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PRESS RELEASE ICADE Paris , July 26 , 2021 , 7:30 a.m. Desirable places to live ICADE : EXCELLENT H1 2021 RESULTS STRONG GROWTH IN NCCF PER SHARE VS. H1 2020 OF + 18 % , UP ON H1 2019 , DRIVEN BY ALL THREE BUSINESS LINES GUIDANCE RAISED Revenue up 33 % to € 830m ( + 22 % vs. H1 2019 ) Net current cash flow of € 191.1m , or € 2.57 per share , up + 18 % ( + 8.9 % vs. H1 2019 ) Net profit / ( loss ) attributable to the Group : € 188.1m ( vs. € 5.2m as of June 30 , 2020 ) EPRA NDV : € 86.7 per share , up + 0.8 % vs. December 2020 ( + 5.4 % cum dividend ) Office and Healthcare Investment : strong financial and operational performance Higher rental income : + 3.5 % to € 348m • Solid growth in adjusted EPRA earnings per share to € 2.43 , i.e. € 180.9m , + 6.4 % ( + 8.9 % vs. H1 2019 ) • High asset rotation in the Office Property Investment Division : disposals of € 462m , + 9.8 % above NAV as of 12/31/2020 and value - add acquisitions of € 243m • Two major pre - lets for pipeline assets covering nearly 30,000 sq.m in July , bringing new or renewed leases to over 110,000 sq.m so far this year Pre - IPO preparation process underway for the Healthcare Property Investment Division¹ : higher growth ambitions , creation of the leading European healthcare real estate platform Property Development : excellent performance in H1 , recovery confirmed H1 economic revenue stood at € 536m , up + 79 % vs. H1 2020 and + 38 % vs. H1 2019 • Orders up + 20 % , with 2,613 units ordered at the end of June • Significant improvement in margins , at 5.2 % in the residential segment 2021 outlook : guidance raised² 0 2021 Group NCCF per share : expected to grow by ~ + 6 % excluding the impact of 2021 disposals , i.e. ~ + 3 % including the impact of 2021 disposals . This updated guidance includes the impact of the partial payment of the 2020 dividend in shares ( scrip dividend scheme ) 2021 dividend : up + 3 % : payout ratio in line with 2020 ( 83 % ) + distribution of part of the gains on disposals " Icade had extremely solid results in H1 2021 , in line with excellent operational performance in Q1 2021. These results demonstrate the strength of our diversified business model . Against the backdrop of the recovery from the health crisis , Icade's revenue was 33 % higher than in H1 2020 and 22 % higher than in H1 2019. The Office Property Investment Division performed particularly well , with rental income on the rise and a strong upturn in asset rotation . The Property Development Division continued its recovery , with revenue up + 79 % , driven by the residential business , in line with the roadmap to 2025. The Healthcare Property Investment Division also confirmed its potential with a 5.6 % increase in rental income and continued investment in France and abroad : all strengths , in a buoyant en vironment , paving the way for the IPO¹ planned by the end of the year . The IPO should have a very positive impact on Icade in terms of value creation and reflects higher growth ambitions for this business . Thanks to the hard work and dedication of its teams , Icade is confident of achieving its strategic objectives and , given the H1 results , of raising its 2021 guidance . " Olivier Wigniolle , CEO of Icade 1 Subject to market conditions 2 Subject to the health situation not worsening 1