Icade (ICAD) Q1 2025 earnings summary

Executive summary

• Consolidated revenue reached €326m as of March 31, 2025, up 1.2% year-over-year, driven by stable property investment income and strong growth in residential property development orders despite a challenging environment.

• Robust leasing activity with nearly 50,000 sq m signed or renewed, including a major 29,000 sq m lease for the Pulse Building with the Seine-Saint-Denis Departmental Council.

• Maintained strong liquidity position at over €2.3bn at March-end, with €190m in new revolving credit facilities secured in April 2025.

• Full-year 2025 guidance for Group net current cash flow (NCCF) remains at €3.40–€3.60 per share, reflecting caution amid economic and political uncertainty.

• Residential development orders rose 16% in volume and 22% in value year-over-year, with both individual and bulk sales contributing.

Financial highlights

• Total IFRS consolidated revenue was €326m, up 1.2% year-over-year, with gross rental income from property investment at €93.9m (+0.2% YoY, +0.5% like-for-like).

• Property development revenue increased by 2.3% to €228.5m, but economic revenue declined 2.2% to €253.6m due to a sharp fall in the commercial segment.

• Orders in the residential segment increased 16% in volume and 22% in value compared to Q1 2024.

• Proceeds from the sale of the Tolbiac Building contributed €19.5m.

• Other revenue declined by 26.4% to €3.6m.

Outlook and guidance

• FY2025 NCCF guidance unchanged at €3.40–€3.60 per share, including €0.67 per share from non-strategic operations, excluding disposals.

• Guidance remains cautious due to ongoing economic, geopolitical, and market volatility; will be updated as disposals occur.

• Expecting improvement in property development profitability after 2024 impairments, aiming for break-even in 2025.

• Final dividend payment of €2.15 per share scheduled for July 2025, subject to shareholder approval.