ICADE – PR – 9 MONTH TRADING UPDATE

PRESS RELEASE

Paris, October 20, 2026, 6 p.m.

9-MONTH TRADING UPDATE

2026 guidance unchanged
Operational and financial discipline

• Completion of the disposal of healthcare assets in Portugal, generating net proceeds of c. €115 million for Icade
• Consolidated revenue of €887 million, down 4%, reflecting lower rental income from Property Investment and reduced Property Development activity
• Property Investment: over 103,000 sq.m leased since the beginning of the year, office financial occupancy rate of 89.3%, rental income down by -0.9% LFL
• Property Development: a drop in revenue (-4.4%) and orders both in volume terms (-1.4%) and value terms (-8.5%), with a backlog of €1.5 billion
• FY 2026 guidance unchanged: Group NCCF expected between €2.90 and €3.10 per share, including €2.25–2.45 from strategic operations and c. €0.65 from non-strategic operations
• 2026 dividend: dividend under consideration equal to Icade SA’s distributable profit, with a scrip dividend option. The €255 million capital gain on the disposal of the Marignan building will significantly increase Icade SA’s distributable profit for the year

Nicolas Joly, Chief Executive Officer: “We have steadfastly followed our roadmap amid a persistently challenging environment. The sale of the Marignan building in the first half of the year and the disposal of our healthcare assets in Portugal, completed in October, demonstrate the tangible progress made in implementing our asset rotation strategy. Our focus on controlling costs and investing selectively enables us to preserve the strength of our balance sheet and the financial flexibility needed to support our transformation. As such, we are considering, with the support of the Board of Directors, proposing a scrip dividend option, including the capital gain on the sale of the Marignan building. Thanks to the commitment of our teams and the initiatives undertaken to respond to changing property needs, we have continued to transform Icade with confidence and a clear goal, namely to create long-term value.”

(a) Including c.€5m of revenue from Comet

CONFERENCE CALL

Nicolas Joly, CEO, and Bruno Valentin, CFO, will present the 9-month Trading Update on Wednesday, October 21, 2026 at 10 a.m. (CET).

This conference call will be followed by a Q&A session.
The slideshow will be available at https://www.icade.fr/en/finance.

Link to register for the webcast: https://icade.engagestream.euronext.com/q3_2026_results/register
Link to register for the conference call (to ask questions verbally following the presentation):
https://engagestream.euronext.com/icade/q3_2026_results/dial-in

This press release does not constitute an offer, or an invitation to sell or exchange securities, or a recommendation to subscribe, purchase or sell Icade securities. Distribution of this press release may be restricted by legislation or regulations in certain countries. As a result, any person who comes into possession of this press release should be aware of 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.

FINANCIAL CALENDAR

2026 Full Year Results: Tuesday, February 9, 2027, after the market closes

ABOUT ICADE

Icade is a real estate player that strives to make cities more pleasant places to live for everyone. Icade combines expertise in property investment (portfolio worth €5.6bn as of 06/30/2026 – 100% + Group share of joint ventures) and property development (2025 economic revenue of €1.1bn), supporting clients, elected officials and partners throughout France in building the city of tomorrow. A city more respectful of nature and more aligned with the way we live, work and travel. Icade is listed as an “SIIC” on Euronext Paris, with the Caisse des Dépôts Group as its leading shareholder.

The text of this press release is available on the Icade website: www.icade.fr/en

CONTACTS

Anne-Violette Faugeras
Head of Corporate Finance
+33 (0)7 88 12 28 38
anne-violette.faugeras@icade.fr

Marylou Ravix
Press Relations Manager
+33 (0)7 88 30 88 51
marylou.ravix@icade.fr

1. HIGHLIGHTS

1.1. Completion of the disposal of healthcare assets in Portugal generating net proceeds of c. €115 million for Icade

Icade continues to reduce its exposure to healthcare real estate. Following the signing of a preliminary sale agreement in July 2026, Praemia Healthcare¹, OPPCI IHE Healthcare Europe² and Healthcare Activos completed the sale in October of all the shares in a fund³ which had a portfolio of three healthcare assets⁴ in Portugal.

This portfolio is valued at €180 million, in line with the value of these equity interests included in Icade’s NAV as of December 31, 2025. A selective capital reduction in favour of Icade will enable the Group to benefit from a share of the disposal proceeds exceeding its ownership interest. As a result, net disposal proceeds will total c. €115 million.

This transaction will have no impact on the Group’s 2026 net current cash flow.

1.2. Acquisition of a majority stake in Comet, a leader in the corporate events industry

On July 30, 2026, Icade acquired an 81.5% controlling interest⁵ in Comet for c. €40 million⁶.

This acquisition comes at a time of profound change in the office property market. These changes are reshaping expectations and creating a constant need to rethink both workplace quality and the user experience. By acquiring Comet, Icade has entered a new phase in response to this evolving landscape. As such, it has declared its intention to go beyond a purely asset-focused approach and establish itself as a leading partner for its clients.

Founded in 2016, Comet has developed an integrated platform built around three interconnected business lines: Comet Meetings, focused on corporate events; Comet Hospitality, dedicated to hospitality services in office buildings; and Comet Workplaces, specialising in flexible workspaces. The Comet Group operates 12 locations in Paris and the Paris region, as well as two locations elsewhere in Europe, serving nearly 7,000 corporate clients, the majority of which are large companies.

In 2025, the company generated €43.9 million in revenue and achieved a positive operating margin.

1.3. Forging of partnerships to support the investment strategy

In July, the Group signed an agreement with Banque des Territoires, an operating division of Caisse des Dépôts, to establish a long-term investment vehicle dedicated to housing for students and young professionals⁷.

An initial three-year investment period will total €240 million: the first two projects, for 500 beds in Ivry-sur-Seine (Val-de-Marne) and Levallois-Perret (Hauts-de-Seine), have already been launched, with completion scheduled for 2028, while three further projects for an additional 1,250 beds have been identified in the Paris region.

Located in urban areas, near campuses, universities, and schools, the student residences will be operated under a management agreement with Nomad Campus, a French operator acting on Icade’s behalf under a white label.

1.4. One of the most highly ranked companies by ESG rating agencies

In Q3 2026, Icade reaffirmed its position as one of the leading performers in sustainability, as demonstrated by its ratings from major ESG rating agencies. These distinctions recognise the Group’s commitment to the low-carbon transition, climate change adaptation, biodiversity conservation and soil protection. Some of the concrete measures include phasing out fossil fuels and bringing more nature into urban areas.

• In the Global Real Estate Sustainability Benchmark (GRESB) assessment, Icade achieved a score of 92.9/100, up around 1.3 points over 2025. This improvement highlights the higher carbon performance of the Group’s property portfolio in 2025, driven by the decarbonisation of France’s energy mix and the increased share of renewable energy in Icade’s own energy mix.
• In addition, for the 12th consecutive year, Icade received the EPRA Gold Sustainability Award for the quality and transparency of its corporate social responsibility (CSR) reporting. Only 93 of the 160 companies assessed received this award.

2. OUTLOOK AND 2026 DIVIDEND

Based on the Group’s results as of September 30, 2026 and full-year forecasts, Icade has reaffirmed its 2026 guidance of a Group net current cash flow of between €2.90 and €3.10 per share, comprising:

• a contribution from strategic operations of between €2.25 and €2.45 per share; and
• a contribution of around €0.65 per share from non-strategic operations, stemming from the €48.5 million dividend paid by Praemia Healthcare in May 2026.

Since the summer, the Group has been operating in an increasingly challenging economic and financial environment, marked by ongoing conflicts, particularly in the Middle East, political uncertainty in France and a significant rise in interest rates.

Given this, the Group is cautious and will announce its FY 2027 guidance when the full-year results are published next February. Icade remains firmly committed to implementing its roadmap and maintaining strict financial discipline: the announced €15 million cost reduction plan has already been completed, while investments continue to be selective. This discipline will extend into 2027 to preserve the Group’s financial flexibility.

In 2026, a capital gain of €255 million was realised on the sale of the Marignan building as part of our disposal plan. This capital gain will significantly increase Icade SA’s distributable profit for the year. In order for the Group to comply with its distribution requirements under the SIIC tax regime while prudently managing its balance sheet, the Board of Directors is considering proposing a dividend for FY 2026 equal to Icade SA’s distributable profit, with a scrip dividend option, for approval at the General Meeting to be held in 2027.

3. REVENUE AND OPERATING INDICATORS

3.1. Property Investment

• Over 103,000 sq.m leased, securing €34 million in annualised headline rental income
• Financial occupancy rate stable at 85.4%, including 89.3% for offices
• Like-for-like revenue down 0.9%, including a +0.6% increase for offices

KEY FINANCIAL DATA

KEY OPERATIONAL DATA

3.1.1. Over 103,000 sq.m leased since the beginning of the year despite a declining market

Amid a sharp downturn in the leasing market since the beginning of the year (take-up in the Paris region down 14%¹ compared with 2025), Icade leased more than 103,000 sq.m over the period. Around 90% of these leases were renewals with c. 10% being new. Taken together, they total €34 million in annualised headline rental income for a WAULT to break of 8.5 years.

Following strong leasing activity in H1 2026, driven by the renewal of several major leases (58,000 sq.m for 9 years in Les Grands Axes with a major French insurer and 13,000 sq.m for 6 years in Le Prairial with the French Ministry of the Interior), c. 10,000 sq.m were leased or renewed in Q3.

The 80,000 sq.m leased by Icade since the beginning of the year attest to the appeal of the La Défense/Péri-Défense area, with its excellent transport links and significantly lower rents than in Paris CBD. As users have adopted a wait-and-see attitude in the current market, the higher volume of lease renewals over new leases shows how tenants prefer to renegotiate their existing leases rather than relocating to new premises.

In Q3 2026, Icade handed over a new 7,500-sq.m data center on four floors with an IT capacity of 10 MW to Equinix in the Portes de Paris business park. The lease is for a 9-year term with no break option. Icade invested €36 million in this data center, which will yield 6.2%.

With this new asset, Icade now has a portfolio of 6 data centers totalling 35,000 sq.m, with a combined IT capacity of around 28 MW and annualised headline rental income of c. €6.7 million. These assets, owned by Icade under a powered shell² model, are operated by leading providers such as Digital Realty and Equinix.

At the same time, Icade has been working on a new joint operating model through partnerships, aiming to increase the target yield to c. 10% (vs. 5%–6% historically). This model is being considered for the 130 MW hyperscale project in Rungis (scheduled for completion in 2031), for which Icade obtained a building permit in 2025, after receiving the grid connection offer in 2024.

3.1.2. Financial occupancy rate stable between 85% and 86%

As of September 30, 2026, the financial occupancy rate stood at 85.4%, relatively stable compared to June 30, 2026. Occupancy rates for core asset classes were above the portfolio average: (i) offices remained over 89% and (ii) light industrial properties were slightly down to 87.7% after 4,200 sq.m of space was vacated in the Portes de Paris and Paris Orly-Rungis business parks. Efforts to re-let the vacated space are ongoing at a time when tenants are taking longer to make decisions.

a) 100% + Group share of joint ventures

3.1.3. Gross rental income slightly down by 0.9% like-for-like

As of September 30, 2026, gross rental income from Property Investment amounted to €250.0 million, down -5.0% on a reported basis compared to September 30, 2025.

The like-for-like change in gross rental income of -0.9% was in line with the change as of June 30. This was driven by:

• the positive effect of index-linked rent reviews (+0.5%);
• the impact of tenant departures (-0.5%); and
• negative reversion on renewals (-0.9%).

As in H1, gross rental income from offices was up slightly like-for-like, while the light industrial segment was adversely affected by the decline in the Construction Cost Index (ICC) in 2025.

Other changes related to a -4.1% change in scope of consolidation due to asset disposals in 2025, partly offset by the completion of the Edenn building in Nanterre in 2025.

(a) “Other” includes the impact of changes in scope of consolidation (acquisitions, disposals, completion) and early termination fees, which ranged between €8m and €9m in both 2025 and 2026

3.2. Property Development

• Orders down 1.4% in volume and 8.5% in value, following a Q3 market slowdown
• 80% of units pre-sold in development projects launched, significantly reducing sales risk
• Economic revenue of €696.4 million, down 4.4%, due to a sharp drop in the commercial segment

KEY FINANCIAL DATA

KEY OPERATIONAL DATA

3.2.1. Greater market hesitancy in Q3

At the end of September, the Property Development Division recorded 2,776 orders, down 1.4% in volume and 8.5% in value year-on-year, amounting to €661 million. Following a strong H1 2026, activity slowed in Q3, reflecting the increased caution of buyers as interest rates have risen¹.

In a market down by around 13%², individual orders have totalled 1,257 units worth €401 million since the beginning of the year, i.e. -2% in volume and -3% in value. This trend is also reflected in the customer mix. Owner-occupier buyers, who are more exposed to worsening financing conditions, accounted for 66% of individual orders vs. 76% a year earlier. The proportion of individual investors increased to 34%, driven by refurbishment projects eligible for tax incentives, such as Cœur Saint Jean in Caen and Hôtel des Mines in Metz.

Bulk orders remained virtually stable in volume terms but fell by 16% in value terms. This was mainly due to a mix effect, as orders in 2025 had benefited from the contribution of two high-end developments in the Paris region and Provence-Alpes-Côte d’Azur, where unit prices were higher than the average prices recorded in 2026. The end of the year is also expected to be affected by challenging comparatives, with Q4 2025 exceptionally accounting for nearly 58% of full-year orders.

The outlook for the Property Development Division’s future activity remains clouded by persistently uncertain market conditions, with building permits obtained down around 25% and preliminary land purchase agreements signed down 10% compared with the same period in 2025. The Group maintained a highly selective development strategy, prioritising the launch of projects with limited sales risk, with 80% of units already pre-sold.

3.2.2. Lower economic revenue and backlog

Economic revenue from Property Development amounted to €696.4 million as of September 30, 2026, down 4.4% year-on-year. Performance was mixed across business segments.

Residential revenue remained relatively stable at €639.9 million. By contrast, commercial revenue fell by 40% to €52.7 million as major projects were completed in previous years and no new sales were closed during the period.

As of September 30, 2026, the backlog stood at €1,522 million, down 9% compared with year-end 2025, due to the slowdown in orders. Residential units accounted for 96% of the backlog, reflecting the gradual reduction in the commercial backlog. It represents around 19 months’ worth of revenue.

At the end of September 2026, 40% of the backlog was pre-sold, compared with 35% a year earlier, thanks to a more even distribution of sales throughout the year. This proportion is generally higher at year-end (44% as of December 31, 2025) as sales are typically higher in Q4.

4. LIQUIDITY

• Solid liquidity position of €2.2 billion, strengthened in 2026 by the issuance of bonds maturing in 2035 worth €150 million and the renewal of undrawn credit lines worth €450 million
• Full repayment of the c. €290 million mortgage loan held by SAS Tour EQHO

As of September 30, 2026, the Group had a strong liquidity position of €2.2 billion, net of NEU CP¹, against gross debt of €3.8 billion. It comprised (i) €1.6 billion in undrawn credit lines, net of NEU CP, and (ii) €0.6 billion in cash, net of bank overdrafts.

In September 2026, the Group repaid SAS Tour EQHO’s loan in full (c. €290 million), following the acquisition in July of the 49% stake held by South Korean investors since 2019, thereby regaining full ownership of the asset.

Since the beginning of the year, Icade has strengthened its liquidity position by renewing €450 million in revolving credit facilities² with an average term of five years and a new €150 million bond maturing in May 2035 with a 4.375% coupon.

This level of liquidity covers all the Group’s debt payments up to 2030.

APPENDICES

GLOSSARY

Icade uses alternative performance measures (APMs) which are indicated by an asterisk * and defined below in accordance with the French Financial Markets Authority’s (AMF) Position DOC-2015-12.

Acronyms and abbreviations used

• Full: Full consolidation
• Group share of JVs: The Group’s share of joint ventures
• Group share of JVs: The Group’s share of joint ventures
• WAULT to break: Weighted average unexpired lease term to first break
• Group share of JVs: The Group’s share of joint ventures
• LFL: Like-for-like
• NCCF: Net current cash flow

Scopes

• Proportionate consolidation: 100% of the IFRS financials of fully consolidated companies adjusted for non-controlling interests + Group’s share of equity‑accounted companies (joint ventures and associates)
• Full consolidation: 100% of the IFRS financials of fully consolidated companies before adjustment for non‑controlling interests
• 100% of fully consolidated entities + Group share of joint ventures: 100% of the IFRS financials of fully consolidated companies + Group’s share of equity‑accounted companies (jointly controlled entities only)
• Like-for-like: change on a like-for-like basis

Annualised headline rent

Annualised headline rent is the contracted rent as set out in the lease taking into account current index-linked rent reviews and excluding any lease incentives.

Annualised IFRS rent

Annualised IFRS rent is the contracted rent recalculated to include lease incentives spread over the lease term under IFRS.

Backlog (100% of fully consolidated entities + Group share of JVs)

The backlog consists of revenue excluding taxes yet to be recognised using the POC method for all units sold or under a reservation or preliminary agreement as relates to subsidiaries (on a full consolidation basis) and joint ventures (on a proportionate consolidation basis).

Economic revenue (100% of fully consolidated entities + Group share of JVs) *

Economic revenue comprises revenue generated by fully consolidated property development companies, taken from IFRS consolidated financial statements, plus revenue from jointly controlled property development companies, on a proportionate consolidation basis. As such, this indicator reinstates revenue from jointly controlled companies which is not included in IFRS consolidated financial statements, in accordance with IFRS 11, which requires investments in such companies to be accounted for using the equity method.

Financial occupancy rate (100% of fully consolidated entities + Group share of JVs)

The financial occupancy rate is the ratio of annualised headline rental income to the potential rental income that would be received by the Property Investment Division if its portfolio was fully leased (potential rental income from vacant space is based on estimated rental value). Properties or units being developed or refurbished are not included in this calculation.

Gross rental income (full consolidation)

Gross rental income includes lease income recognised on a straight-line basis over the shorter of the lease term and the period to the next break option in accordance with IFRS and, as such, after taking into account the net impact of straight-lining lease incentives including rent-free periods. Other ancillary income from operating leases is also included.

Net orders (residential segment) (100% of fully consolidated entities + 100% of JVs)

Net orders correspond to signed reservation agreements for the purpose of acquiring residential units less cancellations. They are expressed in terms of units and value (in €m including taxes).

Revenue on a percentage-of-completion basis

Property Development revenue is recognised using the percentage-of-completion method for revenue from construction contracts and off-plan sale contracts. It is recognised over time, pro rata on the basis of costs incurred and the progress of sales based on units sold during the period.

Sales (100% of fully consolidated entities + 100% of JVs)

Sales correspond to notarised sale deeds, following the signing of reservation agreements for residential properties or off-plan sale agreements for commercial properties. They are used to calculate the percentage of sales completed on a project, which determines revenue recognised on a percentage-of-completion basis.

Units

“Units” means the number of residential units or equivalent residential units (for mixed-use developments) of a development. The number of equivalent residential units is determined by dividing the floor area for each property type (light industrial, retail, office) by the average floor area of residential units calculated as of December 31 of the preceding year.

Weighted average unexpired lease term to first break (WAULT to break) (100% of fully consolidated entities + Group share of JVs)

WAULT to break is calculated based on the first break option exercisable by the tenant or expiry of each lease. It is weighted by annualised IFRS rental income.

Notes

1. Praemia Healthcare was 21.6% owned by Icade as of June 30, 2026
2. OPPCI IHE Healthcare Europe was 59.4% owned by Icade as of June 30, 2026
3. The fund is 51% owned by Praemia Healthcare and 49% by OPPCI IHE Healthcare Europe
4. The fourth asset, valued at approximately €7 million, was carved out and remains subject to the preliminary sale agreement
5. Including 2.58% of the shares currently non-transferable, which will be acquired in 2027
6. This amount could rise to c. €55 million, including additional consideration, contingent upon meeting the 2026 performance objectives
7. Investment vehicle 51% owned by Icade and 49% by Banque des Territoires. Closing subject to the financing agreements being signed by the end of the year
8. Source: Immostat, September 2026
9. Powered shell model: building shell + connection to the electricity grid
10. Source: Observatoire du Crédit Logement – 20-year property loan rate of 3.39% at the end of September 2026 (vs. 3.17% at the end of December 2025)
11. Source: Adequation, September 2026
12. Negotiable EUropean Commercial Paper (NEU CP). Outstanding amount of €215 million as of September 30, 2026
13. Including €150 million signed in July 2026