)

Icade (ICAD) investor relations material
Icade Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strong leasing activity in H1 2025 with 79,000 sqm signed/renewed, improving occupancy in offices and light industrial assets.
Over €100 million in non-strategic and core asset disposals at or near NAV, including Nancy Hospital and hotel portfolio.
Net current cash flow from strategic activities remained resilient despite lower rental and financial income, supported by improved property development margins.
FY 2025 guidance reaffirmed; strong shareholder support for climate and biodiversity initiatives.
Proactive liquidity management: €500m 10-year green bond issued, €290m in new credit lines, and €267.5m in bond buybacks.
Financial highlights
Group net current cash flow fell 8.8% year-over-year to €154.1m (€2.03 per share); strategic operations at €1.44 per share.
Net profit improved to -€91.7m from -€180.5m year-over-year; EBITDA rose to €144.8m due to lower impairments.
EPRA NTA per share declined 5.8% to €56.6; portfolio value at €6.2bn, down 2.8% like-for-like.
Loan-to-value ratio increased to 38.1% from 36.5% at year-end 2024.
Average cost of debt stable at 1.6%–1.59%; net debt/EBITDA at 8.3x; interest coverage at 7.4x.
Outlook and guidance
FY 2025 guidance maintained: group net current cash flow expected at €3.40–3.60 per share, including €0.67 per share from non-strategic operations.
Over 85% of annual NCCF from non-strategic activities secured by H1 2025.
Recovery in cash flow for both business lines expected more likely in 2027, given market and political context.
Next Icade earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage