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• Net Current Cash Flow: EUR3.98 per share, above guidance.

• Dividend Proposal: EUR4.31 per share, including EUR2.54 from the Healthcare business sale.

• Net Cash Flow: EUR302 million.

• Gross Rental Income: EUR369 million, up 2.5% on a like-for-like basis.

• Gross Asset Value: EUR6.4 billion, reflecting a 7.1% decline.

• EPRA NTA Per Share: EUR60.1, declining by 11%.

• LTV Ratio: 36.5% at year-end, up from 33.5% the previous year.

• Net Debt to EBITDA: 10 times.

• Property Development Economic Revenues: EUR1.2 billion, stable year-over-year.

• Financial Occupancy Rate: 84.7% as of December 31, 2024.

• Leasing Activity: 133,000 square meters signed or renewed, representing EUR35 million in annual rental income.

• Residential Backlog: EUR1.6 billion at the end of 2024.

• Cost of Debt: Improved to 1.52% from 1.60% the previous year.

• Liquidity Position: EUR2.6 billion, covering debt until 2029.

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Release Date: February 19, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• 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 Points

• 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.

Q & A Highlights

Q: Could you elaborate on the guidance for 2025 and the assumptions behind it? Do you think 2025 could be the trough for your core cash flow? A: Nicolas Joly, CEO: For 2025, we expect a net current cash flow between EUR3.40 and EUR3.60 per share. We are cautious due to the current environment. The investment division will see a decrease in rental income due to reduced index-linked rental reviews and tenant departures in 2024. The property development business is expected to return to break-even after 2024's impairments, but we remain cautious due to political uncertainties. The EUR0.67 per share from healthcare activity is estimated without future disposals.