Icade (ICAD) Earnings Call Transcripts

Icade's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Icade reported total IFRS consolidated revenue of EUR 278 million, a decrease of 14.7% year-on-year, reflecting challenges in both Property Investment and Property Development segments. The company successfully completed the disposal of the Marignan building for EUR 402 million, positively impacting liquidity and LTV ratio. Management reaffirmed its 2026 guidance for net current cash flow between EUR 2.90 and EUR 3.10 per share, despite geopolitical uncertainties affecting market conditions.

Reported metrics

Guidance from management

Management confirmed their 2026 guidance for net current cash flow between EUR 2.90 and EUR 3.10 per share, despite the ongoing geopolitical uncertainties affecting market conditions.

What management said

We'll keep on looking closely at the development, but as you said, this could widen the demand clearly due to the impact on high interest rates. We'll see if what we have looked in March shall last all over the year or shall recover. And once again, it's too early to tell on this. But clearly, that's on the property development where you could have the largest impact, of course.

For Thales, we are also having some discussions. I think the highest probability for them together in a much larger headquarters they have in development. So that might be the one that could vacate the building, clearly. That's how we are getting prepared and already are looking for any potential tenants should they vacate the building. It's much lower rent for Thales than AXA and Veolia.

What analysts pressed on

Analysts expressed concerns regarding the potential for further declines in leasing activity and the impact of geopolitical tensions on operational performance. There were questions about the sensitivity of guidance to order volumes and the expected level of tenant departures in 2026.

Main topics on the call

• Successful Asset Disposal — Icade completed the sale of the Marignan building for EUR 402 million, achieving a 20% premium above NAV as of December 2024. This transaction is seen as a testament to Icade's active asset management strategy and has im...
• Revenue Decline — Total revenue fell by 14.7% year-on-year, with Property Investment gross rental income decreasing by 3.3% and Property Development revenue down by 19.3%. Management noted that this decline was influenced by lower activit...
• Leasing Activity — Icade signed or renewed approximately 25,000 square meters of leases in Q1, generating EUR 7.3 million in annual headline rental income. The financial occupancy rate decreased to 85%, reflecting expected tenant departure...
• Guidance Confirmation — Management reaffirmed its 2026 guidance for net current cash flow between EUR 2.90 and EUR 3.10 per share, despite ongoing geopolitical uncertainties. They emphasized that this guidance includes a low point for strategic...

Read the full Icade transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 58 Icade earnings call transcripts on record, spanning February 17, 2020 to October 21, 2026. Based on this history, Icade reports quarterly. The most recent call on file is dated October 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ICAD

Exchange

ENXTPA

Country

FR

Sector

Real Estate

Industry

Diversified REITs

Calls on record

58

First call

February 17, 2020

Most recent

October 21, 2026

Reporting cadence

quarterly