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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.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.
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