Slide 1: Full year results to 31 March 2023
HELICAL eee Full year results to 31 March 2023 reel
Slide 2: Agenda
HELICAL Agenda Results Highlights and 3 Market Comment Gerald Kaye Financials 13 Tim Murphy Portfolio Highlights and 21 Sustainability Matthew Bonning-Snook Summary 33 Gerald Kaye Q&A 35 Appendices 36 Additional Analysis
Slide 3: Results Highlights and Market Comment
Results Highlights and Market Comment GERALD KAYE
Slide 4: Results highlights
HELICAL @helicalpic | Helical plc | helical.co.uk 4 Results highlights LOSS AFTER TAX £64.5m (2022: PROFIT OF £88.9m) EPRA NTA PER SHARE EPRA EARNINGS TOTAL PROPERTY PER SHARE RETURN (31 MARCH 2022: 572P) -13.8% (2022: 5.2P) (2022: £89.5m) PORTFOLIO NET VALUATION CHANGE MSCI TOTAL PROPERTY VALUATION
Slide 5: Key achievements
HELICAL @helicalplc | Helical plc | helical.co.uk 5 Key achievements e Total sales of 233m combined 3.7% above book value Sale of Kaleidoscope to Chinachem Group for £158.5m Disposal of 55 Bartholomew for £16.5m and sale of 14 remaining residential units at Barts Square © Sale of Trinity to clients
Slide 6: Market comment — everything rising
HELICAL @helicalpic | Helical pic | helical.co.uk 6 Market comment — everything rising “, . ps Source: JLL ° Interest rates have “normalised . after 14 years of close to Majority of office stock will not meet more stringent EPC regulations zero interest rates with 10 rises since Feb 2022 from 0.25%
Slide 7: Market comment — occupiers
HELICAL @helicalplc | Helical plc | helical.co.uk 7 Market comment — occupiers Bifurcation between: “Best-in-class”: newly developed or comprehensively refurbished space that is BREEAM Outstanding or Excellent, EPC A or B, has a high level of amenity and requires minimum capex for 10+ years “The res
Slide 8: The opportunity
HELICAL @helicalplc | Helical pic | helical.co.uk The opportunity e Active demand 9.3m sq ft - circa 100 separate requirements ® Occupiers taking more rather than less space eg: Latham & Watkins @ 1 Leadenhall: — Evenif the space is fully occupied 4 days rather than 5 days the same area is required
Slide 9: Helical's pipeline
HELICAL @helicalplc | Helical plc | helical.co.uk 9 Helical’s pipeline Let THE JJ MACK 168,170 sqft ini BUILDING Romaine) remaining space 100 NEW BRIDGE 192,000sqit_ | Staton —_____,_ Complete STREET Site 4 02 2028 Site Complete BANK 142,000 sq ft Drawdown =—————_ 94 3026 ES @4 Site SOUTHWARK { 220,
Slide 10: Driving value — lettings
HELICAL @helicalplc | Helical plc | helical.co.uk 10 Driving value — lettings © 65,550 sq ft in 9 units let in the year, delivering contracted rent of £3.4m, 6.9% above ERV BB ois areatett31.03.2003 519 (Helical’s share) - Vacant Sq ft 000s . . 6 5 x far i . 6 ; e March 2002" vacancy of 16.1% (6.2%
Slide 11: Driving value — capturing the reversion
HELICAL @helicalplc | Helical plc | helical.co.uk n Driving value — capturing the 70 60 50 40 em 30 20 £36.0m Passing rent £39.4m £39,0m Contracted ent uplift Lettings post year end £48.9m Available space reversion £60.4m £58,6m Development pipeline Reversionary rent £60.4m ERV Total £35.0m FY 2024
Slide 12: Future upside from rental growth
HELICAL @helicalplc | Helical plc | helical.co.uk 12 Future upside from rental growth Status Performance to date Future potential The Bower, EC1 * Tenants across 11 floorsin The Tower * £95.3m valuation gain * £1.5m ofreversionary rent have rent reviews within the next 12 * £23.7m development profit
Slide 13: Financials
Financials TIM MURPHY
Slide 14: EPRA and IFRS (loss)/profit
HELICAL @helicalplc | Helical plo | helical.co.uk 14 EPRA and IFRS (loss)/profit ( ) e Final Dividend 50.0 Increased by 5.5% to 400 £3.2m 870p (2022: 8.25p) 300 EPRA Total Dividend : EPS 9.4p Increased by 5.4% to 20.0 11.75p (2022: 11.15p) e11.sm 100 £0m 10.0 -20.0 -30.0 -40.0 -50.0 -60.0 00 (£64.5m
Slide 15: EPRA NTA per share
HELICAL @helicalplc | Helical pic | helical.co.uk EPRA NTA per share 600.0 590.0 580.0 670.0 560.0 550.0 540.0 530.0 520.0 510.0 600.0 490.0 480.0 470.0 460.0 450.0 440.0 430.0 420.0 410.0 400.0 NTA - 81 March 2022 EPS Investment (losses)/ Expense on cancellation of Dividends Other NTA - 81 March 20
Slide 16: Portfolio value
HELICAL @helicalplc | Helical plc | helical.co.uk 16 £1,400 70 1,240 4205 £1,200. 60 1,108 Portfolio value £1,000 50 £800 40 m % £600 30 £400 20 £200 10 Net debt £0 i} Shareholders’ Fucus enn 264 341 404 481 8” 534 807 598 608 687 609 on Gearing m7 1072 1315 1418 119.9 680 473 49.9 297 565 38.0
Slide 17: Debt summary
HELICAL @helicalplc | Helical pic | helical.co.uk 7 Debt summary e £170m of the RCF was repaid reducing amount borrowed to £230m e £400m RCF was extended to July 2026 and converted into a Sustainability Linked Loan e PIMCO (Allianz) facility has a one year extension option ¢ In process of arranging
Slide 18: Interest rate hedging
HELICAL @helicalplc | Helical pic | helical.co.uk Interest rate hedging Amount Maturity ice rate Interest Rate Swaps £50.0m Jun 26 3.36% £m £50.0m Jul 26 2.28% £50.0m Jul 26 2.39% £50.0m Jul 26 2.45% £50.0m Jun 26 3.64% Total Swaps £250.0m Jul26 — 2.82% In Joint Ventures - Fixed Rate £69.9m Jul24 *4
Slide 19: Loan covenant and debt cost - RCF
HELICAL @helicalplc | Helical plc | helical.co.uk 19 Loan covenant and debt cost - RCF Covenant Threshold April 2023 Headroom Loan to Value <65% 31% 49% fallin value Loan to Rental Value <12.0x 8.25x 31% fallin rent Projected Net Rental Interest Cover Ratio >150% 488% 69% fallin rent Weighted averag
Slide 20: Summary of financial position
HELICAL @helicalplc | Helical plc | helical.co.uk 20 Summary of financial position NET ASSET VALUE NET DEBT CASH AND UNDRAWN FACILITIES £608.7m £231.4m £244.2m (31 MARCH 2022: £687.0M) (31 MARCH 2022: £388.3M) (31 MARCH 2022: £147.0M) NAV GEARING LOAN TO VALUE te) 38.0% 27.5% (31 MARCH 2022: 56.5%)
Slide 21: Portfolio Highlights and Sustainability
Portfolio Highlights and Sustainability MATTHEW BONNING-SNOOK
Slide 22: The JJ Mack Building
HELICAL @helicalplc | Helical pic | helical.co.uk 22 The JJ Mack Building 33 Charterhouse Street, EC1 e “Best-in-class” technologically advanced new building of 200,611 sq ft of offices and 5,439 sq ft of retail © Completed 30 September on programme and budget e BREEAM Outstanding, EPC A, NABERS 5*
Slide 23: New Bridge Street, EC4
HELICAL @helicalplc | Helical plc | helical.co.uk 23 100 New Bridge Street, EC4 Existing 167,026 sq ft office building let to Baker McKenzie until December 2023 Planning approval granted subject to signing s.106 Agreement for a carbon friendly new building of 192,000 sq ft, retaining the existing fr
Slide 24: TfL — Commercial Office Joint Venture
HELICAL @helicalplc | Helical plc | helical.co.uk 24 TfL — Commercial Office Joint Venture Following an extensive public procurement process, Helical has been selected as TTL Properties Ltd’s (“TTLP”) preferred partner to deliver “best-in-class”, well connected, sustainable workplaces in London 3 in
Slide 25: Bank
HELICAL @helicalplc | Helical plc | helical.co.uk 25 Bank | all e Site drawdown date October 2024 Planning permission originally granted in 2014 and subsequently revised with consent obtained in April 2022 142,310 sq ft total NIA: — 135,035 sq ft offices - 7,275 sq ft retail (ground and mezzanine fl
Slide 26: Paddington
HELICAL @helicalplc | Helical plc | helical.co.uk 26 Paddington © Site drawdown date January 2026* Planning permission originally granted in 2015 for an 19-storey building with 15 floors of office accommodation and 2 retail units ti i} totalling 235,215 sq ft NIA ) a iT Typical office floors 15,600
Slide 27: Southwark
HELICAL @helicalplc | Helical plc | helical.co.uk 27 Southwark e Site drawdown date July 2025 e Planning permission granted in July 2022 for a 17-storey building of 222,264 sq ft total NIA: — 197,991 sq ft offices plus 21,722 sq ft affordable offices — 2,551 sq ft retail Arranged over two basement l
Slide 28: Portfolio highlights
HELICAL @helicalplc | Helical plc | helical.co.uk 28 Portfolio highlights The Bower, EC1 The Tower 171,432 sq ft (17 floors) | The Warehouse 122,858 sq ft (9 floors) The Studio 18,283 sq ft (4 floors) e 12!" floor let to Stenn in line with 31 March 2022 ERV ¢ 11 floors in The Tower have rent reviews
Slide 29: Disposals
HELICAL @helicalpic | Helical plc | helical.co.uk 29 Disposals Kaleidoscope, EC1 88,581 sq ft *® Sold SPV to Chinachem Group for £158.5m September 2022 © Reflected a 4.25% net initial yield and capital value of £1,789 psf for the leasehold interest e Entirely let to TikTok Information Technologies U
Slide 30: Asset management - Barts Square, EC1
HELICAL @helicalplc | Helical plc | helical.co.uk 30 Asset management - Barts Square, ECT Overview 26% levered IRR and 2.1x equity invested on Helical’s share Residential All 236 apartments have now been sold, average sale value of £1,567 psf Combined GDV of £317m The sale of the residential ground
Slide 31: Sustainability benchmarks
@helicalplc | Helical pic | helical.co.uk 31 HELICAL Sustainability benchmarks 31 March 2023 31 March 2022 Pa Gk Bou 88/100 85/100 ¢ 5t a STANDING INVESTMENTS & GRESB 94/100 85/100 yr * 5t 4" DEVELOPMENTS Cc EPRA Gold Gold 3.5/5 3.9/5 FTSE4Good 95* Percentile 96t Percentile MSCI & AAA AAA Wepp P 6
Slide 32: Portfolio energy performance
HELICAL @helicalpic | Helical plc | helical.co.uk 32 Portfolio energy performance & BREEAM certification by value e 99% EPC A or B completed portfolio by value © 88% BREEAM Outstanding or Excellent by value EPC A and 2018 BREEAM Outstanding (on track) Building EPC B and 2014 BREEAM Excellent 95 Char
Slide 33: Summary
Summary GERALD KAYE
Slide 34: Summary
HELICAL @helicalpic | Helical plc | helical.co.uk 34 Summary Value realised through judicious sales e We continue to recycle capital — from the sales of Kaleidoscope, Trinity and 55 Bartholomew Letting progress at premium rents e Existing portfolio is new and sustainable e Asset manage to advance pe
Slide 35: Q&A
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Slide 37: Appendices
HELICAL Appendices 1/ Investing with Helical 38 Portfolio 39 2/ 3/ Further financial analysis 46
Slide 38: Investing with Helical
HELICAL @helicalplc | Helical plc | helical.co.uk 38 Investing with Helical We create sustainable and inspiring workplaces which are technologically smart, rich in amenities and promote employee wellbeing. Applying this philosophy, we seek to maximise Shareholder returns through delivering income gr
Slide 39: The Warehouse and The Studio, The Bower, EC1
HELICAL The Warehouse and The Studio, The Bower, EC1 Noi @helicalplc | Helical plc | helical.co.uk 39 e 141,141 sq ft offices and 10,298 sq ft restaurants ° Office tenants: — Viacom — Stripe — Farfetch — Allegis — VMware — Dentsu (sub-let to Pendo) e BREEAM Excellent and Wiredscore Platinum Key rent
Slide 40: The Tower, The Bower, EC1
HELICAL @helicalplc | Helical plc | helical.co.uk 40 The Tower, The Bower, ECT * 171,432 sq ft offices: Verkada 11,327 sqft 17 floor Incubeta 11,306 sqft 16 floor Snowflake 9,568 sq ft 14 floor OpenPayd 10,046 sqft 13 floor Stenn 9,572 sq ft 12 floor Infosys 30,907 sqft 10-11, 15 floor Farfetch 29,6
Slide 41: Charterhouse Square, EC1
HELICAL 25 Charterhouse Square, ECT @helicalplc | Helical plc | helical.co.uk a e 42,921 sq ft over ground plus six floors ® Ground floor unit of 1,880 sq ft let to SolidNature e The 6,530 sq ft 4"" floor available to let following refurbishment © 155 year leasehold interest with 10% ground rent ¢ B
Slide 42: The Loom, E1
HELICAL @helicalplc | Helical pic | helical.co.uk 42 The Loom, E1 © 106,838 sq ft listed office former Victorian wool warehouse e Allunits have now been extensively refurbished ° Two lettings during the year: — 3,495 sq ft to ActivTrades at £60 psf — 3,504 sq ft to Muzz at £55 psf e 72% let at year
Slide 43: Sustainability
HELICAL @helicalplc | Helical pic | helical.co.uk 43 Sustainability yy J Launched in June 2020 Built for the Future sets out Helical’s long term vision and strategy Launched in April 2021 pity A guide to aid Helical’s professional teams as they a collaborate on new development schemes. Incorporating
Slide 44: Impact of market movements on our values
HELICAL @helicalplc | Helical plc | helical.co.uk 44 Impact of market movements on our values Total see-through Total see-through percentage change in portfolio change in portfolio value Equivalent Yield 5.39% +50 bps -11.10% (94.5) +25 bps -5.80% (49.4) -25 bps 6.41% 54.6 -50 bps 13.52% 115.1 ERV £
Slide 45: Portfolio — Summary
HELICAL @helicalplc | Helical plc | helical.co.uk 45 Portfolio — Summary New lettings to 31 March 2023 © 65,550 sq ft to 9 tenants © 6.9% above 31 March 2022 ERV e £3.4m (Helical’s share) contracted rent Contr: rent (Hi Rent psf* e The Tower, The Bower, EC1 9,572 766,000 80.00 01% The Loom, E1 6,999
Slide 46: EPRA Performance measures
HELICAL @helicalplc | Helical plc | helical.co.uk 46 EPRA Performance measures At At 31March 2023 31 March 2022 EPRA net tangible assets £613.56m £713.3m EPRA net reinstatement value per share 516p 602p EPRA net tangible assets per share 493p 572p EPRA net disposal value per share 490p 55 1p EPRA ne
Slide 47: Financial highlights
HELICAL @helicalplc | Helical plc | helical.co.uk 47 Financial highlights See-through income statement March 2023 March 2022 Total property return - Net rental income £33.5m £31.2m ~ Development property profits £3.2m £6.6m - (Loss)/gain on revaluation of investment properties (£92.7m) £51.8m - Gain
Slide 48: See-through balance sheet March 2023
HELICAL @helicalplc | Helical plc | helical.co.uk 48 See-through balance sheet 31 March 2023 Joint Veni Total NAV per share 31 March 2022 Total NAV per shar Investment properties 693.6 839.5 1,097.3 Land and development stock (fair value) 0.4 0.9 10.7 Property portfolio 694.0 840.4 1,108.0 Net debt
Slide 49: See-through income statement March 2023
HELICAL @helicalplc | Helical plc | helical.co.uk 49 See-through income statement 31 March 2023 31 March 2022 Group Joint Ventures Total £m £m £m Net rental income 34.3 (0.8) 33.5) Development property profit 2.0 1.2 3.2 36.3 0.4 36.7 Administration expenditure (12.8) (0.5) (13.3) Net finance costs
Slide 50: Net cash flow movements
HELICAL @helicalplc | Helical plc | helical.co.uk Net cash flow movements Forecast capital expenditure March 80.0 Cash generated from 0.0 operations 08 49 Acquisition of investment 60.0 araseiy 2 (160.0) Capex (10.5) (14.1) 20.00 Joint ventures 16.8 O41 400 Net disposal proceeds/(costs) 186.6 (0.1)
Slide 51: Impact of forecast capital expenditure and capital receipts
HELICAL @helicalplc | Helical plc | helical.co.uk 51 Impact of forecast capital expenditure and capital receipts Forecast Contracted Capex to Sales to Pro format 31March 31March 31March 31 March 2023 2024 2024 2024 Portfolio fair value £840.4m £30.9m (£1.1m) £870.2m Net debt £231.4m £30.9m (£1.1m) £
Slide 52: Portfolio metrics (1)
HELICAL @helicalplc | Helical plc | helical.co.uk 52 Portfolio metrics (1) Valuation Change Fair Capital Vacancy 31March 2023 _—_(exc. Sales and Value Value Rate WAULT Purchases) Investment Portfolio em fy % Years % London Offices: - Completed properties 699.9 83.4 1,166 19.8 5.8 (8.5) - Development
Slide 53: Portfolio metrics (2)
HELICAL @helicalplc | Helical plc | helical.co.uk 53 Portfolio metrics (2) Passing Contracted ERV EPRA“Topped True Equi Reversionary| Rent Up” NIY Id Yield Investment Portfolio em London Offices: - Completed properties 27.9 31.9 43.5 3.0 41 5.6 57 - Development pipeline 7A 7A 16.8 13.1 3.6 49 5.1 To
Slide 54: Portfolio metrics yields
HELICAL @helicalplc | Helical pic | helical.co.uk EPRA “Topped Up” Net | H Initial Yield London ortrollo metrics 2016 501 . 2017 470 5.69 2018 451 478 Yield, % 2019 4.17 417 2020 3.89 3.97 700 2021 4.55 4.47 2022 4.23 4.22 2023 4.01 4.01 6.50 True Equivalent Yield London Total 6.00 2016 5.62 6.37 20
Slide 55: Lease expiries or tenant break options
HELICAL @helicalplc | Helical pic | helical.co.uk 55 Lease expiries or tenant break options % of rent roll (exc. 79 125 28 121 317 23.5 development pipeline) Number of leases (exc. 18 15 7 9 14 al development pipeline) Average rent per lease (£) 317,049 264,590 104,473 427,481 720,457 356,483
Slide 56: Rental income and rental reversion
HELICAL @helicalplc | Helical pic | helical.co.uk 56 Rental income and rental reversion NET RENTAL INCOME 50 47.0 £m 45 43. 40 O56 36.1 36 30 26 229 : 20 : 16 ‘ 10 6 0 2010 2011 2012 2016 2017 em 100 333 35.2 30 251 284 287 20.4 20 ° | | 0 31.2 31March = 31March = 31March = 31March = 31March_ = 31Ma
Slide 57: Investment portfolio key statistics
HELICAL @helicalplc | Helical plc | helical.co.uk 57 Investment portfolio key statistics See-through Total Portfolio Contracted Rent £m Rent lost at break/expiry (1.6) Rent reviews and uplifts on lease renewals O41 New lettings 3.4 Total increase in the year from asset management activities 1.9 Cont
Slide 58: Tenant sector breakdown
Consumer services Consumer goods 1% 2% Online retailing - Fashion 13% Law 18% Flexible offices 10% Human Resources 3% Financial Products 11% Software and Computer Services 15% IT Consultancy Business Consultancy 7% 1% Government/Charity 1% Advertising/Marketing Food & Beverage Media 7% 3% 8%
Slide 59: Top tenants
HELICAL @helicalplc | Helical plc | helical.co.uk Top 15 tenants Rank Tenant Tenant Industry Contracted Rent £m Rent Roll % 1 Baker McKenzie Legal services 7.0 17.9 2 Farfetch Online retail 43 Wa 3 WeWork Flexible offices 4.0 10.2 4 Brilliant Basics Technolog 24 64 5 VMware Technolog 2.2 5.6 6 Partn
Slide 60: Property portfolio
HELICAL @helicalplc | Helical plc | helical.co.uk 60 Property portfolio Total vacancy rate at Total vacancy rate at Areasq ft 31March 2023, 31 March 2022 investment Properties Description (NIA excluding storage) 4 Completed properties The Warehouse and Studio, The Bower EC1 Multi-let office building
Slide 61: Disclaimer
HELICAL @helicalplc | Helical plc | helical.co.uk 61 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 62: reception@helical.co.uk Hanover Square
0207 629 0113 reception@helical.co.uk 5 Hanover Square London W1S 1HO. www.helical.co.uk @helicalple PELICAL