Icade Reports a Current Net Cash Flow of 3.57 Euros per Share in 2025, in Line with Forecasts
On Wednesday, the real estate group Icade published its annual results for 2025. The group's current net cash flow stood at 3.57 euros per share, aligning with the provided guidance. The group also recorded a net loss of 123 million euros, reflecting a 4.5% decrease in the value of its assets on a constant scope basis.
Financial Performance and Strategic Execution
Icade closed the fiscal year 2025 with a group current net cash flow of 3.57 euros per share, consistent with its guidance range of 3.40-3.60 euros. This performance demonstrates controlled execution of the strategic ReShapE plan in a challenging real estate environment. The group showed strong operational performance, notably marked by significant commercial successes in the Property division, with about 217,000 square meters leased and a financial occupancy rate increase to 86.8%, up by 2.1 points from the end of 2024. The leasing momentum reflects the attractiveness of assets that meet new real estate usages. Meanwhile, the Development division recorded generally stable reservations, with a 2% volume increase offset by a 3% decrease in value, amid a focus shift towards residential programs with restored margins. However, the Property division's rental income contracted by 4.2% on a constant scope, reflecting market pricing pressures. The group's net result was negative at minus 123 million euros, incorporating a 4.5% depreciation in asset value on a constant scope.
Asset Disposals and Financial Strengthening
Icade completed or placed under promise approximately 850 million euros of disposals, contributing to the strengthening of its financial structure. The group finalized about 240 million euros in sales of mature or non-strategic assets with an average premium of 5% over the net asset value revalued as of December 31, 2024. A key transaction was the signing in December 2025 of a sale promise for the Marignan building, located on the Champs-Elysees in Paris, for 402 million euros, representing a price of about 33,000 euros per square meter and a premium over 20% relative to the end-of-2024 NAV. The closing is expected in the first half of 2026. These operations account for more than 50% of the completion rate of the Property division's disposal program announced in 2024, with a total goal of 1.3 billion euros over 2024-2028. Regarding non-strategic activities, Icade continued to reduce its exposure to Healthcare activities by selling its stake in an Italian portfolio for 173 million euros and gradually reducing its stake in Praemia Healthcare. The residual exposure to Healthcare activities amounted to 1.0 billion euros as of December 31, 2025. The LTV ratio including rights stood at 39.6%, reduced to 36.6% on a pro-forma basis post Marignan sale. Available liquidity amounted to 2.6 billion euros.
Dividend Policy and Future Outlook
Icade will submit for approval at the general meeting of shareholders a cash distribution of 1.92 euros per share, drawn from premiums and paid in a single installment in June 2026. The group thus intends to limit the distribution to preserve its deployment capacity and financing for growth. For 2026, Icade anticipates a group current net cash flow ranging between 2.90 and 3.10 euros per share. This range is broken down into 2.25 to 2.45 euros from strategic activities, expected at the lower end, and about 0.65 euro from non-strategic activities. The group forecasts a decrease in the Property division's revenues, including the departure of tenants for about 30 million euros, the gradual reduction in indexation, and the crystallization of negative reversion. A cost reduction plan of about 15 million euros in full year is planned, while the average cost of debt is targeted around 2% by the end of 2026.
