Icade confirms its cash-flow target despite decline in bookings in the third quarter
Icade confirmed on October 20, 2026, after market close, its objective for net current cash-flow between €2.90 and €3.10 per share for the fiscal year. This confirmation accompanies consolidated revenue of €887.1 million over nine months, down 3.9%, and a slowdown in bookings in development activities during the third quarter. The real estate company also completed in October the sale of its healthcare assets in Portugal, for a net proceeds of approximately €115 million. It is considering a 2026 dividend incorporating the €255 million gain realized on the sale of the Marignan building. The publication came the day after a historic low for the stock, recorded at €14.23 in trading on October 19, 2026.
Real estate company: rents down 0.9% at constant scope
The real estate company's gross rental income reached €250.0 million on September 30, 2026, down 5.0% in published data. Most of the difference stems from a scope effect of -4.1% linked to disposals in 2025, partly offset by the delivery of the Edenn building in Nanterre. At constant scope, the decline stands at 0.9%, a rate identical to that at the end of June.
This figure combines indexation (+0.5%), tenant departures (-0.5%) and a negative reversal on renewals (-0.9%). Offices advance 0.6% at constant scope, while activity spaces decline 2.3%, penalized by the drop in the construction cost index in 2025.
Icade signed or renewed 103,436 m² of leases, compared to 124,553 m² a year earlier (-17.0%), for €34 million in annualized face rents and an average firm duration of 8.5 years. Approximately 90% of these spaces are renewals. The financial occupancy rate stands at 85.4%, compared to 86.8% at the end of 2025, including 89.3% for offices.
Development activities: bookings down 8.5% in value over nine months
Economic revenue from development activities fell 4.4%, to €696.4 million. Residential increased 1.0%, to €639.9 million, while business real estate declined 40.2%, to €52.7 million, following the completion of major projects in previous years and with no new sales concluded during the period.
Bookings reached 2,776 units (-1.4%) for €661 million (-8.5%). During the half-year publication on July 21, 2026, the group reported residential bookings up 11.9% in volume and 6.4% in value. The turnaround therefore concentrated on the third quarter, which the company attributes to increased caution among buyers in the face of rising rates. The share of first-time buyers in retail sales fell from 76% to 66%.
The order book declines 8.6% compared to end 2025, to €1,522 million, or approximately 19 months of activity according to the group, and 40% of this order book is already sold, compared to 35% a year earlier. Building permits obtained decline by approximately 25% and land purchase agreements by 10%. The fourth quarter 2025 had concentrated nearly 58% of annual bookings.
Guidance maintained, dividend incorporating €255 million gain
The 2026 net current cash-flow target breaks down between €2.25 and €2.45 per share for strategic activities and approximately €0.65 for non-strategic activities, stemming from the €48.5 million dividend paid by Praemia Healthcare in May. The Portuguese sale will have no effect on this aggregate. Citing an environment marked by rising rates and political uncertainty in France, Icade will announce its 2027 guidance with annual results, on February 9, 2027.
The board of directors is considering proposing a dividend equal to the distributable profit of Icade SA, with a share payment option, in order to respect the obligations of the SIIC regime while preserving the balance sheet. The €15 million savings plan is complete.
Liquidity reaches €2.2 billion for gross debt of €3.8 billion, after the repayment of approximately €290 million of the Eqho Tower loan and the issuance of €150 million in bonds due 2035. It covers debt maturities until 2030. According to the consensus of analysts surveyed, the stock trades at approximately 4.9 times expected earnings for the current fiscal year.
