Good morning, Nicolas Joly speaking. Thank you all for joining us today.

With Bruno Valentin, we are pleased to present Icade 2025 full year results. After the presentation, we will, of course, open the floor for questions.

I will begin with the main developments of the year, both operational and strategic. Bruno will then walk you through the financial results and the balance sheet in more detail.

Then, I'll conclude with the 2026 outlook. Let's start by summarizing the key highlights for 2025.

2025 was a year of solid progress in the execution of our ReShape plan with strong financial discipline. Three elements stand out.

First, disposals. 2025 was a record year with significant milestones in offices and in healthcare, allowing us to crystallize value in a selective investment market.

Second, operations. Across both businesses, performance was solid.

In property investment, despite declining revenues, we achieved a record year in terms of square meter leased, contributing to an improved financial occupancy rate. In property development, we delivered solid activity with stable reservations volumes driven by a rebalanced customer portfolio and restored margins on new operations.

Third, discipline. Throughout the year, we maintained tight capital allocation, controlled debt levels, and strong liquidity, while advancing selectively into student housing and data centers.

If you turn now to slide 6 and 7, you will find the key financial metrics for 2025. Net current cash flow amounted to €3.57 per share, in line with the guidance.

Cash flow from strategic activities, namely property investment and property development, came in at €2.89 per share compared to €2.94 per share in 2024. NTA NAV declined by around 11% to €53.3 per share, mainly reflecting the decrease in value of the property portfolio and the dividend payments.

Loan-to-value ratio stood at 39.6% at the end of December. This does not yet include the Marignan disposal, which will have a positive effect of -3 percentage points.

The net debt to EBITDA ratio improved to 9.1 times, supported by the recovery in development margins in the second half. Interest coverage remains solid at 6.6 times, and the average cost of debt is stable at 1.7%.

If we look more closely at each business on slide 7. In property investment, gross rental income was €347 million, down 4.2% like-for-like, mainly due to tenant departures recorded in 2024.

The gross asset value of the portfolio stood at €6.1 billion, reflecting a 4.5% decline on a like-for-like basis. EPRA net initial yield increased at 5.6%.

In the property development business, economic revenue declined to €1.1 billion versus €1.2 billion the year before. However, the operating margin turned positive again, reaching 2.4%.

The volume of orders was broadly stable at approximately 5,400 units, outperforming the market. Before diving further into operations, let me briefly share our initial view for 2026 on slide 8.

In an uncertain environment, we expect group net current cash flow to decline in 2026, mainly due to continued pressure on property investment revenues and only gradual recovery in the development business. That said, thanks to strict selectivity in the operations we launch and continued control of our cost structure, we expect 2026 to mark the low point for net current cash flow from strategic activities.

I will come back to this when we discuss guidance in more detail. Before that, let me briefly set the broader market context on slide 10.

In 2025, we continued to navigate a challenging environment marked by macroeconomic uncertainties, political instability in France, and persistently high interest rates, which continue to weigh on the real estate sector. In the rental market, take-up was down around 9%, while vacancy level and incentives remained significant.

The investment market was slightly better oriented than in 2024, with improved liquidity on value-add assets and a return of interest in the office segment in the best locations. Against this backdrop, Icade moved forward with the disciplined execution of its ReShape plan.

Let's move on to slide 12. With regards to the disposals, Icade recorded an exceptional year with nearly €850 million disposal completed or signed.

All these transactions were carried out with strict financial discipline, allowing us to crystallize value creation. We will maintain this rigor going forward.

In property investment, €640 million of disposals were secured or signed. This includes €240 million of mature or non-core assets sold in very good conditions with capital gain of around 5% versus end-2024 NAV.

In December 2025, we signed the sell agreement for the iconic Marignan Champs-Elysées asset. This asset was acquired 20 years ago, and we were able to create value through building a project, evicting tenant, and obtaining the permits.

We took advantage of an increased market interest for this type of value-add asset to conduct a highly competitive bidding process, which allowed us to achieve 20% premium above NAV. With these achievements, we've reached more than half of the €1.3 billion disposal target set under ReShape.

Regarding healthcare, we acknowledge that the exit is taking more time. Nevertheless, in 2025, we achieved a major milestone with €210 million of disposals driven notably by the sale of the majority of our Italian exposure.

The volume sold in 2025 represented just under 20% of our total remaining exposure. We're targeting a full exit from healthcare over the horizon of the strategic plan, meaning by the end of 2028.

In the meantime, this portfolio benefits from solid fundamentals and generates significant returns, which are attractive for group net current cash flow. We're therefore pursuing a progressive disposal, not at any price, with a clear focus on protecting value.

Another pillar of ReShape is to protect and enhance the value of our core businesses, both property investment and development. Once again this year, we are delivering on that objective.

Protecting value starts with operational performance. In 2025, leasing activity was particularly strong, as shown on slide 16.

We indeed signed or renewed approximately 217,000 square meters, up above 60% versus 2024. These transactions represent €63 million in annual rental income with a WAULT of 6.6 years.

They enabled us to improve the occupancy rate by around 2 percentage points over 2025, reaching approximately 90% at year end for well-positioned and light industrial assets. As illustrated on slide 17, Icade secured some of the largest transactions in the market, including leases with the Seine-Saint-Denis departmental council at Pulse and Jump, with KPMG at EQ8 for more than 40,000 square meters, and with the Hauts-de-Seine Prefecture at EQ8 for a further 15,000 square meters.

The tenant portfolio remains very solid, with nearly 85% of annualized revenues coming from large listed company, public sector entity, and mid-sized companies. Looking ahead, slide 18 details the lease expiries for 2026.

The challenges we successfully addressed in 2025 will continue into 2026, with €60 million of leases set to expire. We expect around €30 million of departures during the year, notably reflecting the still significant share of assets to be repositioned.

This represents the last major wave of expiries for this asset class. The impact of these departures will be reflected rapidly in both the financial occupancy rate and revenues, with around two-thirds expected in the first half of the year.

Reversion potential remains negative at -11.6% on well-positioned offices, broadly stable year-on-year. It will decrease in 2027 by circa 2 percentage points after the effective renewal of the KPMG lease.

In this context, as shown on slide 19, Icade has continued to make targeted investments in high-quality office assets. First, with the delivery of Eden, an iconic asset that is fully pre-let to Schneider Electric for its new headquarters.

Offering a very high level of services and strong ESG credentials, this asset achieves prime rents in the Nanterre market. Beyond Eden, slide 20 presents another targeted development, which is Eden Bloom in Lyon.

This redevelopment project includes additional floor area, enabling further value creation on land acquired through the ANF transaction in 2017. It completes the transformation of the area following the delivery of Next in 2024.

The yield on cost stands at 7.4%, fully in line with the returns we target on new developments. All these asset management and refurbishment work contribute to protecting the value of our portfolio.

Having reviewed these targeted projects, let me now turn to slide 21 and 22, focusing on the assets to be repositioned. Over the past two years, these assets have been actively managed through residential conversions sold off-plan to targeted refurbishment with controlled capex and opportunistic long-term relatings.

Following the asset management works, around €200 million of to-be-repositioned assets should move into our core bucket. At the end 2025, this segment represented a limited share of the portfolio: €29 million in revenue and less than €500 million in assets.

From 2026 onwards, Icade will revise this segmentation to reallocate the to-be-repositioned assets into core and non-core categories. Let's move on to slide 23.

In property development, the teams also delivered solid operational performance reflected in stable order volumes. This performance was supported by a successful diversification of the customer base with a growing share of first-time buyers and institutional investors.

The development teams have also selectively resumed new projects, although overall volumes remain relatively low. This momentum is reflected in our key indicators, with building permit applications up 66% year-on-year and permit approvals increasing by 32%.

Activity has also been supported by the acquisition of projects ready to be launched. As a result, the backlog remains fairly resilient at €1.7 billion, while maintaining a high pre-commercialization rate of 77%.

Following last year portfolio clean-up, we are rebuilding projects with restored margins. Profitability is gradually improving, although some older, lower-margin projects continue to weigh on overall results.

In 2026, we expect to rebalance the mix between older projects and new projects with restored margins, with a more significant shift taking place from 2027 onwards. With this solid operational base in place, let me now turn to the last priority of our ReShape strategic plan, which refers to diversification.

Icade is pursuing its diversification in sectors where it can leverage its long-standing expertise and development capabilities. We are moving forward with selective projects, particularly in student housing and data centers, always with a strong focus on value creation.

Let me lay the emphasis on student housing, turning to slide 27. In this segment, we have launched two projects bringing together our property investment and development teams, representing a total investment of €100 million.

Located right next to Paris, these projects will deliver approximately 500 beds by 2028. We're targeting value creation of around 20% with yield on cost above 5.5%, compared with current prime yields ranging between 4.25% and 4.5%.

Looking ahead, our ambition remains to deliver between 500 and 1,000 beds per year from 2028 onwards. Regarding data centers, we are evolving our business model to further enhance returns on large projects through equity partnerships aiming to reach circa 10% yield.

This approach could be applied to the 130-megawatt hyperscale project in Rungis, for which we obtained a building permit at the end 2025. The JV partner selection process is currently underway with completion scheduled for 2031.

Now, beyond operational performance and strategic diversification, our ReShape plan is also driven by our ESG commitments, which is a core element of our model. As part of its ReShape strategic plan, Icade has indeed reaffirmed its strong commitment to the low-carbon transition and biodiversity preservation, detailed in slide 30 and 31.

In 2025, the group updated its low-carbon trajectory to align with the new SBTi standard for the real estate sector, confirming its ambition to remain a leading player in the fight against climate change. Icade has now set 2030 targets aligned with a 1.5°C pathway across all three scopes, with strengthened ambition across each perimeter.

At the same time, we maintain our objective of achieving net-zero carbon emissions by 2050. This trajectory is already translating into tangible results.

Between 2019 and 2025, Icade has significantly reduced its greenhouse gas emissions in line with its new objective, and total absolute emissions are down by 52%. These results demonstrate that our climate strategy is not only ambitious, but firmly embedded in our operational execution.

With that, I will now hand over to Bruno, who will present the 2025 financial results in greater detail.

Thank you, Nicolas, and good morning, everyone. Moving to slide 34.

The group's net current cash flow amounted to €3.57 per share. It is split between €2.89 per share from strategic operations and €0.69 per share from discontinued operations.

Net current cash flow from strategic activity decreased slightly to €2.89 per share compared with €2.94 per share in 2024. Looking at net current cash flow from strategic operations, the main takeaways are: a drop in net rental income from property investment of -39 cents per share, a raise in property development margins of +53 cents per share, and a decline in finance income of -44 cents per share.

When looking in detail, starting with the property investment division on slide 35. On a like-for-like basis, gross rental income declined by 4.2%, mainly due to tenant departures recorded since 2024 and the gradual crystallization of negative lease renewals.

The perimeter effect had a negative impact of 1.9%, mainly reflecting asset disposals. These factors were partly offset by positive indexation, which still contributed 3.3%, as well as by early termination fees mainly related to offices to be repositions.

It is worth noting that net rental income was affected by higher vacancy costs. Now turning to property development on slide 36.

Economic revenue reached €1.2 billion in 2025, down by 7% year-on-year. This decrease mainly reflects a sharp decline in the commercial segment, with revenues down by 48% year-on-year, following the completion of major projects at the end of 2024 and a low volume of new contracts signed in 2025.

In contrast, residential revenues increased slightly. This performance was driven by strong bulk sales and an acceleration in construction start in Q4 2025, which was an exceptionally active quarter.

The net property margin improved mechanically in 2025, following the impairments booked in 2024. However, the decline in volume and the continued margin pressure on certain projects launched prior to 2024 have negatively impacted the overall margin of the business.

During 2025, financial discipline remained a key priority for the group, with continuous efforts to control the cost base, as explained on slide 38. Over the past two years, we have implemented significant measures in process optimization, cost rationalization, and headcount reduction, generating approximately €20 million in savings, including the impact of inflation.

Finally, slide 39 focuses on the financial results, another closely monitored item. Pure net finance income decreased by €59 million, but it's required carefully analysis.

On the strategic activity side, the decline mainly reflects lower investment income after a record year in 2024, which benefited from high interest rates and an average group cash position above €1 billion. The cost of debt remained controlled at 1.7%, and the projected debt fund for 2026 is fully covered.

Regarding discontinued operation, which correspond to the healthcare segment, dividend income declined. Approximately half of this decrease is due to a timing effect, as Praemia Care did not pay an interim dividend at the end of 2025, resulting in a shift of the payment from 2025 to 2026.

Now let's move to our operational performance and financial results, and turn to the balance sheet and portfolio valuations. Slide 41 focuses on the evolutions of the property investment portfolio's value.

At year end, the portfolio was valued at €6.1 billion, representing a 4.5% decrease on like-for-like basis. The EPRA net initial yield increased slightly to 5.6% compared with 5.2% in 2024, while the EPRA topped-up net initial yield stood at 6.5%.

Turning to slide 42 and EPRA NAV. As of December 2025, EPRA NAV per share stood at €53.3, down approximately 11% year-on-year.

This change is mainly explained by the lower valuation of the property investment portfolio, which accounts for €3.9 per share, as well as the 2024 dividend paid amounted to €4.3 per share. Let me now turn to debt management on slide 43, another key pillar of our financial strategy.

2025 was marked by strong financial achievements. Since January 2025, we raised more than €1.1 billion of financing, including notably a €500 million 10-year green bond insurance.

All together, these transactions have extended the average maturity of our debt and further reinforced our liquidity position, enabling us to anticipate upcoming maturities with confidence. If you look at slide 44, you can see that our debt maturity profile remains well-spread over time.

At the end of December, Icade had a solid liquidity buffer with €0.8 billion in net cash and €1.8 billion in undrawn committed revolving credit facilities. This comfortably covers the group's debt maturities through 2030.

Slide 45 outlines the updated version of our green financing framework published in February 2026. This new version introduced criteria aligned with the highest market standards.

The aim is to ensure full alignment with the EU Taxonomy and the CRREM trajectory based on forward-looking five-years approach. The framework was assessed by Sustainable Fitch and received an excellent rating, underscoring both the robustness of the criteria and the ambition of the eligible projects.

With that, I will hand over back to Nicolas for the conclusion and the outlook for 2026.

Many thanks, Bruno. Let me conclude with our 2026 outlook.

Slide 47 sets out the main drivers for the year ahead. In 2026, we will continue to execute the ReShape plan with rigor and discipline, maintaining a clear and consistent course.

First, we will continue to focus on supporting office occupancy and protecting the value of our portfolio in a complex environment marked by negative reversion and lower indexation on rents. Second, we will continue to rebalance the development portfolio towards projects with restored margins in a year that will nevertheless be affected by municipal deadlines in the first half.

Third, we will maintain a selective allocation of capital towards targeted and profitable operations across both businesses, while accelerating cost reductions through the implementation of an additional €15 million in annual savings on a full-year basis. Fourth, we will pursue our disposal program with pragmatism and discipline.

Finally, we will maintain a strong balance sheet and controlled cost of debt, expected to remain around 2% in 2026. In this context, we expect group net current cash flow to range between €2.90 and €3.10 per share in 2026.

Given the discipline we will continue to apply in the coming months, 2026 is expected to mark a low point in net current cash flow from strategic activities. The 2026 guidance includes: net current cash flow from strategic operations between €2.25 and €2.45 per share, and net current cash flow from discontinued operations of approximately 65 cents per share.

Given the group's ambition to transform its activities, Icade intends to limit the distribution amount in order to preserve its deployment capabilities and finance its future growth. The group will submit for approval at the General Meeting a cash distribution of €1.92 per share, which will be fully paid in June 2026.

In conclusion, we delivered robust operational performance in 2025, both in property investment and property development. While the environment remains complex, we are continuing our transformation with rigor, discipline, and clear strategic focus.

This year will still present challenges that will weigh on revenues, but we will strive to deploy what is necessary to make 2026 the low point on strategic net current cash flow. I would like to sincerely thank all Icade teams for their daily dedication, and I reaffirm my full confidence in their ability to execute in the months ahead.

With that, we are now ready to take your questions. Thank you very much.

Good morning, Nicolas. Good morning, Bruno.

Thank you for this presentation. I would have maybe two or three questions.

I can ask them one by one. My first question would be, what does give you comfort that 2026 would be your low point for your net recurring cash flow?

Okay. Thank you, Florent.

Good morning. Thanks for your question.

About the low points on strategic cash flows, yes, we are confident on the low points. Of course, regarding investment revenues, we are facing headwinds.

There will be negative reversion, a low level of indexation, pressure will continue, and we'll keep on securing what we can. To mitigate that, as for the development, we've reached the low point in the business, and we made the impairments needed in 2024.

The trends, as you saw in the presentation, are improving through customer mix rebalancing, launching restored-margin operations. Clearly, there's room for improvement.

We still don't know the exact pace. On top of development, internally, we activate all levers to secure lower fixed costs through cost-reduction plan.

Remind you this target of an additional €15 million over a full year, and a cost of debt which is contained around 2%. All in all, clearly, we do not claim to control the cycle or the broader market environment, of course, particularly in this context.

What we do control is how the group operates through this phase with a clear focus on our side on capital allocation, cost discipline, balance sheet management, and investment selectivity. That's the reason why we are confident on reaching a low point in '26 on the strategic cash flows.

Okay. That's very clear.

Maybe a question on the valuation of assets. We have been able to see that's rather still in a negative evolution on a constant term on a like-for-like basis.

Could you give us maybe more colors on your discussion with appraisers maybe for the next appraise exercise?

As for the asset value, you saw that in 2025, while the value went slightly down on offices, they went up on the other side for light industrial. While clearly values decrease is slowing down year after year.

On top of that, we are on a daily basis demonstrating the resiliency of the portfolio through this year a record year in terms of new signatures. What I can say is that clearly I think we and the appraisers are waiting for new transactions to confirm that we've reached the bottom on most of those assets.

Okay. That's very clear.

Maybe a last question maybe on your view on your break option for 2027 and maybe also for 2026. For 2026, how many times do you think that you will be able to re-let the break option, the lease that comes to end and that has to be re-let?

For your break options for 2027, have you any break option still at risk after maybe what you have been able to do at the EQ8 tower?

If we take a look back, maybe 2025, you saw that the teams were able to secure major deals, which allowed us, by the way, to reach a financial occupancy rate around 90%. As usual, we are transparent about expiries in 2026.

As you can see, we are still facing some challenges ahead with €60 million of potential lease expiries. As I said, we expect this €30 million departures by the end of 2026, mostly driven by the last wave of the to-be-repositioned asset departure, thinking notably of Renault in Plessis-Robinson, for example.

Normalizing on the other assets, it will happen quite early in 2026 because two-thirds of the departures will take place in H1. What we can see in the market that, of course, all the discussions take more and more time, clearly.

Thanks to the close relationships we have with our major tenants and long-term relationship we have with them, we try to anticipate as much as possible, which allows, for example, the success we had with KPMG two years in advance on the EQ8 tower. Clearly, we are very pragmatic, taking everything deal-by-deal, asset-by-asset in order to keep on achieving what we have achieved on the past year.

Okay. Thank you very much.

Thank you, Florent.

Good morning. My question is regarding the remuneration, particularly in the context of the delayed timing of the healthcare disposal.

Because, apart from reducing leverage, the planned disposal of the healthcare business could have generated a significant special dividend distribution, and now that's delayed even further. Although, as you say, the healthcare business generates significant financial returns, these are below the potential shareholder return from a disposal.

In this context, I would like to understand how you think about shareholder remuneration in terms of your priorities for capital allocation.

Yeah. Maybe first, thanks for your question, Anna.

Maybe firstly, a word on the way we are addressing the healthcare disposal. We haven't changed our strategy from the beginning.

The strategic decision has been made to sell the business, but not at any cost. There's no intention for us to sell under unfavorable conditions with a large discount, because we are committed to value creation, clearly, and we want to protect the value.

Still, this is a significant pillar of ReShape. As that this asset class is supported by strong fundamentals, generating some attractive yields.

When we find the right opportunity, such as we did in '25 with Italy, we are happy to crystallize the value and sell at the NAV level like what we did. Our objective remains, clearly, a gradual exit from our minority stake over the ReShape plan horizon.

I would say that more specifically maybe the focus currently is more on the Portuguese assets, which are really stabilized and attractive. Clearly, that's what we do.

Once said that, on the capital allocation, as you saw, we are keeping a balance once again between the protection and reinforcement of the balance sheet and being able to allocate capital in development that are accretive, like the one we shared on the presentation regarding office or data centers or student housing, in order to maximize the value creation in the mid-long term for the shareholder. In the meantime, we are still able to propose a satisfactory distribution, as you saw, with this €1.92 per share, because we are comfortable with the overall trajectory of our financial ratios, and this allows us to perfectly fit with the balanced allocation we have on our capital.

Okay. Thank you.

Thank you, Anna.

Yes. Good morning, Nicolas and Bruno.

Thank you for the presentation and for taking my questions. I think it's better to ask them one by one.

First, it's a follow-up question. You are calling for a trough in cash flow this year.

Could you share your main assumptions, particularly on your marginal cost of debt and also your normative occupancy rate? In particular, it would be very helpful to understand how do you take into account large renewals with Veolia and Axa.

It's true that those maturities are more around 2028-2030, but it would be useful to understand your ambitions, since you expect the trough already in 2026. That's my first question.

Okay. Thank you, Stéphane.

As I said regarding the low point '26 on strategic cash flows, clearly, there will still be some downward pressure on the investment revenues, as I said, through negative reversion. Even if we are able to crystallize new deal, we are crystallizing lease-by-lease this negative reversion.

The main fuel for growth is indexation, and it's very low level today. We have these departures that will weigh on, of course, the cash flows and the occupancy ratio.

As I said, we are still facing some departures in '26, especially on the to-be-repositioned, so, clearly, this will weigh on the occupancy ratio. We expect that to be lowered down from the Q1 given the fact that, as I said, two-thirds of the departure are expected in H1.

After this lowering down in Q1 '26, we expect a gradual recovery after that. If we take a bit a look ahead after '26, you were mentioning Axa and Veolia.

As I said to Florent, that the exact same thing we've done with KPMG. Those are major tenants.

We have, of course, their potential break options in sight. We have close relationship with them and keep on having discussions to try to anticipate and secure as soon as possible those potential break expiries.

On top of that, some come also with some financial penalty, this has to be taken into account. Regarding the cost of debt, as I said, it will remain contained with a cost of debt around 2% in 2026.

All in all, that's the reason why we are confident in reaching a trough in 2026 regarding the strategic cash flows.

Yes, but just like to clarify something. When I'm talking about marginal cost of debt is that when you will refinance bonds, at which cost of debt you assume to refinance those bonds?

Is 4%, 5%? Also on

Veolia and

Axa, on your business plan, what is your occupancy rate target on those tenants?

As for the refinancing, clearly, that's something we have in mind. Let me remind you that we have a strong liquidity at the end of December 2025, where Bruno was highlighting that.

Debt refinancing is not a concern, clearly. We have multiple sources to reimburse or refinance future debt, and we've demonstrated in 2025 that we have a very good access to credit liquidity.

We've issued in May the 10-year €500 million green bond, and this cost was 4.5%. That's, in our view, the good proxy on what to expect in the coming months or years.

Regarding Axa, Veolia, clearly, as for our major tenants, our intention is to secure a long-term relationship and extension of leases with them. That's what we are assuming, clearly, and the way we intend to have discussions with them, like we did with KPMG.

Okay. I have also a question regarding capital gains.

Yes, thank you. Could you share the capital gains on the Marignan disposal that you expect to distribute?

Yeah. As for Marignan, well, this is an asset we've owned since 2004.

Of course, this will generate tax capital gains, but we don't disclose any figures for now, because the distribution obligations, this is related to capital gains, depends on the year-end results, as you know. Because those capital gains may be offset totally or partially against other potential transactions.

That's reason why on our side we don't think that makes any sense to share some figures with the market right now. Clearly, of course, there are some significant capital gains because we've been owning the asset for 20 years, and as we run quite a successful open-bid process with fierce competition and a nice premium on the NAV at the end.

Maybe can we have a range? Is it about €200 million, €300 million?

Because I understand the mechanics between the offsetting, but it's important to have this in mind because we don't know what will be your disposal pace and at what discount, at this stage, if you were not to sell any other asset, what could be the capital gains to distribute regarding Marignan disposal?

We are in February. It's a bit early to have some full visibility on that.

Be sure, when it would be relevant, we'd be happy to share some figures, so that's the reason why we don't disclose any figures today, but I'm sure you can have quite a guess about what it could be.

Okay. I hope I have a good guess.

Maybe could you also remind us

I'm sure you in.

Also, could you remind us the the remaining distributable capital gains attached to Icade Santé, given that healthcare valuations continue continue to decline?

The remaining capital gain, we haven't shared the proper figure. On the non-sale asset, the assumptions that we've shared during ReShape was a remaining distribution requirement of roughly €300 million related to the €1 billion that is to be sold.

Okay. Maybe one last question regarding non-core cash flow.

Yes. Regarding non-core cash flow expected in 2026, my understanding is that the exit was last year pushed back beyond 2026.

Given this, what is the status regarding the deferred dividends of IHE? I understand that IHE hasn't distributed dividends for the past two years due to losses, but there is a statutory distribution requirement.

If I'm correct, the SIIC regime allows for one year deferral for distribution, could you please clarify this?

At this stage, we haven't assumed any potential dividend for IHE, and there's no requirements to distribute such an amount if the results is negative, for example, or anything. It's not systematic.

In the 65 cents we've assumed in the guidance for '26, this rely only on the dividend to be paid on Praemia Healthcare.

Okay. Do you expect the vehicle to stay on deficit this year again?

The assumption we've made is not dividend coming from IHE.

Okay. That's clear.

Thank you very much.

Thank you.

Good morning, gentlemen. Thank you for the presentation and for taking my question.

First question would be on the new labeling of the asset to be repositioned. Can you give us some color on what would be the criteria, what you would assume as core and non-core, and what would be the implication on the capex or disposal strategy for these assets, please?

Sure. On the to-be-repositioned asset, that's a category we flagged two years and a half ago in order to give you more insights on the portfolio.

Two years after that, we've done most of the job. We've sold some, we've repositioned some, we've re-letted on a long-term lease basis some assets.

Clearly, we've reached a point where the remaining non-core part is very small compared to the whole portfolio. The idea now, as we've shared on the presentation, is from 2026 onwards to communicate on some core asset categories.

When I say core, it's a core to our strategy. It's not type of asset or investment, it's really core to Icade's key strategy.

Globally, what you will expect for '26 is now in the segmentation having some core assets, mostly offices, the actual well-positioned offices plus the €200 million coming from the former to-be-repositioned assets, also core assets from light industrial, and a small bucket of non-core asset mostly coming from the remaining €300 million of the to-be-repositioned asset that are to be repositioned and won't be core to our strategy. That's globally how we will communicate in the coming semesters.

Hope it is clearer now.

Very clear. Is it fair to assume that the non-core to-be-repositioned assets are on the market for sale?

Clearly. They are non-strategic, so, clearly, we would be happy to sell those assets.

As we said for the to-be-repositioned asset, globally there's currently no liquidity, because most of them are unattractive office building, former office building. I say unattractive because they are in areas that are not well-connected, or those assets are not fitting the right criteria, the ESG or standard or so.

Globally, there's no investors to buy them, and I would say even whatever the price. In order to recreate liquidity, we have to go through a repositioning scenario, and we've demonstrated that we are able to do so, and it can be in residential, can be in hotel, anything but offices, in a way.

The idea is to secure those scenario, and once, for example, we've secured a building permit, then we recreate liquidity, and then we will sell the asset. Clearly, we do not intend to spend some additional capex on this non-core and non-strategic bucket.

Okay. Thank you.

Second question would be on the partnership for data centers. I just wonder what has led you to change your mind.

I recall when you presented the ReShape strategy two years ago, the strategy for data centers was very clear. You just deliver the building and then you let it to an operator.

What has changed your mind? If you can just confirm that for the Equinix data center in Porte de Paris, it's still a normal investment in the building and you are not partnering with Equinix on the one that will be completed in 2026?

Yeah. Thanks for the question.

Sorry if I haven't been clear two years ago, but we are bang in line with what we shared in term of our strategic priorities regarding data centers. If I remind well, there was dedicated slide where we were trying to explain the way of having some exposure to this business.

I would say the usual way for real estate investors is exactly where we stand today on our five existing data centers plus, indeed, the one we'll be delivering to Equinix in a few months. This is powered shell model.

Basically, we secure the power, we build the shell, and we lease it through a commercial lease. I would say pure real estate model, and that's also the reason why we are on yields around 6.5% globally.

What we were also saying during the strategic plan is that this is not suitable for very large projects, because for data centers, the global amount of investment is very huge. It's like €12 million per megawatt IT globally for the powered shell and the fit-out, and the powered shell only represents 25-30% of the investment.

When we talk about projects like Rungis, we are talking here about €1 billion, €1.5 billion investment in total, solely €300 million for the powered shell. In total, it's a huge investment.

Operators are not keen on investing €700 or €800 million for just the sake of securing a commercial lease. Once said that, you have basically three options.

Either you are property developer, and once you've secured the land, the power, and the building permit, you sell and you secure some capital gain. Interesting, but most of the value creation is still ahead.

The other way of doing it on the opposite side is I would say like what Merlin does in Spain, is be a full-fledged operator. The one building, operating, leasing to the hyperscalers, i.e., Microsoft or Amazon, the data center, and be a fully-fledged operator.

We do not intend to do so, given the fact that there's some risks coming with the operations. We don't have yet the special relationship with the GAFAM and so.

We rather prefer a halfway of doing that, which is the JV. We go to the operators, we structure a JV, retain a minority stake, which is roughly the same amount of investment as building a powered shell, but through this JV we'll get more exposure to the business, which allows us to be more exposed also to the total value creation of the business.

That's how we are able to reach like 10% yield on cost on such developments. Clearly, we are not saying that we won't be doing powered shell anymore, but we just need to have a proper strategy depending of the size of the investment.

Hope it's a bit clearer now.

Very clear. Thank you very much, Nicolas.

If I may, a last question on my side, just on the dividend policy. How should we look at it going forward?

I understand that given the current uncertainties, it's difficult to have an outlook, but going forward, how do you see it for 2026 and beyond?

Our philosophy once again is to secure as much cash as possible, clearly. As I said, we are comfortable with the actual trajectory of our financial ratio, allowing us balance between balance sheet and this distribution.

As you see, the proposed distribution represents roughly 50% on the group net current cash flow, which is pretty in line with the payout ratio of the past two years, if of course we exclude the dividend related to the healthcare disposal. This has been our philosophy from around two, three years since the beginning of ReShape, which is consistent with what we intend to do is accelerate the transformation of the group.

Very clear. Thank you very much, Nicolas.

You're welcome. Thanks.

Hi, all. Thank you for the presentation and for taking my questions.

For me some questions around the development segment. I think since half-year reporting last year, you don't split out all the separate contributions to net current cash flow.

What was exactly the rationale behind that? Then secondly, can you give an indication if you are already back to positive territory in terms of net NCCF contribution from the development business, or is it purely only a profit margin that's positive yet?

Okay. Hello, Véronique.

Thanks for your question. The rationale of not splitting anymore the cash flows is just be consistent between our financial KPIs and our strategic positioning.

We are an integrated player, and you saw also in the presentation that we are focusing on this model more than having on one side investment, on the other side the development. That's the main rationale with that.

We align our financial communication with who we are and who we intend to be. Regarding profits, indeed, you are highlighting the fact that through stabilization of volume and a gradual recovery of margin, this year is better than '24, of course.

It is still impacted on the margin by the fact that there's very low activity in the commercial division, which is usually the part of the business what used to have the highest margin. This contribution is even less, the revenues from commercial division on property development was cut by half.

On the core business, being the residential, it's getting better, as Bruno highlighted, driven by the fact that we have more and more operation with restored margin. Of course this will keep on going this way.

I would say that no major strong recovery expected before 2027, but no deterioration either, as I said. I would say that we've reached the trough in property development.

The main question might be the pace of improvement in a market which still remains, of course, uncertain.

That's clear. If I understand you correctly, then probably in '26 and potentially even '27, we would still see a negative impact on or negative contribution on your net current cash flow from the development business.

Has there ever been an internal discussion if this is a business line that should be seen as non-core as well, or is that not up to debate at all?

No, no, we expect clearly, as I said, recovery, going the positive way on property development. The main question honestly being the pace of this improvement, it won't be going the negative path.

To be crystal clear, once again, of property development, since my arrival at Icade, I keep on saying that it's critical for the business and it's the core of ReShape. As we just said before, being an integrated player between property development and investment division is a key advantage in tomorrow's market.

That's my deep conviction, clearly, this business is more than core in our strategy.

That's very clear. Then two small questions for Bruno.

I noticed that there's a number of the net income from other activities from the property investments went up quite significantly to almost €13 million. I was wondering what's in there.

At the same time, the other financial income and expenses is only €23 million despite, I think, already €37 million from Praemia dividends. Could we get some color on those two figures, please?

Sorry, Véronique, I didn't catch the first part of the question. You're talking about property development or finance?

There's a net income from other activities for property investments of €13 million, which was flat last year, so that's why I was wondering what's in that number. We can also take it offline if that's easier.

We'll revert to you on that. Yes.

Okay.

Okay.

That's all good, then. Thank you very much.

Okay.

Hi, Nicolas. I only have one question, please, on the €1.92 cash distribution.

Can you confirm if there is still some capital gains on disposal to be returned to shareholders next year? Following this, my understanding is that there is no dividend on recurring activities proposed this year, otherwise you would have called the €1.92 a dividend.

Can you comment whether you see it returning next year, and what would be the criteria for you to be comfortable to pay a dividend again on recurring activities, and what kind of payout do you see? Thank you very much.

Hello, Céline. Thanks for your question.

Maybe it's a opportunity to clarify that, but technically speaking, it's named distribution because it will be taken on premiums. Technically speaking, to be called dividend, must be paid from profits, retained earning, or reserve accounts.

Clearly, just a technical word. If we regard the amount, the €1.92, this the intent to pay an amount equivalent to the SIIC distribution requirements.

Not only 70% of capital gain on disposal, but also including 95% of the recurring income from SIIC activities and 100% of dividend from subsidiaries. The reason we decided propose such an amount, as I said previously, is that we are comfortable with the trajectory of our financial ratios.

As I said, allows us to be balanced between the balance sheet and investment we make with the keeping a remuneration of our shareholder at an attractive yield with this €1.92.

Sorry.

Just

to clarify that €1.92, can you break this down? What is coming from capital gain, what is coming from recurring activities, so that we can calculate a payout on the back of this?

We don't communicate the split, but just to be clear, the €1.92 is really equivalent to the whole 95% of the recurring income, 70% of the capital gain on disposal last year, and 100% on dividend from subsidiary. About payout, of course, we don't give payout policy.

As I said previously, you can see that this proposed cash distribution represents roughly 50% of the group net current cash flow. If we look in a rear mirror over the past two years, excluding, of course, the part related to healthcare, that was the average payout ratio, equivalent payout ratio, that was observed, roughly 40%

to 50%.

Okay.

I'll take the other questions offline. Thank you.

Okay. Thank you very much, Céline.

Thank you very much for your time and your questions. Happy to have shared that with you.

You saw that all the teams at Icade are really committed to deliver our strategic plan, and I thank them once again for that. We'll leave you with that, and wish you a good day and looking forward to seeing soon some of you.

Have a good day. Bye-bye.