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Icade (ICAD) investor relations material

Icade Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

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.

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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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