CLS (CLI) Trading Update summary

Strategic priorities and operational progress

• Progress made on improving occupancy, executing asset sales to reduce LTV, completing 2025 refinancings, and investing in the portfolio.

• Over half of the £400 million sales programme completed, with further disposals expected in coming quarters.

• All £373 million of 2025 debt maturities refinanced or repaid, resulting in a more balanced debt profile.

• Demand for high-quality office space remains, with focus on well-located, flexible properties.

Leasing activity and occupancy

• 71 leasing deals signed in the first nine months of 2025, securing £10.1 million annual rent at 0.3% above ERV.

• Significant leases signed post-September expected to reduce group vacancy by 1.2% on a proforma basis.

• Group vacancy at 15.0% as of 30 September 2025; UK at 20.8%, Germany at 9.5%, France at 9.9%.

• Two large German tenant insolvencies in November will increase German vacancy by over 2% and group vacancy by 0.9%.

Disposals and financial position

• Sales of Les Reflets (Lille) and Jarrestrasse (Hamburg) completed for £24.3 million, reducing LTV to 48.8%.

• £190 million of the sales programme remains, with several bids accepted or in negotiation.

• Average cost of debt decreased to 3.67% as of 30 September 2025; 76% of debt fixed or capped.

• Cash and equivalents over £53 million, with £43 million undrawn facilities.

• 97% of Q4 and 99% of YTD 2025 contractual rents collected.