Icade : 2025 Full Year Results - Group net current cash flow in line with guidance, solid operational performance, disciplined implementation of the ReShapE plan

About this update from Icade Sa

PRESS RELEASE Paris, February 17, 2026, 6:45 p.m. 2025 FULL YEAR RESULTS Group net current cash flow in line with guidance Solid operational performance Disciplined implementation of the ReShapE plan Performance marked by operational successes in a challenging environment Property Investment : very strong leasing activity (c. 217,000 sq.m leased) with the financial occupancy rate up +2.1 pps to 86.8%; gross rental income down -4.2% like-for-like Property Development : orders broadly stable (+2% in volume terms, -3% in value terms), with a refocus on residential projects with higher margins in line with pre-crisis levels 2025 Group NCCF of €3.57 per share , in line with guidance, and a net loss of -€123m for the Group, including a like-for-like decrease in portfolio value of -4.5% c. €850m in disposals completed or under a preliminary agreement Solid balance sheet and high liquidity with an LTV ratio including duties of 39.6% (36.6% pro forma following the sale of Marignan) and a liquidity position of €2.6bn Strengthened CSR commitments : more ambitious decarbonisation goals for 2030, in line with the new SBTi standard for the buildings sector and publication of a new Green Financing Framework Proposed cash distribution of €1.92 per share , subject to approval at the General Shareholders' Meeting, to be paid in full in June 2026 2026 outlook: Group NCCF expected between €2.90 and €3.10 per share , including €[2.25-2.45] (1) from strategic operations and c. €0.65 (2) from non-strategic operations. Net current cash flow from strategic operations is expected to reach a low point in 2026 (3) At its meeting held on Tuesday, February 17, 2026, Icade's Board of Directors chaired by Mr Frédéric Thomas approved the financial statements for the year ended December 31, 2025. Nicolas Joly, Chief Executive Officer : "In 2025, Icade showed discipline in implementing its ReShapE strategic plan. In a persistently challenging real estate environment, the Group delivered a robust operational performance, with the largest lease transactions in its market segments and a resilient volume of property development projects with improved margins. In addition, the Group secured c. €850m in disposals at a premium to NAV, strengthening its balance sheet. In a market environment that will continue to weigh on revenue, we will further pursue our transformation through operational rigour and financial discipline, with the aim of making 2026 the trough year for Icade's strategic operations." ‌1 Including the sale of the Marignan building, located on the Champs-Elysées ‌ ‌2 Subject to approval by Praemia Healthcare's General Shareholders' Meeting 3 Subject to no deterioration in the political and macroeconomic environment Group information Key financial data 12/31/2025 12/31/2024 Change Net current cash flow from strategic operations (in €m) 219.2 223.1 (1.8%) in € per share 2.89 2.94 (1.9%) Group net current cash flow (in €m) 271.5 301.8 (10.0%) in € per share 3.57 3.98 (10.2%) Net profit/(loss) attributable to the Group (in €m) (123.0) (275.9) (55.4%) Key financial data 12/31/2025 12/31/2024 Change EPRA NTA (in € per share) 53.3 60.1 (11.3%) Loan-to-value ratio including duties (in %) 39.6% 36.5% 3.1 pps Interest coverage ratio (in times) 6.6 14.5 (7.9) pps Ratio of net debt to EBITDA plus dividends from equity-accounted companies and unconsolidated companies (in times) 9.1 10.0 (0.9) pps Segment information Key financial data - Property Investment 12/31/2025 12/31/2024 Change Like-for-like change Gross rental income (in €m) 346.5 369.2 (6.1%) (4.2%) Portfolio value excl. duties (100% + Group share of JVs) 6,127.0 6,398.2 (4.2%) (4.5%) EPRA net initial yield 5.6% 5.2% 0.4 pps N/A Key financial data - Property Development 12/31/2025 12/31/2024 Change Economic revenue (in €m) 1,127.6 1,214.8 (7.2%) Current economic operating margin 2.4% (1.7%) +4.1 pps CONFERENCE CALL Nicolas Joly, CEO, and Bruno Valentin, Group CFO, will present the 2025 Full Year Results on Wednesday, February 18, 2026 at 10 a.m. (CET). This conference call will be followed by a Q&A session. The slideshow will be available at https://www.icade.fr/en/finance . Link to register for the webcast: https://icade.engagestream.companywebcast.com/full_year_2025/register Link to register for the conference call (to ask questions verbally following the presentation): https://engagestream.companywebcast.com/icade/full_year_2025/dial-in This press release does not constitute an offer, or an invitation to sell or exchange securities, or a recommendation to subscribe, purchase or sell Icade securities. Distribution of this press release may be restricted by legislation or regulations in certain countries. As a result, any person who comes into possession of this press release should be aware of and comply with such restrictions. To the extent permitted by applicable law, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person. FINANCIAL CALENDAR Q1 2026 Trading Update : Thursday, April 16, 2026 after the market closes 2026 Half Year Results : Tuesday, July 21, 2026 after the market closes Q3 2026 Trading Update : Tuesday, October 20, 2026 after the market closes The consolidated financial statements as approved by the Board of Directors on February 17, 2026 have been audited. The Statutory Auditors' report will be issued after the Board of Directors meeting to be held to approve the draft resolutions submitted to the General Meeting. The consolidated financial statements are available for viewing or downloading on the Icade website ( https://www.icade.fr/en/ ), in the section: In French: https://www.icade.fr/finance/resultats-financiers In English: https://www.icade.fr/en/finance/financial-results ABOUT ICADE Icade is a real estate player that strives to make cities more pleasant places to live for everyone. Icade combines expertise in property investment (portfolio worth €6.1bn as of 12/31/2025 - 100% + Group share of joint ventures) and property development (2025 economic revenue of €1.1bn), supporting clients, elected officials and partners throughout France in building the city of tomorrow. A city more respectful of nature and more aligned with the way we live, work and travel. Icade is listed as an "SIIC" on Euronext Paris, with the Caisse des Dépôts group as its leading shareholder. Anne-Violette Faugeras Head of Finance and Investor Relations +33 (0)7 88 12 28 38 [email protected] CONTACTS Marylou Ravix External Communications Manager +33 (0)7 88 30 88 51 [email protected] The text of this press release is available on the Icade website: https://www.icade.fr/en Highlights of the financial year 2025: continued execution of the ReShapE plan and financial discipline c. €850m in disposals completed or under a preliminary agreement, creating value and strengthening the balance sheet Office disposals: value creation delivered, with over 50% of the target set in ReShapE already achieved In 2025, Icade completed a significant volume of disposals of mature or non-strategic assets worth around €240m in total, at an average premium of c. 5% to NAV as of December 31, 2024. These transactions highlight the Group's discipline in its asset disposals and its ability to generate value in a selective market environment. In addition, in December 2025, Icade signed a preliminary sale agreement for the Marignan building at 29-33 avenue des Champs-Élysées in Paris (8 th district) for €402m . This transaction follows a highly competitive sale process, which attracted strong market interest, with more than 100 investors contacted and around 20 bids received. The preliminary sale agreement was signed with Black Swan Real Estate Capital, acting on behalf of Bain Capital and Revcap, based on a price of approximately €33,000/sq.m, all uses combined. Icade was able to crystallise value on this office asset by securing the refurbishment project, completing the vacating of the building and obtaining all the necessary government permits. The selling price represents a premium of more than 20% to NAV as of December 31, 2024. The transaction is scheduled to close in H1 2026, subject to satisfaction of conditions precedent. Taken together, these transactions bring the completion rate of the Property Investment Division's disposal plan announced in February 2024 as part of the ReShapE strategic plan to over 50% (target: €1.3bn over the 2024-2028 period) . Remaining exposure to the Healthcare business reduced by c. 18% In 2025, Icade continued the disposal of its Healthcare business, a process which began in 2023, in particular with the sale of its stake in a portfolio of assets in Italy for €173m . This transaction saw Icade sell its stake in an Italian investment vehicle holding a diversified portfolio of 23 assets to BNP Paribas REIM, a real estate investment management subsidiary of the BNP Paribas Group. It represented €173m, in line with the asset values included in its NAV as of June 30, 2025. The transaction was completed via OPPCI IHE Healthcare Europe, enabling it to almost fully repay its shareholder loan. Furthermore, Icade continued the gradual reduction of its ownership interest in Praemia Healthcare to 21.61% as of December 31, 2025 (vs. 22.52% at the end of 2024), through two targeted transactions: (i) the exchange of part of Icade's stake in Praemia Healthcare for some of Predica's shares in Future Way (a company which owns an office asset in Lyon) for €30m, and (ii) a capital reduction representing €6m for Icade, following the sale by Praemia Healthcare of a non-strategic healthcare facility in France. These transactions are part of the disposal of the Healthcare business, initiated in 2023 with the sale to Praemia REIM of 63% of Icade's stake in Icade Santé (renamed Praemia Healthcare) for a total of €1.6bn(4) Icade's remaining exposure to the Healthcare business amounted to €1.0bn as of December 31, 2025, including €0.7bn for Praemia Healthcare and €0.3bn for IHE Healthcare Europe. While the disposal process has extended beyond the originally planned 2024-2025 period, Icade will continue to pursue its strategy of gradually disposing of this business over the duration of the ReShapE plan (2024-2028). For the moment, these holdings generate significant financial returns , supporting an opportunistic disposal strategy. The assets also demonstrated their resilience in 2025, with a limited reduction in their value(5), a reliable, long-term tenant base and an occupancy rate of 100%. ‌4 Including €132m for the repayment to Icade of the shareholder loan by IHE ‌5 Decrease in value of Praemia Healthcare's and IHE Healthcare Europe's portfolios estimated at -2.8% in 2025 Disciplined implementation of the ReShapE strategic plan continues in a challenging market environment In line with the priorities of the ReShapE plan, Icade continued to adapt its portfolio in 2025, demonstrating the resilience of its well-positioned assets and reducing its exposure to assets to be repositioned . Despite a challenging 2025 financial year, Icade recorded a robust operational performance, with 217,000 sq.m signed, including several major transactions in the market (Eqho, Quito, Pulse). This resulted in an increase in the financial occupancy rate to 86.8% (vs. 84.7% in December 2024), reflecting the sustained appeal of assets that cater to new ways of working. At the same time, active management of assets to be repositioned continued through: conversions into residential projects, sold off-plan; targeted refurbishments with limited capex (€62m); opportunistic re-lettings. By the end of 2025, this segment represented only a limited proportion of the portfolio (€29m in revenue and €0.5bn in assets). From 2026, Icade plans to revise this segmentation by reallocating the assets between a core (worth around €200m) and a non-core portfolio, given that no new assets to be repositioned have been identified since the initial assessment in 2024. Over the period covered by the ReShapE plan, Icade is also pursuing selective diversification into asset classes with solid fundamentals, drawing on its long-standing expertise . Icade continues to implement these diversification projects, particularly those relating to student residences and data centers, with a focus on value creation. In the student housing segment, the Group refined its model by partnering with Nomad Campus, which will operate assets under a white label, and launched two projects for its own account in Ivry-sur-Seine (Val-de-Marne) and Levallois-Perret (Hauts-de-Seine), representing a total investment of c. €100m . These projects, developed on the basis of a target yield of over 5.5%, have a value creation potential of around 20% (6) . The investment target of 500 to 1,000 beds per year remains in place. In data centers, Icade is considering the implementation of a new joint operating model through partnerships, aiming to increase the target yield to c. 10% (vs. 5%-6% historically). This model could be used on the 130-MW hyperscale project in Rungis, for which Icade obtained a building permit in 2025, after receiving the grid connection offer in 2024. The selection of a partner is currently being considered for this data center, which is scheduled for completion in 2031. Lastly, Icade maintains strict financial discipline and continually monitors the strength of its balance sheet , with robust debt ratios and a clear priority given to preserving its credit profile: LTV ratio (including duties) at 39.6% (36.6% pro forma following the sale of Marignan); ICR at 6.6x; Net debt-to-EBITDA ratio at 9.1x; Over 90% of debt fixed rate or hedged for the next three years. Over the past two years, Icade has also taken steps to control costs, generating approximately €20m in savings (including the impact of inflation). This performance reflects a range of initiatives aimed at improving operational efficiency, reducing headcount (-111 FTEs between 2023 and 2025) and optimising overheads, particularly thanks to the relocation of its head office. Over the 2024-2028 period, the Group thus aims to cautiously reallocate its capital, while making it a key objective to maintain a solid balance sheet . ‌6 Prime yield of [4.25-4.50]%, sources: JLL, CBRE

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