Icade Sa · EURONEXT:ICAD
Icade Sa — Icade Sa Ord — FY 2025 Earnings Presentation
63 slides from Icade Sa's earnings presentation, Feb 18, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results Wednesday, February 18, 2026 EDENN (Nanterre, Hauts-de-Seine)
Slide 2: Disclaimer
DISCLAIMER This document (the “Presentation”) may contain information, opinions and certain forward looking statements that reflect Icade’s management’s current views and expectations with respect to future events and financial and operational performance of the Group. Because these forward looking
Slide 3: Agenda
A G E N DA 1. Executive summary 2. Delivering on ReShapE 3. CSR commitment 4. FY 2025 financial results 5. Looking ahead to 2026 – Execution through the cycle Appendices 2025 Full Year Results I Wednesday, February 18, 2026 3
Slide 4: Executive Summary
1. EXECUTIVE SUMMARY EQHO (Paris La Défense) 2025 Full Year Results I Wednesday, February 18, 2026 4
Slide 5: Delivering on ReShapE through disciplined execution
1. Executive Summary Delivering on ReShapE through disciplined execution Disposal Plan Strategic Operations Property Investment Healthcare disposals executed Solid leasing activity and increase in occupancy rate with strict value discipline over time offsetting lower rental income Over 50% of office
Slide 6: FY 2025 at a glance – Group KPIs
1. Executive Summary FY 2025 at a glance – Group KPIs €3.57/share €2.89/share €53.3/share Group NCCF (vs €[3.40-3.60] expected) NCCF from strategic operations(1) NAV NTA 39.6% 9.1x 6.6x 1.68% LTV incl. duties Net debt/EBITDA(2) Interest coverage ratio Average cost of debt (1) Strategic operations co
Slide 7: FY 2025 at a glance – Business lines KPIs
1. Executive Summary FY 2025 at a glance – Business lines KPIs Property Investment €346.5m €6.1bn 5.6% Gross Rental Income (vs €369.2m in 2024) Gross Asset Value(1) (vs €6.4bn as of 12/2024) EPRA net initial yield (vs 5.2% as of 12/2024) Property Development €1,128m 2.4% 5,419 units Economic revenue
Slide 8: Looking ahead to 2026
1. Executive Summary Looking ahead to 2026 A market environment expected to remain uncertain Focus on key driver of ReShapE: balanced capital allocation preserving balance sheet and value creation 2026 expected to mark a low point on the NCCF from strategic operations(1) 2026 Group NCCF: €[2.90-3.10
Slide 9: Delivering on ReShapE
DELIVERING ON 2. RESHAPE PONT DE FLANDRE (Paris, 19th district) 2025 Full Year Results I Wednesday, February 18, 2026 9
Slide 10: Navigating in a challenging market environment
2. Delivering on ReShapE Navigating in a challenging market environment Direct Real Estate Investments in France (Commercial Real Estate, €bn) 50 Office Retail, industrial, hotels Office share 45 42 40 34 35 31 31 30 30 29 28 40% A macro and sector environment that remains 30 27 27 33% 25 challengin
Slide 11: What we delivered
2. Delivering on ReShapE What we delivered Unlocking value through disposals Disciplined capital allocation and selective operations Pursuing diversification with strict value creation discipline 2025 Full Year Results I Wednesday, February 18, 2026 11
Slide 12: Large-scale disposals executed with value creation
2. Delivering on ReShapE Large-scale disposals executed with value creation Rigorous execution of asset disposals in 2025 for €0.8bn(1) completed or secured Transactions executed with strict financial discipline Moving forward, pragmatic approach to seize opportunities 2025 Full Year Results I Wedne
Slide 13: Update ReShapE: property disposal plan
2. Delivering on ReShapE Property disposal plan well advanced, under disciplined execution New milestones completed in 2025 Capturing created value Well-executed disposals in a challenging market c. €240m +5% Completed disposals of mature and non-core assets above NAV(1) Confirmed interest in value-
Slide 14: Healthcare disposal: a longer process, to protect value
2. Delivering on ReShapE Healthcare disposal: a longer process, to protect value A new stage achieved in 2025… … on a resilient and cash-generative stake €210m Strong fundamentals of the healthcare market Completed disposals in healthcare business At NAV (1) in France & Italy A resilient asset class
Slide 15: What we delivered
2. Delivering on ReShapE What we delivered Unlocking value through disposals Disciplined capital allocation and selective operations Pursuing diversification with strict value creation discipline 2025 Full Year Results I Wednesday, February 18, 2026 15
Slide 16: Robust leasing activity leading to a financial occupancy rate improvement
2. Delivering on ReShapE – Property Investment Robust leasing activity leading to a financial occupancy rate improvement €63m 6.6 years c. 217,000 sq.m Annual headline rents WALB related to leases signed or renewed related to leases signed or signed or renewed since renewed since January 1, 2025 Jan
Slide 17: Large rental space for top-tier tenants
2. Delivering on ReShapE – Property Investment Large rental space for top-tier tenants Top-ranked 2025 transactions… … and solid tenant base PULSE & JUMP 85% of annualised IFRS rental income c.33,000 sq.m signed (1) from public sector and mid/large corporates As of December 31, 2025 Pulse, Portes de
Slide 18: Tenant management challenges continue into 2026
2. Delivering on ReShapE – Property Investment Tenant management challenges continue into 2026 Lease expiries(1) in 2026 Other €7m Well-positioned offices • c.€30m of expected departures, including the last €24m portion of major expiries on the to-be-repositioned offices (2/3 of lease breaks will ta
Slide 19: Delivery of an iconic office asset let at 100%
2. Delivering on ReShapE – Property Investment Delivery of an iconic office asset let at 100% c.30,000 sq.m(1) surface doubled before refurbishment 9.5 years fixed term lease 100% office spaces let(2) Prime rent of the area Highest level of services (3) Best-in-class Edenn, Nanterre Prefecture envir
Slide 20: Value creation through redevelopments in Lyon Part-Dieu
2. Delivering on ReShapE – Property Investment Value creation through redevelopments in Lyon Part-Dieu Seed & Bloom projects Icade’s successful acquisition of several 2017 €72m assets in Lyon via a controlling stake in ANF Immobilier Total capex (1) Exit inventory of Framatome, building 2021/2022 pe
Slide 21: Proactive management of to-be-repositioned assets with limited capex
2. Delivering on ReShapE – Property Investment Proactive management of to-be-repositioned assets with limited capex Residential projects Asset redevelopment Asset reletting Lafayette Arcade Quito Helsinki-Iena Oslo Monet Lyon Le Plessis-Robinson Paris Orly-Rungis Paris Orly-Rungis Paris Orly-Rungis
Slide 22: To-be-repositioned assets exposure reduced
2. Delivering on ReShapE – Property Investment Delivering on strategy: to-be-repositioned assets exposure reduced €29m €496m Annualised IFRS rent of Gross Asset Value of to-be-repositioned assets to-be-repositioned assets Portfolio breakdown as of December 31, 2025 No additional office assets identi
Slide 23: Successful diversification of the customer mix
2. Delivering on ReShapE – Property Development Successful diversification of the customer mix Orders in units 5300 5419 Stable property development activity 5,419 orders in 2025 (+2% in volume and -3% in value YoY) Rebalanced customer mix 63% +8.3% YoY 67% Growth in first-time buyers' volume, suppo
Slide 24: Good visibility on activity in the short-term
2. Delivering on ReShapE – Property Development Good visibility on activity in the short-term Recovery of Acquisition of High level of Resilient backlog development activity development projects pre-commercialization +66%(1) Building permit applications submitted (7,761 units) 25-30% 77% €1.7bn (-3.
Slide 25: Residential portfolio operations returning gradually to normal margins
2. Delivering on ReShapE – Property Development Residential portfolio operations returning gradually to normal margins 2024: Portfolio rebalancing involving write-downs and cancellation of some operations 50% 82% 2025: 97% ✓ Gradual delivery of operations initiated before the crisis ✓ New operations
Slide 26: What we delivered
2. Delivering on ReShapE What we delivered Unlocking value through disposals Disciplined capital allocation and selective operations Pursuing diversification with strict value creation discipline 2025 Full Year Results I Wednesday, February 18, 2026 26
Slide 27: Student housing development on track, creating value
2. Delivering on ReShapE Student housing development on track, creating value 2 flagship projects …and value creation through showcasing collective know-how… an investor-operator model Financed By investment division Developed By development division > 5.50% [4.25-4.50]% Target yield to generate20%
Slide 28: Data center: towards a higher returns JV model
2. Delivering on ReShapE Data center: towards a higher returns JV model 5 operational 1 Data Center 1 hyperscale Data Center Data Centers to be delivered in Q3 2026 to be delivered in 2031 Supply / sq.m 18 MW IT on 35,000 sq.m 15 MW on 7,500 sq.m 130 MW on 65,000 sq.m Business model Powered shell(1)
Slide 29: CSR Commitment
3. CSR COMMITMENT HOYA (Dunkerque, Nord) 2025 Full Year Results I Wednesday, February 18, 2026 29
Slide 30: Ramping up our decarbonation objectives in 2026
3. CSR commitment Ramping up our decarbonation objectives in 2026 New 2030 targets for reducing GHG(1) emissions, Maintained 2050 Net Zero target for reducing fully compatible with a +1.5°C pathway(2) GHG emissions by 90% in absolute terms Carbon reduction targets for 2019-2030(3) Icade’s GHG emissi
Slide 31: Results in line with the Group's 1.5°C new pathway
3. CSR commitment Results in line with the Group’s 1.5°C new pathway Reduction in GHG(1) emissions since 2019… …Mainly stemming from Development division Target reduction in GHG emissions Result Breakdown of GHG emissions (3) within the SBTI between 2019 and 2030(2) 2019 – 2025 commitment scope in 2
Slide 32: FY 2025 Financial Results
4. FY 2025 FINANCIAL RESULTS LE COLOGNE (Rungis, Val-de-Marne) 2025 Full Year Results I Wednesday, February 18, 2026 32
Slide 33: P&L
4.1 P&L QUITO (Rungis, Val-de-Marne) 2025 Full Year Results I Wednesday, February 18, 2026 33
Slide 34: Resilient NCCF from strategic operations
4.1. P&L – Property Investment Resilient NCCF from strategic operations -1.9% 0.63 €2.94/share 0.15 €2.89/share (0.44) (0.39) (1) NCCF FY 2024 Change in NRI Net property margin for Finance income Other NCCF FY 2025 Property Development Lower net rental income from the investment division and return
Slide 35: GRI decrease resulting from 2024 tenant departures and negative reversion
4.1. P&L – Property Investment GRI decrease resulting from 2024 tenant departures and negative reversion (in €m) -€22.7m (-6.1%) 369.2 5.0 11.7 346.5 (9.4) (7.7) (22.4) Gross rental income FY 2024 Negative reversion on renewals Departures Indemnities Index effect Other Gross rental income FY 2025 Gr
Slide 36: Decrease in property development economic revenue
4.1. P&L – Property Development Decrease in property development economic revenue Full year economic revenue(1) (in €m) -€87.2m (-7.2%) 14.2 1,214.8 1,127.6 (99.7) (1.6) FY 2024 economic revenue Residential development Commercial development Other FY 2025 economic revenue Note: Figures may not add u
Slide 37: Gradual improvement in property margin
4.1. P&L – Property Development Gradual improvement in property margin (in €m) 13.2% % revenue 168.5 12.7% % revenue +46.0 +11.8 142.8 7.9% % revenue (10.0) 95.0 Net property margin Net property margin Base effect impairment Volume effect Rate effect Net property margin FY 2023 FY 2024 in H1 2024 FY
Slide 38: Continuing efforts on fixed costs reduction
4.1. P&L Continuing efforts on fixed costs reduction (in €m) Equiv. c.€20m of Estimated inflation effect cost savings over 2024 and 2025 194 General expenses reduction 182 Disciplined procurement and process optimization 141 Relocation of the headquarters to Hyfive, 133 reducing general expenses Hea
Slide 39: Controlled debt cost, lower finance income
4.1. P&L Controlled debt cost, lower finance income Current financial result from strategic activities Current financial result from discontinued operations (in €m) (in €m) 77.3 (23.1) (2.0) 52.3 -€33.5m -€25.0m (38.1) (6.5) (21.1) (5.9) (71.5) (1) 2024 Finance expense Finance income Others 2025 202
Slide 40: Balance Sheet
4.2 BALANCE SHEET ILOT LAFAYETTE (Lyon, Rhône) 2025 Full Year Results I Wednesday, February 18, 2026 40
Slide 41: Decrease in fair value of Property Investment portfolio
4.2. Balance sheet Decrease in fair value of Property Investment portfolio (in €m, 100% + Group share of JVs basis, excluding duties) -4.2% on a reported basis 6,398 +271.6 6,127 (33.1) (234.8) (274.7) • Property Investment portfolio down -4.5% in 2025 on a LfL basis -4.5% LfL • Like-for-like declin
Slide 42: Market value of assets impacting NAV
4.2. Balance sheet Market value of assets impacting NAV €4,557m €4,053m NTA -11.3% (per share) 3.6 (in € per share) 60.1 57.6 (3.9) (2.2) 53.3 (4.3) EPRA NTA Group Change Other EPRA NTA 2024 EPRA NTA 12/31/2024 NCCF in FV of Property factors 12/31/2025 dividend 12/31/2025 Investment assets (cum divi
Slide 43: Broad access to credit market allowing debt maturity extension
4.2. Balance sheet Broad access to credit market allowing debt maturity extension €500m 10-year Green bond issue at 4.375%(1) Average debt maturity 4.1 years >€1.1bn c. €100m financings raised Signed Green mortgage loan at 5-year(2) since January 2025 €540m Average maturity of undrawn credit lines S
Slide 44: Robust liquidity for handling upcoming deadlines
4.2. Balance sheet Robust liquidity for handling upcoming deadlines Liquidity position Debt maturity schedule As of December 31, 2025 (As of December 31, 2025, in €bn)(2) €0.8bn Covering principal until 2030 Net cash position €1.8bn 0.68 0.65 Unused committed revolving 0.43 0.50 credit facilities(1)
Slide 45: Icade's ambitious sustainable financing policy
4.2. Balance sheet Icade’s ambitious sustainable financing policy Publication of a new Green Financing Framework What’s new? 80% Sustainability update - Inclusion of the ReShapE plan and the ramping up of decarbonation objectives validated by the Science Based Target initiative (SBTi) according to B
Slide 46: Looking ahead to 2026 – Execution through the cycle
LOOKING AHEAD TO 5. 2026 – EXECUTION THROUGH THE CYCLE PULSE (Saint-Denis, Seine-Saint-Denis) 2025 Full Year Results I Wednesday, February 18, 2026 46
Slide 47: Executing on ReShapE to enhance value and protect balance sheet
5. Looking ahead to 2026 – Execution through the cycle Executing on ReShapE to enhance value and protect balance sheet Strategic Operations Cost & Capital Management Property Investment Cost saving measures ramping up in 2026 Active leasing and property management (€15m targeted on a full-year run-r
Slide 48: 2026: low point on the NCCF of strategic activities
5. Looking ahead to 2026 – Execution through the cycle 2026: low point on the NCCF of strategic activities 2026 expected to mark a low point on the NCCF from strategic operations(1) 2026 Group NCCF of €[2.90-3.10] per share of which, • €[2.25-2.45](2) per share from strategic operations • c. €[0.65]
Slide 49: Agenda
AGENDA April 16, 2026 Q1 2026 Trading update 2025 Full Year Results I Wednesday, February 18, 2026 49
Slide 50: Appendices
APPENDICES NEXT (Lyon, Auvergne-Rhône-Alpes) 2025 Full Year Results I Wednesday, February 18, 2026 50
Slide 51: A diversified portfolio, with assets located in good hubs
Appendices A diversified portfolio, with assets located in good hubs La Défense 213 €6.1bn 1.8m 1st ring Portes de Paris Business Park(1) assets GAV sq.m 12/31/2025 OFFICE Breakdown by asset type GAV % GAV OFFICE TV STUDIO DATA CENTER Offices €5.0bn 82% Nanterre Light industrial €0.8bn 13% Regional
Slide 52: A selective positioning in the main regional cities
Appendices A selective positioning in the main regional cities NEXT Lyon, Rhône LAFAYETTE Offices Lyon, Rhône Focus Regions – all assets 9% LA FABRIQUE 146,698 sq.m €0.5bn (1) of the overall Bordeaux, Gironde Lyon portfolio Bordeaux 69,652 sq.m 37,657 sq.m Marseille M FACTORY 22,154 sq.m Marseille,
Slide 53: Leasing volumes remain low
Appendices Leasing volumes remain low Take-up, immediate supply and vacancy rate in the Paris region Leasing at lower levels (million sq.m / vacancy in %) • Take-up volume dropped in 2025 (1,6 M sq.m, -9% yoy) with all size segments down [-8% to Take-up Vacancy rate Immediate supply -10%] • Paris ac
Slide 54: Cost-efficiency drives more location choices
Appendices Cost-efficiency drives more location choices Demand is weaker with large tenants looking outside Paris In a “stay or go” market… …3 out of the top 5 deals occurred outside Paris Take-up > 5 000 sq.m in the Paris Region Ministries of Education 300 000 -6% Inner Ring Gentilly / 37,400 sq.m
Slide 55: Growth limited to the inner ring
Appendices Growth limited to the inner ring Q4-2025 Paris CBD La Défense Western Crescent Inner Ring Outer Ring Physical vacancy 5.3% ▲ 14.6% ▲ 21.1% ▲ 20.5% ▲ 5.7% ▲ rate +180 bps +30 bps +237 bps +80 bps = (vs a year earlier) Take-up 311,700 sq.m 149,200 sq.m 268,700 sq.m 314,200 sq.m 151,400 sq.m
Slide 56: Investment market unfrozen with office assets back on the agenda
Appendices Investment market unfrozen with office assets back on the agenda Investment is recovering selectively… … with investment thesis widening • €17.1bn invested in 2025 (+8% yoy) out of which €5.6 bn invested in the Paris • Value-add and core+ account for 63% of investment volume (vs. 45% in 2
Slide 57: Lease expiries schedule
Appendices Lease expiries schedule By next break option(1) By lease term(1) WALB WALT 83,4 3.4 years 80,1 5.3 years 57,1 52,6 47,1 45,5 46,4 32,0 28,4 29,0 24,0 26,3 23,0 23,0 20,3 17,8 12,8 12,8 10,6 5,3 4,8 2,8 2026 2027 2028 2029 2030 2031 2032 2033 2034 >=2035 2026 2027 2028 2029 2030 2031 2032
Slide 58: Property Investment portfolio
Appendices Property Investment portfolio 12/31/2025 12/31/2024 Portfolio value (100% + Group share of JVs basis, excl. duties) €6.1bn €6.4bn Net yield(1) 8.2% 7.9% Total floor area (in millions of sq.m) 1.76 1.83 WALB 3.4 years 3.4 years Financial occupancy rate 86.8% 84.7% Well-positioned Offices 9
Slide 59: Development pipeline as of December 31, 2025
Appendices Development pipeline as of December 31, 2025 Cost including remaining Type Estimated date Floor area Rental income capex Remaining (1) Project name Location of works Property type of completion (sq.m) (€m) YoC (€m) capex (€m) Pre-let VILLAGE DES ATHLÈTES D1 D2 Saint-Ouen Construction Work
Slide 60: Low inventory and reservations, a sign of recovery
Appendices Low inventory and reservations, a sign of recovery Housing starts and building permits in France Housing stock, net orders and average time on market In housing units per year In housing units per year 1 year Change Change 12 550 000 12.2025 vs 180 000 25 months 500 000 12.2024 rolling 16
Slide 61: After sharp rises, construction costs and selling prices stabilize
Appendices After sharp rises, construction costs and selling prices stabilize Construction cost and price indices in Q3 2025 Sale prices and stock of new housing units available for sale Index rebased to 100 in 2021 Change 3 years 1 year 125 Q3 vs. Q2 YoY 120 000 5 300 120 +0.4% +1.5% 5 100 110 000
Slide 62: Earnings indicators
Appendices Earnings indicators in €m 12/31/2025 12/31/2024 Change Total IFRS revenue 1,341.5 1,451.5 (7.6%) Gross rental income 346.5 369.2 (6.1%) Property development revenue 982.7 1,067.4 (7.9%) Other income 12.3 15.0 (17.6%) EBITDA(1) 292.5 239.0 22.4% Financial result (89.4) (22.4) Net profit(2)
Slide 63: EPRA NRV, NTA & NDV
Appendices EPRA NRV, NTA & NDV (In € per share) 57.0 0.6 4.8 58.1 53.3 (0.1) (3.8) In €m In € per Chg. vs. (0.4) share Dec. 2024(1) EPRA NDV 4,330 57.0 (11.7%) EPRA NTA 4,053 53.3 (11.3%) EPRA NRV 4,412 58.1 (10.0%) EPRA NDV Transfer tax Impact Other EPRA NTA Impact of Other EPRA NRV optimisation of