TABLE OF CONTENTS
KEY FIGURES ....................................................................................................................................................................... 4
PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES .................................................................................................... 8
1. H1 2025 highlights ..................................................................................................................................................... 10
2. FY 2025 guidance unchanged .................................................................................................................................... 12
3. Analysis of consolidated results as of June 30, 2025 ................................................................................................. 12
4. Performance by business line as of June 30, 2025 .................................................................................................... 14
5. Financial structure ..................................................................................................................................................... 21
EPRA REPORTING .............................................................................................................................................................. 24
1. EPRA net asset value .................................................................................................................................................. 27
2. EPRA earnings from Property Investment ................................................................................................................. 27
3. EPRA LTV ratio ............................................................................................................................................................ 28
4. EPRA yield – Property Investment ............................................................................................................................. 29
5. EPRA vacancy rate – Property Investment ................................................................................................................. 30
6. EPRA like-for-like net rental income – Property Investment ..................................................................................... 30
7. EPRA cost ratio – Property Investment ...................................................................................................................... 31
8. EPRA investments – Property Investment ................................................................................................................. 31
ADDITIONAL INFORMATION ............................................................................................................................................. 32
1. The Icade Group’s segmented income statement ..................................................................................................... 34
2. Property Investment Division .................................................................................................................................... 36
3. Debt structure ............................................................................................................................................................ 40
4. Events after the reporting period .............................................................................................................................. 41
5. Risk factors ................................................................................................................................................................. 41
6. Glossary ...................................................................................................................................................................... 42
GOVERNANCE ................................................................................................................................................................... 48
1. Changes in composition of the Board of Directors and its committees as of June 30, 2025 ..................................... 50
2. Composition of the Executive Committee ................................................................................................................. 53
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 ................................................................ 54
Consolidated financial statements as of June 30, 2025 ............................................................................................. 56
Notes to the condensed consolidated financial statements as of June 30, 2025 ...................................................... 60
Statutory Auditors’ report on the interim financial information ............................................................................... 99
DECLARATION BY THE PERSON RESPONSIBLE FOR
THIS DOCUMENT



I certify that, to the best of my knowledge, the condensed consolidated financial statements for the past half-year have
been drawn up in accordance with applicable accounting standards, and give a true and fair view of the assets and
liabilities, financial position, and profits and losses of the Company, and of all the companies included in its scope of
consolidation; and that the attached half-year management report presents a true and fair view of the major events
that took place in the first half of the year, their impact on the financial statements, the main related-party transactions,
and a description of the main risks and uncertainties for the remaining six months of the year.



Paris La Défense, July 23, 2025




Nicolas Joly
Chief Executive Officer
KEY FIGURES




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 4
ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 5
• KEY FIGURES •




Key figures

Group
Key financial data 06/30/2025 06/30/2024 Change (%)
Net current cash flow from strategic operations (in €m) 109.3 111.1 (1.7%)
in € per share 1.44 1.47 (1.8%)
Group net current cash flow (in €m) 154.1 169.0 (8.8%)
in € per share 2.03 2.23 (8.9%)
Net profit/(loss) attributable to the Group (in €m) (91.7) (180.5) (49.2%)



Property Investment Division
06/30/2025 06/30/2024 Change
Gross rental income (in €m) 178.3 187.8 (5.1%)
Gross rental income on a like-for-like basis (in €m) - - (4.3%)
Net rental income margin (in %) 87.4% 89.9% (2.5) pps
EPRA earnings (in €m) 111.3 125.4 (11.2%)




Change /
06/30/2025 12/31/2024 Like-for-like change
Portfolio value excluding duties (100% + Group share of JVs) 6,203.0 6,398.2 (3.1%) / (2.8%)
EPRA net initial yield 5.3% 5.2% +0.1 pps / N/A




Breakdown of the Property Investment portfolio Breakdown of the office portfolio
(100% + Group share of JVs) (100% + Group share of JVs)




1


2




Property Development Division
06/30/2025 06/30/2024 Change
Economic revenue (in €m) 501.1 582.9 (14.0%)
Current economic operating margin (in %) 2.3% (3.1%) +5.4 pps




1 Mainly consisting of shops and hotels
2 Offices not part of any business park: €0.3bn (62%) / Offices located in business parks: €0.2bn (38%)




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 6
• KEY FIGURES •




Debt indicators
06/30/2025 12/31/2024 Change (€m) Change
EPRA NDV (in €m) 4,557.6 4,895.5 (337.9) (6.9%)
EPRA NTA (in €m) 4,298.5 4,557.2 (258.7) (5.7%)
EPRA NRV (in €m) 4,644.9 4,892.7 (247.8) (5.1%)


Per share amounts 06/30/2025 12/31/2024 Change (€) Change (%)
EPRA NDV (in €) 60.0 64.5 (4.5) (7.0%)
EPRA NTA (in €) 56.6 60.1 (3.5) (5.8%)
EPRA NRV (in €) 61.2 64.5 (3.3) (5.2%)




06/30/2025 12/31/2024 Change
LTV ratio (including duties) 38.1% 36.5% +1.6 pps
LTV ratio (excluding duties) 40.0% 38.2% +1.8 pps
ICR 7.4 14.5 (7.1) pps
Ratio of net debt to EBITDA plus dividends from equity-accounted companies
8.3 10.0 (1.7) pps
and unconsolidated companies
Average cost of debt 1.59% 1.52% +0.1 pps



Share capital
06/30/2025 12/31/2024 06/30/2024
Number of shares (including treasury shares) 76,234,545 76,234,545 76,234,545
Number of fully diluted shares 75,948,603 75,876,132 75,813,248
Weighted average number fully diluted shares 75,922,159 75,842,681 75,831,110



Ownership structure as of 06/30/2025




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 7
PERFORMANCE
OF THE GROUP’
S BUSINESS
ACTIVITIES




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 8
1. H1 2025 HIGHLIGHTS .................................................................................................................................................... 10
1.1. Mixed-use asset disposals worth over €100m secured .......................................................................................... 10
1.2. Disposal of the Healthcare business: update .......................................................................................................... 10
1.3. Continued implementation of the ReShapE strategic plan..................................................................................... 11
1.4. Approval by the General Meeting of two separate resolutions on climate and biodiversity ................................. 11
1.5. 2024 dividend ......................................................................................................................................................... 11
2. FY 2025 GUIDANCE UNCHANGED ................................................................................................................................. 12
3. ANALYSIS OF CONSOLIDATED RESULTS AS OF JUNE 30, 2025 ...................................................................................... 12
4. PERFORMANCE BY BUSINESS LINE AS OF JUNE 30, 2025 ............................................................................................. 14
4.1. Property Investment: robust leasing activity, net rental income impacted by tenant departures ........................ 14
4.2. Property Development: tentative recovery amid market uncertainty ................................................................... 18
5. FINANCIAL STRUCTURE ................................................................................................................................................. 21
5.1. Solid liquidity and longer average debt maturity ................................................................................................... 21
5.2. Contained cost of debt ........................................................................................................................................... 22
5.3. Bank covenants ....................................................................................................................................................... 22




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• PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES •




1. H1 2025 highlights
1.1. Mixed-use asset disposals worth over €100m secured
In H1 2025, Icade sold non-strategic assets worth over €90m (excluding an intercompany disposal), including:
• the Nancy Regional University Hospital (CHRU) (€55m) through the early exit from the public-private
partnership, the termination of the long-term hospital lease and the transfer of the associated liabilities to
the CHRU3;
• the sale of a portfolio of five B&B hotels to a leading investor for €36m, at an average rate of return of
c. 7%, in line with NAV as of December 31, 2024.

In July 2025, Icade also signed a preliminary agreement to sell ‘5 Joliette’, a mixed-use office and retail building
covering 3,300 sq.m at the heart of the Euromed business district in Marseille, for €14m. This transaction, in line with
NAV as of December 31, 2024, reflects the liquidity of core and small assets on the investment market, with rates of
return of around 6%.


It should be noted that the Property Investment Division also sold a plot of land in the Portes de Paris business park to
Icade Promotion for €8m with a view to building a 9,200-sq.m mixed-use project comprising more than 100 housing
units (Time project, unveiled as part of the ReShapE plan in February 2024).


1.2. Disposal of the Healthcare business: update
In H1 2025, Icade reduced its exposure to Praemia Healthcare from 22.52% as of December 31, 2024 to 21.61% as of
June 30, 2025 through two transactions.
• Firstly, in February 2025, Icade and Predica exchanged some of Icade’s shares in Praemia Healthcare
for some of Predica’s shares in Future Way. This transaction totalled c. €30m and was completed in line
with NAV as of December 31, 2024. It reflects the appeal of this portfolio at its appraised value for one of
Praemia Healthcare’s long-standing shareholders and gives Icade full ownership of a well-positioned office
asset in Lyon.
• Secondly, in June 2025, Praemia Healthcare sold a non-strategic nursing home in France, through which
Icade received €6m as a result of a reduction in Praemia Healthcare’s capital.
As part of the ongoing process to divest from Praemia Healthcare, Icade has extended until the end of 2026 the options
held by Praemia REIM and other shareholders to purchase Icade’s shares in Praemia Healthcare.
As regards the IHE Healthcare Europe international portfolio, a process to sell the Italian asset portfolio remains
underway.


As of June 30, 2025, Icade’s exposure to the Healthcare business amounted to c. €1.2bn4, including c. €0.7bn of shares
in Praemia Healthcare and c. €0.5bn in the IHE portfolio5 (including €195m for a shareholder loan between Icade and
IHE).
Icade is adhering to its strategy of selling the Healthcare business in its entirety: the disposal of the portfolios of assets
located in France and abroad is estimated to take place gradually in 2025 and 2026.




3 Liabilities totalling €50.7m
4 Value of the Healthcare portfolio down c. -1.4% in H1 2025
5 Icade’s stake in IHE Healthcare Europe stood at 59.39% as of June 30, 2025




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• PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES •




1.3. Continued implementation of the ReShapE strategic plan
In H1 2025, Icade continued to implement its announced plans to diversify its asset portfolio. In particular, in the
student residence segment, Icade signed a partnership agreement6 in July 2025 with Nomad Campus (formerly
Cardinal Campus), a student housing operator set to operate a future asset portfolio on Icade’s behalf under a white
label.
In June 2025, the Property Investment Division confirmed its intention to become an investor in the first student
residence in Ivry-sur-Seine (194 units totalling c. 3,600 sq.m), jointly developed by Icade and the Philia Group. The
project, for which a building permit cleared of any appeal has been obtained, is expected to involve (i) the signing of an
off-plan sale contract in Q4 2025, (ii) a construction start in Q1 2026 and (iii) completion in 2028. Two or three
additional student residence projects in the Paris region, representing around 750 additional beds by 2028, have
already been identified with the Property Development Division. As a result, the investment target of 500 to 1,000
beds per year remains in place.

In H1 2025, the Group also demonstrated its commitment to building the city of 2050. Together with SCET7, and in
conjunction with ten partner associations and federations, Icade published the first barometer of fringe commercial
areas located throughout France. This study identified a potential of 1.6 million homes, 15,000 hectares of land for
commercial purposes and 10,000 hectares for rewilding. Icade aims to play a major role in the transformation of these
commercial areas.
With this in mind, Icade acquired a property portfolio of 11 sites from Casino in H1 2025 for €32m excluding taxes,
comprising car parks, undeveloped land, premises and lots adjoining stores. Icade and CDC Habitat Group jointly
invested in two of the sites. These sites offer development potential for a total of around 3,500 homes and more than
50,000 sq.m of retail space, with potential revenue estimated at c. €1bn. These development projects will take between
10 and 15 years to complete. They include a holding phase for the assets, then the granting of building permits and the
eviction of tenants, followed by the launch of traditional off-plan sale development projects.


1.4. Approval by the General Meeting of two separate resolutions on
climate and biodiversity
In 2024, Icade set itself apart by being the first European listed company to submit two separate resolutions on climate
and biodiversity. At its General Meeting held on May 13, 2025, Icade again put these two resolutions to the vote of its
shareholders.
• The Say on Climate resolution on the Group’s 2024 results in terms of reducing carbon intensity (-43% for
Property Investment and -20% for Property Development over the 2019–2024 period) and reducing the
Group’s CO2 emissions (-44% in absolute terms over the 2019–2024 period), in line with the 1.5°C pathway
approved by the SBTi based on the Net-Zero Standard framework.
• The Say on Biodiversity resolution on the Group’s 2024 results in terms of contributing to biodiversity
preservation, including (i) the measurement of rewilding indicators for business parks (impact on soil,
fauna, flora, water, etc.) and (ii) the measurement of the proportion of development projects which
improved their impact on nature between the pre-project and post-project periods.
These two resolutions were approved by a very wide margin—the Say on Climate resolution by 99.3% and the Say on
Biodiversity resolution by 99.4%.


1.5. 2024 dividend
The General Meeting held on May 13, 2025 approved unanimously a dividend of €4.31 per share for the financial year
2024, including €2.54 per share corresponding to the dividends still due in respect of the capital gain on Stage 1 of the
sale of the Healthcare business in 2023.
Following the payment in cash on March 6, 2025 of an interim dividend of 50%, i.e. €2.16 per share, the balance of the
dividend, i.e. €2.15 per share, was paid in cash on July 3, 2025 (with an ex-dividend date of July 1, 2025).




6 Memorandum of understanding signed in February 2025
7 Services Conseil Expertises et Territoires, a subsidiary of Caisse des Dépôts et Consignation



ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 11
• PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES •




2. FY 2025 guidance unchanged
Based on the Group’s results as of June 30, 2025 and expectations for H2, Icade has reaffirmed its guidance of a Group
net current cash flow of between €3.40 and €3.60 per share for 2025, including net current cash flow from non-
strategic operations of c. €0.67 per share, excluding the impact of disposals8.
As of June 30, 2025, over 85% of the annual Net Current Cash Flow from non-strategic operations had been secured
due to income recognised by Icade in H1 (final 2024 dividend from Praemia Healthcare received in full for €37m and
H1 finance income on the shareholder loan to IHE Healthcare Europe). It should be noted that the contribution from
non-strategic operations does not include any interim dividends paid by Praemia Healthcare in 2025.


3. Analysis of consolidated results as of June 30, 2025
 Improved EBITDA, after a 2024 marked by significant provisions in the Property Development Division
 Slight fall in net current cash flow from strategic operations, due to lower net rental income from
Property Investment and finance income
 EPRA NTA down by c. -5.7%


(in €m) 06/30/2025 06/30/2024 Change (€m) Change (%)
Gross rental income 178.3 187.8 (9.6) (5.1%)
Property Development revenue 443.1 503.2 (60.0) (11.9%)
Other 9.0 7.9 1.1 +13.4%
Total IFRS consolidated revenue 630.4 698.9 (68.5) (9.8%)
Other income from operating activities (a) 76.3 80.4 (4.1) (5.1%)
Income from operating activities 706.6 779.3 (72.6) (9.3%)
Expenses from operating activities (561.9) (712.2) 150.3 (21.1%)
EBITDA 144.8 67.1 77.7 N/A
OPERATING PROFIT/(LOSS) (73.3) (222.0) 148.8 (67.0%)
FINANCE INCOME/(EXPENSE) (21.5) (6.7) (14.8) N/A
Tax expense 3.3 26.1 (22.8) (87.3%)
Net profit/(loss) from continuing operations (91.5) (202.6) 111.2 (54.9%)
Profit/(loss) from discontinued operations - (0.5) 0.5 N/A
Net profit/(loss) (91.5) (203.2) 111.7 (55.0%)
NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP (91.7) (180.5) 88.9 (49.2%)
(a) Other income from operating activities mainly consists of service charges recharged to tenants.



As of June 30, 2025, the Group’s consolidated IFRS revenue was down -9.8% to €630.4m, including:
• a -5.1% drop in gross rental income from the Property Investment Division to €178.3m, mainly as a result
of tenants departures in 2024, and
• a -11.9% decrease in Property Development revenue to €443.1m due to the sharp decline in both the
commercial segment and residential bulk sales compared to H1 2024.


EBITDA stood at €144.8m as of June 30, 2025, up sharply on the same period in 2024, when €85m of impairment losses
were booked following a review of the Property Development project portfolio.
Operating profit/(loss) includes the change in fair value of investment properties of -€200.5m in H1 2025, compared
with -€268.5m in H1 2024.
The Group’s net finance expense increased to -€21.5m from -€6.7m due to a decrease in short-term investment income
and lower dividends received by Icade from the Healthcare business.




8Guidance announced in the press release issued on February 18, 2025, including net current cash flow from non-strategic operations of c. €0.67 per share,
excluding the impact of disposals, i.e. with no change in Icade’s percentage ownership in Praemia Healthcare (c. 22%) and IHE Healthcare Europe (c. 59%),
or in the outstanding amount of the shareholder loan to IHE in 2025



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• PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES •



Net profit/(loss) attributable to the Group totalled -€91.7m, compared with -€180.5m in H1 2024.


Given the sale of the Healthcare business, Icade reports Group net current cash flow comprising (i) net current cash
flow from strategic operations, i.e. Property Investment and Property Development, and (ii) net current cash flow from
non-strategic operations, i.e. the remaining investment in the Healthcare business.



(In €m) 06/30/2025 06/30/2024 Change (€m) Change (%)
(A) Net current cash flow from strategic operations 109.3 111.1 (1.9) (1.7%)
(B) Net current cash flow from non-strategic operations 44.8 57.8 (13.0) (22.5%)
Group net current cash flow (A+B) 154.1 169.0 (14.9) (8.8%)


Net current cash flow from strategic operations saw a slight fall of -1.7% compared with June 30, 2024, to €109.3m,
mainly due to lower net rental income from the Property Investment Division (-€13m) and a decrease in current finance
income/(expense) (-€16.2m including -€13.5m in investment income), partly offset by a higher Property Development
net property margin (+€30m).
The decrease in net current cash flow from non-strategic operations can be mainly explained by a reduction in the
dividends received by Icade from the Healthcare business (-€10.5m).


Group net current cash flow fell by -8.8% to €154.1m as of June 30, 2025.

06/30/2025 12/31/2024 Change (€m) Change
EPRA NDV (in €m) 4,557.6 4,895.5 (337.9) (6.9%)
EPRA NTA (in €m) 4,298.5 4,557.2 (258.7) (5.7%)
EPRA NRV (in €m) 4,644.9 4,892.7 (247.8) (5.1%)
LTV ratio (including duties) 38.1% 36.5% +1.6 pps


Per share amounts 06/30/2025 12/31/2024 Change (€) Change (%)
EPRA NDV (in €) 60.0 64.5 (4.5) (7.0%)
EPRA NTA (in €) 56.6 60.1 (3.5) (5.8%)
EPRA NRV (in €) 61.2 64.5 (3.3) (5.2%)


The Group’s EPRA NDV stood at €4,558m (€60.0 per share), down -6.9% compared to December 31, 2024 (€4,896m or
€64.5 per share), mainly due to the combined effects of the following:
• the H1 loss of -€91.7m, i.e. -€1.2 per share (including the impact of the decrease in the value of the Property
Investment portfolio of -€2.7 per share);
• the payment of an interim dividend of -€164m, i.e. -€2.2 per share;
• the €78.3m reduction, i.e. -€1.0 per share, in the fair value of fixed rate debt during the period.

The Group’s EPRA NTA amounted to €4,299m (€56.6 per share), down -5.7% compared to December 31, 2024 due to
the net loss in H1 and the payment of the interim dividend.
Lastly, the Group’s EPRA NRV stood at €4,645m (€61.2 per share) as of June 30, 2025, down -5.1% year-on-year for
broadly the same reasons.


The LTV ratio including duties as of June 30, 2025 stood at 38.1%, up +1.6 pps compared to the end of 2024, due to (i)
the lower value of the property portfolio including duties (+0.8 pps) and (ii) higher net debt (+0.8 pps).




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• PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES •




4. Performance by business line as of June 30, 2025
4.1. Property Investment: robust leasing activity, net rental income
impacted by tenant departures
 Strong leasing activity: c. 79,000 sq.m signed or renewed, securing €20m in annualised headline rental
income with a WAULT to break of 7.4 years
 Increase in occupancy rates for well-positioned offices (88.8% vs. 88.0% as of the end of 2024) and light
industrial properties (89.5% vs. 88.9% as of end of 2024)
 Mixed-use asset disposals worth over €100m secured, in line with NAV
 Gross rental income down (-4.3% LFL), impacted by tenant departures
 -2.7% fall in well-positioned office values like-for-like and stable light industrial values

Key financial data


(in €m) 06/30/2025 06/30/2024 Change
Gross rental income 178.3 187.8 (5.1%)
Gross rental income on a like-for-like basis (4.3%)
Net rental income 155.8 168.9 (7.7%)
Net rental income margin 87.4% 89.9% (2.5) pps
EPRA earnings 111.3 125.4 (11.2%)
Investments 105.1 83.1 +26.5%
Disposals* 105.6 - N/A
* Excluding intercompany disposals and including the early termination of the public-private partnership with the Nancy Regional University
Hospital (CHRU) and a preliminary agreement signed to sell the 5 Joliette asset.



Like-for-like
(in €m) 06/30/2025 12/31/2024 change (%)
Portfolio value excluding duties (100% + Group share of JVs) 6,203.0 6,398.2 (2.8%)


Key operational information

06/30/2025 06/30/2024 Change
Leasing activity (leases signed or renewed) in sq.m 79,207 55,785 +42.0%

06/30/2025 12/31/2024 Change
EPRA vacancy rate 17.4% 16.4% +1.0 pps
EPRA net initial yield 5.3% 5.2% +0.1 pps
Financial occupancy rate 83.6% 84.7% (1.1) pps
Weighted average unexpired lease term to first break (in years) 3.2 3.4 (0.2) years




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4.1.1. Gross rental income down -4.3% like-for-like

(in €m) 06/30/2025 06/30/2024 Change (€m) Change

GROSS RENTAL INCOME 178.3 187.8 (9.6) (5.1%)
NET RENTAL INCOME 155.8 168.9 (13.1) (7.7%)
Net rental income margin 87.4% 89.9% N/A (2.5) pps
Net operating costs (17.6) (20.1) +2.5 (12.3%)
RECURRING EBITDA 138.2 148.8 (10.6) (7.1%)
Depreciation of operating assets (4.5) (8.8) +4.2 (48.1%)
RECURRING OPERATING PROFIT/(LOSS) 134.6 140.5 (5.9) (4.2%)




Leasing activity
and index-linked Like-for-like
(in €m) 06/30/2024 rent reviews * Other ** 06/30/2025 Total change (%) change (%)
Well-positioned offices 126.1 (3.2) (1.4) 121.4 (3.7%) (2.6%)
Offices to be repositioned 27.4 (3.3) (0.0) 24.2 (11.9%) (11.9%)
SUBTOTAL OFFICES 153.5 (6.5) (1.4) 145.6 (5.1%) (4.3%)
Light industrial 24.7 (0.4) 0.2 24.5 (1.0%) (1.7%)
Other 10.9 0.0 (0.3) 10.7 (2.0%) +0.4%
Intra-group transactions
(1.3) (1.0) (0.2) (2.5) N/A N/A
from Property Investment
GROSS RENTAL INCOME 187.8 (7.9) (1.7) 178.3 (5.1%) (4.3%)
(*) “Leasing activity and index-linked rent reviews” includes early termination fees.
(**) “Other” includes the impact of changes in scope of consolidation (acquisitions, disposals, pipeline).


Gross rental income from Property Investment amounted to €178.3m, down -5.1% on a reported basis compared to
June 30, 2024, and -4.3% like-for-like.
The change on a like-for-like basis includes the following effects:
• the impact of tenant departures (-7.9%) and negative reversion on renewals (-2.6%);
• the positive effect of index-linked rent reviews (+3.4%); and
• the positive impact of early termination fees, mainly on offices to be repositioned (+2.8%).

Changes in scope of consolidation accounted for -0.8% and resulted from the disposal of five properties, partially offset
by the completion of two office assets (Next and Cologne) in 2024.


Net rental income from Property Investment fell by -7.7% on a reported basis due to an increase in vacancy costs
of c. €3m, particularly on assets to be repositioned.

As a result, the net rental income margin fell from 89.9% to 87.4% between H1 2024 and H1 2025.




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4.1.2. Robust leasing activity with over 79,000 sq.m signed or renewed
In a shrinking rental market compared to 2024 (-12%9 year-on-year in H1), Icade signed or renewed over 79,000 sq.m
(49 leases), representing €20m in annualised headline rental income and a WAULT to break of c. 7.4 years.
• New leases signed totalled more than 58,000 sq.m of leased floor area, including one of the largest
transactions in the market, namely the lease signed with the Seine-Saint-Denis Departmental Council for
the entire Pulse building (c. 29,000 sq.m), for a 12-year term with no break option. The lease is due to start
in late 2025/early 2026.
• Lease renewals covered more than 21,000 sq.m, including c. 7,000 sq.m in the H2O building in Rueil-
Malmaison renewed with Heineken for a 6-year term with no break option, and c. 6,000 sq.m of offices
and light industrial premises in the Rungis area renewed with Ricoh France for a 5.5-year term with no
break option.

Leasing activity showed that some areas, such as La Défense/Peri-Défense, which are well served by public transport
and offer significantly lower rents than the Paris CBD, continue to attract tenants. Icade signed or renewed 18 leases
covering nearly 17,000 sq.m in this area in H1 2025.
Icade also signed a number of major leases in its business parks, particularly in the Le Mauvin park. The Le Mauvin
business park now has an occupancy rate of 100%, following the signing and commencement of leases for 4,600 sq.m
with French start-up Alice & Bob, which specialises in quantum computing, and almost 2,800 sq.m with Raboni,
a distributor of timber and building materials.


The financial occupancy rate as of June 30, 2025 stood at 83.6%, down 1.1 pps compared with December 31, 2024.
It rose in the well-positioned office and light industrial segments.
• In the well-positioned office segment, the financial occupancy rate rose to 88.8% (+0.8 pps vs.
December 31, 2024), thanks in particular to leases signed in the Next building in Lyon, the Eqho Tower in
La Défense, and in the Portes de Paris business park. After including the lease signed with the Seine-Saint-
Denis Departmental Council in February 2025 for the Pulse building, the financial occupancy rate of well-
positioned offices would stand at more than 90%.
• The occupancy rate for light industrial properties rose by +0.5 pps to 89.5% as of the end of June 2025
(vs. 88.9% as of the end of December 2024), taking into account the letting of light industrial properties
that were completed in Q4 2024.
• As expected, the financial occupancy rate for offices to be repositioned fell further to 51.7%, i.e. a decrease
of c. 13 pps vs. the end of December 2024.
Weighted average unexpired
Financial occupancy rate* (%)
lease term* (years)
Asset classes 06/30/2025 12/31/2024 Change 06/30/2025 12/31/2024
Well-positioned offices 88.8% 88.0% +0.8 pps 3.3 3.6
Offices to be repositioned 51.7% 64.6% (12.9) pps 2.5 2.1
SUBTOTAL OFFICES 82.7% 83.8% (1.1) pps 3.2 3.4
Light industrial 89.5% 88.9% +0.5 pps 2.9 2.8
Other 85.2% 89.4% (4.2) pps 3.3 5.0
TOTAL PROPERTY INVESTMENT 83.6% 84.7% (1.1) pps 3.2 3.4
(*) 100% + Group share of joint ventures



4.1.3. Targeted capital allocation
In H1 2025, Icade secured the sale of non-strategic and mature assets worth over €100m (excluding an intercompany
disposal). This volume includes the Nancy Regional University Hospital (€55m), a portfolio of five B&B hotels in France
(€36m) and ‘5 Joliette’, a prime office asset in Marseille (€14m under a preliminary agreement). These disposals are
detailed in the “H1 2025 Highlights” section.




9 Source: Immostat, July 2025



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As of June 30, 2025, investments stood at €105.1m10, up by 26% compared with the same period last year. The increase
in investments was due to two factors:
• +€15m of development capex on pipeline projects (see section 4 “Additional information”), in particular
the Edenn project, which is scheduled for completion by the end of the year. New core office projects with
yields on cost of between 7% and 7.5% were also launched: two office projects, Seed and Bloom, adjacent
to the Next building in the heart of the Lyon Part-Dieu district, and Centreda, an office project in Toulouse,
with these projects having been over 50% pre-let;
• +€9m of lease incentives in the form of operational capex, linked to the reletting of certain major assets
such as Pulse.
The pipeline includes c. €300m still to be invested over the next three years and is expected to generate €50m of
additional annualised rental income.
In line with the Group’s CSR goals, Icade aims for all its projects under development to obtain the very best
certifications (HQE and BREEAM “Excellent”) or to be aligned with EU Taxonomy criteria.


4.1.4. Moderate decrease in asset values
(Excluding duties in €m, Fair value as of Fair value as of Change on a reported Like-for-like
100% + Group share of JVs) 06/30/2025 12/31/2024 Change (€m) basis (%) change (%)
TOTAL 6,203.0 6,398.2 (195.2) (3.1%) (2.8%)
Offices 5,137.4 5,241.1 (103.7) (2.0%) (3.2%)
Well-positioned offices 4,592.6 4,654.0 (61.4) (1.3%) (2.7%)
Offices to be repositioned 544.8 587.1 (42.3) (7.2%) (7.5%)
Light industrial 756.4 742.8 +13.5 +1.8% +0.4%
Land 108.1 116.0 (7.9) (6.8%) +1.0%
Other (a) 201.2 298.3 (97.1) (32.6%) (4.4%)
(a) Mainly includes hotel and retail assets.


As of June 30, 2025, the value of the Property Investment portfolio stood at €6.2bn excluding duties vs. €6.4bn at the
end of 2024, down €195.2m or -3.1% on a reported basis. This change includes the impact of the increase in transfer
duties, amounting to -€22.2m, resulting from a temporary legislative measure that came into effect in 2025 for a period
of three years.


Following a major adjustment in asset values over the past two years, the portfolio recorded a moderate decline in
value of -2.8% on a like-for-like basis in H1 2025. This was primarily due to the fact that valuers lowered their
expectations with respect to index-linked rent increases, reflecting ongoing economic and geopolitical uncertainties.
However, changes in portfolio value should be assessed based on property type.
• The light industrial segment continued to recover, with a slight increase of +0.4% on a like-for-like basis,
driven by positive leasing activity (including the signing of the Alice & Bob and Raboni leases in the
Le Mauvin business park), yield compression on certain assets and a modest increase in market rents.
• The value of well-positioned offices was down a mere -2.7% on a like-for-like basis, due to the negative
impact of residual yield decompression and downgraded expectations for index-based rent increases.
• The value of offices to be repositioned fell by -7.5% on a like-for-like basis given the deterioration
in valuation assumptions (yields, estimated rental values, void periods, etc.) and the increase in available
supply.




10See the breakdown of investments in the EPRA reporting section of the appendices to the 2025 Half-Year Results press release (or in chapter 3 of the
2025 Half-Year Financial Report).



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4.2. Property Development: tentative recovery amid market uncertainty
 Orders in volume terms remained stable, with (i) orders for homes sold individually down -11%
following the end of the Pinel scheme on January 1, 2025, and (ii) bulk orders up by +10%
 Lower revenue due in particular to a sharp slowdown in the commercial segment of -39%
 Profitability has returned, with a current economic operating margin of 2.3%, following an exhaustive
review of the project portfolio in 2024

Key financial data
06/30/2025 06/30/2024 Change
Economic revenue (in €m) 501.1 582.9 (14.0%)
Residential 422.9 456.8 (7.4%)
Commercial 71.5 116.7 (38.7%)
Other revenue 6.6 9.5 N/A
Current economic operating margin (in %) 2.3% (3.1%) +5.4 pps


06/30/2025 12/31/2024 Change (%)
WCR (in €m) 388.6 302.1 +28.6%
Net debt (in €m) 332.8 231.8 +43.6%


Key operational information
06/30/2025 06/30/2024 Change (%)
Orders in units 2,116 2,110 +0.3%
Individual 884 994 (11.1%)
Bulk 1,232 1,116 +10.4%
Orders in value terms (in €m) 495.6 538.3 (7.9%)
Individual 283.9 308.6 (8.0%)
Bulk 211.7 229.7 (7.8%)


06/30/2025 12/31/2024 Change (%)
Total backlog (in €m) 1,670.9 1,725.5 (3.2%)



4.2.1. Business slows amid subdued market conditions
Residential segment adversely impacted by the end of Pinel tax incentives

In a persistently challenging housing market in H1, the Property Development Division’s orders remained stable at
2,116 units (+0.3%) totalling €496m, down -7.9%.

Individual orders were down by -11.1% in volume terms, in line with the market11.

This decline is due to the fact that the end of the Pinel scheme means fewer tax reductions, which has led to a sharp
drop in individual investor activity (-35% vs. H1 2024).
In contrast, the trend was more favourable for orders from owner-occupier buyers, which were up by +10%, driven by
the positive impact of measures to promote home ownership (interest-free loans made available throughout France,
gift tax exemptions on new-build acquisitions).

In particular, sales were strong for new development projects put on the market that aligned with owner-occupier buyer
expectations, such as Écrin de l’Ill in Strasbourg and Villa Moraines in Saint-Cergues, as evidenced by their swift uptake
in H1 2025.



11 Individual orders down -11% in H1 2025 compared with the same period last year (source: Adéquation, July 2025)



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Bulk orders were up by +10.4% in volume terms but down -7.8% in value terms. The discrepancy between volume and
value changes is explained by a temporary shift in the product mix.

As individual investors grapple with difficult conditions, institutional investors continue to drive business activity.
In H1 2025, they accounted for 54% of orders in volume terms, with just under half coming from social landlords.
It should be noted that the volume of business with institutional investors has historically been higher in H2 (in 2023
and 2024, more than two-thirds of bulk orders were in H2).


Slowdown in the commercial segment
Due to the market downturn, the commercial segment saw a sharp decline, with sales down -23% in value terms to
€12.6m (vs. €16.3m in H1 2024).
In May 2025, Icade and Sogeprom completed the Audessa building in the heart of the Part-Dieu district in Lyon.
Formerly the headquarters of RTE, the French electricity transmission system operator, this 13,000-sq.m building was
fully refurbished and expanded, before being acquired off-plan by Union Investment.
In June 2025, Icade Promotion, Novaxia, and Imring began construction on the Ping project in Villeurbanne, with
projected revenue upon completion of €15m excluding taxes. This 5,260-sq.m building was acquired off-plan by the
Handicap International association and the City of Villeurbanne. This low-carbon project will reduce CO₂ emissions by
50% compared to a standard demolition and reconstruction.


Backlog of €1.7bn as of June 30, 2025
The backlog as of June 30, 2025 stood at €1.7bn, down by -3.2% compared to the end of 2024. This change reflects
(i) a -2.9% decline in the residential backlog to €1.6bn and (ii) a sharp -6.6% drop in the commercial backlog, due to the
lack of new contracts signed and progress made on ongoing projects such as Osmose in the Archipel-Wacken
international business district.


40% of the backlog units were pre-sold12 as of the end of June 2025.
(in €m, 100% + Group share of JVs) 06/30/2025 12/31/2024 Change (€m) Change (%)
Secured 670.9 878.8 (207.9) (23.7%)
Unsecured 1,000.0 846.6 153.4 +18.1%
Total 1,670.9 1,725.5 (54.6) (3.2%)



4.2.2. Profitability returns following an exhaustive review of the project portfolio
in 2024
06/30/2025 06/30/2024 Change (€m) Change
(in €m, 100% + Group share of JVs)
Economic revenue 501.1 582.9 (81.8) (14.0%)
Including Property Development revenue on a percentage-of-completion basis (1) 496.9 577.5 (80.6) (14.0%)
Cost of sales and other expenses (2) (424.7) (535.7) +111.0 (20.7%)
Net property margin for Property Development (1+2) 72.1 41.7 +30.4 +72.8%
Property margin rate (net property margin / revenue on a POC basis) 14.5% 7.2% N/A +7.3 pps
Other revenue 4.2 5.5 (1.2) (22.9%)
Operating costs (65.7) (66.7) +1.0 (1.4%)
Share of profit/(loss) of equity-accounted companies 0.0 0.3 (0.3) (91.5%)
CURRENT OPERATING PROFIT/(LOSS) 10.6 (19.2) +29.8 N/A
CURRENT ECONOMIC OPERATING PROFIT/(LOSS) (a) 11.5 (18.2) +29.8 N/A
Current economic operating margin (current economic operating profit
2.3% -3.1% N/A +5.4 pps
or loss/revenue) (a)
(a) Current operating profit/(loss) adjusted for the trademark royalties charged by Icade.



12The secured backlog as of June 30, 2025 included €609.5m of work still to be performed by fully consolidated entities (see note 7.1 to the condensed
consolidated financial statements as of June 30, 2025) and €61.3m by joint ventures (proportionate consolidation).




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Economic revenue from Property Development amounted to €501.1m as of June 30, 2025, down -14.0% year-on-year.
• Revenue from the residential segment totalled €422.9m, down by -7% compared to the end of June 2024.
The decrease is due to a drop in sales (-11% in value terms) in H1, mainly driven by a slowdown in bulk
sales (-32% in value terms). This decline is not representative of the expected year-end trends.
• Revenue from the commercial segment totalled €71.5m, down by -39% year-on-year, due to the
completion of major projects (Envergure in Romainville and Nanterre Newton) at the end of 2024 and the
low volume of new contracts signed in 2025 (with sales of €13m as of June 30, 2025).

The net property margin rose to €72.1m, up +€30.4m year-on-year due to a favourable base effect from impairment
losses recognised in H1 2024 (-€46m included in 2024 in the current net property margin). However, it was adversely
affected by a decline in business activity (-€12m volume effect) and pressure on margins from certain projects launched
before 2024 (-€3m).


As a result, the current economic operating margin improved significantly, from -3.1% as of June 30, 2024 to +2.3%
as of June 30, 2025.

(in €m, 100% + Group share of JVs) 06/30/2025 12/31/2024 Change (€m)
Residential Property Development 270.8 230.1 +40.7
Commercial Property Development (6.9) (22.4) +15.5
Other activities 124.7 94.5 +30.2
TOTAL WORKING CAPITAL REQUIREMENT 388.6 302.1 +86.5
TOTAL NET DEBT 332.8 231.8 +101.0


The Property Development Division’s working capital requirement stood at €388.6m as of June 30, 2025, up €86.5m
compared to the end of 2024. This increase can be explained in part by the acquisition of sites to be developed from
Casino for €32m excluding taxes (see “H1 2025 Highlights” for more information) and by the seasonal nature of the
business.


However, close attention continues to be paid to WCR, particularly through (i) monitoring the portfolio of assets held
for future projects—as illustrated by the sale of the Tolbiac asset in Q1 2025 for €19.5m—and (ii) rigorously managing
the stock of unsold completed homes (€17m as of June 30, 2025 vs. €14m as of December 31, 2024).




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5. Financial structure
 Proactive management of debt maturities through €500m in new bonds with a 10-year maturity and
bond buybacks for €268m
 The liquidity position was further strengthened through €290m in revolving credit facilities
 Controlled financing costs

Key financial data

06/30/2025 12/31/2024 Change
Gross debt €4,625m €4,683m (1.2%)
Net debt €3,132m €3,065m +2.2%
Cash net of bank overdrafts €968m €1,134m (14.7%)
Undrawn credit lines €1,870m €1,680m +11.3%
Loan-to-value ratio including duties 38.1% 36.5% +1.6 pps
Loan-to-value ratio excluding duties 40.0% 38.2% +1.8 pps
EPRA loan-to-value ratio (excluding duties) 47.1% 42.0% +5.1 pps
ICR 7.4x 14.5x (7.1) pps
Ratio of net debt to EBITDA plus dividends from equity-accounted companies
8.3x 10.0x (1.7) pps
and unconsolidated companies
Average cost of debt 1.59% 1.52% +0.1 pps
Average debt maturity (years) 4.2 years 3.9 years +0.3 years



5.1. Solid liquidity and longer average debt maturity
The Group had a very strong liquidity position net of NEU CP of over €2.8bn as of June 30, 2025 against gross debt of
€4.6bn. It covered the Group’s debt payments up to 2029.
Liquidity consisted of:
• €1.0bn in cash net of bank overdrafts, down -€0.2bn compared to December 31, 2024; and
• €1.8bn in undrawn credit lines, net of NEU CP13. In H1 2025, Icade strengthened its liquidity position in
anticipation of upcoming debt maturities by arranging revolving credit facilities in the amount of €290m,
of which €100m for refinancing facilities maturing in 2026 and €190m of new financing. These new credit
facilities have an average maturity of 6 years.


In H1 2025, Icade also proactively managed its financial structure in a persistently volatile market environment.
• In May 2025, Icade successfully issued a €500m green bond with a maturity of 10 years and a coupon of
4.375%. This transaction, which was three times oversubscribed, was completed on favourable terms
with a 197-bp spread, bringing Icade’s total outstanding green bonds to €2.2bn.
• At the same time, Icade executed a partial buyback of outstanding bonds totalling €267.5m, including
€79.0m maturing in 2026, €160.0m in 2027 and €28.5m in 2028.

These transactions allowed Icade to reduce its short-term debt maturities while increasing its average debt maturity.
The average debt maturity14 as of June 30, 2025 was 4.2 years vs. 3.9 years as of December 31, 2024.

The Group’s financing structure remains well-balanced and diversified, with 59% of non-bank financing and 41% of
bank financing.

In addition, most of Icade’s financing is sustainability-linked in line with its CSR goals, meeting more than one year
ahead of schedule its goal of having 75% of its financing be green or linked to carbon intensity and rewilding objectives
(vs. 70% as of December 31, 2024). On July 23, 2025, Icade published its Green Financing Report which sets out all its
green financing (€1.9bn) and eligible assets (€2.3bn) as of December 31, 2024. The report is available via this link: Long-
term Market Funding.


13 Average outstanding amount of €112m in H1 2025
14 Excluding payables associated with equity interests, bank overdrafts and NEU Commercial Paper



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In a still challenging environment, the loan-to-value ratio, including duties, rose to 38.1% (vs. 36.5% as of December 31,
2024), due to a -€200.5m drop in the value of the Property Investment portfolio. Net debt also increased due to
investments and the payment of an interim dividend, partially offset by a still limited volume of disposals.

The ratio of net debt to EBITDA plus dividends from equity-accounted and unconsolidated companies improved to 8.3x
(vs. 10.0x as of December 31, 2024) as a result of higher EBITDA following a 2024 that saw significant impairment losses
for the Property Development Division.


5.2. Contained cost of debt
As of June 30, 2025, the Group’s average cost of debt remained relatively low, up slightly to 1.59% (vs. 1.52% at the
end of 2024).


The cost of net debt increased (-€18.7m vs. -€1.9m as of June 30, 2024), mainly due to a decline in finance income. As a
result, the ICR ratio fell to 7.4x (vs. 14.5x as of December 31, 2024) but remained high due to still substantial finance
income (€10.9m in investment income and €6.9m in interest received on a shareholder loan granted by Icade to
IHE Healthcare Europe).

Icade has continued its prudent interest rate risk management policy. 100% of the Group’s total estimated debt for
H2 2025 is fixed rate or hedged. As such, Icade has a clear picture of the trajectory of its average cost of debt: on a like-
for-like basis, including the effect of the €500m bond issued in May 2025, the average cost of debt is expected to remain
low at end-year, at less than 1.8%.


5.3. Bank covenants
All covenant ratios were met as of June 30, 2025 and remained comfortably within the limits.

Covenants 06/30/2025
Ratio of net financial liabilities/latest portfolio value excl. duties (LTV) Maximum < 60% 40.0%

Interest coverage ratio (ICR) based on EBITDA plus the Group’s share
Minimum > 2x 7.4x
in profit/(loss) of equity-accounted companies
CDC’s stake Minimum > 34% 39.20%
Value of the property portfolio Minimum > €4bn €6.2bn
Security interests in assets Maximum < 25% of the property portfolio 7.8%




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ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 23
EPRA
REPORTING




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 24
1. EPRA NET ASSET VALUE ................................................................................................................................................ 27
2. EPRA EARNINGS FROM PROPERTY INVESTMENT ......................................................................................................... 27
3. EPRA LTV RATIO ............................................................................................................................................................ 28
4. EPRA YIELD – PROPERTY INVESTMENT ......................................................................................................................... 29
5. EPRA VACANCY RATE – PROPERTY INVESTMENT ......................................................................................................... 30
6. EPRA LIKE-FOR-LIKE NET RENTAL INCOME – PROPERTY INVESTMENT ........................................................................ 30
7. EPRA COST RATIO – PROPERTY INVESTMENT .............................................................................................................. 31
8. EPRA INVESTMENTS – PROPERTY INVESTMENT ........................................................................................................... 31




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• EPRA REPORTING •



Icade presents below all its performance indicators as defined by the European Public Real Estate Association (EPRA)
and as calculated in accordance with its recommendations. These are all leading indicators for the property investment
industry.



Key EPRA metrics 06/30/2025 12/31/2024 Change See note
EPRA NDV (€m) 4,557.6 4,895.5 (6.9%) 1
EPRA NDV (€ per share) 60.0 64.5 (7.0%) 1
EPRA NTA (€m) 4,298.5 4,557.2 (5.7%) 1
EPRA NTA (€ per share) 56.6 60.1 (5.8%) 1
EPRA NRV (€m) 4,644.9 4,892.7 (5.1%) 1
EPRA NRV (€ per share) 61.2 64.5 (5.2%) 1
EPRA loan-to-value (LTV) ratio (including duties) 45.0% 40.2% +4.8 pps 3
EPRA loan-to-value (LTV) ratio (excluding duties) 47.1% 42.0% +5.1 pps 3
EPRA topped-up net initial yield 6.2% 6.2% - 4
EPRA net initial yield 5.3% 5.2% +0.1 pps 4
EPRA vacancy rate 17.4% 16.4% +1.0 pps 5



Key EPRA metrics 06/30/2025 06/30/2024 Change See note
EPRA like-for-like net rental growth (in €m) - - (8.6%) 6
EPRA earnings (in €m) 111.3 125.4 (11.2%) 2
EPRA investments (in €m) 105.1 83.1 +26.5% 8
EPRA cost ratio (including vacancy costs) 23.3% 21.8% +1.5 pps 7
EPRA cost ratio (excluding vacancy costs) 8.9% 10.1% (1.2) pps 7




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• EPRA REPORTING •




1. EPRA net asset value

(in €m) 06/30/2025 12/31/2024 06/30/2024
Consolidated equity attributable to the Group 3,902.0 4,323.4 4,440.1
Amounts payable to shareholders(a) 163.9 - 184.5
Unrealised capital gains on property assets and property development companies 251.0 253.5 155.8
Tax on unrealised capital gains (5.5) (5.9) (3.2)
Remeasurement of financial instruments 246.2 324.5 403.4
EPRA NDV (Net Disposal Value) 4,557.6 4,895.5 5,180.5
EPRA NDV per share (in €) 60.0 64.5 68.3
Change during the half-year (7.0%) (5.6%)
Year-on-year change (12.2%)
Adjustment for tax on unrealised capital gains 5.5 5.9 3.2
Intangible fixed assets (32.6) (34.9) (31.3)
Optimisation of transfer tax on the fair value of property assets 60.7 61.0 60.7
Adjustment for remeasurement gains or losses on financial instruments (292.6) (370.3) (468.3)
EPRA NTA (Net Tangible Assets) 4,298.5 4,557.2 4,744.9
EPRA NTA per share (in €) 56.6 60.1 62.6
Change during the half-year (5.8%) (4.0%)
Year-on-year change (9.6%)
Adjustment for intangible fixed assets 32.6 34.9 31.3
Adjustment for the optimisation of transfer tax on the fair value of property assets (60.7) (61.0) (60.7)
Transfer tax on the fair value of property assets 374.4 361.7 376.0
EPRA NRV (Net Reinstatement Value) 4,644.9 4,892.7 5,091.5
EPRA NRV per share (in €) 61.2 64.5 67.2
Change during the half-year (5.2%) (4.0%)
Year-on-year change (8.9%)

NUMBER OF FULLY DILUTED SHARES (b) 75,948,603 75,876,132 75,813,248
(a) As of June 30, 2024 and June 30, 2025, final dividend for the previous financial year paid in July 2024 and July 2025, respectively.
(b) Stood at 75,948,603 as of June 30, 2025, after cancelling treasury shares (-409,716 shares) and the positive impact of dilutive instruments
(+123,774 shares).




2. EPRA earnings from Property Investment
(in €m) 06/30/2025 06/30/2024
NET PROFIT/(LOSS) (91.5) (203.2)
Net profit/(loss) from other operations (a) (3.8) (66.6)
(1) NET PROFIT/(LOSS) FROM PROPERTY INVESTMENT (87.7) (136.5)
(i) Changes in value of investment property and depreciation charges (200.5) (268.5)
(ii) Profit/(loss) on asset disposals (1.7) 0.0
(iii) Profit/(loss) from acquisitions - -
(iv) Tax on profits or losses on disposals and impairment losses
(v) Negative goodwill / goodwill impairment -
(vi) Changes in fair value of financial instruments and restructuring of financial liabilities 5.8 9.1
(vii) Acquisition costs on share deals
(viii) Tax expense related to EPRA adjustments 1.7 -
(ix) Adjustment for equity-accounted companies (6.6) (5.9)
(x) Non-controlling interests 2.4 3.4
(2) TOTAL ADJUSTMENTS (199.0) (262.0)
(1-2) EPRA EARNINGS FROM PROPERTY INVESTMENT 111.3 125.4
EPRA EARNINGS FROM PROPERTY INVESTMENT IN € PER SHARE €1.47 €1.65
(a) “Other operations” include property development, non-strategic operations as well as “Intersegment transactions and other items”.




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3. EPRA LTV ratio
Group Share of Non- Combined Combined
Loan-to- Share of joint
as material controlling as of as of
value ventures
reported associates interests 06/30/2025 12/31/2024
(LTV) ratio (2)
(1) (3) (4) (1)+(2)+(3)+(4)


Including
Borrowings from financial institutions 922 922 68 (222) 767 861
NEU Commercial Paper 55 55 55 225
Bonds 3,582 3,582 3,582 3,349
Foreign currency derivatives (futures, swaps,
options
Net and forwards)
payables (28) 366 (11) (7) 347 129
Shareholder loans 95 95 125 (89) 132 109
Derivative instruments (46)
Excluding
Financial assets (391)
Cash and cash equivalents (1,057) (1,057) (70) 50 (1,076) (1,244)
NET FINANCIAL LIABILITIES (A) 3,132 3,962 112 (267) 3,807 3,430

TOTAL PROPERTY VALUE AND OTHER ASSETS (B) 7,831 8,144 192 (253) 8,083 8,175
Real estate transfer taxes 393 393 (19) 374 362
TOTAL PROPERTY VALUE AND OTHER ASSETS
8,224 8,537 192 (271) 8,458 8,536
(incl. RETTs) (C)

EPRA LTV (excl. RETTs) in % (A/B) 40.0% 48.7% 47.1% 42.0%
EPRA LTV (incl. RETTs) in % (A/C) 38.1% 46.4% 45.0% 40.2%


Note: net payables include net operating payables, in particular the final dividend paid on July 3, 2025




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 28
• EPRA REPORTING •




4. EPRA yield – Property Investment
The table below presents a reconciliation of Icade’s net yield to EPRA yields. The calculation takes into account all
Property Investment properties in operation. It is presented based on 100% of fully consolidated entities plus the
Group’s share of joint ventures (JVs).

(100% + Group share of JVs) 06/30/2025 12/31/2024
ICADE NET YIELD – INCLUDING DUTIES 8.1% 7.9%
Adjustment for vacant space -1.9% -1.7%
EPRA TOPPED-UP NET INITIAL YIELD 6.2% 6.2%
Inclusion of rent-free periods -0.9% -1.0%
EPRA NET INITIAL YIELD 5.3% 5.2%


Property Investment
TOTAL TOTAL
AS OF Well- AS OF
Offices to be Subtotal Light
06/30/2025 positioned Land Other 12/31/2024
repositioned offices industrial
offices
(in €m, 100% + Group share of JVs)
VALUE EXCLUDING DUTIES 6,203 4,593 545 5,137 756 108 201 6,398
including equity-accounted assets 73 63 - 63 - - 10 80
Adjustment for non-operating assets and other(1) 772 559 45 603 48 108 12 780
VALUE (EXCLUDING DUTIES) OF OPERATING ASSETS 5,431 4,034 500 4,534 708 - 189 5,618
Duties 359 257 36 293 53 - 13 347
VALUE (INCLUDING DUTIES) OF OPERATING ASSETS A 5,790 4,291 536 4,827 761 - 202 5,965
Annualised accrued gross rental income 344 244 32 277 49 - 18 342
Service charges that are non-recoverable under current
(37) (17) (14) (30) (4) - (3) (32)
leases or not recovered due to vacancies
ANNUALISED ACCRUED NET RENTAL INCOME B 307 228 19 247 46 - 15 309
Additional rental income at the expiry of rent-free
50 47 1 48 2 - 0 60
periods or other lease incentives
TOPPED-UP ANNUALISED NET RENTAL INCOME C 357 274 20 294 47 - 15 369
EPRA NET INITIAL YIELD B/A 5.3% 5.3% 3.5% 5.1% 6.0% - 7.3% 5.2%
EPRA TOPPED-UP NET INITIAL YIELD C/A 6.2% 6.4% 3.7% 6.1% 6.2% - 7.5% 6.2%
(1) Properties under development, land bank, floor space awaiting refurbishment and assets treated as financial receivables (PPPs)




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 29
• EPRA REPORTING •




5. EPRA vacancy rate – Property Investment

(100% + Group share of JVs) 06/30/2025 12/31/2024 06/30/2024
Well-positioned offices 12.5% 13.3% 10.5%
Offices to be repositioned 50.7% 39.2% 37.2%
Subtotal offices 18.7% 17.6% 15.2%
Light industrial 9.7% 10.4% 9.5%
Other 16.9% 13.2% 12.2%
TOTAL PROPERTY INVESTMENT (a) 17.4% 16.4% 14.3%
(a) Excluding PPPs, including “Other assets”




EPRA vacancy rate
Estimated rental value Estimated rental value as of 06/30/2025
(in €m, 100% + Group share of JVs) of vacant space (A) of the whole portfolio (B) (= A/B)
Well-positioned offices 36.9 295.6 12.5%
Offices to be repositioned 29.0 57.2 50.7%
Subtotal offices 65.9 352.8 18.7%
Light industrial 5.4 56.1 9.6%
Other 3.3 19.4 16.9%
TOTAL PROPERTY INVESTMENT (a) 74.6 428.3 17.4%
(a) Excluding PPPs, including “Other assets”




6. EPRA like-for-like net rental income – Property Investment
Leasing activity
and index-linked Like-for-like
(in €m) 06/30/2024 rent reviews * Other ** 06/30/2025 Total change (%) change (%)
Well-positioned offices 113.2 (4.2) (0.5) 108.4 (4.2%) (3.8%)
Offices to be repositioned 20.1 (7.8) 1.6 13.9 (30.9%) (35.7%)
SUBTOTAL OFFICES 133.4 (12.0) 1.0 122.3 (8.3%) (9.1%)
Light industrial 20.2 (0.9) 0.9 20.2 (0.2%) (4.5%)
Other 11.9 (0.1) (0.4) 11.4 (4.2%) (1.3%)
Intra-group transactions
3.3 (1.3) (0.2) 1.9 N/A N/A
from Property Investment
NET RENTAL INCOME 168.9 (14.4) 1.4 155.8 (7.7%) (8.6%)
(*) “Leasing activity and index-linked rent reviews” includes early termination fees.
(**) “Other” includes the impact of changes in scope of consolidation (acquisitions, disposals, pipeline).




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 30
• EPRA REPORTING •




7. EPRA cost ratio – Property Investment
Detailed figures on the EPRA cost ratio for the Property Investment portfolio are presented below.

(in €m, 100% + Group share of JVs) 06/30/2025 06/30/2024
Including:
Structural costs and other overhead expenses (45.8) (42.8)
Service charges net of recharges to tenants (22.4) (18.9)
Other recharges intended to cover overhead expenses 28.2 22.7
Share of overheads and expenses of equity-accounted companies (2.4) (3.0)
Excluding:
Ground rent costs (0.1) (0.1)
Share of ground rent costs of equity-accounted companies (0.1) (0.1)
(A) EPRA COSTS (INCLUDING DIRECT VACANCY COSTS) (42.3) (41.8)
Vacancy expenses (26.2) (22.5)
(B) EPRA COSTS (EXCLUDING DIRECT VACANCY COSTS) (16.2) (19.4)
Gross rental income less ground rent costs 178.2 187.7
Share of gross rental income less ground rent costs of equity-accounted companies 3.5 4.0
(C) GROSS RENTAL INCOME 181.7 191.7
(A/C) EPRA COST RATIO – PROPERTY INVESTMENT (INCL. DIRECT VACANCY COSTS) 23.3% 21.8%
(B/C) EPRA COST RATIO – PROPERTY INVESTMENT (EXCL. DIRECT VACANCY COSTS) 8.9% 10.1%



8. EPRA investments – Property Investment
Investments are presented as per EPRA recommendations for the Property Investment portfolio.

06/30/2025 06/30/2024
Joint Joint
100% Total 100% Total
(in €m) ventures ventures
Acquisitions 0.0 0.0 0.0 0.0 0.0 0.0
Developments 67.8 0.0 67.8 53.0 0.0 53.0
Including capitalised finance costs 0.9 0.0 0.9 0.9 0.0 0.9
Operational capex 36.9 0.4 37.2 29.8 0.3 30.1
Including no incremental lettable space 21.8 0.4 22.2 24.0 0.3 24.3
Including lease incentives 15.1 0.0 15.1 5.8 0.0 5.8
TOTAL CAPEX 104.7 0.4 105.1 82.8 0.3 83.1
Conversion from accrual to cash basis 8.4 (0.2) 8.2 7.9 (0.2) 7.8
TOTAL CAPEX ON CASH BASIS 113.1 0.2 113.3 90.7 0.2 90.9




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 31
ADDITIONAL
INFORMATION




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 32
1. THE ICADE GROUP’S SEGMENTED INCOME STATEMENT ............................................................................................. 34
1.1. Segmented income statement as of June 30, 2025 ................................................................................................ 34
1.2. Segmented income statement as of June 30, 2024 ................................................................................................ 35
2. PROPERTY INVESTMENT DIVISION ............................................................................................................................... 36
2.1. Changes in value of the property portfolio ............................................................................................................. 36
2.2. Investments by type ............................................................................................................................................... 37
2.3. Pipeline ................................................................................................................................................................... 37
2.4. Rental income ......................................................................................................................................................... 38
3. DEBT STRUCTURE ......................................................................................................................................................... 40
3.1. Debt maturity profile .............................................................................................................................................. 40
3.2. Notional amount of derivatives .............................................................................................................................. 40
4. EVENTS AFTER THE REPORTING PERIOD ...................................................................................................................... 41
5. RISK FACTORS ............................................................................................................................................................... 41
6. GLOSSARY ..................................................................................................................................................................... 42




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 33
• ADDITIONAL INFORMATION •




1. The Icade Group’s segmented income statement
1.1. Segmented income statement as of June 30, 2025
IFRS
Property adjustments
Total Group
Property Development Intersegment (Property
(economic Total Group
Investment (economic and other Development
basis*)
basis*) joint
(in €m) ventures)
Current items:
Gross rental income 178.3 (0.1) 178.2 178.2
Service charges not recovered from tenants and other expenses (22.4) 0.1 (22.4) (22.4)
Net rental income 155.8 0.0 155.9 155.9
Net rental income margin for Commercial Property Investment 87.4%
Revenue on a percentage-of-completion basis 496.9 - 496.9 (56.5) 440.4
Cost of sales and other expenses (424.7) - (424.7) 57.5 (367.2)
Net property margin for Property Development 72.1 72.1 1.0 73.1
Property Development margin rate (net property margin / revenue on a POC basis) 14.5%
Other services 9.9 4.2 (0.9) 13.2 (1.4) 11.8
Operating costs and other costs (27.4) (65.7) (2.9) (96.0) (0.2) (96.2)
Profit/(loss) of equity-accounted companies 0.9 0.0 - 1.0 (1.6) (0.7)
CURRENT OPERATING PROFIT/(LOSS) 139.3 10.6 (3.8) 146.2 (2.2) 144.0

Cost of net debt (20.0) 1.4 (18.7)
Other finance income and expenses 32.5 0.5 33.0
CURRENT FINANCE INCOME/(EXPENSE) 12.4 1.9 14.4
Tax expense (0.1) 0.3 0.2
Profit/(loss) from discontinued operations
NET CURRENT CASH FLOW 158.5 0.0 158.5
NET CURRENT CASH FLOW ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (4.4) - (4.4)
NET CURRENT CASH FLOW ATTRIBUTABLE TO THE GROUP 154.1 0.0 154.1

Non-current items:
Change in fair value of investment property – depreciation and impairment charges (209.7) (209.7)
Profit/(loss) on asset disposals (1.8) (1.8)
Non-current finance income/(expense) (35.8) 0.0 (35.8)
Other non-current items 1.6 (0.0) 1.6
Non-current items (245.8) - (245.8)


NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP (91.7) 0.0 (91.7)
* Income statement items include controlled entities and joint ventures on a proportionate consolidation basis.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 34
• ADDITIONAL INFORMATION •




1.2. Segmented income statement as of June 30, 2024
IFRS
Property adjustments
Total Group
Property Development Intersegment Discontinued (Property
(economic Total Group
Investment (economic and other operations Development
basis*)
basis*) joint
(in €m) ventures)
Current items:
Gross rental income 187.8 (0.0) - 187.8 187.8
Service charges not recovered from tenants and other expenses (18.9) (0.7) - (19.6) (19.6)
Net rental income 168.9 (0.7) - 168.2 168.2
Net rental income margin for Commercial Property Investment 89.9%
Revenue on a percentage-of-completion basis 577.5 - - 577.5 (79.1) 498.4
Cost of sales and other expenses (535.7) 0.7 - (535.1) 69.5 (465.6)
Net property margin for Property Development 41.7 42.4 (9.6) 32.8
Property Development margin rate (net property margin /
7.2%
revenue on a POC basis)
Other services 7.5 5.5 (1.0) 1.4 13.4 (0.7) 12.7
Operating costs and other costs (27.3) (66.7) (1.6) - (95.6) 0.7 (94.9)
Profit/(loss) of equity-accounted companies 0.6 0.3 - - 1.0 2.8 3.8
CURRENT OPERATING PROFIT/(LOSS) 149.7 (19.2) (2.6) 1.4 129.4 (6.7) 122.6

Cost of net debt (4.3) 2.4 (1.9)
Other finance income and expenses 41.7 2.4 44.1
CURRENT FINANCE INCOME/(EXPENSE) 37.4 4.8 42.2
Tax expense 9.3 2.0 11.2
Profit/(loss) from discontinued operations
NET CURRENT CASH FLOW 176.1 0.0 176.1
NET CURRENT CASH FLOW ATTRIBUTABLE TO
(7.1) - (7.1)
NON-CONTROLLING INTERESTS
NET CURRENT CASH FLOW ATTRIBUTABLE TO THE GROUP 169.0 0.0 169.0

Non-current items:
Change in fair value of investment property – depreciation and impairment
(283.1) (0.2) (283.3)
charges
Profit/(loss) on asset disposals (4.3) (4.3)
Non-current finance income/(expense) (48.9) 0.0 (48.8)
Other non-current items (13.2) 0.2 (13.0)
Total non-current items (349.5) - (349.5)


NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP (180.5) 0.0 (180.5)

* Income statement items include controlled entities and joint ventures on a proportionate consolidation basis.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 35
• ADDITIONAL INFORMATION •




2. Property Investment Division
2.1. Changes in value of the property portfolio
Appraised value Net initial
as of Like-for-like Like-for-like yield incl. EPRA
06/30/2025 12/31/2024* Change Change change (a) change (a) Price (b)
duties vacancy rate
Portfolio value excluding duties
(€m) (€m) (€m) (%) (€m) (%) (€/sq.m) (%) (%)
100% + Group share of JVs
PROPERTY INVESTMENT
Well-positioned offices
Paris/Neuilly 1,267.5 1,307.6 (40.1) (3.1%) (45.0) (3.4%) 6,326 6.6% 8.5%

La Défense/Peri-Défense 1,846.8 1,871.6 (24.8) (1.3%) (57.9) (3.1%) 5,107 8.0% 8.0%

Inner Ring 564.6 568.6 (4.0) (0.7%) (13.9) (2.4%) 3,412 8.0% 33.9%

Outer Ring 345.5 355.7 (10.2) (2.9%) (12.3) (3.5%) 2,529 8.6% 13.5%

TOTAL PARIS REGION 4,024.4 4,103.6 (79.2) (1.9%) (129.1) (3.1%) 4,519 7.7% 13.5%

France outside the Paris region 568.2 550.4 +17.8 +3.2% +3.2 +0.6% 3,716 6.7% 4.6%

TOTAL Well-positioned offices 4,592.6 4,654.0 (61.4) (1.3%) (125.9) (2.7%) 4,395 7.6% 12.5%

TOTAL Offices to be repositioned 544.8 587.1 (42.3) (7.2%) (44.0) (7.5%) 1,840 11.8% 50.7%

TOTAL OFFICES 5,137.4 5,241.1 (103.7) (2.0%) (169.9) (3.2%) 3,811 8.0% 18.7%

Light industrial
Inner Ring 508.5 500.8 +7.7 +1.5% +3.2 +0.6% 2,181 8.1% 4.2%
Outer Ring 247.9 242.1 +5.8 +2.4% (0.2) (0.1%) 1,574 7.8% 19.2%
TOTAL LIGHT INDUSTRIAL 756.4 742.8 +13.5 +1.8% +3.1 +0.4% 1,928 8.0% 9.7%

TOTAL LAND 108.1 116.0 (7.9) (6.8%) +1.1 +1.0% - - -
(c)
TOTAL OTHER 201.2 298.3 (97.1) (32.6%) (9.1) (4.4%) 1,559 10.4% 16.9%

TOTAL PROPERTY INVESTMENT ASSETS 6,203.0 6,398.2 (195.2) (3.1%) (174.8) (2.8%) 3,237 8.1% 17.4%

including operating assets 5,443.2 5,685.6 (242.5) (4.3%) (162.2) (2.9%) 3,237 8.1% 17.4%
including non-operating assets 759.9 712.6 +47.3 +6.6% (12.6) (1.8%) - - -


*Adjusted for the asset reclassifications made between the two periods, including reclassifications from “Projects under development” to the “Operating” category upon
completion of a property.
(a) Change net of disposals and investments for the period, changes in value of assets treated as financial receivables (PPPs) and tax changes during the period.
(b) Established based on the appraised value excluding duties for operating properties.
(c) Mainly hotel and retail assets.
Indicators (price in €/sq.m, net initial yield including duties, and EPRA vacancy rate) are presented excluding PPPs and only for operating properties.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 36
• ADDITIONAL INFORMATION •




Fair value Fair value of Fair value
as of assets sold as of Investments Like-for-like Like-for-like as of
(in €m, 100% + Group share of JVs) 12/31/2024 12/31/2024 (a) and other (b) change change (%) 06/30/2025
Well-positioned offices 4,654.0 - 64.5 (125.9) (2.7%) 4,592.6
Offices to be repositioned 587.1 - 1.7 (44.0) (7.5%) 544.8
SUBTOTAL OFFICES 5,241.1 - 66.2 (169.9) (3.2%) 5,137.4
Light industrial 742.8 - 10.5 3.1 +0.4% 756.4
Land 116.0 8.0 (1.0) 1.1 +1.0% 108.1
Other (c) 298.3 91.6 3.6 (9.1) (4.4%) 201.2
TOTAL 6,398.2 99.6 79.2 (174.8) (2.8%) 6,203.0
including office segment reporting 4,529.9 - 51.4 (157.8) (3.5%) 4,423.4
including business park segment reporting 1,634.3 8.0 26.2 (9.2) (0.6%) 1,643.2

(a) Includes bulk sales and partial sales (unit sales or assets for which Icade’s ownership interest decreased during the period).
(b) Includes capex, the amounts invested in 2024 in off-plan acquisitions, and acquisitions. Also includes the adjustment for transfer duties and
acquisition costs, changes in value of assets acquired during the period, works to properties sold, changes in transfer duties and changes in value of
assets treated as financial receivables.
(c) Mainly includes hotel and retail assets.




2.2. Investments by type

Operational Total as of Total as of
(in €m, on a full consolidation basis) Acquisitions Developments capex 06/30/2025 06/30/2024
Well-positioned offices - 60.5 23.1 83.6 65.1
Offices to be repositioned - 1.1 2.8 4.0 3.1
Subtotal offices - 61.6 26.0 87.6 68.2
Light industrial - 7.4 6.4 13.8 7.0
Land - (1.2) 0.2 (1.0) 0.9
Other - - 4.7 4.7 7.1
Total Property Investment Division investments - 67.8 37.3 105.1 83.1




2.3. Pipeline
Floor area Total Remaining
Estimated Expected Yield
Property on a full invest- to be
Project name Location Type of works date of rental income on % pre-let
type consolida- ment invested
completion (€m) Cost
tion basis (€m) (€m)

EDENN NANTERRE Refurbishment Office Q4 2025 30,587 260 54 85%
Office/light
ATHLETES VILLAGE D1 D2 SAINT-OUEN Construction Q1 2026 3,394 8 3 0%
industrial
DATA CENTER PORTES DE PARIS Construction Data center Q2 2026 7,490 36 18 100%
SEED LYON Refurbishment Office Q1 2027 8,200 48 25 0%
BLOOM LYON Construction Office Q1 2027 5,000 24 18 0%
HELSINKI RUNGIS Refurbishment Hotel Q3 2027 11,445 51 43 48%
ATHLETES VILLAGE D3 SAINT-OUEN Construction Office Q3 2027 8,195 53 4 0%
CENTREDA TOULOUSE Construction Office Q4 2027 24,322 79 65 100%
29-33 CHAMPS-ÉLYSÉES PARIS CBD Refurbishment Office Q1 2028 12,651 399 73 0%
TOTAL PROJECTS STARTED 111,284 50 5.3% 959 303 39%
Notes: 100% + Group share of JVs




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 37
• ADDITIONAL INFORMATION •




2.4. Rental income
2.4.1. Gross rental income by location
Reported basis Like-for-like basis
in value in value
06/30/2024 06/30/2025 in % in %
(in €m, on a full consolidation basis) terms terms
Paris/Neuilly 30.2 28.3 (2.0) (6.5%) (0.3) (0.9%)
La Défense/Peri-Défense 52.0 52.3 0.3 0.6% 0.3 0.6%
Inner Ring 16.8 12.7 (4.1) (24.2%) (4.1) (24.2%)
Outer Ring 10.9 11.7 0.8 7.2% 0.4 3.8%
France outside the Paris region 16.1 16.4 0.3 1.7% 0.3 2.5%
Well-positioned offices 126.1 121.4 (4.6) (3.7%) (3.2) (2.6%)
Offices to be repositioned 27.4 24.2 (3.3) (11.9%) (3.3) (11.9%)
SUBTOTAL OFFICES 153.5 145.6 (7.9) (5.1%) (6.5) (4.3%)
Inner Ring 17.9 17.9 0.0 0.1% (0.2) (0.9%)
Outer Ring 6.9 6.6 (0.3) (3.8%) (0.3) (3.8%)
SUBTOTAL LIGHT INDUSTRIAL 24.7 24.5 (0.2) (1.0%) (0.4) (1.7%)
SUBTOTAL OTHER 10.9 10.7 (0.2) (2.0%) 0.0 0.4%
Intra-group transactions from Property Investment (1.3) (2.5) (1.2) 92.9% (1.0) 80.5%
GROSS RENTAL INCOME FROM PROPERTY INVESTMENT 187.8 178.3 (9.6) (5.1%) (7.9) (4.3%)
including office segment reporting 127.4 124.2 (3.2) (2.5%) (2.0) (1.6%)
including business park segment reporting 51.2 45.3 (5.9) (11.5%) (6.5) (12.6%)



2.4.2. Net rental income and net rental income margin
06/30/2025 06/30/2024
Net rental income Net rental income
Net rental income Net rental income
(in €m, on a full consolidation basis) margin margin
Well-positioned offices 108.4 89.3% 113.2 89.8%
Offices to be repositioned 13.9 57.5% 20.1 73.3%
SUBTOTAL OFFICES 122.3 84.0% 133.4 86.9%
Light industrial 20.2 82.3% 20.2 81.6%
Land 0.2 N/A (0.2) N/A
Other 11.2 104.9% 12.1 111.2%
Intra-group transactions from Property Investment 1.9 N/A 3.3 N/A
NET RENTAL INCOME FROM PROPERTY INVESTMENT 155.8 87.4% 168.9 89.9%




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 38
• ADDITIONAL INFORMATION •




2.4.3. Lease expiry schedule

Lease expiry schedule in terms of annualised IFRS rental income (in €m, 100% + Group share of JVs) based on the earliest
of break or expiry




Lease expiry schedule in terms of annualised IFRS rental income (in €m, 100% + Group share of JVs) based on expiry




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 39
• ADDITIONAL INFORMATION •




3. Debt structure
3.1. Debt maturity profile
The maturity profile of Icade’s drawn debt (in €m), excluding payables associated with equity interests and bank
overdrafts as of June 30, 2025, was as follows:




The average debt maturity excluding debt associated with equity interests, bank overdrafts and NEU CP was 4.2 years
as of June 30, 2025 vs. 3.9 years as of December 31, 2024.


3.2. Notional amount of derivatives
The notional amount of interest rate hedges (in €m) as of the end of each period is presented below:




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 40
• ADDITIONAL INFORMATION •




4. Events after the reporting period
 Preliminary sale agreement signed
On July 9, 2025, a preliminary agreement was signed to sell the ‘5 Joliette’ office asset in Marseille for €14m.


5. Risk factors
Icade regularly identifies and assesses its exposure to the various types of risk (interest rate, liquidity, counterparty,
market, etc.) and implements appropriate management policies.
The 2024 Universal Registration Document (see chapter 4) provides a detailed analysis of the main risk factors to which
the Group is exposed.
As of June 30, 2025, in an environment marked by uncertainties related to geopolitical events and the economic and
political situation in France, no risks or uncertainties are expected beyond those presented in the 2024 Universal
Registration Document (URD) with the identified priority risks remaining unchanged.
Financial risks were specifically reviewed and are presented in note 5.2 to the consolidated financial statements.
In addition, worsening conditions in the real estate market could have a negative impact on the valuation of the Group’s
assets as well as on operating profit, as presented in note 4.2.4 to the consolidated financial statements.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 41
• ADDITIONAL INFORMATION •




6. Glossary
Icade uses alternative performance measures (APMs) which are indicated by an asterisk * and defined below in
accordance with AMF Position DOC-2015-12.


Acronyms and abbreviations used:
• Capex: Capital expenditure • LTV: Loan-to-value ratio
• CPI: Consumer Price Index • NAV: Net Asset Value
• EPRA: European Public Real Estate o EPRA NDV: Net Disposal Value
Association o EPRA NTA: Net Tangible Assets
• Equity: Equity method o EPRA NRV: Net Reinstatement Value
• ERV: Estimated rental value • NCCF: Net current cash flow
• Full: Full consolidation • Proportionate: Proportionate consolidation
• FV: Fair value • REIT: Real Estate Investment Trust
• Group share of JVs: The Group’s share of • SIIC: Société d’Investissement Immobilier
joint ventures Cotée (French listed real estate investment
• ICC: Construction Cost Index company)
• ICR: Interest coverage ratio • WAULT to break: Weighted average
• ILAT: Tertiary Activities Rent Index unexpired lease term to first break
• IRL: Rent Reference Index • WO: Work order
• LFL: Like-for-like • YoC: Yield on Cost

Scopes
 Proportionate consolidation: 100% of the IFRS financials of fully consolidated companies adjusted for non-
controlling interests + Group’s share of equity‑accounted companies (joint ventures and associates)
 Full consolidation: 100% of the IFRS financials of fully consolidated companies before adjustment for non-
controlling interests
 100% of fully consolidated entities + Group share of joint ventures: 100% of the IFRS financials of fully consolidated
companies + Group’s share of equity‑accounted companies (jointly controlled entities only)
 Like-for-like: change on a like-for-like basis


Annualised headline rent
Annualised headline rent is the contracted rent as set out in the lease taking into account current index-linked rent
reviews and excluding any lease incentives.


Annualised IFRS rent
Annualised IFRS rent is the contracted rent recalculated to include lease incentives spread over the lease term under
IFRS.


Average cost of debt (full consolidation)
The average cost of debt is the ratio of the Group’s cost of gross financial liabilities to the average gross debt outstanding
(excluding overdrafts) as reported in the consolidated financial statements.


Average debt maturity (full consolidation)
The average debt maturity is the ratio of the sum of debt repayments weighted by their average residual maturity to
total gross debt (excluding overdrafts, payables associated with equity interests and the debt of equity-accounted
companies. NEU CP is excluded from this calculation).




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 42
• ADDITIONAL INFORMATION •



Backlog (100% of fully consolidated entities + Group share of JVs)
The backlog consists of revenue excluding taxes yet to be recognised using the POC method for all units sold or under
a reservation or preliminary agreement as relates to subsidiaries (on a full consolidation basis) and joint ventures
(on a proportionate consolidation basis).


Cancellation rate (100% of fully consolidated entities + 100% of JVs)
The cancellation rate is the ratio of the number of cancelled reservations to the number of net reservations over a given
period.


Current economic operating margin (100% of fully consolidated entities + Group share of JVs)
Current economic operating margin is the ratio of current economic operating profit/(loss) to economic revenue.


Current economic operating profit/(loss) (100% of fully consolidated entities + Group share of JVs) *
Current economic operating profit/(loss) equals the net property margin from Property Development after taking into
account the following: other services provided, operating costs and other costs including holding company costs,
profit/(loss) on asset disposals and the share in profit/(loss) of equity-accounted companies. Trademark royalties and
depreciation charges are excluded from the calculation of this indicator.


Development pipeline (100% of fully consolidated entities + Group share of JVs)
The pipeline of projects started consists of the Property Investment Division’s projects currently under construction for
which a lease has been signed or a building permit issued.
The pipeline of uncommitted projects consists of the Property Investment Division’s projects having obtained a building
permit and which may require pre-letting or optimisation before being started.
The total cost of development pipeline projects, i.e. total investment, includes the fair value of land (or building), cost
of works, tenant improvements, finance costs and external costs. It excludes rent-free periods and intra-group costs.


EBITDA *
EBITDA, or earnings before interest, taxes, depreciation, and amortisation, as reported in the consolidated financial
statements.


Economic revenue (100% of fully consolidated entities + Group share of JVs) *
Economic revenue comprises revenue generated by fully consolidated property development companies, taken from
IFRS consolidated financial statements, plus revenue from jointly controlled property development companies,
on a proportionate consolidation basis. As such, this indicator reinstates revenue from jointly controlled companies
which is not included in IFRS consolidated financial statements, in accordance with IFRS 11, which requires investments
in such companies to be accounted for using the equity method.


EPRA cost ratio – Property Investment (100% of fully consolidated entities + Group share of JVs)
The EPRA cost ratio is the ratio of administrative and operating costs to gross rental income less ground rent costs.


EPRA earnings (proportionate) *
EPRA earnings represent recurring income from the Property Investment Division’s operational activities. This indicator
is calculated based on EPRA recommendations and measures the Property Investment Division’s performance.
EPRA earnings per share are calculated based on the average number of shares over a given period, excluding treasury
shares and adjusted for any dilutive effect.


EPRA investments
EPRA investments include the cost of acquisitions, development work, maintenance and energy renovation work, capital
and tenant improvements, as well as intra-group and external fees and finance costs.



ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 43
• ADDITIONAL INFORMATION •



EPRA NDV, EPRA NTA, EPRA NRV (proportionate) *
EPRA NDV, EPRA NTA and EPRA NRV are indicators of the Company’s asset value and are determined in accordance with
EPRA recommendations. They measure changes in the Company’s asset value based on consolidated equity attributable
to the Group plus, among other things, any unrealised capital gains or losses on other assets and liabilities not measured
at fair value in the financial statements:
• EPRA NDV represents the shareholders’ net assets under a disposal scenario, including the fair value of
fixed rate debt. In this calculation, Icade takes into account unrealised capital gains on property
development;
• EPRA NTA focuses on real estate activities, excluding the fair value of fixed rate debt;
• EPRA NRV represents the value required to rebuild the entity, including duties.
EPRA NAV metrics per share are calculated by dividing the NAVs by the Company’s number of shares at the end of the
reporting period, excluding treasury shares and adjusted for any dilutive effect.


EPRA net initial yield (100% of fully consolidated entities + Group share of JVs)
EPRA net initial yield equals annualised accrued rental income net of non-recoverable service charges for leased space
and service charges that are not recovered due to vacancies, including lease incentives, divided by the appraised value
(including duties) of operating properties.


EPRA topped-up net initial yield (100% of fully consolidated entities + Group share of JVs)
EPRA topped-up net initial yield equals annualised rental income net of non-recoverable service charges for leased space
and service charges that are not recovered due to vacancies, excluding lease incentives, divided by the appraised value
(including duties) of operating properties.


EPRA vacancy rate (100% of fully consolidated entities + Group share of JVs)
The EPRA vacancy rate is defined as the ratio between the estimated rental value of vacant space and the estimated
rental value of the whole portfolio. It is calculated based on operating assets at the reporting date.


European Public Real Estate Association (EPRA)
EPRA is an association representing Europe’s listed real estate companies, of which Icade is a member. EPRA publishes
recommendations on performance indicators, with the goal of achieving greater transparency and comparability of
financial statements across listed real estate companies in Europe.


Finance income/(expense) *
Finance income/(expense) is the cost of net financial liabilities plus other finance income and expenses as reported
in the consolidated financial statements.


Financial occupancy rate (100% of fully consolidated entities + Group share of JVs)
The financial occupancy rate is the ratio of annualised headline rental income to the potential rental income that would
be received by the Property Investment Division if its portfolio was fully leased (potential rental income from vacant
space is based on estimated rental value). Properties or units being developed or refurbished are not included in this
calculation.


Gross rental income (full consolidation)
Gross rental income includes lease income recognised on a straight-line basis over the shorter of the lease term and the
period to the next break option in accordance with IFRS and, as such, after taking into account the net impact of straight-
lining lease incentives including rent-free periods. Other ancillary income from operating leases is also included.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 44
• ADDITIONAL INFORMATION •



Icade net yield including duties (100% of fully consolidated entities + Group share of JVs)
Icade net yield (including duties) equals annualised net rental income from leased space plus potential net rental income
from vacant space based on estimated rental value, excluding lease incentives, divided by the appraised value (including
duties) of operating properties.


Interest coverage ratio (ICR) (full consolidation)
ICR is the ratio of EBITDA to the cost of net debt.


Inventory of units for sale (100% of fully consolidated entities + 100% of JVs)
The inventory of units for sale is expressed in terms of units (number and value including taxes) on the market but not
yet reserved. It only includes units sold individually (i.e. excluding bulk sales).


Land portfolio (100% of fully consolidated entities + Group share of JVs)
The land portfolio is expressed in terms of the number of potential units and potential revenue excluding taxes with
respect to property development projects not yet put on the market but for which a preliminary agreement to purchase
land has been signed.


Lease expiry schedule (100% of fully consolidated entities + Group share of JVs)
The lease expiry schedule is an annual breakdown of annualised IFRS rental income based on the earlier of first break
or expiry.


Loan-to-value (LTV) excluding or including duties (full consolidation)
The loan-to-value ratio is the ratio of consolidated net financial liabilities (full consolidation) to the portfolio value
(excluding or including duties).


Net Current Cash Flow (NCCF) (proportionate) *
Net current cash flow is equal to net profit/(loss) attributable to the Group less non-current items (change in fair value,
depreciation charges, impairment charges and reversals, IFRS 2 charge, profit/(loss) from acquisitions, profit/(loss) from
disposals, non-current share of profit/(loss) of equity-accounted companies, non-current finance income/(expense),
non-current tax expense, non-current share of non-controlling interests). Group NCCF is comprised of NCCF from
strategic operations (Property Investment and Property Development) and NCCF from discontinued operations
(Healthcare).


Net debt *
Net debt is defined as gross debt less cash and cash equivalents, the mark-to-market on derivatives and receivables
from equity-accounted or unconsolidated companies.


Net orders (residential segment) (100% of fully consolidated entities + 100% of JVs)
Net orders correspond to signed reservation agreements for the purpose of acquiring residential units less cancellations.
They are expressed in terms of units and value (in €m including taxes).


Net profit/(loss) attributable to the Group
Net profit/(loss) attributable to the Group is the Group’s share of profit/(loss) as of the end of the period. It is equal
to (Operating profit/(loss) + Finance income/(expense) + Tax expense + Profit/(loss) from discontinued operations
– non-controlling interests). It is taken from IFRS consolidated financial statements.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 45
• ADDITIONAL INFORMATION •



Net property margin from Property Development (100% of fully consolidated entities + Group share of JVs)
The net property margin from Property Development is the profit on property development projects including all
income and expenses related to property development projects. This ratio does not include expenses not directly
attributable to property projects (mainly structural costs and overheads).


Non-recoverable service charges
Service charges that cannot be passed on to tenants and are to be borne by the landlord.


Net rental income (full consolidation)
Net rental income equals gross rental income less non-recoverable service charges, service charges not recovered due
to vacancies or flat-rate service charges and, where applicable, land-related costs.


Operating properties
Operating properties are leased or partially leased properties not undergoing major refurbishments and vacant
properties available for rent. Properties that have been deliberately taken off the market due to future refurbishments
are excluded from this scope.


Operating profit/(loss) *
Operating profit/(loss) is obtained from EBITDA after taking into account changes in value, depreciation and
amortisation and other operating income and expenses, as reported in the consolidated financial statements.


Preliminary off-plan sale agreements (commercial segment) (100% of fully consolidated entities + 100% of JVs)
Preliminary off-plan sale agreements correspond to the floor area and revenue (excluding taxes) of commercial space
for which a preliminary sale agreement was signed during the period.


Property margin rate (100% of fully consolidated entities + Group share of JVs)
The property margin rate is the ratio of the net property margin from Property Development to its revenue on a
percentage-of-completion basis.


Property portfolio (100% of fully consolidated entities + Group share of JVs)
The value of the property portfolio includes the fair value of investment property, properties under development, land
holdings, operating properties and property stock. It includes assets held by joint ventures (proportionate) and financial
receivables from public-private partnerships (PPP).
From June 2023, Icade updated the segmentation of its portfolio based on use, identifying four main asset segments:
offices, light industrial, land and other assets.
 Office assets consist of:
• well-positioned offices, meaning assets that Icade believes will continue to be used as offices in the long
term;
• offices to be repositioned, meaning assets whose future use as offices is in doubt in the medium term,
particularly due to their location, and for which a change in use is envisaged.
 The light industrial segment is made up of TV studios, data centers, wholesalers and warehouses.
 The “Other Property Investment assets” segment mainly includes hotel and retail assets.
 Lastly, land holdings represent a source of potential value creation.


Rent collection rate
The rent collection rate is the ratio of gross rental income and service charges collected to gross rental income and
service charges receivable over a rolling 12-month period.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 46
• ADDITIONAL INFORMATION •



Revenue on a percentage-of-completion basis
Property Development revenue is recognised using the percentage-of-completion method for revenue from
construction contracts and off-plan sale contracts. It is recognised over time, pro rata on the basis of costs incurred and
the progress of sales based on units sold during the period.


Sales (100% of fully consolidated entities + 100% of JVs)
Sales correspond to notarised sale deeds, following the signing of reservation agreements for residential properties
or off-plan sale agreements for commercial properties. They are used to calculate the percentage of sales completed
on a project which is used to calculate revenue recognised on a percentage-of-completion basis.


Sales launches (100% of fully consolidated entities + 100% of JVs)
Sales launches relate to development projects which were put on the market over the period. They are expressed
in terms of the number of potential units and potential revenue including taxes.


Service charges not recovered from tenants
Service charges that are non-recoverable on leased space (see above) and service charges on vacant space.


Total investment or project cost (100% of fully consolidated entities + Group share of JVs) (Property Investment
Division)
Project cost includes the fair value of land (or building), cost of works, tenant improvements, finance costs and external
costs. It excludes rent-free periods and intra-group costs.


Units
“Units” means the number of residential units or equivalent residential units (for mixed-use developments) of
a development. The number of equivalent residential units is determined by dividing the floor area for each property
type (light industrial, retail, office) by the average floor area of residential units calculated as of December 31 of the
preceding year.


Weighted average unexpired lease term to first break (WAULT to break) (100% of fully consolidated entities + Group
share of JVs)
WAULT to break is calculated based on the first break option exercisable by the tenant or expiry of each lease.
It is weighted by annualised IFRS rental income.


Work orders (WO) (100% of fully consolidated entities + 100% of JVs)
Work orders relate to development projects on which construction started during the period. They are expressed in
terms of the number of potential units or sq.m (units for the residential segment and sq.m for the commercial segment)
and potential revenue (including taxes for the residential segment and excluding taxes for the commercial segment).


Working capital requirement for Property Development (Property Development WCR) (100% of fully consolidated
entities + Group share of JVs)
Working capital requirement corresponds to current assets (inventories + accounts receivable + other operating
receivables + advances and down payments received + prepaid income) less current liabilities (accounts payable + tax
and social security liabilities + other operating payables + prepaid expenses).


Yield on Cost (YoC)
Yield on Cost is the ratio of headline rental income to a project’s total cost, also referred to as ‘total investment’.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 47
GOVERNANCE




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 48
1. CHANGES IN COMPOSITION OF THE BOARD OF DIRECTORS AND ITS COMMITTEES AS OF JUNE 30, 2025 ................ 50
1.1. Separation of the functions of Chairman of the Board of Directors and Chief Executive Officer .......................... 50
1.2. Board of Directors ................................................................................................................................................... 50
1.3. Committees of the Board of Directors .................................................................................................................... 51
1.4. Changes and summary as of June 30, 2025 ............................................................................................................ 52
2. COMPOSITION OF THE EXECUTIVE COMMITTEE .......................................................................................................... 53




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 49
• GOVERNANCE •




1. Changes in composition of the Board of Directors and its
committees as of June 30, 2025
1.1. Separation of the functions of Chairman of the Board of Directors
and Chief Executive Officer
The separation between the functions of Chairman of the Board and Chief Executive Officer, which was adopted on
February 17, 2015, makes governance more efficient, and enables gathering complementary skills, ensuring a better
balance of power between the Board of Directors and senior management, managing potential conflicts of interest in
a more efficient manner, and aligning Icade’s governance model with that of comparable companies.


1.2. Board of Directors
Icade’s Board of Directors sets the Company’s business strategy and supervises its implementation.
It also endeavours to promote long-term value creation by the Company by considering the social and environmental
aspects of its activities. If applicable, it proposes any changes to the Company’s Articles of Association that it considers
appropriate.
In relation to the strategy it has defined, the Board of Directors regularly reviews the opportunities and risks, such as
financial, legal, operational, social and environmental risks, as well as the measures taken accordingly.




Frédéric Thomas Caisse des Dépôts Dorothée Clouzot
Chairman of the Board of Directors Represented by Alexandre Thorel Director
Director




Nathalie Delbreuve Bruno Derville Audrey Girard
Independent director Independent director Director




Florence Habib-Deloncle Kosta Kastrinidis Olivier Lecomte
Director Director Independent director




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 50
• GOVERNANCE •




Marianne Louradour Olivier Mareuse Florence Péronnau
Director Director Vice-Chairwoman of
the Board of Directors
Independent director
Lead Independent Director




Gonzague de Pirey Sophie Quatrehomme Bernard Spitz
Independent director Director Director




15 47% 1/3 83% 55.3

MEMBERS OF WOMEN OF INDEPENDENT ATTENDANCE RATE AVERAGE AGE
DIRECTORS



1.3. Committees of the Board of Directors
The Board of Directors has established various committees that serve in an advisory capacity and operate under its
authority. They make recommendations to the Board of Directors.




• Olivier Lecomte, Committee Chairman, independent director
Audit and Risk • Nathalie Delbreuve, independent director
Committee • Olivier Mareuse
3 members
67% of independent
members




• Florence Péronnau, Committee Chairwoman, independent director
• Audrey Girard
Appointments and • Florence Habib-Deloncle
Remuneration Committee • Olivier Lecomte, independent director
4 members
50% of independent
members



ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 51
• GOVERNANCE •




• Bruno Derville, Committee Chairman, independent director
• Florence Habib-Deloncle
Strategy and Investment • Florence Péronnau, independent director
Committee • Bernard Spitz
• Frédéric Thomas
6 members • Alexandre Thorel
33% of independent
members




• Sophie Quatrehomme, Committee Chairwoman
• Florence Péronnau, independent director
Innovation and CSR
Committee • Gonzague de Pirey, independent director

3 members
67% of independent
members



1.4. Changes and summary as of June 30, 2025
In H1 2025, the changes in the composition of the Board of Directors and its committees were as follows:
The table below summarises the changes in the composition of the Board of Directors and its committees since the start
of the 2025 financial year.


Governance body Departure Appointment/co-option Reappointment

BOARD OF DIRECTORS

January 7, 2025 Antoine Saintoyant

February 18, 2025 Emmanuel Chabas Florence Habib-Deloncle

February 18, 2025 Audrey Girard

June 25, 2025 Laurence Giraudon Kosta Kastrinidis

APPOINTMENTS AND REMUNERATION COMMITTEE

January 7, 2025 Antoine Saintoyant

February 18, 2025 Emmanuel Chabas Florence Habib-Deloncle

February 18, 2025 Audrey Girard

STRATEGY AND INVESTMENT COMMITTEE

February 18, 2025 Emmanuel Chabas Florence Habib-Deloncle




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 52
• GOVERNANCE •




2. Composition of the Executive Committee
The members of Icade’s Executive Committee are recognised by their peers. They rely on their expertise and experience
to contribute to local economic and social development and to the expansion of Icade. This committee meets each week
to discuss issues relating to Icade’s strategy regarding finances, organisation, customers and staff.
The composition of the Executive Committee has changed since January 2025, with the appointment of Bruno Valentin
as CFO in April.
The Executive Committee consists of 10 members, including 5 women and 5 men.




Nicolas Joly
Chief Executive Officer




Audrey Camus Séverine Floquet Schmit Sandrine Hérès
In charge of the In charge of Audit, Risk, In charge of Human Resources and
Property Investment Division Compliance and Internal Control Work Environment




Flore Jachimowicz Charles-Emmanuel Kühne Jérôme Lucchini
In charge of CSR In charge of the Property General Secretary, in charge of
and Innovation Development Division the Group’s governance and Legal
and Insurance Department




Véronique Mercier Alexis de Nervaux Bruno Valentin
In charge of In charge of IT and Digital In charge of Finance
Institutional Relations Transformation
and Communications




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 53
CONDENSED
CONSOLIDA
TED
FINANCIAL
STATEMENT
S AS OF
JUNE 30,
2025




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 54
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 ............................................................................. 56
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025................................ 60
STATUTORY AUDITORS’ REPORT ON THE INTERIM FINANCIAL INFORMATION ....................................................... 99




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 55
• CONSOLIDATED FINANCIAL STATEMENTS •




Consolidated financial statements as of June 30, 2025
Unless otherwise stated, the consolidated financial statements are presented in millions of euros, rounded to the
nearest hundred thousand euros. Rounding differences may therefore occur in the financial statements presented.

Consolidated income statement
(in millions of euros) Notes 06/30/2025 06/30/2024 12/31/2024
Gross rental income 7.1.1. 178.3 187.8 369.2
Income from construction and off-plan sale contracts 7.1.1. 419.3 497.5 1,052.9
Income from services provided and other income 7.1.1. 32.8 13.6 29.5
Other income from operating activities 7.1.2. 76.3 80.4 120.4
Income from operating activities 706.6 779.3 1,571.9
Purchases used (402.2) (436.2) (949.8)
Outside services (120.9) (126.7) (202.4)
Taxes, duties and similar payments (4.6) (2.9) (7.6)
Staff costs, performance incentive scheme and profit sharing (70.2) (66.1) (133.2)
Other operating expenses 36.0 (80.3) (39.9)
Expenses from operating activities (561.9) (712.2) (1,332.9)
EBITDA 144.8 67.1 239.0
Depreciation charges net of government investment grants (8.5) (13.0) (26.9)
Change in fair value of investment property 4.3. (200.5) (268.5) (492.4)
Charges and reversals related to impairment of tangible, financial and other current assets (0.2) (1.1) (1.3)
Profit/(loss) from acquisitions (0.1) (0.0) (0.5)
Profit/(loss) on asset disposals (1.8) (4.3) 0.4
Share of net profit/(loss) of equity-accounted companies 8.2. (6.8) (2.1) (39.3)
OPERATING PROFIT/(LOSS) (73.3) (222.0) (321.0)
Cost of net financial liabilities (18.7) (1.9) (13.8)
Other finance income and expenses (2.8) (4.8) (8.6)
FINANCE INCOME/(EXPENSE) 5.1.4. (21.5) (6.7) (22.4)
Tax expense 9.1. 3.3 26.1 26.7
Net profit/(loss) from continuing operations (91.5) (202.6) (316.7)
Profit/(loss) from discontinued operations - (0.5) (0.5)
NET PROFIT/(LOSS) (91.5) (203.2) (317.2)
Including net profit/(loss) attributable to the Group (91.7) (180.5) (275.9)
- Including continuing operations (91.7) (180.0) (275.4)
- Including discontinued operations - (0.5) (0.5)
Including net profit/(loss) attributable to non-controlling interests 0.2 (22.6) (41.3)

Basic earnings per share attributable to the Group (in €) 6.3.1. (€1.21) (€2.38) (€3.64)
- Including continuing operations per share (€1.21) (€2.38) (€3.63)
- Including discontinued operations per share - (€0.01) (€0.01)
Diluted earnings per share attributable to the Group (in €) 6.3.2. (€1.21) (€2.38) (€3.64)
- Including continuing operations per share (€1.21) (€2.38) (€3.63)
- Including discontinued operations per share - (€0.01) (€0.01)


Consolidated statement of comprehensive income
(in millions of euros) 06/30/2025 06/30/2024 12/31/2024
NET PROFIT/(LOSS) FOR THE PERIOD (91.5) (203.2) (317.2)
Other comprehensive income:
- Recyclable to the income statement – cash flow hedges: (1.3) 4.6 (16.2)
- Change in fair value 0.1 4.7 (16.1)
- Tax on changes in fair value (0.0) (0.0) 0.1
- Recycling to the income statement (1.5) (0.1) (0.3)
- Non-recyclable to the income statement - 0.8 0.5
- Actuarial gains and losses - 1.0 0.6
- Taxes on actuarial gains and losses - (0.1) (0.0)
Total other comprehensive income (1.3) 5.4 (15.7)
- Including transfer to net profit/(loss) (1.5) (0.1) (0.3)
COMPREHENSIVE INCOME FOR THE PERIOD (92.8) (197.7) (332.9)
- Including comprehensive income attributable to the Group (92.8) (174.9) (290.0)
- Including continuing operations (92.8) (174.4) (289.5)
- Including discontinued operations - (0.5) (0.5)
- Including comprehensive income attributable to non-controlling interests 0.0 (22.8) (42.9)




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 56
• CONSOLIDATED FINANCIAL STATEMENTS •




Consolidated statement of financial position
ASSETS
(in millions of euros) Notes 06/30/2025 12/31/2024
Other intangible fixed assets 32.6 34.9
Tangible fixed assets 30.2 35.6
Investment property 4.1.1. 6,133.3 6,266.0
Equity-accounted investments 8.1. 87.0 89.3
Financial assets at fair value through profit or loss 5.1.5. 1,041.0 15.8
Financial assets at amortised cost 5.1.5. 7.2 5.1
Derivative assets 5.1.3. 47.3 49.5
Deferred tax assets 47.9 45.5
NON-CURRENT ASSETS 7,426.6 6,541.7
Inventories and work in progress 7.2.2. 642.6 630.4
Contract assets 7.2.3. 147.5 148.9
Accounts receivable 7.2.3. 126.1 163.8
Tax receivables 1.3 1.6
Miscellaneous receivables 331.2 345.2
Other financial assets at fair value through profit or loss 5.1.5. 0.1 0.1
Financial assets at amortised cost 5.1.5. 389.3 338.6
Derivative assets 5.1.3. 0.3 0.7
Cash and cash equivalents 5.1.6. 1,056.6 1,233.3
Investment property held for sale 4.1. 13.2 13.2
Financial assets held for sale 5.1.5. - 1,101.9
CURRENT ASSETS 2,708.4 3,977.7
TOTAL ASSETS 10,135.0 10,519.4



LIABILITIES
(in millions of euros) Notes 06/30/2025 12/31/2024
Share capital 6.1.1. 116.2 116.2
Share premium 2,147.5 2,387.4
Treasury shares (30.8) (31.9)
Revaluation reserves 5.1.3. 46.7 47.2
Other reserves 1,714.0 2,080.4
Net profit/(loss) attributable to the Group (91.7) (275.9)
Equity attributable to the Group 3,902.0 4,323.4
Non-controlling interests 31.2 40.5
EQUITY 3,933.2 4,363.9
Provisions 10.1. 48.8 49.8
Financial liabilities 5.1.1. 3,487.4 3,823.5
Lease liabilities 45.4 46.9
Deferred tax liabilities 17.3 19.0
Other financial liabilities 54.6 55.9
Derivative liabilities 5.1.3. 1.6 3.9
NON-CURRENT LIABILITIES 3,655.2 3,999.0
Provisions 10.1. 63.0 75.1
Financial liabilities 5.1.1. 1,137.6 859.4
Lease liabilities 5.5 5.4
Tax liabilities 1.7 1.3
Contract liabilities 7.2.3. 57.0 85.6
Accounts payable 674.4 667.6
Miscellaneous payables 606.2 460.8
Other financial liabilities 0.6 0.6
Derivative liabilities 5.1.3. 0.1 0.1
Liabilities from discontinued operations 4.1.2. 0.5 0.5
CURRENT LIABILITIES 2,546.6 2,156.6
TOTAL LIABILITIES AND EQUITY 10,135.0 10,519.4




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Consolidated cash flow statement
Notes 06/30/2025 06/30/2024 12/31/2024
(in millions of euros)
OPERATING ACTIVITIES (I)
Net profit/(loss) (91.5) (203.2) (317.2)
Net depreciation and provision charges (32.6) 96.9 106.9
Change in fair value of investment property 200.5 268.5 492.4
Unrealised gains and losses due to changes in fair value 38.9 59.8 30.4
Other non-cash income and expenses (1.5) (9.4) (6.4)
Capital gains or losses on asset disposals 1.0 0.3 (3.2)
Capital gains or losses on disposals of investments in consolidated companies - 3.2 0.3
Share of profit/(loss) of equity-accounted companies 6.8 2.1 39.3
Dividends received (39.4) (49.4) (63.8)
Cash flow from operating activities after cost of net financial liabilities and tax 82.3 168.8 278.8
Cost of net financial liabilities 24.6 35.7 46.9
Tax expense (3.3) (26.1) (26.5)
Cash flow from operating activities before cost of net financial liabilities and tax 103.6 178.5 299.1
Interest paid (43.5) (47.7) (75.8)
Tax paid (1.2) 6.5 3.5
Change in working capital requirement related to operating activities 7.2.1. 8.2 (32.2) 139.6
NET CASH FLOW FROM OPERATING ACTIVITIES 67.1 105.1 366.4
INVESTING ACTIVITIES (II)
Other intangible and tangible fixed assets and investment property
- acquisitions (120.9) (95.5) (200.2)
- disposals 37.7 0.0 95.8
Change in security deposits paid and received (1.4) 0.1 (1.9)
Change in financial receivables 0.8 1.2 2.4
Operating investments (83.8) (94.3) (103.9)
Investments in subsidiaries
- acquisitions (0.5) (0.4) (0.7)
- disposals (0.0) 0.0 0.0
- impact of changes in scope of consolidation (7.2) (14.2) (14.2)
Investments in equity-accounted companies and unconsolidated companies
- acquisitions 0.0 (0.0) 4.8
- disposals 6.7 0.3 0.6
Dividends received and profit/(loss) of tax-transparent equity-accounted companies 41.3 48.3 67.0
Financial investments 40.4 34.1 57.5
NET CASH FLOW FROM INVESTING ACTIVITIES (43.4) (60.2) (46.4)
FINANCING ACTIVITIES (III)
Amounts received from non-controlling interests on capital increases (0.0) 0.0 (0.0)
Final and interim dividends paid to Icade SA shareholders 2.5. (163.7) (183.4) (366.7)
Final and interim dividends paid to non-controlling interests 1.0 3.0 (2.8)
Repurchase of treasury shares 1.1 (1.3) (1.4)
Acquisitions of non-controlling interests - - -
Change in cash from capital activities (175.8) (181.7) (371.0)
Bond issues and new financial liabilities 555.4 235.1 391.5
Bond redemptions and repayments of financial liabilities (545.8) (577.4) (648.9)
Repayments of lease liabilities (2.6) (6.2) (9.8)
Acquisitions and disposals of financial assets and liabilities (21.4) 21.4 42.9
Change in cash from financing activities 5.1.1. (14.4) (327.2) (224.3)
NET CASH FLOW FROM FINANCING ACTIVITIES (190.2) (508.9) (595.3)
NET CHANGE IN CASH (I) + (II) + (III) (166.4) (464.0) (275.3)
OPENING NET CASH 1,131.9 1,407.2 1,407.2
CLOSING NET CASH 965.5 943.2 1,131.9
Cash and cash equivalents (excluding interest accrued but not due) 1,053.7 1,136.7 1,230.2
Bank overdrafts (excluding interest accrued but not due) (88.2) (193.5) (98.3)
NET CASH 965.5 943.2 1,131.9




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Consolidated statement of changes in equity
Other reserves
and net
profit/(loss) Equity Non-
Share Share Treasury Revaluation attributable to attributable controlling
(in millions of euros) capital premium shares reserves the Group to the Group interests Total equity
EQUITY AS OF 12/31/2023 116.2 2,387.4 (33.9) 61.8 2,454.4 4,985.9 81.8 5,067.7
Net profit/(loss) (180.5) (180.5) (22.6) (203.2)
Other comprehensive income:
Cash flow hedges:
- Changes in value 5.0 5.0 (0.3) 4.7
- Tax on changes in fair value (0.0) (0.0) 0.0 (0.0)
- Recycling to the income statement (0.2) (0.2) 0.1 (0.1)
Other non-recyclable items:
- Actuarial gains and losses 1.0 1.0 (0.0) 1.0
- Taxes on actuarial gains and losses (0.1) (0.1) (0.1)
Comprehensive income 4.8 (179.7) (174.9) (22.8) (197.7)
Dividends (367.8) (367.8) (1.1) (368.9)
Treasury shares 1.9 (3.3) (1.3) (1.3)
Other 0.0 (1.9) (1.9) 3.2 1.3
EQUITY AS OF 06/30/2024 116.2 2,387.4 (32.0) 66.6 1,901.8 4,440.1 61.0 4,501.1
Net profit/(loss) (95.4) (95.4) (18.7) (114.1)
Other comprehensive income:
Cash flow hedges:
- Changes in value (19.2) (19.2) (1.6) (20.8)
- Tax on changes in fair value 0.1 0.1 0.0 0.1
- Recycling to the income statement (0.3) (0.3) 0.1 (0.2)
Other non-recyclable items:
- Actuarial gains and losses (0.4) (0.4) 0.0 (0.4)
- Taxes on actuarial gains and losses 0.1 0.1 0.1
Comprehensive income (19.4) (95.7) (115.1) (20.1) (135.2)
Dividends paid 1.1 1.1 0.0 1.1
Treasury shares 0.1 (0.2) (0.1) (0.1)
Other 0.0 (2.6) (2.6) (0.4) (3.0)
EQUITY AS OF 12/31/2024 116.2 2,387.4 (31.9) 47.2 1,804.4 4,323.4 40.5 4,363.9
Net profit/(loss) (91.7) (91.7) 0.2 (91.5)
Other comprehensive income:
Cash flow hedges:
- Changes in value 0.4 0.4 (0.2) 0.1
- Tax on changes in fair value (0.0) (0.0) (0.0) (0.0)
- Recycling to the income statement (1.5) (1.5) 0.0 (1.5)
Comprehensive income (1.2) (91.7) (92.8) 0.0 (92.8)
Dividends paid (a) (239.9) (87.8) (327.7) 1.1 (326.6)
Treasury shares (b) 1.0 1.0 1.0
Other (c) 0.7 (2.6) (1.9) (10.5) (12.4)
EQUITY AS OF 06/30/2025 116.2 2,147.5 (30.8) 46.7 1,622.4 3,902.0 31.2 3,933.2
(a) The cash dividend approved by the General Meeting in 2025 was paid in two instalments: an interim dividend in March 2025 with the balance paid in July
2025 (see note 2.5).
(b) Treasury shares amounted to 409,716 as of June 30, 2025 vs. 455,966 as of December 31, 2024.
(c) The decrease in non-controlling interests mainly related to Future Way (see note 2.4).




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Notes to the condensed consolidated financial statements
as of June 30, 2025
NOTE 1. GENERAL PRINCIPLES .......................................................................................................................................... 61
1.1. General information................................................................................................................................................ 61
1.2. Accounting standards ............................................................................................................................................. 61
1.3. Basis of preparation and presentation of the consolidated financial statements .................................................. 62
NOTE 2. H1 2025 HIGHLIGHTS .......................................................................................................................................... 64
2.1. Property Investment: Investments and disposals ................................................................................................... 64
2.2. Property Development: acquisition of a property portfolio ................................................................................... 64
2.3. Changes in financial liabilities ................................................................................................................................. 64
2.4. Remaining interests in the Healthcare Property Investment Division .................................................................... 65
2.5. Dividend distribution .............................................................................................................................................. 65
NOTE 3. SEGMENT REPORTING ........................................................................................................................................ 66
3.1. Reconciliation of operational reporting to the consolidated financial statements ................................................ 67
3.2. Segmented income statement ................................................................................................................................ 69
3.3. Segmented statement of financial position ............................................................................................................ 70
NOTE 4. PROPERTY PORTFOLIO AND FAIR VALUE ............................................................................................................ 71
4.1. Property portfolio ................................................................................................................................................... 71
4.2. Valuation of the property portfolio: methods and assumptions ............................................................................ 71
4.3. Change in fair value of investment property .......................................................................................................... 75
NOTE 5. FINANCE AND FINANCIAL INSTRUMENTS ........................................................................................................... 76
5.1. Financial structure and contribution to profit/(loss) .............................................................................................. 76
5.2. Management of financial risks ................................................................................................................................ 81
5.3. Fair value of financial assets and liabilities ............................................................................................................. 85
NOTE 6. EQUITY AND EARNINGS PER SHARE .................................................................................................................... 86
6.1. Share capital and ownership structure ................................................................................................................... 86
6.2. Dividends ................................................................................................................................................................ 86
6.3. Earnings per share .................................................................................................................................................. 87
NOTE 7. OPERATIONAL INFORMATION ............................................................................................................................ 88
7.1. Income from operating activities ............................................................................................................................ 88
7.2. Components of the working capital requirement................................................................................................... 88
NOTE 8. OTHER NON-CURRENT ASSETS ........................................................................................................................... 90
8.1. Change in equity-accounted investments............................................................................................................... 90
8.2. Information on joint ventures and associates ........................................................................................................ 90
NOTE 9. INCOME TAX ....................................................................................................................................................... 91
9.1. Tax expense ............................................................................................................................................................ 91
NOTE 10. PROVISIONS AND CONTINGENT LIABILITIES ..................................................................................................... 91
10.1. Provisions .............................................................................................................................................................. 91
10.2. Contingent liabilities ............................................................................................................................................. 91
NOTE 11. OTHER INFORMATION ...................................................................................................................................... 92
11.1. Related parties ...................................................................................................................................................... 92
11.2. Off-balance sheet commitments and related parties ........................................................................................... 92
11.3. Events after the reporting period ......................................................................................................................... 92
11.4. Scope ..................................................................................................................................................................... 93




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Note 1. General principles
1.1. General information
Icade (“the Company”) is a French public limited company (SA, société anonyme) listed on Euronext Paris. The Company
opted for the tax regime for French listed real estate investment companies (SIICs) referred to in Article 208 C of
the French General Tax Code (CGI). The Company’s registered office is situated at 1, avenue du Général de Gaulle, 92800
Puteaux, France.
The Company’s consolidated financial statements as of June 30, 2025 reflect the financial position and profits and losses
of the Company and its subsidiaries (“the Group”), as well as the Group’s investments in equity-accounted companies
(joint ventures and associates). They were prepared in euros, which is the Company’s functional currency.
The Group is an integrated real estate player operating as a commercial property investor and a developer of residential
and office properties as well as large-scale public amenities.


1.2. Accounting standards
The Group’s condensed consolidated financial statements for the half-year ended June 30, 2025 have been prepared in
accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union as of June 30,
2025, pursuant to European Regulation No. 1606/2002 dated July 19, 2002, and include comparative information
(H1 2024 and/or December 31, 2024) prepared under the accounting standards applicable at the reporting date.
The international accounting standards are issued by the IASB (International Accounting Standards Board) and have
been adopted by the European Union. They include the IFRS, the IAS (International Accounting Standards) and their
interpretations. These standards are available for viewing on the European Commission’s website.
The accounting policies and measurement bases used by the Group in preparing the condensed consolidated financial
statements are identical to those used for the consolidated financial statements as of December 31, 2024, subject to
the specific provisions of IAS 34 – Interim Financial Reporting described in note 1.3.3, and except for those mandatory
standards, interpretations and amendments to be applied for periods beginning on or after January 1, 2025, which are
detailed in note 1.2.1 below.


1.2.1. Mandatory standards, amendments, interpretations and directive adopted
by the European Union which became effective for annual periods beginning on
or after January 1, 2025

 Amendment to IAS 21 – Lack of Exchangeability.
This amendment specifies the exchange rate to use in reporting foreign currency transactions when exchangeability
between two currencies is lacking.
This amendment has had no impact on the Group.


1.2.2. Standards, amendments and interpretations issued but not yet mandatory
for annual periods beginning on or after January 1, 2025
Standards, amendments and interpretations issued by the IASB and adopted by the European Union but not yet
effective for annual periods beginning on or after January 1, 2025
 Amendments to IFRS 7 and IFRS 9 – Classification and Measurement of Financial Instruments
• Derecognition: The amendments clarify when to derecognise a financial asset or financial liability.
• Financial liabilities: They introduce an accounting policy option to derecognise financial liabilities settled
by an electronic payment system earlier than their settlement date, subject to certain criteria being met.
• SPPI criterion: They clarify the analysis of the Solely Payments of Principal and Interest (SPPI) criterion for
loans with environmental, social and governance (ESG) features.
These amendments will come into force for annual reporting periods beginning on or after January 1, 2026.



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 IFRS 18 – Presentation and Disclosure in Financial Statements
This standard will replace IAS 1 – Presentation of Financial Statements and primarily amend IAS 7 – Statement of
Cash Flows and IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors.
It is intended to:
• improve comparability in the statement of profit or loss (income statement) by specifying its basic
structure and content, in particular through the introduction of three new categories for income and
expenses in addition to the existing income taxes category and discontinued operations category:
operating, investing and financing;
• enhance transparency in reporting certain management-defined performance measures (MPMs) that are
related to the income statement;
• improve the relevance of disclosures by tightening the requirements for aggregation and disaggregation
of information disclosed in the primary financial statements and accompanying notes.

The application of IFRS 18 will be mandatory for annual reporting periods beginning on or after January 1, 2027
on a retrospective basis.

Standards, amendments and interpretations issued by the IASB but not yet adopted by the European Union
 IFRS 19 – Subsidiaries without Public Accountability: Disclosures
The purpose of this standard is to reduce the disclosure requirements for subsidiaries whose debt or equity
instruments are not traded in a public market.

The application of IFRS 19 will be mandatory for annual reporting periods beginning on or after January 1, 2027,
subject to endorsement by the European Union.
It is not applicable to the Group.


1.3. Basis of preparation and presentation of the consolidated financial
statements
According to the principle of relevance and the ensuing materiality notion, only information deemed relevant and useful
to the users’ understanding of the consolidated financial statements is reported.


1.3.1. Measurement bases
The consolidated financial statements have been prepared according to the amortised cost method, with the exception
of certain financial assets and liabilities and investment property measured at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. IFRS 13 – Fair Value Measurement utilises a fair value hierarchy
across three levels:
 Level 1: fair value measured based on unadjusted prices quoted in active markets for identical assets or liabilities;
 Level 2: fair value measured based on models using observable data, either directly (i.e. prices), or indirectly
(i.e. data derived from prices);
 Level 3: fair value measured based on market data not directly observable.


1.3.2. Use of judgements and estimates
The preparation of consolidated financial statements requires the Group’s management to use estimates and
assumptions to determine the value of certain assets, liabilities, income and expenses, as well as for the information
provided in the notes to the consolidated financial statements.
Due to the uncertainties inherent in any measurement process, the Group revises its estimates on the basis of regularly
updated information. The future results of the operations concerned may differ from the estimates made at the
reporting date of the condensed consolidated financial statements.
The main estimates made by the Group related to the following measurements:


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 The fair value of investment property determined by the valuations carried out by independent property valuers
(see note 4.2);
 Measurement of credit risk arising from accounts receivable;
 Measurement of revenue based on the percentage of completion method for construction and off-plan sale
contracts following the half-yearly review of property developments whose land is controlled by the Group.

The accounting estimates used to prepare the financial statements as of June 30, 2025 were made amid continuing
uncertainty in the real estate sector, particularly for the property development business.
The Group has taken into account the reliable data available to assess the impact of the economic environment on its
business as of June 30, 2025. The Group has a high level of fixed rate or hedged debt. In the short and medium term,
the Group will nonetheless closely monitor interest rates in the financial markets and their impact on financing costs.

In addition to using estimates, the Group’s management relied on its judgement to define the appropriate accounting
treatment for certain operations and transactions where current IFRS and their interpretations did not specifically
address the accounting issues raised.
For example, the Group’s management has taken into account climate change and sustainable development issues
through its investment and expenditure policy in line with applicable regulations and its strategy to reduce the Group’s
carbon footprint. As such, funds have been allocated on a yearly basis to finance projects to be undertaken. Icade has
also actively pursued its strategy of using sustainable finance for its business activities while adhering to its Green Bond
Framework.
In addition, management exercised its judgement in:
 Determining the degree of control (sole or joint) by the Group over its investments or the existence of significant
influence;
 Measuring the right-of-use assets and lease commitments that were used in applying IFRS 16 – Leases and,
in particular, in determining lease terms;
 Determining the classification of leases in which the Group is the lessor between operating and finance leases;
 Recognising deferred tax assets, in particular tax loss carry forwards.


1.3.3. Specific rules applying to the preparation of condensed consolidated
financial statements
The condensed consolidated financial statements as of June 30, 2025 do not include all the financial information
required for annual consolidated financial statements and should therefore be read in conjunction with the Group’s
consolidated financial statements as of December 31, 2024.
In accordance with IAS 34, the tax expense for H1 2025 was calculated by applying, for each company, the average
effective tax rate estimated for the full financial year to the profit/(loss) before tax for the interim period. This rate was
estimated based on 2025 data approved by management.


1.3.4. Effects of climate change
In response to the 2015 Paris Climate Agreement, the Icade Group has stepped up its environmental and societal
commitments by setting its divisions ambitious carbon reduction targets for 2030. These objectives have been factored
into its investment and expenditure policy, with annual resources allocated in order to achieve them. When determining
the fair value of investment properties, planned investments, including those related to climate, are submitted to the
independent property valuers for review. Such property valuers carry out their work in accordance with their
professional standards, as described in note 4.2.1 “Valuation assignments”. Based on their knowledge of the market,
they found no evidence that sustainability criteria had a material impact on transaction prices in H1 2025. However,
they remain attentive to any changes in the real estate market in this regard.
As of June 30, 2025, climate change effects had no material impact on the judgements and estimates required to
prepare the financial statements.




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Note 2. H1 2025 highlights
2.1. Property Investment: Investments and disposals
Investments made by the Property Investment Division totalled €105.1 million and related in particular to continued
work on projects under development such as Edenn in Nanterre-Préfecture, Marignan in Paris, Pulse in Saint-Denis,
Centreda in Toulouse and a data center in Aubervilliers.
The Property Investment Division’s disposals mainly related to hotel properties in Marseille, Bordeaux and Quimper
for €36.1 million. Separately, in line with its portfolio refocusing strategy, Icade exited the public-private partnership
(PPP) for the Philippe Canton building in Nancy early through (i) the termination of the long-term hospital lease with
the Nancy Regional University Hospital (CHRU) and (ii) the transfer of the associated liabilities to the CHRU.


For further information about investments and disposals completed during the period, an analysis has been provided
in note 4.1 “Investment Property”.


2.2. Property Development: acquisition of a property portfolio
In December 2024, Icade signed a binding agreement with Casino for the acquisition of a property portfolio of 11 sites
comprising car parks, undeveloped land, premises and ancillary lots adjoining retail buildings for €50.2 million
excluding taxes.
Icade acquired 10 sites in H1, representing €38.5 million including taxes on a proportionate consolidation basis. Icade
and CDC Habitat Group jointly invested in two of the 10 sites.


2.3. Changes in financial liabilities
The Group’s gross financial liabilities stood at €4,625.0 million as of June 30, 2025 vs. €4,682.9 million as of
December 31, 2024, mainly due to the following bond transactions:
 €500.0 million in green bonds issued, maturing in May 2035 with a coupon of 4.375%.
 Buyback of three existing bonds for a nominal amount of €267.5 million:
• a €750.0 million bond maturing on June 10, 2026 with a 1.750% coupon repurchased for €79.0 million;
• a €600.0 million bond maturing on September 13, 2027 with a 1.500% coupon repurchased for €160.0 million;
• and a €600.0 million bond maturing on February 28, 2028 with a 1.625% coupon repurchased for
€28.5 million.


A €5.6 million cash adjustment was received as a result of this bond buyback. It was recognised under “Other finance
income and expenses” in the Group’s consolidated income statement.


A complete review has been provided in note 5 “Finance and financial instruments” for further information about
changes in the Group’s financing structure during the period.




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2.4. Remaining interests in the Healthcare Property Investment
Division
 Exchange of Praemia Healthcare shares for Future Way shares
In an investment market that has deteriorated since 2023 (high borrowing rates, correction in yields, sudden halt
in inflows, political instability in France), Icade has been working on alternative solutions to continue its
divestment of the Healthcare business. For example, on February 21, 2025, the Group and Predica, a life insurance
subsidiary of Crédit Agricole Assurances, completed the exchange of some of Icade’s shares in Praemia Healthcare
for some of Predica’s shares in Future Way. The latter, in which Icade already held a 52.75% majority stake, owns
a well-positioned office asset in Lyon.

This transaction was completed based on a valuation in line with NAV as of December 31, 2024 for a total of
€29.8 million.

 Capital reduction at Praemia Healthcare
At Praemia Healthcare’s General Meeting held on June 19, 2025, a selective capital reduction not intended to
cover losses was approved whereby the shares of some of the shareholders were cancelled. This capital reduction
was completed in line with the June 13, 2023 sale agreement which stipulates that proceeds from asset disposals
are to be used to finance capital reductions for the benefit of minority shareholders. As a result of this reduction,
Icade received €6.4 million.

These two transactions allowed Icade to reduce its exposure to Praemia Healthcare to 21.61%.

 Financial assets at fair value through profit or loss classified under non-current assets
As of December 31, 2024, the remaining interests in the Healthcare Property Investment Division, measured
at fair value through profit or loss, were classified as “Financial assets held for sale at fair value through profit or
loss” in accordance with IFRS 5.
As of June 30, 2025, despite the disposal strategy having been confirmed by the Board of Directors and a diligent
marketing process being underway, its completion within twelve months was no longer considered highly
probable in the current market environment. Consequently, these shares no longer meet the classification
requirements of IFRS 5. They are now presented on the balance sheet as “Financial assets at fair value through
profit or loss” under non-current assets.
This change in the balance sheet presentation of the remaining shares in the Healthcare Property Investment
Division has no impact on the Group’s consolidated net profit/(loss) or on the LTV ratio disclosed herein, since
these shares remain measured at fair value through profit or loss in accordance with paragraph 4.1.4 of IFRS 9.


2.5. Dividend distribution
The General Meeting held on May 13, 2025 approved a gross cash dividend of €4.31 per share for the financial year
2024 and the following payment terms:
 Payment of an interim dividend of €2.16 per share on March 6, 2025 totalling €163.7 million, after taking into
account treasury shares, and
 A final dividend payment of €2.15 per share on July 3, 2025 totalling €163.0 million, after taking into account
treasury shares.


For further information about the dividends paid out by the Group during the half-year, an analysis has been provided
in note 7 “Equity and earnings per share”.




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Note 3. Segment reporting
The Group’s structure reflects its two business lines, each having its own specific risks and advantages. These two
business lines, which constitute the Group’s two operating segments under IFRS 8, are as follows:
 The Property Investment business, which focuses primarily on holding and developing office properties and
business parks for the rental of these assets and active management of this asset portfolio. Holding company
activities are presented in the Property Investment segment;
 The Property Development business, which focuses primarily on building properties for sale (office and residential
properties, large-scale public amenities);
 The Intersegment transactions and other items column includes discontinued operations as well as eliminations
and reclassifications relating to transactions between business lines.


The Property Development business line is presented on a full consolidation basis for controlled entities and on a
proportionate consolidation basis for joint ventures.
The following notes include a reconciliation of operational reporting to the consolidated financial statements (note 3.1)
and present the core segmented financial statements based on operational reporting (notes 3.2 to 3.4).




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3.1. Reconciliation of operational reporting to the consolidated financial
statements
Consolidated income statement
06/30/2025 06/30/2024
Adjustment Adjustment
Group Group
for Property for Property
Note Group Operational Group Operational
Development Development
reporting reporting
(in millions of euros) joint ventures joint ventures
Gross rental income 178.3 - 178.3 187.8 - 187.8

Income from construction and off-plan sale contracts 419.3 55.2 474.5 497.5 71.1 568.6

Income from services provided and other income 32.8 2.7 35.5 13.6 8.7 22.3

Other income from operating activities 76.3 1.6 77.8 80.4 0.4 80.8

Income from operating activities 7.1. 706.6 59.5 766.1 779.3 80.2 859.5

Purchases used (402.2) (55.0) (457.1) (436.2) (70.2) (506.4)

Outside services (120.9) (1.5) (122.4) (126.7) (1.1) (127.8)

Taxes, duties and similar payments (4.6) (0.7) (5.2) (2.9) (0.9) (3.7)

Staff costs, performance incentive scheme and profit sharing (70.2) - (70.2) (66.1) - (66.1)

Other operating expenses 36.0 (1.3) 34.7 (80.3) 1.5 (78.8)

Expenses from operating activities (561.9) (58.5) (620.3) (712.2) (70.7) (782.8)

EBITDA 144.8 1.0 145.8 67.1 9.6 76.6

Depreciation charges net of government investment grants (8.5) - (8.5) (13.0) - (13.0)

Change in value of investment property (200.5) - (200.5) (268.5) - (268.5)
Charges and reversals related to impairment of tangible, financial and
(0.2) - (0.2) (1.1) 0.2 (0.9)
other current assets
Profit/(loss) from acquisitions (0.1) - (0.1) (0.0) - (0.0)

Profit/(loss) on asset disposals (1.8) - (1.8) (4.3) - (4.3)

Share of profit/(loss) of equity-accounted companies (6.8) 1.2 (5.6) (2.1) (3.0) (5.2)

Operating profit/(loss) (73.3) 2.2 (71.1) (222.0) 6.8 (215.3)

Cost of net financial liabilities (18.7) (1.4) (20.0) (1.9) (2.4) (4.3)

Other finance income and expenses (2.6) (0.5) (3.1) (4.8) (2.4) (7.1)

Finance income/(expense) (21.5) (1.9) (23.4) (6.7) (4.8) (11.5)

Tax expense 3.3 (0.3) 3.0 26.1 (2.0) 24.1

Net profit/(loss) from continuing operations (91.5) - (91.5) (202.6) - (202.6)

Profit/(loss) from discontinued operations - - - (0.5) - (0.5)

Net profit/(loss) (91.5) - (91.5) (203.2) - (203.2)

Including net profit/(loss) attributable to non-controlling interests 0.2 - 0.2 (22.6) - (22.6)

Net profit/(loss) attributable to the Group (91.7) - (91.7) (180.5) - (180.5)




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Consolidated statement of financial position
Assets 06/30/2025 12/31/2024
Adjustment Adjustment
Group Group
for Property for Property
Group Operational Group Operational
Development Development
reporting reporting
(in millions of euros) joint ventures joint ventures
Other intangible fixed assets 32.6 (0.0) 32.6 34.9 (0.0) 34.9
Tangible fixed assets 30.2 - 30.2 35.6 - 35.6
Investment property 6,133.3 - 6,133.3 6,266.0 - 6,266.0
Financial assets 1,135.3 (8.4) 1,126.8 110.2 (8.8) 101.4
Derivative assets 47.3 - 47.3 49.5 - 49.5
Deferred tax assets 47.9 1.5 49.3 45.5 1.4 46.9
NON-CURRENT ASSETS 7,426.6 (7.0) 7,419.6 6,541.7 (7.4) 6,534.3
Inventories and work in progress 642.6 145.5 788.1 630.4 145.2 775.7
Contract assets 147.5 43.6 191.2 148.9 49.5 198.4
Accounts receivable 126.1 6.6 132.8 163.8 4.3 168.1
Tax receivables 1.3 0.8 2.2 1.6 1.1 2.7
Miscellaneous receivables 331.2 26.6 357.8 345.2 33.1 378.3
Financial assets 389.4 21.8 411.2 338.7 10.5 349.2
Derivative assets 0.3 - 0.3 0.7 - 0.7
Cash and cash equivalents 1,056.6 63.4 1,120.0 1,233.3 61.8 1,295.1
Investment property held for sale 13.2 - 13.2 13.2 - 13.2
Financial assets held for sale (0.0) - (0.0) 1,101.9 - 1,101.9
CURRENT ASSETS 2,708.4 308.5 3,016.9 3,977.7 305.7 4,283.4
TOTAL ASSETS 10,135.0 301.6 10,436.6 10,519.4 298.3 10,817.7



Liabilities 06/30/2025 12/31/2024
Adjustment Adjustment
Group Group
for Property for Property
Group Operational Group Operational
Development Development
reporting reporting
(in millions of euros) joint ventures joint ventures
Equity attributable to the Group 3,902.0 - 3,902.0 4,323.4 (0.0) 4,323.4
Non-controlling interests 31.2 (0.0) 31.2 40.5 (0.0) 40.5
EQUITY 3,933.2 - 3,933.2 4,363.9 (0.0) 4,363.9
Provisions 48.8 (29.5) 19.3 49.8 (31.0) 18.8
Financial liabilities 3,487.4 11.5 3,498.9 3,823.5 28.6 3,852.0
Lease liabilities 45.4 - 45.4 46.9 - 46.9
Deferred tax liabilities 17.3 0.5 17.9 19.0 0.7 19.6
Other financial liabilities 54.6 0.1 54.7 55.9 0.0 55.9
Derivative liabilities 1.6 - 1.6 3.9 - 3.9
NON-CURRENT LIABILITIES 3,655.2 (17.4) 3,637.9 3,999.0 (1.8) 3,997.2
Provisions 63.0 1.6 64.6 75.1 0.2 75.3
Financial liabilities at amortised cost 1,137.6 183.7 1,321.3 859.4 140.6 1,000.0
Lease liabilities 5.5 - 5.5 5.4 - 5.4
Tax liabilities 1.7 0.5 2.2 1.3 1.7 3.0
Contract liabilities 57.0 15.4 72.4 85.6 16.6 102.2
Accounts payable 674.4 103.0 777.4 667.6 107.7 775.3
Miscellaneous payables 606.2 14.6 620.8 460.8 33.1 493.9
Other financial liabilities 0.6 - 0.6 0.6 - 0.6
Derivative liabilities 0.1 0.1 0.2 0.1 0.1 0.3
Liabilities from discontinued operations 0.5 - 0.5 0.5 - 0.5
CURRENT LIABILITIES 2,546.6 318.9 2,865.5 2,156.6 300.1 2,456.6
TOTAL LIABILITIES AND EQUITY 10,135.0 301.6 10,436.6 10,519.4 298.3 10,817.7




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3.2. Segmented income statement
06/30/2025 06/30/2024

Property Intersegment Group Property Intersegment Group
Property Property
Development transactions Operational Development transactions Operational
Investment Investment
(a) and other items reporting (a) and other items reporting
(in millions of euros)
Gross rental income 178.3 - - 178.3 187.8 - - 187.8
Income from construction and off-plan sale contracts - 474.5 - 474.5 - 568.6 - 568.6
Income from services provided and other income 9.9 26.5 (1.0) 35.5 7.5 14.4 0.4 22.3
Other income from operating activities 73.2 4.6 0.1 77.8 77.9 2.8 (0.0) 80.8
Income from operating activities 261.4 505.6 (0.9) 766.1 273.3 585.8 0.4 859.5
Purchases used (0.4) (456.8) - (457.1) 0.5 (506.8) - (506.4)
Outside services (96.9) (25.7) 0.2 (122.4) (97.7) (30.4) 0.2 (127.8)
Taxes, duties and similar payments (0.2) (5.0) - (5.2) 1.3 (5.0) - (3.7)
Staff costs, performance incentive scheme and profit sharing (29.6) (39.2) (1.5) (70.2) (27.4) (38.7) 0.0 (66.1)
Other operating expenses 3.9 30.7 0.1 34.7 (1.1) (78.0) 0.3 (78.8)
Expenses from operating activities (123.2) (495.9) (1.2) (620.3) (124.5) (659.0) 0.6 (782.8)
EBITDA 138.2 9.7 (2.1) 145.8 148.8 (73.2) 1.0 76.6
Depreciation charges net of government investment grants (4.5) (4.5) 0.5 (8.5) (8.8) (5.4) 1.1 (13.0)
Change in value of investment property (200.5) - - (200.5) (268.5) - - (268.5)
Charges and reversals related to impairment of tangible, financial
- (0.2) - (0.2) - (0.9) - (0.9)
and other current assets
Profit/(loss) from acquisitions - (0.1) - (0.1) - (0.0) - (0.0)
Profit/(loss) on asset disposals (1.7) (0.1) - (1.8) 0.0 (4.4) - (4.3)
Share of profit/(loss) of equity-accounted companies (5.7) 0.0 - (5.6) (5.4) 0.2 - (5.2)
Operating profit/(loss) (74.3) 4.8 (1.6) (71.1) (133.8) (83.6) 2.1 (215.3)
Cost of net financial liabilities (15.7) (12.2) 7.8 (20.0) (8.0) (5.3) 8.9 (4.3)
Other finance income and expenses 1.8 (1.6) (3.3) (3.1) 5.6 (2.5) (10.2) (7.1)
Finance income/(expense) (14.2) (13.8) 4.6 (23.4) (2.4) (7.8) (1.3) (11.5)
Tax expense 0.8 2.2 - 3.0 (0.3) 24.4 - 24.1
Net profit/(loss) from continuing operations (87.7) (6.8) 3.0 (91.5) (136.5) (67.0) 0.8 (202.6)
Profit/(loss) from discontinued operations - - - - - - (0.5) (0.5)
Net profit/(loss) (87.7) (6.8) 3.0 (91.5) (136.5) (67.0) 0.3 (203.2)
Including net profit/(loss) attributable to non-controlling interests (1.7) 1.9 - 0.2 (22.6) - - (22.6)
Net profit/(loss) attributable to the Group (85.9) (8.7) 3.0 (91.7) (113.9) (66.9) 0.3 (180.5)
(a) Fully consolidated entities and the Group’s share of joint ventures.




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3.3. Segmented statement of financial position
Assets 06/30/2025 12/31/2024

Property Intersegment Group Property Intersegment Group
Property Property
Development transactions and Operational Development transactions and Operational
Investment Investment
(a) other items reporting (a) other items reporting
(in millions of euros)
Other intangible fixed assets 23.3 9.3 - 32.6 25.0 9.9 - 34.9
Tangible fixed assets 13.5 22.5 (5.7) 30.2 14.5 21.1 - 35.6
Investment property 6,133.3 - - 6,133.3 6,266.0 - - 6,266.0
Financial assets 599.7 (137.1) 664.2 1,126.8 278.1 (138.7) (38.0) 101.4
Derivative assets 47.3 - - 47.3 49.5 - - 49.5
Deferred tax assets 0.0 49.3 - 49.3 0.0 46.9 - 46.9
NON-CURRENT ASSETS 6,817.1 (56.0) 658.6 7,419.6 6,633.1 (60.8) (38.0) 6,534.3
Inventories and work in progress 0.6 787.5 - 788.1 0.8 774.9 - 775.7
Contract assets - 191.2 (0.0) 191.2 - 198.4 (0.0) 198.4
Accounts receivable 41.3 100.4 (8.9) 132.8 97.1 81.2 (10.2) 168.1
Tax receivables 0.1 2.1 - 2.2 0.6 2.1 - 2.7
Miscellaneous receivables 156.2 256.7 (55.0) 357.8 134.4 291.9 (48.0) 378.3
Financial assets 102.3 196.9 112.0 411.2 429.9 135.1 (215.8) 349.2
Derivative assets 0.3 - - 0.3 0.7 - - 0.7
Cash and cash equivalents 947.4 399.7 (227.1) 1,120.0 937.4 442.0 (84.3) 1,295.1
Investment property held for sale 13.2 - - 13.2 13.2 - - 13.2
Financial assets held for sale (0.0) - - (0.0) (0.0) - 1,101.9 1,101.9
CURRENT ASSETS 1,261.5 1,934.4 (179.0) 3,016.9 1,614.2 1,925.6 743.6 4,283.4
TOTAL ASSETS 8,078.6 1,878.4 479.6 10,436.6 8,247.3 1,864.8 705.6 10,817.7




Liabilities 06/30/2025 12/31/2024
Property Intersegment Group Property Intersegment Group
Property Property
Development transactions and Operational Development transactions and Operational
Investment Investment
(in millions of euros) (a) other items reporting (a) other items reporting

Equity attributable to the Group (b) 2,767.1 (65.4) 1,200.3 3,902.0 3,106.9 (56.5) 1,273.0 4,323.4
Non-controlling interests 32.1 (0.9) - 31.2 38.0 2.5 - 40.5
EQUITY 2,799.2 (66.3) 1,200.3 3,933.2 3,144.9 (54.0) 1,273.0 4,363.9
Provisions 11.6 7.7 - 19.3 11.3 7.5 - 18.8
Financial liabilities 3,486.7 373.2 (361.0) 3,498.9 3,822.6 67.4 (38.0) 3,852.0
Lease liabilities 39.3 10.9 (4.8) 45.4 39.8 7.1 - 46.9
Deferred tax liabilities 14.0 3.9 - 17.9 15.6 4.0 - 19.6
Other financial liabilities 54.2 0.5 - 54.7 55.7 0.2 - 55.9
Derivative liabilities 1.6 - - 1.6 3.9 - - 3.9
NON-CURRENT LIABILITIES 3,607.4 396.2 (365.8) 3,637.9 3,948.9 86.3 (38.0) 3,997.2
Provisions 16.8 42.7 5.0 64.6 18.3 45.6 11.4 75.3
Financial liabilities at amortised cost 1,079.2 555.9 (313.8) 1,321.3 755.3 744.5 (499.8) 1,000.0
Lease liabilities 2.8 3.7 (1.0) 5.5 2.8 2.6 - 5.4
Tax liabilities 0.3 2.0 - 2.2 0.1 2.9 - 3.0
Contract liabilities - 72.4 - 72.4 (0.0) 102.3 - 102.2
Accounts payable 112.2 668.5 (3.2) 777.4 105.7 667.2 2.5 775.3
Miscellaneous payables 460.7 202.5 (42.5) 620.8 271.2 266.6 (44.0) 493.9
Other financial liabilities 0.0 0.6 - 0.6 0.0 0.6 - 0.6
Derivative liabilities - 0.2 - 0.2 0.0 0.3 - 0.3
Liabilities from discontinued operations - - 0.5 0.5 - - 0.5 0.5
CURRENT LIABILITIES 1,672.0 1,548.5 (355.0) 2,865.5 1,153.5 1,832.5 (529.4) 2,456.6
TOTAL LIABILITIES AND EQUITY 8,078.6 1,878.4 479.6 10,436.6 8,247.3 1,864.8 705.6 10,817.7
(a) Fully consolidated entities and the Group’s share of joint ventures.
(b) Equity attributable to the Group for the Property Development Division is presented after elimination of intercompany investments.




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Note 4. Property portfolio and fair value
4.1. Property portfolio
The Property Investment Division’s property portfolio mainly consists of investment property. The change in its
valuation obtained based on the methods described in note 4.2 resulted from the following:



Changes in fair value
Construction recognised in the Other changes
(in millions of euros) Notes 12/31/2024 work (a) Disposals income statement (b) 06/30/2025
Investment property measured at fair value 6,266.0 104.7 (44.6) (192.7) (0.0) 6,133.3
Investment property held for sale (IFRS 5) (c) 13.2 0.0 - 0.1 - 13.2
INVESTMENT PROPERTY ON THE BALANCE SHEET 4.3. 6,279.1 104.7 (44.6) (192.7) (0.0) 6,146.6
Investment property of equity-accounted companies (d) 80.2 0.4 - (7.1) - 73.5
Financial receivables and other assets 68.1 (54.5) - (1.0) 12.7
CARRYING AMOUNT OF THE PROPERTY PORTFOLIO 6,427.4 105.1 (99.1) (199.7) (1.0) 6,232.7
Lease liabilities (33.7) (33.8)
Unrealised capital gains on other appraised assets 4.4 4.2
APPRAISED VALUE OF THE PROPERTY PORTFOLIO 6,398.2 6,203.0
(a) The Property Investment Division’s construction work included €0.9 million in capitalised finance costs.
(b) Other changes primarily related to repayments of financial receivables.
(c) Assets held for sale related to Property Investment assets subject to preliminary sale agreements.
(d) Investment property of equity-accounted property investment companies is measured at fair value and shown on a proportionate consolidation basis.



Investments/Acquisitions
Investments made by the Property Investment Division amounted to €105.1 million during the period and primarily
included the following:
 Projects under development for €67.9 million including Edenn in Nanterre-Préfecture, Marignan in Paris, Centreda
in Toulouse, a data center in Aubervilliers and Seed in Lyon.
 Other investments, encompassing “Other capex” and “Other” for €37.8 million, related mainly to building
maintenance work and tenant improvements.


Disposals
Proceeds from disposals during the period (€44.1 million) mainly related to hotel properties in Marseille, Bordeaux and
Quimper (€36.1 million).
Separately, in line with its portfolio refocusing strategy, Icade exited the public-private partnership (PPP) for the Philippe
Canton building in Nancy early through (i) the termination of the long-term hospital lease with the Nancy Regional
University Hospital (CHRU) and (ii) the transfer of the associated liabilities to the CHRU.


4.2. Valuation of the property portfolio: methods and assumptions
4.2.1. Valuation assignments
The Property Investment Division’s property assets are valued twice a year by independent property valuers for the
publication of the half-year and annual consolidated financial statements, according to a framework consistent with the
SIIC Code of Ethics (sociétés d’investissement immobilier cotées, French listed real estate investment companies)
published in July 2008 by the French Federation of Real Estate Companies (Fédération des sociétés immobilières et
foncières).

Valuers are regularly selected through a competitive process. They are chosen from among members of the French
Association of Property Valuation Companies (Association Française des sociétés d’Expertise Immobilière, AFREXIM).




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In accordance with the SIIC Code of Ethics, after seven years Icade shall ensure that there is an internal turnover of the
teams responsible for the valuation of its assets in the selected property valuation company. The valuer signing the
valuation may not be appointed for more than two consecutive terms of four years except where the valuer has met
the requirement with regard to the internal turnover of the teams.

Property valuations were entrusted to Jones Lang LaSalle Expertises, Cushman & Wakefield Valuation France, CBRE
Valuation, Catella Valuation and BNP Paribas Real Estate Valuation. Property valuation fees are billed on the basis of
a fixed service fee that takes into account the specificities of the properties (number of units, floor area, number of
existing leases, etc.) and that is not based on the value of the assets.

The assignments of the property valuers, whose main valuation methods and conclusions are presented hereafter, are
performed according to professional standards, in particular:
 The French Property Valuation Charter (Charte de l’expertise en évaluation immobilière), fifth edition, published in
March 2017;
 The Barthès de Ruyter report from the French Securities and Exchange Commission (COB), which is part of the
French Financial Markets Authority (AMF), dated February 3, 2000, on the valuation of the property assets of
publicly traded companies;
 On an international level, TEGoVA’s (The European Group of Valuers’ Associations) European Valuation Standards
as set out in the ninth edition of its Blue Book published in 2020, as well as the Red Book standards of the Royal
Institution of Chartered Surveyors (RICS).
These various texts specify the required qualifications for the property valuers, a code of conduct and ethics, and the
main definitions (values, floor areas, rates and main valuation methods).
During each valuation session and when valuers submit their valuation reports, Icade makes sure that the methods used
by the different property valuers to value its assets are consistent.
Valuations are presented both inclusive and exclusive of duties, the values excluding duties being net of duties and fixed
legal expenses calculated by the property valuers.
Operating properties of significant value, the Le Millénaire shopping centre and assets in business parks are subject to
a double appraisal approach. Until their completion, this approach is also applied to the Property Investment Division’s
office projects under development (excluding off-plan acquisitions) with a valuation or capex budget over €10 million.
On-site inspections are systematically conducted by the property valuers for all new assets added to the portfolio.
Further on-site inspections are then organised according to a multi-year schedule or each time that a specific event
in the life of the building requires it (occurrence of significant changes in its structure or environment).
All the assets, including the land bank and projects under development, were valued as of June 30, 2025 according to
the procedures currently in place within the Group, with the exception of:
 Properties subject to a preliminary sale agreement or an exclusivity agreement as of the end of the reporting period
that are valued based on the sale price net of costs;
 Public properties and projects held as part of public-private partnerships (PPP) which are not subject to a formal
valuation due to the fact that ownership ultimately returns to the State at the end of these contracts. These assets
are included in the value of the Group’s property portfolio based on their net carrying amount.

The Group has also implemented a process of internal valuation by its asset management teams in order to verify the
asset values obtained by the property valuers and to gain a better understanding of the future performance of the
portfolio on the basis of the business plans defined. This process is updated on a yearly basis.


4.2.2. Methods used by the property valuers
Investment property is valued by the property valuers who use two methods simultaneously: the net income
capitalisation method and the discounted cash flow method (the property valuer may use the mean of the two methods
or the most appropriate method, as the case may be). The direct sales comparison method, which is based on the prices
of transactions noted on the market for assets equivalent in type and location, is also used to verify these valuations.
The net income capitalisation method involves applying a yield to income streams, whether that income is reported,
existing, theoretical or potential (estimated rental value). This approach may be implemented in different ways




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depending on the type of income considered (effective rent, estimated rental value or net rental income), as different
yields are associated with each type.
The discounted cash flow method assumes that the value of the assets is equal to the present value of the cash flows
expected by the investor, including the sale at the end of the holding period. In addition to the resale value obtained by
applying a yield to the previous year’s rents, cash flows include rents, the different service charges not recovered by the
owner and the major maintenance and repair work. The discount rate to be applied to the cash flows is calculated based
either on a risk-free rate plus a risk premium (related both to the property market and to the building considered taking
into account its characteristics in terms of location, construction and security of income) or on the weighted average
cost of capital.
The land bank and properties under development are also appraised. The methods used by the property valuers
primarily include the residual method and/or the discounted cash flow method, and also in certain cases the sales
comparison method.
The residual method involves calculating the residual value of a project from the point of view of a property developer
to whom the land has been offered. From the sale price of the building at the time of completion, the property valuer
deducts all the costs to be incurred, including construction costs, fees and profit, finance costs and any land-related
costs.
For properties under development, all outstanding costs linked to the completion of the project, along with carrying
costs until completion, must be deducted from the buildings’ estimated sale price. Projects under development are
valued on the basis of a clearly identified and approved project, as soon as the building permit can be processed and
implemented.
Regardless of the method used to determine their estimates, property valuers set a value and discount rate in line with
the risks inherent in each project and, in particular, the state of progress of the various approval and construction stages
(demolition permit, building permit, objections, stage of completion of work, any pre-commitment, or rent guarantee).
For all of its properties, Icade informs its property valuers of the work scheduled to be carried out in the coming years
(maintenance, development, refurbishment). In particular, this scheduled work includes the investments needed to
implement Icade’s carbon reduction strategy and comply with the 2030 requirements, or even the 2040 requirements,
from the French decree on the energy efficiency of service sector properties (Décret Éco Énergie Tertiaire). Whether
using the net income capitalisation method or the discounted cash flow method, these investments have a direct impact
on property valuation.
In addition to this scheduled work, valuers rely on their own assumptions regarding the work required to re-let an asset
if they presuppose that it will be vacated in their valuation.
Icade also gives the valuers the information they need to correctly assess the fair value of the buildings: leases,
occupancy statuses, service charge budgets, etc. Since 2023, Icade has also provided all CSR criteria for its office
properties, as defined in the ESG assessment framework published in 2023 by the French Association of Property
Valuation Companies (AFREXIM). These criteria cover levels of electricity consumption, GHG emissions, environmental
certification of buildings, proximity to public transport, etc.
Beyond taking into account the impact of work dedicated to sustainable development, the valuers have not, to date,
found any evidence that ESG matters are reflected in the prices obtained or obtainable for offices on the French market.
The information provided by Icade is nonetheless likely to enhance the valuers’ understanding of the properties under
review and to reinforce their conclusions about their fair value.




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4.2.3. Main valuation assumptions for investment property
Given the limited availability of public data, the complexity of property valuations and the fact that property valuers use
the Group’s confidential occupancy statuses for their valuations, the Group considered Level 3, within the meaning of
IFRS 13 (see note 1.3.1), to be the classification best suited to its assets. In addition, unobservable inputs such as rental
growth rate assumptions and capitalisation rates are used by the property valuers to determine the fair values of the
Group’s assets.

Asset types
Rates for discounting Exit yields Market yields (income Estimated rental value
Methods generally used cash flows (DCF) (DCF) capitalisation) (in €/sq.m)

OFFICES AND BUSINESS PARKS
Offices
Paris/Neuilly Capitalisation and DCF 5.3% - 8.1% 4.0% - 6.8% 4.0% - 6.8% 260–1100
La Défense/Peri-Défense Capitalisation and DCF 6.0% - 8.5% 5.8% - 8.3% 5.8% - 8.5% 200–445
Inner Ring Capitalisation and DCF 6.5% - 8.5% 6.5% - 8.5% 6.5% - 10.0% 216–372
Outer Ring Capitalisation and DCF 5.9% - 6.1% 7.9% - 8.1% 11.9% - 12.1% 197–240
France outside the Paris region Capitalisation and DCF 6.2% - 8.2% 5.8% - 6.8% 5.6% - 6.8% 187–370
Business parks
Inner Ring DCF 5.5% - 10.3% 5.0% - 9.5% N/A 75–325
Outer Ring DCF 5.5% - 10.0% 5.5% - 9.2% N/A 55–272
Other Property Investment assets
Hotels (a) Capitalisation N/A N/A 5.8% - 7.3% N/A
Retail Capitalisation and DCF 8.0% - 10.0% 7.5% - 9.5% 7.8% - 10.0% 93–284
Warehouses Capitalisation and DCF 9.9% - 10.1% N/A 11.9% - 12.1% 48–58
(a) Not subject to the traditional rules for determining the estimated rental value, due to the layout and highly specific use of the premises.



4.2.4. Fair value sensitivity of property assets
The table below shows three analyses of fair value sensitivity to an appraisal parameter: change in yields (yield under
net income capitalisation method and exit yield under DCF method), change in the discount rate and change in the
estimated rental value (ERV). These three sensitivity analyses were carried out all other things being equal for operating
properties.
For example, a 50-bp increase in yields would reduce values by around 5.6%, i.e. -€308.0 million. Similarly, a 5% fall in
the estimated rental value (ERV) would see a fall of around 3.7% in the value of operating properties, i.e. €199.0 million.


OFFICES BUSINESS PARKS OTHER ALL SEGMENTS(2)
Impact on fair value as of in millions in millions in millions in millions
In % In % In % In %
06/30/2025(1) of euros of euros of euros of euros
+ 100 bps (11.5%) (436.0) (8.3%) (126.0) (4.4%) (6.0) (10.4%) (568.0)
Yields + 50 bps (6.2%) (235.0) (4.6%) (70.0) (2.2%) (3.0) (5.6%) (308.0)
+ 25 bps (3.1%) (118.0) (2.5%) (39.0) (1.1%) (1.0) (2.9%) (158.0)
+ 100 bps (3.6%) (136.0) (6.9%) (105.0) (3.0%) (4.0) (4.5%) (245.0)
Discount rates + 50 bps (1.9%) (70.0) (3.7%) (55.0) (1.4%) (2.0) (2.3%) (128.0)
+ 25 bps (1.0%) (36.0) (2.0%) (30.0) (0.6%) (1.0) (1.2%) (67.0)
-15% (11.2%) (427.0) (10.6%) (161.0) (4.2%) (5.0) (10.9%) (593.0)
ERV -10% (7.5%) (286.0) (7.4%) (111.0) (2.7%) (4.0) (7.4%) (400.0)
-5% (3.8%) (143.0) (3.6%) (54.0) (1.3%) (2.0) (3.7%) (199.0)
(1) For operating properties only.
(2) Excluding assets treated as financial receivables.




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• CONSOLIDATED FINANCIAL STATEMENTS •




4.3. Change in fair value of investment property
The change in fair value of investment property for the periods presented broke down as follows:


(in millions of euros) Notes 06/30/2025 06/30/2024 12/31/2024
CHANGES IN VALUE RECOGNISED IN THE INCOME STATEMENT (200.5) (268.5) (492.4)
Other changes (a) 7.9 14.8 18.9
CHANGE IN FAIR VALUE OF INVESTMENT PROPERTY 4.1. (192.7) (253.7) (473.5)
(a) Mainly relates to the straight-lining of assets and liabilities associated with investment property.


The €192.7 million decrease in fair value reflects substantial differences between the various asset classes and between
assets within the same class depending on their location and intrinsic quality:
 The light industrial segment continued to recover, with a slight increase on a like-for-like basis, driven by positive
leasing activity (including the signing of the Alice & Bob and Raboni leases in the Le Mauvin business park), yield
compression on certain assets and a modest increase in market rents;
 The value of well-positioned offices was down slightly on a like-for-like basis, due to the negative impact of residual
yield decompression and downgraded expectations for index-based rent increases;
 The value of offices to be repositioned continued to decrease given the deterioration in valuation assumptions
(yields, estimated rental values, void periods, etc.) and the increase in available supply.




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• CONSOLIDATED FINANCIAL STATEMENTS •




Note 5. Finance and financial instruments
5.1. Financial structure and contribution to profit/(loss)
5.1.1. Change in net financial liabilities
Breakdown of net financial liabilities at end of period
Net financial liabilities as of June 30, 2025 and December 31, 2024 broke down as follows:


Cash flow from financing activities

Changes Fair value
in scope of adjustments
New financial consolidation and other
(in millions of euros) 12/31/2024 liabilities (d) Repayments (d) (e) changes (f) 06/30/2025
Bonds 3,349.0 500.0 (267.5) 3,581.5
Borrowings from credit institutions 937.4 0.4 (53.3) (50.7) 833.7
Other borrowings and similar liabilities 0.0 0.0
NEU Commercial Paper 225.0 55.0 (225.0) 55.0
Payables associated with equity investments 88.6 (0.8) 7.1 94.9
Bank overdrafts 98.3 (10.2) 88.2
Total gross interest-bearing financial liabilities 4,698.3 555.4 (545.8) (0.8) (53.8) 4,653.3
Interest accrued and amortised issue costs (15.4) (13.1) (28.6)
Remeasurement of bonds (a) 0.2 0.2
GROSS FINANCIAL LIABILITIES (b) 5.1.2. 4,682.9 555.4 (545.8) (0.8) (66.7) 4,625.0
Interest rate derivatives 5.1.3. (46.3) 0.3 (46.0)
Financial assets (c) 5.1.5. (338.5) (4.0) (48.3) (390.8)
Cash and cash equivalents 5.1.6. (1,233.3) 7.3 169.5 (1,056.6)
NET FINANCIAL LIABILITIES 3,064.9 555.4 (545.8) 2.5 54.7 3,131.6
(a) Gain/(loss) on measuring the portion of a fixed rate bond hedged by an interest rate swap at fair value (see 5.1.3.).
(b) Including as of June 30, 2025: €3,487.4 million in non-current financial liabilities and €1,137.6 million in current financial liabilities.
(c) Excluding financial assets at fair value through profit or loss.
(d) Cash flow from financing activities.
(e) Primarily, the deconsolidation of Property Development entities having served their purpose.
(f) Other changes related primarily to cash flow from bank overdrafts and cash and cash equivalents as well as, for borrowings, the early termination of a
public-private partnership in Nancy (see note 2.1.).


Gross debt (excluding derivatives) fell by €57.9 million compared with the previous period, mainly due to the combined
effect of:
 Bond transactions during the period:
• €500.0 million in green bonds issued, maturing in May 2035 with a coupon of 4.375%;
• Buyback of three existing bonds for a nominal amount of €267.5 million:
 A €750.0 million bond maturing on June 10, 2026 with a 1.750% coupon (ISIN: FR0013181906)
repurchased for €79.0 million;
 A €600.0 million bond maturing on September 13, 2027 with a 1.500% coupon (ISIN: FR0013281755)
repurchased for €160.0 million;
 A €600.0 million bond maturing on February 28, 2028 with a 1.625% coupon (ISIN: FR0013320058)
repurchased for €28.5 million.

 A €170.0 million reduction in outstanding NEU Commercial Paper.

The change in cash flow from financing activities in the cash flow statement was a negative €14.4 million. It mainly
included cash flow relating to gross financial liabilities (€555.4 million increase and €545.8 million decrease), financial
assets and liabilities (negative impact of €21.4 million) and repayments of lease liabilities recognised under IFRS 16
(€2.6 million).




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• CONSOLIDATED FINANCIAL STATEMENTS •




5.1.2. Components of financial liabilities
Gross financial liabilities: type of rate, maturity and fair value
Gross financial liabilities, excluding issue costs and premiums amortised using the effective interest method and
excluding remeasurement, stood at €4,653.3 million as of June 30, 2025 and broke down as follows:
Balance sheet
value Current Non-current Fair value
1 to 2 to 3 to 4 to
(in millions of euros) 06/30/2025 < 1 year 2 years 3 years 4 years 5 years > 5 years 06/30/2025
Bonds 3,581.5 821.0 - 1,011.5 - 599.0 1,150.0 3,380.9
Borrowings from credit institutions 592.1 1.0 290.4 50.8 0.8 0.9 248.2 543.3
Other borrowings and similar liabilities 0.0 0.0 - - - - - 0.0
Payables associated with equity investments 7.8 7.8 - - - - - 7.8
NEU Commercial Paper 55.0 55.0 - - - - - 55.0
Fixed rate debt 4,236.4 884.8 290.4 1,062.3 0.8 599.9 1,398.2 3,987.0
Borrowings from credit institutions 241.6 68.5 1.8 1.0 6.7 150.0 13.8 239.8
Payables associated with equity investments 87.2 87.2 - - - - - 87.2
Bank overdrafts 88.2 88.2 - - - - - 88.2
Variable rate debt 417.0 243.8 1.8 1.0 6.7 150.0 13.8 415.2
TOTAL GROSS INTEREST-BEARING FINANCIAL
4,653.3 1,128.6 292.1 1,063.2 7.5 749.9 1,412.0 4,402.1
LIABILITIES



The average debt maturity (excluding debt associated with equity interests, bank overdrafts and NEU Commercial Paper)
was 4.2 years as of June 30, 2025 (3.9 years as of December 31, 2024).


Characteristics of the bonds
Nominal Nominal Nominal
value on the Repayment value as of value as of
ICADE Issue date Maturity date issue date Rate profile 12/31/2024 Increase Decrease 06/30/2025
FR0013218393 11/15/2016 11/17/2025 500.0 Fixed rate 1.125% Bullet 357.5 - - 357.5
FR0013181906 06/10/2016 06/10/2026 750.0 Fixed rate 1.750% Bullet 542.5 - (79.0) 463.5
FR0013281755 09/13/2017 09/13/2027 600.0 Fixed rate 1.500% Bullet 600.0 - (160.0) 440.0
FR0013320058 02/28/2018 02/28/2028 600.0 Fixed rate 1.625% Bullet 600.0 - (28.5) 571.5
FR0014007NF1 01/19/2022 01/19/2030 500.0 Fixed rate 1.000% Bullet 599.0 - - 599.0
FR0014001IM0 01/18/2021 01/18/2031 600.0 Fixed rate 0.625% Bullet 650.0 - - 650.0
FR001400ZRC6 05/22/2025 05/22/2035 500.0 Fixed rate 4.375% Bullet - 500.0 500.0
Nominal value of the bonds 3,349.0 500.0 (267.5) 3,581.5



Bond issues and redemptions are described in note 5.1.1.




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• CONSOLIDATED FINANCIAL STATEMENTS •




5.1.3. Derivative instruments
Presentation of the fair value of derivatives in the consolidated statement of financial position
The Group uses financial derivatives to manage interest rate risk. They include:
 Cash flow hedges: swaps and caps exchanging variable-rate interest for fixed-rate interest, providing protection
against potential interest rate increases and
 A fair value hedge: an interest rate swap has been entered into to economically convert a portion of fixed-rate bond
debt to a variable rate, in line with the Group’s debt management policy. This portion is designated as the hedged
item in a fair value hedge relationship in accordance with IFRS 9. The change in the fair value of this debt,
attributable to the hedged interest rate risk, is recognised in profit or loss to offset the change in the fair value of
the swap.


As of June 30, 2025, the fair value of these instruments was a net asset position of €46.0 million vs. €46.3 million as of
December 31, 2024. Detailed changes in fair value of derivative instruments as of June 30, 2025 were as follows:

Changes in Changes in
Acquisitions, fair value fair value
sales and recognised in the recognised in
(in millions of euros) 12/31/2024 de-designation income statement equity 06/30/2025
Cash flow hedges 46.3 (1.6) 0.1 0.1 44.9
Interest rate swaps – fixed-rate payer 44.7 (1.2) 0.1 0.7 44.3
Interest rate options – caps 1.6 (0.5) (0.0) (0.6) 0.5
Fair value hedges - - 0.3 - 0.3
Interest rate swaps – fixed-rate receiver - - 0.3 - 0.3
Non-hedging instruments 0.0 1.2 (0.3) - 0.9
Interest rate swaps – fixed-rate payer - 1.2 (0.3) - 0.9
INTEREST RATE DERIVATIVES EXCLUDING MARGIN CALLS 46.3 (0.5) 0.1 0.1 46.0
TOTAL INTEREST RATE DERIVATIVES 46.3 (0.5) 0.1 0.1 46.0
Including derivative assets 50.3 (0.5) 0.0 (2.2) 47.7
Including derivative liabilities (4.0) - 0.1 2.2 (1.7)



Changes in revaluation reserves
Revaluation reserves consisted exclusively of fair value adjustments to financial instruments used by the Group for
interest rate hedging purposes (effective portion). They totalled €46.2 million as of June 30, 2025.
Revaluation reserves as of June 30, 2025 are shown in the table below:
Attributable to
Attributable to non-controlling
(in millions of euros) Total the Group interests
REVALUATION RESERVES AS OF 12/31/2024 47.5 47.2 0.3
Changes in value of cash flow hedges 0.1 0.4 (0.2)
Revaluation reserves for cash flow hedges recycled to the income statement (1.5) (1.5) 0.0
Deferred tax on changes in value of cash flow hedges (0.0) (0.0) (0.0)
Other comprehensive income (1.3) (1.2) (0.2)
Impact of changes in scope of consolidation - 0.7 (0.7)
REVALUATION RESERVES AS OF 06/30/2025 46.2 46.7 (0.6)




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• CONSOLIDATED FINANCIAL STATEMENTS •



Derivatives: analysis of notional amounts by maturity
The derivative portfolio as of June 30, 2025 was as follows:
06/30/2025

> 1 year and
(in millions of euros) < 1 year < 5 years > 5 years
Total Amount Amount Amount
Cash flow hedges:
Interest rate swaps – fixed-rate payer 388.8 - 50.0 338.8
Interest rate options – caps 138.2 129.6 8.6 -
Fair value hedges:
Interest rate swaps – fixed-rate receiver 200.0 - - 200.0
Non-hedging instruments:
Interest rate swaps – fixed-rate payer 38.1 - 38.1 -
TOTAL PORTFOLIO OF OUTSTANDING DERIVATIVES 765.1 129.6 96.7 538.8
Cash flow hedges:
Interest rate swaps – fixed-rate payer 200.2 - 0.1 200.1
TOTAL PORTFOLIO OF FORWARD START DERIVATIVES 200.2 - 0.1 200.1
TOTAL INTEREST RATE DERIVATIVES AS OF 06/30/2025 965.3 129.6 96.8 738.9

TOTAL INTEREST RATE DERIVATIVES AS OF 12/31/2024 777.0 130.7 107.4 538.9



These derivatives are used as part of the Group’s interest rate hedging policy (see note 5.2.2).


5.1.4. Finance income/(expense)
Finance income/(expense) consists primarily of:
 Cost of gross financial liabilities (mainly interest expenses on financial liabilities and derivatives) adjusted for income
from cash, related loans and receivables;
 Other finance income and expenses (primarily including dividends from unconsolidated companies and non-use
fees).


The Group recorded a net finance expense of €21.5 million for H1 2025.
(in millions of euros) 06/30/2025 06/30/2024 12/31/2024

Interest and premiums on borrowings and hedging instruments (1) (35.5) (36.7) (72.1)
Interest on overdrafts and hedging instruments (1.8) (0.9) (3.5)
Interest on projects under development (a) (2) 0.9 1.0 2.4
COST OF GROSS FINANCIAL LIABILITIES (36.4) (36.6) (73.2)
Interest income from cash and cash equivalents 9.3 21.3 34.9
Income from receivables and loans 6.9 10.2 18.6
Changes in fair value of cash equivalents recognised in the income statement 1.6 3.2 5.9
COST OF NET FINANCIAL LIABILITIES (18.7) (1.9) (13.8)
Other finance income and expenses (b) (2.8) (4.8) (8.6)
FINANCE INCOME/(EXPENSE) (21.5) (6.7) (22.4)

COST OF DEBT (EXCLUDING OVERDRAFTS) (1+2) (34.6) (35.6) (69.7)
Average gross debt outstanding (excluding overdrafts) 4,392.8 4,710.0 4,572.2
COST OF DEBT (EXCLUDING OVERDRAFTS) in % 1.59% 1.52% 1.52%
(a) Interest on projects under development amounted to €0.9 million for Property Investment as of June 30, 2025.
(b) Other finance income and expenses included dividends received from Praemia Healthcare (€37.0 million), the change in value of financial assets
(€40.2 million, see note 5.1.5), cash adjustments received as a result of bond buybacks (€5.6 million) and non-use fees incurred (-€3.3 million).




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• CONSOLIDATED FINANCIAL STATEMENTS •




5.1.5. Financial assets and liabilities
Changes in financial assets during the period
Changes in other financial assets as of June 30, 2025 broke down as follows:
Impact of
changes in fair Changes
value recognised in scope of
Disposals / in the income consolidation Other
(in millions of euros) 12/31/2024 Acquisitions Repayments statement (b) changes 06/30/2025
Financial assets at fair value through profit or loss 15.9 - (36.5) (40.2) - 1,101.9 1,041.1
Financial assets held for sale at fair value through
1,101.9 - - - - (1,101.9)
profit or loss
FINANCIAL ASSETS AT FAIR VALUE THROUGH
1,117.8 - (36.5) (40.2) - (0.0) 1,041.1
PROFIT OR LOSS (a)
Receivables associated with equity investments and
122.0 16.2 (5.0) - 1.2 (1.7) 132.7
other related parties
Loans 0.3 0.3 - - - - 0.5
Shareholder loans 215.9 - - - 2.9 37.2 255.9
Deposits and guarantees paid 4.3 0.2 (0.2) - - 0.0 4.3
Other 1.3 1.8 - - - 0.0 3.1
FINANCIAL ASSETS AT AMORTISED COST 343.7 18.5 (5.2) - 4.0 35.5 396.5
TOTAL FINANCIAL ASSETS 1,461.5 18.5 (41.7) (40.2) 4.0 35.5 1,437.6
(a) Financial assets measured at fair value through profit or loss mainly consist of investments in unconsolidated companies, in particular the remaining
interests in the Healthcare Property Investment Division. The change in this item over the period ended June 30, 2025 reflects the impact of changes in fair
value as well as transactions involving Praemia Healthcare shares (see note 2.4).
(b) Deconsolidation of Property Development entities having served their purpose.



Measurement of financial assets at fair value through profit or loss

The remaining interests in the Healthcare Property Investment Division are classified as “Financial assets at fair value
through profit or loss”, in accordance with IFRS 9.
Although Icade holds 21.61% of the shares in Praemia Healthcare, the assessment of potential voting rights in
accordance with IAS 28.8 makes it possible to conclude that Icade does not have significant influence over the company.
This is due to the fact that options to purchase shares in this company granted to other shareholders are exercisable at
any time until the end of 2026, based on a market price set at the end of each quarter. Taking into account these
outstanding dilutive instruments, Icade does not have significant influence over the company.

In addition, as specified in note 2 “Highlights”, section 2.4 “Remaining interests in the Healthcare Property Investment
Division”, these interests in the Healthcare Property Investment Division no longer meet the classification requirements
of IFRS 5, since the completion within the next twelve months of the disposal strategy confirmed by the Board of
Directors is no longer considered highly likely in the current market environment.
As a result, the fair value of the remaining interests in the Healthcare Property Investment Division, totalling
€1,025 million, is now presented under “Financial assets at fair value through profit or loss”.

As in previous financial years, fair value as of June 30, 2025 was determined using EPRA NTA/net asset value as of
June 30, 2025 calculated based on information available at the date of preparation of the financial statements.


Maturity analysis of financial assets at amortised cost
A maturity analysis of financial assets as of June 30, 2025 is shown in the table below:
Financial assets at amortised cost Current Non-current

(in millions of euros) 06/30/2025 < 1 year > 1 year and < 5 years > 5 years
Receivables associated with equity investments and other related parties 132.7 132.7 - 0.0
Loans 0.5 0.1 0.3 0.2
Deposits and guarantees paid 4.3 0.7 1.1 2.6
Shareholder loans 255.9 255.9 - -
Other 3.1 - 3.1 -
FINANCIAL ASSETS AT AMORTISED COST 396.5 389.3 4.4 2.8




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 80
• CONSOLIDATED FINANCIAL STATEMENTS •



Changes in and maturity analysis of financial liabilities
Other financial liabilities consisted mostly of deposits and guarantees received from tenants for €55.1 million as of
June 30, 2025. The non-current portion represents €54.5 million, including €52.8 million for the portion maturing
in more than five years.


5.1.6. Cash and cash equivalents
(in millions of euros) 06/30/2025 12/31/2024
Cash equivalents (a) 597.7 554.3
Cash on hand and demand deposits 458.9 679.0
CASH AND CASH EQUIVALENTS (b) 1,056.6 1,233.3
(a) Comprising term deposits and money market UCITS.
(b) Including bank interest receivable (€2.9 million as of June 30, 2025 and €3.1 million as of December 31, 2024).



5.2. Management of financial risks
The monitoring and management of financial risks are centralised within the Financing and Treasury Division of the
Group’s Finance Department. In addition, the Group’s Risk, Rates, Treasury and Finance Committee meets on a regular
basis with the Group’s CEO, Head of Risk, CFO and Head of Financial Control to discuss all matters relating to the
management of the Group’s liabilities and associated risks.
The Audit and Risk Committee is also informed at least once a year of the Group’s financial policy and the monitoring
of the various financial risk management policies.


5.2.1. Liquidity risk
A liquidity risk policy provides a framework and limits to the Group’s Finance Department in order to ensure that the
Group is adequately protected from this risk.


As of June 30, 2025, the Icade Group had available liquidity of €2,837.8 million:
 an undrawn amount of €1,870.0 million from Icade’s credit lines (excluding credit lines for property development
projects), up by €190.0 million compared to December 31, 2024. This change includes the refinancing of
€100.0 million of existing lines and the establishment of new lines for €190.0 million;
 €967.8 million in closing net cash, net of bank overdrafts, including interest accrued but not due.

Excluding NEU Commercial Paper, which is a short-term source of financing, liquidity amounted to €2,782.8 million
as of June 30, 2025 and covered the Group’s debt payments up to 2029.


In addition, the Group ensures disciplined management and monitoring of the maturities of its main credit lines as
shown in the bar chart below. This chart presents the cumulative future principal repayments on the financial liabilities
and interest payments for the Group, as estimated up to the maturity dates.




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• CONSOLIDATED FINANCIAL STATEMENTS •




The Group’s next bond maturity is in November 2025, totalling €357.5 million.


5.2.2. Interest rate risk
Interest rate risk is also governed by a specific policy set out by the Group’s Finance Department and reported
on a regular basis to the Audit and Risk Committee. This risk includes, in the event of increased interest rates, the risk
of increased finance expenses related to variable rate financial liabilities and, in the event of reduced interest rates,
the risk of reduced finance income related to variable rate financial assets.

In addition, the Group may use variable rate debt to finance its investments, thus remaining able to prepay debt without
penalty.

For the past several years, the Group has pursued a prudent interest rate risk management policy with over 90% of
its debt at fixed rate or hedged.




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• CONSOLIDATED FINANCIAL STATEMENTS •



06/30/2025
(in millions of euros) Fixed rate Variable rate Total
Gross interest-bearing financial liabilities 5.1.2. 4,236.4 417.0 4,653.3
Payables associated with equity investments 5.1.2. (7.8) (87.2) (94.9)
Debt treated as variable rate debt: NEU Commercial Paper (a) 5.1.2. (55.0) 55.0 -
Total 4,173.6 384.8 4,558.4
Breakdown before hedging (in %) 92% 8% 100%
Impact of outstanding interest rate hedges (b) 5.1.3. 327.0 (327.0) -
Breakdown after hedging 4,500.6 57.8 4,558.4
Breakdown after hedging (in %) 98.7% 1.3% 100.0%
(a) Despite having a fixed interest rate, NEU Commercial Paper creates exposure to interest rate risk due to its average maturity of only 3 months.
As a result, these securities are included in the hedging strategy and are hedged using derivatives in the same way as variable rate debt.
(b) Notional amounts of cash flow hedges net of the notional amounts of fair value hedges.


As of June 30, 2025, 91.6% of the Group’s total debt was at fixed rates and 8.4% at variable rates, of which 98.7% was
hedged against interest rate risk.
Excluding debt associated with equity interests, bank overdrafts and NEU Commercial Paper, the average debt maturity
was 4.2 years as of June 30, 2025.
It should be noted that the Group favours designating its hedging instruments as “cash flow hedges” according to IFRS 9;
therefore, any changes in fair value of such instruments are recognised in equity (for the effective portion).
In addition, as part of the active management of its interest rate structure, in May 2025, the Group entered into an
interest rate swap as a fixed-rate receiver for a nominal amount of €200.0 million aimed at exchanging fixed-rate
interest payments on part of the €500.0 million bond (coupon of 4.375%) issued in the same month for variable-rate
interest payments. This derivative is recognised as a fair value hedge in accordance with IFRS 9.
The accounting impact of a -1% or +1% change in interest rates on the value of derivatives and debt described below:


06/30/2025
Impact on the income
(in millions of euros) Impact on equity before tax statement before tax
Derivative instruments
Impact of a +1% change in interest rates 31.1 0.6
Impact of a -1% change in interest rates (34.0) (0.6)
Debt
Impact of a +1% change in interest rates 2.2
Impact of a -1% change in interest rates (2.0)



5.2.3. Currency risk
Since the Group does not enter into any foreign currency transactions, it is not exposed to currency risk.


5.2.4. Credit risk
In the course of its business, the Group is exposed to two major types of counterparties: financial institutions and
its tenants.
Regarding financial institutions, credit and/or counterparty risk relates to cash and cash equivalents, and to the banks
where they are deposited. The vast majority of investments have maturities of less than one year with a very low risk
profile. These investments are monitored daily. As part of the control process, they also require approval prior to any
transactions being made. Additionally, in order to limit its counterparty risk, the Group only enters into financial
transactions with major banking institutions and applies a principle of risk dispersion, avoiding concentration of
exposure to any single counterparty. These principles are set out in the Bank Counterparty Risk Policy managed by the
Group’s Finance Department.




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• CONSOLIDATED FINANCIAL STATEMENTS •



As regards its tenants, the Group believes that it is not exposed to significant credit risk thanks to its diversified tenant
portfolio in terms of location and individual size of lease commitments. In addition, the Group has introduced
procedures to verify the creditworthiness of tenants prior to signing leases and on a regular basis thereafter.
In particular, a customer solvency analysis is carried out for the Property Investment business and a check is made on the
financing of insurance and guarantees for the Property Development business. These procedures are subject to regular
monitoring.
The Group’s exposure to credit risk corresponds primarily to the net carrying amount of receivables less deposits
received from tenants, i.e. €59.0 million as of June 30, 2025 (€40.0 million as of December 31, 2024).


5.2.5. Covenants and financial ratios
In addition, the Group is required to comply with the financial covenants set out in the bank agreements and listed
below, which are covered by the Group’s financial risk monitoring and management processes. These covenants are
calculated in accordance with the bank agreements.

Covenants 06/30/2025
Ratio of net financial liabilities/latest portfolio value excl. duties (LTV) Maximum < 60% 40.0%

Interest coverage ratio (ICR) based on EBITDA plus the Group’s share
Minimum > 2x 7.4x
in profit/(loss) of equity-accounted companies
CDC’s stake Minimum > 34% 39.20%
Value of the property portfolio Minimum > €4bn €6.2bn
Security interests in assets Maximum < 25% of the property portfolio 7.8%


Loans taken out by the Group may be subject to financial covenants—loan-to-value (LTV) ratio and interest coverage
ratio (ICR)—and to a clause on the level of control by Caisse des dépôts, the Group’s major shareholder, which may
trigger early repayment. All covenants were met as of June 30, 2025.
As of June 30, 2025, Caisse des dépôts held 39.41% of voting rights and a 39.20% stake in Icade SA.


LTV bank covenant
The LTV bank covenant is the ratio of the Group’s net financial liabilities to the sum of (i) the latest valuation of the
property portfolio (excluding duties), (ii) the latest valuation of equity-accounted investments (excluding duties), (iii) the
value of property development companies, and (iv) financial assets at fair value through profit or loss (on a full
consolidation basis). It stood at 40.0% as of June 30, 2025 (vs. 38.2% as of December 31, 2024). This level is well below
the covenant of 60%.


Interest coverage ratio (ICR) bank covenant
The interest coverage ratio, which is the ratio of EBITDA plus the Group’s share of net profit/(loss) of equity-accounted
companies to the interest expense for the period, was 7.39x for H1 2025 (33.99x in H1 2024). This ratio has remained
high, well above the limit set out in the bank agreements.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 84
• CONSOLIDATED FINANCIAL STATEMENTS •




5.3. Fair value of financial assets and liabilities
5.3.1. Reconciliation of the net carrying amount to the fair value of financial assets
and liabilities
Below is the reconciliation of the net carrying amount to the fair value of financial assets and liabilities in H1 2025:


Fair value
Carrying amount Fair value through profit Fair value as of
(in millions of euros) as of 06/30/2025 Amortised cost through equity or loss 06/30/2025
ASSETS
Financial assets 1,437.6 396.5 - 1,041.1 1,437.6
Derivative instruments (a) 47.7 0.0 46.5 1.1 47.7
Contract assets 147.5 147.5 147.5
Accounts receivable 126.1 126.1 126.1
Other operating receivables (b) 71.0 71.0 - 71.0
Cash equivalents 597.7 509.8 87.9 597.7
TOTAL FINANCIAL ASSETS 2,427.7 1,251.0 46.5 1,130.2 2,427.7
LIABILITIES
Financial liabilities (a) 4,625.0 4,425.0 200.0 4,402.1
Lease liabilities 51.0 51.0 51.0
Other financial liabilities 55.2 55.2 55.2
Derivative instruments 1.7 - 1.7 - 1.7
Contract liabilities 57.0 57.0 57.0
Accounts payable 674.4 674.4 674.4
Other operating payables (b) 387.2 387.2 387.2
TOTAL FINANCIAL LIABILITIES 5,851.4 5,649.7 1.7 200.0 5,628.5
(a) The debt recognised at fair value through profit or loss corresponds to the portion of a fixed-rate bond hedged by a pay-floating/receive-fixed interest rate
swap and remeasured at fair value in accordance with fair value hedge accounting.
(b) Excluding agency transactions, prepaid expenses/income and social security and tax receivables/payables.



5.3.2. Fair value hierarchy of financial instruments
The financial instruments whose fair value is determined using a valuation technique based on unobservable data
are investments in unconsolidated, unlisted companies.
As of June 30, 2025, the Group’s financial instruments consisted of:
 Derivative assets and liabilities measured based on observable data (Level 2 of the fair value hierarchy);
 Financial assets at fair value through profit or loss, measured based on market data not directly observable (Level 3
of the fair value hierarchy);
 Cash equivalents (Level 1 of the fair value hierarchy).


Below is a summary table of the fair value hierarchy of financial instruments as of June 30, 2025:
06/30/2025

Level 2: valuation Level 3: valuation
Level 1: quoted price technique based on technique based on
(in millions of euros) Notes in an active market observable data unobservable data Fair value

ASSETS

Derivatives excluding margin calls 5.1.3. - 47.7 - 47.7
Financial assets at fair value through profit or loss 5.1.5. - - 1,041.1 1,041.1
Cash equivalents 5.1.6. 87.9 - - 87.9

LIABILITIES
Derivative instruments 5.1.3. - 1.7 - 1.7




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 85
• CONSOLIDATED FINANCIAL STATEMENTS •




Note 6. Equity and earnings per share
6.1. Share capital and ownership structure
6.1.1. Share capital
As of June 30, 2025, the share capital was unchanged compared to December 31, 2024 at €116.2 million and consisted
of 76,234,545 ordinary shares. All the shares issued are fully paid up.


As of June 30, 2025, no shares registered directly with the Company (not with an agent of Icade) were pledged.


6.1.2. Ownership structure
As of June 30, 2025 and December 31, 2024, the Company’s ownership structure, both in terms of number of shares
and percentage of share capital held, was as follows:

06/30/2025 12/31/2024

Number Number
Shareholders of shares % of capital of shares % of capital
Caisse des dépôts 29,885,070 39.20% 29,885,070 39.20%
Crédit Agricole Assurances Group 14,373,960 18.85% 14,373,960 18.85%
Public 31,165,741 40.88% 31,157,319 40.87%
Employees 400,058 0.52% 362,230 0.48%
Treasury shares 409,716 0.54% 455,966 0.60%
TOTAL 76,234,545 100.00% 76,234,545 100.00%




6.2. Dividends
Dividends paid as of
(in millions of euros) 06/30/2025 12/31/2024
Payment (a) to Icade SA shareholders for the previous financial year deducted from:
- Tax-exempt fiscal profit (in accordance with the SIIC tax regime) 88.2 366.7
- Profit taxable at the standard rate - -
- “Merger premium” – Return of capital 75.5
Total distribution 163.7 366.7
(a) The payment terms for the 2024 dividend are as follows (see note 2.5):
- an interim dividend payment of €2.16 per share on March 6, 2025 totalling €163.7 million, after taking into account treasury shares;
- a final dividend payment of €2.15 per share on July 3, 2025 totalling €163.0 million, after taking into account treasury shares.




Dividends per share distributed in the financial years 2025 and 2024 in respect of profits for 2024 and 2023 were €4.31
and €4.84, respectively.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 86
• CONSOLIDATED FINANCIAL STATEMENTS •




6.3. Earnings per share
Below are the detailed figures for basic and diluted earnings per share as of June 30, 2025, June 30, 2024 and
December 31, 2024:


6.3.1. Basic earnings per share

(in millions of euros) 06/30/2025 06/30/2024 12/31/2024
Net profit/(loss) attributable to the Group from continuing operations (91.7) (180.0) (275.4)
Net profit/(loss) attributable to the Group from discontinued operations (a) - (0.5) (0.5)
Net profit/(loss) attributable to the Group (91.7) (180.5) (275.9)
Opening number of shares 76,234,545 76,234,545 76,234,545
Average number of treasury shares outstanding (436,160) (467,683) (465,798)
Weighted average undiluted number of shares (b) 75,798,385 75,766,862 75,768,747
Net profit/(loss) attributable to the Group from continuing operations per share (in €) (€1.21) (€2.38) (€3.63)
Net profit/(loss) attributable to the Group from discontinued operations per share (in €) - (€0.01) (€0.01)
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO THE GROUP (in €) (€1.21) (€2.38) (€3.64)
(a) Profit/(loss) from discontinued operations related to the Healthcare Property Investment business.
(b) The weighted average undiluted number of shares is the number of shares at the start of the period plus, as the case may be, the average number of shares
related to the capital increase less the average number of treasury shares outstanding.



6.3.2. Diluted earnings per share

(in millions of euros) 06/30/2025 06/30/2024 12/31/2024
Net profit/(loss) attributable to the Group from continuing operations (91.7) (180.0) (275.4)
Net profit/(loss) attributable to the Group from discontinued operations (a) - (0.5) (0.5)
Net profit/(loss) attributable to the Group (91.7) (180.5) (275.9)
Weighted average undiluted number of shares 75,798,385 75,766,862 75,768,747
Impact of dilutive instruments (free shares) 123,774 64,248 73,934
Weighted average diluted number of shares (b) 75,922,159 75,831,110 75,842,681
Diluted net profit/(loss) attributable to the Group from continuing operations
(€1.21) (€2.38) (€3.63)
per share (in €) (c)
Diluted net profit/(loss) attributable to the Group from discontinued operations
- (€0.01) (€0.01)
per share (in €) (c)
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO THE GROUP (in €) (c) (€1.21) (€2.38) (€3.64)

(a) Profit/(loss) from discontinued operations related to the Healthcare Property Investment business.
(b) The weighted average diluted number of shares is the weighted average undiluted number of shares adjusted for the impact of dilutive instruments (free
shares).
(c) When basic earnings per share are negative, potentially dilutive instruments are not included in the calculation of diluted earnings per share. As a result,
diluted earnings per share are identical to basic earnings per share.


The diluted number of shares includes the unvested bonus shares which meet service and performance conditions.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 87
• CONSOLIDATED FINANCIAL STATEMENTS •




Note 7. Operational information
7.1. Income from operating activities
7.1.1. Group income
The Group’s income from operating activities breaks down as follows:

(in millions of euros) 06/30/2025 06/30/2024 12/31/2024
Lease income from operating and finance leases 178.3 187.8 369.2
Income from construction and off-plan sale contracts – Property Development 419.3 497.5 1,052.9
Income from services provided and other income 32.8 13.6 29.5
Total income 630.4 698.9 1,451.5


After taking into account changes during the half-year, which correspond to services rendered and new sales completed
during the period, the services not yet rendered under construction contracts and off-plan sale contracts entered into
by fully consolidated Property Development companies amounted to €609.5 million as of June 30, 2025. These services
will be provided in a more or less linear fashion over the next 24 months.


7.1.2. Other income from operating activities
“Other income from operating activities” mainly relates to service charges recharged to tenants by the Property
Investment Division totalling €71.1 million as of June 30, 2025 vs. €77.8 million as of June 30, 2024 and €111.4 million
as of December 31, 2024.


7.2. Components of the working capital requirement
The working capital requirement consists primarily of the following items:
 Inventories and work in progress, accounts receivable, contract assets and miscellaneous receivables on the asset
side of the consolidated statement of financial position;
 Accounts payable, contract liabilities and miscellaneous payables on the liability side of the consolidated statement
of financial position.


7.2.1. Change in working capital requirement
The change in working capital requirement from operating activities in the consolidated cash flow statement can be
broken down by segment as follows:
(in millions of euros) 06/30/2025 06/30/2024 12/31/2024
Property Investment 44.5 (2.8) (5.3)
Property Development (36.3) (29.4) 145.0
TOTAL CASH FLOW FROM COMPONENTS OF THE WORKING CAPITAL REQUIREMENT 8.2 (32.2) 139.6


The change in working capital requirement (€8.2 million) as of June 30, 2025 was mainly attributable to the change in
the Property Investment Division’s tax and social security liabilities (+€38.2 million) and in the Property Development
Division’s contract assets and liabilities (-€27.4 million).




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 88
• CONSOLIDATED FINANCIAL STATEMENTS •




7.2.2. Inventories and work in progress
Changes in inventories in H1 2025 were as follows:

Property Development
Unsold
Work in completed Property
(in millions of euros) Land bank progress units Total Investment Total
Gross value 138.7 578.9 10.1 727.8 0.8 728.6
Impairment loss (67.6) (29.9) (0.6) (98.1) (0.0) (98.2)
NET VALUE AS OF 12/31/2024 71.1 549.1 9.5 629.6 0.8 630.4
Gross value 103.3 588.4 19.2 710.9 0.7 711.6
Impairment loss (43.7) (24.4) (0.8) (68.9) (0.0) (69.0)
NET VALUE AS OF 06/30/2025 59.6 564.0 18.4 642.0 0.6 642.6



The comprehensive and in-depth review of the Property Development Division’s project portfolio conducted by
management in 2024 led to the recognition of impairment losses on inventories with respect to ongoing projects as well
as projects to be discontinued or reconfigured. As of June 30, 2025, the progress on ongoing projects, together with
some of the projects being discontinued or reconfigured, led to the partial reversal of impairment losses recognised on
Property Development inventories.


7.2.3. Accounts receivable and contract assets and liabilities
Changes in accounts receivable in H1 2025 were as follows:

Net change in
Impact of changes impairment losses
Change for the in scope of recognised in the
(in millions of euros) 12/31/2024 period consolidation (a) income statement 06/30/2025
Construction contracts (advances from customers) 85.5 (28.7) - - 56.9
Advances, down payments and credit notes to be issued 0.1 0.1 - - 0.1
CONTRACT LIABILITIES 85.6 (28.6) - - 57.0
Construction and off-plan sale contracts 148.9 (1.2) (0.1) - 147.5
CONTRACT ASSETS – NET VALUE 148.9 (1.2) (0.1) - 147.5
Accounts receivable – operating leases 42.9 (5.4) - - 37.5
Financial accounts receivable – finance leases (b) 67.4 (55.3) - - 12.1
Accounts receivable from ordinary activities 79.8 16.6 (0.4) - 96.0
Accounts receivable – Gross value 190.0 (44.1) (0.4) - 145.5
Impairment of receivables from leases (23.2) - - 6.1 (17.2)
Impairment of receivables from ordinary activities (3.0) - 0.0 0.8 (2.2)
Accounts receivable – Impairment (26.2) - 0.0 6.8 (19.3)
ACCOUNTS RECEIVABLE – NET VALUE 163.8 (44.1) (0.4) 6.8 126.1
(a) Deconsolidation of Property Development entities having served their purpose (see note 11.4).
(b) The change for the period corresponds mainly to the early termination of a public-private partnership in Nancy (see note 2.1).




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 89
• CONSOLIDATED FINANCIAL STATEMENTS •




Note 8. Other non-current assets

8.1. Change in equity-accounted investments
In the consolidated statement of financial position, the change in “Equity-accounted investments” between
December 31, 2024 and June 30, 2025 broke down as follows:


Equity-accounted investments

(in millions of euros) 06/30/2025 12/31/2024
OPENING SHARE IN NET ASSETS 89.3 111.5
Share of profit/(loss) (6.8) (39.4)
Dividends paid 6.5 (11.0)
Impact of changes in scope of consolidation and capital (0.5) (2.7)
Other changes (a) 0.1 (0.1)
CLOSING SHARE IN NET ASSETS 88.5 58.3
Provisions for liabilities and charges (a) (1.5) 31.0
EQUITY-ACCOUNTED INVESTMENTS 87.0 89.3
(a) As of June 30, 2025, the reclassification of significant negative values of equity-accounted investments as non-current provisions on the liabilities side of
the balance sheet totalled €29.5 million (see note 10.1).



8.2. Information on joint ventures and associates
Key information on the financial position of joint ventures and associates is presented below (on a proportionate
consolidation basis for the relevant companies).
06/30/2025 06/30/2024 12/31/2024
Property Property Property Property Property Property
(in millions of euros) Investment Development Total Investment Development Total Investment Development Total
Income from operating
5.2 64.8 70.0 6.7 80.5 87.2 11.8 154.5 166.3
activities
EBITDA 1.1 1.1 2.3 1.0 9.8 10.9 2.8 (19.9) (17.1)
Operating profit/(loss) (5.5) 1.1 (4.4) (5.0) 10.1 5.1 (8.7) (19.6) (28.3)
Finance income/(expense) (0.2) (2.0) (2.2) (0.5) (4.8) (5.3) (0.9) (8.5) (9.4)
Income tax (0.0) (0.3) (0.3) 0.1 (1.9) (1.9) 0.1 (1.8) (1.7)
NET PROFIT/(LOSS) (5.7) (1.2) (6.8) (5.4) 3.3 (2.1) (9.5) (29.8) (39.4)
including depreciation net
(0.0) - - (0.1) - (0.1) (0.2) - (0.2)
of government grants




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 90
• CONSOLIDATED FINANCIAL STATEMENTS •




Note 9. Income tax
9.1. Tax expense
The tax expense is detailed in the table below:
(in millions of euros) 06/30/2025 06/30/2024 12/31/2024
Tax expense 3.8 26.2 27.3
Company value-added contribution (CVAE) (0.4) (0.1) (0.6)
TAX EXPENSE RECOGNISED IN THE INCOME STATEMENT 3.3 26.1 26.7



Mainly generated by the Property Development business, tax income/(expense) recognised in the income statement
as of June 30, 2025 was an income of €3.3 million, compared with €26.1 million as of June 30, 2024, in line with the
trend in income from this business.


Note 10. Provisions and contingent liabilities
10.1. Provisions
Provisions as of June 30, 2025 were adequate to cover all identified risks regardless of their nature, particularly
operational and financial risks.
Risk expos ure and hedging strategy




Changes
in scope of
(in millions of euros) 12/31/2024 Charges Use Reversals consolidation (a) Reclassification 06/30/2025
Employee benefit liabilities 16.6 0.7 (0.1) - - - 17.2
Provisions for net assets of equity-accounted
31.0 (1.5) 29.5
investments (b)
Other provisions 77.3 6.7 (4.2) (14.7) 0.1 - 65.2
PROVISIONS FOR LIABILITIES AND CHARGES 124.9 7.3 (4.3) (14.7) 0.1 (1.5) 111.8
Non-current provisions 49.8 0.7 (0.1) - - (1.5) 48.8
Current provisions 75.1 6.7 (4.2) (14.7) 0.1 - 63.0
including: operating profit/(loss) 6.4 (2.8) (14.7)
including: finance income/(expense) 0.9 (1.4) -
including: tax expenses
(a) Deconsolidation of Property Development entities having served their purpose (see note 11.4).
(b) Reclassification of negative values of equity-accounted investments.




10.2. Contingent liabilities
As of June 30, 2025, the Group was aware of no contingent liabilities likely to have a material effect on the Group’s profits, financial position,
assets or business.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 91
• CONSOLIDATED FINANCIAL STATEMENTS •




Note 11. Other information
11.1. Related parties
The Group has not entered into any significant new transactions with related parties.


11.2. Off-balance sheet commitments and related parties
No significant off-balance sheet commitments have been identified since December 31, 2024.


11.3. Events after the reporting period

None




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 92
• CONSOLIDATED FINANCIAL STATEMENTS •




11.4. Scope
The table below shows the list of companies included in the scope of consolidation as of June 30, 2025 and the
consolidation method used (“full” for “full consolidation” or “equity” for “equity method”).
Full = full consolidation
Equity = equity method 06/30/2025 12/31/2024
Deconsolidated (a)
Joint ventures / Method of
Company name Legal form % ownership % ownership
Associates consolidation
PROPERTY INVESTMENT
Parent Parent
ICADE SA SA Full
company company
GIE ICADE MANAGEMENT GIE 100.00 Full 100.00
OFFICES AND BUSINESS PARKS
BATI GAUTIER SCI 100.00 Full 100.00
68 VICTOR HUGO SCI 100.00 Full 100.00
MESSINE PARTICIPATIONS SCI 100.00 Full 100.00
1 TERRASSE BELLINI SCI 33.33 Joint venture Equity 33.33
ICADE RUE DES MARTINETS SCI 100.00 Full 100.00
TOUR EQHO SAS 51.00 Full 51.00
LE TOLBIAC SCI 100.00 Full 100.00
SAS ICADE TMM SAS 100.00 Full 100.00
SNC LES BASSINS À FLOTS SNC 100.00 Full 100.00
SCI LAFAYETTE SCI 54.98 Full 54.98
SCI STRATEGE SCI 54.98 Full 54.98
SCI FUTURE WAY SCI 100.00 Full 52.75
SCI NEW WAY SCI 100.00 Full 100.00
SCI ORIANZ SCI 100.00 Full 100.00
POINTE METRO 1 SCI 100.00 Full 100.00
SCI QUINCONCES TERTIAIRE SCI 51.00 Full 51.00
SCI QUINCONCES ACTIVITES SCI 51.00 Full 51.00
SNC NOVADIS SNC 100.00 Full 100.00
SCI AMPHORE SCI 55.00 Full 55.00
SCI ICADE HAIE-COQ SCI 100.00 Full 100.00
OTHER ASSETS
BASSIN NORD SCI 50.00 Joint venture Equity 50.00
SCI BATIMENT SUD DU CENTRE HOSP PONTOISE SCI 100.00 Full 100.00
SCI BSM DU CHU DE NANCY SCI 100.00 Full 100.00
SCI IMMOBILIER HOTELS SCI 77.00 Full 77.00
SCI BASILIQUE COMMERCE SCI 51.00 Joint venture Equity 51.00
OTHER
ICADE 3.0 SASU 100.00 Full 100.00
URBAN ODYSSEY SAS 100.00 Full 100.00
PROPERTY DEVELOPMENT
RESIDENTIAL PROPERTY DEVELOPMENT
SCI DU CASTELET SCI Deconsolidated 99.00
SCI ST CHARLES PARVIS SUD SCI Deconsolidated 58.00
SARL GRP ELLUL-PARA BRUGUIERE SARL 100.00 Full 100.00
SCI LES ANGLES 2 SCI Deconsolidated 75.50
ICADE PROMOTION SAS 100.00 Full 100.00
CAPRI PIERRE SARL 99.92 Full 99.92
SCI BRENIER SCI Deconsolidated 95.00
SCI LA SUCRERIE – Housing SCI Deconsolidated 37.50
RUE DE LA VILLE SNC 99.99 Full 99.99
DUGUESCLIN DEVELOPPEMENT SAS 100.00 Full 100.00
DUGUESCLIN & ASSOCIES MONTAGNE SAS 100.00 Full 100.00
SCI RESID. HOTEL DU PALAIS SCI 100.00 Full 100.00
SCI ID SCI Deconsolidated 53.00
SCCV NICE GARE SUD SCCV 50.00 Joint venture Equity 50.00
SEP COLOMBES MARINE SEP Deconsolidated 25.00
SCI ARKADEA TOULOUSE LARDENNE SCI 100.00 Full 100.00
(a) The Group reviewed its scope of consolidation and deconsolidated companies in the Property Development Division having served their purpose.



ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 93
• CONSOLIDATED FINANCIAL STATEMENTS •



06/30/2025 12/31/2024
Joint ventures / Method of
Company name Legal form % ownership % ownership
Associates consolidation
SCCV CANAL STREET SCCV 100.00 Full 100.00
SCCV ORCHIDEES SCCV Deconsolidated 51.00
SNC TRIGONES NIMES SCI Deconsolidated 49.00
SCCV BLACK SWANS TOUR C SCCV 85.00 Full 85.00
SCI LILLE WAZEMMES SCI 50.00 Joint venture Equity 50.00
SCCV ANTONY SCCV 100.00 Full 100.00
SCI ST ANDRE LEZ LILLE – LES JARDINS DE TASSIGNY SCI 50.00 Joint venture Equity 50.00
SCCV CARETTO SCCV 51.00 Full 51.00
SCCV MASSY CHATEAU SCCV 50.00 Full 50.00
SCCV MASSY PARC SCCV 50.00 Associate Equity 50.00
SCCV NEUILLY S/MARNE QMB 10B SCCV Deconsolidated 44.45
SCCV LE MESNIL SAINT DENIS SULLY SCCV Deconsolidated 100.00
SCCV CUGNAUX – LEO LAGRANGE SCCV 50.00 Joint venture Equity 50.00
SCCV COLOMBES MARINE LOT B SCCV Deconsolidated 25.00
SCCV COLOMBES MARINE LOT H SCCV Deconsolidated 25.00
SCCV QUAI 56 SCCV 50.00 Joint venture Equity 50.00
SCCV LE PIAZZA SCCV Deconsolidated 70.00
SSCV ASNIERES PARC B8 B9 SCCV 50.00 Joint venture Equity 50.00
SAS PARIS 15 VAUGIRARD LOT A SAS 50.00 Joint venture Equity 50.00
SAS PARIS 15 VAUGIRARD LOT C SAS 50.00 Joint venture Equity 50.00
SCCV SARCELLES – RUE DU 8 MAI 1945 SCCV Deconsolidated 100.00
SCCV SARCELLES – RUE DE MONTFLEURY SCCV Deconsolidated 100.00
SCCV MASSY PARC 2 SCCV 50.00 Associate Equity 50.00
SCCV CANTEROUX SCCV 50.00 Full 50.00
SCCV IPK NIMES CRESPON SCCV Deconsolidated 51.00
SCCV BEARN SCCV Deconsolidated 65.00
SCCV ASNIERES PARC B2 SCCV 50.00 Joint venture Equity 50.00
SCCV PERPIGNAN AVENUE D’ARGELES SCCV Deconsolidated 50.00
SCCV 117 AVENUE DE STRASBOURG SCCV Deconsolidated 70.00
SCCV CHATENAY MALABRY LA VALLEE SCCV 100.00 Full 100.00
SCCV NICE CARRE VAUBAN SCCV Deconsolidated 95.00
SNC IP1R SNC 100.00 Full 100.00
SNC IP3M LOGT SNC 100.00 Full 100.00
SCCV NGICADE MONTPELLIER OVALIE SCCV 50.00 Full 50.00
SCCV LILLE CARNOT LOGT SCCV Deconsolidated 50.00
SCCV NORMANDIE LA REUNION SCCV 65.00 Full 65.00
SCCV DU SOLEIL SCCV 50.00 Joint venture Equity 50.00
SAS AILN DEVELOPPEMENT SAS 25.00 Joint venture Equity 25.00
SCCV URBAT ICADE PERPIGNAN SCCV 50.00 Joint venture Equity 50.00
SCCV DES YOLES NDDM SCCV Deconsolidated 75.00
SCCV AVIATEUR LE BRIX SCCV 50.00 Joint venture Equity 50.00
SARVILEP SAS 100.00 Full 100.00
SCCV POMME CANNELLE SCCV 60.00 Full 60.00
SCCV RS MAURETTES SCCV Deconsolidated 50.00
SCCV BRON LA CLAIRIERE G3 SCCV 51.00 Joint venture Equity 51.00
SCCV BRON LA CLAIRIERE C1C2 SCCV Deconsolidated 51.00
SCCV BRON LA CLAIRIERE C3C4 SCCV 49.00 Joint venture Equity 49.00
SCCV BRON LA CLAIRIERE D1D2 SCCV 49.00 Joint venture Equity 49.00
SCCV LES RIVES DU PETIT CHER LOT 2 SCCV 60.00 Joint venture Equity 60.00
SCCV LES RIVES DU PETIT CHER LOT 4 SCCV 60.00 Joint venture Equity 60.00
SCCV LES RIVES DU PETIT CHER LOT 5B SCCV 60.00 Joint venture Equity 60.00
SCCV URBAN IVRY 94 SCCV 100.00 Full 100.00
SCCV YNOV CAMBACERES SCCV 51.00 Full 51.00
SCCV DES RIVES DU PETIT CHER LOT 5 SCCV 60.00 Joint venture Equity 60.00
SCCV DES RIVES DU PETIT CHER LOT 6 SCCV 60.00 Joint venture Equity 60.00
SAS MONTPELLIER SW SAS 70.00 Full 70.00
SCCV LES JARDINS DE CALIX IPS SCCV 80.00 Full 80.00




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 94
• CONSOLIDATED FINANCIAL STATEMENTS •



06/30/2025 12/31/2024
Joint ventures / Method of
Company name Legal form % ownership % ownership
Associates consolidation
SCCV BOUL DEVELOPPEMENT SCCV 65.00 Full 65.00
SCCV BILL DEVELOPPEMENT SCCV 100.00 Full 65.00
SCCV PATIOS VERGERS SCCV 70.00 Full 70.00
SCCV LILLE PREVOYANCE SCCV Liquidation 50.00
SCCV BOUSSY SAINT ANTOINE ROCHOPT SCCV 50.00 Joint venture Equity 50.00
SCCV IXORA SCCV Deconsolidated 80.00
SCCV CAP ALIZE SCCV 80.00 Full 80.00
SCCV IPSPF CHR1 SCCV 40.00 Joint venture Equity 40.00
SCCV LORIENT GUESDE SCCV 80.00 Full 80.00
SCCV BOHRIE D2 SCCV 70.00 Full 70.00
SAS AD VITAM SAS 100.00 Full 100.00
SCCV MARCEL GROSMENIL VILLEJUIF SCCV Deconsolidated 60.00
SNC SEINE CONFLUENCES SNC 50.00 Joint venture Equity 50.00
SCCV CHATENAY LAVALLEE LOT I SCCV 50.10 Full 50.10
SCCV QUINCONCES SCCV 33.33 Joint venture Equity 33.33
SARL BEATRICE MORTIER IMMOBILIER – BMI SARL 100.00 Full 100.00
SAS LES HAUTS DE LA VALSIERE SAS 100.00 Full 100.00
SCCV VIADORA SCCV 30.00 Associate Equity 30.00
SNC URBAIN DES BOIS SNC 100.00 Full 100.00
SCCV NANTERRE HENRI BARBUSSE SCCV 66.67 Full 66.67
SCCV LES PALOMBES SCCV 50.00 Joint venture Equity 50.00
SCCV 3 – B1D1 LOGEMENT SCCV 25.00 Joint venture Equity 25.00
SCCV TREVOUX ORFEVRES SCCV 65.00 Full 65.00
SAS SURESNES LIBERTE SAS 70.00 Full 70.00
SAS L’OREE SAS 50.00 Joint venture Equity 50.00
SCCV CERDAN SCCV 50.00 Joint venture Equity 50.00
SCCV DES RIVES DU PETIT CHER LOT 7 SCCV 45.00 Joint venture Equity 45.00
SAS BREST COURBET SCCV 50.00 Joint venture Equity 50.00
SCCV MITTELVEG SCCV 70.00 Full 70.00
SCCV LES RIVES DU PETIT CHER LOT 8 SCCV 45.00 Joint venture Equity 45.00
SCCV TERRASSES ENSOLEILLEES SCCV 50.00 Joint venture Equity 50.00
SCCV ISSY ESTIENNE D’ORVES SCCV 85.00 Full 85.00
SCCV CARAIX SCCV 51.00 Full 51.00
SAS TOULOUSE RUE ACHILE VIADEU SAS 55.72 Full 55.72
SCCV ARC EN CIEL SCCV 51.00 Full 51.00
SNC LE BOIS URBAIN SNC 100.00 Full 100.00
SCCV DOMAINE DE LA CROIX SCCV 80.00 Full 80.00
SCCV ILE NAPOLEON SCCV 70.00 Full 70.00
SAS RB GROUP SAS 95.66 Full 65.29
SARL M&A IMMOBILIER SARL 95.66 Full 65.29
SCCV LE FORUM-LATTES SCCV 47.83 Full 32.65
SCCV BLEU PLATINE -SETE SCCV 66.96 Full 45.70
SARL KALITHYS SARL 95.66 Full 65.29
SCCV BASSA NOVA – PERPIGNAN SCCV 76.53 Full 52.23
SCCV VILLA HERMES – MANDELIEU SCCV 95.66 Full 65.29
SCCV HERMES 56 – MONTPELLIER SCCV 95.66 Full 65.29
SCCV L’OASIS – CASTELNAU SCCV 95.66 Full 65.29
SCCV VERT AZUR – GRABELS SCCV Merger 65.29
SCCV VILLA BLANCHE LUNEL SCCV 95.66 Full 65.29
SCCV LE PARC RIMBAUD SCCV 95.66 Full 65.29
SCCV SILVER GARDEN SCCV 95.66 Full 65.29
SCCV SETE PREMIERE LIGNE SCCV 95.66 Full 65.29
SCCV LE 9 – MONTPELLIER SCCV 48.79 Full 33.30
SCCV EUROPE – CASTELNAU SCCV 47.83 Joint venture Equity 32.65
SAS RB PARTICIPATIONS SAS 95.66 Full 65.29
SNC M&A PROMOTION SNC 95.66 Full 65.29
SCCV LES BAINS – JUVIGNAC SCCV 95.66 Full 65.29




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 95
• CONSOLIDATED FINANCIAL STATEMENTS •



06/30/2025 12/31/2024
Joint ventures / Method of
Company name Legal form % ownership % ownership
Associates consolidation
SCCV LES PINS BLEUS – GRABELS SCCV 95.66 Full 65.29
SCCV VILLAGE CLEMENCEAU MONTPELLIER SCCV 76.53 Full 52.23
SAS 68 AMPERE SAS 80.00 Full 80.00
SCCV IPSPF-CHR2 SCCV 40.00 Joint venture Equity 40.00
SCCV 86 FELIX EBOUE SCCV 100.00 Full 100.00
SCCV LUNEL FOURQUES SCCV Liquidation 51.00
SCCV VILLENEUVE D’ASCQ – AVENUE DU BOIS SCCV 50.00 Joint venture Equity 50.00
SCCV ECHO LES MENUIRES SCCV 60.00 Joint venture Equity 60.00
SCCV ACANTHE SCCV 51.00 Joint venture Equity 51.00
SAS COLOMBES AURIOL SAS 51.00 Joint venture Equity 51.00
SCCV ZAC REPUBLIQUE SCCV 51.00 Full 51.00
SCCV MEDOC 423 SCCV 49.90 Joint venture Equity 49.90
SCCV BRON CLAIRIERE F1 SCCV 51.00 Joint venture Equity 51.00
SCCV VILLA LAURES – MONTPELLIER SCCV 95.66 Full 65.29
SCCV COEUR CARNOLES SCCV 50.00 Joint venture Equity 50.00
SCCV ARRAS MICHELET SCCV 50.00 Joint venture Equity 50.00
SCCV BRON CLAIRIERE G4 SCCV 49.00 Joint venture Equity 49.00
SCCV STEEN ST MALO LA FONTAINE SCCV 33.33 Joint venture Equity 33.33
SAS STEEN LIBOURNE SAS 33.33 Joint venture Equity 33.33
SCCV STEEN DIJON SCCV 33.33 Joint venture Equity 33.33
SCCV STEEN PARIS 9 PETRELLE SCCV 33.33 Joint venture Equity 33.33
SCCV STEEN ROANNE FOLLEREAU SCCV 33.33 Joint venture Equity 33.33
SCCV PHARE D’ISSY SCCV 75.00 Full 75.00
SEP PEACEFUL SEP 43.05 Joint venture Equity 29.38
SAS BF3 SAINT RAPHAEL SAS 20.00 Associate Equity 20.00
SCCV ARCHEVECHE SCCV 40.00 Joint venture Equity 40.00
SAS NEUILLY VICTOR HUGO SAS 54.00 Full 54.00
SNC VILLEURBANNE TONKIN SNC 55.72 Full 55.72
SCCV MONTIGNY LOTS 1C 5A 5B SCCV 70.00 Full 70.00
SCCV STEEN CHATEAURENARD DENIS PAULEAU SCCV 33.33 Joint venture Equity 33.33
SCCV STEEN DOUAI BOULEVARD VAUBAN SCCV 33.33 Joint venture Equity 33.33
SCCV STEEN LE CHESNAY SCCV 33.33 Joint venture Equity 33.33
SNC M&A CE SNC 95.66 Full 65.29
SCCV BREST REPUBLIQUE DEVELOPPEMENT SCCV 50.00 Joint venture Equity 50.00
SCCV SAINT VALERY CAVEE LEVEQUE SCCV 50.00 Joint venture Equity 50.00
SCCV SEVRAN ROUGEMONT SCCV Liquidation 70.00
SCCV STEEN ST GILLES RAIMONDEAU SCCV 33.33 Joint venture Equity 33.33
SCCV STEEN GAILLON SUR MONTCIENT SCCV 33.33 Joint venture Equity 33.33
SCCV LILURA DE L’ADOUR SCCV Liquidation 51.00
SCCV ZOKO ST ESPRIT SCCV 51.00 Joint venture Equity 51.00
SCCV AME ECHO SCCV 60.00 Full 60.00
SCCV PARIS 12 MESSAGERIES L3 L4 SCCV Liquidation 100.00
SCCV LA PLATEFORME RE SCCV 100.00 Full 100.00
SCCV NANTERRE PARTAGEE SCCV 30.81 Joint venture Equity 35.00
SCCV NIMOZA NIMES SCCV 95.66 Full 65.29
SCCV LE CLOS DES OLIVIERS-MARGUERITTES SCCV 95.66 Full 65.29
SCCV FORUM II – LATTES SCCV 92.79 Full 63.33
FONDATION D’ENTREPRISE ICADE PIERRE POUR TOUS Foundation 100.00 Full 100.00
SAS EQUINOVE SAS 100.00 Full 100.00
SCCV LA SAUVEGARDE SCCV 50.10 Full 50.10
SCCV CHOISY B7 SCCV 60.00 Full 60.00
SCCV DUNKERQUE ZAC GRAND LARGE SCCV 50.00 Joint venture Equity 50.00
SCCV STEEN CHANTILLY CASCADES SCCV 33.33 Joint venture Equity 33.33
SCCV DE LA BERGERIE SCCV 51.00 Full 51.00
L’OLIU – REDESSAN SCCV 95.66 Full 65.29
SAS IPSXM SAS 100.00 Full 100.00
SCCV MAS VINHA – FRONTIGNAN SCCV 95.66 Full 65.29




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 96
• CONSOLIDATED FINANCIAL STATEMENTS •



06/30/2025 12/31/2024
Joint ventures / Method of
Company name Legal form % ownership % ownership
Associates consolidation
SCCV 1 PLACE COPERNIC SCCV 55.00 Full 55.00
SNC ARCADE SNC 90.00 Full 90.00
SCCV L’AIGARELLE – FABREGUES SCCV 95.66 Full 65.29
SCCV PREMIUM B2 SCCV 50.00 Joint venture Equity 50.00
SCCV PREMIUM RE3 SCCV 50.00 Joint venture Equity 50.00
SCCV BRON CLAIRIERE M3 SCCV 51.00 Full 51.00
SARL JARDINS HABITES-FRONTIGNAN SARL 95.66 Full 65.29
SCCV HELEN KELLER LOT 6 SCCV 51.00 Full 51.00
SCCV LES PARCS DE LAS CLOSES SCCV 50.00 Joint venture Equity 50.00
SCCV PONTCHATEAU ROUTE DE VANNES SCCV 100.00 Full 100.00
SCCV ST VINCENT DE PAUL – SAVARIAUD SCCV 54.00 Full 54.00
SAS GAVY AMENAGEMENT SAS 51.00 Full 51.00
SCCV VILLEJUIF STALINGRAD SCCV 50.10 Full 50.10
SCCV SAINT MAUR LA PIE SCCV 70.00 Full 70.00
SCCV TAVERNY 75 HERBLAY SCCV 30.00 Associate Equity 30.00
SCCV AUDENGE – ROUTE DE BORDEAUX SCCV 40.00 Associate Equity 40.00
SCCV LA MURAILLE SCCV 30.00 Joint venture Equity 30.00
SCCV CHARLARY II SCCV 51.00 Full 51.00
SCCV LA PENA SCCV 100.00 Full 100.00
SCCV EUSKADI SCCV 40.00 Joint venture Equity 40.00
SCCV LAVOISIER SCCV 100.00 Full 100.00
SCCV LA CHAPELLE SUR ERDRE HAUTIERE SCCV 30.00 Associate Equity 30.00
SCCV GENAY PROULIEU SCCV 30.00 Associate Equity 30.00
SCCV BRON CLAIRIERE B SCCV 50.00 Joint venture Equity 50.00
SCCV BRON CLAIRIERE K2 SCCV 49.00 Associate Equity
SCCV IVRY LE GALLEU SCCV 50.00 Joint venture Equity
SCCV MONMOUSSEAU SCCV 51.00 Full
SCCV LES CHENES VERTS – ROCHEFORT DU GARD SCCV 95.66 Full
SCCV SAINT MEDARD EN JALLES LESTAGE SCCV 40.00 Associate Equity
SAS BORDEAUX GRAVELOTTE SAS 40.00 Associate Equity
SCCV JARDY SCCV 55.00 Full
SAS TOURNEFEUILLE CANAL SAS 10.00 Associate Equity
SAS HOLDING IG SAS 100.00 Full
SCCV CHATENAY MALABRY PARC CENTRAL LOT C SCCV 49.90 Joint venture Equity
SCCV ARBRESLE PERI SCCV 51.00 Full
SCCV ZAC REPUBLIQUE 2 SCCV 50.00 Joint venture Equity
SCCV CŒUR DE VILLE SCCV 50.00 Joint venture Equity
COMMERCIAL PROPERTY DEVELOPMENT
SNC ICADE PROMOTION TERTIAIRE SNC 100.00 Full 100.00
ARKADEA SAS SAS 100.00 Full 100.00
SAS CORNE OUEST VALORISATION SAS Deconsolidated 25.00
SCCV TECHNOFFICE SCCV 50.00 Joint venture Equity 50.00
SCCV LE SIGNAL/LES AUXONS SCCV 51.00 Full 51.00
SAS IMMOBILIER DEVELOPPEMENT SAS 100.00 Full 100.00
SCCV HOTELS A1-A2 SCCV 50.00 Joint venture Equity 50.00
SCCV MIXTE D-E SCCV Deconsolidated 50.00
SCCV CASABONA SCCV 51.00 Full 51.00
SCCV GASTON ROUSSEL ROMAINVILLE SCCV 75.00 Full 75.00
SNC IP2T SNC 100.00 Full 100.00
SCCV TOURNEFEUILLE LE PIRAC SCCV 90.00 Full 90.00
SCCV LES RIVES DU PETIT CHER LOT 0 SCCV 60.00 Joint venture Equity 60.00
SAS ODESSA DEVELOPPEMENT SAS 51.00 Joint venture Equity 51.00
SCCV LES RIVES DU PETIT CHER LOT 3 SCCV 60.00 Joint venture Equity 60.00
SCCV DES RIVES DU PETIT CHER LOT 1 SCCV 60.00 Joint venture Equity 60.00
SAS NEWTON 61 SAS 40.00 Joint venture Equity 40.00
SCCV BRON LES TERRASSES L1 L2 L3 N3 SCCV 50.00 Joint venture Equity 50.00
SAS LA BAUME SAS 40.00 Joint venture Equity 40.00




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 97
• CONSOLIDATED FINANCIAL STATEMENTS •



06/30/2025 12/31/2024
Joint ventures / Method of
Company name Legal form % ownership % ownership
Associates consolidation
SCCV PIOM 3 SCCV 100.00 Full 100.00
SCCV PIOM 4 SCCV 100.00 Full 100.00
SCCV COLADVIVI SCCV 40.00 Associate Equity 40.00
SCCV PIOM 6 SCCV 100.00 Full 100.00
SCCV 2 – B1D1 BUREAUX SCCV 25.00 Joint venture Equity 25.00
SCCV PIOM 7 SCCV 100.00 Full 100.00
SCCV PIOM 8 SCCV 100.00 Full 100.00
SCCV PALUDATE GUYART SCCV 50.00 Joint venture Equity 50.00
SCCV BRON LES TERRASSES A1 A2 A3 A4 SCCV 50.00 Joint venture Equity 50.00
SCCV ECOLE DE LA REPUBLIQUE SCCV 50.00 Joint venture Equity 50.00
SCCV STEEN PETREQUIN SCCV 33.33 Joint venture Equity 33.33
SCCV CEREREIDE – LATTES SCCV 95.66 Full 65.29
SCCV IRENE SCCV 65.00 Full
OTHER PROPERTY DEVELOPMENT
RUE CHATEAUBRIAND SCI 100.00 Full 100.00
SNC DU PLESSIS BOTANIQUE SNC 100.00 Full 100.00
SARL LAS CLOSES SARL 50.00 Joint venture Equity 50.00
SNC DU CANAL ST LOUIS SNC 100.00 Full 100.00
SNC MASSY VILGENIS SNC 50.00 Full 50.00
SAS LE CLOS DES ARCADES SAS 50.00 Joint venture Equity 50.00
SAS OCEAN AMENAGEMENT SAS 49.00 Joint venture Equity 49.00
SNC VERSAILLES PION SNC 100.00 Full 100.00
SAS GAMBETTA SAINT ANDRE SAS 50.00 Joint venture Equity 50.00
SAS MONT DE TERRE SAS 40.00 Joint venture Equity 40.00
SAS MEUDON TASSIGNY SAS 40.00 Joint venture Equity 40.00
SAS DES RIVES DU PETIT CHER SAS 50.00 Joint venture Equity 50.00
SNC LH FLAUBERT SNC 100.00 Full 100.00
SAS BREST AMENAGEMENT SAS 50.00 Joint venture Equity 50.00
SAS ICADE PIERRE POUR TOUS SAS 100.00 Full 100.00
SAS BONDY CANAL SAS 55.50 Joint venture Equity 55.50
SAS HOLDING TOULOUSE TONKIN JHF SAS 79.60 Full 79.60
SAS JALLANS SAS 55.72 Full 55.72
SAS CLINIQUE 3 SAS 55.72 Full 55.72
SAS STEEN REHAB SAS 33.33 Joint venture Equity 33.33
SAS DE LA BERGERIE SAS 51.00 Full 51.00
SCCV MARSEILLE SMCL SCCV 15.00 Ent. ASSOCIATIONS Equity 15.00
SAS HOLDING CITY PARK LEVALLOIS SAS 100.00 Full 100.00
SNC LEVALLOIS CITYPARK SNC 51.00 Joint venture Equity 51.00
SAS SAINT PIERRE CENTRE 2025 SAS 70.00 Joint venture Equity 70.00
SCCV TOULOUSE GARONNE SCCV 50.00 Joint venture Equity 50.00
SAS L’OLIVERAIE SAS 50.00 Joint venture Equity 50.00
SCCV ILOT DES PLATANES – LATTES SCCV 83.23 Full 56.80
SAS VF MANDELIEU CC SAS 100.00 Full
SAS VF ANGERS SAS 100.00 Full
SAS VF MARSEILLE LES CAILLOLS SAS 50.00 Joint venture Equity
SAS VF MONTPELLIER CENTRE CO SAS 100.00 Full
SAS VF MONTPELLIER PLEINE PRO SAS 50.00 Joint venture Equity
SAS VF SAINT-NAZAIRE SAS 100.00 Full
SNC VF ASTORIA 5 SITES SNC 100.00 Full
SNC VF MANDELIEU DENT CREUSE SNC 100.00 Full
SNC VF MONTPELLIER CELLENEUVE SNC 100.00 Full




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 98
• CONSOLIDATED FINANCIAL STATEMENTS •




Statutory Auditors’ report on the interim financial
information




PricewaterhouseCoopers Audit Forvis Mazars SA
63, rue de Villiers 45 rue Kléber
92208 Neuilly-sur-Seine Cedex 92300 Levallois-Perret




ICADE SA
Statutory Auditors’ report on the interim financial information

(For the six months ended 30 June 2025)

This is a free translation into English of the Statutory Auditors’ report issued in French and is provided
solely for the convenience of English speaking readers. This report should be read in conjunction with,
and construed in accordance with, French law and professional auditing standards applicable in France.


ICADE SA
Tour HyFive
1 avenue du Général de Gaulle
92800 Puteaux

To the Shareholders,



In compliance with the engagement entrusted to us by your General Meeting and in
accordance with the requirements of Article L. 451-1-2 III of the French Monetary and
Financial Code (Code monétaire et financier), we hereby report to you on:

- the review of the accompanying condensed interim consolidated financial statements
of Icade SA for the six months ended 30 June 2025;
- the verification of the information contained in the interim management report.

These condensed interim consolidated financial statements are the responsibility of the Board
of Directors. Our role is to express a conclusion on these financial statements based on our
review.




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 99
• CONSOLIDATED FINANCIAL STATEMENTS •




I – Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
professional standards applicable in France and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the
accompanying condensed interim consolidated financial statements have not been prepared,
in all material respects, in accordance with IAS 34 – “Interim Financial Reporting”, as adopted
by the European Union.


II – Specific verification
We have also verified the information given in the interim management report on the
condensed interim consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and its consistency with the condensed
interim consolidated financial statements.



Neuilly-sur-Seine and Levallois-Perret, 23 July 2025



The Statutory Auditors



PricewaterhouseCoopers Audit Forvis Mazars SA




Lionel Lepetit Claire Gueydan-O’Quin




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 100
• CONSOLIDATED FINANCIAL STATEMENTS •




ICADE * 2025 HALF-YEAR FINANCIAL REPORT * 101