Icade Sa Ord (CDMGF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the ECOD Full Year 2025 Results 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, Nicolas Joly speaking. Thank you all for joining us today. With Bruno Galantin, we are pleased to present ECAT 2025 full year results. After the presentation, we will, of course, open the floor for questions. I will begin with the main development of the year, both operational and strategic. Bruno will then walk you through the financial results and the balance sheet in more detail. Then I'll conclude with the 2026 outlook. Let's start by summarizing the key highlights for 2025. 2025 was a year of solid progress in the execution of our reshaped plan, with strong financial discipline. Three elements stand out. First, disposals. 2025 was a record year, with significant milestones in offices and in healthcare, allowing us to crystallize value in a selective investment market. Second, operations. Across both businesses, performance was solid. In property investment, despite declining revenues, we achieved a record year in terms of square meter lease, contributing to an improved financial occupancy rate. In property development, we delivered solid activity with stable reservation volumes driven by a rebalanced customer portfolio and restored margins on new operations. And third, discipline throughout the year we maintain tight capital allocation control depth levels and strong liquidity while advancing selectively into student housing and data centers if you turn now ...