Icade (ICAD) AGM 2025 summary

Opening remarks and agenda

• The meeting was held on May 13, 2025, at Pulse, Saint-Denis, with scrutineers and secretary appointed, and the presence of key executives, auditors, and board members confirmed.

• Quorum was reached with 80.05% of voting rights represented by 1,702 shareholders.

• All required documents were made available in compliance with regulations.

Financial performance review

• Net current cash flow per share for 2024 was €3.98, above guidance, with 2025 guidance set at €3.40–3.60 per share.

• Office portfolio value dropped 7.1% to €6.4bn; promotion revenue declined 6.1% to €1.214bn.

• Loan-to-value ratio rose to 36.5%, and net debt/EBITDA reached 10x, impacted by promotion segment impairments.

• Office leasing activity was strong, with 133,000 sqm signed/renewed in 2024 and 50,000 sqm in Q1 2025.

• Liquidity position was solid at €2.3bn as of Q1 2025, with proactive debt management.

Strategic initiatives and plans

• Progress was made on the ReShape plan, focusing on office-to-residential conversions, student housing partnerships, and data center projects.

• Two office-to-residential conversions were completed, and 70% of repositioning projects are identified.

• Partnership with Cardinal Campus targets 500–1,000 student beds/year.

• Data center projects advanced, including Equinix (delivery 2026) and a hyperscale project with 130MW power secured for 2031.

• Acquisition of 10+ sites from Casino for €50m, with potential for 3,500 new homes and mixed-use districts.

• Ongoing divestment from healthcare assets, with further reduction planned through 2026.