HELICAL PLC

Annual Report (ESEF) • Jun 21, 2025

Helical plc Annual Report and Accounts 2025 Strategic Report 03 Highlights 06 We are Helical 08 Chief Executive’s statement 12 Activity and achievements 14 Our market 17 A sustainable approach 18 Our strategy 22 Our business model 24 Key performance indicators 28 Our portfolio 41 Financial review 47 Risk management 59 Sustainability at Helical 71 TCFD report 81 Our stakeholders – Section 172(1) Statement Governance 97 Chairman’s governance review 99 Board of Directors 102 Corporate Governance Report 110 Nominations Committee Report 117 Audit and Risk Committee Report 121 Directors’ Remuneration Report 139 Report of the Directors 142 Directors’ responsibilities statement Financial Statements 144 Independent Auditor’s Report to the Members of Helical plc 149 Consolidated Income Statement 150 Consolidated Balance Sheet 151 Company Balance Sheet 152 Consolidated and Company Cash Flow Statement 153 Consolidated and Company Statements of Changes in Equity 155 Notes to the Financial Statements Additional information 189 Appendix 1 – See-through analysis 191 Appendix 2 – Total Accounting Return and Total Property Return 192 Appendix 3 – Five year review 194 Appendix 4 – Property portfolio 195 Appendix 5 – EPRA performance measures 198 Glossary 200 Shareholder information 201 Financial calendar and advisors Our business is focused on delivering, in joint venture with equity partners, best-in-class developments in highly desirable central Londonlocations. Helical’s vision is to be London’s most innovative, accomplished and respected realestate developer. helical.co.uk 02 HELICAL PLC Annual Report and Accounts 2025 Governance Financial Statements Further InformationStrategic Report Financial highlights 5.00p 22.8p £27.9m£2.7m Total dividend per share (2024:4.83p). Basic earnings per share (2024: loss of 154.8p). Profit after tax (2024: loss of £189.8m). EPRA earnings (2024:£4.3m). 348p 347p 20.9% 6.3% 2.2p £112.8m EPRA net tangible assets per share 1 (31 March 2024:331p). Net assets per share 1 (31 March 2024:327p). See-through loan to value (31 March 2024:39.5%). EPRA Total Accounting Return (2024:-31.4%). EPRA earnings per share (2024:3.5p). Net debt 1 (31 March 2024:£261.6m). Our results this year are a clear reflection of the decisive action taken by the Group over the past 12months. This period has seen us recycle equity from the sale of £245m of investment assets, strengthening the balance sheet and unlocking thedelivery of a substantial development pipeline. Our progress culminated in the forward sale of 100New Bridge Street, EC4, after the year end, following competitive occupier interest in the building. The implied rent and yield achieved on this transaction demonstrate the clear flight to quality in the London office market that we havepreviously referenced and reinforce our viewthat now is the time to build in our favoured undersupplied sub- markets. The anticipated returns from the £333m sale of 100 New Bridge Street, EC4, (our share: £166.5m), once it achieves practical completion, willallow the Group to invest in further opportunities and return meaningful amounts to Shareholders. Our development pipeline, which is fully equity funded, is progressing well. In addition to 100 New Bridge Street, EC4, we are under construction at the first of the schemes in our joint venture with Places for London (“PfL”), 10 King William Street, EC4, a 142,000 sq ft new office scheme, as well as at our equity-light comprehensive refurbishment of Brettenham House, WC2, comprising 128,000 sq ft of offices. All three of these schemes will be delivered in 2026, predominantly funded by the £280m (our share: £141m) of development finance we arranged during the year. In line with our evolved strategy, which ensures wepursue the best value use for each opportunity, we have secured a revised planning permission for a 429-bed Purpose Built Student Accommodation (“PBSA”) scheme above Southwark station, ahighly desirable Zone 1 location. Negotiations areunderway in relation to forward funding this development, materially reducing the project’s equity requirement. In addition, we have much improved the planning consent for our 235,000 sq ft office development above the eastern entrance at Paddington station and we arein active discussions with PfL on several other exciting opportunities. Going forward, the joint venture structure of our development activities will generate significant development management fees. Alongside these, we will start to recognise promote fees as the developments progress and we will see the benefits of the decision taken to reduce administration overheads by 25%. At our two remaining standing investments, The Bower, EC1 and The Loom, E1, financed by the low-interest £210m Revolving Credit Facility, we have let one of the former WeWork floors, with the remaining unlet space fully refurbished and being actively marketed. With an experienced management team, the fundsin place to deliver a substantial development pipeline and a historically low loan to value ratio (“LTV”), Helical is financially and operationally well placed to delivera strong performance over the coming cycle, and we are excited by the opportunity themarket presents. Matthew Bonning-Snook Chief Executive Officer A year in review Governance Financial Statements Further Information 03 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Strategic Report Active Equity Recycling – with £245m (Helical share) transacted during the year and the forward sale post year end of 100 New Bridge Street, EC4, for £166.5m (Helical share) • In April 2024, we completed on the £43.5m sale of 25 Charterhouse Square, EC1. • In May 2024, we entered into a joint venture arrangement for the redevelopment of 100 New Bridge Street, EC4, selling a 50% interest in thesite for £55m, structured on a preferred equity basis to a vehicle managed by Orion Capital Managers. Simultaneously, the parties entered into a £155m development financing arrangement with NatWest and an institutional lender, as well as a building contract to deliver the scheme. • In August 2024, we exchanged contracts to sellThe Power House, W4, for £7.0m, with completion taking place in December 2024. • In October 2024, we completed on the sale of our 50% interest in Charterhouse Place Limited, the owner of The JJ Mack Building, EC1, to our joint venture partner, AshbyCapital, for £71.4m. The transaction reflected a value of £139.2m for Helical’s 50% share of the property. • Following the year end, in April 2025, Helical anda vehicle managed by Orion Capital Managers exchanged contracts with an undisclosed party for the forward sale of Helical Bicycle 3 Limited, the corporate entity that owns 100 New Bridge Street, EC4, for the purchaser’s own occupation. The sale will complete once the building achieves practical completion, which is targeted for April 2026. The property forward sale net price of £333m (Helical share: £166.5m) reflects a capital value of £1,712 psf, which represents a capitalisation yield of 5.0%, before deducting corporate sale costs and a notional rent-free allowance. Operational highlights Development pipeline • 100 New Bridge Street, EC4 – This 194,500 sq ft “carbon friendly” redevelopment of the existing building is progressing with a planned completion date in April 2026. • Brettenham House, WC2 – Work continues on acomprehensive refurbishment of this 1930s heritage office building located at Waterloo Bridge. The scheme will provide 128,000 sq ft of office and retail space with completion expected in Q2 2026. Future Schemes • Southwark, SE1 – In March 2025, Helical and PfL secured a resolution to grant planning approval for 429 PBSA units and 44 affordable homes at their scheme above Southwark Tube station, replacing the previous planned 220,000 sq ft office scheme. Building works at the new development are expected to start in 2026 and complete in 2028. • Paddington, W2 – Situated close to the Elizabeth Line station at Paddington, this 19-storey building will provide 235,000 sq ft of office space. In the year, we have obtained consent to add external terrace space to every office floor, improved the end-of-trip and arrival facilities, completed RIBA Stage 3 Design and negotiated an enabling works contract which is expected to commence in June 2025. We are due to acquire the site, in joint venture with PfL, in January 2026, allowing main works to start immediately after site drawdown. Good Letting Progress • During the year we completed 12 new lettings, comprising 74,041 sq ft with a contracted rent of £5.8m per annum (our share: £3.6m), 1.2% above March 2024 Estimated Rental Values (“ERVs”) (Helical share: 0.8%). In addition, we have completed seven lease renewals of 24,407 sq ft during the year and one following the year end of 5,691 sq ft, a total of 30,098 sq ft. Highlights continued • 10 King William Street, EC4 – The joint venture between Helical and PfL acquired 10 King William Street, EC4, the over-station development at Bank Tube station, in October 2024. In February 2025, the joint venture entered into a development financing arrangement with HSBC to provide £125m to fund its construction. Simultaneously, a building contract with McLaren was signed with the aim to achieve practical completion of this 142,000 sq ft office scheme inDecember 2026. Governance Financial Statements Further Information 04 HELICAL PLC Annual Report and Accounts 2025 Strategic Report • Received a 5 star GRESB rating across both our development portfolio and standing investments with a score of 96/100 and 88/100 respectively, along with a CDP rating of B and an EPRA sBPR Gold certificate. • Design stage BREEAM certificate received for 100 New Bridge Street, EC4, with an Outstanding rating and a score of 95.3% and Helical’s first NABERS Design for Performance Target Rating of five stars. • Sustainability Linked £210m Revolving Credit Facility signed incorporating three ESG targets. Sustainability highlights • Investment property valuations showed an increase on a like-for-like basis of 0.6%, while thedevelopment portfolio value increased by 29.1% to provide a net 5.8% increase overall. • The true equivalent yield of the investment portfolio increased from 6.5% to 7.1% following the sales during the year. • IFRS investment property portfolio value of £373.3m (31 March 2024: £472.5m), reflecting disposals during the year. • See-through investment portfolio 1 valued at£535.4m (31 March 2024: £660.6m). • Contracted rents of the completed investment portfolio of £20.2m (31 March 2024: £33.0m), compared to an ERV of £29.3m (31 March 2024: £42.9m). • See-through portfolio Weighted Average Unexpired Lease Term (“WAULT”) 1 of 3.1 years (31March 2024: 6.6 years), reflecting disposals during the year. • Vacancy rate on completed assets increased to 21.3% at 31 March 2025 (31 March 2024: 17.6%). Portfolio update Financial highlights Earnings and Dividends • IFRS profit of £27.9m (2024: loss of £189.8m). • IFRS basic earnings per share of 22.8p (2024: loss of 154.6p). • See-through Total Property Return 1 of £52.1m (2024: -£162.7m): –Group’s share 1 of net rental income decreased 23% to £19.6m (2024: £25.5m) following thesales. –Net gain on sale and revaluation of investment properties of £32.2m (2024: -£188.6m). –Development profits of £0.3m (2024: £0.4m). • Total Property Return, as measured by MSCI 1 , of 10.0%, compared to the MSCI Central London Offices Total Return Index of 4.1%. • EPRA earnings per share 1 of 2.2p (2024: 3.5p), reflecting the sale of investment assets during the year. • Final dividend proposed of 3.50p per share (2024: 1.78p). • Total dividend of 5.00p (2024: 4.83p). • Updated dividend policy to return surplus capital to Shareholders. Balance Sheet • Net asset value up 6.2% to £426.1m (31 March 2024: £401.1m). • Total Accounting Return 1 on IFRS net assets of7.2% (2024: -31.7%). • Total Accounting Return 1 on EPRA net tangible assets of 6.3% (2024: -31.4%). • EPRA net tangible asset value per share 1 up 5.1% to 348p (31 March 2024: 331p). • EPRA net disposal value per share 1 up 6.1 % to347p (31 March 2024: 327p). Financing • IFRS net borrowings of £97.2m (31 March 2024: £199.0m). • See-through net borrowings 1 of £112.8m (31March 2024: £261.6m). • See-through loan to value 1 of 20.9% (31 March 2024: 39.5%). • Average maturity of the Group’s share 1 of secured investment debt of 2.5 years (31 March 2024: 2.1 years). • 100% of drawn debt protected by interest rate hedging to expiry of facilities. • Average cost of the Group’s share 1 of secured investment facilities of 3.8% (31 March 2024: 2.9%). • Group’s share 1 of cash and undrawn bank facilities of £244.5m (31 March 2024: £115.5m). 1. See Glossary for definition of terms. The “see-through” performance measures are designed to give additional information about the Group’s share of assets and liabilities, income and expenses in subsidiaries and joint ventures (see Appendix 2). The financial statements have been prepared in accordance with International Accounting Standards (“IAS”) in conformity with the Companies Act 2006. In common with usual practice in our sector, alternative performance measures have also been provided to supplement IFRS, including measures which are based on the recommendations of the European Public Real Estate Association (“EPRA”). Highlights continued Governance Financial Statements Further Information 05 HELICAL PLC Annual Report and Accounts 2025 Strategic Report We have a flexible and collaborative approach toworking with our partners and stakeholders. With a track record of working with 46 equity and joint venture partners, we structure each opportunity to drive value whilst ensuring our interests are aligned. We develop best-in-class, sustainable central London real estate meeting the needs of an increasingly sophisticated and evolving market. We use our extensive knowledge and experience, gained over 30 years and across 10m sq ft of large-scale development, to identify the best long-term value use for each opportunity. The London real estate developer Governance Financial Statements Further Information 06 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our empowered team is made up of driven and experienced professionals who pride themselves on embracing our core values of integrity, excellence, creativity, collaboration, dynamism and sustainability. We utilise our long-standing and trusted network of high quality external consultants and contractors to deliver at scale whilst maintaining our own agility. A sustainable approach is at the heart of all our activities. Using our defined and clear “Built for the Future” strategy, sustainability underpins our design and construction philosophy. As a London Stock Exchange listed Group, we are focused on creating Shareholder value, utilising intelligent structures to make our equity work harder. Maintaining a robust financial position, we leverage our strong corporate governance framework and reputation to best serve our partners and secure financing on accretive terms. We are Helical continued Governance Financial Statements Further Information 07 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Matthew Bonning-Snook Chief Executive Officer Strategic Report Overview Our business is focused on delivering, in joint venture with equity partners, best-in-class developments in highly desirable central London locations. Primarily, these will be new office schemes or the comprehensive refurbishment of existing buildings but increasingly we will also look at alternative uses within central London, such as the PBSA being planned above Southwark Tube station, in joint venture with PfL. This long-term joint venture has provided us with three of our current development schemes and active discussions are being held over the prospects forother sites within the TfL portfolio, including both office and PBSA/mixed-use projects. As we consider alternative opportunities, we will always look to deliver the best value use. Since 31 March 2024, despite a muted investment market, we have been able to recycle capital from the portfolio. The Group sold £245m of completed investment properties during the year and, subsequent to the year end, our scheme at 100New Bridge Street, EC4, was sold for £333m (ourshare: £166.5m) to an owner-occupier. In addition to the impact on our balance sheet, with our year end gearing levels at record lows, these sales have underpinned a return to profitability, alongside an increase in net asset value and apositive Total Accounting Return (“TAR”). Importantly, they also provide the Group with allthe anticipated equity it requires to be able tocomplete its current development pipeline, including those schemes not yet commenced, providing fuel for our future growth. Furthermore, on completion of the sale of 100 New Bridge Street, EC4, there will be funds available for futureschemes and surplus cash available fordistribution to Shareholders. Chief Executive’s statement Further Information Strategic Report Annual Report and Accounts 2025HELICAL PLC08 Governance Financial StatementsGovernance Financial Statements In the year, the Group started construction works on three schemes, at 100 New Bridge Street, EC4, 10 King William Street, EC4, and Brettenham House, WC2. All three schemes, totalling over 460,000 sq ft, are scheduled to achieve practical completion in 2026, when supply of new office space is expected to be severely constrained. Inthe financial year to 31 March 2026, we expect to start works at our two remaining schemes at Southwark, SE1, and Paddington, W2. Operationally, we will see the benefits of the action taken to reduce our overheads and the lower level of gearing in the year to 31 March 2026. The joint venture structure of our development activities will generate meaningful development management fees and we will start to recognise promote fees asthe developments progress. At our two remaining income producing investment assets, The Bower, EC1, and The Loom, E1, financed by the low-interest £210m Revolving Credit Facility, we havelet one of the former WeWork floors, with remaining unlet space fully refurbished and being actively marketed. Results for the year The profit after tax for the year to 31 March 2025 was £27.9m (2024: loss of £189.8m). Following disposals, see-through net rental income reduced by 23.3% to £19.6m (2024: £25.5m) while developments generated a see-through profit of £0.3m (2024: £0.4m). The see-through net gain onsale and revaluation of the investment portfolio was £32.2m (2024: loss of £188.6m). Total see-through net finance costs reduced to £9.2m (2024: £11.1m), reflecting a lower level of debt. Included in net finance costs is a charge of £2.1m relating to the amortisation of the original costs of financing the Revolving Credit Facility, in September 2024. A fall in expected future interest rates led to a £3.3m charge (2024: £5.6m) from thevaluation of the Group’s see-through derivative financial instruments. Recurring administrative costs for the Group of£8.9m (2024: £9.1m) and the share of joint ventures of £0.2m (£0.3m) have decreased by 2.7% in total before an accelerated depreciation charge of £0.4m (2024: £0.7m). Performance related awards, including National Insurance, increased to £3.3m (2024: £1.3m). Since 1 April 2022, Helical has been a real estate investment trust (“REIT”) and there was a £nil tax charge (2024: £nil) for the year. The IFRS basic earnings per share was 22.8p (2024: loss of 154.6p) and EPRA earnings per share was 2.2p (2024: 3.5p). Investment property valuations showed an increase on a like-for-like basis of 0.6%, while the development portfolio value increased by 29.1% toprovide a net 5.8% increase overall. The see- through total investment portfolio value reduced to£535.4m (31 March 2024: £660.6m), mainly reflecting the sales of 25 Charterhouse Square, EC1, and The JJ Mack Building, EC1, offset by theacquisition of the site at 10 King William Street, EC4, and development expenditure on the pipeline. The completed investment portfolio was 78.7% letat 31 March 2025 (31 March 2024: 82.4%) andgenerated contracted rents of £20.2m (31March 2024: £33.0m). This increases to anERV of £29.3m on the letting of the currently vacant space and capturing the reversion of theportfolio. The Group’s contracted rent has aWeighted Average Unexpired Lease Term (“WAULT”) to expiry at 31 March 2025 of 3.1 years (31 March 2024: 6.6 years), reflecting the sale of The JJ Mack Building, EC1, in the year. The Total Accounting Return, being the growth inthe IFRS net asset value of the Group, plus dividends paid in the year, was 7.2% (2024: -31.7%). Based on EPRA net tangible assets, the TAR was 6.3% (2024: -31.4%). EPRA net tangible assets per share increased by 5.1% to 348p (31 March 2024: 331p), with EPRA net disposal value per share increasing to 347p (31 March 2024: 327p). Chief Executive’s statement continued Balance Sheet strength and liquidity The Group has a significant level of liquidity with see-through cash and unutilised bank facilities of£244.5m (31 March 2024: £115.5m), and a development pipeline with Helical’s equity commitment fully funded. At 31 March 2025, the Group had £61.2m of cash deposits available to deploy without restrictions and a further £10.0m of rent in bank accounts available to service payments under loan agreements, cash held at managing agents and cash held in joint ventures. In addition, the Group held rental deposits from tenants of £7.8m. Furthermore, the Group had £165.5m of loan facilities available to draw on. The see-through LTV reduced to 20.9% at thebalance sheet date (31March 2024: 39.5%), with the see-through netgearing, the ratio of net borrowings to the netasset value of the Group, decreasing to 26.5% (31 March 2024: 65.2%), thelowest gearing ratios in the Group’s history. At the year end the average debt maturity of the Group’s secured investment debt was 2.5 years (31 March 2024: 2.1 years), with two one-year extensions of the Group’s Revolving Credit Facility extending this maturity to 4.5 years. The average cost of debt of this loan was 3.8% (31 March 2024: 2.9%), with the increase reflecting the extension ofour interest rate hedging to the expiry of the new facility. The Group has a significant level of liquidity with see-through cash and unutilised bank facilities of£244.5m (31 March 2024: £115.5m), and a development pipeline with Helical’s equity commitment fully funded.” Governance Financial Statements Further Information 09 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Chief Executive’s statement continued Our pipeline The Group seeks to grow its business by realising surpluses from developed and let investment assets and reinvesting that recycled equity into new opportunities. The year to 31 March 2025 has seen the Group’s development pipeline transformed into one of its largest on-site development programmes for a decade. The Group has started a development programme of over 460,000 sq ft using funds generated from the sale of investment assets and completed schemes, supported by joint venture partners providing their share of the equity required and financed through accretive borrowings. All three schemes currently under construction will be completed in 2026, at a time when active leasing demand is 31% ahead of the long-term average, 46% of the 10m sq ft under construction in central London is pre-let or underoffer and the pipeline looks increasingly undersupplied in our favoured sub-markets. In addition to these three schemes, the Group currently has two further opportunities due to start on site in the year to March 2026. At Southwark, SE1, our joint venture with PfL has obtained planning permission to build 429 student accommodation units with 44 affordable units in an adjoining building. At Paddington, W2, PfL and Helical have planning permission for a 235,000 sq ft office building above the eastern entrance of the station alongside the canal, which is arguably the best of the few remaining sites in Paddington. Looking forward, there are a number of existing sites currently owned by PfL which are under active discussion and have the potential for commercial development or alternative uses. In addition, Helical is actively seeking new equity- light schemes with other existing landowners who can benefit from Helical’s development expertise alongside our potential equity participation. Asset management With the sales of The JJ Mack Building, EC1, 25 Charterhouse Square, EC1, and The Powerhouse W4, during the year, the investment portfolio now consists of The Bower, EC1, and The Loom, E1. Ten years after completion of the redevelopment works at The Bower’s Warehouse and The Studio and seven years after completion of works at The Tower, we continue to actively manage this multi- let campus as leases signed, following completion of the original development works, reach either lease breaks or the end of their terms. By offering a mix of occupier spaces including Cat A finish, fitted solutions and our serviced operation Beyond The Bower, we aim to retain occupiers as they reach these lease ends and attract new tenants when vacancy occurs, seeking to maximise occupancy throughout the estate. After several years of construction, the new works carried out by TfL immediately outside The Tower are now complete and have noticeably improved the public realm around this 334,000 sq ft campus. During the year, we have refurbished four of the sixfloors in The Tower taken back from WeWork, with the fourth floor subsequently let. The two remaining floors are operated by Beyond The Bower and provide a valuable serviced offering tothe campus, achieving full occupancy shortly after the year end. The three floors in The Tower previously let to Farfetch have been assigned to Fresha.com, following Farfetch’s consolidation into the three floors they occupy in The Warehouse. The 12th floor is currently being refurbished and will shortly be available to let on a fitted basis and the 15th floor, vacated by Infosys following a lease expiry, has been returned to a Cat A finish and is being marketed. At The Warehouse, there is good interest in the seventh floor, recently refurbished as a fitted solution following the expiry of the lease to Stripe in June 2024. Overall, vacancy at The Bower, EC1, has increased during the year from 9% to 19%. Governance Financial Statements Further Information 10 HELICAL PLC Annual Report and Accounts 2025 Strategic Report 100 New Bridge Street, EC4 This 194,500 sq ft office development will deliver best-in-class space once completed in April 2026. The scheme is located adjacent to City Thameslink and a short walk from Farringdon and Blackfriars stations. 10 King William Street, EC4 An eight-storey, 139,000 sq ft office development on an island site located above the newly opened Bank station entrance on Cannon Street. It is due for completion in December 2026. Brettenham House, WC2 Occupying a prime location on the Thames with river views on each floor, the scheme will provide 128,000 sq ft of office and retail space in Q2 2026. Southwark, SE1 Located directly above Southwark Underground station, the scheme will deliver PBSA comprising 429 units alongside a separate building providing 44 affordable homes. Paddington, W2 This 19 storey building will provide 235,000 sq ft of office space above Paddington station and is expected to be completed in Q4 2028. Chief Executive’s statement continued At The Loom, E1, we have made progress, reducing vacancy from 35% at the start of the financial year to 29% today, with the building attracting tenants looking for flexible leases at competitive rents. Dividends A year ago, we rebased the dividend to align better with our new strategy. We will continue to anchor our distributions with the annual Property Income Distribution (“PID”) payment as a minimum, however, in view of the focus on our development programme, we will also seek to distribute a proportion of realised EPRA earnings and development profits which are surplus to the business requirements. In the year to 31 March 2025, EPRA earnings per share reduced from 3.5p to 2.2p. However, due to the sales of investment assets during the financial year providing all the equity required to complete our development programme, and the strong balance sheet and cash surpluses available to theGroup, we have chosen to supplement these earnings with a modest share of the capital profitsmade on the sale of our 50% share of TheJJ Mack Building, EC1. In light of the results for the year, the Board will be recommending to Shareholders an increase in the final dividend to 3.50p (2024: 1.78p) per share. This final dividend, if approved by Shareholders, will bean ordinary dividend, paid out of distributable reserves generated from the Group’s activities. The total dividend of 5.00p, including the 1.50p interim dividend which was wholly paid as a PID, represents a 3.5% increase on last year’s total dividend of 4.83p. In addition, following the forward sale of 100NewBridge Street, EC4, announced in April, Helical committed to returning further capital to Shareholders following receipt of the net proceeds of the sale, due in April 2026. We expect to recommend a minimum return to Shareholders of50% of the realised net profits from the joint venture and will give serious consideration to paying up to 100% of the realised net profits, subject to the requirements of the business. Board On behalf of the Board of Helical, I wish to thank Tim Murphy, who is stepping down at the Annual General Meeting, for his dedication and significant contribution to Helical during his 31 years with the Company, and particularly his 13-year term as Chief Financial Officer. He has been a great team player and we shall miss his thoughtful input and guidance and wish him the very best for the future. I am pleased we have identified such a strong successor in James Moss. Having worked with him for the last ten years, I know that he has the skills, experience, knowledge and business acumen required to fulfil the role of Chief Financial Officer, lead the finance team and play a key role indelivering our strategic objectives. I also wish to thank Sue Clayton, our Senior Independent Director and Chair of the Property Valuations Committee, who is also stepping down at the Annual General Meeting, after serving nine years on the Board. Sue has provided the Board with the benefit of a long career in real estate, mostlatterly at CBRE, and we shall miss her wisecounsel. The opportunity We have a current pipeline of five development projects with our future equity requirements fully funded, delivering into a window with strongly predicted low levels of supply. We also have a strategic joint venture with PfL, with an ambition to deliver more schemes with them, having recently started on site at the first office project at 10 King William Street, EC4. Future potential schemes are already in active discussion. During the construction phase of these projects, the Group will benefit from development management fees in recognition of providing our services and expertise. Working in joint venture also allows us to participate in the larger-scale new build and comprehensive refurbishment projects with bigger floorplates which appeal to a sophisticated corporate occupier market and where we feel there will be a shortage of supply in particular sub-markets. Increasingly, we will also look to structure and participate in equity-light schemes which have the potential to generate substantial outperformance in the return on equityinvested. Our balance sheet is in very good shape, with gearing at the lowest level in the Group’s history. Maintaining financial discipline remains at the forefront of Helical’s approach. Recycling equity and seeking third party funding for future opportunities will allow the Company to grow thebusiness while keeping gearing within our guidance levels of 15% to 35%. The value created at The JJ Mack Building, EC1, and 100 New Bridge Street, EC4, means that wecan begin to share our success with our Shareholders, with realised development profits beginning to contribute to dividends and planned returns of capital. With an experienced management team, the fundsin place to deliver a substantial development pipeline and a historically low LTV, Helical is financially and operationally well placed to delivera strong performance over the coming cycle and we are excited by the opportunity the market presents. Matthew Bonning-Snook Chief Executive Officer 20 May 2025 Governance Financial Statements Further Information 11 HELICAL PLC Annual Report and Accounts 2025 Strategic Report A clear trend of occupiers taking more space of better quality, rather than the ‘less but better’ trend.” This period has seen us recycle equity from the sale of £245m of investment assets, strengthening the balance sheet and unlocking the delivery of a substantial development pipeline. 100 New Bridge Street, EC4 Formation of 100 New Bridge Street joint venture returning equity of £55m. £155m development facility signed. 10 King William Street, EC4 Scheme enhancing planning approved. Brettenham House, WC2 Signed development management agreement. The JJ Mack Building, EC1 Sale of 50% interest for £139.2m. RCF £210m refinance of RCF extending its maturity. Charterhouse Square, EC1 Sold for £43.5m. April 2024 May 2024 August 2024 September 2024 October 2024 Governance Financial Statements Further Information 12 HELICAL PLC Annual Report and Accounts 2025 Strategic Report The Power House, W4 Sold for £7m. Paddington, W2 Scheme enhancing planning approved. Southwark, SE1 Resolution to grant planning permission obtained for PBSA scheme. 100 New Bridge Street, EC4 Exchange of forward sale. 10 King William Street, EC4 £125m development facility and main contract signed. November 2024 February 2025December 2024 March 2025 Helical Helical office move to Ganton Street, W1. Activity & achievements continued Governance Financial Statements Further Information 13 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Strategic Report Governance Financial Statements Further Information 14 HELICAL PLC Our market Our market The past year has seen the central London office market continue to be characterised by strong occupational demand, driving sharp rental growthfor prime space, alongside more recentencouraging signs of recovery in the investment market. Leasing activity remains robust, with structural supply imbalances in key sub-markets and high levels of demand, particularly for large, high- quality floorplates. By the end of March 2025, active requirements for space over 100,000 sq ft had reached record highs. With limited availability, occupiers are increasingly looking ahead at lease events and acting early to secure preferred options, leading to a notable rise in pre-letting activity, as seen at our own development at 100New Bridge Street, EC4. Momentum is also returning to the investment market, buoyed by the strength of underlying occupational activity and the stabilisation of the financial markets. There is broad consensus that 2024 marked the cyclical low, with investment volumes in Q1 2025 exceeding those recorded inthe same period last year. Investor interest hasnotably returned recently with global capital exploring investment into the central London market, and reassuringly the increasing number oftransactions exceeding £100m point to improving liquidity and renewed confidence. Although macroeconomic and geopolitical uncertainties persist, the outlook for London commercial real estate has strengthened. London continues to attract investors with its transparent legal framework, market stability and relative resilience. Looking ahead, constrained supply, continued occupier focus on quality and early- cycle investment opportunities are expected to define market dynamics through the remainder of2025. Governance Financial Statements Further Information 14 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Occupational market Tenant demand in central London remains buoyant, with a sustained focus on high-quality office space within central core markets. Businesses continue to reaffirm the importance of the workplace in supporting productivity, culture and collaboration. This is translating into solid leasing momentum, particularly centred on new orcomprehensively refurbished accommodation that meets the evolving expectations of modern occupiers. Cushman & Wakefield report that 78% of occupiers taking space over 5,000 sq ft in 2024 were upsizing, highlighting growing confidence intheir long-term occupational strategies and the role of the office as a core business asset. Momentum has continued into 2025. As of March,active demand in central London reached 12.6msq ft, as reported by JLL, representing a31% increase on the ten-year average. The scaleof occupier requirements has also grown significantly. By the end of the first quarter, therewere 36 active requirements for space over100,000 sq ft, including 12 in excess of 200,000 sq ft. This marks a clear increase from 25 at the end of2023 and 29 at the close of 2024, signalling a continued recovery in large-scale leasing activity. Occupier take-up has accelerated meaningfully. Space under offer rose to 4.1m sq ft by the end ofthe first quarter, the highest level since the thirdquarter of 2019, and 46% above the long-term average. Environmental performance remains a priority. According to Knight Frank, approximately 65% ofoffice take-up in 2024 comprised brand new orrecently refurbished space, representing the highest share on record. Furthermore, 64% of the total take-up occurred in buildings rated BREEAM Excellent or Outstanding, underscoring occupiers’ growing focus on sustainability. This preference has contributed to prime rental growth, with record levels achieved in the City core. This weight of demand continues to support strong rental growth. Prime rents have reached record highs, rising by 10.0% in the City and 6.7% in the West End over the past year. Recent transactions in the City highlight the premium being placed on best-in-class space withstrong sustainability credentials, with a record 17 leases exceeding the £100 psf mark in 2024 across both tower and non-tower space in various sub-markets. Rents of £107-£115 psf were achieved on four of the ten floors at The JJ Mack Building, EC1, setting records in the sub-market and demonstrating tenants’ willingness to pay a premium for the quality, amenity-rich space delivered in Helical buildings. JLL research indicates that of the 10m sq ft currently under construction, 46% is already pre-let or under offer. Major occupiers are increasingly committing to space significantly in advance of delivery in orderto de-risk their occupational requirement andto select the right building for their needs. Alongside this shift, occupiers are placing greater emphasis on counterparty strength, favouring developers with a proven track record of delivery and robust financial standing. Helical’s scheme at 100 New Bridge Street, EC4, reflects this confidence. A global institutional investor committed to forward-purchase the building for their future occupation, reinforcing thestrength of the market and the trust placed inHelical to deliver best-in-class buildings onprogramme. The rising costs of office fit-outs and the increases in business rates are expected to influence occupiers’ short-term decision making when contemplating moving office and therefore the conversion rate from the current high levels of active demand into actual take-up may lessen. However, occupiers are also increasingly aware that sustainable, best-in-class buildings offer long- term operational cost savings, thereby partially offsetting the upfront cost of taking new space when assessed over longer time horizons, along with delivering intangible benefits in relation to recruitment and retention of key talent. The leasing outlook for 2025 remains positive. Anenduring focus on quality, sustainability and location is expected to support further leasing activity and continued rental growth across the prime segment of the market. Our market continued Our tenant make-up Software and computer services 30% Online retailing – fashion 27% Media 10% IT consultancy 7% Financial products 6% Restaurants 5% Human resources 5% Advertising/marketing 3% Business consultancy 3% Government/charity 2% Consumer services 1% Other 1% Governance Financial Statements Further Information 15 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Momentum has continued into 2025. As of March,active demand in central London reached 12.6msq ft, as reported by JLL, representing a31% increase on the ten-year average. The scaleof occupier requirements has also grown significantly. By the end of the first quarter, therewere 36 active requirements for space over100,000 sq ft, including 12 in excess of 200,000 sq ft.” Helical’s scheme at 100 New Bridge Street, EC4, reflects this confidence. A global institutional investor committed to forward- purchase the building for their future occupation, reinforcing the strength of the market and the trust placed in Helical to deliver best-in-class buildings onprogramme.” Our market continued Development pipeline In the first quarter of 2025, central London office supply declined by 1% to 22.5m sq ft, while the vacancy rate improved slightly to 8.9%, according to JLL. However, of particular relevance to Helical, new build vacancy held steady at 1.4% while newly refurbished supply rose to 1.9%, following just two completions. These figures highlight the limited availability of high-quality space. Looking forward, this imbalance is set to persist. Beyond 2025, the volume of major new developments falls considerably. Knight Frank projects a shortfall of between 5-7m sq ft of Grade A office space by 2028, whilst 52.9m sq ft of lease expiries are expected between 2025 and 2029. Asa result, the undersupply of prime space may continue well into 2029 and beyond. Despite strong demand drivers, new development continues to face challenges. Although construction cost inflation has moderated, overall costs remain high and are exacerbated by labour shortages, the susceptibility of the supply chain todisruption and contractors being increasingly selective as to which projects to take on. Delays in planning and increasing regulatory requirements are also impacting delivery timelines. In response, landowners must undertake a disciplined appraisal of each opportunity, weighing sub-market dynamics, occupier demand, capital expenditure, and the feasibility of delivering an alternative use, including the likelihood of securing planning consent. Where office development no longer offers the highest returns and best use, it isappropriate to consider alternatives that align more closely with demand fundamentals and offerstronger long-term value. Investment market The central London office investment market is beginning to see increased liquidity, supported bythe return of core capital. According to JLL, investment volumes in central London reached £2.3bn in the first quarter of 2025. These figures mark the strongest start to the year for central London office investments since 2022 and represent an improvement on the same period in2024, demonstrating a clear change in investorsentiment. Throughout 2024, investment activity was largely driven by high-net-worth individuals, private investors and private equity buyers targeting opportunities with higher risk-adjusted returns. However, the re-emergence of institutional capital is becoming evident with a number of recent primetransactions. Growth has been driven primarily by larger transactions of prime assets, with four deals exceeding £100m in the first quarter of 2025 and the average lot size increasing by 70% compared with the previous year. Developing upon these themes, Helical exchanged contracts for the forward sale of 100 New Bridge Street, EC4, to a US-listed S&P 500 company for a net sales price of £333m. This transaction illustrates the dual themes identified of returning liquidity for larger lotsizes and scarce occupational supply, leading tenants to commit earlier to ensure they obtain thebest space for their business. Helical’s Southwark, SE1, scheme, being delivered in partnership with Places for London, exemplifies this flexible, value-driven approach. Planning hasnow been granted for a 429-room PBSA development, replacing a previously consented office scheme. This repositioning reflects our ability to respond to evolving market conditions and unlock value through strategic land usedecisions. At the same time, many obsolete office buildings that cannot viably be upgraded are being repurposed, placing further pressure on future supply. Occupiers continue to seek buildings thatmeet the highest standards of design, sustainability and amenity, and competition for such space is expected to increase. With a current pipeline of five schemes and further opportunities actively under consideration, we are well placed to meet occupier expectation and take full advantage of the supply constrained environment. Conclusion Our strategy remains focused on delivering highly sustainable, best-in-class space in prime central London sub-markets, where occupier demand and rental growth prospects are strongest. While our core focus remains the office sector, weretain the flexibility to diversify selectively intoalternative uses where this aligns with our expertise and enhances long-term returns. Supported by our strategic joint venture with PfL, our active development pipeline and our strong delivery track record, Helical is well positioned tobenefit from the structural trends shaping themarket and to deliver continued value for ourShareholders. Overseas interest has increased, with central London assets often acquired through joint venture structures to leverage off local market expertise. This aligns well with Helical’s skillset, as we continue to look for strategic partnerships to maximise the returns from our equity investments. Over the last 30 years, we have successfully executed joint ventures with 46 different partners, demonstrating a strong track record across a range of partnership structures, and we believe that these market characteristics will present further opportunities. According to Knight Frank, London has retained itsposition as the world’s leading city for crossborder real estate investment for the fifthconsecutive year. Investor sentiment has strengthened, with many now considering the pricing correction as largely complete. Prime yields, which softened in 2022 and 2023, have stabilised. The forward sale of 100 New Bridge Street, EC4, stands as a positive bellwether for pricing discovery, with the asset transacting at a5.00% capitalisation yield. Governance Financial Statements Further Information 16 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our commitment to delivering and operating bestin-class, smart, sustainable offices aligns withoccupiers’ continued demand for high- quality buildings across London. This has been demonstrated at 100 New Bridge Street, EC4, where the forward sale to an owner-occupier has reaffirmed the market demand for buildings with the highest sustainability credentials. 100 New Bridge Street, EC4, received an Outstanding Design Stage BREEAM certificate with a score of95.3%. Likewise, the receipt of Helical’s first NABERS Design for Performance Reviewed Target Rating of five stars further demonstrates itsenergy efficiency and commitment to reducing carbon emissions. In partnership with PfL, Helical is responsible for delivering three schemes at 10 King William Street, EC4, Paddington, W2, and Southwark, SE1. Sustainability has been a key driving force throughout the design of these buildings and will ultimately lead to Helical delivering buildings with exemplary ESG credentials, with all schemes targeting EPC A, NABERS 5 and above, BREEAM Outstanding/Home Quality Mark of 4.5 and WELL Shell and Core Platinum. All three sites will promote circular economy principles, operate to the highest efficiency with the aid of all-electric solutions and on-site renewables, and promote health and wellbeing. Our investment portfolio has seen significant disposals in the year, with the sales of 25 Charterhouse Square, EC1, The JJ Mack Building, EC1, and The Power House, W4, resulting in only two remaining assets – The Bower, EC1, and The Loom, E1. At The Bower, EC1, we are currently undertaking a feasibility study to remove gas from the building and replace this with a hybrid solution using air source heat pumps. At The Loom, E1, weare considering a NABERS Energy Rating for the building and, if we have sufficient data and metering information, would look to submit the building for an assessment in the coming months. Alongside embedding our environmental ambitions within the development programme, we also recognise the importance of engaging with communities and creating social value to our buildings and wider business. We are pleased tobe partnering with PfL on their Educational Engagement Programme with the aim to inspire the next generation of young people into the builtenvironment. Working with the Construction Youth Trust, the appointed delivery partner, theprogramme has the ambition of reaching over6,000 young Londoners. Helical has been supporting this ambition by hosting tours, attending workshops and providing mentorship and work experience. Our sustainability strategy, “Built for the Future”, has played a critical role in putting sustainability front and centre of all our business activities. Over the past five years we have achieved a number of milestones including a GRESB rating of 5, CDP rating of B and an EPRA sBPR Gold certificate while also reducing our carbon emissions by 50% (Scope 1, 2 and 3 excluding upfront embodied carbon) and energy consumption by 45%. As we progress our delivery of five schemes across London, we are gaining greater insight and understanding of ESG risks and opportunities. Along with the fact that our core strategy is five years old, we feel that now is the right time to review and refresh our sustainability strategy. As such, we expect to announce our new ambitious, but achievable, strategy over the coming year. Governance Financial Statements Further Information 17 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Integrity Our people & relationships Growth Liquidity & financial management Asset selection Sustainable Excellence Creative Collaboration Dynamic Sustainability To create inspiring and sustainable spaces for occupiers to thrive and communities to flourish. Guided by our Culture and Values To be London’s most innovative, accomplished and respected real estate developer. Driven by our Strategic GOALS O u r P u r p o s e O u r V i s i o n G O A L S Our strategic framework is designed to create long-term, sustainable growth and value for our stakeholders. Governance Financial Statements Further Information 18 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Strategic Goal: Strategic Goal: Our strategy continued Maximise Shareholder returns through realising development and income surpluses. Attract and retain the best people, encouraging their development and progression to ensure future succession is secured. Maintain our excellent reputation and network of property sector contacts, trusted partners and advisors. Strategic Priorities Deliver long-term sustainable growth. Clear focus on Total Shareholder Return, delivering capital growth in a manner consistent with our Vision. Purpose and Values embedded effectively in the operational policies, practices and Culture of the Group. Incentivise management to outperform the Group’s competitors by setting challenging performance targets, against which rewards are measured. 2024/25 Performance Indicators — Total Shareholder Return (3 year) — EPRA NTA — EPRA earnings per share Strategic Priorities An empowered core team of professionals supported by a trusted set of external consultants and contractors ensuring quality and efficiency. Continue to work with joint venture (“JV”) partners to increase project scale whilst managing risk. Strong relationships and market reputation to generate off-market development opportunities. Clear plan for succession. 2024/25 Performance Indicators — Staff Retention — Length of Employee Service Governance Financial Statements Further Information 19 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our strategy continued Using our extensive market knowledge and experience, we deliver the right scheme to the highest quality. Operate a sustainable capital structure in which the core business costs are covered by rental income and development fees, using gearing on a tactical basis throughout the cycle to accentuate returns. Strategic Goal: Strategic Goal: Strategic Priorities Acquire assets in London using our balance sheet, JVs and equity- light structures, delivering capital and income returns from development activity and asset management. Locate sites where complexity presents opportunity to add significant value through creative development schemes. Continue a Culture that is committed to the highest standards in health and safety. Improve the communities in which we are active and ensure sustainability underpins our approach. 2024/25 Performance Indicators — Total Property Return Strategic Priorities Maintain an appropriate risk-adjusted LTV. Use of JV structures to manage risk and maximise returns. Strong banking relationships for quick access to finance. Maintain liquidity to cope with market fluctuations and take advantage of opportunities as they arise. 2024/25 Performance Indicators — See-through average cost of secured facilities — See-through loan to value Governance Financial Statements Further Information 20 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our strategy continued Ensure that sustainability is at the heart of all our business decisions, futureproofing our developments for the benefit of our stakeholders. Strategic Goal: Priorities for 2026 and beyond — Reduce vacancy in the portfolio — Complete our developments at 100 New Bridge Street, EC4, Brettenham House, WC2 and 10 King William Street, EC4 — Develop and fund Paddington, W2 and Southwark, SE1 — Add to our successful Places for London JV pipeline — Acquire new opportunities with a focus on JV and equity-light structures — Maintain effective channels of engagement with our stakeholders Strategic Priorities Transition to a net zero carbon business. Buy, use and reuse resources efficiently. Bring social, economic and environmental benefits to the areas in which we operate. Design and operate our buildings to support health and wellbeing. 2024/25 Performance Indicators — BREEAM — NABERS — EPC — Staff volunteering Governance Financial Statements Further Information 21 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Working for the long term benefit of our stakeholders, local communities and the environment drives the decisions we make. Governance Financial Statements Further Information 22 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our business model People, Values and Culture – A team of motivated, qualified, empowered and experienced people. Market Expertise – Comprehensive knowledge of markets in which we operate, built through multiple property cycles. Relationships and Reputation – Extensive network of JV partners and industry contacts. – Long-standing reputation for speed of execution and excellence in delivery. – Carefully selected network of market leading professionals and contractors with whom we have long-standing relationships toexecute our development activities. Financing – Strong financial position with access to a variety of sources of funding, from shareholder capital to external equity and debt. Governance and Risk – Robust governance and risk management systems overseen by experienced Board. Resources – 3 – Source opportunities to create best-in-class buildings – Efficient funding through JV or equity-light structures – Determine best use, creative design and obtain planning consent – Secure accretive debt financing Long-term, sustainable growth Best-in-class reputation Strengthened relationships and broadened network Capital recycling/reinvestment Value creation – L e t & A s s e t M a n a g e Exit 4 Acquire & Structure 1 D e v e l o p 2 – Assemble and oversee experienced and agile professional teams – Effective project management focused on health and safety and sustainability – Reliable procurement and timely delivery – Innovative building techniques, including off-site assembly – Flexible offering tailored to tenant demand – Speed of execution – Technology used to drive efficiency and sustainability – Continuous tenant engagement Governance Financial Statements Further Information 23 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Key performance indicators We measure our performance against our strategic objectives, using several financial and non-financial Key Performance Indicators (“KPIs”). The KPIs have been selected as the most appropriate measures to assess our progress inachieving our strategy, successfully applying our business model and generating value for ourShareholders. As discussed in the Chief Executive’s Statement, the financial measures show a return to profitability as the Group begins to see the benefits of its development pipeline. 7.2% TOTAL ACCOUNTING RETURN 6.3% -31.7% 7.2% -9.4% 15.0% 3.3% 2024 2025 2023 2022 2021 EPRA TOTAL ACCOUNTING RETURN 6.3% 2024 2025 2023 2022 2021 -31.4% -12.1% 10.2% 4.5% Description Total Accounting Return is the growth in the net asset value of the Group plus dividends paid in the reporting period, expressed as a percentage of the net asset value at the beginning of the year. The metric measures the growth in Shareholders’ funds each year and is expressed as an absolute measure. Performance The Group targets a Total Accounting Return of 5-12.5%. The Total Accounting Return on IFRS net assets in the year to 31 March 2025 was 7.2% (2024: -31.7%). Link to remuneration Performance Share Plan 2024 33% of the maximum PSP award in 2025 will be based on the Group’s absolute EPRA Total Accounting Return. Link to strategic goals • Growth Description Total Accounting Return on EPRA net tangible assets is the growth in the EPRA net tangible asset value of the Group plus dividends paid in the year, expressed as a percentage of the EPRA net tangible asset value at the beginning of the year. Performance The Group targets an EPRA Total Accounting Return of 5-12.5%. The Total Accounting Return on EPRA net assets in the year to 31 March 2025 was 6.3% (2024: -31.4%). Link to remuneration Performance Share Plan 2024 33% of the maximum PSP award in 2025 will be based on the Group’s absolute EPRA Total Accounting Return. Link to strategic goals • Growth Governance Financial Statements Further Information 24 HELICAL PLC Annual Report and Accounts 2025 Strategic Report 348p EPRA NET TANGIBLE ASSET VALUE PER SHARE Description The Group’s main objective is to maximise growth in net asset value per share, which we seek to achieve through the generation of development surpluses, increases in investment portfolio values and retained earnings from other property related activity. EPRA net tangible asset value per share is the property industry’s preferred measure of the proportion of net assets attributable to each share as it includes the fair value of net assets on an ongoing long-term basis. The adjustments to net asset value to arrive at this figure are shown in Note 35 to the financial statements. Performance The Group targets increasing its net assets, of which EPRA net tangible asset growth is a key component. The EPRA net tangible asset value per share at 31 March 2025 increased by 5.1% to 348p (31 March 2024: 331p). Link to remuneration Performance Share Plan 2024 See Total Accounting Return. Link to strategic goals • Growth Key performance indicators continued -3.9% TOTAL SHAREHOLDER RETURN Description Total Shareholder Return is a measure of the return on investment for Shareholders. Itcombines share price appreciation and dividends paid to show the total return to Shareholders expressed as an annualised percentage. Performance The Group targets being in the upper quartile when compared to its peers. The Total Shareholder Return in the year to 31 March 2025 was -3.9% (2024: -27.3%). Link to remuneration Performance Share Plan 2024 67% of the maximum PSP award in 2025 will be based on the Group’s absolute and relative TSR performance. Link to strategic goals • Growth Governance Financial Statements Further Information 25 HELICAL PLC Annual Report and Accounts 2025 Strategic Report 348p 2024 2025 2023 2022 2021 331p 493p 572p 533p ● Growth over all years to 31/03/25 ● Growth in FTSE All-Share Return Index over all years to 31/03/25 ● Growth in FTSE 350 Real Estate Super Sector Return Index over all years to 31/03/25  Years %pa 10 Years %pa  Years %pa  Years %pa  Year %pa  Years %pa -.% -.% -.% -.% .% .% .% -.% .% .% .% .% .% .% -.% -.% -6.3% 10.5% Key performance indicators continued 10.0% MSCI PROPERTY INDEX 12.1 2024 2025 2023 2022 2021 12.4 13.2 11.8 11.0 8.7 2024 2025 2023 2022 2021 16.8 7.7 3.7 3.6 Description MSCI produces several independent benchmarks of property returns that are regarded as the main industry indices. Performance MSCI has compared the ungeared performance of Helical’s total property portfolio against that of portfolios within MSCI for over 20 years. Helical’s ungeared performance for the year to 31 March 2025 was 10.0% (2024: -20.3%). This compares to the MSCI Central London Offices Total Return Index of 4.1% (2024: -5.6%) and the upper quartile return of 5.4% (2024: -2.9%). Link to remuneration Performance Share Plan 2024 20% of the maximum PSP award in 2023 was based on the Group’s portfolio performance as compared with the performance of the MSCI Central London Offices Total Return Index over the three years to March 2026. Link to strategic goals • Asset selection 12.1yrs 8.7% AVERAGE LENGTH OF EMPLOYEE SERVICE AND AVERAGE STAFF TURNOVER Description A high level of staff retention remains a key feature of Helical’s business. The Group retains a highly skilled and experienced team with an increasing length of service. Performance The Group targets staff turnover to be less than 10% per annum. The average length of service of the Group’s employees at 31 March 2025 was 12.1 years and the average staff turnover during the year to 31 March 2025 was 8.7%. Link to remuneration Annual Bonus Scheme 2018 Deferred shares awarded under the Annual Bonus Scheme 2018are required to be held fora period of three years. Performance Share Plan 2014 and 2024 These awards have a three-year vesting period and Executive Directors are required to hold them for a further two years after they vest. Share Incentive Plan 2022 These awards are made to allstaff and are required to be heldfor a period of three years. Link to strategic goals • Our people & relationships Average length of service at 31 March – years Staff turnover during the year to 31 March – % Governance Financial Statements Further Information 26 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Key performance indicators continued Helical MSCI Central London Offices Total Return Index Source: MSCI -6.1% -0.4% 5.7% 8.1% 4.1% 10.0% -3.5% -1.0% 2.9% 6.6% 20 Years %pa 10 Years %pa 5 Years %pa 3 Years %pa 1 Year %pa Key performance indicators continued Building BREEAM rating EPC rating Completed properties The Warehouse and Studio, EC Excellent () B The Tower, EC Excellent () B Development pipeline  New Bridge Street, EC Outstanding ()  A   King William Street, EC Outstanding ()  A  Brettenham House, WC Outstanding ()  A  Southwark, SE Outstanding ()  A  Paddington, W Outstanding ()  A  1 Design Stage Certificate. 2 These are the targeted ratings upon submission for assessment. Governance Financial Statements Further Information 27 HELICAL PLC Annual Report and Accounts 2025 Strategic Report BREEAM AND EPC RATINGS Description BREEAM is an environmental impact assessment methodology for real estate assets. It sets out best practice standards for the environmental performance of buildings through their design, specification, construction and operational phases. Performance is measured across a series of ratings: Pass, Good, Very Good, Excellent and Outstanding. Performance The Group targets a BREEAM rating of Outstanding on all major refurbishments and new developments. At 31 March 2025, seven (31 March 2024: five) of our buildings had achieved, or were targeting, a BREEAM certification of Excellent or Outstanding. Link to remuneration Annual Bonus Scheme 2018 10% of the maximum annual bonus is payable based on meeting ESG objectives. Link to strategic goals • Sustainability At The Loom, E1, it was not possible to obtain a BREEAM certification at the design or development stage, however, the building has achieved a BREEAM In Use rating of Very Good, which is a high accolade given the listed status of the building, and an EPC rating of B. Energy Performance Certificates (“EPC”) provide ratings on a scale of A–G on a building’s energy efficiency and are required when a building is constructed, sold or let. In the year, the EPC certificate at The Tower, EC1, was renewed, retaining its B rating under the more stringent Part L 2021 requirements. Our portfolio Focused on central London, the Helical portfolio comprises investment assets we have created and an exciting pipeline of development schemes, each designed to the very highest standards to enable their occupiers to thrive and benefitting the communities in which they are located. Governance Financial Statements Further Information 28 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our portfolio continued 1 Paddington, W2 2 Brettenham House, WC2 3 Southwark, SE1 4 100 New Bridge Street, EC4 5 The Bower, EC1 6 10 King William Street, EC4 7 The Loom, E1 Property overview We seek to maximise returns through delivering capital gains from our development activity and income growth from active asset management. Focused on central London, the Helical portfolio comprises investment assets we have created andan exciting pipeline of development schemes, each designed to the very highest standards to enable their occupiers to thrive and benefitting thecommunities in which they are located. Places for London joint venture Helical has formed a long-term partnership with PfL, the wholly owned property company of TfL, todeliver high-quality, sustainable developments in prime locations with exceptional transport connectivity. Construction is now underway at the first of our three initial sites, 10 King William Street, EC4, with work to commence at both Southwark, SE1 and Paddington, W2 in the next 12 months. This pipeline includes three schemes that have started on site and will deliver over 460,000 sq ft of best-in-class offices in 2026 into a supply constrained market and two further schemes that will be added over the next 12 months. We are actively looking to add to our pipeline with further joint ventures and equity-light opportunities. Governance Financial Statements Further Information 29 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Strategic Report Governance Our portfolio continued Development portfolio In May 2024, we signed a joint venture agreement with Orion Capital Managers, selling a 50% interest in the site for £55m. 100 New Bridge Street is a 194,500 sq ft office development that will deliver best-in-class space once completed in April 2026. The scheme is located adjacent to City Thameslink and a short walk from Farringdon and Blackfriars stations, andbenefits from extensive redevelopment in the immediate locality, including the new Blackfriars Bridge foreshore. The building is currently undergoing a comprehensive refurbishment. Main contractor Mace has completed the initial works to strip thebuilding back to its frame and the new structural works topped out in April 2025, achieving a key project milestone in line with theexpedited programme. Once completed, the development will span overground plus ten upper floors and will include four terraces, including an exceptional eighth floorterrace of 7,450 sq ft which will provide magnificent views of St. Paul’s Cathedral and across central London. The scheme has received a BREEAM Outstanding Design Stage certificate and a NABERS Design for Performance Reviewed Target Rating of 5 and is targeting EPC A, WELL Shell and Core Platinum and WiredScore Platinum. After the year end, we exchanged contracts withanundisclosed party for the forward sale ofHelical Bicycle 3 Limited, the corporate entity that owns 100New Bridge Street, EC4, for the purchaser’s own occupation. The purchaser is an S&P 500 listed global business, with net assets of over $10bn. The property’s forward sale net price of £333m (Helical share: £166.5m) reflects a capital value of£1,712 psf, which represents a capitalisation yield of 5.0%, before deducting corporate sale costs and a notional rent-free allowance. The salewill complete once the building achieves practical completion. 100 New Bridge Street, EC4 BREEAM Outstanding NABERS EPC A SUSTAINABILITY RATINGS Governance Financial Statements Further Information 30 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Work continues on a comprehensive refurbishment of this 1930s heritage office building located on the Thames between The Savoy and Somerset House at Waterloo Bridge. Occupying a prime location on the “elbow” of the River Thames with river views on each floor, the scheme will provide 128,000 sq ft of office and retail space incorporating enhanced amenities, which include new ninth floor terraces and adjacent office space, triple height reception space and a new separate entrance accessed via Savoy Street. The strip out and demolition period has now completed, and main construction works are ongoing on site, including the formation of the newcore and reception entrances. The building istargeting EPC A, BREEAM Outstanding, NABERS 5 and WELL Shell and Core Platinum. Our portfolio continued Helical has signed a development management agreement with the owner, committing to contributing £12.5m during the construction phaseto Q2 2026, when practical completion ofthe works is due. This equity-light scheme is generating development management fees during this construction phase, which will total £2.5m, and a profit share based on rental performance once the building is successfully let. BREEAM Outstanding NABERS EPC A SUSTAINABILITY RATINGS Brettenham House, WC2 Governance Financial Statements Further Information 31 HELICAL PLC Annual Report and Accounts 2025 Strategic Report The first site within our joint venture with PfL wasacquired on 1 October 2024 and significant progress has been made in the subsequent sixmonths. On site, the initial works package toform the ground floor slab and core is due to complete shortly and on programme. McLaren were appointed as the main contractor during theyear and are now commencing the main construction works. In February, alongside signing the main contract, the joint venture entered into a four-year £125m development financing arrangement with HSBC tofund the construction of the scheme. This agreement represents the lender’s first speculative office development loan and reflects increasing confidence in the office sector. The development is due to reach practical completion in December 2026 and will comprise an eight-storey, best-in-class office building located above the newly opened Bank station entrance on Cannon Street. It will provide approximately 140,000 sq ft of high-quality office accommodation, along with more than 7,000 sq ft of external terracing and 2,000 sq ft of retail space at ground floor level. The scheme will also include a series of public realm enhancements, such as the transformation of Abchurch Lane into a pedestrian-prioritised shared space, improved cycle access, high-quality end-of-journey facilitiesand a dedicated wellness lounge on the mezzanine level. The building is targeting EPC A, BREEAM Outstanding, NABERS 5 and WELL Shell and Core Platinum. BREEAM Outstanding NABERS EPC A SUSTAINABILITY RATINGS Our portfolio continued 10 King William Street, EC4 Governance Financial Statements Further Information 32 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Located directly above Southwark Tube station, aresolution to grant planning permission was secured at committee in March 2025 for a revised planning application submitted in September 2024. The scheme will deliver a PBSA development comprising 429 studio units, alongside a separate building providing 44 affordable homes. Site drawdown is targeted for July 2025, with completion anticipated in mid-2028. The buildings are targeting EPC A, BREEAM Outstanding and Home Quality Mark 4.5. The PBSA building has been designed by AHMM to deliver best-in-class accommodation, featuring an optimised mix of small, medium and large studios with high-quality shared amenity space and supporting services. The building has been conceived as a landmark addition to the area, while remaining sympathetic to the station structure it sits above, with environmental and sustainability considerations embedded throughout the design. Aretail unit will also be delivered at ground floor level. Our portfolio continued BREEAM Outstanding EPC A SUSTAINABILITY RATINGS Southwark, SE1 Governance Financial Statements Further Information 33 HELICAL PLC Annual Report and Accounts 2025 Strategic Report This development, which is located above the eastern side of Paddington station, will deliver a19-storey, 235,000 sq ft office building with accommodation starting on the fourth floor. Positioned in the heart of the Paddington Regeneration Area, the scheme will benefit fromexceptional transport connectivity and anattractive canal-side setting. The building istargeting EPC A, BREEAM Outstanding, NABERS 5.5 and WELL Shell and Core Platinum. Practical completion is expected in Q4 2028. Significant progress has been made on the Paddington scheme over the year. Planning consent has been secured for the introduction of external terracing on each office floor as well as afurther application which secured an enhanced arrival experience and upgraded end-of-trip facilities. The main contractor tender process isnow underway, and early engagement has commenced with potential development finance providers. Interface and enabling works are due tocommence in June 2025, accelerating the programme ahead of targeted site drawdown inJanuary 2026. Our portfolio continued BREEAM Outstanding NABERS EPC A SUSTAINABILITY RATINGS Paddington, W2 Governance Financial Statements Further Information 34 HELICAL PLC Annual Report and Accounts 2025 Strategic Report The Tower is the largest building on The Bower campus and offers 171,432 sq ft of office space arranged over basement, ground and 17 upper floors. The Tower also offers 10,905 sq ft of retail space across two units let to food and beverage operators Serata Hall and Wagamama. Asset management activity continued during the year with a focus on refurbishing and letting the sixfloors following the forfeiture of the WeWork leases in the previous year. The fourth floor (9,499sq ft) was refurbished and let on a five-year lease at £72.50 psf, in line with current ERVs. The flexible offering at Beyond The Bower on the first and second floors (19,922 sq ft) became fully occupied shortly after the year end. The third, fifthand sixth floors (29,614 sq ft) have been fully refurbished on a fitted basis and are currently being marketed, with good levels of interest from potential tenants. Farfetch, who occupied six floors across the wider Bower campus, consolidated into their three floors in The Warehouse and assigned floors seven, eight and nine of The Tower to Fresha.com. Further activity saw a lease renewal with OpenPayd extending their occupation for five years (10,046 sq ft) at £80 psf, in line with current ERVs. Our portfolio continued The Bower, EC1 The Tower Investment portfolio During the year, two floors became available, totalling 20,903 sq ft. Stenn entered into an unforeseen administration and vacated the 12thfloor, whilst the 15th floor saw a lease expiry. Following the movements in the year, the vacancy rate currently stands at 28%. Governance Financial Statements Further Information 35 HELICAL PLC Annual Report and Accounts 2025 Strategic Report BREEAM Excellent EPC B SUSTAINABILITY RATINGS The Loom, E1 The Bower, EC1 The Warehouse and The Studio The Warehouse comprises 122,858 sq ft of grade A office accommodation arranged over basement, ground and nine upper floors. The Studio provides a further 18,283 sq ft of fully let, self-contained grade A office accommodation arranged over ground and three upper floors. There is one floor of The Warehouse currently vacant, which has been fully refurbished on a fittedbasis, with viewings now ongoing. There is10,298 sq ft of fully let retail space, resulting in anoverall vacancy rate across The Warehouse and The Studio of 8%. The Loom is a former Victorian wool warehouse offering 108,487 sq ft of office space plus a 1,313sq ft café. At the end of the year, vacancy is28%, down from 35% at 31 March 2024. There iscurrently a number of viewings ongoing and we continue to actively manage the asset to reduce the vacancy through flexible lease offerings. Our portfolio continued BEEAM Very good EPC B SUSTAINABILITY RATINGS BREEAM Excellent EPC B SUSTAINABILITY RATINGS Governance Financial Statements Further Information 36 HELICAL PLC Annual Report and Accounts 2025 Strategic Report The JJ Mack Building, EC1 Assets disposed of in the year The Power House, W4 25 Charterhouse Square is a 42,921 sq ft office building, including 4,566 sq ft of retail space, overlooking the historic Charterhouse Square andadjacent to the Farringdon East Elizabeth Line station. On 25 April 2024, we completed the sale ofthe long leasehold to Ares Management, a real estate fund manager, for £43.5m. The Power House is a listed building, providing 21,268 sq ft of office space and recording studio space, on Chiswick High Road, and on sale was fully let on a long lease to Metropolis Music Group. During the year, we sold our freehold interest in The Power House to Riverside Capital’s private investor syndicate for £7m, reflecting a net initial yield of 7.3%. The JJ Mack Building is a best-in-class 206,085 sq ft office developed by Helical, in joint venture with AshbyCapital. On 1 November 2024, we announced the completion of the sale of our 50% interest in Charterhouse Place Limited, the owner of The JJ Mack Building, to AshbyCapital for £71.4m. The transaction reflected a value of £139.2m for Helical’s 50% share of the property. The notional net initial yield on sale of 5.35% agreed with the purchaser was increased by 50bps to 5.85% to reflect the sale of a 50% sharein the building. The building achieved practical completion inSeptember 2022 and subsequently was occupied by a range of leading tenants, includingSainsbury’s and Partners Group. The building achieved record rental levels for thesub-market, with a diverse group of tenants attracted to the building due to its prominent location adjacent to the Farringdon Elizabeth Lineand its market leading sustainability and technology credentials, demonstrated by a 96.42% BREEAM Outstanding score, EPC A andNABERS 5 ratings. During the year, prior to disposal of our interest, weleased 45,624 sq ft of space at 1.8% above 31March 2024 ERVs, with record contracted rentsof £115 psf achieved on the 10th floor letting (13,409 sq ft). These lettings took the building to90% let, generating gross contracted rent of £17.4m at the sale date. 25 Charterhouse Square, EC1 Our portfolio continued Governance Financial Statements Further Information 37 HELICAL PLC Annual Report and Accounts 2025 Strategic Report SEE-THROUGH TOTAL PORTFOLIO BY FAIR VALUE Investment £m Investment % Development £m Development % Total £m Total % London Offices – Completed properties . . – – . . – Development pipeline . . .  . . . Total London . . . . . . Other . . . . . . Tota l . . . . . . 1 Developments represent planning and professional fees incurred on Southwark, SE1, and Paddington, W2, prior to their planned future acquisition. SEE-THROUGH LAND AND DEVELOPMENT PORTFOLIO Book value £m Fair value £m Surplus £m London Offices . . – Other . . . Tota l . . . CAPITAL EXPENDITURE We have a committed and planned development and refurbishment programme. Property Capex budget to come (Helical share) £m Proposed equity to come (Helical share) £m Proposed debt to come (Helical share) £m Development status Completion date Investment – committed –  New Bridge Street, EC . – . Under development Q  – Brettenham House, WC . . – Under development Q  –  King William Street, EC . – . Under development Q  – Southwark, SE . . – Q  Q  – Paddington, W . . – Q  Q  Investment – planned – Southwark, SE . -  -  Q  Q  – Paddington, W . . .  Q  Q  1 Assumes development is forward funded. 2 Assumes 55% Loan To Cost (“LTC”) debt facility arranged for future scheme. Our portfolio continued Portfolio Analytics Governance Financial Statements Further Information 38 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Fair value weighting % Passing rent £m % Contracted rent £m % ERV £m % ERV change like-for-like % London Offices – Completed properties . . . . . . . . – Development pipeline . – – – – . . . Total London . . . . . . . . Other . . . . . . . . Tota l . . . . . .  . . 1 Reduces to £37.0m on sale of 100 New Bridge Street, EC4. See-through total portfolio contracted rent £m Rent lost at break/expiry (.) New lettings . Net decrease in the year from asset management activities (.) Contracted rent reduced through disposals (.) Net decrease in contracted rents in the year (.) VALUATION MOVEMENTS Valuation change incl. sales and purchases % Valuation change excl. sales and purchases % Investment portfolio weighting  March  % Investment portfolio weighting  March  % London Offices – Completed properties . . . . – Development pipeline .  .  . . Tota l . . . . 1 Reflects revaluation gains recognised on 100 New Bridge Street, EC4, forward sold and due to achieve practical completion in April 2026. PORTFOLIO YIELDS EPRA topped up NIY  March  % EPRA topped up NIY  March  % Reversionary yield  March  % Reversionary yield  March  % True equivalent yield  March  % True equivalent yield  March  % London Offices – Completed properties . . . . . . – Development pipeline n/a n/a . . . . Tota l . . . . . . ASSET MANAGEMENT Asset management is a critical component in driving Helical’s performance. Through having wellconsidered business plans and maximising the combined skills of our management team, weare able to create value in our assets. Our portfolio continued Governance Financial Statements Further Information 39 HELICAL PLC Annual Report and Accounts 2025 Strategic Report SEE-THROUGH CAPITAL VALUES, VACANCY RATES AND UNEXPIRED LEASE TERMS Capital value  March  £ psf Capital value  March  £ psf Vacancy rate  March  % Vacancy rate  March  % WAU LT  March  Years WAU LT  March  Years London Offices – Completed properties   . . . . – Development pipeline   n/a n/a n/a n/a Tota l   . . . . SEE-THROUGH LEASE EXPIRIES OR TENANT BREAK OPTIONS Year to  Year to  Year to  Year to  Year to   onward % of rent roll . . . . . . Number of leases       Average rent per lease (£) , , , , , , Contracted rent (£) ,, ,, ,, ,, ,, ,, LETTING ACTIVITY – NEW LEASES Area Sq ft Area (Helical share) Sq ft Contracted rent (Helical share) £ Rent £ psf Increase to  March  ERV % Average lease term to expiry Years Investment Properties Completed – offices – The Bower, EC , , , . . . – The Loom, E , , , . (.) . – The JJ Mack Building, EC , , ,, . . . Offices Total , , ,, . . . Completed – retail – The JJ Mack Building, EC ,  , . . . Retail Total ,  , . . . Tota l , , ,, . . . TOP 10 TENANTS We have a strong rental income stream and a diverse tenant base. The top 10 tenants account for 73.2% of the total rent roll. Rank Ten ant Contracted rent £m Rent roll %  Farfetch . .  VMware . .  Fresha.com . .  Verkada . .  Infosys . .  Intercom Software . .  Allegis . .  Dentsu . .  Openpayd . .  Incubeta . . Tota l . . Our portfolio continued Governance Financial Statements Further Information 40 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Tim Murphy Chief Financial Officer Overview The results for the year show a welcome return toprofitability after two years of yield expansion and consequent valuation declines. Investment sales of £245m impacted earnings but generated realised capital profits, and have reduced our LTVto its lowest level, strengthening the balance sheet and providing all the equity required for the Group’s participation in its current development pipeline. Subsequent to the year end, 100 New Bridge Street, EC4, has been forward sold for £333m (Helical share: £166.5m) and following completion, expected in April 2026, the Group willhave additional equity to invest in new opportunities and surplus funds available to distribute to Shareholders. Looking forward, the action taken to reduce overheads, along with the lower level of gearing and expected recognition of development management fees and promotes, add up to increased earnings over the next few years. Withthe potential for further surpluses from thedevelopment pipeline, the prospects for theforeseeable future are encouraging. Governance Financial Statements Further Information 41 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Financial review continued Results for the year The IFRS profit for the year of £27.9m (2024: loss of £189.8m) includes revenue from rental income, service charges and development management fees of £32.0m, offset by direct costs of £15.4m togive a net property income of £16.6m (2024: £25.4m). There was a net gain on sale and revaluation of investment properties of £12.0m (2024: loss of £181.2m) and the gain from joint venture activities was £20.8m (2024: loss of £9.3m). Administrative expenses of £10.7m (2024: £11.0m) and net finance costs of £7.5m (2024: £7.9m) were further increased by a loss in the fairvalue of derivatives of £3.3m (2024: £5.6m). The Group holds a significant proportion of its property assets in joint ventures. As the risks andrewards of ownership of these underlying properties are the same as those it wholly owns, Helical supplements its IFRS disclosure with a “see-through” analysis of alternative performance measures, which looks through the structure to show the Group’s share of the underlying business. The see-through results for the year to 31 March 2025 include net rental income of £19.6m, a net gain on sale and revaluation of the investment portfolio of £32.2m and development profits of£0.3m, leading to a Total Property Return of £52.1m (2024: -£162.7m). Other income of £0.1m less total see-through administrative costs of £10.9m (2024: £11.3m) and see-through net finance costs of £9.2m (2024: £11.1m) plus see- through losses from the mark-to-market valuation of derivative financial instruments of £3.3m (2024: £5.6m) contributed to an IFRS profit of £27.9m (2024: loss of £189.8m). The Company has proposed a final dividend of 3.50p per share (2024: 1.78p) which, if approved by Shareholders at the 2025 AGM, will be payable on 4 August 2025. The total dividend paid or payable in respect of the year to 31 March 2025 will be 5.00p (2024: 4.83p), an increase of 3.5%. The EPRA net tangible asset value per share increased by 5.1% to 348p (31 March 2024: 331p). The Group’s investment portfolio, including its share of assets held in joint ventures, decreased to£535.4m (31 March 2024: £660.6m, including asset held for sale), primarily due to disposals with a book value of £245.6m, net gain on revaluation of the investment portfolio of £24.6m and letting costs of £0.2m, offset by acquisitions of £87.4m and capital expenditure on the investment portfolio of £51.3m. The Group’s see-through LTV at 31 March 2025 was 20.9% (31 March 2024: 39.5%). The Group’s weighted average cost of secured investment debt at 31 March 2025, including commitment fees, was 3.8% (31 March 2024: 2.9%) and the weighted average debt maturity was 2.5 years (31 March 2024: 2.1 years). The Group’s share of the weighted average cost of secured development debt in joint ventures at 31 March 2025, excluding commitment fees, was 8.5% (31 March 2024: nil) and the weighted average debt maturity was 3.5 years (31March 2024: 1.3 years). At 31 March 2025, the Group had unutilised bank facilities of £165.5m and cash of £79.0m on a see- through basis. These are primarily available to fund future property acquisitions and capital expenditure. EPRA Profit £2.7m (2024: £4.3m) EPRA EPS 2.2p (2024: 3.5p) Total Dividend Declared 5.00p (2024: 4.83p) EPRA NTA per Share 348p (2024: 331p) Total Accounting Return on EPR A NTA 6.3% (2024: -31.4%) Total EPRA Net Tangible Assets £428.2m (2024: £406.5m) See-through Property Portfolio £540.4m (2024: £662.3m) See-through Net Borrowings £112.8m (2024: £261.6m) See-through Net Gearing 26.5% (2024: 65.2%) EPRA/See-through performance Profit after Tax £27.9 m (2024: loss of £189.8m) Earnings per Share (EPS) 22.8p (2024: loss of 154.6p) Total Dividend Paid 3.28p (2024: 11.75p) Diluted NAV per Share 346p (2024: 326p) Total Accounting Return 7. 2% (2024: -31.7%) Total Net Assets £426.1m (2024: £401.1m) Property Portfolio at Fair value £380.3m (2024: £522.7m) Net Borrowings £97. 2m (2024: £199.0m) LT V Ratio 20.9% (2024: 39.5%) IFRS performance Governance Financial Statements Further Information 42 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Financial review continued Earnings/(Loss) per share The IFRS earnings per share improved from a loss of 154.6p to earnings of 22.8p and is based on the after tax profit attributable to ordinary Shareholders divided by the weighted average number of shares in issue during the year. On an EPRA basis, the earnings per share was 2.2p compared to an earnings per share of 3.5p in 2024, reflecting the Group’s share of net rental income of £19.6m (2024: £25.5m) and development profits of £0.3m (2024: £0.4m), but excluding gains on sale and revaluation of investment properties of £32.2m (2024: losses of £188.6m). Year to  p Year to  p Year to  p Year to  p Year to  p EPRA earnings per share . . . . (.) Net asset value IFRS diluted net asset value per share increased by 6.1% to 346p per share (31 March 2024: 326p) and isa measure of Shareholders’ funds divided by the number of shares in issue at the year end, adjusted toallow for the effect of all dilutive share awards. EPRA net tangible asset value per share increased by 5.1% to 348p per share (31 March 2024: 331p). This movement arose principally from a total comprehensive income of £27.9m (2024: expense of £189.8m), less £4.0m of dividends (2024: £14.4m). Year to  p Year to  p Year to  p Year to  p Year to  p EPRA net tangible assets per share      EPRA net disposal value per share increased by 6.1% to 347p per share (31 March 2024: 327p). Income Statement Rental income and property overheads Gross rental income for the Group, before adjusting for lease incentives, in respect of wholly owned properties decreased to £21.8m (2024: £33.3m). Offset against gross rental income are lease incentives of £0.6m reflecting the net reversal of previously recognised rental income accrued in advance of receipt (2024: £5.8m). Overall this resulted in a gross rental income of wholly owned properties of £21.2m (2024: £27.5m).  £  £ Gross rental income (excluding lease incentives) , , Lease incentives () (,) Total gross rental income , , Total Property Return We calculate our Total Property Return to enable us to assess the aggregate of income and capital profits made each year from our property activities. Our business is primarily aimed at producing surpluses in the value of our assets through asset management and development, with the income sideof the business seeking to cover our annual administrative and finance costs. The net rental income, development profits and net gains on sale and revaluation of our investment portfolio, which contribute to the Total Property Return, provide the inputs for our performance asmeasured by MSCI. See-through Total Accounting Return Total Accounting Return is the growth in the net asset value of the Group plus dividends paid in the reporting period, expressed as a percentage of thenet asset value at the beginning of the year. The metric measures the growth in Shareholders’ funds each year and is expressed as an absolute measure. Total Accounting Return on EPRA net tangible assets is the growth in the EPRA net tangible asset value of the Group plus dividends paid in the year, expressed as a percentage of the EPRA net tangible asset value at the beginning of the year. 52.1 2024 2025 2023 2022 2021 -162.7 -51.4 89.5 48.6 10.0 2024 2025 2023 2022 2021 -20.3 -5.6 10.7 7.0 6.3 2024 2025 2023 2022 2021 -31.4 -12.1 10.2 4.5 7.2 2024 2025 2023 2022 2021 -31.7 -9.4 15.0 3.3 Total Property Return £m £52.1m MSCI Property Index % 10.0% Total Accounting Return on EPRA net tangible assets % 6.3% Total Accounting Return on IFRS net assets % 7. 2% Governance Financial Statements Further Information 43 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Financial review continued Gross rental income in joint ventures increased to £3.7m (2024: £2.0m) as the Group continued to make letting progress at The JJ Mack Building, EC1, prior to its sale. Property overheads in respect of wholly owned assets and in respect of those assets in joint ventures increased to £5.4m (2024: £4.0m), reflecting increased vacancy in the portfolio. Overall, see-through net rents decreased by 23% to £19.6m (2024: £25.5m). The table below demonstrates the movement of the accrued income balance for rent-free periods granted and the respective rental income adjustment over the four years to 31 March 2028 on a see- through basis, based on the tenant leases as at 31 March 2025. The actual adjustment will vary depending on lease events such as new lettings and early terminations and future acquisitions or disposals. Accrued income £ Adjustment to rental income £ Year to  March  , () Year to  March  , (,) Year to  March  , (,) Year to  March  , (,) Rent collection At 20 May 2025, the Group had collected 99.5% of all rent contracted and payable for the financial year to 31 March 2025. Development profits During the year, there were profits on development management and promote fees for 100 New Bridge Street, EC4, Brettenham House, WC2, and 10 King William Street, EC4, totalling £2.3m. These were offset by development staff costs of £1.9m and other net development costs of £0.1m, leading to a net development profit of £0.3m (2024: loss of £0.2m). Share of results of joint ventures Net rental income recognised in the year was £3.3m (2024: £0.8m) as a result of the letting progress atThe JJ Mack Building, EC1, before its disposal in October 2024. The revaluation of our investment assets held in joint ventures generated a gain of £22.5m (2024: loss of£5.9m), primarily due to the increase in value of 100 New Bridge Street, EC4. There was a loss on saleof The JJ Mack Building, EC1, of £2.3m and a small development loss of £0.1m (2024: £0.9m) wasrecognised for residual costs of Barts Square, EC1. Finance, administrative and other sundry costs totalling £1.9m (2024: £3.5m) were incurred. An adjustment to reflect our economic interest in the Barts Square, EC1, development to its recoverable amount generated a profit of £0.1m (2024: £0.2m), offset by the costs of selling the corporate vehicle which owned The JJ Mack Building, EC1, of £0.8m. Overall, there was a net profit from our joint ventures of £20.8m (2024: loss of £9.3m). Gain on sale and revaluation of investment properties The net gain on the sale and revaluation of the investment portfolio on a see-through basis, including injoint ventures, was £32.2m (2024: net loss of £188.6m). Administrative expenses Recurring administrative costs in the Group, before performance related awards, decreased from £9.1m to £8.9m with an additional £0.4m (2024: £0.7m) of costs reflecting an accelerated depreciation of leasehold improvements at our former head office, prior to the move to the new office in December 2024. For the year to 31 March 2025, £1.9m of staff costs were recognised as development costs to offsetagainst development profits. This is to align the costs with the value and income they create. Noadjustment has been made for the prior year, when equivalent costs were not material. The Group has reviewed all categories of expenditure, seeking efficiencies and cost reductions where available, including reducing head count and moving to smaller offices in a less expensive location, and consequently total ongoing recurring administration costs, including those recognised as development costs, will be reduced by 25% when compared to the year to 31 March 2024. Performance related share awards and bonus payments, before National Insurance costs, increased to £3.1m (2024: £1.2m). Of this amount, £0.9m (2024: £1.0m), being the charge for share awards under the Performance Share Plan, is expensed through the Income Statement but added back to Shareholders’ funds through the Statement of Changes in Equity. NIC incurred in the year on performance related awards was £0.2m (2024: £0.1m). In joint ventures, administrative expenses decreased from £0.3m to £0.2m.  £  £ Recurring administrative expenses (excluding performance related awards) (,) (,) Accelerated depreciation of leasehold improvements () () Total Group administration expenses (,) (,) Recognised in development costs (cost of sales) , – Net Group administration expenses (,) (,) Performance related awards (,) (,) NIC on performance related awards () () (,) (,) In joint ventures () () Total see-through administrative expenses (,) (,) Governance Financial Statements Further Information 44 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Financial review continued Dividends In light of the results for the year, the Board will be recommending to Shareholders an increase in the finaldividend to 3.50p (2024: 1.78p) per share. This final dividend, if approved by Shareholders, will be anordinary dividend, paid out of distributable reserves generated from the Group’s activities. The total dividend of 5.00p, including the 1.50p interim dividend which was wholly paid as a PID, represents a 3.5%increase on last year’s total dividend of 4.83p. Balance Sheet Shareholders’ funds Shareholders’ funds at 1 April 2024 were £401.1m. The Group made a profit of £27.9m (2024: loss of £189.8m), representing the total comprehensive income for the year. Movements in reserves arising fromthe Group’s share schemes resulted in a net increase of £1.1m. The Company paid dividends to Shareholders during the year of £4.0m. The net increase in Shareholders’ funds from Group activities during the year was £25.0m to £426.1m. Investment portfolio – excluding assets held for sale Wholly owned £ In joint venture £ See- through £ Head leases capitalised £ Lease incentives £ Book value £ Valuation at  March  , , , , (,) , Capital expenditure – wholly owned , – , – – , – joint ventures – , , (,) – , Acquisitions – joint ventures – , , – – , Letting costs amortised – wholly owned () – () – – () – joint ventures – () () – – () Disposals – wholly owned (,) – (,) – – (,) – joint ventures – (,) (,) – , (,) Revaluation surplus – wholly owned , – , –  , – joint ventures – , , – – , Valuation at  March  , , , – (,) , The Group expended £51.3m on capital works across the investment portfolio, at 100 New Bridge Street, EC4 (£30.1m), 10 King William Street, EC4, (£15.5m), The Bower, EC1 (£4.6m), The Loom, E1 (£0.4m) and prior to its disposal, The JJ Mack Building, EC1 (£0.7m). Revaluation gains resulted in a £24.6m increase in the see-through fair value of the portfolio, before lease incentives, to £535.4m (31 March 2024: £617.9m). The accounting for lease incentives resulted in a book value of the see-through investment portfolio of £528.8m (31 March 2024: £613.3m). Finance costs, finance income and change in fair value of derivative financial instruments Net finance costs excluding changes in the fair value of derivative financial instruments, including joint ventures, reduced to £9.2m (2024: £11.1m). Group  £  £ Interest payable on secured bank loans (,) (,) Other interest payable and similar charges (,) (,) Total interest payable before cancellation of loans (,) (,) Cancellation of loans (,) – Total finance costs (,) (,) Finance income ,  Net finance costs (,) (,) Change in fair value of derivative financial instruments (,) (,) Finance costs, finance income and change in fair value of derivative financial instruments (,) (,) Joint ventures  £  £ Interest payable on secured bank loans (,) (,) Other interest payable and similar charges () () Interest capitalised  – Total finance costs (,) (,) Finance income   Net finance costs (,) (,) Change in fair value of derivative financial instruments  – Total finance costs, finance income and change in fair value of derivative financial instruments (,) (,) See-through net finance costs and change in fair value of derivative financial instruments (,) (,) See-through net finance costs excluding change in fair value of derivative financial instruments (,) (,) Taxation The Group has been a REIT since 1 April 2022 and is exempt from UK corporation tax on the profits ofitsproperty activities that fall within the REIT regime. Helical will continue to pay corporation tax onitsprofits that are not within this regime. There is no deferred tax charge in the current year. The current tax charge for the year was £nil (2024: £nil) and the total tax charge for the year was £nil (2024: £0.2m relating to an earlier year under-provision). Governance Financial Statements Further Information 45 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Financial review continued Debt and financial risk The Group’s secured investment debt at 31 March 2025 was £175.0m (31 March 2024: £230.0m) with a weighted average cost of 3.8% (31 March 2024: 2.9%) and average maturity of 2.5 years (31 March 2024: 2.1 years). The Group’s share of secured development debt at 31 March 2025 was £20.8m (31 March 2024: £66.1m) with a weighted average cost of 8.5% (31 March 2024: nil) and average maturity of 3.5 years (31March 2024: 1.3 years). Debt profile at 31 March 2025 – excluding the amortisation of arrangement fees Group’s secured investment debt Total facility £ Total utilised £ Available facility £ Weighted average interest rate % Average maturity of facilities Years £m Revolving Credit Facility , , , .  . Working capital , – , – . Tota l , , , . . 1 Including commitment fees. Group’s share of secured development debt Total facility £ Total utilised £ Available facility £ Weighted average interest rate % Average maturity of facilities Years £m  New Bridge Street Development Facility , , , .  . £m  King William Street Development Facility ,  , .  . Tota l , , , . . 2 Excluding commitment fees. Secured debt The Group arranges its secured investment and development facilities to suit its business needs as follows: – £210m Revolving Credit Facility During the year, the Group refinanced its Revolving Credit Facility, reducing the facility size from £300m to £210m and extending its maturity. Both of the Group’s wholly owned investment assets are secured inthis facility. The value of the Group’s properties secured in the facility at 31 March 2025 was £380m (31March 2024: £522m), with a corresponding LTV of 46.1% (31 March 2024: 44.0%). This facility had a weighted average interest rate (including commitment fees) of 3.8%. The average maturity of the facility at 31 March 2025 was 2.5 years (31 March 2024: 2.3 years), with two one-year extension options which, ifexercised, would extend the facility’s repayment date to September 2029. – Joint venture facilities The Group has a number of investment and development properties in joint ventures with third parties and includes our share, in proportion to our economic interest, of the debt associated with each asset. In May 2024, a new £155m facility was arranged with an institutional lender and NatWest to finance 100New Bridge Street, EC4, at a fixed rate of 3.8% plus margin. This margin starts at 4.65% during thedevelopment phase, reducing to 2.25% on letting post completion. In February 2025, a further new £125m facility was taken out with HSBC to finance the development of10 King William Street, EC4. This margin starts at 4.60% during the development phase, reducing to2.25% on letting post completion. The Group’s share of bank facilities in joint ventures at 31 March 2025 comprised debt of £20.3m against100 New Bridge Street, EC4, and £0.5m against 10 King William Street, EC4. The debt against 100 New Bridge Street, EC4, had a weighted average interest rate (excluding commitment fees) of 8.5% and an average maturity of 3.1 years at 31 March 2025. The loan facility for 10 King William Street, EC4, had a weighted average interest rate (excluding commitment fees) of 8.5% and an average maturity of 3.9 years at 31 March 2025. Both facilities benefit from one-year extension options. The debt against The JJ Mack Building, EC1, was transferred to the purchaser on its sale in October 2024. Unsecured debt The Group’s unsecured debt is £nil (31 March 2024: £nil). Cash and cash flow At 31 March 2025, the Group had £244.5m (31 March 2024: £115.5m) of cash and agreed, undrawn, committed bank facilities including its share in joint ventures. Net borrowings and gearing Total gross borrowings of the Group, including in joint ventures, have decreased from £296.1m to £195.8m at 31 March 2025 following a number of sales during the year. After deducting cash balances of£79.0m (31 March 2024: £31.7m) and unamortised refinancing costs of £4.0m (31 March 2024: £2.8m), net borrowings decreased from £261.6m to £112.8m. The see-through gearing of the Group, including injoint ventures, decreased from 65.2% to 26.5%.  March   March  See-through gross borrowings excluding unamortised refinancing costs £.m £.m See-through cash balances £.m £.m Unamortised refinancing costs £.m £.m See-through net borrowings £.m £.m Shareholders’ funds £.m £.m See-through loan to value .% .% See-through gearing – IFRS net asset value .% .% Tim Murphy Chief Financial Officer 20 May 2025 Governance Financial Statements Further Information 46 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Helical’s ability to identify, assess, monitor and manage risks is fundamental to its financial stability, continuing performance and reputation. Risk appetite The Board has established procedures to determine the nature and extent of the principal risks the Group is willing to take in order to achieve its long-term strategic objectives. It is through the enactment of these procedures that the Group is able to set its risk appetite. Helical’s risk appetite is driven by the business strategy. The overall risk appetite is moderate to low and appropriate mitigating actions are taken toreduce the severity of identified risks into the acceptable range set by the Board. In determining the risk appetite, the Board considers upside risks as well as downside risks. Our risk appetite is adaptive. Our appetite for riskis low if the risk presents a hazard to our operations or strategy. If a risk presents the Group with a strategic opportunity, our risk appetite will be higher. Where our risk appetite is moderate, we carefully balance the risk and our mitigation efforts with the potential reward. Helical’s risk appetite is not static and is reviewed by the Board at least twice a year. In accordance with good stewardship, the Board does not inhibit sensible risk taking that is critical to growth. This approach is embedded in the risk culture of the Group which is guided by the Helical Values (see page 86). The risk culture aligns with the strategy and objectives of the business. Our appetite for risk in each principal risk category is set out below: Roles and responsibilities Whilst the Board is ultimately responsible for the management of risk, the Group is structured in such a way that risk identification, assessment, management and monitoring occur at all levels of the Helical team. Roles and responsibilities with respect to risk are well established and the close working relationships existing between senior management and our Property Executives enhance our risk management capabilities. The responsibility for the identification of risk occurs primarily at Board level through application of Helical’s Risk Management Framework (see page 49). As part of this process, the Risk Register and corresponding Risk Heat Map (please see pages 50 to 58) are produced. The Board meets atleast twice a year to assess the appropriateness ofthe Risk Register, taking into account the macroeconomic environment, current projects, recent performance and past experience. Emerging risks The Group continuously considers both prevailing and emerging risks as part of the risk identification process. Emerging risks are those that may materialise and challenge Helical in the future. Theoutcome of such risks is often more uncertain. They may begin to evolve rapidly or simply not materialise. As part of our risk management approach, we continuously monitor our business activities and external and internal environments for new, emerging and changing risks to ensure these are managed appropriately. Helical’s emerging risks are incorporated into the Group Risk Register and are therefore presented alongside those currently deemed to be prevailing risks. Risk appetite by category Strategic Financial Operational Reputational Low Medium High Governance Financial Statements Further Information 47 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued Horizon scanning is conducted, not just by the Board or senior management, but by every individual staff member. All staff Business Update meetings are conducted every two weeks and provide a forum for information sharing with respect to emerging risks. Helical’s collaborative environment and flat management structure further support open discussion on potential future risks. External insight is also used to assist with the horizon scanning process. On a bi-annual basis, a summary of both prevailing and emerging risks is presented for assessment tothe Audit and Risk Committee and the Board. The Group has identified the following as being the most significant emerging risks for our business: • Geopolitical –Political instability and unrest having a significant knock-on effect on global economies and trade • Disruptive technology –The metaverse and artificial intelligence • Climate-related risk –Physical risks presented by the changing climate We are monitoring the potential impact that heightened geopolitical tensions could have on global supply chains, commodity price inflation, market uncertainty and deglobalisation. Following the review for March 2025, the Board concluded that the emerging risks continue to be those listedabove, with geopolitical risks continuing tocommand significant focus. Risk culture When making business decisions, the Board assesses all potential risks faced by the Group andconsiders the effect that such risks could have on the achievement of our strategic priorities and long-term success. The Board acknowledges that there are numerous risks faced by the business and that these are often interrelated. However, the Board also views the potential risks as opportunities which, when handled appropriately, can drive performance. Therefore, our Risk Management Framework is tailored to support the delivery of the Group’s strategy. This embedded approach to risk is guided by the Helical Values (see page 86 for further details). The Board confirms that during this reporting period it has carried out a robust assessment of the Group’s emerging and principal risks (please see the Audit and Risk Committee Report, pages 117 to120, for details of the work undertaken by the Directors during the reporting period). To further illustrate our “tone from the top” risk culture, responsibility for each of the Group’s principal risks is assigned to a named executive ormanagement body. Risk management approach Oversight, identification, assessment and mitigation of risks at a strategic level The Board Has ultimate responsibility for risk management within the Group. The Board sets the risk appetite of the Group, establishes a risk management strategy and is responsible for maintaining a robust internal control system. Continually monitors and reviews the risk management strategy to ensure that it remains appropriate and consistent with the Group’s overall strategy and external market conditions. The Audit and Risk Committee Supports the Board by evaluating the effectiveness of the riskmanagement procedures and internal controls throughout theyear. The Executive Committee Is responsible for the day-to-day operational application of the riskmanagement strategy and ensuring that all staff are aware oftheir responsibilities. Oversight, identification, assessment and mitigation of risks at an operational level The Executive Committee Runs the business in line with the risk management strategy established by the Board and reports to the Board on how itoperates. Both the small team size and the flat management structure allowthe Executive Committee to have close contact with all aspects of the business and ensure that the identification and management of risks and opportunities are at the forefront of decision makers’ minds. Individual asset managers/ property executives Are responsible for identifying and assessing risks relating to the properties they manage and reporting to the Executive Committee as appropriate. All staff members All members of staff are invited to attend the Business Update meeting where risk management features as a standing agenda item and the risks to the business are discussed. All staff are responsible for complying with risk management procedures and internal control measures, reporting to the Executive Committee as necessary. Tone from the top Business as usual Tone from the middle Organisational structure Behaviours Personal ethics Personal predisposition to risk Risk culture Top down approachBottom up approach Governance Financial Statements Further Information 48 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued Viability statement Helical’s long-term prospects With over 35 years’ experience as a property company, the Group has navigated multiple property cycles. These cycles present challenges and opportunities and it has been through successfully responding to both that Helical has grown to become a highly respected London office developer and asset manager. During this time, it has also built an extensive network of trusted partners who provide support, capital andaccess to new opportunities. The Group has a high-quality portfolio with excellent sustainability credentials, primarily located in central London, and is delivering best-in-class space which appeals to occupiers who need to attract the best talent. Helical has a long-standing strong relationship with the financial institutions who provide its debt and has long-term and flexible financing. It is from this strong position that the Board has considered the Group’s future viability. Time period assessment The Directors have assessed the viability of the Group for a period of six years to March 2031, being the period for which the Board regularly reviews forecasts, and which encompasses the lifetime of the Group’s major development projects. The Board considers the future performance of the Group beyond six years, butless certainty exists over the forecasting assumptions beyond this period. Review process The viability of the Group is reviewed throughout the year and through multiple channels, detailedbelow: • The strategic direction of the Group is established by the Board once a year and is captured in the business plan which forms the basis of the detailed budgets and actions for the year; Risk Management Framework Helical’s Risk Management Framework is made up of eight components which all function to create an effective system of risk management and internal control. It is through the application of the Risk Management Framework that clear procedures for risk identification, assessment, measurement, mitigation, monitoring and reporting are aligned with the Group’s strategic aims and the Board’s risk appetite. • The Board and Audit and Risk Committee review the principal risks of the Group at least twice a year, reassessing the severity of each risk and determining the Group’s proposed response and planned mitigation; • The forecasts for the Group are updated and reviewed by the Board and Executive Committee on a quarterly basis; and • Management reviews the short-term (three toeighteen months) cash requirements of the Group on a monthly basis and cash balances andmovements are monitored weekly. Principal risks and sensitivity analysis In making its assessment, the Board considers theGroup’s principal risks and assesses their combined potential impact in severe, but plausible, downside scenarios together with the likely effectiveness of mitigating actions that the Group has at its disposal. The assessment included the following key assumptions: • Rental income – whilst the Group has a WAULT of 3.1 years across its portfolio, both void and rent-free periods have been included where a lease term ends within the period of review; • Debt financing – the Group’s primary source of financing is its £210m Revolving Credit Facility which expires in September 2027 and has two one-year extension options; • Development and asset management – these activities require capital expenditure, and this has been included for both specific projects and general ongoing works; and • Administration expenditure and finance costs – administration expenditure has been subject to inflationary increases. The hedging instruments the Group has in place mitigate the impact of future changes to the interest base rate until October 2028. Risk Management Framework Objective setting Risk identification Risk assessment Risk response Control activities Monitoring Information & communication Board Operational monitoring and reporting responsibility Audit and Risk Committee Executive Committee Management team Asset managers All staff Strategic implementation and compliance responsibility Risk culture Risk culture Internal environment G o v e r n a n c e                                                                                                 G o v e r n a n c e Governance Financial Statements Further Information 49 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued PRINCIPAL RISKS CHANGE Strategic 1 The Group’s strategy is inconsistent with the market 2 Risks arising from the Group’s significant development projects 3 Property values decline/reduced tenant demand for space 4 Geopolitical and economic 5 Climate change Financial 6 Availability and cost of bank borrowing, cash resources and potential breach of loan covenants The most relevant risks and their potential impact are highlighted below: Risk areas Loss of rental income • Tenants unable to pay their rent due to one or more of the following: –Recession due to inflationary pressures –Pandemic or geopolitical event • Loss of rental income could put debt covenants under pressure requiring partial/complete loan repayment • Property valuation falls could put debt covenants under pressure requiring partial/ complete loan repayment Principal risks • Significant business disruption/external catastrophic event/cyber-attacks to our business and our buildings • Property values decline/reduced tenant demand for space • Geopolitical and economic • Availability and cost of bank borrowing, cashresources and potential breach of loancovenants The Group performs sensitivity analysis with afocus on the impact of a loss of rental income ondebt covenants. Further details are included inthe going concern review on page 155. Based on the outcome of this review and other matters considered by the Board, the Directors hold a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the six-year period to31 March 2031. Our principal risks We recognise that the Group is exposed to a wide range of risks, not all of which are listed in our Risk Register (see below at pages 51 to 58). However, when determining our principal risks, we have selected those risks that we believe are likely to have the greatest impact on the delivery of our strategic objectives. Helical’s principal risks fall into the following categories: strategic risks, financial risks, operational risks and reputational risks. When identifying risks, each risk is linked to the Group’s strategic goals (see pages 18 to 21). Risk severity involves assessing both the likelihood of a risk materialising and its potential impact. The Executive Committee assesses the risk severity and reports its assessment to the Board, which is based on: • Understanding the cause of the risk; • Understanding the resources at the Group’s disposal to mitigate the risk; • Estimating the probability of such a risk occurring, both pre and post mitigating actions; and • Assessment of the quantitative and qualitative impact of such a risk materialising. The severity levels determined by the Executive Committee are assessed by the Board. The Board also reviews the mitigating actions to ensure they reduce the risk down to an acceptable level based on the Group’s risk appetite. PRINCIPAL RISKS CHANGE Operational 7 Our people and relationships with business partners and reliance on external partners 8 Health and safety 9 Significant business disruption/ external catastrophic event/ cyber-attacks to our business and our buildings Reputational 10 Poor management of stakeholder relations and non-compliance with prevailing legislation, regulation and best practice Mapping our principal risks The Heat Map below sets out the Board’s assessment of the severity of the Group’s principal risks post mitigation. Probability (post-mitigation) Impact 9 3 6 5 1 10 2 7 8 4 Low Severe Unlikely Probable Governance Financial Statements Further Information 50 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Strategic Risks Strategic risks are external risks that could prevent the Group delivering its strategy. It is these risks which principally impact decision making with respect to the purchasing or selling of property assets. Risk 1: The Group’s strategy is inconsistent with the market Risk appetite: Moderate YoY change in severity: Unchanged Link to strategy: – Growth Responsible Executive: All Executive Directors Description & potential impact Our strategy must remain aligned with the evolving expectations and space requirements of occupiers and adapt to changing market conditions in order to deliver our pipeline. Inconsistency could result in reduced market sentiment and negatively impact our financial performance and strategic ambitions – to acquire and structure, develop, let and asset manage and exit. The quality, location, size and mix of properties in Helical’s portfolio determine the impact of the risk. If the Group’s chosen markets underperform, the impact on the Group’s liquidity, investment property revaluations and rental income will be greater. Mitigating actions & key controls • Robust and established governance and approval processes. Decisions relating to the Group’s strategy, financing and risk appetite are reserved to the Board. Board responsible for authorisation of capital expenditure above delegated authority limits set by the Board annually. • Board continually assesses the viability of the Group strategy with respect to the demand for space in central London. Strategy is discussed at all Board and Executive Committee meetings, with dedicated Executive and Board strategy sessions conducted annually. • Board directly and indirectly engages with the Helical Shareholders on the Group’s strategy and Shareholder feedback considered in strategic execution and decision making. • Group management team highly experienced and adept at interpreting the property market and making changes to the Group’s strategy in light of market conditions and occupier needs. Lean management team enables quick implementation of strategic change when required. • Group maintains rolling forecasts, with inbuilt sensitivity analysis to model anticipated economic conditions. • Continuous occupier engagement to ensure space on offer meets needs of modern occupiers. • We are actively engaged in decisions affecting our stakeholders through membership of industry bodies/professional organisations/local business and community groups. • External advisors/property market experts present frequently to all levels of the business. Risk management continued Review of the Risk Register – March 2025 In assessing the appropriateness of the Group’s Risk Register for March 2025, the Directors considered the Group’s performance, the macro-political and economic environment, and all the business projects currently being undertaken. The Group’s Risk Register is shown below and should be read in conjunction with the Heat Map on page 50: Governance Financial Statements Further Information 51 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Strategic Report Risk management continued Strategic Risks continued Risk 2: Risks arising from the Group’s significant development projects Risk appetite: High YoY change in severity: Increase Link to strategy: – Asset selection Responsible Executive: CEO Description & potential impact The Group is exposed to fluctuations in the market and tenant demand levels over the course of development projects. Development projects often require substantial capital expenditure for land procurement and construction, and typically take a considerable amount of time to complete and generate rental income, or be sold. The risk of delays from legal disputes or failure to get planning approval is an inherent risk of property development. The construction industry continues to be faced with shortages of both labour and materials which creates risk of cost escalation and project delay. There is also a risk of insolvency in the construction sector in 2025. Exposure to developments increases the potential monetary impact of cost inflation, adverse valuation or other market factors which could affect the Group’s financial capabilities and targeted financial returns. Local authority and Governmental emphasis on climate change renders sustainability considerations key in the planning process, and compliance with applicable laws/regulations is essential from the outset of any development. The Group is susceptible to risks that materialise whilst on site and such risks can cause delay and subsequential penalties or deferral of rental income. Mitigating actions & key controls • Board approval required for development related commitments above agreed threshold. • Development plans and exposure to risk are considered in the annual business plan. • Management carefully reviews the prospective performance and risk profiles of individual developments and, in some cases, builds properties in several phases to minimise exposure to reduced demand for particular asset classes or geographical locations over time. • Group conducts developments in partnership with other organisations and pre-lets space to reduce development risk where appropriate. • Management highly experienced and has a track record of developing best-in-class office spaces in highly desirable, well-connected locations. • Detailed planning pre-applications and due diligence conducted in advance of any site acquisition. We utilise our existing, strong relationships with planning authorities and engage at an early stage on all developments. • Rigorous site investigations and surveys conducted by our trusted partners prior to the commencement of on-site works to reduce the risk of development issues arising. • We work with highly regarded suppliers and contractors with whom we have existing relationships and continually collaborate with them to mitigate development risks, minimise cost uncertainty and aid timely project delivery. • KYC/FDD conducted on all contractors with continuous monitoring and assessment of creditworthiness throughout the term of the contract. We typically enter into contracts with our contractors on a fixed price basis and incorporate appropriate contingencies. • Project progress reports presented at each fortnightly Business Update Meeting and at the monthly Executive Committee (“ExCo”) meetings. Board receives all pertinent financial and non-financial information for each asset on a quarterly basis. • Management continuously monitors the cost of materials and pressures on the supply chain. Ongoing consideration given to investing in the most energy efficient machinery and building materials and using renewable sources of energy where possible. • Major projects’ cash flow budgets updated each month and expenditure tracked. Governance Financial Statements Further Information 52 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued Strategic Risks continued Risk 3: Property values decline/reduced tenant demand for space Risk appetite: Moderate YoY change in severity: Unchanged Link to strategy: – Asset selection Responsible Executive: CEO Description & potential impact We are at risk of property values declining through changes in market conditions, including underperforming sectors or locations, lack of tenant demand, deferral of occupiers’ decisions, or general economic uncertainty. Geopolitical tensions can significantly impact property yields, due to increased uncertainty and consequent investor risk aversion. Property valuations are dependent on the level of rental income receivable and expected to be receivable on that property in the future. Therefore, declines in rental income could have an adverse impact on revenue and the value of the Group’s properties. Falling valuations could lead to uncertainty regarding development scheme returns and the viability of future development schemes. The Group’s net asset value and gearing levels will also be impacted by a fall in property values. Mitigating actions & key controls • Diversity of our occupiers reduces risk of over-exposure to one sector. • Regular occupier financial covenant checks conducted ahead of approving leases to limit exposure to tenant failure. • Management accounts showing Group’s performance against financial covenants reviewed by the Board on a quarterly basis. • Management regularly reviews external data, seeks the advice of industry experts and monitors the performance of individual assets and sectors in order to dispose of non-performing assets and rebalance the portfolio to suit the changing market. • Management regularly models different property revaluation scenarios through its forecasting process in order to mitigate against potential impact. • We continue to design and innovate in the areas of sustainability, technology, wellbeing and service provision and, working closely with our managing agents, Ashdown Phillips, we engage with our occupiers to understand their evolving needs and respond quickly and collaboratively to any changing requirements. • Market/customer demand and expectations regarding environmentally sustainable space are monitored. • Continuous monitoring of the property market by the Board and management. The bi-weekly Business Update Meeting considers factors such as new leases, lease events and tenant issues with respect to each property in the portfolio. • With respect to new property acquisitions, detailed report including all key metrics and pertinent due diligence prepared for formal appraisal by the ExCo. Following such appraisal, any acquisition recommended by the ExCo will require formal Board approval. Risk 4: Geopolitical and economic Risk appetite: Moderate YoY change in severity: Unchanged Link to strategy: – Growth Responsible Executive: All Executive Directors Description & potential impact Significant events or changes in the global/UK political or economic landscape may have a significant impact on ability to plan and deliver strategic priorities in accordance with the business model. Such events or changes may result in decreased investor activity and reluctance of occupiers to make leasing decisions. Furthermore, UK Government policy making has the potential to impact London’s desirability from an investor standpoint. Macroeconomic drivers, such as interest rates, can significantly impact pricing in the real estate market and the availability of affordable financing. Geopolitical volatility can foster acute instability in commodities, FX and other financial markets that track straight through to the balance sheet, financial operating model and investor perceptions. This can degrade the macroeconomic conditions on which our strategy is based. Political instability and unrest can have a significant knock-on effect on global economies and trade, leading to changes in market dynamics and influence, such as increasing role of governments in economies and shifts in geopolitical powers. Geopolitical uncertainty from conflict continues to affect global and local economies, e.g. inflationary pressures arising from supply chain shortages, high interest rates and energy costs. These conflicts could escalate or spread to include other countries. Mitigating actions & key controls • Management monitors macroeconomic research and economic outlook considerations are incorporated into the Group’s annual strategic plans. • Management conducts ongoing assessments of the impacts of current macroeconomic and geopolitical concerns and adapts any business decisions accordingly. • Management seeks advice from experts to ensure it understands the geopolitical environment and the impact of emerging regulatory and tax changes on the Group. • Management maintains good relationships and dialogue with planning consultants and local authorities. Where appropriate, management joins with industry representatives to contribute to policy and regulatory debate relevant to the industry. Governance Financial Statements Further Information 53 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued Strategic Risks continued Risk 5: Climate change Risk appetite: Moderate YoY change in severity: Unchanged Link to strategy: – Asset selection Responsible Executive: CEO Description & potential impact Climate change risks continue to increase in prominence and importance. Failing to respond to these risks and make appropriate disclosures (in line with societal attitudes or legislation/regulation), or failing to identify potential opportunities could lead to reputational damage, loss of income or decline in property values. Having strong sustainability credentials is a market differentiator and provides a competitive advantage. There is also the risk that the costs to operate our business (energy or water) or undertake development activities (construction materials) will rise as a consequence of climate change and the actions taken to safeguard against it. The Group is also alert to the physical risks of climate change, e.g. the increasing severity and frequency of extreme weather events which pose threats to real estate assets. Mitigating actions & key controls • Sustainability is a standing agenda item on the Business Update, the ExCo and the Board meetings. • The Group has a dedicated Head of Sustainability who is responsible for ensuring the Group’s objectives and initiatives relating to sustainability are met. • The Group Sustainability Committee reviews the Group’s approach and strategy to climate-related risks and sets appropriate targets and KPIs to effectively monitor the Group’s performance. The Committee reports regularly to the Board and Executive Committee on emerging issues and mitigation plans. • The Board has a designated Non-Executive Director responsible for sustainability. • The Group annually reviews its Sustainability Policy and other related policies, which are distributed to all staff and published on the Group’s website. • The Group conducts detailed scenario analysis of the risks and opportunities that arise due to specific climate-related scenarios on an annual basis to ensure the appropriate actions/responses are taken. This analysis is incorporated into our TCFD Statement. • Sustainability Performance Report produced annually, with key data and performance points externally assured. • Early engagement with supply chain to procure the latest sustainable technology for our developments. • Group operates a sustainability strategy, Net Zero Carbon Pathway and Environmental Management System which include: • Environmental Policy. • Annual (and ongoing) performance targets. • Performance Measures Checklists to ensure minimum sustainability requirements are applied across our development activities. • Checklists to ensure embodied carbon data is collated from development and refurbishment sites. • Group ensures compliance with applicable legal/regulatory frameworks and reports on its sustainability performance and actively horizon scans for new/changes to legislation. • Annual submission to GRESB and CDP. • Property energy usage is collated on a quarterly basis by the managing agents and reviewed by a third party sustainability consultant, with limited external assurance provided by ESG auditors. Governance Financial Statements Further Information 54 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued Financial Risks Financial risks are those that could prevent the Group from funding its chosen strategy, both in the long and short term. Risk 6: Availability and cost of bank borrowing, cash resources and potential breach of loan covenants Risk appetite: Moderate YoY change in severity: Decease Link to strategy: – Liquidity & Financial Management Responsible Executive: CFO Description & potential impact The inability to roll over existing facilities or take out new borrowing could impact the Group’s ability to maintain its current portfolio and purchase new assets. The Group is at risk of increased interest rates on unhedged borrowings. If the Group breaches debt covenants, lending institutions may require the early repayment ofborrowings. The lack of global liquidity has the potential to create significant obstacles for the Group and liquidityrisk could lead to missed opportunities or financial losses. Reduced access to capital markets due to external factors, e.g. global financial crisis, is an ongoingrisk. Mitigating actions & key controls • Group’s financial position is reviewed at each ExCo and Board meeting. • Group conducts bi-annual going concern and viability reviews. • Group maintains good relationships with numerous established lending institutions and borrowings are spread across a number of suchlenders. • Management monitors the cash levels of the Group on a weekly basis and maintains sufficient levels of cash resources and undrawn committed bank facilities to fund opportunities as they arise. Six-year cash flow forecasts and yearly budgets are maintained to plan for investments and raise financing in advance. • Group hedges the interest rates on the majority of its borrowings, effectively fixing or capping the rates over several years. Maturity dates ofborrowings are also spread over several years. • The impact of changes in valuation, interest rates and rental income on financial covenants is closely monitored. Management conducts sensitivity analyses to assess the likelihood of future breaches based on significant changes in property values or rental income. The risk is further mitigated through the obtaining of tenant guarantors/bank guarantees/deposits. • Group has cash and undrawn bank facilities available to it and an appropriate level of borrowings. Governance Financial Statements Further Information 55 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued Operational Risks Operational risks are internal risks that could prevent the Group from delivering its strategy. Risk 7: Our people and relationships with business partners and reliance on external partners Risk appetite: Moderate YoY change in severity: Unchanged Link to strategy: – Growth – Our people and relationships Responsible Executive: All Executive Directors Description & potential impact The Group’s continued success is reliant on its management and staff and maintaining its successful relationships with its joint venture partners. With respect to assets held in conjunction with third parties, the Group’s control over these assets is more limited and joint venture structures may also reduce the Group’s liquidity. Operational effectiveness and financing strategies may also be adversely impacted if partners are not strategically aligned. Ineffective succession planning, or failure to attract, develop and retain the right people with requisite skills, as well as failing to maintain a positive working environment for employees, could inhibit the execution of our strategy and diminish our long-term success. The Group is dependent on a number of external third parties to ensure the successful delivery of its development programme and asset management of existing assets. These include: • Contractors and suppliers; • Consultants; • Managing agents; and • Legal and professional teams. The Group would be adversely impacted by increases in the cost of services provided by third parties. Mitigating actions & key controls Our people • Remuneration Committee oversees the Directors’ Remuneration Policy and reviews and approves incentive arrangements to ensure they are commensurate with market practice. Remuneration is set to attract and retain high calibre staff. Remuneration of executives and all other staff is aligned to Helical’s Purpose, Values and Culture. • Nominations Committee and Board continuously review succession plans, and succession plans for senior and business critical roles are kept under review, supporting the long-term success of the business. • Our annual appraisal process focuses on future career development and employee objectives and formalised through personal development plans. Staff are encouraged to undertake personal development and training courses, supported by Helical. • The Board and senior management engage directly with employees through a variety of engagement initiatives which enable the Board to ascertain staff satisfaction levels and implement changes to working practices and the working environment as necessary. Since , the Group has had a designated Non-Executive Director for workforce engagement on the Board. • The Board promotes an open culture, enabling strategic direction to be fully understood by all staff, and encourages collaboration and sharing of ideas, opportunities and concerns (for example, all staff are invited to the bi-weekly Business Update Meeting). This results in having a high-performing and motivated team. • All-staff training activities and events are organised throughout the year. Business partners • Group nurtures well established relationships with joint venture partners, basing selection for future projects on previous successful collaborations. • Group has a strong track record of working effectively with a diverse range of partners. • Joint venture business plans are prepared to ensure operational and strategic alignment with our partners. External partners • The Group actively monitors its development projects and uses external project managers to provide support. Potential contractors are vetted for their quality, health and safety record and financial viability prior to engagement. • The Group has a highly experienced team managing its properties, which regularly conducts on-site reviews and monitors cash flows against budget. • The Group seeks to actively monitor and maintain excellent relationships with its specialist professional advisors. Governance Financial Statements Further Information 56 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Operational Risks continued Risk 8: Health and safety Risk appetite: Low YoY change in severity: Unchanged Link to strategy: – Asset selection – Our people and relationships Responsible Executive: CEO Description & potential impact The nature of the Group’s operations and markets exposes it to potential health and safety (“H&S”) risks both internally and externally within the supply chain. Compliance with H&S legislation/regulation, specifically building and fire safety regulations, e.g. Building Safety Act 2022, is key. As a real estate developer, we are exposed to public liability risks and there is always the potential for accidents to occur on our sites involving occupiers or employees. Mitigating actions & key controls • Clear tone from the top with respect to safety and wellbeing driven by our ExCo and overseen by the Board. H&S is a standing item on both Board and ExCo agendas and report from external H&S consultant reviewed at both meetings. • Board reviews and is ultimately responsible for the management of potential impacts of building and fire safety regulations, including under the Building Safety Act . • Group reviews and updates its H&S Policy regularly and it is approved by the Board annually. • Group H&S Committee oversees, and drives improved performance in, the H&S aspects of strategies, policies and working practices. The Committee also monitors relevant legal and regulatory developments. • Contractors are required to comply with the terms of our H&S Policy. • Group engages the expertise of an external health and safety consultant to review contractor agreements prior to appointment and ensures they have appropriate policies and procedures in place, then monitors the adherence to such policies and procedures throughout the project’s lifetime. • Ongoing training in H&S is undertaken by our employees as appropriate. • To address public liability risks, through our robust H&S risk management strategies, we ensure our properties are properly maintained, safety protocols are in place and we conduct regular risk assessments to identify and mitigate potential hazards. • The internal asset managers conduct regular site visits and we continually review our assets with input from our external managing agents, Ashdown Phillips, to maintain the condition of our properties and ensuring ongoing compliance with law and regulation. • We have invested in comprehensive public liability insurance to provide financial protection in the event of legal claims arising from injuries or property damage. Risk 9: Significant business disruption/external catastrophic event/cyber-attacks to our business and our buildings Risk appetite: Moderate YoY change in severity: Unchanged Link to strategy: – Growth – Asset selection Responsible Executive: All Executive Directors Description & potential impact The Group’s operations, reputation or financial performance could be adversely affected and disrupted by major external events such as pandemic disease, civil unrest, war and geopolitical instability, terrorist attacks, extreme weather, environmental incidents and power supply shortages. All of these potential events could have a considerable impact on the global economy and our stakeholders. The increasing reliance on and use of digital technology has heightened the risks associated with IT and cyber security. Risks are continually evolving, and we must design, implement and monitor and maintain effective controls to protect the Group from cyber-attack or major IT failure. Misinformation and disinformation may radically disrupt electoral processes in several economies over the next few years. The metaverse and artificial intelligence (“AI”) are two forms of disruptive technology which have been identified as having the potential to reduce the demand for physical office space, and thus impact our strategy. Mitigating actions & key controls • Group has Business Continuity Plans and IT Business Continuity Plans and response procedures that are regularly reviewed and tested. • Group engages and actively manages external IT experts to ensure its IT systems operate effectively, to the highest standards and that we respond to the evolving IT security environment, managing risk and improving technical standards. This includes use of cloud based systems, penetration testing, regular off-site backups and a comprehensive disaster recovery process. The external provider also ensures the system is secure and this is subject to routine testing including bi-annual disaster recovery tests and annual Cyber Essential Plus Certification. • Robust control environment in place for invoice approval and payment authorisations, including authorisation limits. • Staff training and awareness programmes operate throughout the year. • Group periodically instructs external reviews of its anti-financial crime and cyber security frameworks and delivers training to all staff. • Group has disaster recovery plans, on-site security and insurance policies for all assets in the portfolio to deal with any external events and mitigate their impact. • Group’s external property managing agents operate industry standard IT security controls and continuously review their suitability. • Group has broad cyber insurance cover to help mitigate financial losses and liabilities associated with a compromise of sensitive data. Risk management continued Governance Financial Statements Further Information 57 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk management continued Reputational Risks Reputational risks are those that could affect the Group in all aspects of its strategy. Risk 10: Poor management of stakeholder relations and non-compliance with prevailing legislation, regulation and best practice Risk appetite: Low YoY change in severity: Unchanged Link to strategy: – Growth – Our people and relationships Responsible Executive: All Executive Directors Description & potential impact Reputational damage resulting in a loss of credibility with key stakeholders is a continuous risk for the Group. The nature of the Group’s operations and markets exposes it to financial crime risks (including bribery and corruption risks, money laundering and tax evasion) both internally and externally within the supply chain. The Group could attract criticism, negative publicity or financial penalties for failing to comply with prevailing relevant legislation and regulation. As a REIT, the Group is required to adhere to the relevant legislation and failure to comply could result in adverse tax consequences. Mitigating actions & key controls • Board regularly reviews its strategy and risks to ensure it is acting in the interests of its stakeholders. • We ensure strong community involvement in the design process for our developments and create employment and education opportunities through our construction and operations activities. • Group policies and procedures covering applicable legislation and regulation are reviewed/updated and approved by the Board annually. • Group policies and procedures dealing with key legislation and regulation are appended to the Staff Handbook and available to all staff. • Group maintains a strong relationship with investors and analysts through regular meetings. • Group avoids doing business in high-risk territories. The Group has related policies and procedures designed to mitigate bribery and corruption risks and engages legal professionals to support these policies where appropriate. • All staff are required to undertake annual training on AML, bribery prevention and equality, diversity and inclusion. All employees are required to submit details of corporate hospitality and gifts received. Periodically, staff receive anti-financial crime training to enhance their awareness. • Group’s Head of Tax regularly monitors its current and projected REIT compliance. • Group whistleblowing reporting channel enables staff to report wrongdoing confidentially or anonymously. Governance Financial Statements Further Information 58 HELICAL PLC Annual Report and Accounts 2025 Strategic Report We remain committed to the sustainability goals and ambitions we’ve set and constantly seek innovative ways to deliver best-in-class sustainable assets. Sustainability at Helical Governance Financial Statements Further Information 59 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued OUR ENVIRONMENT OUR COMMUNITIES Development pipeline All sites targeting: • EPC A • NABERS 5 or above • BREEAM Outstanding • WELL Shell and Core Platinum Upfront Embodied Carbon • All sites on track to meet or below: –600kgCO 2 e/m 2 for New Builds –380kgCO 2 e/m 2 for Major Refurbishments Operational Energy • All sites on track to be below the 2025 UK Net Zero Carbon Building Limit of: –85kWh/m 2 for New Builds –120kWh/m 2 for Major Refurbishments Charity partnerships Ongoing charity partnerships with LandAid, London City Farms and Hackney Night Shelter with combined donations and fundraising of £30,000. Volunteering Staff completed a total of 253 hours of volunteering, equivalent to an average of 1.5 days per employee. Volunteering included: • A day working with staff at Spitalfields City Farm; • An afternoon spent at the Hackney Night Shelter cooking and cleaning for residents; • Attending a number of in-school sessions with Construction Youth Trust; and • Decorating a St Mungo’s home for elderly homeless people. Engaging with young people A focus on engaging with young people, particularly those from unrepresented groups, demonstrating the number of careers available within the property industry. Activities in the yearincluded: • Partnering with Places for London and their Education Engagement Programme; • Hosting a workshop for International Women’s Day; and • Working with Construction Youth Trust to deliver in-classroom engagement sessions with students and young people. Assets that are either at Stage 4 or further. Progress since the publication of our “Built for the Future” strategy Environmental benchmarks OUR PEOPLE 568 Hours of training 12 Years’ average length of service at Helical 50% Reduction in Scope 1 and 2 emissions 45% Reduction in total energy consumption 100% of assets hold or targeting EPC A or B Supporting our people Our employees are key to the success of the business and provide the next generation of future talent and leadership at Helical. Our success is built on the skills of our staff and therefore finding, developing, rewarding and retaining our people is a key element of our strategy. We foster high staff retention through: • Championing Equality & Diversity • Training and Development Plans • Enhanced Maternity and Paternity Pay • Access to Mental Health First Aiders • Two volunteering days a year 8 Internal promotions to senior positions Governance Financial Statements Further Information 60 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued The built environment is estimated to contribute around 40% of the UK’s carbon emissions and it is therefore imperative that the industry addresses its carbon footprint. Our environmental performance andprogress on our journey to NetZero Carbon As a signatory of the Better Buildings Partnership’s (“BBP”) Climate Commitment, we are required to disclose progress annually against our Roadmap to Net Zero. Our carbon footprint and narrative on progress during the last year is set out below. Energy Our total energy consumption has decreased by 26% in the year due to the vacant possession of 100 New Bridge Street, EC4 and the sale of several assets. However, on a like-for-like basis we have seen an increase in both electricity and gas of 22%. This is due to a combination of refurbishment works and issues with the Building Management System (“BMS”) at The Bower, EC1, which are in the process of being resolved. The Bower, EC1 accounts for over 88% of our total energy consumption across our existing assets and headoffice and therefore provides the greatest opportunity for energy optimisation. We have, therefore, commissioned a feasibility study to remove gas from the building by replacing the majority of the supply with air source heat pumps. Additionally, The Tower, at The Bower, EC1, had its EPC certificate renewed in the year and we were pleased to see the building retain its B rating despite being assessed against the much more stringent Part L 2021 requirements. Carbon As a result of an increase in energy consumption at our existing assets, we have seen our Scope 1 emissions increase by 27% in the year – primarily driven by gas consumption at The Bower, EC1. While we are unable to report against it in this reporting period, we signed a green gas contract for our gas supply at this building and therefore hope to see our emissions fall in future periods. Governance Financial Statements Further Information 61 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued Associated Scope 3 emissions arising from tenant energy consumption have decreased significantly in the period by 62% due to the vacant possession of 100 New Bridge Street, EC4 and the sale of assets in the period. Last year we extended the coverage of our Scope 3 emissions to include purchased goods and services and employee commuting. Across these Scope 3 items we saw a 16% reduction as a result of reduced purchased goods and services. We also assessed emissions arising from business travel in the year, however this was deemed not material and has not been disclosed. Tracking our performance across all scopes of emissions will allow us to identify key areas for improvement across our supply chain and ensure a sustainable business strategy. With three development sites now under construction, we are actively tracking upfront embodied carbon and intend to disclose these emissions in full at the point of practical completion. We are, however, including the emissions relating to the energy consumption, water use and waste generation from our development sites on an annual basis and have included these within the SECR statement below. See below for further details on embodied carbon. Water Total water consumption across our head office, existing assets and development sites decreased by 45% in comparison to the last reporting year, with a decrease of 19% on a like-for-like basis. Wewere pleased to see a reduction in water consumption at The Warehouse, EC1 of 46% as a result of our continued monitoring, optimisations and rain water harvesting system. Waste Our recycling rate was 45%, the same as last year. The majority of recyclable waste comes from occupier waste streams, i.e. food waste, coffee cups, paper, packaging and glass. We have a targetrecycling rate of 50% and we have thereforenot achieved our target for the year. However, of the five sites we collect waste data on, two had a recycling rate of greater than 50%. We will be looking at ways we can increase recycling rates at the underperforming buildings and will includethis as a topic when we host our Green Group meetings. At our development sites we have a target of diverting 95% of waste from landfill. We were pleased to see that 100% of waste is currently being diverted from landfill at both 100 New Bridge Street, EC2 and 10 King William Street, EC4. Operational Carbon Footprint – Tonnes CO 2 e 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 Scope 1 Scope 2 Scope 3 (excluding upfront embodied carbon) Note 1 29% reduction in the past 3 years 10,000 8,000 6,000 4,000 2,000 0 Upfront Embodied Carbon – kgCO 2 e/m 2 The JJ Mack Building, EC1 100 New Bridge Street, EC4 Brettenham House, WC2 10 King William Street, EC4 Paddington, W2 Southwark, SE1 (Student Accommodation) Southwark, SE1 (Affordable Housing) Completed and sold in the year Major refurbishment target New build target 800 600 400 200 0 Average Energy Intensity – kWh/m 2 Existing Portfolio Estimated – Major Refurbishments Estimated – New Builds Estimated whole building operational energy at RIBA Stage 3 or 4. 160 120 80 40 0 Renewable Energy Generation – kWh 31-Mar-24 31-Mar-25 50,000 40,000 30,000 20,000 10,000 0 Note 1 – We have increased the coverage of our Scope 3 emissions in the year. We have readjusted the prior year Scope 3 to enable a like-for-like comparison, however the three years preceding this do not include this additional coverage. Governance Financial Statements Further Information 62 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued Streamlined Energy and Carbon Reporting (“SECR”) disclosure Our SECR disclosure presents our carbon footprint across Scopes 1, 2 and 3, together with anappropriate intensity metric and our total energy use of electricity and gas.  March   March  Gross internal Floor Area (m  ) , , Scope  emissions and direct energy use Emissions associated with combustion of fuel (tCO  e)   Emissions associated with operation of facilities (refrigerant gas) (tCO  e) – – Energy use of combustion of fuel (kWh) ,, ,, Scope  emissions and indirect energy use Emissions associated with purchased electricity, heat, steam and cooling usage (tCO  e)   Emissions associated with head office electricity usage (tCO  e)   Emissions associated with purchased electricity – location based (tCO  e)   Emissions associated with purchased electricity – market based (tCO  e)   Energy use of purchased electricity, heat, steam and cooling (kWh) ,, ,, Energy use of electricity at head office (kWh) , , Scope  emissions and indirect energy use Purchased goods and services (tCO  e) , , Fuel and energy related activities (tCO  e)   Waste generated in operations (tCO  e)   Employee commuting (tCO  e)   Downstream leased assets – tenant emissions (tCO  e)  , Downstream leased assets – tenant energy (kWh) ,, ,, Emissions and energy use totals Absolute emissions Scope  and  – location based (tCO  e) , , Absolute emissions Scope  and  – market based (tCO  e)   Total energy use Scope  and  (kWh) ,, ,, Intensity measures Emissions per m  gross internal area (tCO  e/m  /year) . . Energy use per m  gross internal area (kWh/m  /year) . . Emissions per revenue (Scope & tCO  e/£m) . . Emissions and energy use totals like-for-like Absolute emissions on a like-for-like basis (tCO  e) ,  Energy use on a like-for-like basis (kWh) ,, ,, Intensity measures like-for-like Emissions per m  gross internal area on a like-for-like basis (tCO  e/m  /year) . . Energy use per m  gross internal area on a like-for-like basis (kWh/m  /year) . . * Using location-based emissions. Using landlord-only emissions. Our SECR reporting methodology For our SECR disclosure we have used the operational control consolidation method, as thisbest reflects our property management arrangements and our influence over energy consumption. Included in our operational control data are emissions and energy usage from our existing assets (including 100% of emissions from joint venture properties) and head office usage. Where we have purchased energy, which is sub- metered to occupiers, this is itemised separately. We have included usage and emissions from our development sites and refurbishment sites as these are still considered under our operational control. We have used DEFRA Environmental Reporting Guidelines and the Greenhouse Gas Protocol to calculate our emissions. Third party verification EcoAct was engaged by Helical to provide independent third party limited verification of itsdirect (Scope 1) and indirect (Scope 2 and selected Scope 3) greenhouse gas emissions, as detailed in the Company’s carbon footprint SECR statement for the period from 1 April 2024 to 31March 2025. Based on the data and information provided by Helical and the processes and procedures followed, nothing has come to EcoAct’s attention to indicate that the GHG emissions totals for 31 March 2025 are not fairly stated and are free from material error. This conclusion should be read in conjunction with EcoAct’s full ISO 140643 limited verification statement available in the Sustainability Performance Report 2025 on our website. Governance Financial Statements Further Information 63 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued We acknowledge the profound influence our development and management activities can haveon our neighbourhoods, tenants and the local economy. Not only are we able to support communities through corporate giving and fundraising but also via direct involvement through staff volunteering. We are pleased that in the year Helical staff were able to expand on their volunteering hours from the previous year and have each completed in excess of 12 hours per employee for the year. The following captures some key activities in the year, however please seeour full Sustainability Performance Report formore details. Creating social value within the communities in which we operate is a fundamental aspect of our business ethos. 253 hours Staff volunteering £30,000 Raised or donated to charities 2,958 Young people engaged through the Education Engagement Programme Helical staff participate in the Landaid Trek Governance Financial Statements Further Information 64 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued Charity partnerships and volunteering We continued to support our long-standing charitable partnerships throughout the year, including: The LandAid Trek In September The “WalkaHelics” successfully completed the challenging LandAid Trek, hiking 27km across the Black Mountains. They enjoyed atough but beautiful day with a backdrop of spectacular scenery and were delighted to raise over £11,000 and be crowned Team Fundraising Champions, supporting LandAid’s work to end youth homelessness, having raised over £11,000. The Trek raised over £100,000 in total with all funds raised supporting charities and projects throughout the UK providing vital lifelines to young people who have nowhere else to turn. London City Farms Helical again donated to London City Farms, supporting their provision of space and education to London families since 1972. In August, staff spent the day volunteering at London City Farms supporting the excellent in-house team with maintenance, housekeeping and animal welfare work. Despite the heat the Helical team worked tirelessly conducting repairs, painting fences, cleaning, sweeping, draining the duck pond, clearing nettles and mucking out the animals. Participants learned about the extensive community work conducted by London City Farms to support their key objectives which include providing free-to access, inclusive space for the public; advancing education for all in agriculture, horticulture and country life; protecting and improving the natural environment; and promoting humanity and morality by advancing education in the care and consideration of animals. Hackney Night Shelter In January, a team from Helical spent an afternoon volunteering at Hackney Night Shelter which has been providing shelter and support to homeless guests for over 25 years and is run almost entirely by a large community of volunteers. lobby) detailing types of lighting, furniture and colour advice for the service. Three members of the Helical team joined Mace for a day of decorating and DIY works to deliver a truly transformed space. In total the project delivered £200,000 of social value, £29,500 materials were donated and 523 hours were volunteered. The Reading Real Estate Foundation – The Worshipful Company of Chartered Surveyors and Pathways to Property (“WCCS”) Helical is a proud supporter of the WCCS Bursary Programme, having sponsored a number of students over the past seven years. Launched in 2012, the Pathways to Property project aims to widen access to the real estate and planning profession by raising awareness of and aspirations about the vast range of careers available within the sector. Led by the Reading Real Estate Foundation (“RREF”) at Henley Business School, University of Reading, the project was established as a response to therecognised lack of diversity in the industry. Through a successful outreach programme, the project exposes students from less advantaged and non-traditional backgrounds to opportunities within the property industry. The group met with one of the directors of Hackney Doorways who explained the way the shelter is funded and operated, the demand on services, the changing landscape of homelessness and the charity’s plans for the future. Helical volunteers spent the afternoon completing housekeeping, decorating and maintenance jobs around the centre as well asshopping for and preparing the evening mealfor the guests staying at the shelter. St Mungo’s We were pleased to be able to support Mace and their supply chain in the redesign and refurbishment of a St Mungo’s care home in North London. The home is a registered care home in Islington for men aged 45 years+ with a history of homelessness. Residents have complex multi-morbidities, and the existing layout of the shelter did not accommodate mental health or dementia. Mace were involved in redesigning several communal rooms following PID (psychologically informed design) principles, to give a more homely and welcome feel to residents who are living there long-term. The Mace architects and design team provided inclusive designs for six rooms (tea room, library, dining room, arts room, staff office and entrance Renovation completed at St Mungo’s The “WalkaHelics” at the LandAid Trek In 2020, The Worshipful Company of Chartered Surveyors and Pathways to Property began their partnership, with the aim of supporting students from more diverse backgrounds – financial and cultural – to enter the property industry. This support is offered in the form of bursaries to support Pathways to Property participants to enterHigher Education. Helical is pleased to be supporting Raihan Chowdury for three years and will not only be providing financial support but will offer professional mentoring, work experience andexposure to property professionals. Everything about the university is amazing and I could not be more grateful for this opportunity with the WCCS, and I thank Helical for the early support, giving a nice insight to their business.” — Raihan Chowdury Governance Financial Statements Further Information 65 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued Inspiring the future generation of property professionals Educational Engagement Programme withPlaces for London Helical is pleased to be a partner in the Places forLondon Educational Engagement Programme with the aim to inspire the next generation of young people into the built environment sector. The Platinum Portfolio Joint Venture is keen to use the scale of its programme to encourage young people into the industry. This is vital given research has shown that an additional 22,800 workers are expected to be required to meet construction demand in Greater London by 2027. Following a competitive process, Places for London selected Construction Youth Trust as its Educational Engagement Programme delivery partner. Construction Youth Trust helps to bring together schools, young people and employers (including role models from across the built environment industry), so that students, as well as teachers and parents, can learn more about the industry and the impact it has. Over the course of the next three years, Places for London, their joint venture partners, including Helical, and Construction Youth Trust aim to reach 6,750 young Londoners through a range of inspirational workshops and intensive programmes to support young people’s progress into built environment careers. During our first year in partnership we’ve begun to address the significant challenge facing our sector regarding the low recruitment rates of young Londoners, especially those from ethnically diverse backgrounds and women. Through a series of programmes, including work experience placements, in-school sessions and career events, we’ve worked to attract, inspire and support a new generation into the built environment. Some of the key achievements in the year include: 1. Built Relationships with Schools across London: In year 1, we surpassed our goal of engaging with 10schools and instead established connections with 12 schools across London, specifically targeting those with demographics underrepresented in oursector. This targeted engagement allowed us toreach 2,958 young people, 72% of whom were from minority ethnic backgrounds. 2. Facilitated Work Experience Placements: 96 young people participated in experiential activities across our partner schools, including 36work experience placements. The impact of these programmes is highly effective in raising awareness of the jobs available for young people in the sector, with 79% of participants reporting anincreased knowledge of jobs in the sector following their placements. 3. Engaged with Cross-partnership Volunteers: The success of the first year would not have been possible without the dedication of volunteers from across the partnership. Connecting young people with relatable industry role models has proven to be a powerful way to engage and inspire them, allowing them to envision their own success in the future. With 119 volunteer hours across partnership volunteers, we’ve supported an array of young people to see themselves in our sector. Participants at our IWD workshop A group of school students visit our 10 King William Street site Celebrating International Women’s Day In March, Helical welcomed a cohort of young women studying at Reading University for an intensive half day workshop in celebration of International Women’s Day. The workshop was hosted by our Senior Development Executive Nikki Dibley and our Headof Sustainability Laura Beaumont. Our CEO, Matthew Bonning-Snook, gave a presentation tothe students and two of our Non-Executive Directors, Sue Clayton and Amanda Aldridge, spoke about their careers and experiences within the property industry. The group first attended a “fireside chat” withSueClayton where they were able to ask questions about her long and varied career, how tonavigate the industry as women and hear ofthe challenges that can still be faced today. Thiswas followed by a deep dive session into Investment Appraisals and how we appraise potential acquisitions at Helical, considering risks, access tofinance, rental returns, capital costs etc. Shortly before lunch the students had the opportunity to network with everyone at Helical before starting the team task. The participants were split into three groups and were tasked with creating a brand identity and marketing campaign for our Paddington, W2, development before presenting back their ideas to a panel of Helical staff with a prize given to the winning team. It was such an insightful and motivating session, andeveryone at Helical was so welcoming. I really appreciate the time and effort that you all put in to making the event such a valuable and memorable experience. It was a super way to celebrate International Women’s Day! As someone who is quite new to the world of real estate, these kinds ofevents are so beneficial for getting a better understanding of what life in the real estate industry actually looks like and I left feeling extremely inspired. Spending the day with so many engaging RE professionals in a working environment provided a great learning opportunity and I really did gain lots of new ideas and perspectives.” — IWD Participant Governance Financial Statements Further Information 66 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued How we support our people Helical has a small core team but works closely with trusted partners across multiple disciplines. Our success is built on the skills of our staff and therefore finding, developing, rewarding and retaining our people is a key element of our corporate strategy. At Helical we encourage an open and inclusive Culture as we believe this creates a collaborative and focused approach to achieving the Group’s aims and aspirations, encouraging individuals to proactively suggest ideas and opportunities for the benefit of the business and the people. This Culture is further supported and encouraged through Helical’s Values, further details of which are set out in the Our stakeholders – Section 172(1) Statement on pages 81 to 95. 1. Championing Equality & Diversity: Diversity is important in helping Helical achieve its strategic aims. By ensuring that Helical is a diverse business, the Group benefits from a variety of experiences and perspectives, stimulating creativity and contributing to our open and cohesive Culture. In a further commitment to this ethos, during the year we rolled out Equality & Diversity training to all Helical staff covering a range of topics that may arise both inside and outside of the workplace and providing Helical staff greater confidence to champion key learning every day. 2. Training and Development Plans: Training needs are assessed on an individual basisand everyone at Helical has a Personal Development Plan which sets out their long-term career ambitions at Helical and beyond. These plans are reviewed by line managers on a regular basis and opportunities are continually offered to staff to further their knowledge and experience. Allemployees are actively encouraged to attend training that enhances their knowledge and benefits the business. Over the year, our staff undertook 568 hours of training and development – an average of 3.6 days per employee. 3. Enhanced Maternity and Paternity Pay: We understand how important it is for new parents to settle into family life and therefore offer an enhanced maternity pay of six months’ full pay andenhanced paid paternity leave of four weeks. 4. Access to Mental Health First Aiders: 15% of our workforce have completed the two-day Mental Health First Aid training. They meet on a quarterly basis to discuss how best to engage staff, exchange ideas on how to champion wellbeing practices and implement these initiatives in a way that is inclusive to all staff. 5. Two Volunteering Days a Year: We believe there are far reaching benefits to volunteering and encourage our staff to participate in a number of different volunteering activities in the year. Further details of the volunteering activities undertaken during the year can be found in the Our Communities section on pages 64 to 66. We aim to attract, inspire and engage a talented workforce, that flourishes and is proud to work for Helical. Governance Financial Statements Further Information 67 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability at Helical continued Fran Young has been promoted to Senior Asset Manager. Fran joined Helical in 2012 and is a key member of the asset management team, which looks after the Group’s investment assets. Lesley Dodd has been promoted to Group Financial Controller. Having spent the last 11 years at Helical, Lesley is responsible for managing the Group’s financial operations, including the coordination of the consolidated financial statements, day-to-day accounting function andthe Group’s joint venture reporting. Martin Bramhill has been promoted to Head ofTax. He joined the Group in 2013, where hisresponsibilities include managing all of theCompany’s tax affairs alongside providing wider support to the finance team. Lucy Miller has been promoted to Property and Finance Executive. She joined Helical in 2017 and is responsible for treasury management. More recently, Lucy has become involved in the asset management function, working closely on the implementation of the serviced office provision atThe Bower, EC1 and occupier liaison. Promoting home grown talent Committing to investing in our people has been acentral underpin to the success of our business over the years and in recognition of this sentiment we were pleased to promote a number of internal staff to senior positions in the year. As set out in more detail in the Nominations Committee Report on pages 110 to 116, Chief Operating Officer and Company Secretary James Moss joined the Board with effect from 1April 2025 as Chief Financial Officer Designate and will become Chief Financial Officer at the AGM on 17 July 2025 on the retirement of Tim Murphy. James joined Helical in 2014 and has extensive financial and real estate experience, particularly in leading on corporate finance projects and working with joint venture partners. Rob Sims has been promoted to the newly created role of Chief Investment Officer. Rob joined Helical in 2018 and has been closely involved in the delivery of a number of significant development projects – notably The JJ Mack Building, EC1 and 100 New Bridge Street, EC4. Inhis new role, Rob will manage the execution of new transactions, corporate structuring matters and financial and investment analysis across theportfolio. Eleanor Gavin has been made Group Company Secretary. Eleanor, who has been with the business for five years, brings 11 years of corporate governance experience to the role and joined the Executive Committee on 1 April 2025. Matt Redgrove has stepped up to the role of Senior Development Executive. Having joined Helical in November 2023, Matt is responsible forthe ongoing development of 100 New Bridge Street, EC4, the comprehensive refurbishment ofBrettenham House, WC2, and Helical’s joint venture project with Places for London inPaddington, W2. Health and wellbeing We provide our employees with a range of benefits, services and support whilst encouraging them to take a proactive role in their own wellbeing. We are mindful of individuals’ physical and psychological safety and embed “agile” ways of working to ensure our employees have a good work-life balance. We also promote wellbeing through a number ofbenefits including paid-for gym membership, medical insurance, a cycle-to-work scheme, the availability of fruit and healthy snacks at the office and a weekly breakfast club for staff. These initiatives were all implemented by our group of Mental First Aiders, being 15% of our workforce, who have completed the two-day Mental Health First Aid training. They meet on aquarterly basis to discuss how best to engage staff, exchange ideas on how to champion wellbeing practices and implement these initiativesin a way that is inclusive to all staff. As a small team we recognise how important it is foster an open, understanding and compassionate culture, and throughout the year we host a number of events for staff, giving them the opportunity to spend time together outside the workplace and team building. Staff workshop In June staff participated in the second in our series of in-house workshops designed to bring staff together and participate in an activity based around an area of expertise of one of their colleagues. The focus of this particular workshop was sustainability and included a high-level overview of how we are addressing sustainability in our buildings from our Head of Sustainability. This was followed by a team exercise whereby staff were tasked with insulating a “building” using a selection of sustainable and less sustainable materials with the aim of keeping a cup of tea hot. The session finished with an expert talk from one of our architects giving insights into new technologies and innovations in sustainable design.  March  Total number of staff Average length of service (years) Executive Directors  . Senior management (Executive Committee and direct reports)  . All employees (full-time and part-time)  . Gender Diversity 6 13 Executive Directors Senior management All employees 2 12 10 Male Female A commitment to investing in our people and platform has been a central underpin of our success over the years. Each and every one of the recently promoted individuals, with a combined 50 years of experience at Helical, are playing an important role in enabling us to deliver on our strategy, at what is a very exciting time to be developing and investing in the London commercial real estate market.” – Matthew Bonning-Snook, Chief Executive Officer Governance Financial Statements Further Information 68 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Health & Safety We have a clear and comprehensive approach toHealth & Safety (“H&S”) and are committed tocreating the very best working environment for those that work directly for Helical or indirectly atourmanaged assets or development sites. Employees Creating a safe environment for our employees tothrive, prioritising both their physical and mental health, remains our top priority. We offer our staff ongoing internal and external training which in 2025 totalled 568 hours per employee. Trainingincluded: • Anti Money Laundering and Bribery Prevention • Fire Marshal • Emergency First Aid • The Samaritans – Wellbeing in the Workplace • Equality & Diversity Training Managed portfolio We take proactive measures to guarantee the safety and wellbeing of our tenants, visitors and the community in and around our buildings. This involves embedding best H&S practices within our design, construction, maintenance and operation practices, while also fostering a collaborative approach with our on-site facilities team. Examples of some of H&S procedures include: • Bespoke property specific H&S Risk Assessments independently assured; • Actions logged on Risk Wise, a H&S and Compliance Portal Reporting methodology; • Fire evacuation procedures; • Monthly H&S audit checks; • Training for on-site staff including Asbestos, Legionella and general H&S; • All permits to work for properties are completed on site either via site permit logs or electronically via Risk Wise; and • For our larger properties we hold a Threat Analysis Document and Emergency Response Document. Developments H&S forms the top agenda item on allproject meetings and all of the design and construction teams must provide reports to Helical so that all matters are brought to the team’s attention immediately. For our developments we engage with an external H&S consultant to monitor all activities and provide briefings on industry best practices to ensure we continue to be aligned to the latest legislative requirements. We also work collaboratively with allcontractors to ensure there is a coordinated and clear H&S protocol in place across the supply chain, seeking to adopt any learnings from these suppliers where possible. To ensure we implement learning from project toproject we undertake comprehensive internal reviews of successes and failures in an effort to continually improve our approach. We have an established H&S Committee who meet on a monthly basis with the contractors attending where appropriate. As well as internal and independent H&S monitoring of our construction sites, our supply chain is required to achieve specific stretch targetscores for the Considerate Constructors Scheme (“CCS”). The emerging Building Safety Act (“BSA”) legislation is at the forefront of our thinking at Helical. We have engaged a Corporate H&S Advisor to undertake a review of our existing pipeline to ensure ongoing compliance and will continue to monitor this as it evolves. A key part of the review is to ensure that we have the necessary policies and procedures in place to deliver our projects in line with the legislation, with a particular focus on making sure we have the necessary roles and competencies within our professional teams. All new joiners to the business complete a comprehensive onboarding programme which includes detailed information on our H&S procedures. Our procedures include: • Demonstration of Helical’s fire evacuation procedure and review of fire escapes, fire extinguishers and fire evacuation point; • Reviewing the location of the first aid kits anddefibrillator; • Introduction to Helical’s H&S Committee, to Helical’s fire wardens, first aiders and mental health first aiders; • New joiners are also walked around the office and shown how to operate any mechanical or electronic equipment they may require; and • They are also shown the welfare facilities withinthe office such as the showers, private spaces, the free fruit provided to staff and the staff welfare policies and benefits are explainedin detail. Sustainability at Helical continued Governance Financial Statements Further Information 69 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sustainability linked loan Revolving Credit Facility In September 2024, we signed a new Revolving Credit Facility which included three updated Sustainability KPIs. We set out below our performance against each ofthese KPIs. KPI 1 Embodied Carbon Rationale: With a busy pipeline of developments alongside adecreasing portfolio of existing assets, upfront embodied carbon will increasingly become the largest proportion of our overall Scope 3 carbon emissions. Driving down these emissions is a key strategic focus for the business and with the newly released UK Net Zero Carbon Building Standard (Pilot Version), we now have industry guidelines, targets and limits to align to. Overall target: Reduce the upfront embodied carbon intensity (A1-A5) in line with the UK Net Zero Carbon Building Standard for all relevant developments and major refurbishments. Developments will beassessed at RIBA Stage 4 and at Practical Completion. March 2025 target: When setting the year to 31 March 2025 target, theUK Net Zero Carbon Building Standard had not yet been released, therefore an interim target was set for this year with future years aligning to the new Standard. Performance: Target met for one of the three assets, and therefore overall target has not been met. Calculated by: Long and Partners Ltd KPI 2 BREEAM Certification Rationale: The Building Research Establishment Environmental Assessment Method (“BREEAM”) isan environmental assessment methodology forcommercial buildings. It sets out best practice standards for the environmental performance of buildings through their design, construction and operational phases. BREEAM is the most widely used environmental assessment for buildings in the world. Overall target: Achieve a BREEAM rating of “Outstanding” across all new developments and major refurbishments. March 2025 target: Achieve a BREEAM rating of “Outstanding” across all new developments and major refurbishments. Performance: Target met. We received a design stage certificate for 100 New Bridge Street, EC4 in the year achieving an “Outstanding” rating. Verified by: N/A KPI 3 Volunteering Hours Rationale: Volunteering gives employees the chance to build connections with their local communities and give back to society while working on issues they feel passionate about. Within this KPI there is a focus on increasing the level of skills-based volunteering that is undertaken within local communities to ensure that the KPI is meaningful and material to Helical. Overall target: Increase volunteering hours to an average of 16hours per employee by 2027, split between eighthours of skilled volunteering and eight hours non-skilled. March 2025 target: Twelve hours of non-skilled volunteering peremployee. Performance: Target met. For the year to 31 March 2025, there was a total of 253 hours of volunteering, an average of 12.1 hours per employee. More details on the activities we undertook can be found on pages 64 to 66. Verified by: EcoAct Limited Sustainability at Helical continued Governance Financial Statements Further Information 70 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Climate change continues to be one of the greatest long-term challenges we face. In an effort to improve transparency, the Task Force on Climate-related Financial Disclosures (“TCFD”) framework provides guidance on how to improve reporting onclimate-related financial risks and opportunities. TCFD Report The TCFD Framework addresses four key areas: 1 2 3 4 Governance Strategy Risk management Metrics and targets See page 72 See page 73 See page 74 See page 80 Introduction At Helical, we support the TCFD recommendations and we believe our TCFD disclosure will support stakeholders in assessing our exposure to climate-related risks and opportunities and aid informed decision making. We set out below our climate-related financial disclosures consistent with all of the TCFD recommendations and recommended disclosures, being the four TCFD recommendations and the 11 recommended disclosures set out in Figure 4 of Section C of the report entitled “Recommendations of the Task Force on Climate-related Financial Disclosures” published in June 2017 by the TCFD. In making our assessment of consistency with TCFD recommendations and recommended disclosures, we have considered TCFD Guidance for All Sectors, Supplemental Guidance for Non Financial Groups, where appropriate, and other relevant TCFD guidance. Governance Financial Statements Further Information 71 HELICAL PLC Annual Report and Accounts 2025 Strategic Report TCFD Report continued The Board’s oversight of climate- related risks and opportunities The Board has ultimate responsibility for risk management within the Group. The Board sets therisk appetite of the Group, establishes a risk management strategy and is responsible for maintaining a robust internal control system. Part of this risk management approach is considering those risks posed by climate change. The Board considers the impact of volatile weather patterns, shifts in stakeholder behaviour and availability of climate resilient technology to assess the potential implications for the business and set out a suitable mitigation plan. At Board level, Sue Farr has been appointed the designated Non-Executive Director responsible for ESG matters (see page 100 for SueFarr’s biography). The Audit and Risk Committee is a Board Committee formed of Non-Executive Directors and meets quarterly. It supports the Board byevaluating the effectiveness of the risk management procedures and internal controls throughout the year. The Executive Committee is responsible for theday-to-day operational application of the risk management strategy and ensuring that all staff are aware of their responsibilities. It reports to both the Audit and Risk Committee and directly to theBoard on the operation of the Group’s Risk Management Framework. The Sustainability Committee meets quarterly and is chaired by Helical’s Chief Executive Officer and is made up of a cross-functional team including the Head of Sustainability, Head of Asset Management and Senior Development Executives. Collectively they are responsible for new developments, refurbishments and building operations. The Sustainability Committee has the required knowledge to actively manage the climate change risks and opportunities faced by the Group. It engages with relevant stakeholders todetermine the impacts on financial planning, strategy, relevant targets and key priorities. It is responsible for implementing policies which promote the long-term sustainability of the Group and facilitate informed decisions to minimise Helical’s impact on climate change. The Head of Sustainability reports directly to our Chief Executive Officer and provides regular updates to the Executive Committee on progress against targets and the wider sustainability strategy. A formal presentation is given to the Board on an annual basis or more often as required. Activities in the year Governance Audit and Risk Committee Ensures climate-related risks and capital expenditure are appropriately reflected in our financial statements and portfolio revaluation. Also ensures climate-related risks are appropriately identified, monitored and managed. The Committee typically meets four times per year. Remuneration Committee Ensures climate-related aspects are appropriately included in executive remuneration. The Committee typically meets at least three times per year. Nominations Committee Ensures climate and environmental skills, knowledge and experience are considerations when assessing the Board’s composition and the identification of any skills gaps. The Committee meets as required and at least twice per year. The Board Overall accountability for climate-related risks and opportunities. Executive Committee Overall responsibility for oversight of climate-related risks and opportunities and typically meets monthly. Sustainability Committee Day-to-day oversight of climate-related risks and opportunities and meets quarterly. • The Board reviewed the decarbonisation opportunities at The Bower, EC1, including the capital requirements to upgrade existing systems to an all-electric solution. • The Audit Committee reviewed the findings fromthe ESG data verification process and recommended improvements. • The Remuneration Committee approved new ESG targets for staff and Director corporate bonuses. • The Executive and Sustainability Committee reviewed the impact of the UK Net Zero Carbon Building Standard and the gap analysis performed on each of our development assets. Governance Financial Statements Further Information 72 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Climate-related risks and opportunities the organisation has identified over the short, medium and long term At Helical, we identify development opportunities which will allow us to deliver buildings that meet the needs of today’s occupiers. The buildings wedevelop can be in use for up to 60 years; wetherefore consider the whole building life cyclewhen reviewing climate-related risks. Within our business we consider the short, medium and long-term time horizons to be 0-3, 3-5 and 5-15 years linking to the period we develop, hold and lease our properties. We also recognise that climate-related issues, in particular physical risks, are often (but not exclusively) linked to the medium to long term. In line with our approach to effective risk management, Helical defines whether a risk or opportunity is “principal” by the likelihood of it occurring and the potential impact it may have. Weconsider climate change to be a principal risk to the business due to the transitional risks and their potential impact on rental values, building valuation and our ability to attract and retain occupiers. Ourfull approach to defining principal risk is found on page 50. Management’s role in assessing andmanaging climate-related risks and opportunities Our sustainability strategy “Built for the Future” sets out our ambitions in respect of our development and asset management activities and our long-term vision for Our Environment, Our People and Our Communities. It details guiding principles on how to operate our business in a sustainable way while also ensuring future long- term growth. Our strategy is led by our Head of Sustainability and is implemented by the wider Sustainability and Executive Committees. Assessing related risks and opportunities The Sustainability Committee is responsible for identifying and assessing climate change risks in relation to our operations, environmental ambitions and performance against our targets. Climate-related risks are captured in our Risk Register and are overseen and reviewed by our Audit and Risk Committee. Whilst the Board is ultimately responsible for the management of risk, the Group is structured in such a way that risk identification, assessment, management and monitoring occur at all levels of the Helical team. Roles and responsibilities with respect to risk are well established and the close working relationships existing between senior management and our Executive Committee enhance our ability to manage our risks. The identification of risk occurs primarily at Board level through application of Helical’s Risk Management Framework (see pages 48 to 49). As part of this process, the Risk Register and corresponding Risk Heat Map are produced. Physical risk and opportunities Physical risks are typically defined as risks which arise from the physical effects of climate change and environmental degradation. Whilst in the short to medium term, focus remains on transitional risks, we see a gradual increase in focus on physical risks such as flash flooding and overheating. These risks can be categorised either as acute – ifthey arise from climate and weather-related events and an acute destruction of the environment – or chronic – if they arise from progressive shifts in climate and weather patterns or a gradual loss of ecosystem services. In 2022 we undertook a physical climate risk modelling to quantify the potential impacts of climate change on London under a range of futureemissions scenarios. We have conducted aphysical risk scenario analysis, including future climate scenarios with global temperature increases of approximately 1.5°C (RCP2.6), 2°C(RCP4.5) and 4°C (RCP8.5). The evolving physical risks presented by the changing climate are classified as a significant emerging risk to the Group. For more information on our emerging risks, please see pages 47 to 48. Transition risk Transition risk generally refers to the uncertainty associated with the timing and speed of adjusting (adapting) to an environmentally sustainable economy. When considering the transition risks and opportunities for different scenarios, we have taken into consideration our proactive stance withregards to climate change, as set out in theclimate-related goals and objectives in our sustainability strategy “Built for the Future”, ourdesign guide “Designing for Net Zero” andour“NetZero Carbon Pathway”. The Board meets at least twice a year to assess the appropriateness of the Risk Register, considering the macroeconomic environment, current projects and performance and past experience. All risks, including climate-related risks, are assessed in terms of impact on the business and the severity of the risk. Risk severity involves assessing both the likelihood of a risk materialising and its potential impact. The Executive Committee assesses the risk severity and reports its assessment to the Board for review. The Board also considers the mitigating actions to ensure they reduce the risk down to an acceptable level based on the Group’s risk appetite. More details on our approach to risk management can be found on pages 47 to 58. Strategy TCFD Report continued Governance continued Governance Financial Statements Further Information 73 HELICAL PLC Annual Report and Accounts 2025 Strategic Report The process for identifying and assessing climate-related risks Risk is an integral part of the Group’s business activities and Helical’s ability to identify, assess, monitor and manage its risks is fundamental to its financial stability, continuing performance and reputation. When making business decisions, the Board of Helical assesses all potential risks faced, including climate-related risks, and considers theeffect that such risks could have on the achievement of the strategic priorities and the long-term success of the Group. We also engaged our sustainability consultants, RPS, to perform scenario planning for us and present the risks andopportunities under the modelled scenarios. Transition risks were identified and discussed between senior members of the Helical team withinput from sustainability colleagues and external consultants. The risks were then reviewed in terms of impact and likelihood, in line with our business-wide risk assessment processes. We have estimated some of the financial impacts, however due to insufficient data not all risks andopportunities could be fully modelled for financial impact. The process of managing climate- related risks and how processes for identifying, assessing and managing climate-related risks are integrated into the organisation’s overall risk management We have an established Risk Management Framework (see further details on pages 47 to 58) which underpins how we manage risks, including climate-related risks. Encompassed within the Risk Management Framework is the Board’s responsibility to maintain and monitor the Group’s system of internal controls. Such a system is designed to manage, rather than eliminate, the risk of failure toachieve business objectives. Helical’s internal controls are designed to provide reasonable assurance in the following areas: • Effectiveness and efficiency of operations; • Reliability of financial reporting; and • Compliance with applicable laws and regulations. It is the responsibility of the Board to ensure that the Group’s internal control system is effective in preventing losses from risk events, or identifying risk events, and taking corrective action when theyoccur. Our aim is to manage each of our risks and mitigate them so that they fall within the risk appetite level we are prepared to tolerate for each risk area. Risk appetite reflects the overall level of risk acceptable with regards to our principal business risks. Helical’s risk appetite is driven by the business strategy. The overall risk appetite is moderate to low and appropriate mitigating actions are taken to reduce the severity of the risk. Further information on the Group’s risk appetite can be found on page 47. We have used the CCC’s 6th Carbon Budget (the“Buildings” section) to inform our scenario basis, with three distinct scenarios defined as: Balanced Implementing new and upgrading existing energy efficiency measures in all commercial buildings; significantly scaling up the market for heat pumps as a critical technology for decarbonised space heating; expanding the rollout of low carbon heat networks in heat dense areas; and facilitating a potential role for hydrogen in heating. Headwinds While there is some degree of behaviour change and innovation/ implementation in low carbon technology, there are no widespread behavioural shifts or significant policy/ market driven reductions in the costs oflow carbon design and technology for buildings. Tailwinds Through significant consumer behavioural changes and the widespread implementation of energy efficiency measures, an early and rapid rate of decarbonisation in buildings is realised over a short to long-term horizon. We have aligned our strategy to a 1.5°C warming scenario, however we have also reviewed 2°C and4°C warming scenarios. Resilience of the organisation’s strategy considering different climate-related scenarios Our strategy is to acquire poor performing andinefficient “brown” buildings and reposition these through a redevelopment programme tocreate buildings which meet the needs of futureoccupiers. Our properties are exposed to climate-related risks such as rising temperatures. We ensure a high degree of resilience in our new developments and regeneration of older properties by setting high standards for sustainability, which includes climate-related aspects. Our strategies “Built for the Future” and “Net Zero Carbon Pathway” set out how we will mitigate climate change and adapt to the effects of climate change, whilst delivering our business strategy. These commitments, coupled with our design guide “Designing for Net Zero”, deliver a strategy which will enable the decarbonisation of our business whilst responding to both the physical and transitional risks of climate change. As a result, our strategy centres around the concept of continual improvement which ensures a high degree of both climate and financial resilience. Ultimately, we do not envisage having tomake changes to our overall approach when considering climate-related scenarios. The tables on the following pages map out the material risks and opportunities drawn from our latest assessment and the resilience of our strategy to the three different climate scenarios used in the assessment. Of the risks identified, none were deemed likely to have a substantial impact such that the viability of our business would be undermined. Strategy continued TCFD Report continued Risk management Governance Financial Statements Further Information 74 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Climate-related transition risks and physical risks Risk Description Scenario Timeframe Response to risk Next steps Transition risks Policy and legal Risk  – Ability to respond to the evolving Minimum Energy Efficiency Standards (“MEES”) requirements leading to increased costs and risk of stranded assets. .°C .°C Short term Medium term % of our portfolio holds an EPC B or above. During the year we reviewed all EPCs that were over  years old, reassessing these against current EPC guidelines. As a result of continued improvements at The Bower, EC, we were able to maintain the B rating across both The Tower and The Warehouse. We will continue to monitor the evolvement of MEES and any impact on our portfolio. Given the high performance of our portfolio we are unlikely to be significantly impacted by any enhancement to the current regulations. Risk  – Increased planning requirements including more stringent energy requirements and higher carbon offset payments leading to increased complexity when developing buildings. .°C .°C Short term Medium term Our sustainability strategy “Built for the Future” sets out key requirements on energy intensity, NABERS ratings, and a commitment to reduce upfront embodied carbon. In addition to this, for the assets we develop in joint venture with Places for London, we follow their Sustainability Development Frameworks which set out over  KPIs for delivering truly sustainable assets. We are working closely with our contractors and design teams to ensure comprehensive monitoring of energy usage, particularly those assets that are closer to practical completion and have a NABERS rating as a deliverable. We are also exploring options to reduce our reliance on gas at The Bower, EC, reviewing a hybrid approach using an air source heat pump for the majority of the energy and gas for extreme cold weather events. Technology Risk  – Increased cost associated with technology research and development is not sufficient to respond to scale of challenge. .°C .°C Short term Medium term Our investment with Pi Labs supports innovations and R&D in technology while also giving us access to the new technologies for pilot projects. We also work closely with our supply chain to provide opportunities on site to trial new construction materials. We will continue to review our approach to embedding digitalisation and smart solutions into our buildings. Market Risk  – Increased cost of raw materials driven by demand for lowcarbon sustainable materials may impact ability to develop low carbon buildings. .°C .°C Short term Medium term We work with a number of Tier  trusted contractors that have a proven track record of being able to engage with thesupply chain to secure low carbon materials. The Sustainability Committee includes sustainable product selection as an agenda item and is kept updated of innovations in the market. We meet regularly with our structural engineers to identify alternative solutions for low carbon materials that are either in short supply (i.e. GGBS) or carry a cost premium (i.e. XCarb). Risk  – Increased cost of development and refurbishments due to increasingly complex planning requirements. .°C .°C Short term Medium term Our approach to sustainability and retrofitting supports successful planning outcomes. During the year we havesuccessfully secured a number of non-material amendments at Brettenham House, WC. Our team remains integrated in the wider industry groups with one of Helical’sSenior Development Executive holding the position of Vice Chair ofthe City Property Association. We ensure we are responding to public consultations and input into industry guidance such as the City of London’s Carbon Guidance. Risk  – Increasing cost and constrained supply of high-quality carbon offsets may lead to complexity when developing net zero carbon buildings. .°C .°C Short term Medium term Our Head of Sustainability is a member of the Better Build Partnership Offsetting Procurement Guide working group which is looking to publish a due diligence type checklist to aid purchasers of carbon offsets to ensure their integrity. As a business we will continue to review the offsetting options available and connect with brokers in the market that are transparent in their offering. Reputation Risk  – Ability to meet increasing requirements on sustainability disclosures from investors andlenders. .°C .°C Short term Medium term We actively engage with our investors and provide a detailedupdate to them on our progress against the ESG commitments we have made. We continue to submit to CDPand GRESB and align our reporting to the EPRA Sustainability Best Practice Recommendations. Continue our close relations with our key investors with regards to their ownESG requirements, ensuring we are responding appropriately. For next financial year we will also be reviewing the Taskforce on Nature-related Financial Disclosures. TCFD Report continued Governance Financial Statements Further Information 75 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk Description Scenario Timeframe Response to risk Next steps Physical risks Risk  – -year storms impacting our London portfolio which has a moderate exposure to damage and interruption from  in -year type storm damage in this scenario. .°C .°C .°C Short term Medium term Long term Our sustainability strategy “Built for the Future” and our guide “Designing for Net Zero” include requirements to: • Reduce water consumption; • Protect and enhance biodiversity; and • Design buildings that are flexible and resilient. For all our development projects we work with our consultants and design team to ensure our developments are meeting the evolving requirements of planning authorities and risks presented by climate change. We released our sustainability strategy “Built for the Future” back in . Whilst targets and KPIs are reviewed more regularly, we believe, given our more development-focused outlook, that we should look to update this strategy to better reflect our current business strategy model. In the next financial year we will look to publish an updated strategy that responds to the key risks faced by the business. Risk  – Increased severity ofextreme weather such as a flashfloods. .°C .°C Medium term Long term Risk  – Increased annual temperature leading to droughts and water shortages. .°C .°C Medium term Long term Climate-related transition and physical opportunities Risk Description Scenario Timeframe Response to opportunity Next steps Transition opportunities Policy and legal Opportunity  – Knowledge of complex planning requirements, such as retrofit first, presents opportunity for Helical to acquire these assets and develop them in line with planning requirements. .°C .°C Short term Medium term For all new developments we produce a circular economy strategy, climate resilience report and whole life carbon assessment including reduction opportunities. Our team continues to review the market for opportunities to acquire poorperforming buildings where an innovative approach is required torelease value. Opportunity  – Increasing complexity of regulatory environment may present opportunities to acquire poor performing buildings at a reduced price for retrofitting/refurbishment. .°C .°C Short term Medium term Technology Opportunity  – Implementation ofnew technologies supports transition to low energy and low carbon buildings capitalising on occupier appetite for these types ofassets. .°C .°C Short term Medium term The metering project undertaken at The Bower, EC, has led to cost savings for both us as landlords and the occupiers. Greater visibility of energy usage has enhanced occupier engagement which again helps to drive down usage and drive behaviour change. We will continue to review the availability of new technologies within the market to ensure our buildings incorporate best-in-class features for our occupiers. Our partnership with Pi Labs is one way we remain up to date withcurrent technology themes such as AI. Opportunity  – Early adoption of technology supports better insight and management of energy consumption and presents opportunities to reduce costs foroccupiers. .°C .°C Short term Medium term TCFD Report continued Climate-related transition risks and physical risks continued Governance Financial Statements Further Information 76 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Risk Description Scenario Timeframe Response to opportunity Next steps Market Opportunity  – Improving buildings and spaces to meet the more stringent EPC requirements and our net zero requirements align with market and customer demand for more sustainable space leading to rental premiums. .°C .°C Short term Medium term Helical’s strategy of acquiring poor performing buildings and developing these to deliver buildings that meet the demands of today’s occupiers is well established and has been successfully demonstrated at  New Bridge Street, EC, and Brettenham House, WC. Our approach and strategy remains the same for the next financial year. Opportunity  – There are operational cost savings that can be achieved from the reduced energy intensity of more efficient spaces. .°C .°C Short term Medium term At our development sites we are looking at ways that we can incorporate passive measures into our buildings to further decrease energy consumption. We will continue to investigate ways that we can reduce our energy consumption at our buildings through careful design considerations andincorporating on-site renewables and passive measures. Reputation Opportunity  – Our approach toreporting transparency along with continued engagement with investors provides confidence in our ability to meet the ambitions wehave set. .°C .°C Short term Medium term Helical’s approach to the disclosure of our data and performance has been established over a number of years and is included in our Annual Report and Accounts, Sustainability Performance Report and website. We will continue to review the reporting requirements for ESG data and how we can ensure our data continues to be transparent and easily accessible while also addressing the disclosure requirements. Opportunity  – Early collaboration with partners and supply chains supports early interventions to secure and embed sustainable design. .°C .°C Short term Medium term We host regular workshops with our contractors and supply chains to share knowledge on new innovations, best practice guidelines and new design developments. We also ensure we host “lessons learnt” sessions on completed project to ensure key learnings are embedded in future projects. We will continue working with contractors and suppliers that share Helical’s commitment to sustainability. Physical opportunities Opportunity  – Potential increase in valuation of buildings that are climate resilient and adaptable. .°C .°C Medium term Long term Our sustainability strategy “Built for the Future” and our guide “Designing for Net Zero” include requirements to: • Reduce water consumption; • Protect and enhance biodiversity; and • Design buildings that are flexible and resilient. For all our development projects we work with our consultants and design team to ensure our developments are meeting the evolving requirements of planning authorities and risks presented by climate change. We will revisit our climate risk modelling in the next financial year to ensure it reflects our development pipeline. Opportunity  – Increased demand for buildings with climate resilience measures such as passive cooling, nature-based solutions and sustainable urban drainage systems incorporated. .°C .°C Medium term Long term TCFD Report continued Climate-related transition and physical opportunities continued Governance Financial Statements Further Information 77 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Impact of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning We invest in, develop and manage property in central London and therefore climate-related risks have a direct impact on how we develop and manage our buildings and are a consideration when acquiring and selling assets and engaging with our tenants. This in turn affects the kinds of suppliers and consultants we use to ensure we have the requisite level of expertise. This is driven by an ever-increasing demand from our stakeholders wanting buildings with higher sustainability credentials, as well as the regulatory landscape becoming more stringent and challenging. Our business model, strategy and approach to financial planning recognise this and are underpinned by our Net Zero Carbon Pathway, which sets out our transition plan. Details of our pathway can be found at www.helical.co.uk/sustainability/net-zero-carbon-pathway/ From the risks and opportunities we have identified above, we have detailed how those risks and opportunities might impact our business, strategy and financial planning. Description Likelihood Potential financial impacts Impact on strategy Impact on financial planning Transition risks Risk  – Ability to respond to the evolving Minimum Energy Efficiency Standards (“MEES”) requirements leading to increased costs and risk of stranded assets. Moderate to high • Reduced rental income from poor performing assets. • Increased capital and operational cost to meet new regulations. % of our portfolio by value holds an EPC rating of B or above, however there is a risk that the requirements of EPCs will become more stringent or other measures such as NABERS will be implemented. We have embedded the requirement to enhance energy efficiency into our asset management strategy and future capital expenditure. Likewise, keeping up with market and customer demand for properties which have a low energy intensity and are more efficient to operate. We have a programme of ongoing capex works which is monitored and, where significant, is included within ourbusiness model and cash flows. Risk  – Increased planning requirements including more stringent energy requirements and higher carbon offset payments leading to increased complexity when developing buildings. High • Increased cost of net zero carbon appropriate building design and materials. We already include these costs withinour development appraisals. Our business strategy is already aligned with these requirements as we aim to deliver best-in-class sustainable assets. Our guide “Designing for Net Zero” ensures we are setting the correct approach for our projects and delivering climate resilient buildings. The requirement to be low carbon is already factored into our development appraisal process and ensures we have a more robust level ofcost certainty and financial forecasting ability. Risk  – Increased cost associated with technology research and development is not sufficient to respond to scale of challenge. Moderate to high • Increased operational costs. • Increased costs associated with obtaining low carbon materials. Investing in new technology already forms part of our strategy and is the rationale behind our Pi Labs investment. Minimal impact on financial planning. Risk  – Increased cost of raw materials driven by demand for lowcarbon sustainable materials may impact ability to develop low carbon buildings. High • Increased construction costs could lead to lower returns on development projects. As mentioned previously, our Net Zero Carbon Pathway to net zero and guide “Designing for Net Zero” ensure we choose the right designs for our developments. Included within these are ambitious embodied carbon targets which drive us to explore lower carbon materials and construction methods. In reducing the quantity of materials used, we will limit our exposure to potential raw material increases. However, we recognise that the transition timeframe and subsequent availability of these lower carbon materials is not yet entirely clear. As a result, it could mean it takes longer for us to employ such materials in our developments. In line with our approach to embodied carbon we continue to engage with ourprincipal contractors and suppliers on the impacts of using traditional materials and moving to less carbon intensive materials, e.g. availability, cost and supply chain knowledge. Risk  – Increasing cost and constrained supply of high-quality carbon offsets may lead to complexity when developing netzero carbon buildings. High • We have currently modelled our total Scope - emissions in  tobe c., tonnes. • Using a  estimated carbon price of between £- per tonne, the potential financial impact in is £,-£,,. We are currently reviewing our offsetting strategy for theembodied carbon emissions of our developments, which will be described and quantified in subsequent disclosures once agreed. Within our Net Zero Carbon Pathway we have already set embodied carbon targets for  of kgCO  e/m  . These aim to drive down the amount of embodied carbon on scheme completion and subsequently the need for and cost of offsetting. Carbon pricing is included within our development appraisals to ensure we are mapping the financial impact and our exposure to future price increases. TCFD Report continued Governance Financial Statements Further Information 78 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Description Likelihood Potential financial impacts Impact on strategy Impact on financial planning Physical risks Risk  – -year storms impacting our London portfolio which has a moderate exposure to damage and interruption from  in -year type storm damage in this scenario. Moderate to high • Loss of rental income fromaffected tenants. • Increased capital costs associated with damage. • Increased operating costs from potential power outages. • Increased development costs from weather-related delays. Overall, the impact of such storms on our portfolio does not impact our business strategy, but instead requires us to ensure we have the right building maintenance and management measures in place. We do not believe there is a material impact to our financial planning and willcontinue to design climate resilient features into our property such as sophisticated weather reactive water attenuation systems. Risk  – Increased severity ofextreme weather such as flashfloods. Low • Loss of rental income from affected tenants. • Increased capital costs associated with damage. • Increased operating costs from potential power outages. • Increased development costs from weather-related delays. As with storms, the risks from flooding do not impact ouroverall business strategy, albeit we are likely to undertake a greater level of due diligence during the acquisition process given future purchase targets couldpotentially be in flood zones. To ensure we understand the flood risk of potential new acquisitions, our due diligence procedures will need to be enhanced to account for a greater level of flood mapping to ensure we aren’t introducing higher levels of risk and loss exposure into the portfolio. Risk  – Increased annual temperature leading to droughts and water shortages. Moderate • Loss of rental income fromaffected tenants. • Increased energy costs tocool buildings. Our strategy is to acquire poor performing buildings and carry out extensive refurbishments to delivery highly sustainable assets, therefore our strategy already addresses the need to invest in the best technology andequipment which is resilient to droughts. We do not believe there is a material impact to our financial planning and willcontinue to design climate resilient features into our buildings such as passivhaus principles and green roofs to minimise overheating. TCFD Report continued Governance Financial Statements Further Information 79 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Metrics used to assess climate- related risks and opportunities in line with our strategy and risk management processes We track our performance against multiple climate-related metrics and targets for both our developments and assets under management. These metrics and targets are set out in our overarching sustainability strategy document, “Built for the Future”. Our KPIs allow us to monitor progress towards these targets and ensure thatwe report in line with investor disclosure requirements, notably CDP, GRESB and FTSE4Good. Our performance against these metrics (including Scope 1, 2 and 3 emissions) can be found in more detail in our SECR Statement and this report. Below we have summarised the various metrics we use when reporting across Carbon, Energy, Waste, Water and Building Certifications: • Total energy consumed, broken down by source (e.g. purchased electricity and renewable sources); • Total fuel consumed percentage from coal, natural gas, oil and renewable sources; • Building energy intensity (by m); • Building water intensity (by m); • Greenhouse gas (“GHG”) emissions intensity from buildings (m) and from new construction and redevelopment; and • For each property, the percentage certified assustainable. Scope 1, Scope 2 and Scope 3 greenhouse gas emissions (“GHG”) and the related risks We publish a detailed data report which sets out our environmental data performance. As part of this we publish extensive carbon reporting across Scopes 1, 2 and 3 using the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. Likewise, we provide trend analysis across several years to show progress and historical performance. Please refer to the data report section of this report on pages 62 to 63 for our carbon reporting which also includes full details of the aggregation and calculation methodology. Risk adaptation & mitigation metrics Unit of measure  March   March  Applicable risks/ opportunity % of existing assets with an EPC rating of “A” % of fair value – % Risk  % of existing assets with an EPC rating of “B” % of fair value % % % of development pipeline targeting EPC rating “A” % of fair value % % Risk  Asset value of BREEAM certified developments £ , , Asset value of developments targeting BREEAM “Outstanding” (Helical share) £ , , Risk ,  and  % of portfolio which is BREEAM certified % of fair value % % Total electricity consumption kWh ,, ,, Total district heating consumption kWh ,, ,, Total fuel consumption (gas) kWh ,, ,, Risks ,  and  % of portfolio (managed and development) procuring REGO backed supplies % of energy % % Total water consumption m  , , Risk  Building water intensity m  /m  . . Metrics and targets TCFD Report continued Embodied carbon intensity 600kgco 2 e/m 2 Operational energy intensity 90kWh/m 2 All new developments EPC A All new developments BREEAM Outstanding All new developments NABERS 5 or above Governance Financial Statements Further Information 80 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement Governance Financial Statements Further Information 81 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Section 172(1) Statement The Board of Directors confirms that during the year under review, it has acted to promote the long-term success of Helical plc (the “Group”) for the benefit of the Shareholders, whilst having due regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. Promoting the long-term success ofthe Group The wider interests of our stakeholders are considered in all aspects of corporate decision making at Helical. When making decisions, the Directors of Helical are committed to complying with their section 172(1) Companies Act 2006 duty (“s172(1) Duty”) to weigh up all the relevant factors and determine which course of action would most likely contribute to the success of the Group. The Board is also focused on its responsibility to have regard for all stakeholders when setting strategy and developing policies. When matters are presented to the Board for approval, the Board considers the interests ofitsstakeholders alongside the matters set outinsection 172(1) of the Companies Act 2006 asrepresented by the Group Stakeholder Model (shown below). Our stakeholders are key to our long-term success and therefore the Board cultivates a stakeholder culture throughout the Group, ensuring the successful management of stakeholder relationships through effective engagement. Group Stakeholder Model S172(1) Duty Directors must promote success for the benefit of the members with regard to… A. Likely long-term consequences B. Interests of employees C. Need to foster business relationships with suppliers, customers and others D. Impact of operations on the community and the environment E. Maintaining reputation for high standards of business conduct F. Need to act fairly between members Our stakeholders Shareholders Partners Suppliers and contractors Occupiers (tenants/customers) Employees Local communities Government and other regulatory bodies Our stakeholders – Section 172(1) Statement continued Governance Financial Statements Further Information 82 HELICAL PLC Annual Report and Accounts 2025 Strategic Report s172(1) matters relevant to this Principal Decision: A B C E F Link to strategy: • Growth • Asset selection • Liquidity & financial management PRINCIPAL DECISIONS The Board always has regard to section 172(1) Companies Act 2006 when reaching Principal Decisions, and we detail the most materially significant Principal Decisions made during the year below: Forward sale of 100 New Bridge Street, EC4 Our stakeholders – Section 172(1) Statement continued The Board plays a critical role in ensuring that arigorous and robust process is followed when disposing of assets to ensure that all elements ofany proposals, including stakeholder considerations, are carefully reviewed and challenged. Over the year to 31 March 2025, theBoard oversaw the entry into a forward sale agreement of 100 New Bridge Street, EC4 to anS&P 500 listed global business fortheir occupation, and approved various aspects of thedeal structure. Contracts were exchanged on11April 2025, and this disposal will complete onpractical completion of the building, which is expected in April 2026. Further details regarding this disposal and its connection to the Group’s long-term strategy can be found on pages 8 to 11. What the Board considered: • The long-term strategic opportunities created bythe disposal from the repayment of debt and release of equity. The Board determined that the disposal would help to reduce LTV, mitigate financial risk and return equity to the business forthe benefit of all our Shareholders; • The disposal providing opportunity to realise gains and return capital to Shareholders following receipt of the net proceeds of the sale on practical completion; • The scheme received interest from a number of would be occupiers and the Board considered all offers presented, determining that the forward sale was in the best interests of our stakeholders, particularly its Shareholders and employees, andpromoted the long-term success of the business; and • The disposal’s alignment with the Group’s strategy, being the first scheme in Helical’s current development pipeline to complete its cycle of purchase, planning, funding, construction, letting and sale. Key: A Likely long-term consequences D  Impact of operations on the community and the environment B Interests of employees E  Maintaining reputation for high standards of businessconduct C  Need to foster business relationships with suppliers, customers and others F Need to act fairly between members Section 172(1) and the Board’s Principal Decisions throughout the year We define our principal decisions as those that may have a potentially material impact on the Group’s strategy, its stakeholders or the long-term value creation of the Group (“Principal Decisions”). For detail on how we established and defined our key stakeholder groups, please see the Stakeholder engagement section on pages 88 to 95. In making the following Principal Decisions, the Board considered the views and interests of its key stakeholders, as well as the need to maintain a reputation for high standards of business conduct and the need to act fairly with regards to the Helical Shareholders, whilst also considering thelikely consequences of any decision in the long-term. Governance Financial Statements Further Information 83 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued s172(1) matters relevant to this Principal Decision: A B C E F Link to strategy: • Growth • Asset selection • Liquidity & financial management Sale of 50% interest in The JJ Mack Building, EC1 On 31 October 2024, Helical completed the sale of its 50% interest in Charterhouse Place Limited, the owner of The JJ Mack Building, London EC1, to its joint venture partner, AshbyCapital. From start to finish, the transaction was subject to robust and rigorous scrutiny from the Board and the interests of stakeholders were consistently taken into account. Further details regarding this disposal and its connection to the Group’s long-term strategy can be found on pages 8 to 11. What the Board considered: • The disposal promoting the long-term success ofthe business and being in the best interests ofthe Group’s stakeholders, particularly its Shareholders and employees; • The long-term strategic opportunities created bythe disposal from the repayment of debt and release of equity, as well as the realisation of gains. The Board determined that the disposal would help to reduce LTV, mitigate financial risk and fund the committed development pipeline for the benefit of all our Shareholders; and • The disposal’s alignment with the Group’s strategy of creating value through the application of our business model (see page 23). s172(1) matters relevant to this Principal Decision: A B E Link to strategy: • Growth • Sustainability • Our people & relationships Board composition and succession On 13 February 2025, the Board announced that Chief Financial Officer (“CFO”), Tim Murphy, was stepping down from the Board at the 2025 AGM and that, following a comprehensive recruitment process led by the Nominations Committee and advised by an external search consultancy, it had reached the decision to appointJames Moss ashis successor. For more information on the appointment process, please see the Nominations Committee Report on page111. Furthermore, having served on the Board for nine years, Sue Clayton informed the Board that she was stepping down from her role as Non-Executive Director in line with the recommendations of the UK Corporate Governance Code. With Sue Clayton’s departure, the Board was tasked with appointing a successor to the role of Senior Independent Director (“SID”). Following due and careful consideration, taking into account the intricacies of the role, the Board unanimously agreed that upon re-appointment at the 2025 AGM, Sue Farr would assume the role ofSID with effect from the close of business at the2025 AGM. What the Board considered: • The Board’s skills matrix, as well as the needs of the business, to ensure the appointment would bolster the capabilities of the Board, thus enabling the Group to deliver its strategic priorities, deliver value to Shareholders and promote the long-term success of the Group; • The continuity and reassurance the appointment would provide to the Group’s employees andinvestors; • The strategic acumen and leadership qualities thefuture CFO would need to possess in order to lead the Finance department and drive performance in line with our Culture, Values andembedded behaviours; • Skills in planning and execution of Group objectives and strategies; • The new CFO’s understanding of the business, itschallenges, risks and opportunities; • The new CFO’s experience in managing stakeholder relations and understanding theneeds and interests of Helical’s key stakeholders; and • Sue Farr’s skill set and experience on a variety ofpublic and private company Boards, including her experience as a SID. Key: A Likely long-term consequences D  Impact of operations on the community and the environment B Interests of employees E  Maintaining reputation for high standards of businessconduct C  Need to foster business relationships with suppliers, customers and others F Need to act fairly between members Governance Financial Statements Further Information 84 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Board oversight of Purpose The Purpose is fundamental to the strategic direction of the Group and is therefore under the continuous review of the Board. The Board determines the Group’s Purpose and all decisions and actions taken at Board level are supported by it. The Board exercises oversight of the Purpose through the receipt of frequent updates from Executive Management on fundamental aspects of business operations and the execution of Group strategy. Through such reporting practices, the Board is able to oversee progress against strategic objectives and measure performance against them. Area of oversight Frequency Method of oversight Corporate governance Annual and ad hoc as required The Group has clearly defined policies, processes and procedures governing all areas of the business, which are subject to annual review as well as ad hoc review in line with changing market circumstances. Group strategy and management Annual, quarterly and ad hoc as required The Board attends a meeting dedicated to discussing the Group strategy once a year. Strategic discussion is tabled at every Board meeting as a standing agenda item. Progress in achieving the Group’s strategy is reviewed at every Board meeting throughout the year. Strategic plans for the Group and the annual budget are subject to formal review and approval by the Board. Minutes of all the Executive Committee meetings and the all staff Business Update meetings are shared with the Board. Sustainability Quarterly and ad hoc as required Sustainability Report presented at every Board meeting. The Sustainability Committee reports material updates to the Board in between Board meetings via email/text messaging as appropriate. Sue Farr acts as the designated Non-Executive Director for ESG and sustainability and, on behalf of the Board, plays a key role in oversight of sustainability. Members of the Board are active in Group volunteering and charitable events/initiatives which support our communities (see pages 64 to 66). Development activities Quarterly and ad hoc as required The Board’s continuing commitment to high standards of health and safety within its operations is demonstrated by the inclusion of detailed, externally provided reports on health and safety matters at each Board meeting. The Group Health and Safety Committee, chaired by the Chief Executive Officer, oversees the strategies, policies and working practices of the Group in relation to health and safety, and drives improved performance in this business critical area. The Committee reports formally to the Executive Committee on its proceedings and on how it has discharged its responsibilities. Minutes of all the Executive Committee meetings and the Business Update meetings are shared with the Board. Financing activities Quarterly The Chief Financial Officer’s report is presented to the Board at each Board meeting. The Financial Calendar which provides the Board with an overview of the key property, finance and regulatory milestones is presented at each meeting. Long-term cash flow and profit forecasts are presented at each Board meeting. Our properties Quarterly, bi-annually and ad hoc as required Detailed reports on each property in the portfolio are prepared by the property asset managers and presented at each Board meeting. The Chair of the Property Valuations Committee presents to the Board following both the interim and year end valuations processes. Asset managers present to the Board on the progress of new developments. The Board receives details of prospective development projects being considered by Executive management at each Board meeting. Minutes of all the Executive Committee meetings and the Business Update meetings are shared with the Board. Leasing activities Quarterly and ad hoc Reports on the Group’s letting activities are presented to the Board at each Board meeting. Presentations on investment properties and letting progress presented to the Board on an ad hoc basis. Minutes of all the Executive Committee meetings and the Business Update meetings are shared with the Board. Stakeholder relations Quarterly, annually and ad hoc as required Investor Relations Board report presented at Board meetings, alongside report on the Group’s share register and movements prepared by EQ’s investor relations provider, RD:IR. Stakeholder Engagement Policy reviewed and approved by the Board on an annual basis. Feedback from investors and analysts presented to the Board on an ad hoc basis. Post announcement (half year and full year) investor roadshow feedback presented to the Board. Feedback from engagement with stakeholders (other than shareholders) shared by relevant asset manager at Business Update meeting and shared with the Board as appropriate. Purpose, Values and Culture Purpose During the year, the Group redefined its corporate strategy and business model (see pages 18 to 23) to reflect our focus as a central London based real estate developer, delivering best-in-class schemes and innovative asset repositioning. To coincide with our strategic shift, the Group re-articulated its Purpose to clearly and concisely communicate to our stakeholders why we exist and what we are seeking to achieve, beyond profit: The Helical Purpose To create inspiring and sustainable spaces for occupiers to thrive and communities to flourish. The Purpose also succinctly demonstrates howwe create value for Shareholders and the other Helical stakeholders, and ties in with our sustainable business model (for more information on Sustainability at Helical see pages 59 to 80). Governance Financial Statements Further Information 85 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Our Purpose is inextricably linked to our Values which underpin the behaviours we consider vital toachieving our strategic aims. It is through our Values that we communicate the key aspects of Helical’s Culture to our stakeholders, providing insight into the principles and ethics that support our Purpose. The Board has articulated the Group’s Culture through the setting of six Values which, combined with the Purpose, align to the policies, practices and desired behaviours in the business. We pride ourselves on conducting business in alignment with these Values and, in doing so, we are able to build and maintain strong relationships with our stakeholders. The Helical Culture is often cited as the reason our partners, suppliers and contractors choose to do business with us and itisthrough the maintenance of this Culture that weare able to preserve our employee loyalty and high retention rates (please also see “Our People” section of the Sustainability Report, pages 67 to68). Excellence, creative & sustainable – our buildings As stated in our Purpose, we create sustainable and inspiring spaces and we are exceedingly proud of the number of accolades our buildings have received over the years, and we feel this demonstrates our commitment to our Purpose. During the year to 31 March 2025, we received a BREEAM “Outstanding” Design Stage Certificate for 100 New Bridge Street, EC4, and achieved a NABERS Design for Performance Reviewed Target Rating of 5 at 100 New Bridge Street, EC4. We are also targeting EPC A for 100%of our development pipeline. In terms of Helical plc accolades, throughout theyear, the Group achieved a 5 Star GRESB rating and was recognised in the Financial Times Europe’s Climate Leaders Special Report, thelatter being an independent ranking which celebrates companies that have most successfully reduced their greenhouse gas emissions and demonstrated credible climate action. For more information on our sustainability initiatives, pleasesee pages 59 to 80 and our website: https://www.helical.co.uk/sustainability/. Integrity Helical is committed to conducting its business in accordance with the highest standards of honesty and integrity. The Group upholds a culture of openness in which members of the workforce can report legitimate concerns without fear of penalty or punishment. During the year, the Group reinforced its whistleblowing protections by providing our staff with access to an independent reporting platform to report concerns confidentially or anonymously. For further details, please see page 104. Excellence & collaboration – the 100New Bridge Street property cycle The sale of 100 New Bridge Street, EC4 demonstrates our business plan in action. Not only does it exhibit a successful collaboration with a joint venture partner, but it is also exemplary of the business model’s cycle of purchase, planning, funding, construction, letting and sale. To read more about this successful enactment of our business model, please see page 83. Integrity Through our honest and open approach, weaimto engender the respect of everyone wework with. Excellence Using our market experience and intelligence, westrive tobe best-in-class ineverything wedo. Collaboration Building strong relationships and teamwork areat the heart of our success. Creative We are passionate about developing innovative and inspiring spaces. Sustainable Working for the long-term benefit of our stakeholders, local communities and the environment drives the decisions we make. Dynamic Energy, adaptability andagility are core toourapproach. Our Values Governance Financial Statements Further Information 86 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Our Culture Helical’s objectives for growth, development andlong-term success, combined with resultant strategies to achieve these objectives, have a direct link with the Culture of the Group. Culture isultimately the responsibility of the Board, but it isrecognised that individuals at all levels must be engaged in order to maintain the Helical Culture. The embedded Culture is supported by our employees, and this results in us having a high- performing and motivated team which supports the success of the Group’s strategy and delivers the outcomes necessary forlong-term success. An important aspect of the Group’s Culture is itsapproach to risk. In accordance with good stewardship, the Board does not inhibit sensible risk taking that is critical to growth. This approach is embedded in the risk culture of the Group which aligns with the strategy and objectives of the business and is embedded within the risk appetite (see Risk management section on pages 47 to 58). The Helical Board promotes an open culture, enabling the strategic direction to be fully understood by all members of the workforce. Thisenvironment supports the achievement of theGroup’s aims and aspirations and is conducive to the Group’s collaborative approach of encouraging all members of staff to proactively share ideas, opportunities and concerns. TheBoard gives prominence to the assessment ofourCulture and to monitoring the progress of itscultural initiatives (please see page 87 to 88 for further details). By ensuring that Helical is an inclusive and diverse business, the Group benefits from a variety of experiences and perspectives. Such variety isimportant for the maintenance of a strong succession pipeline, necessary for future sustainability. The Board recognises the key role that culture plays in the sustainable development of the Group and is dedicated to embedding sustainability policies and practices in our Culture, which promotes desired behaviours across the workforce. For details of the culturally relevant initiatives which go beyond assessment and monitoring, and show how our Culture manifests inpractice, please see the Sustainability Report onpages 59 to 80. The importance of culture is a key consideration in planning for the succession of senior management and other recruitment. This diversity in our workforce also helps to stimulate creativity and contributes to the open and cohesive Culture exhibited throughout the Group. The Helical Culture and Values are reflected in the Group Equality, Diversity and Inclusion Policy (available on our website: https://www.helical.co.uk/ investors/policies-and-procedures/). How we embed, monitor and assess our Culture • The Directors conduct an annual review of workforce policies and procedures and these are further updated on an ad hoc basis as required – see Board Leadership and Company Purpose section of the Governance Report on pages 104 to 106. • Employee engagement initiatives – see page 90 and pages 94 to 95. Feedback from the following initiatives is reported to the Executive Committee and Board, and considered in decision making: –Staff are encouraged to speak up, share concerns and have candid conversations withmanagement; –Our small, close knit team environment enables managers to conduct regular catch-ups with their direct reports; –Staff from all teams are invited to the bi-monthly Business Update meeting where time is allotted for general concerns or points of interest outside the ordinary agenda of the meeting; –Members of staff attend segments of the Board meetings to present on business matters; and –Events whereby the staff and Non-Executive Directors can interact in an informal setting. Helical applies excellence, integrity and sustainability to all aspects of the business and has a dynamic, experienced and close-knit team which I am delighted to be a part of.” – Helical employee Governance Financial Statements Further Information 87 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued • The designated Non-Executive Director for workforce engagement plays an essential role inpromoting and driving our Culture (see also page 95). • Employee Volunteering Policy, Group volunteering events and volunteering hours completed in the year (see Sustainability Report at pages 64 to 67). • Tenant feedback analysis. • Staff tenure and retention rates (see KPI section on page 26). • Whistleblowing mechanisms in place, including Helical’s independent whistleblowing reporting channel, and relevant data reported to the Board (see page 104 for further details). • Support provided to the workforce through the provision of a number of health and wellbeing initiatives (please see Sustainability Report on pages 67 to 68). • Investing in training and organisational development for staff. • Health and safety data, including near misses, reported to the Business Update meetings bi- monthly, the Executive Committee monthly and the Board quarterly. The Group’s Health and Safety Committee considers and advises on the health, safety, welfare and wellbeing aspects of the Group’s Health and Safety Policy, procedures and practice relating to staff, visitors, contractors and others within related activities. • Designated Non-Executive Director for ESG and Sustainability plays a key role in monitoring the Culture and ensuring its alignment with the Group’s strategy, and supports the long-term sustainable success of the business. • Collaboration with occupiers as the UK navigates its way through the macroeconomic challenges affecting the real estate market. • Prompt payment to suppliers. • Supporting our sustainable ethos by collaborating with suppliers and contractors on approaches to sustainable construction techniques and materials (see page 92 for details). • Promotion of a diverse and inclusive environment, including provision of training ondiversity and inclusion – see Report of the Nominations Committee on pages 110 to 116. • Consideration of Culture in recruitment and selection, both with regard to individuals and the recruiters used – see Report of the Nominations Committee at pages 110 to 116. • Aligning formal rewards with Culture. • Incentive schemes developed to drive behaviours consistent with Purpose, Values and strategy – see Directors’ Remuneration Report on pages 121 to 138. • We reward positive culture within our workforce, e.g. our staff express the wish to be fit and healthy and we facilitate this through our employee benefits programme (see Sustainability Report at pages 67 to 68 for more information). • Offering our staff the opportunity to be Shareholders in Helical through our Share Incentive Plan. Stakeholder engagement The Directors are pleased to report on how theyhave had regard to the need to foster relationships with suppliers and contractors, tenants/occupiers, partners and others, and theeffect of this on recent Principal Decisions taken by the Group. In line with section 172 of the Companies Act 2006, the Directors of Helical act to promote thesuccess of the Group for the benefit of its Shareholders. However, the Helical Board also places a great emphasis on the importance of the views and interests of its other key stakeholders. Helical’s stakeholders are those groups that are likely to be affected by the Group’s actions and hence play a key role in the successful execution of the Group’s long-term strategy. In recognition of the importance of the Group’s relationship with its stakeholders, the Board hasset out its commitments to its stakeholders as follows: (i) Engaging with our stakeholders to build andmaintain positive business relationships; (ii) Ensuring that our stakeholders are kept informed and have access to information about our business; (iii) Considering the needs and expectations ofour stakeholders throughout the Group; (iv) Inviting feedback from our stakeholders to help us identify current and emerging issues facing our business; and (v) Ensuring that our activities generate sustainable, long-term value for all our stakeholders. Our stakeholders, engagement mechanisms, consideration of stakeholder interests and the impacts on Board decision making The Group’s stakeholders are defined in the Group Stakeholder Model (see page 82) and in the table overleaf. The Group’s stakeholders are kept under continuous review by the Board, with the Stakeholder Model being featured on every approval item and being considered as part of every Board decision taken. The Board places utmost importance on the maintenance of positive relationships with all theGroup’s stakeholders. It is through effective engagement that the Board has sought to understand their views and, through such engagement, positive outcomes have been derived for the business. We describe how the Directors have had regard to the matters set out in section 172(1) (a) to (f) and this forms the Directors’ statement required by section 414CZA of the Companies Act 2006 in the table overleaf. Governance Financial Statements Further Information 88 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Stakeholder engagement Stakeholder category Material issues and considerations for stakeholders Means of engagement by Board and/or management How stakeholder engagement has influenced decision making and execution of our strategy Shareholders • Financial performance. • Generation of long-term sustainable returns. • Environmental, social and governance practice (“ESG”). Direct Board level engagement • Scheduled and unscheduled meetings between Shareholders and members of the Board. • Annual and Half Year results announcements and presentations. • Investor roadshow presentations. • AGM presentations and Q&A. • General Meetings. • Property tours. • The Executive Directors hold talks with relevant employee Shareholders covering remuneration, with a focus on the PSP and the SIP. Group level/indirect Board engagement • Publication of Helical news via RNS. • Regular posts on social media platforms with respect to Helical news. • Regular updates from the Executive Directors to the market, including pressarticles. • Analyst/investor reports. • Feedback from corporate brokers. • Helical’s website and dedicated Shareholder email address overseen by the Company Secretarial team. Other than our routine engagement on topics of strategy, governance and performance, we engaged with Shareholders on the following specific matters which then influenced the outcomes and actions taken: • The Board considered and responded to emails from individual Shareholders in connection with the  Annual Results/AGM; • The Executive Directors engaged with the Company’s largest institutional Shareholders following publication of the financial results for the Half Year to  September , seeking their feedback on the Group’s strategy as well as the results; • Following consideration of Shareholder feedback, the Board has undertaken to reward Shareholders for their patience and, in addition to paying dividends, returning capital to Shareholders following receipt of the net proceeds of the sale of  New Bridge Street, EC upon completion in April ; and • The Board engaged with the employee Shareholders throughout the year and considered their views. See Engagement with the workforce section on pages  to  for more details. Partners • Financial performance and generation of sustainable returns. • Collaboration and communication. • Risk appetite and management of the partnership. • Corporate responsibility. Direct Board level engagement • Executive Directors meet with key business partners (JV partners) and report back to the Board on a regular basis. • Key business partners (JV partners) are invited to attend the Annual and Half Year results presentations. Group level/indirect Board engagement • Regular communication and feedback on business and ESG matters. • Transparent reporting. • Collaborative approach with clear responsibilities. • Helical’s website. • Informal social events are held with our JV partners. • Our relationships with our strategic partners are a critical element of the Group’s strategy. Feedback from engagement with partners is continuously reported to the Board and duly considered. Examples of this include: – The discussions held with our JV partners concerning the JV opportunity and the forward sale of 100 New Bridge Street, EC4; – The sale of our 50% stake in The JJ Mack Building, EC1; and – Updates to Health and Safety incident reporting procedures following discussions with our JV partner, Places for London. Governance Financial Statements Further Information 89 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Stakeholder category Material issues and considerations for stakeholders Means of engagement by Board and/or management How stakeholder engagement has influenced decision making and execution of our strategy Occupiers (tenants/ customers) • Quality of service provided. • Delivery of quality space to meet needs. • Ability to meet needs of changing markets. • Value for money. Direct Board level engagement • Feedback received directly from occupiers, and indirectly through our managing agents, is fed into Board discussions. Group level/indirect Board engagement • Occupier engagement programme is run throughout the portfolio, led by managing agents Ashdown Phillips. • Annual sustainability reports sent to all occupiers at our investment properties at The Loom, E and The Bower, EC. • Engagement through social media campaigns and individual asset websites. • The Bower’s website underwent an update which completed during the year and offers engagement benefits. • Programme of meetings with occupiers on a regular basis. • Helical staff supporting new occupiers by, for example, attending restaurant opening events of F&B tenants. In conjunction with our managing agents, Ashdown Phillips, we continue to utilise data from our occupiers toimprove energy efficiency, enhance tenant experience and develop meaningful community engagement,e.g.: • Following engagement with engineers and facilities managers, a plant optimisation and data analytics tool is being adopted at The Bower, allowing the early identification of energy inefficiencies. • Improvements to our investment properties from a sustainability perspective include: – Photovoltaic panels installed at The Bower, producing c.1500kwh energy on a monthly basis; – 4 x bee hives at The Bower promoting bio-diversity and generating jars of honey for our occupiers to enjoy; – 100% green energy contracts and sustainable cleaning products; – The investigation of a chemical free solution for heating and cooling systems; – Upgrades to utility metering; and – Building Management System upgrade leading to enhanced energy optimisation capabilities Please also see Sustainability Report pages 75 to 79. Employees • Opportunities for training and development. • Fulfilling and rewarding work in a safe and comfortable environment. • Fair treatment, recognition and remuneration. • Diverse, inclusive and positive culture. Direct Board level engagement • Designated Non-Executive Director responsible for ongoing workforce engagement: – Meets a cross section of employees during the year; and – Contactable via email all year round. • Role of the designated Non-Executive Director for workforce engagement published for all staff. • Open and inclusive culture through Purpose and Values. • Executive Directors present Strategy Update to staff. • Board annually reviews key workforce policies and procedures. • All staff are invited to become members of the SIP on appointment to the Company, and consequently are invited to attend Helical’s AGM, where they have the opportunity to engage with the Board and with other stakeholders. • Informal Board/staff engagement events held throughout the year. • Whistleblowing reporting channel enables to all staff to report to designated NEDs. Group level/indirect Board engagement • Staff satisfaction survey/interviews. • Regular staff appraisals. • All staff invited to attend Business Update meetings. • Helical’s website. • Staff consulted on Group marketing exercises, e.g. the Helical re-branding and website refresh exercises. • Maintenance of the Staff Handbook. • Staff property tours. • Staff consulted on Group charitable giving and sponsorships. • Continued opportunities for staff to socialise with the NEDs on an informal basis. • With regards to charitable giving and sponsorships, following consultation with staff via the Sustainability Committee, the Group elected to assist and donate to a number of causes, e.g. Group sponsored volunteering initiatives at London City Farms, Hackney Night Shelter and the LandAid Trek are to be repeated in the forthcoming year. For further information see the Sustainability Report on pages  to . Governance Financial Statements Further Information 90 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Stakeholder category Material issues and considerations for stakeholders Means of engagement by Board and/or management How stakeholder engagement has influenced decision making and execution of our strategy Local communities • Ethical and responsible corporate behaviour. • Environmental impact of developments. • Creating social value in local areas, including development of public realm, facilities open to members of the public and engaging with local communities. Direct Board level engagement • CEO engages on community and environmental initiatives on behalf of the Group. Group level/indirect Board engagement • Local resident consultations and regular newsletters. • Community and charitable initiatives/events. • Engagement with non-governmental organisations (“NGOs”) and other interest groups to improve our understanding of current and emerging environmental and societal topics. • Participation in sustainability initiatives, both global and regional, through the Sustainability Committee. • Submissions to sustainability benchmarks and indices. • Engagement with prospective future property professionals via the Helical Work Experience Programme. • Sustainability news and publications. • Helical’s website. • Paid volunteering days available to all staff. Engagement with our local communities has led to numerous initiatives. • Continued sponsorship and local charitable giving, including: – The Helical Bursary, established in 2017, supports Real Estate and Planning students studying at Henley Business School, University of Reading; – Volunteering with the Hackney Night Shelter and donating as part of our volunteering initiatives; – As part of our commitment to support London City Farms, the Group made a monetary donation and a group of staff volunteered for a day at the Spitalfields City Farm; – A team from Helical, the “Walkahelics”, completed the LandAid Trek in September 2024 and raised over £11,000 in the process; – Hosting event for students in aid of International Women’s Day (see also page 66); – Volunteering with the Construction Youth Trust in conjunction with our JV partner, Places for London (see also page 66); and – Various initiatives with local charities run in conjunction with our managing agents, Ashdown Phillips. • Maintaining ongoing dialogue with a wide range of NGOs. • Collaborating with tenants to provide work experience for students from schools in local communities. • Further engagement on ESG with investors and broader stakeholders. • Sustainability KPIs continue to be considered as part of Group strategy. For further details on our engagement with local communities, please see the Sustainability Report on pages 64 to 66. Governance Financial Statements Further Information 91 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Stakeholder category Material issues and considerations for stakeholders Means of engagement by Board and/or management How stakeholder engagement has influenced decision making and execution of our strategy Suppliers and contractors • Agreement of and compliance with appropriate payment terms. • Payments made as soon as practicable and in line with the Prompt Payment Code. • Collectively prevent and mitigate risk of modern slavery, bribery and corruption in our supply chain. • Ethical and fair dealings. Direct Board level engagement • Audit and Risk Committee leads the assessment of external audit performance and service provision, inviting our external Auditor to Committee meetings. • Property valuers invited to Audit and Risk Committee meetings. • The Board receives a detailed report from the Group’s IT service provider on an annual basis. Group level/indirect Board engagement • Open communication about expected behaviour within our supply chains e.g. our Supplier Code of Conduct, Human Rights Policy, Equality, Diversity and Inclusion Policy and Modern Slavery Statement are shared with all suppliers and contractors. • Regular communication and feedback, with increased dialogue with certain key suppliers affected by political and economic uncertainties, for example we have maintained an ongoing dialogue with main contractors and key supply chain members on the tariffs imposed by the Trump Administration in the US. • Paying suppliers and contractors fair fees. • Bi-monthly meeting with the Group’s IT service provider. • Helical’s website. Engagement with our suppliers and contractors enables the Board to align its decisions with the Group’s sustainability aspirations, a core tenet of Helical’s strategy. Through engagement with these stakeholders over the period we have been able to identify potential opportunities to realise benefits – for example in the areas of off-site manufacture and prefabrication. Such benefits can be realised in build programming and logistics, such as highlighting necessary design adaptions at an early stage in the development process. Examples include: • At our  King William Street Over Station Development, we re-engaged with the contractor who demolished the site (pre-acquisition c.) and involving that contractor has enabled us to restore and reinstate the building’s historic façade; • At Southwark, SE, early engagement with the main building contractor and suppliers has been key with respect to informing and preparing the Gateway  submission required under the Building Safety Act ; and • Engagement with adjacent infrastructure (Transport for London, London Underground Limited, Network Rail) has enabled safe sequencing and enhanced the logistics programmes for our OSDs at  King William Street, EC, Southwark, SE and Paddington, W. Additionally, engagement with this stakeholder group has provided us with valuable information and data on innovative construction practices that we have been able to apply to our development projects. For example, throughout the year, our property team has conducted sessions with contractors and the design teams working out our developments, discussing innovations in the market which could be adopted at our sites. One such innovation that we are applying is the use of limestone instead of the finite resource, GGBS. Through engagement with our contractors on 10 King William Street, EC4, Brettenham House, WC2, Paddington, W2 and Southwark, SE1 a number of initiatives are being undertaken to ensure the building meets the highest sustainability standards: • WELL precertification underway; • Review of social value impact as part of the design process; • Factoring in BREEAM, WELL and NABERS as part of design elements; and • Consideration of consolidated delivery options for both building servicing and construction. Governance Financial Statements Further Information 92 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Stakeholder category Material issues and considerations for stakeholders Means of engagement by Board and/or management How stakeholder engagement has influenced decision making and execution of our strategy Government and other regulatory bodies • Corporate responsibility and accountability. • Compliance with applicable laws and regulations. • Compliance with applicable taxation regimes. • Monitoring updates to the legal and regulatory environment. Direct Board level engagement • CEO regularly engages with Governmental, regulatory and industry bodies. Group level/indirect Board engagement • Transparent statutory reporting. • Open approach to communication. • Board oversight of key relationships and areas impacted. • Open dialogue with regulatory agencies and Government bodies, e.g. HMRC with respect to our obligations as a REIT. • Health and safety experts and other stakeholders invited to meetings of the Group’s Health and Safety Committee. • Reports on the results of active participation through industry groups presented to Board. • Helical’s website. • Assisting industry forum consultations. The Board continued to focus on how to promote the success of the Company taking into account political and regulatory developments in the external environment. Updates on risks and opportunities posed by the external political and regulatory environment are presented to the Board by external advisors. The Group’s Health and Safety Committee monitors regulatory changes and Governmental policies and ensures effective and representative two-way communication/consultation between the Group and its stakeholders. As part of the Committee’s engagement activities, contractors, external advisors and other stakeholders may be invited to attend for all or part of any meeting, as and when appropriate. The Board also focuses on environmental laws and regulations and gives due consideration to the environmental impacts of its operations when making decisions. For example, the Board is cognisant of the proposed UK Sustainability Reporting Standards (“UK SRS”) which are set to transform corporate reporting in the UK, impacting both public and private companies. This standard will form the basis of any future requirements in UK legislation or regulation for companies to report on risks and opportunities relating to sustainability matters, including risks and opportunities arising from climate change. Helical will consider and review the proposed disclosures to ensure maximum transparency and alignment. Given Helical’s comprehensive reporting against the recommendations of the TCFD, it is well placed to respond to any future disclosure requirements but will keep this under close review while the standards go through the formal consultation process. Governance Financial Statements Further Information 93 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Our stakeholders – Section 172(1) Statement continued Our stakeholders – Section 172(1) Statement continued Engagement with workforce The importance of engaging with the workforce can be linked back to the Group’s key operational and reputational risks (see “Risk management” on pages 47 to 58), specifically the management of workforce relationships and retention of talent. Weknow that our staff are vital to our success and every member of the Helical workforce is valued, with their opinions regularly sought and held in high regard. The Board defines the workforce of Helical as its full-time and part-time employees and staff members temporarily hired for work. This principle of mutual respect and inclusion is integral to the Helical Culture (see pages 87 to 88). Engagement with the workforce is deemed a key priority for the Directors and, as such, the Board frequently invites members of staff to present on key projects or topics of interest at its meetings. Through this engagement mechanism, our employees are given the opportunity to meet thefull Board of Directors. The Board also encourages open dialogue with theworkforce and details of how to communicate directly with the Board and Executive Management are clearly documented in the workforce policies and procedures which are reviewed annually. The Board values the information derived from the engagement process so that it is fully informed on staff opinion. ENGAGING WITH STAKEHOLDERS OF THE FUTURE Helical also considers its potential future stakeholders when conducting its stakeholder analysis. We regard school and university students as the future of the property industry, and we therefore deem it important to engage with this stakeholder group. This year, we have been involved in the following initiatives: Construction Youth Trust In conjunction with our joint venture partner, Places for London, Helical has been working with the Construction Youth Trust (“CYT”), asector-specific youth charity, to deliver anEducational Engagement Programme in schools throughout London to inspire the next generation of construction professionals. The CYT’s ethos is that introducing young people to inspirational role models from the world of work is highly effective in generating that first spark ofinterest that can make all the difference to their outcomes. International Women’s Day In celebration of International Women’s Day 2025, Helical invited female Real Estate students fromthe University of Reading to our office toparticipate in a workshop. This workshop commenced with an introduction from our CEO, Matthew Bonning-Snook, and was followed by a presentation on Valuations given by our Property Analyst, George Morton. Following a break and a networking session, the students joined a “fireside chat” with Helical’s Senior Independent Director and designated Non-Executive Director for workforce engagement, Sue Clayton, to discuss her 30-year career in UK Investment Markets and her work as Co-Founder of Real Estate Balance. Following lunch and a further opportunity tonetwork with Helical staff, Directors and Non-Executive Directors, the group undertook abranding and marketing challenge and gave veryimpressive presentations to our expert judging panel. The Helical Bursary The Helical Bursary, established in 2017, supports Real Estate and Planning students studying at Henley Business School, University of Reading. For the seventh year running, Helical has offered support in the form of a bursary to a real estate student, breaking down any financial barriers tostudying and enabling them to embark on a career in the industry. Members of the Helical team have volunteered with the Trust throughout the year, attending numerous sessions organised by the Trust, offering their insights into the industry and engaging with young people with the aim of positively impacting the futures of young people and the sector. Governance Financial Statements Further Information 94 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Sue Clayton – designated Non- Executive Director for workforce engagement Since being appointed as the designated Non-Executive Director (“DNED”) for workforce engagement in 2019, Sue has been successfully building on the engagement between the Board and the workforce. Sue’s effectiveness in this role is underpinned through her engagement skills and perspectives that she has accumulated through exposure to a wide range of stakeholders over the course of her accomplished career in the real estate industry. During the year, Sue met with a cross-section of staff and she has been contactable via email throughout the year. As Sue is stepping down from the Board at the 2025 AGM, the Group will need to appoint a new DNED to champion staff engagement from July 2025 onwards and this matter is currently under review by the Nominations Committee. Rationale for choosing a designated Non- Executive Director forour workforce engagement mechanism Helical has a relatively small workforce of 23 employees below Board level (as at 31 March 2025). As such, it is possible for our Directors to engage directly with members of the workforce, with ease, on a regular basis. The appointment of a Director from the workforce (as a representative) and the establishment of a formal workforce advisory panel (as mechanisms for engagement) were both deemed to be a disproportionate approach for Helical and its engagement requirements. What does our designated Non-Executive Director forworkforceengagement do? The Board has structured the role to aid its understanding of the views of the Helical employees and consider their interests in Boarddiscussions and decision making. The DNED for workforce engagement plays a key role in the promotion and maintenance of our open and collaborative Culture by reinforcing Helical’s supportive, inclusive and engaging operating environment. Our current DNED, Sue, encourages our employees to share their valued opinions and is viewed as a role model to our employees, not only because of her skills and experience in real estate, but also her involvement in the founding of Real Estate Balance, a campaigning organisation working to improve diversity and inclusion in the real estate industry. This healthy corporate Culture complements our Purpose, Values and strategy, and ultimately benefits our stakeholders. The role and its accompanying responsibilities have been documented in a terms of referencewhich is reviewed by the Board annually and available to view on our website: https://www.helical.co.uk/investors/policies- and-procedures/. Sue Clayton Senior Independent Director and designated Non-Executive Director for workforce engagement Our stakeholders – Section 172(1) Statement continued Engaging with our staff The year to 31 March 2025 was one of considerable change for Helical. Key changes included: • Our CEO, Gerald Kaye, stepped down from the Board at the AGM and Matthew Bonning-Snook was appointed as his successor; • We redefined our Purpose, strategy and business model (see pages 18 to 23); • We moved offices from 5 Hanover Square to 22Ganton Street; and • Tim Murphy announced his retirement and James Moss was announced as his successor. Given these significant changes to the business, the Board sought the views of the staff to ensure that morale and motivation continued to be strong, and obtain feedback on staff satisfaction levels in light of the changes and whether the Culture of the business had been impacted. Sue Clayton met with a cross section of employees to receive first hand feedback to report to the Board. The Strategic Report was approved by the Board and signed on its behalf by: Matthew Bonning-Snook Chief Executive Officer 20 May 2025 Governance Financial Statements Further Information 95 HELICAL PLC Annual Report and Accounts 2025 Strategic Report 96 HELICAL PLC 97 Chairman’s governance review 99 Board of Directors 102 Corporate Governance Report 110 Nominations Committee Report 117 Audit and Risk Committee Report 121 Directors’ Remuneration Report 139 Report of the Directors 142 Directors’ responsibilities statement Governance Financial Statements Further Information Strategic Report Governance Financial Statements Further Information 96 HELICAL PLC Annual Report and Accounts 2025 Strategic Report It has been a very busy year in which a number of important decisions have been made by the Board and implemented by the executive team, infurtherance of our declared strategy.” Chairman’s governance review Richard Cotton Chairman Dear Shareholder, On behalf of the Board, I am pleased to introduce our Governance Report for the year ended 31March 2025. From a governance perspective, the Board has had an eventful year, approving a number of important strategic decisions, authorising significant changes to the composition of our Board and undergoing an externally facilitated review of its performance. I am very pleased to confirm that throughout this active period for the business, the Board and its Committees have played a critical role in upholding the principles of good governance, engaging with our stakeholders and promoting the execution of our strategy. Board composition and succession Executive Directors In February this year, we announced the departure of our Chief Financial Officer (“CFO”), Tim Murphy. Tim, who has been an integral part of the business for nearly 31 years, will be stepping down from theBoard at the annual general meeting (“AGM”) of the Company on 17 July 2025. On behalf of my fellow Directors, I wish to thank Tim for his loyalty, dedication and significant contributions to Helical as its CFO and throughout his career spanning over three decades with theGroup. Although Tim’s thoughtful input and guidance will be greatly missed, we are fortunate to have an exceptional successor to the role of CFO in James Moss. James’ expertise in finance and real estate, coupled with his strategic insight, makes him the ideal choice to take on the role of CFO. Having worked with him throughout my tenure on the Helical Board, I know that he has the skills, experience, knowledge and business acumen required to fulfil the role of CFO, lead the finance team and play a key role in delivering our strategicobjectives. To read more about the CFOsuccession process, please turn to the Nominations Committee Report on page 111. I also pleased to confirm that Matthew Bonning- Snook has successfully transitioned into the role of Chief Executive Officer (“CEO”). It has been a very busy year in which a number of important decisions have been made by the Board and implemented by the executive team, in furtherance of our declared strategy. Matthew has risen to theleadership challenge and has led the Group successfully through this pivotal period (see pages 8 to 13 for further details). Non-Executive Directors On behalf of the Board, I should like to also extend my sincerest gratitude to Sue Clayton who, after serving on the Board for nine years, is stepping down and will not be seeking re-appointment atthe 2025 AGM in July. During her tenure, Suehas held the key role of Chair of the Property Valuations Committee, and her skills and experience in the field of property valuation provided a significant contribution to the effectiveness of the Group’s governance structure. Since July 2022, she has been the Senior Independent Director and provided me with consistent support and sound advice, as well as the rest of the Board, at a time ofconsiderable change. Sue’s commitment to the business, as wellas her intelligent and pragmatic approach tobusiness challenges, is highly valued by the Board. Since 2019, Sue has also acted as our designated Non-Executive Director for workforce engagement (“DNED”) and has provided our staff with highly valued support and guidance. It has been a pleasure to work with Sue and I wish her allthe best for the future. I can confirm that we have begun a search for anew Director to join the Board and you can readmore about this process on page 111 of theCorporate Governance Report. Governance Financial Statements Further Information 97 HELICAL PLC Annual Report and Accounts 2025 Strategic Report 0-3 2 4-6 1 7-9 2 10+ 2 Board tenure as at 31 March 2025 Women 3 Men 4 Gender diversity as at 31 March 2025 Chairman’s governance review continued Board Performance Review Each year, we conduct a performance review ofthe Board and its Committees. This review considers the balance of skills, knowledge, experience, diversity, independence and other factors relevant to performance to assess the Board’s effectiveness as a unit. During the year to31 March 2025, the review was externally facilitated with the support of Sam Allen Associates. I am delighted to confirm that the review affirmed that the Board, its committees andDirectors continue to operate effectively. Please read pages 115 to 116 to find out more aboutthis year’s review process and its findings. My tenure on the Board This year, my tenure on the Board exceeded thenine-year limit prescribed by the Financial Reporting Council’s UK Corporate Governance Code. However, at the upcoming AGM, I will be asking for Shareholder approval to continue asChairman for one further year. Following a comprehensive review, the Board of Directors concluded that the proposed extension of my chairmanship would be in the best interests of theCompany and its stakeholders. For more information on this matter, please see pages 102 to103 ofthe Corporate Governance Report. Engaging with our stakeholders The Board places great importance on maintainingeffective levels of engagement with allour stakeholders and their interests are taken into consideration in every decision we make asaBoard. Our approach to stakeholder engagement is detailed on pages 88 to 95 oftheStrategic Report. Our forthcoming AGM is scheduled to take place on 17 July 2025 at our 22 Ganton Street office and will offer a further opportunity to engage with our Shareholders. Full details of this event, including the resolutions to be proposed for Shareholder approval, can be found within the Notice of Meeting for the 2025 AGM. I look forward to welcoming and engaging with ourShareholders at the AGM in July. Lastly, I wish to express my continued gratitude tomy fellow Board members and the wider Helical team, for their continued hard work and dedication to the Group’s long-term, sustainable success. Richard Cotton Chairman 20 May 2025 Governance Financial Statements Further Information 98 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Board of Directors Richard Cotton Board Chairman and Chair of the Nominations Committee Board meetings present: / Tenure:  years Independent: Yes (see pages  to ) Skills, relevant experience and contribution to long-term success Richard Cotton was appointed to the Board as a Non- Executive Director in March  and as Senior Independent Director in February . Our Shareholders elected him as the Group’s Chairman at the  AGM. Richard is Chair of the Nominations Committee and a member of the Remuneration Committee. Richard has a wide range of experience in both executive and non-executive roles at a number of quoted and unquoted companies. He was formerly head of UK Real Estate at J.P. Morgan Cazenove, a position he held until , and he spent five subsequent years as Managing Director of Forum Partners. Richard has also previously held the position of Chairman of Centurion Properties and was a Non-Executive Director of Hansteen Holdings plc and Big Yellow Group plc. His experience in the financial sector, together with his knowledge and skills in property, strengthens the overall expertise of the Board. He is a key contributor to the firm’s strategic discussions, and his knowledge of the financial services industry is frequently drawn upon in Board discussions and assists the Board in decision making. Since assuming the role of Chairman, he has proven himself to be an effective Chairman as demonstrated both through his contribution to Board discussions and his ability to proficiently chair Board and Committee meetings. Richard’s effectiveness as Chairman is further bolstered by his experience on public company boards and extensive experience in stakeholder relations. Since  March , Richard has served on the Board for over nine years. The Board is recommending he serves as Chairman for a further term of one year and this is explained on pages  to . Other external appointments — Non-Executive Director of Target Healthcare REIT plc. Matthew Bonning-Snook Chief Executive Officer, Chair of the Executive Committee and and Chairof the Sustainability Committee Board meetings present: / Tenure:  years Independent: No Skills, relevant experience and contribution to long-term success Matthew Bonning-Snook, BSc (Urb Est Surveying) MRICS, joined Helical in  and was appointed to the Board as an Executive Director in , assuming the role of Chief Executive Officer following the conclusion of the  AGM. He also serves as Chair of the Sustainability Committee leading our commitment to measuring and improving Helical’s corporate ESG performance and driving the Group’s sustainability initiatives. Prior to joining Helical, Matthew was a Development Agent and Consultant at Richard Ellis (now CBRE). With his extensive experience, expert knowledge of the London property market and established network of contacts within the industry, Matthew provides valuable insight to lead the business and execute the Group’s strategy, including securing our joint venture with Places for London which is the cornerstone of our future pipeline. Tim Murphy Chief Financial Officer Board meetings present: / Tenure:  years Independent: No Skills, relevant experience and contribution to long-term success Tim Murphy, BA (Hons) FCA, joined the Group in  and became Finance Director of the Company in , and subsequently Chief Financial Officer in . He is responsible for the financial statements, financial reporting, treasury and taxation. Before joining Helical, Tim worked at the financial and professional services firm, Grant Thornton. Tim is a highly experienced financial practitioner with significant sector knowledge, both technical and commercial. Tim is experienced in working with boards and management teams in respect of financial and commercial management, reporting, and risk and control frameworks. These experiences have made Tim particularly well-placed to contribute to the Group’s broader strategic agenda and further the sustainable success of the business. Tim is stepping down from the Board at the AGM on  July after  years with the Group. He will not be seeking re-appointment at the  AGM. Richard Cotton Matthew Bonning-Snook Tim Murphy Governance Financial Statements Further Information 99 HELICAL PLC Annual Report and Accounts 2025 Strategic Report James Moss Chief Financial Officer Designate Board meetings present: n/a Tenure: Appointed to the Board on  April  Independent: No Skills, relevant experience and contribution to long-term success James Moss, MChem (Hons) (Oxon) FCA, joined Helical in September  as Group Financial Controller and was appointed Company Secretary in May  and to the Executive Committee in March . He was subsequently appointed Chief Operating Officer in May . James joined the Board as CFO Designate with effect from April  and will continue to work closely with Tim up tothe  AGM, to ensure a smooth transition into the roleof CFO. As Chief Operating Officer and Company Secretary, James had a broad range of responsibilities, contributing to setting and delivering Helical’s strategy and ensuring its operational and financial effectiveness. James has extensive financial and real estate experience and is a highly adept leader and communicator. He is skilled in leading corporate finance matters and joint venture structuring, both of which are particularly important to the delivery of our strategy and long-term success. James was previously at Grant Thornton, where he was latterly responsible for leading audit and other assurance assignments in their real estate division. James Moss Board of Directors continued Sue Clayton Senior Independent Director, Chair of the Property Valuations Committee and designated Non-Executive Director for workforce engagement Board meetings present: / Tenure:  years Independent: Yes (see page ) Skills, relevant experience and contribution to long-term success Sue Clayton, FRICS, was appointed to the Board as a Non-Executive Director in February . She is Chair of theProperty Valuations Committee and a member of the Nominations Committee, the Audit and Risk Committee and the Remuneration Committee. Sue’s appointment as the Group’s Senior Independent Director on  July  is underpinned by her extensive board experience and understanding of stakeholder interests. In , the Board appointed Sue as the designated Non-Executive Director for workforce engagement and sheoffers a direct engagement channel to members of the workforce throughout the year. Our workforce are key to our strategy and long-term sustainable success and Sue’s role thus contributes to the strategic aims of the Group (see also our report on Helical’s workforce engagement initiatives at pages  to ). Sue has over  years of experience in UK investment markets. She is a former Managing Director of CBRE’s Capital Markets Team and has sat on the CBRE UK Management and Executive Boards. She also held the position of Employee Director on the CBRE Group Inc. Board. Sue started her career as a graduate with Richard Ellis (now CBRE) and worked in Valuation and Fund Management before moving into Investment Agency. Sue is a Fellow of the Royal Institution of Chartered Surveyors and her extensive commercial experience in the property industry and knowledge of the UK property market render her a highly valuable contributor to the Group’s strategy. It is also through her skills and experience in the field of property valuation that she provides a significant contribution to the effectiveness of the Group’s governance structure, especially with respect to the work of the Property Valuations Committee. Sue will not be standing for re-appointment at the  AGM on  July . Other external appointments — Non-Executive Director of SEGRO plc. Sue Farr Senior Independent Director Designate, Chair of the Remuneration Committee and designated Non-Executive Director for ESG and Sustainability Board meetings present: / Tenure:  years Independent: Yes Skills, relevant experience and contribution to long-term success Sue Farr is the Chair of the Remuneration Committee and has served on the boards of a diverse range of companies and has experience on other remuneration committees, both as a member and chair. Her effectiveness as Chair is bolstered by her understanding of employee and wider business perspectives, as well as her ability to consider the consequences of remuneration decisions. She is also a member of the Audit and Risk and Nominations Committees. Sue was appointed to the Board in June  and in May  she was appointed as the designated Non-Executive Director for ESG and Sustainability. Sue plays a key role in monitoring Helical’s Culture and ensuring its alignment with Company strategy to support the long-term sustainable success of the business. Sue contributes considerable knowledge, skill and experience to the Board and its Committees, particularly inthe areas of marketing, branding and consumer issues, which are key areas of focus for the Board and important for the continued success of our business. Sue is a former Chair of both the Marketing Society and the Marketing Group of Great Britain. In , she joined the Chime Group, where she was Chair of the Advertising and Marketing Services Division and Strategic and Business Development Director until , and served as a Special Advisor to their Board until July . Prior to joining the Chime Group, Sue served as Marketing Director of the BBC for seven years, Director of Corporate Affairs at Thames Television for three years and Director of Corporate Communications at Vauxhall Motors. Sue has also served as a Non-Executive Director for British American Tobacco plc, Millennium & Copthorne Hotels plc, New Look plc, Accsys Technologies plc, Lookers plc, Unlimited Marketing Group Ltd, DNEG Limited, Dairy Crest plc, Dolphin Capital Partners and Historic Royal Palaces. Other external appointments — Senior Independent Director, THG PLC. — Non-Executive Director, Ebiquity plc. Sue Clayton Sue Farr Governance Financial Statements Further Information 100 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Board of Directors continued Robert Fowlds Non-Executive Director Board meetings present: / Tenure:  year Independent: Yes Skills, relevant experience and contribution to long-term success Robert Fowlds was appointed to the Board in February . Robert has over  years’ experience in real estate. He washead of real estate investment banking at J.P. Morgan Cazenove until , advising on numerous capital markets and M&A transactions. Prior to working in corporate finance, Robert was Managing Director and Co-Head of the Pan-European real estate sector equity analyst team at Merrill Lynch, and previously a member of the team at Kleinwort Benson. Robert is a chartered surveyor and spent his early career specialising in investment and development. Robert’s financial knowledge and background in the real estate industry, as well as his experience as a non-executive director in the listed sector, strengthens the overall expertise of the Board and contributes to the long-term success of thebusiness. Other external appointments — Member of the Supervisory Board, Klepierre S.A. — Non-Executive Director, LondonMetric Property plc. Eleanor Gavin Group Company Secretary Board meetings present: n/a Tenure: Appointed  April  Skills, relevant experience and contribution to long-term success Eleanor Gavin, LLB (Hons), Dip. LP, NP, FCG, joined Helical inNovember  as Assistant Company Secretary and progressed to the position of Deputy Company Secretary inMay . On  April , she was appointed Group Company Secretary and became a member of the Executive Committee. Eleanor is a Chartered Company Secretary and a Fellow ofThe Chartered Governance Institute of UK and Ireland. She is also a qualified solicitor and notary public. Eleanor is responsible for the Group’s risk, compliance and corporate secretarial functions. She is a respected advisor tothe Board. Robert Fowlds Eleanor Gavin N.B. During the year to 31 March 2025, Joe Lister, Independent Non-Executive Director, and Gerald Kaye, former Chief Executive Officer, were members of the Board until 17 July 2024. Amanda Aldridge Non-Executive Director and Chair of the Audit and RiskCommittee Board meetings present: / Tenure:  year Independent: Yes Skills, relevant experience and contribution to long-term success Amanda Aldridge was appointed to the Board in April . Having spent  years at KPMG, Amanda has garnered extensive experience in the fields of audit, governance and capital markets. She was a KPMG partner for  years, holding numerous positions and was latterly the Head of Intellectual Property & Contract Governance in the firm’s Risk Consulting Division. Over the last six years, Amanda has served as a Non- Executive Director on several quoted and unquoted company boards and is an experienced audit and risk committee chair. Through her directorships, she has also gained considerable experience in the property sector. Amanda qualified as a Chartered Accountant in  and is a Fellow of the Institute of Chartered Accountants in England and Wales. She is also an active member of the Institute’s Corporate Governance, Sustainability & Climate Change and Construction & Real Estate Communities. Amanda’s strong financial background, combined with her knowledge and experience in risk management across a variety of sectors, including property, is highly valuable to theBoard and contributes to the long-term success of thebusiness. Other external appointments — Non-Executive Director, The Brunner Investment Trust plc. — Non-Executive Director, Staffline Group plc. — Non-Executive Director, The Low Carbon Contracts Company Limited. — Non-Executive Director, Care REIT plc (resigned on  May ). Amanda Aldridge Governance Financial Statements Further Information 101 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Statement of compliance with the Code The Code, along with the Financial Reporting Council’s Guidance on Board Effectiveness, hasinformed the Group’s governance practices, particularly with respect to the Board’s effectiveness and decision making, and hascontributed to the delivery of strategy. For the year to 31 March 2025 the Group has applied the Principles of the Code and has complied with all relevant Provisions of the Codethroughout the accounting period, with the exception of Provision 19 of the Code. Provision 19 of the Code suggests that a company chair should not remain in post beyond nine years from their initial appointment to the board and on 1 March this year, our Chairman, Richard Cotton, reached his nine-year anniversary as a Helical Director. Following due and careful consideration, the Board has agreed to renew Richard’s appointment for a further term of one year. In Richard Cotton, we are fortunate to have an exceptional Non-Executive Director who has served on the Board for nine years, the latter three as Chairman. Richard encourages open and candid discussion in the boardroom, including the constructive challenge ofthe Executive Directors. The business has been through considerable challenge and change during Richard’s reign as Chairman, particularly throughout the 2023 downturn in the central London office market, and he consistently and effectively led the Board through this period, chairing all meetings efficiently and maintaining the strong, stakeholder-focused Culture that is core to Helical. Under Richard’s solid leadership, the Board redefined its strategy and business model (see pages 18 to 23) and the success of this approach has already been proven through the successful purchase and sale cycle of 100 New Bridge Street, EC4, seeing the Group generate significant value for its Shareholders once again. Whilst this updated strategy continues to be implemented, the Board regards Richard’s continued oversight ofthe plans to be in the Company’s best interests. → See pages 104 to 106 → See pages 117 to 120 → See pages 107 to 109 → See pages 121 to 138 → See pages 110 to 116 Corporate Governance Report structure The structure of our Corporate Governance Report reflects the five pillars of the UK Corporate Governance Code 2018 (the “Code”): Some of the information required by the Code is included in the Strategic Report and is cross-referenced with the Corporate Governance Report to avoid unnecessary duplication. 1 4 2 5 3 Board Leadership and Company Purpose Audit, Risk and Internal Control Division of Responsibilities Remuneration Composition, Succession and Evaluation Governance Financial Statements Further Information 102 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Further, as Chair of the Nominations Committee, Richard has also demonstrated exceptional leadership skills through significant changes to the composition of the Board over the last two years. He has overseen a change in CEO, the appointment of two new Non-Executive Directors and the determining of the successor to the role of CFO. Richard is currently leading the search for a new Non-Executive Director and will also be conducting a detailed handover of the Chairman’s role to his successor over the course of next year. For further details of this process, please see theNominations Committee Report on pages 111to112. In coming to the decision to extend Richard Cotton’s tenure beyond nine years, the Board alsoconsidered Provision 10 of the Code and determined that despite having served on the Board for over nine years, Richard’s independence was not impaired and the extension of his chairmanship did not pose a risk to the Board’seffectiveness and dynamics. Following his re-election at the 2025 AGM, Richard will remain as Chair of the Nominations Committee but will not chair the Committee meetings dealing with the appointment of his successor. It is also proposed that Richard will step down from the Remuneration Committee immediately after the 2025 AGM, in line with Provision 32 of the Code. With respect to compliance with Provision 10 ofthe Code, Sue Clayton, Senior Independent Director, has served on the Board for over nine years since February 2025. Despite this, her independence has not been called into question by the Board and the 2024/25 Board Performance Review did not highlight any circumstances which were likely to impair or could appear to impair herindependence, other than her having just exceeded the Code’s recommended tenure. Sue is, however, stepping down from the Board at the 2025 AGM and will not be seeking re-appointment. UK Corporate Governance Code 2024 – Compliance Status In January 2024, the FRC published its revised version of the UK Corporate Governance Code (“Revised Code”) which will apply to financial years beginning on or after 1 January 2025, with the exception of Provision 29 which is applicable to financial years beginning on or after 1 January 2026. Although the Revised Code is not applicable to Helical for the year to 31 March 2025, we have made good progress towards achieving compliance with respect to the Revised Code’s key updates and have set our progress out below: KEY CHANGES TO CODE DETAILS OF COMPLIANCE Board leadership and Company Purpose Principle C: Governance reporting should focus on board decisions and the outcomes in context of the company’s strategy and objectives Several key decisions made by the Board during the year to 31 March 2025 and their link to the Group’s strategy and objectives are detailed on pages 83 to 84. Provision 2: The board should assess and monitor how the desired culture is embedded. How we embed, monitor and assess our Culture is disclosed on pages 87 to 88. Composition, success and evaluation Principle J: Board appointments and succession plans to promote diversity, inclusion and equal opportunity. Please see our Nominations Committee Report on pages 110 to 116 for details on how the work of the Committee has promoted diversity, inclusion and equal opportunity in Board composition and succession exercises over the year. Provision 23: In addition to a diversity and inclusion policy, a company may have supporting initiatives in place. Our Nominations Committee Report sets out the Group’s key diversity initiatives on pages 112 to 114. Audit, risk and internal control Principle O: The board to establish and maintain an effective risk management and internal control framework. For details on how the Board has established and maintains the Group’s effective risk management and control framework, please see the Risk Management section on pages 47 to 58. Provision 29: The Board should: • Describe how it has monitored and reviewed the effectiveness of the internal control framework. • Make a declaration of effectiveness of the material controls as at the balance sheet date. • Describe any material controls that have not operated effectively as at the balance sheet date. We are working to ensure compliance with the requirements of Provision 29 for the year ending 31 March 2027. Please see our Audit and Risk Committee Report on pages 117 to 120 for further details on our controls. Remuneration Provision 37: Directors’ contracts and/or other agreements or documents which cover director remuneration should include malus and clawback provisions. For further details on application of malus and clawback, please see our Remuneration Committee Report on pages 121 to 138. Provision 38: Directors’ Remuneration Report for the last reporting period to include adescription of the Group’s malus and clawback provisions. Corporate Governance Report continued Governance Financial Statements Further Information 103 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Board leadership and Company Purpose Formore information on Sue’s role in enabling theBoard to monitor the Group’s Culture and in ensuring that the Culture is reflected in decision making, please see page 95. Helical’s Culture and Values are reinforced through the Group’s Supplier Code of Conduct along with various other policies and procedures including share dealing, whistleblowing, security of data, human rights, and anti-bribery and corruption measures. In terms of engaging with external stakeholders, the Group publishes certain key policies on its website (https://www.helical.co.uk/ investors/policies-and-procedures/). All Group policies and procedures have been implemented with the objective of supporting the long-term sustainable success of the business. For further details on Helical’s Purpose, Values and Culture and how they link to Group strategy, please see pages 85 to 88. The ability of our employees to speak freely and openly is an important characteristic of Helical’s ethos. During the year, the Board updated its Whistleblowing Policy and Procedures and introduced a secure external platform for reporting whistleblowing concerns. Through this platform, Helical employees can raise concerns about malpractice or misconduct in confidence, or anonymously, depending on preference. Whistleblowing is a matter reserved for the Board and any whistleblowing issue raised, as well as any outcome of subsequent investigations, will be notified to the Board. Further methods used by theBoard to engage with the workforce and other stakeholders are detailed at pages 89 to 95. Underpinning Helical’s business model is a commitment to robust corporate governance – acomponent that is essential for achieving the Group’s objective of long-term value creation for stakeholders. Corporate governance plays an important role in the strategic management of ourbusiness and it is through the alignment of stakeholder interests with management actions that Helical’s direction and performance are determined. The Board applies the overarching principles of good corporate governance – Fairness, Accountability, Responsibility and Transparency – when formulating and delivering its strategy. These principles underpin the Board’s activities including, but not limited to, the oversight of financial reporting and auditing, remuneration ofsenior executives, stakeholder relations and communications, risk management and internal control, ethics, ESG and sustainability. The application of these principles of good corporate governance supports the Board in the effective promotion of the long-term success of the Group. The Board appreciates the Group’s broader role insociety and the need to engage with all those affected by its endeavours. The Directors prioritise their duty to promote the success of Helical whilsthaving regard to all its stakeholders andcontributing to wider society. Helical’s stakeholders are clearly defined and the Board actively engages with each of these groups on aregular basis (for more information on how this isdemonstrated in practice, see pages 88 to 95). How the Board members discharged their statutory directors’ duties when making Principal Decisions is described on pages 83 to 84. As well as being linked to the Culture, the Purpose and Values flow through to other policies, practices and behaviours in the business. For example, the Value of working sustainably underpins the Group’s strategy and more detail on this can be found in the Sustainability section on pages 59 to 80. As confirmed in the latest Board Performance Review which was externally conducted this year (for more information on the 2024/25 external Board Performance Review, please see the Nominations Committee Report on pages 110 to 116), the Board of Directors collectively has the skills and experience required to deliver effective leadership of the Group, generating Shareholder value and supporting the interests of the Group’s stakeholders, whilst contributing to wider society. The Directors’ range of backgrounds and expertise ensure that the Group’s leadership is effective and balanced (see pages 115 to 116 for details). The Board and its Committees review workforce policies and procedures on an annual basis and more frequently if required. As part of the annual review process, the Board considers each policy and procedure in the context of desired behaviours and practices and ensures that they remain aligned to Helical’s Culture and support long-term sustainability and success (see also pages 85 to 88 of the Strategic Report). For example, the Remuneration Committee takes thepay policies and practices of the wider workforce into consideration when determining the remuneration packages of the Executive Directors (for more information on this, please see the Directors’ Remuneration Report on pages 121 to 138). The Helical Purpose and Values are also taken into account when setting the Group’s Remuneration Policy and structure. Details of thiscan be found in the Directors’ Remuneration Report on pages 121 to 138. As part of its leadership responsibilities, the Board continually monitors the Culture of the business and during the reporting period, our designated Non-Executive Director for workforce engagement, Sue Clayton, helped to further embed the Group’s Culture through information sharing and engagement between the Board and the workforce (for more on how we embed our Culture, please see pages 87 to 88). During the reporting period, the Board renewed its approval of the terms of reference for the role of the designated Non-Executive Director for workforce engagement and this document serves to reinforce the Board’s emphasis on the importance of effective workforceengagement with the workforce. Corporate Governance Report continued 1Board leadership and Company Purpose Governance Financial Statements Further Information 104 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Effectiveness Matters considered by the Board in 2024/25 CORPORATE RESPONSIBILITY • Receipt of reports from the Sustainability Committee to assess the Group’s approach to sustainability and promote its future strategy with objectives; • Review and consideration of the Group’s progress towards becoming a net zero carbon business by 2030 through our Net Zero Carbon Pathway; and • Approval of the Group’s Human Rights and Sustainability Policies. STRATEGY • Review of corporate objectives; • Review of market trends, opportunities and risks; • Annual off-site Board meeting focused on strategy; • Receipt of regular strategy updates; • Revision to the timetabling of the Annual Strategy Meeting (see page 105); and • Revision of Group strategy and business model (see pages 18 to 23 for further details). PROPERTY TRANSACTIONS AND OPERATIONS • Approval of material property transactions and opportunities; • Approval of development financing transactions; and • Review of independent valuations of properties. FINANCIAL AND OPERATIONAL PERFORMANCE • Approval of the Group’s full year and half year results; • Review of the capital and debt structure; • Assessment of viability and going concern, including sensitivity analysis; • Receipt of regular reports from the Chief Executive and the Chief Financial Officer; • Approval of major capital and operating expenditure proposals; • Review of the dividend policy and recommendation of the 2024 final dividend and approval of the 2025 interim dividend; • Receipt of presentations from senior management from across the business and consideration of reports on matters of material importance to the Group; • Receipt and consideration of the annual IT report from the Group’s external IT consultants; • Approval of the Group budget; and • Review of financing proposals. Annual Board strategy day The Group’s core activities are performed within the governance and strategic framework set by the Board. However, Helical’s strategy is continually overseen by the Board throughout theyear and reviewed as necessary. For example, changes to strategy may be implemented in the event of significant changes to market conditions or to align the Group’s objectives with the interests of its stakeholders. In September 2024, the Board met for its annual strategy session at which all the Directors were in attendance. The annual meeting provides a forum, outside the quarterly Board meetings, for the Board members to come together to focus their discussions on strategy, drawing upon the breadth of experience and insights of the Non-Executive Directors. Over the course of the day, the Board toured the Group’s largest investment asset, The Bower, and received presentations from both Jones Lang LaSalle and Savills on matters of strategic importance to Helical. With respect to the strategic discussions that took place over the course of the day, the Directors focused on the geopolitical and economic climate, the London real estate market, sustainability and the environment, and the interests of Shareholders and other stakeholders. Having considered these strategic factors, the Directors carefully deliberated and agreed that the Group’s strategy be adapted tofocus on development of real estate in central London, diversifying from being purely an office developer (please see the Strategic Report on pages 18 to 23 for further details of the Group’s strategy), determining that this would promote the long-term sustainability of the business, making the most of the market opportunities and generating value for Shareholders and other stakeholders in the process. Furthermore, the Board discussed the timing of the annual strategy off-site day, and it was agreed that holding the event at the beginning or just prior to the commencement of the new financial year, would be beneficial to strategic discussions and the setting of the strategy for the next financial year. Consequently, the next Board strategy event will take place in March 2026. The Board also agreed that an increased amount of time would bededicated to strategic discussions at Board meetings going forward. Corporate Governance Report continued 1Board leadership and Company Purpose Governance Financial Statements Further Information 105 HELICAL PLC Annual Report and Accounts 2025 Strategic Report GOVERNANCE AND RISK • Quarterly review of the Group’s health and safety performance; • Oversight of the Group’s Health & Safety Policy; • Monitoring of performance and continued development of health and safety risk mitigation through the Group Health and Safety Committee; • Review of risk strategy and risk appetite and reaffirming the Group’s Risk Framework; • Financial crime risks and mitigation; • Bi-annual review of principal and emerging risks facing the Group; • Continued consideration of cyber security and mitigation of cyber risks; • Continued consideration of the implications of geopolitical instability, as well as other matters of global macro significance, and mitigating strategies; • Internal control system review, including review of external verification of controls; • Receipt of regular reports and updates on governance matters; • Continuous review of UK Corporate Governance legislation and guidance e.g. the FRC’s Code and Revised Code, the FRC’s Guidance on Board Effectiveness and The Companies (Miscellaneous Reporting) Regulations 2018; • Review of its governance processes, e.g. meeting frequency and timeliness of Board papers; • Participation in the internally facilitated Board evaluation; and • Annual review and approval of Group policies and procedures, role descriptions, the Schedule of Matters Reserved for the Board and Committee terms of reference, including: –Updates to Group Whistleblowing Policy and Procedures with introduction of new secure external platform for the reporting of whistleblowing concerns; –New Group Anti-Sexual Harassment Policy and oversight of Group risk assessment; –Review and approval of the Group Human Rights Policy; and –Review and approval of the annual Modern Slavery Statement. PEOPLE • Crystallisation of Chief Executive Officer succession plan, leading to the appointment of the new Chief Executive Officer on 17 July 2024; • Appointment of new Non-Executive Director, Amanda Aldridge, on 1 April 2024; • Commencement of search for new Non-Executive Director; • Crystallisation of the Chief Financial Officer succession plan during the year, with appointment of the Chief Financial Officer Designate on 1 April 2025; • Review of succession and talent management processes within the Group; • Receipt of feedback from the designated Non-Executive Director regarding the employee engagement initiatives and consideration of issues raised; • Review and approval of annual bonus calculations and Performance Share Plan awards; • Review of staff engagement mechanisms including oversight of Group whistleblowing procedures; • Executive and Non-Executive development and succession planning; • Evaluation of the Board’s effectiveness; and • Engagement with the Group’s stakeholders and consideration of their interests when making Board decisions (please see pages 88 to 95). Corporate Governance Report continued 1Board leadership and Company Purpose Governance Financial Statements Further Information 106 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Division of responsibilities Any feedback from the Chairman’s interactions with Shareholders is reported directly to the Board. The Directors strive to maintain effective corporate leadership by integrating stakeholder engagement with the accepted core functions ofthe Board. For more details on how the Board discharges this key responsibility of engagement, please see pages 88 to 95. Senior Independent Director The Senior Independent Director (“SID”) has acted, and continues to act, as a sounding board for the Chairman and as an intermediary for the other Directors and Shareholders. The SID is available to Shareholders for meetings or to discuss any concerns which have not been resolved through, or would be inappropriate toresolve through, the normal channels of communication with the Chairman, Chief Executive or other Directors. Designated Non-Executive Director for workforce engagement Sue Clayton was appointed to the role of designated Non-Executive Director for workforce engagement in 2019 and her role is key to facilitating meaningful engagement between the Board and the wider workforce and ensuring that the interests of the Helical employees are considered in Board discussions and decision making. For more information on this role at Helical, please see pages94 and 95 of the Strategic Report. The detailed roles of the Chairman, CEO, SID and designated Non-Executive Director for workforce engagement are available on our website: https:// www.helical.co.uk/investors/governance/terms- of-reference-and-role-descriptions/ The Helical Board is suitably balanced and will continue to be so following the 2025 AGM, with the majority of its members (excluding the Chairman) being independent Non-Executive Directors. The Non-Executive Directors are responsible for constructively challenging and helping to develop proposals on strategy. They are also responsible for applying independent and objective judgement and scrutiny to all matters before the Board and its Committees. Throughout the reporting period, theNon-Executive Directors have received information from Savills, Jones Lang LaSalle andDeutsche Numis to help enhance their understanding of the market and investor sentiment towards Helical. The Board is satisfied that all the Directors are ableto allocate sufficient time to the Company todischarge their responsibilities effectively. Upon appointment, the Non-Executive Directors are also required to inform the Chairman of their external appointments prior to their acceptance of a role onthe Board. In addition, the Chairman’s time commitments are subject to review by the Senior Independent Director, in conjunction with the other Non-Executive Directors. The Board reviews the Conflict of Interest Register at each Board meeting. For details of the Directors’ current external commitments, please see Board of Directors section on pages 99 to 101. There is a clear division of responsibilities betweenthe running of the Board and the Executive Directors’ responsibility for running thebusiness. An honest and open culture exists between both the Executive and Non-Executive Directors, enabling the Non-Executives to provideconstructive challenge and give specialistadvice and guidance on strategy. Group Company Secretary Our Company Secretary plays a leading role in the Group’s governance structure. Under the direction of the Chairman, the Group Company Secretary’s responsibilities include: • Advising the Board on all regulatory and corporate governance matters; • Ensuring good information flows to the Board and its Committees, and between the Executive Committee and the Non-Executive Directors; • Maintaining a record of attendance at Board meetings and Committee meetings; and • Assisting the Chairman in ensuring that the Directors have suitably tailored and detailed induction and ongoing training and professional development programmes. Board information and professional development The Chairman, with support from the Company Secretary, is responsible for ensuring that the Directors receive clear and accurate information in a timely manner. As the external business environment in which the Group operates continues to evolve, it is important that our Directors’ skills and knowledge are refreshed and updated regularly. Throughout their Board tenure, the Directors are encouraged to develop their knowledge of the Group through property tours, meetings with stakeholders and consultations with members of senior management. Individual training requirements are considered periodically and the Board is kept informed of training opportunities, including those offered by our external advisors. The Board is also kept appraised of all relevant updates with respect to relevant legislative and regulatory requirements and all corporate governance matters by way of briefing papers and presentations at Board meetings. All Directors have access to the services and advice of the Company Secretary. Thisopen forum extends beyond the boardroom and can be evidenced by the Board’s usage of an instant messaging platform to share real time, key business updates. The Executive Committee, led by the Chief Executive, is responsible for ensuring the Group’s strategy is communicated and implemented. It comprises the Executive Directors, the Chief Investment Officer and, since 1 April 2025, Eleanor Gavin, Group Company Secretary. The Executive Committee usually meets monthly, or more frequently if required. Given the size of the organisation, the importance of succession planning within the executive team is a key area of focus for the Board. Further details on succession planning can be read in the Nominations Committee Report on pages 110 to 112. Chairman and Chief Executive The positions of Chairman and Chief Executive are held separately, and their roles and responsibilities are clearly established, set out in writing and agreed by the Board. The Chairman is responsible for the leadership of the Board and ensuring its effectiveness. The Chief Executive is responsible for the leadership of the business and managing itwithin the authorities delegated by the Board. Alongside boardroom discussions, the Chairman maintains contact with the Non-Executive Directors and, at least annually, will invite only the Non-Executive Directors to attend a meeting to discuss Group matters. Throughout the year, the Chairman has continued to directly engage with our Shareholders, making himself available for meetings at their request. Thisdirect form of engagement supplements theplanned investor relations programme undertaken each year (see page 108 for details). Corporate Governance Report continued 2Division of responsibilities Governance Financial Statements Further Information 107 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Board meetings during the reportingperiod Regular Board meetings are scheduled each year and the Directors allocate sufficient time to the Company to discharge their responsibilities effectively, with the Non-Executives in particular providing constructive challenge and strategic guidance and offering specialist insight and advice based on their experience (see pages 99 to 101 for the diverse skill set of the Board, which provides for balanced and effective leadership of the Group). During the year ended 31 March 2025, sixscheduled Board meetings were held. The Board also held its annual strategy event inSeptember 2024, at which the Directors participated in focused discussions on the Group’s strategy. The strategy event was structured to facilitate formal discussions during the day followed by more informal discussion in the evening (see also page 105 for further details). Board attendance at scheduled meetings Board meetings –  April  to  March  Attendance Richard Cotton, Non-Executive Chairman / Matthew Bonning-Snook, Chief Executive Officer / Tim Murphy, Chief Financial Officer / Sue Clayton, Senior Independent Director / Sue Farr, Non-Executive Director / Robert Fowlds, Non-Executive Director / Amanda Aldridge, Non-Executive Director / Gerald Kaye, former Chief Executive Officer (resigned from the Board on  July ) / Joe Lister, Non-Executive Director (resigned from the Board on  July ) / James Moss, Chief Financial Officer Designate n/a (Appointed April ) Board The Board’s main responsibilities include, but are not limited to: • Providing overall leadership of the Group and setting its long-term strategic aims; • Establishing and monitoring the Group’s Purpose, Values and Culture, to ensure that these are aligned with the Group’s strategic aims and objectives; • Approving changes to the Group’s capital, corporate and governance structures; • Reviewing management and operational performance, including health and safety; • Oversight and approval of the Group’s financial reporting; • Approving the risk appetite of the Group and ensuring the maintenance of a robust system ofcontrols and risk management; • Review of the adequacy and security of the Group’s arrangements for its workforce to raise concerns, in confidence, about possible wrongdoing in financial reporting or other matters; • Approving major capital projects, investments and divestments above limits of authority delegated by the Board; • Approving resolutions and corresponding documentation to be put to Shareholders atGeneral Meetings, circulars and listing particulars; • Ensuring satisfactory dialogue with, and approving all formal communications to, Shareholders; • Ensuring effective engagement with, and encouraging participation from, the Group’s stakeholders; • Approval of Group policies and procedures covering a wide range of matters such as health and safety, corporate social responsibility and the environment; and • Oversight of all corporate governance matters. Board members • Richard Cotton (Non-Executive Chairman) • Matthew Bonning-Snook (Chief Executive Officer) • Tim Murphy (Chief Financial Officer) • Sue Clayton (Senior Independent Director) • Sue Farr (Independent Non-Executive Director) • Robert Fowlds (Independent Non-Executive Director) • Amanda Aldridge (Independent Non-Executive Director) • Gerald Kaye (Former Chief Executive Officer) (resigned from the Board on 17 July 2024) • Joe Lister (Independent Non-Executive Director) (resigned from the Board on 17July2024) • James Moss (Chief Financial Officer Designate from 1 April 2025) * Stepping down from the Board at 17 July 2025 AGM – see Nominations Committee Report on page 111 for further details. Secretary • Secretary to the Board: Eleanor Gavin (from 1April 2025 – James Moss was Secretary to the Board for the year to 31 March 2025) Please also see the Schedule of Matters reserved for the Board, available to download athttps://www.helical.co.uk/investors/ governance/terms-of-reference-and-role- descriptions/ Corporate Governance Report continued 2Division of responsibilities Key investor relations activities  April Trading Update May Annual results announcement and analysts’ presentation for the full year to  March  May/June Investor Roadshow presentations July Trading Update Annual General Meeting October Trading Update November Results announcement and analysts’ presentation for the half year to  September  November/December Investor Roadshow presentations  January to March Individual investor property tours April Trading Update Annual General Meeting For details of the resolutions passed at the 2024 Annual GeneralMeeting and the voting results, please visit our website: https://www.helical.co. uk/investors/agm-gms/ Fair, balanced and understandable – the Board’s responsibility The Code requires the Board to ensure that, takenas a whole, theAnnual Report and Accounts present a fair, balanced and understandable assessment of the Group’s position and prospects. Inreviewing the Annual Report and Accounts, the Audit and Risk Committee considered the points set out in its report on page 120. After this review, the Audit and Risk Committee reported itsfindings to the Board. For the Directors’ statement in this regard, please see page 119. Governance Financial Statements Further Information 108 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Committees Nominations Committee Ensures there is a formal, rigorous and transparent procedure for the appointment and induction of new Directors to the Board, leads the process for Board appointments and succession planning (including the development of a diverse succession pipeline) and supports the annual Board evaluation process. Committee members: • Richard Cotton (Chair), Independent Non-Executive Director • Sue Clayton, Senior Independent Director • Sue Farr, Independent Non-Executive Director • Robert Fowlds, Independent Non-Executive Director • Amanda Aldridge, Independent Non-Executive Director • Joe Lister, Independent Non-Executive Director (member until  July ) Please also see Report of the Nominations Committee onpages 110 to 116. * Richard Cotton will not chair the Committee meetings which deal with the appointment of his successor. Remuneration Committee Assists the Board in fulfilling its responsibility to Shareholders to ensure that the Remuneration Policy and practices of the Group reward fairly and responsibly, with a clear link to corporate and individual performance, having regard to statutory and regulatory requirements. Committee members: • Sue Farr (Chair), Independent Non-Executive Director • Sue Clayton, Senior Independent Director • Richard Cotton, Independent Non-Executive Director • Robert Fowlds, Independent Non-Executive Director • Amanda Aldridge, Independent Non-Executive Director • Joe Lister, Independent Non-Executive Director (member until  July ) Please also see Report of the Remuneration Committee on pages 121 to 138. * Richard Cotton will be stepping down from the Remuneration Committee immediately after the 2025 AGM. Property Valuations Committee Reviews the valuations of the Company’s property portfolio and reports to the Audit and Risk Committee onits findings. Committee members: • Sue Clayton (Chair), Senior Independent Director • Matthew Bonning-Snook, Chief Executive Officer • Rob Sims, Chief Investment Officer (Gerald Kaye, former CEO, chaired the Committee until hisresignation from the Board on 17 July 2024) Please also see Report of the Audit and Risk Committee on pages 117 to 120. Sustainability Committee Assists the Board in setting and monitoring the Company’s sustainability strategy, policies, targets andperformance. Committee members: • Matthew Bonning-Snook (Chair), Chief Executive Officer • Laura Beaumont, Head of Sustainability • John Inwood, Head of Asset Management • Lois Robertson, Operations Manager • Elliott Saunders, Senior Development Executive • Matt Redgrove, Senior Development Executive For further details on the Group’s sustainability initiatives, please see pages 59 to 80. Executive Committee Assists the Chief Executive Officer in the performance ofhis duties and ensures that the Group’s strategy is implemented, subject to the limitations of authority set out in the Schedule of Matters Reserved for the Board. Committee members: • Matthew Bonning-Snook (Chair), Chief Executive Officer • Tim Murphy, Chief Financial Officer • James Moss, Chief Financial Officer Designate • Rob Sims, Chief Investment Officer • Eleanor Gavin, Group Company Secretary (from  April ) (Gerald Kaye, former CEO, chaired the Committee until hisresignation from the Board on 17 July 2024) Audit and Risk Committee Assists the Board in fulfilling its oversight responsibilities by reviewing and monitoring: the integrity of financial information provided to Shareholders; the Group’s system of internal controls and risk management; the external audit process and Auditors; and the processes for compliance with laws, regulations and ethical codes ofpractice. Committee members: • Amanda Aldridge (Chair), Independent Non-Executive Director • Sue Clayton, Senior Independent Director • Sue Farr, Independent Non-Executive Director • Robert Fowlds, Independent Non-Executive Director • Joe Lister, Independent Non-Executive Director (member until  July ) Please also see Report of the Audit and Risk Committee on pages 117 to 120. Health and Safety Committee Oversees and drives improved performance in the strategies, policies and working practices of the Group inrelation to health and safety. Committee members: • Matthew Bonning-Snook (Chair), Chief Executive Officer • Elliott Saunders, Senior Development Executive • Matt Redgrove, Senior Development Executive • John Inwood, Head of Asset Management (Gerald Kaye, former CEO, chaired the Committee until his resignation from the Board on 17 July 2024) Corporate Governance Report continued 2Division of responsibilities Governance Financial Statements Further Information 109 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Nominations Committee Committee membership and attendance Attended Absent Committee meeting attendance Richard Cotton (Chair) Sue Clayton Sue Farr Robert Fowlds Amanda Aldridge Joe Lister (member until  July ) – * In accordance with Provision 17 of the UK Code, Richard Cotton will not chair Committee meetings which deal with the appointment of his successor. The Company Secretary acts as secretary to the Committee. The Committee’s terms of reference are available to download at: https://www.helical.co.uk/investors/policies-and-procedures/ Dear Shareholder, On behalf of the Nominations Committee, I am pleased to share details of the Committee’s activities and achievements over the course of the year to 31March 2025. It has been a very busy year for the Committee from a succession perspective, with anumber of changes in Board and key senior leadership positions requiring our support and oversight. As well as focusing on the implementation of our succession plans to facilitate these changes, a significant item on the Committee’s agenda this year was the instruction and oversight of the external review of the Board’s performance. Succession planning The Committee is responsible for making appointments to the Board and ensures that plans have been created to enable orderly succession tothe Board, its Committees and the senior management team. In formulating succession plans, the Committee is cognisant of the need todevelop a diverse pipeline of candidates, particularly with regard to gender and social and ethnic backgrounds, in order to equip the Group with the necessary skills and expertise it requires to drive long-term value creation and support its strategic aims. The Group’s Equality, Diversity and Inclusion Policy informs succession planning at all levels of the business (for the full Policy, please seehttps://www.helical.co.uk/investors/policies- and-procedures/). During the year, as part of the 2024/25 external Board Performance Review (see also Board Performance Review section below), the current skills and expertise of the Board members were assessed, with consideration being given to whether the skills and expertise were sufficient and broad enough to ensure the effective operation of the Board. The review of the Directors’ skill sets helped to identify gaps which will be used to inform the Committee when appointing future Board members. The Committee will continue to monitor the skills and capabilities, and length of tenure of Board members, recommending further appointments as necessary (see also Director Richard Cotton Chair of the Nominations Committee independence and effectiveness section on page115). For details of our Directors’ skills and capabilities and how they contribute to the Group’s long-term success, please see pages 99 to 101. Succession planning for key positions at Executive Management level (below Board) is primarily overseen by the full Board, with support provided by the Committee in respect of particular initiatives. The Committee reviews the suitability of the Group’s succession plans below Board level at least once a year, as part of its annual strategic review. The Executive Management team also has a key role to play in our strategic planning process, in the ongoing development of our talent pipeline and in fostering the Group’s Culture and Values required to continue to deliver on our strategy, whilst taking diversity into account. The process is designed to ensure that appropriate opportunities are in place to develop high performing individuals and enable proactive planning for succession in the executive team and across all levels of the business. During the period, the Group has invoked a number of its succession plans for employees below Board level, reaffirming the effectiveness of the Group’s succession planning and development processes. With regards to Executive Management (below Board) succession, the Nominations Committee approved the appointments of Rob Sims to Chief Investment Officer and Eleanor Gavin to Group Company Secretary. At Board level, the Committee approved the appointment of James Moss to CFO Designate, with the intention that he succeeds Tim Murphy from the conclusion of the 2025 AGM. For more information regarding James’ appointment, please see page 111. Our employees’ passion, commitment and expertise are key to delivering our strategy and fulfilling our Purpose. The Committee supports thedevelopment of Helical’s internal talent and recognises the importance of continuing to invest in and develop our people in order to help accelerate our growth and future success. Corporate Governance Report continued Key areas of focus during 2024⁄25 • Review of Board succession plans with enactment of CFO succession plans, leading to appointment of CFO Designate. • Review and enactment of succession plans for senior management. • External Board Effectiveness Review conducted at the beginning of 2025. • Continued focus on diversity throughout all levels of the organisation. • Continued programme of informal interactions between the Non- Executive Directors and the wider Helical team. 3Composition, succession and evaluation Governance Financial Statements Further Information 110 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Given the size of the Group, whilst it is always the Committee’s aim to nurture and promote existing talent when recruiting for senior leadership and Board roles, the Group may also utilise the expertise of external search consultants to ensure that the best possible range of diverse candidates is considered. “ A commitment to investing in our people and platform has been a central underpin of our success over the years. Each and every one of the recently promoted individuals, with a combined 50 years’ experience at Helical, are playing an important role in enabling us todeliver on our strategy, at what is a very exciting time to be developing and investing in the London commercial real estate market.” Matthew Bonning-Snook, CEO Chief Financial Officer succession As announced in February 2025, Tim Murphy will be stepping down as CFO at the conclusion of the 2025 AGM, at which point he will have served as aDirector for 13 years. Helical’s succession arrangements for the Executive Directors and senior management arekept under constant review by the Nominations Committee to ensure that the Grouphas a diverse and inclusive talent pipeline for future Board appointments. Corporate Governance Report continued Although the Committee had identified a strong internal candidate as part of its ongoing Executive Director succession plans, upon receipt of Tim’snotification, it embarked on a detailed and comprehensive search to ensure that the most appropriate successor to Tim was identified. Thereview encompassed a reassessment of theGroup’s internal talent together with a search of the external market conducted by executive search firm Sam Allen Associates (“SA”) and a number of high calibre, diverse candidates were identified for our consideration. SA has qualified as an Enhanced Code Accredited Firm with respect to the Voluntary Code of Conduct for Executive Search Firms and the firm’s only connection toHelical or its Directors is in a board-level recruitment and services capacity. This year thefirm assisted with both our CFO succession process and our Board Performance Review (seepage 115 for details of the 2024/25 Board Effectiveness Review). The Committee established the parameters of the search in a clear brief to clarify its requirements and guide SA in identifying candidates who aligned with the Group’s Culture and Values. The Committee considered the candidates, taking into account the skills, knowledge and experience required for the role ofthe Group’s CFO, as well as the benefits of diversity to the role. The process culminated in theCommittee’s decision to recommend to the Board that James Moss succeed Tim, given his qualifications, experience and wide-ranging skill set, business acumen and proven track record as a highly successful COO and Company Secretary to the Group. James was appointed to the Board as CFO Designate in April, with the intention that he succeed Tim and become CFO with effect fromconclusion of the 2025 AGM. By virtue of the Committee’s considered, robust CFO succession plan, combined with an effective governance framework, James has been transitioning to the role of CFO since 1 April 2025 with support from the Board, upholding its commitment to oversight of Helical’s Purpose andCulture. For more information on the Board’s oversight of Purpose, please see page 85. Non-Executive Director succession With Sue Clayton retiring at the 2025 AGM and mytenure as Chairman having exceeded the nineyears prescribed by the UK Corporate Governance Code (the “Code”), the Committee has placed a significant focus on Non-Executive Director succession over the last year. Chairman’s succession As explained at the beginning of the Corporate Governance Report (see pages 102 to 103), the Board has proposed that I continue as its Chairman for one more year. As a result of my tenure exceeding the nine years recommended by the Code, the Committee recognised the need to plan for the appointment ofmy successor and has begun thatprocess. The Committee will ensure that theincoming Chairman is independent upon appointment and that the appointment process isdiscussed with an external Board recruitment services firm. I will not chair the Committee meetings dealing with the appointment of my successor in line with Provision 17 of the Code. It is envisaged that I will step down from the Board at the 2026 AGM at which the appointment of my successor will also be proposed to Shareholders. The Committee will ensure that a full, formal and tailored programme of induction will be conducted with my successor prior to appointment. At a glance New Director appointment process 1. Role requirements and criteria: The Committee, in conjunction with the ChiefExecutive, agrees objective criteria for appointees – skills, knowledge, experience andpersonal attributes relevant to the Group’s strategy to help lead the business effectively and deliver growth. 2. Search process: Under the direction of theCommittee, an independent, experienced executive search provider is engaged to facilitate thesearch process. The executive search agency conducts a search to identify a diverse pool of candidates with the requisite attributes for the role. Such candidates may be internal or external. 3. Review: The executive search agency conducts adetailed assessment of theavailable candidates. Details of preferred candidates arepresented to, and considered by, the Committee. Shortlisted candidates are interviewed by a sub-committee of theBoard. 4. Recruitment: The Committee considers feedback from interviews and, after careful consideration, recommends appointments to the Board. 5. Induction: Newly appointed Directors undergo an induction schedule bespoke to their needs. Theinduction is desgned to provide an understanding of Helical’s business, strategy, Culture, stakeholders, risk profile, ESG matters and governance arrangements. 3Composition, succession and evaluation Governance Financial Statements Further Information 111 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Successor to Sue Clayton – search for a new NED With the departure of Sue Clayton, the Committee has considered the impact this would have on the overall skills and expertise on the Board, and the Committee is planning to appoint an additional Non-Executive Director. A formal, transparent andrigorous recruitment process for this role has commenced with the assistance of an external search consultancy. We will report on the process in detail in next year’s Committee Report. The search will be conducted in line with the objectives of the Group Equality, Diversity and Inclusion Policy, and with regard and commitment to the FCA’s board diversity targets (see section tothe right and overleaf for Helical’s disclosure against the targets). You can read more about the Board Diversity Policy and diversity across Helical within this Nominations Committee Report. Furthermore, as Sue Clayton is the Group’s SIDand DNED for workforce engagement, the Committee has also been required to consider a successor for both these key roles. In line with the Code, the Group will need to appoint a new DNED to champion staff engagement from July 2025 onwards and this matter is currently under review by the Nominations Committee. With respect to the SID role, the Committee identified Sue Farr, with her extensive Board and SID experience in a variety of sectors, strong people management skills and a passion for promoting positive culture and diversity, as an appropriate successor. Taking these findings into account, the Committee proposed that, subject toher re-election at the 2025 AGM, Sue Farr will succeed Sue Clayton as the Group’s SID with effect from the conclusion of the AGM. Diversity – Board level The Helical Board fosters an inclusive and diverse culture which is fundamental to talent retention, growth and delivery of performance and enhancement of long-term success. Diversity andinclusion is embraced throughout the Group, underpins each of our Values which support the execution of the Board’s strategic objectives, andis therefore key to the achievement of the Group’s Purpose. The skills and backgrounds collectively represented on the Board should reflect the diverse nature of the environment in which Helical operates, and improve its effectiveness through diversity of approach and thought. In accordance with the Committee’s terms ofreference and on behalf of the Board, the Committee regularly reviews the diversity of theBoard and its Committees, taking account ofthe Group’s strategic priorities, and making recommendations to the Board about any changes that are deemed necessary. Board diversity is a key consideration when recommending future Board appointments and conducting succession planning exercises. Our policy on Board diversity reflects our continued commitment to promote an inclusive and diverse culture. The Group’s Equality, Diversity and Inclusion Policy can be found on our website: https://www.helical.co.uk/investors/policies-and- procedures/. Corporate Governance Report continued 3Composition, succession and evaluation Diversity The Committee has set out its status of compliance with the board diversity targets of the UK Listing Rules as at 31 March 2025 as follows: FCA BOARD DIVERSITY TARGET TARGET MET COMPLIANCE AT HELICAL At least 40% of the board arewomen Yes As at 31 March 2025, 43% of the Helical Board is comprised of women. We are cognisant of the impact that Sue Clayton’s departure in July 2025 will have on our diversity metrics and the Nominations Committee will continue to regard Board diversity of gender as a key consideration when conducting the search for the new Non-Executive Director. We will continue to strive to comply with this target through nurturing the female talent present within the Helical team and ensuring that diversity and inclusion is included in the development of succession plans. More widely, the Committee is committed to developing a long-term pipeline of executive talent that reflects the diversity of our stakeholders. At least one of the senior boardpositions (Chair, Chief Executive Officer, Senior Independent Director or Chief Financial Officer) is a woman Yes Sue Clayton is the Senior Independent Director on theBoard. Following Sue Clayton’s retirement at the 2025 AGM, Sue Farr will assume the role of Senior Independent Director. Governance Financial Statements Further Information 112 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued 3Composition, succession and evaluation In accordance with the UK Listing Rules, please see the numerical data on the sex or gender identity and ethnic diversity of the Helical Board and Executive Management as at 31 March 2025 in the table below. The data was collected directly, in a confidential setting, from each member of the Board and Executive Committee by the Company Secretary. Reporting table on sex/gender representation Number of Board members Percentage of the Board Number of senior positions on the Board (CEO, CFO, SID and Chair) Number in Executive Management Percentage of Executive Management Men  %   % (% from  April ) Women  %   ( from  April ) % (% from  April ) Not specified/prefer not to say n/a n/a n/a n/a n/a Reporting table on ethnicity representation Number of Board members Percentage of the Board Number of senior positions on the Board (CEO, CFO, SID and Chair) Number in Executive Management Percentage of Executive Management White British or other White (including minority-white groups)  %   % Mixed/Multiple Ethnic Groups  %   % Asian/Asian British  %   % Black/African/Caribbean/ BlackBritish  %   % Other ethnic group, includingArab  %   % Not specified/prefer not to say n/a n/a n/a n/a n/a * From 1 April 2025, the percentage of women in Executive Management increased to 20% with the appointment of Eleanor Gavin to the Executive Committee. Following Tim Murphy’s retirement on 17 July 2025, the percentage of women in Executive Management will increase to 25%. In line with the Group’s diversity objectives, the Board chooses to engage external search firms who are signatories to the UK Voluntary Code of Conduct for Executive Search Firms to address gender diversity on corporate boards. The Company is also a signatory to Real Estate Balance, a cross industry organisation which has, since 2017, focused on helping to increase the number of women operating insenior positions in the real estate sector. Since 2019, Helical has been a signatory to the Real Estate Balance CEO’s Commitments for Diversity and the Group supports the principles on leadership, cultureand opportunity contained in the Real Estate Balance Toolkit, designed to support a more diverseworkplace. FCA BOARD DIVERSITY TARGET TARGET MET COMPLIANCE AT HELICAL At least one member of the board is from a non-White ethnic minority background (as referenced in categories recommended by the Office for National Statistics) No Whilst none of the Helical Board members are considered to be from an ethnic minority, the Committee recognises that boards generally perform better when they include the best people from a range of backgrounds and experiences. When assessing the composition of the Board, the Nominations Committee recommends appointments, and the Board makes appointments, based on skills, experience and merit. However, equality, diversity and inclusion will continue to be key considerations in all appointment processes. The Nominations Committee will continue to seek diversity of mindset as well as of gender, race and background when considering new appointments intheperiod to 31 March 2026, including that of the proposed new Non-Executive Director (see page 112), and it will continue to review this policy on an annual basis to ensure it remains appropriate. More widely, weare committed to developing a long-term pipeline ofexecutive talent that reflects the diversity of ourstakeholders. The Board is cognisant of the recommendations of the Parker Review and subsequent updated report, and will continue to focus on and improve the levels of diversity amongst its Directors in order to promote the success of the Group, thereby generating value for Shareholders and contributing to wider society. Governance Financial Statements Further Information 113 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Diversity and inclusion in the workforce Helical is dedicated to promoting and celebrating the positive effect that diversity has, both in the workplace and within the wider community, and this is embedded within the Group’s Culture. In addition, the Board is focused on ensuring that the views of its workforce and other stakeholders are taken into account, and that an environment of inclusivity is promoted at all times. By ensuring that Helical is an inclusive and diverse business, the Group benefits from a variety of experiences and perspectives, stimulating creativity and contributing to our open and cohesive Culture. In addition, benefits extend to the development of a diverse succession pipeline, necessary for future sustainability. The Board’s key objectives with regards to diversity and inclusion in the workforce are documented in the Group’s Equality, Diversity andInclusion Policy which can be found on our website: https://www.helical.co.uk/investors/ policies-and-procedures/. A number of equality, diversity and inclusion related initiatives and campaigns have been undertaken throughout the year, including: • Wednesday Breakfast Club: The Group proactively recognises the importance of the health and wellness of its employees. With the aim of facilitating interaction between all staff in the office, healthy breakfast options are ordered every Wednesday morning and staff are encouraged to take some time to catch up with colleagues in our “breakout area” over breakfast. • Introduction of an equality, diversity and inclusion e-learning module and test which all staff are required to complete annually. • Anti-Sexual Harassment Policy: We are committed to providing a working environment free from sexual harassment and ensuring all staff are treated, and treat others, as equal with dignity and respect. During the year, we conducted a risk assessment, formalised our zero-tolerance approach towards sexual harassment in the workplace in a policy and introduced an external reporting mechanism whereby staff could report any concerns confidentially or anonymously. By supporting our staff in this way, we are promoting equality in our workforce and demonstrating how we conduct business with integrity (please read more about our Values on page 86). Corporate Governance Report continued 3Composition, succession and evaluation The Board will be monitoring and reviewing the Group’s progress with regards to its diversity and inclusion initiatives by assessing the successful delivery of Group strategy over time against the objectives set. The external whistleblowing reporting channel (further details available on page104) will serve to aid the Board’s monitoring ofthe success of the Group’s equality, diversity and inclusion initiatives. Success will also be measured using the information gathered through the Group’s employee engagement initiatives (please see Our stakeholders – Section 172(1) Statement section onpages 81 to 95). Helical’s Employment Policy supports its diversity and inclusion objectives, whereby all employee candidates are considered fairly and without prejudice or discrimination. The policy also supports the enhancement of our employees’ career development. The Group’s Employment Policy can also be found on our website: https://www.helical. co.uk/investors/policies-and-procedures/. During the year under review, 24% of the Group’s female employees held professional qualifications, providing a positive balance of gender in our talent pool. In order to maintain a diverse and inclusive business, Helical supports part-time, job-sharing and flexible working requests wherever possible. During the year under review, 20% of the workforce carried out their roles on a part-time basis. The Group also operates various family- friendly policies, including policies for maternity, adoption and shared parental leave, which provide financial assistance to employees. The gender representation across the Group’s workforce as at31 March 2025 can be found on page 68. The Board supports the findings of the Hampton- Alexander Review with respect to increasing gender diversity in company leadership below board level. The Board is committed to strengthening the pipeline of senior female executives within the business and will continue todevelop the Group’s policies and practices to support women succeeding at the highest levels possible at Helical. Diversity is a key point of focus for the Nominations Committee in both Board and senior management level succession planning – see pages 112 to 113. Appointment and re-appointment of Directors In compliance with the Code, all the Directors shall be subject to annual reappointment. Accordingly, the relevant Directors shall retire and seek appointment or re-appointment (as appropriate) byShareholders at the 2025 AGM of the Company, with the exception of Sue Clayton and Tim Murphy who are stepping down from the Board. Please see the Notice of Meeting of the 2025 AGM for additional information and the recommendations on appointment and re-appointment. On behalf of the Nominations Committee, I wish to thank Sue for her contribution and dedication to the work of the Committee throughout her tenure. She will be greatly missed around the table. The Committee is satisfied that each of the Non-Executive Directors being put forward for re-appointment continues to be independent, effective and dedicated to the role as confirmed by the recent external Board Performance Review (see details below). This consideration of effectiveness is based on, amongst other things, the business skills and industry experience of the Directors and other contributions each Director may make, both as an individual and also in contributing to the balance of skills, knowledge and capability of the Board and its Committees and other duties. Governance Financial Statements Further Information 114 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Director independence and effectiveness Following due consideration of each Director’s tenure, alongside the commitment and effective contribution demonstrated in relation to their respective roles, the Committee has recommended to the Board that resolutions to re-appoint each Non-Executive Director, with the exception of Sue Clayton who is standing down, be proposed at the AGM alongside resolutions to appoint and re-appoint the Executive Directors, with the exception of Tim Murphy. The Committee ensures that Board appointees have enough time available to devote to the appointed role. To enable the Board to identify any potential conflicts of interest and ensure that Directors continue to have sufficient time available to devote to the Company, Directors are required to inform the Board of any changes to their other significant commitments. Our Non-Executive Directors hold our Executive Management to account and ensure that no group or individual is dominating the Board’s decision making processes. Therefore, maintaining the independence of our Non-Executives is of utmostimportance. In accordance with the Code, the independence ofall the Non-Executive Directors was considered by the Committee as part of the 2024/25 external Board Performance Review and the Board’s succession plans. As noted on page 102, I have served on the Board for over nine years and mytenure will have exceeded the Code’s recommendations with respect to independence. However, no concerns were raised with respect to my objectivity or independence within this year’s Board Performance Review and, following due and careful consideration, the Board determined that my continuation in the Chairman’s seat for a period of one year would promote the success of the business and be in the best interest of our Shareholders (for further explanation of this departure from the recommendations of the Code, please see pages 102 to 103). The Committee will continue to place heightened focus on the independence and objectivity of each Non-Executive Director, and the Board overall, throughout the course of the forthcoming year. Our Board must evolve through sensible and well-managed succession planning that does not compromise the stability of the Board and the Committee will reflect this in the succession plans for our Non-Executive Directors. Board Performance Review To ensure that the optimal performance of the Board is maintained, an evaluation of the Board’s performance is conducted annually. The Board monitors and improves performance by reflecting on the continuing effectiveness of its activities, the quality of its decisions and by considering the individual and collective contribution made by each Board member. As explained in my report last year, Helical deferred its external Board Performance Review by one year, with the aim of reviewing the Board’s effectiveness once the new CEO and two new Non-Executives had settled into their new roles and the collective performance could be properly assessed. Corporate Governance Report continued 3Composition, succession and evaluation The recommendations arising from the 2023/24 internal review process are noted in the table as follows: RECOMMENDATIONS FROM THE / BOARD PERFORMANCE REVIEW PROGRESS • Continue the programme of informal interactions between the Non-Executive Directors and the wider Helical team. • Throughout the year, we have held events whereby Non-Executives and the wider team have the opportunity to informally interact, as well as more formal presentations to the Board by individuals in the team. • Conduct an externally administered Board Performance Review for the year to 31 March 2025. • This recommendation was successfully actioned during the period to 31 March 2025. • Oversight and support for Matthew Bonning- Snook in his transition from Property Director to Chief Executive Officer. • The Committee has overseen and supported the transition and the achievements of the business since his appointment confirm that the transition has completed successfully and that he is ideally equipped to lead the Group forward, delivering its strategy and achieving growth. • Continued consideration of the independence and objectivity of the Non-Executive Directors and the Board overall. • The progress against this recommendation will be demonstrated through the appointment of a new Non-Executive Director and the appointment of the Chairman’s successor, and will be reported on in the 2026 Nominations Committee Report. Accordingly, for the period from 1 April 2024 to 31 March 2025 a formal and rigorous evaluation of our Board and Committees was externally facilitated by SA. The Committee engaged SA to undertake the external Board performance review. SA previously conducted external reviews in 2017 and 2020 and was considered to be exceptionally well placed to review the Board and comment on its performance journey over a considerable period. Governance Financial Statements Further Information 115 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued The external Board Performance Review process The findings of the 2024/25 Board Performance Review process were presented to the Board of Helical in February 2025. At the start of the process, the Board Performance Review timetable was formulated and agreed with the Chairman, the Senior Independent Director, the Chief Executive and the Company Secretary. During these initial discussions, the scope and objectives of the review were also defined to enable SA to create a bespoke Board Performance Review programme for Helical covering the following areas: • Communication • Shareholder Value • Wider Stakeholders • Composition, Knowledge, Skills & Succession • Board Processes • Audit and Risk Committee • Nominations Committee • Remuneration Committee • Evaluating the Executive Board • Evaluating the Chair • Strategy & Purpose The Review was conducted in phases, beginning initially with the anonymous completion of a questionnaire by the Directors. The questionnaire responses were then collated to detect key themes which would be used as focal points in the subsequent interview stage of the programme. One-to-one interviews were then conducted between SA and each member of the Board, and within these interviews, the key themes arising from both the questionnaire and the Board and Committee meetings over the past year were explored. SA also observed a meeting of the Board and each Board Committee, and undertook a review of the previous twelve months of Board and Committee meeting minutes. In formulating the final results, SA compared the key themes identified in the 2024 internal Board Performance Review to the results from their 2020 Board Performance Review, as well as the results of the reviews from the intervening periods. 2 6 5 3 7 4 1 3Composition, succession and evaluation Findings of the 2024/25 Board PerformanceReview I am pleased to say that the findings of the 2024/25 Board Performance Review confirmed that the Helical Board was well balanced, with the Directors collectively possessing relevant skills and diverse experience to enable effective and comprehensive leadership of the Group. The benefit of diverse and varied inputs to the process of strategic review was highlighted by all participants in the Review. The Review further highlighted the positive, collegiate team dynamic on the Board, and recognised the high level of contribution and appropriate level of challenge provided at meetings from all members. The advances that had been made under the redefined Group strategy were highlighted and it was noted that the frequency of strategic discussions over the year had been highly beneficial. With respect to the review of my performance as Chairman during the period, there were no issues or concerns raised by any of my fellow Directors. Recommendations/development themes from the 2024/25 Board Performance Review • Continue the programme of informal interactions between the Non-Executive Directors and the wider Helical team. • Maintain the focus on strategy and continue to receive presentations from external advisors and third parties, offering a wide range of relevant strategic views. • Property Valuations Committee to become a sub-committee of the Audit and Risk Committee after the 2025 AGM. • Progress to continue in the comprehensive searches for a new Non-Executive Director and successor to the Chairman. • Further develop Board papers and presentation of information. • Continue to provide targeted, ongoing Board training and learning. The Committee is in the process of formulating an action plan in response to the recommendations of this year’s external Board Performance Review and will report on progress made in next year’s Annual Report. Richard Cotton Chairman 20 May 2025 Governance Financial Statements Further Information 116 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Audit and Risk Committee Committee membership and attendance Attended Absent Committee meeting attendance Amanda Aldridge (Chair) from  July  Sue Clayton Sue Farr Robert Fowlds Joe Lister (Chair until  July ) * Has recent and relevant financial expertise. The Company Secretary acts as Secretary to the Committee. The Committee’s role and responsibilities are set out in its terms of reference which are available at: https://www.helical.co.uk/investors/policies-and-procedures/ Dear Shareholder, This is my first report as Chair of the Audit and RiskCommittee and I encourage you to read this summary of the Committee’s key activities and areas of focus for the year to 31 March 2025. Role of the Committee The Board has formal and transparent arrangements for considering how it applies the Group’s financial reporting and internal control principles and for maintaining an appropriate relationship with its Auditor. Whilst all Directors have a duty to act in theinterests of the Group, thisCommittee has aparticular role, acting independently from the Executive Directors, toensure that the interests ofShareholders areprotected with respect to risk,financial reporting and internal controls. Appointments tothe Committee are made by the Board on therecommendation of the Nominations Committee in consultation with the Audit andRiskCommittee Chair. The Committee considered its Annual Work Plan which sets out the key activities undertaken during the year in fulfilment of the duties assigned to the Committee, in accordance with its terms of reference. The Work Plan is reviewed annually toensure that the Committee remains effective and its key areas of activity remain relevant. The Committee also reviews its terms of reference onan annual basis. The role of the Audit and Risk Committee (as described in its terms of reference) is to assist the Board in fulfilling its oversight responsibilities by reviewing and monitoring the following: • The integrity of the financial statements of theGroup, including its annual and half yearly reports, preliminary announcements and any other formal statements relating to its financial performance, and report to the Board on significant financial reporting issues and judgements which those statements contain; Amanda Aldridge Chair of the Audit and Risk Committee • The Group’s system of internal controls and risk management, including the Risk Management Framework (see pages 47 to 58); • The need for an internal audit function; • The external audit process and managing the Group’s relationship with the external Auditor, including an assessment of the independence and effectiveness of the external audit process and the approach taken with respect to the appointment of the external Auditor for the year to 31 March 2026; and • The processes for compliance with laws, regulations and ethical codes of practice. Committee membership andcomposition The Committee reviewed its composition during the year and is satisfied that it is appropriate. During the year to 31 March 2025, the Committee comprised four Independent Non-Executive Directors as depicted on the left. The effectiveness of the Audit and Risk Committee was reviewed as part of the Board Performance Review. Please see pages 115 to 116 for details of the Review and the key recommendations arising from it. The work of the Committee during the year The Committee met five times during the year and a record of Director attendance for these meetings is shown on the left. It is common practice at Helical for Audit and Risk Committee meetings to be attended by all Board members, whether or not they are members of the Committee, as their experience is highly valued and their contribution welcomed in Committee discussions. The Group’s external Auditor, RSM UK Audit LLP (“RSM”), is also invited to attend all or part of meetings as appropriate. During the year, the Committee met twice with RSM without members of management being present. Corporate Governance Report continued Key areas of focus during 2024⁄25 • Review of significant issues relating tothe financial statements and how these were addressed. • Assessment of the independence and effectiveness of the external Auditor. • Accuracy and transparency of ESG reporting and related climate and financial disclosures. • UK regulatory developments and impact on the Company including Audit Reform. • Consideration of the need for an internal audit function. • Approval of all Group policies and procedures. • Approval of the Group’s Risk Register. • Review of the Group’s internal controls and risk management systems. 4Audit, risk and internal control Governance Financial Statements Further Information 117 HELICAL PLC Annual Report and Accounts 2025 Strategic Report In conjunction with the Board, the work of the Audit and Risk Committee during the year included the following key matters: • Review of the Group’s internal financial controls that identify, assess, manage and monitor financial risks and its other internal control and risk management systems (encompassed in the Group’s Risk Management Framework) – see below for further details; • Ensuring that a robust assessment of emerging and principal risks facing the Group is undertaken; • Review of the Group’s risk exposure and future risk strategy; • Review of IT risk and business continuity planning; • Review of the Group’s reasonable procedures for detecting and preventing fraud; • Review and approval of the Group’s policies, procedures and internal controls; • Review of the financial statements of the Group and the announcement of the annual results and the interim statement on the half year results; • Review of the Annual Report to ensure it is fair, balanced and understandable and provides the Shareholders with the information necessary to assess the Group’s position, performance, business model and strategy; • Review and approval of a report on the Committee’s activities, including how it discharged its responsibilities, for the Annual Report; • Review and approval of the viability statement, going concern basis of preparation and risk management and internal controls disclosures in the Annual Report; • Review of the terms of engagement with the external Auditor; • Review of the effectiveness/performance of the external Auditor and its audit plan, taking into consideration relevant UK professional and regulatory requirements; • Consideration of the external Auditor’s independence and objectivity; FRC’s set timelines. The key change to the updated Code is the new declaration on the effectiveness of material controls, which will apply to financial years beginning on or after 1 January 2026. The Board will be required to provide: • A description of how it has monitored and reviewed the effectiveness of the risk management and internal control framework; • A declaration of effectiveness of the material controls as at the balance sheet date; and • A description of any material controls which have not operated effectively as at the balance sheet date, the action taken, or proposed, to improve them and any action taken to address previously reported issues. Further information on the status of our preparations for the UK Corporate Governance Code 2024 is on page 103. Risk management and internal controls The Committee and the Board undertake bi-annual reviews of the Group’s Risk Management Framework and their reviews this year re-affirmed the Group’s Risk Management Framework (shown on pages 47 to 58). This review process is representative of the great emphasis placed on the management and mitigation of risks in order toenable the development and delivery of the Group’s business objectives. The Committee alsoconducts reviews of the Group’s approach torisk management, the operation of its Risk Management Framework and risk mitigation on an ongoing basis. The Committee gives continuous consideration to how the risk management process is embedded throughout the Group toprovide assurance that management’s accountability for risks is clear and functioning. When reviewing the Group’s principal risks in March 2025, the Committee determined that responsibility for each risk be assigned to a responsible executive or management body, reinforcing and clarifying our “tone from the top” risk culture. • Review of the provision of non-audit services by the external Auditor, taking into account relevant regulations and ethical guidance; • Consideration of the requirement for an internal audit function; and • Consideration of the impending RICS external valuer rotation requirements. Committee effectiveness The Committee’s effectiveness was reviewed aspart of the wider 2024/25 external Board Performance Review process. At its meeting in February 2025, the Committee considered and reflected on the assessment of its effectiveness subsequent to the year end. It concluded that, overall, it continued to be effective in executing itsresponsibilities and continues to be comprised of members with an appropriate combination of financial skills and relevant sector experience. Additionally, the Review had confirmed that the work of the Committee was appropriately focused and that the Committee’s new Chair was strong, supportive and knowledgeable, and guided and encouraged substantive discussions and debate during meetings. For further information regarding the 2024/25 Board Performance Review, please see pages 115 to 116. Governance updates The Committee is kept updated on any developments within the audit, corporate governance, reporting and regulatory landscapes that are of relevance to audit committees by the external Auditor. During the year, the Committee received updates on a range of topics including developing standards in ESG reporting, the FRC’s revisions to the UK Corporate Governance Code, the FRC’s Annual Review of Corporate Reporting and amendments to IFRS 7 and IFRS 9. UK Corporate Governance Code 2024 The Committee conducted a detailed review of the changes incorporated in the 2024 UK Corporate Governance Code last year and has been focused on ensuring compliance in accordance with the Encompassed within the Risk Management Framework is the Board’s responsibility to maintain and monitor the Group’s system of internal controls. Such a system is designed to manage, rather than eliminate, the risk of failure to achieve business objectives. Helical’s internal controls are designed to provide reasonable assurance in the following areas: • Effectiveness and efficiency of operations; • Reliability of financial reporting; and • Compliance with applicable laws and regulations. It is the responsibility of the Board to ensure that the Group’s internal control system is effective in identifying risks, preventing losses from risk events and taking corrective action when they occur. Oversight of the control system is delegated to this Committee which identifies, monitors and manages the principal risks faced by the Group and reviews the effectiveness of all material controls. The Group’s Executive Committee (“ExCo”) continually assesses and monitors the adequacy of the key internal controls and risk management features as a standing agenda item at the monthly meetings of the ExCo. The ExCo presents reports on its own assessment of control and risk management as necessary, for example, to provide the Committee with assurance on the Group’s compliance with relevant policies, procedures, regulation and legislation as well as the effectiveness of the internal control function. In addition, the ExCo makes recommendations to the Audit and Risk Committee regarding the addition of key controls as necessary. For further details on Helical’s Risk Management Framework and the reporting lines, please see pages 47 to 58. Significant areas of review In discharging its responsibilities regarding the preparation of the financial statements for the year to 31 March 2025, the Committee was responsible for reviewing the appropriateness of the Group’s accounting policies, assumptions, judgements andestimates as applied by the Executive Management team to the financial statements. Corporate Governance Report continued 4Audit, risk and internal control Governance Financial Statements Further Information 118 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued After discussion with both management and the external Auditor, the Committee considered the following significant issues: • Internal controls The Committee annually reviews the need for aninternal audit function. As part of this year’s review, the Committee examined the business model under which the Company currently operates in the context of its activities and the model under which it manages its business operations. The Committee also considered the reports from the external Auditor with regard to internal control and risk management and noted that the framework had been supplemented by extended assurance reviews by external consultants in key risk areas, e.g. through external reviews conducted by the Group’s external IT provider, third party penetration testing and through the Cyber Essentials Plus certification. With respect to the existing internal control environment the Committee was satisfied that procedures and routines were well established across the business and that management had given sufficient assurances that other monitoring processes were being applied to help ensure that the Group’s system of internal control was functioning as intended. Following the conclusion of their annual review ofthe need for an internal audit function, the Committee concluded that there was a significant degree of senior oversight, particularly in respect of ongoing business performance, involving both the CEO and CFO, supported bystrong internal control frameworks and reaffirmed its stance that, in view of the small scale and relative simplicity of the business, it does not consider that an internal audit function would be cost effective. The need for an internal audit function will continue to be kept under review by the Committee. • Brettenham House, WC2 accounting treatment As part of its review of the financial statements, the Committee considered management’s accounting practices and significant judgements and estimates. This year, judgements and estimates were made in relation to the accounting treatment applied to development of, and equity contribution to, Brettenham House, WC2. The Committee reviewed and challenged management’s approach to the accounting treatment as set out in the paper they presented to the Committee, considering the reasonableness of the key estimates and judgements, as well as the related disclosures in the financial statements. Through this review, the Committee concluded that management’s assessment was appropriate and consistent with treatment of previous development agreements of this nature. Other areas of focus – development staff costs In addition to the significant areas of review noted above, in reviewing the financial statements the Committee also considered the presentation of £1.9m of staff costs relating to development activities in Cost of Sales in the Income Statement for the year to 31 March 2025. In conducting its review, the Committee noted that no adjustment had been made for the prior year and that development activity had considerably increased over the reporting period. The Committee concluded from its review that management’s choice of presentation served to align the disclosure of the development costs more appropriately with the value created by the Group’s employees with respect to its development activities. Fair, balanced and understandable – review of the 2025 Annual Report In accordance with the requirements of the Code, the Committee has reviewed and concluded that the Group’s Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the necessary information for The Committee has also conducted an overall evaluation of Helical’s internal control environment using information from management about the controls in place, which included operational, financial, environmental and compliance controls. The Committee also reviewed the recommendations on internal controls communicated by the external Auditor in the course of their audit. Through the findings of the review, the Committee was able to confirm that the key controls implemented for the year provided reasonable assurance as to the accuracy and completeness of accounting records used for external reporting purposes, ensured legal and regulatory compliance, safeguarded assets and prevented and detected fraud. • Property valuation The valuation of the Group’s investment portfolio is a key area of judgement in preparing the annual and half yearly financial statements and reports. For this reason, the fair value of the majority (>99%) of the Group’s investment portfolio is determined by independent third party experts who are familiar with the markets inwhich the Group operates and have suitable professional qualifications. In order to assist the Audit and Risk Committee in considering the valuations, the fair values of the investment property portfolio are reviewed and approved bythe Property Valuations Committee, which is chaired by Sue Clayton, FRICS, an independent Non-Executive Director. With Sue Clayton departing from the Board in July 2025, it is proposed that the work of the Property Valuations Committee be assumed by the Audit and Risk Committee. The same level of scrutiny and diligence with respect to valuations will be applied. The Committee is cognisant of the RICS mandatory requirement for the periodic rotation of UK external valuers and is working to ensure adherence to rules which come into force in May 2026. Shareholders to assess the Group’s position and performance, business model and strategy. In determining its position, the Committee also considered the Group’s compliance with relevant regulatory frameworks and oversaw the quality and integrity of the Group’s financial reporting and accounting policies and practices. As part of its review of the financial statements, theCommittee considered, and challenged as appropriate, the accounting practices and significant judgements and estimates which underpin the Group’s financial statements. Those members of the team responsible for the drafting of the Annual Report convened frequently to establish the general content and themes and to ensure that reporting was balanced and addressed all key issues and requirements. This collaborative approach has ensured a consistent approach between the Strategic Report, the governance section and the financial statements. Our Annual Report designer (SampsonMay) also provided feedback on the structure, format and content to assist management in ensuring the Annual Report was comprehensible and easy tonavigate. We can confirm that the following updates have been included in this year’s Annual Report, to further aid the reader’s understanding of our business: • This year, the Annual Report has been designed and presented in a landscape format. The purpose of this change is to assist readers choosing to view the Report digitally. • Updated Risk Register and corresponding Heat Map (see pages 50 to 58). • Reformatted TCFD Statement in the Sustainability Report to assist the reader’s understanding of the Group’s reporting under theDirective (see pages 71 to 80). 4Audit, risk and internal control Governance Financial Statements Further Information 119 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued • Commentary on the following items: –Results of the 2024/25 externally facilitated Board Performance Review (see pages 115 to116). –The activation of CFO succession plans andthe appointment process for the CFO Designate (see pages 110 to 111). In addition, the Committee asked the following questions during its review of the Annual Report and Accounts: Performance • Is it clear how outcomes are measured using key performance indicators? • Is there a good mix of financial and non-financial key performance indicators? • Is there an appropriate balance between statutory and non-statutory performance measures? • Is it clear that the stated key performance indicators measure the achievement of the Group’s strategy and how they are linked to Directors’ remuneration? • Are comments on movements in key performance indicators over time, both favourable and adverse, balanced and well-explained? • Are key performance risks explained? Strategy • Is the Group’s Purpose clearly articulated? • Does the strategy discuss how the business intends to achieve its objectives in the context of the market outlook? • Are the drivers of value explained clearly? • Is there enough information to assess the strategic risks? Business model • Are the key elements of the business model clearly explained? • Are business model risks and disruptions adequately disclosed? • Do the disclosed business risks link to sensitivities set out within the financial statements? • The quality of the Auditor’s reporting during the year, including the challenges raised and insights shared, against agreed performance expectations; • Experience and continuity of the audit team; • Feedback from the accounts team, evaluating the performance of the audit team; • Feedback highlighting any issues that arose during the course of the audit; • The Auditor’s assessment of its independence; and • The relationship between the Auditor and the Group, ensuring objectivity and independence were maintained. The Committee concluded that RSM’s performance as external Auditor was effective. This conclusion was supported by: • The challenges they raised on the key assumptions made in the valuation of the investment property portfolio, including the level of conservatism applied where assumptions sat within a range of outcomes; • Open discussions with the Committee with, and without, management present; and • Its responses to questions posed by the Committee, including the Audit Partner’s depth of knowledge on the topic under discussion. Auditor independence The Audit and Risk Committee considers theexternal Auditor to be independent. The Committee’s policy is not to award non-audit services where the outcome of the work is relevant to a future audit judgement or could impact the independence or objectivity of the audit firm. Where such services are permitted under the FRC’s Ethical Standards for Auditors as they apply to Public Interest Entities, the assignment of non-audit services to the Group’s Auditor must be approved by the Committee where the fees for that assignment amount tomore than £50,000 or more than 50% of therelevant year’s cumulative audit fee. This work enabled the Committee to be satisfied that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the necessary information for Shareholders to assess the Group’s performance, business model and strategy. This was reported to the Board at its meeting in May 2025. Effectiveness of the external Auditor External Audit Firm RSM UK LLP (“RSM”) Date of appointment  July  Lead Partner Graham Ricketts Lead Partner tenure  years in July Total fees during FY ending  March  £, The Committee’s responsibility for overseeing the relationship between the Group and the external Auditor incorporates an additional duty to review the external Auditor’s independence, objectivity and overall effectiveness. The Committee received a comprehensive audit plan from RSM setting out the proposed scope and areas of focus for the 31March 2025 year end audit, as well as their assessment of the identified key risk areas. The audit plan and the areas of risk identified by the Auditor were reviewed and, where appropriate, challenged by the Committee to ensure the underlying assumptions and estimates were robust. After the financial year end, the Committee conducted a review of RSM’s fees, effectiveness and whether the agreed audit plan had been fulfilled and the reasons for any variation from the plan. As part of the Committee’s review of the external Auditor’s effectiveness, the Committee considered the following: • Its robustness and the degree to which it was able to assess key accounting and audit judgements and the content of its reports; • The audit plan (presented to the Committee in March 2025) with focus on the quality of planning, whether the plan was designed to suit Helical and whether the agreed plan was fulfilled; Theassignment of non-audit services with fees below this threshold may be approved by the Committee Chair. This policy is designed to ensure that the Group receives the most appropriate advice without compromising the independence of the Auditor. As part of this policy prior approval of all non-audit services is required. During the year, the only non-audit service undertaken by RSM was the review of the Half Year Results (£52,500). Subsequent to the year end, RSM performed an agreed upon procedures on the annual bonus calculation for the year (£10,000). The Committee considered all the services to be appropriate, that they were an extension to the role of the external Auditor and they did not impact RSM’s independence. The percentage of non- audit fees, when compared to the total fee for the year, was 17.5%. Annual General Meeting At the Annual General Meeting scheduled to take place on 17 July 2025, the following resolutions relating to the Auditor are being proposed: • To re-appoint RSM as independent external Auditor; and • To authorise the Directors to set the remuneration of the independent external Auditor. I hope that Shareholders will support the Committee and vote in favour of these resolutions. Amanda Aldridge Chair of the Audit and Risk Committee 20 May 2025 4Audit, risk and internal control Governance Financial Statements Further Information 120 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Directors’ Remuneration Report Committee membership and attendance Attended Absent Committee meeting attendance Sue Farr (Chair) Amanda Aldridge Sue Clayton Richard Cotton Robert Fowlds Joe Lister * Joe Lister stepped down from the Board and the Committee at the AGM on 17 July 2024. He attended the two Committee meetings held prior to his departure. The Company Secretary acts as Secretary to the Committee. The terms of reference of the Committee are available on request and are included on the Group’s website at: www.helical.co.uk/investors/governance/ • Compliance with the UK Corporate GovernanceCode; and • The engagement and independence ofexternalremuneration advisors. The Committee sets incentive targets for theforthcoming one-year and three-year performance periods each year, reporting to Shareholders at the end of these periods in therelevant Directors’ Remuneration Report. Thetargets are aligned to the Group’s key performance indicators and are measured againsta combination of absolute and relative performance measures. In accordance with theCompany’s Remuneration Policy (“Policy”), which received the approval of 95% of votes cast at the 2024 AGM, the proposed performance targets, under the terms of the Annual Bonus Scheme 2018 (“2018 Bonus Scheme”) and the Performance Share Plan 2024 (“2024 PSP”), which are discussed further on page 123, include the following performance measures: • Capital Recycling and Deployment • Funds Sourcing • Letting Targets for the investment portfolio and development pipeline • Sustainability Targets • Total Accounting Return • Relative Total Shareholder Return • Absolute Total Shareholder Return The Committee is also responsible for determining the remuneration of the Chairman and has oversight of the remuneration of all other employees. In discharging its duties, the Committee is advised by FIT Remuneration Consultants LLP. Sue Farr Chair of the Remuneration Committee Preparation of this Report This Report, prepared by the Remuneration Committee on behalf of the Board, takes fullaccount of the prevailing UK Corporate Governance Code and the latest guidance from the main Shareholder representative bodies, and has been prepared in accordance with theprovisions of the Companies Act 2006 (“the Act”), the UK Listing Rules and the Large and Medium-Sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 (“Regulations”). The Act requires the Auditor to report to the Group’s Shareholders on the audited information within this Report and to state whether in their opinion those parts of the Report have been prepared in accordance with the Act. Those parts of the Report which have been subject to audit are clearly marked. Remuneration Report index This Directors’ Remuneration Report has been divided into the following sections: SECTION PAGES Annual Statement - Remuneration at a glance Sets out a summary of earnings for the year to  March .  Implementation of the Remuneration Policy Sets out the proposed implementation of theRemuneration Policy for the year to March. - Remuneration Policy Report Sets out the Remuneration Policy for Executive and Non-Executive Directors. - Annual Report on Remuneration Provides a detailed explanation of how the Remuneration Policy was implemented in the year to  March . - Corporate Governance Report continued Role of the Committee The Committee helps the Board to fulfil its responsibility to Shareholders to ensure that the Remuneration Policy and practices of the Company reward fairly and responsibly, with a clear link to corporate and individual performance and having regard to statutory and regulatory requirements. The Remuneration Policy seeks to align incentives and rewards to the Group’s strategy of maximising Shareholder returns by delivering income growth from creative asset management and capital gains from its development activity. In discharging its duties, the Committee focuses on: • Remuneration policies, including basic pay, benefits and annual and long-term incentives; • Remuneration practice and its cost totheCompany; • Recruitment, service contracts and severance policies; 5Remuneration Governance Financial Statements Further Information 121 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Annual Statement Dear Shareholder, I am pleased to present the Remuneration Committee’s Directors’ Remuneration Report (“Report”) for the year to 31 March 2025. This Report has been approved by the Board of Helical plc. The Report is divided into four main sections, being: • This Annual Statement – which summarises the remuneration outcomes in the year ended 31 March 2025 and how the Remuneration Policy will be operated in the year ending 31 March 2026; • Implementation of the Remuneration Policy – which sets out the proposed implementation of the Remuneration Policy for the year to 31 March 2026; • The Remuneration Policy Report – which sets out the Directors’ Remuneration Policy as approved by Shareholders at the 2024 AGM; and • The Annual Report on Remuneration – which sets out how the Committee operated the Policy in the year to 31 March 2025. Performance in the year to 31 March 2025 Executive performance measures and pay are closely aligned to Shareholders’ interests with ahigh proportion of total available remuneration based on variable pay designed to reward the achievement of long-term strategic objectives. This remuneration is directly linked to our five strategic goals (see pages 18 to 21). Our objective is to maximise Shareholder return byincreasing the net asset value of the Group from managing a portfolio of offices in London, balanced between let investment assets and new development schemes. We operate a sustainable capital structure, seeking to attract and retain the best people with ESG matters at the heart of our business. Operationally, the Group’s see-through net rental income fellfrom £25.5m to £19.6m, largely due tothe recycling of equity through asset sales and the termination of leases in preparation for the redevelopment of existing buildings, most notably 100 New Bridge Street, EC4. As noted in Matthew Bonning-Snook’s statement on pages 8 to 11, we rebased our dividends last year to align better with our new strategy. We will continue toanchor our distributions with the annual Property Income Distribution (“PID”) payment as a minimum. However, in view of the focus on our development programme, we will also seek to distribute a proportion of realised EPRA earnings and development profits which are surplus to the business’s requirements. EPRA earnings per share reduced from 3.5p to 2.2p and the Group realised a capital profit on the sale of its share of The JJ Mack Building in October 2024. The Group’s equity contribution to the development pipeline is fully funded through the sale of assets during the period, with further capital receipts to follow on completion of the sale of 100 New Bridge Street, EC4, anticipated in April 2026. Consequently, the Board iscontent to use part of the realised capital profits inthe year to supplement the dividend funded by EPRA earnings, and to recommend to shareholders a final dividend of 3.50p (2024: 1.78p) at the Annual General Meeting on 17 July 2025, taking the total dividend to 5.00p (2024: 4.83p), an increase of 3.5%. In addition, and using profits to be realised on the sale of 100 New Bridge Street, EC4, the Board hasindicated that it anticipates recommending aminimum return to shareholders of 50% of the realised profits from the joint venture, and will giveserious consideration to paying up to 100% ofthe realised net profit, currently estimated to beat least £27m. Annual Bonus Scheme 2018 Subsequent to the year end, and in accordance with the rules of the Helical Annual Bonus Scheme 2018 (“Bonus Scheme”), annual bonuses have been calculated based on the results for the year to 31 March 2025 for Matthew Bonning-Snook and Tim Murphy, with a bonus payable to Gerald Kaye pro-rated for his time on the Board. 30% of the maximum bonus payable was based on letting targets, 25% was based on capital recycling, Our see-through net finance costs fell from £11.1m to £9.2m dueto a lower level of net debt compared to the previous year and we have implemented action to reduce our overheads, as discussed further in the Financial Review on pages 41 to 46. In addition to this operational progress and recognising it is the “Time to Build”, the Group hasembarked on building out its development pipeline with 464,500 sq ft of office developments on site, all due for delivery in 2026, with a further 235,000 sq ft of offices and a 429-unit student accommodation scheme, with 44 affordable residential units, planned to start in 2026. This large development pipeline has been funded bythe sale of £245m of investment assets and completed developments in the year to 31 March 2025, with a further £166.5m to come on completion of the sale of our 50% share in 100 New Bridge Street, EC4, expected in April 2026. The overall financial performance of the Group saw a return to profitability, after two years of losses, with post-tax profit of £27.9m (2024: loss of£189.8m), an increase in EPRA NTA per share of 5.1% (2024 -32.9%) and an EPRA Total Accounting Return of 6.3% (2024: -31.4%). Turning to relative performance measures, the Total Property Return, as measured by MSCI, generated a return of 10.0% (2024: -20.3%) compared to the MSCI benchmark for central London offices of 4.1% (2024: -5.7%). The TSR for the year, based on the three-month average share price to each year end, generated a return of -9.0% (2024: -37.3%). Since the end of the financial year, the share price has increased by 19.3% to 235.0p. The Group continues to perform well against its sustainability goals and targets, maintaining its CDP rating at B, its EPRA Sustainability rating at Gold and its MSCI ESG rating at AAA. Further, the Group improved its overall GRESB rating from 4 to 5, with its standing investments achieving a rating of 88/100 and the developments 96/100. 25% was based on equity sourcing and deployment targets and the remaining 20% wasbased on ESGtargets. In assessing the performance of the Group against these targets, annual bonuses of 82.5% of the maximum (equivalent to 124% of salary) will be payable inaccordance with the Bonus Scheme rules. In the year to 31 March 2024, 23% of the maximum bonus, equivalent to 34.5% of salary, was estimated to be payable in accordance with the Bonus Scheme rules. However, in view of the financial results for that year, the Executive Directors agreed that no bonus should be taken for the year. Performance Share Plan 2014 Share awards granted in 2022 under the terms of the 2014 Performance Share Plan were subject to three performance conditions over the three years to 31 March 2025. 37.5% of the awards was based on absolute net asset value performance, 37.5% ofthe awards was based on a comparison of the Group’s Total Shareholder Return (“TSR”) to that of a basket of companies in the Real Estate Super Sector and the remaining 25.0% of the awards was based on a comparison of the Group’s portfolio return to the MSCI Central London Offices Total Return Index. The performance criteria were measured at the end of the three- year period and none of these conditions were met at the threshold level. Consequently, none of the 2022 PSP awards will vest in June 2025. Full details of the targets and Helical’s performance are set out in the Annual Report on Remuneration. The Committee believes that the annual bonuses payable for the year, and the nil vesting of the 2022PSP award in respect of the three-year performance period to 31 March 2025, accurately and fairly represent the performance of the Group over the respective annual and three-year performance periods. Corporate Governance Report continued 5Remuneration Governance Financial Statements Further Information 122 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Implementation in the year to 31 March 2026 Base salaries and pension provision The Company’s policy on salary increases for Executive Directors is usually to align them with increases for other employees. In practice, salary increases have been awarded at levels significantly below the average salary increases awarded to other staff (2024: 0.0% versus 5.1%, 2023: 3.0% versus 8.7%, 2022: 3.0% versus 4.1%). From 1 April 2025, the salary for Matthew Bonning-Snook, initially set on appointment at £500,000, was increased by 7% to £535,000 per annum to reflect his significant contribution in his first full year as ChiefExecutive Officer, during which the equity requirement of the development pipeline has beenfully funded and the balance sheet has been transformed. The salary of James Moss, who was appointed to the Board as Chief Financial Officer Designate on 1 April 2025 and will become Chief Financial Officer on re-election at the 2025 AGM, has initially been set at £280,000 per annum and will be reviewed at 1 April 2026. No change is being made to the salary for Tim Murphy, who will step down from the Board at the AGM. The minimum salary increase for other staff is 3.0%with the average, reflecting promotions and changes to individual responsibilities, being 5.7%. Pension provision In accordance with the Policy renewed last year, James Moss will continue to benefit from a workforce aligned pension contribution of 12.5% of salary which he received when below Board level. Matthew Bonning-Snook is not eligible to receive apension provision. • Absolute Total Accounting Return (33% of awards): The Committee intends to reintroduce absolute Total Accounting Return for one third of the awards to ensure that there is an appropriate focus on the delivery of absolute shareholder returns in respect of both income and valuations. Underpins: In addition to the above, the Committee will review both vesting levels and values to ensurethat: (i) They are reflective of underlying performance ofthe Company; and (ii) Appropriate progress has been made in respect of Helical’s Net Zero Carbon Pathway and our commitment to becoming net zero by 2030. 2025 Annual General Meeting resolution Noting the approval of the Policy at the 2024 AGM, a single advisory resolution in respect of the Directors’ Remuneration Report (other than thepart containing the Directors’ Remuneration Policy) for the year to 31 March 2025 will bepresented at the 2025 AGM. I trust that Shareholders will support the Committee and votein favour of this resolution. I will be happy to respond to any questions Shareholders may have on this Report or in relation to any Committee activities. If you have questions or would like to discuss any aspect ofthe Remuneration Policy, please feel free to contact me through Eleanor Gavin (Company Secretary) at eg@helical.co.uk. Sue Farr Chair of the Remuneration Committee 20 May 2025 Annual bonus for the year ending 31 March 2026 The key priorities for the year continue to be focused on the recycling of capital and its deployment into new development schemes as well as the sourcing of new funds, whether debt ornew third party equity, at asset level. The letting orpre-letting of our development pipeline will gainincreased importance as we reach practical completion of our schemes and we will continue tofocus on the letting of vacant space at our standing investment portfolio. The remaining targets will be based on ESG (design, operational efficiency and embodied carbon) targets. The weightings of the targets and out-turns will be disclosed in the 2026 Annual Report. 2025 PSP awards Reflecting Helical’s continued focus on delivering shareholder returns but recognising the importance of generating profits and surpluses, the performance targets for the 2025 PSP awards will be as follows: • Relative TSR (33% of awards): The Committee intends to continue to operate relative TSR targets measured against our FTSE 250 and SmallCap sector peers, albeit the metric has been reduced from the 50% of awards operated for the 2024 awards; • Absolute TSR (33% of awards): The Committee intends to continue with absolute TSR. While theCommittee notes that the operation of absolute TSR targets is not common practice inthe sector, the Committee believes that thisapproach continues to be appropriate toalign Executive Director remuneration and shareholder returns, albeit the metric has been reduced from the 50% of awards applied for the 2024 awards; and 5Remuneration Governance Financial Statements Further Information 123 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Annual Bonus Plan Performance measure Pay-out target Actual % Awarded% % Letting Target % n/a Pre-let .% .% Capital Recycling % £.m £.m £.m .% Equity Sourcing/Deployment % £.m £.m £.m .% ESG % .% Total % .% 2022 PSP Award Vesting in 2025 Performance measure Pay-out target Actual % Awarded% % Net asset value .% .% .% -.% .% Relative TSR .% -.% -.% -.% .% Relative TPR .% -.% -.% -.% .% Total .% .% * The minimum and maximum vesting thresholds have been increased from their normal levels of 5.0% and 10.0% due to the impact of inflation above 3.0% during the performance period. Corporate Governance Report continued FINANCIAL KPIs EPRA Total Accounting Return (TAR) 2024: -31.4% 6.3% EPRA Net Tangible Asset (NTA) value per share 2024: 331p 348p EPRA Earnings per Share 2024: 3.5p 2.2p Total Shareholder Return (TSR) 2024: -37.3% -9.0% Total Property Return – MSCI (1year) 2024: -20.3% 10.0% Total Property Return – MSCI (3year) 2024: -5.9% -6.1% ESG KPIs GRESB 2024: 4 5 MSCI ESG 2024: AAA AAA EPRA Sustainability BPR 2024: Gold Gold CDP 2024: B B Summary of historic KPI performance Financial      EPRA TAR .% .% -.% -.% .% EPRA NTA per share .% .% -.% -.% .% EPRA (loss)/earnings per share (.p) .p .p .p .p TPR MSCI –  year .% .% -.% -.% .% TPR MSCI –  year .% .% .% -.% -.%  month TSR – (based on -month average to  March) -.% .% -.% -.% -.% ESG GRESB      EPRA Sustainability BPR Silver Gold Gold Gold Gold MSCI ESG AAA AAA AAA AAA AAA CDP B C B B B Earnings for the year to 31 March 2025 Total remuneration for Executive Director Salary  £ Benefits  £ Pension  £ Total Fixed £ Annual bonus £ Share awards £ Share Incentive Plans  £ Total Variable £ Total  £ Total  £ Matthew Bonning-Snook   –   –   ,  Tim Murphy   –   –     Former Executive Director Gerald Kaye    –   – –    1 Full details of the Directors’ remuneration for the year can be found in the table on page 132. 2 Matthew Bonning-Snook’s salary was increased to £500,000 p.a. on his appointment as Chief Executive Officer on 17 July 2024. There were no other changes to the base salary levels during the year. 3 Car and fuel benefits ceased during the year. Otherwise, there were no other changes to the provision of benefits-in-kind. 4 The Group’s policy of not making pension provision for existing Executive Directors remained unchanged, with such Directors required to provide for their retirement through the Group’s incentive schemes. 5 The Executive Directors participated in the HMRC approved all-employee Share Incentive Plan which, during the year, awarded them shares to the value of £7,200 for Matthew Bonning-Snook and £6,300 for TimMurphy, in accordance with the Plan’s rules. 6 Gerald Kaye stepped down from the Board and ceased employment with the Company on 17 July 2024. Remuneration at a glance 5Remuneration Governance Financial Statements Further Information 124 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued The intended implementation of the Remuneration Policy for the year to 31 March 2026 is as follows: Remuneration Policy Implementation for / Change from / implementation Basic annual salaries Set on appointment to the Board and reviewed annually on 1 April or on change in role orresponsibility. The basic salaries of the Executive Directors from 1 April 2025 are: Matthew Bonning-Snook – £535,000 Tim Murphy – £341,395 James Moss – £280,000 The average increase for all other employees was 5.7%. Matthew Bonning-Snook was awarded an annual increase of 7.0% from 1 April 2025, in light of his contribution since he became Chief Executive Officer in July 2024. Tim Murphy’s salary remains unchanged pending him stepping down from the Board at the 2025 AGM. James Moss was appointed to the Board on 1 April 2025. Benefits-in-kind To provide insured health protection. Each Executive Director will be provided with private medical insurance, life assurance and permanent health insurance. No change Pension The Group does not provide for the retirement of Executive Directors appointed before the  AGM. Pensions are to be provided for Executive Directors appointed after the  AGM. No retirement provision for Matthew Bonning-Snook or Tim Murphy. As a newly appointed Director James Moss is entitled to a pension of .% of basic salary. James Moss will continue to benefit from his workforce aligned pension contribution at .% of basic salary. Annual bonus Matthew Bonning-Snook, James Moss for the first time and, under the Good Leaver provisions of the 2018 Scheme, Tim Murphy up to the date of the 2025 AGM, will participate in the Annual Bonus Scheme 2018, which was approved by Shareholders at the 2018 AGM. Annual performance targets are set by the Committee in advance of the financial year and are linked to the Group’s strategy of maximising Shareholder returns through delivering income growth from creative asset management and capital gains from its development activity. The maximum bonus is capped at 150% of salary for each Executive Director. The pay-out for threshold performance against any targets will be no more than 20% of the maximum bonus (and may be lower). To the extent there is low or no bonus payable on the Capital Recycling, Funds Sourcing and Letting targets, the Committee will retain discretion to reduce (including to zero) the pay-out under the ESG targets. The performance metrics are: Capital Recycling and Deployment Funds Sourcing (at asset level) Letting (Developments) Letting (Investments) ESG targets The specific targets, which are considered to be commercially sensitive, and their weightings, will be disclosed retrospectively in the Directors’ Remuneration Report for the year to 31 March 2026. To be disclosed in the 2026 Annual Report. Deferred bonus Executive Directors who have met their minimum shareholding requirement will receive an amount up to 100% of their salary in cash with any excess above 100% of salary to be provided indeferred shares. Executive Directors who do not meet their minimum shareholding requirement will receive two thirds of the annual bonus in cash and one third in shares. The Committee may award dividend equivalents on deferred shares that vest. As per Policy No change Implementation of the Remuneration Policy 5Remuneration Governance Financial Statements Further Information 125 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Remuneration Policy Implementation for / Change from / implementation Long-term incentive awards Annual award 2025 – Vesting in 2028 Annual awards, under the terms of the Group’s Performance Share Plan (“PSP”), will be granted in June 2025 over shares equal to 250% of salary at 31 March 2025 for Matthew Bonning-Snook and at 175% for James Moss. The performance metrics/weightings are: 33.3%: Absolute TSR. 33.3%: Relative TSR. 33.3%: Absolute TAR. Absolute TSR weighting reduced from 50% to 33% Relative TSR weighting reduced from 50% to 33% Absolute TAR target re-introduced at 33% weighting The performance targets for PSP awards to be granted in 2025 are as follows: ABSOLUTE TSR RELATIVE TSR ABSOLUTE TAR Annual compound increase % of award vesting Ranking after three years % of award vesting Ranking after three years % of award vesting .% p.a. or more . Upper quartile or above . .% p.a. or more . .% p.a. to .% p.a. Pro-rata from . to . Median to upper quartile Pro-rata from . to . .% p.a. to .% p.a. Pro-rata from . to . .% p.a. . Median . .% p.a. . Below .% p.a. nil Less than median nil Below .% p.a. nil 1 Absolute TSR – the TSR of the Company over the three years to 31 March 2028 will be assessed against the threshold and stretch targets, with the three-month average share price to 31 March 2025 of 184.77p as the starting point and the three-month average share price to 31 March 2028 as the end point. 2 Relative TSR – the comparator group for awards granted will be those companies included in the FTSE 350 and Small Cap Indices, excluding agencies. 3 Absolute TAR – the fully diluted EPRA triple net asset value as at the start of the 2025/26 financial year will be compared to the value three years later (having added back dividends and changes in issued share capital). 4 Share awards will lapse in full where the TSR over the three-year period is below 10.0% p.a., the TSR is below the median of the comparator group and the TAR over the same period is below 5.0% p.a. Remuneration Policy Implementation for / Change from / implementation Malus and clawback Malus and clawback provisions will continue to operate. As per Policy No change Shareholding requirement – in employment To require Executive Directors to hold shares equating to a minimum value whilst in employment (500% of salary for current Executive Directors and 250% of salary for new Executive Directors). As per Policy No change Shareholding requirement – post cessation To require former Executive Directors to hold shares equating to a minimum value for a period post cessation of employment. 250% of salary for two years post cessation. No change Non-Executive Directors Set on appointment to the Board and reviewed annually on 1 April or on change in role or responsibility. The fees payable to the Chairman and the base fee payable to the other NEDs were increased by 7.7% from 1 April 2025. The fees were last increased on 1 April 2022. An additional £10,000 p.a. (unchanged) is payable to the SID and Chairs of each Committee. Richard Cotton (Chairman) – £175,000 Sue Clayton (SID and Valuations) – £76,000 Amanda Aldridge (Audit and Risk) – £66,000 Sue Farr (Remuneration) – £66,000 Robert Fowlds – £56,000 Triennial inflationary increase of 7.7% awarded from 1 April 2025. 5Remuneration Governance Financial Statements Further Information 126 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued This section of the Remuneration Report sets out the Remuneration Policy of the Group. The Committee believes that the Policy continues to support the Group’s strategy and is aligned with Shareholders’ interests. Policy scope The Remuneration Policy applies to the Chairman, Executive Directors and Non-Executive Directors and oversight of the remuneration of the wider workforce. Policy duration This Policy report sets out the 2024 Remuneration Policy which will be effective for the three years from 1 April 2024 to 31 March 2027. Remuneration Policy Helical’s approach to the remuneration of its Executive Directors is to provide a basic remuneration package combined with an incentive-based bonus and share scheme structure aligned with the interests of its Shareholders. The majority of performance-based awards are judged on the relative and absolute performance of the Group and its Total Shareholder Return against appropriate benchmarks. The remaining awards are judged on operational and ESG objectives. Remuneration within the real estate sector is monitored and reviewed regularly to ensure that the Group’s positioning of its remuneration remains in line with these objectives. In addition to this external view, the Committee monitors the remuneration levels of senior management below Board level and the remuneration of other employees to ensure that these are taken into account in determining the remuneration of Executive Directors. The objective of the Remuneration Policy is to ensure that Executive Directors and senior management are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the Group. Within the terms of the agreed policy the Committee shall determine: • The total individual remuneration package of each Executive Director including, where appropriate, basic salaries, annual bonuses, share awards and other benefits; • The fees payable to the Chairman of the Company; • Salaries, bonuses and share awards of senior employees and workforce remuneration; • Targets and hurdles for any performance related remuneration schemes; and • Service agreements incorporating termination payments and compensation commitments. Directors’ Remuneration Policy table The table below summarises the Directors’ Remuneration Policy. Element Purpose and link to strategy Operation Maximum Performance targets Salary • Reflects the value of the individual and their role and responsibilities • Reflects delivery against key personal objectives and development • Provides an appropriate level of basic fixed income, avoiding excessive risk arising from over reliance on variable income • Normally reviewed annually, effective  April • Paid in cash on a monthly basis • Not pensionable for Executive Directors appointed before the  AGM. Workforce aligned pension contributions paid for Executive Directors appointed after the  AGM • Takes periodic account against companies with similar characteristics and sector comparators • Reviewed in context of the salary increases across the Group • No minimum or maximum salary increase is operated • Salary increases will normally be aligned to the average increase awarded to other employees • Increases may be above this level if there is an increase in the scale, scope or responsibility of the role or to allow the basic salary of newly appointed Executives to move towards market norms as their experience and contribution increases n/a Remuneration Policy Report 5Remuneration Governance Financial Statements Further Information 127 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Element Purpose and link to strategy Operation Maximum Performance targets Annual bonus • Provides focus on delivering returns from the Group’s property portfolio • Rewards and helps retain key Executive Directors and is aligned with the Group’s risk profile • Maximum bonus only payable for achieving demanding targets • Payable in cash (two thirds) and deferred shares (one third) unless the shareholding guideline has been met, in which case the annual bonus will be payable in cash up to % of salary and in deferred shares from % to % of salary • Non-pensionable • Dividend equivalent payments (in cash or in shares) may be payable on deferred shares • % of salary p.a. for all Executive Directors • Performance normally measured over one year • % of an award vests at threshold performance • Performance will be based on Capital Recycling and Deployment, Funds Sourcing, Letting and ESG targets • Malus and clawback provisions apply Long-term incentive awards • Aligned to main strategic objective of delivering long-term value creation • Aligns Executive Directors’ interests with those of Shareholders • Rewards and helps retain key Executives and is aligned with the Group’s risk profile • Discretionary annual grant of conditional share awards under the  PSP Scheme • Executive Directors are required to retain PSP shares acquired, net of shares sold to pay tax liabilities arising on vesting, for at least two years after vesting • Dividend equivalent payments (in cash or in shares) may be payable • % of salary p.a. for all Executive Directors • Performance normally measured over three years • % of an award vests at threshold performance • Performance targets for  awards will be based on Total Shareholder Return and Total Accounting Return • Malus and clawback provisions apply Pensions • To help recruit and retain new Executive Directors • Executive Directors appointed prior to  July  are not eligible for pensions or pension contributions • New Executive Directors will be eligible to receive pension contributions (either as a cash supplement and/or a contribution into their own pension arrangements at a rate commensurate with all other employees) • Workforce aligned (new Executive Directors only) n/a Other benefits • Provide insured benefits to support the individual andtheir family during periods of ill health, accidents or death • Benefits provided through third party providers • Insured benefits include: private medical cover, life assurance and permanent health insurance • Other benefits may be provided where appropriate n/a n/a Share ownership guidelines • To provide alignment of interests between Executive Directors and Shareholders • Executive Directors are required to build and maintain a specified shareholding through the retention of the post-tax shares received on the vesting of awards n/a • Executive Directors appointed prior to the  AGM are required to hold a shareholding equal to or in excess of % of basic salary • Executive Directors appointed after the  AGM are required to build up a shareholding equal to or inexcess of % of basic salary, within five years ofappointment Non-Executive Director fees • Reflects time commitments and responsibilities of each role and fees paid by similarly sized companies • The remuneration of the Non-Executive Directors is determined by the Executive Board • Cash fees paid monthly • Fees are reviewed on a regular basis • Benefits may be provided where appropriate • Fixed three-year contracts with three-month notice periods • No minimum or maximum fee increase is operated • Fee increases may be guided by the average increase awarded to Executive Directors and other employees and/or general movements in the market • Increases may be above this level if there is an increase in the scale, scope or responsibility of the role n/a In addition to the above, Executive Directors may also participate in any all-employee share arrangement operated by the Company, up to prevailing HMRC limits. 5Remuneration Governance Financial Statements Further Information 128 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Compliance with the 2018 UK Corporate Governance Code (“Code”) The Remuneration Committee has ensured that the provisions of the Code have been taken into account in its decisions during the year and in the preparation of this Report. The Code states that pension provision for Directors is aligned with that provided for the wider workforce. As Directors appointed prior to the 2024 AGM do not receive pensions from the Group and those appointed from the 2024 AGM onwards are entitled to pension contributions on the same basis as other employees, the Committee believes that this provision is met. The Code also suggests that post-employment shareholding provisions operate to ensure that Directorswho leave the Group are not able to immediately liquidate their shareholdings. The Group’s Remuneration Policy (“Policy”) incorporates provisions restricting the sale of certain share entitlements, post-employment. The Committee has considered the factors set out in Provision 40 of the Code and ensured that its Policy (both current and proposed) and this Report are consistent with these factors: • Clarity and simplicity – The Policy is designed to simplify remuneration arrangements and provide clarity between remuneration and the performance of the Group. In addition, this Report is designed toassist the reader in understanding how the Policy is being implemented. • Risk – The Policy contains provisions for malus and clawback and permits the use of negative discretion by the Committee to ensure that the outcomes of the performance related pay components of total remuneration can be adjusted in the light of overall performance and Shareholder experience. Executive Directors are required to build substantial shareholdings in the Company to further ensure that their personal interests are aligned with those of Shareholders. • Predictability – The range of potential award outcomes for the performance related pay components are set out in this Report. In addition to assessing the range between the minimum and maximum values of remuneration packages, it also highlights the impact of share price growth on the maximum awards. • Proportionality – The Policy sets out clear links between the potential rewards available to Executive Directors, the implementation of the Group’s business strategy and the performance outcomes that generate Shareholder value. Stretching targets are set by the Committee which retains the ability to adjust remuneration outcomes where these do not truly reflect the Group’s underlying performance. With a significant element of remuneration being performance related and in the form of equity subject to holding periods, the interests of the Executive Directors and Shareholders are aligned. • Alignment to Culture – Helical’s strategy, Values and Purpose have evolved over the years. Our Executive Directors, along with our wider workforce, are continually looking to deliver on our strategy whilst acting in accordance with our Values and our Culture. The remuneration packages available to them are aligned with the strategy and designed to incentivise them to deliver value to our Shareholders. Finally, the Committee has considered a number of matters as set out in Paragraph 41 of the Code as part of its overall oversight of remuneration at the Company. Specifically, the Committee is satisfied that the level of remuneration provided to the Directors is appropriate, both by comparison to the Company’s peer group within the real estate industry (against which remuneration is benchmarked) and also in the context of the level of remuneration of the wider workforce – a team of experienced professionals of whom a significant number are incentivised in similar ways to the Directors. The Committee also considered whether the Policy operated as intended in the light of the Company’s performance and quantum. The Policy measures a range of performance metrics that are aligned to the Company’s strategy with the remuneration outcomes being assessed against these. The ability of the Committee to exercise negative discretion (as has been applied three times in the last eight years) when the experience of Shareholders does not match the performance metrics demonstrates that the necessary checks and balances in place are operating as intended. The Company regularly seeks feedback from the workforce through a variety of methods as explained on pages 94 and 95. Through these methods, the Company engages with its workforce on remuneration matters where appropriate. Recruitment Policy In considering the structure of the Board, the balance between Executive Directors and independentNon-Executive Directors and the skills, knowledge and experience required to ensure theBoard functions in accordance with the Group’s objectives, the Committee will seek to apply the following principles in relation to the remuneration of new Directors, whether by internal promotion or external appointment: Element Policy Salary The salary of newly appointed Executive Directors would reflect the individual’s experience andskills, taking into account internal comparisons. On initial appointment and depending on experience, salaries would generally be set at a level lower than benchmarked for that role to allow for pay increases to market levels subject to satisfactory progress and contribution. Benefits Benefits would be as currently provided and periodically reviewed, being private medical cover, permanent health insurance and life assurance. Pension New Executive Directors will be eligible to receive the benefit of pension contributions paid into their own pension scheme. Annual bonus Annual bonus arrangements under the terms of the  Annual Bonus Scheme will be made in accordance with the terms of that scheme, with the Committee retaining the right to pro-rate any bonus payable in respect of the year of appointment. Long-term incentives Annual awards under the terms of the  PSP will be made in accordance with the terms of that Plan. Share Incentive Plan In line with that of existing Executive Directors. Shareholding guideline Newly appointed Executive Directors will be expected to build up a shareholding in the Company of % of salary out of shares purchased and/or shares vesting through the Group’s Annual Bonus Scheme and Performance Share Plan, within five years of their appointment. Buy-out awards Should it be deemed necessary to compensate a new Director for loss of bonus or incentives from a previous employer, the Committee may structure the remuneration of such Director to buy-out any such bonus or incentives on a like-for-like basis in respect of currency (i.e. cash versus shares), timing and performance targets. Where possible such buy-out will be structured within the Company’s existing incentive arrangements but the Committee has the discretion to implement the exemption under rule .. of the Listing Rules. Non-Executive Directors Newly appointed Non-Executive Directors will be paid fees at a level consistent with existing Non-Executive Directors. Fees would be paid pro-rata in the year of appointment. Corporate Governance Report continued 5Remuneration Governance Financial Statements Further Information 129 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued How employee pay is taken into account and compared with the Remuneration Policy of Executive Directors All permanent employees of the Group, including Executive Directors, receive a basic remuneration package including basic salary, private medical cover, permanent health insurance, life assurance and membership ofthe Share Incentive Plan. There is no Group pension scheme for Executive Directors appointed prior to the 2024 AGM and no contributions are payable into those Directors’ own pension schemes. For Directors appointed from the 2024 AGM onwards and all permanent employees below Board level, the Company pays pension contributions of 12.5% in respect of all employees’ pension arrangements. Whilst employees below Board level are not entitled to participate in the Annual Bonus Scheme, discretionary bonuses are paid to employees on an individual basis depending on their performance and contribution. The Performance Share Plan is available to all employees but is primarily utilised to incentivise Executive Directors and senior management. In determining executive remuneration, the Committee considers the overall remuneration of all the Group’s employees and, other than in exceptional circumstances, seeks to award increases in salaries at levels below those made to other staff and within its own guidelines. The remaining remuneration is weighted towards performance related awards. The Committee does not consult with the Group’s employees when drawing up its Remuneration Policy. Leaver Policy On termination of employment each Director may be entitled to a payment in lieu of notice of basic salary and other contractual entitlements, i.e. provision of health and life insurance etc. The Group may make payments in lieu of notice as one lump sum or in instalments, at its own discretion. If the Group chooses to pay in instalments the Director is obliged to seek alternative income over the relevant period and to disclose the amount of alternative income received. Instalment payments will be reduced by any alternative income. Under the Annual Bonus Scheme 2018, participants will not normally be entitled to receive any payment under the scheme following cessation of employment and shall immediately cease to have any interests, benefits, rights and/or entitlements under the scheme howsoever arising on the date of such cessation except where good leaver status applies (i.e. death; injury; disability; redundancy; retirement; sale or transfer of employing company or business outside the Group; or any other reason permitted by the Committee). For good leavers, individuals would cease to accrue amounts in respect of any period after cessation of employment but would receive any amounts previously deferred into shares under the terms of the Annual Bonus Scheme 2018. Any share-based entitlements granted to an Executive Director under the Group’s share plans will bedetermined based on the relevant plan rules. For awards granted under the 2014 and 2024 PSP schemes, awards held by good leavers will vest on the normal vesting date subject to performance conditions and time pro-rating, unless the Committee determines that awards should vest at cessation and/or time pro-rating should not apply. Finally, the following post cessation shareholding guidelines will apply to leavers: • Unvested deferred annual bonus and PSP share awards will be treated in line with the good leaver/bad leaver provisions presented in the Shareholder approved Remuneration Policy; and • Shares to the value of 250% of salary to be retained for two years, post cessation. Such shares to be out of those delivered from deferred bonuses and PSP awards which are granted after the 2021 AGM. Shareholder protections • Annual bonus payments to individual Directors will be restricted in any financial year to 150% of salary; • Until the minimum shareholding guideline of 500% of salary for current Executive Directors and 250% of salary for new Executive Directors is met, two thirds of any payment is made in cash after the relevant year end and one third is deferred for three years into Helical plc shares. Once the minimum shareholding guideline is met, any bonus payment is normally made in cash up to 100% of salary and in deferred shares from 100% to 150% of salary; • The Committee has a general negative discretion surrounding bonus payments and, to the extent there is a low or no bonus payable on the operational measures, it will retain the discretion to reduce (including to zero) the payment under the ESG targets; • The scheme will operate malus and clawback provisions, whereby amounts deferred, or the net of tax amounts paid, may be recovered or withheld in the event of a misstatement of results, an error being made in assessing the calculation, in the event of gross misconduct, serious reputational damage and corporate failure; and • The Committee will have discretion to award annual bonuses in deferred shares (in full or in part) irrespective of an Executive Director’s shareholding guidelines, although it is expected that this discretion would only be used in exceptional circumstances. Other matters Awards may be satisfied through shares purchased in the market or by new issue or treasury shares. Where new issue or treasury shares are used, the standard 5% in 10-year dilution limit will apply. Executive Directors’ dates of appointment and service contracts All service contracts are available for inspection at the registered offices of the Company. Original dates of appointment to the Board are as follows: Executive Director Notice period Date of first employment Board appointment Date of current contract Matthew Bonning-Snook  months  March   August   July  Tim Murphy  months  March   July   July  James Moss  months  September   April   March  5Remuneration Governance Financial Statements Further Information 130 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Reward scenarios The charts below show how the composition of the Executive Directors’ remuneration packages varies under four different performance scenarios, namely, at minimum (i.e. fixed pay), target (assumed to be 50% of the maximum incentive levels), maximum levels, all assuming no share price appreciation, and the maximum levels assuming 50% share price appreciation across the performance period of long-term incentive awards. The charts are based on: • Salary levels effective 1 April 2025; • An approximated annual value of benefits; • Pension contributions of 12.5% of salary for James Moss; • A 150% of salary maximum annual bonus (with target assumed to be 50% of the maximum); • A 250%/175% of salary award under the PSP in line with the normal award (with target assumed to be 50% of the maximum) plus shares awarded under the Helical 2022 Approved Share Incentive Plan; and • In the final column of each chart, share appreciation of 50% across the three-year performance period of the awards made under the PSP. 565 1,642 Minimum On target Maximum MATTHEW BONNING-SNOOK JAMES MOSS 2,712 3,381 100% 34% 20% 16% 100% 41% 26% 21% 27% 34% 26% 32% 40% 31% 22% 25% 30% 24% 41% 50% 40% 20% 328 790 1,245 1,595 Maximum with 50% share price growth Minimum On target Maximum Maximum with 50% share price growth Basic salary & benefits Bonus Share awards Maximum with 50% share price growth VALUE OF REMUNERATION PACKAGES AT DIFFERENT LEVELS OF PERFORMANCE £000 Non-Executive Directors Non-Executive Directors are appointed by a Letter of Appointment and their remuneration is determined by the Executive Board. Current Letters of Appointment, setting out the terms of appointment, operate from 14 July 2022, or later if subsequently appointed to the Board. The appointment of Non-Executive Directors is terminable on three months’ notice. Non-Executive Directors are not eligible to participate inany share awards made under the terms of the Group’s bonus or share award schemes. In exceptional circumstances, where an Executive Director becomes a Non-Executive Director, ongoing participation in awards previously made in bonus and share schemes will be subject to the rules of those schemes and to the discretion of the Committee. Non-Executive Directors’ Letters of Appointment Non-Executive Director Board appointment Commencement date of current term End date of current term Richard Cotton – Board Chairman and Chair of the Nominations Committee  March   July   July  Sue Clayton  – Senior Independent Director and Chair of the Property Valuations Committee  February   July   July  Amanda Aldridge – Chair of the Audit and Risk Committee  April   April   March  Sue Farr – Chair of the Remuneration Committee  June   July   July  Robert Fowlds  February   February   February  1 Sue Clayton will not seek re-election at the 2025 Annual General Meeting. 5Remuneration Governance Financial Statements Further Information 131 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued This part of the Directors’ Remuneration Report explains how the Group has implemented the Remuneration Policy in the year to 31 March 2025 and how the Policy is intended to be implemented inthe year to 31March 2026. Application of the Remuneration Policy in the year to 31 March 2025 Work of the Committee during the year The Committee’s work during the year under review included the following: Fixed pay • The annual salary review for the Executive Directors and wider workforce; Performance related pay • Consideration of annual bonuses for the year ended 31 March 2024; • The review of bonus targets for the year ended 31 March 2025; • The setting of targets for the PSP awards which were granted in July 2024; Other matters • The Committee sought approval for a renewal of its Remuneration Policy; and • The Committee updated its terms of reference for the latest developments in good practice. Annual Report on Remuneration Total remuneration in the year to 31 March 2025 This section has been subject to audit unless otherwise stated. Directors’ remuneration Total remuneration in respect of the Directors in the year to 31 March 2025 was as follows: Year to  March  Fixed Variable Total £ Basic salary/ fees £ Benefits  £ Sub-total £ Annual cash bonus £ Deferred bonus shares £ Share  awards £ Share Incentive Plan  £ Sub-total £ Executive Directors Matthew Bonning-Snook      –   , Tim Murphy      –         –  , , Former Executive Director Gerald Kaye      – – –   ,  , ,  –  , , Non-Executive Directors Richard Cotton  –  – – – – –  Sue Clayton  –  – – – – –  Sue Farr  –  – – – – –  Robert Fowlds  –  – – – – –  Amanda Aldridge   –  – – – – –   –  – – – – –  Former Non-Executive Director Joe Lister   –  – – – – –   –  – – – – –  Tota l ,  , ,  –  , , 1 Benefits included the provision of a car, fuel allowance, private medical cover, life assurance and permanent health insurance. The car and fuel benefits ceased during the year. 2 The 2022 PSP awards will lapse in full. 3 The Share Incentive Plan figure relates to the free and matching shares awarded under the Helical Bar 2022 Share Incentive Plan, details of which are on page 136. 4 Gerald Kaye resigned from the Board and left the Company on 17 July 2024. 5 Amanda Aldridge joined the Board on 1 April 2024 and was appointed Chair of the Audit and Risk Committee on 17 July 2024. 6 Joe Lister resigned from the Board on 17 July 2024. 5Remuneration Governance Financial Statements Further Information 132 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Total remuneration in respect of the Directors in the year to 31 March 2024 was as follows: Year to  March  Fixed Variable Total £ Basic salary/ fees £ Benefits  £ Sub-total £ Annual cash bonus £ Deferred bonus shares £ Share  awards £ Share Incentive Plan  £ Sub-total £ Executive Directors Gerald Kaye    – –     Tim Murphy    – –     Matthew Bonning-Snook    – –     ,  , – –    , Non-Executive Directors Richard Cotton  –  – – – – –  Sue Clayton  –  – – – – –  Sue Farr  –  – – – – –  Joe Lister  –  – – – – –  Robert Fowlds   –  – – – – –   –  – – – – –  Tota l ,  , – –    , 1 Benefits include the provision of a car, fuel allowance, private medical cover, life assurance and permanent health insurance. Significant individual benefits include £24,000 and £23,000 car benefit for Gerald Kaye and Matthew Bonning-Snook respectively. 2 The 2021 PSP awards did not vest. Dividend shares awarded to Directors on 19 June 2023 under the terms of the Annual Bonus Scheme 2018 are included at their actual vesting price of 278.00p. 3 The Share Incentive Plan figure relates to the free and matching shares awarded under the Helical Bar 2022 Share Incentive Plan, details of which are on page 136. 4 Robert Fowlds joined the Board on 8 February 2024. Determination of annual bonus outcome The table below sets out the financial measures and strategic objectives and their respective outcomes under the terms of the Annual Bonus Scheme 2018. These measures apply to all Executive Directors equally and provide each Director with a percentage pay-out of their maximum bonus, capped at 150% of basic salary. This is set out in the second table below. Metric Performance condition Weighting Threshold target Stretch target Outcome % of bonus payable Letting Targets Specific targets for standing investments and developments .% n/a Pre-let .% (see below) .% Capital recycling Specific targets for sales values .% £.m £.m £.m .% Equity Sourcing/ Deployment Specific targets for sourcing and deployment of asset level equity .% £.m £.m £.m .  % ESG Energy Intensity Certification •  New Bridge Street, EC • Brettenham House, WC .% Either target met kWh/m  kWh/m  Both targets met kWh/m  kWh/m  Both targets met .kWh/m  .kWh/m  .% Carbon Emissions Certification – Stage  Whole Life Carbon •  King William Street, EC • Brettenham House, WC .% Either target met kg of CO  per sq ft kg of CO  per sq ft Both targets met kg of CO  per sq ft kg of CO  per sq ft Both targets met kg of CO  per sq ft kg of CO  per sq ft .% Underpin Maintaining its sustainability scores at previous year’s levels of: GRESB  CDP B EPRA Sustainability BPR Gold Achieved  B Gold Tota l .% .% Letting Targets The Committee set targets based on either letting space at the Group’s standing Investment Assets or pre-letting space at one of the Group’s development schemes. The sale of 100 New Bridge Street, EC4 to an owner-occupier satisfies this target in full. Capital Recycling The Committee set a threshold target of selling a minimum of £50m (Helical share) of investment assets and a stretch target of selling £200m (Helical share) of investment assets. The sale of The JJ Mack Building, EC1, The Power House, W4 and the forward sale of 100 New Bridge Street, EC4 satisfy this target in full. Equity Sourcing/Deployment The Committee set targets for the sourcing of equity from joint venture partners and the deployment of Helical’s equity in new development schemes. The entering into a joint venture with Orion Capital Managers and the entering into an agreement to develop Brettenham House, W2, satisfies the threshold target, with an additional, incremental contribution to the stretch target. 5Remuneration Governance Financial Statements Further Information 133 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued ESG The Group has set Energy Intensity and Carbon Emissions targets on its journey towards becoming net zero by 2030. Both of the Energy Intensity and Carbon Emissions targets were met in full. The Group maintained its sustainability scores measured by CDP at B and EPRA Sustainability BPR of Gold. As measured by GRESB, the Group maintained its Green Star status and increased the overall mark from a 4 to a 5. The total annual bonus awards for the year ended 31 March 2025 are set out below: Executive Director Basic salary £ Maximum bonus payable (% basic salary) £ Bonus outcome % Bonus payable £ Cash £ Deferred shares £ Matthew Bonning-Snook   .%    Tim Murphy   .%    PSP awards vesting in 2025 The PSP awards granted on 27 July 2022 will lapse in full as follows: Metric Performance condition Weighting Threshold target Stretch target Actual % vesting NAV (fully diluted triple net) Net asset value growth % of this part of an award vests for pre-dividend compound NAV growth of .% p.a. increasing pro-rata to % of this part of an award vesting for pre-dividend compound NAV growth of .%p.a. .% .% .% -.% .% TSR Total Shareholder Return v FTSE  and Small Cap Sectors (excluding agencies) % of this part of an award vests for median ranking increasing pro-rata to % of this part of an award for upper quartile or above performance .% Median -.% Upper quartile -.% -.% .% TPR Total Property Return v MSCI Central London Offices Total Return Index % of this part of an award vests for median ranking increasing pro-rata to % of this part of an award vesting for upper quartile or above performance .% Median -.% Upper quartile -.% -.% .% Tota l .% .% * The minimum and maximum thresholds have been increased from their normal levels of 5.0% and 10.0% due to the impact of inflation above 3.0% during the performance period. Based on the above, details of the shares awarded and the expected value at vesting are as follows: Executive Director Number of shares at grant Number of shares expected to lapse Number of shares expected to vest Estimated value at vesting £ Matthew Bonning-Snook  ,    ,   – – Tim Murphy  ,     ,   – – Payments for loss of office (audited) On stepping down from the Board on 17 July 2024, Gerald Kaye was paid £208,356 in lieu of notice and remained entitled to an annual bonus, as calculated by the Annual Bonus Scheme 2018, pro-rated for theperiod he remained an Executive Director of the Company. Accordingly, a payment of £213,000 has been accrued in the financial statements. Further, he remained entitled to his outstanding PSP awards which will vest at the normal vesting dates subject to performance and time pro-rating. As noted above, the performance criteria applied to the 2022 PSP Award were not met and the awards therefore will lapse in full. Statement of implementation of the Remuneration Policy for the year to 31March 2026 Details of how the Remuneration Committee intends to implement the Remuneration Policy in respect ofthe year to 31 March 2026 are set out on pages 125 to 126 above. Other remuneration matters This section is unaudited unless stated otherwise. Advisors to the Committee The Committee consults the Chief Executive and Chief Financial Officer about its proposals and hasaccess to professional advice from FIT Remuneration Consultants LLP (“FIT”), a member of the Remuneration Consultants Group, which is responsible for developing and maintaining the Code of Conduct for Consultants to Remuneration Committees of UK listed companies. FIT is independent of both the Group and its Directors and, as such, the Committee is satisfied that the advice received was objective and independent. Terms of reference for the remuneration consultants, which provided no other services to the Company, are available from the Company Secretary on request. Fees paid to FIT in the year to 31 March 2025 amounted to £37,685 (2024: £40,258), reflecting work done during the year on advising the Company on its proposed new Remuneration Policy plus attendance at the Committee’s meetings during the year. Fees are charged on a time plus disbursements basis. Relative importance of the spend on pay The table below compares the expenditure and percentage change in that expenditure between 2024 and 2025 to the other key financial metrics of distributions to Shareholders and the net asset value of theGroup.  £  £ Change % Staff costs , , .% Distributions to Shareholders  , , .% Net asset value of the Group , , .% 1 In respect of the financial year to which they relate. 5Remuneration Governance Financial Statements Further Information 134 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Shareholder voting at the last AGM Details of the 2024 advisory Annual Report on Remuneration vote and the 2024 binding Remuneration Policy vote were as follows: Issued For % Against % Withheld Tota l  Annual Report onRemuneration ,, ,, . ,, .  ,,  Remuneration Policy ,, ,, . ,, .  ,, The Committee was pleased to note the level of Shareholder support for the Annual Report on Remuneration and the Remuneration Policy in 2024. Directors’ shareholdings (audited) Legally owned .. Legally owned .. Share Incentive Plan unrestricted .. Net Deferred shares .. Beneficially held total .. Share Incentive Plan restricted .. PSP awards unvested .. Executive Directors Matthew Bonning-Snook ,, ,, , , ,, , ,, Tim Murphy , , , , , , , Non-Executive Directors Richard Cotton  , , – – , – – Sue Clayton , , – – , – – Sue Farr  , , – – , – – Robert Fowlds  – – – – – – – Amanda Aldridge n/a – – – – – – 1 After the announcement to the London Stock Exchange on 11 April 2025, of the forward sale of 100 New Bridge Street, EC4, Richard Cotton purchased 13,765 shares and Robert Fowlds purchased 25,000 shares. At the date of the Annual Report, Richard Cotton holds 67,097 shares and Robert Fowlds holds 25,000 shares. 2 The shareholding of Sue Farr is held by a connected person. The two Executive Directors of Helical have an average length of service of over 30 years and have built up a shareholding during that time of c.2.7m shares with a market value at 31 March 2025 of c.£5.1m at the weighted average share price for the three months to 31 March 2025 of 184.77p. Directors’ share interests and shareholding guidelines (audited) Executive Director Salary  £ Share ownership guideline  £ Beneficially held shares Value of beneficially held shares  £ Ratio of shares held to salary % Matthew Bonning-Snook , ,, ,, ,,  Tim Murphy , ,, , ,,  1 Salaries as at 31 March 2025. 2 Share ownership guideline is 500% of salary. 3 Value based on the average share price for the three months to 31 March 2025 of 184.77p. PSP awards granted in the year (audited) The following conditional awards were granted on 4 July 2024 at 242.00p, being the average closing price of the shares for the five business days preceding the award date. Basis of award (% of salary) Share awards number Face value of award £ Vesting at threshold Vesting at maximum Performance period Matthew Bonning-Snook % , , % %  years to  March  Tim Murphy % ,  % %  years to  March  The PSP awards above were made at share prices calculated at the average closing price of the shares for the five business days preceding each award date. Details of the performance targets attached to the awards are set out below. ABSOLUTE TSR – .% RELATIVE TSR – .% Annual compound increase % of award vesting Ranking after three years % of award vesting .% p.a. or more . Upper quartile or above . .% p.a. to .% p.a. Pro-rata from . to . Median to upper quartile Pro-rata from . to . .% p.a. . Median . Below .% p.a. nil Less than median nil The total number of PSP awards made to Directors which have not yet vested are as follows: Executive Director Shares awarded .. at .p Shares awarded .. at .p Shares awarded .. at .p Total shares awarded Matthew Bonning-Snook , , , ,, Tim Murphy , , , , The 2022 PSP awards will lapse in full and it is currently expected that nil% of the shares awarded on 1June 2023 and nil% of the shares awarded on 4 July 2024 will vest. Absolute TSR The TSR of the Company over the three years to 31 March 2027 will be assessed against the benchmark and stretch thresholds, with the three-month average share price to 31 March 2024 of 206.02p as the starting point and the three-month average share price to 31 March 2027 as the end point. Relative TSR The comparator group for awards granted are those companies included in the FTSE 350 and Small Cap Indices, excluding agencies. Share awards will lapse in full where the TSR over the three-year period is below 10.0% p.a. and the TSR is below the median of the comparatorGroup. 5Remuneration Governance Financial Statements Further Information 135 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Helical 2022 Approved Share Incentive Plan (audited) Under the terms of this Plan, employees of the Group are given annual awards of free shares with a value of £3,600 and participants are allowed to purchase additional shares up to a value of £1,800, to be matched in a ratio of 21 by the Company. Provided participants remain employed by the Group for a minimum of three years they will retain the free and matching shares. Shares allocated to, or purchased on behalf of, the Directors under the rules of the Plan during the period and as at 31 March 2025, were as follows: Executive Director  June  at .p  August  at .p  September  at .p  December  at .p  January  at .p  March  at .p Matthew Bonning-Snook ,      Tim Murphy ,     – Shares were allocated to the Directors under the Plan at the closing share price on the previous business day to the date of allocation. Shares allocated to, or purchased on behalf of, the Directors, which remain in their ownership at 31 March 2025, were as follows: Executive Director Unrestricted  Restricted  As at  March  Matthew Bonning-Snook , , , Tim Murphy , , , 1 Unrestricted shares are those shares allocated to Directors that have met their minimum five-year ownership qualifying period. 2 Restricted shares are those shares allocated to Directors that have not met their minimum five-year ownership qualifying period. Shares held by the Trustees of the Plan at 31 March 2025 were 551,462 (2024: 636,834). Helical Annual Bonus Scheme – deferred shares (audited) Under the terms of the Annual Bonus Scheme 2018, one third of annual bonuses awarded to scheme participants each year are deferred for three years into Helical plc shares, unless an Executive Director satisfies the minimum shareholding guideline, in which case bonus payments up to 100% of salary are payable in cash with the remainder in deferred shares. Deferred shares awarded under the terms of this scheme, which are expected to be awarded in June 2025 and which are expected to vest in July 2025, are as noted in the table below: Executive Director Deferred shares at  April  and  March  Expected Award June  Expected vesting of deferred shares July  Expected deferred shares July  Matthew Bonning-Snook , , (,) , Tim Murphy , , (,) , Former Executive Director Gerald Kaye , – (,) – * Based on the average share price for the three months to 31 March 2025 of 184.77p. Share price performance and Total Shareholder Return (“TSR”) The market price of the ordinary shares of Helical plc at 31 March 2025 was 197.00p (2024: 208.00p). This market price varied between 171.4p and 247.5p and averaged 206.97p during the year. The TSR for a holding in the Group’s shares in the 10 years to 31 March 2025 compared to a holding in the FTSE 350 Supersector Real Estate Index is shown in the graph below. This index has been chosen because it includes the majority of listed real estate companies. TSR – 10 years to 31 March 2025 The graph below shows the base position, at 31 March 2015, from which subsequent performance is measured, as required by the Regulations. Helical FTSE 350 Supersector Real Estate Index Source: Datastream (an LSEG product) 60 100 80 140 120 160 40 20 0 TOTAL SHAREHOLDER RETURN Mar ’22 Mar ’23 Mar ’24 Mar ’25 Mar ’15 Mar ’17 Mar ’18 Mar ’19 Mar ’20 Mar ’21 Mar ’16 This graph shows the value, by 31 March 2025, of £100 invested in Helical on 31 March 2015, compared with the value of £100 invested in the FTSE 350 Supersector Real Estate Index. 5Remuneration Governance Financial Statements Further Information 136 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Remuneration of the Chief Executive Comparing the 10-year TSR of the Company, set out above, to the remuneration of the Chief Executive, the table below presents single figure remuneration for the Chief Executive over the period, since 1 April 2015, together with past annual bonus pay-outs and the vesting of long-term incentive share awards: Year ended Name Total remuneration £ Annual bonus (% of max pay-out) PSP (% of max vesting)  March  Matthew Bonning-Snook ,   –  March  Gerald Kaye  –  –  March  Gerald Kaye ,    March  Gerald Kaye ,    March  Gerald Kaye ,    March  Gerald Kaye ,     March  Gerald Kaye ,    March  Gerald Kaye ,     March  Gerald Kaye ,     March  Michael Slade ,   1 The total remuneration of Matthew Bonning-Snook includes the period whilst he was an Executive Director but prior to his appointment as CEO on 17 July 2024. 2 23% before management waived the annual bonus awards. 3 85% before the application of negative discretion by the Committee. 4 100% before the application of negative discretion by the Committee. 5 The total remuneration of Gerald Kaye includes the period whilst he was an Executive Director but prior to his appointment as CEO on 25 July 2016. Comparison of changes in the remuneration of the Board to the Group’s otheremployees The percentage change in the remuneration of each member of the Board and for the average of all other employees in the Group, between 2024 and 2025, 2023 and 2024, 2022 and 2023, 2021 and 2022 and 2020 and 2021 was as follows: - - - Base salary/ fees Benefits Annual bonus Base salary/ fees Benefits Annual bonus Base salary/ fees Benefits Annual bonus Executive Directors Matthew Bonning-Snook  .% -.% % .% .% -.% .% .% -.% Tim Murphy .% .% % .% .% -.% .% -.% -.% Non-Executive Directors Richard Cotton  .% n/a n/a .% n/a n/a .% n/a n/a Sue Clayton  .% n/a n/a .% n/a n/a .% n/a n/a Sue Farr .% n/a n/a .% n/a n/a .% n/a n/a Robert Fowlds  .% n/a n/a n/a n/a n/a n/a n/a n/a Amanda Aldridge  n/a n/a n/a n/a n/a n/a n/a n/a n/a Average of all other employees .% .% .% .% -.% -.% .% .% -.% The remuneration of Directors used to calculate the percentage change in base salary/fees, benefits and Share Incentive Plan and annual bonus, is taken from the tables of Directors’ remuneration on pages 132 and 133. 1 The percentage increase in base salary payable to Matthew Bonning-Snook in 2024-2025 reflects his appointment as Chief Executive Officer at the 2024 AGM. 2 The percentage increase in the fees payable to Richard Cotton in 2022-2023 and 2023-2024 reflects his appointment as Chairman at the 2022 AGM as well as the increase in base fees from the triennial review of Non-Executive Directors’ fees. 3 The percentage increase in the fees payable to Sue Clayton in 2022-23 and 2023-2024 reflects her appointment as the Senior Independent Director at the 2022 AGM, as well as the increase in base fees from the triennial review of Non-Executive Directors’ fees. 4 Robert Fowlds was appointed to the Board on 8 February 2024. 5 Amanda Aldridge was appointed to the Board on 1 April 2024. 5Remuneration Governance Financial Statements Further Information 137 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Corporate Governance Report continued Comparison of changes in the remuneration of the Board to the Group’s otheremployees – continued - - Base salary/ fees Benefits Annual bonus Base salary/ fees Benefits Annual bonus Executive Directors Matthew Bonning-Snook .% .% .% .% .% -.% Tim Murphy .% .% .% .% -.% -.% Non-Executive Directors Richard Cotton .% n/a n/a .% n/a n/a Sue Clayton .% n/a n/a .% n/a n/a Sue Farr  .% n/a n/a .% n/a n/a Robert Fowlds n/a n/a n/a n/a n/a n/a Amanda Aldridge n/a n/a n/a n/a n/a n/a Average of all other employees .% .% -.% .% .% -.% 1 The percentage increase in the fees payable to Sue Farr in 2020-2021 and 2021-2022 reflects her first full year as a member of the Board since her appointment on 5 June 2019 and her appointment as Chair of the Remuneration Committee at the 2020 AGM. Gender Pay Gap reporting The Group falls below the threshold for mandatory Gender Pay Gap reporting (250 employees). Due to the low number of employees (24), which could result in distortions of data, the Board does not believe itappropriate to voluntarily report. Notwithstanding this, the Board firmly believes in promoting and recruiting more females into senior roles and in pay equality for equal work and is mindful of both the legal and moral obligations to ensure that employees are remunerated in a fair manner regardless of gender. Chief Executive pay ratio As Helical has fewer than 250 employees, there is no requirement to disclose the Chief Executive payratio. However, given the Committee’s commitment to transparency and good governance, thisinformation is provided on a voluntary basis. The table below compares the single total figure of remuneration for the Chief Executive for the five years to 31 March 2025 with the Group’s other employees paid at the 25th, 50th and 75th percentiles: Remuneration CEO pay Other employees Total remuneration £ Other employees Salary £ Year ended  March  th percentile : , , th percentile : , , th percentile : , , Year ended  March  th percentile : , , th percentile : , , th percentile : , , Year ended  March  th percentile : , , th percentile : , , th percentile : , , Year ended  March  th percentile : , , th percentile : , , th percentile : , , Year ended  March  th percentile : , , th percentile : , , th percentile : , , This is the fifth year we have published our pay ratios, which have been calculated under Option A. Allnon-salary remuneration has been included. Joiners, leavers and employees on statutory leave (e.g.maternity) have been excluded from this comparison. For the year ended 31 March 2025, the Chief Executive single figure remuneration is only in respect of that for Matthew Bonning-Snook. Payments made to Gerald Kaye are excluded. Total remuneration has been calculated on the same basis as for the Chief Executive single figure shown on page 132 and includes annual salary, taxable benefits, free and matching shares allocated under the terms of the Group’s Share Incentive Plan, annual bonuses awarded, taxable share awards vesting under the terms of the Group’s Performance Share Plan, and employer pension contributions to employees’ pension arrangements. Approved by the Board on 20 May 2025 and signed on its behalf. Sue Farr Chair of the Remuneration Committee 20 May 2025 5Remuneration Governance Financial Statements Further Information 138 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Report of the Directors Report of the Directors Directors The Directors who held office during the year andup to the date of this report are listed alongside their biographical details on pages 99 to 101. All the Directors will be offering themselves for appointment or re-appointment, as appropriate, atthe AGM on 17 July 2025, with the exception of Sue Clayton and Tim Murphy, and their continuing contribution to the Group’s long-term sustainable success is explained within each individual Director’s biography. Details of Directors’ remuneration, including their interests in share awards, and its alignment with the Group’s strategy and the promotion of long-term sustainable success are set out in the Directors’ Remuneration Report on pages 121 to 138. Details of the Directors’ interests in the ordinary shares of the Company are shown on page 135. Information pertaining to Director training and development can be found on page 107. Going concern In accordance with Provision 30 of the Code, the Board is required to report on whether it considers it appropriate to adopt the going concern basis of accounting. In considering this requirement, the Directors took into account the matters set out in the Group’s Viability Statement on pages 49 to 50. Having due regard to the matters referenced in Note 1 to the financial statements, the Directors were able to conclude that they have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for at least the next 12 months, and havecontinued to adopt the going concern basisof accounting when preparing the financial statements for the year ended 31 March 2025. Directors’ conflicts of interest Under the Companies Act 2006 (the “Act”), Directors are subject to a statutory duty to avoid asituation where they have, or can have, a direct Company status and branches Helical plc (the “Company”) is a public limited company, registered and domiciled in England andWales (company number 156663) and is listedin the commercial companies’ category ofthe London Stock Exchange Main Market. TheCompany has been a real estate investment trust (“REIT”) since 1 April 2022. Helical plc is the holding company of the Helical plc group of companies (“Group”), which includes no branches. Strategic Report A review of the Group’s business during the year, the principal and emerging risks and uncertainties it faces, as well as future prospects and developments, are included in the Strategic Report on pages 47 to 58 which should be read inconjunction with this report. With respect to Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 andthe Financial Conduct Authority’s (“FCA’s”) Disclosure Guidance and Transparency Rules (“DTRs”), the Group does not undertake research and development activities. In 2021, Helical made acommitment to invest £1m in a fund managed by Pi Labs, a PropTech venture capital firm. The firm places significant focus on ESG andsustainability, with 50% of all investments directly tackling ESG related issues in the real estate industry. In terms of its investment strategy, Pi Labs looks tosupport entrepreneurs at the very earliest stage of their journey, taking a long-term approach to its investments and sets aside funds for follow-on rounds so that it can invest in a company across multiple stages of growth. Through this strategic investment, the Group has the opportunity to identify and deploy relevant technologies in its core business and property portfolio. or indirect interest that conflicts, or may possibly conflict, with the interests of the Company. As is permissible under the Act, the Company’s Articles of Association allow the Board to consider, and if itsees fit, to authorise situations where a Director has an interest that conflicts, or may possibly conflict, with the interests of the Company. Directors are required to notify the Company of any conflict or potential conflict of interest under an established procedure and any conflicts or potential conflicts are noted at each Board meeting. In accordance with the Code Provision 7, the Board has a well-established process for the management of conflicts of interest. Directors’ liability insurance and indemnity The Group maintains Directors’ and Officers’ liability insurance which is subject to annual renewal. To the extent permitted by UK law, the Group also indemnifies the Directors against legal proceedings brought in connection with the execution of their duties as company directors. Political donations The Company’s policy with regard to political donations is to ensure that Shareholder approval issought before making any such payments. NoShareholder approval has been sought and, accordingly, the Company made no political donations in the year to 31 March 2025 (2024: nil). Financial instruments, capitalised interest and long-term incentive schemes The information required in respect of financial instruments, as required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, is shown in Note 37. No interest was capitalised on the Group property portfolio as shown in Notes 14 and 20. Long-term incentive schemes are explained in the Directors’ Remuneration Report on pages 121 to 138. The Board deemed the financial commitment to be at an appropriate level and the investment in accordance with the risk appetite of the Group. For further information, please see page 75 of theSustainability Report and Note 19. Results and dividends The results for the year are set out in the Consolidated Income Statement on page 149. Aninterim dividend of 1.50p (2024: 3.05p) was paid on 15 January 2025 to Shareholders on theShareholder register on 6 December 2024. Afinal dividend of 3.50p (2024: 1.78p) per share is recommended for approval at the AGM to be held on 17 July 2025 and, ifapproved, will be paid on 4August 2025 to Shareholders on the register on27 June 2025. Thetotal ordinary dividend declared and paid inthe year of 3.28p (2024: 11.75p) per share amounted to £4,026,000 (2024: £14,423,000). Corporate governance During the year ended 31 March 2025 the Group has consistently applied the Principles of good corporate governance contained in the 2018 UK Corporate Governance Code (the “Code”) and has complied with all the applicable Provisions of the Code in full, with the exception of Provision 19 from 1 March 2025. The Group’s Corporate Governance Statement required by Rule 7.2 of the FCA’s DTRs can be found on pages 102 to 103 of the Corporate Governance Report, including an explanation ofthe Group’s departure from compliance with Provision 19. Theapplication of the Code’s Principles can beevidenced in the context of the particular circumstances of the Group and how the Board has set the Group’s Purpose and strategy, met objectives and achieved outcomes through the decisions it has taken. The Code can be viewed infull at www.frc.org.uk. Governance Financial Statements Further Information 139 HELICAL PLC Annual Report and Accounts 2025 Strategic Report With respect to employment of persons with disabilities, Helical gives thorough and equitable consideration to applications from such individuals, with due regard for their skills and potential, and ensuring that no employee is subjected to discrimination on the basis of disability at any stage of the employment process– including recruitment, training, careerdevelopment, or promotion. Should an employee, worker, or contractor acquire a disability during the course of their employment or engagement, we are committed to taking appropriate measures to accommodate their needs by implementing reasonable adjustments totheir role or working arrangements. We are dedicated to safeguarding an environment where all our people can be proud to work (please see details of our Employment Policy on page 114). Greenhouse gas emissions, energy consumption and energy efficiency action Please see the Sustainability Report on pages 58 to80 for information regarding greenhouse gas emissions, energy consumption and energy efficiency action. Helical plc is a responsible business and our commitment to transparent andbest practice reporting, and our sustainability policies, procedures and commitments are available on our website: https://www.helical.co.uk/ sustainability/sustainability-policies-and-reports/ Post balance sheet events Details of post balance sheet events are set out inNote 34 to the financial statements. Group structure Details of the Group’s subsidiary undertakings are disclosed in Note 39 to the financial statements. Share capital Details of the Company’s issued share capital are shown in Note 28 to the financial statements. Change of control Certain agreements between the Company or its subsidiaries and entities including lending banks, joint venture partners and development partners contain termination rights to take effect in the event of a change of control of the Group. Given the commercial sensitivity of these agreements, the Directors will not be disclosing specific details in this report. The Company’s Employee Share Incentive Plan, Annual Bonus Scheme and Performance Share Plan contain provisions relating to the vesting and exercise of options or share awards in the event of a change of control ofthe Company. Substantial shareholdings As at 12 May 2025, the Shareholders listed below had notified the Company of a disclosable interest of 3% or more in the nominal value of the ordinary share capital of Helical plc. Fund Manager/Owner Shares at // % at // Baillie Gifford ,, .% Janus Henderson Investors ,, .% Aberforth Partners ,, .% Mr Michael Eric Slade ,, .% Schroder Investment Management ,, .% BlackRock ,, .% Premier Miton Investors ,, .% Mayar Capital ,, .% * holding confirmed 25 April 2025. Key stakeholders In line with section 172 of the Companies Act 2006, the Directors act to promote the success of the Company for the benefit of its Shareholders. However, the Board also places a great emphasis on the importance of the views and interests of its other key stakeholders and throughout the year, the Board had regard to the need to foster the Group’s business relationships with its stakeholders. There are no restrictions on the transfer of shares in the Company other than those specified by law or regulation (for example, insider trading laws) andpursuant to the Listing Rules of the Financial Conduct Authority whereby certain employees of the Group require the approval of the Company to deal in the ordinary shares. On a show of hands at a General Meeting of the Company, every holder ofordinary shares present in person and entitled tovote shall have one vote and on a poll every member present in person or by proxy and entitled to vote shall have one vote for every ordinary share held. The Notice of the 2025 AGM specifies deadlines for exercising voting rights and appointing a proxy or proxies to vote in relation toresolutions to be passed at the meeting. There are no restrictions on voting rights other than as specified by the Company’s Articles of Association. Purchase of own shares The Company was granted authority at the 2024AGM to make market purchases of its own ordinary shares. The authority will expire at the conclusion of the 2025 AGM, at which a resolution will be proposed torenew this authority. The Company has not purchased any of its own shares during the year to31 March 2025. In accordance with LR 6.6.1R, the Group has set up an Employee Benefit Trust (“EBT”) which is used to purchase Helical plc shares in the market from time to time and hold them for the benefit of employees, including for satisfying awards that vest under the Group’s various share incentive plans. As at 31March 2025, the EBT held 602,495 shares. The rights to receive dividends with respect to these shares held in the EBT have been waived by the trustee of the EBT. For details of our stakeholder engagement mechanisms and the consideration given to stakeholder views and interests when decision making, including the outcomes of such engagement, please see pages 81 to 95. For information regarding the Board’s workforce engagement mechanisms specifically, please see pages 94 to 95. The Board’s regard to the interests of its stakeholders when making principal business decisions during the year is set out on pages 83 to84. Culture and employment The corporate Culture of the Group, articulated through the Helical Purpose and Values, is discussed on pages 85 to 88 of the Strategic Report. As part of its leadership responsibilities, the Board continually monitors the Culture of thebusiness. The role of the designated Non- Executive Director for workforce engagement is key with respect to the monitoring of the Helical Culture and more information about this role can be found in the Workforce engagement section onpages 94 and 95. For details of all the methods used by the Board to monitor and sustain the Culture of Helical during the reporting period, please see pages 87 to 88 of the Strategic Report. Details of how we reward our employees can be found on pages 121 and 138 and in Notes 7 and 30 to the financial statements. The Board recognises the importance of having adiverse workforce and an inclusive environment in which they can work. Details of the Group’s Equality, Diversity and Inclusion Policy can be found on pages 112 to 114. The Group has a number of policies and procedures in place covering important issues including human rights, equality, diversity and inclusion, equal opportunities and wellbeing. All employee candidates are considered fairly and without prejudice or discrimination and the Group affords equal opportunities to all its employees, irrespective of sex, race, colour, disability, sexual orientation, religious beliefs or marital status. Report of the Directors continued Governance Financial Statements Further Information 140 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Amendment of Articles of Association The Company’s Articles of Association (“Articles”) can be amended only by a special resolution of the members, requiring a majority of not less than 75% of such members voting in person or by proxy. Disclosures required under Listing Rule 6.6.1R For the purposes of UKLR 6.6.4, disclosable information required in accordance with UKLR6.6.1R can be found in the following locations within the Annual Report: INFORMATION REQUIRED UNDER LR ..R REFERENCE Amount of interest capitalised and tax relief Note  on page  Details of long-term incentive schemes Remuneration Committee Report, pages  to  Shareholder waiver of dividends Page  of the Directors’ Report Annual General Meeting It is intended that the one hundred and fifth AGM of the Company will be held on 17 July 2025 at 0900 am at the Company’s registered offices located at 22 Ganton Street, London W1F 7FD. The special business at the 2025 AGM will include resolutions dealing with the authority to issue shares, the disapplication of pre-emption rights, the authority for the Company to purchase its own shares and the authority to call General Meetings on not less than 14 clear days’ notice. The Notice of Meeting, containing explanations of all the resolutions to be proposed at that meeting, is enclosed with this Annual Report and can be found on the Group’s website at www.helical.co.uk Auditor The Company’s Auditor, RSM UK Audit LLP, has expressed its willingness to continue in office and resolutions to re-appoint the Auditor and to authorise the Directors to determine the Auditor’s remuneration will be proposed at the 2025 AGM. The Directors confirm that: • So far as each Director is aware, there is no relevant audit information of which the Group’s Auditor is unaware; and • The Directors have taken all the steps that they ought to have taken as directors in order to makethemselves aware of any relevant audit information and to establish that the Auditor is aware of that information. By Order of the Board Eleanor Gavin Company Secretary 20 May 2025 Report of the Directors continued Governance Financial Statements Further Information 141 HELICAL PLC Annual Report and Accounts 2025 Strategic Report Directors’ responsibilities statement Directors’ statement pursuant to the Disclosure and Transparency Rules Each of the Directors, whose names and functions are listed in the Board of Directors section on pages 99 to 101, confirm that, to the best of theirknowledge: a. The financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair viewof the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; b. The Strategic Report contained in the AnnualReport includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and c. The Directors consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for Shareholders toassess the Group’s and the Company’s position, performance, business model andstrategy. This responsibilities statement was approved by theBoard of Directors on 20 May 2025 and is signed on its behalf by: Chief Executive Officer Chief Financial Officer Matthew Bonning-Snook Tim Murphy 20 May 2025 20 May 2025 The Directors are responsible for preparing the Strategic Report and the Report of the Directors, the Directors’ Remuneration Report and the financial statements in accordance with applicable law andregulations. Company law requires the Directors to prepare group and company financial statements for each financial year. The Directors have elected under company law and are required under the Listing Rules of the Financial Conduct Authority to prepare Group financial statements in accordance with UK-adopted International Accounting Standards. The Directors have elected under company law to prepare the Company financial statements in accordance with UK-adopted International Accounting Standards. The Group and Company financial statements arerequired by law and UK-adopted International Accounting Standards to present fairly the financial position of the Group and the Company and the financial performance of the Group; the Companies Act 2006 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a fairpresentation. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing each of the Group and Company financial statements, the Directors are required to: a. Select suitable accounting policies and then apply them consistently; b. Make judgements and accounting estimates that are reasonable and prudent; c. State whether they have been prepared in accordance with UK-adopted International Accounting Standards; and d. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company willcontinue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements and the Directors’ Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and otherirregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Helical plc website. Legislation in the United Kingdom governing thepreparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Governance Financial Statements Further Information 142 HELICAL PLC Annual Report and Accounts 2025 Strategic Report 144 Independent Auditor’s Report to the Members of Helical plc 149 Consolidated Income Statement 150 Consolidated Balance Sheet 151 Company Balance Sheet 152 Consolidated and Company Cash Flow Statement 153 Consolidated and Company Statements of Changes in Equity 155 Notes to the Financial Statements Governance Financial Statements Further Information 143 HELICAL PLC Strategic Report Annual Report and Accounts 2025 Opinion We have audited the financial statements of Helical plc (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended 31 March 2025 which comprise the Consolidated Income Statement, the Consolidated and Company Balance Sheets, the Consolidated and Company Statements of Changes inEquity, the Consolidated and Company Cash Flow Statements and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and UK-adopted International Accounting Standards. The financial reporting framework that has been applied in the preparation of the Parent Company financial statements is applicable law and UK-adopted International Accounting Standards and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. In our opinion: • the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 March 2025 and of the Group’s profit for the year then ended; • the Group financial statements have been properly prepared in accordance with UK-adopted International Accounting Standards; • the Parent Company financial statements have been properly prepared in accordance with UK- adopted International Accounting Standards and as applied in accordance with the Companies Act 2006; and • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. Independent Auditor’s Report to the Members of Helical plc Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) andapplicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion. Summary of our audit approach Key audit matters Group Valuation of investment properties Parent Company None Materiality Group Overall materiality: £,, (: £,,) Performance materiality: £,, (: £,,) Parent Company Overall materiality: £,, (: £,,) Performance materiality: £,, (: £,,) Scope Our audit procedures covered % of revenue, % of total assets and % of profit before tax. Governance Financial Statements Further Information 144 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Opinion We have audited the financial statements of Helical plc (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended 31 March 2025 which comprise the Consolidated Income Statement, the Consolidated and Company Balance Sheets, the Consolidated and Company Statements of Changes inEquity, the Consolidated and Company Cash Flow Statements and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and UK-adopted International Accounting Standards. The financial reporting framework that has been applied in the preparation of the Parent Company financial statements is applicable law and UK-adopted International Accounting Standards and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. In our opinion: • the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 March 2025 and of the Group’s profit for the year then ended; • the Group financial statements have been properly prepared in accordance with UK-adopted International Accounting Standards; • the Parent Company financial statements have been properly prepared in accordance with UK- adopted International Accounting Standards and as applied in accordance with the Companies Act 2006; and • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. Independent Auditor’s Report to the Members of Helical plc Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) andapplicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion. Summary of our audit approach Key audit matters Group Valuation of investment properties Parent Company None Materiality Group Overall materiality: £,, (: £,,) Performance materiality: £,, (: £,,) Parent Company Overall materiality: £,, (: £,,) Performance materiality: £,, (: £,,) Scope Our audit procedures covered % of revenue, % of total assets and % of profit before tax. Governance Financial Statements Further Information 144 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Our application of materiality When establishing our overall audit strategy, we set certain thresholds which help us to determine the nature, timing and extent of our audit procedures. When evaluating whether the effects of misstatements, both individually and on the financial statements as a whole, could reasonably influence the economic decisions of the users we take into account the qualitative nature and the size of the misstatements. Based on our professional judgement, we determined materiality as follows: Valuation of investment properties Group Parent company Overall materiality £,, (: £,,) £,, (: £,,) Basis for determining overall materiality % of total assets % of total assets Rationale for benchmark applied Total assets largely reflects the valuation of investment property, which is of key interest to the users of the financial statements. Total assets used as we assessed that the shareholders will be primarily interested in the value of investment property, represented by the investments and loans held by the Parent Company in its property holding subsidiaries, which form the majority of total assets. Performance materiality £,, (: £,,) £,, (: £,,) Basis for determining performance materiality % of overall materiality % of overall materiality Reporting of misstatements to the Audit Committee Misstatements in excess of £, and misstatements below that threshold that, in our view, warranted reporting on qualitative grounds. Misstatements in excess of £, and misstatements below that threshold that, in our view, warranted reporting on qualitative grounds. A lower specific performance materiality of £620,000 (2024: £600,000) was applied in testing balances in the Consolidated Income Statement (other than the fair value movement in investment property) and selected balances in the Consolidated Balance Sheets where Group performance materiality was determined not to provide sufficient testing coverage. The lower specific performance materiality was calculated with reference to the result before tax (adjusted to exclude the fair value movement in investment property). Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Group and Parent Company financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on the overall audit strategy, the allocation of resources in the audit and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the Group and Parent Company financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of investment properties Key audit matter description Investment property valuation represents the most significant area of estimation within the Group financial statements with a carrying value of investment properties as at  March  of £.m ( March : £.m). The Directors’ assessment of the value of the investment properties is considered a key audit matter due to the magnitude of the amount, the potential impact of the movement in value on the reported results, and the subjectivity and complexity of the valuation process. A valuation is carried out by external valuers, Cushman and Wakefield on behalf of the Directors, in line with the methodology set out in note  on pages  to . Further information is disclosed in the Audit and Risk Committee report on pages  to ; the significant accounting judgements and estimates on page ; significant accounting policies on pages  to  and notes to the financial statements on pages  to . How the matter was addressed in the audit Our audit work included: • Obtaining the valuations prepared by Cushman & Wakefield as at  March  and challenging whether they have been prepared on a basis consistent with prior periods and the RICS standards; • Corroborating a sample of the inputs provided to the valuer for the  March  valuation to consider whether the information used in the valuation is consistent with the audited underlying information; • Challenge of the independent valuation and discussion of the valuations with management’s experts, challenging where valuation movements appear to be inconsistent with our expectations based on our knowledge of the market. This included assessing the robustness of the valuation methodology, assessing the independence of the external valuers, and the rationale provided to support the valuation; • Engaging an independent auditor’s valuation expert to assist with our audit and challenge of the valuation of the Group’s property portfolio, including property-specific judgements made on the yields and estimated rental values used by the valuers in their valuation; • Challenging management on the valuation movements for the material properties in the portfolio and discussed how the Valuations Committee and Audit and Risk Committee had engaged with the Board’s processes for scrutinising the external valuation prior to its adoption in the financial statements; • Consideration of the adequacy of the disclosures made in the financial statements, particularly around judgements and estimates and the impact of current macro-environmental conditions Key observations Based on our audit work, we are satisfied that the judgements and assumptions used in arriving at the fair value of the Group’s property portfolio are appropriate and supported by the evidence obtained during the audit. We have determined that there are no key audit matters to communicate in our report in relation to the Parent Company. Independent Auditor’s Report to the Members of Helical plc continued Governance Financial Statements Further Information 145 HELICAL PLC Annual Report & Accounts 2025 Strategic Report An overview of the scope of our audit Our Group audit was scoped by obtaining an understanding of the Group and its environment, including Group-wide controls, and assessing the risks of material misstatement at the Group level. We have assessed that the group consists of a single component and our audit procedures covered 100% of revenue, 100% of total assets and 100% of loss before tax. All work has been performed by the Group engagement team. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors’ use of the going concern basisof accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group’s and Parent Company’s ability to continue to adopt the going concern basis of accounting included: • checking the integrity and accuracy of the cashflow forecasts and covenant calculations prepared bymanagement; • challenging management on the reasonableness of the assumptions made in the forecasts, includingprojected rental income, expenses, disposals of properties, capital expenditure and dividendpayments; • assessing the appropriateness of the sensitivities applied by management in their downside scenarios; • reviewing loan documentation to understand the principal terms, including financial covenants, and checking the Group’s current and forecast compliance with these (including testing of the mechanical accuracy of management’s covenant calculations and consistency with the contractual definitions); and • auditing the accuracy of disclosures made in the financial statements in respect of risks, going concern and viability. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for a period of at least twelve months from whenthe financial statements are authorised for issue. In relation to the entity reporting on how they have applied the UK Corporate Governance Code, we havenothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis ofaccounting. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form≈of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is amaterial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: • the information given in the Strategic Report and the Report of the Directors for the financial year forwhich the financial statements are prepared is consistent with the financial statements; and • the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or • the Parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or • certain disclosures of Directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. Independent Auditor’s Report to the Members of Helical plc continued Governance Financial Statements Further Information 146 HELICAL PLC Annual Report & Accounts 2025 Strategic Report An overview of the scope of our audit Our Group audit was scoped by obtaining an understanding of the Group and its environment, including Group-wide controls, and assessing the risks of material misstatement at the Group level. We have assessed that the group consists of a single component and our audit procedures covered 100% of revenue, 100% of total assets and 100% of loss before tax. All work has been performed by the Group engagement team. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors’ use of the going concern basisof accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group’s and Parent Company’s ability to continue to adopt the going concern basis of accounting included: • checking the integrity and accuracy of the cashflow forecasts and covenant calculations prepared bymanagement; • challenging management on the reasonableness of the assumptions made in the forecasts, includingprojected rental income, expenses, disposals of properties, capital expenditure and dividendpayments; • assessing the appropriateness of the sensitivities applied by management in their downside scenarios; • reviewing loan documentation to understand the principal terms, including financial covenants, and checking the Group’s current and forecast compliance with these (including testing of the mechanical accuracy of management’s covenant calculations and consistency with the contractual definitions); and • auditing the accuracy of disclosures made in the financial statements in respect of risks, going concern and viability. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for a period of at least twelve months from whenthe financial statements are authorised for issue. In relation to the entity reporting on how they have applied the UK Corporate Governance Code, we havenothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis ofaccounting. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form≈of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is amaterial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: • the information given in the Strategic Report and the Report of the Directors for the financial year forwhich the financial statements are prepared is consistent with the financial statements; and • the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or • the Parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or • certain disclosures of Directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. Independent Auditor’s Report to the Members of Helical plc continued Governance Financial Statements Further Information 146 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Corporate governance statement We have reviewed the Directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the parent company’s compliance with the provisions of the UK Corporate Governance Code specified for our review by the Listing Rules. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit: • Directors’ statement with regards the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 139; • Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why the period is appropriate set out on page 49; • Director’s statement on whether it has a reasonable expectation that the Group will be able to continue in operation and meets its liabilities set out on page 49; • Directors’ statement on fair, balanced and understandable set out on page 119; • Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages 47 to 58; • Section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on pages 47 to 58; and • Section describing the work of the audit committee set out on pages 117 to 120. Responsibilities of Directors As explained more fully in the Directors’ Responsibilities Statement set out on page 142, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a trueand fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror. In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken onthebasis of these financial statements. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions oflaws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, thegroup audit engagement team: • obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the Group and Parent Company operate in and how the Group and Parent Company are complying with the legal and regulatory framework; • inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances offraud; and • discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud having obtained an understanding of the effectiveness of the control environment. Independent Auditor’s Report to the Members of Helical plc continued Governance Financial Statements Further Information 147 HELICAL PLC Annual Report & Accounts 2025 Strategic Report The most significant laws and regulations were determined as follows: Legislation / Regulation Additional audit procedures performed by the Group audit engagement team included: UK adopted IAS and Companies Act  Review of the financial statement disclosures and testing to supporting documentation; Completion of disclosure checklists to identify areas of non-compliance. Tax compliance regulations Review of the REIT status assessment prepared by management; Inspection of advice received from external tax advisors; Use of a REIT specialist in our work on compliance with REIT requirements. The areas that we identified as being susceptible to material misstatement due to fraud were: Risk Audit procedures performed by the audit engagement team: Valuation of investment properties Audit procedures performed on valuation of investment properties are outlined in the Key Audit Matters section of this audit report. Management override of controls Testing the appropriateness of journal entries and other adjustments; Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Other matters which we are required to address Following the recommendation of the Audit and Risk Committee, we were appointed by the Audit and Risk Committee on 13 July 2023 to audit the financial statements for the year ending 31 March 2024 andsubsequent financial periods. The period of total uninterrupted consecutive appointments is two years, being the years ended 31March 2024 and 31 March 2025. The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or theParent Company and we remain independent of the Group and the Parent Company in conducting our audit. Our audit opinion is consistent with the additional report to the audit committee in accordance with ISAs(UK). Use of our report This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. In due course, as required by the Financial Conduct Authority (FCA) Disclosure Guidance and Transparency Rules, these financial statements will form part of the Annual Financial Report prepared in Extensible Hypertext Markup Language (XHTML) format and filed on the National Storage Mechanism ofthe UK FCA. This auditor’s report provides no assurance over whether the annual financial report has been prepared in XHTML format. Graham Ricketts (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB Date: 20 May 2025 Independent Auditor’s Report to the Members of Helical plc continued Governance Financial Statements Further Information 148 HELICAL PLC Annual Report & Accounts 2025 Strategic Report The most significant laws and regulations were determined as follows: Legislation / Regulation Additional audit procedures performed by the Group audit engagement team included: UK adopted IAS and Companies Act  Review of the financial statement disclosures and testing to supporting documentation; Completion of disclosure checklists to identify areas of non-compliance. Tax compliance regulations Review of the REIT status assessment prepared by management; Inspection of advice received from external tax advisors; Use of a REIT specialist in our work on compliance with REIT requirements. The areas that we identified as being susceptible to material misstatement due to fraud were: Risk Audit procedures performed by the audit engagement team: Valuation of investment properties Audit procedures performed on valuation of investment properties are outlined in the Key Audit Matters section of this audit report. Management override of controls Testing the appropriateness of journal entries and other adjustments; Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Other matters which we are required to address Following the recommendation of the Audit and Risk Committee, we were appointed by the Audit and Risk Committee on 13 July 2023 to audit the financial statements for the year ending 31 March 2024 andsubsequent financial periods. The period of total uninterrupted consecutive appointments is two years, being the years ended 31March 2024 and 31 March 2025. The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or theParent Company and we remain independent of the Group and the Parent Company in conducting our audit. Our audit opinion is consistent with the additional report to the audit committee in accordance with ISAs(UK). Use of our report This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. In due course, as required by the Financial Conduct Authority (FCA) Disclosure Guidance and Transparency Rules, these financial statements will form part of the Annual Financial Report prepared in Extensible Hypertext Markup Language (XHTML) format and filed on the National Storage Mechanism ofthe UK FCA. This auditor’s report provides no assurance over whether the annual financial report has been prepared in XHTML format. Graham Ricketts (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB Date: 20 May 2025 Independent Auditor’s Report to the Members of Helical plc continued Governance Financial Statements Further Information 148 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated Income Statement For the year to 31 March 2025 Notes Group 31.3.25 £000 Group 31.3.24 £000 Revenue 3 31,962 39,905 Cost of sales 3 (15,389) (14,450) Net property income 4 16,573 25,455 Share of results of joint ventures 18 20,825 (9,310) 37,398 16,145 Gain on sale of investment properties 5 9,376 – Revaluation of investment properties 14 2,642 (181,213) 49,416 (165,068) Administrative expenses 6 (10,705) (11,011) Operating profit/(loss) 38,711 (176,079) Net finance costs and change in fair value of derivative financial instruments 8 (10,762) (13,556) Profit/(loss) before tax 27,949 (189,635) Tax on ordinary activities 9 – (179) Profit/(loss) for the year 27,949 (189,814) Profit/(loss) per share 13 Basic 22.8p (154.6)p Diluted 22.7p (154.6)p All the activities of the Group are from continuing operations. There were no items of comprehensive income in the current or prior year other than the profit or loss for the year and, accordingly, no Statement of Comprehensive Income is presented. Governance Financial Statements Further Information 149 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated Balance Sheet At 31 March 2025 Notes Group 31.3.25 £000 Group 31.3.24 £000 Non-current assets Investment properties  373,343 472,522 Owner occupied property, plant and equipment  2,105 3,569 Investment in joint ventures  141,537 73,923 Other investments  670 565 Derivative financial instruments  14,346 17,635 Trade and other receivables  3,164 1,252 535,165 569,466 Current assets Land and developments  139 28 Assets held for sale  – 42,761 Trade and other receivables  13,109 16,981 Cash and cash equivalents  76,499 28,633 89,747 88,403 Total assets 624,912 657,869 Current liabilities Trade and other payables  (23,273) (24,886) Lease liability  (339) (829) (23,612) (25,715) Non-current liabilities Borrowings  (173,730) (227,634) Lease liability  (1,476) (3,445) (175,206) (231,079) Total liabilities (198,818) (256,794) Net assets 426,094 401,075 Notes Group 31.3.25 £000 Group 31.3.24 £000 Equity Called-up share capital  1,233 1,233 Share premium account 116,619 116,619 Revaluation reserve (48,296) (134,797) Capital redemption reserve 7,743 7,743 Own shares held (1,675) (1,675) Other reserves 291 291 Retained earnings 350,179 411,661 Tota l equity 426,094 401,075 The financial statements were approved by the Board and authorised for issue on 20 May 2025. Tim Murphy Chief Financial Officer Company number 00156663 Governance Financial Statements Further Information 150 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated Balance Sheet At 31 March 2025 Notes Group 31.3.25 £000 Group 31.3.24 £000 Non-current assets Investment properties  373,343 472,522 Owner occupied property, plant and equipment  2,105 3,569 Investment in joint ventures  141,537 73,923 Other investments  670 565 Derivative financial instruments  14,346 17,635 Trade and other receivables  3,164 1,252 535,165 569,466 Current assets Land and developments  139 28 Assets held for sale  – 42,761 Trade and other receivables  13,109 16,981 Cash and cash equivalents  76,499 28,633 89,747 88,403 Total assets 624,912 657,869 Current liabilities Trade and other payables  (23,273) (24,886) Lease liability  (339) (829) (23,612) (25,715) Non-current liabilities Borrowings  (173,730) (227,634) Lease liability  (1,476) (3,445) (175,206) (231,079) Total liabilities (198,818) (256,794) Net assets 426,094 401,075 Notes Group 31.3.25 £000 Group 31.3.24 £000 Equity Called-up share capital  1,233 1,233 Share premium account 116,619 116,619 Revaluation reserve (48,296) (134,797) Capital redemption reserve 7,743 7,743 Own shares held (1,675) (1,675) Other reserves 291 291 Retained earnings 350,179 411,661 Tota l equity 426,094 401,075 The financial statements were approved by the Board and authorised for issue on 20 May 2025. Tim Murphy Chief Financial Officer Company number 00156663 Governance Financial Statements Further Information 150 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Company Balance Sheet At 31 March 2025 Notes Group 31.3.25 £000 Group 31.3.24 £000 Non-current assets Owner occupied property, plant and equipment  , , Investment in subsidiaries  , , Investment in joint ventures  , – Amounts owed by subsidiary undertakings  , , Amounts owed by joint ventures  , – Trade and other receivables   , , , Current assets Land and developments   – Trade and other receivables  , , Cash and cash equivalents  , , , , Total assets , , Current liabilities Trade and other payables  (,) (,) Lease liability  () () (,) (,) Non-current liabilities Lease liability  (,) (,) (,) (,) Total liabilities (,) (,) Net assets , , Notes Group 31.3.25 £000 Group 31.3.24 £000 Equity Called-up share capital  , , Share premium account , , Capital redemption reserve , , Other reserves , , Retained earnings , , Tota l equity , , The loss in the year for the Company was £5,484,000 (2024: £145,087,000). The financial statements were approved by the Board and authorised for issue on 20 May 2025. Tim Murphy Chief Financial Officer Company number 00156663 Governance Financial Statements Further Information 151 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated and Company Cash Flow Statement For the year to 31 March 2025 Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Cash flows from operating activities Profit/(loss) before tax 27,949 (189,635) (5,484) (145,087) Depreciation 1,326 1,506 1,326 1,506 Revaluation (surplus)/deficit on investment properties (2,642) 181,213 – – Gain on sale of investment properties (9,376) – – – Letting cost amortised 173 168 – – Profit on sale of plant and equipment (48) (29) (48) (29) Profit on disposal of 5 Hanover Square lease (125) – (125) – Net financing costs/(income) 7,473 7,947 (1,363) (4,463) Change in value of derivative financial instruments 3,289 5,609 – – Share based payments charge 1,096 1,039 – – Share of results of joint ventures (20,825) 9,310 – – Loss on sale of subsidiaries – – 591 – Gain on sublet of 5 Hanover Square – (902) – (902) Impairment of investments – – 1,669 169,524 Dividends received from subsidiaries – – (3,298) (27,320) Cash inflows/(outflows) from operations before changes in working capital 8,290 16,226 (6,732) (6,771) Change in trade and other receivables 2,342 9,555 7,015 19,142 Change in land, developments and tradingproperties (111) – (111) – Change in trade and other payables (2,273) (6,581) 3,533 (28,831) Cash inflows/(outflows) from operations 8,248 19,200 3,705 (16,460) Finance costs (8,437) (7,587) (523) (503) Finance income 1,629 661 1,511 479 (6,808) (6,926) 988 (24) Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Net cash generated from/(used by) operating activities 1,440 12,274 4,693 (16,484) Cash flows from investing activities Additions to investment property (5,090) (16,038) – – Net purchase of other investments (105) (212) – – Loans to third parties (2,997) – – – Net proceeds from sale of investment properties and available for sale assets 158,875 – – – Investments in joint ventures and subsidiaries (116,042) (3,861) (8,844) (218) Net proceeds from sale of subsidiaries – – 54,232 – Proceeds from disposal of interest in jointventures 71,027 – – – Dividends from joint ventures 582 5,666 – – Dividends from subsidiaries – – 480 17,603 Sale of plant and equipment 66 30 66 30 Purchase of owner occupied property, plantand equipment (335) (618) (335) (618) Net cash generated from/(used by) investingactivities 105,981 (15,033) 45,599 16,797 Cash flows from financing activities Borrowings drawn down 37,000 – – – Borrowings repaid (92,000) – – – Lease liability payments (529) (708) (529) (708) Purchase of own shares – (4,402) – – Equity dividends paid (4,026) (14,423) (4,026) (14,423) Net cash used by financing activities (59,555) (19,533) (4,555) (15,131) Net increase/(decrease) in cash and cashequivalents 47,866 (22,292) 45,737 (14,818) Cash and cash equivalents at start of year 28,633 50,925 9,113 23,931 Cash and cash equivalents at end of year 76,499 28,633 54,850 9,113 Governance Financial Statements Further Information 152 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated and Company Cash Flow Statement For the year to 31 March 2025 Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Cash flows from operating activities Profit/(loss) before tax 27,949 (189,635) (5,484) (145,087) Depreciation 1,326 1,506 1,326 1,506 Revaluation (surplus)/deficit on investment properties (2,642) 181,213 – – Gain on sale of investment properties (9,376) – – – Letting cost amortised 173 168 – – Profit on sale of plant and equipment (48) (29) (48) (29) Profit on disposal of 5 Hanover Square lease (125) – (125) – Net financing costs/(income) 7,473 7,947 (1,363) (4,463) Change in value of derivative financial instruments 3,289 5,609 – – Share based payments charge 1,096 1,039 – – Share of results of joint ventures (20,825) 9,310 – – Loss on sale of subsidiaries – – 591 – Gain on sublet of 5 Hanover Square – (902) – (902) Impairment of investments – – 1,669 169,524 Dividends received from subsidiaries – – (3,298) (27,320) Cash inflows/(outflows) from operations before changes in working capital 8,290 16,226 (6,732) (6,771) Change in trade and other receivables 2,342 9,555 7,015 19,142 Change in land, developments and tradingproperties (111) – (111) – Change in trade and other payables (2,273) (6,581) 3,533 (28,831) Cash inflows/(outflows) from operations 8,248 19,200 3,705 (16,460) Finance costs (8,437) (7,587) (523) (503) Finance income 1,629 661 1,511 479 (6,808) (6,926) 988 (24) Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Net cash generated from/(used by) operating activities 1,440 12,274 4,693 (16,484) Cash flows from investing activities Additions to investment property (5,090) (16,038) – – Net purchase of other investments (105) (212) – – Loans to third parties (2,997) – – – Net proceeds from sale of investment properties and available for sale assets 158,875 – – – Investments in joint ventures and subsidiaries (116,042) (3,861) (8,844) (218) Net proceeds from sale of subsidiaries – – 54,232 – Proceeds from disposal of interest in jointventures 71,027 – – – Dividends from joint ventures 582 5,666 – – Dividends from subsidiaries – – 480 17,603 Sale of plant and equipment 66 30 66 30 Purchase of owner occupied property, plantand equipment (335) (618) (335) (618) Net cash generated from/(used by) investingactivities 105,981 (15,033) 45,599 16,797 Cash flows from financing activities Borrowings drawn down 37,000 – – – Borrowings repaid (92,000) – – – Lease liability payments (529) (708) (529) (708) Purchase of own shares – (4,402) – – Equity dividends paid (4,026) (14,423) (4,026) (14,423) Net cash used by financing activities (59,555) (19,533) (4,555) (15,131) Net increase/(decrease) in cash and cashequivalents 47,866 (22,292) 45,737 (14,818) Cash and cash equivalents at start of year 28,633 50,925 9,113 23,931 Cash and cash equivalents at end of year 76,499 28,633 54,850 9,113 Governance Financial Statements Further Information 152 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated and Company Statements of Changes In Equity At 31 March 2025 Group Share capital £000 Share premium £000 Revaluation reserve £000 Capital redemption reserve £000 Own shares held £000 Other reserves £000 Retained earnings £000 Total £000 At 31 March 2023 1,233 116,619 46,416 7,743 (848) 291 437,221 608,675 Total comprehensive expense – – – – – – (189,814) (189,814) Revaluation deficit – – (181,213) – – – 181,213 – Transactions with owners – Performance Share Plan – – – – – – 1,039 1,039 – Purchase of own shares – – – – (4,402) – – (4,402) – PSP vesting – – – – 2,352 – (2,352) – – Share settled bonus – – – – 1,223 – (1,223) – – Dividends paid – – – – – – (14,423) (14,423) Total transactions with owners – – – – (827) – (16,959) (17,786) At 31 March 2024 1,233 116,619 (134,797) 7,743 (1,675) 291 411,661 401,075 Total comprehensive income – – – – – – 27,949 27,949 Revaluation surplus – – 2,642 – – – (2,642) – Realised on disposals – – 83,859 – – – (83,859) – Transactions with owners – Performance Share Plan – – – – – – 896 896 – Share settled bonus – – – – – – 200 200 – Dividends paid – – – – – – (4,026) (4,026) Total transactions with owners – – – – – – (2,930) (2,930) At 31 March 2025 1,233 116,619 (48,296) 7,743 (1,675) 291 350,179 426,094 Governance Financial Statements Further Information 153 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated and Company Statements of Changes In Equity At 31 March 2025 Company Share capital £000 Share premium £000 Capital redemption reserve £000 Other reserves £000 Retained earnings £000 Total £000 At 31 March 2023 1,233 116,619 7,743 1,987 334,805 462,387 Total comprehensive expense – – – – (145,087) (145,087) Transactions with owners – Dividends paid – – – – (14,423) (14,423) Total transactions with owners – – – – (14,423) (14,423) At 31 March 2024 1,233 116,619 7,743 1,987 175,295 302,877 Total comprehensive income – – – – (5,484) (5,484) Transactions with owners – Dividends paid – – – – (4,026) (4,026) Total transactions with owners – – – – (4,026) (4,026) At 31 March 2025 1,233 116,619 7,743 1,987 165,785 293,367 Notes: Share capital – represents the nominal value of issued share capital. Share premium – represents the excess of consideration received for shares issued over their nominal value. Revaluation reserve – represents the surplus/deficit of fair value of investment properties over their historic cost. Capital redemption reserve – represents amounts paid to purchase issued shares for cancellation at their nominal value. Retained earnings – represents the accumulated retained earnings of the Group/Company. Governance Financial Statements Further Information 154 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Consolidated and Company Statements of Changes In Equity At 31 March 2025 Company Share capital £000 Share premium £000 Capital redemption reserve £000 Other reserves £000 Retained earnings £000 Total £000 At 31 March 2023 1,233 116,619 7,743 1,987 334,805 462,387 Total comprehensive expense – – – – (145,087) (145,087) Transactions with owners – Dividends paid – – – – (14,423) (14,423) Total transactions with owners – – – – (14,423) (14,423) At 31 March 2024 1,233 116,619 7,743 1,987 175,295 302,877 Total comprehensive income – – – – (5,484) (5,484) Transactions with owners – Dividends paid – – – – (4,026) (4,026) Total transactions with owners – – – – (4,026) (4,026) At 31 March 2025 1,233 116,619 7,743 1,987 165,785 293,367 Notes: Share capital – represents the nominal value of issued share capital. Share premium – represents the excess of consideration received for shares issued over their nominal value. Revaluation reserve – represents the surplus/deficit of fair value of investment properties over their historic cost. Capital redemption reserve – represents amounts paid to purchase issued shares for cancellation at their nominal value. Retained earnings – represents the accumulated retained earnings of the Group/Company. Governance Financial Statements Further Information 154 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements 1. Basis of Preparation Helical plc (“the Company”) is a public company limited by shares incorporated in the United Kingdom under the Companies Act and registered in England. The principal activities of the Company and its subsidiaries (“the Group”) and the nature of the Group’s operations are set out in the Strategic Report onpages 3 to 95. These financial statements have been prepared using the recognition and measurement principles of UK adopted International Accounting Standards in conforming with the Companies Act 2006. The financial statements have been prepared in Sterling (rounded to the nearest thousand) under the historical cost convention as modified by the revaluation of investment properties and certain financial instruments. Change in Accounting Policies In the current year, the following amendments have been adopted which were effective for the periods commencing on or after 1 January 2024: • Amendments to IAS 1: Non-current liabilities with covenants, and classification of liabilities as current ornon-current; • Amendments to IFRS 16: Lease liability in a sale and leaseback; and • Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements. As a result of the adoption of the amendments to IAS 1, the Group changed its accounting policy for the classification of borrowings: • “Borrowings are classified as current liabilities unless at the end of the reporting period the Group has aright to defer settlement of the liability for at least 12 months after the reporting period.” This new policy did not result in a change in the classification of the Group’s borrowings. The Group did not make any retrospective adjustments as a result of adopting the amendments to IAS 1. Standards and Interpretations in Issue but Not Yet Effective At the date of authorisation of these financial statements there were standards and amendments which were in issue but not yet effective and which have not been applied. The principal ones were: • Amendments to IAS 21: Accounting where there is a lack of exchangeability (effective 1 January 2025); and • IFRS 18: Presentation and Disclosure in Financial Statements (effective 1 January 2027 – subject to endorsement by the UKEB). The Directors do not expect the adoption of these standards and amendments to have a material impact on the financial statements, with the exception of IFRS 18 which is being assessed before mandatory implementation. Going Concern The Directors have considered the appropriateness of adopting a going concern basis in preparing the financial statements. Their assessment is based on forecasts to September 2026, with sensitivity testing undertaken to replicate severe but plausible downside scenarios related to the principal risks and uncertainties associated with the business. The key assumptions used in the review are summarised below: • The Group’s rental income receipts were modelled for each tenant on an individual basis; • Existing loan facilities remain available; • Certain property disposals are assumed in line with the individual asset business plans; and • Free cash is utilised where necessary to repay debt/cure bank facility covenants. Compliance with the financial covenants of the Group’s main debt facility, its £210m Revolving Credit Facility, was the Directors’ key area of review, with particular focus on the following three covenants: • Loan to Value (“LTV”) – the ratio of the drawn loan amount to the value of the secured property as a percentage; • Loan to Rent Value (“LRV”) – the ratio of the loan to the projected contractual net rental income for the next 12 months; and • Projected Net Rental Interest Cover Ratio (“ICR”) – the ratio of projected net rental income to projected finance costs. The April 2025 compliance position for these covenants is summarised below: Covenant Requirement Actual LTV <65% 46% LRV <12.0x 10.05x ICR >150% 289% The results of this review demonstrated the following: • The forecasts show that all bank facility financial covenants will be met throughout the review period, with headroom to withstand a 12% fall in contracted rental income; • Property values could fall by 26% before loan to value covenants come under pressure; and • Additional asset sales could be utilised to generate cash to repay debt, materially increasing covenant headroom. Based on this analysis, the Directors have adopted a going concern basis in preparing the accounts for the year ended 31 March 2025. Governance Financial Statements Further Information 155 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 2. Revenue from Contracts with Customers Year ended Year ended 31.3.2531.3.24£000£000Development property income 3,020 711Service charge income 7,662 10,689Other income 43 991Total revenue from contracts with customers 10,725 12,391 The total revenue from contracts with customers is the revenue recognised in accordance with IFRS 15 Revenue from Contracts with Customers. Development property income relates to development management fees (£1.0m), promote fees (£1.5m) and administrative fees for development related services provided (£0.5m). The majority of these fees are due from joint venture partners (see Note 36) and there is a promote fee due from a third party. The revenue compromising development management fees and promote fees has been allocated across two performance obligations – the provision of construction and letting services. The construction related income is recognised on a stage of completion basis over time. The letting related income is recognised as leases are signed, at a point in time. There is judgement exercised in the estimation of the amount of promote fees and the allocations of the total revenue to each performance obligation in the contracts. Asat 31 March 2025, there was £13.9m of transaction price allocated to the remaining unfulfilled performance obligations. Service charge income is due from tenants and used for service charge expenditure, shown in Note 3. Impairment of contract assets of £nil was recognised in the year to 31 March 2025 (2024: £23,000). 3. Segmental Information IFRS 8 Operating Segments requires the identification of the Group’s operating segments, which are defined as being discrete components of the Group’s operations whose results are regularly reviewed by the Chief Operating Decision Maker (being the Chief Executive) to allocate resources to those segments and to assess their performance. The Group divides its business into the following segments: • Investments: investment properties, including buildings under the course of construction, which are owned or leased by the Group, wholly or in joint venture, for long-term income and for capital appreciation and the revenue includes the net rental income associated with these assets; and • Developments: development properties include site costs incurred prior to acquisition and the revenue includes fees and profit shares/promotes from development activities on assets either owned in joint venture, or not owned by the Group. InvestmentsDevelopmentsTotalInvestments DevelopmentsTotalYear endedYear endedYear endedYear endedYear endedYear ended31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24Revenue£000£000£000£000£000£000Gross rental income 21,237 – 21,237 27,514 – 27,514Development property income – 3,020 3,020 – 711 711Service charge income 7,662 – 7,662 10,689 – 10,689Other revenue 43 – 43 991 – 991Revenue 28,942 3,020 31,962 39,194 711 39,905 Governance Financial Statements Further Information 156 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 2. Revenue from Contracts with Customers Year ended 31.3.25 £000 Year ended 31.3.24 £000 Development property income 3,020 711 Service charge income 7,662 10,689 Other income 43 991 Total revenue from contracts with customers 10,725 12,391 The total revenue from contracts with customers is the revenue recognised in accordance with IFRS 15 Revenue from Contracts with Customers. Development property income relates to development management fees (£1.0m), promote fees (£1.5m) and administrative fees for development related services provided (£0.5m). The majority of these fees are due from joint venture partners (see Note 36) and there is a promote fee due from a third party. The revenue compromising development management fees and promote fees has been allocated across two performance obligations – the provision of construction and letting services. The construction related income is recognised on a stage of completion basis over time. The letting related income is recognised as leases are signed, at a point in time. There is judgement exercised in the estimation of the amount of promote fees and the allocations of the total revenue to each performance obligation in the contracts. Asat 31 March 2025, there was £13.9m of transaction price allocated to the remaining unfulfilled performance obligations. Service charge income is due from tenants and used for service charge expenditure, shown in Note 3. Impairment of contract assets of £nil was recognised in the year to 31 March 2025 (2024: £23,000). 3. Segmental Information IFRS 8 Operating Segments requires the identification of the Group’s operating segments, which are defined as being discrete components of the Group’s operations whose results are regularly reviewed by the Chief Operating Decision Maker (being the Chief Executive) to allocate resources to those segments and to assess their performance. The Group divides its business into the following segments: • Investments: investment properties, including buildings under the course of construction, which are owned or leased by the Group, wholly or in joint venture, for long-term income and for capital appreciation and the revenue includes the net rental income associated with these assets; and • Developments: development properties include site costs incurred prior to acquisition and the revenue includes fees and profit shares/promotes from development activities on assets either owned in joint venture, or not owned by the Group. Revenue Investments Year ended 31.3.25 £000 Developments Year ended 31.3.25 £000 Total Year ended 31.3.25 £000 Investments Year ended 31.3.24 £000 Developments Year ended 31.3.24 £000 Total Year ended 31.3.24 £000 Gross rental income 21,237 – 21,237 27,514 – 27,514 Development property income – 3,020 3,020 – 711 711 Service charge income 7,662 – 7,662 10,689 – 10,689 Other revenue 43 – 43 991 – 991 Revenue 28,942 3,020 31,962 39,194 711 39,905 Governance Financial Statements Further Information 156 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 3. Segmental Information continued Major Customers For the year ending 31 March 2025, the Group had one tenant (2024: two) that contributed 10% or more to the gross rental income. The balances detailed below represents the approximate contribution by each major tenant. Tenant 1: £2,692,000 (2024: £5,254,000 and £3,614,000) Cost of sales Investments Year ended 31.3.25 £000 Developments Year ended 31.3.25 £000 Total Year ended 31.3.25 £000 Investments Year ended 31.3.24 £000 Developments Year ended 31.3.24 £000 Total Year ended 31.3.24 £000 Head rents payable (17) – (17) (224) – (224) Property overheads (4,989) – (4,989) (2,580) – (2,580) Service charge expense (7,662) – (7,662) (10,689) – (10,689) Development cost of sales – (754) (754) – (922) (922) Development staff costs – (1,945) (1,945) – – – Development sales expenses – (22) (22) – (35) (35) Cost of sales (12,668) (2,721) (15,389) (13,493) (957) (14,450) All revenue is from external sales and is attributable to continuing operations. There were no inter-segmental sales. Development cost of sales includes professional indemnity insurance and development management fees payable to external consultants. InvestmentsDevelopmentsTotalInvestments DevelopmentsTotalYear endedYear endedYear endedYear endedYear endedYear ended31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24Profit/(loss) before tax£000£000£000£000£000£000Net property income 16,274 299 16,573 25,701 (246) 25,455Share of results of joint ventures 20,848 (23) 20,825 (9,969) 659 (9,310)Gain/(loss) on sale and revaluation of investment properties 12,018 – 12,018 (181,213) – (181,213)Segmental profit/(loss) 49,140 276 49,416 (165,481) 413 (165,068)Administrative expenses (10,705) (11,011)Finance costs (9,144) (8,608)Finance income 1,671 661Change in fair value of derivative financial instruments (3,289) (5,609)Profit/(loss) before tax 27,949 (189,635) Governance Financial Statements Further Information 157 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 3. Segmental Information continued Net assets Investments Year ended 31.3.25 £000 Developments Year ended 31.3.25 £000 Total Year ended 31.3.25 £000 Investments Year ended 31.3.24 £000 Developments Year ended 31.3.24 £000 Total Year ended 31.3.24 £000 Investment properties 373,343 – 373,343 472,522 – 472,522 Land and developments – 139 139 – 28 28 Asset held for sale – – – 42,761 – 42,761 Investment in joint ventures 141,285 252 141,537 71,528 2,395 73,923 514,628 391 515,019 586,811 2,423 589,234 Owner occupied property, plant and equipment 2,105 3,569 Other investments 670 565 Derivative financial instruments 14,346 17,635 Trade and other receivables 16,273 18,233 Cash and cash equivalents 76,499 28,633 Total assets 624,912 657,869 Total liabilities (198,818) (256,794) Net assets 426,094 401,075 All non-current assets are derived from the Group’s UK operations. Notes to the Financial Statements continued 4. Net Property Income Year ended 31.3.25 £000 Year ended 31.3.24 £000 Gross rental income 21,237 27,514 Head rents payable (17) (224) Property overheads (4,989) (2,580) Net rental income 16,231 24,710 Development property income 3,020 711 Development cost of sales (754) (922) Development staff costs (1,945) – Sales expenses (22) (35) Development property profit/(loss) 299 (246) Other revenue 43 991 Net property income 16,573 25,455 Property overheads include lettings costs, vacancy costs and bad debt provisions. The amounts in the table include gross rental income from investment properties of £21,237,000 (2024: £27,514,000) and net rental income from investment properties of £16,231,000 (2024: £24,710,000). Included within gross rental income is an adjustment of £598,000 being a net release of previously accrued income (2024: £5,830,000). Included within gross rental income are dilapidation receipts of £278,000 (2024: £1,490,000). 5. Profit on Sale of Investment Properties and Assets Held for Sale Year ended 31.3.25 £000 Year ended 31.3.24 £000 Net proceeds from the sale of investment properties and assets held for sale 158,875 – Book value of investment properties (Note 14) (106,738) – Book value of assets held for sale (Note 21) (42,761) – Profit on sale of investment properties and assets held for sale 9,376 – Governance Financial Statements Further Information 158 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 3. Segmental Information continued Net assets Investments Year ended 31.3.25 £000 Developments Year ended 31.3.25 £000 Total Year ended 31.3.25 £000 Investments Year ended 31.3.24 £000 Developments Year ended 31.3.24 £000 Total Year ended 31.3.24 £000 Investment properties 373,343 – 373,343 472,522 – 472,522 Land and developments – 139 139 – 28 28 Asset held for sale – – – 42,761 – 42,761 Investment in joint ventures 141,285 252 141,537 71,528 2,395 73,923 514,628 391 515,019 586,811 2,423 589,234 Owner occupied property, plant and equipment 2,105 3,569 Other investments 670 565 Derivative financial instruments 14,346 17,635 Trade and other receivables 16,273 18,233 Cash and cash equivalents 76,499 28,633 Total assets 624,912 657,869 Total liabilities (198,818) (256,794) Net assets 426,094 401,075 All non-current assets are derived from the Group’s UK operations. Notes to the Financial Statements continued 4. Net Property Income Year ended 31.3.25 £000 Year ended 31.3.24 £000 Gross rental income 21,237 27,514 Head rents payable (17) (224) Property overheads (4,989) (2,580) Net rental income 16,231 24,710 Development property income 3,020 711 Development cost of sales (754) (922) Development staff costs (1,945) – Sales expenses (22) (35) Development property profit/(loss) 299 (246) Other revenue 43 991 Net property income 16,573 25,455 Property overheads include lettings costs, vacancy costs and bad debt provisions. The amounts in the table include gross rental income from investment properties of £21,237,000 (2024: £27,514,000) and net rental income from investment properties of £16,231,000 (2024: £24,710,000). Included within gross rental income is an adjustment of £598,000 being a net release of previously accrued income (2024: £5,830,000). Included within gross rental income are dilapidation receipts of £278,000 (2024: £1,490,000). 5. Profit on Sale of Investment Properties and Assets Held for Sale Year ended 31.3.25 £000 Year ended 31.3.24 £000 Net proceeds from the sale of investment properties and assets held for sale 158,875 – Book value of investment properties (Note 14) (106,738) – Book value of assets held for sale (Note 21) (42,761) – Profit on sale of investment properties and assets held for sale 9,376 – Governance Financial Statements Further Information 158 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 6. Administrative Expenses Year ended Year ended 31.3.2531.3.24£000£000Administrative expenses 10,705 11,011Operating profit is stated after the following items that are contained within administrative expenses:Depreciation – Owner occupied property, plant and equipment 1,326 1,506Share-based payments charge 896 1,039Staff costs 5,758 5,382Auditor’s remuneration:Audit feesPayable to the Company’s auditor for the audit of Parent Company and 200 195consolidated financial statementsPayable to the Company’s auditor for the audit of Company’s subsidiaries 94 90Audit related assurance services 52 50Other non-audit services 10 –Operating lease costs 1 186 An amount of £1,945,000 included within staff costs has been charged to development cost of sales. In the year to 31 March 2024, the equivalent amount of £735,000 was charged to administrative expenses. No prior year adjustment has been made. 7. Staff Costs Year ended Year ended 31.3.2531.3.24£000£000Staff costs during the year:Wages and salaries 6,667 4,438Social security costs 768 690Other pension costs 268 2547,703 5,382 Details of the remuneration of Directors (including payments for loss of office) amounting to £2,944,000 (2024: £1,981,000) are included in the Directors’ Remuneration Report on pages 121 to 138. Included withinwages and salaries are Directors’ bonuses of £2,201,000 (2024: £nil) as discussed in the Directors’ Remuneration Report on pages 121 to 138. Other pension costs relate to payments to individual pension plans. The average monthly number of employees of the Group during the year was 23 (2024: 24) all of whom are UK head office staff. There were averages of five (2024: five) management, six (2024: five) property executives and 12 (2024: 14) administrative staff. Within administrative costs is the share-based payment charge for the year of £896,000 (2024: £1,039,000) which is not included in the staff costs above. The amount of the share-based payments charge relating to share awards made to Directors is £579,000 (2024: £747,000). Of the total staff costs of £7,703,000 for the year, £1,945,000 has been recognised within Development cost of sales with the remainder being recognised within Administrative expenses. Had the same basis of presentation been used in the prior year, staff costs totalling £735,000 would have been included within Development cost of sales. 8. Net Finance Costs and Change in Fair Value of Derivative Financial Instruments Year ended Year ended 31.3.2531.3.24£000£000Interest payable on bank loans and overdrafts (5,083) (5,493)Other interest payable and similar charges (1,916) (3,115)Total before cancellation of loans (6,999) (8,608)Cancellation of loans (2,145) –Finance costs (9,144) (8,608)Finance income 1,671 661Net finance costs (7,473) (7,947)Changes in fair value of derivative financial instruments (3,289) (5,609)Net finance costs and change in fair value of derivative financial instruments (10,762) (13,556) No interest has been capitalised in the year to 31 March 2025 (2024: £nil). Governance Financial Statements Further Information 159 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 9. Tax on Profit on Ordinary Activities Year ended Year ended 31.3.2531.3.24£000£000The tax charge is based on the profit for the year and represents:United Kingdom corporation tax at 25% (2024: 25%) – –Adjustment in respect of prior years – (179)Current tax charge – (179)Deferred tax – –Total tax charge for the year – (179) Factors Affecting the Tax Charge for the Year The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in theUK. The differences are explained below: Year ended Year ended 31.3.2531.3.24£000£000Profit/(loss) on ordinary activities before tax 27,949 (189,635)Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the (6,987) 47,409UK of 25% (2024: 25%)Effect of:Tax-exempt property rental business profit of the REIT 681 1,449Net expenses not deductible for tax purposes (176) (498)Capital allowances claims and adjustments not recognised through deferred tax 1,439 1,066Tax movements on share awards (224) 615Operating profit/(loss) of joint ventures 5,206 (2,327)Current tax charge adjustment in respect of prior periods – (179)Tax losses not recognised through deferred tax (2,121) (1,008)Movement on sale and revaluation not recognised through deferred tax 660 (45,304)Chargeable gain less than profit on sale of investment property 2,344 –Movement on derivatives not recognised through deferred tax (822) (1,402)Total tax charge for the year – (179) The Group became a UK REIT on 1 April 2022. As a REIT, the Group is not subject to corporation tax onthe profits of its property rental business and chargeable gains arising on the disposal of investment assets used in the property rental business but remains subject to tax on profits and chargeable gains arising from non-REIT business activities. Since entering the REIT regime, no deferred tax assets and liabilities have been recognised on the basis that they are either associated with the tax-exempt property business or are deferred tax assets of the non-property business that are no longer recognised on the basis that it is no longer probable that sufficient taxable profits will be generated in the non-property business in the future against which these assets could be offset. On the basis that the Group continues to meet the REIT regime conditions, there has been no change to the position regarding recognition of deferred tax assets and liabilities in the year ended 31 March 2025. At 31 March 2025, no deferred tax was recognised (31 March 2024: £nil). The Group contains entities with tax losses for which no deferred tax asset is recognised. The total unrecognised losses amount to approximately £26,418,000 (31 March 2024: £19,580,000). Following the Group’s conversion to a REIT, a deferred tax asset has not been recognised because the entities in which the losses have been generated either do not have forecast taxable profits or the losses have restrictions on their use whereby their utilisation is considered to be unlikely. 10. Deferred Tax There was no deferred tax at 31 March 2025 (31 March 2024: £nil). 11. Dividends Paid and Payable Year ended Year ended 31.3.2531.3.24£000£000Attributable to equity share capitalOrdinary– Interim paid 1.50p per share (2024: 3.05p) 1,841 3,744– Prior year final paid 1.78p per share (2023: 8.70p) 2,185 10,6794,026 14,423 A final dividend of 3.50p, if approved at the AGM on 17 July 2025, will be paid on 4 August 2025 to the Shareholders on the register on 27 June 2025. This final dividend, amounting to £4,296,000, has not been included as a liability as at 31 March 2025, in accordance with IFRS. The total dividend declared of 5.00p, including the 1.50p interim dividend wholly paid as a PID, represents a 3.5% increase on last year’s total dividend declared of 4.83p. Governance Financial Statements Further Information 160 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 9. Tax on Profit on Ordinary Activities Year ended 31.3.25 £000 Year ended 31.3.24 £000 The tax charge is based on the profit for the year and represents: United Kingdom corporation tax at 25% (2024: 25%) – – Adjustment in respect of prior years – (179) Current tax charge – (179) Deferred tax – – Total tax charge for the year – (179) Factors Affecting the Tax Charge for the Year The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in theUK. The differences are explained below: Year ended 31.3.25 £000 Year ended 31.3.24 £000 Profit/(loss) on ordinary activities before tax 27,949 (189,635) Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) (6,987) 47,409 Effect of: Tax-exempt property rental business profit of the REIT 681 1,449 Net expenses not deductible for tax purposes (176) (498) Capital allowances claims and adjustments not recognised through deferred tax 1,439 1,066 Tax movements on share awards (224) 615 Operating profit/(loss) of joint ventures 5,206 (2,327) Current tax charge adjustment in respect of prior periods – (179) Tax losses not recognised through deferred tax (2,121) (1,008) Movement on sale and revaluation not recognised through deferred tax 660 (45,304) Chargeable gain less than profit on sale of investment property 2,344 – Movement on derivatives not recognised through deferred tax (822) (1,402) Total tax charge for the year – (179) The Group became a UK REIT on 1 April 2022. As a REIT, the Group is not subject to corporation tax onthe profits of its property rental business and chargeable gains arising on the disposal of investment assets used in the property rental business but remains subject to tax on profits and chargeable gains arising from non-REIT business activities. Since entering the REIT regime, no deferred tax assets and liabilities have been recognised on the basis that they are either associated with the tax-exempt property business or are deferred tax assets of the non-property business that are no longer recognised on the basis that it is no longer probable that sufficient taxable profits will be generated in the non-property business in the future against which these assets could be offset. On the basis that the Group continues to meet the REIT regime conditions, there has been no change to the position regarding recognition of deferred tax assets and liabilities in the year ended 31 March 2025. At 31 March 2025, no deferred tax was recognised (31 March 2024: £nil). The Group contains entities with tax losses for which no deferred tax asset is recognised. The total unrecognised losses amount to approximately £26,418,000 (31 March 2024: £19,580,000). Following the Group’s conversion to a REIT, a deferred tax asset has not been recognised because the entities in which the losses have been generated either do not have forecast taxable profits or the losses have restrictions on their use whereby their utilisation is considered to be unlikely. 10. Deferred Tax There was no deferred tax at 31 March 2025 (31 March 2024: £nil). 11. Dividends Paid and Payable Year ended 31.3.25 £000 Year ended 31.3.24 £000 Attributable to equity share capital Ordinary – Interim paid 1.50p per share (2024: 3.05p) 1,841 3,744 – Prior year final paid 1.78p per share (2023: 8.70p) 2,185 10,679 4,026 14,423 A final dividend of 3.50p, if approved at the AGM on 17 July 2025, will be paid on 4 August 2025 to the Shareholders on the register on 27 June 2025. This final dividend, amounting to £4,296,000, has not been included as a liability as at 31 March 2025, in accordance with IFRS. The total dividend declared of 5.00p, including the 1.50p interim dividend wholly paid as a PID, represents a 3.5% increase on last year’s total dividend declared of 4.83p. Governance Financial Statements Further Information 160 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 12. Parent Company The Company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Income Statement in the financial statements. The loss for the year of the Company was £5,484,000 (2024: £145,087,000). 13. Earnings Per Share The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. This is a different basis to the net asset per share calculations which are based on the number of shares at the year end. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allowfor the issue of shares and the post tax effect of dividends on the assumed exercise of all dilutive share awards. The earnings per share is calculated in accordance with IAS 33 Earnings per Share and the best practice recommendations of the European Public Real Estate Association (“EPRA”). Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below: Year ended 31.3.25 £000 Year ended 31.3.24 £000 Ordinary shares in issue 123,355 123,355 Weighting adjustment (602) (602) Weighted average ordinary shares in issue for calculation of basic and EPRA earnings/(loss) per share 122,753 122,753 Weighted average ordinary shares issued on share settled bonuses 262 154 Adjustment for anti-dilutive shares – (154) Weighted average ordinary shares in issue for calculation of diluted earnings/(loss) per share 123,015 122,753 £000 £000 Earnings/(loss) used for calculation of basic and diluted earnings/(loss) per share 27,949 (189,814) Basic earnings/(loss) per share 22.8p (154.6)p Diluted earnings/(loss) per share 22.7p (154.6)p Year ended 31.3.25 £000 Year ended 31.3.24 £000 Earnings/(loss) used for calculation of basic and diluted earnings per share 27,949 (189,814) Net (gain)/loss on sale and revaluation of investment properties – subsidiaries (12,018) 181,213 – joint ventures (20,216) 7,401 Gain on movement in share of joint ventures (30) (155) Fair value movement on derivative financial instruments 3,272 5,609 Expense on cancellation of loans 2,145 – Sale of Charterhouse Street group 805 – Non-operating items 779 – Earnings used for calculation of EPRA earnings per share 2,686 4,254 EPRA earnings per share 2.2p 3.5p The earnings used for the calculation of EPRA earnings per share include net rental income and development property profits but exclude investment and trading property gains. Non-operating items represent one-off costs relating to business restructuring. Governance Financial Statements Further Information 161 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 14. Investment Properties FreeholdLeaseholdTotalFreeholdLeaseholdTotal31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24£000£000£000£000£000£000Book value at 1 April 472,472 50 472,522 625,642 56,040 681,682Additions at cost 5,090 – 5,090 16,049 (11) 16,038Transfer to asset held for sale – – – – (43,817) (43,817)Disposals (106,738) – (106,738) – – –Letting cost amortisation (173) – (173) (147) (21) (168)Revaluation surplus/(deficit) 2,642 – 2,642 (169,072) (12,141) (181,213)Book value at 31 March 373,293 50 373,343 472,472 50 472,522 Investment properties are stated at fair value as at 31 March 2025 as follows: FreeholdLeaseholdTotalFreeholdLeaseholdTotal31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24Group£000£000£000£000£000£000Book value at 31 March 373,293 50 373,343 472,472 50 472,522Lease incentives and letting costs included in trade and other receivables 6,557 – 6,557 7,078 – 7,078Fair value at 31 March 379,850 50 379,900 479,550 50 479,600 Interest capitalised in respect of the refurbishment of investment properties at 31 March 2025 amounted to £8,271,000 (31 March 2024: £8,271,000). Interest capitalised during the year in respect of the refurbishment of investment properties amounted to £nil (31 March 2024: £nil). An amount of £nil (31 March 2024: £nil) was released on the sale of the properties in the year and an amount of £nil (31 March 2024: £1,349,000) was released as a result of an asset being transferred to assets held for sale. Investment properties with a total fair value of £379,750,000 (31 March 2024: £479,450,000) were held as security against borrowings. The historical cost of investment property is £422,045,000 (31 March 2024: £608,010,000). The anticipated capital expenditure included in valuations reflects our commitment to achieving the highest standards ofsustainability. Any capital expenditure contractually committed is included in Note 33. All of the Group’s properties are Level 3, as defined by IFRS 13 Fair Value Measurement, in the fair value hierarchy as at 31 March 2025 and there were no transfers between levels during the year. Level 3 inputs used in valuing the properties are those which are unobservable, as opposed to Level 1 (inputs from quoted prices) and Level 2 (observable inputs either directly, i.e. as prices, or indirectly, i.e. derived from prices). Transfers into and transfers out of the fair value hierarchy levels are recognised on the date of the event or change in circumstances that caused the transfer. Notes to the Financial Statements continued Governance Financial Statements Further Information 162 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 14. Investment Properties Freehold 31.3.25 £000 Leasehold 31.3.25 £000 Total 31.3.25 £000 Freehold 31.3.24 £000 Leasehold 31.3.24 £000 Total 31.3.24 £000 Book value at 1 April 472,472 50 472,522 625,642 56,040 681,682 Additions at cost 5,090 – 5,090 16,049 (11) 16,038 Transfer to asset held for sale – – – – (43,817) (43,817) Disposals (106,738) – (106,738) – – – Letting cost amortisation (173) – (173) (147) (21) (168) Revaluation surplus/(deficit) 2,642 – 2,642 (169,072) (12,141) (181,213) Book value at 31 March 373,293 50 373,343 472,472 50 472,522 Investment properties are stated at fair value as at 31 March 2025 as follows: Group Freehold 31.3.25 £000 Leasehold 31.3.25 £000 Total 31.3.25 £000 Freehold 31.3.24 £000 Leasehold 31.3.24 £000 Total 31.3.24 £000 Book value at 31 March 373,293 50 373,343 472,472 50 472,522 Lease incentives and letting costs included in trade and other receivables 6,557 – 6,557 7,078 – 7,078 Fair value at 31 March 379,850 50 379,900 479,550 50 479,600 Interest capitalised in respect of the refurbishment of investment properties at 31 March 2025 amounted to £8,271,000 (31 March 2024: £8,271,000). Interest capitalised during the year in respect of the refurbishment of investment properties amounted to £nil (31 March 2024: £nil). An amount of £nil (31 March 2024: £nil) was released on the sale of the properties in the year and an amount of £nil (31 March 2024: £1,349,000) was released as a result of an asset being transferred to assets held for sale. Investment properties with a total fair value of £379,750,000 (31 March 2024: £479,450,000) were held as security against borrowings. The historical cost of investment property is £422,045,000 (31 March 2024: £608,010,000). The anticipated capital expenditure included in valuations reflects our commitment to achieving the highest standards ofsustainability. Any capital expenditure contractually committed is included in Note 33. All of the Group’s properties are Level 3, as defined by IFRS 13 Fair Value Measurement, in the fair value hierarchy as at 31 March 2025 and there were no transfers between levels during the year. Level 3 inputs used in valuing the properties are those which are unobservable, as opposed to Level 1 (inputs from quoted prices) and Level 2 (observable inputs either directly, i.e. as prices, or indirectly, i.e. derived from prices). Transfers into and transfers out of the fair value hierarchy levels are recognised on the date of the event or change in circumstances that caused the transfer. Notes to the Financial Statements continued Governance Financial Statements Further Information 162 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 14. Investment Properties continued Valuation Methodology The fair value of the Group’s investment property as at 31 March 2025 was determined by independent external valuers at that date, except for investment properties valued by the Directors. The valuations are in accordance with the RICS Valuation – Professional Standards (“The Red Book”) and the International Valuation Standards and were arrived at by reference to market transactions for similar properties. Fair values for investment properties are calculated using the present value income approach. The main assumptions underlying the valuations are in relation to rent profile and yields as discussed below. A key driver of the property valuations is the terms of the leases in place at the valuation date. These determine the cash flow profile of the property for a number of years. The valuation assumes adjustments from these rental values to current market rent at the time of the next rent review (where a typical lease allows only for upward adjustment) and as leases expire and are replaced by new leases. The current market level of rent is assessed based on evidence provided by the most recent relevant leasing transactions and negotiations. The equivalent yield is applied as a discount rate to the rental cash flows which, after taking into account other input assumptions such as vacancies and costs, generates the market value ofthe property. The equivalent yield applied is assessed by reference to market transactions for similar properties andtakes into account, amongst other things, any risks associated with the rent uplift assumptions. The net initial yield is calculated as the current net income over the gross market value of the asset and is used as a sense check and to compare against market transactions for similar properties. The valuation outputs, along with inputs and assumptions, are reviewed to ensure these are in line with what a market participant would use when pricing each asset. The reversionary yield is the return received from an asset once the estimated rental value has been captured on today’s assessment of market value. There are interrelationships between all the inputs as they are determined by market conditions. The existence of an increase in more than one input would be to magnify the impact on the valuation. The impact on the valuation will be mitigated by the interrelationship of two inputs in opposite directions. A sensitivity analysis was performed to ascertain the impact of a 25 and 50 basis point movement (“bps”) in the equivalent yield and a 5% and 2.5% movement in ERVs for the wholly owned investment portfolio: Group Total change in Total change in 31.3.25portfolio valueportfolio value£000%£mTrue equivalent yield 7.07%+ 50 bps (7.2) (27.5)+ 25 bps (3.7) (14.2)- 25 bps 4.0 15.4- 50 bps 8.4 32.0ERV £66.11 psf+ 5.00% 4.3 16.5+ 2.50% 2.1 8.2- 2.50% (2.1) (8.1)- 5.00% (4.2) (16.1) Group Total change in Total change in 31.3.24portfolio valueportfolio value£000%£mTrue equivalent yield 7.05%+ 50 bps (10.4) (54.3)+ 25 bps (5.4) (28.2)- 25 bps 5.9 30.8- 50 bps 12.3 64.4ERV £72.71 psf+ 5.00% 5.6 29.5+ 2.50% 2.8 14.7- 2.50% (2.7) (14.3)- 5.00% (5.4) (28.3) The investment properties have been valued at 31 March 2025 as follows: Group Group 31.3.2531.3.24£000£000Cushman & Wakefield LLP 379,750 479,450Directors’ valuation 150 150379,900 479,600 Governance Financial Statements Further Information 163 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 15. Operating Lease Arrangements The Group earns rental income by leasing its investment properties to tenants under non-cancellable operating leases. At the Balance Sheet date, the Group had contracted with tenants to receive the following future minimum lease payments: Group 31.3.25 £000 Group 31.3.24 £000 Not later than one year 18,842 18,921 Later than one year but not more than two years 16,398 16,225 Later than two years but not more than three years 9,614 14,685 Later than three years but not more than four years 4,690 8,270 Later than four years but not more than five years 1,583 4,323 More than five years 7,632 12,112 58,759 74,536 The Company has no operating lease arrangements as lessor. 16. Owner Occupied Property, Plant and Equipment Leasehold Leasehold property and Plant and property and Plant and improvements equipment Totalimprovements equipment Total31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24Group£000£000£000£000£000£000Cost at 1 April 7,474 656 8,130 7,428 685 8,113Additions at cost 2,048 65 2,113 1,425 93 1,518Disposals (7,474) (215) (7,689) – (122) (122)Transfer of sublet to debtors – – – (1,379) – (1,379)Cost at 31 March 2,048 506 2,554 7,474 656 8,130Depreciation at 1 April 4,161 400 4,561 3,360 402 3,762Provision for the year 1,225 101 1,326 1,387 119 1,506Eliminated on disposals (5,242) (196) (5,438) – (121) (121)Transfer of sublet to debtors – – – (586) – (586)Depreciation at 31 March 144 305 449 4,161 400 4,561Net book amount at 31 March 1,904 201 2,105 3,313 256 3,569 Plant and equipment include vehicles, fixtures and fittings and other office equipment. All leasehold property and improvements and plant and equipment relate to the Company. Included within leasehold property and improvements is a right-of-use asset with a net book value of £1,659,000 (31 March 2024: £2,632,000). Governance Financial Statements Further Information 164 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 15. Operating Lease Arrangements The Group earns rental income by leasing its investment properties to tenants under non-cancellable operating leases. At the Balance Sheet date, the Group had contracted with tenants to receive the following future minimum lease payments: Group 31.3.25 £000 Group 31.3.24 £000 Not later than one year 18,842 18,921 Later than one year but not more than two years 16,398 16,225 Later than two years but not more than three years 9,614 14,685 Later than three years but not more than four years 4,690 8,270 Later than four years but not more than five years 1,583 4,323 More than five years 7,632 12,112 58,759 74,536 The Company has no operating lease arrangements as lessor. 16. Owner Occupied Property, Plant and Equipment Group Leasehold property and improvements 31.3.25 £000 Plant and equipment 31.3.25 £000 Total 31.3.25 £000 Leasehold property and improvements 31.3.24 £000 Plant and equipment 31.3.24 £000 Total 31.3.24 £000 Cost at 1 April 7,474 656 8,130 7,428 685 8,113 Additions at cost 2,048 65 2,113 1,425 93 1,518 Disposals (7,474) (215) (7,689) – (122) (122) Transfer of sublet to debtors – – – (1,379) – (1,379) Cost at 31 March 2,048 506 2,554 7,474 656 8,130 Depreciation at 1 April 4,161 400 4,561 3,360 402 3,762 Provision for the year 1,225 101 1,326 1,387 119 1,506 Eliminated on disposals (5,242) (196) (5,438) – (121) (121) Transfer of sublet to debtors – – – (586) – (586) Depreciation at 31 March 144 305 449 4,161 400 4,561 Net book amount at 31 March 1,904 201 2,105 3,313 256 3,569 Plant and equipment include vehicles, fixtures and fittings and other office equipment. All leasehold property and improvements and plant and equipment relate to the Company. Included within leasehold property and improvements is a right-of-use asset with a net book value of £1,659,000 (31 March 2024: £2,632,000). Governance Financial Statements Further Information 164 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 17. Investment in Subsidiaries Group Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Cost at 1 April – – 314,480 321,833 Additions – – 138 218 Disposals – – (84,021) (7,571) Cost at 31 March – – 230,597 314,480 Impairment at 1 April – – 173,040 28,680 Impaired during the year – – – 151,931 Disposals – – (70,518) (7,571) Impairment at 31 March – – 102,522 173,040 Net book amount at 31 March – – 128,075 141,440 A list of all the Company’s subsidiary undertakings, all of which have been consolidated, is shown in Note 39 to the financial statements. Notes to the Financial Statements continued Governance Financial Statements Further Information 165 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures InvestmentDevelopmentTotalInvestmentDevelopmentTotal31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24Summarised consolidated Income Statements£000£000£000£000£000£000Revenue 3,700 4 3,704 1,991 568 2,559Gross rental income 3,700 4 3,704 1,991 13 2,004Property overheads (366) – (366) (1,202) (7) (1,209)Net rental income 3,334 4 3,338 789 6 795Gain/(loss) on revaluation of investment properties 22,531 – 22,531 (5,933) – (5,933)Loss on sale of investment properties (2,315) – (2,315) (1,467) (1) (1,468)Development property (loss)/profit – (23) (23) – 659 65923,550 (19) 23,531 (6,611) 664 (5,947)Administrative expenses (205) (24) (229) (317) (21) (338)Operating profit/(loss) 23,345 (43) 23,302 (6,928) 643 (6,285)Interest payable on bank loans (2,018) – (2,018) (2,990) (22) (3,012)Other interest payable and similar charges (108) – (108) (211) – (211)1Interest capitalised380 – 380 – – –Finance income 18 20 38 11 32 43Change in fair value of derivative financial instruments 17 – 17 – – –Profit/(loss) before tax 21,634 (23) 21,611 (10,118) 653 (9,465)Tax (charge)/credit (11) – (11) (8) 9 1Profit/(loss) after tax 21,623 (23) 21,600 (10,126) 662 (9,464)2Adjustment for Barts Square economic interest30 – 30 154 – 1543Sale of Charterhouse Street Group(805) – (805) – – –Share of results of joint ventures 20,848 (23) 20,825 (9,972) 662 (9,310) 1 Any tax relief on interest capitalised will be claimed in accordance with UK legislation at the prevailing Corporation Tax rate. No relief has been recognised in the year. 2 This is an adjustment to reflect the impact of the consolidation of a joint venture at its economic interest of 50.0% (2024: 50.0%) rather than its actual ownership interest of 33.3%. 3 This adjustment relates to costs incurred resulting from the corporate sale of the Charterhouse Street Group. Notes to the Financial Statements continued Governance Financial Statements Further Information 166 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures Summarised consolidated Income Statements Investment 31.3.25 £000 Development 31.3.25 £000 Total 31.3.25 £000 Investment 31.3.24 £000 Development 31.3.24 £000 Total 31.3.24 £000 Revenue 3,700 4 3,704 1,991 568 2,559 Gross rental income 3,700 4 3,704 1,991 13 2,004 Property overheads (366) – (366) (1,202) (7) (1,209) Net rental income 3,334 4 3,338 789 6 795 Gain/(loss) on revaluation of investment properties 22,531 – 22,531 (5,933) – (5,933) Loss on sale of investment properties (2,315) – (2,315) (1,467) (1) (1,468) Development property (loss)/profit – (23) (23) – 659 659 23,550 (19) 23,531 (6,611) 664 (5,947) Administrative expenses (205) (24) (229) (317) (21) (338) Operating profit/(loss) 23,345 (43) 23,302 (6,928) 643 (6,285) Interest payable on bank loans (2,018) – (2,018) (2,990) (22) (3,012) Other interest payable and similar charges (108) – (108) (211) – (211) Interest capitalised 1 380 – 380 – – – Finance income 18 20 38 11 32 43 Change in fair value of derivative financial instruments 17 – 17 – – – Profit/(loss) before tax 21,634 (23) 21,611 (10,118) 653 (9,465) Tax (charge)/credit (11) – (11) (8) 9 1 Profit/(loss) after tax 21,623 (23) 21,600 (10,126) 662 (9,464) Adjustment for Barts Square economic interest 2 30 – 30 154 – 154 Sale of Charterhouse Street Group 3 (805) – (805) – – – Share of results of joint ventures 20,848 (23) 20,825 (9,972) 662 (9,310) 1 Any tax relief on interest capitalised will be claimed in accordance with UK legislation at the prevailing Corporation Tax rate. No relief has been recognised in the year. 2 This is an adjustment to reflect the impact of the consolidation of a joint venture at its economic interest of 50.0% (2024: 50.0%) rather than its actual ownership interest of 33.3%. 3 This adjustment relates to costs incurred resulting from the corporate sale of the Charterhouse Street Group. Notes to the Financial Statements continued Governance Financial Statements Further Information 166 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures continued InvestmentDevelopmentTotalInvestmentDevelopmentTotal31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24Summarised consolidated Balance Sheets£000£000£000£000£000£000Non-current assetsInvestment properties 155,495 – 155,495 140,811 – 140,811Owner occupied property, plant and equipment – 63 63 – 63 63Derivative financial instruments 17 – 17 – – –155,512 63 155,575 140,811 63 140,874Current assetsLand and developments 15 4,557 4,572 – 1,321 1,321Trade and other receivables 7,666 122 7,788 2,550 484 3,034Cash and cash equivalents 2,200 278 2,478 1,889 1,175 3,0649,881 4,957 14,838 4,439 2,980 7,419Current liabilitiesTrade and other payables (12,450) (4,768) (17,218) (2,111) (2,143) (4,254)(12,450) (4,768) (17,218) (2,111) (2,143) (4,254)Non-current liabilitiesTrade and other payables – – – (1,151) (4) (1,155)Borrowings (18,040) – (18,040) (65,644) – (65,644)Lease liability – – – (5,020) – (5,020)(18,040) – (18,040) (71,815) (4) (71,819)Net assets before acquisition costs 134,903 252 135,155 71,324 896 72,2201Acquisition costs6,382 – 6,382 136 1,567 1,703Net assets 141,285 252 141,537 71,460 2,463 73,923 1 This adjustment represents costs incurred in setting up or acquiring the joint venture corporate vehicles. Notes to the Financial Statements continued Governance Financial Statements Further Information 167 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures continued The fair value of the investment properties at 31 March 2025 is as follows: Group Group 31.3.2531.3.24£000£000Book value at 31 March 155,495 140,811Lease incentives and letting costs included in trade and other receivables – 1,770Head leases capitalised – (4,331)Fair value at 31 March 155,495 138,250 For more details on the valuation methodology, see Note 14. The Directors’ valuation of land and developments shows a surplus of £nil (31 March 2024: £nil) above book value. Dividends of £582,000 (2024: £5,666,000) were received from joint venture companies during the year. The joint venture companies are private companies, therefore no quoted market prices are available for their shares. The cost of the Company’s investment in joint ventures was £15,426,000 (31 March 2024: £nil). The Group has two material joint ventures, Helical Bicycle Group and Platinum Group (31 March 2024: two, Barts LP Group and Charterhouse Street Group). The full results and position of these joint ventures are set out below, of which we have included our share in the table. Notes to the Financial Statements continued Helical PlatinumBicycle GroupGroup Other3TotalOur shareOur share31.03.2531.03.25 31.03.25 31.03.25 31.03.25 31.03.24Summarised Income Statement£000£000£000£000£000£000Revenue – – 7,408 7,408 3,704 2,559Gross rental income – – 7,408 7,408 3,704 2,004Property overheads – – (732) (732) (366) (1,209)Net rental income – – 6,676 6,676 3,338 795Development (loss)/gain – – (46) (46) (23) 659Gain/(loss) on revaluation of investment properties 49,562 (4,412) – 45,150 22,531 (5,933)Loss on sale of investment properties – – (4,630) (4,630) (2,315) (1,468)Administrative expenses (28) (102) (326) (456) (229) (338)Finance costs (808) 46 (3,275) (4,037) (2,018) (3,012)Interest capitalised 808 (46) – 762 380 –Lease liability interest – – (216) (216) (108) (211)Finance income 22 – 53 75 38 43Change in fair value of derivative financial instruments 134 (98) – 36 17 –Profit/(loss) before tax 49,690 (4,612) (1,764) 43,314 21,611 (9,465)Tax (charge)/credit (30) – 8 (22) (11) 1Profit/(loss) after tax 49,660 (4,612) (1,756) 43,292 21,600 (9,464)1Adjustment for Barts Square economic interest– – – – 30 1542Sale of Charterhouse Street Group– – – – (805) –Results of joint ventures 49,660 (4,612) (1,756) 43,292 20,825 (9,310) 1 This adjustment reflects the impact of the consolidation of a joint venture at its economic interest of 50.0% (2024: 50.0%) rather than its actual ownership interest of 33.3%. 2 This adjustment relates to costs incurred resulting from the corporate sale of the Charterhouse Street Group, but which do not directly relate to the property. 3 Other includes rental income from the Charterhouse Street Group that was disposed of during the year. Governance Financial Statements Further Information 168 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures continued The fair value of the investment properties at 31 March 2025 is as follows: Group 31.3.25 £000 Group 31.3.24 £000 Book value at 31 March 155,495 140,811 Lease incentives and letting costs included in trade and other receivables – 1,770 Head leases capitalised – (4,331) Fair value at 31 March 155,495 138,250 For more details on the valuation methodology, see Note 14. The Directors’ valuation of land and developments shows a surplus of £nil (31 March 2024: £nil) above book value. Dividends of £582,000 (2024: £5,666,000) were received from joint venture companies during the year. The joint venture companies are private companies, therefore no quoted market prices are available for their shares. The cost of the Company’s investment in joint ventures was £15,426,000 (31 March 2024: £nil). The Group has two material joint ventures, Helical Bicycle Group and Platinum Group (31 March 2024: two, Barts LP Group and Charterhouse Street Group). The full results and position of these joint ventures are set out below, of which we have included our share in the table. Notes to the Financial Statements continued Summarised Income Statement Helical Bicycle Group 31.03.25 £000 Platinum Group 31.03.25 £000 Other 3 31.03.25 £000 Total 31.03.25 £000 Our share 31.03.25 £000 Our share 31.03.24 £000 Revenue – – 7,408 7,408 3,704 2,559 Gross rental income – – 7,408 7,408 3,704 2,004 Property overheads – – (732) (732) (366) (1,209) Net rental income – – 6,676 6,676 3,338 795 Development (loss)/gain – – (46) (46) (23) 659 Gain/(loss) on revaluation of investment properties 49,562 (4,412) – 45,150 22,531 (5,933) Loss on sale of investment properties – – (4,630) (4,630) (2,315) (1,468) Administrative expenses (28) (102) (326) (456) (229) (338) Finance costs (808) 46 (3,275) (4,037) (2,018) (3,012) Interest capitalised 808 (46) – 762 380 – Lease liability interest – – (216) (216) (108) (211) Finance income 22 – 53 75 38 43 Change in fair value of derivative financial instruments 134 (98) – 36 17 – Profit/(loss) before tax 49,690 (4,612) (1,764) 43,314 21,611 (9,465) Tax (charge)/credit (30) – 8 (22) (11) 1 Profit/(loss) after tax 49,660 (4,612) (1,756) 43,292 21,600 (9,464) Adjustment for Barts Square economic interest 1 – – – – 30 154 Sale of Charterhouse Street Group 2 – – – – (805) – Results of joint ventures 49,660 (4,612) (1,756) 43,292 20,825 (9,310) 1 This adjustment reflects the impact of the consolidation of a joint venture at its economic interest of 50.0% (2024: 50.0%) rather than its actual ownership interest of 33.3%. 2 This adjustment relates to costs incurred resulting from the corporate sale of the Charterhouse Street Group, but which do not directly relate to the property. 3 Other includes rental income from the Charterhouse Street Group that was disposed of during the year. Governance Financial Statements Further Information 168 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures continued Helical PlatinumBicycle GroupGroup OtherTotalOur shareOur share31.03.2531.03.25 31.03.25 31.03.25 31.03.25 31.03.24Summarised Balance Sheets£000£000£000£000£000£000Non-current assetsInvestment properties 219,700 89,500 – 309,200 155,495 140,811Owner occupied property, plant and equipment – – 125 125 63 63Derivative financial instruments 134 (98) – 36 17 –219,834 89,402 125 309,361 155,575 140,874Current assetsLand, development and trading properties – 8,964 – 8,964 4,572 1,321Trade and other receivables 2,446 3,998 471 6,915 7,788 3,034Cash and cash equivalents 1,391 2,778 729 4,898 2,478 3,0643,837 15,740 1,200 20,777 14,838 7,419Current liabilitiesTrade and other payables (16,121) (9,027) (527) (25,675) (17,218) (4,254)(16,121) (9,027) (527) (25,675) (17,218) (4,254)Non-current liabilitiesBorrowings (37,153) 1,052 – (36,101) (18,040) (65,644)Lease liability – – – – – (5,020)Shareholder loans – – – – – (1,150)Trade and other payables – – – – – (5)(37,153) 1,052 – (36,101) (18,040) (71,819)Net assets before acquisition costs 170,397 97,167 798 268,362 135,155 72,220Acquisition costs 4,677 1,705 – 6,382 6,382 1,703Net assets 175,074 98,872 798 274,746 141,537 73,923 Notes to the Financial Statements continued Governance Financial Statements Further Information 169 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures continued At 31 March 2025 the Group and the Company had legal interests in the following joint venture companies: Country ofClass of share Proportion held Proportion held Nature of incorporationcapital heldGroupCompanybusinessBarts, L.P. United States n/a 33% – InvestmentBarts One Limited Jersey Ordinary 33% – InvestmentBarts Two Limited Jersey Ordinary 33% – InvestmentBarts Close Office Limited Jersey Ordinary 33% – InvestmentBarts Square First Office Limited Jersey Ordinary 33% – InvestmentBarts Square Active One Limited Jersey Ordinary 33% – InvestmentBarts Square First Residential Limited Jersey Ordinary 33% – InvestmentBarts Square First Limited United Kingdom Ordinary 33% – DevelopmentBarts Square Land One Limited United Kingdom Ordinary 33% – DevelopmentOBC Development Management Limited United Kingdom Ordinary 33% – DevelopmentBarts Square Second Limited United Kingdom Ordinary 33% – DevelopmentAbbeygate Helical (Leisure Plaza) Limited United Kingdom Ordinary 50% 50% DevelopmentAbbeygate Helical (C4.1) LLP United Kingdom n/a 50% 50% DevelopmentShirley Advance LLP United Kingdom n/a 50% – DevelopmentHaslucks Green Limited United Kingdom Ordinary 50% – DevelopmentPlatinum Holdco Limited United Kingdom Ordinary 51% – InvestmentPlatinum KWS Limited United Kingdom Ordinary 51% – InvestmentPlatinum Southwark Limited United Kingdom Ordinary 51% – InvestmentPlatinum Paddington Limited United Kingdom Ordinary 51% – InvestmentHelical Bicycle 1 Limited United Kingdom Ordinary 50% 50% InvestmentHelical Bicycle 3 Limited United Kingdom Ordinary 50% – InvestmentHelical Bicycle Development Limited United Kingdom Ordinary 50% – Investment There are a number of companies which are accounted for as joint ventures where the Group has an equity interest of less than 50%. This typically occurs where the Group’s joint venture partner is providing a greater share of finance into the Company, with the Group contributing a greater share towards the day-to-day management of the underlying project. Key business decisions require unanimous agreement from the Group and its partner, therefore management judges that both parties control the entity equally and it is therefore considered appropriate to account for our interest as a joint venture. Under the Barts Square and Helical Bicycle Group joint venture agreements, the Group is entitled to varying returns dependent upon the performance of the developments. Whilst the Group holds a 33.3% legal share in the Barts LP Group, it has accounted for its share at 50.0% (2024: 50.0%) to reflect its expected economic interest in the joint venture. The legal share and economic interest in the Helical Bicycle Group arethe same. Notes to the Financial Statements continued Governance Financial Statements Further Information 170 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 18. Investment in Joint Ventures continued At 31 March 2025 the Group and the Company had legal interests in the following joint venture companies: Country of incorporation Class of share capital held Proportion held Group Proportion held Company Nature of business Barts, L.P. United States n/a 33% – Investment Barts One Limited Jersey Ordinary 33% – Investment Barts Two Limited Jersey Ordinary 33% – Investment Barts Close Office Limited Jersey Ordinary 33% – Investment Barts Square First Office Limited Jersey Ordinary 33% – Investment Barts Square Active One Limited Jersey Ordinary 33% – Investment Barts Square First Residential Limited Jersey Ordinary 33% – Investment Barts Square First Limited United Kingdom Ordinary 33% – Development Barts Square Land One Limited United Kingdom Ordinary 33% – Development OBC Development Management Limited United Kingdom Ordinary 33% – Development Barts Square Second Limited United Kingdom Ordinary 33% – Development Abbeygate Helical (Leisure Plaza) Limited United Kingdom Ordinary 50% 50% Development Abbeygate Helical (C4.1) LLP United Kingdom n/a 50% 50% Development Shirley Advance LLP United Kingdom n/a 50% – Development Haslucks Green Limited United Kingdom Ordinary 50% – Development Platinum Holdco Limited United Kingdom Ordinary 51% – Investment Platinum KWS Limited United Kingdom Ordinary 51% – Investment Platinum Southwark Limited United Kingdom Ordinary 51% – Investment Platinum Paddington Limited United Kingdom Ordinary 51% – Investment Helical Bicycle 1 Limited United Kingdom Ordinary 50% 50% Investment Helical Bicycle 3 Limited United Kingdom Ordinary 50% – Investment Helical Bicycle Development Limited United Kingdom Ordinary 50% – Investment There are a number of companies which are accounted for as joint ventures where the Group has an equity interest of less than 50%. This typically occurs where the Group’s joint venture partner is providing a greater share of finance into the Company, with the Group contributing a greater share towards the day-to-day management of the underlying project. Key business decisions require unanimous agreement from the Group and its partner, therefore management judges that both parties control the entity equally and it is therefore considered appropriate to account for our interest as a joint venture. Under the Barts Square and Helical Bicycle Group joint venture agreements, the Group is entitled to varying returns dependent upon the performance of the developments. Whilst the Group holds a 33.3% legal share in the Barts LP Group, it has accounted for its share at 50.0% (2024: 50.0%) to reflect its expected economic interest in the joint venture. The legal share and economic interest in the Helical Bicycle Group arethe same. Notes to the Financial Statements continued Governance Financial Statements Further Information 170 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 19. Other Investments Total 31.3.25 £000 Total 31.3.24 £000 Book value at 1 April 565 353 Acquisitions 117 212 Return of capital (12) – As at 31 March 670 565 On 6 August 2021, the Group entered into a commitment of £1,000,000 to invest in the Pi Labs European PropTech venture capital fund (“Fund”) of which £117,000 (2024: £212,000) was invested during the year. The Fund is focused on investing in the next generation of proptech businesses. The fair value of the Group’s investment is based on the net asset value of the Fund, representing Level 3 fair value measurement as defined in IFRS 13 Fair Value Measurement. 20. Land and Developments GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24£000£000£000£000At 1 April 28 28 – –Additions 111 – 111 –At  March 139 28 111 – The Directors’ valuation of development stock shows a surplus of £302,000 (31 March 2024: £302,000) above book value. This surplus has been included in the EPRA net tangible asset value (Note 35). No interest has been capitalised or included in land and developments. 21. Assets Held for Sale Total Total 31.3.2531.3.24£000£000At 1 April 42,761 –Book value on transfer to asset held for sale – 43,817Lease incentives – 1,133Long leasehold liability – (2,189)Disposals (42,761) –At 31 March – 42,761 22. Trade and Other Receivables GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24Due within one year£000£000£000£000Trade receivables 2,428 2,111 – –Amounts owed by joint venture undertakings 2,151 2,941 2,120 1,752Other receivables 140 660 211 647Prepayments 1,341 4,103 214 2,689Accrued income 7,049 7,166 – –Total trade and other receivables 13,109 16,981 2,545 5,088 Included within accrued income are lease incentives of £6,557,000 (31 March 2024: £7,078,000). GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24Due after one year£000£000£000£000Other receivables 137 1,252 137 1,252Loans receivable 3,027 – – –Amounts owed by subsidiary undertakings – – 174,234 190,607– interest freeAmounts owed by subsidiary undertakings – – – 82,893– interest bearingAmounts owed by joint ventures – – 48,040 –3,164 1,252 222,411 274,752 Included above is a loan receivable due from a third party with an interest rate of 4.75%. Interest payable is rolled up into the loan. GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24Receivables£000£000£000£000Not past due 7,689 4,510 224,742 277,151Past due < three months 83 581 – –Past due > three months 111 229 – –Total receivables being financial assets 7,883 5,320 224,742 277,151Total receivables being non-financial assets 8,390 12,913 214 2,689Total receivables 16,273 18,233 224,956 279,840 Past due receivables not impaired relate to a number of independent customers for whom there is no recent history of default. Against trade receivables, Helical held £7,751,000 of rental deposits (31 March 2024: £7,828,000) which are included within cash (see Note 23). Governance Financial Statements Further Information 171 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 22. Trade and Other Receivables continued Movements in the loss allowance of trade receivables are as follows: GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24£000£000£000£000Gross receivables being financial assets 7,883 6,099 256,576 308,429Provisions for receivables impairment – (779) (31,834) (31,278)Net receivables being financial assets 7,883 5,320 224,742 277,151Receivables written off during the year as 707 384 – –uncollectable Amounts owed by subsidiary undertakings have been considered for impairment using the 12 months expected credit loss model because there have been no changes in credit risk since initial recognition. The expected credit losses on amounts owed by Group companies is insignificant (2024: insignificant). Amounts are written off when it is determined that the Group company will not have sufficient assets or future income to repay the balance. The following table shows the movement in lifetime Estimated Credit Loss (“ECL”) that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9. GroupCompany£000£000Balance as at 31 March 2023 1,418 –Net remeasurement of loss allowance (695) –Amounts recovered (16) –Balance as at 31 March 2024 707 –Net remeasurement of loss allowance (707) –Amounts recovered – –Balance as at 31 March 2025 – – Included in total receivables being financial assets are contract balances and receivables from contracts with customers, as defined by IFRS 15 Revenue from Contracts with Customers, as follows: GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24Contract assets from contracts with customers£000£000£000£000At 1 April 70 3,602 – –Additions 1,642 1,040 – –Received during the year (1,195) (3,433) – –Reassessment of revenue receivable – (1,139) – –At 31 March 517 70 – – GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24Receivables from contracts with customers£000£000£000£000At 1 April – 1,007 – –Additions 1,142 – – –Received during the year (571) (1,007) – –At 31 March 571 – – – Contract assets are typically recognised when the Group recognises revenue on partial completion of performance obligations, ordinarily the construction and letting of buildings in its role as development manager. Receivables are recognised when the Group has an unconditional right to consideration. Cash is typically received once a building is practically complete and a large proportion of the lettable area is subject to leases; this may occur in tranches. 23. Cash and Cash Equivalents GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24£000£000£000£000Cash held at managing agents 2,372 4,914 – 3Rental deposits 7,751 7,828 – –Restricted cash 5,172 3,880 79 74Cash deposits 61,204 12,011 54,771 9,036Total cash and cash equivalents 76,499 28,633 54,850 9,113 Restricted cash is made up of cash held by solicitors and cash in restricted accounts. Governance Financial Statements Further Information 172 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 22. Trade and Other Receivables continued Movements in the loss allowance of trade receivables are as follows: Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Gross receivables being financial assets 7,883 6,099 256,576 308,429 Provisions for receivables impairment – (779) (31,834) (31,278) Net receivables being financial assets 7,883 5,320 224,742 277,151 Receivables written off during the year as uncollectable 707 384 – – Amounts owed by subsidiary undertakings have been considered for impairment using the 12 months expected credit loss model because there have been no changes in credit risk since initial recognition. The expected credit losses on amounts owed by Group companies is insignificant (2024: insignificant). Amounts are written off when it is determined that the Group company will not have sufficient assets or future income to repay the balance. The following table shows the movement in lifetime Estimated Credit Loss (“ECL”) that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9. Group £000 Company £000 Balance as at 31 March 2023 1,418 – Net remeasurement of loss allowance (695) – Amounts recovered (16) – Balance as at 31 March 2024 707 – Net remeasurement of loss allowance (707) – Amounts recovered – – Balance as at 31 March 2025 – – Included in total receivables being financial assets are contract balances and receivables from contracts with customers, as defined by IFRS 15 Revenue from Contracts with Customers, as follows: Contract assets from contracts with customers Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 At 1 April 70 3,602 – – Additions 1,642 1,040 – – Received during the year (1,195) (3,433) – – Reassessment of revenue receivable – (1,139) – – At 31 March 517 70 – – Receivables from contracts with customers Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 At 1 April – 1,007 – – Additions 1,142 – – – Received during the year (571) (1,007) – – At 31 March 571 – – – Contract assets are typically recognised when the Group recognises revenue on partial completion of performance obligations, ordinarily the construction and letting of buildings in its role as development manager. Receivables are recognised when the Group has an unconditional right to consideration. Cash is typically received once a building is practically complete and a large proportion of the lettable area is subject to leases; this may occur in tranches. 23. Cash and Cash Equivalents Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Cash held at managing agents 2,372 4,914 – 3 Rental deposits 7,751 7,828 – – Restricted cash 5,172 3,880 79 74 Cash deposits 61,204 12,011 54,771 9,036 Total cash and cash equivalents 76,499 28,633 54,850 9,113 Restricted cash is made up of cash held by solicitors and cash in restricted accounts. Governance Financial Statements Further Information 172 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 24. Trade and Other Payables GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24£000£000£000£000Trade payables 11,811 13,497 231 769Social security costs and other taxation 1,485 952 216 –Amounts owed to subsidiary undertakings – – 128,188 123,436Other payables 362 300 116 74Accruals 5,230 5,101 1,590 2,532Deferred income 4,385 5,036 – –23,273 24,886 130,341 126,811 25. Lease Liability GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24£000£000£000£000Current lease liability 339 829 339 829Non-current lease liability 1,476 3,445 1,476 3,445 The lease liability relates to the leasehold of the Group’s head office. Lease liabilities in respect of the Group’s leasehold properties are payable as follows: Minimum Present valueMinimum Present valuelease of minimumlease of minimumpayments Interestlease payments payments Interestlease payments 31.3.2531.3.2531.3.2531.3.2431.3.2431.3.24£000£000£000£000£000£000Not later than one year 407 (13) 394 1,109 (61) 1,048Later than one year but not more than five years 1,584 (163) 1,421 3,881 (655) 3,2261,991 (176) 1,815 4,990 (716) 4,274 The lease liabilities in the above table in the current year relate to the lease of the Group’s head office. The associated asset of £1,659,000 (31 March 2024: £2,632,000) is shown in Note 16. Governance Financial Statements Further Information 173 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 26. Borrowings GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24£000£000£000£000Current borrowings – – – –Borrowings repayable within:two to three years 173,730 227,634 – –Non-current borrowings 173,730 227,634 – –Total borrowings 173,730 227,634 – – The loan above is secured against properties held in the normal course of business by subsidiary undertakings to the fair value of £379,750,000 (31 March 2024: £522,211,000). This will be repayable when the underlying properties are sold. The table above excludes the Group’s share of borrowings injoint venture companies of £18,040,000 (31 March 2024: £65,644,000). 27. Financing and Derivative Financial Instruments GroupGroup31.3.2531.3.24£000£000Borrowings due after more than one year 173,730 227,634173,730 227,634 The Group has various undrawn committed borrowing facilities. The facilities available at 31 March 2025 in respect of which all conditions precedent had been met were as follows: GroupGroup31.3.2531.3.24£000£000Expiring in one year or less 10,000 10,000Expiring in more than two years but not more than three years 35,000 70,00045,000 80,000 GroupGroup31.3.2531.3.24Interest rates – Group % Expiry£000 % Expiry£000Derivatives:swap rate plus bank margin 3.771 October 2028 100,000 3.512 June 2026 50,000swap rate plus bank margin 4.029 October 2028 50,000 3.786 July 2026 50,000swap rate plus bank margin 2.147 October 2028 25,000 2.433 July 2026 50,000swap rate plus bank margin – – – 2.595 July 2026 50,000swap rate plus bank margin – – – 2.537 July 2026 50,000Weighted average 3.316 October 2028 175,000 2.973 July 2026 250,000Unmatched derivatives – 7.248 July 2026 (20,000)Unamortised finance costs (1,270) (2,366)Total borrowings 3.761 September 2027 173,730 2.889 July 2026 227,634 The above table shows the extent that interest rate swaps fix the interest rates on our borrowings. Floating rate borrowings bear interest at rates based on SONIA. The Group had no caps or floors at 31 March 2025 (2024: none). At 31 March 2025 the Company had no interest rate swaps, caps or floors (31 March 2024: nil). Governance Financial Statements Further Information 174 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes to the Financial Statements continued 26. Borrowings Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Current borrowings – – – – Borrowings repayable within: two to three years 173,730 227,634 – – Non-current borrowings 173,730 227,634 – – Total borrowings 173,730 227,634 – – The loan above is secured against properties held in the normal course of business by subsidiary undertakings to the fair value of £379,750,000 (31 March 2024: £522,211,000). This will be repayable when the underlying properties are sold. The table above excludes the Group’s share of borrowings injoint venture companies of £18,040,000 (31 March 2024: £65,644,000). 27. Financing and Derivative Financial Instruments Group 31.3.25 £000 Group 31.3.24 £000 Borrowings due after more than one year 173,730 227,634 173,730 227,634 The Group has various undrawn committed borrowing facilities. The facilities available at 31 March 2025 in respect of which all conditions precedent had been met were as follows: Group 31.3.25 £000 Group 31.3.24 £000 Expiring in one year or less 10,000 10,000 Expiring in more than two years but not more than three years 35,000 70,000 45,000 80,000 Interest rates – Group % Expiry Group 31.3.25 £000 % Expiry Group 31.3.24 £000 Derivatives: swap rate plus bank margin 3.771 October 2028 100,000 3.512 June 2026 50,000 swap rate plus bank margin 4.029 October 2028 50,000 3.786 July 2026 50,000 swap rate plus bank margin 2.147 October 2028 25,000 2.433 July 2026 50,000 swap rate plus bank margin – – – 2.595 July 2026 50,000 swap rate plus bank margin – – – 2.537 July 2026 50,000 Weighted average 3.316 October 2028 175,000 2.973 July 2026 250,000 Unmatched derivatives – 7.248 July 2026 (20,000) Unamortised finance costs (1,270) (2,366) Total borrowings 3.761 September 2027 173,730 2.889 July 2026 227,634 The above table shows the extent that interest rate swaps fix the interest rates on our borrowings. Floating rate borrowings bear interest at rates based on SONIA. The Group had no caps or floors at 31 March 2025 (2024: none). At 31 March 2025 the Company had no interest rate swaps, caps or floors (31 March 2024: nil). Governance Financial Statements Further Information 174 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 27. Financing and Derivative Financial Instruments continued GroupGroup31.3.2531.3.24Gearing£000£000Total borrowings 173,730 227,634Cash (76,499) (28,633)Net borrowings 97,231 199,001 Net borrowings exclude the Group’s share of borrowings in joint ventures of £18,040,000 (31 March 2024: £65,644,000) and cash in joint ventures of £2,478,000 (31 March 2024: £3,064,000). All borrowings in joint ventures are secured. GroupGroup31.3.2531.3.24Gearing£000£000Net assets 426,094 401,075Gearing 22.8% 49.6% 28. Share Capital 31.3.2531.3.24£000£000Authorised 39,577 39,577 The authorised share capital of the Company is £39,577,000 divided into ordinary shares of 1p each. AtAt31 March 31 March 20252024Allotted, called up and fully paid:£000£000123,355,197 (31 March 2024: 123,355,197) ordinary shares of 1p each 1,233 1,2331,233 1,233 Shares in issueShare capitalShares in issueShare capital31.3.2531.3.2531.3.2431.3.24£000£000£000£000Ordinary sharesAt 1 April and 31 March 123,355,197 1,233 123,355,197 1,233 Capital Management The Group’s capital management objectives are: • To ensure the Group’s ability to continue as a going concern; and • To provide an adequate return to Shareholders. The Group sets the amount of capital in proportion to its overall financing structure. It manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares, or sell assets to reduce debt. Capital is defined as being issued share capital, share premium, retained earnings, revaluation reserve and other reserves (2025: £418,351,000, 2024: £393,332,000). The Group continually monitors its gearing level to ensure that it is appropriate. Gearing decreased to 22.8% from 49.6% in the year as a result of the investment property sales in the year. 29. Share Options At 31 March 2025 and 31 March 2024 there were no unexercised options over new ordinary 1p shares in the Company. Notes to the Financial Statements continued Governance Financial Statements Further Information 175 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 30. Share-Based Payments The Group provides share-based payments to employees in the form of Performance Share Plan (“PSP”) awards and a Share Incentive Plan. The Group uses a combination of the Black-Scholes, Chaffe and stochastic valuation models and the resulting value is amortised through the Consolidated Income Statement over the vesting period of the share-based payments. Details of the performance criteria areset out on page 135. 20252024Weighted average Weighted average Performance Share Plan awards Awardsaward value Awardsaward valueOutstanding at beginning of the year 4,052,137 294p 3,571,812 347pAwards vested during the year – 362p (844,287) 297pAwards lapsed during the year (1,094,464) 362p (428,889) 297pAwards made during the year 1,428,096 133p 1,753,501 188pOutstanding at end of the year 4,385,769 225p 4,052,137 294p All awards have an exercise price of £nil (2024: £nil). There were no awards exercised in the current year. The weighted average share price at the date of exercise for the share options exercised during the prior year was 278.00p. The PSP awards outstanding at 31 March 2025 had a weighted average remaining contractual life of one year and three months. The fair value of the awards made in the year to 31 March 2025 was £1,906,000 (2024: £3,305,000). These were granted on 4 July 2024. The inputs into the Black-Scholes, Chaffe and stochastic models of valuation of the PSP awards made inthe year to 31 March 2025 were as follows: 2025 2024 2023Weighted average share price 133.5p 188.5p 296.0pWeighted average exercise price – – –Expected volatility 35% 36% 34%Expected life 3 years 3 years 3 yearsRisk-free rate 4.42% 4.24% 1.75%Expected dividends 0.00% 0.00% 0.00% The Group recognised a charge of £896,000 (2024: £1,039,000) during the year in relation to share- based payments. Volatility is measured by calculating the standard deviation of the natural logarithm of share price movements for the period prior to the date of grant which is commensurate with the remaining length ofthe performance period. At the Balance Sheet date there were no exercisable awards. There is a two-year holding period for vested awards for Directors. Notes to the Financial Statements continued Governance Financial Statements Further Information 176 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 30. Share-Based Payments The Group provides share-based payments to employees in the form of Performance Share Plan (“PSP”) awards and a Share Incentive Plan. The Group uses a combination of the Black-Scholes, Chaffe and stochastic valuation models and the resulting value is amortised through the Consolidated Income Statement over the vesting period of the share-based payments. Details of the performance criteria areset out on page 135. Performance Share Plan awards Awards 2025 Weighted average award value Awards 2024 Weighted average award value Outstanding at beginning of the year 4,052,137 294p 3,571,812 347p Awards vested during the year – 362p (844,287) 297p Awards lapsed during the year (1,094,464) 362p (428,889) 297p Awards made during the year 1,428,096 133p 1,753,501 188p Outstanding at end of the year 4,385,769 225p 4,052,137 294p All awards have an exercise price of £nil (2024: £nil). There were no awards exercised in the current year. The weighted average share price at the date of exercise for the share options exercised during the prior year was 278.00p. The PSP awards outstanding at 31 March 2025 had a weighted average remaining contractual life of one year and three months. The fair value of the awards made in the year to 31 March 2025 was £1,906,000 (2024: £3,305,000). These were granted on 4 July 2024. The inputs into the Black-Scholes, Chaffe and stochastic models of valuation of the PSP awards made inthe year to 31 March 2025 were as follows: 2025 2024 2023 Weighted average share price 133.5p 188.5p 296.0p Weighted average exercise price – – – Expected volatility 35% 36% 34% Expected life 3 years 3 years 3 years Risk-free rate 4.42% 4.24% 1.75% Expected dividends 0.00% 0.00% 0.00% The Group recognised a charge of £896,000 (2024: £1,039,000) during the year in relation to share- based payments. Volatility is measured by calculating the standard deviation of the natural logarithm of share price movements for the period prior to the date of grant which is commensurate with the remaining length ofthe performance period. At the Balance Sheet date there were no exercisable awards. There is a two-year holding period for vested awards for Directors. Notes to the Financial Statements continued Governance Financial Statements Further Information 176 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 31. Changes in Liabilities Arising from Financing Activities The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those whose cash flows were, or future cash flows will be, classified in the Consolidated and Company Cash Flow Statements as cash flows from financing activities. Group £000 Company £000 At 31 March 2023 232,266 3,339 Financing cash flows: Finance lease repayments (708) (708) Other changes (479) 814 At 31 March 2024 231,079 3,445 Financing cash flows: Loans repaid (55,000) – Finance lease repayments (529) (529) Other changes (344) (1,440) At 31 March 2025 175,206 1,476 Financing cash flows comprise borrowings drawn down and repaid in the Consolidated and Company Cash Flow Statements. Other changes include the rolling up of interest, the change in unamortised refinancing costs and adjustments relating to the change of head office. 32. Contingent Liabilities The Company has entered into cross guarantees in respect of the banking facilities of its subsidiaries. These are not considered to have a material value. There were no other contingent liabilities at 31 March 2025 for the Group or the Company (31 March 2024: £nil). 33. Capital Commitments The Group has commitments of £136,600,000 (31 March 2024: £133,500,000), of which £31,900,000 relates to the development of 100 New Bridge Street, EC4 and £54,700,000 to 10 King William Street, EC4. In addition, there is a loan contribution commitment of £8,900,000 to the development of Brettenham House, WC2 and the remaining £41,100,000 relates to the purchases of the Places for London sites at Southwark, SE1 (£10,900,000), and Paddington, W2 (£30,200,000). 34. Post Balance Sheet Events On 11 April 2025, the Bicycle Group joint venture exchanged on contracts to sell the company which holds 100 New Bridge Street, EC4, to a third party, with completion expected in April 2026. As the contract was exchanged after the year end and will not complete for a further 12 months, this is considered a non-adjusting event. Notes to the Financial Statements continued Governance Financial Statements Further Information 177 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 35. Net Assets Per Share Group 31.3.25 £000 Number of shares 000 pence Group 31.3.24 £000 Number of shares 000 pence IFRS net assets 426,094 123,355 401,075 123,355 Adjustments: own shares held (602) (602) Basic net asset value 426,094 122,753 347 401,075 122,753 327 share settled bonus 262 154 Diluted net asset value 426,094 123,015 346 401,075 122,907 326 Adjustments: fair value of financial instruments (14,363) (17,635) fair value of land and developments 302 302 real estate transfer tax 35,894 44,605 EPRA net reinstatement value 447,927 123,015 364 428,347 122,907 349 real estate transfer tax (19,741) (21,879) EPRA net tangible asset value 428,186 123,015 348 406,468 122,907 331 Group 31.3.25 £000 Number of shares 000 pence Group 31.3.24 £000 Number of shares 000 pence Diluted net assets 426,094 123,015 346 401,075 122,907 326 Adjustments: surplus on fair value of stock 302 302 EPRA net disposal value 426,396 123,015 347 401,377 122,907 327 The net asset values per share have been calculated in accordance with guidance issued by the European Public Real Estate Association (“EPRA”). The adjustments to the net asset value comprise the amounts relating to the Group and its share of joint ventures. The calculation of EPRA net tangible asset value includes a real estate transfer tax adjustment which adds back the benefit of the saving of the purchaser’s costs that Helical expects to receive on sales of asset owning corporate vehicles, rather than direct asset sales. The calculation of EPRA net disposal value per share reflects the fair value of all the assets and liabilities of the Group at 31 March 2025. Notes to the Financial Statements continued Governance Financial Statements Further Information 178 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 35. Net Assets Per Share Group 31.3.25 £000 Number of shares 000 pence Group 31.3.24 £000 Number of shares 000 pence IFRS net assets 426,094 123,355 401,075 123,355 Adjustments: own shares held (602) (602) Basic net asset value 426,094 122,753 347 401,075 122,753 327 share settled bonus 262 154 Diluted net asset value 426,094 123,015 346 401,075 122,907 326 Adjustments: fair value of financial instruments (14,363) (17,635) fair value of land and developments 302 302 real estate transfer tax 35,894 44,605 EPRA net reinstatement value 447,927 123,015 364 428,347 122,907 349 real estate transfer tax (19,741) (21,879) EPRA net tangible asset value 428,186 123,015 348 406,468 122,907 331 Group 31.3.25 £000 Number of shares 000 pence Group 31.3.24 £000 Number of shares 000 pence Diluted net assets 426,094 123,015 346 401,075 122,907 326 Adjustments: surplus on fair value of stock 302 302 EPRA net disposal value 426,396 123,015 347 401,377 122,907 327 The net asset values per share have been calculated in accordance with guidance issued by the European Public Real Estate Association (“EPRA”). The adjustments to the net asset value comprise the amounts relating to the Group and its share of joint ventures. The calculation of EPRA net tangible asset value includes a real estate transfer tax adjustment which adds back the benefit of the saving of the purchaser’s costs that Helical expects to receive on sales of asset owning corporate vehicles, rather than direct asset sales. The calculation of EPRA net disposal value per share reflects the fair value of all the assets and liabilities of the Group at 31 March 2025. Notes to the Financial Statements continued Governance Financial Statements Further Information 178 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 36. Related Party Transactions At 31 March 2025 and 31 March 2024 the following amounts were due from/(to) the Group’s joint ventures: 31.3.2531.3.24£000£000Charterhouse Place Limited group – 1,340Platinum portfolio companies 204 1,530Barts Square companies 51 71Shirley Advance LLP – (43)Bicycle group 50,133 –K2 Advisers Limited 1,102 – An accounting and corporate services fee of £50,000 (31 March 2024: £50,000) was charged by the Group to the Barts Square companies. A development management, accounting and corporate services fee of £nil was due from the Charterhouse Place Limited group after disposing of this joint venture (31March 2024: £1,089,181 reversed). A development management fee of £145,000 was charged to thePlatinum portfolio companies, the joint venture with Places for London (31 March 2024: £nil) as well as an administrative fee of £52,000 (31 March 2024: £nil). A development management fee of £810,000 (31March 2024: £nil) was charged to the Bicycle group following the sale of 100 New Bridge Street, EC4 to the joint venture group in May 2024. At 31 March 2024, Helical plc was owed £96,080,000 from the wholly owned Bicycle companies and as such, this balance was not disclosed as a related party. Following the sale of 50% of the group to the joint venture in May 2024, this balance reduced to £48,040,000. During the year, working capital loans were made to the joint venture group as well as development management fees charged (discussed above). At31 March 2025, the Bicycle group owed £50,133,000 to Helical plc. This amount is interest free. At 31 March 2025, an amount of £1.1m was owed to K2 Advisers Ltd whose sole Director is Gerald Kaye, a former Director of the Group. This relates to ongoing consultancy services provided on two development schemes. No provisions have been recognised in respect of amounts owed from joint ventures. At 31 March 2025 and 31 March 2024 there were the following balances between the Company and its subsidiaries: 31.3.2531.3.24£000£000Amounts due from subsidiaries 174,234 273,500Amounts due to subsidiaries 128,188 123,436 31.3.2531.3.24£000£000Management charges receivable 267 352Management charges payable 2,828 4,093Distributions from subsidiaries and joint ventures 3,298 27,320 Management charges receivable relate to the performance of management services for the Company’s subsidiaries. Management charges are payable by the Company to a subsidiary in respect of staff costs which are attributable to general corporate activities. All of these transactions, and the Balance Sheet date amounts arising from these transactions, were conducted on an arm’s length basis and on normal commercial terms. Amounts owed by subsidiaries tothe Company are identified in Note 22. Amounts owed to subsidiaries by the Company are identified inNote 24. The Group considers that key management personnel are the Directors. The compensation paid or payable to key management (including both payments for loss of office and associated Employer’s NIC) is: 31.3.2531.3.24£000£000Salaries and other short-term employee benefits 3,123 2,118Share-based payment charge 240 1223,363 2,240 The total dividends paid to Directors of the Group in the year were £92,440 (2024: £654,313). Notes to the Financial Statements continued Governance Financial Statements Further Information 179 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 37. Financial Instruments Categories of Financial Instruments Financial assets in the Group include derivative financial assets and other investments which are designated as “fair value through profit or loss”. Financial assets also include trade and other receivables and cash and cash equivalents, all of which are included within financial assets measured at amortised cost. Financial liabilities in the Group classed as “fair value through profit or loss” include derivatives and a specific joint venture valuation share. Financial liabilities also include secured bank loans, trade and other payables, lease liabilities and provisions, all of which are classified as financial liabilities at amortised cost. In the Company, the financial liabilities include trade and other payables, amounts owed to subsidiaries and a long lease, all of which are classified at amortised cost. Financial Assets and Liabilities by Category The financial instruments of the Group and Company as classified in the financial statements can be analysed under the following categories: Financial assets Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Measured at amortised cost 84,967 33,953 279,592 286,264 Fair value through profit or loss 15,016 18,200 – – Total financial assets 99,983 52,153 279,592 286,264 These financial assets are included in the Balance Sheet within the following headings: Balance Sheet Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Other investments 670 565 – – Trade and other receivables, including amounts due from Group undertakings 8,468 5,320 224,742 277,151 Cash and cash equivalents 76,499 28,633 54,850 9,113 Derivative financial assets 14,346 17,635 – – Total financial assets 99,983 52,153 279,592 286,264 Financial assets are stated in accordance with IAS 32 Financial Instruments: Presentation. The carrying value of the trade and other receivables and cash and cash equivalents is not deemed to be materially different from their fair value. Financial liabilities Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Fair value through profit or loss 33 33 – – Measured at amortised cost 192,915 250,774 132,156 131,085 Total financial liabilities 192,948 250,807 132,156 131,085 The financial liabilities are included in the Balance Sheet within the following headings: Financial liabilities Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Trade and other payables 17,403 18,899 130,341 126,811 Borrowings – non-current 173,730 227,634 – – Lease liability 1,815 4,274 1,815 4,274 Total financial liabilities 192,948 250,807 132,156 131,085 The carrying value of trade and other payables and borrowings is not deemed to be materially different from the fair value as at 31 March 2025. Financial liabilities are stated in accordance with IAS 32 Financial Instruments: Presentation. The Group financial instruments that are measured subsequent to initial recognition at fair value are interest rate swaps. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates. IFRS 13 categorises financial assets and liabilities as being valued in three hierarchical levels: Level 1: Values are unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Values are derived from observing market data; and Level 3: Values cannot be derived from observable market data. Assets and liabilities measured at fair value are classified as below: Level 1: None; Level 2: Derivative financial instruments (Note 27); and Level 3: Investment property (Note 14), and Other investments (Note 19). There were no transfers between categories in the current or prior year. Notes to the Financial Statements continued Governance Financial Statements Further Information 180 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 37. Financial Instruments Categories of Financial Instruments Financial assets in the Group include derivative financial assets and other investments which are designated as “fair value through profit or loss”. Financial assets also include trade and other receivables and cash and cash equivalents, all of which are included within financial assets measured at amortised cost. Financial liabilities in the Group classed as “fair value through profit or loss” include derivatives and a specific joint venture valuation share. Financial liabilities also include secured bank loans, trade and other payables, lease liabilities and provisions, all of which are classified as financial liabilities at amortised cost. In the Company, the financial liabilities include trade and other payables, amounts owed to subsidiaries and a long lease, all of which are classified at amortised cost. Financial Assets and Liabilities by Category The financial instruments of the Group and Company as classified in the financial statements can be analysed under the following categories: Financial assets Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Measured at amortised cost 84,967 33,953 279,592 286,264 Fair value through profit or loss 15,016 18,200 – – Total financial assets 99,983 52,153 279,592 286,264 These financial assets are included in the Balance Sheet within the following headings: Balance Sheet Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Other investments 670 565 – – Trade and other receivables, including amounts due from Group undertakings 8,468 5,320 224,742 277,151 Cash and cash equivalents 76,499 28,633 54,850 9,113 Derivative financial assets 14,346 17,635 – – Total financial assets 99,983 52,153 279,592 286,264 Financial assets are stated in accordance with IAS 32 Financial Instruments: Presentation. The carrying value of the trade and other receivables and cash and cash equivalents is not deemed to be materially different from their fair value. Financial liabilities Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Fair value through profit or loss 33 33 – – Measured at amortised cost 192,915 250,774 132,156 131,085 Total financial liabilities 192,948 250,807 132,156 131,085 The financial liabilities are included in the Balance Sheet within the following headings: Financial liabilities Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Trade and other payables 17,403 18,899 130,341 126,811 Borrowings – non-current 173,730 227,634 – – Lease liability 1,815 4,274 1,815 4,274 Total financial liabilities 192,948 250,807 132,156 131,085 The carrying value of trade and other payables and borrowings is not deemed to be materially different from the fair value as at 31 March 2025. Financial liabilities are stated in accordance with IAS 32 Financial Instruments: Presentation. The Group financial instruments that are measured subsequent to initial recognition at fair value are interest rate swaps. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates. IFRS 13 categorises financial assets and liabilities as being valued in three hierarchical levels: Level 1: Values are unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Values are derived from observing market data; and Level 3: Values cannot be derived from observable market data. Assets and liabilities measured at fair value are classified as below: Level 1: None; Level 2: Derivative financial instruments (Note 27); and Level 3: Investment property (Note 14), and Other investments (Note 19). There were no transfers between categories in the current or prior year. Notes to the Financial Statements continued Governance Financial Statements Further Information 180 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 37. Financial Instruments continued Derivative financial instruments Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 Interest rate swaps 14,346 17,635 – – The Group’s movement in the fair value of the derivative financial instruments in the year was a loss of £3,289,000 (2024: £5,609,000) due to interest rate swaps. During the year, all of the interest rate swaps were restructured with new contracts replacing the ones in place at the beginning of the financial year. Credit Risk Credit risks arise from the possibility that customers may not be able to settle their obligations as agreed. To manage this risk the Group periodically assesses the financial reliability of customers, taking into account their financial position, past experience and other factors. It is Group policy to assess the financial viability of potential tenants where their rent roll is individually significant before entering into lease agreements. This review involves the latest available set of financial statements, other publicly available financial information and management accounts where appropriate. The covenant strength of each tenant is determined based on this information and a deposit or guarantee is sought if necessary. The Group’s tenants are spread across a wide variety of industries, reducing the Group’s risk to any individual industry. The Group works closely with its agents, who advise where a loss allowance is required for individual tenants, based on their credit control procedures. Credit risk also exists due to cash and cash equivalents and deposits with banks and other financial institutions. The cash is held with investment grade banking institutions and in client accounts with solicitors and managing agents and therefore credit risk is considered low. As at 31 March 2025 the Group had total credit risk exposure, excluding cash, of £8,468,000 (2024: £5,320,000), relating to financial assets held at both amortised cost and at fair value through profit and loss. The quantitative disclosures of trade and other receivables credit risk are shown in Note 22. The Group has a small number of other debtors that are financial assets. Each is considered on an individual basis and involves the Group’s detailed knowledge of the counterparties involved in order toassess the likelihood of non-recoverability. All these debtors are deemed to be recoverable. The amounts owed to the Company are considered on an individual basis by assessing the subsidiaries’ and joint ventures’ ability to repay the debt at the point at which it is repayable. The Group considers the net assets of the debtor, taking into account any potential uplifts to fair value of investments, land and developments in making its assessment. The Group is not reliant on any major customer for its ability to continue as a going concern. Liquidity Risk Liquidity risk is defined as the risk that the Group would not be able to settle or meet its obligations ontime or at a reasonable price. Liquidity and funding risks, related processes and policies are overseen by management. The Group manages its liquidity risk on a consolidated basis based on business needs, tax, capital or regulatory considerations, if applicable, and through numerous sources of finance in order to maintain flexibility. Management monitors the Group’s net liquidity position through rolling forecasts on the basis ofexpected cash flows. The Group’s cash and cash equivalents are held with major regulated financial institutions and the Directors regularly monitor the financial institutions that the Group uses to ensure its exposure to liquidity risk is minimised. For further information on debt facilities, see Notes 26 and 27. The maturity profile of the Group’s contracted financial liabilities, including trade and other payables, lease liabilities and borrowings, is as follows: GroupGroupCompanyCompany31.3.2531.3.2431.3.2531.3.24Financial liabilities£000£000£000£000Payable within three months 18,692 22,000 – 127,088Payable between three months and one year 2,159 6,726 – 831Payable between one and three years 232,989 238,238 – 2,217Payable after three years – 1,940 – 1,940Total contracted liabilities 253,840 268,904 – 132,076 At 31 March 2025 the Group had £165,477,000 (31 March 2024: £80,000,000) of undrawn borrowing facilities, £150,000 (31 March 2024: £150,000) of uncharged property assets and cash balances of £76,499,000 (31 March 2024: £28,633,000). The above contracted liabilities assume that no loans are extended beyond their current facility expiry date. Management believes that these facilities, together with anticipated sales and the renewal of some of these loan facilities, mean that the Group can meet its contracted liabilities as they fall due. Market Risk The Group is exposed to market risk, primarily related to interest rates, foreign currency exchange movements, the market value of the investments and accrued development profits. The Group actively monitors these exposures. Notes to the Financial Statements continued Governance Financial Statements Further Information 181 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 37. Financial Instruments continued Interest Rate Risk It is the Group’s policy and practice to minimise interest rate cash flow exposures on long-term financing. The Group does this by using a number of derivative financial instruments including interest rate swaps and interest rate caps and floors. The purpose of these derivatives is to manage the interest rate risks arising from the Group’s sources of finance. The Group does not use financial instruments for speculativepurposes. Details of financing and financial instruments can be found in Note 27. In the year to 31 March 2025, if interest rates had moved by 0.5%, this would have resulted in the following movement to net profits and equity due to movements in interest charges and mark-to-market valuations of derivatives. Derivative financial instruments Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 0.5% increase – increase in net results and equity 3,611 3,301 241 74 0.5% decrease – decrease in net results and equity (3,611) (3,301) (241) (74) Foreign Currency Exchange Risk The Group and Company have no material exposure to movements in foreign currency rates. 38. Principal Accounting Policies Basis of Consolidation The Group financial statements consolidate those of Helical plc (the “Company”) and all of its subsidiary undertakings (together the “Group”) drawn up to 31 March 2025. Subsidiary undertakings are entities for which the Group has power over the investee, is exposed to or has the rights to variable returns and has the ability to control those returns. Subsidiaries are accounted for under the acquisition method and are held in the Company Balance Sheet at cost and reviewed annually for impairment. The Parent Company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual Income Statement. Joint ventures are entities whose economic activities are contractually controlled jointly by the Group and by other ventures independent of the Group, where both parties are exposed to variable returns but neither has control over those returns. This exists where unanimous agreement of the investee’s relevant activities is required. They are accounted for using the equity method of accounting, whereby the Group’s share of profit after tax in the joint venture is recognised in the Consolidated Income Statement (“Income Statement”) and the Group’s share of the joint venture’s net assets is incorporated in the Consolidated Balance Sheet. All of the current joint ventures’ strategies are aligned with the strategy of the main Group – developing commercial property, with a focus in London. Therefore the share of joint venture profit/loss has been included as operating income/expense. Intra-group balances and any unrealised gains on transactions between the Company and its subsidiaries and between subsidiaries are eliminated. Unrealised losses are also eliminated unless thetransaction provides evidence of an impairment of the asset transferred. The consolidated financial statements are presented in sterling which is also the functional currency ofthe Parent Company. Revenue Recognition Rental income Rental income receivable is recognised in the Income Statement on a straight-line basis over the lease term. Any incentive for lessees to enter into a lease agreement and any costs associated with entering into the lease are spread over the same period. Service charge income Service charge income relates to expenditure that is directly recoverable from tenants and is recognised as revenue in the period to which it relates. Sale of goods Assets, such as trading properties, development sites and completed developments, are regarded assold at the point at which the customer has control of the asset. This occurs on completion of the contract for sale. Measurements of revenue arising from the sale of such assets are derived from the transaction price as determined by IFRS 15 Revenue from Contracts with Customers. Notes to the Financial Statements continued Governance Financial Statements Further Information 182 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 37. Financial Instruments continued Interest Rate Risk It is the Group’s policy and practice to minimise interest rate cash flow exposures on long-term financing. The Group does this by using a number of derivative financial instruments including interest rate swaps and interest rate caps and floors. The purpose of these derivatives is to manage the interest rate risks arising from the Group’s sources of finance. The Group does not use financial instruments for speculativepurposes. Details of financing and financial instruments can be found in Note 27. In the year to 31 March 2025, if interest rates had moved by 0.5%, this would have resulted in the following movement to net profits and equity due to movements in interest charges and mark-to-market valuations of derivatives. Derivative financial instruments Group 31.3.25 £000 Group 31.3.24 £000 Company 31.3.25 £000 Company 31.3.24 £000 0.5% increase – increase in net results and equity 3,611 3,301 241 74 0.5% decrease – decrease in net results and equity (3,611) (3,301) (241) (74) Foreign Currency Exchange Risk The Group and Company have no material exposure to movements in foreign currency rates. 38. Principal Accounting Policies Basis of Consolidation The Group financial statements consolidate those of Helical plc (the “Company”) and all of its subsidiary undertakings (together the “Group”) drawn up to 31 March 2025. Subsidiary undertakings are entities for which the Group has power over the investee, is exposed to or has the rights to variable returns and has the ability to control those returns. Subsidiaries are accounted for under the acquisition method and are held in the Company Balance Sheet at cost and reviewed annually for impairment. The Parent Company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual Income Statement. Joint ventures are entities whose economic activities are contractually controlled jointly by the Group and by other ventures independent of the Group, where both parties are exposed to variable returns but neither has control over those returns. This exists where unanimous agreement of the investee’s relevant activities is required. They are accounted for using the equity method of accounting, whereby the Group’s share of profit after tax in the joint venture is recognised in the Consolidated Income Statement (“Income Statement”) and the Group’s share of the joint venture’s net assets is incorporated in the Consolidated Balance Sheet. All of the current joint ventures’ strategies are aligned with the strategy of the main Group – developing commercial property, with a focus in London. Therefore the share of joint venture profit/loss has been included as operating income/expense. Intra-group balances and any unrealised gains on transactions between the Company and its subsidiaries and between subsidiaries are eliminated. Unrealised losses are also eliminated unless thetransaction provides evidence of an impairment of the asset transferred. The consolidated financial statements are presented in sterling which is also the functional currency ofthe Parent Company. Revenue Recognition Rental income Rental income receivable is recognised in the Income Statement on a straight-line basis over the lease term. Any incentive for lessees to enter into a lease agreement and any costs associated with entering into the lease are spread over the same period. Service charge income Service charge income relates to expenditure that is directly recoverable from tenants and is recognised as revenue in the period to which it relates. Sale of goods Assets, such as trading properties, development sites and completed developments, are regarded assold at the point at which the customer has control of the asset. This occurs on completion of the contract for sale. Measurements of revenue arising from the sale of such assets are derived from the transaction price as determined by IFRS 15 Revenue from Contracts with Customers. Notes to the Financial Statements continued Governance Financial Statements Further Information 182 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 38. Principal Accounting Policies continued Construction Contracts and Development Management Services The Group has contracts to develop and let properties for third parties. Where two or more contracts areentered into at or near the same time with the same customer, the contracts are combined and accounted for as a single contract. An arrangement may involve the management of construction andletting a third party property or the sale and subsequent management of construction and letting ofa property. The construction and letting of a property are considered to be separate and distinct performance obligations. Where an arrangement also involves the sale of an asset, this is an additional distinct performance obligation. The initial sale of a site to a customer is recognised as a sale of goods inaccordance with IFRS 15, where the sale of land is not conditional on the construction of the buildings and is not reversible in the event that the building is not constructed. Ordinarily, the Group return includes both fixed and variable consideration. These constitute the transaction price. Variable consideration is estimated as the amount of consideration to which the Group would be entitled in exchange for transferring goods or services. This is done on an expected value basis. This estimate is constrained to the extent that it is highly probable that a significant reversal of the amount of revenue recognised will not occur when the uncertainty is removed. The fixed and variable consideration are allocated to the relevant performance obligations in proportion to their estimated stand-alone selling prices. Revenue is recognised either over time or at a point in time, depending on the terms of the contract. The proportion of the transaction price allocated to construction is recognised at any given reporting date in proportion to the costs certified to date as a percentage of the total expected construction costs. The proportion of the transaction price allocated to the letting of the property is recognised at any given reporting date in proportion to the area subject to leases as a percentage of the total lettable space. Investment income Revenue in respect of investment and other income represents investment income, fees and commissions earned on an accruals basis and the fair value of the consideration received/receivable on investments held for the short term. Dividends are recognised when the Shareholders’ right to receive payment has been established. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate. Deferred income Money received in advance of the provision of goods or services is held in the Balance Sheet until the income can be recognised in the Income Statement. Share-Based Payments The Group provides share-based payments in the form of Performance Share Plan awards and a Share Incentive Plan. These payments are discussed in greater detail in the Directors’ Remuneration Report on pages 121 to 138. The fair values of share-based payments related to employees’ service are determined indirectly by reference to the fair value of the related instrument at the grant date. The Group uses a combination of the Black-Scholes, Chaffe and stochastic valuation models and the resulting value is amortised through the Income Statement over the vesting period of the share-based payments. For the Performance Share Plan and Share Incentive Plan awards, where market conditions apply, theexpense is allocated to the Income Statement evenly over the vesting period. For the Performance Share Plan and Share Incentive Plan awards, where non-market conditions apply, the expense is allocated, over the vesting period, to the Income Statement based on the best available estimate of the number of awards that are expected to vest. Estimates are subsequently revised if there is any indication that the number of awards expected to vest differs from previous estimates. The amount charged to the Income Statement is credited to the retained earnings reserve. Depreciation In accordance with IAS 40 Investment Property, depreciation is not provided for on freehold investment properties or on leasehold investment properties held at fair value. The Group does not own the freehold land and buildings which it occupies. Costs incurred in respect of leasehold improvements to the Group’s head office at 22 Ganton Street, London, W1F 7FD are capitalised and held as short-term leasehold improvements. Leasehold improvements, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Residual values are reassessed annually. Depreciation is charged so as to write off the cost of assets less residual value, over their estimated useful lives, using the straight-line method, on the following basis: Short leasehold improvements – Over the term of the lease or expected life of the assets if shorter Plant and equipment – 25% Taxation The taxation charge represents the sum of tax currently payable and deferred tax. The charge for current taxation is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using rates that have been enacted or substantively enacted by the Balance Sheet date. Tax payable upon realisation of revaluation gains recognised in prior periods is recorded as a current tax charge with a release of the associated deferred taxation. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in thecomputation of taxable profit and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable timing differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible timing differences can be utilised. The measurement of deferred tax assets and liabilities reflects the tax consequences of the manner in which the Group expects, at the Balance Sheet date, torecover or settle the carrying amount of those assets and liabilities. Such assets and liabilities are notrecognised if the timing differences arise from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit unless they give rise to equal and opposite taxable and deductible temporary differences. Notes to the Financial Statements continued Governance Financial Statements Further Information 183 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 38. Principal Accounting Policies continued Taxation continued The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. The deferred tax asset relating to share-based payment awards reflects the estimated value of tax relief available on the vesting of the awards at the Balance Sheet date. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. It is recognised in the Income Statement except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. The Group recognises a deferred tax liability for all taxable timing differences associated with investments in subsidiaries, associates and interests in joint ventures, except to the extent that both ofthe following conditions are satisfied: a)The Group is able to control the timing of the reversal of the timing difference; and b)It is probable that the timing difference will not reverse in the foreseeable future. Due to the Group’s REIT status, there were no current or deferred tax charges in the year to 31 March 2025. Dividends Dividend distributions to the Company’s Shareholders are recognised as a liability in the financial statements in the period in which dividends are approved. Investment Properties Investment properties are properties owned or leased by the Group which are held for long-term rental income and for capital appreciation. Investment properties are initially recognised at cost, including associated transaction costs, and subsequently at fair value adjusted for the carrying value of lease incentive and letting cost receivables. These fair values are based on market values as determined by professionally qualified external valuers or are determined by the Directors of the Group based on their knowledge of the property. In accordance with IAS 40 Investment Property, investment properties held under leases are stated gross of the recognised lease liability. Gains or losses arising from changes in the fair value of investment properties are recognised as gains orlosses on revaluation in the Income Statement of the period in which they arise. In accordance with IAS 40, as the Group uses the fair value model, no depreciation is provided in respect of investment properties including integral plant. Property that is being constructed or developed for future use as an investment property is treated as investment property in accordance with IAS 40. When the Group redevelops an existing investment property for continued future use as investment property, the property remains an investment property measured at fair value and is not reclassified. Interest is capitalised before tax relief until the date of practical completion. Details of the valuation of investment properties can be found in Note 14. Investment properties are derecognised on completion of sale. Included in investment property are right-of-use assets relating to leasehold investment property. Land and Developments Land and developments held for sale are inventory and are included in the Balance Sheet at the lower ofcost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs to completion and estimated costs necessary to make the sale. Gross borrowing costs associated with expenditure on properties under development or undergoing major refurbishment are capitalised. The interest capitalised is either based on the interest paid (where a project has a specific loan) or calculated using the Group’s weighted average cost of borrowings (where there are no specific borrowings for the project). Interest is capitalised from the date of commencement of the development work until date of practical completion. Assets Held for Sale Non-current assets whose disposals are considered highly probable are classified as assets held for sale. Where the non-current asset is an investment property, it is measured in accordance with IAS 40. Financial Assets Except for loans receivable within trade and other receivables, financial assets do not carry any interestand are stated initially at transaction price and subsequently at amortised cost as reduced by appropriate loss allowances. Loans receivable carry interest at the rate depicted in the contract. The loss allowance is based on the lifetime expected credit losses associated with the financial asset. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire or on transfer of the asset and of the associated risks and rewards to another party. Cash and Cash Equivalents Cash and cash equivalents are carried in the Balance Sheet at amortised cost. For the purposes of the Cash Flow Statement and Balance Sheet, cash and cash equivalents comprise cash in hand, deposits with banks, including rent deposits, cash held at solicitors, cash in blocked accounts and other short- term, highly liquid investments with original maturities of three months or less. Trade and Other Payables Trade and other payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost. The Group derecognises trade and other payable liabilities when they are extinguished, which occurs when the obligation associated with the liability is discharged, cancelled or expires. Notes to the Financial Statements continued Governance Financial Statements Further Information 184 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 38. Principal Accounting Policies continued Taxation continued The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. The deferred tax asset relating to share-based payment awards reflects the estimated value of tax relief available on the vesting of the awards at the Balance Sheet date. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. It is recognised in the Income Statement except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. The Group recognises a deferred tax liability for all taxable timing differences associated with investments in subsidiaries, associates and interests in joint ventures, except to the extent that both ofthe following conditions are satisfied: a)The Group is able to control the timing of the reversal of the timing difference; and b)It is probable that the timing difference will not reverse in the foreseeable future. Due to the Group’s REIT status, there were no current or deferred tax charges in the year to 31 March 2025. Dividends Dividend distributions to the Company’s Shareholders are recognised as a liability in the financial statements in the period in which dividends are approved. Investment Properties Investment properties are properties owned or leased by the Group which are held for long-term rental income and for capital appreciation. Investment properties are initially recognised at cost, including associated transaction costs, and subsequently at fair value adjusted for the carrying value of lease incentive and letting cost receivables. These fair values are based on market values as determined by professionally qualified external valuers or are determined by the Directors of the Group based on their knowledge of the property. In accordance with IAS 40 Investment Property, investment properties held under leases are stated gross of the recognised lease liability. Gains or losses arising from changes in the fair value of investment properties are recognised as gains orlosses on revaluation in the Income Statement of the period in which they arise. In accordance with IAS 40, as the Group uses the fair value model, no depreciation is provided in respect of investment properties including integral plant. Property that is being constructed or developed for future use as an investment property is treated as investment property in accordance with IAS 40. When the Group redevelops an existing investment property for continued future use as investment property, the property remains an investment property measured at fair value and is not reclassified. Interest is capitalised before tax relief until the date of practical completion. Details of the valuation of investment properties can be found in Note 14. Investment properties are derecognised on completion of sale. Included in investment property are right-of-use assets relating to leasehold investment property. Land and Developments Land and developments held for sale are inventory and are included in the Balance Sheet at the lower ofcost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs to completion and estimated costs necessary to make the sale. Gross borrowing costs associated with expenditure on properties under development or undergoing major refurbishment are capitalised. The interest capitalised is either based on the interest paid (where a project has a specific loan) or calculated using the Group’s weighted average cost of borrowings (where there are no specific borrowings for the project). Interest is capitalised from the date of commencement of the development work until date of practical completion. Assets Held for Sale Non-current assets whose disposals are considered highly probable are classified as assets held for sale. Where the non-current asset is an investment property, it is measured in accordance with IAS 40. Financial Assets Except for loans receivable within trade and other receivables, financial assets do not carry any interestand are stated initially at transaction price and subsequently at amortised cost as reduced by appropriate loss allowances. Loans receivable carry interest at the rate depicted in the contract. The loss allowance is based on the lifetime expected credit losses associated with the financial asset. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire or on transfer of the asset and of the associated risks and rewards to another party. Cash and Cash Equivalents Cash and cash equivalents are carried in the Balance Sheet at amortised cost. For the purposes of the Cash Flow Statement and Balance Sheet, cash and cash equivalents comprise cash in hand, deposits with banks, including rent deposits, cash held at solicitors, cash in blocked accounts and other short- term, highly liquid investments with original maturities of three months or less. Trade and Other Payables Trade and other payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost. The Group derecognises trade and other payable liabilities when they are extinguished, which occurs when the obligation associated with the liability is discharged, cancelled or expires. Notes to the Financial Statements continued Governance Financial Statements Further Information 184 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 38. Principal Accounting Policies continued Borrowing and Borrowing Costs Interest bearing bank loans are initially recorded at fair value, net of finance and other costs yet to be amortised, in accordance with IFRS 9, and subsequently at amortised cost. Borrowings are classified as current liabilities unless at the end of the reporting period the Group has aright to defer settlement of the liability for at least 12 months after the reporting period, in accordance with IAS 1. Borrowing costs directly attributable to the acquisition and construction of new developments and investment properties are added to the costs of such properties until the date of completion of the development or investment. After initial recognition borrowings are carried at amortised cost. Gains or losses on extinguishing debt are recognised in the Income Statement in the period in which theyoccur. Derivative Financial Instruments Derivative financial assets and financial liabilities are recognised on the Balance Sheet when the Group becomes a party to the contractual provisions of the instrument. The Group enters into derivative transactions such as interest rate swaps, caps and floors in order tomanage the risks arising from its activities. Derivatives are initially recorded at fair value and are subsequently remeasured to fair value based on market prices, estimated future cash flows and forward rates as appropriate. Any change in the fair value of such derivatives is recognised immediately in the Income Statement. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Further information on the categorisation of financial instruments can be found in Note 37. Leases The Group has leases for which it must account from the position of both a lessee and a lessor. Group as Lessee The Group assesses whether a contract is, or contains, a lease, at inception of a contract based on whether the contract conveys the right to control the use of an identified asset for a period of time inexchange for consideration. The Group has also elected to apply the following practical expedients: • To account for each lease component and any non-lease components as a single arrangement; • The exemption not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less; and • Leases of low value assets. The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. Thelease liability is initially measured at the present value of the lease payments that are not paid at thecommencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease liability is subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, ifthere is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The lease liability is presented as a separate line in the Consolidated and Company Balance Sheets. The right-of-use asset included in Property, Plant and Equipment is initially measured at the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. This will be assessed annually in line with IAS 36 Impairment of Assets. Group as Lessor Leases to tenants where substantially all the risks and rewards of ownership are retained by the Group asthe lessor are classified as operating leases. Payments made under operating leases, including prepayments, and net of any incentives provided by the Group, are recognised in the Income Statement on a straight-line basis over the period of the lease. Sub-leases are accounted for as finance leases and included within trade and other receivables. Interest receivable on a sub-lease is included in finance income. Gain/losses on entering into a sub-lease are recognised in other revenue. Notes to the Financial Statements continued Governance Financial Statements Further Information 185 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 38. Principal Accounting Policies continued Net Asset Values Per Share Net asset values per share have been calculated in accordance with the best practice recommendations of the European Public Real Estate Association (“EPRA”). Earnings Per Share Earnings per share have been calculated in accordance with IAS 33 Earnings per Share and the best practice recommendations of EPRA. Use of Judgements and Estimates To be able to prepare accounts according to accounting principles, management must make estimates and assumptions that affect the assets and liabilities and revenue and expense amounts recorded in the financial statements. These estimates are based on historical experience and other assumptions that management and the Board of Directors believe are reasonable under the particular circumstances. The results of these considerations form the basis for making judgements about the carrying value of assets and liabilities that are not readily available from other sources. Areas requiring the use of critical judgement and estimates that may significantly impact the Group’s earnings and financial position are: Significant Judgements The key areas are discussed below: Consideration of the nature of joint arrangements. In the context of IFRS 10 Consolidated Financial Statements, this involves consideration of where the control lies and whether either party has the power to vary its returns from the arrangements. In particular, significant judgement is exercised where the shareholding of the Group is not 50% (Note 18). IFRS 15 Revenue from Contracts with Customers requires management to make judgements in relation to the performance obligations of its contracts, the constraints of variable consideration, the allocation ofthe transaction price to the performance obligations and an assessment of satisfaction of the performance obligations. See Note 2. In the year to 31 March 2025, staff costs directly relating to development activities have been recognised in development cost of sales, rather than in administrative expenses as in the prior years. This adjustment is to align the disclosure of the development costs more appropriately with the value created by the Group’s employees with respect to its development activities. No adjustment has been made for the prior year when equivalent costs were not material. Key Sources of Estimation Uncertainty The key areas are discussed below: Valuation of investment properties. Discussion of the sensitivity of these valuations to changes in the equivalent yields and rental values is included in Note 14. As the values of investments in subsidiaries by the Company are, in part, supported by the underlying subsidiary’s property value, this is subject to the same estimation uncertainty. Estimates must be made as to the expected variable consideration under IFRS 15 Revenue from Contracts with Customers, which is dependent upon the rental values achieved and the quantum of construction costs incurred. At each reporting date, the expected value approach is used to estimate thetotal variable consideration. See Note 2. Consideration has been given to climate risk but it has been concluded that it does not give rise to material new sources of estimation uncertainty. Notes to the Financial Statements continued Governance Financial Statements Further Information 186 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 38. Principal Accounting Policies continued Net Asset Values Per Share Net asset values per share have been calculated in accordance with the best practice recommendations of the European Public Real Estate Association (“EPRA”). Earnings Per Share Earnings per share have been calculated in accordance with IAS 33 Earnings per Share and the best practice recommendations of EPRA. Use of Judgements and Estimates To be able to prepare accounts according to accounting principles, management must make estimates and assumptions that affect the assets and liabilities and revenue and expense amounts recorded in the financial statements. These estimates are based on historical experience and other assumptions that management and the Board of Directors believe are reasonable under the particular circumstances. The results of these considerations form the basis for making judgements about the carrying value of assets and liabilities that are not readily available from other sources. Areas requiring the use of critical judgement and estimates that may significantly impact the Group’s earnings and financial position are: Significant Judgements The key areas are discussed below: Consideration of the nature of joint arrangements. In the context of IFRS 10 Consolidated Financial Statements, this involves consideration of where the control lies and whether either party has the power to vary its returns from the arrangements. In particular, significant judgement is exercised where the shareholding of the Group is not 50% (Note 18). IFRS 15 Revenue from Contracts with Customers requires management to make judgements in relation to the performance obligations of its contracts, the constraints of variable consideration, the allocation ofthe transaction price to the performance obligations and an assessment of satisfaction of the performance obligations. See Note 2. In the year to 31 March 2025, staff costs directly relating to development activities have been recognised in development cost of sales, rather than in administrative expenses as in the prior years. This adjustment is to align the disclosure of the development costs more appropriately with the value created by the Group’s employees with respect to its development activities. No adjustment has been made for the prior year when equivalent costs were not material. Key Sources of Estimation Uncertainty The key areas are discussed below: Valuation of investment properties. Discussion of the sensitivity of these valuations to changes in the equivalent yields and rental values is included in Note 14. As the values of investments in subsidiaries by the Company are, in part, supported by the underlying subsidiary’s property value, this is subject to the same estimation uncertainty. Estimates must be made as to the expected variable consideration under IFRS 15 Revenue from Contracts with Customers, which is dependent upon the rental values achieved and the quantum of construction costs incurred. At each reporting date, the expected value approach is used to estimate thetotal variable consideration. See Note 2. Consideration has been given to climate risk but it has been concluded that it does not give rise to material new sources of estimation uncertainty. Notes to the Financial Statements continued Governance Financial Statements Further Information 186 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 39. Subsidiary and Related Undertakings The Company’s subsidiary and related undertakings are listed below. Except where otherwise indicated all undertakings are incorporated, registered and operate in the United Kingdom at 22 Ganton Street, London, W1F 7FD. The share capital of each of the companies, where applicable, is comprised of ordinary shares unless otherwise stated. Company Direct/Indirect Ultimate %Active subsidiaries11 207 OLD STREET UNIT TRUSTIndirect 100%12 211 OLD STREET UNIT TRUSTIndirect 100%#3 AYCLIFFE AND PETERLEE DEVELOPMENT COMPANY LIMITEDDirect 100%#4 AYCLIFFE AND PETERLEE INVESTMENT COMPANY LIMITEDDirect 100%3 #5 EMBANKMENT PLACE (LP) LIMITEDDirect 100%#6 HB SAWSTON NO 3 LIMITEDDirect 100%#7 HELICAL BICYCLE 2 LIMITEDIndirect 100%18 HELICAL (CS HOLDINGS) JERSEY LIMITEDDirect 100%19 HELICAL (CS) JERSEY LIMITEDIndirect 100%110 HELICAL (OS HOLDCO) JERSEY LIMITEDIndirect 100%#11 HELICAL (POWER ROAD) LIMITEDDirect 100%12 HELICAL (WHITECHAPEL) LIMITED Indirect 100%#13 HELICAL BAR (WALES) LIMITEDIndirect 100%1 #14 HELICAL FARRINGDON EAST (JERSEY) LIMITEDDirect 100%#15 HELICAL FINANCE (AV) LIMITEDDirect 100%16 HELICAL FINANCE (RBS) LIMITED Direct 100%117 HELICAL JERSEY HOLDINGS LIMITEDDirect 100%118 HELICAL JERSEY INVESTMENT HOLDINGS LIMITEDDirect 100%119 HELICAL OLD STREET JERSEY HOLDINGS LIMITEDDirect 100%120 HELICAL OLD STREET JERSEY LIMITEDIndirect 100%#21 HELICAL PLATINUM LIMITEDDirect 100%22 HELICAL PROPERTIES LIMITED Direct 100%#23 HELICAL PROPERTIES INVESTMENT LIMITEDDirect 100%24 HELICAL RETAIL LIMITED Direct 100%25 HELICAL SERVICES LIMITED Direct 100%26 METROPOLIS PROPERTY LIMITED Indirect 100%127 OLD STREET UNITHOLDER NO 1 LIMITEDIndirect 100%128 OLD STREET UNITHOLDER NO 2 LIMITEDIndirect 100%#29 HELICAL PLATINUM DEVELOPMENT LIMITEDIndirect 100%#30 HELICAL PLATINUM MANAGEMENT LIMITEDIndirect 100% # Denotes the subsidiaries that have taken exemption from audit under s479a of the Companies Act 2006. Company Direct/Indirect Ultimate %Active joint ventures 1 ABBEYGATE HELICAL (LEISURE PLAZA) LIMITED Direct 50%12 BARTS CLOSE OFFICE LIMITEDIndirect 33%13 BARTS ONE LIMITEDIndirect 33%14 BARTS SQUARE ACTIVE ONE LIMITEDIndirect 33%5 BARTS SQUARE FIRST LIMITED Indirect 33%16 BARTS SQUARE FIRST OFFICE LIMITEDIndirect 33%17 BARTS SQUARE FIRST RESIDENTIAL LIMITEDIndirect 33%8 BARTS SQUARE LAND ONE LIMITED Indirect 33%19 BARTS TWO LIMITEDIndirect 33%210 BARTS, L.P.Indirect 33%11 HASLUCKS GREEN LIMITED Indirect 50%12 HELICAL BICYCLE 1 LIMITED Direct 50%13 HELICAL BICYCLE 3 LIMITED Indirect 50%14 HELICAL BICYCLE DEVELOPMENT LIMITED Indirect 50%15 OBC DEVELOPMENT MANAGEMENT LIMITED Indirect 33%16 PLATINUM HOLDCO LIMITED Indirect 51%17 PLATINUM KWS LIMITED Indirect 51%18 PLATINUM SOUTHWARK LIMITED Indirect 51%19 PLATINUM PADDINGTON LIMITED Indirect 51%20 SHIRLEY ADVANCE LLP Indirect 50% Notes to the Financial Statements continued Governance Financial Statements Further Information 187 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 39. Subsidiary and Related Undertakings continued Company Direct/Indirect Ultimate % Dormant subsidiaries and joint ventures1 ABBEYGATE HELICAL (C4.1) LLP Direct 50%2 BARTS SQUARE SECOND LIMITED Indirect 33%43 FPM 100 NEW BRIDGE STREET LIMITEDIndirect 100%4 HB SAWSTON NO. 1 LIMITED Direct 100%5 HB SAWSTON NO. 2 LIMITED Direct 100%6 HB SAWSTON NO. 4 LIMITED Direct 100%7 HELICAL (CHART) LIMITED Direct 100%8 HELICAL (CHURCHGATE) LIMITED Indirect 100%9 HELICAL (DALE HOUSE) LIMITED Direct 100%10 HELICAL (HAILSHAM) LIMITED Indirect 100%11 HELICAL (NQ) LIMITED Direct 100%12 HELICAL (WEST LONDON) LIMITED Direct 100%13 HELICAL BAR (ST VINCENT STREET) LIMITED Direct 100%14 HELICAL BAR DEVELOPMENTS (SOUTH EAST) LIMITED Direct 100%15 HELICAL BAR LIMITED Direct 100%16 HELICAL BAR TRUSTEES LIMITED Direct 100%17 HELICAL GROUP LIMITED Direct 100%18 HELICAL REGISTRARS LIMITED Direct 100%19 ROPEMAKER PARK MANAGEMENT COMPANY LIMITED Indirect 100%20 SCBP MANAGEMENT COMPANY LIMITED Indirect 75% Registered offices: 1 1 Waverley Place, Union Street, St Helier, Jersey JE4 8SG. 2 c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington DE 19808, United States. 3 c/o Dentons, 1 George Square, Glasgow G2 1AL. 4 PO Box 146, Level 2 Park Place, St Peters Port, Guernsey GY1 3HZ. Notes: * No shares in issue in the Unit Trusts. The registered office address is that of the appropriate trustee. ** Limited by guarantee. Notes to the Financial Statements continued Governance Financial Statements Further Information 188 HELICAL PLC Annual Report & Accounts 2025 Strategic Report 39. Subsidiary and Related Undertakings continued Company Direct/Indirect Ultimate % Dormant subsidiaries and joint ventures 1 ABBEYGATE HELICAL (C4.1) LLP Direct 50% 2 BARTS SQUARE SECOND LIMITED Indirect 33% 3 FPM 100 NEW BRIDGE STREET LIMITED 4 Indirect 100% 4 HB SAWSTON NO. 1 LIMITED Direct 100% 5 HB SAWSTON NO. 2 LIMITED Direct 100% 6 HB SAWSTON NO. 4 LIMITED Direct 100% 7 HELICAL (CHART) LIMITED Direct 100% 8 HELICAL (CHURCHGATE) LIMITED Indirect 100% 9 HELICAL (DALE HOUSE) LIMITED Direct 100% 10 HELICAL (HAILSHAM) LIMITED Indirect 100% 11 HELICAL (NQ) LIMITED Direct 100% 12 HELICAL (WEST LONDON) LIMITED Direct 100% 13 HELICAL BAR (ST VINCENT STREET) LIMITED Direct 100% 14 HELICAL BAR DEVELOPMENTS (SOUTH EAST) LIMITED Direct 100% 15 HELICAL BAR LIMITED Direct 100% 16 HELICAL BAR TRUSTEES LIMITED Direct 100% 17 HELICAL GROUP LIMITED Direct 100% 18 HELICAL REGISTRARS LIMITED Direct 100% 19 ROPEMAKER PARK MANAGEMENT COMPANY LIMITED Indirect 100% 20 SCBP MANAGEMENT COMPANY LIMITED Indirect 75% Registered offices: 1 1 Waverley Place, Union Street, St Helier, Jersey JE4 8SG. 2 c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington DE 19808, United States. 3 c/o Dentons, 1 George Square, Glasgow G2 1AL. 4 PO Box 146, Level 2 Park Place, St Peters Port, Guernsey GY1 3HZ. Notes: * No shares in issue in the Unit Trusts. The registered office address is that of the appropriate trustee. ** Limited by guarantee. Notes to the Financial Statements continued Governance Financial Statements Further Information 188 HELICAL PLC Annual Report & Accounts 2025 Strategic Report All appendices are unaudited. Helical holds a significant proportion of its property assets in joint ventures with partners that provide a significant equity contribution, whilst relying on the Group to provide asset management or development expertise. Accounting convention requires Helical to account for our share of the net results and net assets of joint ventures in limited detail in the Income Statement and Balance Sheet. Net asset value pershare, a key performance measure used in the real estate industry, as reported in the financial statements under IFRS, does not provide Shareholders with the most relevant information on the fair value of assets and liabilities within an ongoing real estate company with a long-term investment strategy. This analysis incorporates the separate components of the results of the consolidated subsidiaries and Helical’s share of its joint ventures’ results into a “see-through” analysis of our property portfolio, debt profile and the associated income streams and financing costs, to assist in providing a comprehensive overview of the Group’s activities. See-Through Net Rental Income Helical’s share of the gross rental income, head rents payable and property overheads from property assets held in subsidiaries and in joint ventures is shown in the table below: Year ended 31.3.25 £000 Year ended 31.3.24 £000 Gross rental income – subsidiaries 21,237 27,514 – joint ventures 3,704 2,004 Total gross rental income 24,941 29,518 Rents payable – subsidiaries (17) (224) Property overheads – subsidiaries (4,989) (2,580) – joint ventures (366) (1,209) See-through net rental income 19,569 25,505 See-Through Net Development Profits Helical’s share of development profits from property assets held in subsidiaries and in joint ventures is shown in the table below: Year ended 31.3.25 £000 Year ended 31.3.24 £000 In parent and subsidiaries 299 (246) In joint ventures (23) 659 See-through development profits 276 413 See-Through Net Gain on Sale and Revaluation of Investment Properties Helical’s share of the net gain on the sale and revaluation of investment properties held in subsidiaries and joint ventures is shown in the table below. Year ended 31.3.25 £000 Year ended 31.3.24 £000 Revaluation surplus /(deficit) on investment properties – subsidiaries 2,642 (181,213) – joint ventures 22,531 (5,933) Total revaluation surplus/(deficit) 25,173 (187,146) Net gain/(loss) on sale of investment properties – subsidiaries 9,376 – – joint ventures (2,315) (1,468) Total net gain/(loss) on sale of investment properties 7,061 (1,468) See-through net gain/(loss) on sale and revaluation of investment properties 32,234 (188,614) See-Through Administrative Expenses Helical’s share of the administration expenses incurred in subsidiaries and joint ventures is shown in the table below: Year ended 31.3.25 £000 Year ended 31.3.24 £000 Administration expenses – subsidiaries 9,357 9,731 – joint ventures 229 338 Transfer to development staff costs – subsidiaries (1,945) – Total administrative expenses 7,641 10,069 Performance related awards, including NIC – subsidiaries 3,293 1,280 Total performance related awards, including NIC 3,293 1,280 See-through administrative expenses 10,934 11,349 Appendix 1 – See-through analysis Governance Financial Statements Further Information 189 HELICAL PLC Annual Report & Accounts 2025 Strategic Report See-Through Net Finance Costs Helical’s share of the interest payable, finance charges, capitalised interest and interest receivable on bank borrowings and cash deposits in subsidiaries and joint ventures is shown in the table below. Year ended 31.3.25 £000 Year ended 31.3.24 £000 Interest payable on bank loans and overdrafts – subsidiaries 5,083 5,493 – joint ventures 2,018 3,012 Total interest payable on bank loans and overdrafts 7,101 8,505 Other interest payable and similar charges – subsidiaries 1,916 3,115 – joint ventures 108 211 Cancellation of loans – subsidiaries 2,145 – Interest capitalised – joint ventures (380) – Total finance costs 10,890 11,831 Interest receivable and similar income – subsidiaries (1,671) (661) – joint ventures (38) (43) See-through net finance costs 9,181 11,127 See-Through Property Portfolio Helical’s share of the investment, land and development property portfolio in subsidiaries and joint ventures is shown in the table below. 31.3.25 £000 31.3.24 £000 Investment property fair value – subsidiaries 379,900 479,600 – joint ventures 155,495 138,250 Assets held for sale – subsidiaries – 42,761 Total investment property fair value 535,395 660,611 Land and development stock – subsidiaries 139 28 – joint ventures 4,572 1,321 Total land and development stock 4,711 1,349 Total land and development stock surplus – subsidiaries 302 302 Total land and development stock at fair value 5,013 1,651 See-through property portfolio 540,408 662,262 See-Through Net Borrowings Helical’s share of borrowings and cash deposits in subsidiaries and joint ventures is shown in the tablebelow. 31.3.25 £000 31.3.24 £000 Gross borrowings more than one year – subsidiaries 173,730 227,634 – joint ventures 18,040 65,644 Total 191,770 293,278 Cash and cash equivalents – subsidiaries (76,499) (28,633) – joint ventures (2,478) (3,064) Total cash and cash equivalents (78,977) (31,697) See-through net borrowings 112,793 261,581 See-Through Gearing and Loan to Value 31.3.25 £000 31.3.24 £000 See-through property portfolio 540,408 662,262 See-through net borrowings 112,793 261,581 Net assets 426,094 401,075 See-through net gearing 26.5% 65.2% See-through loan to value 20.9% 39.5% Appendix 1 – See-through analysis continued Governance Financial Statements Further Information 190 HELICAL PLC Annual Report & Accounts 2025 Strategic Report See-Through Net Finance Costs Helical’s share of the interest payable, finance charges, capitalised interest and interest receivable on bank borrowings and cash deposits in subsidiaries and joint ventures is shown in the table below. Year ended 31.3.25 £000 Year ended 31.3.24 £000 Interest payable on bank loans and overdrafts – subsidiaries 5,083 5,493 – joint ventures 2,018 3,012 Total interest payable on bank loans and overdrafts 7,101 8,505 Other interest payable and similar charges – subsidiaries 1,916 3,115 – joint ventures 108 211 Cancellation of loans – subsidiaries 2,145 – Interest capitalised – joint ventures (380) – Total finance costs 10,890 11,831 Interest receivable and similar income – subsidiaries (1,671) (661) – joint ventures (38) (43) See-through net finance costs 9,181 11,127 See-Through Property Portfolio Helical’s share of the investment, land and development property portfolio in subsidiaries and joint ventures is shown in the table below. 31.3.25 £000 31.3.24 £000 Investment property fair value – subsidiaries 379,900 479,600 – joint ventures 155,495 138,250 Assets held for sale – subsidiaries – 42,761 Total investment property fair value 535,395 660,611 Land and development stock – subsidiaries 139 28 – joint ventures 4,572 1,321 Total land and development stock 4,711 1,349 Total land and development stock surplus – subsidiaries 302 302 Total land and development stock at fair value 5,013 1,651 See-through property portfolio 540,408 662,262 See-Through Net Borrowings Helical’s share of borrowings and cash deposits in subsidiaries and joint ventures is shown in the tablebelow. 31.3.25 £000 31.3.24 £000 Gross borrowings more than one year – subsidiaries 173,730 227,634 – joint ventures 18,040 65,644 Total 191,770 293,278 Cash and cash equivalents – subsidiaries (76,499) (28,633) – joint ventures (2,478) (3,064) Total cash and cash equivalents (78,977) (31,697) See-through net borrowings 112,793 261,581 See-Through Gearing and Loan to Value 31.3.25 £000 31.3.24 £000 See-through property portfolio 540,408 662,262 See-through net borrowings 112,793 261,581 Net assets 426,094 401,075 See-through net gearing 26.5% 65.2% See-through loan to value 20.9% 39.5% Appendix 1 – See-through analysis continued Governance Financial Statements Further Information 190 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Total Accounting Return Year ended 31.3.25 £000 Year ended 31.3.24 £000 Brought forward IFRS net assets 401,075 608,675 Carried forward IFRS net assets 426,094 401,075 Increase/(decrease) in IFRS net assets 25,019 (207,600) Dividends paid 4,026 14,423 Total Accounting Return 29,045 (193,177) Total Accounting Return (%) 7.2% (31.7)% Total Accounting Return on EPRA Net Tangible Assets Year ended 31.3.25 £000 Year ended 31.3.24 £000 Brought forward EPRA net tangible assets 406,468 613,455 Carried forward EPRA net tangible assets 428,186 406,468 Increase/(decrease) in EPRA net tangible assets 21,718 (206,987) Dividends paid 4,026 14,423 EPRA Total Accounting Return 25,744 (192,564) EPRA Total Accounting Return (%) 6.3% (31.4)% Total Property Return Year ended 31.3.25 £000 Year ended 31.3.24 £000 See-through net rental income 19,569 25,505 See-through development profits 276 413 See-through revaluation surplus/(deficit) 25,173 (187,146) See-through net gain/(loss) on sale of investment properties 7,061 (1,468) Total Property Return 52,079 (162,696) Appendix 2 – Total Accounting Return and Total Property Return Governance Financial Statements Further Information 191 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Income Statements Year ended 31.3.25 £000 Year ended 31.3.24 £000 Year ended 31.3.23 £000 Year ended 31.3.22 £000 Year ended 31.3.21 £000 Revenue 31,962 39,905 49,848 51,146 38,596 Net rental income 16,231 24,710 34,306 31,086 24,965 Development property profit/(loss) 299 (246) 2,005 3,519 678 (Provisions)/reversal of provisions – – (30) 2,285 (82) Share of results of joint ventures 20,825 (9,310) 3,494 20,708 2,352 Other operating income 43 991 – 28 48 37,398 16,145 39,775 57,626 27,961 Gain/(loss) on sale of investment properties 9,376 – 4,564 (45) (1,341) Revaluation surplus/(deficit) on investment properties 2,642 (181,213) (97,854) 33,311 19,387 Administrative expenses excluding performance related awards (7,412) (9,731) (9,845) (9,598) (9,276) Performance related awards (including NIC) (3,293) (1,280) (2,990) (7,170) (5,140) Finance costs (9,144) (8,608) (11,192) (19,234) (14,079) Finance income 1,671 661 274 6 58 Change in fair value of derivative financial instruments (3,289) (5,609) 12,757 17,996 2,938 Profit/(loss) before tax 27,949 (189,635) (64,511) 72,892 20,508 Tax on profit/(loss) on ordinary activities – (179) – 16,002 (2,631) Profit/(loss) after tax 27,949 (189,814) (64,511) 88,894 17,877 Appendix 3 – Five Year Review Governance Financial Statements Further Information 192 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Income Statements Year ended 31.3.25 £000 Year ended 31.3.24 £000 Year ended 31.3.23 £000 Year ended 31.3.22 £000 Year ended 31.3.21 £000 Revenue 31,962 39,905 49,848 51,146 38,596 Net rental income 16,231 24,710 34,306 31,086 24,965 Development property profit/(loss) 299 (246) 2,005 3,519 678 (Provisions)/reversal of provisions – – (30) 2,285 (82) Share of results of joint ventures 20,825 (9,310) 3,494 20,708 2,352 Other operating income 43 991 – 28 48 37,398 16,145 39,775 57,626 27,961 Gain/(loss) on sale of investment properties 9,376 – 4,564 (45) (1,341) Revaluation surplus/(deficit) on investment properties 2,642 (181,213) (97,854) 33,311 19,387 Administrative expenses excluding performance related awards (7,412) (9,731) (9,845) (9,598) (9,276) Performance related awards (including NIC) (3,293) (1,280) (2,990) (7,170) (5,140) Finance costs (9,144) (8,608) (11,192) (19,234) (14,079) Finance income 1,671 661 274 6 58 Change in fair value of derivative financial instruments (3,289) (5,609) 12,757 17,996 2,938 Profit/(loss) before tax 27,949 (189,635) (64,511) 72,892 20,508 Tax on profit/(loss) on ordinary activities – (179) – 16,002 (2,631) Profit/(loss) after tax 27,949 (189,814) (64,511) 88,894 17,877 Appendix 3 – Five Year Review Governance Financial Statements Further Information 192 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Balance Sheets Year ended 31.3.25 £000 Year ended 31.3.24 £000 Year ended 31.3.23 £000 Year ended 31.3.22 £000 Year ended 31.3.21 £000 Investment portfolio at fair value 379,900 479,600 693,550 961,500 756,875 Land, trading properties and developments 139 28 28 2,089 448 Assets held for sale – 42,761 – – – Group’s share of investment properties held by joint ventures 155,495 138,250 145,975 135,820 82,516 Group’s share of land, trading and development properties held by joint ventures 4,572 1,321 539 8,349 16,545 Group’s share of land and development property surpluses 302 302 302 302 578 Group’s share of total properties at fair value 540,408 662,262 840,394 1,108,060 856,962 Net debt 97,231 199,001 175,752 353,149 169,476 Group’s share of net debt of joint ventures 15,562 62,580 55,667 35,111 11,688 Group’s share of net debt 112,793 261,581 231,419 388,260 181,164 Net assets 426,094 401,075 608,675 687,043 608,161 EPRA net tangible assets value 428,186 406,468 613,455 713,279 658,663 Dividend per ordinary share paid 3.28p 11.75p 11.30p 10.30p 8.70p Dividend per ordinary share declared 5.00p 4.83p 11.75p 11.15p 10.10p EPRA earnings/(loss) per ordinary share 2.2p 3.5p 9.4p 5.2p (1.8)p EPRA net tangible assets per share 348p 331p 493p 572p 533p Appendix 3 – Five Year Review continued Governance Financial Statements Further Information 193 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Appendix 4 – Property Portfolio Property Portfolio Property Description Area sq ft (NIA) Vacancy rate at 31 March 2025 % Vacancy rate at 31 March 2024 % Completed properties The Warehouse & Studio, The Bower, EC1 Multi-let office building 151,439 8.2 0.0 The Tower, The Bower, EC1 Multi-let office building 182,337 27.7 16.0 The Loom, E1 Multi-let office building 109,800 28.6 34.9 The JJ Mack Building, EC1 Multi-let office building n/a n/a 32.7 25 Charterhouse Street, EC1 Multi-let office building n/a n/a 15.2 The Power House, W4 Single-let recording studios/office building n/a n/a 0.0 443,576 21.3 17.6 * Disposed of during the year. Area sq ft (NIA) Estimated completion date Development pipeline 100 New Bridge Street, EC4 Existing office building being redeveloped 194,500 Q2 2026 10 King William Street, EC4 Over-station office development 142,000 Q4 2026 Brettenham House, WC2 Existing office building being redeveloped 128,000 Q2 2026 Governance Financial Statements Further Information 194 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Appendix 4 – Property Portfolio Property Portfolio Property Description Area sq ft (NIA) Vacancy rate at 31 March 2025 % Vacancy rate at 31 March 2024 % Completed properties The Warehouse & Studio, The Bower, EC1 Multi-let office building 151,439 8.2 0.0 The Tower, The Bower, EC1 Multi-let office building 182,337 27.7 16.0 The Loom, E1 Multi-let office building 109,800 28.6 34.9 The JJ Mack Building, EC1 Multi-let office building n/a n/a 32.7 25 Charterhouse Street, EC1 Multi-let office building n/a n/a 15.2 The Power House, W4 Single-let recording studios/office building n/a n/a 0.0 443,576 21.3 17.6 * Disposed of during the year. Area sq ft (NIA) Estimated completion date Development pipeline 100 New Bridge Street, EC4 Existing office building being redeveloped 194,500 Q2 2026 10 King William Street, EC4 Over-station office development 142,000 Q4 2026 Brettenham House, WC2 Existing office building being redeveloped 128,000 Q2 2026 Governance Financial Statements Further Information 194 HELICAL PLC Annual Report & Accounts 2025 Strategic Report The European Public Real Estate Association (“EPRA”) Best Practice Recommendations set out a number of EPRA Performance Measures (“EPMs”) to aid comparability in reporting across property companies. The principal EPMs applicable to the Group are set out below: EPRA performance measure Definition Note 31.3.25 31.3.24 EPRA Earnings per share Earnings per share from operational activities. 13 2.2p 3.5p EPRA NRV Net asset value adjusted to reflect the value required to rebuild the entity and assuming that entities never sell assets. Assets and liabilities, such as fair value movements on financial derivatives, that are not expected to crystallise in normal circumstances and deferred taxes on property valuation surpluses are excluded. 35 364p 349p EPRA NTA Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax, but excludes assets and liabilities, such as fair value movements on financial derivatives, that are not expected to crystallise in normal circumstances and deferred taxes on property valuation surpluses are excluded. 35 348p 331p EPRA NDV EPRA NAV adjusted to include the fair values of financial instruments, debt and deferred taxes. 35 347p 327p EPRA NIY Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers’ costs. 4.6% 3.5% EPRA Topped Up NIY This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents). 5.0% 5.1% EPRA Vacancy Rate Estimated Market Rental Value (“ERV”) of vacant space divided by ERV of the whole portfolio. 26.3% 12.6% EPRA Cost Ratios (including direct vacancy costs) Administrative and operating costs (including vacancy costs) divided by the gross rental income. 64.8% 56.8% EPRA Cost Ratios (excluding direct vacancy costs) Administrative and operating costs (excluding vacancy costs) divided by the gross rental income. 55.9% 50.1% EPR A LT V Debt divided by market value of the property. 24.2% 41.1% The note references provide the calculation of the associated measure. Other measures are calculated as shown overleaf: Appendix 5 – EPRA Performance Measures Governance Financial Statements Further Information 195 HELICAL PLC Annual Report & Accounts 2025 Strategic Report EPRA Net Initial Yield and EPRA Topped Up Net Initial Yield 31.3.25 £000 31.3.24 £000 Investment property at fair value – subsidiaries 379,900 479,550 – joint ventures 155,495 138,250 Less: Properties under construction (155,495) – Less: Undeveloped land (100) (100) Completed property portfolio 379,800 617,700 Allowance for estimated purchaser’s costs of 6.8% 25,826 42,004 Grossed up completed property portfolio 405,626 659,704 Passing rent net of head rents 18,653 23,281 EPRA NIY 4.6% 3.5% Topped up annualised net rents 20,127 32,998 EPRA Topped Up NIY 5.0% 5.1% Excludes non-core properties and properties under construction EPRA Vacancy Rate 31.3.25 £000 31.3.24 £000 ERV of vacant space 7,702 7,674 ERV of total portfolio 29,325 60,767 EPRA Vacancy Rate 26.3% 12.6% EPRA Cost Ratios 31.3.25 £000 31.3.24 £000 Administrative expenses 10,705 11,011 Property overheads (including ground rents payable) 5,006 2,580 Head rents payable (17) (224) Development management fees (127) 860 Share of joint ventures’ expenses 595 1,547 EPRA costs including direct vacancy costs 16,162 15,774 Direct vacancy costs (2,234) (1,840) EPRA costs excluding direct vacancy costs 13,928 13,934 Gross rental income 21,237 27,514 Head rents payable (17) – Share of joint ventures’ rental income less head rents 3,704 279 Adjusted gross rental income 24,924 27,793 EPRA cost ratio including direct costs 64.8% 56.8% EPRA cost ratio excluding direct costs 55.9% 50.1% Appendix 5 – EPRA Performance Measures continued Governance Financial Statements Further Information 196 HELICAL PLC Annual Report & Accounts 2025 Strategic Report EPRA Net Initial Yield and EPRA Topped Up Net Initial Yield 31.3.25 £000 31.3.24 £000 Investment property at fair value – subsidiaries 379,900 479,550 – joint ventures 155,495 138,250 Less: Properties under construction (155,495) – Less: Undeveloped land (100) (100) Completed property portfolio 379,800 617,700 Allowance for estimated purchaser’s costs of 6.8% 25,826 42,004 Grossed up completed property portfolio 405,626 659,704 Passing rent net of head rents 18,653 23,281 EPRA NIY 4.6% 3.5% Topped up annualised net rents 20,127 32,998 EPRA Topped Up NIY 5.0% 5.1% Excludes non-core properties and properties under construction EPRA Vacancy Rate 31.3.25 £000 31.3.24 £000 ERV of vacant space 7,702 7,674 ERV of total portfolio 29,325 60,767 EPRA Vacancy Rate 26.3% 12.6% EPRA Cost Ratios 31.3.25 £000 31.3.24 £000 Administrative expenses 10,705 11,011 Property overheads (including ground rents payable) 5,006 2,580 Head rents payable (17) (224) Development management fees (127) 860 Share of joint ventures’ expenses 595 1,547 EPRA costs including direct vacancy costs 16,162 15,774 Direct vacancy costs (2,234) (1,840) EPRA costs excluding direct vacancy costs 13,928 13,934 Gross rental income 21,237 27,514 Head rents payable (17) – Share of joint ventures’ rental income less head rents 3,704 279 Adjusted gross rental income 24,924 27,793 EPRA cost ratio including direct costs 64.8% 56.8% EPRA cost ratio excluding direct costs 55.9% 50.1% Appendix 5 – EPRA Performance Measures continued Governance Financial Statements Further Information 196 HELICAL PLC Annual Report & Accounts 2025 Strategic Report EPR A LT V 31.3.25 £000 31.3.24 £000 Borrowings – subsidiaries , , – joint ventures , , Net payables – subsidiaries , , – joint ventures , , Owner occupied property – subsidiaries , , Cash – subsidiaries (,) (,) – joint ventures (,) (,) Net debt , , Owner occupied property – subsidiaries , , Investment properties – subsidiaries , , – joint ventures , , Asset held for sale – subsidiaries – , Stock – subsidiaries   – joint ventures , , Total property value , , LT V .% .% Below is a table setting out in greater detail the types of capital expenditure made by the Group during the year: Year ended 31.3.25 £000 Year ended 31.3.24 £000 Existing portfolio , , Total capital expenditure , , There were no (2024: nil) new investment properties purchased during the year. All of the expenditure on the existing portfolio was made on the London portfolio. Appendix 5 – EPRA Performance Measures continued Governance Financial Statements Further Information 197 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Glossary B Building Research Establishment Environmental Assessment Methodology (“BREEAM”) Building Research Establishment method of assessing, rating and certifying the sustainability of building. C Capital value (“psf”) The open market value of the property divided by the area of the property in square feet. CDP Carbon Disclosure Project. Company Helical plc. Compound Annual Growth Rate (“CAGR”) The annualised average growth rate. D Diluted figures Reported amounts adjusted to include the effects of potential shares issuable under the Director and employee remuneration schemes. E Earnings per share (“EPS”) Profit after tax divided by the weighted average number of ordinary shares in issue. EPC Energy Performance Certificate. EPRA European Public Real Estate Association. EPRA earnings per share Earnings per share adjusted to exclude gains/ losses on sale and revaluation of investment properties and their deferred tax adjustments, thetax on profit/loss on disposal of investment properties, trading property profits/losses, movement in fair value of available-for-sale assets and fair value movements on derivative financial instruments, on an undiluted basis. Details of the method of calculation of the EPRA earnings per share are available from EPRA (see Note 13). EPRA net disposal value per share Represents the Shareholders’ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax (see Note 35). EPRA net reinstatement value per share Net asset value adjusted to reflect the value required to rebuild the entity and assuming that entities never sell assets. Assets and liabilities, such as fair value movements on financial derivatives, that are not expected to crystallise in normal circumstances and deferred taxes on property valuation surpluses are excluded (see Note 35). EPRA net tangible assets per share Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax, but excludes assets and liabilities, such as fair value movements on financial derivatives, that are not expected to crystallise in normal circumstances and deferred taxes on property valuation surpluses are excluded (see Note 35). EPRA topped-up NIY The current annualised rent, net of costs, topped- up for contracted uplifts, expressed as a percentage of the fair value of the relevant property. Estimated rental value (“ERV”) The market rental value of lettable space as estimated by the Group’s valuers at each Balance Sheet date. G Gearing Total borrowings less short-term deposits and cash as a percentage of net assets. GRESB Global Real Estate Sustainability Benchmark. Group Helical plc together with its subsidiary undertakings. I Initial yield Annualised net passing rents on investment properties as a percentage of their open marketvalue. J Joint Venture (“JV”) A collaborative business arrangement where two or more parties combine their resources, expertise and capital to undertake a real estate project, such as development, acquisition, or management. L Like-for-like valuation change The valuation gain/loss, net of capital expenditure, on those properties held at both the previous and current reporting period end, as a proportion of the fair value of those properties at the beginning of the reporting period plus net capital expenditure. M MSCI INC. (“MSCI IPD”) MSCI INC. is a company that produces independent benchmarks of property returns using its Investment Property Databank (“IPD”). N Net asset value per share (“NAV”) Net assets divided by the number of ordinary shares at the Balance Sheet date (see Note 35). Governance Financial Statements Further Information 198 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Glossary B Building Research Establishment Environmental Assessment Methodology (“BREEAM”) Building Research Establishment method of assessing, rating and certifying the sustainability of building. C Capital value (“psf”) The open market value of the property divided by the area of the property in square feet. CDP Carbon Disclosure Project. Company Helical plc. Compound Annual Growth Rate (“CAGR”) The annualised average growth rate. D Diluted figures Reported amounts adjusted to include the effects of potential shares issuable under the Director and employee remuneration schemes. E Earnings per share (“EPS”) Profit after tax divided by the weighted average number of ordinary shares in issue. EPC Energy Performance Certificate. EPRA European Public Real Estate Association. EPRA earnings per share Earnings per share adjusted to exclude gains/ losses on sale and revaluation of investment properties and their deferred tax adjustments, thetax on profit/loss on disposal of investment properties, trading property profits/losses, movement in fair value of available-for-sale assets and fair value movements on derivative financial instruments, on an undiluted basis. Details of the method of calculation of the EPRA earnings per share are available from EPRA (see Note 13). EPRA net disposal value per share Represents the Shareholders’ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax (see Note 35). EPRA net reinstatement value per share Net asset value adjusted to reflect the value required to rebuild the entity and assuming that entities never sell assets. Assets and liabilities, such as fair value movements on financial derivatives, that are not expected to crystallise in normal circumstances and deferred taxes on property valuation surpluses are excluded (see Note 35). EPRA net tangible assets per share Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax, but excludes assets and liabilities, such as fair value movements on financial derivatives, that are not expected to crystallise in normal circumstances and deferred taxes on property valuation surpluses are excluded (see Note 35). EPRA topped-up NIY The current annualised rent, net of costs, topped- up for contracted uplifts, expressed as a percentage of the fair value of the relevant property. Estimated rental value (“ERV”) The market rental value of lettable space as estimated by the Group’s valuers at each Balance Sheet date. G Gearing Total borrowings less short-term deposits and cash as a percentage of net assets. GRESB Global Real Estate Sustainability Benchmark. Group Helical plc together with its subsidiary undertakings. I Initial yield Annualised net passing rents on investment properties as a percentage of their open marketvalue. J Joint Venture (“JV”) A collaborative business arrangement where two or more parties combine their resources, expertise and capital to undertake a real estate project, such as development, acquisition, or management. L Like-for-like valuation change The valuation gain/loss, net of capital expenditure, on those properties held at both the previous and current reporting period end, as a proportion of the fair value of those properties at the beginning of the reporting period plus net capital expenditure. M MSCI INC. (“MSCI IPD”) MSCI INC. is a company that produces independent benchmarks of property returns using its Investment Property Databank (“IPD”). N Net asset value per share (“NAV”) Net assets divided by the number of ordinary shares at the Balance Sheet date (see Note 35). Governance Financial Statements Further Information 198 HELICAL PLC Annual Report & Accounts 2025 Strategic Report O Over station development (“OSD”) The process of constructing new buildings orstructures on top of existing transport infrastructure, such as railway stations or underground stations. P Passing rent The annual gross rental income being paid bythetenant. Places for London (PfL) The wholly owned property company of Transport for London PropTech A collective term used to define start-ups offering technologically innovative products or new business models for the real estate markets. R Reversionary yield The income/yield from the full estimated rental value of the property on the market value of the property grossed up to include purchaser’s costs, capital expenditure and capitalised revenue expenditure. REIT UK Real Estate Investment Trust. S See-through The consolidated Group and the Group’s share inits joint ventures (see Appendix 1). See-through net gearing The see-through net borrowings expressed as apercentage of net assets (see Appendix 1). T TfL Transport for London. Total Accounting Return The growth in the net asset value of the Company plus dividends paid in the year, expressed as a percentage of net asset value at the start of the year (see Appendix 2). Total Property Return The total of net rental income, trading and development profits and net gain on sale and revaluation of investment properties on a see- through basis (see Appendix 2). Total Shareholder Return (“TSR”) The growth in the ordinary share price as quoted on the London Stock Exchange plus dividends per share received for the year expressed as a percentage of the share price at the beginning ofthe year. True equivalent yield The constant capitalisation rate which, if applied toall cash flows from an investment property, including current rent, reversions to current market rent and such items as voids and expenditures, equates to the market value. Assumes rent is received quarterly in advance. U Unleveraged returns Total property gains and losses (both realised and unrealised) plus net rental income expressed as a percentage of the total value of the properties. W WAULT The total contracted rent up to the first break, orlease expiry date, divided by the contracted annual rent. Glossary continued Governance Financial Statements Further Information 199 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Website The report and financial statements, a list of properties held by the Group, Company presentations, press releases, the financial calendar and other information on the Group are available on our website at www.helical.co.uk Registrar All general enquiries concerning holdings of ordinary shares in Helical plc should be addressed tothe Company’s Registrar: Equiniti Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA United Kingdom Telephone: 0371 384 2030 From outside the UK: +44 371 384 2030 Website: www.shareview.co.uk Email: help.shareview.co.uk * Calls are charged at the standard geographic rate and will vary by provider. Lines are open between 830am – 530pm Monday toFriday excluding public holidays in England and Wales, if calling from outside the UK; calls will be charged at the applicable international rate. E-communication Shareholders and all interested parties may choose to be alerted about press releases, regulatory news updates and financial calendar updates by subscribing to the alert service in the “Regulatory News” area of our website. Shareholders may inform us how they wish to receive statutory communications from the Group, including Annual Reports and notices of general meetings, via the Shareholder portal. Further to a letter of deemed consent sent to Shareholders on 20 March 2023, Shareholders are notified by post by default when notices, documents and information from the Group are available on the website at www.helical.co.uk. If you wish to be notified by email each time the Group places a statutory document on its website or if you would like to receive printed copies of statutory documents in the post, please go to www.shareview.co.uk. Once you have registered, click on the “My details” link and follow the on-screen instructions. Payment of dividends UK Shareholders whose dividends are not currently paid to mandated accounts may wish to consider having their dividends paid directly into their bank or building society account. This has a number of advantages, including the crediting of cleared funds into the nominated account on the dividend payment date. Shareholders who would like their future dividends to be paid in this way should complete a mandate instruction available from the Registrar or register their mandate at: www.shareview.co.uk. Under this arrangement dividend confirmations are sent to the Shareholder’s registered address. Dividends for Shareholders resident outside the UK Instead of waiting for a sterling cheque to arrive by mail, you can ask us to send your dividends direct to your bank account using the Overseas Payment Service. For more information, including the list of available countries and currencies, list of charges and application forms, please visit www.shareview. info/products/overseaspayment, or contact the Group’s Registrar. Dividend Reinvestment Plan (“DRIP”) Shareholders are offered the option to participate in a DRIP provided by Equiniti Financial Services Limited. This enables Shareholders to reinvest their cash dividends in Helical plc shares. For further details and to download an application form please visit: www.shareview.co.uk.info/drip orcontact the Group’s Registrar. For participants in the DRIP, key dates of forthcoming dividends can be found on the Financial Calendar page in the “Investors” section of the website www.helical.co.uk Share dealing service An online and telephone share dealing service is available to our Shareholders through Equiniti. For further information on this service or to buy and sell shares online, please visit www.shareview.co.uk or call 03456 037 037 . * Calls cost 12p per minute plus your phone company’s access charge. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 8.00am – 4.30pm Monday to Friday excluding public holidays in England and Wales. ShareGift Shareholders with a small number of shares, which are uneconomical to sell, may wish to consider donating them to a charity, free of charge through ShareGift (registered charity 1052686). For further information please visit www.sharegift.org, call 020 7930 3737 or write to ShareGift, PO Box 72253, London, SW1P 9LQ/help@sharegift.org Dividends Dividends declared and/or paid during the year to 31 March 2025 were as follows: Dividend Record date 2024 Payment date 2024 Amount 2023-24 Final 28 June 2 August 1.78p 2024-25 Interim 6 December 15 January 1.50p Dividend payment dates in 2025/26 will be as follows: Dividend Record date 2025 Payment date Amount 2024-25 Final 27 June 4 August 3.50p 2025-26 Interim December January 2026 TBC 1 1 The amount of the 2025-26 interim dividend will be announced in November 2025. Shareholder information Governance Financial Statements Further Information 200 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Website The report and financial statements, a list of properties held by the Group, Company presentations, press releases, the financial calendar and other information on the Group are available on our website at www.helical.co.uk Registrar All general enquiries concerning holdings of ordinary shares in Helical plc should be addressed tothe Company’s Registrar: Equiniti Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA United Kingdom Telephone: 0371 384 2030 From outside the UK: +44 371 384 2030 Website: www.shareview.co.uk Email: help.shareview.co.uk * Calls are charged at the standard geographic rate and will vary by provider. Lines are open between 830am – 530pm Monday toFriday excluding public holidays in England and Wales, if calling from outside the UK; calls will be charged at the applicable international rate. E-communication Shareholders and all interested parties may choose to be alerted about press releases, regulatory news updates and financial calendar updates by subscribing to the alert service in the “Regulatory News” area of our website. Shareholders may inform us how they wish to receive statutory communications from the Group, including Annual Reports and notices of general meetings, via the Shareholder portal. Further to a letter of deemed consent sent to Shareholders on 20 March 2023, Shareholders are notified by post by default when notices, documents and information from the Group are available on the website at www.helical.co.uk. If you wish to be notified by email each time the Group places a statutory document on its website or if you would like to receive printed copies of statutory documents in the post, please go to www.shareview.co.uk. Once you have registered, click on the “My details” link and follow the on-screen instructions. Payment of dividends UK Shareholders whose dividends are not currently paid to mandated accounts may wish to consider having their dividends paid directly into their bank or building society account. This has a number of advantages, including the crediting of cleared funds into the nominated account on the dividend payment date. Shareholders who would like their future dividends to be paid in this way should complete a mandate instruction available from the Registrar or register their mandate at: www.shareview.co.uk. Under this arrangement dividend confirmations are sent to the Shareholder’s registered address. Dividends for Shareholders resident outside the UK Instead of waiting for a sterling cheque to arrive by mail, you can ask us to send your dividends direct to your bank account using the Overseas Payment Service. For more information, including the list of available countries and currencies, list of charges and application forms, please visit www.shareview. info/products/overseaspayment, or contact the Group’s Registrar. Dividend Reinvestment Plan (“DRIP”) Shareholders are offered the option to participate in a DRIP provided by Equiniti Financial Services Limited. This enables Shareholders to reinvest their cash dividends in Helical plc shares. For further details and to download an application form please visit: www.shareview.co.uk.info/drip orcontact the Group’s Registrar. For participants in the DRIP, key dates of forthcoming dividends can be found on the Financial Calendar page in the “Investors” section of the website www.helical.co.uk Share dealing service An online and telephone share dealing service is available to our Shareholders through Equiniti. For further information on this service or to buy and sell shares online, please visit www.shareview.co.uk or call 03456 037 037 . * Calls cost 12p per minute plus your phone company’s access charge. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 8.00am – 4.30pm Monday to Friday excluding public holidays in England and Wales. ShareGift Shareholders with a small number of shares, which are uneconomical to sell, may wish to consider donating them to a charity, free of charge through ShareGift (registered charity 1052686). For further information please visit www.sharegift.org, call 020 7930 3737 or write to ShareGift, PO Box 72253, London, SW1P 9LQ/help@sharegift.org Dividends Dividends declared and/or paid during the year to 31 March 2025 were as follows: Dividend Record date 2024 Payment date 2024 Amount 2023-24 Final 28 June 2 August 1.78p 2024-25 Interim 6 December 15 January 1.50p Dividend payment dates in 2025/26 will be as follows: Dividend Record date 2025 Payment date Amount 2024-25 Final 27 June 4 August 3.50p 2025-26 Interim December January 2026 TBC 1 1 The amount of the 2025-26 interim dividend will be announced in November 2025. Shareholder information Governance Financial Statements Further Information 200 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Calendar 2025-26  26 June 2025 Ex-dividend date for final ordinary dividend 27 June 2025 Record date for final ordinary dividend 14 July 2025 Last day for DRIP elections 17 July 2025 Annual General Meeting 4 August 2025 Final ordinary dividend payable November 2025 1 Half Year Results and interim ordinary dividend announced December 2025 2 Ex-dividend date for interim ordinary dividend December 2025 2 Registration qualifying date for interim ordinary dividend  May 2026 Announcement of Full Year Results to 31 March 2026 Notes 1 The announcement date of the Half Year Results will be confirmed in October 2025. 2 Dates for the potential interim dividend will be confirmed in the Half Year Results Announcement. Advisors Registrar Equiniti Bankers Barclays Bank PLC HSBC Bank PLC National Westminster Bank PLC PIMCO Financial advisors Lazard & Co., Ltd Joint stockbrokers Peel Hunt LLP Deutsche Numis Auditor RSM UK Audit LLP Corporate solicitors Clifford Chance LLP Mishcon de Reya LLP Contact details Helical plc Registered in England and Wales No.00156663 Registered Office 22 Ganton Street London W1F 7FD T: 020 7629 0113 E: reception@helical.co.uk www.helical.co.uk Unsolicited investment advice – warning to Shareholders Many companies have become aware that their shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas-based “brokers” who target UK shareholders offering to sell them what often turn out to be worthless or high-risk shares in US or UK investments. They can be very persistent and extremely persuasive. It is not just the novice investor who has been duped in this way; many of the victims had been successfully investing for several years. Shareholders are advised to be very wary of any unsolicited investment advice, offers to buy shares at a discount or offers of free reports into Helical. If you receive unsolicited investment advice: • Exercise caution and never disclose personal details; • Obtain the correct name of the person and organisation and make a record of any other information they give you, such as a telephone number, address or website address; • Check that they are properly authorised by the FCA (Financial Conduct Authority) before getting involved. This can be checked at fca.org.uk/consumers. If you deal with an unauthorised firm you will not be eligible to receive payment under the Financial Services Compensation Scheme; • Get impartial advice before handing over any money; • If the caller persists, hang up; • Inform us on 020 7629 0113 (email: reception@helical.co.uk) or our Registrar, Equiniti, on 0371 384 2030 (email: help.shareview.co.uk). Whilst we are not able to investigate such incidents ourselves we will record the details and will liaise with the FCA; and • Report the suspected fraud to the FCA either by calling: 0800 111 6768 or by completing an online form at: www.fca.org.uk/consumers/report-scam-unauthorised-firm. Share price information The latest information on the Helical plc share price is available on our website www.helical.co.uk. Registered office 22 Ganton Street, London, W1F 7FD Registered in England and Wales No. 00156663 Financial calendar and advisorsShareholder information continued Governance Financial Statements Further Information 201 HELICAL PLC Annual Report & Accounts 2025 Strategic Report Notes Notes Designed and produced by SampsonMay Telephone: 020 7403 4099 www.sampsonmay.com This report is printed on paper certified in accordance with the FSC ® (ForestStewardship Council ® ) and is recyclable and acid-free. Pureprint Ltd isFSC certified and ISO 14001 certified showing that it iscommitted to all round excellence and improving environmental performance is an important part of this strategy. Pureprint Ltd aims to reduce at source the effect its operations have on the environment and is committed to continual improvement, prevention of pollution and compliance with any legislation or industry standards. Designed and produced by SampsonMay Telephone: 020 7403 4099 www.sampsonmay.com 196 Pureprint Ltd is a Carbon / Neutral ® Printing Company. 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