Icade (ICAD) investor relations material

Opening remarks and agenda

• The meeting covered 2025 full year results, 2026 guidance, climate and biodiversity initiatives, stock price performance, statutory auditors' reports, governance and remuneration, proposed distribution, Q&A, and voting on resolutions.

Financial performance review

• Over 50% of the office disposal program was achieved, with €0.8bn in disposals completed or secured in 2025, including the Marignan sale at over 20% above NAV.

• Group NCCF for 2025 was €3.57/share, with €2.89/share from strategic operations; NAV NTA stood at €53.3/share.

• Gross rental income for Property Investment was €346.5m, and economic revenue for Property Development was €1,128m.

• Property Investment portfolio value declined by 4.5% like-for-like, mainly due to market rates.

• Liquidity position at year-end 2025 was €2.6bn, with robust access to credit markets and 80% of financing classified as sustainable.

Strategic initiatives and plans

• The ReShapE plan focused on disciplined asset disposals, selective capital allocation, and diversification, including student housing and data centers.

• Healthcare disposals progressed, with €210m completed in 2025 and a resilient, cash-generative stake remaining.

• Redevelopment projects in Lyon Part-Dieu and proactive management of to-be-repositioned assets were highlighted.

• Property Development saw a rebalanced customer mix and gradual margin restoration, with a target of 500–1,000 student housing beds delivered per year.