Icade Sa · EURONEXT:ICAD
Icade Sa — Icade Sa Ord — Q3 2024 Earnings Presentation
18 slides from Icade Sa's earnings presentation, Oct 21, 2024
Slide 1: Results as of September 30, 2024
Results as of September 30, 2024 Monday, October 21, 2024 LA PLATEFORME (Marseille, Bouches-du-Rhône)
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
A G E N DA 1. Q3 2024 Key takeaways 2. Performance of business lines 3. Financial results 4. 2024 outlook Results as of September 30, 2024 I Monday, October 21, 2024 3
Slide 4: Q3 2024 Key Takeaways
1. Q3 2024 KEY TAKEAWAYS PONT DE FLANDRE (Paris, 19th district) Results as of September 30, 2024 I Monday, October 21, 2024 4
Slide 5: Q3 2024 – Key takeaways
1. Q3 2024 Key takeaways Q3 2024 – Key takeaways Property Investment: solid commercial activity with c. 51,000 sq.m signed or renewed in Q3 2024; growth in rental income (LfL +3.6%), driven by indexation Property Development: improved business indicators (total orders +9.6%) in a still wait-and-see
Slide 6: Performance of Business Lines
PERFORMANCE OF 2. BUSINESS LINES ORIGINE (Nanterre, Hauts-de-Seine) Results as of September 30, 2024 I Monday, October 21, 2024 6
Slide 7: Solid leasing activity in Q3 2024
2. Performance of business lines - Property Investment Solid leasing activity in Q3 2024 Robust indicators… 51,000 sq.m €12.4m 6.7 years 86.6% signed or renewed Annual headline rental income WALB related to leases signed or Financial occupancy rate renewed in Q3 2024 Out of 107,000 sq.m YTD Out of €
Slide 8: Sale of well-positioned assets above appraised value
2. Performance of business lines - Property Investment Sale of well-positioned assets above appraised value Completed sales New sale agreements Quai de Rive Neuve (Marseille) Le Castel (Marseille) Milky Way (Lyon) Dulud (Neuilly-sur-Seine) 3,100 sq.m 6,000 sq.m 4,300 sq.m 1,800 sq.m Sales signed for
Slide 9: Deliveries of two best-in-class assets
2. Performance of business lines – Asset deliveries Deliveries of two best-in-class assets 2 office deliveries in Q3 2024 for a total of €5.8m annual headline rent 1 Cologne (Rungis, Val-de-Marne) 2 NEXT (Lyon, Rhône) 100% pre-let to a Vinci Energies c.2,900 sq.m 100% pre-let to a first-class tenant
Slide 10: Property Development – Positive signals in a still wait-and-see market
2. Performance of business lines - Property Development Property Development – Positive signals in a still wait-and-see market Total orders Individual orders Bulk orders Slight upturn 9.6% 9.8% vs -20%(1) (market) 9.5% in orders supported by 4.8% falling interest 2.3% rates 0.6% Total orders Individ
Slide 11: Financial Results
3. FINANCIAL RESULTS PARIS ORLY-RUNGIS BUSINESS PARK (Val-de-Marne) Results as of September 30, 2024 I Monday, October 21, 2024 11
Slide 12: Revenue as of September 30, 2024
3. Financial results Revenue as of September 30, 2024 Change 9m-2024 (in €m and on a 100% basis) 09/30/2024 09/30/2023 vs. 9m-2023 (%) Gross rental income from Property Investment 280.1 271.6 +3.1% Consolidated revenue from Property Development 723.2 730.9 -1.1% Other revenue 11.5 14.7 -21.8% TOTAL
Slide 13: Slight increase in property investment rental income
3. Financial results - Property Investment Slight increase in property investment rental income In €m +€8.5m (+3.1%) 11.1 2.3 1.4 280.1 271.6 (4.6) (1.7) +6.3% +6.5% LFL change LFL change Rental income Well-positioned To be repositioned Light Other Other(1) Rental income 9m 2023 offices offices indu
Slide 14: Decrease in revenue from the commercial segment offset by residential
3. Financial results - Property Development Decrease in revenue from the commercial segment offset by residential 9-month economic revenue(1) -€14.4m (-1.7%) 843.6 34.5 6.9 829.2 (55.8) 9m 2023 Residential Commercial Other 9m 2024 development development Note: Figures may not add up due to rounding
Slide 15: Robust balance sheet management
3. Financial results - Liabilities Robust balance sheet management Proactive debt maturity Very solid liquidity Cautious hedging policy management €2.4bn €350m Debt 100% hedged Liquidity position(1) as of Tender offer on short-term in 2024 June 30, 2024 bonds 2025 and 2026, completed in May 2024 Cov
Slide 16: 2024 Outlook
2024 OUTLOOK 4. 29-33 CHAMPS-ELYSÉES (Paris, Ile-de-France) Results as of September 30, 2024 I Monday, October 21, 2024 16
Slide 17: 2024 NCCF towards the top of the guidance
4. 2024 outlook 2024 NCCF towards the top of the guidance 2024 Group NCCF per share Group NCCF per share expected towards the top of €[3.55 – 3.70] guidance range, including: • NCCF from strategic operations(1) per share expected towards the top of €[2.75 – 2.90] range • NCCF from discontinued opera
Slide 18: Financial agenda
4. 2024 outlook Financial agenda Next key events 2024 Full Year Results February 18, 2025 Results as of September 30, 2024 I Monday, October 21, 2024 18