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 for ~€40m.

Financial highlights

• 9M Property Investment rental income was €250.0m, down 5.0% reported and 0.9% like-for-like.

• Property Development IFRS revenue was €622.2m, down 4.4%; economic revenue was €696.4m, also down 4.4%.

• Residential development revenue was €639.9m, up 1.0%; commercial revenue fell 40.2% to €52.7m after prior-year project completions and no new sales.

• Comet contributed nearly €5m of revenue; 9M other revenue was €15m versus €9m a year earlier.

Outlook and guidance

• FY 2026 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 €15m cost-reduction plan is complete; selective investment and financial discipline are planned to continue in 2027.

• FY 2027 guidance will be announced with FY 2026 results in February 2027; management did not reaffirm 2026 as the strategic cash-flow trough amid uncertainty.

• A 2026 dividend equal to distributable profit, with a scrip option, is under consideration for shareholder approval in 2027.