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(0K4O)

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.($)
-0.39%-4.14%-1.76%+4.99% 15.15B
+0.36%-1.88% - - 7.01B
-1.88%-0.79%+12.91%+8.86% 6.3B
-1.33%+1.59%-16.48%+6.95% 6.16B
-0.19%-7.09%-11.39%+15.05% 5.8B
-1.27%+0.17%-0.39%+4.88% 5.64B
-1.43%-0.68%-21.51%-32.72% 5.65B
-2.26%-0.30%+16.66%+29.07% 5.57B
-1.97%-0.57%-25.11%-22.44% 5B
Average -1.15%-1.41%-5.89%+1.83% 6.92B
Weighted average by Cap. -1.00%-1.84%-4.87%+2.79%
Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
11
Last Close Price
16.70EUR
Average target price
20.86EUR
Spread / Average Target
+24.93%

Quarterly revenue - Rate of surprise

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