Full Year 2025 Icade SA Earnings Call Transcript
Key Points
- Icade (CDMGF) achieved a record year in disposals, completing or signing nearly EUR850 million worth of transactions, which helped crystallize value creation.
- The company maintained strong financial discipline with a stable average cost of debt at 1.7% and an improved net debt-to-EBITDA ratio of 9.1 times.
- Leasing activity was robust in 2025, with approximately 217,000 square meters signed or renewed, improving the occupancy rate to around 90%.
- Icade (CDMGF) is advancing its diversification strategy by investing in student housing and data centers, with projects expected to deliver significant returns.
- The company reaffirmed its ESG commitment, significantly reducing greenhouse gas emissions by 52% between 2019 and 2025, aligning with the new SBTi standard for the real estate sector.
- Net current cash flow from strategic activities slightly decreased to EUR2.99 per share, reflecting ongoing pressures in the Property Investment segment.
- Gross rental income in Property Investment declined by 4.2% like-for-like, primarily due to tenant departures and negative lease renewals.
- The Property Development business saw a decline in economic revenue to EUR1.1 billion, with commercial segment revenues dropping by 48% year-on-year.
- NTA NAV per share decreased by approximately 11% to EUR53.3, mainly due to lower property portfolio valuations and dividend payments.
- The company anticipates continued pressure on Property Investment revenues in 2026, with a gradual recovery expected in the Development business.
Welcome to the Icade full-year 2025 results conference call. (Operator Instructions) Now I will hand the conference over to the speakers. Nicolas Joly, CEO; and Bruno Valentin, CFO. Please go ahead.
Good morning, Nicolas Joly speaking. Thank you all for joining us today. With Bruno Valentin, we are pleased to present Icade's 2025 full-year results. After the presentation, we will, of course, open the floor for questions. I will begin with the main development of the year, both operational and strategic, Bruno will then walk you through the financial results and the balance sheet in more detail. Then I'll conclude with the 2026 outlook.
Let's start by summarizing the key highlights for 2025. 2025 was a year of solid progress in the execution of our ReShapE plan with strong financial discipline. Three elements stand out. First, disposals. 2025 was a record year with significant milestones in offices and in healthcare, allowing us to crystallize value in a selective
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