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Icade (ICAD) investor relations material

Icade Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary18 Feb, 2026

Executive summary

  • Over 50% of the office disposal program was completed, including a major Marignan sale, with record disposals totaling nearly €850 million and strong progress in healthcare asset sales.

  • Leasing activity was robust, with 217,000 sqm signed or renewed, improving occupancy rates to around 90%.

  • Diversification advanced in student housing and data centers, with new projects launched and a JV model for large-scale data centers.

  • ESG commitments were reinforced, with a 52% reduction in emissions since 2019 and updated SBTi-aligned targets.

  • Net loss for the year was €126.0 million, a significant improvement from the €317.2 million loss in the prior year.

Financial highlights

  • Net current cash flow reached €3.57 per share, in line with guidance; NCCF from strategic activities was €2.89 per share.

  • Gross rental income in Property Investment was €346.5 million, down from €369.2 million in 2024.

  • Property Development revenue declined to €1.1 billion, but operating margin improved to 5.6% from -1.7% in 2024.

  • EBITDA rose 22.4% year-over-year to €292.5 million.

  • NTA/NAV per share fell 11% to €53.3, mainly due to portfolio revaluation and dividend payment.

Outlook and guidance

  • 2026 net current cash flow is expected to decline, with guidance of €2.90–€3.10 per share.

  • Strategic operations cash flow guidance: €2.25–€2.45 per share; discontinued operations: ~€0.65 per share.

  • 2026 is anticipated to be the low point for strategic cash flow, with gradual recovery expected from 2027.

  • Proposed cash distribution for 2026 ranges from €1 to €1.92 per share, subject to approval.

Impact of Healthcare asset reclassification?
Property value sensitivity to yield changes?
IFRS 18 implementation impact on reporting?
Explain capital allocation priorities given healthcare exit delay
Detail the rationale for data center JV model
What supports 2026 as strategic NCCF low point?
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Frequently asked questions

Icade is a French real estate investment company involved in the development, management, and investment of commercial and healthcare properties. The company operates across several segments, including office real estate, healthcare real estate, and property development, catering to the needs of businesses, healthcare providers, and local communities. Icade's portfolio includes office buildings, business parks, and healthcare facilities across France, with a focus on sustainable development and energy-efficient buildings. The company is headquartered in Paris, France, and its shares are listed on Euronext Paris.

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