Helical (HLCL) Trading update summary

Trading and operational highlights

• Lettings of approximately 32,000 sq ft and re-gears on 50,000 sq ft achieved since April, including a 9,600 sq ft lease at The Bower, raising occupancy to 96.6% and extending WAULT to 6.4 years.

• Major sale of 100 New Bridge Street completed for £333m, with Helical's share at £166.5m, marking one of London's largest recent transactions.

• Brettenham House redevelopment on track for September 2026 completion, with strong early tenant interest.

• 10 King William Street set for December 2026 completion, with ongoing tenant discussions and flexible floorplates.

• Delta Paddington construction progressing, targeting Q3 2028 completion, and achieving BREEAM Outstanding with a 97.4% score.

Capital allocation and returns

• £12m of profits from 100 New Bridge Street sale to be returned to shareholders, subject to GM approval, alongside a £5m ongoing share buyback.

• 1,109,980 shares acquired so far in the buyback at an average price of 189.71p.

• Proposed capital return via B Share Scheme and share consolidation to maintain price comparability.

• Final dividend of 1.00p proposed, taking the total annual dividend to 2.50p.

Development pipeline and strategic outlook

• Southwark PBSA forward funded and affordable component forward sold, reducing risk and targeting over 3.0x return on investment.

• Southwark Gateway 2 approval targeted for this year, with delivery ahead of 2029/30 academic year.

• Flexible partnership approach and strong lender relationships position the company to benefit from ongoing office undersupply.