Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — Q1 2025/2026 Earnings Presentation
40 slides from Ascencio Sa's earnings presentation, February 2026
Slide 1: Company presentation
Company presentation Q1 2025 - 2026
Slide 2: Table of contents
Table of contents 01 02 03 04 Key Activity Financials Outlook performance summary indicators 05 06 Q&A Appendice
Slide 3: Real Estate Key Performance Indicators
01 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Real Estate Key Performance Indicators 450,000 m2 100 Size of the portfolio Number of properties €770 €55 96.6% million million Occupancy rate Portfolio fair value Annual rental income €125/m² 7.0 % 3 ye
Slide 4: Activity summary
Activity ar’ summary =
Slide 5: Ascencio's resilient retail portfolio
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Ascencio’s resilient retail portfolio • Food retail Others 9,7% → After a consolidation phase (2022-2024), Horeca 2,4% emergence of a skimming phase (2025) Intermarché 18,2% Discount 2,6% Shoes 3,0% Food
Slide 6: Letting activity summary
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Letting activity summary Update Q1 2025/2026 3 new leases 17 new 11 leases 27,000 m2 leases renewed 3 leases renewed ( VS 10 in 23/24) ( VS 15 in 23/24) ( VS 21,000m² in 23/24) (4% of the portfolio 4,250
Slide 7: EPRA occupancy rate
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 EPRA occupancy rate EPRA occupancy Rate : 96.6% Occupancy rate evolution Evolution of EPRA occupancy rate Breakdown by countries (2024/2025) 100% 100% 97.2 % as of 30/09/2025 99% 98%
Slide 8: Operational activity: disposals and investments
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 Operational activity Total CAPEX : €1.1 million Belgium: • Ghlin (1,900 m²) Disposals : • Hannut (3,400 m²) • Tournai (1,900 m²) Investments : Asset rotation within the • Châtelineau
Slide 9: Acquisition
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 Operational activity 12.000 m2 Commercial mix Size of retail park €22.8 million Acquisition price Acquisition Horizon Provence retail park (30/12/2025 - FR) Total investments : €2.1 m
Slide 10: ESG Achievements
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 ESG Achievements • Installation of 90 car charging stations in France → 150 points in use (>50% of the total project) Environment Social Governance Car charging stations : Inauguratio
Slide 11: Valuations
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 Valuations Change in Fair Value : stability (+€0.3 million / +0.0%) Change in Fair Value (2024/2025) : Evolution of portfolio valuation +€0.1 million 140 €/m² 19% 17% 120 €/m² 15% 13%
Slide 12: Financial activity
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 Financial activity Extension of a credit line of €30 million Average debt duration 3.1 years Average financial debt €290.8 million Refinancing activity 2024/2025 Outstanding debt matu
Slide 13: Financial activity: hedging
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 Financial activity Hedge ratio Acquisition of 2 IRS payers : 89.5% €20 million - 2029 to 2032 Hedge structure as of 30.09.25 Hedging activity 2024/2025 (€ millions) Acquisition of 6 I
Slide 14: Cost of debt evolution
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 Cost of debt evolution Average cost of debt Average cost of debt 2.15% (vs 2.22%) 2.15% 4,50% 4,00% 3,50% 3,00% 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% -0,50% -1,00% 2017 2018 2019 2020 2
Slide 15: Financials
Financials 03
Slide 16: EPRA Earnings evolution 2024/2025
04 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 EPRA Earnings evolution 2024/2025 31.12.2025 31.12.2024 Δ Rental income 13,296 13,475 -1.3 % (€000s) EPRA Earnings 9,172 9,414 -2.6 % 37.000 Net result 10,462 8,998 +16.3 % 36.800 142
Slide 17: Balance sheet as of 30/09/2025
04 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Update Q1 2025/2026 Balance sheet as of 30/09/2025 Total Equity Total Debt €460.7 million €309.4 million IFRS equity evolution (€000s) EPRA NTA EPRA LTV €68.56 41.4% 460.000 1.138 36.678 450.195 450.000
Slide 18: Share price & dividend policy
04 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Share price & dividend policy Stock market context vs Ascencio 150 30/09/2025 30/09/2024 130 110 Closing share price (€/share) 51.30 48.65 90 Premium/discount (vs IFRS NAV) -24.8% -27.6% 70 50 Market cap
Slide 19: Outlook
Outlook 04
Slide 20: Outlook: niche strategy and active portfolio management
05 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Pursue of niche strategy : supermarkets & retail parks Active portfolio management & maintaining close relationship with tenants Continuous disciplined financial activity Further implementation of ESG in
Slide 21: Financial calendar 2025/2026
05 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Financial calendar 2025/2026 5 February 2026 29January 2027 (5:40 p.m.) Coupon payment date Ordinary General (Ex date) 22 July 2026 (5:40 p.m.) Shareholders’ Meeting 6 February 2026 Interim Statement 202
Slide 22: Q&A
Q&A 05
Slide 23: Appendices
l WY) D Ss) re Append
Slide 24: REIT Belgium, France & Spain
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Operating in Investing in Listed Belgium, Under the on Euronext supermarkets A Belgian France & Spain SIR/GVV, SIIC Brussels & retail parks & SOCIMI status REIT Since 2007
Slide 25: Active in Belgium, France & Spain
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Active in Belgium, France & Spain Retail parks Supermarkets Others
Slide 26: Evolution of the portfolio
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Evolution of the portfolio 98 438.000 m2 Retail properties Size of portfolio € million 800 700 600 500 400 300 200 100 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Belgium France Spain
Slide 27: Shareholding structure
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Shareholding structure Patronale Life 5% Carl, Eric, John Mestdagh* 10% Free float 85% *and controlled companies
Slide 28: Valuations (as of 30.09.2025)
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Valuations (as of 30.09.2025) Average rent of the portfolio Portfolio yield vs interest rates evolutions 8,00% €/m² 7,00% 200 180 170 6,00% 160 152 5,00% 140 124 120 4,00% 107 Belgium France 100 3,00% Sp
Slide 29: Rental income evolution
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Rental income evolution (€000s) 54.350 86 54.150 794 0 53.950 53.866 -319 -38 53.750 53.550 53.345 53.350 53.150 52.950 52.750 Rental income 30/09/24 Base rents evolution ESG rents evolution Acquisitions
Slide 30: Consolidated results
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Consolidated results (€000s) 30/09/2025 30/09/2024 Δ Belgium 29.719 29.831 -0,4% France 22.127 21.538 2,7% Spain 2.021 1.975 2,3% (€000s) 30/09/2025 30/09/2024 ∆ TOTAL 53.866 53.345 1,0% RENTAL INCOME 53
Slide 31: Balance sheet
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Balance sheet (€000s) ASSETS 30/09/2025 773.579 30/09/2024 780.658 Non current assets 761.889 766.104 Intangible assets 459 375 Investment properties 746.468 748.621 Other tangible assets 778 963 Other n
Slide 32: A niche strategy: Supermarkets & Retail Parks
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES A niche strategy : Supermarkets & Retail Parks Food retail : 40% of rents
Slide 33: Customer-centric approach
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Customer-centric approach Asset Management Marketing & Property Communication Tenants Management Customer Operations services & ESG
Slide 34: History
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES History 2006 2007 2010 2011 Creation of Ascencio Ascencio is listed on • 1st acquisition in France (7 Acquisition of 2 retail parks in France : Euronext Brussels Grand Frais supermarkets) • « Le parc des
Slide 35: Status
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Status SIR/GVV SIIC SOCIMI (Belgium) (France) (Spain) • Risk diversification (20%) • No limitation of debt • Identification of shareholder’s structure • Limitation of debt (65%) • Tax transparency (> 95%
Slide 36: Ascencio's ESG strategy
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES ASCENCIO’S ESG STRATEGY Environment Social Governance • Labelling • Assessment & training • Governance structure & CSR standards communication • Decision-making criteria • In-house consultations • Develo
Slide 37: Ascencio team
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Ascencio team Number of team members : 22 15 07 women men Average age of employees : 41 years Human Resources CEO Marketing, Communication & Investors Relations Asset Legal management Finance & Acquisiti
Slide 38: Company values
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Company values Connected Ambition Positive Mind with our customers, our employees, to grow, while respecting Because our projects and adventures are always our partners, our markets market cycles more at
Slide 39: Contacts
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Contacts Vincent Cédric Aurore H. Querton Biquet Anbergen Chief Executive Officer Chief Financial Officer Head of IR, Marketing & Communication +32 71 91 95 00 +32 71 91 95 03 +32 71 91 95 23 cedric.biqu
Slide 40: Ascencio SA
Ascencio SA Avenue Jean Mermoz, 1/4 info@ascencio.be 6041 Gosselies +32 (0) 71 91 95 23 www.ascencio.be