Helical Plc · LSE:HLCL
Helical — FY2026 Earnings Presentation
60 slides from Helical's earnings presentation, May 22, 2026
Slide 1: Full Year Results to 31 March 2026
Full Year Results to 31 March 2026 22 May 2026
Slide 2: Speaking Today
@helicalplc | Helical plc | helical.co.uk 2 Speaking Today Matthew Bonning - Snook - CEO J ames Moss - CFO Rob Sims - CIO
Slide 3: Agenda
3 Agenda Guidelines Overview 1/ Matthew Bonning - Snook 4 Financial Results 2/ James Moss 11 Our Portfolio 3/ Rob Sims 20 Looking Forward 4/ The Market Opportunity 33 Matthew Bonning - Snook 5/ Questions 37 6/ Appendices 38 The Marketing Suite at 10 King William Street
Slide 4: Overview
Overview Matthew Bonning - Snook – CEO
Slide 5: Achievements Since Year End March 2025
Achievements Since Year End 31 March 2025 @helicalplc | Helical plc | helical.co.uk Affordable Housing Forward Sale 30,000 New Lettings sq ft PBSA Exchanged Forward Building Sale Funding 20,000sq ft Lettings Under Offer Southwark £220 M Debt Finance 50,000 sq ft Practical Completion Regears in Legal
Slide 6: Activity Since Year End March 2025
Activity Since Year End 31 March 2025 @helicalplc | Helical plc | helical.co.uk 10 King William Street 100 New Bridge Street 700,000 sq ft under construction Delta Paddington Brettenham House
Slide 7: Helical - Results
@helicalplc | Helical plc | helical.co.uk 7 Helical - Results EPRA EARNINGS PER SHARE 4.5 P (2025: 2.2 P ) EPRA NTA PER SHARE 351 P (31 MARCH 2025: 348 P) TOTAL RETURN - HIGHEST SINCE 2004 16.4 P (31 MARCH 2025: 5.0 P) PRO -FORMA SEE -THROUGH LTV 20.7 % (31 MARCH 2025: 20.9 %) 100 New Bridge Street
Slide 8: Market Summary – Occupational Market
@helicalplc | Helical plc | helical.co.uk 8 Market Summary – Occupational Market Active Demand Under Offer Q1 Take Up Active Requirements 14.6 M 4.7 M 92% 38 Under offers are 60% above the long - term average sq ft sq ft 57% of space under offer across Central London is for pre - let, newly built or
Slide 9: Market Summary – Supply Pipeline
@helicalplc | Helical plc | helical.co.uk 9 Market Summary – Supply Pipeline Central London office cumulative development versus 8.8 % 1.1% 51% 24 Grade A demand Total Central London New Build Central London Grade A Options Over 100k Development Completions Avg Grade A Take-up Supply-Demand Balance
Slide 10: Market Summary – Capital Markets
@helicalplc | Helical plc | helical.co.uk 10 Market Summary – Capital Markets 4 Quarter Investment Vol. Q1 2026 Investment Vol. Transactions Completed £8.8 BN £1.9 BN £1.1BN Investment volumes remain subdued Since the start of the Middle East ↓27% on the long-term average ↓35% on the long -term aver
Slide 11: Financial Results
11 Financial Results James Moss – CFO
Slide 12: Financial Results
@helicalplc | Helical plc | helical.co.uk 12 Financial Results PROFIT AFTER TAX EPRA EARNINGS PER SHARE £5.7 M 4.5 P (2025: £27.9 M) (2025: 2.2 P ) EPRA NTA PER SHARE EPRA TAR 351 P 2.3 % (31 MARCH 2025: 348 P) (2025: 6.0 % ) PORTFOLIO VALUE VALUATION GAIN £655.7 M 0.5 % (31 MARCH 2025: £540.4 M) (I
Slide 13: EPRA and IFRS Profit
@helicalplc | Helical plc | helical.co.uk 13 EPRA and IFRS Profit 25 £15.4m 20 15 EPRA EPS 4.5p (£8.8m) (2025: 2.2p) 10 £2.7m £4.9m (£5.0m) 5 (£1.0m) (£2.3m) (£0.2m) £ 5.5 m £ 5.7 m - Development Net rental income Administrative Net finance costs Tax/other EPRA profit Net gain on sale Financial Tax/
Slide 14: EPRA NTA
@helicalplc | Helical plc | helical.co.uk 14 EPRA NTA 360.0 2.6 p 4.5 p 1.0p (5.0 p) 340.0 351.2p 348.1 p 320.0 NTA - 31 March 2025 EPRA EPS Investment gains Dividends Other NTA - 31 March 2026 Year to 330.7p 2.2p 26.2p (3.3p) (7.7p) 348.1p 31 March 2025
Slide 15: Dividends & Capital Return
@helicalplc | Helical plc | helical.co.uk 15 Dividends & Capital Return DIVIDEND/RETURN POLICY Distribute the PID as required by our REIT status Distribute a share of realised development profits that are surplus to the requirements of the business, after considering our capital allocation prior
Slide 16: Current Debt Facilities
@helicalplc | Helical plc | helical.co.uk 16 Current Debt Facilities KEY ACTIVITY IN THE YEAR 300 Proforma Debt Maturity Profile at 22 May 26 Exercised the first of our one - year extension options on the £210m RCF, 250 extending the maturity to September 2028, with a further one - year extension
Slide 17: Debt Summary
@helicalplc | Helical plc | helical.co.uk 17 Debt Summary Drawn debt 100% hedged Fully drawn and extended maturity of borrowings of 4.0 years Cash and undrawn facilities of £288m 1 At At 31 March 31 March Pro -forma 1 2026 2025 Total facilities £396.0m £473.9m £361.3m Utilised facilities £174.
Slide 18: Balance Sheet Discipline
@helicalplc | Helical plc | helical.co.uk 18 Balance Sheet Discipline 300 Sales in the year to 31 March 250 CAPITAL RECYCLING 200 Since 2021, we have sold over £785m of assets, including ten offices £m 150 LOAN TO VALUE 100 Significant development activity increased LTV at 31 March 2026 to 50 36
Slide 19: Helical Upside Potential
@helicalplc | Helical plc | helical.co.uk 19 Helical Upside Potential Target Total Accounting Return of 10%+ The business plan anticipates future additional profits of £84m+ from the existing development pipeline (including development management fees), having taken £18m in the Year Increasing
Slide 20: Our Portfolio
Our Portfolio Rob Sims – CIO
Slide 21: Development Delivery
Development Delivery 21 SOUTHWARK Q2 Q4 2026 2026 Q3 2029 63 CHARTERHOUSE STREET PADDINGTON (FUTURE OPPORTUNITY) Q3 Q3 2026 2028
Slide 22: 100 New Bridge Street practical completion
@helicalplc | Helical plc | helical.co.uk 22 Practical completion of 195,000 sq ft extensive redevelopment achieved on 12 May 2026 24 - month refurbishment delivered in line with the JV budget and G ensler Photography programme State Street Corporation took possession of the building on 20 May
Slide 23: Brettenham House redevelopment
@helicalplc | Helical plc | helical.co.uk 23 c.128,000 sq ft 1930s landmark Art Deco office on the Thames between The Savoy and Somerset House Comprehensive redevelopment now at an advanced stage; completion anticipated Q3 2026 Sectional completion achieved on two floors; external scaffolding
Slide 24: Brettenham House letting and returns
@helicalplc | Helical plc | helical.co.uk 24 Target Equity Multiple 2.0x Helical profit to come £9m (including DM fees) Occupier engagement remains encouraging with active discussions ongoing Promote - based return, which is highly correlated with rental outperformance, becomes payable once 90%
Slide 25: 10 King William Street
@helicalplc | Helical plc | helical.co.uk 25 142,000 sq ft scheme across ground plus seven upper floors An exemplary amenity provision including a wellness suite, business lounge and 7,308 sq ft of external space across three terraces On programme to achieve practical completion in December 20
Slide 26: Southwark, SE1
@helicalplc | Helical plc | helical.co.uk 26 Southwark, SE1 JV has conditionally exchanged on forward funding agreement with PfL for the 429 - unit PBSA building, valuing it at over £200million 44 affordable homes forward sold to Southwark Borough Council Equity - light structure means no furt
Slide 27: Delta Paddington
@helicalplc | Helical plc | helical.co.uk 27 Helical profit to come Development Levered IRR 13%+ £34m (including DM fees) 240,000 sq ft office development above the eastern, canalside entrance to Paddington Station, with terraces on all 15 floors Targeting BREEAM Outstanding (97.4% design - stag
Slide 28: (LCL VDUL ELA
= a (LCL VDUL ELA
Slide 29: 63 Charterhouse Street, EC1M
@helicalplc | Helical plc | helical.co.uk 29 63 Charterhouse Street, EC1M The prominent gap site utilises unused operational land demonstrating JV’s unique ability to source development opportunities In April 2026 unanimous approval was obtained for a new c .55 ,000 sq ft office scheme designed
Slide 30: The Loom letting and vacancy
@helicalplc | Helical plc | helical.co.uk 30 One new letting completed and four tenants vacated during the year taking vacancy to 35.2% Two further units under offer since year end 12,996 sq ft of renewals completed at a 5.5% premium to ERVs, including largest tenant (10% of NIA) Four tenant
Slide 31: The Bower - Occupancy Movements
@helicalplc | Helical plc | helical.co.uk 31 The Bower - Occupancy Movements Increase Decrease Total 100% 6.6% 96.6% 95% 3.0% 90% 5.8% 87.0% 85% 81.2% 80% 75% 70% 31 March 2025 Lettings to 31 March 2026 Lettings post Under offer post Current occupancy 31 March 2026 period end period end
Slide 32: The Bower letting status
@helicalplc | Helical plc | helical.co.uk 32 THE TOWER 3 rd floor - let on a fitted basis to tech platform 5 th & 6 th floors - let on a fitted basis to incident.io with occupation from June 2026 7th, 8 th and 9 th floors – discussions ongoing for extension of existing lease 12th floor – fin
Slide 33: Looking Forward
Looking Forward Matthew Bonning - Snook – CEO
Slide 34: Capital Allocation
Capital Allocation 34 Maintaining Balance Sheet Strength Future cashflow needs of the business Financing on sensible terms TfL – net asset requirement Appropriate LTV SPECIAL PROFITABLE DIVIDEND SHARE NEW BUY BACKS OPPORTUNITIES CAPITAL RETURN
Slide 35: Helical Development Transactions – What to Expect
@helicalplc | Helical plc | helical.co.uk 35 Helical Development Transactions – What to Expect Joint Venture Equity-Light Equity-Light Joint Venture Office Structure Structure Structure Office with Places for Office Alternative Use with Capital Partner London with Building Owner with Building Owner
Slide 36: Helical’s Market Opportunity
@helicalplc | Helical plc | helical.co.uk 36 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 37: Questions
Questions
Slide 38: Appendices
Appendices
Slide 39: Appendices
39 Appendices 1/ Sustainability 40 2/ Portfolio Analytics 43 3/ Further Financial Analysis 52 CGI - Delta Paddington
Slide 40: Sustainability
Sustainability
Slide 41: Sustainability Benchmarks
@helicalplc | Helical plc | helical.co.uk 41 Sustainability Benchmarks 31 March 2026 31 March 2025 88/100 88/100 4* 5* STANDING INVESTMENTS 94/100 96/100 3* 5* DEVELOPMENTS Gold Gold B B
Slide 42: Sustainability of Portfolio
@helicalplc | Helical plc | helical.co.uk 42 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) 4*1 N/A Development pipeline 100 New Bridge Street, EC4 A1 Outstanding (2018) 2 5*3 Platinum
Slide 43: Portfolio Analytics
Portfolio Analytics
Slide 44: Property Portfolio
@helicalplc | Helical plc | helical.co.uk 44 Property Portfolio Total vacancy rate at Total vacancy rate at Area 31 March 2026 31 March 2025 London Portfolio Description sq ft % % Investment Properties The Warehouse and The Studio, The Bower, EC1 Multi- let office building 151,439 8.2% 8.2% The Towe
Slide 45: Investment Portfolio Metrics
@helicalplc | Helical plc | helical.co.uk 45 Investment Portfolio Metrics Valuation Fair Vacancy WAULT to Change Value Capital Value Rate break/expiry Like - for- like London Offices £m % £ psf % Years 2 % - Completed properties 374.3 57.6 890 18.5 2.3 - 2.1 - Development pipeline 274.9 42.4 1,228 n
Slide 46: Investment Portfolio Metrics
@helicalplc | Helical plc | helical.co.uk 46 Investment Portfolio Metrics See - through Total Portfolio Contracted Rent Asset management £m Rent lost at break/expiry (0.5) New lettings 1.5 Net increase in contracted rents in the Year 1.0 Total contracted See - through lease expiries or tenant break
Slide 47: Capital Expenditure
@helicalplc | Helical plc | helical.co.uk 47 Capital Expenditure £m Proposed Equity 35 Capex Proposed equity Proposed debt budget to come to come to come 30 (Helical share) (Helical share) (Helical share) P roperty £m £m £m Investment – committed 25 100 New Bridge Street, EC4 4.3 4.3 1 - Brettenham
Slide 48: Portfolio Yields
@helicalplc | Helical plc | helical.co.uk 48 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 2026 4.83 4.83 True Equivalent
Slide 49: Tenant Make-Up
@helicalplc | Helical plc | helical.co.uk 49 Tenant Make - Up (by contracted rent) Human Resources Financial Products 5% Online retailing 5% 16% IT Consultancy 7% Government/Charity 2% Restaurants 5% Media 6% Advertising/Marketing 6% Technology and Innovation Business Consultancy 45% 3%
Slide 50: Top 10 Tenants at 31 March 2026
@helicalplc | Helical plc | helical.co.uk 50 Top 10 Tenants at 31 March 2026 Rank Tenant Tenant Industry Contracted Rent Rent Roll 1 Farfetch Online retail £2.30m 10.7% 2 VMware Technology/Innovation £2.20m 10.3% 3 Fresha.com Technology/Innovation £2.10m 9.7% 4 Verkada Technology/Innovation £1.90m 9
Slide 51: The Bower, EC1: Occupation
@helicalplc | Helical plc | helical.co.uk 51 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 Under Offer 12,398 14 Inc
Slide 52: Further Financial Analysis
Further Financial Analysis
Slide 53: Yield and Rent Sensitivity – Completed Investment Portfolio
@helicalplc | Helical plc | helical.co.uk 53 Yield and Rent Sensitivity – Completed Investment Portfolio Change in Portfolio Value True Equivalent Yield (6.9% 1 at 31 March 2026 ) % £m +50 bps (7.6) (28.4) +25 bps (3.9) (14.7) - 25 bps 4.3 15.9 - 50 bps 8.8 33.1 Change in Portfolio Value ERV (£65.66
Slide 54: Financial Highlights
@helicalplc | Helical plc | helical.co.uk 54 Financial Highlights See - through income statement March 2026 March 2025 Total property return - Net rental income £15.4m £19.6m - Development property profits £4.9m £0.3m - Gain on revaluation of investment properties £2.5m £25.1m - Gain on sale of inve
Slide 55: Loan to Value and Net Debt
@helicalplc | Helical plc | helical.co.uk 55 Loan to Value and Net Debt £1,400 70 1,240 1,205 £1,200 60 55.0 Portfolio value 1,108 52.1 51.4 £1,000 1,021 50 910 949 45.2 45.5 876 857 840 802 39.9 39.5 £800 36.5 40 682 35 m % 626 620 30.6 31.4 27.5 662 £600 656 30 532 540 504 21.1 365 363 388 £400 20
Slide 56: Net Cash Flow Movements
@helicalplc | Helical plc | helical.co.uk 56 Net Cash Flow Movements March 2026 March 2025 £m £m Cash (used by)/generated from operations (0.0) 1.4 Capex (3.0) (5.1) Joint ventures (27.3) (45.0) Net disposal proceeds - 158.9 Reduction in net borrowing (0.0) (55.0) Other cash flow movements (7.1) (3.
Slide 57: EPRA Performance Measures
@helicalplc | Helical plc | helical.co.uk 57 EPRA Performance Measures At At 31 March 2026 31 March 2025 EPRA net tangible assets £430.2m £428.2m EPRA net reinstatement value per share 372p 364p EPRA net tangible assets per share 351p 348p EPRA net disposal value per share 348p 347p EPRA net initial
Slide 58: Debt Summary
@helicalplc | Helical plc | helical.co.uk 58 Debt Summary Amount Maturity Rate Wholly owned RCF Interest rate swaps £100.0m Oct 28 1.631% £50.0m Oct 28 1.889% £25.0m Oct 28 0.007% Total £175.0m Oct 28 1.473% In Joint Ventures (Helical share) Delta Paddington Fixed interest rate £112.2m Aug 30 3.620%
Slide 59: Disclaimer
@helicalplc | Helical plc | helical.co.uk 59 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 60: Contact details
0207 629 0113 reception@helical.co.uk 22 Ganton Street London W1F 7FD www.helical.co.uk @helicalplc