Icade : First-quarter 2026 trading update

About this update from Icade Sa

PRESS RELEASE Paris, April 16, 2026, 6 p.m. Q1 2026 TRADING UPDATE Sale of the Marignan building completed for €402m Consolidated revenue down FY 2026 guidance unchanged ( 1) Sale of the Marignan building on the Champs-Élysées completed for €402m, resulting in a c. 3 pp improvement in LTV (2) Property Investment : c. 25,000 sq.m signed or renewed; 85% financial occupancy rate (-1.8 pps vs. end of 2025) in line with expected departures in early 2026; gross rental income down by 2.1% LFL Property Development : orders up 4% in volume terms, despite a slowdown in individual orders in March FY 2026 guidance unchanged (1) with Group NCCF expected between €2.90 and €3.10 per share including €[2.25-2.45] from strategic operations and c. €0.65 (3) from non-strategic operations Governance : the term of office of Frédéric Thomas, Chairman of the Board of Directors, will end at the conclusion of the General Meeting to be held on June 10, 2026 Nicolas Joly, CEO: "Q1 2026 was marked by the sale of the Marignan building on the Champs-Élysées, fully illustrating the Group's ability to create value while strengthening its financial position. At the end of March, Icade's revenue decreased as expected due to the impact of tenant departures and lease renegotiations in the Property Investment Division, as well as the slowdown in the Property Development business since 2023 . Since late February, the deteriorating geopolitical environment as a result of the conflict in the Middle East is likely to weigh on the Group's activities, although it remains difficult at this time to assess its precise impact and duration. At this stage, Icade's 2026 Group Net Current Cash Flow guidance of between €2.90 and €3.10 per share, remains unchanged." (in €m) 03/31/2026 03/31/2025 Change (%) Gross rental income from Property Investment Property Development revenue Other 90.8 184.4 3.0 93.9 (3.3%) 228.5 (19.3%) 3.6 (16.6%) Total IFRS consolidated revenue 278.2 326.0 (14.7%) ‌1 Excluding any potential impact from sustained damage to the global economy due to the conflict in the Middle East ‌2 Impact of the sale of the Marignan asset on the LTV ratio as of December 31, 2025 ‌3 Subject to approval at Praemia Healthcare's General Shareholders' Meeting CONFERENCE CALL Nicolas Joly, CEO, and Bruno Valentin, Group CFO, will present the Q1 2026 Trading Update on Friday, April 17, 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.euronext.com/results_march_2026/register Link to register for the conference call (to ask questions verbally following the presentation): https://engagestream.euronext.com/icade/results_march_2026/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. Certain statements contained herein are forward-looking in nature and not statements of historical fact. These forward-looking statements are based on estimates, forecasts and assumptions, including assumptions relating to Icade's current and future strategy and the economic environment in which Icade operates. They involve known and unknown risks, uncertainties and other factors that may cause Icade's actual performance and results to differ materially from those implicitly or explicitly expressed in these forward-looking statements. These risks and uncertainties include those described and identified in chapter 4 "Risk Factors" of Icade's 2025 universal registration document, filed with the French Financial Markets Authority (AMF) on April 2, 2026, available on the Company's website ( https://www.icade.fr ) and AMF's website ( https://www.amf-france.org ). FINANCIAL CALENDAR 2026 General Meeting : Wednesday, June 10, 2026 Gross distribution of €1.92 per share : ex-date on June 23, 2026, payment on June 25, 2026 (4) 2026 Half Year Results : Tuesday, July 21, 2026 after the market closes 9M 2026 Trading Update : Tuesday, October 20, 2026 after the market closes 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. The text of this press release is available on the Icade website: https://www.icade.fr/en Anne-Violette Faugeras CONTACTS Marylou Ravix Head of Corporate Finance +33 (0)7 88 12 28 38 [email protected] External Communications Manager +33 (0)7 88 30 88 51 [email protected] ‌4 Subject to approval at the General Shareholders' Meeting Highlights: sale of the Marignan building on the Champs-Élysées and a stronger balance sheet 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 €402m . This Art-Deco style building from the 1930s is located at 29-33 avenue des Champs-Élysées, in the 8 th district of Paris. It totals over 12,000 sq.m on seven floors, including 7,300 sq.m of office space and 4,800 sq.m of retail space. 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. The disposal of this asset fully illustrates the Group's ability to create value through active asset management and strategic portfolio rotation . It followed on from its refurbishment once it had been vacated and all the necessary permits obtained. This sale strengthened Icade's financial structure: by selling the Marignan building, the loan-to-value ratio improved by c. 3 pps (5) , with an enhanced liquidity position (6) of c. €2.8bn following the sale . The transaction will also enable the Group to optimise capital allocation while supporting the continued implementation of its ReShapE strategic plan. FY 2026 guidance unchanged Since late February 2026, the conflict in the Middle East has weighed on the international environment, contributing to heightened geopolitical and macroeconomic uncertainty. While it remains difficult at this stage to assess the extent and duration of its impact, the Group is closely monitoring developments in the conflict. This crisis could significantly affect the global economy, including credit markets, interest rates, inflation, raw material costs, supply chains and the domestic market. Given this and based on the information available to date, as well as the Group's results as of March 31, 2026, Icade has reaffirmed its 2026 guidance of a Group net current cash flow of between €2.90 and €3.10 per share(7) broken down as follows: €[2.25-2.45] per share from strategic operations, expected to mark a low point ; c. €0.65 ( 8 ) per share from non-strategic operations . Governance After eleven years on Icade's Board of Directors, including seven as Chairman, Frédéric Thomas has informed the Board of his decision to step down following the Annual General Meeting to be held on June 10, 2026. The Board of Directors expressed its sincere thanks to Frédéric Thomas for his commitment and unwavering professionalism throughout his term of office. The appointment of Raphaël Appert as director to replace Frédéric Thomas for a term of four years will be submitted for approval at the General Meeting. The Board of Directors will approve the appointment of a new Chairman of the Board following said General Meeting. ‌5 Impact of the sale of the Marignan asset on the LTV ratio as of December 31, 2025 ‌6 Cash position as of March 31, 2026, increased by €402m ‌7 Excluding any potential impact from sustained damage to the global economy due to the conflict in the Middle East ‌8 Subject to approval at Praemia Healthcare's General Shareholders' Meeting Rental income and operating indicators Property Investment c. 25,000 sq.m signed or renewed, securing €7.3m in annualised headline rental income with a WAULT to break of 5.9 years Financial occupancy rate down to 85% (-1.8 pps vs. the end of 2025) reflecting departures expected in early 2026, particularly in the office segment (88.2%, i.e. -2.2 pps) Gross rental income down 2.1% LFL, due to tenant departures and negative reversion Key financial and operational data (in €m) 03/31/2026 03/31/2025 Change (%) Gross rental income 90.8 93.9 (3.3%) Gross rental income on a like-for-like basis - - (2.1%) 03/31/2026 03/31/2025 Change (%) Leasing activity (leases signed or renewed) in sq.m 25,325 49,916 (49.3%) 03/31/2026 12/31/2025 Change (%) Financial occupancy rate 85.0% 86.8% (1.8) pps From 2026 onwards, Icade has refined the segmentation of its portfolio, in line with what was announced at the time its 2025 full year results were published. Assets to-be-repositioned have been reclassified into two categories, either as core after their conversion or re-letting (c. €200m of asset value) or as non-core (c. €300m of asset value). Separately, a new 'living' category has been added to take into account the Group's expansion into the student housing segment. This category also includes three hotels located in the Paris Orly-Rungis business park and in Pont de Flandre. The tables below present the portfolio values as of December 31, 2025, restated on a pro forma basis to reflect this new segmentation. Portfolio value as of 12/31/2025 (100% + Group share of JVs, excl. duties) in €m in % Offices 4,737.0 77% Light industrial 781.0 13% Living 87.3 1% Land 103.7 2% Other / Non-core assets 418.0 7% TOTAL 6,127.0 100% c. 25,000 sq.m of leases signed or renewed in Q1 In a rental market that has fallen since the beginning of the year (take-up in the Paris region down 15%(9) compared to the same period in 2025), Icade signed or renewed nearly 25,000 sq.m as of the end of March 2026 . This volume is below that recorded over the same period last year (50,000 sq.m), which nonetheless included a large 29,000-sq.m lease on the Pulse building in the Portes de Paris business park. Leasing activity comprised new leases (20%) and renewals (80%) across 16 leases for annualised headline rental income of €7.3m and a WAULT to first break of 5.9 years . New leases totalled nearly 5,000 sq.m, including over 1,700 sq.m let to Irish retailer Smyths Toys in the Fresnes business park for a 6-year term with no break option. ‌9 Source: Immostat, March 2026 Renewals included an over 13,000-sq.m lease transaction with the French Ministry of the Interior in the Le Prairial building in Nanterre for a 6-year term with no break option, highlighting the appeal of La Défense and the Peri-Défense area . Over 5,000 sq.m were also renewed in business parks, including around 3,500 sq.m in the Paris Orly-Rungis business park and nearly 2,000 sq.m in the Portes de Paris business park. Occupancy rates reflect departures expected at the start of the year As of March 31, 2026, the financial occupancy rate stood at 85.0%, down 1.8 pps from December 31, 2025, reflecting departures expected in early 2026. In the office segment, the financial occupancy rate stood at 88.2% , down 2.2 pps compared to the end of December 2025. This is mainly due to the departure of two tenants: 9,000 sq.m vacated by DCI (Défense Conseil International) in the Le Ponant building in the 15 th district of Paris; and 10,000 sq.m vacated by the Inter-Departmental Regional Directorate for the Economy, Employment, Labour and Solidarity (DRIEETS) in the Millénaire building in the Portes de Paris business park, as part of the consolidation of its locations. In the light industrial segment, the occupancy rate stood at 89.0% , down 0.7 pps compared to the end of December 2025, after c. 1,400 sq.m was vacated in Paris Orly-Rungis business park and 1,100 sq.m of light industrial space was completed and handed over in the Athletes Village, in Saint-Ouen. Financial occupancy rate (%) Weighted average unexpired lease term (years) (100% + Group share of JVs) 03/31/2026 12/31/2025 Change 03/31/2026 12/31/2025 Offices 88.2% 90.4% (2.2 pps) 3.8 3.7 Light industrial 89.0% 89.7% (0.7 pps) 2.8 2.7 Living 100.0% 100.0% N/A 7.2 7.5 Other / Non-core assets 62.6% 63.5% (1.0 pps) 1.4 1.5 Total Property Investment 85.0% 86.8% (1.8 pps) 3.5 3.4 Gross rental income down 2.1% like-for-like As of March 31, 2026, gross rental income from Property Investment amounted to €90.8m, down 3.3% on a reported basis compared to March 31, 2025. It was down -2.1% on a like-for-like basis , reflecting the following factors: the positive effect of index-linked rent reviews (+1.1%); the impact of tenant departures (-1.9%); and negative reversion on renewals (-1.4%). Other changes related to (i) a -0.8% change in scope due to asset disposals in 2025, partly offset by the completion of the Edenn building in Nanterre at the end of 2025, and (ii) a -0.4% impact related to early lease termination payments. (in €m) 03/31/2026 Leasing activity and index-linked rent reviews Other (a) 03/31/2025 Total change (%) Like-for-like change (%) Offices 63.9 0.5 2.2 61.1 +4.5% 0.9% Light industrial 11.5 (0.6) (0.6) 12.6 (9.1%) (4.7%) Living 0.6 0.0 (1.3) 1.9 (69.5%) +0.2% Other / Non-core assets 16.1 (1.7) (1.8) 19.5 (17.4%) (17.0%) Intra-group transactions from Property Investment (1.3) 0.0 0.0 (1.3) +0.8% +3.0% Gross rental income 90.8 (1.7) (1.4) 93.9 (3.3%) (2.1%) (a) "Other" include the impact of changes in scope of consolidation (acquisitions, disposals, completion) and early termination fees, which ranged between €8m and €9m in both 2025 and 2026

View stock analysis, news, and events for Icade Sa