Half Year Results to 30 September 2025

Executing the Strategy 

Matthew Bonning-Snook, Chief Executive, commented:

“These results reflect a period of concentrated construction activity as we continue to deliver on our strategy of developing best-in-class buildings in highly desirable central London locations. There is increasing confidence in the London office sector, and the lack of development activity underpins our decision to commit to a significant development programme.

“The improvement in sentiment has been driven by occupiers typically taking more and better space as they see their office as pivotal in attracting, retaining and developing the very best talent, as evidenced by State Street Corporation acquiring 100 New Bridge Street, EC4. The strength of active demand and constrained supply for best-in-class office space is predicted to drive rental growth of 4-5% per annum. Against this backdrop, we are increasingly confident that our pipeline office schemes at 10 King William Street, EC4, Brettenham House, WC2, and Paddington, W2, all of which are in undersupplied sub-markets with excellent connectivity, will set new benchmark rent levels. 

“In the last three months, we have seen a material increase in the levels of occupier interest at our 334,000 sq ft office campus at The Bower, EC1. This is being fuelled by the limited supply in the City core, and the resurgence in tech and AI driven demand, which is attracted to fitted, flexible space that can accommodate future expansion. This demand is highly focused on the very best buildings and, as a result, we have discussions ongoing for all available space and, encouragingly, have commenced re-gear negotiations with existing tenants who have near-term lease events.

“There has been a marked uplift in investment activity, although there remains uncertainty in the wider macro-economic environment. Our forward sale of 100 New Bridge Street, EC4 remains the largest single asset transaction in London in 2025. As the investment market and pricing confidence returns, we will look to unlock new office opportunities. In the Period, we have agreed terms with Places for London to develop a c.55,000 sq ft office in Farringdon and a planning application has been submitted. A significant amount of London real estate is reaching the end of its life and is in the hands of owners who remain committed to this asset class but who do not have the expertise to redevelop. Working with these owners, as we are on Brettenham House, WC2, should provide Helical with further opportunities to deliver its expertise for enhanced returns within equity-light structures. 

“We continue to pursue the best value use for each opportunity, as with Southwark, SE1 where we have pivoted from office to PBSA. London’s educational and intellectual influence enhances its global status, being home to prestigious universities and provides us with the confidence to actively explore new PBSA opportunities with Places for London. These include one adjacent to White City Tube station and two further sites which are undergoing feasibility assessment."

Operational Activity During the Period

Delivering 464,500 sq ft of new and refurbished office space in 2026

• 100 New Bridge Street, EC4 – The forward sale of this 194,500 sq ft headquarters building to State Street Corporation remains on track to complete in April 2026. The net sales price of £333m (£166.5m Helical’s share), based on a £100 psf ERV and a 5.00% capitalisation yield, continues to be the largest outright office sale so far in London this year, demonstrating returning liquidity for larger lot sizes. The wholesale “carbon friendly” refurbishment and extension of the 1990s building has been undertaken in just 24 months. 
• Brettenham House, WC2 – Completion of the comprehensive refurbishment of Brettenham House is anticipated in Q3 2026. This c.128,000 sq ft landmark 1930s building is being remodelled to deliver new prime office space, within a historical context, and provide extensive amenity including five terraces with exceptional river views along the Thames. The equity-light capital structure demonstrates Helical’s continuing ability to unlock complex developments in partnership with existing landowners.
• 10 King William Street, EC4 – The development of this eight-storey, 142,000 sq ft best-in-class office scheme, located on a rare island site within the City of London above the new Bank station entrance on Cannon Street, is targeting practical completion in December 2026. This centre core building with large, virtually column free, floorplates has been designed to appeal to a broad range of requirements. With the supply of best-in-class office space severely constrained and City of London space remaining highly sought after, we are seeing encouraging pre-let occupier interest across multiple sectors.

Future Schemes in Progress

• Southwark, SE1 – Heads of terms have been agreed for the forward funding of the 429 studio student accommodation building with Places for London and the forward sale of the 44 affordable homes to the London Borough of Southwark. With matters being closed out, both transactions are expected to exchange before the year end. Construction is scheduled to commence in H1 2026, with completion of both buildings targeted for 2029.
• Paddington, W2 – Preparatory work has commenced on site ahead of the formal site acquisition in January 2026. It is anticipated that main works for the construction of this 235,000 sq ft office building, located above Paddington station and adjacent to the vibrant canalside, will commence in Q1 2026. Through early engagement with the main contractor, the programme has been materially accelerated with completion now targeted for Q3 2028 and at a point of particularly limited supply in the London market. Initial credit approval has been obtained from the prospective lender and it is anticipated that the facility agreement will be signed in Q1 2026. 

Investment Portfolio

• The Bower, EC1 - Discussions are ongoing with potential tenants across all available floors within the campus, with the range of finishes, from traditional Cat-A to fully fitted options, appealing to a broad mix of occupational requirements. Within the last three months, interest levels have significantly increased, driven in part by renewed demand from the technology and AI sectors.
• The Loom, E1 - During the Period, the lease of the largest tenant, occupying 10% of the NIA, was extended until July 2036, thereby enhancing the asset’s WAULT. We continue to remain focused on bringing down the overall vacancy rate. 

Financial and Portfolio Performance

Earnings and Dividends 

• IFRS profit of £1.8m (2024: £4.7m).
• IFRS basic earnings per share of 1.5p (2024: 3.8p).
• EPRA earnings per share1 of 2.4p (2024: 2.3p).
• Interim dividend of 1.50p per share (2024: 1.50p).

Balance Sheet

• Net asset value of £422.8m (31 March 2025: £426.1m).
• Total Accounting Return¹ on IFRS net assets of 0.2% (2024: 1.3%).
• Total Accounting Return¹ on EPRA net tangible assets of 1.0% (2024: 0.8%).
• EPRA net tangible asset value per share¹ of 349p (31 March 2025: 348p).
• EPRA net disposal value per share¹ of 345p (31 March 2025: 347p).

Financing 

• IFRS net borrowings of £118.3m (31 March 2025: £97.2m).
• See-through loan to value¹ of 28.2% (31 March 2025: 20.9%).
• See-through net borrowings¹ of £164.5m (31 March 2025: £112.8m).
• Average maturity of the Group’s share¹ of secured investment debt of 3.0 years (31 March 2025: 2.5 years).
• 100% of drawn debt protected by interest rate hedging to expiry of facilities.
• Average cost of the Group’s share of secured investment facilities¹ of 3.5% (31 March 2025: 3.8%).
• Group’s share¹ of cash and undrawn bank facilities of £192.4m (31 March 2025: £244.5m).

Portfolio Update

• Investment property valuations marginally decreased on a like-for-like basis by 0.5%, while the development portfolio value increased by 1.9%, resulting in a net 0.3% gain overall.
• IFRS investment property portfolio value of £373.5m (31 March 2025: £373.3m). There were no sales or acquisitions in the Period.
• See-through investment portfolio¹ valued at £572.6m (31 March 2025: £535.4m).
• Contracted rents of the completed investment portfolio of £19.8m (31 March 2025: £20.2m), compared to an ERV of £29.3m (31 March 2025: £29.3m).
• See-through portfolio WAULT1 to break/expiry of 2.8 years (31 March 2025: 3.1 years). See-through portfolio WAULT¹ to expiry of 4.6 years.
  Vacancy rate on completed assets of 22.4% at 30 September 2025 (31 March 2025: 21.3%).

Sustainability Highlights 

• Design stage BREEAM certificates received for 10 King William Street, EC4, and Brettenham House, WC2, both with an Outstanding rating.
• NABERS Design for Performance Reviewed Target Rating of 5* received for 10 King William Street, EC4.
• WELL precertification received at 10 King William Street, EC4 and Brettenham House, WC2.
• The Tower, EC1 retained its EPC B rating under the new regulations.

Interim Dividend Timetable 

Announcement date        26 November 2025
Ex-dividend date                4 December 2025
Record date                       5 December 2025
Dividend payment date        14 January 2026

A Dividend Reinvestment Plan (“DRIP”) is provided by Equiniti Financial Services Limited. The DRIP enables the Company’s Shareholders to elect to have their cash dividend payments used to purchase the Company’s shares. More information can be found at www.shareview.co.uk/info/drip.