Icade (ICAD) Q2 2025 earnings summary

Executive summary

• Strong leasing activity in H1 2025 with 79,000 sqm signed or renewed, improving occupancy in offices and light industrial assets.

• Over €100 million in non-strategic and core asset disposals at NAV, including Nancy CHRU and B&B Hotels.

• Net current cash flow from strategic activities remained resilient, with group NCCF at €154.1m, despite lower rental and financial income.

• Proactive balance sheet and liquidity management: €500m 10-year green bond issued, €290m in new credit lines, and €267.5m in bond buybacks.

• ESG leadership with climate and biodiversity resolutions approved by over 99% of shareholders; €4.31 per share dividend paid for 2024.

Financial highlights

• Group net current cash flow: €154.1m (€2.03 per share), down 8.8% year-over-year; strategic activities at €1.44 per share.

• Net profit improved to -€91.7m from -€180.5m year-over-year; EBITDA rose to €144.8m due to lower impairments.

• EPRA NTA per share declined 5.8% to €56.6; LTV ratio increased to 38.1% from 36.5% at year-end 2024.

• Interest coverage at 7.4x; average cost of debt stable at 1.59%; net debt/EBITDA improved to 8.3x.

• IFRS revenue down 10% to €630m; property development revenue fell 11.9% to €443.1m.

Outlook and guidance

• FY 2025 group net current cash flow guidance reaffirmed at €3.40–3.60 per share, including €0.67 per share from non-strategic operations.

• Over 85% of annual NCCF from non-strategic activities secured by H1 2025.

• Recovery in cash flow for both business lines expected more likely in 2027, with sector challenges persisting.