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.
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.
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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.
Confirmation de la guidance annuelle 2026 avec un CFNC Groupe attendu entre 2,90 € et 3,10 € par action
Risks mentioned
Baisse de valeur du patrimoine de -3,1 % à périmètre constant, dont -2,8 % sur les bureaux
Réversion négative attendue sur les renouvellements de baux, potentiel de -7,1 % sur les loyers faciaux
Coût moyen de la dette en hausse à 1,85 %, attendu à environ 2 % fin 2026 ; ICR dégradé à 3,8x
Opportunities identified
Promesse de vente des actifs de santé au Portugal, environ 75 M€ en quote-part Icade
Acquisition des 49 % de la Tour Eqho avec un rendement supérieur à 8 %, relutive sur le CFNC
Réservations résidentielles en hausse de 11,9 % en volume et 6,4 % en valeur
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
