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1 FRESK (Issy-Les-Moulineaux, Hauts-de-Seine) WEDNESDAY , OCTOBER 21, 2026 9-month trading update
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2 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. These risks and uncertainties include those described in Chapter 4 of the 2025 Universal Registration Document of Icade, which is available on Icade’s website (https://www.icade.fr). 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 familiarize 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. HYFIVE (La Défense, Hauts-de-Seine) 9-month trading update I Wednesday, October 21, 2026
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3 A G E N D A 9 - M O N T H T R A D I N G U P D A T E 1. Key takeaways 2. Performance of business lines 3. 9-month earnings 4. Outlook and 2026 dividend
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4 PONT DE FLANDRE (Paris, Île-de-France) 1. KEY TAKEAWAYS
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Portes de Paris Business Park (Aubervilliers, Seine-Saint-Denis) 5NB: Unless otherwise indicated, the changes shown in this presentation are calculated by comparing 9m 2026 to 9m 2025 Key takeaways 9-month trading update I Wednesday, October 21, 2026 Closing of the disposal of the Portuguese healthcare portfolio generating net proceeds of c. €115m for Icade Acquisition of an 81.5% controlling interest in Comet, key player in the corporate events industry Expected FY 2026 dividend equal to Icade SA’s distributable profit, including the c. €255m capital gain on the disposal of the Marignan building Scrip dividend option being considered Subdued activity Connecting workspaces and hospitality New milestone in disposal plan 2026 Dividend Group NCCF €[2.90 – 3.10] per share including €2.25-2.45 per share from strategic operations and c. €0.65 per share from non-strategic operations 2026 guidance unchanged Property Investment Property Development c. 103,000 sq.m Leased YTD 85.4% Financial occupancy rate Decline in residential orders -1.4% in volume -8.5% in value
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6 BEAU CHEMIN (Nanterre, Hauts-de-Seine) PERFORMANCE OF BUSINESS LINES2.
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79-month trading update I Wednesday, October 21, 2026 Divestment of Portuguese portfolio completed Completion of the sale of the shares of a fund holding a portfolio of three assets(1) in Portugal Fund owned by Praemia Healthcare (51%) and IHE (49%)(2) which are managed by Praemia REIM France GAV of the portfolio at c. €180m, in line with the value retained in Icade’s NAV as of December 2025 Net proceeds for Icade: c. €115m following selective capital reduction by Praemia Healthcare in favor of Icade HOSPITAL LUSIADAS (Porto) (1) The fourth asset has been carved out and remains under preliminary sale agreement – c. €7m (2) Praemia Healthcare was 21.6% owned by Icade and IHE Healthcare Europe was 59.4% owned by Icade as of June 30, 2026
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89-month trading update I Wednesday, October 21, 2026 Connecting workspaces and hospitality Acquisition of an 81.5%(1) controlling interest in a key player in the corporate events industry Total investment for Icade: c. €40m(2) An integrated platform: Corporate events, Hospitality services, Flexible workspaces 12 locations in Paris and the Paris region, serving nearly 7,000 corporate clients €43.9m of revenue in 2025 with a positive operating margin (1) Including 2.58% of the shares currently non-transferable, which will be acquired in 2027 (2) Could rise to around €55m including additional consideration, contingent upon meeting the 2026 performance objectives COMET ETOILE (Paris, Île-de-France)
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99-month trading update I Wednesday, October 21, 2026 Limited Q3 contribution to full-year leasing activity c. 103,000 sq.m signed or renewed YTD including c. 10,000 sq.m in Q3 2026 €34m Annual headline rents related to leases signed or renewed YTD 8.5 years Firm commitment related to leases signed or renewed YTD 85.4% Financial occupancy rate stable vs June 2026 86.2% 89.3% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Office financial occupancy rate stabilized at a level close to 90%(1) (1) Financial occupancy rates restated for non-core office asset from the new segmentation (2) Asset 33%-owned by Icade, representing a lease renewal of c. 1,750 sq.m on a Group basis TOUR INITIALE La Défense c. 5,300 sq.m renewed(2) AUGUSTA Paris Orly-Rungis business park c. 1,400 sq.m signed PAT268 Portes de Paris business park c. 2,200 sq.m renewed
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6 Operational Data Centers 109-month trading update I Wednesday, October 21, 2026 EQUINIX DATA CENTER (Portes de Paris business park, Seine-Saint-Denis) A new data center delivery in August 2026… …increasing Icade’s exposure to this asset class Another fully leased Data Center delivered Operated by Equinix 9-year firm lease term Leading DC operators Equinix, Digital Realty €6.7m Headline rents per year 28 MW Total IT capacity 10 MW Power IT c. 7,500 sq.m
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119-month trading update I Wednesday, October 21, 2026 Low property development activity, still secured 9M 2025 9M 2026 Individual investors Individual buyers Institutional investors 2,7762,815 Orders in units 55%54% 35% 11% 30% 15% After a dynamic H1, slowdown observed in Q3 with a wait-and-see approach among buyers Selectivity and cautious approach with a high pre- commercialization rate before construction start at c. 80% Backlog at €1.5bn, representing c. 19 months of revenue
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12 EQHO (La Défense, Hauts-de-Seine) 3. 9-MONTH EARNINGS
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139-month trading update I Wednesday, October 21, 2026 (in €m and on a 100% basis) 09/30/2026 09/30/2025 Change 9m-2026 vs. 9m-2025 (%) Gross rental income from Property Investment 250.0 263.2 (5.0%) Property Development revenue 622.2 650.9 (4.4%) Other revenue(1) 14.9 8.8 +68.4% Total IFRS consolidated revenue 887.1 923.0 (3.9%) Expected lower revenue (1) Including c. €5m of revenue from Comet
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149-month trading update I Wednesday, October 21, 2026 -€13.2m (-5.0%) (1.2) 263.2 250.0(2.1) +1.2 (11.1) (in €m) -0.9% LFL change Note: Figures may not add up due to rounding (1) Includes early termination fees Moderated decline in LfL gross rental income Rental income 9-month 2025 Rental income 9-month 2026 Scope effect(1)Tenant departuresNegative reversion on renewals Index-linked rent review
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159-month trading update I Wednesday, October 21, 2026 Q1 2025 Residential development Commercial development Other effects Q1 2025 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 9-month economic revenue(1) (In €m) -€32.3m (-4.4%) (35.4) 728.7 696.4 (3.2) Economic revenue 9-month 2025 Economic revenue 9-month 2026 OthersCommercial development Residential development +6.3 XXX.X Commercial development weighing on revenue
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16 QUARTIER DE GALLY (Versailles, Yvelines) 4. OUTLOOK AND 2026 DIVIDEND
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179-month trading update I Wednesday, October 21, 2026 2026 Outlook 2026 Group NCCF guidance unchanged €2.90-3.10 per share • €2.25-2.45 per share from strategic operations • c. €0.65 per share from non-strategic operations (already secured) Guidance for 2027 will be announced when the full-year results are published next February
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189-month trading update I Wednesday, October 21, 2026 €255m Capital gains realised on the sale of the Marignan building Balancing distribution and cash preservation The Board of Directors is considering proposing a 2026 dividend: • Equal to Icade SA’sdistributable profit • With scrip dividend option To be approved by the General Meeting to be held in 2027
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Financial Calendar 2026 Full Year Results: February 9th, 2027 19