9-month trading update 2026

PRESS RELEASE

Paris, October 20, 2026, 6 p.m.

= Completion of the disposal of healthcare assets in Portugal, generating net proceeds of c. €115 million for Icade

= Consolidated revenue of €887 million, down 4%, reflecting lower rental income from Property Investment and reduced Property Development activity

= Property Investment: over 103,000 sq.m leased since the beginning of the year, office financial occupancy rate of 89.3%, rental income down by -0.9% LFL

= Property Development: a drop in revenue (-4.4%) and orders both in volume terms (-1.4%) and value terms (-8.5%), with a backlog of €1.5 billion

= FY 2026 guidance unchanged: Group NCCF expected between €2.90 and €3.10 per share, including €2.25-

2.45 from strategic operations and c. €0.65 from non-strategic operations

= 2026 dividend: dividend under consideration equal to Icade SA's distributable profit, with a scrip dividend option. The €255 million capital gain on the disposal of the Marignan building will significantly increase Icade SA's distributable profit for the year

Nicolas Joly, Chief Executive Officer: "We have steadfastly followed our roadmap amid a persistently challenging environment. The sale of the Marignan building in the first half of the year and the disposal of our healthcare assets in Portugal, completed in October, demonstrate the tangible progress made in implementing our asset rotation strategy. Our focus on controlling costs and investing selectively enables us to preserve the strength of our balance sheet and the financial flexibility needed to support our transformation. As such, we are considering, with the support of the Board of Directors, proposing a scrip dividend option, including the capital gain on the sale of the Marignan building. Thanks to the commitment of our teams and the initiatives undertaken to respond to changing property needs, we have continued to transform Icade with confidence and a clear goal, namely to create long-term value."

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/q3_2026_results/register

Link to register for the conference call (to ask questions verbally following the presentation): https://engagestream.euronext.com/icade/q3_2026_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.

2026 Full Year Results: Tuesday, February 9, 2027, after the market closes

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

anne-violette.faugeras@icade.fr

CONTACTS

Marylou Ravix

Press Relations Manager

+33 (0)7 88 30 88 51

marylou.ravix@icade.fr

1. HIGHLIGHTS

   1. Completion of the disposal of healthcare assets in Portugal generating net proceeds of c. €115 million for Icade

      Icade continues to reduce its exposure to healthcare real estate. Following the signing of a preliminary sale agreement in July 2026, Praemia Healthcare(1), OPPCI IHE Healthcare Europe(2) and Healthcare Activos completed the sale in October of all the shares in a fund(3) which had a portfolio of three healthcare assets(4) in Portugal.

      This portfolio is valued at €180 million, in line with the value of these equity interests included in Icade's NAV as of December 31, 2025. A selective capital reduction in favour of Icade will enable the Group to benefit from a share of the disposal proceeds exceeding its ownership interest. As a result, net disposal proceeds will total

      c. €115 million.

      This transaction will have no impact on the Group's 2026 net current cash flow.

   2. Acquisition of a majority stake in Comet, a leader in the corporate events industry

      On July 30, 2026, Icade acquired an 81.5% controlling interest(5) in Comet for c. €40 million(6).

      This acquisition comes at a time of profound change in the office property market. These changes are reshaping expectations and creating a constant need to rethink both workplace quality and the user experience. By acquiring Comet, Icade has entered a new phase in response to this evolving landscape. As such, it has declared its intention to go beyond a purely asset-focused approach and establish itself as a leading partner for its clients.

      Founded in 2016, Comet has developed an integrated platform built around three interconnected business lines: Comet Meetings, focused on corporate events; Comet Hospitality, dedicated to hospitality services in office buildings; and Comet Workplaces, specialising in flexible workspaces. The Comet Group operates 12 locations in Paris and the Paris region, as well as two locations elsewhere in Europe, serving nearly 7,000 corporate clients, the majority of which are large companies.

      In 2025, the company generated €43.9 million in revenue and achieved a positive operating margin.

   3. Forging of partnerships to support the investment strategy

      In July, the Group signed an agreement with Banque des Territoires, an operating division of Caisse des Dépôts, to establish a long-term investment vehicle dedicated to housing for students and young professionals(7).

      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.

      1 Praemia Healthcare was 21.6% owned by Icade as of June 30, 2026

      2 OPPCI IHE Healthcare Europe was 59.4% owned by Icade as of June 30, 2026

      3 The fund is 51% owned by Praemia Healthcare and 49% by OPPCI IHE Healthcare Europe

      4 The fourth asset, valued at approximately €7 million, was carved out and remains subject to the preliminary sale agreement

      5 Including 2.58% of the shares currently non-transferable, which will be acquired in 2027

      6 This amount could rise to c. €55 million, including additional consideration, contingent upon meeting the 2026 performance objectives

      7 Investment vehicle 51% owned by Icade and 49% by Banque des Territoires. Closing subject to the financing agreements being signed by the end of the year

   4. One of the most highly ranked companies by ESG rating agencies

      In Q3 2026, Icade reaffirmed its position as one of the leading performers in sustainability, as demonstrated by its ratings from major ESG rating agencies. These distinctions recognise the Group's commitment to the low-carbon transition, climate change adaptation, biodiversity conservation and soil protection. Some of the concrete measures include phasing out fossil fuels and bringing more nature into urban areas.

      = In the Global Real Estate Sustainability Benchmark (GRESB) assessment, Icade achieved a score of 92.9/100, up around 1.3 points over 2025. This improvement highlights the higher carbon performance of the Group's property portfolio in 2025, driven by the decarbonisation of France's energy mix and the increased share of renewable energy in Icade's own energy mix.

      = In addition, for the 12th consecutive year, Icade received the EPRA Gold Sustainability Award for the quality and transparency of its corporate social responsibility (CSR) reporting. Only 93 of the 160 companies assessed received this award.

2. OUTLOOK AND 2026 DIVIDEND

   Based on the Group's results as of September 30, 2026 and full-year forecasts, Icade has reaffirmed its 2026 guidance of a Group net current cash flow of between €2.90 and €3.10 per share, comprising:

   = a contribution from strategic operations of between €2.25 and €2.45 per share; and

   = a contribution of around €0.65 per share from non-strategic operations, stemming from the €48.5 million dividend paid by Praemia Healthcare in May 2026.

   Since the summer, the Group has been operating in an increasingly challenging economic and financial environment, marked by ongoing conflicts, particularly in the Middle East, political uncertainty in France and a significant rise in interest rates.

   Given this, the Group is cautious and will announce its FY 2027 guidance when the full-year results are published next February. Icade remains firmly committed to implementing its roadmap and maintaining strict financial discipline: the announced €15 million cost reduction plan has already been completed, while investments continue to be selective. This discipline will extend into 2027 to preserve the Group's financial flexibility.

   In 2026, a capital gain of €255 million was realised on the sale of the Marignan building as part of our disposal plan. This capital gain will significantly increase Icade SA's distributable profit for the year. In order for the Group to comply with its distribution requirements under the SIIC tax regime while prudently managing its balance sheet, the Board of Directors is considering proposing a dividend for FY 2026 equal to Icade SA's distributable profit, with a scrip dividend option, for approval at the General Meeting to be held in 2027.

3. REVENUE AND OPERATING INDICATORS
   1. Property Investment

      = Over 103,000 sq.m leased, securing €34 million in annualised headline rental income

      = Financial occupancy rate stable at 85.4%, including 89.3% for offices

      = Like-for-like revenue down 0.9%, including a +0.6% increase for offices

      KEY FINANCIAL DATA

      (in millions of euros)	09/30/2026	09/30/2025 Change (%)
      Gross rental income	250.0	263.2 (5.0%)
      Gross rental income on a like-for-like basis	-	- (0.9%)

      KEY OPERATIONAL DATA

      	09/30/2026	09/30/2025 Change (%)
      Leasing activity (leases signed or renewed) in sq.m	103,436	124,553 (17.0%)

      	09/30/2026	12/31/2025 Change (%)
      Financial occupancy rate	85.4 %	86.8 % (1.4) pp

      1. Over 103,000 sq.m leased since the beginning of the year despite a declining market

Amid a sharp downturn in the leasing market since the beginning of the year (take-up in the Paris region down 14%(1) compared with 2025), Icade leased more than 103,000 sq.m over the period. Around 90% of these leases were renewals with c. 10% being new. Taken together, they total €34 million in annualised headline rental income for a WAULT to break of 8.5 years.

Following strong leasing activity in H1 2026, driven by the renewal of several major leases (58,000 sq.m for 9 years in Les Grands Axes with a major French insurer and 13,000 sq.m for 6 years in Le Prairial with the French Ministry of the Interior), c. 10,000 sq.m were leased or renewed in Q3.

The 80,000 sq.m leased by Icade since the beginning of the year attest to the appeal of the La Défense/Péri-Défense area, with its excellent transport links and significantly lower rents than in Paris CBD. As users have adopted a wait-and-see attitude in the current market, the higher volume of lease renewals over new leases shows how tenants prefer to renegotiate their existing leases rather than relocating to new premises.

In Q3 2026, Icade handed over a new 7,500-sq.m data center on four floors with an IT capacity of 10 MW to Equinix in the Portes de Paris business park. The lease is for a 9-year term with no break option. Icade invested

€36 million in this data center, which will yield 6.2%.

With this new asset, Icade now has a portfolio of 6 data centers totalling 35,000 sq.m, with a combined IT capacity of around 28 MW and annualised headline rental income of c. €6.7 million. These assets, owned by Icade under a powered shell(2) model, are operated by leading providers such as Digital Realty and Equinix.

At the same time, Icade has been working on a new joint operating model through partnerships, aiming to increase the target yield to c. 10% (vs. 5%-6% historically). This model is being considered for the 130 MW hyperscale project in Rungis (scheduled for completion in 2031), for which Icade obtained a building permit in 2025, after receiving the grid connection offer in 2024.

1 Source: Immostat, September 2026

2 Powered shell model: building shell + connection to the electricity grid