Icade (ICAD) AGM 2025 summary

Opening 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.