In This Article:
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Rental Activity: 50,000 square meters signed or renewed in Q1 2025.
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Financial Occupancy Rate: 88.4% for well-positioned assets, 83.1% overall as of March 31, 2025.
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Liquidity Position: EUR2.3 billion at the end of March 2025.
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Revolving Credit Facilities: EUR190 million signed in April 2025.
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Group Net Current Cash Flow Guidance: EUR3.40 to EUR3.60 per share for 2025.
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Gross Rental Income: Circa EUR94 million, stable year-on-year.
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Property Development Orders: 697 orders totaling EUR209 million, up 16% in volume and 22% in value.
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Residential Segment Revenue: EUR205 million, up by EUR16 million compared to March 2024.
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Commercial Segment Revenue: Down by EUR32 million compared to the same period in 2024.
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Total IFRS Revenue: Increase of 1.2% as of March 31, 2025.
Release Date: April 17, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Icade (CDMGF) reported strong rental activity with approximately 50,000 square meters signed or renewed during the quarter.
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The company confirmed a very strong liquidity position with EUR2.3 billion at the end of March.
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The Property Development division recorded a 16% increase in volume and a 22% increase in value, driven by both individual and bulk orders.
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Icade's financial occupancy rate for well-positioned assets remained resilient at 88.4%, excluding the positive impact of the Pulse building.
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The company reaffirmed its 2025 group net current cash flow guidance, indicating confidence in its financial outlook.
Negative Points
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The leasing market experienced a slow start in Q1 2025 with a take-up down by 6% compared to the same period last year.
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The financial occupancy rate declined to 83.1% as of March 31, 2025, a decrease of 1.6 points compared to December 31, 2024.
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Gross rental income from Property Investment remained stable, with only a slight growth of 0.5% year on year.
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Revenue from the Commercial segment decreased by EUR32 million compared to the same period in 2024.
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The company remains cautious about the pace of recovery due to the uncertain environment and French political agenda.
Q & A Highlights
Q: Could you explain the decline in like-for-like rental income for well-positioned offices and the situation in the light industrial segment? A: The decline in well-positioned offices is mainly due to the departure of the Olympic committee from the Pulse building and a base effect from indemnities received last year. We do not expect further deterioration in 2025. For light industrial, there was a slight decline in occupancy due to expected departures, but a new lease signed in April should improve the occupancy rate. We anticipate some positive rent reversion in prime locations despite macroeconomic challenges. - Nicolas Joly, CEO