Business
Icade : 2026 Half Year results
Icade : 2026 Half Year
About this update from Icade Sa
PRESS RELEASE Paris, July 21, 2026, 6 p.m. 2026 HALF YEAR RESULTS Disciplined execution of the asset rotation strategy Strong operational performance of business lines 2026 guidance unchanged ⏺ Continued disciplined execution of the asset disposal plan Further progress in the divestment of the healthcare real estate business: Praemia Healthcare and OPPCI IHE Healthcare Europe signed a share purchase agreement to sell all the shares in a fund holding the assets located in Portugal, worth c. €75m for Icade on a proportionate consolidation basis Sale of the Marignan building on the Champs-Élysées (Paris, 8 th district) completed for €402m ⏺ Acquisition of full ownership of the Eqho Tower in La Défense : purchase of the 49% minority interest in SAS Tour Eqho held by OPPCI Eqho Property Holdings ⏺ Strong operational performance across both business lines despite persistently volatile market conditions Property Investment: c. 94,000 sq.m leased, financial occupancy rate of c. 90% for offices, rental income down by -1.1% LFL including +0.8% for offices Property Development: strong performance by the residential segment (orders up by +11.9% in volume terms and +6.4% in value terms) Group NCCF of €1.80 per share as of June 30, 2026 and a Group net loss of -€156m, including a like-for-like decrease in portfolio value of -3.1% ⏺ Solid financial structure with a liquidity position of €2.5bn : issuance of bonds maturing in 2035 worth €150m and renewal of €450m in revolving credit lines ⏺ General Meeting of June 10, 2026 : Appointment of Raphaël Appert as Chairman of the Board of Directors ⏺ FY 2026 guidance unchanged with Group NCCF expected between €2.90 and €3.10 per share including €2.25-2.45 from strategic operations, which is expected to mark a low point (1) , and c. €0.65 from non-strategic operations Nicolas Joly, Chief Executive Officer : "In H1, Icade demonstrated disciplined execution of its strategy by advancing its asset rotation plan and building on strong operational performance across both business lines. Amid ongoing uncertainty over the pace of the recovery and developments in the real estate market, we remain cautious and committed. This year, we continue our ambitious cost reduction program while maintaining prudent, optimised liquidity management. Accordingly, we reiterate our guidance for the full year 2026." (1) Subject to no deterioration in the political and macroeconomic environment. At its meeting held on Tuesday, July 21, 2026, Icade's Board of Directors chaired by Mr Raphaël Appert approved the audited financial statements for the half-year ended June 30, 2026. GROUP INFORMATION 06/30/2026 06/30/2025 Change Net current cash flow from strategic operations (in €m) 87.6 109.3 (19.8)% in € per share 1.15 1.44 (19.9)% Group net current cash flow (in €m) 136.6 154.1 (11.4)% in € per share 1.80 2.03 (11.5)% Net profit/(loss) attributable to the Group (in €m) (155.9) (91.7) 70.1% 06/30/2026 12/31/2025 Change EPRA NTA (in € per share) 49.7 53.3 (6.9)% Loan-to-value ratio including duties (in %) 39.0% 39.6% (0.6) pps Interest coverage ratio (in times) 3.8 6.6 (2.8) Ratio of net debt to EBITDA plus dividends from equity-accounted companies and unconsolidated companies (in times) 9.2 9.1 0.0 SEGMENT INFORMATION 06/30/2026 06/30/2025 Change Like-for-like change Gross rental income (in €m) 170.2 178.3 (4.5)% (1.1)% 06/30/2026 12/31/2025 Change Like-for-like change Portfolio value excl. duties (100% + Group share of JVs) 5,611.0 6,127.0 (8.4)% (3.1)% EPRA net initial yield 5.4% 5.6% (0.2) pps NA 06/30/2026 06/30/2025 Change Economic revenue (in €m) 473.3 501.1 (5.5)% Current economic operating margin 1.9% 2.3% (0,4 pps) CONFERENCE CALL Nicolas Joly, CEO, and Bruno Valentin, Group CFO, will present the 2026 Half Year Results on Wednesday, July 22 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.euronext.com/2026_half_year_results/register Link to register for the conference call (to ask questions verbally following the presentation): https:// engagestream.euronext.com/icade/2026_half_year_results/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 Q3 2026 Trading Update: Tuesday, October 20, 2026 after the market closes The Statutory Auditors issued their review report on the half-year financial information on July 21, 2026, after conducting: ⏺ A limited review of the condensed half-year consolidated financial statements of the company Icade SA for the period from January 1 to June 30, 2026, which were prepared under the responsibility of the Board of Directors at its meeting held on July 21, 2026, ⏺ A verification of the information contained in the half-year management report. The 2026 Half-Year Financial Report can be viewed or downloaded from the Icade website ( https://www.icade.fr/en/ ). 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 €5.6bn as of 06/30/2026 - 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. The text of this press release is available on the Icade website: https://www.icade.fr/en Anne-Violette Faugeras Head of Corporate Finance +33 (0)7 88 12 28 38 [email protected] CONTACTS Marylou Ravix Press Relations Manager +33 (0)7 88 30 88 51 [email protected] PERFORMANCE OF THE GROUP'S BUSINESS ACTIVITIES H1 2026 HIGHLIGHTS Continued disciplined execution of the asset disposal plan FURTHER PROGRESS IN THE DISPOSAL OF THE HEALTHCARE REAL ESTATE BUSINESS WITH A NEW MILESTONE ACHIEVED IN PORTUGAL On July 18, 2026, Icade reached a significant new milestone in the sale of its healthcare assets as Praemia Healthcare (1) and OPPCI IHE Healthcare Europe (2) signed a share purchase agreement with Healthcare Activos concerning all the shares of a fund (3) holding a portfolio of four healthcare assets in Portugal. This portfolio, managed by Praemia REIM France, is valued at €186m, in line with the values of these stakes included in Icade's NAV as of December 31, 2025. Icade's stake in this portfolio amounts to c. €75 million . Closing is expected in H2 2026, subject to satisfaction of conditions precedent. The allocation of the disposal proceeds to Icade will be specified at a later date. This transaction will have no impact on the Group's 2026 net current cash flow (4) . Excluding Portuguese assets, Icade's remaining interests in the vehicles holding Healthcare assets amount to €0.9 billion, comprising €0.7 billion for Praemia Healthcare and €0.2 billion for IHE Healthcare Europe. SALE OF THE MARIGNAN BUILDING ON THE CHAMPS-ÉLYSÉES COMPLETED FOR €402M Following the signing of a preliminary agreement in December 2025, Icade completed the sale of the Marignan building in April 2026 to Black Swan Real Estate Capital, acting on behalf of funds managed by Bain Capital and Revcap, for €402 million . Launched in the summer of 2025, this sale followed a highly competitive bidding process enabling Icade to crystallise a value of €33,000 per sq.m, including both office and retail space, i.e. more than 20% above the NAV reported as of December 31, 2024. This transaction has enabled the Company to optimise capital allocation and strengthen its financial structure, while supporting the continued implementation of its ReShapE strategic plan. Acquisition of full ownership of the Eqho Tower in La Défense On July 13, 2026, Icade reacquired the 49% stake in SAS Tour Eqho held by South Korean investors as part of an opportunistic acquisition . As a result, Icade now has full ownership of this flagship asset in the heart of the La Défense business district. (1) Praemia Healthcare was 21.6% owned by Icade as of December 31, 2025. (2) OPPCI IHE Healthcare Europe was 59.4% owned by Icade as of December 31, 2025. (3) This fund managed by Praemia REIM France is 51% owned by Praemia Healthcare and 49% by OPPCI IHE Healthcare Europe. (4) Guidance unchanged in the April 16, 2026 press release: " Icade has reaffirmed its 2026 guidance of a Group net current cash flow of between €2.90 and €3.10 per share (excluding any potential impact from sustained damage to the global economy due to the conflict in the Middle East). This represents €[2.25-2.45] per share from strategic operations, which is expected to mark a low point, and c. €0.65 per share from non-strategic operations. " This transaction follows the renewal of the lease with KPMG and the signing of a new lease with the Hauts-de-Seine Préfecture in 2025, bringing the Asset Management teams' work to a successful conclusion. Now fully let, the Eqho Tower offers predictable rental income streams. Completed on attractive financial terms, the acquisition delivers a yield of over 8%, even after taking into account KPMG's lease renewal, and will be accretive to the Group's net current cash flow . Its impact on Icade's balance sheet is not significant, since the debt associated with the asset has already been fully consolidated in the Group's financial statements. The Eqho Tower enjoys outstanding accessibility in the heart of the highly sought-after district of La Défense. It covers around 79,000 sq.m over 42 floors and offers a wide range of amenities, including, in particular, a 330-seat auditorium, four restaurants and the largest private fitness centre in La Défense. Lastly, the Eqho Tower has obtained top environmental certifications (HQE Bâtiment Durable (Sustainable Building) and BREEAM In-Use, both with an 'Excellent' rating). Forging of partnerships to support the investment strategy SIGNING OF A PARTNERSHIP WITH BANQUE DES TERRITOIRES FOR STUDENT HOUSING In July, Icade signed a partnership with Banque des Territoires , an operating division of Caisse des Dépôts, under which Banque des Territoires will acquire a stake in a long-term investment vehicle dedicated to housing for students and young professionals , subject to the financing agreements being signed by the end of the year. Icade will hold a 51% stake in this vehicle and Banque des Territoires the remaining 49%. An initial three-year investment period will total €240 million : the first two projects, for 500 beds in Ivry-sur-Seine (Val-de-Marne) and Levallois-Perret (Hauts-de-Seine), have already been launched, with completion scheduled for 2028, while three further projects for an additional 1,250 beds have been identified in the Paris region. Located in urban areas, near campuses, universities, and schools, the student residences will be operated under a management agreement with Nomad Campus, a French operator acting on Icade's behalf under a white label. CREATION OF AN INVESTMENT VEHICLE WITH BANQUE DES TERRITOIRES AND CAISSE D'ÉPARGNE ÎLE-DE-FRANCE TO CONVERT OFFICE SPACE INTO RESIDENTIAL PROJECTS To meet the dual challenge of reducing the surplus of available office space while stimulating the creation of housing, in June 2026, Icade Promotion, Banque des Territoires, and Caisse d'Épargne Île-de-France launched Evolution Habitat, an investment vehicle dedicated to converting vacant office buildings into residential projects, primarily in the Paris region . Over a planned three-year investment period starting in late 2026, this initiative aims to acquire one to two properties per year. In total, these acquisitions are expected to represent 50,000 to 60,000 sq.m to be converted into housing, managed residences, hotels, and retail space. As part of an effort to achieve high environmental standards, the projects will aim for NF Habitat (Living Environment) HQE certification, the BBCA Rénovation and Effinergie Rénovation labels, and will seek to meet the 2028/2031 carbon performance levels set out in French Environmental Regulations. The projects will prioritise the reuse of building materials, soil unsealing, and the development of soft mobility options. Sustainability commitments strengthened and recognised BEST-IN-CLASS ESG RATINGS ⏺ MSCI Global Sustainability Index awarded Icade an AAA rating -the highest on the MSCI ESG Ratings scale-reflecting the Group's excellent environmental, social and governance practices and improving on its previous A rating. As a result, Icade now ranks among the top 6% highest scoring companies worldwide in the Real Estate Management & Services category.