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Icade (ICAD) investor relations material

Icade Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • €430 million in disposals completed or under agreement, reducing healthcare exposure by €210 million and selling €220 million in mature or non-strategic assets.

  • Strong leasing activity with 166,000 sq.m signed or renewed, including a major 41,000 sq.m renewal with KPMG until 2031, improving occupancy in office and light industrial segments.

  • Financial occupancy rates improved, with well-positioned offices at 88.8% and light industrials at 90.4%.

  • Property development orders stable in volume but down 5% in value year-over-year, with individual investor activity sharply down due to the end of the Pinel tax scheme.

  • Consolidated IFRS revenue down 9% year-on-year due to lower gross rental income and subdued development activity.

Financial highlights

  • Gross rental income decreased by 6% to €263.2 million, mainly from tenant departures and negative reversion, partially offset by indexation and early termination fees.

  • Property development revenue declined 10% to €650.9 million; economic revenue down 12.1% to €728.7 million.

  • Financial occupancy rate for the total portfolio at 84% as of September 30, 2025.

  • Asset disposals completed at an average yield of 6.1%, above net asset value as of December 2024.

  • Liquidity position at €2.6 billion, covering debt payments up to 2029.

Outlook and guidance

  • 2025 group net current cash flow (NCCF) guidance reaffirmed at €3.40–3.60 per share, including €0.67 per share from non-strategic operations, excluding disposals.

  • Over 92% of annual NCCF from non-strategic operations already secured as of September 30, 2025.

  • Cautious outlook for 2026 due to political uncertainty, high sovereign yields, and lower positive indexation.

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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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