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Icade (ICAD) investor relations material
Icade Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M 2026 consolidated revenue was €887.1m, down 3.9% YoY; FY 2026 NCCF guidance remained €2.90–€3.10 per share.
Portuguese healthcare disposals generated ~€115m net proceeds, while an 81.5% controlling interest in Comet was acquired for ~€40m.
Financial highlights
9M Property Investment rental income was €250.0m, down 5.0% reported and 0.9% like-for-like.
Property Development IFRS revenue was €622.2m, down 4.4%; economic revenue was €696.4m, also down 4.4%.
Residential development revenue was €639.9m, up 1.0%; commercial revenue fell 40.2% to €52.7m after prior-year project completions and no new sales.
Comet contributed nearly €5m of revenue; 9M other revenue was €15m versus €9m a year earlier.
Outlook and guidance
FY 2026 NCCF guidance unchanged at €2.90–€3.10 per share: €2.25–€2.45 from strategic operations and ~€0.65 from non-strategic operations.
The €15m cost-reduction plan is complete; selective investment and financial discipline are planned to continue in 2027.
FY 2027 guidance will be announced with FY 2026 results in February 2027; management did not reaffirm 2026 as the strategic cash-flow trough amid uncertainty.
A 2026 dividend equal to distributable profit, with a scrip option, is under consideration for shareholder approval in 2027.
- Asset disposals, resilient operations, and stable 2026 guidance amid market headwinds.ICAD
Q2 2026 - 2025 results, €1.92/share dividend, and all resolutions—including sustainability—approved.ICAD
AGM 2026 - €402m asset sale boosts liquidity, but Q1 revenue drops 14.7%; guidance unchanged.ICAD
Q1 2026 TU - NCCF was €3.57/share, with strong leasing, disposals, and cost discipline amid value declines.ICAD
Q4 2025 - €430m in disposals and strong leasing support stable 2025 outlook despite revenue decline.ICAD
Q3 2025 TU - Stable revenue and resilient investment offset development impairments; FY 2024 guidance maintained.ICAD
Q2 2024 - Strong results, strategic progress, and all resolutions approved with high support.ICAD
AGM 2025 - Revenue up 1.2%, leasing and residential growth support stable outlook for 2025.ICAD
Q1 2025 - 2024 NCCF beat guidance, but profit and asset values fell; 2025 outlook remains cautious.ICAD
Q4 2024
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