Icade Sa Ord (CDMGF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen, and welcome to ECAD 2025 half-year results presentation. Please note this event is being recorded. At this time, all participants are in listen-only mode. We will be facilitating a Q&A session towards the end of today's prepared remarks. If you would like to ask a question, you might do so by pressing star 1 on your telephone keypad. I will now turn the call over to your host for today, Nicolas Joly, CEO, and Bruno Valentin, CFO. You may begin. Thank you. Good morning. Nicolas Joly speaking. Thank you all for being here today on this call. Along with Bruno Valentin, we are delighted to present this morning ECAT 2025 offshore results. This presentation will be, of course, followed by a Q&A session. Let's move on to slide four for an overview of the key messages for the first half of 2025. ECHAT delivered strong living activity with nearly 80,000 square meters signed or renewed, contributing to an improved occupancy rate for well-positioned office and light industrial assets. In parallel, The property investment division secured over €100 million in disposal of non-strategic and core assets in line with NAB. In the first half of 2025, ECAD posted a resilient net current cash flow from strategic activities compared to the same period last year. However, the contributions from the property investment and development businesses differed from 2024. Indeed, while rental income declined, the profitability of the development segment improved following a deep review of our operations in early 2024 to adapt to evolving market conditions. Against this backdrop and in a complex market environment that calls for caution, we are confirming our full year guidance for GroupNet current cash flow. This semester, we proactively manage our balance sheet an...