Icade (ICAD) Q4 2024 earnings summary

Executive summary

• 2024 net current cash flow reached €3.98 per share, surpassing guidance, driven by resilient property investment and optimized debt management.

• Dividend for 2024 set at €4.31 per share, including €2.54 from the Healthcare business sale, to be paid in two instalments in 2025.

• The ReShape strategic plan advanced, with asset repositioning, diversification into student residences and data centers, and strong ESG progress including a 44% reduction in group carbon emissions since 2019.

• The balance sheet remains solid with high liquidity and reasonable LTV, despite a decline in asset values and net profit.

Financial highlights

• Group NCCF for 2024: €301.8m (€3.98/share), down 13.9% year-over-year due to Healthcare deconsolidation; strategic activities contributed €223m.

• EPRA NTA per share declined by about 11% to €60.1; total IFRS revenue fell 5% to €1,451.5m.

• EBITDA dropped 14.8% to €239m, impacted by €85m property development impairments; net profit at -€275.9m, reflecting property devaluation.

• Gross rental income from property investment rose 2.5% like-for-like to €369.2m; property development revenue was €1,214.8m, down 6.1%.

• LTV increased to 36.5% from 33.5%; net debt to EBITDA rose to 10x, mainly due to impairments.

Outlook and guidance

• 2025 NCCF guidance: €3.40–€3.60 per share, including ~€0.67/share from non-strategic operations, with no expected dividends from IHE or Præmia Healthcare.

• Property revenues are projected to decline in 2025 due to reduced indexation and full-year effect of 2024 tenant departures.

• Property development is expected to return to breakeven, but recovery pace remains uncertain due to political and tax factors.

• Cautious outlook due to persistent macroeconomic and political uncertainties, especially in France.