CLS (CLI) Trading update summary

Trading performance and leasing update

• Leasing activity in H1 was steady but slower than expected, with vacancy rates anticipated to remain at 14.5%.

• The largest tenant at Spring Gardens will not seek a short-term lease extension, with the lease expiring on 28 September 2026.

Financial outlook and guidance

• H1 EPRA earnings per share (EPS) are anticipated at 2.7 pence.

• EPRA Net Tangible Assets (NTA) expected at 177.7 pence per share as of 30 June 2026, reflecting a 4.6% fall in valuations due to property yield expansion.

• Full-year 2026 EPS now forecast in the range of 4.6 to 5.5 pence, below the analyst consensus of 6.8 pence.

Asset sales and refinancing progress

• £62 million of asset sales completed to date, with the group on track to achieve £100 million in sales by year-end.

• Over half of the £190 million in 2026 refinancing requirements have been completed.