Icade Sa · EURONEXT:ICAD
Icade Sa — Icade Sa Ord — Q3 2025 Earnings Presentation
18 slides from Icade Sa's earnings presentation, Oct 23, 2025
Slide 1: 9-month trading update
9-month trading update Thursday, October 23, 2025 EQHO (Paris La Défense)
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. Key takeaways 2. Performance of business lines 3. 9-month earnings 4. FY 2025 outlook 9-month trading update I Thursday, October 23, 2025 3
Slide 4: Key takeaways
KEY 1. TAKEAWAYS TIME (Saint-Denis, Seine-Saint-Denis) 9-month trading update I Thursday, October 23, 2025 4
Slide 5: Key takeaways
1. Key takeaways Key takeaways c. €430m of disposals completed or under a preliminary agreement including c. €210m of healthcare portfolio and c. €220m of mature or non-strategic assets Solid leasing activity with c. 166,000 sq.m signed or renewed Improvement of the financial occupancy rate on well-
Slide 6: c. €210m of disposals in healthcare portfolio over 9-month
1. Key takeaways – Update on disposal plan c. €210m of disposals in healthcare portfolio over 9-month • Signature of an agreement with BNPP REIM to sell Icade’s stake in a diversified portfolio of 23 healthcare assets located in northern and central Italy (5 acute and medium-term care facilities, 18
Slide 7: c. €220m of other disposals at attractive conditions
1. Key takeaways – Update on disposal plan c. €220m of other disposals at attractive conditions c. €220m of disposals Average yield 6.1% Above NAV as of December 2024 c. €105m already sold €115m under sale agreement CHRU B&B Hotels 5 Joliette 93 Charles de Gaulle B&B Hotels Mauvin business park Nanc
Slide 8: Performance of business lines
PERFORMANCE OF 2. BUSINESS LINES DESTINATION GAVY (Saint-Nazaire, Loire-Atlantique) 9-month trading update I Thursday, October 23, 2025 8
Slide 9: Solid leasing activity at the end of September 2025
2. Performance of business lines - Property Investment Solid leasing activity at the end of September 2025 €29.0m 84.0% 6.8 years c. 125,000 sq.m Financial occupancy rate Annual headline rents WALB related to leases signed or renewed related to leases signed or signed or renewed since 88.8% ↑ 90.4%
Slide 10: 60,000 sq.m let in La Défense and Péri-Défense areas in 2025 YTD
2. Performance of business lines - Property Investment 60,000 sq.m let in La Défense and Péri-Défense areas in 2025 YTD Leases in La Défense / Péri-Défense area Renewal of KPMG lease c. 19,000 sq.m over 9 months c. 41,000 sq.m in October 2025 WALB 5.3 years Fixed-term lease until 2031 H20 HYFIVE LA
Slide 11: Residential development: stable volume, declining value
2. Performance of business lines - Property Development Individual orders down following end of Pinel incentive Residential development: stable volume, declining value 2,815 units, stable YoY €722m, -5% YoY in volume terms in value terms 1,285 units 1,530 units €413m €309m Individual orders Bulk ord
Slide 12: 9-month earnings
9-MONTH 3. EARNINGS ORIGINE (Nanterre, Hauts-de-Seine) 9-month trading update I Thursday, October 23, 2025 12
Slide 13: IFRS consolidated revenue down -9%
3. 9-month earnings IFRS consolidated revenue down -9% Change 9m-2025 in €m and on a 100% basis 09/30/2024 09/30/2025 vs. 9m-2024 (%) Gross rental income from Property Investment 280.1 263.2 (6.0)% Property Development revenue 723.2 650.9 (10.0)% Other revenue 11.5 8.8 (23.1)% Total IFRS consolidate
Slide 14: GRI decrease resulting mainly from tenant departures in 2024
3. 9-month earnings - Property Investment GRI decrease resulting mainly from tenant departures in 2024 Gross Rental Income, in €m -€16.9m (-6.0%) 280.1 +5.8 +8.6 263.2 (7.2) (20.2) (3.9) Rental income Q3 2024 Negative reversion on renewals Departures Indemnities Index effect Other Rental income Q3 2
Slide 15: Lower commercial activity and declining residential backlog
3. 9-month earnings - Property Development Lower commercial activity and declining residential backlog Economic revenue(1), in €m -€100.5m (-12.1%) 829.2 728.7 106 (33.6) (63.9) (3.0) 77.8 223.3 723.2 650.9 Economic revenue Q3 2024 Residential development Commercial development Other effects Economi
Slide 16: 2025 outlook
2025 OUTLOOK 4. 29-33 CHAMPS-ELYSÉES (Paris, Ile-de-France) 9-month trading update I Thursday, October 23, 2025 16
Slide 17: FY2025 guidance confirmed
4. 2025 outlook FY2025 guidance confirmed 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) 9-month trading update I Thursday, October 23, 2025 17 (1) On the hypothetical basis of a stable ownership of Præmia
Slide 18: Agenda
AGENDA February 17, 2026 FY 2025 Results 9-month trading update I Thursday, October 23, 2025 18