ICADE - 2026 HY Financial Report

HALF-YEAR FINANCIAL REPORT 2026

Pont de Flandre (Paris, 19th district)

CONTENTS

KEY FIGURES AS OF JUNE 30, 2026 6
PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES 10

1. H1 2026 highlights 10
2. 2026 guidance 13
3. Analysis of consolidated results as of June 30, 2026 14
4. Performance by business line as of June 30, 2026 16
5. Financial structure 23

EPRA REPORTING 28

1. EPRA net asset value 29
2. EPRA earnings from Property Investment 30
3. EPRA LTV ratio 30
4. EPRA yield – Property Investment 31
5. EPRA vacancy rate – Property Investment 32
6. EPRA like-for-like net rental income – Property Investment 32
7. EPRA cost ratio – Property Investment 33
8. EPRA investments – Property Investment 34

ADDITIONAL INFORMATION 38

1. Icade Group’s segmented income statement 38
2. Property Investment Division 40
3. Debt structure 44
4. Risk factors 44
5. Glossary 45

GOVERNANCE 54

1. Composition of the Board of Directors and its committees as of June 30, 2026 54
2. Composition of the Executive Committee 58

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 61

1. Consolidated financial statements 62
2. Notes to the condensed consolidated financial statements as of June 30, 2026 66
3. Statutory Auditors’ report on the interim financial information 109

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 21, 2026
Nicolas Joly
Chief Executive Officer

KEY FIGURES

KEY FIGURES as of June 30, 2026

GROUP INFORMATION

NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP (IN €M) (155.9) (91.7) 70.1%

PROPERTY INVESTMENT DIVISION

BREAKDOWN OF THE PROPERTY INVESTMENT PORTFOLIO
Offices / €4,245m / 76%
Light industrial / €804m / 14%
Living / €86m / 2%
Land / €87m / 2%
Other / Non-core assets / €389m / 7%

Portfolio value
€5,611m

PROPERTY DEVELOPMENT DIVISION

DEBT INDICATORS

SHARE CAPITAL

OWNERSHIP STRUCTURE AS OF 06/30/2026

Caisse des dépôts et consignations 39.2%
Treasury shares 0.6%
Employees (Icade’s FCPE fund) 0.5%
Free float 40.8%
Crédit Agricole Assurances Group 18.9%

PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES

1. H1 2026 HIGHLIGHTS 10
1.1. Continued disciplined execution of the asset disposal plan 10
1.2. Acquisition of full ownership of the Eqho Tower in La Défense 10
1.3. Forging of partnerships to support the investment strategy 11
1.4. Sustainability commitments strengthened and recognised 11
1.5. Changes in governance: appointment of a new Chairman of the Board of Directors 12
1.6. 2025 distribution 12
2. 2026 GUIDANCE 13
3. ANALYSIS OF CONSOLIDATED RESULTS AS OF JUNE 30, 2026 14
4. PERFORMANCE BY BUSINESS LINE AS OF JUNE 30, 2026 16
4.1. Property Investment: strong operational performance, rental income and values down 16
4.2. Property Development: solid residential performance 20
5. FINANCIAL STRUCTURE 23
5.1. Continued strong liquidity position 23
5.2. Contained cost of debt 24
5.3. Solid financial ratios 24
5.4. Bank covenants 25

PERFORMANCE OF THE GROUP’S BUSINESS ACTIVITIES

1. H1 2026 HIGHLIGHTS

1.1. Continued disciplined execution of the asset disposal plan

FURTHER PROGRESS IN THE DISPOSAL OF THE HEALTHCARE REAL ESTATE BUSINESS WITH A NEW MILESTONE ACHIEVED IN PORTUGAL
On July  18, 2026, Icade reached a significant new milestone in the sale of its healthcare assets as Praemia Healthcare(1) and OPPCI IHE Healthcare Europe(2) signed a  share purchase agreement with Healthcare Activos concerning all the shares of a fund(3) holding a portfolio of four healthcare assets in Portugal.

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

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

This transaction will have no impact on the Group’s 2026 net current cash flow(4). Excluding Portuguese assets, Icade’s remaining interests in the vehicles holding Healthcare assets amount to €0.9 billion, comprising €0.7 billion for Praemia Healthcare and €0.2 billion for IHE Healthcare Europe.

SALE OF THE MARIGNAN BUILDING ON THE CHAMPS-ÉLYSÉES COMPLETED FOR €402M
Following the signing of a preliminary agreement in December 2025, Icade completed the sale of the Marignan building in April 2026 to Black Swan Real Estate Capital, acting on behalf of funds managed by Bain Capital and Revcap, for €402 million.

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

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

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

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

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

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

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

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

1.3. Forging of partnerships to support the investment strategy

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

An initial three-year investment period will total €240 million: the first two projects, for 500 beds in Ivry-sur-Seine (Val-de-Marne) and Levallois-Perret (Hauts-de-Seine), have already been launched, with completion scheduled for 2028, while three further projects for an additional 1,250 beds have been identified in the Paris region.

Located in urban areas, near campuses, universities, and schools, the student residences will be operated under a management agreement with Nomad Campus, a French operator acting on Icade’s behalf under a white label.

CREATION OF AN INVESTMENT VEHICLE WITH BANQUE DES TERRITOIRES AND CAISSE D’ÉPARGNE ÎLE-DE‑FRANCE TO CONVERT OFFICE SPACE INTO RESIDENTIAL PROJECTS
To meet the dual challenge of reducing the surplus of available office space while stimulating the creation of housing, in June 2026, Icade Promotion, Banque des Territoires, and Caisse d’Épargne Île-de-France launched Evolution Habitat, an investment vehicle dedicated to converting vacant office buildings into residential projects, primarily in the Paris region.

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

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

1.4. Sustainability commitments strengthened and recognised

BEST-IN-CLASS ESG RATINGS
= MSCI Global Sustainability Index awarded Icade an AAA rating—the highest on the MSCI ESG Ratings scale— reflecting the Group’s excellent environmental, social and governance practices and improving on its previous A rating. As a result, Icade now ranks among the top 6% highest scoring companies worldwide in the Real Estate Management & Services category.

= With a carbon score of  A, Icade is included in the Vérité  40 index, which comprises the 40 French listed companies with the highest carbon scores—on a scale from A to F—as determined by Axylia, a consulting firm specialising in sustainable finance. This score assesses companies’ ability to meet their carbon obligations by taking into account all of their CO2 emissions and calculating a carbon-adjusted EBITDA.

RESOLUTIONS ON CLIMATE AND BIODIVERSITY APPROVED BY A LARGE MAJORITY OF SHAREHOLDERS
Since 2024, Icade has set itself apart from other European real estate investment companies by submitting two separate resolutions on climate and biodiversity for approval by its General Meeting.

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

= The Say on Climate resolution covered the Group’s progress in terms of reducing carbon intensity (-57% for Property Investment and -36% for Property Development over the 2019–2025 period) and CO2 emissions (-52% in absolute terms over the 2019–2025 period). In 2025, Icade updated its low-carbon pathway to align it with the new standard issued for the real estate sector by the Science Based Targets initiative (SBTi)(1) and set new, more ambitious targets for 2030 consistent with a +1.5°C pathway for all three scopes.

= The Say on Biodiversity resolution set out the Group’s results in terms of contributing to biodiversity preservation, particularly in relation to rewilding measures implemented by the Property Investment and Property Development divisions.

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

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

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

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

1.6. 2025 distribution

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

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

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

2. 2026 GUIDANCE

Based on H1 results and expectations for H2, the 2026 Group Net Current Cash Flow guidance of between €2.90 and €3.10 per share(1) has remained unchanged.

This guidance breaks down as follows:

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

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

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

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

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

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

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

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

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

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

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

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

= Net current cash flow from strategic operations amounted to €87.6  million (€1.15 per share), down 19.8% compared to June 30, 2025. This change reflects the combined effect of (i) the fall in net rental income in the Property Investment Division (-€0.13 per share), (ii) the decrease in the Property Development Division’s net margin (-€0.17 per share), and (iii) the change in net finance costs (-€0.05 per share).

= Net current cash flow from non-strategic operations amounted to €48.9  million, i.e. €0.64 per share, up compared with June 30, 2025. This includes the payment by Praemia Healthcare of the full 2025 dividend in May 2026.

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

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

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

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

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

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

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

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

KEY FINANCIAL DATA

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

KEY OPERATIONAL DATA

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

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

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

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

In a rental market that has fallen since the beginning of the year (take-up in the Paris region down 5%(1)), Icade has let nearly 94,000  sq.m, up by 18% in volume terms compared with H1  2025. Of these leases, c.  90% were renewals and c. 10% were new. Together they represent €32 million in annualised headline rental income for a WAULT to break of nearly 9 years.

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

= In Nanterre, more than 76,000  sq.m were renewed, including mainly (i)  c.  58,000  sq.m in the Grands Axes buildings with a major French insurer for a 9-year term with no break option from January 1, 2028, (ii) over 13,000  sq.m in Le Prairial with the French Ministry of the Interior, and (iii)  more than 4,300  sq.m in the La Défense 4-5-6 complex, let to government departments.

= In the Paris Orly-Rungis business park, around 3,300 sq.m were renewed in the Bombay building with the French Blood Establishment (Établissement Français du Sang).

As such, Icade has been able to:

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

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

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

= In the office segment, the financial occupancy rate was 89.9% (+1.7 pps compared with March 31, 2026), thanks in particular to the lease signed by the Hauts-de-Seine Préfecture in the Eqho Tower.

= In the light industrial segment, the financial occupancy rate stood at 88.0% at the end of June 2026, down 1 pp compared to the end of March 2026, after space was vacated in the Paris Orly-Rungis business park and light industrial premises were completed and handed over in Saint-Ouen.

= The decline in the financial occupancy rate for the ‘Other / Non-core assets’ segment is linked to the removal from the operating portfolio of the Novadis asset in Le Plessis-Robinson (Hauts-de-Seine), previously occupied by Renault and currently being converted into a residential building.

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

4.1.2. Value-enhancing capital reallocation and tight control over investments

The Group is pursuing a value-creating asset rotation strategy.

As part of its rigorous and disciplined implementation of the ReShapE plan, Icade is reallocating its capital towards segments with greater value-creation potential and is pursuing selective diversification into asset classes with solid fundamentals, such as data centres and student residences. The disposal of the Marignan asset, which was expected to deliver a potential yield of c. 3.75% upon completion, will enable the Group to finance investments in projects offering initial yields of between 5.5% and 10%, depending on the segment.

Furthermore, the Group maintains tight control over its development pipeline, with only €174  million of investment still to be incurred, for an expected average yield of 6.0%. Diversified and 64% secured, this pipeline is expected to generate €22.4 million in additional annualised rental income. It illustrates the Group’s diversification strategy, including the development of two student residences in Levallois-Perret and Ivry-sur-Seine, as well as a data centre leased to Equinix in the Portes de Paris business park.

In H1 2026, investments were kept under control at €85.6  million(1), two-thirds of which was allocated to development projects, including in particular the Seed and Bloom buildings in Lyon and the Centreda building in Toulouse.

The remaining investments, i.e. €28.8 million, related to operational capex for renovation work or energy retrofits, and lease incentives.

4.1.3. Like-for-like decrease in portfolio value of 3.1%

As of June 30, 2026, the Property Investment Division’s portfolio was worth €5.6 billion excluding duties, down by 8.4% compared with December 31, 2025, mainly as a result of the sale of the Marignan building on the Champs‑ Élysées for €402 million.

On a like-for-like basis, the value of the portfolio fell by 3.1% in H1 2026, with the asset segments following different trends:

• Office assets saw a slight decrease of 2.8% like-for-like, impacted by a further decompression in yields, particularly in La  Défense, Peri-Défense and North East Paris, where benchmark transactions remain limited. However, this impact was partially offset by solid leasing momentum in Nanterre, driven by lease renewals in the Grands Axes, Le Prairial and La Défense 4-5-6 buildings.
• The recovery continued in the light industrial segment, with a 0.3% like-for-like increase in value, driven by (i) the market benchmark set by the sale of the Mauvin business park in late 2025 and (ii) progress on the hyperscale data center project in the Paris Orly-Rungis business park (building permit obtained in 2025).
• The value of ‘Other / Non-core assets’ fell by 7.5% on a like-for-like basis given the deterioration in valuation assumptions (yields, estimated rental values, void periods, etc.) as a result of the increase in vacancy rates in the market.

4.1.4. Gross rental income slightly down by 1.1% like-for-like

(a) “Other” includes the impact of changes in scope of consolidation (acquisitions, disposals, completion) and early termination fees, which ranged between €8m and €9m in both 2025 and 2026.

As of June 30, 2026, gross rental income from Property Investment amounted to €170.2 million, down 4.5% on a reported basis compared to June  30, 2025. It was down -1.1% on a like-for-like basis, reflecting the following factors:

• the positive effect of index-linked rent reviews (+0.8%);
• the impact of tenant departures (-0.8%); and
• negative reversion on renewals (-1.1%).

Other changes related to a -3.4% change in scope of consolidation due to asset disposals in 2025, partly offset by the completion of the Edenn building in Nanterre in 2025.

Net rental income from Property Investment amounted to €145.8  million as of June  30, 2026, down  6.4% on  a reported basis and 2.0% like-for-like compared to June 30, 2025.

The net rental income margin stood at 85.7% vs. 87.4% a year earlier due to a one-off deterioration in customer risk. At the end of June 2026, the rent collection rate remained high at 99%, reflecting the Property Investment Division’s excellent tenant base, nearly 84% of which comprises large companies, middle-market companies and public sector organisations.

4.2. Property Development: solid residential performance

= Housing orders on the rise: +12% in volume terms and +6% in value terms compared to H1 2025
= Residential revenue and profitability up slightly
= Financial indicators still reflecting the sharp decline in the commercial segment

KEY FINANCIAL DATA

KEY OPERATIONAL DATA

In a new build housing market still at historical lows, sales in the Property Development Division were driven by a positive trend in the residential segment, which rose by 12% in volume terms and 6% in value terms in H1 2026.

Individual orders recorded solid growth, up by 6% in volume terms and 5% in value terms, despite the continued sharp decline in the market, down by around 15% in volume terms(1). Demand continued to be driven mainly by owner-occupier buyers, who accounted for nearly 70% of individual orders. The share of individual investors was slightly higher compared with the same period last year, driven in particular by tax mechanisms incentivising property refurbishments, such as the “rental losses” (déficit foncier), Denormandie and Malraux schemes, whereas the effects of the Jeanbrun scheme have not yet significantly materialised.

Bulk sales to institutional investors complemented this robust sales performance, with a 16% increase in volume terms and a nearly 9% increase in value terms. This was primarily driven by social landlords and intermediate housing providers. In an environment that remains challenging for individual investors, institutional investors thus continue to act as a market stabiliser. In H1 2026, they accounted for 60% of orders in volume terms, with just under half coming from social landlords. It should also be noted that this activity has historically been stronger in H2, with more than two-thirds of bulk orders made in H2 in both 2024 and 2025.

Administrative delays linked to municipal elections resulted in a decline in the number of building permit approvals in H1  2026. However, thanks to building permits obtained at the end of 2025, Icade was able to step up construction starts, which increased by 63% compared with the same period in 2025.

These new projects included a high level of pre-sales—over 80%—as well as restored margin rates in line with pre‑ crisis levels. Projects with margins at pre-crisis levels now account for 37% of revenue, up from 18% in 2025.

As of June  30, 2026, the Property Development Division’s total backlog stood at €1,628  million, providing a clear picture of future development activity. The trend observed in recent financial years continued, with a stable residential backlog and a further decline in the commercial backlog.

As of that date, around 41% of the backlog units were pre-sold, slightly down from 45% as of December 31, 2025, but in line with the expected mid-year trend.

The secured backlog as of June 30, 2026 included €532 million of work still to be performed by fully consolidated entities (see note 7.1 to the consolidated financial statements as of June 30, 2026) and €131 million by joint ventures (proportionate consolidation).

4.2.2. Results affected by the sharp decline in the commercial segment, despite a recovery in the residential segment

(a) Revenue on a percentage-of-completion basis from construction and off-plan sale contracts and income from other activities.
(b) Net property margin as a percentage of revenue on a percentage-of-completion basis.
(c) Current operating profit/(loss) adjusted to exclude Icade trademark royalties.
(d) Reclassification of €2.9 million in H1 2025 operating expenses to cost of sales.

Total economic revenue for the Property Development Division stood at €473.3  million as of June  30, 2026, down by 6% compared with June 30, 2025, and by 2% excluding the impact of the sale of the Tolbiac asset in H1 2025. The change reflects differences in performance between market segments.

= Revenue from the residential segment rose slightly to €429.5  million (+1.6%), supported by the solid conversion of the backlog into sales.

= Conversely, revenue from the commercial segment fell sharply to €41.2 million (-42%), reflecting lower volumes after the completion of major projects initiated in previous years and the absence of new sales.

As of June  30, 2026, Property Development recorded current economic operating income of €9.1  million, equivalent to a current economic operating margin of 1.9%, compared with 2.3% a year earlier.

The decline in the current economic operating margin was driven by lower margins in the commercial segment due to tough comparatives with H1 2025, which had benefited from the completion of several projects, particularly in Lyon, Romainville and Nanterre. This effect was anticipated and is expected to continue throughout 2026.

By contrast, the residential segment’s current economic operating margin increased from  1.3% to  2.4% in H1  2026 compared with the same period a  year earlier. The improved margins on new projects, combined with disciplined control of overhead costs, represent a structural driver of performance, set to gradually underpin profitability in the coming years.

4.2.3. Higher working capital requirement, reflecting an increase in construction starts

As of June 30, 2026, the working capital requirement for the Property Development Division stood at €402 million, compared to €350 million as of December 31, 2025 and €389 million a year earlier.

This increase is consistent with the recovery in the residential segment and is also attributable to seasonal factors, since sales have traditionally been higher in H2.

5. FINANCIAL STRUCTURE

= Solid liquidity position of €2.5bn, strengthened by the issuance of bonds maturing in 2035 worth €150m and the renewal of undrawn credit lines worth €450m since the beginning of the year
= Improved LTV ratio including duties at 39% (vs. 39.6% at the end of 2025)
= Publication of a new Green Financing Framework, in line with the industry’s highest standards, and of the first report on the allocation of green financing as of December  31, 2025, in accordance with this new framework

KEY FINANCIAL DATA

5.1. Continued strong liquidity position

The Group had a very strong liquidity position net of NEU CP of €2.5 billion as of June 30, 2026, against gross debt of €4.0 billion. This level of liquidity covered all the Group’s debt payments up to 2030.

It comprised €1.8  billion in undrawn credit lines, net of NEU CP(1), and around €0.7  billion in cash, net of bank overdrafts.

Since the beginning of the year, Icade also strengthened its liquidity position through:

• the renewal of revolving credit facilities(2) maturing in 2026 and 2027 worth €450 million. These new facilities were arranged on terms in line with the previous renewals and have an average maturity of 5 years; and
• the issuance of a €150 million bond maturing in May 2035 with a coupon of 4.375%. This transaction helped extend the average maturity of the Group’s financing, which stood at 4.3 years as of the end of June 2026.

In addition, Icade’s financing is mostly sustainable, in line with its CSR goals. As of June 30, 2026, the proportion of sustainable finance stood at 88%, compared with 80% as of December  31, 2025, and the Group aims for its financing to be fully sustainable by 2028.

In February 2026, Icade published an update to its Green Financing Framework to incorporate new criteria that align with the industry’s highest standards, aiming specifically for full alignment with the EU Taxonomy or the CRREM pathway, five years ahead of schedule. The green financing report, which details the allocation of financing to capex and eligible assets under this new framework as of December 31, 2025, was published on July 21, 2026.

5.2. Contained cost of debt

(a) Including interest on overdrafts, interest on projects under development, non-use fees, finance income/(expense) from lease liabilities.

The Group’s average cost of debt stood at 1.85% as of June 30, 2026 vs. 1.68% at the end of 2025. This increase was mainly due to the issuance in 2025 of a €500 million bond with a 4.375% coupon, followed by a €150 million tap issue in May 2026 on the same terms. The Group thus anticipates an average cost of debt of around 2% by the end of 2026.

The Group maintained its conservative hedging policy, with 97% of total estimated debt for H2 2026 either fixed rate or hedged. Fixed rate or hedged debt represents over 85% of estimated debt on average up to the end of 2028.

Current finance income/(expense) remained broadly stable. Current finance income/(expense) from strategic operations was impacted slightly by higher borrowing costs and premiums. By contrast, current finance income/ (expense) from non-strategic operations benefited from the increase in the dividend received from Praemia Healthcare, despite lower finance income following the near-complete repayment of the shareholder loan granted by Icade to IHE Healthcare Europe.

5.3. Solid financial ratios

As of June 30, 2026, Icade’s financial ratios remained under control.

= The loan-to-value ratio, including duties, improved to 39.0% (vs. 39.6% as of December 31, 2025), driven by the decrease in net debt following the sale of the Marignan building, partially offset by the lower portfolio valuation.

= The net debt-to-EBITDA ratio(1) remained broadly stable at 9.2x, vs 9.1x as of December  31, 2025, as the improvement in net debt was offset by lower EBITDA, mainly reflecting the decline in the Property Investment Division’s rental income and the costs of the reorganisation.

= The ICR remained at a comfortable level of 3.8x, compared to 6.6x as of December  31, 2025, due to the combined effect of lower EBITDA, and lower finance income, particularly following the repayment of the shareholder loan granted by Icade to IHE Healthcare Europe.

In June 2026, S&P Global affirmed Icade’s long-term rating at BBB with a negative outlook. The financial ratio thresholds(2) needed to maintain a BBB rating remain unchanged: a net debt-to-capital ratio of around 50%, a net debt-to-EBITDA ratio of less than 11x and an ICR of around 2.4x.

5.4. Bank covenants

All bank covenant ratios were met as of June 30, 2026 and remained comfortably within the limits.

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.

As explained in the glossary at the end of this document, Icade uses alternative performance measures (APMs) which are indicated by an asterisk *.

1. EPRA NET ASSET VALUE