PRESS RELEASE
Paris, November 18, 2024, 6 p.m.



Standard & Poor’s lowers the Group’s long-term credit rating
to BBB with a stable outlook

S&P Global announced today that it has lowered Icade’s long-term credit rating from BBB+ with
a negative outlook to BBB with a stable outlook due to pressure on the Group’s activities and the
adjusted timeframe for completing the sale of its Healthcare business. Icade’s short-term rating
remains unchanged at A-2.

As a result, S&P Global has revised Icade’s financial ratio thresholds for a BBB rating and set the
following targets:
• a net debt-to-capital ratio toward 50% (vs. below 40% previously);
• a net debt-to-EBITDA ratio below 11x (vs. below 8.5x previously);
• an ICR toward 2.4x (vs. above 3.8x previously).

Icade acknowledges this decision and reaffirms its commitment to maintaining a rigorous and
prudent financial policy which is one of the pillars of ReShapE, its 2024–2028 Strategic Plan.
Excluding NEU Commercial Paper, the Group maintained a solid level of liquidity of €2.4bn as of
June 30, 2024, covering debt payments up to 2028.


ABOUT ICADE

Icade is a full-service real estate company with expertise in both property investment (portfolio worth €6.6bn
as of 06/30/2024 – 100% + Group share of joint ventures) and property development (2023 economic revenue of €1.3bn)
that operates throughout France. Icade has forged long-term partnerships to respond to emerging trends in the industry.
It has made climate issues and the preservation of biodiversity central to its business model to reinvent real estate and
contribute to more sustainable cities. It is listed as an “SIIC” on Euronext Paris and its leading shareholder is the Caisse
des Dépôts Group.


The text of this press release is available on the Icade website: www.icade.fr/en

CONTACTS
Anne-Violette Faugeras Marylou Ravix
Head of Finance and Investor Relations External Communication Manager
+33 (0)7 88 12 28 38 +33 (0)7 88 30 88 51
anne-violette.faugeras@icade.fr marylou.ravix@icade.fr




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