Helical (HLCL) H2 2026 earnings summary

Executive summary

• Achieved significant operational progress, including the forward sale and completion of 100 New Bridge Street, a standout transaction in 2025, and major milestones at Southwark, Delta Paddington, and The Bower.

• Achieved highest total return since 2004 at 16.4p, driven by strong development profits and asset sales.

• Portfolio value increased to £655.7m, with a focus on prime, sustainable London office developments.

• Largest equity return since 2004 proposed, totaling GBP 0.164 per share, reflecting surplus realized development profit.

• Strong letting momentum, especially in tech and AI-driven markets, with notable progress at The Bower and new approvals for Charterhouse Street.

Financial highlights

• EPRA earnings per share rose to 4.5p (2025: 2.2p); EPRA NTA per share increased to 351p (2025: 348p).

• IFRS profit after tax reached GBP 5.7 million, with net valuation gain of GBP 2.7 million offset by a GBP 2.3 million fall in interest rate swap values.

• Net rental income decreased to GBP 15.4 million due to asset sales; development profits increased to GBP 4.9 million.

• Pro-forma see-through LTV reduced to 20.7% after major asset sale.

• Total dividend per share increased to 2.5p (2025: 1.5p), with a proposed £17m capital return.

Outlook and guidance

• Letting up the development pipeline is expected to drive future significant financial returns.

• Targeting total accounting returns in excess of 10% and future profits of £84m+ from the current development pipeline.

• Upside potential increases to £140m with 10% rental growth and additional promotes.

• LTV expected to rise to around 30% in a year, but to remain contained within 35%.

• Market conditions expected to remain favorable for prime, sustainable office assets amid supply constraints.