ICADE – PR – 2026 HALF YEAR RESULTS

PRESS RELEASE

Paris, July 21, 2026, 6 p.m.

2026 HALF YEAR RESULTS

Disciplined execution of the asset rotation strategy
Strong operational performance of business lines
2026 guidance unchanged

• Continued disciplined execution of the asset disposal plan
  • Further progress in the divestment of the healthcare real estate business: Praemia Healthcare and OPPCI IHE Healthcare Europe signed a share purchase agreement to sell all the shares in a fund holding the assets located in Portugal, worth c. €75m for Icade on a proportionate consolidation basis
  • Sale of the Marignan building on the Champs-Élysées (Paris, 8th district) completed for €402m
• Acquisition of full ownership of the Eqho Tower in La Défense: purchase of the 49% minority interest in SAS Tour Eqho held by OPPCI Eqho Property Holdings
• Strong operational performance across both business lines despite persistently volatile market conditions
  • Property Investment: c.  94,000  sq.m leased, financial occupancy rate of c.  90% for offices, rental income down by -1.1% LFL including +0.8% for offices
  • Property Development: strong performance by the residential segment (orders up by +11.9% in volume terms and +6.4% in value terms)
  • Group NCCF of €1.80 per share as of June 30, 2026 and a Group net loss of -€156m, including a like-for-like decrease in portfolio value of -3.1%
• Solid financial structure with a liquidity position of €2.5bn: issuance of bonds maturing in 2035 worth €150m and renewal of €450m in revolving credit lines
• General Meeting of June 10, 2026: Appointment of Raphaël Appert as Chairman of the Board of Directors
• FY  2026 guidance unchanged with Group NCCF expected between €2.90 and €3.10 per share including €2.25–2.45 from strategic operations, which is expected to mark a low point¹, and c.  €0.65 from non-strategic operations

Nicolas Joly, Chief Executive Officer: “In H1, Icade demonstrated disciplined execution of its strategy by advancing its asset rotation plan and building on strong operational performance across both business lines. Amid ongoing uncertainty over the pace of the recovery and developments in the real estate market, we remain cautious and committed. This year, we continue our ambitious cost reduction program while maintaining prudent, optimised liquidity management. Accordingly, we reiterate our guidance for the full year 2026.”

GROUP INFORMATION

SEGMENT INFORMATION

CONFERENCE CALL

Nicolas Joly, CEO, and Bruno Valentin, Group CFO, will present the 2026 Half Year Results on Wednesday, July 22 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/2026_half_year_results/register

Link to register for the conference call (to ask questions verbally following the presentation): https://engagestream.euronext.com/icade/2026_half_year_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

Q3 2026 Trading Update: Tuesday, October 20, 2026 after the market closes

The Statutory Auditors issued their review report on the half-year financial information on July  21, 2026, after conducting:

• A limited review of the condensed half-year consolidated financial statements of the company Icade SA for the period from January 1 to June 30, 2026, which were prepared under the responsibility of the Board of Directors at its meeting held on July 21, 2026,
• A verification of the information contained in the half-year management report.

The 2026 Half-Year Financial Report can be viewed or downloaded from the Icade website (www.icade.fr/en/).

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

PERFORMANCE
OF THE GROUP’S BUSINESS
ACTIVITIES

1. H1 2026 HIGHLIGHTS

1.1. Continued disciplined execution of the asset disposal plan

FURTHER PROGRESS IN THE DISPOSAL OF THE HEALTHCARE REAL ESTATE BUSINESS WITH A NEW MILESTONE ACHIEVED IN PORTUGAL

On July  18, 2026, Icade reached a significant new milestone in the sale of its healthcare assets as Praemia Healthcare² and OPPCI IHE Healthcare Europe³ signed a  share purchase agreement with Healthcare Activos concerning all the shares of a fund⁴ holding a portfolio of four healthcare assets in Portugal.

This portfolio, managed by Praemia REIM France, is valued at €186m, in line with the values of these stakes included in Icade’s NAV as of December 31, 2025. Icade’s stake in this portfolio amounts to c. €75 million.

Closing is expected in H2 2026, subject to satisfaction of conditions precedent. The allocation of the disposal proceeds to Icade will be specified at a later date.

This transaction will have no impact on the Group’s 2026 net current cash flow⁵. Excluding Portuguese assets, Icade’s remaining interests in the vehicles holding Healthcare assets amount to €0.9 billion, comprising €0.7 billion for Praemia Healthcare and €0.2 billion for IHE Healthcare Europe.

SALE OF THE MARIGNAN BUILDING ON THE CHAMPS-ÉLYSÉES COMPLETED FOR €402M

Following the signing of a preliminary agreement in December 2025, Icade completed the sale of the Marignan building in April 2026 to Black Swan Real Estate Capital, acting on behalf of funds managed by Bain Capital and Revcap, for €402 million.

Launched in the summer of 2025, this sale followed a highly competitive bidding process enabling Icade to crystallise a value of €33,000 per sq.m, including both office and retail space, i.e. more than 20% above the NAV reported as of December 31, 2024.

This transaction has enabled the Company to optimise capital allocation and strengthen its financial structure, while supporting the continued implementation of its ReShapE strategic plan.

1.2. Acquisition of full ownership of the Eqho Tower in La Défense

On July 13, 2026, Icade reacquired the 49% stake in SAS Tour Eqho held by South Korean investors as part of an opportunistic acquisition. As a result, Icade now has full ownership of this flagship asset in the heart of the La Défense business district.

This transaction follows the renewal of the lease with KPMG and the signing of a new lease with the Hauts-de-Seine Préfecture in 2025, bringing the Asset Management teams’ work to a successful conclusion. Now fully let, the Eqho Tower offers predictable rental income streams.

Completed on attractive financial terms, the acquisition delivers a yield of over 8%, even after taking into account KPMG’s lease renewal, and will be accretive to the Group’s net current cash flow. Its impact on Icade’s balance sheet is not significant, since the debt associated with the asset has already been fully consolidated in the Group’s financial statements.

The Eqho Tower enjoys outstanding accessibility in the heart of the highly sought-after district of La Défense. It covers around 79,000 sq.m over 42 floors and offers a wide range of amenities, including, in particular, a 330-seat auditorium, four restaurants and the largest private fitness centre in La Défense.

Lastly, the Eqho Tower has obtained top environmental certifications (HQE Bâtiment Durable (Sustainable Building) and BREEAM In-Use, both with an ‘Excellent’ rating).

1.3. Forging of partnerships to support the investment strategy

SIGNING OF A PARTNERSHIP WITH BANQUE DES TERRITOIRES FOR STUDENT HOUSING

In July, Icade signed a partnership with Banque des Territoires, an operating division of Caisse des Dépôts, under which Banque des Territoires will acquire a stake in a long-term investment vehicle dedicated to housing for students and young professionals, subject to the financing agreements being signed by the end of the year. Icade will hold a 51% stake in this vehicle and Banque des Territoires the remaining 49%.

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.

CREATION OF AN INVESTMENT VEHICLE WITH BANQUE DES TERRITOIRES AND CAISSE D’ÉPARGNE ÎLE-DE-FRANCE TO CONVERT OFFICE SPACE INTO RESIDENTIAL PROJECTS

To meet the dual challenge of reducing the surplus of available office space while stimulating the creation of housing, in June 2026, Icade Promotion, Banque des Territoires, and Caisse d’Épargne Île-de-France launched Evolution Habitat, an investment vehicle dedicated to converting vacant office buildings into residential projects, primarily in the Paris region.

Over a planned three-year investment period starting in late 2026, this initiative aims to acquire one to two properties per year. In total, these acquisitions are expected to represent 50,000 to 60,000  sq.m to be converted into housing, managed residences, hotels, and retail space.

As part of an effort to achieve high environmental standards, the projects will aim for NF Habitat (Living Environment) HQE certification, the BBCA Rénovation and Effinergie Rénovation labels, and will seek to meet the 2028/2031 carbon performance levels set out in French Environmental Regulations. The projects will prioritise the reuse of building materials, soil unsealing, and the development of soft mobility options.

1.4. Sustainability commitments strengthened and recognised

BEST-IN-CLASS ESG RATINGS

• MSCI Global Sustainability Index awarded Icade an AAA rating—the highest on the MSCI ESG Ratings scale—reflecting the Group’s excellent environmental, social and governance practices and improving on its previous A rating. As a result, Icade now ranks among the top 6% highest scoring companies worldwide in the Real Estate Management & Services category.
• With a carbon score of  A, Icade is included in the Vérité  40 index, which comprises the 40 French listed companies with the highest carbon scores—on a scale from A to F—as determined by Axylia, a consulting firm specialising in sustainable finance. This score assesses companies’ ability to meet their carbon obligations by taking into account all of their CO2 emissions and calculating a carbon-adjusted EBITDA.

RESOLUTIONS ON CLIMATE AND BIODIVERSITY APPROVED BY A LARGE MAJORITY OF SHAREHOLDERS

Since 2024, Icade has set itself apart from other European real estate investment companies by submitting two separate resolutions on climate and biodiversity for approval by its General Meeting.

At the General Meeting held on June  10, 2026, the Say on Climate and Say on Biodiversity resolutions were approved by a very wide margin, i.e. 99.4% and 99.5%, respectively.

• The Say on Climate resolution covered the Group’s progress in terms of reducing carbon intensity (-57% for Property Investment and -36% for Property Development over the 2019–2025 period) and CO2 emissions (-52% in absolute terms over the 2019–2025 period). In 2025, Icade updated its low-carbon pathway to align it with the new standard issued for the real estate sector by the Science Based Targets initiative (SBTi)⁶ and set new, more ambitious targets for 2030 consistent with a +1.5°C pathway for all three scopes.
• The Say on Biodiversity resolution set out the Group’s results in terms of contributing to biodiversity preservation, particularly in relation to rewilding measures implemented by the Property Investment and Property Development divisions.

1.5. Changes in governance: appointment of a new Chairman of the Board of Directors

All resolutions put to a vote at the General Meeting held on June  10, 2026, were approved by a large majority, including in particular:

• ratification of the temporary appointment of Kosta Kastrinidis and Christophe Laurent as directors;
• reappointment of Christophe Laurent, Olivier Lecomte and Marianne Louradour as directors; and
• appointment of Raphaël Appert as director to replace Mr Frédéric Thomas for a term of four years.

At its meeting held following said General Meeting, the Board of Directors appointed Raphaël Appert as Chairman of the Board of Directors of Icade. The Board still consists of 15 members, including 5 independent directors and 7 women.

1.6. 2025 distribution

The General Meeting held on June 10, 2026 unanimously approved a gross distribution of €1.92 per share for the financial year 2025, comprising two components:

• €0.6033 per share, paid out of the Company’s profits exempt from corporate tax pursuant to the SIIC tax regime. This amount is not eligible for the 40% tax allowance; and
• €1.3167 per share, paid out of the “Merger premium” sub-account and treated for tax purposes as a return of capital.

Following the ex-date on June 23, 2026, this cash distribution was paid in full on June 25, 2026.

2. 2026 GUIDANCE

Based on H1 results and expectations for H2, the 2026 Group Net Current Cash Flow guidance of between €2.90 and €3.10 per share⁷ has remained unchanged.

This guidance breaks down as follows:

• a contribution from strategic operations of between €2.25 and €2.45 per share, which is expected to mark a low point; and
• a contribution of around €0.65 per share from non-strategic operations.

Cash flow from non-strategic operations is secured, since the dividend from Praemia Healthcare, amounting to €48.5 million, has already been received in full by Icade in H1 2026.

A conservative approach was used to calculate this guidance due to the persistent uncertainties in France and internationally, as well as their potential impact on business operations. Barring any further major deterioration in market conditions, the Group anticipates an improvement in margins for the Property Development Division in H2 as well as a reduction in overhead costs, which should more than offset the expected increase in net finance costs.

3. ANALYSIS OF CONSOLIDATED RESULTS AS OF JUNE 30, 2026

• Group net current cash flow of €1.80 per share, in line with expectations
• Financial results reflecting lower business activity and value adjustments

(a) Other income from operating activities mainly consists of service charges recharged to tenants.

The Group’s consolidated revenue fell by 4.7%, reflecting the decline in both gross rental income from Property Investment and revenue from Property Development.

EBITDA was also affected by the decrease in the Property Development Division’s net property margin compared with H1  2025, the latter period having benefited from the completion of several major commercial projects.

In addition, the cost of the reorganisation had a negative impact on EBITDA of around €18  million, with the associated savings on payroll costs expected to be realised gradually beginning in H2.

Lastly, the falls in value in the Property Investment (-3.1%) and Healthcare (c. -2%) portfolios in H1 gave rise to a one-off negative impact on operating profit and net finance costs.

Net profit/(loss) attributable to the Group stood at -€155.9 million as of June 30, 2026, due to the combined effect of all these factors.

Group net current cash flow as of June 30, 2026 stood at €136.6 million, i.e. €1.80 per share.

• Net current cash flow from strategic operations amounted to €87.6  million (€1.15 per share), down 19.8% compared to June 30, 2025. This change reflects the combined effect of (i) the fall in net rental income in the Property Investment Division (-€0.13 per share), (ii) the decrease in the Property Development Division’s net margin (-€0.17 per share), and (iii) the change in net finance costs (-€0.05 per share).
• Net current cash flow from non-strategic operations amounted to €48.9  million, i.e. €0.64 per share, up compared with June 30, 2025. This includes the payment by Praemia Healthcare of the full 2025 dividend in May 2026.

The Group’s EPRA NDV stood at €4,039 million (€53.2 per share), down -6.7% compared to December 31, 2025, mainly due to the combined effects of the following:

• the dividend payment of -€146 million, i.e. -€1.91 per share;
• the loss for the period of -€156 million, i.e. -€2.05 per share (mainly comprising the impact of the -€215 million decrease in the value of the Property Investment portfolio); and
• the -€9 million reduction, i.e. -€0.11 per share, in the fair value of fixed rate debt.

The Group’s EPRA NTA amounted to €3,775 million (€49.7 per share), down -6.9% compared to December 31, 2025, due to the dividend payment and the loss recognised.

Lastly, the Group’s EPRA NRV totalled €4,120 million (€54.2 per share), down -6.6% over 6 months for the same reasons.

As of June 30, 2026, Icade’s LTV ratio including duties came in at 39%, down -0.6 pps compared to the end of 2025 despite the decline in asset values, thanks to the reduction in net debt following the sale of Marignan.

4. PERFORMANCE BY BUSINESS LINE AS OF JUNE 30, 2026

4.1. Property Investment: strong operational performance, rental income and values down

• Solid leasing activity with c. 94,000 sq.m let, including 58,000 sq.m renewed in the Grands Axes buildings
• Increase in the total financial occupancy rate to c. 86%, and to c. 90% in the office segment (compared with 85% and c. 88%, respectively, as of March 31, 2026)
• Gross rental income down by -1.1% LFL, including a +0.8% increase for offices
• Decline in portfolio value of -3.1% LFL against the backdrop of a further rise in interest rates

KEY FINANCIAL DATA

(a) These figures do not include intercompany disposals and assets under preliminary agreements.

KEY OPERATIONAL DATA

In H1 2026, Icade refined the segmentation of its property portfolio.

Assets to-be-repositioned were reclassified into two categories, either as ‘Offices’ after their conversion or re-letting (c. €200m of asset value) or as ‘Other / Non-core assets’ (c. €300m of asset value).

Separately, a new ‘Living’ category was added to take into account the Group’s expansion into the student housing segment. This category also includes hotels located in the Paris Orly-Rungis business park and in Pont de Flandre.

4.1.1. Leases for nearly 94,000 sq.m signed or renewed since the beginning of the year

In a rental market that has fallen since the beginning of the year (take-up in the Paris region down 5%⁸), Icade has let nearly 94,000  sq.m, up by 18% in volume terms compared with H1  2025. Of these leases, c.  90% were renewals and c. 10% were new. Together they represent €32 million in annualised headline rental income for a WAULT to break of nearly 9 years.

Following the renewal of the lease with KPMG in the Eqho Tower in La  Défense (c.  41,000  sq.m) in 2025, in H1 2026, Icade reaffirmed its ability to retain tenants by renewing several key leases.

• In Nanterre, more than 76,000  sq.m were renewed, including mainly (i)  c.  58,000  sq.m in the Grands Axes buildings with a major French insurer for a 9-year term with no break option from January 1, 2028, (ii) over 13,000  sq.m in Le Prairial with the French Ministry of the Interior, and (iii)  more than 4,300  sq.m in the La Défense 4-5-6 complex, let to government departments.
• In the Paris Orly-Rungis business park, around 3,300 sq.m were renewed in the Bombay building with the French Blood Establishment (Établissement Français du Sang).

As such, Icade has been able to:

• proactively manage its main upcoming lease expiries: c. 75% of the leases expiring in 2027 are expected to be retained despite the anticipated negative reversion;
• improve the WAULT to first break across its portfolio to 4.0  years (+0.6  years compared with the end of 2025); and
• gradually mitigate the announced potential negative reversion: at the end of June 2026, the total reversionary potential based on headline rents stood at -7.1% (vs. -9.7% as of December  31, 2025), and at -4.4% taking into account the future impact of lease renewals in the Eqho Tower and the Grands Axes buildings.

The estimated loss of annualised headline rental income due to vacancies and rent renegotiations represented €30 million out of €60 million subject to a break or expiry in 2026.

As of June 30, 2026, the financial occupancy rate stood at 85.9%, up 0.9 pps from March 31, 2026.

• In the office segment, the financial occupancy rate was 89.9% (+1.7 pps compared with March 31, 2026), thanks in particular to the lease signed by the Hauts-de-Seine Préfecture in the Eqho Tower.
• In the light industrial segment, the financial occupancy rate stood at 88.0% at the end of June 2026, down 1 pp compared to the end of March 2026, after space was vacated in the Paris Orly-Rungis business park and light industrial premises were completed and handed over in Saint-Ouen.
• The decline in the financial occupancy rate for the ‘Other / Non-core assets’ segment is linked to the removal from the operating portfolio of the Novadis asset in Le Plessis-Robinson (Hauts-de-Seine), previously occupied by Renault and currently being converted into a residential building.

(a) 100% + Group share of joint ventures.

Notes

1. Subject to no deterioration in the political and macroeconomic environment.
2. Praemia Healthcare was 21.6% owned by Icade as of December 31, 2025.
3. OPPCI IHE Healthcare Europe was 59.4% owned by Icade as of December 31, 2025.
4. This fund managed by Praemia REIM France is 51% owned by Praemia Healthcare and 49% by OPPCI IHE Healthcare Europe.
5. Guidance unchanged in the April 16, 2026 press release: “Icade has reaffirmed its 2026 guidance of a Group net current cash flow of between €2.90 and €3.10 per share (excluding any potential impact from sustained damage to the global economy due to the conflict in the Middle East). This represents €[2.25–2.45] per share from strategic operations, which is expected to mark a low point, and c. €0.65 per share from non-strategic operations.”
6. Buildings Sector Science-Based Target-Setting Criteria.
7. Excluding any potential impact from sustained damage to the global economy due to the conflict in the Middle East.
8. Source: Immostat, July 2026.