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2025 Full Year Results Wednesday, February 18, 2026 EDENN (Nanterre, Hauts-de-Seine)
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22025 Full Year Results I Wednesday, February 18, 2026 DISCLAIMER This document (the “Presentation”) may contain information, opinions and certain forward looking statements that reflect Icade’s management’s current views and expectations with respect to future events and financial and operational performance of the Group. Because these forward looking statements are subject to risks and uncertainties, future results or performance may differ materially from those expressed in or implied by these statements. None of the future projections, estimates or prospects in this Presentation should be taken as forecasts or promises. Investors are cautioned not to place undue reliance on the forward looking statements (as well as information and opinions) contained herein. Icade does not assume any responsibility or obligation to update or revise any forward looking statements and/or information. This Presentation is not an offer or an invitation to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this Presentation may be restricted in certain countries by legislation or regulations. As a result, any person who comes into possession of this Presentation should familiarise themselves and comply with such restrictions. To the extent permitted by applicable law, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person. LE RHIN (Villejuif, Val-de-Marne)
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3 AGENDA 2025 Full Year Results I Wednesday, February 18, 2026 1. Executive summary 2. Delivering on ReShapE 3. CSR commitment 4. FY 2025 financial results 5. Looking ahead to 2026 – Execution through the cycle Appendices
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4 EXECUTIVE SUMMARY EQHO (Paris La Défense) 1. 2025 Full Year Results I Wednesday, February 18, 2026
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52025 Full Year Results I Wednesday, February 18, 2026 Delivering on ReShapE through disciplined execution Healthcare disposals executed with strict value discipline over time Over 50% of office disposal program achieved through significant value creating milestones Steady focus on executing ReShapE with increased selectivity in capital allocation and ongoing efforts on fixed costs reduction Moving ahead with strong balance sheet and liquidity position Balance SheetCost & Capital Management Disposal Plan Property Investment Solid leasing activity and increase in occupancy rate offsetting lower rental income Property Development Stable orders supported by a rebalanced customer mix and restored margins on new programs Strategic Operations 1. Executive Summary
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62025 Full Year Results I Wednesday, February 18, 2026 FY 2025 at a glance – Group KPIs €3.57/share Group NCCF (vs €[3.40-3.60] expected) €2.89/share NCCF from strategic operations(1) €53.3/share NAV NTA 39.6% LTV incl. duties 9.1x Net debt/EBITDA(2) 6.6x Interest coverage ratio 1.68% Average cost of debt (1) Strategic operations correspond to the Property Investment and Property Development divisions (2) Rolling 12-month EBITDA plus dividends from equity-accounted and non-consolidated companies For the definition of acronyms, please refer to the Glossary inserted in the FY 2025 Press Release 1. Executive Summary
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72025 Full Year Results I Wednesday, February 18, 2026 FY 2025 at a glance – Business lines KPIs €346.5m Gross Rental Income (vs €369.2m in 2024) €6.1bn Gross Asset Value(1) (vs €6.4bn as of 12/2024) 5.6% EPRA net initial yield (vs 5.2% as of 12/2024) €1,128m Economic revenue (vs €1,215m in 2024) 2.4% Operating margin (vs -1.7% in 2024) Property Investment Property Development 5,419 units Orders in volume terms (vs 5,300 in 2024) (1) Portfolio value excluding duties on a 100% + Group share of JVs basis For the definition of acronyms, please refer to the Glossary inserted in the FY 2025 Press Release 1. Executive Summary
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2026 expected to mark a low point on the NCCF from strategic operations(1) 82025 Full Year Results I Wednesday, February 18, 2026 Looking ahead to 2026 A market environment expected to remain uncertain Focus on key driver of ReShapE: balanced capital allocation preserving balance sheet and value creation 2026 Group NCCF: €[2.90-3.10](2) per share of which c.€0.65(3) per share from discontinued operations 1. Executive Summary (1) Subject to no deterioration in the political and macroeconomic environment (2) Including the sale of the Marignan building, located on the Champs-Elysées (3) Subject to approval at the Praemia Healthcare general shareholders’ meeting
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9 DELIVERING ON RESHAPE PONT DE FLANDRE (Paris, 19th district) 2. 2025 Full Year Results I Wednesday, February 18, 2026
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2. Delivering on ReShapE 102025 Full Year Results I Wednesday, February 18, 2026 Navigating in a challenging market environment 4,7 31 14 8 14 17 18 18 27 31 30 27 34 42 29 28 30 15 16 17 33% 40% 0 5 10 15 20 25 30 35 40 45 50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Office Retail, industrial, hotels Office share Direct Real Estate Investments in France (Commercial Real Estate, €bn) 2.0 1.8 1.6 5.6 6.2 5.0 7.6 10.2 11.2 0.1 0.2 0.3 0.4 0.5 0.6 0.7 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Millions Vacancy rate Immediate supplyTake-up (million sq.m / vacancy in %) Take-up, immediate supply and vacancy rate in the Paris region A macro and sector environment that remains challenging and broadly unchanged… … with slight recovery in office investment volumes, supporting value-add assets Political instability continuing to weigh on investor confidence in real estate Persistently high interest rates impacting asset values, transaction volumes and development economics Sources: Immostat, JLL, BNP Paribas Real Estate, CBRE
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112025 Full Year Results I Wednesday, February 18, 2026 What we delivered 2. Delivering on ReShapE Unlocking value through disposals Disciplined capital allocation and selective operations Pursuing diversification with strict value creation discipline
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Large-scale disposals executed with value creation 122025 Full Year Results I Wednesday, February 18, 2026 2. Delivering on ReShapE Rigorous execution of asset disposals in 2025 for €0.8bn(1) completed or secured Transactions executed with strict financial discipline Moving forward, pragmatic approach to seize opportunities (1) Including the €0.4bn disposal of Marignan signed in December 2025, to be closed by end of H1 2026
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€0.6bn remaining over the strategic plan horizon (2024-2028) €0.6bn in 2025 More than 50% achieved over the €1.3bn target 132025 Full Year Results I Wednesday, February 18, 2026 Property disposal plan well advanced, under disciplined execution Capturing created value c. €240m Completed disposals of mature and non-core assets c. €400m Marignan office under sale agreement, expected to close in H1 2026 Well-executed disposals in a challenging market Confirmed interest in value-add assets illustrated by intense competitive bidding on Marignan disposal Marignan, 29-33 Champs-Elysées (Paris, Ile-de-France) +5% above NAV(1) >20% above NAV(1) Update ReShapE New milestones completed in 2025 2. Delivering on ReShapE €0.1bn in 2024 (1) NAV as of December 31, 2024
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Update ReShapE 142025 Full Year Results I Wednesday, February 18, 2026 Healthcare disposal: a longer process, to protect value A new stage achieved in 2025… … on a resilient and cash-generative stake (1) NAV as of June 30, 2025 (2) Decline in asset valuations of c.-2.8% in 2025 for Praemia Healthcare and IHE Healthcare Europe portfolios €1.6bn in 2023 €210m Completed disposals in healthcare business in France & Italy At NAV(1) 1st major step since 2023 with the disposal of 18% of the remaining stake Strong fundamentals of the healthcare market A resilient asset class with a limited decline in valuations(2) Long term leases and a 100% occupancy rate offering high visibility Cash-generative financial stake providing €52m of cash-flows in 2025 2. Delivering on ReShapE €0.2bn in 2025 €1bn remaining over the strategic plan horizon (2024-2028)
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152025 Full Year Results I Wednesday, February 18, 2026 What we delivered 2. Delivering on ReShapE Unlocking value through disposals Disciplined capital allocation and selective operations Pursuing diversification with strict value creation discipline
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Financial occupancy rate around 90% achieved on core assets 16 Robust leasing activity leading to a financial occupancy rate improvement c. 217,000 sq.m signed or renewed €63m Annual headline rents related to leases signed or renewed since January 1, 2025 6.6 years WALB related to leases signed or renewed since January 1, 2025 2025 Full Year Results I Wednesday, February 18, 2026 86.8% 84.7% 83.1% 83.6% 84.0% FY 2024 Q1 2025 HY 2025 Q3 2025 FY 2025 Improvement of financial occupancy rate over the last 12 months 91.3% Well-positioned offices +3.4 pps vs dec. 24 89.7% Light industrial +0.8 pps vs dec. 24 2. Delivering on ReShapE – Property Investment
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2% 12% 13% 17% 55% 172025 Full Year Results I Wednesday, February 18, 2026 Large rental space for top-tier tenants Top-ranked 2025 transactions… 85% of annualised IFRS rental income from public sector and mid/large corporates Public sector Mid-sized companies Small businesses / SMEs Others Listed companies (CAC40 & SBF120) Pulse, Portes de Paris business park Eqho, Paris La Défense Quito, Paris Orly-Rungis business park … and solid tenant base PULSE & JUMP c.33,000 sq.m signed (1) QUITO c.11,000 sq.m signed EQHO c.41,000 sq.m renewed c.15,000 sq.m signed 2. Delivering on ReShapE – Property Investment As of December 31, 2025 (1) Including c.29,000 sq.m in Pulse and c.4,000 sq.m in Jump
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18 Tenant management challenges continue into 2026 Well-positioned offices €24m To-be-repositioned offices €16m Light industrial €13m Other €7m 2025 Full Year Results I Wednesday, February 18, 2026(1) Annualised IFRS rental income (in €m, 100% + Group share of JVs basis) 2. Delivering on ReShapE – Property Investment €60m • c.€30m of expected departures, including the last portion of major expiries on the to-be-repositioned offices (2/3 of lease breaks will take place in H1 2026) • -11.6% of potential negative reversion on headline rents on well-positioned offices Lease expiries(1)in 2026
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9.5 years fixed term lease 192025 Full Year Results I Wednesday, February 18, 2026 Delivery of an iconic office asset let at 100% Edenn, Nanterre Prefecture c.30,000 sq.m(1) surface doubled before refurbishment 100% office spaces let(2) Prime rent of the area Highest level of services (3) Best-in-class environmental labels and certifications targeted (1) Plus 4,100 sq.m of shaded terraces (2) Representing c.29,000 sq.m (3) Fitness room, restaurant and snacking areas, agora and amphitheater, bicycle parking and repair area, etc. 2. Delivering on ReShapE – Property Investment Excellent Excellent E3C2 R2S 3 stars ABBB Platinum
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202025 Full Year Results I Wednesday, February 18, 2026 Icade’s successful acquisition of several assets in Lyon via a controlling stake in ANF Immobilier Building permits obtained for Seed and Bloom Seed, Lyon Part-Dieu Bloom, Lyon Part-Dieu Construction of Bloom and refurbishment of Seed assets Delivery expected 2017 2023 2024/2026 2027 Seed & Bloom projects c. 7.4% Yield on Cost €380/sq.m Target rent post completion Vs average second-hand rent of €250/sq.m(2) 2024 Delivery of Next, headquarter of APRIL Group Exit inventory of Framatome, building permit obtained for a complete refurbishment of one of the assets (Next) 2021/2022 €72m Total capex(1) 2. Delivering on ReShapE – Property Investment Value creation through redevelopments in Lyon Part-Dieu (1) On Seed and Bloom projects. Includes the fair value of the asset at project start, cost of works (incl. expenses, external fees and TI’s) and carrying costs, excluding internal fees (2) Source: JLL, tertiary market, Q1-Q3 2024 (Lyon market, Part-Dieu area)
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Proactive management of to-be-repositioned assets with limited capex 2. Delivering on ReShapE – Property Investment 212025 Full Year Results I Wednesday, February 18, 2026 Residential projects Asset relettingAsset redevelopment €62m of total capex(1) Sale off-plan Delivery starting 2027 Oslo Paris Orly-Rungis business park Monet Saint-Denis c. 27,000 sq.m of office spaces relet (1) Out of a €150m capex plan for 2024-2028 Quito Paris Orly-Rungis business park Helsinki-Iena Paris Orly-Rungis business park Lafayette Lyon Arcade Le Plessis-Robinson c. €200m of GAV to be removed from the to-be-repositioned category to core assets from 2026 onwards
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222025 Full Year Results I Wednesday, February 18, 2026 Delivering on strategy: to-be-repositioned assets exposure reduced Well-positioned offices 74% €4.5bn Light Industrial 13% €0.8bn Others 5% €0.3bn Portfolio breakdown as of December 31, 2025 Total Portfolio €6.1bn(1) To-be-repositioned offices 8% €0.5bn 2. Delivering on ReShapE – Property Investment €29m Annualised IFRS rent of to-be-repositioned assets €496m Gross Asset Value of to-be-repositioned assets No additional office assets identified as to- be-repositioned Segmentation evolution from 2026, including the reallocation of the to-be- repositioned assets across core and non- core assets (1) in €m, 100% + Group share of JVs basis, excluding duties
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2024 2025 Individual investors First-time buyers Institutional investors 232025 Full Year Results I Wednesday, February 18, 2026 54195300 +8.3% YoY Successful diversification of the customer mix Orders in units Stable property development activity 5,419 orders in 2025 (+2% in volume and -3% in value YoY) Rebalanced customer mix Growth in first-time buyers' volume, supported by a more compact and affordable offer, offsetting the end of the Pinel scheme Orders volume driven by bulk activity Institutional orders supporting volumes over the last years 67%63% 22% 15% 25% 8% +17.1% YoY -44.9% YoY 2. Delivering on ReShapE – Property Development
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242025 Full Year Results I Wednesday, February 18, 2026 Good visibility on activity in the short-term 2. Delivering on ReShapE – Property Development (1) Versus 2024 Acquisition of development projects Resilient backlogHigh level of pre-commercialization +66%(1) Building permit applications submitted (7,761 units) +32%(1) Building permits obtained (6,420 units) Recovery of development activity 25-30% of business activity (vs 10% in 2024) 77% as of 12/31/2025 €1.7bn (-3.5%)(1) Out of which €1.6bn of residential backlog
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252025 Full Year Results I Wednesday, February 18, 2026 Residential portfolio operations returning gradually to normal margins 2024 2025 2026 Operations with restored margins Operations with low margins 97% 3% 82% 18% 50% 50% 2024: Portfolio rebalancing involving write-downs and cancellation of some operations 2025: ✓ Gradual delivery of operations initiated before the crisis ✓ New operations accelerating with restored margins Balance achieved in 2026 2. Delivering on ReShapE – Property Development
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262025 Full Year Results I Wednesday, February 18, 2026 What we delivered 2. Delivering on ReShapE Unlocking value through disposals Disciplined capital allocation and selective operations Pursuing diversification with strict value creation discipline
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272025 Full Year Results I Wednesday, February 18, 2026 2 flagship projects showcasing collective know-how… 193 beds c. 3,600 sq.m Expected delivery in 2028 309 beds c. 6,600 sq.m Expected delivery in 2028 Levallois, Hauts-de-Seine Ivry-sur-Seine, Val-de-Marne Developed By development division Financed By investment division Investment: c. €100m Yield on Cost: c. 5.5% 2. Delivering on ReShapE Student housing development on track, creating value Target of 500 to 1,000 beds to be delivered per year > 5.50% Target yield to generate 20% of value creation [4.25-4.50]% Prime yield(1) (1) Sources: JLL, CBRE …and value creation through an investor-operator model
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282025 Full Year Results I Wednesday, February 18, 2026 15 MW on 7,500 sq.m Powered shell(1) 6.2% 5 operational Data Centers 1 Data Center to be delivered in Q3 2026 1 hyperscale Data Center to be delivered in 2031 Portes de Paris business park Portes de Paris business park Paris Orly-Rungis business park 130 MW on 65,000 sq.m JV partnership under review(2) [c.10%] 18 MW IT on 35,000 sq.m Powered shell(1) – (1) Powered shell: building shell + power supply (2) Tender process underway Business model YoC 2. Delivering on ReShapE Under construction, 100% pre-let Permit obtained100% letStatus Data center: towards a higher returns JV model Supply / sq.m
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HOYA (Dunkerque, Nord) 29 CSR COMMITMENT 3. 2025 Full Year Results I Wednesday, February 18, 2026
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523,091 2019 2030 2050 30 3. CSR commitment - 48% - 46% Carbon reduction targets for 2019-2030(3) Maintained 2050 Net Zero target for reducing GHG emissions by 90% in absolute terms Icade’s GHG emission reduction pathway -90% 309,500 52,300 -41% Pro forma - 61% New 2030 targets for reducing GHG(1) emissions, fully compatible with a +1.5°C pathway(2) Ramping up our decarbonation objectives in 2026 Property Development Corporate Property Investment (vs - 60% previously) (vs - 41% previously) (vs - 30% previously) 2025 Full Year Results I Wednesday, February 18, 2026 (1) Greenhouse gas (2) vs well below 2°C on the scope 3 before / Data centers excluded from this trajectory and treated separately (3) in kg CO2/sq.m on business lines and in kg CO2/employee on Corporate scope Targets validated by the SBTi with the new Buildings Sector Guidance (in tCO2)
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31 Results in line with the Group’s 1.5°C new pathway 3. CSR commitment Target reduction in GHG emissions between 2019 and 2030(2) - 48% Result 2019 – 2025 Property Development - 36 % - 46%Corporate -14 % Reduction in GHG(1) emissions since 2019… …Mainly stemming from Development division Property Investment -57 %- 61% 2025 Full Year Results I Wednesday, February 18, 2026 (1) Greenhouse gas (2) in kg CO2/sq.m on business lines and in kg CO2/employee on Corporate scope (3) The decarbonation objectives of Icade cover 91% of GHG emissions in 2025 (4) Includes Property Investment and Development scopes (7% for Property investment and 93% for Property Development in 2025) (5) Only includes Property Investment scope Breakdown of GHG emissions (3) within the SBTI commitment scope in 2025 2025 emissions: 250,361 tCO2 Construction: materials and worksite(4) 58% Annual energy consumption by tenants and refrigerant(5) 5% Renewal of materials over 50 years and end of life(4) 17% Operating energy over 50 years(4) 19% Corporate Scope 1% (-52% vs 2019)
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32 FY 2025 FINANCIAL RESULTS 4. LE COLOGNE (Rungis, Val-de-Marne) 2025 Full Year Results I Wednesday, February 18, 2026
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33 P&L 4.1 QUITO (Rungis, Val-de-Marne) 2025 Full Year Results I Wednesday, February 18, 2026
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Lower net rental income from the investment division and return to normal development activity after a year of rationalization 4.1. P&L – Property Investment 342025 Full Year Results I Wednesday, February 18, 2026 Resilient NCCF from strategic operations NCCF FY 2024 Change in NRI Net property margin for Property Development Finance income Other NCCF FY 2025 €2.89/share€2.94/share (0.39) 0.63 (0.44) -1.9% 0.15 Note: Figures may not add up due to rounding (1) 100% reclassification to Group Share and other items (reversal of provisions, taxes) (1)
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4.1. P&L – Property Investment 35 GRI decrease resulting from 2024 tenant departures and negative reversion 2025 Full Year Results I Wednesday, February 18, 2026 Gross rental income FY 2024 Negative reversion on renewals Departures Indemnities Index effect Other Gross rental income FY 2025 -€22.7m (-6.1%) (22.4) 369.2 346.5 (9.4) 5.0 (7.7) (in €m) Gross rental income FY 2024 Tenant departures Other scope impact (1) Index-linked rent reviews Gross rental income FY 2025 Early termination fees Negative reversion on renewals -4.2% LFL change 11.7 Note: Figures may not add up due to rounding (1) Other scope impact includes disposals effect and delivery/development effect
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FY 2024 economic revenue Residential development Commercial development Other FY 2025 economic revenue 4.1. P&L – Property Development 36 Decrease in property development economic revenue (in €m) 2025 Full Year Results I Wednesday, February 18, 2026 Full year economic revenue(1) -€87.2m (-7.2%) Note: Figures may not add up due to rounding (1) The economic revenue includes the IFRS consolidated revenue and the Group’s share of revenue from jointly controlled entities 14.2 (99.7) (1.6) 1,127.6 1,214.8
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4.1. P&L – Property Development 37 Gradual improvement in property margin 2025 Full Year Results I Wednesday, February 18, 2026 Net property margin FY 2023 Net property margin FY 2024 Base effect impairment in H1 2024 Volume effect Rate effect Net property margin FY 2025 142.8+46.0 (10.0) +11.8 12.7% % revenue 95.0 7.9% % revenue Note: Figures may not add up due to rounding 168.5 13.2% % revenue (in €m)
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382025 Full Year Results I Wednesday, February 18, 2026 Continuing efforts on fixed costs reduction General expenses reduction Disciplined procurement and process optimization Relocation of the headquarters to Hyfive, reducing general expenses Headcount discipline, particularly in the development business (-111 FTEs between 2023 and 2025 at Group level) 4.1. P&L 53 49 141 133 2023 2025 General expenses Personnel expenses (in €m) 182 194 Estimated inflation effect over 2024 and 2025 Equiv. c.€20m of cost savings
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39 Controlled debt cost, lower finance income 2025 Full Year Results I Wednesday, February 18, 2026 2024 Finance expense Finance income Others 2025 2024 Dividends from Healthcare Interests on the shareholder loan to IHE 2025 (71.5) (in €m) (38.1) (2.0) (5.9) (6.5) (23.1) (21.1) 77.3 52.3 Current financial result from strategic activities 4.1. P&L (1) Provisions for risks and liabilities, interest income on current accounts and other Current financial result from discontinued operations (in €m) -€33.5m -€25.0m 1.68% Average cost of debt (vs 1.52% in 2024) 100% Hedged in 2026 €0.8bn at 2.5% Invested on average (vs €1.0bn at 3.9% in 2024) IHE Healthcare Europe No dividend in 2025No interim dividend in 2025 Deferred until 2026 (1)
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40 BALANCE SHEET 4.2 ILOT LAFAYETTE (Lyon, Rhône) 2025 Full Year Results I Wednesday, February 18, 2026
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4.2. Balance sheet 41 Decrease in fair value of Property Investment portfolio 6,127 • Property Investment portfolio down -4.5% in 2025 on a LfL basis • Like-for-like decline driven primarily by market rates • EPRA Net Initial Yield: 5.6% (vs 5.2% as of December 31, 2024) • EPRA Topped-up net initial yield: 6.5% (vs 6.2% as of December 31, 2024) 2025 Full Year Results I Wednesday, February 18, 2026 6,398 -4.5% LfL -4.2% on a reported basis (274.7)(234.8) Investment Others(2) FV as of 12/31/2025 FV as of 12/31/2024 Disposals(1) Like-for-like evolution (33.1) +271.6 (1) Fair value as of 12/31/2024 of assets sold during the period (2) Including mainly tax changes (in €m, 100% + Group share of JVs basis, excluding duties)
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4.2. Balance sheet 42 Market value of assets impacting NAV EPRA NTA 12/31/2024 Group NCCF Change in FV of Property Investment assets Other factors EPRA NTA 12/31/2025 (cum dividend) 2024 dividend EPRA NTA 12/31/2025 60.1 53.3 3.6 (3.9) (4.3) (2.2) NTA -11.3% (per share) €4,557m €4,053m (in € per share) 2025 Full Year Results I Wednesday, February 18, 2026Note: Figures may not add up due to rounding 57.6
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4.2. Balance sheet 432025 Full Year Results I Wednesday, February 18, 2026 Broad access to credit market allowing debt maturity extension >€1.1bn financings raised since January 2025 €540m Signed undrawn credit lines, including €290m in 2025 and €250m early 2026 €500m 10-year Green bond issue at 4.375%(1) c. €100m Signed Green mortgage loan at 5-year(2) Average maturity of undrawn credit lines 4.2 years Average debt maturity 4.1 years (1) Spread at 197 bps (2) Proceeds to finance four office assets in operation and in construction in the heart of Lyon’s Part-Dieu district (Seed and Bloom projects)
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4.2. Balance sheet 44 Robust liquidity for handling upcoming deadlines 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 + Debt maturity schedule (As of December 31, 2025, in €bn)(2) €0.8bn Net cash position €1.8bn Unused committed revolving credit facilities(1) Total €2.6bn Covering principal until 2030 Liquidity position As of December 31, 2025 Amount repurchased in May 2025 through cash tender offer 0.43 0.57 0.68 0.65 0.50 0.26 0.82 0.49 2025 Full Year Results I Wednesday, February 18, 2026 0.15 (1) Net of Neu Commercial Paper (2) Excluding Neu Commercial Paper and adjusted for cash tender offer (finalised in May 2025) New Green Bond issued in 2025
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4.2. Balance sheet 452025 Full Year Results I Wednesday, February 18, 2026 Icade’s ambitious sustainable financing policy Publication of a new Green Financing Framework 80% of Icade’s financing is sustainable as of 12/31/2025 Goal achieved one year ahead of target Sustainability update - Inclusion of the ReShapE plan and the ramping up of decarbonation objectives validated by the Science Based Target initiative (SBTi) according to Building sector methodology Alignment to best market practices and standards(1) What’s new? Second Party Opinion provided by Sustainable Fitch assessing the Framework as “Excellent” Inclusion of additional eligibility criteria - Further alignment with the EU Taxonomyfor several activities(2) - Assets: CRREM(3) trajectory(4), at least 5 years in advance - Investments: additional criteria on biodiversity and climate adaptation (1) 2025 version of Green Bond Principles and Green Loan Principles (2) EU Taxonomy activities 7.2, 7.3, 7.4, 7.5, 7.6, 7.7 (3) CRREM: Carbon Risk Real Estate Monitor (source) (4) Energy or CO2 or GHG New sustainable financing target of 100% by the end of 2028
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46 LOOKING AHEAD TO 2026 – EXECUTION THROUGH THE CYCLE 5. 2025 Full Year Results I Wednesday, February 18, 2026PULSE (Saint-Denis, Seine-Saint-Denis)
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472025 Full Year Results I Wednesday, February 18, 2026 Executing on ReShapE to enhance value and protect balance sheet 5. Looking ahead to 2026 – Execution through the cycle Property Investment Active leasing and property management in a competitive market with further leasing challenge Property Development Further quality rebalancing in a year marked by uncertainty and electoral deadlines Cost saving measures ramping up in 2026 (€15m targeted on a full-year run-rate basis) Selective capital allocation, managing capex priorities on value creation projects Preserving balance sheet and cost of debt (expected around 2%(1) in 2026) Balance Sheet Cost & Capital Management Disposal Plan Strategic Operations Continued disposal plan with pragmatism and discipline (1) All other things being equal
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482025 Full Year Results I Wednesday, February 18, 2026 2026: low point on the NCCF of strategic activities 2026 expected to mark a low point on the NCCF from strategic operations(1) Proposed cash distribution 5. Looking ahead to 2026 – Execution through the cycle (1) Subject to no deterioration in the political and macroeconomic environment (2) Including the sale of the Marignan building, located on the Champs-Elysées (3) Subject to approval at the Praemia Healthcare general shareholders’ meeting 2026 Group NCCF of €[2.90-3.10] per share of which, • €[2.25-2.45](2) per share from strategic operations • c. €[0.65](3) per share from discontinued operations €1.92 per share, to be approved by the AGM, fully paid in June 2026
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AGENDA April 16, 2026 Q1 2026 Trading update 492025 Full Year Results I Wednesday, February 18, 2026
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50 NEXT (Lyon, Auvergne-Rhône-Alpes) APPENDICES 2025 Full Year Results I Wednesday, February 18, 2026
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Appendices 51 A diversified portfolio, with assets located in good hubs Breakdown by asset type 12/31/2025 GAV % GAV Offices €5.0bn 82% Light industrial €0.8bn 13% Other €0.2bn 3% Land banks €0.1bn 2% 213 assets €6.1bn GAV 1.8m sq.m Bordeaux Toulouse Marseille Lyon Rest of Paris region (South) Nanterre OFFICE OFFICE Paris La Défense OFFICE OFFICE 1st ring 2nd ring Portes de Paris Business Park(1) Regional cities OFFICE CULINARY SCHOOL TV STUDIO DATA CENTER Breakdown by location 12/31/2025 GAV % GAV Paris/Neuilly €1.3bn 21% Nanterre €1.3bn 21% La Défense €0.6bn 9% 1st ring €1.4bn 23% 2nd ring €0.9bn 15% Regional cities €0.5bn 9% Paris Orly-Rungis Business Park(2) 2025 Full Year Results I Wednesday, February 18, 2026 Figures as of December 2025, on a 100% + Group share of JVs basis Figures may not add up due to rounding (1) Part of 1st ring area (2) Part of 2nd ring area
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Appendices 52 A selective positioning in the main regional cities Bordeaux 37,657 sq.m Toulouse 17,236 sq.m Marseille 22,154 sq.m Lyon 69,652 sq.m ORIANZ Bordeaux, Gironde NEXT Lyon, Rhône LA FABRIQUE Bordeaux, Gironde LAFAYETTE Lyon, Rhône LATÉCOÈRE Toulouse, Haute-Garonne NAUTILUS Bordeaux, Gironde M FACTORY Marseille, Bouches-du-Rhône 146,698 sq.m €0.5bn (1) 9% of the overall portfolio Offices Focus Regions – all assets Best environmental specifications, attractive locations and rent levels are key to attract large corporates 2025 Full Year Results I Wednesday, February 18, 2026Main regional cities (1) Figures as of December 2025, on a 100% + Group share of JVs basis
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Appendices 53 Leasing volumes remain low Vacancy rate Immediate supplyTake-up 2025 take-up: 1,6 M sq.m -9% (million sq.m / vacancy in %)Leasing at lower levels • Take-up volume dropped in 2025 (1,6 M sq.m, -9% yoy) with all size segments down [-8% to -10%] • Paris activity is lagging (-9%) as well as La Défense (-31%) and Western Crescent (-7%). Only the 1st ring remain stable (+2%) • 1.7-1.8 sq.m expected in 2026 in a subdued market weighed down by lease renegotiations Cost-saving decisions are more prominent • Rationalisation became a priority in 2025 for more tenants • Occupiers extend their search beyond Paris : outbound take-up 4x higher than inbound (1) • “Stay vs Go” decisions for more than 40% of large office search A new market configuration • Paris : more supply at higher rent levels • Outside Paris: wide range of options with delivered assets and attractive rents 3 out of the top 5 deals occurred outside Paris in 2025 Take-up, immediate supply and vacancy rate in the Paris region 2025 Full Year Results I Wednesday, February 18, 2026 2.0 1.8 1.6 5.6 6.2 5.0% 7.60% 10.2% 11.2% 1,0 2,0 3,0 4,0 5,0 6,0 7,0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Segment size Take-up Var. YoY > 5 000 sq.m 513,100 sq.m -8% 1 000-5 000 sq.m 530,800 sq.m -10% < 1 000 sq.m 594,200 sq.m -9% Sources: Immostat, BNP Paribas Real Estate, JLL (1) BNP Paribas Real Estate - December 2025
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- 50 000 100 000 150 000 200 000 250 000 300 000 Paris La Défense Western Crescent 1st Ring 2nd Ring Take-up > 5 000 sq.m in the Paris Region 2024 2025 Appendices 54 Cost-efficiency drives more location choices 2025 Full Year Results I Wednesday, February 18, 2026 Demand is weaker with large tenants looking outside Paris Ministries of Education Gentilly / 37,400 sq.m ‘Six Degrés’ Departmental Council of Seine-St- Denis / 29,000 sq.m ‘Pulse’ Bank Subsidiary Levallois-Perret / 22,200 sq.m High-quality office met tenants' expectations outside Paris in 2025 ACCENTURE Paris 09 / 24 600 sq.m ‘Bergere project’ -6% +41% +11% +59% -74% KPMG* Inner Ring Inner Ring Western Crescent Paris MISTRAL AI Paris 18/ 25 600 sq.m ‘Marcadet Belvedere’Paris Sources: Immostat, JLL * Renegotiations are not included in take-up volumes In a “stay or go” market… …3 out of the top 5 deals occurred outside Paris
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Appendices 55 Growth limited to the inner ring Q4-2025 Paris CBD La Défense Western Crescent Inner Ring Outer Ring Physical vacancy rate (vs a year earlier) 5.3% ▲ +180 bps 14.6% ▲ +30 bps 21.1% ▲ +237 bps 20.5% ▲ +80 bps 5.7% ▲ = Take-up (2025 vs 2024/vs 10-year average) 311,700 sq.m (-11% / -26%) 149,200 sq.m (-31% / -19%) 268,700 sq.m (-7% / -44%) 314,200 sq.m (+2% / -4%) 151,400 sq.m (-4% / -41%) Prime Rent (€/sq.m/year headline excl. taxes & service charges, vs a year earlier) €1 235/sq.m ▲ +11% €540/sq.m ▼ -2% €635/sq.m ▼ -15% €450/sq.m ▲ +7% €235/sq.m ▲ +4% Lease incentives (Q1-Q3 2025 vs a year earlier) 19% ▲ +5.00 pp 36% ▼ -3.80 pp 32% ▲ +3.10 pp 36% ▲ +5.60 pp 27% ▲ +2.00 pp Prime yield (vs end 24’) 4.10% ▲ +10 bps 6.50% = 5.50% = 8.25% ▲ +50 bps 8.25% = Sources: Immostat, JLL, BNP Paribas Real Estate 2025 Full Year Results I Wednesday, February 18, 2026
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• €17.1bn invested in 2025 (+8% yoy) out of which €5.6 bn invested in the Paris Region (+51% YoY) • Offices (€6.9 bn) accounted for 40% of all investments in 2025 (+30% YoY) • Larger deals with more bidders and new value creation thesis • c.€18 bn expected in 2026 Appendices 56 Investment market unfrozen with office assets back on the agenda Direct Real Estate Investments in France (Commercial Real Estate, €bn) 2025 Full Year Results I Wednesday, February 18, 2026 42 29 28 30 15 16 17 33% 40% 0% 10% 20% 30% 40% 50% 60% 70% 0 5 10 15 20 25 30 35 40 45 50 2019 2020 2021 2022 2023 2024 2025 Office Retail, industrial, hotels Office share Source: BNP Paribas Real Estate • Value-add and core+ account for 63% of investment volume (vs. 45% in 2024) • Tighter risk premiums reduce some investor appetite for core assets • Larger asset volume in 2025 (up to €700m vs a max of €350m in 2024) Shift towards core+ / value-add over core acquisitions Investment volume by strategy 30% 36% 27% 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Core Core+ Value add Opportunistic Change of use Investment is recovering selectively… … with investment thesis widening
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12,8 47,1 83,4 52,6 32,0 45,5 20,3 5,3 17,8 2,8 23,0 2026 2027 2028 2029 2030 2031 2032 2033 2034 >=2035 Expired lease 57 Lease expiries schedule 2025 Full Year Results I Wednesday, February 18, 2026 WALT 5.3 years WALB 3.4 years By next break option(1) By lease term(1) Appendices 12,8 28,4 29,0 4,8 10,6 80,1 57,1 24,0 26,3 23,0 46,4 2026 2027 2028 2029 2030 2031 2032 2033 2034 >=2035 Expired lease (1) Annualised IFRS rental income (in €m, 100% + Group share of JVs basis)
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Appendices 58 Property Investment portfolio 12/31/2025 12/31/2024 Portfolio value (100% + Group share of JVs basis, excl. duties) €6.1bn €6.4bn Net yield(1) 8.2% 7.9% Total floor area (in millions of sq.m) 1.76 1.83 WALB 3.4 years 3.4 years Financial occupancy rate Well-positioned Offices To-be-repositioned Offices Light industrial 86.8% 91.3% 59.3% 89.7% 84.7% 88.0% 64.6% 88.9% 2025 Full Year Results I Wednesday, February 18, 2026 (1) Annualized net rental income from leased space plus potential net rental income from vacant space at estimated rental value, divided by the appraised value of leasable space including duties. Calculated for operating properties. Edenn, Nanterre Prefecture
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Appendices 59 Development pipeline as of December 31, 2025 Project name Location Type of works Property type Estimated date of completion Floor area (sq.m) Rental income (€m) YoC(1) Cost including remaining capex (€m) Remaining capex (€m) Pre-let VILLAGE DES ATHLÈTES D1 D2 Saint-Ouen Construction Workshops / Retail Q2 2026 3,394 8 2 0% EQUINIX Portes de Paris Construction Data center Q3 2026 7,490 36 10 100% QUITO Rungis Refurbishment Office Q3 2026 11,133 29 14 100% SEED Lyon Refurbishment Office Q1 2027 8,200 48 20 0% BLOOM Lyon Construction Office Q1 2027 5,000 24 13 0% VILLAGE DES ATHLÈTES D3 Saint-Ouen Construction Office Q3 2027 8,195 53 4 0% CENTREDA Toulouse Construction Office Q4 2027 24,322 82 64 100% HELSINKI-IENA Rungis Refurbishment Hotel Q1 2028 11,445 50 43 48% CITYPARK LEVALLOIS Levallois-Perret Refurbishment Student Housing Q1 2028 6,617 68 36 NA IVRY MARIE CURIE Ivry-sur-Seine Construction Student Housing Q3 2028 3,588 27 18 NA TOTAL PROJECTS STARTED(2) 89,384 26 6.1% 425 222 53% 2025 Full Year Results I Wednesday, February 18, 2026 (1) Fair value-based YoC = headline rental income / cost of the project. This cost includes the fair value of the asset at project start, cost of works (incl. expenses, external fees and TI’s) and carrying costs, excluding internal fees (2) Projects started: operations for which work is underway or a lease has been signed or a building permit obtained
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Appendices 60 Low inventory and reservations, a sign of recovery Slight recovery in volume of housing starts and building permit in 2025 Reservation volume still slightly down In housing units per year Housing starts and building permits in France In housing units per year Housing stock, net orders and average time on market Change 12 months rolling Stock of multi-family housing units available for sale 2025 Full Year Results I Wednesday, February 18, 2026 1 year Stock of housing units available for sale Change 12.2025 vs 12.2024 +7.1 % +15.6 % +19.8 % +3.9 % Source: ECLN, FPI 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 500 000 550 000 2015 12 2016 04 2016 08 2016 12 2017 04 2017 08 2017 12 2018 04 2018 08 2018 12 2019 04 2019 08 2019 12 2020 04 2020 08 2020 12 2021 04 2021 08 2021 12 2022 04 2022 08 2022 12 2023 04 2023 08 2023 12 2024 04 2024 08 2024 12 2025 04 2025 08 2025 12 Total housing starts Multi-family housing starts Total housing permits Multi-family housing permits - 5 10 15 20 25 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000 2017 Q1 Q2 Q3 Q4 2018 Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 New market supply, individual sales (rolling 12 months) Net orders (individual + bulk sales + residences with services, rolling 12 months) Net orders, individual sales (rolling 12 months) Average time on market (months) - 2,2 % -5,7 % +0,1 %
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3 500 3 700 3 900 4 100 4 300 4 500 4 700 4 900 5 100 5 300 50 000 60 000 70 000 80 000 90 000 100 000 110 000 120 000 Stock of new housing units New housing prices (€/sq.m) 85 90 95 100 105 110 115 120 125 2016 Q1 2016 Q3 2017 Q1 2017 Q3 2018 Q1 2018 Q3 2019 Q1 2019 Q3 2020 Q1 2020 Q3 2021 Q1 2021 Q3 2022 Q1 2022 Q3 2023 Q1 2023 Q3 2024 Q1 2024 Q3 2025 Q1 2025 Q3 Producer Cost Index for Construction (ICP-F) Construction Cost Index (ICC) Housing Maintenance and Improvement Work Index (IPEA) Appendices 61 After sharp rises, construction costs and selling prices stabilize Stocks stabilize at low point and prices decline slightlyConstruction costs slightly decreasing in 2025 Construction cost and price indices in Q3 2025 Index rebased to 100 in 2021 Sale prices and stock of new housing units available for sale Change Q3 vs. Q2 YoY -1.4% -4.1% +0.4% +1.5% -0.2% +0.9% 3 years 1 year 2025 Full Year Results I Wednesday, February 18, 2026Source: ECLN, FPI
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Appendices 62 Earnings indicators in €m 12/31/2025 12/31/2024 Change Total IFRS revenue 1,341.5 1,451.5 (7.6%) Gross rental income 346.5 369.2 (6.1%) Property development revenue 982.7 1,067.4 (7.9%) Other income 12.3 15.0 (17.6%) EBITDA(1) 292.5 239.0 22.4% Financial result (89.4) (22.4) Net profit(2) (123.0) (275.9) NCCF from strategic operations 219.2 223.1 (1.8%) Group NCCF 271.5 301.8 (10.0%) 2025 Full Year Results I Wednesday, February 18, 2026(1) EBITDA, or earnings before interest, taxes, depreciation, and amortisation, as reported in the consolidated financial statements (2) Net profit attributable to the Group
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63 EPRA NDV Transfer tax optimisation adjustment on the fair value of property assets Impact of liabilities Other factors EPRA NTA Impact of transfer tax Other factors EPRA NRV 58.157.0 53.3 (3.8) 0.6 (0.4) (0.1) 4.8 (In € per share) In €m In € per share Chg. vs. Dec. 2024(1) EPRA NDV 4,330 57.0 (11.7%) EPRA NTA 4,053 53.3 (11.3%) EPRA NRV 4,412 58.1 (10.0%) Appendices EPRA NRV, NTA & NDV 2025 Full Year Results I Wednesday, February 18, 2026(1) Change in NAV per share