Icade (ICAD) Q2 2026 earnings summary

Executive summary

• Completed sale of Marignan building for €402 million, over 20% above prior NAV, and advanced Portuguese healthcare portfolio disposal (€75 million exposure), supporting capital reallocation and financial structure optimization.

• Acquired remaining 49% of Eqho Tower, regaining full ownership; asset now fully let, accretive to cash flow, and enhances rental income predictability.

• Forged new partnerships for student housing and office-to-residential conversions, advancing diversification and sustainability strategies.

• Strengthened ESG commitments, earning top MSCI AAA and Vérité 40 ratings, and saw strong shareholder support for climate and biodiversity resolutions.

• Governance changes included the appointment of a new Chairman and Board members.

Financial highlights

• Group net current cash flow at €1.80 per share (€136.6m), down 11.4% year-over-year, with strategic operations contributing €1.15 per share; net loss attributable to the Group was €155.9 million, up 70.1% from H1 2025.

• EPRA NTA per share at €49.7, down 6.9% from December 2025; EPRA NRV per share at €54.2, down 6.6%.

• Gross rental income €170.2 million, down 4.5% year-over-year; property development revenue €473.3 million, down 5.5% year-over-year; operating margin at 1.9%.

• Total IFRS revenue €600.8 million, down 4.7% year-over-year; EBITDA €104.3 million, down 27.9%.

• LTV including duties at 39.0% (down from 39.6% at year-end 2025); net debt to EBITDA stable at 9.2x.

Outlook and guidance

• Full-year 2026 guidance confirmed: group net current cash flow expected between €2.90 and €3.10 per share, with €2.25–2.45 from strategic and €0.65 from non-strategic operations.

• Guidance calculated conservatively due to ongoing macroeconomic uncertainties; improvement in property development margins and reduced overheads expected in H2.

• c.€0.65/share from discontinued operations already secured.