Icade Management
Management criteria checks 3/4
We currently do not have sufficient information about the CEO.
Key information
Nicolas Joly
Chief executive officer
€836.0k
Total compensation
| CEO salary percentage | 53.83% |
| CEO tenure | 3.2yrs |
| CEO ownership | n/a |
| Management average tenure | 5.9yrs |
| Board average tenure | 4.2yrs |
Recent management updates
Recent updates
Narrative Update • Jun 06
ICAD: Limited Downside View Will Still Pressure Shares Going Forward
Analysts have raised their fair value estimate for Icade from €16.30 to €17.00, citing a higher Street price target of €22 and the view that downside risk at current levels now appears more limited. What's in the News Icade has scheduled a Special and Extraordinary Shareholders Meeting for June 10, 2026, at the Coeur Defense building, Tour B Espace Comet, 24th floor, 100 Esplanade du General de Gaulle, Paris La Defense Cedex, France.
Narrative Update • May 22
ICAD: Slower Healthcare Exit And Paused Special Payouts Will Shape Balanced Outlook
Analysts have nudged their fair value estimate for Icade slightly lower to about €21.31. This reflects a reduced price target and updated assumptions around slower revenue growth, a modestly softer profit margin, a higher discount rate and the view that asset disposals and potential special dividends may take longer to materialise.Narrative Update • May 06
ICAD: Slower Healthcare Disposal And Halted Special Payouts Will Pressure Shares
Analysts have reduced their price target on Icade from €30 to €25, citing expectations that the healthcare business disposal could take longer and that special dividends are no longer assumed over the next three years. Analyst Commentary Bearish analysts are flagging a more cautious stance on Icade, with recent research pointing to timing and payout uncertainties that weigh on sentiment.Narrative Update • Apr 21
ICAD: Slower Healthcare Disposal And Lost Special Dividends Will Pressure Shares
Analysts have trimmed their price target for Icade to €25 from €30, reflecting expectations that the planned disposal of the healthcare business may take longer and that special dividends are no longer assumed over the next three years. Analyst Commentary Bearish analysts have shifted to a more cautious stance on Icade, with the rating cut to Equal Weight from Overweight and the price target moved to €25 from €30.Narrative Update • Apr 06
ICAD: Slower Healthcare Disposal And Missing Special Dividends Will Shape Fair Outlook
Narrative Update The analyst price target for Icade has been trimmed to €21.35 from €21.54. This reflects a more cautious stance from analysts after recent downgrades and expectations that healthcare asset disposals and potential special dividends may take longer to play out.
Narrative Update • Mar 23
ICAD: Slower Healthcare Exit And Reset Distributions Will Support Future Repricing
Analysts have trimmed their fair value estimate for Icade to about €29.91 from €31.29, echoing recent price target cuts, such as the move from €30 to €25, as they factor in a longer timeline for healthcare asset disposals and the absence of expected special dividends. Analyst Commentary The recent research updates on Icade point to a more cautious stance as analysts reassess how quickly the group can execute on its healthcare disposals and how generous future shareholder returns might be.Narrative Update • Mar 08
ICAD: Slower Healthcare Disposals And Lost Special Dividends Will Shape Fairly Valued Outlook
Analysts have modestly trimmed their fair value estimate for Icade from €22.03 to about €21.54. This reflects updated views on slower progress on healthcare disposals, a higher required discount rate and the removal of assumed special dividends after recent downgrades and price target cuts on the stock.Narrative Update • Feb 22
ICAD: Higher Office Risk Premium Will Set Stage For Future Repricing
Analysts have reduced their fair value estimate for Icade from about €36.67 to about €31.29, reflecting a higher assumed discount rate and lower profit margin expectations following recent rating cuts and a lower €18 Street price target. Analyst Commentary Recent rating actions on Icade have leaned cautious, with cuts to both recommendations and price targets that feed into the lower fair value estimate.Narrative Update • Feb 08
ICAD: Office Risk Repricing And Downgrades Will Shape Fairly Valued Outlook
Analysts have trimmed their fair value estimate for Icade from €23.33 to €22.03. This reflects a slightly higher discount rate, a modestly lower profit margin outlook and recent downgrades that cite a higher perceived equity risk premium in offices.Narrative Update • Jan 24
ICAD: Office Risk Repricing And Downgrades Will Shape Future Share Performance
Analysts have trimmed their fair value estimate for Icade from about €23.46 to roughly €23.33, citing slightly higher required returns, more cautious assumptions on revenue growth and profit margins, and recent Street downgrades, including a cut in one price target from €25 to €18. Analyst Commentary Bullish Takeaways Bullish analysts may see the recent pullback in fair value and price targets as already reflecting higher equity risk premiums in offices, which can limit further downside if execution on existing projects is steady.Narrative Update • Jan 10
ICAD: Office Downgrades And Higher Risk Premium Will Pressure Shares
Analysts have trimmed their price expectations for Icade to around €14.60, reflecting recent rating downgrades and a higher equity risk premium for office assets. This has been incorporated into updated assumptions for revenue growth, profit margins and future P/E levels.Narrative Update • Dec 26
ICAD: Office Risk Repricing Will Shape Margins And Share Performance
Analysts have lowered their price target on Icade from EUR 25 to EUR 18. This reflects a higher perceived equity risk in offices, alongside slightly faster expected revenue growth but weaker profit margins and a higher valuation multiple.Narrative Update • Dec 12
ICAD: Office Weakness And Higher Equity Risk Will Pressure Shares
Analysts have cut their price target on Icade from EUR 17.80 to EUR 14.60, reflecting a lower revenue growth outlook and higher perceived equity risk in offices, even as profit margins are expected to improve. Analyst Commentary Bearish analysts have recently shifted their stance on Icade, highlighting a weaker outlook for office assets and increasing caution around the company’s equity risk profile.
New Narrative • Apr 28
Pulse Building Lease With Seine-Saint-Denis Will Boost Portfolio Strength
Improved rental growth expected from the lease agreement and focus on prime locations may enhance revenue stability.Analysis Article • Feb 23
A Look At Icade's (EPA:ICAD) Share Price Returns
Passive investing in an index fund is a good way to ensure your own returns roughly match the overall market. When you...Analysis Article • Jan 19
How Did Icade SA's (EPA:ICAD) 8.0% ROE Fare Against The Industry?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...Analysis Article • Dec 13
What Type Of Shareholders Make Up Icade SA's (EPA:ICAD) Share Registry?
If you want to know who really controls Icade SA ( EPA:ICAD ), then you'll have to look at the makeup of its share...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | €836k | €450k | -€123m |
| Sep 30 2025 | n/a | n/a | -€155m |
| Jun 30 2025 | n/a | n/a | -€187m |
| Mar 31 2025 | n/a | n/a | -€231m |
| Dec 31 2024 | €805k | €450k | -€275m |
| Sep 30 2024 | n/a | n/a | -€614m |
| Jun 30 2024 | n/a | n/a | -€953m |
| Mar 31 2024 | n/a | n/a | -€1b |
| Dec 31 2023 | €728k | €311k | -€1b |
Compensation vs Market: Nicolas's total compensation ($USD965.02K) is about average for companies of similar size in the French market ($USD1.24M).
Compensation vs Earnings: Nicolas's compensation has increased whilst the company is unprofitable.
CEO
Nicolas Joly (43 yo)
3.2yrs
Tenure
€836,000
Compensation
Mr. Nicolas Joly has been Chief Executive Officer of Icade since April 21, 2023. Mr. Joly served as Deputy Director-General at Mercialys and had been its Executive Vice-President since 2016. Mr. Joly joine...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive Officer | 3.2yrs | €836.00k | no data | |
| Chief Financial Officer | 1.2yrs | no data | no data | |
| Head of Consolidation & Accounting | no data | no data | no data | |
| Head of Corporate Finance and Director of Financing & Investor Relations | 3.4yrs | no data | no data | |
| General Secretary and Head of Governance | 10.7yrs | no data | no data | |
| Head of Audit | 8.4yrs | no data | no data | |
| Head of Communications & Public Affairs | no data | no data | no data | |
| Head of Human Resources & Work Environment | no data | no data | no data | |
| Head of the Commercial Property Investment Division | 10.8yrs | no data | no data | |
| Head of Financial Control | no data | no data | no data | |
| Head of Asset Management | no data | no data | no data | |
| Head of Sustainable Development | no data | no data | no data |
5.9yrs
Average Tenure
55yo
Average Age
Experienced Management: ICAD's management team is seasoned and experienced (5.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Director | 5.7yrs | €28.00k | 0% € 0 | |
| Independent Director | 2.5yrs | €24.50k | 0.00033% € 5.3k | |
| Independent Director | 2.2yrs | €45.50k | 0.00082% € 13.1k | |
| Independent Director | 7.2yrs | €22.75k | 0.00011% € 1.8k | |
| Chairman of the Board | 10.1yrs | €240.00k | 0.000040% € 637.5 | |
| Director | 15.1yrs | no data | 0% € 0 | |
| Director | 6.7yrs | no data | 0% € 0 | |
| Vice Chairman of the Board & Lead Independent Director | 10.1yrs | €99.50k | 0.00067% € 10.7k | |
| Independent Director | 2.7yrs | €56.00k | 0.0013% € 21.0k | |
| Director | 1.3yrs | no data | 0% € 0 | |
| Director | 2.7yrs | no data | 0% € 0 | |
| Director | 1.3yrs | no data | 0% € 0 |
4.2yrs
Average Tenure
61yo
Average Age
Experienced Board: ICAD's board of directors are considered experienced (4.2 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/10 23:36 |
| End of Day Share Price | 2026/06/10 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Icade is covered by 18 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Celine Huynh | Barclays |
| Paul May | Barclays |
| Aaron Guy | Barclays |