Icade (ICAD) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 consolidated revenue was €887.1m, down 3.9% YoY; FY 2026 NCCF guidance remained €2.90–€3.10 per share.

• Portuguese healthcare disposals generated ~€115m net proceeds, while an 81.5% controlling interest in Comet was acquired.

Financial highlights

• Property Investment gross rental income was €250.0m, down 5.0% reported and 0.9% like-for-like; negative reversion, tenant departures and scope effects were partly offset by index-linked rent reviews.

• Property Development IFRS revenue was €622.2m, down 4.4%; economic revenue, including jointly controlled entities, fell 4.4% to €696.4m.

• Residential development revenue rose 1.0% to €639.9m; commercial revenue fell 40.2% to €52.7m as prior-year projects completed and no new sales closed.

• The Marignan building sale generated a €255m capital gain in 2026, significantly increasing distributable profit at Icade SA.

Outlook and guidance

• FY 2026 Group NCCF guidance unchanged at €2.90–€3.10 per share: €2.25–€2.45 from strategic operations and ~€0.65 from non-strategic operations; the Portuguese disposal has no 2026 NCCF impact.

• FY 2027 guidance will be announced with FY 2026 results in February 2027; the €15m cost-reduction plan is complete, with selective investment and financial discipline continuing.

• A FY 2026 dividend equal to distributable profit, with a scrip option, is under consideration for 2027 shareholder approval; the structure aims to meet SIIC requirements and preserve cash.