Icade (ICAD) Q4 2025 earnings summary

Executive summary

• Over 50% of the office disposal program was completed, including a major Marignan sale, with record disposals totaling nearly €850 million and strong progress in healthcare asset sales.

• Leasing activity was robust, with 217,000 sqm signed or renewed, improving occupancy rates to around 90%.

• Diversification advanced in student housing and data centers, with new projects launched and a JV model for large-scale data centers.

• ESG commitments were reinforced, with a 52% reduction in emissions since 2019 and updated SBTi-aligned targets.

• Net loss for the year was €126.0 million, a significant improvement from the €317.2 million loss in the prior year.

Financial highlights

• Net current cash flow reached €3.57 per share, in line with guidance; NCCF from strategic activities was €2.89 per share.

• Gross rental income in Property Investment was €346.5 million, down from €369.2 million in 2024.

• Property Development revenue declined to €1.1 billion, but operating margin improved to 5.6% from -1.7% in 2024.

• EBITDA rose 22.4% year-over-year to €292.5 million.

• NTA/NAV per share fell 11% to €53.3, mainly due to portfolio revaluation and dividend payment.

Outlook and guidance

• 2026 net current cash flow is expected to decline, with guidance of €2.90–€3.10 per share.

• Strategic operations cash flow guidance: €2.25–€2.45 per share; discontinued operations: ~€0.65 per share.

• 2026 is anticipated to be the low point for strategic cash flow, with gradual recovery expected from 2027.

• Proposed cash distribution for 2026 ranges from €1 to €1.92 per share, subject to approval.