Business description: Icade

Icade is both a commercial real estate company (assets at 12/31/2025: EUR 6.1 billion, including 100% ownership and joint-venture interests) and a property developer (net sales in 2025: EUR 1.1 billion), operating throughout France. As a long-term partner, Icade responds to changing needs and puts climate issues and the preservation of biodiversity at the heart of its business model, reinventing real estate and contributing to a more sustainable city.

Listed (SIIC) on Euronext Paris, Icade's main shareholder is the Caisse des Dépôts group.

Sales by Activity: Icade

Fiscal Period: December 2021 (EUR) 2022 (EUR) 2023 (EUR) 2024 (EUR) 2025 (EUR)

Property Development

944M 1.08B 1.14B 1.21B 1.13B

Property Investment

408M 395M 516M 376M 353M

Intersegment Transactions and Other Items

-15.5M -17.6M 1.3M -1M -2.1M

Unallocated Adjustment for Property Development Joint Ventures

- - - -176M -142M

Healthcare Property Investment Business

324M 361M - - -

Geographical breakdown of sales: Icade

Fiscal Period: December 2021 (EUR) 2022 (EUR) 2023 (EUR) 2024 (EUR) 2025 (EUR)

France

1.65B 1.83B 1.52B 1.41B 1.34B

Executive Committee: Icade

Manager TitleAgeSince
Chief Executive Officer 44 2023-04-20
Director of Finance/CFO 60 2025-04-06
Chief Tech/Sci/R&D Officer - 2024-06-30
Compliance Officer 56 2017-12-31
Corporate Secretary - 2026-06-28

Composition of the Board of Directors: Icade

Director TitleAgeSince
Director/Board Member 62 2011-05-30
Director/Board Member 69 2016-05-22
Director/Board Member 52 2019-04-23
Director/Board Member 68 2020-10-05
Director/Board Member 61 2019-10-16
Director/Board Member 56 2023-10-19
Director/Board Member 54 2023-12-05
Director/Board Member - 2024-04-18
Director/Board Member 61 2023-10-19
Chairman 64 2026-06-09

Shareholders: Icade

NameStocks%Valuation
Government of France
39.2 %
29,885,071 39.2 % 631 M €
Predica Prévoyance Dialogue du Crédit Agricole SA (Invt Port)
18.85 %
14,373,960 18.85 % 304 M €
Goldman Sachs International (Invt Mgmt)
4.156 %
3,168,333 4.156 % 67 M €
2.241 %
1,708,418 2.241 % 36 M €
Icade Employee Stock Ownership Plan
0.5532 %
421,722 0.5532 % 9 M €

Holdings: Icade

NameStocks%Valuation
ICADE
0.54%
408,4660.54% 9 M $

Company details: Icade

Icade SA

Tour Hyfive

92074, Paris

+33 1 41 57 70 00

http://www.icade.fr
address Icade(3IC)

Group companies: Icade

NameCategory and Sector
Quinconces Activites SCI
Real Estate Development
Real Estate Development
Silky Way SCI
Stratège SCI

Diversified REITs

Change 5-day change 1-year change 3-year change Capi.($)
-0.60%-0.15%-1.83%+15.27% 15.24B
-0.71%-3.24% - - 6.91B
-1.74%-2.52%+7.73%+2.01% 6.24B
-2.09%-1.44%-16.42%+11.38% 6.14B
-0.67%+0.30%-10.73%+19.26% 5.85B
-1.11%-0.78%-1.00%+1.08% 5.63B
-1.75%-2.34%-22.90%-34.50% 5.58B
-1.74%-1.84%+13.56%+23.42% 5.5B
-2.11%-2.11%-23.24%-19.33% 4.98B
Average -1.39%-2.02%-6.85%+2.32% 6.9B
Weighted average by Cap. -1.25%-1.82%-5.76%+4.97%
Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
11
Last Close Price
16.55EUR
Average target price
20.86EUR
Spread / Average Target
+26.06%

Quarterly revenue - Rate of surprise