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Icade (ICAD) investor relations material
Icade Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
€430 million in disposals completed or under agreement, reducing healthcare exposure by €210 million and selling €220 million in mature or non-strategic assets.
Strong leasing activity with 166,000 sq.m signed or renewed, including a major 41,000 sq.m renewal with KPMG until 2031, improving occupancy in office and light industrial segments.
Financial occupancy rates improved, with well-positioned offices at 88.8% and light industrials at 90.4%.
Property development orders stable in volume but down 5% in value year-over-year, with individual investor activity sharply down due to the end of the Pinel tax scheme.
Consolidated IFRS revenue down 9% year-on-year due to lower gross rental income and subdued development activity.
Financial highlights
Gross rental income decreased by 6% to €263.2 million, mainly from tenant departures and negative reversion, partially offset by indexation and early termination fees.
Property development revenue declined 10% to €650.9 million; economic revenue down 12.1% to €728.7 million.
Financial occupancy rate for the total portfolio at 84% as of September 30, 2025.
Asset disposals completed at an average yield of 6.1%, above net asset value as of December 2024.
Liquidity position at €2.6 billion, covering debt payments up to 2029.
Outlook and guidance
2025 group net current cash flow (NCCF) guidance reaffirmed at €3.40–3.60 per share, including €0.67 per share from non-strategic operations, excluding disposals.
Over 92% of annual NCCF from non-strategic operations already secured as of September 30, 2025.
Cautious outlook for 2026 due to political uncertainty, high sovereign yields, and lower positive indexation.
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