Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — Degroof Petercam Real Estate Conference 2025
44 slides from Ascencio Sa's conference presentation, 2025
Slide 1: Ascencio Presentation
Ascencio Presentation Degroof Petercam Real Estate conference 2025
Slide 2: Table of contents
Table of contents 01 02 03 04 Ascencio in Financial & Activity Financials a nutshell real estate summary markets 05 06 07 Outlook Q&A Appendices
Slide 3: Ascencio in a nutshell
Ascencio in a nutshell 01
Slide 4: Geographic distribution & type of properties
01 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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% 4
Slide 5: Retail sector & tenant distribution
01 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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% Ot
Slide 6: Key figures
01 ASCENCIO IN AIN NUTSHELL ASCENCIO A NUTSHELL (as of 30/09/2024) FINANCIAL & REAL ESTATE MARKETS 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 portfoli
Slide 7: Financing structure
01 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 Ban
Slide 8: Financial & real estate markets
Financial & real estate markets 02
Slide 9: Financial Market
02 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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,
Slide 10: Real Estate Market – Retail
02 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 €
Slide 11: Activity summary
Activity summary (as of 30.06.25) 03
Slide 12: Letting activity summary
03 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 13: EPRA occupancy rate
03 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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% S
Slide 14: Operational activity: disposals and investments
03 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 investm
Slide 15: ESG Achievements
03 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 o
Slide 16: Valuations
03 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 PROPE
Slide 17: Financial activity
03 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 ma
Slide 18: Financial activity: hedging
03 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 IR
Slide 19: Financials
Financials 04
Slide 20: Annual consolidated results HY 2024/2025
04 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 mar
Slide 21: Balance sheet as of 31.03.2025
04 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 22: Share price & dividend policy
04 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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% Marke
Slide 23: Outlook
Outlook 05
Slide 24: Portfolio Management
05 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 C
Slide 25: Financial calendar 2024/2025
05 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 26: Ascencio
— ascencio
Slide 27: Appendices
Appendices 07
Slide 28: Supermarkets
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 29: Retail parks
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 (
Slide 30: Evolution of the portfolio
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 31: Ascencio's ESG Strategy
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 •
Slide 32: Cost of debt evolution
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 202
Slide 33: Valuations (as of 30.09.2024)
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 34: Rental income evolution (K€)
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 Acquisitio
Slide 35: Consolidated results
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 36: Evolution EPRA NTA (€/share)
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 37: Balance sheet
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 16,30
Slide 38: Customer-centric approach
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Customer-centric approach Asset Management Marketing & Property Communication Tenants Management Customer Operations services & ESG
Slide 39: History
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 Bouchar
Slide 40: Status
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 transpa
Slide 41: Ascencio team
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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
Slide 42: Company values
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 cy
Slide 43: Contacts
07 ASCENCIO IN A NUTSHELL FINANCIAL & REAL ESTATE MARKETS 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 00 aurore.anbergen
Slide 44: Ascencio SA
Ascencio SA Avenue Jean Mermoz, 1/4 info@ascencio.be 6041 Gosselies +32 (0) 71 91 95 23 www.ascencio.be
Ascencio — Degroof Petercam Real Estate Conference 2025 on 6ix