Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — Kepler Cheuvreux Pan-European Real Estate Conference 2025
42 slides from Ascencio Sa's conference presentation, 2025
Slide 1: Ascencio Presentation
Ascencio Presentation Kepler Cheuvreux Pan-European Real Estate Conference 2025
Slide 2: Table of contents
Table of contents 01 02 03 04 Activity Financials Outlook Q&A summary 05 Appendices
Slide 3: Activity summary
Activity summary (as of 30.06.25) 01
Slide 4: Letting activity summary
01 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Letting activity summary 13 new leases 9 leases renewed 2 short term 21,500 m portfolio surface) + 18 leases (4.8% of the Previous rental level -5% 5% drop vs previous rental level is mainly due to renewals, at New rental level market levels, of
Slide 5: EPRA occupancy rate
01 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES EPRA occupancy rate Evolution of EPRA occupancy rate Occupancy rate evolution ∆ 30.06.25 31.03.25 30.09.24 (9M 24/25) Belgium 94.7% 95.8% 96.9% -2.3% 100% France 97.2% 97.7% 98.7% -1.5% 96% Spain 100.0% 100.0% 100.0% 0.0% 95% TOTAL 96.0% 96.7% 97
Slide 6: Operational activity
01 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Operational activity • Châtelet (BE) Belgium: • Messancy (BE) • Ghlin (1.900 m²) • Chanas (FR) • Hannut (3.400 m²) • Barcelone (ES) • Tournai (1.900 m²) • Châtelineau (2.700 m²) Total investments amount : Total sales price : €1.5 million €5.6 mil
Slide 7: ESG Achievements
01 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES ESG Achievements Environment Social Governance Car charging stations : Ascencio Academy : Review of internal operational process Continuation of installation & commissioning of organization of new sessions according to new ERP stations in France
Slide 8: Valuations
01 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Valuations Evolution of portfolio valuation Geographical 30.06.25 31.03.25 30.09.24 spread Change in Value Δ Fair Fair Fair Fair Value 15,0% (as of 30.06.25) : - €0.5 million INVESTMENT PROPERTIES Value Value Value (excl. (€000s) (€000s) (€000s)
Slide 9: Financial activity
01 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Update 30.06.2025 Financial activity Average cost of debt : 2.15% Average debt duration : 3.2 years Average Financial debt : €305 million Refinancing activity HY 2024/2025 Outstanding debt maturities as of 31.03.2025 3 new revolving bank credit l
Slide 10: Financial activity
01 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial activity Update 30.06.25 Hedge ratio 96.3% Hedging activity 2024/2025 Hedge structure as of 31.03.2025 Acquisition of 5 IRS payers : €55 million - 2029 to 2032 Restructuring of 1 IRS payer : €50 million - 2028 to 2032 Hedge Ratio as of
Slide 11: Financials
Financials 02
Slide 12: Annual consolidated results HY 2024/2025
02 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Annual consolidated results HY 2024/2025 Rental income evolution (€000s) 31.03.2025 31.03.2024 Δ Belgium 15,044 14,859 1.2% France 11,032 10,517 4.9% 31.03.2025 31.03.2024 Spain Operating margin 82.4% 82.4% 1,002 973 3.0% Net result (€/share) 2.8
Slide 13: Balance sheet as of 31.03.2025
02 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Balance sheet as of 31.03.2025 Update 31.03.25 30.09.24 30.06.25 Total real Evolution IFRS NAV estate 745.2 746.0 748.6 portfolio 68,00 (€ million) 67,15 67,00 Total balance sheet 774.0 780.4 780.7 66,00 2,88 0,05 65,69 (€ million) -0,09 0,00 65,
Slide 14: Share price & dividend policy
02 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Stock market context vs Ascencio Share price & dividend policy 180 130 30.06.2025 30.09.2024 80 Closing share price (€/share) 48.15 48.65 30 Premium/discount (vs IFRS NAV) -28.0% -27.6% Market capitalization (€ million) 317.6 320.9 Dividend (€/sh
Slide 15: Outlook
Outlook 03
Slide 16: Portfolio Management
03 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Portfolio Management • Anticipating retailers’ needs & monitoring their financial health →Continuous dialogue Further implementation of ESG initiatives & value creation within the portfolio Continuous preservation of healthy balance sheet & liqui
Slide 17: Financial calendar 2024/2025
03 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial calendar 2024/2025 6 February 2025 31 January 2026 (2:30 p.m.) Coupon payment date Ordinary General Meeting (Ex date) of Shareholders 2024/2025 7 February 2025 13 August 2025 (5:40 p.m.) Record date Interim Statement 10 February 2025 at
Slide 18: Ascencio
— ascencio
Slide 19: Appendices
Appendices 05
Slide 20: Geographic distribution & type of properties
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Geographic distribution & type of properties Listed Investing in supermarkets Present in Belgium, REIT & retail parks France & Spain Geographic distribution Type of properties 4% 5.5% 18.7% 41% 55% 36.4% 39.4% Belgium France Spain Stand Alone (Fo
Slide 21: Retail sector & tenant distribution
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Retail sector & tenant distribution (as of 30.09.24) Sectors Tenants Other 11.3% Food 40.3% Intermarché 18.1% Horeca 2.4% Pet shop 3.3% Shoe 3.3% Electro / Multimedia 6.7% Grand Frais 8.6% Other 49.6% Sport 6.7% Brico 7.4% Carrefour 5.7% Fashion
Slide 22: Key figures
05 ASCENCIO IN A NUTSHELL (as of 30/09/2024) ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Key figures 440,000 m2 100 Size of the portfolio Number of properties €750 million €55 million >96% Fair value of the Annual rental Occupancy portfolio income rate €125/m² 7% 3 years 7 years Average rent
Slide 23: Financing structure
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financing structure Shareholding structure Debt structure 5% Patronale Life €30.500 €15.000 10% Bonds Medium Term Notes Carl, Eric, John Mestdagh and €375.000 controlled companies €27.650 Bank borrowings Commercial Papers 31.03.2025 85% (€000s) F
Slide 24: Financial Market
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Inflation rates 14% 12% 10% 8% 6% 4% 2% Financial Market 0% -2% Belgium France Spain Euro Zone Interest rates Stock market 150 (%) 130 4,5 4,0 3,5 110 3,0 2,5 90 2,0 1,5 70 1,0 0,5 0,0 50 -0,5 -1,0 30 EURIBOR 3 Months IRS 5 years (against E3M) BE
Slide 25: Real Estate Market – Retail
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Prime yields 7,00% 6,00% 5,00% Real Estate Market – Retail 4,00% 2019 2020 2021 2022 2023 2024 (as of 30.09.24) Belgium France Spain Prime rents Investment volumes 7,000 250 6,000 200 5,000 € bilion 150 4,000 3,000 100 2,000 50 1,000 0 - 2019 202
Slide 26: Supermarkets
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Supermarkets Strategic locations 40% of Ascencio’s revenue Meeting consumers’ i primary needs Ascencio’s DNA Complementarity with e-commerce
Slide 27: Retail parks
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Retail parks Retail mix Parc des Drapeaux, Primary Caen (FR) needs Good conversion rate Accessibility in periphery Size and flexibility of retail spaces (omnicanality) Bellefleur, Charleroi (BE)
Slide 28: Evolution of the portfolio
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Evolution of the portfolio 101 440.000 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 (HY) Belgium France Spain
Slide 29: Ascencio's ESG Strategy
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES ASCENCIO’S ESG STRATEGY Environment Social Governance • Photovoltaic panels • Training • Governance structure • Charging stations • In-house consultations • IT tools development • Labelling • Positive office • ESG standards reporting • Decision-m
Slide 30: Cost of debt evolution
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Cost of debt evolution Average cost of debt 2.18% (vs 2.22% as of 30/09/24) 4,5% 4,0% 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% -0,5% -1,0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2026* 2027* Average cost of debt Euribor 3 months IR
Slide 31: Valuations (as of 30.09.2024)
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Valuations (as of 30.09.2024) Average rent of the portfolio Portfolio yield vs interest rates evolutions €/m² 8,00% 200 7,00% 180 171 6,00% 160 150 140 5,00% 120 123 4,00% 107 Belgium France 100 Spain Total 3,00% 80 IRS 5 years EURIBOR 3 months 6
Slide 32: Rental income evolution (K€)
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Rental income evolution (K€) 27.400 62 27.200 843 0 27.078 -160 -16 27.000 26.800 26.600 26.400 26.349 26.200 26.000 Rental income 31/03/24 Base rents evolution ESG rents evolution Acquisitions Disposals Developments projects Rental income 31/03/
Slide 33: Consolidated results
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Consolidated results (€000s) 31.03.2025 31.03.2024 Δ% Belgium 15.044 14.859 1.2% France 11.032 10.517 4.9% (€000s) 31.03.2025 31.03.2024 Δ Spain 1.002 973 3.0% RENTAL INCOME 27,078 26,349 2.8% TOTAL 27.078 26.349 2.8% Rental related charges 16 -7
Slide 34: Evolution EPRA NTA (€/share)
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Evolution EPRA NTA (€/share) 70,00 68,00 66,00 65,80 2,88 64,23 64,00 -0,06 -0,09 62,00 -4,30 60,00 58,00 EPRA NTA 30/09/2024 dividend paid EPRA Earnings Others RE portfolio revaluation EPRA NTA 31/03/2025 Increase Decrease Total
Slide 35: Balance sheet
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Balance sheet (€000s) 31/03/2025 30/09/2024 ASSETS 780,385 780,658 Intangible assets 363 375 Investment properties 746,034 748,621 Other tangible assets 823 963 Other non-current assets 16,307 16,145 Assets held for sale 2.647 259 Current financi
Slide 36: Customer-centric approach
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Customer-centric approach Asset Management Marketing & Property Communication Tenants Management Customer Operations services & ESG
Slide 37: History
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES History 2006 2007 2010 2011 Creation of Ascencio Ascencio is listed on Acquisition of 7 Grand Frais Acquisition of 2 retail parks : Euronext Brussels supermarkets (FR) • « Le parc des Bouchardes » (FR) • « Le Parc des Cyprès » (FR) 2012 2013 2014
Slide 38: Status
05 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%) • At least 80% of eligible assets • Oblig
Slide 39: Ascencio team
05 ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Ascencio team Number of team members : 21 13 08 women men Average age of employees : 42 years Human Resources CEO Marketing, Communication & Investors Relations Asset Legal management Finance & Acquisitions Operations & ESG Customer IT Property s
Slide 40: Company values
05 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 attractive thanks to the positive energy brou
Slide 41: Contacts
05 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 cedric.biquet@ascencio.be +32 71 91 95 00 aurore.anbergen@ascencio.be +32 71 91 95 23
Slide 42: Ascencio SA
Ascencio SA Avenue Jean Mermoz, 1/4 info@ascencio.be 6041 Gosselies +32 (0) 71 91 95 23 www.ascencio.be
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