Slide 1: 2025 Half-Year Results
2025 Half-Year Results Thursday, July 24, 2025 PULSE (Saint-Denis, Seine-Saint-Denis)
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
AGENDA H1 2025 in a nutshell 1. H1 2025 Operational performance 2. H1 2025 Financial results 3. FY 2025 Outlook Appendices 2025 Half-Year Results I Thursday, July 24, 2025 3
Slide 4: H1 2025 in a nutshell – Key messages
H1 2025 in a nutshell Key messages Solid rental activity (c. 79,000 sq.m of new leases and renewals) and improved financial occupancy rate for well-positioned offices and light industrial More than €100m of disposals of non-strategic and core assets at the NAV Resilient NCCF from strategic operation
Slide 5: H1 2025 in a nutshell – Group KPIs
H1 2025 in a nutshell H1 2025 in a nutshell – Group KPIs €2.03/share €1.44/share €56.6/share Group NCCF NCCF from strategic operations(1) NAV NTA 38.1% 8.3x 7.4x 1.6% LTV incl. duties Net debt/EBITDA(2) Interest coverage ratio Average cost of debt For the definition of acronyms, please refer to July
Slide 6: H1 2025 in a nutshell – Business lines KPIs
H1 2025 in a nutshell H1 2025 in a nutshell – Business lines KPIs Property Investment €178.3m €6.2bn 5.3% GRI (vs €187.8m in H1 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 €501.1m 2.3% Economic revenue (vs €582.9m in H1 202
Slide 7: H1 2025 Operational Performance
H1 2025 1. OPERATIONAL PERFORMANCE PONT DE FLANDRE (Paris, 19th district) 2025 Half-Year Results I Thursday, July 24, 2025 7
Slide 8: Property Investment
1.1 PROPERTY INVESTMENT ORIGINE (Nanterre, Hauts-de-Seine) 2025 Half-Year Results I Thursday, July 24, 2025 8
Slide 9: Weaker leasing activity, investment market slightly improving
1.1. Property Investment Weaker leasing activity, investment market slightly improving Leasing market Investment market Decline in the Paris Region take-up with 768,400 sq.m (-12%(1)) Investment slowly recovering in H1 2025: €6.8bn (+11%(2)) Stronger downward adjustement in Paris (-27%) vs outside P
Slide 10: Good commercial momentum in H1 2025
1.1. Property Investment Good commercial momentum in H1 2025 €20m c.7.4 years 83.6% c.79,000 sq.m Annual headline rents WALB related to leases Financial occupancy rate signed or renewed related to leases signed or signed or renewed since 88.8% ↑ 89.5% ↑ renewed since January 1, 2025 January 1, 2025
Slide 11: More than €100m of disposals in line with NAV
1.1. Property Investment ReShapE – Finance the plan More than €100m of disposals in line with NAV Finalised sales of non-strategic assets Office under sale agreement Nancy Hospital (CHRU)(1) Hotels portfolio Well-positioned office €55m €36m €14m Yield c. 6% Termination of public-private partnership
Slide 12: c.€50m of potential rents coming from a selective pipeline
1.1. Property Investment c.€50m of potential rents coming from a selective pipeline 1 2 3 Relutive capital allocation Limited development capex CSR-focused DNA 3 new office projects in pipeline in Lyon and Toulouse c.€300m 100% >50% pre-let of projects aiming for HQE / BREEAM with an Excellent ratin
Slide 13: First achievements on student housing diversification
1.1. Property Investment ReShapE – Accelerate diversification First achievements on student housing diversification Partnership with a student residence operator 1st student housing project • Signature of a partnership with Nomad Campus Student residence of 194 beds – (previously Cardinal Campus)(1)
Slide 14: Property Development
1.2 PROPERTY DEVELOPMENT PARC INDUSTRIES OR MÉDITERRANÉE – PIOM (Mauguio, Hérault) 2025 Half-Year Results I Thursday, July 24, 2025 14
Slide 15: Individual orders down following end of Pinel incentive
1.2. Property Development Individual orders down following end of Pinel incentive Residential development: stable volume, declining value 2,116 units, +0.3% YoY €496m, -7.9% YoY Order in volume terms Order in value terms 884 units 1,232 units €284m €212m Individual orders Bulk orders Individual orde
Slide 16: Key insights from city fringes barometer
1.2. Property Development ReShapE – Develop and invest in 2050 city Key insights from city fringes barometer: a strategic opportunity for Icade Key findings from city fringes barometer (June 2025) >3,800 urban entry points covering 80,000 hectares Opportunity for Potential for 1.6 million housing un
Slide 17: Development projects over 10-15 years in co-investment with CDC Habitat
1.2. Property Development ReShapE – Develop and invest in 2050 city Development projects over 10-15 years in co-investment with CDC Habitat Phase 1 Phase 2 Phase 3 • In H1 2025, acquisition of 11 well- • Land restructuring and ownership unification • Develop mix used programs in located property sit
Slide 18: H1 2025 Financial Results
2. H1 2025 FINANCIAL RESULTS DESTINATION GAVY (Saint-Nazaire, Loire-Atlantique) 2025 Half-Year Results I Thursday, July 24, 2025 18
Slide 19: P&L
2.1 P&L HELSINKI-IÉNA (Paris Orly-Rungis Business Park , Val-de-Marne) 2025 Half-Year Results I Thursday, July 24, 2025 19
Slide 20: Earnings indicators
2.1. P&L Earnings indicators in €m 06/30/2025 06/30/2024 Change Total IFRS revenue 630.4 698.9 (9.8%) EBITDA(1) 144.8 67.1 NA Financial result (21.5) (6.7) NA Net profit (91.7) (180.5) (49.2%) NCCF from strategic operations 109.3 111.1 (1.7%) Group NCCF 154.1 169.0 (8.8%) 2025 Half-Year Results I Th
Slide 21: Resilient NCCF from strategic operations
2.1. P&L – Property Investment Resilient NCCF from strategic operations -1.8% 0.39 (0.21) €1.47/share (0.03) €1.44/share (0.17) NCCF H1 2024 Change in NRI Net property margin for Finance income Other NCCF H1 2025 Property Development 2025 Half-Year Results I Thursday, July 24, 2025 21 Note: Figures
Slide 22: GRI decrease resulting from tenant departures
2.1. P&L – Property Investment GRI decrease resulting from tenant departures (in €m) -€9.6m (-5.1%) 187.8 5.2 6.1 178.3 (4.8) (1.7) (14.4) Rental income Negative reversion Tenant departures Early termination Index-linked Other scope Rental income Negative reversion on renewals Departures Indemnities
Slide 23: Decrease in property development economic revenue
2.1. P&L – Property Development Decrease in property development economic revenue 6-month economic revenue(1) (In €m) -€81.9m (-14.0%) 582.9 501.1 (33.9) (45.2) (2.9) H1 2024 economic Residential Residential development development Commercial development Commercial development Other Other effects H1
Slide 24: Stabilisation of property margin rate
2.1. P&L – Property Development Stabilisation of property margin rate 16.8% 7.2% 14.5% % revenue % revenue % revenue 96.9 +46.0 (3.4) 72.1 (12.3) 41.7 Net property margin H1 Net property margin H1 Base effect impairment in Volume effect Margin effect Net property margin H1 2023 2024 H1 2024 2025 Imp
Slide 25: Return to normalized financial results
2.1. P&L Return to normalized financial results Lower finance income and healthcare dividends Tight cost of debt management (In €m) 1.59% 100% 42.2 0.1 (15.8) Average cost of debt Hedged in H2-2025 (vs 1.52% as of 12/31/2024) (1.1) (10.5) (0.6) 14.4 Optimised cash management €0.8bn 2.7% Current Cost
Slide 26: Balance Sheet
2.2 BALANCE SHEET BELLECOMBE (Lyon, Rhône) 2025 Half-Year Results I Thursday, July 24, 2025 26
Slide 27: Decrease in fair value of Property Investment portfolio
2.2. Balance sheet Decrease in fair value of Property Investment portfolio -3.1% on a reported basis 6,398 (26.0) (99.6) 6,203 105.1 (174.8) • Property Investment portfolio down -2.8% -2.8% in H1 2025 on a LfL basis LfL • EPRA Net Initial Yield: 5.3% (vs 5.2% as of December 31, 2024) • EPRA Topped-u
Slide 28: Slower decline in asset valuations
2.2. Balance sheet Slower decline in asset valuations Change in half-year value (In €m, 100% + Group share of JVs basis / excluding duties, on a like-for-like basis) Well-positioned offices Light industrial Total H2 23 H1 24 H2 24 H1 25 H2 23 H1 24 H2 24 H1 25 H2 23 H1 24 H2 24 H1 25 +0.7% +1.1% +0.
Slide 29: NAV impacted by change in asset values
2.2. Balance sheet NAV impacted by change in asset values €4,557m €4,299m NTA -5.8% (per share) 60.1 2.0 58.8 (in € per share) 56.6 (2.7) (0.7) (2.2) EPRA NTA Group Change Other EPRA NTA 2024 EPRA NTA 12/31/2024 NCCF in FV of Property factors 06/30/2025 interim 06/30/2025 Investment assets (cum divi
Slide 30: Strong debt raising achievements
2.2. Balance sheet Strong debt raising achievements €500m €268m €290m 10-year Green bond 2026/2027/2028 bond Signed RCF, including €190m from new money issue at 4.375%(1) repurchase(2) & €100m in refinancing with 2026 maturity Increased liquidity Extension of average debt maturity to 4.2 years 75% o
Slide 31: Solid liquidity and improved debt maturity schedule
2.2. Balance sheet Solid liquidity and improved debt maturity schedule Liquidity position Debt maturity schedule As of June 30, 2025 (as of June 30, 2025, in €bn)(2) €1.0bn Covering principal until 2029 Net cash position €1.8bn 0.60 0.65 Unused committed revolving 0.50 0.43 credit facilities(1) 0.75
Slide 32: FY 2025 Outlook
FY 2025 OUTLOOK 3. VALLÉE PETRA (Créteil, Val-de-Marne) 2025 Half-Year Results I Thursday, July 24, 2025 32
Slide 33: FY2025 guidance unchanged
3. FY 2025 Outlook FY2025 guidance unchanged 2025 Guidance Group NCCF per share of €[3.40 – 3.60] Of which c. €0.67/share from discontinued operations, excluding impact of disposals(1) 2025 Half-Year Results I Thursday, July 24, 2025 33 (1) On the hypothetical basis of a stable ownership of Præmia H
Slide 34: Agenda – Q3 2025 Results, October 22, 2025
AGENDA October 22, 2025 Q3 2025 Results 2025 Half-Year Results I Thursday, July 24, 2025 34
Slide 35: Appendices
APPENDICES 29-33 CHAMPS-ELYSÉES (Paris, Ile-de-France) 2025 Half-Year Results I Thursday, July 24, 2025 35
Slide 36: Update on Healthcare disposal
Appendices ReShapE – Finance the plan Update on Healthcare disposal Strategy unchanged to sell Icade’s entire remaining stake in the Healthcare business IHE Stable asset valuation -1.4%(1) in H1 2025 Icade share of NAV Icade’s exposure c. €0.7bn c. €0.5bn Recent progress Next steps • Decrease in Ica
Slide 37: Leasing market slowed down by weak economic conditions
Appendices Leasing market slowed down by weak economic conditions 1 Take-up, immediate supply and vacancy rate in the Paris region Muted leasing activity (million sq.m / vacancy in %) • Take-up volume dropped sharply in H1 (768,400 sq.m, -12% yoy) due to a lack of large deals (200,000 sq.m, -31% yoy
Slide 38: Cost-efficiency is shaping location strategies
Appendices Cost-efficiency is shaping location strategies Demand is weaker… and tenants are looking more outside Paris Geographic preference* Paris La Défense Western Crescent 1st ring 2025 40 % 10 % 24 % 21 % 2024 52 % 8% 18 % 17 % Paris weight in take-up is slightly easing 4 out of the top 5 deals
Slide 39: Higher rents in Paris, more affordable options outside
Appendices Higher rents in Paris, more affordable options outside Q2-2025 Paris CBD La Défense Western Crescent Inner Ring Outer Ring Physical vacancy 4.7% ▲ 15.6% ▲ 19.8% ▲ 19.6% ▲ 5.8% ▲ rate +210 bps +90 bps +465 bps +120 bps +45 bps (vs a year earlier) Take-up 157,000 sq.m 65,300 sq.m 138,700 sq
Slide 40: Investment market: from market freeze to selective restart
Appendices Investment market: from market freeze to selective restart 1 2 Investment is recovering selectively Rising interest for value creation strategies • €6.8bn invested in H1 2025 (+11% yoy) • Offices accounted for 35% of all investments in H1 2025 (+35% YoY) • c.€15-17 bn expected in 2025 Acc
Slide 41: Prime yields are recompressing and investors widening their risk scope
Appendices Prime yields are recompressing and investors widening their risk scope 3 4 Lower Offices’ prime yields Investment thesis are widening • Yields for Paris CBD offices are recompressing around 3.90-4.0% but upward • Value-add and core+ are expected to account for 61% of investment volume pre
Slide 42: Lower indexation effect on rents
Appendices Lower indexation effect on rents Commercial portfolio index split – June 2025 (in % of headline rent) c.100% ICC 10% Other indices 8% leases linked to indices ILAT 82% Evolution of indices(1) (in %) 6,3% 5,1% 3,9% 4,7% 4,2% +5.5% +3.4% 3,5% Indexation effect on rents Indexation effect on
Slide 43: A diversified portfolio, with assets located in good hubs
Appendices A diversified portfolio, with assets located in good hubs La Défense 231 €6.2bn 1.8m 1st ring Portes de Paris Business Park(1) assets GAV sq.m 06/30/2025 OFFICE Breakdown by asset type GAV % GAV OFFICE TV STUDIO DATA CENTER Offices €5.1bn 83% Nanterre Light industrial €0.8bn 12% Regional
Slide 44: A selective positioning in the main regional cities
Appendices A selective positioning in the main regional cities NEXT LAFAYETTE Lyon, Rhône Lyon, Rhône Offices Focus Regions – all assets 10% 178,000 sq.m €0.6bn (1) of the overall LA FABRIQUE Lyon SADI CARNOT portfolio Bordeaux, Gironde Marseille, Bouches-du-Rhône Bordeaux 69,654 sq.m 37,657 sq.m Ma
Slide 45: Property Investment portfolio
Appendices Property Investment portfolio 06/30/2025 12/31/2024 Portfolio value (100% + Group share of JVs basis, excl. duties) €6.2bn €6.4bn Average Icade yield(1)(2) 8.1% 7.9% Total floor area (in millions of sq.m) 1.78 1.83 WALB 3.2 years 3.4 years Financial occupancy rate 83.6% 84.7% Well-positio
Slide 46: Development pipeline as of June 30, 2025
Appendices Development pipeline as of June 30, 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 EDENN Nanterre Construction Office Q4 2025 30,587 260 54 85
Slide 47: Lease expiries schedule
Appendices Lease expiries schedule Annualised IFRS rental income (In €m, 100% + Group share of JVs basis) By next break option By lease term 100,0 93 100 90,0 WALB 81 WALT 80,0 3.2 years 80 5.1 years 70,0 62 60,0 60 50,0 47 46 46 41 40,0 40 29 30 26 27 30,0 24 19 18 19 17 17 20,0 8 12 20 8 10,0 5 4
Slide 48: To-be-repositioned assets now comprising < 10% of total portfolio
Appendices ReShapE – Adapt office portfolio to new demands To-be-repositioned assets now comprising < 10% of total portfolio Portfolio review as of 12/31/2024 Portfolio review as of 06/30/2025 IFRS annualized rent: €37.9m IFRS annualized rent: €28.7m Financial occupancy rate: 64.6% Financial occupan
Slide 49: EPRA NRV, NTA & NDV
Appendices EPRA NRV, NTA & NDV (In € per share) 60.0 61.2 0.8 56.6 0.4 (3.9) (0.3) 4.1 In € per Chg. vs. In €m share Dec. 2024(1) EPRA NDV 4,558 60.0 (7.0%) EPRA NTA 4,299 56.6 (5.8%) EPRA Transfer tax Impact Other EPRA Impact Other EPRA EPRA NRV 4,645 61.2 (5.2%) NDV optimisation of liabilities fac
Slide 50: A continuous decline in market momentum
Appendices A continuous decline in market momentum 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 Source: ECLN Source: FPI 1 year Change 12 Change 600 000 180 000 25 months 05.2025 vs 05.2024 160
Slide 51: After sharp rises, construction costs and selling prices stabilise
Appendices After sharp rises, construction costs and selling prices stabilise Construction cost and price indices in Q1 2025 Sale prices and stock of new housing units available for sale Index rebased to 100 in 2021 Price incl. taxes in €/sq.m excl. notarial fees and other costs Stock of new housing
Slide 52: Breakdown of orders by type of customers
Appendices Breakdown of orders by type of customers +4.4 pps -9.7 pps 25.5% 29.4% 35.2% 33.8% 54% of institutional 06/30/2024 06/30/2025 investors (vs. 52% in 2024) 18.0% 12.2% 28.5% 17.4% -5.8 pps +11.1 pps Social housing institutional investors (ESH) – Social landlords Institutional investors Indi