Slide 1: Half Year Results 26 November 2024
PELICAL 26 NOVEMBER 2a
Slide 2: Agenda
HELICAL Agenda Market Opportunity 1/ Matthew Bonning-Snook Half Year Results and o/ Financial Review Tim Murphy Investment Portfolio 3 / James Moss Development Pipeline 4/ Matthew Bonning-Snook 5/ Matthew Bonning-Snook 6/7 7/ Appendices i 1 i \ \ \ nN
Slide 3: Market Opportunity
| a | my oe | “Market Opportunity O
Slide 4: Market
HELICAL @helicalplc | Helical plc | helical.co.uk 4 MARKET Strategic partnership with Places for London Inflection point with NTA Recycled £245m of assets unchanged Focus on “Equity Light” ' F F Reducing LTV to 15.9% structures — to enhance Time to Build pe eturns é eee 5 BOS Oba da OW sanBly-of Dev
Slide 5: 12.7 million sq ft active demand
3.5 million sq ft 12.7 million sq ft under offer active demand September 2023 (3.4 million sq ft) September 2023 (11.6 million sq ft) 10-year quarterly average (2.8 10-year quarterly average (9.4 million sq ft) million sq ft) 2.8 million sq ft take-up (Q3 2024) 2023 Q2 (2.3 million sq ft) 10-year Q3
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Slide 7: Financial results
HELICAL @helicalplc | Helical pic | helical.co.uk Financial results PROFIT AFTER TAX (2023: LOSS OF £93.1m) PORTFOLIO VALUE (31 MARCH 2024: £662.3m) EPRA NTA PER SHARE (31 MARCH 2024: 331) PRO-FORMA SEE- THROUGHLTV AGTUALS (30 SEPTEMBER 2024: 31.5%) (31 MARCH 2024: 39.5%) EPRA EARNINGS PER SHARE (20
Slide 8: EPRA and IFRS profit/(loss)
HELICAL @helicalpic | Helical plc | helical.co.uk EPRA and IFRS profit/(loss) _ 6 PRA EPS| 2.2 £0.8m 10 5 Net Rents Development Administrative Net finance costs Other EPRA profit Net gain/(loss)on Expense on Financial Non-operating IFRS profit/(loss) profits/(losses) costs less non- saleand cancella
Slide 9: EPRA NTA per share
HELICAL @helicalplc | Helical plc | helical.co.uk EPRA NTA per share 360.0 340.0 320.0 300.0 280.0 NTA - 31 March 2024 EPS Investment gains/(losses) Dividends Expense on cancellation of Other NTA - 30 September 2024 loans Year to 31.March 493.2p 3.47p (163.3p) (11.78) - (0.9p) 330.7p 2024 *Including
Slide 10: @helicalple | Helical plc | helical.co.uk
HELICAL @helicalple | Helical plc | helical.co.uk 10 £1,400 70 1,240 41208 £1,200 60 £1000 Portfolio value 50 45.2 4 £800 40 m 62 £600 Ne 30 484 £400 20 £200 LTV 10 7 Net debt £0 te) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 HY 2025 Pro-forma pharenolders 254 341 404 481 517 534 56
Slide 11: Debt summary
HELICAL @helicalplc | Helical pic | helical.co.uk n Debt summary ¢ Completed £155m (our share: £77.5m) financing for 100 New Bridge Street with a four-year term and one-year extension option e Restructured £300m Revolving Credit Facility (“RCF”) into anew £210m RCF for an initial three years with tw
Slide 12: Interest rate hedging
HELICAL @helicalplc | Helical pic | helical.co.uk Interest rate hedging £m Hedging as at 25 November 2024 Amount Maturity igen rate Interest Rate Swaps £100.0m Oct 28 3.60% £50.0m Oct 28 3.86% £25.0m Oct 28 1.98% Total Swaps £175.0m Oct 28 3.44% In Joint Ventures - Fixed and £77.5m May 28 8.45% Swap
Slide 13: Committed and planned capital expenditure
HELICAL @helicalplc | Helical pic | helical.co.uk Committed and planned capital expenditure Investment — committed Proposed Equity 100 New Bridge Street, EC4 53.9 - 53.9 Brettenham House, WC2 12.5 12.5 - 10 King William Street, EC4 95.4 424 53.3* Southwark OSD, SE1 11.0 11.0 a Paddington OSD, W2 30.
Slide 14: Loan covenant and LTV
HELICAL @helicalplc | Helical plc | helical.co.uk 14 Loan covenant and LTV Committed Capex to Pro-forma! 30 September Transactions Pro-forma 31 March 31 March 2024 post half year end post half year end 2026 2026 Portfolio fair value £597.5m (£113.5m) £484.0m £140.1m £624.1m Net debt £188.1m (E111.1m
Slide 15: In Summary
HELICAL @helicalplc | Helical plc | helical.co.uk 15 In Summary e We have a balance sheet which is in good shape with a pro- forma LTV of 15.9%, which we expect to contain below 35.0% subject to valuation movements e We have a deep pipeline of development opportunities & including equity-light schem
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Slide 17: The JJ Mack Building: Progress since March 2024
HELICAL @helicalplc | Helical plc | helical.co.uk v7 The JJ Mack Building: Progress since March 2024 e Significant letting progress has been made including: e 45,624 sq ft let in the period - 4"",10" floor, J Sainsbury on the ground floor office and retail unit to Eon Next Energy e £115 psf achieved
Slide 18: New Bridge Street: Progress since March 2024
HELICAL @helicalplc | Helical plc | helical.co.uk 18 100 New Bridge Street: Progress since March 2024 © Completed joint venture arrangements on a preferred equity basis with a vehicle led by Orion Capital Managers returning £55m of equity e £155m (our share: £77.5m) of development debt has been obta
Slide 19: Sales: Progress since March 2024
HELICAL @helicalplc | Helical plc | helical.co.uk 19 Sales: Progress since March 2024 ¢ On 25 April sale completed of the 42,921 sq ft office to Ares ¢ The Power House is a listed building providing 21,268 sq ft of Management for £43.5m office space and is let to Metropolis London Music Ltd ¢ Acquir
Slide 20: The Bower: Progress since March 2024
HELICAL @helicalplc | Helical plc | helical.co.uk 20 The Bower: Progress since March 2024 THE TOWER Beyond the Bower, our serviced office provision on floors 1 and 2 now 62% let Completed the refurbishment of floors 4, 5 and 6 ona fully fitted basis Let 9,499 sq ft on the 4" floor in line with March
Slide 21: The Bower: Progress since March 2024
HELICAL @helicalplc | Helical plc | helical.co.uk 21 The Bower: Progress since March 2024 pie NIA (sq ft) ¢ The Studio is 100% let and The Warehouse is 90.4% let 2 vercom Software UK 7.688 a 8 Intercom Software UK 9,761 e We have commenced fit out works on the vacant 7" floor. Works expected to > 72
Slide 22: The Loom: Progress since March 2024
HELICAL @helicalplc | Helical plc | helical.co.uk 22 The Loom: Progress since March 2024 This former Victorian wool warehouse offers 107,227 sq ft of office space and 1,313 sq ft of retail space e We continue to provide a flexible lease offering to actively reduce vacancy e We have completed 8 new l
Slide 23: Driving value from the completed investment portfolio
HELICAL @helicalplc | Helical pic | helical.co.uk 23 Driving value from the completed investment portfolio 30 26 20 £m. 20.1 Passing rent 30.5 Contracted rent uplift 26.5 “ L] as 213 Disposals since period-end Lettings post period-end Available space 29.4 Reversionary rent 29.4 ERV Contracted rent u
Slide 24: Development Pipeline
‘Development F pel Mort thicay Bonning- -Snook - o E EEEL AULEB
Slide 25: VAC
HELICAL VAC ave bee
Slide 26: 100 New Bridge Street
HELICAL @helicalplc | Helical plc | helical.co.uk 26 Target Levered IRR 15% Target Yield on Cost 76% ew Bri ge treet, TargetLeveredProftonGost 21% | Helca profitiocome 27m (including DM fees) “Carbon friendly” new build office on an island site between Farringdon and BlacKffiars coniprising c191,000
Slide 27: Brettenham House, WC2
HELICAL @helicalplc | Helical plc | helical.co.uk 27 B re tt eC N h a Mm H O U S eC ; W C vy) Target Equity Multiple 2.0x Helical profit to come £13m (including DM fees) e Joint venture with Thames Brettenham Ltd (long leasehold owner). Freehold owned by Duchy of Lancaster e 1930s heritage building
Slide 28: 10 King William Street, EC4
HELICAL @helicalplc | Helical plc | helical.co.uk 28 . type Target Levered IRR 13.4% Target Yield on Cost 67% | O K| N Qg Wi | | | a M St reet EF C 4 Target Levered Profit on Cost 21% Helical profit to come £23m 5 (including DM fees) P Site purchased in joint venture with Places for London in Octobe
Slide 29: Southwark OSD
HELICAL @helicalplc | Helical plc | helical.co.uk 29 S O U t h W a ( k Pp B S A Target equity multiple 45x Helical profit tocome £2im (including DM fees) Site due to be purchased in July 2025 in joint venture with Places for London (Helical 51 % and Places for London 49%) 150yr leasehold — peppercor
Slide 30: Paddington, W2
HELICAL @helicalple | Helical pic | helical.co.uk 30 Paddington, W?2 Target Viellon Cost 66% Hela profit come e26me (including DM fees) Site due to be purchased in January 2026 in joint venture with Places for London (Helical 51% and Places for London 49%) 150yr leasehold — peppercorn rent e Plannin
Slide 31: Development upside
HELICAL @helicalplc | Helical plc | helical.co.uk 31 Development upside ¢ Anticipated development profits of c.£102m plus development management fees of £10m to be realised from central business plan from existing development pipeline ¢ Further upside potential from rental growth » 5% generates a to
Slide 32: Conclusion
HELICAL @helicalplc | Helical plc | helical.co.uk 32 Conclusio#f ay. ; | Significant operational progress made recycling equity and reducing our gearing to the lowest it has ever been Our exciting development pipeline of “best-in-class” schemes are now fully funded and set to deliver at least £100m
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Slide 35: Appendices
HELICAL Appendices 1/ Sustainability 36 Portfolio 40 2/ 3/ Further financial analysis 52
Slide 36: Sustainability
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Slide 37: Sustainability benchmarks
HELICAL @helicalplc | Helical pic | helical.co.uk 37 Sustainability benchmarks 30 September 2024 31 March 2024 88/100 87/100 5* 4* £ > GRESB 96/100 92/100 us t* tetare 5* 4* DEVELOPMENTS Gold Gold MSCI & AAA AAA Wcpp B B
Slide 38: Portfolio energy performance
HELICAL @helicalplc | Helical plc | helical.co.uk 38 Portfolio energy performance & BREEAM certification by value e 99% EPC A or B completed portfolio by value © 88% BREEAM Outstanding or Excellent by value The Power House EPC A and 2018 BREEAM Outstanding the “terodene) The JJ Mack Building (sold p
Slide 39: Sustainability of pipeline
HELICAL @helicalplc | Helical plc | helical.co.uk 39 Sustainability of pipeline ¢ All future developments to be net zero carbon Significant focus on energy efficiency and low carbon solutions Biodiversity net gain in excess of planning requirements Focus on social value, employment opportunities and
Slide 40: Portfolio
Slide 41: Central London office leasing market — key themes
HELICAL @helicalplc | Helical plc | helical.co.uk a Central London office leasing market — key themes ¢ Occupiers keen to create an office environment to suit new ways of working (spaces for different working activities) as well as the right amenity and outdoor space to attract and retain staff and
Slide 42: Helical's pipeline
HELICAL @helicalplc | Helical plc | helical.co.uk 42 Helical’s pipeline [= Predicted window of low supply >I > 2024 > 2025 » 2026 > 2027) 2028 > 2029 9 PC 100 NEW BRIDGE 191,000 sq ft : STREET offices > April 2026 Main works PC BRETTENHAM 122 ft f HOUSE Sifices | commenced ———* April Summer 2024 202
Slide 43: Property portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 43 Property portfolio Areasq ft ment Properties (NIA excluding storage) London offices The Warehouse and Studio, The Bower EC1 Multi-let office building 151,439 8.2% 0.0% The Tower, The Bower EC1 Multi-let office building 182,193 21.5% 16.0% The Loom
Slide 44: Portfolio metrics (1)
HELICAL @helicalplc | Helical plc | helical.co.uk 44 Portfolio metrics (1) Investment Portfolio London Offices: Vacancy Rate September 2024 WAULT Years Valuation Change (exc. Sales and Purchases) % - Completed properties 525.1 88.8 16.1 68 0.4 - Development pipeline 66.3 11.2 n/a n/a 9.0 Total Londo
Slide 45: Portfolio metrics (2)
HELICAL @helicalplc | Helical plc | helical.co.uk 45 Portfolio metrics (2) Passing Contracted Rent Rent ERV Change in ERV LfL Investment Portfolio em em em % London Offices 20.1 30.4 39.6 0.9) Other 4 O41 OA 0.0; Total 20.1 30.5 39.7 0.9 EPRA “Topped Up” NIY True Equivalent Yield Reversionary Yield
Slide 46: Portfolio metrics (3)
HELICAL @helicalplc | Helical plc | helical.co.uk 46 EPRA “Topped U} ' " I Yield London Portfolio metrics (3 Ba 470 451 417 Yield % 3.89 3.97 4.55 447 7.00 4.23 4.22 4.01 4.01 5.14 5.14 650 024 September 5.37 nea 2016 5.62 6.37 6.00 2017 5.27 5.85 2018 5.30 5.52 2019 5.09 524 2020 5.00 5.13 550 2021
Slide 47: Portfolio — Summary
HELICAL @helicalplc | Helical plc | helical.co.uk 47 Portfolio — Summary New lettings to 30 September 2024 ® 62,015 sq ft across 12 lettings, 0.9% above March 2024 ERVs — e £2.8m (Helical’s share) contracted rent Area Contracted rent Area Helical (Helical’s share) sq ft share sq ft £ The Loom, E1 16
Slide 48: Investment portfolio key statistics
HELICAL @helicalplc | Helical plc | helical.co.uk 48 Investment portfolio key statistics See-through Total Portfolio Contracted Rent Rent lost at break/expiry (2.4) New lettings 28 Contracted rent reduced through sales (2.9) Net decrease in the period (2.5) Contracted rent reduced through sales post
Slide 49: Lease expiries or tenant break options
HELICAL @helicalplc | Helical plc | helical.co.uk 49 Lease expiries or tenant break options Year to Yea Year to Year to 2025 2027 2028 % of rent roll 78 Number of leases 15 13 Average rent per lease (£) 158,617 107,603 251,882 588,186 466,332 440,327
Slide 50: Tenant sector breakdown
Consumer goods 11% Online retailing - Fashion 18% Law 3% Human Resources 4% Financial Products 17% Software and Computer Services 22% IT Consultancy 8% Other 1% Government/Charity Business Consultancy 1% Food & Beverage Media 2% Advertising/Marketing 3% 6% 4%
Slide 51: Top tenants post sale of The JJ Mack Building
HELICAL @helicalplc | Helical plc | helical.co.uk Top 15 tenants post sale of The JJ Mack Building Rank Tenant Tenant Industry Contracted Rent £m 1 Infosys Limited Technolog £2.37m 2 Farfetch UK Limited Online Leisure £2.28m 3 VMware UK Limited Technolog £2.19m 4 Fresha.com SV Limited Technolog: £2.
Slide 52: Further financial analysis
Further financial analysis
Slide 53: See-through yield and rent sensitivity - completed investment portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 53 See-through yield and rent sensitivity - completed investment portfolio Change in investment portfolio ERV £m -2.50% £59.36psf 2.50% -0.50% £23.30m £36.00m £48.80m £61.55m £74.55m -0.25% (£0.95m) £11.30m £23.35m £35.60m £47.90m True equivalent yie
Slide 54: Financial highlights
HELICAL @helicalplc | Helical plc | helical.co.uk 54 Financial highlights See-through income statement September 2024 September 2023 Total property return ~Net rental income £11.0m £12.4m - Development property profits/(losses) £0.3m (£0.5m) ~ Loss on revaluation of investment properties (£0.9m) (£9
Slide 55: See-through income statement
HELICAL @helicalplc | Helical plc | helical.co.uk 55 See-through income statement 30 September 2024 30 September 2023 Group Joint Ventures Total £m £m £m Net rental income 8.3 27 11.0} Development property profit/(loss) 0.3 = 0.3) 8.6 27 11.3} Administration expenditure (6.9) (0.1) (6.0) Net finance
Slide 56: See-through balance sheet
HELICAL @helicalplc | Helical plc | helical.co.uk 56 See-through balance sheet 30 September 2024 31 March 2024 Joint Ventures Total © NAVper share Total NAV per shar Investment properties 386.0 205.5 591.5 660.6 Land and development stock (fair value) 0.3 57 6.0 17 Property portfolio 386.3 211.2 597
Slide 57: Net cash flow movements
HELICAL @helicalplc | Helical plc | helical.co.uk 57 Net cash flow movements September 2024 £m Cash generated from operations 2.9 Capex (3.8) (16.0) Joint ventures (69.3) 1.8 Net disposal proceeds 152.0 - Reduction in net borrowing (42.0) - Other cash flow movements (0.4) (6.0) Dividends paid (1.9)
Slide 58: EPRA Performance measures
HELICAL @helicalplc | Helical plc | helical.co.uk 58 EPRA Performance measures At At 30 September 2024 31 March 2024 EPRA net tangible assets £407.7m £406.5m| EPRA net reinstatement value per share 350p 34 9p! EPRA net tangible assets per share 8331p 3311p) EPRA net disposal value per share 328p 327
Slide 59: Disclaimer
HELICAL @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 accura
Slide 60: reception@helical.co.uk Hanover Square
0207 629 0113 reception@helical.co.uk 5 Hanover Square London W1S 1HO. www.helical.co.uk @helicalple PrELICAL