Half Year 2026 Icade SA Earnings Call Transcript

Jul 22, 2026 / 08:00AM GMT

Transcript

Key Points

Positve

Icade (CDMGF) successfully completed the sale of the Marignon building for EUR402 million, exceeding the December 2024 NAV by over 20%.
The company acquired the remaining 49% minority stake in the Echo tower, regaining full ownership and achieving full occupancy.
Operating performance showed resilience with a financial occupancy rate improvement to 85.9%, and office occupancy nearing 90%.
Icade (CDMGF) maintained a strong liquidity position, reinforced by a new EUR150 million bond issue and the renewal of EUR450 million in revolving credit facilities.
The company confirmed its 2026 guidance, expecting group net current cash flow between EUR2.90 and EUR3.10 per share.

Negative

Group net current cash flow per share decreased from EUR2.03 in the first half of 2025 to EUR1.80 in the first half of 2026.
Net current cash flow from strategic operations fell to EUR1.15 per share from EUR1.44 per share last year, due to lower net rental income and margins.
NAVNTF per share declined by 6.9% compared to year-end 2025, primarily due to a decrease in property values.
Gross rental income in property investment decreased by 1.1% like-for-like, reflecting a challenging market environment.
Economic revenue in property development dropped by 5.5% year-on-year, mainly due to a slowdown in commercial projects.

Operator

Welcome to the ECOD 2026 Half-Year Results Presentation Conference Call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing #key5 on their telephone keypad. You can also submit a written question. Now I will hand the conference over to the speakers, Nicola Jolie, CEO, and Bruno Valenting, CFO. Please go ahead.

Nicolas Joly

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

Good morning, everyone, and thank you for joining us today. With Bruno Valentin, I am pleased to present ECAS 2026 after your results.

I will begin with the key highlights and strategic developments of the first half.

Bruno will then take you through financial results and the balance sheet in more detail.

I will come back at the end with our outlook for 2026 before we open the floor for questions.

So, let me start with the main takeaways from the first half of 2026.

The first key message is the

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.