Icade Sa · EURONEXT:ICAD
Icade Sa — 9M 2026 Earnings Presentation
19 slides from Icade Sa's earnings presentation, Oct 21, 2026
Slide 1: 9-month trading update
9-month trading update FRESK (Issy-Les-Moulineaux, Hauts-de-Seine) 1 WEDNESDAY, OCTOBER 21, 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 9 - M O N T H T R A D I N G U P D AT E 1. 2. 3. 4. Key takeaways Performance of 9-month earnings Outlook business lines and 2026 dividend 3
Slide 4: 1. Key takeaways
1. KEY TAKEAWAYS PONT DE FLANDRE (Paris, Île-de-France) 4
Slide 5: Key takeaways
Key takeaways Connecting New milestone in Subdued 2026 guidance workspaces 2026 Dividend disposal plan activity unchanged and hospitality Property Investment Expected FY 2026 dividend Closing of the disposal of c. 103,000 sq.m Group NCCF equal to Icade SA’s Acquisition of an 81.5% Leased YTD the Por
Slide 6: 2. Performance of business lines
PERFORMANCE OF 2. BUSINESS LINES BEAU CHEMIN (Nanterre, Hauts-de-Seine) 6
Slide 7: Divestment of Portuguese portfolio completed
Divestment of Portuguese portfolio completed Completion of the sale of the shares of a fund holding a portfolio of three assets(1) in Portugal Fund owned by Praemia Healthcare (51%) and IHE (49%)(2) which are managed by Praemia REIM France GAV of the portfolio at c. €180m, in line with the value ret
Slide 8: Connecting workspaces and hospitality
Connecting workspaces and hospitality Acquisition of an 81.5%(1) controlling interest in a key player in the corporate events industry Total investment for Icade: c. €40m(2) An integrated platform: Corporate events, Hospitality services, Flexible workspaces 12 locations in Paris and the Paris region
Slide 9: Limited Q3 contribution to full-year leasing activity
Limited Q3 contribution to full-year leasing activity c. 103,000 sq.m €34m 8.5 years 85.4% signed or renewed YTD Annual headline rents Firm commitment Financial occupancy rate related to leases related to leases stable vs June 2026 including c. 10,000 sq.m in Q3 2026 signed or renewed YTD signed or
Slide 10: Another fully leased Data Center delivered
Another fully leased Data Center delivered A new data center delivery in August 2026… …increasing Icade’s exposure to this asset class Operated by Equinix 10 MW Power IT 9-year firm lease term c. 7,500 sq.m 6 €6.7m Operational Data Centers Headline rents per year 28 MW Leading DC operators Total IT
Slide 11: Low property development activity, still secured
Low property development activity, still secured Orders in units 2,815 2,776 After a dynamic H1, slowdown observed in Q3 with a wait-and-see approach among buyers 54% 55% Selectivity and cautious approach with a high pre- commercialization rate before construction start at c. 80% 35% 30% Backlog at
Slide 12: 3. 9-month earnings
9-MONTH 3. EARNINGS EQHO (La Défense, Hauts-de-Seine) 12
Slide 13: Expected lower revenue
Expected lower revenue Change 9m-2026 (in €m and on a 100% basis) 09/30/2026 09/30/2025 vs. 9m-2025 (%) Gross rental income from Property Investment 250.0 263.2 (5.0%) Property Development revenue 622.2 650.9 (4.4%) Other revenue(1) 14.9 8.8 +68.4% Total IFRS consolidated revenue 887.1 923.0 (3.9%)
Slide 14: Moderated decline in LfL gross rental income
Moderated decline in LfL gross rental income (in €m) -€13.2m (-5.0%) 263.2 +1.2 (2.1) (1.2) 250.0 (11.1) Rental income Negative reversion Tenant departures Index-linked Scope effect(1) Rental income 9-month 2025 on renewals rent review 9-month 2026 -0.9% LFL change Note: Figures may not add up due t
Slide 15: Commercial development weighing on revenue
Commercial development weighing on revenue 9-month economic revenue(1) (In €m) -€32.3m (-4.4%) 728.7 +6.3 696.4 (35.4) (3.2) XXX.X Economic revenue Q1 2025 Residential Residential development Commercial Commercial development Others Other effects Economic revenue Q1 2025 9-month 2025 development dev
Slide 16: 4. Outlook and 2026 dividend
OUTLOOK AND 4. 2026 DIVIDEND QUARTIER DE GALLY (Versailles, Yvelines) 16
Slide 17: 2026 Outlook
2026 Outlook 2026 Group NCCF guidance unchanged €2.90-3.10 per share • €2.25-2.45 per share from strategic operations • c. €0.65 per share from non-strategic operations (already secured) Guidance for 2027 will be announced when the full-year results are published next February 9-month trading update
Slide 18: Balancing distribution and cash preservation
Balancing distribution and cash preservation The Board of Directors is considering proposing a 2026 dividend: €255m • Equal to Icade SA’s distributable profit Capital gains realised on • With scrip dividend option the sale of the Marignan building To be approved by the General Meeting to be held in
Slide 19: Financial Calendar
Financial Calendar 2026 Full Year Results: February 9th, 2027 19