Ascencio Sa · EURONEXT:ASCE

Ascencio Sa — KBC Securities Real Estate Conference 2024

41 slides from Ascencio Sa's conference presentation, Mar 19, 2024

  1. Slide 1: KBC Securities Real Estate Conference

    KBC SECURITIES R E A L E STAT E CONFERENCE 1 9 t h M ar c h 2 0 2 4

  2. Slide 2: Speakers

    SPEAKERS Cédric Biquet Aurore Anbergen Chief Financial Officer Head of IR, Marketing & Communication cedric.biquet@ascencio.be aurore.anbergen@ascencio.be +32 71 91 95 00 +32 71 91 95 23 2

  3. Slide 3: Real Estate & Financial Markets

    REAL ESTATE & FINANCIAL MARKETS REAL ESTATE & 3 FINANCIAL MARKETS

  4. Slide 4: Financial Market

    • Inflation FINANCIAL MARKET • Interest rates context • Stock market context 130 125 120 115 110 IRS 5 years (vs E3M) 105 100 95 90 09-22 10-22 11-22 12-22 01-23 02-23 03-23 04-23 05-23 06-23 07-23 08-23 09-23 REAL ESTATE & 4 FINANCIAL MARKETS

  5. Slide 5: Real Estate Market

    • Retail prime yields • Retail prime rents REAL ESTATE MARKET • Investment volumes Belgium France Spain REAL ESTATE & 5 FINANCIAL MARKETS

  6. Slide 6: Activity Summary

    ACTIVITY SUMMARY ACTIVITY SUMMARY 6

  7. Slide 7: Letting Activity 2022/2023

    LETTING ACTIVITY 2022/2023 €120/m² Passing rent Average Rent of Rental level ­1.5% 10 the portfolio +8.5% new leases ERV 52 leases renewed • EPRA OCCUPANCY RATE 30/09/2023 30/09/2022 ∆ • 75,000 m2 Belgium France 96.9% 99.0% 96.1% 98.3% 0.8% 0.7% (17% of portfolio’s surface) • €8.2 million Spain Tota

  8. Slide 8: Letting Activity

    LETTING ACTIVITY Update Q1 2023/2024 → 3 new leases → 6 leases renewed EPRA OCCUPANCY RATE → 7 short term leases → 98.2% = 9,250 m² (2.1% of portfolio’s surface) ACTIVITY SUMMARY 8

  9. Slide 9: Operational Activity 2022/2023

    OPERATIONAL ACTIVITY 2022/2023 • INVESTMENTS & DEVELOPMENTS Total 2022/2023 €2.1 million Intermarché, Ottignies (BE) Casino, Aix­en­Provence (FR) Bio Planet, Hannut (BE) ACTIVITY SUMMARY 9

  10. Slide 10: Operational Activity: Investments and Development

    OPERATIONAL ACTIVITY Update Q1 2023/2024 • INVESTMENTS : • DEVELOPMENT : Acquisition of 3 retail units in the Mainly roof renovation of Bruges Bellefleur retail park (Couillet, Belgium) Total Total €7,0 million €0,2 million Bellefleur, Couillet (BE) Bruges (BE) ACTIVITY SUMMARY 10

  11. Slide 11: Operational Activity: Disposal

    OPERATIONAL ACTIVITY Update Q1 2023/2024 • DISPOSAL : Shopping complex in Jemappes (Belgium) – 10,000 m² Exit value €8,55 million Jemappes (BE) ACTIVITY SUMMARY 11

  12. Slide 12: Valuations

    VALUATIONS Geographical Fair value Fair value Δ Fair value spread (€000s) (€000s) (invest. excl.) (30/09/2023) (30/09/2023) (30/09/2022) 2022/2023 Belgium 54% 404,493 393,826 +2.1% 6.84% France 42% 305,863 313,936 ­2.7% Gross yield on Spain 4% 30,500 30,850 ­1.1% the portfolio Total operating portfo

  13. Slide 13: ESG Achievements 2022/2023

    ESG ACHIEVEMENTS 2022/2023 Environment Social Governance 9 Tenants consumption data 9 Training courses 9 sBPR reporting : gold award sBPR collection 9 Electromobility 9 A director of Operations & ESG joined the executive committee 9 Green appendix to new 9 New offices leases 9 Promoting sport & figh

  14. Slide 14: ESG Achievements

    ESG ACHIEVEMENTS Update Q1 2023/2024 Environment Social Housing 9 Relighting of several 9 Participation of the team in 9 Start of the refurbishment works parking lots local aid actions 9 start of the car charging stations installation process over the french portfolio 9 Progressive transition to the

  15. Slide 15: Financial Activity: Debt Maturities and Refinancing

    FINANCIAL ACTIVITY • DEBT MATURITIES AS OF 30/09/2023 • REFINANCING 2022/2023 9 7 new bank credit loans 9 Counterparties : Belfius, BNP, CBC, CEHDF 9 Total nominal amount : €80 millions 9 Average duration new loans : 5.8 years Total debt duration: 3.4 years Update Q1 2023/2024 ― Average debt duratio

  16. Slide 16: Financial Activity: Hedging

    FINANCIAL ACTIVITY • HEDGE STRUCTURE AS OF 30/09/2023 • HEDGING ACTIVITY 2022/2023 9 Fully compliant with hedging strategy – Hedge ratio: 95,0% 9 June/August 2023 : acquisition of 4 IRS • Nominal : €40 million 9 Reduced volatility of financing costs over 5 years • Period : 2023 Æ 2029 75% 9 Septembe

  17. Slide 17: Financials

    FINANCIALS FINANCIALS 17

  18. Slide 18: Annual Consolidated Results

    ANNUAL CONSOLIDATED RESULTS (€000s) 30/09/2023 30/09/2022 Δ (€000s) 30/09/2023 30/09/2022 Δ RENTAL INCOME 51,322 47,849 7.3% EPRA EARNINGS 36,009 33,773 6.6% Rental related charges ­223 684 Result on sales of investment properties 0 ­159 Recovery of property charges 956 681 Change in the fair value

  19. Slide 19: Year-End Balance Sheet

    YEAR­END BALANCE SHEET 30/09/2023 30/09/2022 Total balance sheet (€ million) 786.5 783.3 Total portfolio (€ million) 740.9 738.9 Total equity (€ million) 444.8 437.0 IFRS NAV (€/share) 67.43 66.25 EPRA NTA (€/share) 63.59 62.35 Total debt (€ million) 320.5 326.7 Debt Ratio 44.0% 44.9% EPRA LTV 43.4%

  20. Slide 20: Share Price & Dividend Policy

    SHARE PRICE & DIVIDEND POLICY 30/09/23 30/09/22 Closing Price 41.30€ 50.70€ Update Q1 2023/2024 Premium/discount ­38.8% ­23.5% ― Closing price : 49.90 € (EPRA NTA) ― Premium/discount : ­22.7% Market cap (€ million) 272.4 334.4 ― Market cap (€ million) : 329.1 Dividend per share 4.15 3.95 Dividend yi

  21. Slide 21: Outlook

    OUTLOOK OUTLOOK 21

  22. Slide 22: Outlook

    9 Stick to its strategic vision • Proactive portfolio management • Customer­centric approach • Selective investment policy • Developing a team of highly qualified professionals 9 Preservation of a strong balance sheet structure & sufficient liquidity OUTLOOK 22

  23. Slide 23: a ee pre im)

    2 a ee pre im) 2#2e-+e i'n ” a ; WP hie

  24. Slide 24: Appendix

    APPENDIX APPENDIX 24

  25. Slide 25: REIT SIR/GVV, SIIC & SOCIMI

    A Belgian Operating in Investing in REIT Belgium, supermarkets France & retail parks & Spain Under the Listed on SIR/GVV, SIIC & SOCIMI Euronext Brussels Since 2007 status APPENDIX 25

  26. Slide 26: Supermarkets

    SUPERMARKETS STRATEGIC LOCATIONS 40% OF ASCENCIO’S Grand Frais, Echirolles (FR) INCOME MEETING CONSUMERS’ PRIMARY NEEDS ASCENCIO’S DNA LIMITED IMPACT Intermarché, Ottignies (BE) OF E­COMMERCE APPENDIX 26

  27. Slide 27: Retail Parks

    RETAIL PARKS RETAIL MIX PRIMARY Parc des Drapeaux, Caen (FR) NEEDS GOOD CONVERSION RATE ACCESSIBILITY IN PERIPHERY SIZE AND FLEXIBILITY Bellefleur, Charleroi (BE) OF RETAIL SPACES (OMNICANALITY) APPENDIX 27

  28. Slide 28: Active in Belgium, France & Spain

    ACTIVE IN BELGIUM, FRANCE & SPAIN • Retail parks • Others APPENDIX 28

  29. Slide 29: Evolution of the Portfolio

    EVOLUTION OF THE PORTFOLIO Retail properties 104 Size of portfolio 450.000 m2 Belgium France Spain APPENDIX 29

  30. Slide 30: Diversification of Tenants & Retail Sectors

    DIVERSIFICATION OF TENANTS & RETAIL SECTORS APPENDIX 30

  31. Slide 31: Evolution of the Occupancy Rate

    EVOLUTION OF THE OCCUPANCY RATE 97.9% at 30/09/2023 APPENDIX 31

  32. Slide 32: Customer-Centric Approach

    CUSTOMER­CENTRIC APPROACH Asset Management Marketing & Property Communication Management TENANTS Customer Operations services & ESG APPENDIX 32

  33. Slide 33: History

    AA5 HISTORY • 2006 • 2007 • 2010 • 2011 Ascencio is listed on Acquisition of Acquisition of 2 retail parks in Creation of Ascencio Euronext Brussels 7 Grand Frais France (« Le parc des Bouchardes » and « Le Parc des Cyprès ») • 2012 • 2013 • 2014 • 2015 • Contribution in kind Acquisitions: Capital i

  34. Slide 34: Diapositive 33 AA5 ajouter acquisition COuillet + arbitrage

    Diapositive 33 AA5 ajouter acquisition COuillet + arbitrage Aurore Anbergen; 29-02-24

  35. Slide 35: Shareholding Structure

    SHAREHOLDING STRUCTURE APPENDIX 34

  36. Slide 36: Status

    STATUS SIR/GVV SIIC SOCIMI (Belgium) (France) (Spain) • Risk diversification (20%) • No limitation of debt • Identification of shareholder’s structure (> 95%) • Limitation of debt (65%) • Tax transparency • At least 80% of eligible assets • Obligation of distribution (80%) • Obligation of distributi

  37. Slide 37: Consolidated balance sheet

    Consolidated balance sheet CONSOLIDATED BALANCE SHEET (€000s) 30/09/2023 30/09/2022 ASSETS 786,469 783,312 Intangible assets 236 24 Investment properties 740,856 738,933 Other tangible assets 49 35 Other non­current assets 30,670 31,514 Current financial assets 867 885 Trade receivables 5,556 4,956

  38. Slide 38: ESG Strategy

    ESG STRATEGY ASCENCIO’S ESG STRATEGY nvironment ocial overnance • Labelling • Training • Governance structure • Decision­making criteria • Internal satisfaction survey • Remuneration policy • Database & management • Positive office • Communication of ESG standards platform • Telework policy • Optimi

  39. Slide 39: Ascencio Team

    ASCENCIO TEAM • Number of employees: 21 13 8 women men • Average age of employees : 41 years APPENDIX 38

  40. Slide 40: Company Values

    COMPANY VALUES “Connected” “Ambition” with our customers, to grow, while our employees, respecting market cycles our partners, our markets “Positive Mind” Because our projects and adventures are always more attractive thanks to the positive energy brought to them by our talented team APPENDIX 39

  41. Slide 41: Ascencio SA

    Ascencio SA Av e n u e J e a n M e r m o z, 1 / 4 6041 Gosselies - aurore.anbergen@ascencio.be +32 (0) 71 91 95 23 w w w. a s c e n c i o . b e 40

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