Icade Sa Ord (CDMGF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the ECOD first quarter 2026 trading update conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Nicola Jolie, CEO, and Bruno Valenting, CFO. Please go ahead. Good morning, everyone, and thank you for joining us today. Bruno, Valentin, and I are very pleased to present ICAD's first quarter 2026 trading update. As usual, the presentation will be followed by a Q&A session. So let's start with slide 5 and the key messages for the quarter. First quarter was marked by the successful completion of the disposal of Marignan Building on the Champs-Élysées for 402 million euros. This operation is fully aligned with our reshaped roadmap as it reflects our disciplined approach to crystallize value while maintaining strong balance sheets. In particular, this transaction had a positive impact of around 3 percentage points on the LTV ratio and on the group's liquidity position that increased to around 2.8 billion euros, enabling us to anticipate upcoming maturity with confidence. In property investment, living activity was broadly in line with our expectations, with around 25,000 square meters found all renewed during the quarter. Rental income was down 2.1% on a life-for-life basis, and the financial occupancy rate stood at 85%, reflecting expected departures at the beginning of the year. In property development, the year started well, but activity slowed in March, especially in the individual segments in a more volatile environment. Based on the information available today, we confirm our 2026 guidance, while remaining attentive to th...