Icade Sa Ord (CDMGF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Now, hand over to Bruno to go through the financial results. Welcome to the ECOD 2026 Half-Year Results Presentation 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 5 on their telephone keypad. You can also submit a written question. Now I will hand the conference over to the speakers, Nicolas Joly, CEO, and Bruno Valentin, CFO. Please go ahead. Good morning everyone and thank you for joining us today. With Bruno Valentin, I'm pleased to present ECAD's 2026 half-year results. I will begin with the key highlights and strategic developments of the first half. Bruno will then take you through the financial results and the balance sheet in more detail. I will come back at the end with our outlook for 2026 before we open the floor for questions. So, let me start with the main takeaways from the first half of 2026. The first key message is the continued disciplined execution of our disposal plan. We completed the sale of the Marignon building on the Champs-Élysées for 402 million euros. In healthcare, an agreement has been signed relating to the disposal of the Portuguese portfolio, representing an exposure of around 75 million euros for ICAP. The second key message is the new step taken with ECHO. Last week, we announced the acquisition of the remaining 49% minority stake in the Tower, allowing us to regain full ownership of this landmark asset in La Défense. This transaction follows a significant asset management effort and comes after the Tower has been brought to full occupancy. The third message is the resilience of our operating performance. In property investment, close to 94,000 square meters were signed or ...