Icade Sa · EURONEXT:ICAD
Icade Sa — Icade Sa Ord — H1 2026 Earnings Presentation
55 slides from Icade Sa's earnings presentation, Jul 22, 2026
Slide 1: 2026 Half-Year Results
2026 Half-Year Results EDENN (Nanterre, Hauts-de-Seine) 1 WEDNESDAY, JULY 22, 2026
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 2 0 2 6 H A L F - Y E A R R E S U LT S 1. 2. 3. 4. H1 2026 Performance of Half-Year 2026 outlook in a nutshell business lines Financial results 2026 Half-Year Results I Wednesday, July 22, 2026 3
Slide 4: H1 2026 in a nutshell
H1 2026 1. IN A NUTSHELL PORTES DE PARIS BUSINESS PARK (Aubervilliers, Seine-Saint-Denis) 4
Slide 5: H1 2026 key messages
H1 2026 key messages Strong Progress on the Taking over the 2026 guidance operational Solid liquidity disposal plan EQHO Tower unchanged performance Property Investment New step in the disposal of c. 94,000 sq.m High liquidity Let in H1 2026 at c. €2.5bn the Portuguese healthcare portfolio represent
Slide 6: H1 2026 in a nutshell – Group KPIs
H1 2026 in a nutshell – Group KPIs €1.80/share €1.15/share €49.7/share Group NCCF NCCF from strategic operations(1) NAV NTA (vs €2.03/share in HY 25) (vs €1.44/share in HY 25) (vs €53.3/share as of 12/2025) 39.0% 9.2x 1.85% LTV incl. duties Net debt/EBITDA(2) Average cost of debt (vs 39.6% as of 12/
Slide 7: H1 2026 in a nutshell – Business lines KPIs
H1 2026 in a nutshell – Business lines KPIs Property Investment €170m €5.6bn 5.4% Gross Rental Income (vs €178.3m in HY 25) Gross Asset Value(1) (vs €6.1bn as of 12/2025) EPRA net initial yield (vs 5.6% as of 12/2025) Property Development €473m 1.9% 2,368 units Economic revenue (vs €501m in HY 25) O
Slide 8: Performance of business lines
PERFORMANCE OF 2. BUSINESS LINES HYFIVE (La Défense, Hauts-de-Seine) 8
Slide 9: Value-enhancing capital reallocation
VALUE-ENHANCING CAPITAL REALLOCATION LATÉCOÈRE (Toulouse, Haute-Garonne) 9
Slide 10: Property disposal plan well advanced
Property disposal plan well advanced Marignan disposal completed in April 2026 Healthcare : a new stage achieved €402m >20% c. €75m At NAV(2) After sale agreement signed in 2025, above NAV (1) Agreement for the disposal of Portuguese portfolio by deal closed in April 2026 Praemia Healthcare and IHE
Slide 11: Marignan disposal: accretive capital allocation
Marignan disposal: accretive capital allocation Well-executed disposal Opportunistic liability management Investment in long-term profitability Marignan, 29-33 Champs-Elysées (Paris, Ile-de-France) Investments in offices, student c. €400m housing, data centres, asset Marignan office disposal redevel
Slide 12: New step achieved in the Healthcare disposal process
New step achieved in the Healthcare disposal process Signing of a share purchase agreement with Healthcare Activos concerning all the shares of a fund holding a portfolio of four healthcare assets in Portugal Fund owned by Praemia Healthcare (51%) and IHE (49%)(1) and managed by Praemia REIM France
Slide 13: Good operational achievements
GOOD OPERATIONAL ACHIEVEMENTS LES PINS D’ISABELLA (Marseille, Bouches-du-Rhône) 13
Slide 14: Good commercial momentum in H1 2026
Good commercial momentum in H1 2026 c. 94,000 sq.m €32m 8.7 years 85.9% signed or renewed Annual headline rents Firm commitment Financial occupancy rate related to leases signed or related to leases signed or as of 06/30/2026 renewed since January 1st, 2026 renewed since January 1st, 2026 +0.9pp vs
Slide 15: Main 2027 expiry 100% renewed
Main 2027 expiry 100% renewed 58,000 9-year 100% sq.m Firm lease let Lease renewed with a French insurance company (long-standing partnership began in 2006) Starting on January 1, 2028 (upon expiry of the current lease) High accessibility in Nanterre Prefecture through a strategic transportation hub
Slide 16: Proactive management of the lease schedule
Proactive management of the lease schedule By next break option(1) (in €m) 90 80 75% of 2027 expiries 70 expected to stay 60 50 40 WALB extended to 4 years 30 +0.6 years vs Dec. 2025 20 10 Gradual crystallization of negative reversion - 2026 2027 (3) 2028 2029 2030 2031 2032 2033 2034 2035 >=2036 -7
Slide 17: A good opportunity seized on the EQHO Tower
A good opportunity seized on the EQHO Tower Tour EQHO, an emblematic tower in La Défense 79,000 sq.m floor spaces 100% let, after renewal of KPMG and signature with Préfecture des Hauts-de-Seine in 2025 Optimal accessibility in La Défense area Full range of services High environmental performance Op
Slide 18: Catch-up in residential development activity
Catch-up in residential development activity Orders in units +12% 2,368 2,116 A growing residential activity: +12% in volume and +6% in 60% value YoY 58% Orders driven by bulk activity, representing 60% of total orders volume 32% 27% Increase in individual orders, +6% in volume and +5% in value, in
Slide 19: Good visibility on near-term activity
Good visibility on near-term activity Secure restart of construction launches Backlog supported by residential activity +63% YoY €1.6bn (-2.2% vs Dec. 2025) Construction starts(1) Stability of residential backlog High level of pre-commercialization before construction start c. 20 months >80% of reve
Slide 20: Operations margins gradually improving
Operations margins gradually improving % in turnover 2024: portfolio rebalancing involving write-downs and cancellation of some operations 50% 63% 82% 2025: gradual delivery of operations initiated before the 97% crisis, new operations accelerating with restored margins 50% H1 2026: continued improv
Slide 21: New partnerships to support investments
NEW PARTNERSHIPS TO SUPPORT INVESTMENTS COLOGNE (Rungis, Val-de-Marne) 21
Slide 22: Student housing: a new strategic partnership
Student housing: a new strategic partnership Dedicated property investment vehicle A unique operator 2 projects €240m 3-year already launched Targeted total investment Investment period (51%) c. 2,000 beds 193 beds 309 beds c. 3,600 sq.m c. 6,600 sq.m Expected Expected (49%)(1) delivery in 2028 deli
Slide 23: New partnership to address the housing demand
New partnership to address the housing demand “Evolution Habitat” (40.8%) Conversion of vacant office buildings into residential developments – Potential covering 6 million sq.m in Paris region Three-year investment period, totaling 50,000-60,000 sq.m of refurbished space over the investment period
Slide 24: 3. Financial results
H1 2026 3. FINANCIAL RESULTS AORI (Meudon, Hauts-de-Seine) 24
Slide 25: 3.1. P&L
3.1. P&L LE BEAUVAISIS (Pont de Flandre, Paris) 25
Slide 26: Expected decline in strategic NCCF
Expected decline in strategic NCCF -€0.29/share (-19.9%) €1.44/share 0.09 (0.13) €1.15/share (0.05) (0.03) (0.17) NCCF from strategic Change in NRI Net property margin for Operating costs Finance expense Other (1) NCCF from strategic operations H1 2025 Property Development operations H1 2026 Note: F
Slide 27: Moderated decline in LfL gross rental income
Moderated decline in LfL gross rental income (in €m) -€8.1m (-4.5%) 178.3 1.3 170.2 (1.7) (1.3) (6.3) Gross rental income Negative reversion on Tenant departures Index-linked rent reviews Scope effect (1) Gross rental income HY 2025 renewals HY 2026 -1.1% LfL change Note: Figures may not add up due
Slide 28: Development activity backed by residential segment
Development activity backed by residential segment 6-month economic revenue Current economic operating margin (in €m) (in €m) 2.3% 1.9% 6.6 % of revenue % of revenue 501.1 4.9 473.3 (30.3) (4.0) 11.5 (5.4) 9.1 (2.0) 425.5 Q1 2025 H1 2025 economic Reidential Residential Commercial Commercial Other Ot
Slide 29: Cost-saving plan delivering results
Cost-saving plan delivering results (in €m) -€6.5m (-7.5%) 86.6 80.1 General expenses reduction: disciplined (4.3) procurement and process optimization (2.3) Headcount discipline, allowing additional cost savings effective from H1 Voluntary redundancy plan to start contributing from H2 2026 Current
Slide 30: Average cost of debt under control
Average cost of debt under control (in €m, from strategic activities) -€4.0m 1.85% Avg. cost of debt ~2% by end-2026 97% Hedged in H2 2026 (30.5) (4.5) (1.7) 2.2 (34.4) 3.8x Interest Cover Ratio (vs 6.6x in 2025) Current finance Finance expense Finance income Others (1) Current finance result H1 202
Slide 31: 3.2. Balance sheet
3.2. BALANCE SHEET FRESK (Issy-Les-Moulineaux, Hauts-de-Seine) 31
Slide 32: Decrease in fair value of Property Investment portfolio
Decrease in fair value of Property Investment portfolio -8.4% on a reported basis 6,127 85.6 5,611 Property Investment portfolio down (398.0) (28.3) (175.3) -3.1% on a LfL basis in HY 2026 Like-for-like decline driven primarily by -3.1% LFL market rates LfL EPRA Net Initial Yield: 5.4% (vs 5.6% as o
Slide 33: NAV impacted by change in asset values
NAV impacted by change in asset values €4,053m NTA €3,775m -6.9% (per share) (in € per share) 53.3 1.8 51.6 49.7 (2.8) (0.7) (1.9) EPRA NTA Group Change Other EPRA NTA 2025 EPRA NTA 12/31/2025 NCCF in FV of Property factors 06/30/2026 distribution 06/30/2026 Investment assets (cum distribution) 2026
Slide 34: Robust liquidity for handling upcoming maturities
Robust liquidity for handling upcoming maturities Debt maturity schedule (As of June 30, 2026, in €bn) €2.5bn Covering principal until 2030 Liquidity position As of June 30, 2026 0.69 0.65 0.65 0.57 0.68 0.15 €0.7bn €1.8bn 0.49 0.65 Net cash position Undrawn credit lines 0.34 0.50 0.26 €150m new 203
Slide 35: 4. 2026 Outlook
4. 2026 OUTLOOK CÔTÉ MONTESSUY (Caluire-et-Cuire, Rhône) 35
Slide 36: FY2026 guidance unchanged
FY2026 guidance unchanged 2026 Group NCCF €2.90-3.10 per share • €2.25-2.45 per share from strategic operations, expected to mark a low point(1) • c. €0.65 per share from discontinued operations (already secured) (1) Subject to no deterioration in the political and macroeconomic environment 2026 Hal
Slide 37: Financial Calendar
Financial Calendar 9-month 2026 Trading update: October 20, 2026 37
Slide 38: Appendices
APPENDICES GRANDS AXES (Nanterre, Hauts-de-Seine) 38
Slide 39: Paris region leasing volumes muted
Paris region leasing volumes muted Weak occupier demand Take-up, immediate supply and vacancy rate in the Paris region (vacancy in % / rolling 12M take-up in million sq.m) • Take-up volume remain low with 750,000 in H1 2026 (-5%) • Decline across all size segments with large deals >5,000 sq.m down (
Slide 40: Subdued leasing activity with few pockets of activity
Subdued leasing activity with few pockets of activity La Défense stands out as occupiers seek quality space at good value for money Take-up contracts across most markets in H1 2026 4 out of the top 5 largest deals outside Paris Take-up in the Paris region Airbus / 36,800 sq.m 2nd Ring “Campus Grand
Slide 41: Investment stalled amid geopolitical uncertainty
Investment stalled amid geopolitical uncertainty Office investment lost momentum Focus on value-add asset class • €6.6bn invested in H1 2026 (+9% YoY) out of which €3.1 bn in the Paris • Value-add account for 31% of investment volume (vs. 18% in 10y average) region (-18%) • Core assets are losing mo
Slide 42: Leasing market under pressure
Leasing market under pressure Q2-2026 Paris CBD La Défense Western Crescent Inner Ring Outer Ring Physical vacancy 6.9% ▲ 13.4% ▼ 22.1% ▲ 21.1% ▲ 6.1% ▲ rate +220 bps -220 bps +230 bps +260 bps +43 bps (vs a year earlier) Take-up 148,200 sq.m 94,900 sq.m 127,300 sq.m 72,100 sq.m 121,950 sq.m (2026 v
Slide 43: A diversified portfolio, with assets located in good hubs
A diversified portfolio, with assets located in good hubs La Défense 1st ring 214 €5.6bn 1.8m Portes de Paris Business Park(1) assets GAV sq.m 06/30/2026 Breakdown by asset type OFFICE GAV % GAV Offices €4.2bn 76% OFFICE TV STUDIO DATA CENTER Light industrial €0.8bn 14% Nanterre Regional cities Othe
Slide 44: A selective positioning in the main regional cities
A selective positioning in the main regional cities NEXT Lyon, Rhône LAFAYETTE Offices Lyon, Rhône Focus Regions – all assets 10% LA FABRIQUE 146,698 sq.m €0.6bn (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, Bouches-du
Slide 45: Property Investment portfolio
Property Investment portfolio 06/30/2026 12/31/2025 Portfolio value (100% + Group share of JVs basis, excl. duties) €5.6bn €6.1bn Icade net yield(1) 8.3% 8.2% Total floor area (in million of sq.m) 1.8 1.8 WALB 4.0 years 3.4 years Financial occupancy rate 85.9% 86.8% Offices 89.9% 90.4% Edenn, Nanter
Slide 46: Lease expiries schedule
Lease expiries schedule By next break option(1) By lease term(1) (in €m) (in €m) WALB WALT 100,0 4.0 years 5.7 years 80,0 68.2 60.7 60,0 56.4 56.8 44.8 40.9 41.1 40,0 33.3 30.9 25.2 23.3 24.8 21.3 22.4 18.0 18.1 20,0 11.2 11.2 9.7 10.4 9.6 9.2 4.1 5.0 0,0 2026 2027 2028 2029 2030 2031 2032 2033 2034
Slide 47: Development pipeline as of June 30, 2026
Development pipeline as of June 30, 2026 Cost including remaining Type Estimated date Floor area Rental income capex Remaining Project name Location of works Property type of completion (sq.m) (€m) YoC(1) (€m) capex (€m) Pre-let EQUINIX PORTES DE PARIS Construction Data Center Q3 2026 7 490 36 0 100
Slide 48: Data center: towards a higher returns JV model
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) Powered shell(1) JV part
Slide 49: Development activity still at a low point
Development activity still at a low point Slight recovery in housing starts and building permits in France Orders volumes stabilized at a low level In thousands of housing units, excl. single-family detached units In thousands of housing units per year 400 180 25 375 160 350 20 325 140 300 15 120 27
Slide 50: Construction costs and selling prices stabilize
Construction costs and selling prices stabilize Construction costs slightly decreasing since 2024 Stock stabilizes at low point and prices rise slightly Index rebased to 100 in 2021 (source INSEE) -2.4% 3 years 1 year 125 Q4 2025 vs Q4 2024 120 000 5 300 5 100 120 110 000 4 900 115 100 000 4 700 110
Slide 51: Average residential mortgage rate over 10 years
Average residential mortgage rate over 10 years Average mortgage rate for individuals Rate in % 5% 4.20% Dec. 2023 4% 3.26% June 2026 3% 3.05% June 2025 2% 1% 0% 2026 Half-Year Results I Wednesday, July 22, 2026 51 Source: L’Observatoire du Crédit Logement / CSA
Slide 52: Earnings indicators
Earnings indicators in €m 06/30/2026 06/30/2025 Change Total IFRS revenue 600.8 630.4 (4.7%) Gross rental income 170.2 178.3 (4.5%) Property development revenue 425.5 443.1 (4.0%) Other income 5.2 9.0 (42.4%) EBITDA(1) 104.3 144.8 (27.9%) Financial result (46.7) (21.5) N.A. Net profit(2) (155.9) (91
Slide 53: Cash-flow from discontinued operations secured
Cash-flow from discontinued operations secured (in €m) €4.1m 48.9 44.8 Increased dividend from (7.2) Praemia Healthcare as 11.3 no interim dividend paid in 2025 No finance income following the repayment of the shareholder loan granted by Icade to IHE Current financial result Dividends from Interests
Slide 54: EPRA NRV, NTA & NDV
EPRA NRV, NTA & NDV (In € per share) 53.2 0.6 4.7 54.2 49.7 (0.2) (3.7) (0.4) In €m In € per Chg. vs. share Dec. 2025(1) EPRA NDV 4,039 53.2 (6.7%) EPRA NTA 3,775 49.7 (6.9%) EPRA NRV 4,120 54.2 (6.6%) EPRA NDV Transfer tax Impact Other EPRA NTA Impact of Other EPRA NRV optimisation of liabilities f
Slide 55: Leading position confirmed in ESG
Leading position confirmed in ESG AAA A Excellent environmental, social and governance Among the 40 French publicly traded companies practices with the best carbon scores Ranking among the top 6% of companies in the Score assessing Icade’s ability to manage its Real Estate Management & Services cate