Slide 1: Half Year Results to 30 September 2025
Half Year Results to Helical plc | helical.co.uk 30 September 2025
Slide 2: Speaking Today
Speaking Today Matthew Bonning - Snook - CEO J ames Moss - CFO Rob Sims - CIO
Slide 3: Agenda
@helicalplc | Helical plc | helical.co.uk 3 Agenda Overview 1/ Matthew Bonning - Snook 4 Financial Results 2/ James Moss 11 Our Portfolio 3/ Rob Sims 22 Looking Forward 4/ Matthew Bonning - Snook 37 5/ Questions 41 6/ Appendices 42 CGI - 10 King William Street 10 King William Street
Slide 4: Agenda
@helicalplc | Helical plc | helical.co.uk 4 Agenda Strategic Achievements 1/ Matthew Bonning - Snook XX Financial Results 2/ James Moss XX Our Portfolio 3/ Rob Sims XX Matthew Bonning - Snook – CEO XX Looking Forward 4/ Matthew Bonning - Snook 5/ Appendices XX 10 King William Street 10 King William
Slide 5: Helical - Strategic Focus
@helicalplc | Helical plc | helical.co.uk 5 Helical - Strategic Focus Results to 30 September 2024 – 12 months ago: Results to 31 March 2025 – 6 months ago: “A central London development focused business delivering best - in- class, typically large - scale office projects, but increasingly alternati
Slide 6: Helical - Development Pipeline
@helicalplc | Helical plc | helical.co.uk 6 Helical - Development Pipeline 100 New Bridge Street, EC4 Brettenham House, WC2 10 King William Street, EC4 Joint Venture Equity Light Structure Joint Venture Office Office Office with Capital Partner with Building Owner with Places for London PC Q2 2026 P
Slide 7: Helical - Results
@helicalplc | Helical plc | helical.co.uk 7 Helical - Results EPRA NTA PER SHARE 349 P (31 MARCH 2025: 348 P) PROFIT AFTER TAX £1.8 M (2024: £4.7 M) SEE THROUGH LTV 28.2 % (31 MARCH 2025: 20.9 %) EPRA EARNINGS PER SHARE 2.4 P (2024: 2.3 P ) 100 New Bridge Street
Slide 8: Market Summary – Occupational Themes
8 Market Summary – Occupational Themes Central London Take Up STRONG ACTIVE DEMAND – FLIGHT TO QUALITY Dr iven by a pronounced flight to quality, best - in- class accommodation accounts for 58% of YTD take - up, above the long - term average of 56%. Targeting amenity - rich, design - led buildings t
Slide 9: Market Summary – Constrained Pipeline
@helicalplc | Helical plc | helical.co.uk 9 Market Summary – Constrained Pipeline A pronounced shortfall of new, “best - in- class” accommodation, particularly in core sub - markets, with supply expected to remain constrained for longer than many anticipate SCHEME VIABILITY Persistent Demand Outpa
Slide 10: Market Summary – Investment Market
@helicalplc | Helical plc | helical.co.uk 10 Market Summary – Investment Market TOTAL INVESTMENT YTD £6 BN Renewed confidence despite volumes remaining below the long - term average INCREASE OVER EQUIVALENT PERIOD IN 2024 47 % Improving sentiment and liquidity, supported by a more diverse purchaser
Slide 11: James Moss – CFO
@helicalplc | Helical plc | helical.co.uk 11 James Moss – CFO
Slide 12: Financial Results
@helicalplc | Helical plc | helical.co.uk 12 Financial Results PROFIT AFTER TAX NET ASSET VALUE £1.8 M £422.8 M (2024: £4.7 M) (31 MARCH 2025: £426.1 M) EPRA EARNINGS PER SHARE EPRA TAR 2.4 P 1.0% (2024: 2.3 P ) (2024: 0.8 % ) EPRA NTA PER SHARE VALUATION GAIN 349 P 0.3 % (31 MARCH 2025: 348 P) (INC
Slide 13: EPRA and IFRS Profit
@helicalplc | Helical plc | helical.co.uk 13 EPRA and IFRS Profit 10 £1.5m £7.7m EPRA EPS 2.4p (2024: 2.3p) (£3.6m) £2.0m 5 (£2.5m) (£0.1m) £3.0m (£3.2m) £1.8m - Net rental income Development Administrative Net finance costs Tax/other EPRA profit Net gain on sale Financial Tax/other IFRS profit afte
Slide 14: EPRA NTA
@helicalplc | Helical plc | helical.co.uk 14 EPRA NTA 360.0 1.7p 2.4 p 350.0 0.3 p (3.5p) 348.1 p 349.0p 340.0 NTA - 31 March 2025 EPS Investment gains Dividends Other NTA - 30 September 2025 Half year to 330.7p 2.3p 7.5p (1.8p) (7.8p) 330.9p 30 September 2024 Year to 330.7p 2.2p 26.2p (3.3p) (7.7p)
Slide 15: Dividends
@helicalplc | Helical plc | helical.co.uk 15 Dividends DIVIDEND POLICY The Group’s Dividend Policy is to distribute the PID, plus a proportion of realised gains and development profits, where appropriate RETURN OF CAPITAL We will use a share of the profits from the 100 New Bridge Street, EC4 sal
Slide 16: Current Debt Facilities
@helicalplc | Helical plc | helical.co.uk 16 Current Debt Facilities 350 KEY ACTIVITY IN THE PERIOD Debt Maturity Profile at 30 September 2025 300 In the Period we exercised the first of our one - year extension options on the 250 £210m RCF, extending the maturity to September 2028, with a further
Slide 17: New Debt Facilities
@helicalplc | Helical plc | helical.co.uk 17 New Debt Facilities PADDINGTON DEVELOPMENT FINANCING Credit approval for development finance at Paddington with accretive terms TIMELINE Q2 2025 Q3 2025 Oct 25 Nov 25 Q1 2026 Initial discussions Terms received Preferred IC approval Target with prospecti
Slide 18: Debt Summary
@helicalplc | Helical plc | helical.co.uk 18 Debt Summary Drawn debt 100% hedged Fully drawn and extended maturity of borrowings of 3.5 years Interest rate on secured investment facility of 3.5% Cash and undrawn facilities of £192.4m September March 2025 2025 Amount Maturity Rate Total facil
Slide 19: Balance Sheet Strength
@helicalplc | Helical plc | helical.co.uk 19 Balance Sheet Strength 300 Sales in the year CAPITAL RECYCLING Over past 5 years we have sold over £620m of assets, including 10 offices Further equity to come when 100 New Bridge Street sale completes, 200 enabling deployment into higher yielding dev
Slide 20: Upside Potential
@helicalplc | Helical plc | helical.co.uk 20 Upside Potential Target Total Accounting Return of 10%+ The business plan anticipates future additional profits of £85m+ from the existing development pipeline (including developmen t management fees), having taken £6.1m in the Period Increasing to
Slide 21: Our Focus
@helicalplc | Helical plc | helical.co.uk 21 Our Focus Complete financing for Paddington Return equity to Shareholders following the completion of the forward sale of 100 New Bridge Street Structure and fund new opportunities Maintain strong balance sheet CGI - Southwark
Slide 22: Agenda
@helicalplc | Helical plc | helical.co.uk 22 Agenda Strategic Achievements 1/ Matthew Bonning - Snook XX Financial Results 2/ James Moss XX Our Portfolio 3/ Rob Sims XX Rob Sims – CIO Looking Forward 4/ Matthew Bonning - Snook XX 5/ Appendices XX 10 King William Street 10 King William Street
Slide 23: 100 New Bridge Street
@helicalplc | Helical plc | helical.co.uk 23 Project remains on budget and programme to achieve PC in April 2026 at which point forward sale agreement with State Street Corporation will complete Net sale price of £333m (£166.5m Helical share) ➢ £100 psf ERV and 5.00% yield ➢ Capital value of £1,
Slide 24: 100 New Bridge Street: Helical's Execution in Progress
May April 2024 2025 100 New Bridge Street: Helical’s Execution in Progress *CGI PC November April 2025 2026
Slide 25: Brettenham House
@helicalplc | Helical plc | helical.co.uk 25 Completion anticipated in Q3 2026 Helical contribute towards this equity - light investment via a £12.5m secured loan arrangement The 128,000 sq ft 1930s heritage building offers distinctive, characterful office space The interiors draw inspiratio
Slide 26: Brettenham House: Occupier Engagement and Areas
@helicalplc | Helical plc | helical.co.uk 26 Target Equity Multiple 2.0x Helical profit to come £10m (including DM fees) Occupier engagement remains encouraging Active marketing to increase as PC approaches Retail unit is now under offer to a leading food and beverage operator Promote - base
Slide 27: Welcome to
@helicalplc | Helical plc | helical.co.uk 27 Welcome to
Slide 28: 10 King William Street: Helical's Execution in Progress
December March 2024 2025 10 King William Street: Helical’s Execution in Progress *CGI PC November December 2025 2026
Slide 29: 10 King William Street
@helicalplc | Helical plc | helical.co.uk 29 Island site located in the supply - constrained City core above Bank Station Practical completion due in December 2026 Ongoing engagement with a number of interested parties, predominately from legal and financial services sectors 142,000 sq ft sc
Slide 30: Southwark, SE1
@helicalplc | Helical plc | helical.co.uk 30 Southwark, SE1 Heads of terms agreed with Places for London for the forward funding of the 429 studio room PBSA building - completion due upon receipt of Gateway 2 approval in Q2/3 2026 Heads of terms also agreed with Southwark Council for forward sal
Slide 31: Paddington: Enabling works and site acquisition
@helicalplc | Helical plc | helical.co.uk 31 Initial enabling works commenced in July 2025 Site acquisition to complete in January 2026 Main works to develop the 19 - storey building are anticipated to commence in Q1 2026 All key packages are currently being tendered with initial returns in
Slide 32: Paddington scheme
@helicalplc | Helical plc | helical.co.uk 32 The 235,000 sq ft office scheme provides terraces on all 15 floors with impressive views across London The Paddington sub - market is extremely under - supplied with no new office starts forecast The JV is well placed with the potential for signific
Slide 33: The Loom: Tenant and vacancy update
@helicalplc | Helical plc | helical.co.uk 33 The largest tenant, Erdem, representing 13.4% of contracted rent has extended their lease until 2036 Two tenants occupying three units have vacated the building One new unit letting for 1,028 sq ft at £40 psf Overall vacancy increased from 28.6% t
Slide 34: The Tower: Available space
@helicalplc | Helical plc | helical.co.uk 34 Available on Cat A basis Negotiating terms 15 th 12 th Headline terms agreed Negotiating terms 3 rd The Tower 5 &6 th Available space
Slide 35: The Warehouse, Studio, Retail and Estate
@helicalplc | Helical plc | helical.co.uk 35 THE WAREHOUSE Discussions continuing with an existing tenant seeking to occupy the 7 th floor for expansion Interest has been shown in other floors with near term lease events THE STUDIO, RETAIL & ESTATE Various parties interested in self contained
Slide 36: Key Takeaways
@helicalplc | Helical plc | helical.co.uk 36 Key Takeaways Active negotiations at The Bower to be converted into lettings Significant activity across our development pipeline, with 3 schemes delivering in 2026 Rental growth is supporting strong development returns as programme and budget maintained
Slide 37: Agenda
@helicalplc | Helical plc | helical.co.uk 37 Agenda Strategic Achievements 1/ Matthew Bonning - Snook XX Financial Results 2/ James Moss XX Our Portfolio 3/ Rob Sims XX Matthew Bonning - Snook – CEO XX Looking Forward 4/ Matthew Bonning - Snook 5/ Appendices XX 10 King William Street 10 King William
Slide 38: Charterhouse Street, EC1M
@helicalplc | Helical plc | helical.co.uk 38 63 Charterhouse Street, EC1M Planning application submitted in October 2025 for c .55 ,000 sq ft office scheme Located opposite new Museum of London on site of a small existing office and vacant operational land held by TfL Heads of terms agreed for
Slide 39: White City, W12
@helicalplc | Helical plc | helical.co.uk 39 White City, W12 Development potential identified for unutilised land adjacent to White City Station Local context supports the development of a significant student - led tower adjacent to the Imperial College London campus and feasibility work is ongo
Slide 40: Helical's Market Opportunity
@helicalplc | Helical plc | helical.co.uk 40 Helical’s Market Opportunity Significant central London office development programme looks well - timed Converting new letting interest will deliver significant rental upside Track record of delivering best - value use across multiple asset classes Places
Slide 41: Agenda
@helicalplc | Helical plc | helical.co.uk 41 Agenda Strategic Achievements 1/ Matthew Bonning - Snook XX Financial Results 2/ James Moss XX Our Portfolio 3/ Rob Sims XX Looking Forward 4/ Matthew Bonning - Snook XX 5/ Appendices XX 10 King William Street 10 King William Street
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Slide 43: Appendices
43 Appendices 1/ Sustainability 44 2/ Portfolio Analytics 47 3/ Further Financial Analysis 56 The Bower 10 King William Street
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Slide 45: Sustainability Benchmarks
@helicalplc | Helical plc | helical.co.uk 45 Sustainability Benchmarks 30 September 2025 31 March 2025 88/100 88/100 4* 5* STANDING INVESTMENTS 94/100 96/100 4* 5* DEVELOPMENTS Gold Gold AAA AAA B B
Slide 46: Sustainability of Portfolio
@helicalplc | Helical plc | helical.co.uk 46 Sustainability of Portfolio Building EPC BREEAM NABERS WELL Target Completed properties The Bower, EC1 B Excellent (2014) N/A N/A The Loom, E1 B Very Good (2014) N/A N/A Development pipeline 100 New Bridge Street, EC4 A1 Outstanding (2018) 2 5 star 3 Plat
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Slide 48: Property Portfolio
@helicalplc | Helical plc | helical.co.uk 48 Property Portfolio Total vacancy rate at Total vacancy rate at Area 30 September 2025 31 March 2025 London Portfolio Description sq ft % % Investment Properties The Warehouse and Studio, The Bower, EC1 Multi- let office building 151,439 8.2% 8.2% The Towe
Slide 49: Investment Portfolio Metrics
@helicalplc | Helical plc | helical.co.uk 49 Investment Portfolio Metrics Fair Vacancy WAULT to Valuation Value Capital Value Rate break/expiry Change London Offices £m % £ psf % Years % - Completed properties 379.7 66.3 856 22.4 2.8 - 0.5 - Development pipeline 192.6 33.7 573 n/a n/a 1.9 Total 572.
Slide 50: Investment Portfolio Metrics
@helicalplc | Helical plc | helical.co.uk 50 Investment Portfolio Metrics See - through Total Portfolio Contracted Rent Asset management £m Rent lost at break/expiry (0.2) Movement in rent through active asset management (0.2) Net decrease in contracted rents in the Period (0.4) Period to 2026 Year
Slide 51: Capital Expenditure
@helicalplc | Helical plc | helical.co.uk 51 Capital Expenditure £m Proposed Equity 40 Capex Proposed equity Proposed debt budget to come to come to come 35 (Helical share) (Helical share) (Helical share) P roperty £m £m £m Investment – committed 30 100 New Bridge Street, EC4 9.8 - 9.8 Brettenham Ho
Slide 52: Portfolio Yields
@helicalplc | Helical plc | helical.co.uk 52 EPRA “Topped Up” Net Initial Yield London Total Portfolio Yields 2016 2017 2018 5.01 4.70 4.51 6.12 5.69 4.78 2019 4.17 4.17 7.00 2020 3.89 3.97 2021 4.55 4.47 2022 4.23 4.22 2023 4.01 4.01 6.50 2024 5.14 5.14 2025 4.96 4.96 Sep - 25 5.06 5.06 True Equiva
Slide 53: Tenant Make-Up
@helicalplc | Helical plc | helical.co.uk 53 Tenant Make - Up (by contracted rent) Consumer services Human Resources 1% - other 5% Financial Products 5% Online retailing 28% IT Consultancy 7% Government/Charity 2% Restaurants 5% Media 6% Advertising/Marketing 7% Business Consultancy 3% Software and
Slide 54: Top 10 Tenants at 30 September 2025
@helicalplc | Helical plc | helical.co.uk 54 Top 10 Tenants at 30 September 2025 Rank Tenant Tenant Industry Contracted Rent Rent Roll 1 Farfetch Online retail £2.3m 11.5% 2 VMware Technology £2.2m 11.0% 3 Fresha.com Technology £2.0m 10.4% 4 Verkada Technology £1.9m 9.8% 5 Infosys Technology £1.4m 7
Slide 55: The Bower, EC1: Occupation
@helicalplc | Helical plc | helical.co.uk 55 The Bower, EC1: O ccupation THE T OWER THE WAREHOUSE & THE STUDIO Floor Occupier NIA (sq ft) Floor Occupier NIA (sq ft) 17 Verkada 11,327 9 Intercom Software 7,665 16 Verkada 11,306 8 Intercom Software 9,751 15 Available 11,331 7 Available 12,398 14 Incub
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Slide 57: Yield and Rent Sensitivity – Completed Investment Portfolio
@helicalplc | Helical plc | helical.co.uk 57 Yield and Rent Sensitivity – Completed Investment Portfolio True Equivalent Yield (7.0% at 30 September 2025 ) Change in portfolio value % £m +50 bps (7.2) (27.5) +25 bps (3.7) (14.2) - 25 bps 4.0 15.3 - 50 bps 8.4 31.9 ERV (£66.11 psf at 30 September 202
Slide 58: Financial Highlights
@helicalplc | Helical plc | helical.co.uk 58 Financial Highlights See - through income statement September 2025 September 2024 Total property return - Net rental income £7.7m £11.0m - Development property profits £1.5m £0.3m - Gain/(loss) on revaluation of investment properties £1.8m (£0.9m) - Gain
Slide 59: Loan to Value and Net Debt
@helicalplc | Helical plc | helical.co.uk 59 Loan to Value and Net Debt £1,400 70 1,240 1,205 £1,200 60 55.0 1,108 52.1 51.4 Portfolio value £1,000 1,021 50 910 949 45.2 45.5 876 857 840 802 39.9 39.5 £800 40 682 35 m % 626 620 30.6 31.4 27.5 662 583 £600 30 532 540 28.2 21.1 365 363 388 £400 20 20.
Slide 60: Net Cash Flow Movements
@helicalplc | Helical plc | helical.co.uk 60 Net Cash Flow Movements September 2025 March 2025 £m £m Cash (used by)/generated from operations (2.6) 1.4 Capex (2.0) (5.1) Joint ventures (8.7) (45.0) Net disposal proceeds - 158.9 Reduction in net borrowing (25.0) (55.0) Other cash flow movements (3.6)
Slide 61: EPRA Performance Measures
@helicalplc | Helical plc | helical.co.uk 61 EPRA Performance Measures At At 30 September 2025 31 March 2025 EPRA net tangible assets £428.1m £428.2m EPRA net reinstatement value per share 365p 364p EPRA net tangible assets per share 349p 348p EPRA net disposal value per share 345p 347p EPRA net ini
Slide 62: Disclaimer
@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 accuracy or co
Slide 63: Contact details
0207 629 0113 reception@helical.co.uk 22 Ganton Street London W1F 7FD www.helical.co.uk @helicalplc