Icade Sa Ord (CDMGF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the ECOD nine-month 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 Nicolas Jolie, CEO. Please go ahead. Good morning. Nicolas Jolie speaking. Thank you all for being here today on this call. Along with Bruno Valentin, we are delighted to present this morning ECAD 2025 nine months update. This presentation will be, of course, followed by a Q&A session. Let's move to slide five for an overview of the main messages. To date, ECAD completed or signed preliminary agreements for €430 million in disposals. This includes a reduction of the group exposure to healthcare activities by circa €210 million and the sale of mature or non-strategic assets for €220 million. The investment division reported a very good rental activity with circa 166,000 square meters signed or renewed to date. This volume was boosted in October by the renewal of 41,000 square meters in eco-building with KPMG. For several months, the financial occupancy rate has improved, notably for well-positioned offices and light industrial assets. On the property development front, H1 trends are continuing into H2. By the end of September, ECAB recorded stable order volumes with a total value decrease of minus 5%. Lastly, we reaffirm today our 2025 Group Net Current Cash Flow Guidance between 3.40 and 3.60 euros per share. On slides 6 and 7, we focus on the good progress made on disposals. Early August, ICAD signed an agreement with BNP-PRM to sell its state in a diversified portfolio of 23 healthcare assets, accounting for circa 15% of its exposure to the heal...