Full Year 2024 Icade SA Earnings Call Transcript

Feb 19, 2025 / 09:00AM GMT

Release Date Price: €22.7 (-0.09%)

Transcript

Key Points

Positve

Icade (CDMGF) reported a net current cash flow of EUR3.98 per share for 2024, exceeding guidance.
The company proposed a dividend of EUR4.31 per share, including a significant contribution from the sale of its Healthcare business.
Gross rental income increased to EUR369 million, driven by indexation effects.
Icade successfully relet a major asset in Paris shortly after the departure of the Olympic Games, demonstrating strong leasing capabilities.
The company maintained a strong liquidity position of EUR2.6 billion, covering its debt until 2029.

Negative

The property portfolio value decreased by 7.1% on a like-for-like basis, reflecting market challenges.
The financial occupancy rate fell to 84.7% by the end of 2024 due to tenant departures.
Net debt to EBITDA ratio increased to 10 times, indicating higher leverage.
The property development division faced a sharp decline in net cash flow due to impairments.
Icade remains cautious for 2025, expecting a decline in property revenues and a complex market environment.

Operator

Ladies and gentlemen, you are currently on hold for today's Icade for year 2024 results presentation. We're currently awaiting the arrival of additional participants and should be starting shortly. Thank you for your patience and please continue to hold.

Good day and welcome to today's Icade full year 2024 results presentation. (Operator instructions)

And now I'd like to hand the call over to your host, Mr. Nicolas Joly, CEO. Please go ahead, sir.

Nicolas Joly

Icade SA - Chief Executive Officer, Member of the Executive Committee

Thank you. Good morning. Nicolas Joly, speaking Well, thank you all for being here today on this call. Along with Christelle, we are delighted to present this morning our 2024 earnings. This presentation will be of course followed by (inaudible).

So let's start to slide 4 an overview of the main messages for the full year 2024. In 2024, the net current cash flow amounts to EUR3.98 per share above the guidance. This is mainly explained by the resilience of the property investment division whose revenue

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