Icade (ICAD) Q4 2025 earnings summary

Executive summary

• Net current cash flow (NCCF) reached €3.57 per share, aligning with guidance, despite a net loss of €123m and a -4.5% like-for-like decrease in portfolio value, reflecting a challenging real estate environment.

• Over 50% of the office disposal program was completed, with €850m in disposals signed or completed, including a 20% premium sale of Marignan Les Invalides.

• Leasing activity was robust, with 217,000 sqm signed or renewed (+60% vs. 2024), improving occupancy rates to 86.8% and supporting financial stability.

• The group maintained disciplined capital allocation, cost control, and a strong balance sheet and liquidity position.

• CSR commitments advanced, with 52% emissions reduction since 2019 and new 2030 decarbonisation targets aligned with a 1.5°C pathway.

Financial highlights

• NCCF was €3.57/share, with strategic operations contributing €2.99/share; EBITDA rose 22.4% YoY to €292.5m.

• Gross rental income from Property Investment was €347m, down 4.2% like-for-like; Property Development revenue declined to €1.1bn, but operating margin improved to 5.6%.

• EPRA NTA per share fell 11% to €53.3; LTV ratio including duties at 39.6%.

• Net profit improved to -€123m from -€276m in 2024.

• Average cost of debt stable at 1.68%; liquidity position strong at €2.6bn.

Outlook and guidance

• 2026 NCCF expected between €2.90 and €3.10 per share, with €2.25–2.45 from strategic operations; 2026 is anticipated to be the low point for cash flow, with gradual recovery expected.

• Rental income from Property Investment expected to decline in 2026 due to tenant departures and negative reversions.

• Cost reduction plan targets €15m in annual savings; average cost of debt targeted at ~2% by end-2026.

• Proposed cash distribution of €1.92 per share for 2026, subject to AGM approval.