Icade suffered a crisis in 2025, gloomy outlook for 2026

Revenue is down 7,2% year-on-year, to 1,1 billion euros in 2025.

It is weighed down both by the 6,1% drop in rental income and also by the 7,9% decline in the turnover of the group's development division.

The key indicator for measuring Icade's profitability, current net cash flow, stands at 271,5 million euros, in line with forecasts but down 10% compared to 2024.

In an "uncertain" market, the real estate business, mainly offices, "remains subject to pressures on rents", explains Icade, which is nevertheless pleased to have increased its occupancy rate in 2025.

The subsidiary of Caisse des dépôts also secured 850 million euros from asset sales, as planned by its restructuring plan announced in 2024, and depreciated its real estate portfolio by 4,5%.

"In a market that will continue to weigh on revenues, we will pursue our transformation (...), with the objective that 2026 will mark the low point of Icade's strategic activities," says Nicolas Joly, the CEO, quoted in the press release.

The real estate sector is facing record office vacancy rates in Ile-de-France with 6,2 million square meters empty by the end of 2025, and this crisis has pushed Icade to sell or transform its buildings deemed unprofitable.

On the development side, the number of reserved housing units increased by 2,2% to reach 5.419 lots, but margins remain small.

The share of operations that show a margin rate equivalent to the pre-crisis level is now rising at Icade but will only reach 18% in 2025.

"The year 2025 is distinguished by a resumption of development through the selective acquisition of operations," the company rejoices, noting also an increase in building permits obtained and work starts.

For 2026, Icade expects its current net cash flow to decline and settle at "between 2,90 euros and 3,10 euros per share".

Icade's net loss amounted to 123 million euros, reduced by half compared to 2024. The company will propose to its shareholders a dividend of 1,92 euros per share, a sharp decrease.