Icade 1H26: A familiar mixed picture

Research evidence excerpt

Icade 1H26: A familiar mixed picture

21 July 2026

Valerie Jacob

+44 20 7762 4885

Property/Real Estate valerie.jacob@bernsteinsg.com

Icade Marios Pastou

+44 20 7676 6881

Rating marios.pastou@bernsteinsg.com

Market-Perform Nikita Talwar

Price Target +44 20 7676 8785

nikita.talwar@bernsteinsg.com

ICAD.FP 24.00 EUR Specialist Sales

Sara Bellenda

+44 20 7762 1867

sara.bellenda@bernsteinsg.com

Bernstein view. A continued pattern of mixed performance for Icade with NCCF broadly in- Close Date 21 Jul 2026

line with expectations and a reiteration of the guidance, helped by the Eqho tower accretion.

ICAD.FP Close Price (EUR) 19.03

Further progress on disposals in Healthcare are positive too. Asset values, however are down

Price Target (EUR) 24.00

-3.1% reversing the past years trend of diminishing declines. The conference call is at 9am

Upside/(Downside) 26%

BST on Wednesday 22 July (webcast link).

52-Week Range 21.54/17.22

Weak earnings, negative rental growth. Group NCCF of €1.80 lowered 11.5% yoy and EDME 1,587.83

compares to our forecast of €1.84, including the full dividend from Healthcare. Gross rental FYE Dec

income decreased by 1.1% like-for-like for 1H26 driven by a combination of tenant departures Div Yield NA

(-0.8%), reversion on renewals (-1.1%) and +0.8% from index-linked reviews. LFL GRI equated Market Cap (EUR) (M) 1,451

to 0.8% for offices and -2.1% for light industrial. Revenue from the property development EV (EUR) (M) 3,939

business declined by 5.5% driven by a continued dip in commercial segment, but operating Performance YTD 1M 6M 12M

profit from property development remained in positive territory (€8.2m). The Group indicated Absolute (%) (7.4) (0.8) (2.6) (1.2)

that it anticipates an improvement in margins for the Property Development Division in 2H.