Icade Confirms Its 2025 Guidance Despite a Complex Environment
Icade Group maintains its forecasts for 2025, despite a 9% decrease in its consolidated revenues by the end of September, according to its press release.
Financial Performance Overview
According to Icade's press release, the group's consolidated IFRS revenues decreased by 9% to 923 million euros as of September 30, 2025, down from 1,014.8 million euros a year earlier. This decline is attributed to a 6% decrease in rental income, with gross rental income amounting to 263.2 million euros, compared to 280.1 million euros last year. The company also recorded a 10% decline in its real estate development turnover, reaching 650.9 million euros. Concurrently, Icade finalized or signed asset disposal promises for approximately 430 million euros since the beginning of the year.
Asset Disposal and Sustainability Initiatives
Icade continued its asset disposal strategy, particularly in the healthcare sector, with a sale agreement worth 173 million euros for a portfolio in Italy. The group also reduced its exposure in Præmia Healthcare by 36 million euros. Additionally, disposals of non-strategic assets were made for about 220 million euros. In terms of extra-financial ratings, Icade improved its GRESB score to 92/100 and committed to climate change adaptation by signing a dedicated charter.
2025 Guidance and Future Outlook
Despite an uncertain political and economic environment, Icade confirms its 2025 guidance with an expected Group Net Current Cash Flow between 3.40 and 3.60 euros per share. The company anticipates stability in its residential sector bookings, despite an unfavorable tax environment. Looking ahead, Icade expects persistent challenges for the rental and investment market, as well as a moderate recovery in development activity. The group has strengthened its liquidity position to 2.6 billion euros, covering its financial maturities until 2029.
