Slide 1: ESG Strategy & Green Financing Framework
ESG Strategy & Green Financing Framework June 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: Icade at a glance
Icade at a glance Icade at a glance A holistic business model A supportive shareholding structure Property Investment Property Development Crédit Agricole Assurances Caisse des EPRA topped-up net initial yield(1) FY 2025 Economic revenue Group… 18.9% Dépôts et 6.5% €1,127.6m S&P Rating A/Stable Cons
Slide 4: A diversified portfolio, with assets located in good hubs
Icade at a glance 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% Re
Slide 5: Agenda
A G E N DA 1. CSR Strategy overview 2. Updated Green Financing Framework Appendices ESG Investor Presentation I June 2026 5
Slide 6: CSR Strategy Overview
1. CSR STRATEGY OVERVIEW PONT DE FLANDRE (Paris, 19th district) ESG Investor Presentation I June 2026 6
Slide 7: Acting as a responsible and integrated player throughout the value chain
1. CSR Strategy overview Acting as a responsible and integrated player throughout the value chain • Unique access to lands & local communities • Recognized expertise to develop large and Dev complex mixed-use projects elo pm • Strong track record in multi-asset classes (e.g. housing, offices, light
Slide 8: ReShapE: Our 2024-2028 plan
1. CSR Strategy overview ReShapE: Our 2024-2028 plan Adapt office portfolio to new demands Accelerate diversification • Assets and tailor-made offering suited to • Light industrial clients’ needs • Pipeline focused on selective projects • Student housing • Reconversion/sale of to-be-repositioned • D
Slide 9: A dedicated and supportive governance
1. CSR Strategy overview A dedicated and supportive governance BOARD OF DIRECTORS REPORT TO THE BOARD OF DIRECTORS STRATEGY AND AUDIT AND RISK JOINT COMMITTEE INNOVATION & APPOINTMENTS AND INVESTMENT COMMITTEE (Innovation and CSR CSR COMMITTEE REMUNERATION COMMITTEE Committee/Audit and Risk COMMITTE
Slide 10: Shaping the future with ESG and digital transformation
1. CSR Strategy overview Shaping the future with ESG and digital transformation CSR Commitments involve the entire management structure and are incorporated in the company’s overall strategy, with innovation as a cross-cutting issue 25% of ExCo members’ variable compensation is based on CSR objectiv
Slide 11: CSR at the core of our strategy
1. CSR Strategy overview CSR at the core of our strategy 5 CSR priorities Climate Reinforced High goals for its A €145m commitments with a two business lines investment plan 1.5°C-aligned and Corporate, Net-zero carbon for 2024–2030 carbon reduction covering scopes 1, 2 emissions by pathway validate
Slide 12: Ramping up our decarbonation objectives
1. CSR Strategy overview Ramping up our decarbonation objectives 1 More ambitious 2030 targets for our two divisions and Corporate, now 2 Retaining our Net-Zero ambition for 2050, which translates to a fully compatible with a +1.5°C trajectory and validated by the SBTi reduction of over 90% in green
Slide 13: Building a city promoting nature and biodiversity, with strong 2030 commitments
1. CSR Strategy overview Building a city promoting nature and biodiversity, with strong 2030 commitments Biodiversity Internal advanced method established in 2023 with ecologists and based on assessment recognized standards Rewild existing • Nature-boosting solutions for 90% of buildings(1) by 2026
Slide 14: Climate and Biodiversity Overview
1. CSR Strategy overview Climate and Biodiversity Overview Discover Icade's 2025 carbon performance and biodiversity results in detail by reviewing the Climate and Biodiversity overviews Overview Climate transition plan for 2030 Biodiversity Overview Overview Climate transition plan for 2030 Biodive
Slide 15: Adapting our buildings to climate change
1. CSR Strategy overview Adapting our buildings to climate change • Goal to assess annually the vulnerability of the portfolio to climate change Climate vulnerability • In 2025, the climate change vulnerability assessment has been updated for all assessment assets in the portfolio. Property investme
Slide 16: Cologne – An office building refurbished for the 2050 climate
1. CSR Strategy overview Cologne – An office building refurbished for the 2050 climate Refurbishment in 2024 of a 3,000 sq.m office building Improving energy efficiency, user comfort, and the building’s resilience to climate change Establishment of a green lease committee between Icade, the property
Slide 17: Office 265 / Data Center 260: Waste Heat Recovery
1. CSR Strategy overview Office 265 / Data Center 260: Waste Heat Recovery Switch of energy for an existing office building using waste heat from a nearby Data Center Optimizing Energy consumption between two assets Aligned with 1,5°C Icade plan works investment Data Center 260, Parc des Portes de P
Slide 18: Green Lease Committee – Over 15 years of practice
1. CSR Strategy overview Green Lease Committee – Over 15 years of practice Icade has conducted Green Lease Committee with its tenants since 2010 - Offices and retails > 2 000 sq.m or any voluntary tenant - Mainly focus on Energy, Water and Waste impacts - At least, one committee per asset per year G
Slide 19: Updated Green Financing Framework
2 UPDATED GREEN FINANCING FRAMEWORK ILOT LAFAYETTE (Lyon, Rhône) ESG Investor Presentation I June 2026 19
Slide 20: 2026 Green Financing Framework update
2. Updated Green Financing Framework 2026 Green Financing Framework update Longstanding presence in the Green Bond market 1st update 2nd update Inaugural Green Inaugural Green 2nd Green Bond Green Financing Green Financing 3rd Green Bond 4th Green Bond Bond Framework Bond (consent) Framework Framewo
Slide 21: 2026 Green Financing Framework overview
2. Updated Green Financing Framework 2026 Green Financing Framework overview Full alignment of the Green Financing Framework with ICMA Green Bond Principles (2025) & LMA Green Loan Principles (2025)(1) Use of Proceeds Project evaluation and selection process Financing and/or refinancing of an Eligib
Slide 22: Use of Proceeds – Ambitious eligibility criteria
2. Updated Green Financing Framework Use of Proceeds – Ambitious eligibility criteria Eligible Green Assets • Acquisition, ownership or renovation of new and existing buildings which meet the following criteria: OR OR OR EU Taxonomy Climate Delegated Primary Energy Demand (PED) Carbon Risk Real Esta
Slide 23: Eligible Green Assets portfolio breakdown
2. Updated Green Financing Framework Eligible Green Assets portfolio breakdown More than €3bn green eligible portfolio, estimated as of 12/31/2025(1) Breakdown of eligible criteria (in % of portfolio value)(1) Green assets eligibility criteria 91% 93% • Taxonomy full alignment (SCC + DNSH) 55% 52% 4
Slide 24: Focus on Green Financing Reports (1/2)
2. Updated Green Financing Framework Focus on Green Financing Reports(1) (1/2) Report on earmarking proceeds of Green Instruments to Eligible Green Portfolio and associated environmental impact metrics until maturity of outstanding instruments including information on: Allocation of Proceeds Climate
Slide 25: Focus on Green Financing Reports (2/2)
2. Updated Green Financing Framework Focus on Green Financing Reports (2/2) Key figures as of 12/31/2024 Examples of buildings ORIANZ Certifications and labels €1.9 billion 0,8% • HQE Construction Excellent & BBCA In-Use Excellent • €1.8 billion green bonds • Top 15% of energy efficient buildings •
Slide 26: Second Party Opinion by Sustainable Fitch
2. Updated Green Financing Framework Second Party Opinion by Sustainable Fitch Sustainable Fitch has issued a positive Second Party Opinion (1) (SPO) on Icade’s updated Green Financing Framework, available here. The SPO has confirmed alignment of the Framework with the ICMA Green Bond Principles (20
Slide 27: Appendices
APPENDICES NEXT (Lyon, Auvergne-Rhône-Alpes) ESG Investor Presentation I June 2026 27
Slide 28: Icade's CSR strategy for data centers
Appendices Icade's CSR strategy for data centers Data centers are treated separately from Icade’s SBTi carbon trajectory since these assets are: • Deliberately excluded by the SBTi from their Buildings Guidance • Too different in nature to be aggregated with other assets in a common carbon trajector
Slide 29: Property investment division 2019 – 2030 carbon levers
Appendices Property investment division 2019 – 2030 carbon levers ESG Investor Presentation I June 2026 29
Slide 30: Property development division 2019 – 2030 carbon levers
Appendices Property development division 2019 – 2030 carbon levers ESG Investor Presentation I June 2026 30
Slide 31: Icade's extra-financial performance awarded
Appendices Icade’s extra-financial performance awarded 2026 AAA Assessment conducted by S&P Global (score as of September 26, 2025) ESG Investor Presentation I June 2026 31
Slide 32: Certifications breakdown (In-Use)
Appendices Certifications breakdown (In-Use) Breakdown of the Property Investment Division's certified assets, by type of certification and rating (in sq.m, total scope – sole control) ESG Investor Presentation I June 2026 32
Slide 33: Certifications breakdown (Construction & Total)
Appendices Certifications breakdown (Construction & Total) Breakdown of the Property Investment Division's certified assets, by type of certification and rating (in sq.m, total scope – sole control) ESG Investor Presentation I June 2026 33
Slide 34: Green Financing Reports - Examples of Output/Impact indicators
Appendices Green Financing Reports - Examples of Output/Impact indicators Eligible Project Category Examples of Output/Impact indicators Eligible Green Assets Green • Breakdown of Eligible Green Assets by Technical Eligibility Criteria Buildings • Type and level of green building certification(s) ac
Slide 35: 2026 Green Financing Framework Update – Eligibility criteria (1/4)
Appendices 2026 Green Financing Framework Update – Eligibility criteria (1/4) Eligible Green Assets Green Financing Framework 2021 Green Financing Framework 2026 Environmental Certifications Environmental Certifications Acquisition, ownership or renovation of new and existing Buildings Acquisition,
Slide 36: 2026 Green Financing Framework Update – Eligibility criteria (2/4)
Appendices 2026 Green Financing Framework Update – Eligibility criteria (2/4) Eligible Green Investments Green Financing Framework 2021 Green Financing Framework 2026 NEW Investments in individual energy performance improvement measures in Buildings, aligned with the EU TSC including alignment with
Slide 37: 2026 Green Financing Framework Update – Eligibility criteria (3/4)
Appendices 2026 Green Financing Framework Update – Eligibility criteria (3/4) Eligible Green Investments Green Financing Framework 2021 Green Financing Framework 2026 NEW Investments in installation, maintenance, repair and operation of renewable energy technologies and their ancillary technical equ
Slide 38: 2026 Green Financing Framework Update – Eligibility criteria (4/4)
Appendices 2026 Green Financing Framework Update – Eligibility criteria (4/4) Eligible Green Investments Green Financing Framework 2021 Green Financing Framework 2026 NEW Investments related to restoration and preservation of natural capital, biological diversity and soil Environmentally protection