Cls Holdings Plc · LSE:CLI
Cls — FY2025 Earnings Presentation
30 slides from Cls's earnings presentation, 2025
Slide 1: CLS Holdings plc Full Year Results 2025
CLS Holdings plc Full Year Results 2025
Slide 2: Contents
Contents 03 Overview Fredrik Widlund Chief Executive Officer 05 Financial review Harry Stokes Chief Financial Officer Fredrik Widlund Harry Stokes Chief Executive Officer Chief Financial Officer 14 Portfolio Fredrik Widlund Chief Executive Officer 23 Appendices 2 CLS Holdings plc Full Year Results 2
Slide 3: Progressing our four strategic priorities
Overview Progressing our four strategic priorities 2025 delivery • Increasing letting activity to reduce vacancy and improve earnings Highest secured rent in seven years • Executing sales to reduce LTV to our target £144m of sales completed range of 35-45% £374m refinanced with c.£90m • Completed al
Slide 4: Creating competitive advantage
Overview Creating competitive advantage 10 Asset Management clusters • In-house, customer-focused asset Integrated teams management platform 77 properties • Deploying AI for productivity gains internally and monitoring impact on diverse tenant base • Multi-let office expertise is a key differentiato
Slide 5: Financial Review
Financial Review Fetter Lane, London Harry Stokes Chief Financial Officer 5 CLS Holdings plc Full Year Results 2025
Slide 6: Financial headlines
Financial Review Financial headlines EPRA EPS (pence per share) EPRA EPS EPRA NTA per share 11.3 11.6 10.3 9.2 7.6p (2024: 9.2p) 200.7p (2024: 215.0p) 7.6 2021 2022 2023 2024 2025 Average cost of debt (%) 3.6 3.8 3.8 Average cost of debt Loan to Value ratio 2.7 2.2 3.8% (2024: 3.8%) 50.0% (2024: 50.
Slide 7: Short-term income pressure from disposals and vacancy
Financial Review Short-term income pressure from disposals and vacancy 2025 2024 Change • Net rental income EPRA earnings £m £m % impacted by 6.3% Revenue 139.7 151.9 (8.0) decline in like-for-like NRI and disposals Service charges and similar expenses (38.4) (37.9) 1.3 Net rental income 101.3 114.0
Slide 8: Elevated lease expiries and disposals impacting net rental income
Financial Review Elevated lease expiries and disposals impacting net rental income Movement in Net Rental Income (£m) 2.6 114.0 0.8 106.8 (9.2) (0.4) (1.0) (4.0) 0.4 101.3 (1.9) FY 2024 Lease Lease Indexation Developments Other Like-for-like Student sale Other sales FX & Other FY 2025 renewal/new ex
Slide 9: Sales strengthen balance sheet while sustaining investment
Financial Review Sales strengthen balance sheet while sustaining investment Movement in cash and cash equivalents (£m) 131.8 52.6 0 60.5 (38.0) (126.8) 0 (15.9) 2.6 49.4 (17.4) At 31 December Cash from Interest/tax Dividend paid Sale of Net loan Capex Other At 31 December 2024 operations properties
Slide 10: Valuations stabilising
Financial Review Valuations stabilising Like-for-like valuation change by geography (%) Group UK Germany France (£1.7bn) (£0.7bn) (£0.8bn) (£0.2bn) 0.0% (1.6%) -2.0% (2.7%) (3.8%) (3.5%) -4.0% (4.5%) (5.1%) (5.8%) (4.6%) -6.0% Change in valuation -8.0% (8.3%) basis of Spring Gardens -10.0% 2024 2025
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: Reduced refinancing requirements in 2026
Financial Review Reduced refinancing requirements in 2026 2025 financing activity 2026 financing activity • Refinanced or repaid £373.7m of debt during • £145.5m of secured loans and £42m of credit 2025 facilities expiring during the year • Net debt fell by £86.2m to £852.5m, mainly • £39m (21%) has
Slide 13: Summary
Financial Review Summary • Earnings impacted by disposals and lease expiries during 2025 • Disposals and stabilising valuations expected to reduce gearing further • Lower volume of refinancing during the year ahead • Final dividend maintained at 2.7 pence • Optional enhanced scrip dividend alternati
Slide 14: Portfolio
Portfolio Artesian, London Fredrik Widlund Chief Executive Officer 14 CLS Holdings plc Full Year Results 2025
Slide 15: Market update
Portfolio Market update United Kingdom Germany France • International capital active and • Economic growth challenging, but • Domestic capital dominating relative political and fiscal stability fiscal stimulus is driving improved • Commercial property volume business sentiment • Commercial property
Slide 16: Portfolio anchored by strong, multi-sector tenant base
Portfolio Portfolio anchored by strong, multi-sector tenant base Tenant diversity % Top 10 tenants Rent collection 1 Government 30.2 1 2 Commercial & Professional Services 12.3 3 Information Technology 4 Communication Services 5 Consumer Discretionary 9.1 8.6 7.7 99% (2024: 99%) 6 Healthcare 6.3 7 I
Slide 17: Consistent leasing delivery
Portfolio Consistent leasing delivery ANNUAL RENT FROM NEW CONTRACTED RENT SECURED IN THE YEAR (£m) DEALS 17.0 15.5 16.6 12.9 £17.0m 8.2 99 DEALS SECURED 6.3% ABOVE ERV 2021 2022 2023 2024 2025 CONTRIBUTION TO EPRA VACANCY LFL CONTRACTED RENT 0.5% 0.3% 14.5% 1.9% 12.7% (1.1)% (0.9%) 0.8% Tenant inso
Slide 18: Targeting £100m-£150m of sales in 2026
Portfolio Targeting £100m-£150m of sales in 2026 2025 disposals: 2026 disposals: UK • Three properties under • Spring Mews Student, offer for c.£80m Vauxhall completed for £101.1m • Other non-core • Residential flats, London properties of c.£17m well completed for £0.6m advanced • Further c.£53m bei
Slide 19: Investment driving increased rental and capital values
Portfolio Investment driving increased rental and capital values Current Near-term Medium-term The Yellow, Dortmund Citadel Place (Spring Gardens), London New Printing House Square, London • 20-year index linked lease; 13,000 sqm • Planning application submitted in February • 18,300 sqm in central L
Slide 20: …and improved portfolio sustainability credentials
Sustainability …and improved portfolio sustainability credentials • Completed 30 energy efficiency and Like-for-like decrease in % UK Portfolio EPC A-C carbon reduction projects in 2025, landlord energy consumption saving an estimated 590 tonnes of 5.8% 84% C02e annually • UK portfolio fully aligned
Slide 21: Unlocking value within our portfolio
Outlook Unlocking value within our portfolio • Focus on capturing vacancy to increase rental income; 38% of vacancy concentrated in five buildings • Significant near-term upside from completing works to reposition space • Medium term, larger development opportunities in Central London, residential c
Slide 22: Continued delivery of our strategic priorities
Outlook Continued delivery of our strategic priorities • Increasing letting activity to reduce vacancy and improve earnings • Executing sales to reduce LTV to our target range of 35-45% • Complete all refinancings due in 2026 • Investing in our properties to unlock the value within the portfolio • M
Slide 23: Appendices
Appendices Jean Jaures, Paris 23 CLS Holdings plc Full Year Results 2025
Slide 24: Overview
Appendices 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 3 Countries focused commercial landlord that specialises in owning and managing office buildings, with a range of l
Slide 25: NTA decrease due to property valuation declines
Appendices NTA decrease due to property valuation declines Movement in EPRA NTA (pence per share) 7.6 215.0 (4.0) 7.2 200.7 (1.2) (20.4) (3.5) At 31 Dec 2024 EPRA EPS Dividend Property valuation Loss on sales FX Other At 31 Dec 2025 of properties 25 CLS Holdings plc Full Year Results 2025
Slide 26: United Kingdom
Appendices United Kingdom Value of property portfolio £677.4m Percentage of Group’s property interests 40% Number of properties 33 Number of tenants 203 Vacancy rate London & South East 18.0% Lettable space 146.9k sqm Chelmsford Government and major corporates Watford 2 70.8% Harrow Weighted average
Slide 27: Germany
Appendices Germany Value of property portfolio £802.1m Berlin Percentage of Group’s property interests 47% Number of properties Charlottenburg Herzberge 29 Number of tenants Aldershof 320 Vacancy rate Düsseldorf 11.1% Lettable space 323.1k sqm Government and major corporates Düsseldorf 55.9% Munich
Slide 28: France
Appendices France Value of property portfolio £225.3m Lyon Percentage of Group’s property interests Villeurbanne 13% 6th Arr. Number of properties 15 Number of tenants Brotteaux Gare de Lyon Part-Dieu 146 Vacancy rate La Part-Dieu 12.1% Lettable space Paris 3rd Arr. 63.6k sqm Government and major co
Slide 29: 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 31 December 2025 (£m) (%) NIY (%) 1 NIY (%) 2 Vacancy (%) (years) (£m) (£m) (£/sqm) UK 677.4 (4.6) 5.5% 6.6% 18.0% 3.8
Slide 30: 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