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.

Number of employees: 981

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
Director of Finance/CFO - 2021-02-28

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 50 2018-03-14
Director/Board Member 49 2019-04-23
Director/Board Member 48 2020-10-05
Director/Board Member 68 2020-10-05
Director/Board Member 57 2020-02-13
Director/Board Member 61 2019-10-16
Director/Board Member 38 2007-11-29

Shareholders: Icade

NameStocks%Valuation
Government of France
39.2 %
29,885,070 39.2 % 734 M €
Predica Prévoyance Dialogue du Crédit Agricole SA (Invt Port)
18.85 %
14,373,960 18.85 % 353 M €
Goldman Sachs International (Invt Mgmt)
3.341 %
2,547,369 3.341 % 63 M €
0.5981 %
455,966 0.5981 % 11 M €
Icade Employee Stock Ownership Plan
0.4752 %
362,230 0.4752 % 9 M €

Holdings: Icade

NameStocks%Valuation
455,9660.6% 11 M $

Company details: Icade

Icade SA

27, rue Camille Desmoulins

92130, Paris

+33 1 41 57 70 00

http://www.icade.fr
address Icade(ICAD)

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.($)
-9.84%-13.63%-19.98%-50.93% 1.78B
+1.22%-5.07%+12.04%+9.07% 15.91B
+0.70%-0.30%+0.90%+24.20% 6.77B
+3.02%-0.16%-7.89%+32.47% 6.37B
-1.78%-3.50%-22.71%-23.65% 6.19B
+0.32%-5.23%+0.72%+11.78% 6.15B
-0.38%-1.51%-9.50%+13.10% 5.69B
-0.20%-4.52%+5.91%+34.99% 5.46B
+2.77%+6.58% - - 4.93B
+1.29%-0.70%-20.96%-19.89% 4.84B
Average -0.29%-3.47%-6.83%+3.46% 6.41B
Weighted average by Cap. +0.52%-3.23%-2.49%+8.79%
Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
12
Last Close Price
18.50EUR
Average target price
21.67EUR
Spread / Average Target
+17.12%

Quarterly revenue - Rate of surprise

-40%: Exceptional extension
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