Good morning, everyone, and thank you for joining us today. With Bruno Valentin, I am pleased to present Icade's Nine Months 2026 Trading Update. I will begin with the key highlights and performance of our businesses. Bruno will take you through our revenue figures before I return to our full year outlook and 2026 dividend. As usual, we will conclude with a Q&A session. Let us start on slide five. There are five main messages. First, following the agreement announced in July to sell the Portuguese healthcare portfolio, we are pleased to announce the closing of the transaction. This will generate approximately EUR 115 million of net proceeds for Icade. Second, we have taken a new step in our office strategy by acquiring a controlling interest in Comet, a key player in corporate events and office services.
This reflects our strong conviction that office use is changing, and that greater flexibility and a broader range of services are essential to enhancing our offering. Third, operating activity remained subdued in the third quarter against a backdrop of further market slowdown and higher interest rates since the summer. In Property Investment, approximately 103,000 sq m have been signed or renewed since the beginning of the year, with a financial occupancy rate of 85.4% at the end of September. In Property Development, after momentum in the first half of the year, residential orders are now down 1.4% in volume and 8.5% in value year on year. Fourth, we confirm our 2026 group net current cash flow guidance of between EUR 2.90 and EUR 3.10 per share. This includes EUR 2.25- EUR 2.45 from strategic operations and approximately EUR 0.65 from non-strategic operations.
Finally, we can now provide some further clarity on the 2026 dividend. The EUR 255 million capital gain on the sale of Marignan will significantly increase net profit for the year. Consequently, the board of directors is considering proposing a dividend based on Icade SA distributable profit with a scrip dividend option. I will come to that at the end of the presentation. Let us now turn to slide seven and the completion of the Portuguese asset disposal, further reducing our healthcare exposure. Following the agreement signed in July, the sale of all the shares in the fund holding Portuguese healthcare asset was completed in October. The fund was owned 50% by Praemia Healthcare and 49% by Iasho. A selective capital reduction in Icade's favor will enable us to receive a share of the disposal proceed exceeding our ownership interest.
Net proceeds for Icade will therefore total approximately EUR 115 million. This transaction has no impact on the Group 2026 net current cash flow. Together with the sale of Marignan in the first half, this closing demonstrates the tangible progress that has been made on our asset rotation strategy. Turning now to slide eight. In July, we acquired an 81.5% controlling interest in Comet, a key player in the corporate events industry. The total investment for Icade is approximately EUR 40 million. Founded in 2016, Comet combines three complementary businesses: organizing corporate events, providing services in office buildings, and offering flexible workspaces.
It operates 12 locations in Paris and the Parisian region, serving a client base that includes many large companies. The office market is undergoing profound change. Clients increasingly look beyond the building itself to workplace quality, services, and user experience. Comet enables us to respond to those expectations and move beyond a purely asset-focused approach. Let's now move to our leading activity on slide nine. In property investment, the third quarter made a limited contribution to the leasing activity recorded since the start of the year. We signed or renewed approximately 10,000 sq m during the quarter, bringing the year-to-date total to approximately 103,000 sq m.
This transaction represents EUR 34 million in annual headline rents with an average firm commitment of 8.5 years. The financial occupancy rate stood at 85.4% at the end of September, relatively stable compared with 85.9% in June. Office occupancy remained between 89% and 90%, while light industrial occupancy stood at 87.7%. Our priority remains tenant retention, new lettings, and proactive management of lease expiries. Slide 10 illustrates another operational achievement. The delivery in August, as planned, of a new fully leased data center at the Porte de Paris business park. The delivery increases Icade exposure to the data center asset class. Our operational portfolio now comprises six data centers with leading operators, including Equinix and Digital Realty.
Together, these assets represent 28 MW of total IT capacity and EUR 6.7 million of annual headline rents. These assets are owned under a powered shell model, in which we provide the building shell and the connection to the electricity grid. We are also exploring, for larger projects, partnership-based operating models to enhance returns, particularly for the Rungis data center project. Let's now turn to property development on slide seven. After a dynamic first half, we observed a slowdown in residential activity during the third quarter, with buyers adopting a more wait-and-see approach. At the end of September, residential orders totaled 2,776 units, representing a slight decline of 1.4% in volume compared to last year. In value terms, orders were down 8.5%.
The decline in value was more pronounced than in volume, largely reflecting the mix of books. In this environment, we remain cautious and selective. We maintain a high level of pre-sales before starting construction at approximately 80%. Against a weak market backdrop, backlogs stood at EUR 1.5 billion, representing approximately 19 months of revenue. I will now hand over to Bruno for the review of our nine-month revenue figures.
Thank you, Nicolas. Good morning, everyone. Let's move to slide 13. Total IFRS consolidated revenue amounted to EUR 887 million for the first nine months of 2026, a decline of 3.9%. Gross rental income from property investment came to EUR 250 million, down 5% on a reported basis. I will explain the difference between reporting and like-for-like performance on the next slide. Property development IFRS revenue amounted to EUR 622 million, down 4.4% year-on-year. Other revenue reached EUR 15 million, compared with EUR 9 million last year. This includes almost EUR 5 million of revenue from Comet. Before reviewing the revenue bridge, a word on liquidity. At the end of September, the group continued to have a strong liquidity position of EUR 2.2 billion, net of commercial paper, covering the payment up to 2030.
In May, we also issued a EUR 150 million bonds, which improved our financial position and renewed EUR 450 million in loan credit lines. We've also continued to reduce gross debt in line with the objective of the ReShapE strategic plan, repaying EUR 460 million of bond in June and EUR 290 million mortgage loan held by SAS Tour EQHO in September, after regaining full ownership of the asset in July. Gross rental income decreased to EUR 250 million, a reported decline of 5%. The main impact is the scope perimeter, with minus EUR 11 million, mainly due to asset disposal in 2025, partly offset by the delivery of Edenn, the Schneider headquarters in Nanterre. On like-for-like basis, the decline was more limited at 0.9%.
Within that total, office rental income increased by 0.6%, whereas light industrial rental income declined by 2.3%, adversely affected the decline in the construction cost index in 2025. Looking at the breakdown, rent indexation contributed 0.5% to like-for-like growth, while tenant departure and negative reversion on renewals reduced rental income by 0.5% and 0.9% respectively. On slide 15, economic revenue from property development amounted to EUR 696.4 million, representing a decline of 4.4%. Consistent with the trend observed the first half, the decline in property development revenue was driven by the sharp drop in commercial activity. This reflects the completion of major projects in previous years and the absence of new sales during the period. Residential revenue, by contrast, remained relatively stable. With that, I will hand back to Nicolas for the outlook and the 2026 dividend.
Thank you, Bruno. Let's turn to slide 17. Based on our performance over the first nine months and our expectations for the remainder of the year. We confirm our 2026 group net current cash flow guidance of between EUR 2.90 and EUR 3.10 per share. This includes between EUR 2.25 and EUR 2.45 per share from strategic operations and approximately EUR 0.65 per share from non-strategic operations. That contribution is already secured through the EUR 48.5 million dividend paid by Praemia Healthcare in May. The economic and financial environment has become more challenging since the summer, with political uncertainty in France and higher interest rates. We remain focused on our roadmap and discipline in our financial management. Our EUR 15 million cost reduction plan has already been completed. Investments remain selective, and we will maintain this discipline in 2027 to preserve financial flexibility.
Looking ahead to 2027, we remain cautious and will announce our guidance when we publish our full-year results in February. Let me now address the 2026 dividend under consideration on slide 18. First, it is worth highlighting that the sale of Marignan generated a substantial capital gain of approximately EUR 255 million in 2026. This gain will contribute significantly to net profit for the year. To comply with distribution requirements while prudently managing the balance sheet, the Board of Directors is considering proposing a 2026 dividend equal to Icade SA distributable with a scrip dividend option. Any such proposal would be submitted for approval at the general meeting to be held in 2027. To conclude, this trading update illustrates further execution of our disposal plan, including the Portuguese closing in October, alongside the acquisition of Comet, and the delivery of another fully leased data center.
As for operations, the activity remains subdued, but our 2026 guidance is unchanged. Our focus remains disciplined execution, selective investment, cost control, and long-term value creation. I would like to sincerely thank the team that are committed every day to delivering our roadmap, managing capital carefully, and serving our clients in a demanding environment. Thank you very much for your attention. Bruno and I are now ready to take your questions.
If you wish to ask a question, please dial pound key five on your telephone keypad. If you wish to withdraw your question, please dial pound key six. You can also submit a written question. The next question comes from Florent Laroche-Joubert from Oddo BHF. Please go ahead.
Good morning, Nicolas. Good morning, Bruno. Thank you for this presentation. I would have two questions, so if I may I can go by one. My first question would be on the option for the scrip dividend. Would it be possible maybe to give more colors on the modalities that you would like to set up? Is there any constraints, for example, with the CDC, your first shareholder, to have a dividend in shares, whether in cash?
Okay. Thank you, Florent, for your question. Well, indeed, as I said, Icade is considering the option for shareholder to receive on the basis we've shared the dividend in shares. Of course, further details will be provided our full year 2026 result in February, and then submitted to the general meeting. As for the shareholder, for us, it's too early to comment on any individual shareholder intention. But as I said, and we have indicated that this has already been shared with the board, already discussed with the board that supported this approval.
Any decision by CDC, for example, to receive its dividend in share would be for the CDC to make, and potential ownership threshold implication you are referring at are a matter for CDC, clearly. But what I can say is that similar issues have already been addressed by other shareholder in comparable situation in the market. That's what to say. More details to be shared during the full-year results in February.
Okay. Thank you. My second question, would be. Yes. Thank you. My second question would be on the comments that you have made on your guidance for 2027. I think it's quite unusual to make a comment in October for the next year. Could you maybe tell us more why you have done this specific comment? Is there any attention point to look at for 2027?
Yeah. Thanks for this question. Well, starting with 2026, as I said, we confirm the 2026 guidance, which is always good news in an unpredictable environment we are currently living in. If we look a bit further, well, we are all aware of the situation, clearly, with huge uncertainty worldwide, but also in France and high rise in interest rates. For those reasons, that's why we do not believe it would be cautious or responsible to make a firm commitment over a 15-month horizon as of today on a low point, referring to what we've said previously as of today, October 2026. This is the reason why we decided at this not to reiterate formally that 2026 would mark the low point for strategy current cash flow. That is the reason why we are referring to our 2027 guidance that will be shared in February.
Having said that, clearly be sure that our ambition remains unchanged, clearly, that all the team, as I said, are fully committed to it. We continue to execute our strategy with determination, rigorous operational and financial discipline. As I said, we've already delivered EUR 15 million cost-saving plan. That's the one thing we can control in an unpredictable environment. Hopefully, that answers your question and the reference we are making to our 2027 guidance.
Awesome. Thank you. That's very clear. Thank you very much.
Okay. Thanks, Florent.
Thanks.
The next question comes from Stéphane Afonso from Jefferies. Please go ahead.
Hi, Nicolas and Bruno. Thank you for the presentation. I have three questions. If I may, the first one on dividend. What payout ratio should we assume to the core cash flow to best approximate the SIIC requirements on core activities? I have in mind that last year, the SIIC requirements translated into a 50% payout on core cash flow. Should we assume this as a good proxy? That's my first question.
Okay. Hello, Stéphane. Maybe I'll take that. On this, maybe just as a reminder, SIIC regulation allows us to cap the distribution to the distributable profit. That's the reason why we are referring to that this year. Because in 2026, the Marignan disposal generated EUR 255 million in capital gains, as shown in the presentation, and this capital gain will make a high contribution to Icade SA distributable profit for the year. Given this, the board has responded favorably to the proposal to cap the full year 2026 dividend at Icade SA distributable profit for the year.
Yeah, I'm sorry.
Therefore, yeah, just to complete on that. Therefore, this year, to estimate the 2026 dividend, you should rather focus on Icade SA distributable profit and not on the SIIC distribution requirements. This distributable profit will be supporting strongly by the capital gain in Marignan. Of course, it will also depend on several other components, including, of course, the changes in the asset valuation. It is therefore too early to give a precise figure, and we will assess the position at year-end. It's not possible to do that before that, and we will disclose the dividend results with the full year results next February. But that's the way you should focus that.
Yes. That is okay. Maybe if we can do a sum of the parts. For instance, we have the EUR 255 million capital gains on Marignan, so you will have to distribute 50% of that. You received EUR 0.60 on the Praemia Healthcare dividends. Basically, you need to distribute 100% of it. But the remaining part on the core activities is very difficult to assess because the distributable profit at Icade is on a tax base. What I am trying to understand and to assess is, should we use the same payout that we saw in last year's dividend on the core cash flow, meaning that was 50% of the net current cash flow core activities? That is my question.
Yeah. Well, once again, there is no need for you to estimate the SIIC obligation the way you are calculating it. Once again, that is the reason why. Because the focus on dividend will be the distributable profit. Because we are able to cap the distribution at distributable profit when distributable profit is lower than the SIIC obligation. That is what I said. And that is why we are giving you some details on Marignan capital gain.
Okay. Maybe I will
And of course, we. Yeah. Sure. Do not hesitate. But clearly, the major contribution will be from this capital gain. We cannot, today, October, communicate on any potential payout ratio, considering the fact that there are additional components that will weigh on the distributable profit, including the changes in asset valuation, as it did on previous years, for example.
Okay. Could we expect any office disposal by the end of the year that could dilute the capital gains of Marignan?
No.
Okay.
No. Nothing to expect by the end of the year. That's the reason why today we give you the figures, and until then, we were not giving the figures. But now we are at the end of October, so we have sufficient visibility by the end of the year, the reason why we are sharing this information.
And maybe one question on the scrip. I understand that you intend to propose the scrip, but given the current on asset values and your credit rating, what gives you the confidence that you can afford to pay the full dividend in cash if no shareholders choose the scrip? Actually, what is the stance of the CDC on the scrip and also SMP?
So clearly, the reason why we are considering a scrip, we think it is the right way to balance the protection of the balance sheet, clearly, while managing capital. As I said to Florent, any decision by CDC to receive its dividend in share would be, of course, for CDC to make, and exactly the same for Predica or any individual shareholder. But once again, it is not solely our intention to propose that. We have already heard that, discussed that with the board, that unanimously supported this proposal. That is the reason why.
And in your base case scenario, what should be, I would say, a percentage in terms of take up on the scrip to make you comfortable with your credit rating? Let us say like-
Well, today, of course, there is nothing to add on that. We have run several scenarios, of course, before going to the board to say that, but we are comfortable with what we are sharing today. But once again, it is too early to say this is the base case, this is the main case, this is the worst case, this is the best case. But we are comfortable with what we are suggesting today, given the unanimous support of the board.
Okay. And maybe one last question, if I may, on Icade Promotion. So given the sharp-
Yeah, sure. Go ahead.
Given the sharp slowdown in Q3 and last year's strong Q4, what should we expect in terms of total orders for the full year and, if possible, for next year? It is very important for the cash flow recovery trajectory.
Yeah, clearly. Well, as for that, indeed, there were lower reservation Q3. That was on our performance over the first nine months. Yeah, reservation are now down 1.4 in volume and 8.5 in value, as I said. Maybe just a word on the value. As I said during the slide decline, in value due to this Q3 reflects the less favorable product mix in both sales. There were lower unit price than in 2025. I am thinking notably of two premium projects we had in Neuilly and Roquebrune-Cap-Martin in 2025. You were highlighting the very strong Q4 we had in 2025. Indeed, this was quite exceptional last year. This will come with a favorable effect in Q4. So we expect by the end of the year to be lower than the last year, clearly in this Q4, due to this base effect.
It is a bit, honestly, difficult to see anything on 2027, given the world uncertainty. Clearly, what we can say about the market is that interest rates could widen the demand, particularly, I think, among first-time buyers. We are monitoring this very closely. Today, we have not seen on top of that, a major increase in cancellation rates, clearly. All in all, I think the most significant factor is clearly household confidence, which is clearly declining in France given the current situation. So that is the reason why we are cautious in the assumption we are making and also the reason why we have not reiterated formally that we expect 2026 to be a low point on the strategic cash flows.
Because, okay. I understand that Q4 was strong last year, but it was also in 2024. On average, it accounts for 50% of total orders. If I look at the Q3 trend, it is down 40%. What should we expect for Q4 in 2026? I know you cannot give visibility on 2027, but at least-
No
we can have maybe a sense of the trajectory for Q4.
As I said, Q4 is always stronger than the other quarter. What I was saying is that 2025 Q4 was exceptional, even compared to the other Q4, 2024, et cetera. What we expect in Q4 is actually stronger than the other quarter, but clearly lower than the 2025, given the world context and given the base effect we had in 2025.
Okay. And maybe just to have some clarity on that. Given your backlog as of today, what is secured, like in a worst-case scenario, what could be the minimum orders that you could achieve in 2027?
That is not the kind of information we are making, but we have quite a significant volume that is secured. As I said, even if the backlog is slightly down, that reveals the cautiousness and selectiveness we are applying to our project, and we are comfortable with the fact that this backlog is as secure that it should be at this stage, honestly.
Okay. Thank you. Thank you very much.
Thank you. Thanks for your question.
The next question comes from Ana Escalante from Morgan Stanley. Please go ahead.
Morning. My first question is again on the dividend. As long as I understand the SIIC distribution obligation, you have certain amount of years to distribute at least 70% of the capital gains. In this case, let's focus on the Marignan building sale. As long as your statutory or distributable profit limits that obligation, how long or until when you need to fulfill that obligation? Is there a time limit that you need to distribute that within three years after completion of the disposal or after realization of the capital gain, no matter what the distributable profit is? Or will that obligation expire, and if your distributable profit remains constraining the SIIC obligation, you will never have to fully distribute that 70% capital gain?
Okay. Thanks, Ana. This is a bit technical here, but I think it's important indeed. Well, indeed, you have the amount that is crystallized by SIIC obligation. And indeed, it's 70% on any capital gain, 95% on the recurring, and 100% of the dividend coming from the subsidiary, like Praemia Healthcare, for example. This lead to a total amount that is crystallized and shall be distributed at one point. The SIIC regulation allows us to cap the distribution for one year to the distributable profit, should the distributable profit be lower than this amount crystallized by the SIIC obligation. In such case, we'll distribute an amount corresponding to the distributable profit, and the remaining part is crystallized, and the distribution is postponed. There's not an expiry date. It's postponed until we are able to crystallize some additional distributable profit.
And in such case, then we are compelled to fulfill our distribution. So the answer is, yes, it will be crystallized at one day. This does not expire, and it will be crystallized when we'll be able to generate some additional distributable profit through recurring activity, stock disposal in the coming years. I hope this answer your questions.
Yes, it does. Thank you very much. The next question is on not reiterating that 2026 could mark a trough for your net current cash flow from activities. Are you referring to net current cash flow in absolute terms or per share? Because, of course, it depends on the dilution of the scrip dividend, which depends on the take-up, et cetera. I just wanted to understand whether this is you becoming a bit more cautious on an absolute level or just reflecting the technical impact of a higher share count or a potential higher share count.
Yeah, fair point, but this decision is not the consequence of the scrip dividend potential option. Clearly, the decision we are making not to reiterate formally that 2026 would mark a low point on strategic cash flow is direct consequence of the world environment we are facing. I mean, wide spreads, interest rates, especially since the beginning of September, all of those macro changes call for caution. Reiterate formally that 2026 would mark a low point as of today, October 2026, would mean a firm commitment on a 15 months basis until 2027, and clearly, I don't think this would be responsible. That's the reason why we are doing so. We are not, as I said, giving up that objective on a management basis. Be sure that all are committed.
The fact that we have already secured the cost reduction plan is the best proof of that. But clearly, as it's a formal statement, it's, of course, responsible not to reiterate it formally now. But it's not only a consequence of the script, it's a consequence of the whole macro.
Okay, thank you. Very clear. The final question is on your data center project or, well, recently delivered project in Porte de Paris. You said that you invested EUR 36 million at a yield on cost of 6.2% for a powered shell data center. Compared to other European peers that also were shells, that screen is a little bit low. So I just wanted to understand what's included in that cost. Is that it is considering the original value of that asset pre becoming a data center, and therefore you are not reflecting the write-down of the project, or is there anything there that we are missing?
Okay. When we are communicating on yield on cost, this yield on cost is the revenue on the total cost. Total cost are both the CapEx and the value of the asset at the time we decide to launch the project. That is how things are referred to in the pipeline. That is it. In this case, it was a former building that has been transformed. So the value was quite low, of course, but there was still an existing value of the asset. I would say that the markdown was already part of the value, but still there were remaining value that has been included in the yield on cost. So it is not a yield on cost solely on the new CapEx to be spent, but on the whole investment, i.e., the CapEx and the present value of the asset to be transformed.
Okay, clear. Thank you very much.
Okay. Thank you very much, Ana.
The next question comes from Pranava Boyidapu from Barclays. Please go ahead.
Good morning. Thank you. Thank you, Michael. I have a couple of questions on your acquisitions, actually. The EQHO Tower acquisition was earlier this year, and you gave some commentary on the back of that the loan of EUR 290 million was paid in full. Is that the debt due in 2026 that has been on your maturity profile for some time now, or is that the 49%, like that? Is that the full debt or is there any more to it?
Yes, it was the full debt. The EUR 290 million was the full debt because, as we shared in July, while acquiring the asset, it was already fully on our accounts because we had full control on the asset. Indeed, in the schedule, on the debt schedule, this was referred to the EUR 290 million, consistent with 100% of the remaining debt that has been reimbursed, at the end of September as planned.
Was that debt refinanced or is that just using cash on the balance sheet at this point?
It was using cash on the balance sheet. That was not refinanced.
Okay. Then moving on to your newer acquisition of Comet. I think you mentioned that it cost you around EUR 40 million, which could go up to about EUR 55 million. Could you give us a sense for what operational margin is on that, and how was it valued? How many times would you say that to your EBITDA or any sort of cash flow metric, I suppose?
Okay. Maybe just a word to explain that because we have announced Comet after a publication of our half-year results. So I take the opportunity maybe just to share a bit the rationale of this acquisition, before answering your technical question on the figures. The acquisition of Comet, for us, really reflects our long-term vision for the evolution of office, for the evolution of workplace uses, and tenant expectation. As I said, with Comet, we acquired a specialist expertise that is, in my view, needed now to deliver enhanced customer experience through their best-in-class services and differentiated solutions. And the client feedback has been very positive on their activity and also on our side because we share a part of the same client portfolio. So this is really part of our long-term strategy, what would be the office of tomorrow.
And in a more short-term way, we are now working hand in hand with them to implement some services in business parks in north of Paris, rolling out also some hospitality services in our multi-tenant largest asset. So honestly, we really see that value enhancer in the short term and a part of the vision of tomorrow's office in the long term. Which is, as you were referring to, is roughly equivalent to 100% of the portfolio value, which is interesting price in our view to enhance the value of the asset for the decades to come. As for the figures, we do not share some specific figures with them. Just saying, as we shared in the PR, that this is already profitable activity, that, of course, will contribute to the cash flow, but not significantly.
Understood. Then a sort of final question. So I am just all these questions are just to try and understand where your cash position would land. And I assume if you have not refinanced it to EUR 90 million, then your debt maturity profile would be sort of under four years, and there is about EUR 1 billion of the 2027s and 2028s together, which I believe you have been trying to sort of address early. And given the current financing environment, I was wondering, do you have plans? How do you look at your maturity profile, and how would you move cash position?
Well, maybe Bruno, if you want to answer this question.
I explain, we have a very strong liquidity position with EUR 2.2 billion as of today, as of September 2026, which cover all debt maturity through 2030. Nevertheless, looking at the calendar, we have two bonds maturing in September 2027 and the other one in February 2028. But we do not intend to refinance them in full on the market. But as part of the repayment will also be funded by disposal bid in line with the ReShapE plan. So we will take a pragmatic and cautious approach and refinance a part of it, but progressively.
Okay. That's it. Thank you very much.
Okay. Thank you very much.
The next question comes from Sultan Awan from Van Lanschot Kempen. Please go ahead.
Good morning. Thank you for the questions.
Hey.
Just a question on the dividend again. In terms of spreading the capital gain out, as far as I understand from your explanation, you do have around two years. Why the focus on getting most of it out in the current year instead of keeping some of the proceeds on the balance sheet?
Well, this is also quite technical, but now it has to be distributed in a single payment in one year under the European Pillar Two legislation. Indeed, it used to be 2 years under the mere SIIC obligation, but now given this European legislation, it has to be distributed on the next year. Unless, once again, the distributable profit is lower than this SIIC obligation amount, allowing us to postpone a part of that.
Got it. That is clear.
Okay.
Thank you. Just one more.
Thank you.
You mentioned the strong liquidity position. Could you provide maybe an update on your dialogue with the credit rating agencies?
Yeah, sure. Bruno will take this one.
Yes. As you know, any decision regarding a credit rating is, of course, a matter for S&P. But nevertheless, two points. The first one is on operation side, we remain very focused on the two KPIs. It's the financial occupancy rate that for offices is close to 90%, and the other one is a like-for-like gross rental income is more or less minus 1%. So now it's stabilized for this year. On the financial side, we, of course, monitoring the activity with two levels. First of all, with the selective CapEx allocation, and the other one is dividend 2026 with the scrip dividend.
Okay. Helpful. Thank you.
Okay. Thank you.
Just one last question. Did you have any detail if any of your assets have been impacted by the riots in France?
No, we did not have any impact on our side.
Okay, clear. Thank you very much.
Thank you.
The next question comes from Benjamin Legrand from Kepler Cheuvreux. Please go ahead.
Yes, good morning. Thanks for taking my question. Just a quick one from me. I was actually seeing in some press that the Cour des comptes or the Court of Auditors in France was advocating for the CDC to reduce its equity part and sell non-strategic holdings to help the public finances. I mean, I heard you saying about the scrip dividend, and obviously, the board members support this proposal, but I was just curious to hear your take on this and if you've been talking about that potential reduction of equity with them.
Thanks, Benjamin. Well, about that, maybe, of course, the CDC to answer, but I invite you to see Olivier Sichel, which is the CEO of La Caisse des Dépôts, give an answer to this. I will invite you to see that. What we can say is Icade addresses a number of major strategic priorities for La Caisse des Dépôts. Talking here about housing, digital sovereignty, the whole sustainable 2050 city. Clearly, ReShapE is at the heart of Icade's DNA, but also some of the major priorities of La Caisse des Dépôts. Moreover, Icade that used to be, is still producing recurring returns to the CDC, which also enable CDC to reinvest. This is not a major concern on our side. Once again, I invite you to see the answer that Olivier has given about that.
Okay, clear. Thank you. Thanks a lot.
Thank you, Benjamin.
There are no more questions, so I hand the conference back to the speakers for the closing comments.
Okay. Well, thank you very much for your attention and your question. We are happy with Bruno to answer all of that, and wish you a good day, and looking forward to seeing you all. Bye-bye.