Icade Sa Ord (CDMGF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the conference call eCAD results as of March 31st 2025. Please note this conference is being recorded and for the duration of the call your lines will be on listen only. However, you'll have the opportunity to ask questions. This can be done by pressing star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star 0 and you'll be connected to an operator. I will now hand you over to your hosts, Nicolas Joly, CEO, and Bruno Valentin, CFO, to begin today's conference. Thank you. Good morning. Nicolas Joly speaking. Well, thanks to everyone for being on the call today. Well, I'm happy to be here today with ICAD's new CFO, Bruno Valentin, who's just joined the group last week. Delighted to welcome him to the team, and I'm sure he will make a great contribution to the financial team and to ECAD. So this morning, we are pleased to present ECAD's results as of March 31st, 2025. This presentation will be, of course, followed by a Q&A session. So let's move to slide five for an overview of the main messages of the first quarter of the year. The Investment Division reported a good rental activity with circa 50,000 square meters signed or renewed during the quarter. This volume was boosted in particular by the signing of Pearl's building with the Cincinnati Departmental Council for 29,000 square meters. The resilience of the financial occupancy rates for well-positioned assets was confirmed at 88.4%, excluding the positive impact of Pearl's. Revenues were pretty stable with like-for-like growth of 0.5%. ECAD's property development business grew in volume and value supported by good momentum in the residential segment. However, we remain cautious about the pace of recovery given the still uncertain envir...