Icade (ICAD) Q1 2026 earnings summary

Executive summary

• Completed Marignan building disposal for €402 million, achieving a 20% premium above NAV and improving LTV ratio by approximately 3 percentage points.

• Liquidity position increased to approximately €2.8 billion as of March 31, 2026, including proceeds from the Marignan sale.

• Leasing activity stable with 25,000 sq m signed or renewed, financial occupancy rate at 85%.

• Property development started strong but slowed in March; order volumes up 4% year-on-year, value down 21%.

• 2026 guidance confirmed, with ongoing monitoring of geopolitical risks.

Financial highlights

• IFRS consolidated revenue for Q1 2026 at €278.2 million, down 14.7% year-on-year.

• Gross rental income from property investment at €90.8 million, down 3.3% year-on-year; like-for-like decline of 2.1%.

• Property development revenue fell 19.3% year-on-year to €184.4 million.

• Economic revenue from property development down 11.4% year-on-year; residential revenue down 9–11.4%, commercial revenue down 31%.

• Orders in property development rose 4% in volume but dropped 21% in value year-on-year.

Outlook and guidance

• FY 2026 group net current cash flow guidance reaffirmed at €2.90–3.10 per share.

• Guidance includes €2.25–2.45 per share from strategic operations and €0.65 per share from discontinued/non-strategic operations.

• Guidance excludes potential sustained economic impact from the Middle East conflict.

• Cautious stance maintained due to heightened geopolitical and macroeconomic uncertainty.