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 residential property development orders.

• Robust leasing activity with 50,000 sq m signed or renewed, highlighted by a major 29,000 sq m lease for the Pulse Building with the Seine-Saint-Denis Departmental Council; office occupancy rate at 88.4%.

• Property development saw growth in both volume and value, with residential orders up 16% in volume and 22% in value year-over-year.

• Liquidity position was strong at over €2.3bn, with an additional €190m revolving credit facility signed in April 2025.

• FY2025 guidance confirmed, targeting Group NCCF per share of €3.40–3.60, reflecting caution amid economic and political uncertainty.

Financial highlights

• Total IFRS consolidated revenue reached €326.0m, up 1.2% year-on-year, driven by slight growth in both main business lines.

• Gross rental income from property investment was €93.9m, up 0.2% year-over-year (+0.5% like-for-like), with resilient office occupancy at 88.4%.

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

• Proceeds from the sale of the Tolbiac Building contributed €19.5m in Q1 2025.

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

Outlook and guidance

• FY2025 NCCF guidance reaffirmed at €3.40–3.60 per share, including €0.67 per share from non-strategic operations, and excluding the impact of disposals.

• Dividend of €2.15 gross per share, with ex-dividend date July 1, 2025, and payment on July 3, 2025, subject to shareholder approval.

• Guidance remains cautious due to expected declines in rental income and ongoing macro and political uncertainties.

• Profitability in property development is expected to improve, aiming for break-even after prior impairments.