Icade (ICAD) AGM 2025 summary
Event summary combining transcript, slides, and related documents.
AGM 2025 summary
19 Aug, 2026Opening remarks and agenda
Meeting held on May 13, 2025, at Pulse, Saint-Denis, covering 2024 results, climate and biodiversity resolutions, auditor reports, governance, dividend, Q&A, and voting on resolutions.
Financial performance review
Group NCCF 2024 reached €3.98 per share, exceeding guidance; 2025 guidance set at €3.40–3.60 per share.
Property Investment showed resilient performance, with 133,000 sq.m signed/renewed in 2024 and 50,000 sq.m in Q1 2025.
Property Development saw stable residential activity in 2024 and positive momentum in Q1 2025, with backlog at €1.6bn.
Asset valuations declined at a slower pace; LTV including duties rose to 36.5% due to depreciations.
Solid liquidity position with €2.3bn as of Q1 2025 and proactive debt management.
Board and executive committee updates
Ratification of temporary appointments and reappointments of directors, including Audrey Girard and Florence Habib-Deloncle.
Board composition: 15 members, 53% women, one-third independent directors.
Latest events from Icade
- 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 - 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 - Stable revenue, strong leasing, and asset sales above NAV support top-end NCCF guidance.ICAD
Q3 2024 - Stable revenue and resilient investment offset development impairments; FY 2024 guidance maintained.ICAD
Q2 2024 - 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