Trading Update for the Half Year from 1 April 2026

Helical today provides an update covering its trading activity for the period 1 April 2026 to 22 October 2026 (the “Period”), in advance of its Half Year results which will be announced on Wednesday 25 November 2026.

Commenting on the Company’s activities, Matthew Bonning-Snook, Chief Executive, said:

“The Period has seen tangible progress across the business, with a major letting secured at Brettenham House, positive asset management activities delivered at The Bower and capital successfully returned to Shareholders.

“At Brettenham House, we have exchanged an Agreement for Lease with FGS Global for floors six, eight and nine, totalling 23,887 sq ft. This letting demonstrates the quality of the product that we have delivered, following the substantial repositioning of what is a beautiful Art Deco building, and establishes an attractive rental benchmark for the remaining available space.

“Across the development pipeline, we remain on track to deliver both Delta Paddington and 10 King William Street on schedule, with the latter due to reach practical completion in December this year. Occupier interest is strong, primarily reflecting the limited supply of best-in-class product where active demand is most focused. At our PBSA scheme in Southwark, the forward funding and forward sale arrangements have removed occupational and market risk, leaving the joint venture focused on delivery. Upon Gateway 2 approval, which is expected in November, our costs of £5.3m will be reimbursed and we will receive our first profit payment of £10.2m.

“The successful completion of the £333m sale of 100 New Bridge Street in May 2026 crystallised a £31m profit for Helical and released capital for redeployment, whilst we have subsequently returned approximately £17m to Shareholders. This progression from development and value creation, through sale and profit realisation, to reinvestment and returns to Shareholders, demonstrates our disciplined approach to capital allocation.”

Capital Return, Share Buyback and Dividends

• Following completion in May 2026 of the £333m sale of 100 New Bridge Street to State Street Corporation, which crystallised a £31m profit for Helical, the Company returned approximately £17m to Shareholders through a £12m B Share Scheme and a £5m share buyback programme. The B Share Scheme returned 9.72p per existing Ordinary Share and was accompanied by a 100 for 105 consolidation of the Company’s ordinary share capital. The buyback acquired 2.55m shares at a weighted average price of 196.33p per share, representing an average discount of 44% to the 31 March 2026 EPRA Net Tangible Asset value of 351p per share.

• The Company also paid the final dividend for the year ended 31 March 2026 of 1.00p, taking the total dividend paid for the year to 2.50p.

Operational Highlights

• Brettenham House, WC2 - Practical completion of the comprehensive refurbishment of this 128,000 sq ft historic 1930s office building is expected at the end of October. An Agreement for Lease has exchanged with FGS Global for 23,887 sq ft across the 6th, 8th and 9th floors. The 10-year lease, which will commence in January 2027, establishes a strong rental benchmark for the building, with rents in excess of £140 psf on the best space. This transaction provides leasing momentum for the remaining space, where interest is strong following the formal launch of the building earlier in October. Helical is delivering the project for Thames Brettenham Limited under a development management agreement, with a profit share linked to rental performance and payable following successful leasing of the building.

• 10 King William Street, EC4 - This 142,000 sq ft best-in-class City office development remains on course for practical completion in December 2026. The building, newly developed from the ground up above Bank Station, will offer efficient and flexible 20,000 sq ft floorplates, a wellness suite and three levels of terracing. Discussions with prospective occupiers continue and we are confident of a successful outcome.

• Delta Paddington, W2 - The main construction programme is advancing on schedule at this 240,000 sq ft office development above Paddington Station. The Mace construction contract and £220m development financing facility are in place, providing a clear funding and delivery pathway to targeted completion in Q3 2028. The scheme has achieved BREEAM Outstanding at design stage with a score of 97.4% and is targeting WELL Shell & Core Platinum, EPC A and a NABERS 5.5 star rating.

• Southwark, SE1 - The 429-bed purpose-built student accommodation element is being forward funded by Places for London and was awarded BREEAM Outstanding at the design stage within the Period. The adjoining affordable residential element has been forward sold to Southwark Borough Council. These arrangements have limited the joint venture’s exposure to delivery risk, with no occupational or market risk retained. Gateway 2 approval is expected in November and will enable the principal construction phase to commence, whilst triggering the reimbursement of our costs and receipt of our share of the first profit payment, totalling £15.5m. Delivery remains targeted for the start of the 2029/30 academic year, with the equity-light structure expected to generate an attractive return on investment for Helical.

• 63 Charterhouse Street, EC1M - The proposed c.55,000 sq ft office development by Helical and Places for London, adjacent to the new London Museum in Farringdon, continues to advance through the pre-development process, both in respect of finalising the S106 agreement and securing operational approvals.

Investment Portfolio

• The Bower, EC1 - Since 1 April 2026, Helical has completed a letting of the 3rd floor of The Tower and exchanged Agreements for Lease on both the 12th floor of The Tower and the 7th floor of The Warehouse. Totalling 32,000 sq ft, they will add £2.4m of contracted rental income. In addition, regears have been completed on 50,000 sq ft, capturing a further £0.3m of reversion. We are also close to completing a regear on a further two floors at The Warehouse, totalling 24,700 sq ft, which will extend their term to 2037, with a tenant break in 2032.

  Helical has agreed an early surrender of the leases over the 1st and 2nd floors of The Warehouse, securing payment of all rent due under the existing leases to the expiry date in June 2027, together with an agreed dilapidations payment. The surrender will help fund a fitted refurbishment and bring the floors back to market early. The 1st floor, comprising 19,744 sq ft, is already under offer and the lease is due to complete in April 2027, prior to the original lease expiry. 

  Following the expiry of the lease of The Studio in August 2026, a full refurbishment and repositioning of the asset is underway, which will be part funded by dilapidations receipts. This will deliver an 18,200 sq ft standalone office building, which will be available for occupation in March 2027.

• The Loom, E1 - A new letting of Unit 3.5 (3,504 sq ft) to Rivington Street Studios has completed. We are seeing a notable increase in interest across the remaining vacant space, with three units totalling 5,237 sq ft currently under offer, which would reduce the vacancy rate to 32.2%. We are also in positive discussions with a number of incumbent occupiers who are looking to upsize within the building.

  In addition, in July 2026, The Loom received a NABERS certified performance rating of 5.5 stars, making it the first building in the UK over 1,000 sq m to achieve this milestone.

Financing

• £200m Revolving Credit Facility - During the Period, the Company exercised the one-year extension option on its £200m revolving credit facility, resetting its maturity to September 2029. The associated interest rate hedging was also extended to align with the revised facility maturity. The notional amount hedged is scheduled to increase from £125m, the amount currently drawn under the facility, to £175m at the financial year end, in line with the expected drawdown profile and at an average rate of 2.1%.