Slide 1: First-quarter 2026 trading update
First-quarter 2026 trading update ORIGINE (Nanterre, Hauts-de-Seine) 1 FRIDAY, APRIL 17, 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 F I R S T - Q U A R T E R 2 0 2 6 T R A D I N G U P D AT E 1. 2. 3. 4. Key takeaways Performance of First-quarter 2026 outlook business lines earnings 3
Slide 4: 1. Key takeaways
1. KEY TAKEAWAYS MARIGNAN, 29-33 CHAMPS-ÉLYSÉES (Paris, Ile-de-France) 4
Slide 5: Q1 2026 Key Takeaways
Q1 2026 Key Takeaways Marignan disposal Positive effect on LTV ratio of c. 3pps(1) completed at €402m Liquidity at c. €2.8bn(2) Leasing activity in line c. 25,000 sq.m leased, with expectations Financial occupancy rate at 85.0%, -2.1% LfL in rental income Mixed performance Orders volumes up +4%, des
Slide 6: Successful completion of Marignan disposal
Successful completion of Marignan disposal Highly competitive process c. €402m selling price c. 12,000 sq.m (1) c. 20% premium above NAV (2) MARIGNAN, 29-33 CHAMPS-ÉLYSÉES (Paris, Ile-de-France) (1) Including 7,300 sq.m of office space and 4,800 sq.m of retail space First-quarter 2026 trading update
Slide 7: 2. Performance of business lines
PERFORMANCE OF 2. BUSINESS LINES EDEN PARCS (Nantes, Loire-Atlantique) 7
Slide 8: Leasing activity holding up in a cooling market
Leasing activity holding up in a cooling market c. 25,000 sq.m €7.3m 5.9 years 85.0% Financial occupancy rate as of 03/31/2026 signed or renewed Secured annual headline rental WALB on leases signed or income renewed in Q1 2026 -1.8 pps vs dec. 2025 88.2% 89.0% Major renewal of c. 13,000 sq.m with th
Slide 9: Mixed performance in property development
Mixed performance in property development Individual orders Bulk orders Total orders (as of 03/31/2026) Good start to the year, followed by a 727 units, +4% YoY marked slowdown in a more volatile environment in volume terms +27% YoY in volume terms -10% YoY in volume terms €165m, -21% YoY Decline in
Slide 10: 3. First-quarter earnings
FIRST-QUARTER 3. EARNINGS LATÉCOÈRE (Toulouse, Occitanie) 10
Slide 11: Revenue decline, mainly driven by development activity
Revenue decline, mainly driven by development activity Change 3m-2026 (in €m and on a 100% basis) 03/31/2026 03/31/2025 vs. 3m-2025 (%) Gross rental income from Property Investment 90.8 93.9 -3.3% Property Development revenue 184.4 228.5 -19.3% Other revenue 3.0 3.6 -16.6% Total IFRS consolidated re
Slide 12: Decrease in GRI on LFL due to departures and reversion
Decrease in GRI on LFL due to departures and reversion (in €m) -€3.1m (-3.3%) 93.9 90.8 +0.9 (1.1) (1.5) (1.4) Others(1) Rental income 2023 Negative reversion on renewals Departures Index effect Other Rental income 2024 Rental income Negative reversion Tenant departures Index-linked Rental income Q1
Slide 13: Lower activity weighing on development revenue
Lower activity weighing on development revenue 3-month economic revenue(1) (In €m) -€26.6m (-11.4%) 253.6 234.1 25.2 (19.5) 25.2 +0.7 207.5 (18.4) 23.1 (8.9) 228.5 208.9 184.4 Q1 2025 economic Q1 2025 Tolbiac Tolbiac sale sale Q1Q12025 2025 restated revised Residential Residential development Commer
Slide 14: 4. 2026 Outlook
4. 2026 OUTLOOK PARC DES PORTES DE PARIS (Aubervilliers, Seine-Saint-Denis) 14
Slide 15: 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 • c. €0.65(1) per share from non- strategic operations Excluding any potential impact from sustained damage to the global economy due to the conflict in the M
Slide 16: Financial Calendar
Financial Calendar 2026 General shareholders' meeting: June 10, 2026 Distribution of €1.92 per share Ex-dividend date on June 23, 2026 Payment on June 25, 2026 2026 Half Year Results: July 21, 2026 9-month 2026 Trading update: October 20, 2026 First-quarter 2026 trading update I Friday, April 17, 20