Icade Sa · EURONEXT:ICAD
Icade Sa — Debt Investor Presentation (May 2025)
63 slides from Icade Sa's debt investor presentation, May 14, 2025
Slide 1: Bond Investor Presentation
Bond Investor Presentation Wednesday, May 14th, 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 1. Icade at a glance 2. Strategic plan ReShapE 3. FY 2024 Results 4. Q1 2025 Update 5. Key Credit Highlights & Transaction Overview Appendices 3
Slide 4: Icade at a glance
1. ICADE AT A GLANCE PONT DE FLANDRE (Paris, 19th district) 4
Slide 5: Icade at a glance
1. 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 Gross Rental Income 2024 Economic revenue 18.9% Dépôts et €369m €1,215m S&P Rating A/Stable Consignations 39.2% S&P Rati
Slide 6: A diversified portfolio, with assets located in good hubs
1. Icade at a glance A diversified portfolio, with assets located in good hubs La Défense 238 €6.4bn 1.8m 1st ring Portes de Paris Business Park(1) assets GAV sq.m 12/31/2024 OFFICE Breakdown by asset type GAV % GAV OFFICE TV STUDIO DATA CENTER Offices €5.2bn 82% Nanterre Light industrial €0.7bn 12%
Slide 7: Strategic plan ReShapE
STRATEGIC PLAN 2 RESHAPE HYFIVE (La Défense, Hauts-de-Seine) 7
Slide 8: ReShapE: Our 2024-2028 plan
2. Strategic plan ReShapE ReShapE: Our 2024-2028 plan Adapt office portfolio to new demands Accelerate diversification • Assets and tailor-made offering suited to • Light industrial clients’ needs • Student housing • Pipeline focused on selective projects • Data Centers • Reconversion/sale of to-be-
Slide 9: 89% of our offices are well-positioned to changing uses and expectations
2. Strategic plan ReShapE ReShapE – Adapt office portfolio to new demands 89% of our offices are well-positioned to changing uses and expectations Valuation as of December 31, 2024 (in €bn, Group share) ORIGINE High quality and resilient assets Nanterre Préfecture (Hauts-de-Seine) fitted to new dema
Slide 10: A solid and diversified tenant portfolio
2. Strategic plan ReShapE ReShapE – Adapt office portfolio to new demands A solid and diversified tenant portfolio Utilities 84% of annualised IFRS rental income from public sector and mid and large corporates As of December 31, 2024 Finance / Insurance Government agencies Public sector 16% & Mid-si
Slide 11: First concrete developments on to-be-repositioned assets
2. Strategic plan ReShapE ReShapE – Adapt office portfolio to new demands First concrete developments on to-be-repositioned assets Portfolio review(1) Office-to-residential transformation projects IFRS annualized rent: €37.9m, vs €53.1m as of 12/31/2023 Financial occupancy rate: 64.6%, vs 71.4% as o
Slide 12: Icade's expertise in three growth segments
2. Strategic plan ReShapE ReShapE – Accelerate diversification Icade’s expertise in three growth segments Light industrial Student housing Data Centers • New infrastructures quickly absorbed by the market • Fast-growing market (average rents increase of +7% • Structurally undersupplied market with o
Slide 13: New partnership on student housing to increase value creation
2. Strategic plan ReShapE ReShapE – Accelerate diversification New partnership on student housing to increase value creation • Target: 500-1,000 beds per year • Conversion of to-be-repositioned offices • Signature of a Memorandum of Develo Understanding relating to a pm • Excellent territorial netwo
Slide 14: On-going diversification with Data Center projects
2. Strategic plan ReShapE ReShapE – Accelerate diversification On-going diversification with Data Center projects 1 Equinix Data Center (Portes de Paris Business Park) 2 Hyperscale Data Center (Paris Orly-Rungis Business Park) Key figures Key figures • Investment: c.€36m Power secured • Power supply
Slide 15: Building a low carbon city
2. Strategic plan ReShapE ReShapE – Develop and invest in 2050 city Building a low carbon city • A low carbon investment plan for 2024-2030: €145m (more than 22m Improved building invested in 2024) performance • >92% of well-positioned offices compliant with SBTi and Energy Efficiency Regulation in
Slide 16: Results in line with the Group's 1.5°C pathway, approved by the SBTi
2. Strategic plan ReShapE ReShapE – Develop and invest in 2050 city Results in line with the Group’s 1.5°C pathway, approved by the SBTi Reduction in GHG(1) emissions supported by each division Sharp drop in GHG emissions(2) in 2024 -90% -28% Target reduction in GHG emissions Result -44% between 201
Slide 17: Building a city promoting nature and biodiversity
2. Strategic plan ReShapE ReShapE – Develop and invest in 2050 city Building a city promoting nature and biodiversity Biodiversity Internal advanced method established in 2023 with ecologists and based on assessment recognized standards Rewild existing • Nature-boosting solutions for 90% of building
Slide 18: Maintaining a solid balance sheet…
2. Strategic plan ReShapE ReShapE – Maintain solid financial policy Maintaining a solid balance sheet… • LTV ratio including duties [30-35]% Debt ratios • Robust ICR level > c.4x • Low Net debt / EBITDA < c.9x • Large amount of undrawn credit lines Liquidity • Proactive management of debt maturities
Slide 19: … by well balancing investment and debt repayment
2. Strategic plan ReShapE ReShapE – Maintain solid financial policy … by well balancing investment and debt repayment Proceeds(1) Uses(1) €4.2bn €4.2bn Healthcare disposal Capital redeployment Step 1 - H2 2023 c.€1.6bn c.€1.8bn Healthcare disposal Debt repayment Step 2&3 - 2024-2026 c.€1.3bn(2) c.€1
Slide 20: Healthcare disposal underway – Steps 2 & 3
2. Strategic plan ReShapE ReShapE – Maintain solid financial policy Healthcare disposal underway – Steps 2 & 3 Strategy unchanged to sell Icade’s entire remaining stake in the Healthcare business IHE Stable asset valuation c.-1.7%(1) in 2024 Icade share of NAV Icade’s exposure €0.8bn €0.5bn Recent p
Slide 21: €1.8bn redeployment plan over 2024-2028
2. Strategic plan ReShapE ReShapE – Maintain solid financial policy €1.8bn redeployment plan over 2024-2028 to generate €120m of additional revenues in €bn c.€1.8bn Development capex 0.4 c. €0.9bn Target yield 0.5 Target yield [4-7%] [>6%] 0.2 , Target yield 0.4 [5%] 0.3 Started pipeline Diversifica
Slide 22: FY 2024 Results
3 FY 2024 RESULTS HELSINKI-IÉNA (Paris Orly-Rungis Business Park , Val-de-Marne) 22
Slide 23: FY 2024 in a nutshell
3. FY 2024 Results FY 2024 in a nutshell NCCF EPRA NAV Debt management Group NCCF NCCF NAV NTA LTV incl. duties Net debt/EBITDA(2) from strategic operations(1) per share ICADE GROUP €301.8m €223.1m €60.1 36.5% 10.0x -4.1% vs 2023 -10.6% vs 12/31/2023 vs 33.5% (12/31/2023) vs 7.0x (12/31/2023) (€3.98
Slide 24: Good commercial momentum in FY 2024
3. FY 2024 Results Good commercial momentum in FY 2024 c.133,000 sq.m €35m 6.4 years 84.7% WALB related to leases signed or signed or renewed Annual headline rental income Financial occupancy rate renewed in 2024 Solid performance from Dynamic activity in Opportunistic approach on well-positioned of
Slide 25: Additional rents coming from deliveries and selective pipeline
3. FY 2024 Results Additional rents coming from deliveries and selective pipeline €5.8m annual headline rent €45m potential annual headline rent on started projects secured from deliveries in 2024 in the next three years €872m started pipeline / €286m remaining capex COLOGNE Limited development cape
Slide 26: Limited volume of disposals, with core assets sold above appraised value
3. FY 2024 Results Limited volume of disposals, with core assets sold above appraised value 2024 2025 Sales signed for a total of €82m(1) Termination of public-private partnership with Nancy Regional University Hospital (CHRU)(2) Average yield c.5.8% €55m Above NAV as of June 2024 Quai de Rive Neuve
Slide 27: Positive signals in residential activity
3. FY 2024 Results Positive signals in residential activity Stable residential activity in 2024… 5,300 units, +1% YoY €1,308m, -3% YoY Order volume Order value … supported by individual orders… … despite a slowdown in bulk orders 17% 7% vs -3.7%(1) (market) -7% -9% Volume 2024 vs 2023 Value 2024 vs
Slide 28: NCCF 2024: €3.98/share including €2.94 on strategic operations
3. FY 2024 Results NCCF 2024: €3.98/share including €2.94 on strategic operations (In €m) Above guidance 350.6 €[3.78-3.93]/share (€4.62/share) 301.8 78.7 (€3.98/share) 232.6 30.1 223.1 (€3.07/share) (€2.94/share) (118.0) (36.2) (3.4) Total NCCF 2023 NCCF from NCCF from strategic Property Investment
Slide 29: Breakdown of EPRA NTA in 2024
3. FY 2024 Results Breakdown of EPRA NTA in 2024 €5,098m NTA €4,557m -10.6% (per share) 3.98 67.2 64.9 (in € per share) (5.78) (0.48) 60.1 (4.84) EPRA NTA Group Change Other EPRA NTA 2023 dividend EPRA NTA 12/31/2023 NCCF in FV of Property 12/31/2024 paid in 2024 12/31/2024 Investment assets (cum di
Slide 30: Slower decline in asset valuations
3. FY 2024 Results 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 H1 23 H2 23 H1 24 H2 24 H1 23 H2 23 H1 24 H2 24 H1 23 H2 23 H1 24 H2 24 +0.7% 0,7% +1.1
Slide 31: Proactive balance sheet management
3. FY 2024 Results Proactive balance sheet management Strong liquidity Debt maturity management €1.1bn As of December 31, 2024, in €bn(2) Net cash position €350m Tender offer on short- term bonds 2025 & 0.88 2026 0.66 0.65 €1.5bn 0.60 0.60 Unused committed revolving credit facilities(1) 0.43 0.29 0.
Slide 32: Comfortable headroom under covenants and low cost of debt
3. FY 2024 Results Comfortable headroom under covenants and low cost of debt Loan-To-Value (exc. Duties) Secured debt ratio < 60% < 25% of the property portfolio 42.3% 42.3% 41.5% 38.2% 8.3% 8.4% 8.3% 35.1% 7.3% 7.0% 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2020 31/12/2021 31/12/
Slide 33: Q1 2025 Update
4. Q1 2025 UPDATE HYFIVE (La Défense, Hauts-de-Seine) 33
Slide 34: Good leasing activity in Q1 2025
4. Q1 2025 update Good leasing activity in Q1 2025 … and an emblematic signature Dynamic leasing activity… with the Seine-Saint-Denis Departmental Council c. 50,000 sq.m signed or renewed €12.0m PULSE Secured annual headline rental income c. 29,000 sq.m 9.1 years Fast relet, with economic rent in li
Slide 35: Positive signals in residential activity
4. Q1 2025 update Positive signals in residential activity Positive momentum in residential development… 697 units, +16% YoY €209m, +22% YoY in volume terms in value terms … supported by individual orders… … and institutional bulk orders 20% 28% 28% 432 units 9% 265 units €148m €62m Volume Q1 2025 V
Slide 36: 2025 guidance
4. Q1 2025 update 2025 guidance 2025 Guidance Group NCCF per share of €[3.40 – 3.60] Of which c. €0.67/share from non-strategic operations, excluding impact of disposals(1) (1) On the hypothetical basis of a stable ownership of Præmia Healthcare (21.67% after the closing of €29.8m swap of shares wit
Slide 37: Key Credit Highlights & Transaction Overview
5. KEY CREDIT HIGHLIGHTS & TRANSACTION OVERVIEW TIME (Saint-Denis, Seine-Saint-Denis) 37
Slide 38: Credit Investment Thesis
5. Key credit highlights & transaction overview Credit Investment Thesis 1 Supportive shareholder structure: solid and long-term ownership from Caisse des Dépôts et Consignations (39.2%; AA- by S&P) and Crédit Agricole Assurances (18.9%, A by S&P) 2 Confirmed resilience of well-positioned offices ac
Slide 39: New Issue - Indicative Terms and Conditions
5. Key credit highlights & transaction overview New Issue - Indicative Terms and Conditions Issuer ICADE SA (Ticker : ICADFP, Country :FR) Status of the Notes RegS Green Senior Unsecured, Bearer Dematerialized Notes Issuer Rating BBB (Stable) at S&P Expected Issue Rating BBB expected at S&P Notional
Slide 40: Icade's Green Financing Framework in line with best practices
5. Key credit highlights & transaction overview Icade’s Green Financing Framework in line with best practices Green Buildings shall meet the following criteria: • Distance to public transport not exceeding 400 meters (bus, train, • At least one of the following Technical Criteria is met Green buildi
Slide 41: Tender Offer – Summary of Terms
5. Key credit highlights & transaction overview Tender Offer – Summary of Terms Company ICADE SA The purpose of the Tender Offer and issue of New Notes is to proactively manage the debt structure of the Company and to extend its financial Rationale maturities Priority 1 Notes: • RegS EUR 750m (EUR 5
Slide 42: Appendices
APPENDICES DESTINATION GAVY (Saint-Nazaire, Loire-Atlantique) 42
Slide 43: Renewed interest in affordable centralised locations
Appendices Renewed interest in affordable centralised locations Main drivers when choosing location Good centralities • 89% of companies consider easy access to public transportations as criteria #1 when choosing a new location(1) ESG best • ESG-friendly building is top #1 concern for European compa
Slide 44: Lagging leasing and investment markets in France
Appendices Lagging leasing and investment markets in France Leasing market Investment market Paris region Investment volume at €15bn (stable vs 2023) Decrease in take-up with 1.75m sq.m (-11% YoY) and a few Large European markets are recovering(2) transactions > 5,000 sq.m (49 in 2024 vs 57 in 2023)
Slide 45: Weak leasing market, rising vacancy and supply
Appendices Weak leasing market, rising vacancy and supply 1 Decreasing take-up in 2024 • Take-up volume (1,75m sq.m, -11% YoY) slowed down due to fewer large deals (546,000 sq.m, -13% YoY) • Paris is down by -9% (CBD by -21%) vs La Défense +60% and 1st Ring +8% Take-up, immediate supply and vacancy
Slide 46: A highly polarized market
Appendices A highly polarized market Q4-2024 Paris CBD La Défense Western Crescent Inner Ring Outer Ring Physical vacancy 3.4% ▲ 14.3% ▼ 18.8% ▲ 19.7% ▲ 5.7% ▲ rate +110 bps -50 bps +405 bps +360 bps +40 bps (vs a year earlier) Take-up 348,700 sq.m 211,200 sq.m 283,600 sq.m 289,100 sq.m 143,800 sq.m
Slide 47: Investors remain highly selective despite lower financing costs
Appendices Investors remain highly selective despite lower financing costs Investment decrease stopped Prime offices, logistics and hotels lead the market • €15bn invested in 2024 in France (stable YoY) vs €30bn in 2022 • Offices accounted for 33% of investments in 2024 (-27% yoy) • Large deals take
Slide 48: Prime yields are stabilizing on core markets
Appendices Prime yields are stabilizing on core markets The pressure on offices’ prime yield is decreasing Foreign investors are back • Prime yields for Paris CBD offices are now stabilized around 4%-4.25% but • Domestic players are up to 56% in Q4 2024 (vs 79% last year) and pan upward pressure out
Slide 49: Effect of indexation on rents
Appendices Effect of indexation on rents Commercial portfolio index split – December 2024 (in % of headline rent) c.100% ICC 10% Other indices 8% leases linked to indices with a strong inflation component ILAT 82% Evolution of indices(1) (in %) 3.8% +4.7% +5.1% 3.3% Indexation effect on rents Indexa
Slide 50: 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 11% 220,000 sq.m €0.7bn (1) of the overall LA FABRIQUE Lyon SADI CARNOT portfolio Bordeaux, Gironde Marseille, Bouches-du-Rhône Bordeaux 69,653 sq.m 37,657 sq.m Ma
Slide 51: Lease expiries schedule
Appendices Lease expiries schedule Annualised IFRS rental income (In €m, 100% + Group share of JVs basis) Other €6m 100,0 89 90,0 80,0 70,0 60,0 56 56 Well-positioned offices 46 50,0 €23m 41 Light industrial €56m 40,0 €14m Lease expiry in 2025 30,0 27 20,0 18 10,0 6 5 7 0 0,0 To-be-repositioned offi
Slide 52: Diversified and selective development pipeline as of December 31, 2024
Appendices Diversified and selective development pipeline as of December 31, 2024 Type Estimated date Floor area Rental income Cost Remaining Project name Location of works Property type of completion (sq.m) (€m) YoC(1) (€m) capex (€m) Pre-let EDENN Nanterre Construction Office Q1 2026 30,587 253 81
Slide 53: Property Investment portfolio
Appendices Property Investment portfolio 12/31/2024 12/31/2023 Portfolio value (100% + Group share of JVs basis, excl. duties) €6.4bn €6.8bn Portfolio value (Group share, excl. duties) €6.1bn €6.5bn Average Icade yield(1)(2) 7.9% 7.5% Total floor area (in millions of sq.m) 1.83 1.87 WALB 3.4 years 3
Slide 54: 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 Change 12 months rolling Change 180 000 25 600 000 12.2024 vs 160 000 -15
Slide 55: 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 Q3 2024 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 56: Breakdown of orders by type of customers
Appendices Breakdown of orders by type of customers +3.5 pps +7.4 pps 18.2% 21.7% 27.7% 35.1% 63% of institutional 14.8% 12/31/2023 12/31/2024 investors (vs. 67% in 15.4% FY 2023) +0.6 pps 27.8% 39.3% -11.5 pps Social housing institutional investors (ESH) – Social landlords Institutional investors I
Slide 57: A holistic player committed to building mixed-use districts
Appendices ReShapE – Develop and invest in 2050 city A holistic player committed to building mixed-use districts Publication of a white paper on the Signing of a binding agreement(1) with Casino potential of city fringes Group to buy a property portfolio for €50m Tackle key societal challenges: hous
Slide 58: Consolidated P&L indicators
Appendices Consolidated P&L indicators in €m 12/31/2024 12/31/2023 Change • Revenue in markets under pressure: -5.0% YoY, reflecting positive contribution from Property Total IFRS revenue 1,451.5 1,527.7 (5.0%) Investment division, offset by Property Development performance EBITDA 239.0 280.4 (14.8%
Slide 59: Slower revenue growth in both business lines in Q1 2025
Appendices Slower revenue growth in both business lines in Q1 2025 Change 3m-2025 (in €m and on a 100% basis) 03/31/2025 03/31/2024 vs. 3m-2024 (%) Gross rental income from Property Investment 93.9 93.7 +0.2% Property Development revenue 228.5 223.3 +2.3% Other revenue 3.6 4.9 -26.4% Total IFRS cons
Slide 60: Breakdown of Icade's CO2 emissions in 2024
Appendices Breakdown of Icade’s CO2 emissions in 2024 On the SBTi commitment perimeter Investment – Operation Corporate 5% 1% Investment – Construction 3% -29% Property Development – Construction vs. 2023 52% Property Development – Energy(1) 19% Property Development – Replacement of building materia
Slide 61: Icade's extra-financial performance awarded
Appendices Icade’s extra-financial performance awarded Assessment réalisé par S&P Global (score au 31/12/2023) 61
Slide 62: 2021 Green Financing Framework Eligibility Criteria (1/2)
Appendices 2021 Green Financing Framework Eligibility Criteria (1/2) Eligible Project UN SDGs Environmental 2021 – Green Financing Framework Eligibility Criteria Category Contribution Objective(s) Acquisition of existing Buildings which Construction of new Buildings which Refurbishment of existing B
Slide 63: 2021 Green Financing Framework Eligibility Criteria (2/2)
Appendices 2021 Green Financing Framework Eligibility Criteria (2/2) Eligible Project UN SDGs Environmental 2021 – Green Financing Framework Eligibility Criteria Category Contribution Objective(s) Investments in individual energy performance improvement measures aiming at improving energy efficiency