Icade (ICAD) Q3 2025 earnings summary

Executive summary

• Disposals totaling €430 million completed or under agreement, reducing healthcare exposure by €210 million and selling €220 million in mature or non-strategic assets.

• Strong leasing activity with about 166,000 sq.m signed or renewed, including a major 41,000 sq.m renewal with KPMG, improving occupancy in offices and light industrials.

• Consolidated IFRS revenue declined 9% year-over-year, mainly due to lower gross rental income and subdued development activity.

• 2025 guidance reaffirmed for Group net current cash flow (NCCF/CFNC) of €3.40–€3.60 per share.

Financial highlights

• Gross rental income decreased by 6% to €263.2 million, mainly from tenant departures and negative reversion renewals, partially offset by indexation and early termination fees.

• Property development revenue declined 10% to €650.9 million; economic revenue down 12.1% to €728.7 million.

• Financial occupancy rate at 84% as of September 30, 2025, with well-positioned offices at 88.8% and light industrial/activity premises at 90.4%.

Outlook and guidance

• 2025 NCCF/CFNC guidance confirmed at €3.40–€3.60 per share, including €0.67 per share from non-strategic operations, excluding disposals.

• Over 92% of annual NCCF/CFNC from non-strategic activities already secured as of September 30, 2025.

• Cautious outlook for 2026 due to political and macroeconomic uncertainty, high sovereign yields, and lower positive indexation.