing £5.7m annualised rent; £1.9m of earnings additional leases signed in July. Cost actions executed Execute sales to reduce LTV to Sales of £75.7m completed or exch
Slide 5: Financial Review
Financial Review Fetter Lane, London Patrick Symons Chief Financial Officer 5 CLS Holdings plc Half Year Results 2026
Slide 6: Financial Headlines
Financial review Financial Headlines EPRA EPS EPRA NTA per share 2.7p 177.7p (H1 2025: 4.0p) (Dec 2025: 200.7p) Average cost of debt Loan to Value ratio 3.9% 51.6% (Dec 2025: 3.8%) (Dec 2025: 50.0%) Weighted average debt maturity Total Accounting Return 3.2 years (9.5)% (Dec 2025: 3.6 years) (H1 202
Slide 7: Earnings impacted by disposals and 2025 tenant departures, offset by cost actions
Financial Review Earnings impacted by disposals and 2025 tenant departures, offset by cost actions H1 2026 H1 2025 Change EPRA earnings £m £m % Net rental income impacted Revenue 64.3 71.9 (10.6) by over £200m of disposals Service charges and similar expenses (18.0) (18.6) (3.2) since the start of 2
Slide 8: Sales and 2025 tenant departures impacting Net Rental Income
Financial Review Sales and 2025 tenant departures impacting Net Rental Income Movement in Net Rental Income (£m) 53.3 0.5 50.8 2.1 (2.6) (2.5) 0.1 46.3 (4.6) 8 CLS Holdings plc Half Year Results 2026
Slide 9: Sales strengthen balance sheet with sustained investment
Financial Review Sales strengthen balance sheet with sustained investment Movement in cash and cash equivalents (£m) 56.6 87.4 Tenant incentives 79.4 25.5 (7.1) 0 18.4 0 49.4 (18.4) (52.7) (7.3) 35.3 (10.3) (0.4) At 31 December Cash from Interest/tax Dividend paid Sale of Net loan Capex Other At 30
Slide 10: Valuations impacted by yield expansion
Financial Review Valuations impacted by yield expansion Like-for-like valuation change by geography (%) Group (£1.6bn) UK (£0.7bn) Germany (£0.7bn) France (£0.2bn) 2025 H1 2026 2025 H1 2026 2025 H1 2026 2025 H1 2026 H1: (1.6%) H2: (2.2%) H1: (2.2%) H1: (3.5%) H1: (0.5%) H2: (2.3%) H2: (2.4%) (2.7%)
Slide 11: Debt strategy focused on refinancing and de-gearing
Financial Review Debt strategy focused on refinancing and de-gearing • Debt mainly secured on individual assets or asset pools • Target balance sheet LTV ratio of between 35% and 45% • High level of fixed-rate debt with some floating exposure to allow cost-efficient early repayments on sales • Aim t
Slide 12: Well-progressed on 2026 maturities
Financial Review Well-progressed on 2026 maturities H1 2026 financing activity H2 2026 financing activity • Refinanced or repaid £113.6m of debt out of • £84.4m due for refinancing £199.3m • Received credit approval or agreed terms for £62.3m • Net debt fell by £44.2m to £808.3m, mainly driven by •
Slide 13: Financial summary
Financial Review Financial summary • Near-term earnings impacted by disposals and 2025 tenant departures • Successful execution of sales has strengthened the balance sheet • Yield expansion in all markets has driven valuation falls • Majority of 2026 financings complete with 2027 financings underway
Slide 14: Portfolio & Outlook
Portfolio & Outlook Artesian, London Fredrik Widlund Chief Executive Officer 14 CLS Holdings plc Half Year Results 2026
Slide 15: Market update
Portfolio Market update United Kingdom Germany France • Political developments and interest rate • Modest economic growth, but business • Uncertain Presidential election in May expectations continue to create market sentiment improving 2027 unpredictability • Commercial property transaction • Short-
Slide 16: Diversified tenant base supports income resilience
Portfolio Diversified tenant base supports income resilience Tenant diversity % Top 10 tenants Rent collection 1 Government 29.3 Expiring 98% 2 Commercial & Professional Services 12.5 Sept 2026 3 Information Technology 10.1 4 Consumer Services 8.0 5 Consumer Discretionary 7.4 (FY 2025: 99%) 6 Indust
Slide 17: Leasing activity maintained stable vacancy
Portfolio Leasing activity maintained stable vacancy ANNUAL RENT FROM NEW CONTRACTED RENT SECURED IN THE YEAR (£m) DEALS 15.5 16.6 17.0 £5.7m 12.9 8.2 9.5 July: +£1.9m 57 DEALS SECURED 8.9% 7.5 5.7 BELOW ERV 2021 2022 2023 2024 2025 HY 2026 CONTRIBUTION TO EPRA VACANCY LFL CONTRACTED RENT 0.7% 14.5%
Slide 18: Completed on £57m of sales at book value
Portfolio Completed on £57m of sales at book value H1 2026 disposals: H2 2026 disposals: UK • Completed on the sale of • Four residential flats, Columbia in July and London completed in March, exchanged on Clockwork, May and June with completion in October, for a total of £18.9m Germany • £22.5m und
Slide 19: Disciplined investments in our portfolio
Portfolio Disciplined investments in our portfolio Current Near-term Medium-term The Yellow, Dortmund Citadel Place (Spring Gardens), London New Printing House Square, London • Phase 2 handed over to City of Dortmund in April • Planning application for 522 units (35% • Residential pre-planning appli
Slide 20: Unlocking value within our portfolio
Outlook Unlocking value within our portfolio • Focus on capturing vacancy to increase rental income; 30% of vacancy concentrated in three buildings • Significant near-term upside from repositioning space to adapt to occupier demand or pursue alternative use opportunities • Medium-term, larger develo
Slide 21: Continued delivery of our strategic priorities
Outlook Continued delivery of our strategic priorities Strategic priority Recent activity and planned actions Reduce vacancy and improve Pipeline encouraging, £1.9m of additional leases signed in July, earnings with a continued focus on leasing largest vacancies Execute sales to reduce LTV to Sales
Slide 22: Appendices
Appendices Jean Jaures, Paris 22 CLS Holdings plc Half Year Results 2026
Slide 23: Company overview
Appendices Company overview • CLS Holdings plc is a property investment company which has been listed on the London Stock Exchange since 1994 • We are a supportive, progressive and sustainably focused commercial landlord that specialises in owning and 3 Countries managing office buildings, with a ra
Slide 24: Creating competitive advantage
Appendices Creating competitive advantage 10 Asset Management clusters • In-house, customer-focused asset management Integrated teams platform 76 properties • Presence across the UK’s, Germany’s and France’s largest office markets • Multi-let office expertise is a key differentiator • Maximising val
Slide 25: NTA decrease due to property valuation declines
Appendices NTA decrease due to property valuation declines Movement in EPRA NTA (pence per share) 2.7 200.7 (2.3) (1.7) 177.7 (20.7) (0.3) (0.7) At 31 Dec 2025 EPRA EPS Cash dividend Scrip dividend Property valuation Loss on sales Other FX At 30 Jun 2026 of properties 25 CLS Holdings plc Half Year R
Slide 26: Progress in 2026: energy & carbon
Appendices Progress in 2026: energy & carbon • To support the delivery of our Net Zero Carbon Pathway, c.£2m of investment is expected in 2026. To date, c.£19.5m has already Like-for-like decrease in landlord Like-for-like decrease in Scope 1 been invested (from an estimated £65m of total programme
Slide 27: Developing leading sustainability credentials
Appendices Developing leading sustainability credentials • Expect to maintain our Gold EPRA Sustainability Best • Over half of our UK portfolio is either EPC A or B whilst plans are in Practices Recommendations award place to upgrade any lower rated buildings and ensure compliance • The whole of the
Slide 28: United Kingdom
Appendices United Kingdom Value of property portfolio £628.2m Percentage of Group’s property interests 40.1% Number of properties 33 Number of tenants 202 Vacancy rate London & South East 17.7% Lettable space 144.7k sqm Chelmsford Government and major corporates Watford 2 69.4% Harrow Weighted avera
Slide 29: Germany
Appendices Germany Value of property portfolio £725.2m Berlin Percentage of Group’s property interests 46.3% Number of properties Charlottenburg Herzberge 28 Number of tenants Aldershof 307 Vacancy rate Düsseldorf 12.5% Lettable space 304.3k sqm Government and major corporates Düsseldorf 45.9% Munic
Slide 30: France
Appendices France Value of property portfolio £212.5m Lyon Percentage of Group’s property interests Villeurbanne 13.6% 6th Arr. Number of properties 15 Number of tenants Brotteaux Gare de Lyon Part-Dieu 157 Vacancy rate La Part-Dieu 7.7% Lettable space Paris 3rd Arr. 62.9k sqm Government and major c
Slide 31: Portfolio statistics
Appendices Portfolio statistics Weighted average ERV of Valuation EPRA unexpired lettable Contracted Contracted Valuation change EPRA ‘topped-up’ EPRA lease term space rent rent At 30 June 2026 (£m) (%) NIY (%)1 NIY (%)2 Vacancy (%) (years) (£m) (£m) (£/sqm) UK 628.2 (7.2%) 6.0.% 6.8% 17.7% 3.5 53.1
Slide 32: Disclaimer
Disclaimer This document may contain certain ‘forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from those expressed or implied by such forwar