Icade (ICAD) Q1 2026 earnings summary

Executive summary

• Sale of the Marignan building on the Champs-Élysées completed for €402m, crystallizing value 20% above NAV and improving loan-to-value ratio by approximately 3 percentage points.

• Q1 2026 consolidated revenue declined 14.7% year-over-year to €278.2m, mainly due to tenant departures and a slowdown in property development.

• Financial occupancy rate dropped to 85%, down 1.8 pps from year-end 2025, reflecting anticipated early-year departures.

• FY 2026 guidance for Group Net Current Cash Flow (NCCF) remains unchanged at €2.90–€3.10 per share.

Financial highlights

• Gross rental income from Property Investment fell 3.3% year-over-year to €90.8m; like-for-like decline was 2.1%.

• Property Development revenue decreased 19.3% to €184.4m; economic revenue down 18.2% to €207.5m.

• Orders in Property Development rose 4.3% in volume but dropped 21.2% in value year-over-year.

• Backlog in Property Development stood at €1,615.5m, down 3% from December 2025.

Outlook and guidance

• FY 2026 NCCF guidance reaffirmed at €2.90–€3.10 per share, with €2.25–€2.45 from strategic operations and ~€0.65 from non-strategic operations.

• Guidance excludes potential sustained economic impact from the Middle East conflict.