Annual Results for the Year to 31 March 2026

BUILDING FOR SUCCESS

Matthew Bonning-Snook, Chief Executive, commented:

“It has been an extremely active and productive year; highlights included significant lettings at The Bower, EC1 and progress across our substantial office development portfolio, with over 700,000 sq ft having been in build. This includes two office schemes, totalling 270,000 sq ft, that will be delivered in the next eight months into a market where new build vacancy is close to 1%, which provides the opportunity to capture significant value upside as they are let. 

“In addition, we have acquired, financed and started on site at our new office scheme Delta Paddington, W2 and forward funded our student development at Southwark, SE1, whilst simultaneously forward selling the affordable housing element.

“Earlier this week we completed our forward sale of 100 New Bridge Street, EC4, with the proceeds being used to de-leverage as well as enable a meaningful return of capital to Shareholders, and invest into our future pipeline. This includes a new Places for London (“PfL”) joint venture office opportunity at 63 Charterhouse Street, EC1M, where we successfully obtained planning permission last month, with a number of additional, attractive opportunities under active consideration.”

Operational Activity During the Year

Development Activity

• 100 New Bridge Street, EC4 – Having achieved practical completion of the 195,000 sq ft best‑in‑class office redevelopment, the post-period sale to State Street Corporation for £333m (Helical share: £166.5m) completed on 20 May 2026. The full refurbishment of this highly sustainable HQ building was delivered in 24 months and in line with the joint venture’s budget.
• Brettenham House, WC2 – Works are at an advanced stage on the comprehensive redevelopment of this c.128,000 sq ft 1930s building, with completion due in August 2026. During the year, two floors have reached sectional completion and the external scaffolding has now been dismantled, unlocking sweeping views of the River Thames from the newly created terraces. We are pleased to have been awarded a 5* NABERS Design for Performance rating, verifying the operational efficiency of the development.
• 10 King William Street, EC4 – This 142,000 sq ft best‑in‑class City office development is due to reach practical completion in December 2026. Construction continues to progress well, with the scheme topping‑out in January 2026 and the façade installation now complete. In a City office market characterised by extremely limited best‑in‑class space, 10 King William Street is generating good letting interest. The scheme will offer highly efficient and flexible 20,000 sq ft floorplates, alongside a strong focus on occupier wellbeing including a comprehensive wellness suite and three levels of terracing.
• Southwark, SE1 – In February 2026, we exchanged contracts with PfL’s newly established operational platform to forward fund the 429-bed purpose‑built student accommodation component of the scheme. In parallel, contracts were exchanged for the forward sale of the adjacent 44-home affordable residential building to Southwark Borough Council. This transaction represents a significant de‑risking of the project, with the joint venture now only taking delivery risk, with no exposure to occupational or market risk. The use of this equity-light structure should allow Helical the opportunity to generate in excess of a 3.0x return on investment. Having recently received listed building consent, we await Gateway 2 approval before starting construction, with delivery targeted for the start of the 2029/30 academic year.
• Delta Paddington, W2 – In February 2026, our joint venture with PfL completed the acquisition of the Delta Paddington development site for £55m (Helical share: £28.1m) and simultaneously completed the £220m development financing agreement. Following this, in March 2026, the main construction contract was signed with Mace, who will take possession of the site later in the year once Keltbray complete the initial enabling works package. Work to form the core and basement has already commenced with practical completion of this 240,000 sq ft scheme targeted for Q3 2028.
• 63 Charterhouse Street, EC1M – In April 2026, Helical and PfL received a resolution to grant planning permission for the development of a new c.55,000 sq ft office building on underutilised operational land immediately adjacent to the new London Museum in Farringdon. The joint venture will now formalise the acquisition of the site and continue design development on the scheme prior to determining an appropriate point to commence development. 

Letting Activity

• The Tower, The Bower, EC1 – In March 2026, we exchanged contracts to let the fitted fifth and sixth floors (19,592 sq ft) of The Tower to incident.io, an AI powered incident management platform. This was followed in April 2026 by the letting of the third floor (10,022 sq ft) to a tech platform. Strong interest continues for the remaining space, with terms agreed to let the 12th floor to a new occupier and regear terms agreed with an existing occupier on a further three floors.
• The Warehouse, The Bower, EC1 – Terms have been agreed with an existing tenant to lease the vacant seventh floor (12,398 sq ft) as expansion space, whilst extending existing leases on its two current floors.
• The Loom, E1 – 12,996 sq ft of existing leases were renewed during the year at a 5.5% premium to ERVs and four tenants moved within the building at a premium to ERVs. Asset management activity continues, with one letting during the year, and two units currently under offer, set against four tenants who vacated during the year.

Financial and Portfolio Performance

Earnings and Dividends

• IFRS profit of £5.7m (2025: £27.9m).
• IFRS basic earnings per share of 4.6p (2025: 22.8p).
• See-through Total Property Return¹ of £23.0m (2025: £52.1m):
  -    Net rental income of £15.4m (2025: £19.6m).
  -    Net gain on sale and revaluation of investment properties of £2.7m (2025: £32.2m).
  -    Development profits of £4.9m (2025: £0.3m).
• EPRA earnings per share¹ of 4.5p (2025: 2.2p), reflecting the increased development profits recognised in the year.
• Final dividend proposed of 1.00p per share (2025: 3.50p).
• Total dividend declared of 2.50p (2025: 5.00p).
• Further return proposed of £17m (13.9p) from the realised profits on the sale of 100 New Bridge Street, EC4, expected to comprise: 
  -    £12m (9.8p) of capital return proposed through a B Share Scheme, if approved by Shareholders at a general meeting of the Company expected to be held on 16 July 2026.
  -    £5m (4.1p) through a share buyback programme expected to commence shortly.
• Proposed total return for the year of 16.4p (2025: 5.0p).

Balance Sheet

• Net asset value of £425.4m (31 March 2025: £426.1m).
• Total Accounting Return¹ on EPRA net tangible assets per share of 2.3% (2025: 6.0%).
• EPRA net tangible asset value per share¹ increased to 351p (31 March 2025: 348p).
• EPRA net disposal value per share¹ increased to 348p (31 March 2025: 347p).

Financing

• IFRS net borrowings of £140.8m (31 March 2025: £97.2m).
• See-through net borrowings¹ of £239.2m (31 March 2025: £112.8m).
• See-through loan to value¹ of 36.5% (31 March 2025: 20.9%).
• Pro-forma see-through loan to value¹ of 20.7% following the sale of 100 New Bridge Street, EC4 and the proposed return of capital.
• Average maturity of the Group’s share¹ of secured investment debt of 2.5 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 share¹ of secured investment facilities of 3.8% (31 March 2025: 3.8%).
• Group’s share¹ of cash and undrawn bank facilities of £229.8m (31 March 2025: £244.5m). 

Portfolio Update

• Portfolio valuations increased by 0.5% on a like-for-like basis, with the investment property valuations decreasing 2.1%, while the development portfolio valuations increased by 5.0%.
• The true equivalent yield of the investment portfolio tightened by 0.2% from 7.1% to 6.9%.
• IFRS investment property portfolio value of £368.7m (31 March 2025: £373.3m).
• See-through investment portfolio¹ valued at £649.5m (31 March 2025: £535.4m).
• Contracted rents of the completed investment portfolio increased 5% to £21.2m (31 March 2025: £20.2m), compared to an ERV of £29.1m (31 March 2025: £29.3m).
• See-through portfolio WAULT¹ of 2.3 years (31 March 2025: 3.1 years), increasing to 3.3 years on completion of the lettings and regears at The Bower, EC1 where terms have been agreed.
• Vacancy rate on completed assets decreased to 18.5% at 31 March 2026 (31 March 2025: 21.3%), falling to 11.3% on completion of lettings at The Bower, EC1 where terms have been agreed.

Sustainability Highlights

• Achieved design stage BREEAM score for our Delta Paddington, W2 project of 97.4%, making it the second highest score for a new build office development in the UK.
• BREEAM design stage certificates of Outstanding were received for 10 King William Street EC4 and Brettenham House, WC2.
• Received our NABERS Design for Performance Target Rating of 5* for Brettenham House, WC2.

Dividend, Annual General Meeting and General Meeting Timetable

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.