Icade's 9-Month Trading Update for 2026

Icade has reported a 9-month consolidated revenue of €887 million for 2026, a 4% decline from the previous year, driven by reduced rental income and property development activities. Despite this, Icade continues to demonstrate operational and financial discipline, maintaining its full-year guidance.

The company has finalized the disposal of healthcare assets in Portugal, netting approximately €115 million. Moreover, over 103,000 sq.m of space has been leased so far this year, though the financial occupancy rate has modestly declined to 85.4%.

Icade's property development sector also faced a slowdown, with a 4.4% drop in revenue and a reduced backlog of €1.5 billion. Despite challenges, the company is optimistic about maintaining its net current cash flow within the guided range. The potential FY 2026 dividend under consideration reflects the year's substantial capital gain from asset disposals.